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Tag: Finance

  • Sen. Warren and Lt. Gov. Kim Dirscoll to deliver keynote at NSCC commencement

    Sen. Warren and Lt. Gov. Kim Dirscoll to deliver keynote at NSCC commencement

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    DANVERS — U.S Sen. Elizabeth Warren and Lt. Gov. Kim Driscoll will act as the commencement speakers for North Shore Community College’s 58th annual commencement ceremony on Friday, May 17.

    Warren will deliver the keynote address for the 10 a.m. ceremony for Health Professions and Liberal Studies graduates.

    Driscoll will deliver the keynote address at the 2 p.m. ceremony for Human Services & STEM and Business graduates.

    Both ceremonies will both be held at NSCC’s Lynn Campus, 300 Broad St..

    The college expects to award approximately 700 associate degrees and certificates at the two graduation ceremonies.

    “We are immensely proud to have Senator Warren and Lt. Governor Driscoll join us for our commencement ceremony, where we celebrate the achievements of our students. Their unwavering dedication to making higher education more accessible and affordable is truly appreciated and deeply respected,” stated North Shore Community College President William Heineman.

    Warren is the longest serving U.S. senator from Massachusetts, and became the first woman ever in the Senate from Massachusetts after being elected in 2013.

    Driscoll is the 73rd lieutenant governor of the Commonwealth of Massachusetts, and comprises the first all-women executive team to lead Massachusetts along with Gov. Maura Healey. The Healey-Driscoll administration has done significant work advancing tuition equity, including making community college free for all Massachusetts residents age 25 and older through the MassReconnect program.

    For more information on North Shore Community College, visit northshore.edu.

    Michael McHugh can be contacted at mmchugh@northofboston.com or at 781-799-5202

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    By Michael McHugh Staff Writer

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  • Bay State ranked poorly on financial literacy

    Bay State ranked poorly on financial literacy

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    METHUEN — Financial illiteracy is an unfortunate plague among Americans, with only 57% equipped to make informed financial decisions, according to MarketWatch.

    While April may be financial literacy month, Massachusetts has earned a C grade by MarketWatch, marking the importance of education-related bills like the one state Rep. Ryan Hamilton, D-Methuen, is proposing.

    “When it comes to anything on education in Massachusetts, a C is not good enough,” Hamilton said. “We have to work to get to that A.”

    Hamilton is fighting to require financial literacy education for all Massachusetts high school students.

    His bill, an act relative to student financial literacy, was reported favorably by the Joint Committee on Education on April 1. It has since been referred to the Senate Committee on Ways and Means.

    “There’s still a lot of bars that we need to clear,” Hamilton said. “There’s still a lot of work for us to accomplish.”

    The act would require all public high school students to complete a standalone financial literacy course prior to graduation.

    Students would study a variety of topics, like investments, managing debt and building good credit.

    The bill calls for a financial literacy trust fund, which would provide funding to underserved school districts. The act also directs the Department of Education and Secondary Education to create professional development training standards for educators.

    The act’s language, however, says school districts “may incorporate the financial literacy standards” into existing curriculum.

    Other topics students would learn in the course include earning and spending income, charitable giving, methods of payment, consumer protection, balancing ledgers and checkbooks, budgeting, the role of banks, long-term savings, credit, investments and emerging technology like crypto.

    Students would be required to take at least a half of a semester’s credit of coursework on the topic.

    Pennsylvania became the most recent state to guarantee a standalone half-credit course in financial literacy. The Keystone State became the 25th in the country.

    Other states that have passed regulations for some form of financial literacy course within the high school level include Wisconsin, Oregon, Louisiana, New Hampshire, Connecticut and West Virginia.

    “I think we have a good shot at becoming that 26th state,” Hamilton said. “I’m not the only one working on it. We’ve been really working together.”

    States that have passed financial literacy regulations, including West Virginia, Oregon, Minnesota, Indiana, Florida, and Nebraska, all have A grades from MarketWatch.

    “Financial literacy is crucial nationwide as it empowers individuals to achieve financial stability, avoid pitfalls that lead to hardship, and participate in economic activities like investing,” said David Straughan, personal finance writer with MarketWatch Guides.

    Massachusetts received a C because the state has some standards for financial literacy, but nothing is required or necessarily offered as a standalone course. Hamilton said the C is an improvement from an F grade a few years ago, but that he still would like to see the state get to an A.

    A recent MarketWatch Guides survey found that more than half of Generation Z were unfamiliar with CDs, high-yield money market accounts and Roth IRAs. The average American lost $1,506 in 2023 due to financial illiteracy in credit card interest and fees, overspending and fraud.

    “Implementing a stand-alone financial literacy course requirement in high schools is a proactive step that could significantly benefit students and their communities,” Straughan said.

