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US banks earned $10 billion in two weeks processing the loans from the
government scheme to protect small businesses from financial ruin during
the coronavirus crisis, according to an NPR report.The rescue plan
worth $349 billion offered businesses loans of up to $10 million to
thousands of US companies and were guaranteed by the federal Small
Business Administration.The banks charged a transaction fee of 5% on
loans worth less than $350,000, while on loans worth between $2 million -
$10 million, the cost was 1%.The banks defended the massive windfall of
loan transaction fees, saying that processing the loans involved
complicated vetting procedures.Treasury Department guidelines are less
rigorous than for regular loans, and the taxpayer provides the funding,
so there is little risk for the banks.Visit Business Insider's homepage
for more stories.To get more news about wikifx, you can visit wikifx news official website.
Banks have earned a quick $10 billion processing US government loans to small businesses affected by the coronavirus crisis, according to a new report.The $350 billion rescue program aims to funnel cash to small businesses distressed by the economic blows of the COVID-19 crisis.In two weeks, banks including JP Morgan, Bank of America, and PNC Bank vetted thousands of applications for federal loans of up to $10 million. Transaction charges start at 5% for loans under $350,000, reducing to 1% for loans between $2 and $10 million, according to NPR.The loans are guaranteed by the government, and the guidelines issued by the Treasury Department indicate that they require less vetting than regular loans. There is no risk to the banks which are merely the middlemen.
The banks have defended the costs, arguing the vetting process for each loan can still be complex. In an email statement seen by NPR, Bank of America said the program included “collecting, personally examining, and storing data” that is required for each application.One example highlighted by NPR was on April 7, when the parent company of Ruth's Chris Steak House, RCSH Operations LLC, received a loan of $10 million. JPMorgan Chase & Co., took a $100,000 fee on the one-time transaction for which it assumed no risk.The scheme, known as the Payment Protection Program (PPP), exhausted its funds last week. Aimed at small businesses with less than 500 employees, it was hit with controversy as larger companies exploited loopholes to tap into it.
Some large, well-funded companies were granted millions of dollars from the $350 billion pool of funding, while many small, mom-and-pop shops were unable to access any funding at all, sparking public outrage.The initial PPP funding was snapped up in less than two weeks. Congress has now approved an additional $310 billion and new loans will be issued again starting next week.
Banks have earned a quick $10 billion processing US government loans to small businesses affected by the coronavirus crisis, according to a new report.The $350 billion rescue program aims to funnel cash to small businesses distressed by the economic blows of the COVID-19 crisis.In two weeks, banks including JP Morgan, Bank of America, and PNC Bank vetted thousands of applications for federal loans of up to $10 million. Transaction charges start at 5% for loans under $350,000, reducing to 1% for loans between $2 and $10 million, according to NPR.The loans are guaranteed by the government, and the guidelines issued by the Treasury Department indicate that they require less vetting than regular loans. There is no risk to the banks which are merely the middlemen.
The banks have defended the costs, arguing the vetting process for each loan can still be complex. In an email statement seen by NPR, Bank of America said the program included “collecting, personally examining, and storing data” that is required for each application.One example highlighted by NPR was on April 7, when the parent company of Ruth's Chris Steak House, RCSH Operations LLC, received a loan of $10 million. JPMorgan Chase & Co., took a $100,000 fee on the one-time transaction for which it assumed no risk.The scheme, known as the Payment Protection Program (PPP), exhausted its funds last week. Aimed at small businesses with less than 500 employees, it was hit with controversy as larger companies exploited loopholes to tap into it.
Some large, well-funded companies were granted millions of dollars from the $350 billion pool of funding, while many small, mom-and-pop shops were unable to access any funding at all, sparking public outrage.The initial PPP funding was snapped up in less than two weeks. Congress has now approved an additional $310 billion and new loans will be issued again starting next week.
Andrew Lapthorne, the global head of quantitative research at Societe
Generale, is skeptical of forecasts for a “perfect” v-shaped recovery in
corporate earnings. The consensus forecast among analysts is that by
the end of 2021, profits will be growing at nearly the same rate as they
were in late-2019.Lapthorne considered the unique nature of this crisis
and concluded that the consensus is too optimistic.Click here for more
BI Prime stories.To get more news about Lockwood, you can visit wikifx news official website.
Wall Street's expectations for recovery from the coronavirus crisis seems too good to be true. That's according to Andrew Lapthorne, the global head of quantitative research at Societe Generale. He is skeptical that the stock market's strong rebound from its trough in March matches up with the reality that will unfold in the months ahead. In particular, Lapthorne is skeptical of the “perfect” recovery that is reflected in real-time consensus forecasts for earnings, the biggest long-term driver of stock prices. Data he compiled shows that analysts expect global profits to fall by 21% this year and then rise 21% in 2021.In other words, the prediction is that economic conditions will recover so quickly that by December 2021, corporate profits will be back to where they were when COVID-19 began to spread in late-2019.
