Who are the longest-serving CEOs in the US?

IPO market expected to be a buyer’s, not a seller’s, market

Chairman of Renaissance Capital Kathleen Smith says IPOs will perform well once there’s reduced volatility in the market and when IPO returns lead to issuance.

When it comes to longest-serving CEOs in the S&P 500, billionaire Warren Buffett of Berkshire Hathaway reigns supreme with 50 years under his belt.

Continue Reading Below

Buffett secured the top spot after Les Wexner, the former CEO of Victoria's Secret owner L Brands, stepped down after nearly six decades in February.

WARREN BUFFETT: GET TO KNOW THE BILLIONAIRE 'ORACLE OF OMAHA'

Plenty of companies struggle with CEO turnover, but these businessmen have managed to hold onto their positions for decades.

Here are the longest-serving CEOs in the S&P 500, according to Statista:

In a Monday, May 8, 2017 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett gestures during an interview by Liz Claman of the Fox Business Network in Omaha, Neb. Buffett is auctioning off a private lunch in the hopes of raising millions o

1. Warren Buffett, Berkshire Hathaway

Known as the "Oracle of Omaha" for his successful investing, Warren Buffett became CEO of Berkshire Hathaway in 1970. He transformed it from a textile manufacturer to a multinational conglomerate holding company behind many recognizable businesses, including GEICO, Fruit of the Loom and Dairy Queen.

Buffett has a net worth of $73.2 billion according to Forbes.

10 MILITARY VETERANS WHO BECAME CEOS OF FORTUNE 500 COMPANIES

2. Alan B. Miller, Universal Health Services

Alan B. Miller founded United Health Services, one of the biggest hospital and health care services companies in the United States, in 1979. He's been CEO for 41 years.

Miller, 82, is among the declining number of CEOs with military experience. He served in the Army.

Ticker Security Last Change Change %
UHS UNIVERSAL HEALTH SERVICES 104.62 -0.83 -0.79%

3. James Herbert, First Republic Bank

James Herbert founded San Francisco-based First Republic Bank in 1985, and he's held the position of CEO for 35 years. First Republic Bank went public in 1986.

Ticker Security Last Change Change %
FRC FIRST REPUBLIC 108.99 +0.82 +0.76%

GET FOX BUSINESS ON THE GO BY CLICKING HERE

4. Tie: Richard Fain, Royal Caribbean Cruises, and Leonard Schleifer, Regeneron

Both Richard Fain and Leonard Schleifer have led their respective corporations for about 31 years. Fain took over Royal Caribbean Cruises in 1988.

Dr. Len Schleifer is CEO of Regeneron. Credit Regeneron

Dr. Leonard S. Schleifer, a neurologist, co-founded Regeneron in 1988, and the 67-year-old has been CEO ever since.

Ticker Security Last Change Change %
RCL ROYAL CARIBBEAN CRUISES 55.32 +3.45 +6.65%
REGN REGENERON PHARMACEUTICALS INC. 602.84 -9.97 -1.63%

CLICK HERE TO READ MORE ON FOX BUSINESS

Source: Read Full Article

Mortgage Sector Off to Worst Start Since 2013 Despite Fed Help

Mortgage investors have yet to enjoy robust returns this year despite the Federal Reserve providing $688 billion of support to the sector since mid-March.

The year-to-date excess return versus Treasuries for the Bloomberg Barclays U.S. MBS Index stands at -0.31% as of Friday, the worst seen over a similar period since 2013, which was also a time of central bank mortgage purchases.

After an excess return of +0.48% in April — with the help of $295 billion in Fed support — last month’s $101 million in central bank buying was barely enough to fog the performance mirror, resulting in a tepid 0.03% excess return.

Several factors have kept investors wary of the sector.

First off are the surprisingly robust prepayment speed reports over the past two months, which proved that lockdown or not, when it comes to the chance of lowering their monthly mortgage payments (and for lenders to make fees for refinancings) Americans are nothing if not persistent. The April prepayment report saw aggregate conventional Fannie Mae 30-year speeds rise 26%, following the previous month’s 42% increase.