    “While it may not be the end-all solution, equipping students with personal finance knowledge and skills could contribute to improved financial resilience and decision-making within families over time, as these abilities are passed down generationally.”

    Follow Monica on Twitter at @MonicaSager3

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    By Monica Sager | msager@eagletribune.com

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  • U.S. Bancorp (NYSE:USB) Shares Sold by Vontobel Holding Ltd.

    U.S. Bancorp (NYSE:USB) Shares Sold by Vontobel Holding Ltd.

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    Vontobel Holding Ltd. cut its stake in shares of U.S. Bancorp (NYSE:USBFree Report) by 16.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,952 shares of the financial services provider’s stock after selling 9,383 shares during the quarter. Vontobel Holding Ltd.’s holdings in U.S. Bancorp were worth $2,075,000 as of its most recent SEC filing.

    Several other hedge funds have also recently modified their holdings of the stock. CGC Financial Services LLC purchased a new position in U.S. Bancorp in the fourth quarter worth $25,000. BKM Wealth Management LLC purchased a new position in U.S. Bancorp in the fourth quarter worth $26,000. Planned Solutions Inc. purchased a new position in U.S. Bancorp in the fourth quarter worth $27,000. Legacy Financial Group LLC purchased a new position in U.S. Bancorp in the third quarter worth $30,000. Finally, Compass Wealth Management LLC purchased a new position in U.S. Bancorp in the fourth quarter worth $39,000. 77.60% of the stock is owned by institutional investors and hedge funds.

    Analyst Upgrades and Downgrades

    USB has been the subject of several research analyst reports. Evercore ISI increased their price objective on U.S. Bancorp from $46.00 to $48.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. Piper Sandler restated a “neutral” rating on shares of U.S. Bancorp in a research report on Friday, January 26th. StockNews.com cut U.S. Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, February 20th. Jefferies Financial Group raised their price target on U.S. Bancorp from $44.00 to $46.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Finally, Compass Point upgraded U.S. Bancorp from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $49.00 in a research report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $46.91.

    Read Our Latest Stock Analysis on U.S. Bancorp

    U.S. Bancorp Stock Down 0.2 %

    Shares of NYSE:USB opened at $39.44 on Friday. The stock’s 50-day moving average price is $42.31 and its two-hundred day moving average price is $39.72. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.05. U.S. Bancorp has a 12-month low of $27.27 and a 12-month high of $45.85. The firm has a market cap of $61.45 billion, a price-to-earnings ratio of 12.02, a PEG ratio of 2.12 and a beta of 1.05.

    U.S. Bancorp (NYSE:USBGet Free Report) last issued its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. The firm had revenue of $6.72 billion for the quarter, compared to analyst estimates of $6.71 billion. U.S. Bancorp had a return on equity of 14.89% and a net margin of 13.36%. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. During the same period last year, the company earned $1.16 EPS. On average, research analysts forecast that U.S. Bancorp will post 3.87 EPS for the current year.

    U.S. Bancorp Dividend Announcement

    The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 4.97%. The ex-dividend date was Wednesday, March 27th. U.S. Bancorp’s dividend payout ratio is currently 59.76%.

    Insider Activity

    In other news, insider Terrance R. Dolan sold 26,583 shares of U.S. Bancorp stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $43.37, for a total value of $1,152,904.71. Following the transaction, the insider now directly owns 144,236 shares of the company’s stock, valued at approximately $6,255,515.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP James L. Chosy sold 21,582 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $41.47, for a total transaction of $895,005.54. Following the transaction, the executive vice president now directly owns 164,880 shares of the company’s stock, valued at approximately $6,837,573.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Terrance R. Dolan sold 26,583 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $43.37, for a total value of $1,152,904.71. Following the transaction, the insider now directly owns 144,236 shares in the company, valued at $6,255,515.32. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

    About U.S. Bancorp

    (Free Report)

    U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.

    Featured Stories

    Want to see what other hedge funds are holding USB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for U.S. Bancorp (NYSE:USBFree Report).

    Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

    Receive News & Ratings for U.S. Bancorp Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for U.S. Bancorp and related companies with MarketBeat.com’s FREE daily email newsletter.

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    ABMN Staff

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  • Delaware Sports Betting and iGaming Surge in March

    Delaware Sports Betting and iGaming Surge in March

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    March proved to be a momentous month for Delaware’s gambling industry, with consumer spending on sports betting skyrocketing by an astonishing 440.0% year-on-year, reaching $18.9 million. This remarkable surge significantly surpassed the $3.5 million spent in March of the previous year and marked a substantial 37.0% increase from February’s handle of $13.8 million.