In the alphabet soup of economic scenarios, analysts expect a V-shaped recovery that is turbocharged by effective containment of the outbreak and abundant government stimulus.Many countries around the world are clearly not close to fully reopening their economies. But the latter condition — stimulus — has been successful and unprecedented, ranging from the Federal Reserve's purchases of select junk-rated corporate debt to the checks wired straight to Americans' accounts.
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This helps explain why the S&P 500 has already retraced more than half of its losses after its fastest 30% decline ever. Once again, investors are buying equities knowing fully well that the Fed is ready to act as lifeguard.
“Yet there is zero evidence historically that markets can go up on a sustained basis whilst profits continue to slump,” Lapthorne said. “Equity markets may have bounced but investors still seem to be positioning themselves for a drop.”For proof of the ongoing risk to corporate profits, keep tabs on what companies are doing with their cash. Goldman Sachs strategists estimate that cash spending among S&P 500 companies will fall by a record 33% to $1.8 trillion this year. The decline includes cuts to dividends — another area where proof of cashflow constraints can be found. By adjusting for the expected drop in EPS this year, UBS estimates that the median S&P 500 dividend will fall 28% to $1.47. The largest expected dividend reductions are in cyclical sectors like energy and materials.Lapthorne is not the only strategist concerned that earnings expectations are still too high, even though they have been reined in by the pandemic.
“We are concerned 2021 numbers now need to be cut more aggressively,” said Lori Calvasina, the head of US equity strategy of RBC Capital Markets, in a recent note. Her 2021 EPS forecast that factors in a “healthy economic recovery and margin expansion” is $153, below the consensus forecast for $170.In addition, she noted that several executives have told analysts on earnings calls that the journey to get the economy back to its pre-coronavirus strength will be slow and uneven. These observations contrast the market's march higher — at least in Lapthorne's books. And the mismatch is one that may be corrected by another sell-off.
Wall Street's expectations for recovery from the coronavirus crisis seems too good to be true. That's according to Andrew Lapthorne, the global head of quantitative research at Societe Generale. He is skeptical that the stock market's strong rebound from its trough in March matches up with the reality that will unfold in the months ahead. In particular, Lapthorne is skeptical of the “perfect” recovery that is reflected in real-time consensus forecasts for earnings, the biggest long-term driver of stock prices. Data he compiled shows that analysts expect global profits to fall by 21% this year and then rise 21% in 2021.In other words, the prediction is that economic conditions will recover so quickly that by December 2021, corporate profits will be back to where they were when COVID-19 began to spread in late-2019.
In the alphabet soup of economic scenarios, analysts expect a V-shaped recovery that is turbocharged by effective containment of the outbreak and abundant government stimulus.Many countries around the world are clearly not close to fully reopening their economies. But the latter condition — stimulus — has been successful and unprecedented, ranging from the Federal Reserve's purchases of select junk-rated corporate debt to the checks wired straight to Americans' accounts.
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This helps explain why the S&P 500 has already retraced more than half of its losses after its fastest 30% decline ever. Once again, investors are buying equities knowing fully well that the Fed is ready to act as lifeguard.
“Yet there is zero evidence historically that markets can go up on a sustained basis whilst profits continue to slump,” Lapthorne said. “Equity markets may have bounced but investors still seem to be positioning themselves for a drop.”For proof of the ongoing risk to corporate profits, keep tabs on what companies are doing with their cash. Goldman Sachs strategists estimate that cash spending among S&P 500 companies will fall by a record 33% to $1.8 trillion this year. The decline includes cuts to dividends — another area where proof of cashflow constraints can be found. By adjusting for the expected drop in EPS this year, UBS estimates that the median S&P 500 dividend will fall 28% to $1.47. The largest expected dividend reductions are in cyclical sectors like energy and materials.Lapthorne is not the only strategist concerned that earnings expectations are still too high, even though they have been reined in by the pandemic.
“We are concerned 2021 numbers now need to be cut more aggressively,” said Lori Calvasina, the head of US equity strategy of RBC Capital Markets, in a recent note. Her 2021 EPS forecast that factors in a “healthy economic recovery and margin expansion” is $153, below the consensus forecast for $170.In addition, she noted that several executives have told analysts on earnings calls that the journey to get the economy back to its pre-coronavirus strength will be slow and uneven. These observations contrast the market's march higher — at least in Lapthorne's books. And the mismatch is one that may be corrected by another sell-off.
