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Category: Business

Stocks slated to rise for a second day as Dow futures add 100 points

NEW YORK / CNBC — Stock futures moved further into the green early Friday morning after major averages rebounded from a three-day losing streak in the last session, which was led by technology shares. Futures on the Dow Jones Industrial Average indicated an opening gain of about 101 points. S&P 500 futures increased by 0.3 percent and Nasdaq rising by 0.2 percent. Bitcoin, which shook markets with a 30 percent collapse earlier in the week, was stable for a second day around the $40,000 range. Major tech shares were set to continue their rebound. Tesla was higher by 2% in premarket...

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American Airlines’ regional carrier gets safety warning from FAA

A commuter plane was seconds away from landing at a regional airport in Illinois last March when the pilots realized they’d made a potentially fatal mistake: They were aimed at the wrong runway. If the plane didn’t divert at the last second, there was a “high probability” the aircraft wouldn’t have had room to stop, an inspector said. The pilots avoided a “potentially catastrophic situation.” This close call is one of multiple instances of alleged pilot error included in a Federal Aviation Administration warning to Envoy Air, the largest regional carrier...

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Florida homeowners face soaring property insurance rates

FORT MYERS, Fla.– Property insurance rates are on the rise for homeowners in Southwest Florida. In some cases, people are seeing the amount they normally pay, doubling. The property insurance market is in turmoil and one big reason is the massive amount of fraud since hurricane Irma struck the state. If you’re a property owner in Southwest Florida, your home insurance might be going through the roof. The problem is so serious that many realtors fear it could threaten the booming housing market.   Serena Warf, a Cape Coral resident, was caught off guard when...

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Companies could legally require employees to get vaccinated

FORT MYERS, Fla. — More and more people are getting vaccinated from the coronavirus every single day. That means getting life back to normal, and for many, back to work.  But can your employer ask if you got your vaccine? Or even more, can your work require you to get a shot?  “Yes,” says Attorney Lance Dunford, a partner at the Law Firm of Scott T. Moorey. “The simple answer is yes.” Employers can even go as far as to see your vaccine card, despite Gov. Ron DeSantis’ executive order against vaccine passports.  “What’s on this vaccination card does not give any...

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Bank of America pledges to raise minimum wage to $25 in the next 5 years

CNN — Bank of America officials said that the banking company will raise it’s hourly minimum wage of its US employees to $25 by 2025. “It costs us a few hundred million dollars a year … but it’s an investment,” the bank’s CEO Brian Moynihan said on Tuesday, adding that It’s about maintaining a “great standard of living for our teammates.” Paying more also helps give people a “career mindset” which can unearth loyalty that benefits shareholders in the long run. Other banks are following suit, but not as aggressively. JPMorgan...

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Prophetic investor that predicted housing market crash is betting against Tesla stock

Michael Burry — one of the investors who became famous for predicting the monumental collapse in the housing market in 2008 — has a new favorite stock to bet against: $TSLA. Burry’s firm, Scion Asset Management, revealed in a Securities and Exchange Commission filing Monday that it held bearish put options on more than 800,000 Tesla shares, worth about $534 million, as of the end of the first quarter. That means the firm is betting against the stock price rising, putting $534 million on the line. No reason was given in the filing for why Burry thinks Tesla’s stock is...

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Federal government to investigate PPP loan fraud

FORT MYERS, Fla. – Over the last year and a half, billions of taxpayer dollars were sent to companies struggling during the height of the pandemic. The U.S. government has good reason to believe it wasn’t all legitimate. More than 900,000 companies in Florida alone applied for money from The Paycheck Protection Program known as PPP. A number of businesses like the Broadway Palm Dinner Theater in Fort Myers were able to secure a PPP loan to keep their doors open and keep people employed. The federal government said not every company secured loans quite so honestly. Broadway...

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Scammers posing as Elon Musk are stealing from young investors, FTC says

CNBC — Scammers pretending to be Elon Musk have stolen at least $2 million from cryptocurrency investors over the past six months, the Federal Trade Commission said. Con artists are stealing from people in so-called “giveaway scams” where people pose as celebrities or known figures in the crypto-world. They promise to “multiply” the cryptocurrency that investors send — but pocket the crypto instead, CNBC reported. These crypto-scams have surged since October, hitting their highest level on record in the first quarter of 2021, according to FTC data. The timing line up with a...

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36,000 faux AirPods seized by US Customs

CINCINNATI, Oh. / CNN — US Customs and Border Protection officers have seized 36,000 headphones that resembled Apple AirPods. CBP in Cincinnati said that the headphones, which arrived in three shipments from China, were in violation of “trademark and copyright codes,” according to a news release. The wireless headphones violated trademarks that “protected Apple configuration” recorded with CBP, the release said. “Counterfeit products can be deceiving at first glance,” Cincinnati Port Director Richard Gillespie said in a statement. “They’re...

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Hyundai & Kia spend $7 billion in US electric car push

Hyundai and Kia are pouring billions of dollars into the United States, where they plan to start building electric cars and invest more in futuristic technologies. The South Korean carmakers announced Thursday that they would invest $7.4 billion in the country over the next four years, CNN reports. The funding will help the companies gradually expand manufacturing, though they said in a statement that exact plans have yet to be finalized. Hyundai aims to kick off electric vehicle production in the United States next year. The move bolsters the automaker’s presence stateside, where it already...

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