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Share to Twitter Share to Linkedin Americans have been using credit to buy things for just about as long as America has existed, but the consumer goods market has undergone massive changes. So, it’s very easy to forget how the plastic cards that we rely on became so prevalent. Unfortunately, forgetfulness won the day in last week’s Senate Judiciary Committee hearing . Supposedly a fact-finding mission about the fees that retailers pay when customers swipe their cards to make a purchase, much of the discussion made it seem like Visa V and MasterCard recently swooped into America and took over the card network business. Obviously, that’s not what happened, and the way the industry has developed should inform public policy . Nonetheless, the proceedings made it quite clear that Senator Dick Durbin (D-IL) wants to extend price controls and routing mandates to the credit card market. (For those who don’t remember, Durbin was the author of … [Read more...] about Congress Should Repeal The Durbin Amendment, Not Expand It To Credit Cards

Share to Twitter Share to Linkedin Maintaining your credit score requires careful money management and attention to detail. Even the smartest consumers make simple mistakes that can dramatically impact their credit scores. Here are five credit score blunders even savvy people make. Being aware of these may help you avoid an unnecessary decline in your credit score. Applying for Too Many Accounts No matter your credit rating, chances are you get bombarded by loan and credit card offers on a regular basis. Nearly every retail store seems to offer a "special discount" for signing up for their credit cards, on top of all the card offers you receive in the mail each month. In spite of these opportunities, be careful how often you apply for credit offers. Having too many inquiries on your report especially in a short amount of time can negatively impact your credit score. The issue here is not comparing loan offers or credit cards. For instance, if you … [Read more...] about 5 Credit Score Mistakes You Can Easily Avoid

Share to Twitter Share to Linkedin More Subprime Borrowers Are Missing Loan Payments Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end. The share of subprime credit cards and personal loans that are at least 60 days late is rising faster than normal, according to credit-reporting firm Equifax. In March, those delinquencies rose month over month for the eighth time in a row, nearing their pre-pandemic levels. [ The Wall Street Journal ] Mastercard Launches ‘Smile to Pay’ System Amid Privacy Concerns Mastercard is rolling out a controversial program that will allow shoppers to pay at the till with a mere smile or wave of the hand, as it tries to secure a slice of the $18 billion biometrics market . While face recognition technology has long raised eyebrows among civil rights groups, the … [Read more...] about This Week In Credit Card News: More Borrowers Missing Payments; Now You Can Pay With Your Smile

Representational Image. Wholesale prices in India rose 15.1 percent in April from a year earlier, the most in three decades, increasing cost pressures on producers and likely affecting growth, economists said. Inflation as measured by the Wholesale Price Index was at the highest level on record in the current 2011-12 series. Prices of food, fuel and manufacturing registered an exponential spike in April, with the sharpest increases in fuel and power prices. While WPI has risen considerably since 2015, the 13 percent jump between FY21 and FY22 was the highest. Global factors Close The index is dominated by manufactured products, which have a weight of 64 percent and are influenced significantly by global factors such as the pandemic and geopolitical tensions. Consequently, an increase in global prices gets reflected more in the WPI, according to economists. “The key factors behind the increase in the WPI are elevated global commodity prices and … [Read more...] about Wholesale price increases can threaten growth recovery, say economists

Speciality chemicals company Aether Industries Ltd has set a price band of Rs 610-642 a share for initial public offering. Earlier, the firm said its IPO will open on May 24 for subscription and close on May 26. The basis of allotment expected on May 31, credit of shares expected on Jun 2 and the firm may be listed on exchanges on June 3. The IPO consists of a fresh issue of Rs 627 crore and an offer-for-sale of up to 2.82 million shares by its existing shareholders and promoters. On the upper end of the price band, the firm will raise around Rs 801 crore. The proceeds from the issue worth Rs 190 crore will be used to fund proposed greenfield projects in Surat. The firm will also use Rs 138 crore from proceeds to pay debts. The company will use Rs 165 crore for funding working capital requirements. Close HDFC Bank Ltd and Kotak Mahindra Capital Co Ltd are the lead managers to the issue. Aether Industries is a speciality chemicals manufacturer in India … [Read more...] about Aether Industries sets price band at Rs 610-642 a share for its IPO

