Category: Market News (Page 2 of 552)

Senator Mike Lee Now Condemns Brazil’s Ban on X

Senator Mike Lee now condemns Brazil’s ban on X, formerly Twitter, as the country’s Supreme Court Justice seeks to limit free speech.

“Justice Alexandre de Moraes” = oxymoron.

He banned X because he hates free speech.

He seized assets in a brazen act of revenge.

This is the stuff of tyrants.

This is the work of Marxists.

It’s the kind of thing one might expect from a jurist who works hard to look like Voldemort,” said the US Senator for Utah.

Political tensions are escalating as U.S. Republicans respond to the social media blockade of X, initiated by Brazil’s Supreme Court Justice Alexandre de Moraes.

Donald Trump Jr. raised concerns, suggesting that Democrats might pursue similar actions in the U.S. Former Representative George Santos, who has Brazilian heritage, labeled the suspension a “humanitarian crime.”

Although he pleaded guilty to charges, he is calling for sanctions against Brazil, including halting diplomatic relations and imposing visa bans until Moraes is removed.

Utah Senator Mike Lee criticized Brazil’s actions against an American company and proposed reassessing U.S. foreign aid to Brazil.

He also suggested dismissing State Department officials involved in limiting free speech.

Tensions intensified on August 17 when X’s Global Government Relations office announced the shutdown of its Brazilian operations, although the platform remains accessible in the country.

Justice Moraes ordered the blocking of accounts he deemed anti-democratic.

When X failed to comply, Moraes increased fines and imposed a 24-hour deadline, threatening imprisonment for non-compliance, per Rio Times.

He also ordered the arrest of Rachel de Oliveira Villa Nova Conceição, X’s representative in Brazil.

The situation reached a peak on August 28 when Moraes demanded that X appoint a legal representative in Brazil.

When the deadline passed without compliance, Moraes decided to suspend X’s operations in Brazil on August 30, with full enforcement expected by September 4, depending on compliance.

This situation highlights the ongoing global debate over free speech and government control.

The U.S. response reflects the challenge of balancing diplomacy with the protection of free enterprise.

Brazil’s actions have positioned it politically isolated on the international stage, resembling measures typically seen in countries like Iran, North Korea, Turkmenistan, Myanmar, Nigeria, China, and Russia.

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Also Read: Donald Trump Now Plans To End Social Security Taxes For Retirees

Other Political News Today

Political News Today - Senator Mike Lee Now Condemns Brazil's Ban on X.
Political News Today – Senator Mike Lee Now Condemns Brazil’s Ban on X.

Donald Trump now says Harris is a ‘threat to democracy’ after publishing to X, formerly known as Twitter, a series of his worldview.

The former President says Kamala Harris was the first one out of 22 people to quit when she ran against Biden.

“And now she’s a presidential candidate?,” posted Trump to Musk’s social media platform on Saturday.

“Kamala Harris is the Weakest Presidential Candidate in History on Crime.

She’s allowed millions of people to pour through our Borders, many from prisons, mental institutions and, indeed, terrorists, coming in at levels never seen before.

What gives her the right to run for President? She got no votes to Biden’s 14 Million.

She failed in her previous attempt, was the first one out of 22 people to quit, never made it to Iowa, and now she’s a Presidential Candidate?

This is a Threat to Democracy!”

Harris has recently been criticized for switching sides and opinions on proposals, with Trump supporters stating his beliefs and messages have remained consistent over the years.

“Donald Trump is surrendering to his advisors who won’t allow him to debate with a live microphone,” Harris posted to X.

If his own team doesn’t have confidence in him, the American people definitely can’t.

We are running for President of the United States. Let’s debate in a transparent way—with the microphones on the whole time.

Despite sources such as the Economist suggesting Harris is leading the presidential polls, Trump continues to be the most popular candidate on X.

Presidential Poll - Political News Today
Source: the Economist – Presidential Poll – Trump Harris 2024.

