Finance

Big GOP donors rush to rescue Trump

Republican Party megadonors are racing to bail out President Donald Trump’s cash-strapped reelection campaign, with a newly formed super PAC pouring another $25 million into battleground states.

Preserve America is set to begin running a trio of TV commercials savaging Democrat Joe Biden as Republicans express growing alarm over the president’s absence on the airwaves. Trump — who went dark for part of August and has since cancelled advertising in key states — is being outspent more than 2-to-1 by Biden this week, according to the media tracking firm Advertising Analytics.

The outside group, which is expected to draw funding from prolific GOP givers including Las Vegas casino mogul Sheldon Adelson and Home Depot co-founder Bernie Marcus, is rushing to fill the void. Starting late this week, the super PAC will begin airing ads in seven states, including some where Trump is getting badly outspent.

With Trump’s once-formidable cash advantage

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Will This Recession Lead to Another Fintech Boom?

The biggest silver lining in periods of economic turmoil—such that we are in right now, despite what the stock market may tell you—is that they often lead to significant innovation. 

This is true for most major economic depressions and recessions in U.S. history. General Motors (NYSE: GM) was founded less than a year after the Panic of 1907, a crisis so severe it led to the creation of the Federal Reserve. The first Publix grocery store was opened in 1930, less than a year into The Great Depression. 

More recently, the dotcom bubble burst gave way to Web 2.0 companies like Skype, Facebook Inc (NASDAQ: FB), and YouTube, three companies that would all grow to be worth over $1 billion. 

In each of these cases, entrepreneurs either identified a shift in consumer behavior that was already beginning to take shape (automobiles in the 1910s and supermarkets in the 1930s) or

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DraftKings says NFL Week 1 was its biggest week for signups since 2015

The first week of a new NFL season is the key time of year for “daily fantasy sports” (DFS) apps like FanDuel and DraftKings, and now that those companies are also rapidly launching sportsbook operations in states that have legalized sports betting, they are even more focused on aggressive customer acquisition.

It may come as no surprise, then, that DraftKings (DKNG) tells Yahoo Finance the first week of the 2020 NFL season was its biggest week for new customer signups since 2015. (That combines DFS customers and sports betting customers; DraftKings will not break out the numbers.)

The superlative comes with a considerable asterisk: the plentiful promotions and free-entry codes the company offered for Week 1.

On the sportsbook side, DraftKings ran a promotion allowing new users to place a bet (up to $50) on the Kansas City Chiefs +101, meaning the bet would pay out unless the Chiefs lost

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The Resurrection of Imitation of Christ

Photo credit: Amanda Demme/Courtesy of the Subject
Photo credit: Amanda Demme/Courtesy of the Subject

From ELLE

Photo credit: Hearst Owned
Photo credit: Hearst Owned

Style Points is a weekly column about how fashion intersects with the wider world.

When Imitation of Christ began showing in 2000, the press immediately latched on to the sexiest talking points. There was the memorable name, with its hint of sacrilege. The site-specific shows that verged on performance art: a funeral, a pretend movie premiere, a role-reversal runway show where editors walked while the models took notes on them. The downtown glitterati who flocked: Lou Reed and Isabella Blow in the audience, Scarlett Johansson on the runway, Chloë Sevigny as the creative director.

Photo credit: Amanda Demme/Courtesy of Imitation of Christ
Photo credit: Amanda Demme/Courtesy of Imitation of Christ

But amid all the pageantry and fame adjacency, something else was going on—something that would have more lasting effects on fashion. The designers, Tara Subkoff and Matt Damhave, were reimagining secondhand clothing in a

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Oracle, Adobe, Lennar and FedEx

For Immediate Release

Chicago, IL – September 17, 2020 – Zacks Director of Research Sheraz Mian says, “For 2020 Q3, total S&P 500 earnings are expected to decline -23.5% on -3.1% lower revenues. This is an improvement from the -26.5% earnings decline expected at the start of July and follows the -32.1% earnings drop in Q2.”

