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WeWork’s future: What to know after the company sounds the alarm on its ability to stay in business

NEW YORK (AP) — WeWork has sounded the alarm on its ability to stay in business, prompting speculation around the future of the troubled workspace-sharing company. Last week, WeWork warned there was “substantial doubt” about the New York-based company’s “ability to continue as a going concern” — which is accounting-speak for having the resources needed to operate and stay in business. WeWork pointed to increased member churn, financial losses and the company’s need for cash, among other factors, over the next year. On Friday, the company announced that it would be ...

Resilient stock market helped boost gains for 401(k) savers

LOS ANGELES (AP) — A resilient stock market helped boost gains for savers with retirement accounts through the first half of this year. The average 401(k) plan balance stood at $112,400 at the end of the second quarter, an increase of 4% from the first quarter and up 8.3% from the second quarter of last year, according to new data from Fidelity Investments drawn from more than 23 million accounts. The median balance was just $24,800. About 35% of Americans reported having a 401(k) plan in 2020, according to the Census Bureau. Individual retirement accounts, or IRAs, also rose. ...

Wall Street slumps again as higher bond yields keep biting

NEW YORK (AP) — Wall Street is falling for a third straight day Thursday as rising yields in the bond market keep cranking up the pressure. The S&P 500 was 0.8% lower in late trading, with August on track to be its worst month of the year by far. The Dow Jones Industrial Average was down 306 points, or 0.9%, at 34,458, as of 3:25 p.m. Eastern time, and the Nasdaq composite was 1.2% lower. The losses were widespread. Some of the heaviest hit big technology stocks seen as the most vulnerable to higher interest rates. Apple fell 1.6% and was the heaviest weight on the S&P 500. Meta ...

Carbon tax on investment income could be more fair and quickly make it less profitable to pollute

The Conversation About 10 years ago, a very thick book written by a French economist became a surprising bestseller. It was called “Capital in the 21st Century.” In it, Thomas Piketty traces the history of income and wealth inequality over the past couple of hundred years. The book’s insights struck a chord with people who felt a growing sense of economic inequality but didn’t have the data to back it up. I was one of them. It made me wonder, how much carbon pollution is being generated to create wealth for a small group of extremely rich households? Two kids, 10 years and a ...

Cisco Systems, Chegg rise; Hawaiian Electric, CVS Health fall, Thursday, 8/17/2023

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Thursday: Cisco Systems Inc. (CSCO), up $2.19 to $55.16 The maker of networking equipment reported stronger profit and revenue for the latest quarter than analysts expected. Hawaiian Electric Industries Inc. (HE), down $2.28 to $11.93 Apparent evidence continues to surface that the utility’s power lines may have set off the deadly Maui fires last week. CVS Health Corp. (CVS), down $7.12 to $65.60 The Wall Street Journal reported that Blue Shield of California is planning to drop CVS Caremark as ...

Rising household debt fuels concern about U.S. Economy

Wealth of Geeks Total household debt in the U.S. increased by $16 billion, reaching $17.06 trillion in the second quarter of 2023, according to the Federal Reserve Bank of New York. Credit card balances, consumer loans, and auto loans are at record-high levels, and are causing concern about the U.S. consumer-driven economy among economists and financial analysts. Credit card balances hit record high Credit card balances exhibited the most significant deterioration in performance among debt categories this quarter, reaching a milestone of $1.03 trillion. This marks the first time ...