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Political News Today - Senator Mike Lee Now Condemns Brazil's Ban on X.
Political News Today – Senator Mike Lee Now Condemns Brazil’s Ban on X.

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A Home Improvement Company Is Now Closing All Stores

A home improvement company is now closing all stores after it filed for bankruptcy and unfortunately leading to liquidation.

Home improvement retailer LL Flooring has announced the closure and liquidation of all its remaining stores, totaling over 400 locations across 47 states, after two potential bids to save the company fell through.

The decision to liquidate came after the company rejected stalking-horse bids from F9 Investments and Issac Capital Group, deeming them insufficient.

According to a declaration from Chief Restructuring Officer Holly Etlin on September 2, F9’s initial bid significantly undervalued LL Flooring’s inventory and did not account for other assets like furniture, fixtures, equipment, and intellectual property.

Liquidator bids were approximately 20% higher than F9’s proposal, indicating a potential loss of at least $30 million in value for the company.

A subsequent bid from F9 also failed to meet the inventory valuation needed for liquidation.

Additionally, Issac Capital could not proceed with its bid due to a lack of committed financing, which made it impossible to close a transaction within the Chapter 11 timeline.

LL Flooring filed for Chapter 11 bankruptcy protection on August 11 in the U.S. Bankruptcy Court for the District of Delaware, aiming to sell its assets after facing significant challenges in the housing and remodeling markets following the decline of the Covid-19 pandemic.

Initially, the company planned to close and liquidate 94 of its stores.

The decline in business severely impacted LL Flooring’s liquidity, and attempts to sell its Sandston, Virginia distribution center to improve cash flow were unsuccessful.

The company sought a buyer for its entire operation but ultimately decided that filing for bankruptcy was the best option to facilitate a sale.

Since no viable buyer has emerged during the bankruptcy proceedings, LL Flooring will now proceed with winding down operations, closing its retail stores, liquidating store-level assets, and likely selling off other assets such as intellectual property and furniture, fixtures, and equipment to various buyers, reports The Street.

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Also Read: A Struggling Gas Station Chain Now Files An Unexpected Bankruptcy

Other Economy News Today

Market News Today - A Home Improvement Company Is Now Closing All Stores.
Market News Today – A Home Improvement Company Is Now Closing All Stores.

A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.

Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.

The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.

According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.

As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.

Many fans took to social media to express how upset they were with the loss.

“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.

“It was inevitable,” a second person mourned.

“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.

“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”

One person revealed that they had forgotten the rental service had existed.

Some users were not surprised by the announcement.

“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.

“Also kinda remember getting into a feud with them on here.”

One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.

Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.

At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.

The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.

It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.

Also Read: This Massive Mall Retailer Is Now Closing In California

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Market News Today - A Home Improvement Company Is Now Closing All Stores.
Market News Today – A Home Improvement Company Is Now Closing All Stores.

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Donald Trump Now Adopts Elon Musk’s Economic Blueprint

Donald Trump now adopts Elon Musk’s economic blueprint, which involves a complete overhaul meant to bring prosperity to all Americans.

Former President Donald Trump announced a new set of economic policy proposals on Thursday, incorporating Elon Musk’s suggestion for a government efficiency commission aimed at reducing wasteful federal spending.

This initiative is a critique of the Biden-Harris administration’s spending levels.

During a speech at the Economic Club of New York, Trump stated, “This commission will develop an action plan to completely eliminate fraud and improper payments within six months.”

He suggested that Musk could be a suitable leader for the commission “if he has the time.”

This endorsement of Musk’s idea signals a growing alliance between the two, a notable shift from their previous public feud just two years ago.

Trump campaign advisor Brian Hughes remarked that Musk’s dedication to improving government efficiency was appealing to Trump.

Details on how the efficiency commission would function are still forthcoming, though Musk expressed his willingness to lead it, stating, “I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed,” in a post on X.