    Sports Wagering Retained Robust Momentum

    Revenue figures also painted a robust picture, with March revenue totaling $1.0 million, a staggering 89.2% increase from last year’s $544,385 and an 83.8% rise from February’s $560,449. The surge in sports betting activity was propelled by January’s introduction of Delaware Lottery’s inaugural online sportsbook, powered by Rush Street Interactive (RSI) and BetRivers

    Delaware Park emerged as the frontrunner in sports betting revenue for March, raking in $681,548 from $13.1 million in bets. Harrington Raceway secured the second position, reporting revenue of $176,583 from $3.3 million in bets, followed by Bally’s Dover with $113,692 generated from $1.5 million in bets. 

    Retail sports betting contributed $58,273 in monthly revenue from $990,664 in bets across Delaware. These figures validate the widely accepted stance that online and brick-and-mortar wagering can coexist as they cater to different demographics and offer different player experiences. The following months will demonstrate whether this trend continues.

    iGaming Enjoyed Impressive Growth

    Shifting the focus to the online casino market, March witnessed a surge in total spending, reaching $136.0 million, a remarkable 227.7% increase from March 2023’s total of $41.5 million. Revenue in the online casino sector also experienced substantial growth, surpassing last year’s figures by 228.6% to reach $4.6 million. This surge marked a notable 18.0% increase from February’s revenue of $3.9 million.

    Delaware Park also emerged as a dominant player in the online casino segment, reporting $2.0 million in revenue from online video and table games, with a total wager amount of $71.1 million. Harrington Raceway secured the second spot with $1.6 million in revenue from $38.9 million in total wagers, followed by Bally’s Dover with $951,096 in revenue from $26.1 million in bets.

    The success of the sports betting and online casino markets in Delaware underscores the positive impact of recent platform launches by operators, with all three major operators rolling out new online casino platforms in January. As consumer interest and engagement continue to escalate, Delaware’s gaming landscape is poised for sustained growth and innovation in the months ahead.

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    Deyan Dimitrov

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  • Shelter money fading but new funding explored

    Shelter money fading but new funding explored

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    BOSTON — State dollars for the emergency family shelter system are dwindling, and restaurateurs who for years enjoyed expanded outdoor dining and the ability to sell drinks to go remain “in limbo” amid a sustained period of legislative disagreement.

    House and Senate Democrats broke for another long weekend Thursday without announcing any deal on a spending bill that would replenish shelter funding for the remainder of the fiscal year.

    While negotiators remain at odds over how much they want to draw from state savings and exactly what kind of time limits to place on shelter stays — plus whether restaurants should resume takeout drink sales — funding could run out in less than two weeks, a Healey administration official confirmed Thursday.

    “Direct funding for emergency assistance shelters has been expected to be exhausted early this spring. It’s possible that could occur as soon as this month,” Matt Murphy, a spokesperson for the Executive Office for Administration and Finance, said in a statement. “We are both grateful to the Legislature for the work they have done so far to advance our supplemental funding request and hopeful that legislation can be finalized quickly for our review to address this time sensitive need.”

    “If we do exhaust the direct funding available for shelters, we have some flexibility to shift other available funds as a short-term measure to avoid any disruption in services until the supplemental budget passes,” he added, referring to “additional money from the last (emergency assistance) supp that wasn’t direct shelter funding that can be used.”

    Murphy said the administration “continues to call on the federal government to address this federal problem, including by providing additional funding to states.”

    Both branches have already approved competing versions of a mid-year spending bill that would steer more money to the shelter system, but they cannot send it to Gov. Maura Healey’s desk until they iron out differences.

    The House and Senate adjourned with plans to return Monday, April 22, which is the earliest they could act to send a compromise to the governor — if top Democrats can strike an agreement by then.

    Sean Fitzgerald, a spokesperson for Senate Ways and Means Committee Chair Michael Rodrigues, declined to make the senator available for an interview Thursday, but said the conference committee is “continuously engaged and remains focused with ongoing and productive conversations.”

    “We remain optimistic that we’ll have an agreement soon,” Fitzgerald said.

    A spokesperson for House Ways and Means Committee Chair Aaron Michlewitz did not reply to a News Service request.

    Legislative leaders have said for months the money currently propping up shelters is set to run out by spring, though they and the Healey administration have been less than forthcoming about when exactly that might be.

    Michlewitz was the first to identify the “early spring” timeline, way back in November when his chamber approved the last multi-million dollar injection into the state’s emergency family shelter system.

    That supplemental budget, signed in December, steered $250 million to the emergency shelter crisis, with $50 million set aside for overflow shelter and $75 million targeted for school funding relief related to the shelter crisis.

    “From what we gather, this would take us through the winter, neatly through the winter, and probably early into the spring,” Michlewitz said at the time. “Then it will all depend at that point moving forward on how many families we have in the system.”

    Since Michlewitz’s remarks last fall, the number of families looking for a spot in shelters has only grown, with 713 families as of Wednesday on a waitlist set up by Healey.

    Healey got the ball rolling on the next funding injection for the overburdened system on Jan. 28, saying the additional supplemental budget would have enough money to keep the shelters running through the end of June.

