Daimler (OTCMKTS:DDAIY) announced Wednesday that it has acquired RideScout and mytaxi, two smartphone applications that are aimed at expanding the ever increasing car-sharing services to customers who do not own a vehicle. Although the new ride-sharing services are disrupting the … [Read more...]
Auto Loan Industry at All-Time High
With the brutal winter that much of North America endured, it was expected that a lot of consumers would return to the open road once the weather started to improve. The data suggests that Americans did exactly this. According to a new report by Experian Plc (via Reuters), a … [Read more...]
Average Household Debt Rises to $61k Under Obama’s Watch
The national debt remains one of the most important issues facing the United States today. Since the beginning of the President George W. Bush administration, the country’s overall debt levels have soared drastically, which has led to a number of different proposals that would … [Read more...]
Public Pension Funds Benefiting from Corporate Tax Inversions
The matter of corporate tax inversions has dominated domestic economic policy in Washington over the past year. President Obama has slammed the corporate measure by accusing these companies of “gaming the system,” while Treasury Secretary Jack Lew has urged Congress to close the … [Read more...]
Popular Hotel Rental Website Airbnb Sued for Privacy Breach
Since the rise of the immensely popular Airbnb, a website that allows homeowners to rent out their rooms to tourists, visitors and business travelers, it has gained the ire of hotels and public officials as both entities accuse the company of being a health and safety hazard and not … [Read more...]
Renouncing U.S. Citizenship Just Got 422% More Expensive
In recent years, the trend for an array of Americans has been to renounce their citizenship in order to immigrate elsewhere and save money on taxes. In the first half 2014 alone, more than 1,500 Americans gave up their nationalities, the first time this has been that high since 1998. … [Read more...]
50% of U.S. Employees Work Longer Than 40 Hours Per Week
During the 1930s, economist John Maynard Keynes prognosticated that the average working week would be significantly reduced to just 15 hours a week or so. This was a consistent prediction for futurists, many of which attributed to this decline to technological advancement and higher … [Read more...]
Former Republican Official Eric Cantor Enters Wall Street Foray
Former Virginia Republican Congressman and House Majority Leader Eric Cantor will join the investment bank Moelis & Co. as a vice chairman and managing director, who will also be elected to its board, the company announced Tuesday. Cantor will provide the financial institution … [Read more...]
Malware Gains Access to Credit Card Data at Over 1000 Businesses
Have you checked your credit or debit card lately? You may have been a victim of theft. The United States government warned last week that more than 1,000 businesses, including UPS, Target and Supervalu, have already been infected with malicious malware that targets point of sales … [Read more...]
33% of People Use Credit Cards for Purchases Under $5 Dollars
In the last year or so, financial institutions and credit card companies have released new credit cards that maintain a “tap” feature. It is being promoted as an option for those who wish to pay for small $1 or $2 coffee or doughnut purchases. For most, the thought of using credit … [Read more...]
Drop in Consumer Spending Casts Doubts on Economic Growth
United States consumer spending unexpectedly dropped last month for the very first time since the beginning of the first quarter, according to data released Friday by the Commerce Department. Household purchases fell 0.1 percent, down from the 0.4 percent increase from the previous … [Read more...]
Social Media Users Refuse to Share Political Opinions: Study
Since the advent of Facebook, Twitter and Instagram, social media users have been sharing the most personal and intimate details of their lives, such as what they ate for dinner, how many times they went to the bathroom, what they think of their date and how much they detest their … [Read more...]
GDP Grows an Impressive 4.2% in Q2
The United States economy performed better than expected in the second quarter as the nation’s gross domestic product grew at an annual rate of 4.2 percent, compared to the initial four percent the Department of Commerce reported recently. Economists forecasted the revision to be 3.9 … [Read more...]
JPMorgan and Four Other Banks Attacked by Russian Hackers
Reports that Russian hackers have allegedly attacked JPMorgan Chase & Co. and at least four other financial institutions this month in a planned attack that led to the loss of an unknown number of gigabytes containing personal customer data. According to two of the people … [Read more...]
Cost of College Far Exceeds What Parents Expect
Both students and parents are in the midst of the back to school season, a time when children of all ages dread the days of sitting in the classroom and parents fear the outlandish costs that come with one of the busiest times of the season for retailers and consumers. When it … [Read more...]
Corruption Investigation Lands IMF Chief Christine Lagarde in Hot Water
Christine Lagarde, head of the International Monetary Fund (IMF), confirmed Wednesday in a statement that French prosecutors have placed her under official observation over corruption allegations that date back to the time when she was finance minister under French President Nicolas … [Read more...]
Burger King Orders the Double Whopper as Chain Merges With Tim Hortons
Burger King confirmed Tuesday that it has agreed to merge with Canadian coffee and doughnut icon Tim Hortons in a deal that will establish the third-largest fast-food restaurant with $23 billion in global sales and more than 18,000 restaurants in over 100 countries. The deal, which … [Read more...]
Napa Earthquake Shook More Than the Valley, Businesses Feel the Aftermath
Sunday’s 6.0-magnitude earthquake that struck the northern region of California will generate economic losses of $4 billion, including immense damage that prompted wineries and other businesses that depend on tourists. Insurers are estimated to cover approximately $2.1 billion. It … [Read more...]
Fantasy Sports Industry Generating Millions of Dollars and Users
Are you an occasional fantasy sports user who plays in the free leagues for baseball or basketball or are you an avid fantasy sports aficionado who plays in the pay-to-play leagues in all of the professional sports? Either way, you’re one of the 42 million American and Canadians aged … [Read more...]
Software CEO Opines Data Breaches Are Not Driving Consumers Back to Cash
Last week, it was revealed that Supermarket chain Supervalu is investigating the possibility of a data infiltration that may have affected as many as 1,000 stores. Early results of the investigation suggest the breach may have occurred earlier this summer when hackers installed … [Read more...]
