Deal

Used-car consignment store CarLotz nears deal to go public, report says

NEW YORK — CarLotz Inc., a U.S. consignment store for used vehicles, is nearing a deal to go public through a merger with blank-check acquisition company Acamar Partners Acquisition Corp. at a valuation of close to $830 million, including debt, people familiar with the matter told Reuters on Wednesday.

The deal would make CarLotz the third major U.S. online car seller to go public this year, following in the trails of Vroom Inc. and Shift Technologies Inc., as online vehicle sales boom during the coronavirus pandemic powered by consumers seeking to practice social distancing.

An agreement could be announced as soon as Thursday, the sources said, requesting anonymity because the matter is confidential. CarLotz and Acamar declined to comment.

Richmond, Va.-based CarLotz, which was founded in 2011, operates a consignment platform that splits profits from vehicle sales with the car owners. This business model differs from those of

Read More

Second stimulus check update: Top Trump aide hopes to get a deal in 48 hours. Here’s the latest.

White House Chief of Staff Mark Meadows said Wednesday that he hoped for a deal on a new coronavirus stimulus bill this week.

“I am optimistic,” Meadows said on the Fox Business Network. “We do share one goal, and that is hopefully to get some kind of deal in the next 48 hours or so.”

“I can tell you that the negotiations have entered a new phase, which is more on the technical side of trying to get the language right if we can agree upon the numbers,” he said. “We’re still apart, still a number of issues to work on, but the last 24 hours have moved the ball down the field.”

House Speaker Nancy Pelosi, D-Calif., offered a similar rosy assessment on MSNBC a few hours later. She met with Treasury Secretary Steven Mnuchin later in the day.

“I think we have a prospect for an agreement,” Pelosi

Read More

On The Money: McConnell says he would give Trump-backed coronavirus deal a Senate vote | Pelosi, Mnuchin see progress, but no breakthrough | Trump, House lawyers return to court in fight over financial records

Happy Tuesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

THE BIG DEAL—McConnell says he would give Trump-backed coronavirus deal a vote in Senate: Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellSenate GOP eyes Oct. 26 for confirming Barrett to Supreme Court GOP noncommittal about vote on potential Trump-Pelosi coronavirus deal Overnight Health Care: Trump takes criticism of Fauci to a new level | GOP Health Committee chairman defends Fauci | Birx confronted Pence about Atlas MORE (R-Ky.) said on

Read More

American Equity Chooses Brookfield Deal Over Takeover Offer

American Equity’s decision comes less than three weeks after The Wall Street Journal reported that Massachusetts Mutual Life Insurance and Athene Holding had made a bid for the firm.



Photo:

Rafael Henrique/SOPA Images/LightRocket/Getty Images

American Equity Investment Life Holding Co.


AEL 0.34%

on Sunday rejected a takeover offer and instead said it reached a partnership with

Brookfield Asset Management Inc.


BAM -0.06%

Brookfield will reinsure up to $10 billion of American Equity’s fixed index annuity liabilities and make a 19.9% equity investment at $37 a share. Shares of American Equity closed Friday at $32.30.

The decision comes less than three weeks after The Wall Street Journal reported that a pair of insurance companies—Massachusetts Mutual Life Insurance Co. and the publicly traded

Athene Holding Ltd.


ATH -1.20%

—had made a bid for the firm, a bet that the small Iowa insurer’s retirement-income products will remain popular with conservative savers. 

MassMutual and

Read More

Second stimulus check: Pelosi sets 48 hours for pre-election deal, Senate prepares to vote on scaled-down bill. Here’s the latest.

Without a deal within 48 hours, there won’t be enough time to pass a coronavirus stimulus bill before Election Day, House Speaker Nancy Pelosi said Sunday.

Pelosi, D-Calif., said on ABC’s “This Week” that she wanted to make a deal before Nov. 3, but there had to be a deadline so the bill could be drafted and passed in time. The House has passed a $2.2 trillion measure while the White House has offered $1.8 trillion.