While May prepayment speeds (to be released Thursday afternoon) are expected to drop between 10% to 15%, Nomura MBS analysts wrote in a recent report that they have long-term concerns about “the risk of rising prepayments” with mortgages rates at record lows.

A second factor is the wave of forbearance after recent legislation that allowed homeowners to demand it on easy terms. As of May 17, servicers have seen 8.36% of their loans drop into forbearance, according to the Mortgage Bankers Association.

The question is how many of those loans will eventually default and require buyouts, an event that can hurt mortgage sector performance. Unfortunately, the root cause of the forbearance spike is a lockdown-driven slump in nationwide economic activity — which is unprecedented and therefore not quantifiable.

Most concerning for valuations is an issue put best by Bank of America in their latest research report. “Our survey responders flag the Fed as the overriding driver of value and risk,” and the risk they’re referring to is “a taper tantrum repeat that looms large beyond 2020.”

The “taper tantrum” was sparked by comments from former Federal Reserve Chairman Ben Bernanke on May 22, 2013 about the potential for reduced central bank support for mortgages. In the two weeks that followed, the mortgage sector’s excess return dropped 0.73%. By July of that year, 30-year mortgage rates had increased to 4.51% from 3.59%.

That reaction highlights that any sector supported by a central bank, by necessity, becomes dependent on that bank’s continued largess to maintain its current valuations. Having benefited from almost $700 billion in Fed credit since mid-March, it’s arguable that mortgage sector performance going forward will depend most heavily on decisions made by the Federal Reserve Board.

  • Christopher Maloney is a market strategist and former portfolio manager who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice

Source: Read Full Article

Spa chain secured $5.6M in coronavirus relief for small businesses despite losses last year

First of the coronavirus PPP loans have been made forgivable

The first of the Payroll Protection Program loans are now being made forgivable. FOX Business’ Edward Lawrence with more.

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Continue Reading Below

An airport spa chain secured a taxpayer-funded loan through a small business rescue fund, weeks after it told investors that an independent auditor raised “substantial doubt” about its ability to continue operating amid a series of operating losses.

XpresSpa, which operates spas in 25 airports, including two overseas, received a $5.6 million loan through the Paycheck Protection Program, according to a Securities and Exchange Commission filing from May 7. The report came three days after the company reported severing ties with CohnReznick, the accounting firm previously critical of XpresSpa’s business.

It’s unclear why XpresSpa fired CohnReznick. At the end of April, XpresSpa said in a regulatory filing that the auditor had warned its operation was at risk.

PRIVATE JET COMPANY TAPPED VIRUS RELIEF FUNDS, SHARED SUBSIDY BENEFITS WITH WEALTHY CLIENTS: REPORT

“The report of our independent registered public accounting firm on our financial statements for the years ended December 31, 2019 and 2018 included an explanatory paragraph indicating that there is substantial doubt about our ability to continue as a going concern,” it said. “Our auditors’ doubts are based on our recurring losses from operations and working-capital deficiency.”

XpresSpa did not respond to a request for comment. The company’s CEO, Doug Satzman, told the New York Post, which first reported the news, that XpresSpa dismissed CohnReznick because it had decided to switch to a less expensive accounting firm — not because of any disputes.

Before the virus gained a foothold in the U.S., prompting a broad swath of the nation’s economy to shut down, XpresSpa had reported significant losses: Last year, the company suffered a $20.5 million net loss, ending the year with just $2.1 million in cash on hand.

DEMAND FOR SMALL BUSINESS LOANS FADES, HERE'S WHY

“Similar to many businesses in the travel sector, our business has been materially adversely impacted by the recent COVID-19 outbreak and associated restrictions on travel that have been implemented,” the company said in the filing.

“While we have aggressively reduced operating and overhead expenses, and while we continue to focus on our overall profitability, we have continued to generate negative cash flows from operations, and we expect to incur net losses for the foreseeable future, especially considering the negative impact COVID-19 will have on our liquidity and financial position,” it added.

Congress created the $610 billion program to keep small businesses afloat during the coronavirus pandemic. The money can be used for payroll and other expenses, like insurance premiums, mortgages, rent or utilities through June 30. As long as 75 percent of the money goes toward keeping workers employed and maintaining salary levels, the loans, which are guaranteed by the federal government, will be fully forgiven.