    Michlewitz said again in February that they were “managing with that timeline” that “the (Emergency Assistance) shelter money will run out in the spring.”

    When asked at that point exactly when in the spring the funding was set to run out, the chairman and House Speaker Ron Mariano laughed.

    “When are the crocuses?” Mariano quipped. Michlewitz jumped in, “What, is March 21 the first day of spring?” as the speaker chuckled.

    The House approved its version of Healey’s supplemental budget bill on March 6, and the Senate took its vote on March 21. Now, almost a month later and nearly a third of the way into spring, it still has not emerged from negotiations.

    Rodrigues said last week that the administration told him family shelter money could run out “sometime mid- to end of April” and that the administration has “other flexible funds that they can use,” which Murphy appeared to confirm Thursday. Mariano said Sunday on WCVB that he “never got a date from the governor as to when it was gonna run out,” only that “sometime in the spring, it would run out.”

    Republican Sen. Peter Durant of Spencer told the News Service on Thursday that the conference committee’s delay could indicate the money is not needed as urgently as some Democrats have said.

    “We’ve also heard that the governor has said that she has a few more levers to pull somewhere, so we can finance it,” Durant said. “So I’m not sure it’s as critical as everybody might think that it is. Certainly as this drags on, it would appear that it’s not as critical as it’s made out to be.”

    He said financing the emergency family shelter system through supplemental budgets over the course of the year, rather than a lump sum through the annual budget — which could be the approach Democrats take again in fiscal 2025 — leads to uncertainty.

    “That’s a real challenge for the leadership here. How exactly are we going to pay for it, how does it look going forward? And I just don’t think that we have a lot of really good answers to that yet,” Durant said. “Even when the speaker says, ‘We’ll fund this budget for half the year and then we’ll see what happens in December, maybe we’ll have the same president, maybe we’ll have a new one’ — there’s just so many unanswered questions. Everybody’s just playing it by ear.”

    Sen. Nick Collins of South Boston, a Democrat, said there’s not “too much concern just yet” about shelter funds running out, as “the indications from the administration tell us that we’re not at the end of the line here.”

    “The number-one issue in the state of Massachusetts on taxpayers’ minds is the cost of this. So there’s a lot to think about,” Collins said. “And I think that’s what’s taking the time.”

    The lack of consensus on the legislation does not only impact the emergency assistance shelter system. Legislative leaders opted to use the supplemental budget bills as the vehicle for revisiting some pandemic-era policies that have been in place on a temporary basis for years, like a streamlined process for restaurants securing permission to serve patrons in certain outdoor spaces.

    Both branches voted in favor of making permanent the outdoor dining overhaul and a graduate student nursing program, but they were split on whether to allow restaurants to continue selling alcoholic beverages to go. The House is in support and the Senate is in opposition.

    Because the branches still have not found compromise on the underlying bill, all of those provisions — including the ones both the House and Senate back — expired March 31, pushing many restaurants back toward a pre-COVID status quo.

    “Marathon Monday is always the first sign of the weather turning the corner in Boston and around Massachusetts. That day has come and gone, and I think I speak for most people that we are ready to welcome some great weather,” Steve Clark, president of the Massachusetts Restaurant Association, said in a statement. “With great weather, comes the want and desire to eat outside. Unfortunately, a number of restaurants across the state are in limbo without extended outdoor dining authorization, hopefully we are able to get this issue resolved quickly.”

    Clark added that many of his members have asked about the prospects of bringing back takeout drinks.

    “Menu evolution is always happening, but it takes time and effort to remove items off of menus; at the same time, license holders take their responsible service of alcohol seriously and do not want to run afoul of the laws that come with it,” he said.

    However, the policy might be up against a major hurdle, as one of the lead negotiators has come out against the idea.

    “I personally do not support cocktails to go. I believe we have cocktails to go, it’s called package stores,” Rodrigues said earlier this month. “We have bricks and mortar businesses, retail establishments, that that’s what they provide.”

    The chairman said he has not heard about to-go alcoholic drinks from one restaurant. “I’ve heard a lot from inside the building, I hear a lot from the media, but from restaurants, they want outdoor dining,” he said.

    Mariano, asked on WCVB’s “On The Record” to respond to Rodrigues’ comments, gave a vague endorsement of the idea.

    “It was something we came up with during the pandemic to help restaurants. It seemed to be successful, some people liked it. It didn’t really cause any problems that we were aware of. So we just thought if restaurants want to do it, we’ll let them do,” he said.

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    By Sam Drysdale and Chris Lisinski | State House News Service

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  • Netflix’s financial report highlights the success of the streaming service | Entrepreneur

    Netflix’s financial report highlights the success of the streaming service | Entrepreneur

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    Netflix’s financial report highlights that 9.33 million subscribers have joined the streaming service.

