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Trump Closed Bank Account in China Before He Was Elected

Oct.22 -- President Donald Trump says he closed a bank account he had in China before he “even ever ran for president.” He speaks at the last presidential debate in Nashville.

Latest Stories

  • What Is the Average 401(k) Balance by Age?

    Are you putting away enough for retirement? See how your 401(k) savings stacks up against your peers.

  • Trump has faced a decade-long tax audit — here’s how long IRS audits usually take and which taxpayers are most likely to get audited

    President Trump has described his audit as ‘very routine,’ but legal experts say it is quite unusual.

  • The inventor of the ‘4% rule’ just changed it

    It’s been more than 25 years since Bill Bengen, a financial adviser in southern California, created the so-called “4% rule.” Bengen called his rule “Safemax”—the maximum amount you could withdraw each year and still say “safe.” If you want to make sure you don’t outlive your savings, goes modern financial advice, budget on withdrawing no more than about 4% of your portfolio in your first year of retirement, and then only adjust upward in line with inflation.

  • 'Shark Tank' star Kevin O'Leary: 'You have to save money'

    'Shark Tank' star Kevin O'Leary has learned something valuable about his employees during the COVID-19 pandemic.

  • Boeing's 'Pivotal Moment': Analyst Says Company Needs New Airplane

    Boeing Co (NYSE: BA) investors got some good news recently when European regulators cleared the 737 Max for takeoff. However, one analyst says Boeing still has a number of major challenges ahead in the near-term.The Boeing Analyst: Bank of America analyst Ronald Epstein reiterated his Neutral rating and $175 price target for Boeing.The Boeing Thesis: Epstein said the unprecedented downturn in the aviation industry, the 737 Max problems and Boeing's market share loss to Arbus has created a perfect storm for the company and its investors. In addition, Boeing recently terminated a $4.2 billion deal to take a stake in Brazilian aircraft producer Embraer."Given the prolonged grounding of the 737 MAX and the termination of ERJ deal, we view BA's narrowbody portfolio as strategically disadvantaged vs. Airbus over the medium-term," Epstein wrote in a note.In fact, Epstein said Airbus is on track to expand its market share from 51% today to 57% by the mid-2020s.Related Link: Boeing 737 Max Cleared For Takeoff After 19-Month Grounding, European Regulator SaysTo combat all these difficult headwinds, Epstein said Boeing needs to bite the bullet and invest in developing a new Future Single Aisle airplane. Making the decision to invest in a new model today wouldn't have an impact on Boeing's financial situation for years, but Epstein said it could help change the trajectory of Boeing's business in the long-term.For now, the next several quarters will continue to be difficult for the company. In the third quarter, Boeing received 58 net order cancellations and removed another 141 orders from its backlog. Epstein estimates Boeing now has at least 450 737 Max planes and at least 40 787s in excess inventory representing about $20 billion in working capital.Bank of America s projecting Boeing will burn $18.6 billion in free cash flow in 2020 and another $1.1 billion in 2021.Benzinga's Take: Boeing will certainly participate in any broad market recovery rally once the airline industry starts to improve. Unfortunately, the company has plenty of company-specific problems that may weigh on the stock's performance in the long-term relative to other aerospace stocks.Latest Ratings for BA DateFirmActionFromTo Oct 2020Credit SuisseMaintainsNeutral Sep 2020Alembic GlobalUpgradesNeutralOverweight Sep 2020Morgan StanleyInitiates Coverage OnUnderweight View More Analyst Ratings for BA View the Latest Analyst Ratings See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * How Large Option Traders Are Playing GE's Stock After Regulators Clear 737 Max * How Large Option Traders Are Playing Boeing As Order Backlog Shrinks Further(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Biden's tax proposal could raise rates on middle-class Americans, violating campaign pledge

    Joe Biden has pledged to not raise taxes on any American who earns less than $400,000, but a new analysis published this week found that the Democratic presidential nominee's tax increase proposals could indirectly fall on the middle class.

  • These are the stocks to short when a COVID vaccine is ready, says JPMorgan

    Strategists at JPMorgan have put together a list of companies that are at risk of steep drops when a coronavirus vaccine arrives.

  • Here's why Intel's stock just dropped 10% after reporting earnings

    Netflix missed on several metrics yesterday and was punished, and today Intel is joining the video streaming giant in stock-market purgatory. Intel shares are off around 10% in after-hours trading after the chip company reported its Q3 data. Investors had expected Intel to report an adjusted $1.11 in per-share profit, off around 22% from the year-ago period.

  • Why Investors Are Pulling Money From Vanguard’s Index Funds

    Investors added $134.3 billion to Vanguard ETFs in the first nine months of the year. But much of that money has come from its own mutual funds.