HOUSE VOTES TO GIVE PPP LOAN RECIPIENTS MORE FLEXIBILITY

During the program's first round of funding — which was exhausted in 13 days — a slew of large, public companies received loans, igniting a firestorm of criticism. An Associated Press report found that companies that had warned investors months earlier that their ability to remain in business was questionable also tapped the loan program.

As of last Saturday, more than 4.42 million loans worth close to $511 billion had been distributed through the program.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Source: Read Full Article

How Nestlé plans to take fake meat mainstream

London (CNN Business)Nestlé will stop marketing its plant-based burgers as “incredible” in Europe after a Dutch court found that using the word infringes on an Impossible Foods trademark.

The District Court in The Hague last week handed down an injunction in favor of the US startup, which is preparing to launch its Impossible Burger in Europe, court papers show.
Pandemic proof? Impossible Foods raises $500 million with focus on Asia
According to a preliminary ruling, Nestlé infringed upon the Impossible Burger trademark, which was registered in the European Union last year, by calling its product the Incredible Burger. The court said the words “impossible” and “incredible” sound and appear similar, and the overlap could confuse customers.

    Nestlé (NSRGF) has been given four weeks to withdraw its “Incredible” products from retailers or face €25,000 ($27,700) a day in fines for each of its 10 subsidiary companies involved in the case.
    “We are disappointed by this provisional ruling as it is our belief that anyone should be able to use descriptive terms such as ‘incredible’ that explain the qualities of a product,” Nestlé said in a statement. “We will of course abide by this decision, but in parallel, we will file an appeal,” it added.

    Nestlé said it was preparing to launch a new burger recipe using the “Sensational” descriptor. It will apply that name to all products that previously used the word “Incredible” in Europe, including its imitation meat patty, which becomes the “Sensational Burger.” The company uses Awesome Burger branding in the United States.
    Growing consumption of plant-based proteins has pulled established food producers like Nestlé into the battle for market share, while enabling newcomers like Impossible Foods and Beyond Meat (BYND) to expand rapidly. Impossible Foods secured about $500 million in fresh funding in March, in a sign that investors are betting the trend is here to stay. Meat shortages in the United States linked to disruption caused by the coronavirus pandemic have driven consumption of meat substitutes even higher.
    Nestlé approached Impossible Foods in the summer of 2018 to negotiate a possible licensing agreement regarding the Impossible Burger, according to the ruling, which cited legal submissions made by Impossible Foods.
    Meat shortage and China deals send Beyond Meat's stock spiking
    The global food giant announced the launch of the Incredible Burger while these negotiations were still ongoing, raising the suspicion that it is trying to “frustrate the successful launch” of the Impossible Burger in Europe, the court found.
    Nestlé, which had previously sought to declare the Impossible Burger trademark invalid, launched its Incredible Burger in Europe in April 2019 under its Garden Gourmet brand. That was followed by the September launch of the Awesome Burger in the United States. According to the judgment, Impossible Foods wrote to Nestlé USA in January 2019 warning that the Incredible Burger infringes on the American Impossible Burger trademark.
    Impossible Foods is waiting for European food safety regulators to approve the genetically modified ingredients contained in its burger, according to the judgment. The Impossible Burger contains soy leghemoglobin (heme), a genetically modified yeast, which makes it taste like meat.

      The US startup filed similar injunctions against Nestlé in regional German courts last year, but withdrew them after the courts told them they would not be granted.
      Impossible Foods said in a statement that it applauds efforts to develop plant-based products but doesn’t want consumers to be confused. “We’re grateful that the court recognized the importance of our trademarks and supported our efforts to protect our brand against incursion from a powerful multinational giant,” said chief legal officer Dana Wagner.
      Source: Read Full Article

      How to ask for a credit balance refund

      Do you need a credit balance refund for a negative credit card balance? Here’s what you need to know about getting your money back from your credit card issuer. (iStock)

      Paying for purchases on credit cards enables you to score great rewards and sometimes pay off purchases over time with no interest by using a 0% APR credit card. However, if you pay for goods or services with a credit card and then get refunded for them, the money is generally put back on your card.