    Today, Netflix reported its first-quarter earnings report, and there is a lot for the content giant to be happy about. The company would open the report by saying “revenue was up 15%, our operating income grew by 54% and our operating margin rose by seven percentage points to 28%.”

    Netflix Q1 Report

    Netflix’s financial prowess was further underscored by its revenue of $9.37 billion, a figure that surpassed the $ 9.26 billion projected by analysts and industry experts. This translates to an impressive $5.28 of earnings per share, outperforming the anticipated $4.51.

    Netflix’s report reveals a staggering 270 million subscribers across 190+ countries, with an average of more than two people per household. This translates to an audience of over half a billion people, a scale and ambition unparalleled in the entertainment industry. The report emphasizes, “to cater to such a vast audience, we strive to offer a diverse range of compelling stories that cater to various tastes.’

    The improvement in subscriber numbers can be attributed to a crackdown on password sharing. Netflix has been determined to reduce the number of users who can access a singular account, so the surge in numbers could be attributed to that brick wall being in place, and those hoping to access their catalog will have to pay up.

    Salaries were also capped by Netflix for executives. Still, according to the Hollywood Reporter Co-CEO Greg Peters, his annual compensation grew from $26 million last year to almost double the following year. So the streaming platform’s shareholders must be happy with this upward trajectory.

    This SEC filing would include Peters’ base salary of $2.89 million, stock awards of $22.7 million, a bonus of $13.9 million and all other compensation totaling $620,602, which relates to use of the company aircraft.”

    Image: Ideogram

    The post Netflix’s financial report highlights the success of the streaming service appeared first on Due.

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    Brian-Damien Morgan

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  • Man Faces $70M Medicare Fraud Scheme Charges | Entrepreneur

    Man Faces $70M Medicare Fraud Scheme Charges | Entrepreneur

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    A Mississippi man has been charged with multiple offenses relating to $70 million Medicare fraud by the Justice Department.

    An indictment was unsealed in Tampa last week for Joel Rufus French, 46, who appeared when summoned in Oxford, Mississippi. The FBI Tampa Field Office and HHS-OIG are investigating the case.

    Man charged with millions of dollars of fraud

    French allegedly used bribes to obtain doctors’ orders to obtain unnecessary amounts of durable medical equipment (DME). The accused had also created a network of co-conspirators who received bribes and kickbacks in an elaborate scheme involving orthotic braces.

    Initial court documents highlighted that French did not disclose his status or role whilst running multiple DME companies to Medicare. French would then use the fraudulently obtained doctors’ orders to allegedly charge Medicare for reimbursement to the tune of $70 million.

    The release by the Department of Justice said the charges against French include “conspiracy to defraud the United States and to pay and receive illegal health care kickbacks, conspiracy to commit health care fraud and wire fraud, and conspiracy to commit money laundering.”

    Health Care Fraud Strike Force Program of the Justice Department is composed of “of nine strike forces operating in 27 federal districts, has charged more than 5,400 defendants who collectively have billed federal health care programs and private insurers more than $27 billion.”

    If French is convicted of these crimes he could face maximum penalties of twenty and five years respectively for each of the charges levied against him.

    This would be one of three medical fraud cases that the Justice Department recorded this week. A New Jersey Doctor was sentenced for illegally distributing oxycodone and two other Doctors were sentenced for their part in a fraudulent drug testing scheme.

    Image: Ideogram.

     

    The post Man Faces $70M Medicare Fraud Scheme Charges appeared first on Due.

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    Brian-Damien Morgan

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  • Trump Media stock plummets again | Entrepreneur

    Trump Media stock plummets again | Entrepreneur

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    Trump Media & Technology Group Corp (TMGT) shares plummeted after the entity filed to the U.S. Securities and Exchange Commission (SEC) to issue 21 million shares.

    The parent company of social media platform Truth Social has approached the SEC with a Files S-1 Resale Registration Statement.

    Trump shares nosedive after announcement

    The shares in the company ended the day on the stock market a further 18% down on initial trading. The SEC filing states:

    We are registering the resale by the Selling Securityholders named in this prospectus, or their permitted transferees, an aggregate of 146,108,680 shares of Common Stock, consisting of:

    • 1,133,484 Placement Shares;
    • Up to 14,316,050 Founder and Anchor Investors Shares;
    • 744,020 Conversion Shares;
    • 965,125 DWAC Compensation Shares;
    • 690,000 TMTG Compensation Shares;
    • 6,250,000 Alternative Financing Shares;
    • 7,116,251 Private Warrant Shares;
    • 143,750 Representative Shares; and
    • 114,750,000 President Trump Shares.

    This takes the overall fall down to nearly 60% of the launch price for the former President’s company stock. We reported earlier this month that the initial stock had fallen 20% in the first week of trading on the stock exchange.

