NEW YORK (Reuters) - Goldman Sachs Group Inc (GS.N) officially became a credit-card lender on Tuesday by rolling out its first product with Apple Inc (AAPL.O), but the bank has aspirations to grow much bigger in consumer lending, its chief executive said in an internal memo viewed by Reuters.
The virtual credit card, which officially launched to all U.S. customers, is Goldman’s first, and it represents a big push by the Wall Street bank to build out its young consumer business.
“Apple Card is big, but it’s also a beginning,” Goldman’s CEO David Solomon wrote in an internal email to employees. “In the decades to come, I expect us to be a leader in our consumer business, just like we are in our institutional and corporate businesses.”
Solomon did not say whether the bank is looking for other partners to launch more co-branded credit cards, as it did with Apple.
WASHINGTON—President Trump said the White House is examining proposals to bolster the economy, including reducing capital-gains taxes, while maintaining that growth remains strong.
“We’re very far from a recession,” said Mr. Trump in comments to reporters at the White House.
Mr. Trump said his administration was looking at various tax cuts...
It almost never fails; when the masses are shaking in their boots the stock market is often putting in a bottom. We must never forget the sadistic nature of markets. Weak hands are flushed out and the resulting prices, although temporary, are generally good opportunities to get into the long side of the market. Of course, it takes a quick trigger finger and a certain amount of fortitude to step in to catch the falling knife. The stock market bulls aren't completely out of the woods, there will be some resistance between 2940 and 2960. Nevertheless, aside from some back and filling, we believe the odds are in favor of new all-time highs. Specifically, we see the potential for 3,100 to 3,130. For those that are looking at this market as being overpriced, keep in mind we have been trading in the 2,800 to 2,900 area since early 2018. Thus, the market hasn't made much progress in almost two years. Further, PE ratios have come down and expectations have been tempered. This should...
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When Darren Bechtel, whose family has been involved with construction company Bechtel for five generations, started talking to institutional investors about a venture capital fund focused on technology for the construction industry, they were skeptical about a strategy specializing in the sector. After all, construction lags when it comes to tech innovations — one of the reasons behind the industry’s notorious cost overruns and schedule delays in residential and commercial building projects.
Bechtel believed he could ultimately attract traditional investors like endowments and foundations if he first secured backing from the corporations that would be using the tech applications of his start-ups. Bechtel’s firm, Brick and Mortar Ventures, has since raised almost $100 million — making it the largest institutional fund exclusively focused on the sector — from companies including Autodesk, CEMEX, Ferguson Ventures, and Sidewalk Labs.
- Is the United States heading towards a recession?Is full employment a reality – and are we there now?What does it mean to be an authentic leader in 2019?What does it mean to be a community-engaged organization?My first year as SF Fed President and CEO (From the coolest things I did to being part of InStyle’s “Badass 50”)Things I learned being a podcast host (Lessons from Zip Code Economies, Season 1)
WASHINGTON (Reuters) - A U.S. special envoy will travel to Qatar and Afghanistan on Tuesday to resume peace talks, as the United States seeks an end to the conflict that will enable it to withdraw American troops from the country after nearly 20 years.
- Long dormant volatility begins to stir anew across several asset classes Copper still undecided even as gold, silver implied volatility heads higher Fed’s serial rate hikes could be the cause if volatility returns in a big way
“Canadian consumer inflation matched expectations in June with a slowdown to 2.0% year-over-year, down from 2.4% in May. Core inflation held steady in line with the Bank of Canada’s target, as well as consensus estimates. Lower oil and broader energy prices are likely to weigh on CPI in July, and we forecast headline CPI inflation to slow to 1.8% in 2019 and pick up slightly in 2020.”
“As for upside inflation risks, core inflation may show resilience in July after the latest average hourly earnings figure quickened and Canada’s economy grew for the third consecutive month in May, providing further evidence of a stronger Canadian economy. Even though Canadian job creation slowed in July, the labor market remains strong and provides an additional upside risk for inflation.”
BRASILIA (Reuters) - Wildfires raging in the Amazon rainforest have hit a record number this year, with 72,843 fires detected so far by Brazil’s space research center INPE, as concerns grow over right-wing President Jair Bolsonaro’s environmental policy.
“The Four Horsemen of the Economic Revolution” will gather in a free public event on Thursday, August 22, to mark the Minneapolis Fed’s and University of Minnesota’s half century of groundbreaking work. Register
This millennial claims he was FIRE before FIRE became popular.
FIRE refers to the “financial independence, retire early” movement bubbling up in the younger generation these days as a pathway out of the grind — slash expenses, save a bundle and enjoy the freedom that approach ultimately allows.
Read: Suze Orman’s bleak take on FIRE
Using the name FluffayPenguin, one anonymous thirtysomething took to Reddit to illustrate his FIRE blueprint, which allowed him to graduate college in 2008 and build a small chunk of change all the way up to $930,000 in savings.
“My salary ($55K-$75K) has never been particularly high, so FIRE was always an attractive long-term solution for me,” he wrote. “Considering that I’ve only made roughly $450K post-tax from work over the past 10 years, I’m pretty happy with how much I’ve saved up. I don’t have any side jobs or blogs for supplemental income, so everything’s coming from my work and investments.”...
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