  • Dow Jones Weakens As Intel Dives 11% On Earnings; Tesla Skids On China Recall News

    The Dow Jones Industrial Average rose more than 50 points Friday, but Intel dived 11% on earnings. Tesla skidded on China recall news.

  • Why Investors Should Be Upbeat About Exxon Mobil

    A doggish Exxon Mobil (NYSE:XOM) has rid itself of the Dow. Now all that’s needed is less interest from income investors and those keen on long-term capital gains if the price chart of XOM stock has any say in matters. Source: Shutterstock Let me explain. It’s not exactly a secret. XOM was one of the top Dogs of the Dow stocks entering 2020. It’s a notorious and well-known list of typically shunned blue chips among income investors where bigger dividend payers are purchased under the guise of a reversion towards the mean.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Exxon shares had actually tacked on a dividend adjusted return of about 7% in 2019. But with the broader market on a comparative tear higher, the subpar performance and challenged conditions at most every angle the past few years still allowed Exxon to have its “open for business” placard visible to those seeking the safety of income from the dividend aristocrat stock. 7 Stocks to Buy to Finish 2020 With a Bang As of Dec. 31, the oil and gas giant’s dividend paid a hefty and well-above average income stream of 4.99%. The yearly payout was enough to put shares in the second spot on the Dogs list and just a hair beneath Dow Chemical’s (NYSE:DOW) 5.1% payout. The income was also sufficient to put it ahead of IBM’s (NYSE:IBM) 4.8%, Verizon’s (NYSE:VZ) 4% and fellow energy goliath Chevron’s (NYSE:CVX) 3.9%. But if misery loves company, XOM stock investors hadn’t seen anything yet. Now firmly into the fourth quarter and 2020 is shaping up to be less of a dog and an a bonafide disaster for XOM shareholders. Exxon’s dividend remains intact, but in well-documented nutshell, the coronavirus’ adverse impact on oil demand, producer trade wars and Wall Street’s near insatiable appetite this year for improving technologies for greener energy solutions have conspired to send Exxon shares down more than 51% year-to-date. And that aristocrat income stream which had some strategists licking their chops over? Well, it’s up to 10.2%. But for Dogs of the Dow investors thinking today’s yield offers more opportunity next year, the index’s longest-tenured constituent was dealt a cruel sleight of hand trick in late August. Citing the need to cultivate a more balanced bellwether reflective of today’s economy, XOM was replaced by business software giant Salesforce.com (NYSE:CRM). Apparently, Chevron’s inclusion is more than adequate exposure to the oil patch for Dow Industrials officials. XOM Stock Monthly Price Chart Source: TradingView Year-to-date, XOM stock has paid $7.43 billion in dividends compared to cash flow of just $6.27 brought in over the same period. Something has to give, other than increasing Exxon’s debt. Aggressively cutting the dividend would show Wall Street Exxon is serious about investing in the future rather than trying to pacify income investors at any cost. It’s a smart step other major integrated oil giants have already taken towards successfully repositioning in a changing energy environment, rather than holding onto an increasingly costly past. Technically, a higher-low variation of the double bottom pattern is setting up on XOM stock’s monthly price chart. October’s second pivot within the formation is also taking on the shape of a doji decision candle. And it’s happening at the 62% retracement level dating back to the 1987 stock market crash. And along with a bullishly positioned stochastics that looks poised to complete its own higher-low formation, November has my vote for more than just making America great again. On the date of publication, Chris Tyler does not hold, directly or indirectly, positions in any securities mentioned in this article. Chris Tyler is a former floor-based, derivatives market maker on the American and Pacific exchanges. The information offered is based on his professional experience but strictly intended for educational purposes only. Any use of this information is 100%  the responsibility of the individual. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits. More From InvestorPlace Forget The Election… Pick These Stocks for the Win in 2021 Why Everyone Is Investing in 5G All WRONG America’s #1 Stock Picker Reveals His Next 1,000% Winner Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company The post Why Investors Should Be Upbeat About Exxon Mobil appeared first on InvestorPlace.

  • All-Boeing Airline Southwest Opens Door To Rival Airbus

    Southwest Airlines will shop for a new plane, potentially ending the exclusive hold the 737 has on its fleet.

  • Fastest-Growing Companies: 24 Stocks Expecting Up To 603% Growth In 2020

    While the coronavirus pandemic has disrupted the global economy, Zoom Video, Netflix, Nvdia and AMD are among 24 fastest-growing companies expecting up to 603% growth in 2020

  • Citigroup Stock Has Tumbled, but Director Jay Jacobs Bought Up Shares

    Citigroup stock has lost nearly half its market value in 2020. However, director Jay Jacobs just made the largest insider stock buy in years.

