Author: Press Room

President Joe Biden’s new student debt elimination proposal would bring relief for millions more Americans, but a Penn Wharton Budget Model (PWBM) analysis shows it could add another $84 billion to an already costly plan. The Biden Administration released a formal proposal to provide student debt relief to over 30 million borrowers. The new plan also proposes to eliminate accrued interest for 23 million borrowers and automatically discharge debt for borrowers eligible for loan forgiveness under SAVE, closed school discharge or other forgiveness programs, even if not enrolled. Additionally, student debt for borrowers who entered repayment for 20 or more years would be discharged.…

Some of America’s best-known corporations are saying their consumers are being pinched by inflation as prices continue rising.Inflation has dominated corporate America’s discourse over the past three years following the pandemic-induced easing of monetary policy and trillions of dollars in Covid relief. Though the pace of price growth has cooled since the Federal Reserve began raising interest rates in early 2022, consumers are still feeling the squeeze — and often tightening purse strings — as costs continue climbing.”It is clear that broad-based consumer pressures persist around the world,” McDonald’s CEO Chris Kempczinski said on the fast food chain’s earnings call…

Check out the companies making headlines in midday trading. Eli Lilly — Shares added 5% after Eli Lilly, maker of the Mounjaro diabetes and weight loss drug, beat analysts’ expectations for first-quarter adjusted earnings. The Indianapolis-based drugmaker also lifted its full-year guidance for adjusted earnings and revenue. 3M — Shares jumped 4% after the maker of industrial products and adhesives posted earnings of $2.39 per share on revenue of $7.72 billion, topping analysts’ estimate of $2.10 per share on revenue of $7.63 billion, according to LSEG. PayPal — Shares gained 3.6% after the payment company posted $7.70 billion in first-quarter…

Walmart, the largest retailer in the United States, will close all 51 of its health care centers in six states and end virtual health care services, the company said Tuesday. Walmart had made a big push into health care in recent years, opening clinics next to its superstores that offered primary and urgent care, labs, X-rays, behavioral health and dental work — Arkansas, Florida, Georgia, Illinois, Missouri and Texas. Walmart believed it could use its massive financial scale and store base to offer convenient, low-cost services to patients in rural and underserved areas that lacked primary care options. But the…

Last updated: April 30, 2024 12:45 EDT | 2 min read Popular blockchain investigator PeckShieldAlert reported on April 30 that an address associated with the notorious Poloniex hacker transferred 501 BTC, valued at roughly $32 million, to three new wallet addresses. The move appears to be an attempt to conceal the origin of the stolen funds.Poloniex Hacker Continues Efforts to Conceal FundsPeckShieldAlert revealed that the largest Bitcoin transaction executed by the Poloniex hacker involved the transfer of 486.62 BTC, approximately $30.8 million, to a single address.Two smaller amounts of 10 BTC and 5 BTC, valued at around $623,000 and $316,000,…

On Tuesday, Japan’s central bank raised interest rates.It marks Japan’s first rate hike since February 2007.The markets barely reacted to the decision, which had been widely anticipated. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app TOKYO (AP) — Japan’s central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy.The short-term rate was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of…

In March, Congress passed a bill to ban TikTok in the US if ByteDance didn’t sell its US operations to non-Chinese owners.”Neither I nor my firm stands to gain or lose anything on the back of this bill’s outcome, but I can see how TikTok can be weaponized by a foreign adversary,” Khosla wrote in an op-ed for the Financial Times on Tuesday.In the op-ed, Khosla accused China of perpetuating double standards since Chinese consumers use TikTok’s Chinese variant, Douyin. And unlike TikTok, Douyin users aged 14 and below can only be on the platform for just 40 minutes a…

HNI Corporation (NYSE:HNI) Q1 2024 Earnings Call Transcript April 29, 2024 11:00 AM ET Thompson Research Group Matt McCall – VP, IR and Corporate DevelopmentJeff Lorenger – Chairman, President and CEOMarshall Bridges – SVP and CFO Conference Call Participants Reuben Garner – The Benchmark CompanyGreg Burns – Sidoti & CompanyBudd Bugatch – Water Tower ResearchKathryn Thompson – Thompson Research Group Operator Hello, and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the HNI Corporation First Quarter Fiscal 2024 Results Conference Call.…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Israel has significantly softened its stance on the conditions for a hostage deal with Hamas, raising hopes of a breakthrough in diplomatic efforts to end the war in Gaza. After weeks of deadlock, Israel had accepted a proposal that sets out an initial six-week pause in the fighting during which Hamas would release 33 hostages, said a diplomat briefed on the talks. This would include children, the elderly, women, including female soldiers, and wounded captives.That would be followed by a second phase…

Google and X, formerly Twitter, recently provided hundreds of files to Michigan prosecutors for their 2020 election subversion probe, complying with search warrants that investigators obtained after CNN revealed secret social media accounts belonging to pro-Trump lawyer Kenneth Chesebro, who played a major role in the fake electors plot. The previously unreported warrants gave prosecutors access to new Chesebro emails and his private direct messages on Twitter. The warrants make clear that Michigan Attorney General Dana Nessel is still gathering new information in her probe, nine months after she charged the state’s fake electors with forgery and other crimes for signing certificates falsely claiming Donald Trump won the state in 2020. A…