Asian stocks and US futures took a hit as oil prices dropped another 14%
on Tuesday, despite optimistic rises in US stocks as states prepare to
re-open.Oil futures slumped after the largest U.S. oil exchange-traded
fund said it would sell all its front-month crude contracts to avoid
further losses as prices collapse.MSCI's broadest index of Asia-Pacific
shares outside Japan was down 0.3%. Shares in China fell 0.7% and South
Korean shares fell 0.22%.U.S. crude skidded 14.24% to $10.96 a barrel
while Brent crude fell 4.05% to $19.18 per barrel.Visit Business
Insider's homepage for more stories.To get more news about TurboForex, you can visit wikifx news official website.
TOKYO/NEW YORK (Reuters) - Asian shares and U.S. stock futures dipped into the red on Tuesday, erasing earlier gains as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally.MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%. Shares in China fell 0.7% and South Korean shares fell 0.22%.Oil futures slumped after the largest U.S. oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse.Some investors are hoping the worst may be over for the world economy as more countries allow businesses to re-open, but others see reasons to remain cautious, especially as a coronavirus vaccine has yet to be developed.
“We are less optimistic and expect a slower recovery in the world economy,” Commonwealth Bank of Australia said in a research note.“The risk of reintroducing restrictions is a risk to market participants' optimistic outlook for a quick resumption of normal economic activity.”All three major U.S. stock averages advanced on Monday and are all now within 20% of their record closing highs reached in February.The benchmark S&P 500 is on track for its best month since 1987, after trillions of stimulus dollars helped U.S. equities claw back much of the ground lost since the coronavirus crisis brought the economy to a grinding halt.
From Italy to New Zealand, governments announced the easing of restrictions, while Britain said it was too early to relax them there. New York state is not expected to reopen for weeks..Oil prices weakened again on persistent concerns about oversupply and a lack of storage space. The front-month contract was trading at lower-than-usual volumes on Monday as traders moved to later months in futures contracts.U.S. crude skidded 14.24% to $10.96 a barrel while Brent crude fell 4.05% to $19.18 per barrel.
Shares of United States Oil Fund LP , the country's largest crude ETF, fell more than 16% on Monday, after it said it would sell all of its front-month crude contracts to avoid a repeat of the heavy losses suffered last week.The U.S. dollar and the euro were little changed as traders refrained from taking big positions before a Federal Reserve policy decision due on Wednesday and a European Central Bank (ECB) meeting Thursday.The Fed has already announced a raft of measures to lessen the economic blow from the coronavirus pandemic and is expected to stay on hold this week.The ECB is likely to extend its debt purchases to include junk bonds and provide a backstop for corporate financing.
Major central banks have responded to the economic slump caused by the coronavirus by slashing interest rates, buying more government debt, and taking steps to increase lending to small companies.Elsewhere in currencies, the Australian dollar traded near a six-week high of $0.6472 as investors continued to cheer the country's progress in containing the coronavirus.Gold, a safe-haven often bought during times of uncertainty, fell for a third consecutive trading session in signs of improving risk appetite.(Reporting by Stanley White in Tokyo and Chibuike Oguh in New York; Editing by Sam Holmes)
TOKYO/NEW YORK (Reuters) - Asian shares and U.S. stock futures dipped into the red on Tuesday, erasing earlier gains as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally.MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%. Shares in China fell 0.7% and South Korean shares fell 0.22%.Oil futures slumped after the largest U.S. oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse.Some investors are hoping the worst may be over for the world economy as more countries allow businesses to re-open, but others see reasons to remain cautious, especially as a coronavirus vaccine has yet to be developed.
“We are less optimistic and expect a slower recovery in the world economy,” Commonwealth Bank of Australia said in a research note.“The risk of reintroducing restrictions is a risk to market participants' optimistic outlook for a quick resumption of normal economic activity.”All three major U.S. stock averages advanced on Monday and are all now within 20% of their record closing highs reached in February.The benchmark S&P 500 is on track for its best month since 1987, after trillions of stimulus dollars helped U.S. equities claw back much of the ground lost since the coronavirus crisis brought the economy to a grinding halt.
From Italy to New Zealand, governments announced the easing of restrictions, while Britain said it was too early to relax them there. New York state is not expected to reopen for weeks..Oil prices weakened again on persistent concerns about oversupply and a lack of storage space. The front-month contract was trading at lower-than-usual volumes on Monday as traders moved to later months in futures contracts.U.S. crude skidded 14.24% to $10.96 a barrel while Brent crude fell 4.05% to $19.18 per barrel.