      Continue Reading Below

      Usually, this isn't a problem because the refund you get just reduces the balance you owe. Sometimes, however, a refund ends up coming after your balance has already been paid off ⁠— especially if you tend to pay your bill in full every month. When this happens, you could end up with a negative balance on your credit card. And this is happening to more Americans than ever as coronavirus leads to the cancellation of vacations, events, or other big-ticket items.

      If you find yourself in this situation, it's important to understand what to do to get back the money your card issuer owes you.

      What is a negative balance on a credit card and how does it occur?

      A negative balance can appear on your credit card any time you get a refund for more than you currently owe.

      Say you paid $5,000 for a vacation a few months ago and paid off your credit card in full last month. Then, afterward, perhaps you made a few small charges totaling $500 when you get a $5,000 refund for the vacation you can't take. After the refund is processed, you'll have a negative balance of $4,500. Your card issuer will owe you money.

      WILL A NEGATIVE BALANCE ON A CREDIT CARD HURT MY SCORE?

      You could also end up with a negative balance if you make an overpayment – paying more than is due when your credit card statements come — or if you're refunded fees after you've already paid off your bill.

      The good news is, a negative balance won't affect your credit or your ability to apply for new cards. If you're looking to apply for a new credit card, make sure you check out Credible's interactive tools to find the right card for you.

      If you have a negative balance, creditors will simply report that you have a $0 balance. But your money will be tied up. And if you aren't using your credit card heavily or you got a big refund, it could take a long time before you charge enough to get back to $0.

      Why should you request a credit balance refund?

      Requesting a credit balance refund makes sense if you don't want your money tied up on your card.

      PROTECT YOUR CREDIT SCORE DURING CORONAVIRUS CRISIS — 5 THINGS YOU SHOULD DO RIGHT NOW

      You may need the money for things that you can't put on your card, such as rent. Or you may have other cards you'd prefer to use and don't want to be forced to spend with one just to get back to $0. This could happen if you put an expensive trip on a travel card that you use only or trips because it doesn't provide good rewards for other spending. You may not be using that card for a long time if you aren't traveling due to coronavirus so having your money tied up on it for months wouldn't make sense.

      HOW TO CHOOSE YOUR SECOND CREDIT CARD

      How can I request a credit balance refund?

      Credit card companies can refund any money they owe you when you have a negative balance. Usually, you can get the money sent via check or money order or it can be directly deposited to your bank account. The specific process for getting your refund will depend on your cardmember agreement but often you're able to get your money back within just a few business days.

      However, you'll have to make a formal request for a credit balance refund as your card issuer isn't just going to send you back the money without prompting. To make a request for your funds, give your card issuer a call and ask customer service what your options are. A phone request is typically sufficient and the representative you talk to should be able to get the ball rolling on processing your refund.

      Are there other ways to handle a negative balance?

      If you don't want to request a refund from your card issuer, you can just use the card until you've gotten back to $0. If the card issuer owes you $5,000, you'd simply have to make $5,000 in purchases. If you use the card often and will charge enough to get the money back within one or two billing cycles, it often makes sense to just do that rather than having to call and request the cash back and wait for it to come.

      HOW FICO'S NEW CREDIT SCORE CHANGES WILL AFFECT YOU

      You could also leave the negative balance on the card for later purchases so it serves as a type of forced savings. For example, if you plan to re-book your trip in the future and don't want to have to worry about saving up to pay for it, you could keep your $5,000 negative balance and then just charge the trip when the time comes.

      What if a refund isn’t enough?

      If you carry a balance on your credit cards and you get a refund, the money that comes back to you will reduce the balance owed. But sometimes your refund isn't big enough to bring your balance down to $0. If you carry a balance, consolidating your credit card debt using a personal loan could potentially save you a fortune in interest costs. Visit Credible today to find out how much consolidating credit card debt could save you.

