Quicken Loans files paperwork for IPO under name Rocket Companies
DETROIT — Quicken Loans, the nation’s largest mortgage lender, has filed paperwork with the U.S. Securities and Exchange Commission to move forward with taking the company public under the name Rocket Companies.Although the Detroit-based company has not yet announced the number or price of shares that would be offered on the New York Stock Exchange, experts have speculated an initial public offering by Quicken could raise tens of billions of dollars. No date was given for the proposed IPO.Under the proposal made public Tuesday, Quicken founder Dan Gilbert would retain a controlling stake in Ro...
The Detroit News
Susan Tompor: July 15 tax return deadline is right around the corner: What to know
If you still need to file that 2019 income tax return, it’s time to get cracking.July 15 is the new April 15 for those who still have not filed a tax return. The traditional April income tax deadline was extended this year for 2019 tax returns, due to the upheaval created by COVID-19.The one-time extension applied for some state and municipal returns too.Think everybody who waited owes big money? Think again. Oddly enough, experts say millions of procrastinators are likely owed a federal income tax refund for 2019.H&R Block estimates that more than half of its clients who still need to file wo...
Detroit Free Press
How COVID-19 is accelerating the shift to a cashless society
PHILADELPHIA — Tom Ivory, the founder of the Baker Street Bread Co. in Philadelphia’s Chestnut Hill section, fought a valiant effort for years to rein in bank fees by imposing a minimum credit card purchase of $10. But more customers wanted to go cashless, and Ivory eventually relented and accepted plastic for any transaction, no matter how small.About 78% of the purchases at the cafe and store are now paid through credit cards or other electronic transfer — up from 10% just five years ago.“You have to keep up with technology,” Ivory said. “To operate as just a cash business today is a suicide...
The Philadelphia Inquirer
Detroit Will Breathe protesters make noise at Rocket Mortgage Classic
DETROIT — Detroit Golf Club wasn’t quiet on Sunday.The first three days of the PGA Tour’s Rocket Mortgage Classic, played without spectators, were so silent that third-round leader Matthew Wolff could hear an ice cream truck playing in the distance.Just before 3 p.m. Sunday, the noise level at the tournament increased as 75 or so protesters from “Detroit Will Breathe” showed up outside the main gates of the clubhouse, which is near the ninth green and 10th tee box.The demonstrators brought megaphones to protest against an “exclusive event” that shows how Mayor Mike Duggan and his administratio...
Detroit Free Press
Maria Panaritis: The strangeness of having a checkup during a pandemic
It began two weeks ago, my foray into the abnormal new normal of a region reopening from pandemic lockdown.The kid’s dentist was back in business. My boy, too, had been yanked from kindergarten, cut off from classes, friends, and even trips to the supermarket. So, when the dental office opened back up, we slipped him in for a cleaning. In theory, schools are reopening this fall. In theory, they will need evidence that the kids saw a doctor and dentist.His would be the first of several medical meet-ups I’d book as the region entered or moved toward the “green” phase of reopening businesses and ...
The Philadelphia Inquirer
Huge gains in sales, profits at General Mills as people at home ate everything it makes
MINNEAPOLIS — General Mills Inc.’s latest profit rose 10% and its sales rose 21%, huge gains of a kind rarely seen at a large food company, as consumers gobbled up the company’s cereals, snacks and baking goods while spending more time at home to fend off coronavirus.But the ongoing economic downturn has made executives cautious about the coming months. General Mills declined to offer guidance to investors on expectations for its new fiscal year, which started June 1.Its shares fell 2% in premarket trading indications on a morning when the broader market appeared to be heading for a decline.Th...
Star Tribune (Minneapolis)
Wells Fargo expects dividend cut as coronavirus roils financial system
Wells Fargo expects it will shrink its dividend when it announces second-quarter earnings in July, the San Francisco-based bank said Monday.It will be the bank’s first dividend cut since the financial crisis.The move came after the Federal Reserve released the results of its annual stress tests of the country’s largest banks Thursday, in which it barred them from buying back their own stock or increasing dividend payouts to shareholders in the third quarter.Despite the restrictions, the regulator said that banks were generally still well-capitalized during the economic downturn caused by the c...
The Charlotte Observer
Mark Zuckerberg reverses hate-content policy after Facebook stock nosedives
Wall Street talked and Mark Zuckerberg finally listened.The Facebook CEO did an abrupt about-face on Friday by implementing policy changes regarding hate content on his social media platform as the company’s stock nosedived.At market close, Facebook shares were down 8.3% for the day to $216.08 per share.Zuckerberg announced the changes during a virtual meeting on Friday as yet more advertisers vowed to stop advertising on Facebook, sending shares tumbling.The 36-year-old entrepreneur asserted that the company would take a more proactive stance in eliminating hateful content in ads, blocking fa...
New York Daily News
Italy OKs big loans for Fiat Chrysler Automobiles to help deal with COVID-19 impact
The Italian government has signed off on approximately $7 billion in loan guarantees for Fiat Chrysler Automobiles in an effort to shore up a key piece of the country’s manufacturing sector amid the turmoil caused by the COVID-19 pandemic.FCA’s parent company is headquartered in The Netherlands with a corporate office also in London, but the company’s roots and impact on the economy in Italy run deep. FCA notes that it is Italy’s largest industrial group, and it directly employs 55,000 people at 16 plants and 26 research and development sites.The funding, according to an FCA announcement Wedne...
Detroit Free Press
81-year-old pharmacist whose business was decimated by recent looting vows to continue serving Chicago neighbors — as he has for nearly half a century
CHICAGO — In 1973, Howard Bolling secured a $55,000 loan and took a big chance.The young pharmacist had worked at Walgreens for years but was ready to go out on his own. A mentor helped him get the loan and find a pharmacy corner shop at 11254 S. Michigan Ave. that the owners wanted to sell.Friends told him he was crazy for wanting to open a Black-owned business in the then majority-white neighborhood of Roseland. In fact, the owners were looking to leave because the neighborhood was beginning to change.“You’re Black. You can’t go past 95th Street,” people told Bolling.Though fearful that he w...