Shares of United States Oil Fund LP , the country's largest crude ETF, fell more than 16% on Monday, after it said it would sell all of its front-month crude contracts to avoid a repeat of the heavy losses suffered last week.The U.S. dollar and the euro were little changed as traders refrained from taking big positions before a Federal Reserve policy decision due on Wednesday and a European Central Bank (ECB) meeting Thursday.The Fed has already announced a raft of measures to lessen the economic blow from the coronavirus pandemic and is expected to stay on hold this week.The ECB is likely to extend its debt purchases to include junk bonds and provide a backstop for corporate financing.
Major central banks have responded to the economic slump caused by the coronavirus by slashing interest rates, buying more government debt, and taking steps to increase lending to small companies.Elsewhere in currencies, the Australian dollar traded near a six-week high of $0.6472 as investors continued to cheer the country's progress in containing the coronavirus.Gold, a safe-haven often bought during times of uncertainty, fell for a third consecutive trading session in signs of improving risk appetite.(Reporting by Stanley White in Tokyo and Chibuike Oguh in New York; Editing by Sam Holmes)
It’s a big day for Alamy today, as they just announced they were
acquired by UK news and information company PA Media Group. Try to find
ways to save much money? Promosstore is the best place for you to get
coupons, vouchers and deals to help you save much money on your
purchase. To get more news about promosstore discount code, you can visit promosstore official website.
The purchase responds to PA Media’s diversification strategy, as they now land in the stock imagery industry and the international market, and will use Alamy to fuel their editorial photography segment.
Alamy will continue to operate as a stand-alone agency, only now owned by the news specialist group.
That’s exactly what PA Media Group will do. This is a long-established, UK-based news agency, and Alamy was a strategic purchase intended to take them into the international market as well as into the commercial stock photography business.
Operating for 20 years and having a solid network of contributors and customer base all over the world, Alamy is the ideal ally to achieve those goals.
Strengthening Their Image Services
This is another task Alamy comes to help PA Media Group to complete. The news agency has an editorial photo service, called PA Images, that includes extensive archive imagery as well as contemporary and latest photography on news, sports, royals and entertainment.
Alamy’s large catalogue will boost PA Images editorial collection, but will also bring in a whole new offer in stock photos for creative (commercial) use.While PA Media sees this acquisition as a transformational stage in their business, things for Alamy remain pretty much the same (and there’s nothing wrong with that!).
Meaning the stock photo agency will continue to work as they have been so far, only now under the PA Media Group umbrella.
At this time they don’t foresee any changes in prices, plans or services, so this move will not affect you as a customer at all.Want to get the highest quality products with the lowest prices while shopping? Read More
The purchase responds to PA Media’s diversification strategy, as they now land in the stock imagery industry and the international market, and will use Alamy to fuel their editorial photography segment.
Alamy will continue to operate as a stand-alone agency, only now owned by the news specialist group.
That’s exactly what PA Media Group will do. This is a long-established, UK-based news agency, and Alamy was a strategic purchase intended to take them into the international market as well as into the commercial stock photography business.
Operating for 20 years and having a solid network of contributors and customer base all over the world, Alamy is the ideal ally to achieve those goals.
Strengthening Their Image Services
This is another task Alamy comes to help PA Media Group to complete. The news agency has an editorial photo service, called PA Images, that includes extensive archive imagery as well as contemporary and latest photography on news, sports, royals and entertainment.
Alamy’s large catalogue will boost PA Images editorial collection, but will also bring in a whole new offer in stock photos for creative (commercial) use.While PA Media sees this acquisition as a transformational stage in their business, things for Alamy remain pretty much the same (and there’s nothing wrong with that!).
Meaning the stock photo agency will continue to work as they have been so far, only now under the PA Media Group umbrella.
At this time they don’t foresee any changes in prices, plans or services, so this move will not affect you as a customer at all.Want to get the highest quality products with the lowest prices while shopping? Read More
Paytm Gold Offer Promo Code: Akshay Tritiya 2020 is falling on a Sunday as the date is April 26 and the country is in a lockdown amidst COVID-19 pandemic. However, if you wish to, there are ways to invest in gold sitting at home. India’s leading financial services platform Paytm today announced that this Akshay Tritiya, Indians can buy gold from the safe confines of their homes and win a chance to earn 100 per cent goldback. The company said that Indians do not have to miss celebrating an important festival during the ongoing lockdown to fight COVID-19, as Paytm is allowing citizens to buy gold for as little as Rs 1 which can be bought on the app itself.Try to find ways to save much money? Promosstore is the best place for you to get coupons, vouchers and deals to help you save much money on your purchase. To get more news about platypus promo code, you can visit promosstore official website.
Paytm in partnership with MMTC has announced exciting offers allowing customers to buy gold with no minimum quantity restrictions. Starting April 24, customers can avail Sweepstake offer by Paytm wherein one lucky person will win 100 per cent goldback of up to Rs 3000 with assured two per cent goldback worth up to Rs. 3000. The offer is valid till April 26, 2020.