      Source: Read Full Article

      Zoom Stock Could Sell Off After Earnings

      Hot rocket Zoom Video Communications, Inc. (ZM) reports earnings after Tuesday's closing bell, with Wall Street analysts expecting a profit of $0.10 per share on $202.5 million in first quarter 2020 revenue. The remote conferencing company beat top- and bottom-line fourth quarter 2019 estimates in early March, triggering narrow range action, ahead of a momentum-fueled advance that added about 60% to the stock price in just five sessions.

      High volatility set into motion after disclosures about privacy and security holes that exposed millions of users. The stock has recovered after two major downswings, but price rate of change has slumped badly in the past two months, adding just 15 points to the early March peak. Accumulation readings are lagging as well, with many traders and investors choosing to take profits and hit the sidelines.

      Security Issues Still in Play

      Zoom responded with a series of initiatives to address the security holes, but many analysts believe that commercial customers may have moved to other video platforms, including Facebook, Inc.'s (FB) Workplace and Microsoft Corporation's (MSFT) Teams. The ultimate impact of the controversy is hard to evaluate ahead of this week's confessional because Zoom has provided few user metrics since the disclosures.

      In addition, Americans and Europeans are slowly heading back to physical workplaces, reducing the need for conferencing services. As we've seen with other companies that benefited from the pandemic shutdowns, market players have been dumping shares after first quarter releases and transitioning capital into beaten-down companies that have grown relatively cheap due to first quarter revenue destruction.

      The accumulation pattern also raises a red flag, topping out in March and entering a distribution phase that has carved two lower highs even though the stock is now trading within a few points of April's all-time high at $181.50. However, that isn't predictive without confirmation through other indicators, and neither momentum nor relative strength readings are showing signs of slowing down or rolling over.   

      ZM Daily Chart (2019 – 2020)

      The company came public at $65.00 in April 2019 and entered an immediate uptrend that topped out just above $100 in June. The stock then entered a persistent decline, cutting through the IPO opening print in October before bottoming out at $63.74, ahead of a successful test of the low in December. The subsequent uptick stalled in the mid-$70s in January, yielding a short-term consolidation, followed by a strong February rally.

      The uptrend completed a round trip into the 2019 high on Feb. 20, ahead of an immediate breakout that generated exceptionally high volatility and counter-movement. The stock carved three higher highs and two higher lows into the April peak and rolled over, adding a third higher low on May 1. Price action has quieted down in the past month, with a steady but less dynamic uptick failing to reach the April high.

      The on-balance volume (OBV) accumulation-distribution indicator posted an all-time high in late March, a month ahead of price, and entered a decline that carved two distribution waves into the end of April. Buying power since that time has failed to erase the volume deficit, and OBV is still situated below the March, April, and May highs. Given this set-up, the company may need to blow away expectations during the earnings release to generate buying interest or risk a reversal that reaches the 50-day exponential moving average (EMA) below $150.

      The Bottom Line

      Zoom stock has rocketed higher in 2020, underpinned by the coronavirus pandemic, which has forced many businesses around the world to send home employees and switch to video conferencing. While this paradigm shift should generate a permanent increase in revenues, total eyeballs could drop as many folks go back to work at physical locations.

      Disclosure: The author held no positions in the aforementioned securities at the time of publication.

      Source: Read Full Article

      7 states where Social Security benefits are $100 (or more) above the national average

      Fox Business Flash top headlines for June 1

      Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

      For many Americans, Social Security isn't just a check that winds up in their bank accounts once monthly. Rather, it's a financial lifeline that they probably couldn't do without.

      Continue Reading Below

      According to an April 2020 survey of retirees from national pollster Gallup, a combined 89% are leaning on their Social Security benefits as a major or minor source of income. Similarly, 88% of nonretirees surveyed expect Social Security to be a major or minor income source when they retire. It's worth noting that this 88% figure marks an all-time high for an annual survey that dates back 20 years.

      CORONAVIRUS PUTS FULL SOCIAL SECURITY BENEFITS AT RISK YEARS EARLIER THAN EXPECTED, RESEARCHERS SAY

      The point is, there's a very good chance that you'll be reliant to some degree on your Social Security income when you retire, or if you're already retired. That makes maximizing your benefit a must, if you still have the ability to do so.