The proposal for the efficiency commission allows Trump to support his criticisms of what he considers frivolous spending by the current administration.

He stated, “It’s time to send Comrade Kamala Harris back home to California,” arguing that her agenda poses a threat to American families and the nation.

Trump’s economic proposals come with significant costs.

He reiterated plans to reduce the corporate tax rate from 21% to 15%, extending the tax cuts from his first term, and eliminating taxes on tips and Social Security benefits.

A study by the Penn Wharton Budget Model suggested that these proposals could lead to federal deficits nearly five times greater than those associated with Harris’s proposals, raising questions about whether the savings from the efficiency commission would offset these increases.

The Trump campaign did not respond to inquiries regarding this issue.

Trump also vowed to cut certain funding from President Biden’s Inflation Reduction Act, promising low taxes, fewer regulations, and lower energy costs.

He highlighted his previous policies, including tough tariffs on China and the reduction of the corporate tax rate to 21%.

“I took care of our economy as I would my own company,” he said.

This speech comes as Trump prepares to sharpen his policy proposals ahead of a debate with Harris scheduled for September 10.

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Also Read: Donald Trump Now Plans To End Social Security Taxes For Retirees

Other Political News Today

Political News Today - Donald Trump Now Adopts Elon Musk's Economic Blueprint.
Political News Today – Donald Trump Now Adopts Elon Musk’s Economic Blueprint.

Donald Trump now says Harris is a ‘threat to democracy’ after publishing to X, formerly known as Twitter, a series of his worldview.

The former President says Kamala Harris was the first one out of 22 people to quit when she ran against Biden.

“And now she’s a presidential candidate?,” posted Trump to Musk’s social media platform on Saturday.

“Kamala Harris is the Weakest Presidential Candidate in History on Crime.

She’s allowed millions of people to pour through our Borders, many from prisons, mental institutions and, indeed, terrorists, coming in at levels never seen before.

What gives her the right to run for President? She got no votes to Biden’s 14 Million.

She failed in her previous attempt, was the first one out of 22 people to quit, never made it to Iowa, and now she’s a Presidential Candidate?

This is a Threat to Democracy!”

Harris has recently been criticized for switching sides and opinions on proposals, with Trump supporters stating his beliefs and messages have remained consistent over the years.

“Donald Trump is surrendering to his advisors who won’t allow him to debate with a live microphone,” Harris posted to X.

If his own team doesn’t have confidence in him, the American people definitely can’t.

We are running for President of the United States. Let’s debate in a transparent way—with the microphones on the whole time.

Despite sources such as the Economist suggesting Harris is leading the presidential polls, Trump continues to be the most popular candidate on X.

Presidential Poll - Political News Today
Source: the Economist – Presidential Poll – Trump Harris 2024.

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Political News Today - Donald Trump Now Adopts Elon Musk's Economic Blueprint.
Political News Today – Donald Trump Now Adopts Elon Musk’s Economic Blueprint.

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Japan Now Makes A Surprising Announcement To Lower Crypto Tax

Japan now makes a surprising announcement to lower its crypto tax from 55% down to 20%, a plan that may take place by 2025.

Japan’s financial regulator has announced plans for a significant overhaul of the tax code for fiscal year 2025, which includes provisions for cryptocurrencies that could reduce their tax rates.

In a request for tax reform dated August 30, Japan’s Financial Services Agency (FSA) emphasized the need to classify cryptocurrencies as traditional financial assets available for public investment.

The FSA stated, “Cryptocurrency should be treated as a financial asset that is an investment target for the public,” urging a reevaluation of its tax treatment.

Currently, profits from cryptocurrencies in Japan are taxed as miscellaneous income, with rates ranging from 15% to 55%.

The highest rate of 55% applies to earnings exceeding 200,000 Japanese yen (approximately $1,377), depending on the taxpayer’s income bracket.

In contrast, profits from stock trading are taxed at a maximum rate of 20%.

