Headlines 

Goldman Says Stocks May Dive 25% If 10-Year Yield Hits 4.5%

If the 10-year U.S. Treasury yield hits 4.5 percent by year-end, the economy would probably muddle through — stocks, not so much, according to Goldman Sachs Group Inc. Goldman’s base-case scenario calls for a 10-year yield of 3.25 percent by the end of 2018, though a “stress test” out to 4.5 percent indicates such a move would cause stocks to tumble, economist Daan Struyven wrote in a note Saturday. He also said the economy would probably suffer a sharp slowdown but not a recession. “A rise in rates to 4.5…

Read More
Headlines 

ECB’s Rimsevics Detained by Latvian Anti-Graft Bureau

Latvian central bank Governor Ilmars Rimsevics, a member of the European Central Bank’s governing council, was detained by the anti-graft bureau, in a flurry of actions by officials that ended early Monday with the financial regulator imposing payment restrictions on third-biggest lender ABLV Bank AS. The detention followed a search by authorities of the governor’s office and private property, state-owned LTV reported. Rimsevics’s lawyer, Saulvedis Varpins, said the governor considered the move against him as "clearly illegal." Finance Minister Dana Reizniece-Ozola said the detention would be explained on Monday and…

Read More
Headlines 

Harvey Weinstein Sued by New York AG Over Sexual Harassment

Embattled movie producer Harvey Weinstein was sued by New York state for creating a hostile work environment at the Weinstein Co. that allegedly featured “pervasive sexual harassment,” intimidation and discrimination. New York Attorney General Eric Schneiderman’s lawsuit comes as Weinstein, 65, is seeking to sell his troubled studio to Maria Contreras-Sweet, a former Obama administration official, in a $500 million bid backed by billionaire Ron Burkle. The suit may create a major obstacle for the deal. Schneiderman said in a statement that the company’s sale might leave victims “without adequate redress, including…

Read More
Headlines 

This Tiny Hedge Fund Just Made 8,600% On a Vix Bet

Not everyone got crushed when the market collapsed. For traders at a little-known Denver hedge fund who saw it coming, it was the score of a lifetime — a $17.5 million payday on a $200,000 bet. “People were laughing at us, saying this could never happen, this should never happen,” Justin Borus, the 41-year-old founder and manager at Denver-based Ibex Investors, said in an interview. “We saw people pricing this as a 1-in-5,000 event, but it was more like a one-in-five-year event.” Borus’s team bet that an exchange-traded fund linked to…

Read More
Headlines 

Bitcoin Newbies Are Getting Crushed While Old Timers Bemoan `Weak Hands

For Bitcoin investors, these are the times that try one’s soul. After surging to almost $20,000 in December following the introduction of regulated futures contracts in the U.S., the world’s largest cryptocurrency has lost more than half its value, plummeting to as low as $7,614 on Friday. It regained some ground on Saturday, rising 7.5 percent to $9,290.15 as of 2:58 p.m. in New York, according to Jamie Dimon to Nouriel Roubini have labeled as one of the biggest asset bubbles in history began showing signs of deflating. Selling by…

Read More
Headlines 

Trump’s Solar Tariffs Mark Biggest Blow to Renewables Yet

President Donald Trump just dealt his biggest blow to the renewable energy industry yet. On Monday, Trump approved duties of as much as 30 percent on solar equipment made abroad, a move that threatens to handicap a $28 billion industry that relies on parts made abroad for 80 percent of its supply. Just the mere threat of tariffs has shaken solar developers in recent months, with some stalling projects in anticipation of higher costs. The Solar Energy Industries Association has projected 23,000 job losses this year in a sector that employed…

Read More
Headlines 

Wal-Mart Raises Hourly Wage to $11 in Wake of Tax Overhaul

Wal-Mart Stores Inc. is boosting its starting hourly wage to $11 and delivering bonuses to employees, capitalizing on the U.S. tax overhaul to stay competitive in a tightening labor market. The increase takes effect next month and will cost $300 million on top of annual wage hikes that were already planned, the world’s largest retailer said Thursday. The one-time bonus of up to $1,000 is based on seniority and will amount to an additional $400 million. The company is also expanding its maternity and parental leave policy and adding an…