      Retired workers in these states are bringing home the biggest monthly checks

      What can the average retired worker expect to receive from Social Security? Following a 1.6% cost-of-living adjustment that was passed along at the beginning of 2020, the average payout for the 45 million-plus retired workers was approximately $1,503 per month, or $18,036 a year. It may not sound like a lot, but this payout pulls more than 15 million retired workers out of poverty every year.

      But what you might not realize is that this retirement benefit tends to vary pretty significantly from state to state. For instance, the difference in average monthly benefit for retired workers between the No. 1 state and the No. 50 state is $267.59 a month. That works out to a difference of about $3,211 a year!

      CORONAVIRUS FORCING EARLY RETIREMENT? HERE ARE YOUR OPTIONS

      How do we get these state averages, you ask? Every year, the Social Security Administration (SSA) publishes state-level payment data, providing information on how much was paid to retired workers, as well as how many workers received benefits. Some simple division with the help of a calculator, then adding in the 1.6% cost-of-living adjustment that occurred at the beginning of the year, should give us a pretty accurate look at what the average retired worker in each state is bringing home.

      As of the beginning of 2020, seven states had an average monthly Social Security retirement benefit that was at least $100 higher than the national average of $1,503. Here they are, in descending order:

      Why these states?

      Why is it that retired workers in these seven states generate so much more than the national average from Social Security on a monthly basis? The most logical answer is likely tied to their income history.

      As a brief refresher, your Social Security retirement benefit is determined by four major factors:

      • Work history: The SSA takes your 35 highest-earning, inflation adjusted years into account when calculating your monthly benefit.
      • Earnings history: The more you earn each year (up to the maximum taxable cap, which is $137,700 in 2020), the higher your eventual monthly payout.
      • Birth year: The year you’re born determines your full retirement age.
      • Claiming age: You can begin taking benefits at age 62, albeit your payout will increase by up to 8% annually for every year you hold off.

      The biggest differentiating factor in many of these states is income potential. For example, Maryland, New Jersey, Connecticut, New Hampshire, Washington, and Delaware respectively rank first, second, sixth, seventh, 10th, and 14th in the country in median household income. If people are earning more during their lifetime, they should be expected to receive a higher benefit from Social Security during retirement.

      Admittedly, Michigan is the oddball here. The best explanation I can offer is that cost-of-living may play a role in these figures. This is to say that retirees might be choosing to move to states that have a lower cost-of-living in order to make their Social Security dollars stretch further. Michigan, for instance, is one of the 10-most affordable states in the country, with housing costs that are about 25% below the national average. That could certainly be enough to entice retirees to consider the Wolverine State.

      Other factors may play a role

      However, there are other factors that might be playing a role in creating these payout differences between states that we simply can't quantify.

      For instance, beyond just the cost-of-living, senior citizens might choose to move to another state to be closer to family or friends, for a more amicable climate, or to gain access to better healthcare solutions. These external factors can, over time, alter a state's average payout for retired workers.

      CORONAVIRUS DRIVES RETIREES TO SPEND ‘MUCH MORE’ ON THIS EXPENSE THAN ANTICIPATED

      The other factor here that's virtually impossible to measure is the claiming age of retirees. As noted, workers who wait to take their benefit are going to receive a larger payout, whereas those who claim early can expect a permanent reduction of as much as 30%. While the SSA does provide claiming age data for the country, getting state-level claiming age statistics aren't as easy to come by.

      One assumption that may hold water is that higher-earning individuals and families should be less reliant on Social Security benefits during retirement than low-income or middle-income workers and their families. This might mean less need to claim benefits early (i.e., at a reduced rate). If these benefits are allowed to grow over time, it could lead to a higher average payout. This hypothesis would certainly be consistent with the higher-than-average median household income for six out of seven of the aforementioned states.

      But of all these factors, income will remain the biggest differentiator between states, with regard to average retirement benefit.