  • SpaceX Could Top Lockheed, Boeing As Most Valuable Aerospace/Defense Firm

    SpaceX's valuation could exceed the market caps of the top aerospace and defense stocks, analysts say, even overtaking Lockheed and Boeing.

  • Nobody Wants Pesos: Argentine Currency Meltdown Upends Business

    (Bloomberg) -- Argentina’s battle to control its currency is upending South America’s second-largest economy, wreaking havoc on everything from household finances to the production and sale of common goods.Measures including taxes on greenback purchases and demands that some companies restructure their dollar-denominated debts have misfired, propelling the gap between the official and the black market exchange rates to the widest since 1989 while failing to boost international reserves. Some analysts warn a large devaluation may be on the horizon despite President Alberto Fernandez’s public opposition to the idea.Controls on the peso and increased money printing are adding to the coronavirus pandemic and amplifying existing economic problems such as a three-year recession and one of Latin America’s fastest inflation rates, all while stirring memories of past crises.“You can’t de-dollarize the mentality of a nation simply by cutting its access to dollars,” said Adriana Dupita, Latin America economist at Bloomberg Economics. “Rather, the only way to convince agents to think in peso terms is to have policies that make the currency credible. So far, we are yet to see those policies.”Here are some examples of how a dysfunctional currency is complicating the day-to-day lives of Argentines:1\. What’s a Peso Worth?Parallel exchange rates are making life impossible for local businesses, hindering their ability to plan and creating a daily headache of discerning how much the peso is worth. For Lucas Frascoli, the owner of the bicycle manufacturer Fad Bikes in the outskirts of Rosario, any change in the official rate immediately impacts steel pipe prices. On top of that, some suppliers work with prices tied to an intermediate level between the official peso and the black market rate.“My suppliers send open bills with the quantity of products but with no prices. The day they send the products, I get to know the price, and then I pay immediately,” he said. “I have new prices every single week.”2\. No One Wants PesosThe widening gap between the official and the parallel exchange rates is stoking consumer fears that a large devaluation is coming. Meanwhile, annual inflation running near 40% adds to the sensation that the local currency is losing value fast.As a result, many common Argentines rush to unload their pesos at all cost. “Nobody wants pesos, so clients don’t care anymore about the prices. They just buy,” said Pablo Gaytan, co-owner of Corralon Ciudadela, a local business in the province of Buenos Aires that sells construction materials. A shortage of supplies amid a strict coronavirus lockdown has also added to the uncertainty, he said.3\. Import ShortagesThe government has clamped down on imports to prevent dollars from flowing out of the country, leading to shortages of key goods from abroad. In the case of Edgardo Guerrini, who owns Guerrini Neumaticos SA, the administration has not granted him authorization to purchase vehicle tires from Asia for the last two months. As a result, he has no inventory to distribute from the province of Mendoza to a network of more than 600 shops nationwide.The domestic food market is another sector hit hard by the restrictions, according to Pablo Ricatti, who runs a company that makes rolls for burgers and hot dogs. “There is a shortage of products that have some imported components, such as mustard,” Ricatti said.4\. Real Estate WoesWhile it’s been standard practice to sell Argentine properties in U.S. dollars, some owners have started to price rents in greenbacks, too. Still, the lack of trust in the direction of the peso makes it difficult to determine future housing costs, especially as capital controls force Argentines to use the black market to buy the dollars or agree to pay in pesos based on the informal currency rate.“Permanent and temporary rentals are being dollarized in some locations and for some consumers in top segments,” said Jose Rozados, director of real estate consultancy Reporte Inmobiliario. “It’s very hard for the household owner to forecast prices with this volatility.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Exclusive: Wells Fargo explores sale of asset management business - sources

    The potential deal would illustrate how Scharf is looking at drastic moves, beyond cost cuts, as he seeks to turn Wells Fargo around following a years-old sales practices scandal. Wells Fargo's asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in a sale, two of the sources said. The San Francisco-based bank has discussed a potential deal with asset management companies and private equity firms, according to the sources, who cautioned that a divestment is not certain and asked not to be identified because the matter is confidential.

  • Bristol Myers Announced Another Major Acquisition — But Is BMY Stock A Buy?

    Bristol Myers stock has slipped this year. But acquiring Celgene has bolstered the pharmaceutical company's sales, and the pending acquisition of MyoKardia might also. So is BMY stock a buy?

  • 8 Utility Stocks That Offer Safe and Growing Yields

    NextEra is on a roll, up 26% this year. But there’s no shortage of yield elsewhere in the utility sector, along with some downside protection.

  • Stock market news live updates: Stocks turn negative as stimulus fears bite, Intel sinks after rough Q3

    Stocks reversed earlier gains and turned lower Friday, as investors continued to eye commentary from officials around stimulus talks and considered the final presidential debate.