Positive Start to Q3 Earnings Season

Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>

Here are the key points:

  • Earnings releases in the last few days suggest that the positive momentum we started seeing in the overall earnings picture in early July is still very much in place and reflects favorable trends in the U.S. economy.
  • For 2020 Q3, total S&P 500 earnings are expected to decline -23.5%
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Market report:Trainline ticket sales dive, IG’s revenue jumps, and Next upgrades profits

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

Trainline ticket sales dive

The COVID-19 lockdown hit ticket sales at train booking app Trainline (TRN.L) hard in the first half of the year, the company said on Thursday.

Trainline said UK train ticket sales fell by 85% in the six months to the end of August, contributing to a 76% fall in group revenue.

The company said train travel was beginning to recover, “albeit more slowly than previously expected.” Trainline said it was “phasing its operations back to normal” and planned to redouble investment in digital.

“I’m pleased to now see the industry recovering, particularly in our International markets, as well as a faster shift to online reservation and digital ticketing, as anticipated, given the increased customer need for touchless travel,” chief executive Clare Gilmartin said.

Shares were up

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A third of Brits will be ‘worse off’ after lockdown

Nearly half of Brits are worried about their as finances support disappears and they're left with debt. (Gareth Fuller/PA Archive/PA Images)
Nearly half of Brits are worried about their as finances support disappears and they’re left with debt. (Gareth Fuller/PA Archive/PA Images)

A third of Brits will be financially “worse off” as the UK comes out of its COVID-19 lockdown, research suggests.

With the government’s furlough scheme set to end on 31 October and other forms of financial support also disappearing, one in three Brits told SimpleUsability the lockdown period has had a negative long-term impact on their finances.

According to the market researcher’s survey of 1,072 people, nearly three quarters (74%) have been furloughed, while over a fifth (22%) have relieved on government grants, such as the self-employment government support scheme.

Meanwhile, 6% have relied on government loans, and 8% have received other forms of financial support, such as a mortgage holiday or universal credit.

READ MORE: Parents set to save £11m a week on energy bills as kids return

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With COVID-19 complicating enrollment counts, public schools brace for impact on funding

MILWAUKEE — For schools across Wisconsin, Friday could turn out to be the single most important day on the calendar this year.

The third Friday in September is significant every year for Wisconsin public schools and private schools that accept children on taxpayer-funded vouchers. By law, students counted as enrolled on that date dictate in large part state and local funding for the current school year — and in many cases beyond.

The date is different for schools in other states, but the consequences are largely the same, and the coronavirus pandemic is complicating this year’s counts all over as schools struggle to connect with students online, and families move their children to different schools or pull them out altogether to be home-schooled. 

“We’re anticipating the counts will be down,” said John Bales, executive director of the Wisconsin Association of School District Administrators.

“Accessing kids will be problematic this fall.

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Jack Ma’s Ant Group Hit by Flurry of New Rules Ahead of Mega IPO

(Bloomberg) — Ant Group was dealt another blow by yet more regulations to contain risks in the country’s burgeoning online lending industry as Jack Ma’s financial technology giant prepares for its initial public offering.

China’s banking watchdog on Wednesday issued fresh rules to cap the use of asset-backed securities to fund quick consumer loans, which will force Ant in particular to rein in that part of its business. The new regulation limits that sort of funding to four times a firm’s net assets, while Ant currently has 4.7 times such debt against its capital.

The rules add to a barrage of recent steps by regulators to rein in consumer borrowing and reduce risks. Regulators have also capped loan rates and imposed new capital and license requirements on Ant and other conglomerates. The firm is preparing to sell shares to the public and is said to seek to raise as much

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Singapore Wants Cold War’s Casualties, Not Cash

TipRanks

Morgan Stanley Bets on These 3 Stocks; Sees Over 40% Upside

Did the stock market’s epic rally just need a little breather? The last few weeks have seen stocks experience their first meaningful correction since the bull market kicked off in March. Now, the question swirling around the Street is, will the rally pick back up again, or is more downside on the way?According to Morgan Stanley’s chief U.S. equity strategist Mike Wilson, uncertainty regarding the presidential election and stalemate on the next stimulus package could lead to declines in September and October. “On the correction, there’s still downside as markets digest the risk of congressional gridlock on the next fiscal deal. While we think something will ultimately get done, it will likely take another few weeks to get it over the goal line,” he noted.However, Wilson argues the recent volatility in no way signals the end of the

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