Read More
Headlines 

New York City plans to divest $5bn from fossil fuels and sue oil companies

Mayor Bill de Blasio: Its up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient New York City is seeking to lead the assault on both climate change and the Trump administration with a plan to divest $5bn from fossil fuels and sue the worlds most powerful oil companies over their contribution to dangerous global warming. City officials have set a goal of divesting New Yorks $189bn pension funds from fossil fuel companies within five…

Read More
Headlines 

Trump Says Bannon Lost His Mind After Leaving White House

President Donald Trump denounced his former top strategist, Steve Bannon, on Wednesday in a dramatic break from the man considered an architect of Trump’s populist campaign. “When he was fired, he not only lost his job, he lost his mind,” Trump said in a statement issued after the publication of excerpts of a new book in which Bannon criticizes the president and his family. “Now that he is on his own, Steve is learning that winning isn’t as easy as I make it look.” Bannon has lost the access to…

Read More
Headlines 

Two arrested in ‘horrific’ quadruple upstate New York murders

(CNN)Two people have been arrested in the “horrific” murders of two women and two children in Troy, New York. The victims — Brandi Mells, 22, Shanta Myers, 36, and Myers’ children Shanise, 5, and Jeremiah, 11 — were found dead in a basement apartment on Tuesday in what police called a “horrific” homicide that shook the upstate New York city.

Read More
Headlines 

Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000

Michael Novogratz, the former macro manager who’s turned into one of the biggest champions of bitcoin, shelved plans to start a cryptocurrency hedge fund and predicted that the digital money may extend its plunge to $8,000. “We didn’t like market conditions and we wanted to re-evaluate what we’re doing,” Novogratz said Friday in a phone interview. “I look pretty smart pressing the pause button right now.” Novogratz, 53, said he told potential investors last week that he changed his mind, two days before his Galaxy Digital Assets Fund was due to…

Read More
Headlines 

Manhattan subway explosion ‘was attempted terrorist attack’, says mayor

Four total injuries reported following blast on subway near Port Authority at 42nd Street and Eighth Avenue in Manhattan A 27-year-old man was in custody on Monday after detonating an explosive device on the New York City subway during the morning commute. The suspect, Akayed Ullah, was one of four people injured in the explosion, which occurred at about 7.20am in a passageway near 42nd Street and 8th Avenue, in midtown Manhattan near Times Square, New York City police said. None of the injuries were life-threatening. At a midtown press…

Read More
Headlines 

Ray Dalio Says End of the SALT Deduction Will Further Divide the Nation

Billionaire legislation. The Senate bill mirrors the House legislation by calling for the repeal of state and local tax deductions, while allowing up to $10,000 for property tax deductions. According to a study by the Tax Policy Center, 7 percent of taxpayers would pay more tax in 2019, 10 percent in 2025, and 48 percent in 2027, compared to current law. On average in 2027, taxes would change little for lower- and middle-income groups and decrease for higher-income groups. Tax Revenues On its face, ending so-called Read more about the…

Read More
Headlines 

Bitcoins Wild Ride: A Rally, a Rout and Outages on the Exchanges

Bitcoin plunged as much as 20 percent hours after a rally past $11,000 generated a surge in traffic at online exchanges that led to intermittent outages. The plunge capped a wild day for the largest cryptocurrency that included a breakneck advance to a high of $11,434 before the reversal took it as low as $9,009. As of 3:36 p.m. in New York, it traded at $9,911.10, virtually unchanged from where it began the session. The heaviest selling came amid earlier led to selloffs in cryptocurrencies. Coinbase, one of the biggest…

Read More
Headlines 

New York woman shot dead with pistol by hunter who thought she was a deer

Rosemary Billquist, 43, was killed by a single pistol shot as she walked her dogs after sunset, when it is illegal to hunt A 43-year-old woman walking her dogs in a field in western New York was accidentally shot dead by a hunter who thought she was a deer, authorities said. The Chautauqua County sheriffs office said Rosemary Billquist, of Sherman, took her dogs for a walk in her home town near the Pennsylvania border around 5.30pm on Wednesday. Deputies said Billquist was walking in a field when a man…

Read More