Author: Press Room

New and returning college students’ timelines for applying for federal financial aid and receiving their award offers have been thrown off this year after the botched rollout of a new application form – with the leadership of the office in charge set to change this summer. College students and their families have been in limbo after issues with the implementation of a new FAFSA application form have caused delays in financial aid offers that have left many uncertain of what they’ll receive when the new academic year starts in a few months.In years past, FAFSA applications for the following year…

Homebuyers in the U.S. are turning to riskier adjustable rate mortgages (ARMs) as high interest rates make it less affordable for purchasers locking in new fixed rate mortgages, according to a new report. The Mortgage Bankers Association’s Market Composite Index, which measures loan application volume, found that the share of activity involving ARMs increased to 7.8% of total mortgage applications.”One notable trend is that the ARM share has reached its highest level for the year at 7.8 percent,” Mike Fratantoni, senior vice president and chief economist for the Mortgage Bankers Association (MBA), said in a release. “Prospective homebuyers are looking…

Check out the companies making headlines in midday trading: Apple — Shares ticked up roughly 2% ahead of the iPhone maker’s second-quarter results due after the closing bell. Peloton — Shares dropped 13% after the exercise equipment company announced Thursday that CEO Barry McCarthy will be stepping down and that the company will lay off 15% of its staff, or about 400 employees, to “bring its spending in line with its revenue.” Peloton’s fiscal third-quarter results also missed Wall Street’s earnings and revenue expectations. Qualcomm — Shares rose more than 9% after the chipmaker on Wednesday posted $2.44 per share…

Wall Street reacted Thursday to this week’s Fed meeting, with forecasts scattered across a range of outcomes for where monetary policy heads next. Most economists for the biggest forecasting firms expect the central bank to lower benchmark interest rates sometime later this year. But the outlooks ranged from one cut to four, with most saying that only time will really tell how much the rate-setting Federal Open Market Committee can take its foot off the brake. “The May FOMC meeting was mostly uneventful but dovish overall,” Goldman Sachs economist David Mericle said in a client note that underscored the uncertainty…

Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday. The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia. Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group…

Last updated: May 2, 2024 11:10 EDT | 2 min read Senator Cynthia Lummis (R-WY) criticized the U.S. Department of Justice (DOJ) on Wednesday for its controversial stance on self-custody wallets after unlicensed money-transmitting charges were brought against crypto mixers Tornado Cash and Samourai Wallet.“I am deeply troubled by the Department of Justice’s hyper-aggressive argument that non-custodial software can constitute a money transmission service,” Lummis Tweeted. “This stance contradicts existing Treasury guidance, common sense and violates the rule of law.”Cynthia Lummis Slams DOJ Over Self-Custody Wallet Controversy I am deeply concerned by the Biden administration criminalizing core tenants of the Bitcoin…

WorldQuant has a few mantras.The new-age website of the $9 billion quant manager run by Igor Tulchinsky features several, such as “information is opportunity” and “quantity is quality,” though these sayings can mostly be applied to any systematic trading shop.Where the Connecticut-based manager sets itself a part from peers and rivals is with its talent strategy. “Talent is global, opportunity is not,” the website states.While plenty of firms proclaim they search worldwide for the top minds, it’s hard to argue that anyone has more of a global team than WorldQuant. It boasts 26 offices around the world and thousands of…

Labels in a “nutrition facts” format for internet plans are finally a reality.As of Wednesday, the FCC requires internet providers to break down costs and services for customers. The FCC says the move should encourage competition and help consumers take charge of their services.  Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app If you’ve ever had trouble figuring out exactly what fees your internet provider is charging you and what internet speed you’re actually getting, the Federal Communications Commission has your back.The FCC is now requiring internet providers to give customers…

Park Hotels & Resorts Inc. (NYSE:PK) Q1 2024 Results Conference Call May 1, 2024 11:00 AM ET Company Participants Ian Weissman – Senior Vice President, Corporate StrategyTom Baltimore – Chairman, President & CEOSean Dell’Orto – Chief Financial Officer & Treasurer Conference Call Participants Floris Van Dijkum – Compass PointSmedes Rose – CitibankDuane Pfennigwerth – Evercore ISIChris Woronka – Deutsche BankAnthony Powell – BarclaysDavid Katz – JefferiesStephen Grambling – Morgan StanleyBill Crow – Raymond JamesDori Kesten – Wells FargoJay Kornreich – Wedbush SecuritiesRyan Lambert – JPMorganRobin Farley – UBS Operator Greetings, and welcome to Park Hotels and Resorts, Inc. First Quarter…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Harvey Weinstein will face a new trial in New York as soon as September, as Manhattan prosecutors vowed to once again pursue the disgraced film mogul whose 2020 conviction for sex crimes and rape was overturned last week.In a surprise decision, the state’s highest court had quashed Weinstein’s original conviction after concluding that testimony of alleged sexual assault given by three women who were not part of the case may have unlawfully swayed the jury. Weinstein had been sentenced to 23 years…