For corporate holders of cryptocurrencies, a flat tax rate of 30% is imposed on their holdings at the end of the fiscal year, regardless of whether they have realized any profits through sales.

Tax reform requests are submitted by government ministries to the ruling party, which then forwards them to a tax system research committee and the national legislature for consideration.

For the reform to become law, it must be approved by both houses of the Japanese government: the House of Representatives and the House of Councilors.

Advocates for the crypto industry in Japan have long sought changes to the national tax policy for digital assets.

The Japan Blockchain Association, a pro-crypto lobbying group, formally requested a reduction in the tax rate on cryptocurrencies in 2023.

On July 19, the association submitted another proposal for tax reform for the 2025 fiscal year, aiming to encourage growth in the nation’s crypto sector.

Their suggestions included a flat 20% tax rate for cryptocurrencies and allowing a three-year loss carryover deduction.

Despite these initiatives, there have been no significant policy changes for the crypto industry in Japan to date.

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Also Read: Analyst Now Says A Massive Bitcoin Short Squeeze is Coming

Other Crypto News Today

Market News Today - Japan Now Makes A Surprising Announcement To Lower Crypto Tax.
Market News Today – Japan Now Makes A Surprising Announcement To Lower Crypto Tax.

An Asset Manager now makes a 2050 Bitcoin prediction of a whopping $2.9m per coin, with lows still looking rather promising.

VanEck has forecasted that by 2050, Bitcoin could potentially become a global reserve currency with a price reaching $2.9 million.

This transition is expected to stem from a decreasing trust in traditional reserve assets and a growing demand for alternatives like Bitcoin.

The firm believes issues related to Bitcoin’s scalability will be addressed through Layer-2 (L2) solutions, enhancing its efficiency.

VanEck predicts that by 2050, Bitcoin could facilitate 10% of international trade and 5% of domestic transactions, with central banks possibly holding 2.5% of their assets in Bitcoin.

Overall, VanEck envisions a significant role for Bitcoin in both international and domestic trade by that year.

According to their estimates, if Bitcoin achieves this scenario, it could drive its price to $2.9 million, elevating its market capitalization to around $61 trillion.

Additionally, VanEck anticipates that the value of Bitcoin’s Layer-2 solutions could reach $7.6 trillion, representing about 12% of Bitcoin’s total value.

It’s important to note that VanEck’s $2.9 million estimate is considered a “base case.”

In a best-case scenario, Bitcoin could soar to $52,386,207, while in a worst-case scenario, the price could drop to $130,314.

A key factor behind VanEck’s optimistic view is Bitcoin’s potential as a reserve asset.

They suggest that shifting trends in the International Monetary System (IMS) could facilitate this transition.

With major economies like the US, EU, UK, and Japan seeing a declining share of global GDP, there may be a growing move toward alternative reserve assets.

This shift is further fueled by diminishing confidence in traditional reserve currencies due to concerns over deficit spending and geopolitical instability.

Consequently, businesses and consumers might increasingly see Bitcoin as a stable and neutral medium of exchange, appreciated for its predictable monetary policy and secure property rights.

VanEck argues that these economic changes could accelerate Bitcoin’s adoption as a global reserve currency, addressing the shortcomings of conventional fiat currencies.

However, not everyone agrees with VanEck’s bullish outlook.

Crypto commentator Kal Benz has labeled the $2.9 million forecast as “bearish.”

Given that Bitcoin currently trades around $59,000, a price of $2.9 million implies an extraordinary growth of 4,815%.

Adjusted for 5% inflation, this projection would be equivalent to $856,000 today, representing a 10.7% return on investment (ROI).

When considering 5% annual monetary debasement, the value shrinks to $267,000, or a 6% ROI.

Furthermore, some market participants are expressing caution, highlighting potential risks.