Paytm has recorded 90-kilogram gold purchased on its platform via digital gold during the lockdown period. The gold purchased on Paytm comes with best in class quality of 24K 99.99 per cent pure gold from MMTC-PAMP.
If you already have a Gold Accumulation Plan Account (GAP) with required Gold seller, Gold will be credited in that account otherwise a new GAP account will be created for you. Customers do not have to worry about the safety of gold they buy on Paytm as it ensures 100 per cent secure and insured storage in Gold Locker facility at no extra cost. The company said that as soon as the government allows movement of non-essential items, customers would have the option of getting the gold delivered to their homes.Want to get the highest quality products with the lowest prices while shopping? Click to Buy
Paytm in partnership with MMTC has announced exciting offers allowing customers to buy gold with no minimum quantity restrictions. Starting April 24, customers can avail Sweepstake offer by Paytm wherein one lucky person will win 100 per cent goldback of up to Rs 3000 with assured two per cent goldback worth up to Rs. 3000. The offer is valid till April 26, 2020.
Paytm has recorded 90-kilogram gold purchased on its platform via digital gold during the lockdown period. The gold purchased on Paytm comes with best in class quality of 24K 99.99 per cent pure gold from MMTC-PAMP.
If you already have a Gold Accumulation Plan Account (GAP) with required Gold seller, Gold will be credited in that account otherwise a new GAP account will be created for you. Customers do not have to worry about the safety of gold they buy on Paytm as it ensures 100 per cent secure and insured storage in Gold Locker facility at no extra cost. The company said that as soon as the government allows movement of non-essential items, customers would have the option of getting the gold delivered to their homes.Want to get the highest quality products with the lowest prices while shopping? Click to Buy
Burger King is offering free food to students
Fro April 13 to April 20, Burger King will be giving away free food to students who answer a daily academic question.Try to find ways to save much money? Promosstore is the best place for you to get coupons, vouchers and deals to help you save much money on your purchase. To get more news about www.promosstore.com, you can visit promosstore official website.
Burger King will post a question of the day on its social media pages each day. If students can correctly answer the question, the answer becomes a promotional code on the restaurant’s app that gets them a free Whopper with any purchase, USA Today reports.According to KLAS, the questions won’t always be math-based, Burger King will also be acting students to answer questions about science and literature.
The initiative’s initial purpose was to promote learning and reward students who are continuing to prioritize their education while at home. But many people have already found a work around, according to Fox News. Since the questions are posted publicly and are the same across the nation, people can share the answers on social media for all to see.
There is a limit of one free Whopper per student.The restaurant is currently only open for drive-thru, takeout or delivery due to COVID-19, Yahoo! News reports.Want to get the highest quality products with the lowest prices while shopping?visit homepage
Playing the lottery can be incredibly exciting, especially when your favourite international lottery is boasting a mega jackpot. The one thing that any player hopes to gain is unimaginable wealth, and if you want an edge while playing the lottery online, then you need to follow the most important tips about playing the lottery online:Get more news about 菲律宾彩票包网平台,you can vist loto98.com
Secure websites have a small symbol that looks like a padlock that is prominently displayed in the URL. Double-checking to see if this padlock is there will give you the peace of mind that your information is encrypted and secure. If you don’t see that symbol of safety and security, hit the back button and find another online lottery site.
With most online lottery websites you will have to be 18 years and older to buy a lottery ticket. Don’t sign up if you are under that specified age as you will need to prove your age to claim a prize. Read our Terms and Conditions for more information.
If you look round the site and cannot find any way in which to contact them, then leave. All legit websites should definitely have a dedicated Contact Us page and a Live Chat option to speak to a Customer Service Representative in real time.
With international lotto games like the legendary American Powerball and the Mega Millions reaching record-breaking jackpots as we saw happen in January 2016 and November 2018, there has been a surge in online lottery ticket sales. Once newly registered players experience the thrill of also having a chance of winning these incredibly life-changing lotto games and realising just how easy it was to play, they wonder just why it took them so long to make the switch to online purchasing.If you have ever had the misfortune or that sinking feeling when you can’t find your lottery ticket, you’ll understand why this advantage is such an important one.
Since purchases are made online, with this method there is absolutely no risk of losing a winning ticket or ever having to prove that the ticket is yours. Your online receipt or proof of purchase is all you need – and there is no way of misplacing that.Every year there are millions of dollars/euro/pounds in lottery winnings that go unclaimed because people lose their tickets or simply forget to check them. When playing the lottery online, there is absolutely no danger of missing out on your lottery prize due to forgotten checks or failing to claim within the designated time frame.
