Business - Page 4

Mature Markets Push Global Debt to Record Near $346 Trillion

By Rodrigo Campos  Developed markets led a borrowing push that lifted global debt to nearly $346 trillion at the end of the third quarter, while a pending ruling on the legality of U.S. tariffs could force even more U.S. issuance, a banking trade group said.  The Institute of International Finance said total debt reached $345.7 trillion by the end of September, equivalent to about 310% of global GDP, a relatively steady ratio since mid-2022. A softer U.S. greenback helped inflate the value of most local-currency liabilities when translated into dollar terms.  “Most of the overall rise came from mature markets,

Rep. Dan Goldman Introduces New Tax On Wealthiest Americans Generating An Estimated $276 Billion In Revenue

Written By Lexx Thornton Congressman Dan Goldman (NY-10) today introduced the Redistribution of Billions by Instituting New High-Income Obligations on Overlooked Debt(ROBINHOOD) Act, a new federal tax on the ultra-wealthy designed to address one of the most glaring failures in the current tax code: the ability of the uber-wealthy to access enormous amounts of money tax-free while paying staggeringly low effective tax rates.  Rep. Goldman’s ROBINHOOD Act would address this tax avoidance strategy by imposing a 20% excise tax on loans and lines of credit backed by capital assets. By making the ultra-wealthy pay their fair share, conservative estimates suggest

PayPal Applies to Form Bank that Can Offer Small Business Loans and Savings Accounts

By: Jordan Novet  PayPal said Monday that it has applied for approval to form PayPal Bank, which would be able to offer loans to small businesses.  “Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the U.S.,” PayPal CEO Alex Chriss said in a statement.  The U.S. Federal Deposit Insurance Corporation will review an application proposing the establishment of PayPal Bank, along with Utah’s Department of Financial Institutions, PayPal said.  The company, which owns popular payment app Venmo, hopes to also offer interest-bearing savings accounts to

Credit Giants Under Fire Equifax and Experian Sued Over Report Errors and ‘Sham’ Disputes

Written by Lexx Thornton The two largest credit reporting agencies, Equifax and Experian, are facing significant legal action from consumers and federal regulators over allegations that they systemically place inaccurate information on credit reports and then fail to properly investigate and correct those errors when consumers file a dispute.  The core of the issue revolves around alleged violations of the Fair Credit Reporting Act (FCRA), which legally obligates these agencies to ensure maximum possible accuracy and conduct a reasonable investigation into any information disputed by a consumer.  Recent lawsuits and regulatory actions, most notably from the Consumer Financial Protection Bureau

Michigan House Blocks Funding for Flint Water Crisis Programs

by Lexx Thornton The Michigan House has voted to block $8.3 million in funding allocated for Flint water crisis programs.  Republican House Speaker Matt Hall described the funding for the aftermath of the Flint water crisis as part of the waste that House Republicans aimed to cut from slush funds.  “The Flint drinking water emergency is over,” Hall said. “Even Gov. Whitmer has acknowledged that, but they continue to want to fund it and squirrel away money for it. That isn’t happening.”  The cuts affect support services for Flint students, including psychologists, nurses, social workers, and counselors. Additionally, funding for

Alabama Power Freezes Electricity Rates Through 2027 to Help Residents with High Costs

Written By Lexx Thornton Alabama Power has announced it will not increase electricity rates through 2027, aiming to help customers during a time when budgets are tight. The company states that the freeze is intended to provide financial relief to residents as they face increasing living costs.  Many ratepayers, such as Lamar Jaddis in Birmingham, say this news is welcome:  My light bill’s been super high… For them to do that, that’s been great and that’s been a positive thing because we do need that. Financially it’s been kind of hard this year. For them to come out and do

FASFA’s New Earnings Warning to Students

By Lexx Thornton While the FAFSA focuses on aid, the data collected by the Department of Education (DoE) sends a critical signal: students must scrutinize post-graduation earning potential.  Choosing a school where graduates consistently face high debt relative to low earnings is a financial trap.  The DoE emphasizes the debt-to-earnings ratio, which compares a graduate’s average loan burden to their typical income two to four years post-graduation. If median annual earnings are barely higher than the median student loan balance, the return on investment is insufficient, leading to financial instability.  Before accepting an aid package, be your own financial counselor: 

Democrats Move to Block Trumps $1 Coins from Treasury Department Mint

By Anders Hagstrom Democratic senators are introducing legislation that would block the Treasury Department from minting $1 coins with President Donald Trump’s likeness on them.  Sen. Jeff Merkley, D-Ore., and Catherine Cortez Masto, D-Nev., are set to introduce the legislation on Tuesday, according to a report from Punchbowl News. Dubbed the Change Corruption Act, the bill would prohibit the federal government from minting currency that bears “the likeness of a living or sitting president.”  The Treasury has prominently featured Trump coin designs on its website. The coin would be part of a push to commemorate the 250th anniversary of America’s

Employees Charged with Stealing Over $700K in COVID Unemployment Benefits

Written By Lexx Thornton Eleven additional Los Angeles County employees have been charged with felony grand theft for fraudulently claiming unemployment benefits between 2020 and 2023, despite being employed full-time during that time.  A total of 24 Los Angeles County employees allegedly submitted fraudulent unemployment insurance claims to the California Employment Development Department (EDD) between 2020 and 2023, totaling $741,518, according to the Los Angeles County District Attorney’s Office.  These employees falsely claimed to be unemployed and earning zero income, despite still being employed by the county and earning at least $3,000 a month, which made them ineligible for benefits,

New Florida Law Requires Licensed Health Care Facilities, Providers, and Practitioners to Promptly Refund Patient Overpayments

Written By Lexx Thornton Effective January 1, 2026, a new Florida law (CS/CS/SB 1808) requires licensed health care facilities, providers, and practitioners (each, a “Licensed Provider”) to refund any overpayment made by a patient no later than 30 days after the Licensed Provider determines that the patient made an overpayment.   For Licensed Providers who are licensed by AHCA, a violation of the requirement to timely refund a patient’s overpayment is subject to an administrative fine of up to $500 per violation. Under pre-existing law (section 408.813, Florida Statutes), each day of violation constitutes a separate violation and is subject to

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