A notable crypto trader has even predicted that Bitcoin’s value could plummet to as low as $16,000 if Vice President Kamala Harris wins the presidency in November, citing worries about the current administration’s regulatory approach to cryptocurrencies.

Also Read: Here Is What Experts Are Now Saying About Bitcoin’s Plunge

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Market News Today - Japan Now Makes A Surprising Announcement To Lower Crypto Tax.
Market News Today – Japan Now Makes A Surprising Announcement To Lower Crypto Tax.

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Stock Market Now Plunges Amid Fears of Painful Jobs Report

The stock market now plunges amid fears of a painful jobs report, leading investors to dump risk assets, media reports.

Stocks are facing challenges on Thursday as investors sold off riskier assets amid growing concerns about the U.S. economic outlook ahead of Friday’s key labor report.

The Nasdaq Composite remained close to unchanged after initially rising by more than 1% earlier in the day.

The S&P 500 fell by more than 0.5%, while the Dow Jones Industrial Average dropped 330 points, or 0.8%.

However, the S&P 500 is down more than -2% in the past five trading days.

“We’re currently experiencing yet another mini growth scare,” noted Arun Sai, a senior multi-asset strategist at Pictet Asset Management.

New labor market data released on Thursday provided mixed signals regarding the U.S. economy, raising questions about whether the Federal Reserve is lagging behind on rate cuts.

Private payroll growth was the weakest since 2021, increasing concerns about a slowing labor market.

However, weekly unemployment claims decreased from the previous week.

The market has been particularly sensitive to potential growth concerns in recent weeks, as seen in Tuesday’s sell-off following disappointing manufacturing data.

This has led to increased scrutiny on labor market indicators, with everyone anticipating Friday’s August nonfarm payroll report.

A weak report from July heightened recession fears and contributed to significant volatility in August.

Mark Malek, chief investment officer at Siebert Financial, commented, “It’s a very narrow range.

If the labor data significantly deviates from expectations tomorrow, we could see substantial moves in either direction.

Any divergence may lead to increased volatility.”

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Also Read: A Home Depot Rival Is Now Closing 100 Stores

Other Economy News Today

Market News Today - Stock Market Now Plunges Amid Fears of Painful Jobs Report.
Market News Today – Stock Market Now Plunges Amid Fears of Painful Jobs Report.

JPMorgan now takes an 8-figure loss after unloading real estate in a deal with a ‘mega landlord’, several new reports are confirming.

JPMorgan Chase has reportedly sold a significant real estate investment in Los Angeles, California, incurring an eight-figure loss.

The bank’s Investment Management division disposed of a large apartment complex with retail space located in the Little Tokyo area, partnering with a “mega landlord,” as reported by The Real Deal.

The complex, situated at 232 East 2nd Street, was purchased for around $116 million in February 2020 but was recently sold for $86.1 million, resulting in a loss of $29.9 million.

This sale highlights the ongoing challenges in the commercial real estate market, which is grappling with higher interest rates.

The situation in the market is particularly stark with recent office building sales reflecting low occupancy rates.

For example, a prominent building in St. Louis sold for just $3.6 million last month, a steep drop from its 2006 price of $205 million.

Additionally, Allstate sold a building in Chicago for about $11 million, down from its purchase price of $29.7 million in 2022.

US banks are increasingly looking to reduce their exposure to commercial real estate loans, with reports indicating that institutions like Goldman Sachs, Citigroup, and Capital One have been selling loans in major markets like New York, San Francisco, and Boston.

In this particular transaction, JPMorgan sold the entire complex to FPA Multifamily, a firm that owns approximately 770 properties nationwide and has been actively acquiring real estate during the market downturn.

FPA has reportedly engaged in about $24 billion worth of real estate transactions in the US.

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Also Read: The US Treasury Direct is Now Freezing Customer Account

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Market News Today - Stock Market Now Plunges Amid Fears of Painful Jobs Report.
Market News Today – Stock Market Now Plunges Amid Fears of Painful Jobs Report.

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