With online lottery brokers, any secondary winnings are paid directly to your account and in the event that you have won a substantial prize, a Customer Service Representative will contact you making sure you are aware of your good fortune.
Buying lottery tickets online is just so easy and quick to do from your mobile device or laptop: you don’t have to go find a shop or convenience store, you don’t spend any unnecessary money on travel, and there’s no time wasted standing in queues.
Many people prefer to play the really big international jackpots, and since local lotteries don’t always grow that high, online playing gives you access to the biggest foreign jackpot opportunities. Thankfully the internet provides the power to expand your options.
A resident of South Carolina finally stepped forward to claim the Mega
Millions jackpot from last October. Although the prize was worth around
$1.5 billion, the winner – who wished to remain anonymous – chose the
cash option, a one-time payment of $878 million.Get more news about 彩票API,you can vist loto98.com
This begs a question: What should you do if such a windfall falls into your lap, whether a jackpot, a large inheritance or huge profit from selling a business?
I have pondered this for years as an economist researching personal finance issues. I also ask my undergraduates every semester what they would do if they suddenly got $1 billion. The standard student response is to pay off their sizeable college debts and travel the world.
While college is expensive and traveling to exotic places is fun, neither will use up much of a billion dollars. But yet somehow many people manage to win big and squander it quickly.
Here are a few tips based on research for how to handle an unexpected windfall.As I noted in a recent article, people who come into large sums of money end up bankrupt. My own research found that the average person in their 20s, 30s and 40s who was given an inheritance or large financial gift spent or lost half the money relatively quickly. A 2011 paper found that people who won mid-sized prizes in the Florida lottery were more likely to file for bankruptcy than small lottery winners.
The data suggest it takes time and experience to radically adjust to a different lifestyle. Given these problems of self-control, my advice is simple. If you win the lottery, do not take the lump sum payment. In the case of the Mega Millions jackpot, that allowed a winner to receive $878 million immediately – before taxes.
Instead, take the option to receive annual payments over 30 years, which is still an incredible amount of money each year. And if you happen to have issues with self-control and spend the entirety of your first and perhaps second payment on fancy homes and cars, you still have 28 or 29 years of additional payments – which get larger over time – to get your financial house in order.
If your windfall came by another means, such as inheritance, it’s still easy to handle a self-control problem. Many insurance companies and brokerage houses sell annuities, which operate just like that 30-year lottery payment option.
An immediate annuity is a simple contract. You give a certain amount of money to an insurance company and in return it gives you a periodic payment, which factors in inflation, for either a fixed term or for your entire life.
This begs a question: What should you do if such a windfall falls into your lap, whether a jackpot, a large inheritance or huge profit from selling a business?
I have pondered this for years as an economist researching personal finance issues. I also ask my undergraduates every semester what they would do if they suddenly got $1 billion. The standard student response is to pay off their sizeable college debts and travel the world.
While college is expensive and traveling to exotic places is fun, neither will use up much of a billion dollars. But yet somehow many people manage to win big and squander it quickly.
Here are a few tips based on research for how to handle an unexpected windfall.As I noted in a recent article, people who come into large sums of money end up bankrupt. My own research found that the average person in their 20s, 30s and 40s who was given an inheritance or large financial gift spent or lost half the money relatively quickly. A 2011 paper found that people who won mid-sized prizes in the Florida lottery were more likely to file for bankruptcy than small lottery winners.
The data suggest it takes time and experience to radically adjust to a different lifestyle. Given these problems of self-control, my advice is simple. If you win the lottery, do not take the lump sum payment. In the case of the Mega Millions jackpot, that allowed a winner to receive $878 million immediately – before taxes.
Instead, take the option to receive annual payments over 30 years, which is still an incredible amount of money each year. And if you happen to have issues with self-control and spend the entirety of your first and perhaps second payment on fancy homes and cars, you still have 28 or 29 years of additional payments – which get larger over time – to get your financial house in order.
If your windfall came by another means, such as inheritance, it’s still easy to handle a self-control problem. Many insurance companies and brokerage houses sell annuities, which operate just like that 30-year lottery payment option.
An immediate annuity is a simple contract. You give a certain amount of money to an insurance company and in return it gives you a periodic payment, which factors in inflation, for either a fixed term or for your entire life.
Wuhan officials attributed the new figure to updated reporting and
deaths outside hospitals. China has insisted there was no cover-up.To
get more news about coronavirus china wuhan, you can visit shine news official website.
It has been accused of downplaying the severity of its virus outbreak.
Wuhan's 11 million residents spent months in strict lockdown conditions, which have only recently been eased.
The latest official figures bring the death toll in the city in China's central Hubei province to 3,869, increasing the national total to more than 4,600.
