City council in Placerville, Calif., votes to remove noose from logoThe Placerville City Council voted unanimously late Tuesday to remove the noose symbol from the logo of the California city. The “meeting has been a long time coming,” said Mayor Dennis Thomas. The issue was first raised last summer when council members discussed removing the noose. The City Council decided to delay the decision in the hopes that pandemic restrictions would be relaxed in 2021, and an in-person meeting could be held to gather input from the public, said Cleve Morris, city manager. When those hopes didn’t come t...
Tribune News Service
US banks ride a strengthening economy to blowout Q1 profits
New York (AFP) - Profits soared in the first quarter at three US banking giants thanks to an improving macroeconomic backdrop that has reduced the need to set aside funds for bad loans. JPMorgan Chase, Goldman Sachs and Wells Fargo each notched earnings at least four times higher than the same three-month period of 2020, boosted in part by releasing funds that had been held in reserve in anticipation of a big pandemic downturn. JPMorgan and Goldman Sachs also had a blowout quarter in Wall Street trading and due to deals connected to companies going public. Bank CEOs offered a heady outlook on ...
Not having a bank account is costing Detroit's poor big money
Roughly 8.8% of households in metro Detroit haven't taken what financial experts call the first step toward economic inclusion. They don't have bank accounts. And it's costing them big money to cash checks and borrow money outside the traditional banking system. Need to cash your stimulus check? Call a local party store or check cashing store in metro Detroit and it could cost you around $60 to $100 just to cash a $1,400 stimulus check at some spots. The bigger the check, the more money you're handing over if the fee is based on a percentage of the check's dollar amount. Check cashing fees can...
The Detroit News
Uber launching rider verification program to curb ride-share carjacking surge in Chicago and nationwide
CHICAGO – With carjacking incidents involving ride-share drivers on the rise in Chicago and other markets, Uber is rolling out a nationwide verification program for riders using payment methods such as prepaid debit cards, gift cards or Venmo. Beginning Friday, riders who set up an account with an anonymous form of payment will need to upload a drivers license, state ID, or passport before booking a ride. Uber is the first ride-sharing company to require such passenger verification. The process also applies to the Uber Eats food delivery service. “We think this adds an additional layer of iden...
Suburban Chicago businessman suspected of using COVID-19 relief money to buy fleet of luxury cars
A suburban Chicago businessman is under federal investigation for allegedly fraudulently obtaining more than $1 million from COVID-19 relief loans and using a large portion of the money to buy a fleet of luxury vehicles, newly unsealed court documents show. In all, Francesco DiStefano, of Addison, Illinois, purchased four high-end vehicles over a monthlong period in 2020 using about $385,000 in ill-gotten funds, according to an FBI search warrant affidavit filed last month. The vehicles included a 2016 Lamborghini Huracan, a 2020 Range Rover Evoque, a 2020 Porsche 911 Carrera, and a 2017 Maser...
Illinois is paying off $25 million in student loans to encourage homeownership, and that’s drawing buyers to the state
Peter Maloney wanted to move back to the Chicago area from Florida, but with $44,000 in student loans to repay he figured it would be several years before he could buy a home. Maloney, 26, considered moving to Indiana, where he would be close to family and homes are less expensive. But he and his fiancee were sold on Illinois after learning about a state program that helps homebuyers pay off student loans and provides down payment assistance. In June, Maloney will close on the purchase of a two-bedroom, two-bath condominium in Plainfield, Ill. “It definitely made the decision (to move) easier,...
Susan Tompor: April brings virtual tips on student loans, housing, more
April is a month when most adults are hyper-focused on their money. After all, how can anyone ignore their cashflow situation if they're waiting for a tax refund or they owe taxes by a typical April 15 deadline? This year, the federal income tax deadline — and the Michigan state income tax deadline — were both extended until May 17 in light of the ongoing problems relating to COVID-19 and a long list of tax-time challenges. Even so, financial awareness programs will roll ahead in April, which is the official financial literacy month. Many events, of course, will be online only. The Federal Res...
Detroit Free Press
Commentary: Why should the Falcon beg for a bank loan?
When Sam Wilson, aka the Falcon, and his sister were denied a bank loan for their family business in the first episode of the Disney+ series “The Falcon the Winter Soldier,” it prompted all kinds of interesting conversations about superheroes and money. Who is getting paid what — if at all? The Marvel Cinematic Universe hasn’t given much time or attention to the financial realities of being a superhero. But be they alien or cyborg or simply humans imbued with extraordinary abilities, none are exempt from the banal demands of securing a roof over their heads, let alone paying for anything else....
Barry Jackson: Marlins Park gets a new name with season set to begin on Thursday
After nearly a decade, the Miami Marlins’ stadium finally has a corporate name. Mortgage company loanDepot has acquired the rights in a multiyear deal, according to a source with direct knowledge. Beginning this week, loanDepot Park will become the name of the Marlins’ ballpark. loanDepot is a Foothill Ranch, California-based holding company which sells mortgage and non-mortgage lending products. The Marlins are planning a Wednesday morning announcement. The team opens its season at 4 p.m. Thursday at home against Tampa Bay. loanDepot, however, on Tuesday afternoon posted a photo on Facebook w...
Taiwan's Fubon to raise $50 billion from share issue to fund Jih Sun merger
By Gloria Cho TAIPEI, NNA - Fubon Financial Holding Co. will raise fresh capital of about NT$50 billion by issuing common shares and special shares in the second half of this year to fund its takeover of smaller rival Jih Sun Financial Holdings Co. Fubon Financial made a successful bid with NT$13 per share for 2.03 billion or 53.84 percent of Jih Sun Financial’s outstanding shares in a public tender on Tuesday. The total purchase is worth NT$49.04 billion. As it becomes the country's second-largest financial holding company by assets, Fubon Financial said in a statement that its merger with Ji...
NNA Business News