    Digital World Acquisition Corp merged with Trump Media in late February to a large fanfare. The highest mark for the much-talked-about stock came in at $66.22, so the dip to $26.61 is a catastrophic fall ahead of a potential further share issue.

    The $52.77 plummet will be a costly one for the company, but as we reported last week, executives are still taking home sizeable compensation in this turbulent opening.

    Leading figures at TMGT have been given promissory notes to the tune of $6.25 million.

    This is broken down into $1.15 million for Chief Executive Officer Devin Nunes, $4.9 million for Chief Financial Officer Phillip Juhan, and $200,000 for Chief Operating Officer Andrew Northwall.

    It will be an interesting read ahead to see if the SEC agrees on the share issue and one that will certainly impact the future of TMGT.

    Image: Ideogram.

    The post Trump Media stock plummets again appeared first on Due.

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    Brian-Damien Morgan

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  • Indiana Betting Handle Soars in March but Revenue Dips

    Indiana Betting Handle Soars in March but Revenue Dips

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    March proved to be a busy month for licensed sports betting operators in Indiana, newly released data by the gambling regulator in the state, the Indiana Gaming Commission (IGC), reveals. The total betting handle reported by operators in March hit $500.8 million. This result, compared to the $433 million figure reported for the same period in 2023 marked an increase of 15.6% year-over-year.

    But while the betting handle increased year-over-year, this was not the case for taxable adjusted gross revenue (AGR). In total, taxable AGR halted at $39.4 million in March this year. Compared to the $42.8 million in taxable AGR posted a year earlier, in March 2023, a decrease of more than $3 million was observed.

    Not unexpectedly, the decrease in taxable AGR year-over-year also impacted the taxes collected by Indiana for March. In total, the sports wagering tax collected by the state last month was $3.7 million, down from $4,070,044 for the same period in 2023.

    Still, month-over-month, the latest results showed an uptick. In February, the betting handle in Indiana halted at $408.7 million, a far cry from the recently reported $500.8 million. Not unexpectedly, the taxable AGR a month earlier, in February, was also lower. Licensed operators in Indiana reported taxable AGR of nearly $38 million this February, a result that was $1.4 million below the March figure.

    DraftKings Posts Highest Betting Handle in March

    A breakdown of the $500.8 million betting handle reveals that basketball was the most popular sport during last month. The bets on basketball hit $167.9 million, while baseball was a distant second with $9.9 million in wagers followed by football with $1.7 million in bets. Wagers on other games accounted for $173 million, while parlay bets were $148.1 million from the total.

    Additional details released by the IGC reveal that DraftKings was an unquestionable leader in the state last month. Overall, the operator whose partner is Ameristar Casino, reported $184.3 million in betting handle, posting $14.5 million in taxable AGR.

    Following closely was FanDuel with its partner in Indiana, Blue Chip Casino. The total handle reported by FanDuel in March was $153.2 million, the second-best result for the state. Together with its partner, the operator posted $14.5 million in taxable AGR.

    The distant third place belonged to BetMGM with its Indiana partner Belterra Casino. Overall, BetMGM’s betting handle in March was $42.3 million, translating to $2.6 million in gross receipts.

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    Jerome García

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  • Student loan providers make millions of billing errors

    Student loan providers make millions of billing errors

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    Private companies overseeing the federal government’s college loan programs made “millions” of errors implementing new repayment plans, costing student borrowers time and money, according to a new congressional report.

    The report, released by Massachusetts Sens. Elizabeth Warren and Ed Markey, along with two other Democratic lawmakers, said the major loan servicers under contract with the U.S. Department of Education made more than 3.9 million “billing-related errors” once repayment of federal student loans resumed last fall.

    “The four student loan servicers that were under contract with ED at the end of the payment pause had ample time, clear contractual requirements, and sufficient funding from the federal government,” the report states. “Yet, they still made a series of mistakes that harmed millions of borrowers when payments restarted.”

    The report is based on data from the U.S. Education Department and federal audits that detailed delayed billing statements, “miscalculations” for borrowers converting to the new SAVE income-driven repayment plan, and payment miscalculations on borrowers’ income, family size or marital status.

    The loan servicing companies – EdFinancial Services, Higher Education Loan Authority of the State of Missouri, Maximus Education and Nelnet Diversified Solutions – responded to the allegations in a series of letters to the lawmakers that detail how they were challenged once loan repayments resumed.

    In a January letter, MOHELA said it has struggled to adjust to “evolving” loan servicing requirements from the U.S. Department of Education’s office of Federal Student Aid when millions of borrowers resumed repayments after a multiyear pause. A lack of federal funding compounded the efforts, the company said.

    “FSA has allocated only limited funding for servicing during the unprecedented event and throughout the ‘on-ramp’ period, funding which pales in comparison to the enormity of work associated with assisting millions of borrowers in a condensed time frame,” the company wrote.