China has confirmed nearly 84,000 coronavirus infections, the seventh-highest globally, according to Johns Hopkins University data.In a statement released on Friday, officials in Wuhan said the revised figures were the result of new data received from multiple sources, including records kept by funeral homes and prisons.
Deaths linked to the virus outside hospitals, such as people who died at home, had not previously been recorded.The "statistical verification" followed efforts by authorities to "ensure that information on the city's Covid-19 epidemic is open, transparent and the data [is] accurate", the statement said.
It added that health systems were initially overwhelmed and cases were "mistakenly reported" - in some instances counted more than once and in others missed entirely.
A shortage of testing capacity in the early stages meant that many infected patients were not accounted for, it said.
A spokesman for China's National Health Commission, Mi Feng, said the new death count came from a "comprehensive review" of epidemic data.
In its daily news conference, the foreign ministry said accusations of a cover-up, which have been made most stridently on the world stage by US President Donald Trump, were unsubstantiated. "We'll never allow any concealment," a spokesman said.Friday's revised figures come amid growing international concern that deaths in China have been under-reported. Questions have also been raised about Beijing's handling of the epidemic, particularly in its early stages.
In December 2019, Chinese authorities launched an investigation into a mysterious viral pneumonia after cases began circulating in Wuhan.China reported the cases to the World Health Organization (WHO), the UN's global health agency, on 31 December.
But WHO experts were only allowed to visit China and investigate the outbreak on 10 February, by which time the country had more than 40,000 cases.
The mayor of Wuhan has previously admitted there was a lack of action between the start of January - when about 100 cases had been confirmed - and 23 January, when city-wide restrictions were enacted.
Around that time, a doctor who tried to warn his colleagues about an outbreak of a Sars-like virus was silenced by the authorities. Dr Li Wenliang later died from Covid-19.Wuhan's death toll increase of almost exactly 50% has left some analysts wondering if this is all a bit too neat.
For months questions have been asked about the veracity of China's official coronavirus statistics.
The inference has been that some Chinese officials may have deliberately under-reported deaths and infections to give the impression that cities and towns were successfully managing the emergency.
If that was the case, Chinese officials were not to know just how bad this crisis would get in other countries, making its own figures now seem implausibly small.
The authorities in Wuhan, where the first cluster of this disease was reported, said there had been no deliberate misrepresentation of data, rather that a stabilisation in the emergency had allowed them time to revisit the reported cases and to add any previously missed.
That the new death toll was released at the same time as a press conference announcing a total collapse in China's economic growth figures has led some to wonder whether this was a deliberate attempt to bury one or other of these stories.
It has been accused of downplaying the severity of its virus outbreak.
Wuhan's 11 million residents spent months in strict lockdown conditions, which have only recently been eased.
The latest official figures bring the death toll in the city in China's central Hubei province to 3,869, increasing the national total to more than 4,600.
China has confirmed nearly 84,000 coronavirus infections, the seventh-highest globally, according to Johns Hopkins University data.In a statement released on Friday, officials in Wuhan said the revised figures were the result of new data received from multiple sources, including records kept by funeral homes and prisons.
Deaths linked to the virus outside hospitals, such as people who died at home, had not previously been recorded.The "statistical verification" followed efforts by authorities to "ensure that information on the city's Covid-19 epidemic is open, transparent and the data [is] accurate", the statement said.
It added that health systems were initially overwhelmed and cases were "mistakenly reported" - in some instances counted more than once and in others missed entirely.
A shortage of testing capacity in the early stages meant that many infected patients were not accounted for, it said.
A spokesman for China's National Health Commission, Mi Feng, said the new death count came from a "comprehensive review" of epidemic data.
In its daily news conference, the foreign ministry said accusations of a cover-up, which have been made most stridently on the world stage by US President Donald Trump, were unsubstantiated. "We'll never allow any concealment," a spokesman said.Friday's revised figures come amid growing international concern that deaths in China have been under-reported. Questions have also been raised about Beijing's handling of the epidemic, particularly in its early stages.
In December 2019, Chinese authorities launched an investigation into a mysterious viral pneumonia after cases began circulating in Wuhan.China reported the cases to the World Health Organization (WHO), the UN's global health agency, on 31 December.
But WHO experts were only allowed to visit China and investigate the outbreak on 10 February, by which time the country had more than 40,000 cases.
The mayor of Wuhan has previously admitted there was a lack of action between the start of January - when about 100 cases had been confirmed - and 23 January, when city-wide restrictions were enacted.
Around that time, a doctor who tried to warn his colleagues about an outbreak of a Sars-like virus was silenced by the authorities. Dr Li Wenliang later died from Covid-19.Wuhan's death toll increase of almost exactly 50% has left some analysts wondering if this is all a bit too neat.