“We’re saying to them, ‘We have to freeze the design on some of these things. Are we going with it or not, and what is the language?’ ” Pelosi said.

“I’m optimistic because, again, we’ve been back and forth on all of this,” she said. “Because we want to have an agreement, we can come to negotiation. And we can do it now.”

She repeated that optimism later in a letter to members of

Read More

On The Money: Kudlow confident that Trump can ’round up’ Senate GOP behind coronavirus relief deal | US deficit spikes to record $3.1T

Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here.

Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

 

THE BIG DEAL—Kudlow confident that Trump can ’round up’ Senate GOP behind coronavirus relief deal: President TrumpDonald John TrumpFeds investigating if alleged Hunter Biden emails connected to foreign intelligence operation: report Six takeaways from Trump and Biden’s dueling town halls Biden draws sharp contrast with Trump in low-key town hall MORE’s top economic adviser on Friday expressed confidence that the White House could convince enough Senate Republicans to back a

Read More

Which Prime Day deal is better?

TipRanks

Raymond James Says These 3 Stocks Could Surge Over 100% From Current Levels

Election day is just around the corner, and Wall Street is placing its bet on a Democratic sweep. Following the Presidential debate on September 29, the chance of a Biden victory has been increasing in the market.Since September 30, the S&P 500 has moved 5.5% higher. That said, the rotation into cyclicals and small-caps has been much more pronounced, with the Russell 2000 surging 8.5% over the same period.Weighing in for Raymond James, strategist Tavis McCour argues the shift into cyclicals and small-caps “provides some evidence of how the market will rotate in the case of a Democratic sweep, with the logic being stronger fiscal support, steeper yield curve and faster cyclical recovery.”McCour points out that “in the background is remarkably sustainable economic data, and the likely positive impact to EPS.” According to the strategist, Atlanta

Read More

What is the deal with the red port-a-potties around Portland

Red port-a-potties have been popping up around Portland. Some neighbors have questions about whether they were put in the right places to serve the right people.

PORTLAND, Ore. — In an effort to make up for all the public restrooms closed during the pandemic, Portland officials have placed more than 100 portable toilets and handwashing stations across the city.

Yes, they’re the red port-a-potties.

And city staff admit they’re not being well-received.

“We are getting dozens of angry emails from community members about the port-a-potties,” wrote Heather Hafer in an email to KGW last week. “The units are constantly getting vandalized and stolen. We are having to replace them on a regular basis.”

Hafer, the senior management analyst for Portland’s Office of Management and Finance, said currently there are 103 portable toilets placed in various locations across Portland, in addition to 22 handwashing stations.

The city started dispatching them last

Read More

How To Get The Best Deal

The iPhone 12 is set to make its official debut tomorrow (13 October) and, with rumours that it will be the first iPhone to feature super-fast 5G connectivity, it has the potential to fly off the shelves.

So if you’re itching to get your hands on one, what’s the cheapest way to pay for it? We take a look…

How much can you expect to pay for the iPhone 12?

Rumours about how much the new iPhone will cost have been circulating for a while now and vary depending on the source. However, technology news and review site TechRadar pegs the starting price for the new iPhone 12 Mini at $649 (around £500), while the cost of the standard iPhone 12 could start from $749 (around £575).

The iPhone Pro is expected to have a starting price of $999 (£770), while the iPhone Pro Max could be priced from

Read More

Bold Penguin Acquires RiskGenius in Commercial Insurance Technology Deal

The main offering of Bold Penguin, launched in 2016, is a virtual exchange that helps agents and brokers triage, quote and bind commercial policies in a programmatic and rules-based system. It also helps carriers market their products to insurance agents.

RiskGenius, which also debuted in 2016, offers software that uses artificial intelligence to evaluate a variety of emerging risks across an entire portfolio of insurance policies.

Neither side would disclose the purchase price, but RiskGenius will keep its name, according to RiskGenius CEO and co-founder Chris Cheatham, who will become Bold Penguin’s vice president of Product, Insurance Intelligence.

This is Bold Penguin’s second acquisition in 2020. In January the company snatched up

Read More