    Nelnet blamed the federal government, in part, for the bungled resumption of student loan repayments and said it could “have avoided foreseeable borrower impacts and created a better customer experience.”

    “Unfortunately, borrowers were instead met with confusing and conflicting announcements of program changes, were told no payments were required, that interest would not accrue, indefinitely, and were promised their loans would be discharged,” Jeffrey Noordhoek, NelNet’s CEO, wrote to Warren.

    It’s not clear if the congressional report will lead to sanctions against the loan servicers. Last year, the Education Department released guidelines outlining steps it could take to punish servicers who fail to fulfill their contractual obligations, including withholding pay and transferring borrowers to other loan servicers.

    But the lawmakers said in the report that more should be done to help borrowers impacted by the errors, and called on the Biden administration to provide debt relief for those who were overbilled on loan repayments.

    “To remedy servicers’ historic failures and protect borrowers from future harms, there must be a path for debt relief for borrowers harmed by their servicers,” they wrote.

    Federal student loan servicing companies have been under intense scrutiny from Congress, which has held oversight hearings grilling education officials on efforts to reduce student debt. More than 43 million borrowers in the United States are carrying an estimated $1.6 trillion in student loan debt, according to federal data.

    Overall, the lawmakers said loan servicing companies have a “decades-long pattern of failures” and said the COVID-19 pandemic exacerbated a lack of accountability in the system that “allowed abuses to go unchecked and caused harm for borrowers crushed by student loan debt.”

    “These failures have resulted in borrowers being unable to properly manage their loans and take advantage of long standing student debt relief programs,” they wrote.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • Fundraiser to benefit Beverly man diagnosed with ALS

    Fundraiser to benefit Beverly man diagnosed with ALS

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    BEVERLY — Friends of a Beverly man diagnosed with ALS are organizing a fundraiser on behalf of him and his family.

    The event, called “Mugs for Mike,” will benefit Mike Marcinkowski, who at the age of 53 was recently diagnosed with amyotrophic lateral sclerosis, also known as Lou Gehrig’s disease.

    The fundraiser is scheduled for May 23 from 6-11 p.m. at the Italian Community Center in Beverly. It will include the chance to win gift cards and merchandise donated by local sponsors.

    John Frates, one of the organizers, said the fundraiser will help Marcinkowski’s family deal with the range of expenses caused by the disease, including medical bills, equipment and home modifications.

    Frates is the father of Pete Frates, the Beverly man who inspired the Ice Bucket Challenge that raised millions of dollars for ALS research. Pete Frates died in 2019 at age 34.

    John Frates said he was introduced to Marcinkowski through Paul LeBel, a mutual friend who is organizing the fundraiser.

    “I met the (Marcinkowski) family in January and I have to say he’s now part of our family too,” John Frates said. “You automatically have to say that you love that person because this is a man given a terminal diagnosis.”

    Frates said “Mugs for Mike” is modeled on the “Pints for Pete” events that were held for Pete Frates. He said he’s hoping that people who came out to support Pete will do the same for Marcinkowski.

    ALS is a progressive neurological disease that affects nerve cells in the brain and spinal cord, leading to paralysis. There is no cure. Marcinkowski was diagnosed with bulbar-onset ALS, which primarily affects muscles in the face, head and neck and is considered one of the most devastating variants of ALS, according to the National Institutes for Health.

    For more information on “Mugs for Mike” or to donate, go to www.gofundme.com/f/donate-to-help-mike-marcinkowski.

    Staff Writer Paul Leighton can be reached at 978-338-2535, by email at pleighton@northofboston.com, or on Twitter at @heardinbeverly.

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    By Paul Leighton | Staff Writer

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  • State to pay off another $10M in student loans

    State to pay off another $10M in student loans

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    BOSTON — Financial relief from college debt is coming for hundreds of mental health workers under a state loan repayment program aimed at easing workforce shortages.

    A taxpayer-funded program, which launched in 2022, pays off up to $300,000 in college loans for eligible health care professionals in a variety of disciplines, including dental, medical, mental health and substance abuse.

    The state Executive Office of Health and Human Services, which oversees the MA Repay program, announced a new round of disbursements earlier this week, totaling $10 million. The latest round of loan repayments will specifically target more than 200 eligible mental health workers, the agency said.

    Gov. Maura Healey said the move will “offer life changing loan repayment to our dedicated state employees who continue to provide care daily to community members with serious mental illness.”

    “Massachusetts relies on our incredible behavioral health workforce to provide essential care to our residents, but far too many workers are being held back by crushing levels of student debt,” Healey said in a statement.

    The MA Repay program was approved as part of a $4 billion pandemic relief bill signed by then-Gov. Charlie Baker in December 2021. It’s aimed at recruiting and retaining new workers in a sector of the state’s health care system that is traditionally among the lowest paid.