India grew at the fastest pace of any major economy in the July-September quarter but economists said disruptions from the emerging Omicron coronavirus variant risked slowing the recovery, especially given India's low vaccination rates. Asia's third-largest economy has rebounded strongly from last year's deep pandemic-induced slump, boosted by vaccinations and stronger government spending, economists said. But new COVID-19 variants, a global slowdown and rising manufacturing prices all pose risks to growth. Gross domestic product expanded 8.4% in the September quarter from a year earlier, statistics ministry data showed on Tuesday, in line with 8.4% growth predicted in a Reuters poll and compared with a 20.1% expansion in the previous quarter. "Data clearly shows that corporate income and profit are above the pre-pandemic level," K.V. Subramanian, chief economist at the finance ministry told reporters after the data release. He said double-digit growth was expected in the … [Read more...] about India grows fastest among major economies, Omicron risks seen

Share to Twitter Share to Linkedin There have been two important opinions in the Low Income Housing Tax Credit Year 15 struggle so far this month. Both favor not-for-profit (NFP) sponsors. They each deserve their own post, so today we will start with JER Hudson GP XXI LLC which came down May 2 from Vice Chancellor Morgan T. Zurn of the Delaware Court of Chancery. First a little bit of background, which you can skip if you are familiar with the issue. The Year 15 Problem The major source of funding for affordable housing in this country is the LIHTC - Section 42 of the Internal Revenue Code. States are apportioned credits based on population. A specified agency in each state then parcels out the credits to projects. NFP sponsors have an edge in the allocation process. Typically the credit will be allocated to an investor limited partner, often a bank that is getting Community Reinvestment Act good dooby points in addition to the return from the credit. … [Read more...] about Delaware Chancery Refuses To Apply Ferengi Principles To Low Income Housing Deals

Share to Twitter Share to Linkedin JPMorgan’s stock (NYSE: JPM) has lost 23% YTD, as compared to the 16% decline in the S&P500 over the same period. The recent decline was primarily due to high inflation numbers in the U.S., the fear of recession due to aggressive rate hikes by the Fed, and the Russia-Ukraine crisis. The above factors will likely hurt the consumer spending levels and are expected to increase the credit risk. JPM stock is currently trading at $122 per share, which is 23% below its fair value of $158 – Trefis’ estimate for JPMorgan’s valuation . The bank posted mixed results in the first quarter, with revenues topping the consensus but earnings missing the expectations. It reported total revenues of $30.7 billion – 5% lower than the year-ago period. This could be attributed to a 2% drop in the consumer & community banking segment, followed by a 7% decrease in the corporate & investment banking division. Consumer & … [Read more...] about Is JPMorgan Stock Attractive At The Current Levels?

Share to Twitter Share to Linkedin Technology has been hit or miss when it comes to our money. While fintech apps promise to make managing our money simple, if not even enjoyable, not all of them deliver. I've tested hundreds of personal finance apps and tools over the years. Here are 5 of the best money apps I’ve found to manage just about every aspect of your finances. Personal Capital Personal Capital is without question the overall best money app on the market. In fact, for many this could be the only finance app they use. For starters, it covers just about every aspect of one's financial life, from budgeting to investing to retirement. Personal Capital includes tools to evaluate whether you are on track to retire and the effect fees will have on your wealth over time. It does require users to link financial accounts. These accounts can include bank accounts, credit cards, retirement accounts and brokerage accounts. Personal Capital then imports … [Read more...] about The Only 5 Money Apps You’ll Ever Need

In first trades on listing, shares of the Life Insurance Corporation (LIC) of India traded at Rs 872 against issue price of Rs 949 . At this price, all investors — including policy holders, employees, and retail investors who got shares at a discount of Rs 40-60 per share — lost money. It would appear that someone started buying large quantities of LIC shares thereafter. It reached a high of almost Rs 919 per share. In the first 20 minutes, 20 million LIC shares, about 10 percent of IPO, got traded. Despite a firm market the entire day, LIC remained subdued trading at a near fixed price of Rs 875 for most of the day, and closed at Rs 875.25 . Soon we will know details of who sold and bought during the day. It looks quite likely that a good chunk of policy-holders, employees, and retail investors used this opportunity to exit. Was It Enough? Close LIC’s paid up equity capital is Rs 6,325 crore. The Government of India initially wanted to sell 5 percent of … [Read more...] about LIC | Will shares catch up with its true valuation?