      CLICK HERE TO READ MORE ON FOX BUSINESS

      Source: Read Full Article

      Premium Bonds: Savings hit a 14-year high amid latest prize draw

      Premium Bonds are a popular option amongst savers as any money put away is 100 percent guaranteed from any unexpected circumstances. This is because NS&I, the savings bank behind Premium Bonds, is backed by the Treasury. And while there are other safe options through alternative providers, recent research has revealed the NS&I method of saving could be more popular now, than ever before. 

      READ MORE

      • Premium Bonds winning numbers: What are winning results for June 2020?

      Analysis from MoneySavingExpert.com has shown £1.5 billion worth of Premium Bonds were purchased in April.

      This is, as research showed savings rates began to tumble from the state-backed bank.

      The savings have now hit a 14-year record high, as this is the highest number of bonds bought in one month since December 2006.

      14 years ago, a special 50th anniversary draw from NS&I with a promise of five £1million winners captured a wide audience, and generated £2billion worth of bonds.

      In April, NS&I announced it would be dropping its plans to slash its interest rate and prize rate fund. 

      It had originally planned to drop rates from 1.40 percent tax-free, to 1.30 percent. 

      However it ditched this intention due to what the savings company described as an “unprecedented time”.

      The odds of any £1 Bond number winning any prize will not reduce to 26,000/1 and remain at 24,500/1.

      Helen Saxon, Banking Editor at MoneySavingExpert.com commented on the record high in this method of saving

      She said: “With many savings rates plummeting in recent months, and NS&I bucking the trend by cancelling its planned rate cut, it’s no surprise that people are flocking to Premium Bonds.

      “NS&I is also top of the table for easy-access savings rates at the moment with its 1.16% Income Bonds. This is unusual, as NS&I’s state-backed status means it’s not really meant to sit at the top of tables offering rates the commercially-owned competition can’t hope to match. 

      “Yet these are not normal times, and with the state’s furlough and self-employed support schemes having paid out more than £20 billion so far, it’s likely NS&I has been told to raise more cash through its savings products and Premium Bonds to cover some of this borrowing.

      DON’T MISS
      Universal Credit UK: Claimants could be entitled to further benefits [INSIGHT]
      State Pension UK: Certain group could miss out on Triple Lock pension [ANALYSIS]
      Banks pay out after major overdraft error – thousands affected [INSIGHT]

      READ MORE

      • State Pension UK: Women may have been short-changed thousands per year

      “If you do have money to save and you’re looking for a decent rate and thinking about Premium Bonds, it’s important to remember that the advertised 1.4 percent prize rate is just an indication, and it’s possible you could win absolutely nothing. But, with savings languishing at very low rates, if you’re happy to take a chance then Premium Bonds aren’t currently a bad place to put your money.”

      Premium Bonds have been issued in the UK since 1956, meaning they predate the famous National Lottery draw.

      They are a type of lottery bond which the government pays interest into, with a monthly prize draw providing select bondholders with a payout.

      It is estimated approximately 21 million Britons own Premium Bonds, and because this is a lottery bond, the more you buy, the greater your chances of winning. 

      The results of the June prize draw were revealed today, and lucky winners could be substantially richer.

      The first millionaire winner for this month was a woman from Nottingham, with the winning number 292ME808065.

      She had a holding of £50,000, but the specific bond that won it for her was valued at £25,000 and purchased in January 2017.

      The second millionaire was a man from Stoke-on-Trent, with the bond number 384CP325978.

      He had a total holding of £27,500, with the winning bond purchased recently in February 2020 and valued at £14,000. 

      Of course, it is important to know there are other substantial prizes, and others can check if they have won by visiting the NS&I website to check their bond numbers. 

      Source: Read Full Article

      Ariana Grande, Tessa Jackson, Halsey Join George Floyd Protests

      As protests over the death of George Floyd continued around the country, celebrities ― including Ariana Grande, Halsey, Tessa Jackson, Nick Cannon and Timothée Chalamet ― took to the streets to protest police violence and call for justice.

      In Los Angeles, where numerous celebrities joined demonstrations, some gatherings turned violent, prompting the activation of the National Guard and a state of emergency to be declared late on Saturday.

      Grande, who had urged followers on Instagram to get involved, was seen Saturday with a Black Lives Matter sign at a Los Angeles protest.