For months questions have been asked about the veracity of China's official coronavirus statistics.
The inference has been that some Chinese officials may have deliberately under-reported deaths and infections to give the impression that cities and towns were successfully managing the emergency.
If that was the case, Chinese officials were not to know just how bad this crisis would get in other countries, making its own figures now seem implausibly small.
The authorities in Wuhan, where the first cluster of this disease was reported, said there had been no deliberate misrepresentation of data, rather that a stabilisation in the emergency had allowed them time to revisit the reported cases and to add any previously missed.
That the new death toll was released at the same time as a press conference announcing a total collapse in China's economic growth figures has led some to wonder whether this was a deliberate attempt to bury one or other of these stories.
Shanghai has topped global initial public offering (IPO) league table
for the first time in nearly three years, even as the coronavirus
epidemic which originated in China rocked markets around the world.To
get more news about coronavirus in shanghai, you can visit shine news official website.
A total of 33 companies raised $7.31 billion floating on the Shanghai main board and the city's start up-focused STAR market, according to Refinitiv data for the first quarter, easily outstripping New York's Nasdaq where 17 companies raised $5.13 billion via IPOs.
But even as Shanghai basks in success, for cash-seeking companies and their bankers the question is whether China can maintain this momentum as the coronavirus continues to cause massive disruption in global financial markets.
While Shanghai hosted the $4.4 billion IPO of Beijing-Shanghai Speed Railway early in January, accounting for most the funds on the main board, STAR market issuance held up even as the country went into virtual lockdown in February.China's markets have fared better than many Western benchmarks, with the blue-chip CSI 300 down 9.4% for the year as of Friday March 27, compared with tumbles of 21% fall for the S&P 500 in New York and 25% for the pan-European STOXX 600 index.
EY Greater China IPO practice leader Terence Ho said the fiscal response from China's government - which accelerated a massive programme of economic stimulus measures - could help boost the prospects of companies looking to list on the mainland markets.
"The Chinese government has already rolled out timely policies to help companies, with more economic stimulus on the way," Ho wrote in a recent report.
"These efforts should help the economy and IPO markets recover more quickly when the outbreak is controlled."China has also relaxed the rules for follow-on share sales by listed companies in an effort to help virus-hit firms raise cash.
January-March 2020 was the first time since the third quarter of 2017 that Shanghai topped the global leader board to beat the larger New York and Hong Kong exchanges.
"I'm not surprised," said Zhu Ning, deputy dean of the Shanghai Advanced Institute of Finance (SAIF).
"The number of Chinese start-ups is huge and there's an increasing tendency for Chinese companies to list in the domestic market, where valuation is much higher."
Thailand ranked third for IPOs, thanks to the $2.5 billion IPO of Central Retail in February - the country's largest ever IPO.
A total of 33 companies raised $7.31 billion floating on the Shanghai main board and the city's start up-focused STAR market, according to Refinitiv data for the first quarter, easily outstripping New York's Nasdaq where 17 companies raised $5.13 billion via IPOs.
But even as Shanghai basks in success, for cash-seeking companies and their bankers the question is whether China can maintain this momentum as the coronavirus continues to cause massive disruption in global financial markets.
While Shanghai hosted the $4.4 billion IPO of Beijing-Shanghai Speed Railway early in January, accounting for most the funds on the main board, STAR market issuance held up even as the country went into virtual lockdown in February.China's markets have fared better than many Western benchmarks, with the blue-chip CSI 300 down 9.4% for the year as of Friday March 27, compared with tumbles of 21% fall for the S&P 500 in New York and 25% for the pan-European STOXX 600 index.
EY Greater China IPO practice leader Terence Ho said the fiscal response from China's government - which accelerated a massive programme of economic stimulus measures - could help boost the prospects of companies looking to list on the mainland markets.
"The Chinese government has already rolled out timely policies to help companies, with more economic stimulus on the way," Ho wrote in a recent report.
"These efforts should help the economy and IPO markets recover more quickly when the outbreak is controlled."China has also relaxed the rules for follow-on share sales by listed companies in an effort to help virus-hit firms raise cash.
January-March 2020 was the first time since the third quarter of 2017 that Shanghai topped the global leader board to beat the larger New York and Hong Kong exchanges.
"I'm not surprised," said Zhu Ning, deputy dean of the Shanghai Advanced Institute of Finance (SAIF).
"The number of Chinese start-ups is huge and there's an increasing tendency for Chinese companies to list in the domestic market, where valuation is much higher."
Thailand ranked third for IPOs, thanks to the $2.5 billion IPO of Central Retail in February - the country's largest ever IPO.