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The Week Ahead: Inaugurating another earnings season
Just as President-elect Joe Biden hopes to do with his inauguration speech on Wednesday, corporate America wants to look ahead, not behind. The path that led to today’s political and business reality is a rough road indeed. That’s putting it politely. Massive unemployment, a deep recession, presidential subterfuge and an end to 200 years of peaceful transitions of power have marked today’s environment for consumers, companies and investors. The stock market has not been shaken by the insurrection or impeachment of President Donald Trump. Investor confidence hasn’t been disturbed by the prospec...
Miami Herald
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Susan Tompor: New rule helps those who lost jobs in 2020 qualify for key tax credits
Many lower-wage workers who are raising families bank on receiving a healthy, four-figure tax refund, likely their biggest single check of the year, when they claim the Earned Income Tax Credit on their income tax returns. But what happens if you ended up being out of work much of 2020 during the pandemic? Are you suddenly shut out of the earned income credit, which as the name implies requires that you work and earn money? Will you now see hundreds or even thousands of dollars disappear from your tax refund? Millions of struggling families would have faced just that sort of financial nightmar...
Detroit Free Press
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Luchando durante la pandemia, Walgreens ingresa al negocio de las tarjetas de crédito
Walgreens quiere estar en tu billetera. La cadena de farmacias con sede en Deerfield anunció el miércoles que lanzará sus propias tarjetas de crédito con la marca Walgreens a finales de este año, expandiéndose a los servicios financieros mientras su negocio principal lucha durante la pandemia. Las tarjetas Walgreens, que serán emitidas por Synchrony en la red Mastercard, incluirán una tarjeta de crédito de marca que ofrecerá recompensas en efectivo vinculadas al nuevo programa de fidelización de clientes myWalgreens. Las tarjetas también ofrecerán beneficios en otros minoristas y proveedores d...
Chicago Tribune
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Delta Air Lines posts record loss of $12.4 billion in 2020
Delta Air Lines had a net loss of $12.4 billion last year as air travel plummeted due to the COVID-19 pandemic, marking the company's largest loss ever. But its losses narrowed in the fourth quarter and Chief Executive Ed Bastian predicted the airline would return to profitability later this year. "We expect by the spring as the vaccines continue to be distributed, the virus is in a more contained form, people are ready to start traveling again and feel more confident, that's when we'll be getting the added cash and revenues," Bastian said in an interview with The Atlanta Journal-Constitution....
The Atlanta Journal-Constitution
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Struggling during the pandemic, Walgreens enters the credit card business
Walgreens wants to be in your wallet. The Deerfield-based drugstore chain announced Wednesday it is launching its own Walgreens-branded credit cards later this year, expanding into financial services as its core business struggles during the pandemic. The Walgreens cards, which will be issued by Synchrony on the Mastercard network, will include a branded credit card offering cash rewards tied to the new myWalgreens customer loyalty program. The cards will also offer benefits at other retailers and service providers, including accelerated rewards when shopping in the health and wellness categor...
Chicago Tribune
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Loeffler's old Bitcoin platform going public
Bakkt, the cryptocurrency trading platform that Kelly Loeffler headed before entering the U.S. Senate, will soon trade its own shares in the stock market. Victory Park Capital, based in Chicago, agreed to acquire Bakkt through the formation of a special-purpose acquisition company, according to a Monday news release. Bakkt shares will be listed on the New York Stock Exchange with an estimated value of $2.1 billion. The deal is expected to close in the second quarter. On Monday, Bakkt named former Citigroup executive Gavin Michael as CEO. A Bakkt spokeswoman said Loeffler will not return to the...
The Atlanta Journal-Constitution
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Susan Tompor: Missing stimulus money could arrive by Feb. 1 for some taxpayers
Some Jackson Hewitt customers who have yet to receive their second stimulus payments could see that money after all by Feb. 1. The tax preparation firm confirmed Monday that the Internal Revenue Service will start processing some payments once their systems come back online. The Economic Impact Payments in question had been sent by the IRS to closed or incorrect bank accounts during the latest stimulus rollout that began Dec. 30. The IRS has been under increasing pressure to get more money quickly into the hands of financially vulnerable consumers. A bipartisan group in Congress sent a letter ...
Detroit Free Press
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The Week Ahead: A new pandemic high for a sleepy giant
It happened last week. The interest rate on the benchmark 10-year government bond moved above 1 percent for the first time since the pandemic took hold of the U.S. in March. It is a breach of a psychological level that bears watching in the week ahead. Bond prices move down when interest rates move up, so higher market interest rates represent selling pressure building in the bond market. The enormity of the bond market often is overshadowed by the flashier stock market. The $20 trillion Treasury market is the foundation of global investment markets, corporate and consumer borrowing, and the U...
Miami Herald
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Susan Tompor: Lost a job? How to pay taxes on unemployment benefits
Lose a job in 2020? Get ready, you could be hit with a tax bill in 2021. Millions of people lost jobs and claimed unemployment compensation across the country last year as restaurants, retailers, theaters and other businesses faced massive cut backs hit during the coronavirus-induced recession. And jobless benefits proved to be fairly generous, as the CARES Act offered an extra $600 a week in unemployment benefits beginning in April through July. As a result, some people nationwide may have received $1,000 or so a week in jobless benefits for four months. And yes, that $600 a week plus regular...
Detroit Free Press
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Amazon pledges $2 billion to affordable housing
Amazon will direct $2 billion in loans and grants to secure affordable housing near three American cities where the company employs thousands of workers, the tech giant announced Wednesday. In a first step in the Puget Sound region, Amazon is promising $185.5 million, mostly in loans, to the King County Housing Authority to help buy affordable apartments in the region and keep the rents low. The Housing Authority will use an initial portion of that money to help fund its recent purchase of three Bellevue apartment buildings. Amazon will also direct about $382 million to a non-profit in Arlingt...
The Seattle Times
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