      She tweeted Sunday that there were “hours and miles of peaceful protesting yesterday that got little to no coverage.”

      Singer Halsey streamed live on Instagram Saturday as police appeared to fire rubber bullets. On Twitter, she said protesters had not antagonized police or breached the line, but police fired tear gas and rubber bullets nonetheless. She attended another protest Sunday and urged that people “listen to the Black people speaking.”

      She added: “If they are venting their pain and anguish out loud do not speak over them. Allies are there to help when help is needed. Not take control of the narrative. there’s enough of that already.”

      “Insecure” actor Kendrick Sampson said he was struck seven times by rubber bullets and said he was beaten with batons at a Los Angeles protests. He later shared images of several injuries on Instagram.

      Actor Tessa Thompson shared footage from a Los Angeles protest, which she said was “entirely peaceful” until the Los Angeles Police Department “arrived and escalated it.” Demonstrators are heard chanting “This is our America” in her video.

      Singer-songwriter Kehlani also attended the Black Lives Matter protest in Los Angeles, and applauded her fellow protesters.

      She urged followers to attend events “organized the right way by the right group of people” in an Instagram story on Sunday.

      “The Masked Singer” host and rapper Nick Cannon shared numerous images and videos from a Minneapolis protest. He wore a shirt emblazoned with Floyd’s final words, “I can’t breathe.” He also shared a spoken-word video on Sunday which, using those words as a recurring theme, decries systemic racism and police brutality.

      View this post on Instagram

      A post shared by NICK CANNON (@nickcannon) on

      View this post on Instagram

      A post shared by NICK CANNON (@nickcannon) on

      And on Friday, actor Jamie Foxx, too, was seen in Minneapolis, where he spoke at a rally calling for the arrest of the four officers involved in Floyd’s death. He said “we are not afraid of this moment” and stood in solidarity with social justice advocates on the front lines. 

      ″To all of my friends who aren’t black, just try to put yourself in our position,” Foxx said.

      Other celebrities seen at protests in various cities include Emily Ratajkowski, Michael B. Jordan, Timothée Chalamet, John Cusack, J. Cole, Paris Jackson, Lil Yachty and Machine Gun Kelly.

      View this post on Instagram

      A post shared by PK (@parisjackson) on

      View this post on Instagram

      A post shared by ^CONCRETE BOY BOAT^ (@lilyachty) on

      Source: Read Full Article

      Target, Walmart, CVS Close Stores Amid George Floyd Protests

      Many retailers including Target, Walmart and CVS announced temporary store closures in various regions across the United States following violence and looting amid the unrest related to the death of George Floyd.

      The street protests, some peaceful and some violent, erupted across the nation after Floyd was mercilessly killed by Minnesota police.

      Target, which is based in Minneapolis, said it is closing six stores in various states until further notice citing the safety of employees and consumers. These stores will be reopened as soon as it is safe to do so. The company also prioritizes rebuilding its Lake Street store, which is near where Floyd was killed and was severely looted and damaged among protests, with hopes to reopen in late 2020.

      Target had either adjusted hours or temporarily closed more than 200 stores over the weekend. The retailer said its affected team members will be paid for up to 14 days of scheduled hours during store closures, including COVID-19 premium pay.

      Walmart also closed some stores due to damages, but further details are not yet known. Technology giant Apple also has closed certain of its stores, as per reports.

      Drug store chain CVS said it has closed many stores across 20 states citing the damages, and intends to close more due to the developing nature of the unrest.

      Amy Thibault, senior manager of corporate communications for CVS Health, said, “We are continually monitoring protests as they occur in the communities we serve and will close stores, if needed, to help ensure the safety of employees and customers.”

      e-commerce giant Amazon said it is limiting deliveries and shifting routes in some cities following the protests.

      Floyd, the 46-year-old black man, died on Memorial Day after he was pinned down by a white police officer in Minneapolis. The outrage and protests following the death has prompted the National Guard to be deployed in more than a dozen states, while mayors of nearly 40 cities have declared states of disaster and curfews.

      President Donald Trump reportedly spent Sunday in an underground, presidential bunker as violent protests raged outside White House.

      Source: Read Full Article