    Under the program, psychiatrists are eligible for up to $300,000 if they are employed full time, and $150,000 if they work part time. Psychologists can get up to $150,000 in loans repaid if they are full-time workers, $75,000 if they work part time.

    Nurses, nurse practitioners, advanced practice nurses, physician assistants and social workers with master’s degrees who are employed in mental health settings can get between $25,000 to $50,000. Workers in those professions with bachelor’s degrees can get between $15,000 and $30,000.

    Those who qualify must commit to working for at least four years in the state under a “service commitment” to receive the financial relief. That employment can be with up to two different employers, according to the state agency.

    In August, the state announced the first round of disbursements for nearly 3,000 health care workers, totaling $140.9 million. In October, the state opened a second round of disbursements for $25 million. and in January, another $16.5 million was made available to early education, childcare, home health and other home workers.

    The move comes as President Joe Biden unveiled a new proposal this week that seeks to reduce or cancel federal student loans for 30 million Americans.

    Biden’s latest forgiveness plan calls for offering loan relief to borrowers who have large amounts of interest on their loans, have been paying for decades or those who face financial hardship.

    A group of Republican states filed a federal lawsuit on Tuesday challenging Biden’s SAVE Plan, arguing the move bypasses Congress and a 2023 U.S. Supreme Court ruling that rejected Biden’s previous loan forgiveness program, which had called for eliminating $400 billion in outstanding college debt.

    To date, $136.6 billion in federal college loans have been forgiven for more than 3.7 million Americans, according to the Biden administration.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • House seeks more money for MBTA upgrades

    House seeks more money for MBTA upgrades

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    BOSTON — House Democrats are seeking hundreds of millions of dollars more for MBTA upgrades and workforce needs as part of their annual spending plan.

    The House’s version of the budget unveiled Wednesday calls for spending what legislative leaders described as a “record” $555 million for the Massachusetts Bay Transportation Authority in the next fiscal year and an additional $184 million for regional transit systems that operate across the state.

    House Speaker Ron Mariano said the “historic” level of spending “will allow the new leadership at the T to meet the immense challenges that they face head on.”

    “Given the workforce recruitment and training challenges that have plagued the MBTA, I am particularly proud of the House’s proposal to establish an MBTA Academy that would help to bolster their workforce development efforts,” the Quincy Democrat said in a statement.

    House leaders said the spending plan for the fiscal year that begins July 1 would be funded in part by revenue from the state’s new “millionaire’s tax,” a voter-approved law that set a 4% surtax on incomes above $1 million.

    “Having a well-run transit system is critical to the success of the commonwealth,” House Committee on Ways and Means Chair Aaron Michlewitz, D-Boston, said in a statement. “This record amount of funding shows the House’s commitment to improving our transportation infrastructure in every area of the commonwealth.”

    The House plan earmarks $314 million for direct operating costs at the MBTA, $184 million for the state’s 15 regional transit authorities, and $75 million for MBTA capital investments.

    The plan also calls for spending $40 million to create an MBTA academy to oversee recruiting and training efforts, and create a pipeline for skilled workers.

    An additional $20 million would be set aside for reduced fares for riders with low incomes, which was recently approved by the MBTA’s board of directors.

    The low-income fare program is expected to cost $60 million a year and Gov. Maura Healey has proposed $45 million in funding from the “millionaire’s tax” in her fiscal 2025 budget proposal. Members of an advisory board that recommended approval of the plan also cautioned that the state does not have a dedicated source of funding.

    The move to pump more taxpayer money into the state’s beleaguered public transit system comes as the MBTA wrestles with projected budget deficits driven by a mountain of debt, some dating back to the Big Dig project.

    T officials estimate the transit agency’s operating deficit for the next fiscal year is $182 million, which is projected to grow to $859 million by 2029.

    Meanwhile, the MBTA said it would need about $24.5 billion to bring the system into a state of “good repair” by replacing tracks, facilities, power equipment, trains and other infrastructure.

    Healey attributes the deficit to a lack of investment in the system over decades and said she wants to make “transformative investments” to improve service and reliability. She touted $250 million in MBTA funding in her $56.1 billion budget proposal unveiled in January.

    Lawmakers are expected to file hundreds of proposed amendments to the House’s spending package, the fate of which will be debated in closed-door leadership negotiations.

    The budget would also need to be approved by the state Senate before heading to Healey’s desk for review.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • State to pay off $10M more in student loans

    State to pay off $10M more in student loans

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    BOSTON — Financial relief from college debt is coming for hundreds of mental health workers under a state loan repayment program aimed at easing workforce shortages.

    A taxpayer-funded program, which launched in 2022, pays off up to $300,000 in college loans for eligible health care professionals in a variety of disciplines, including dental, medical, mental health and substance abuse.

    The state Executive Office of Health and Human Services, which oversees the MA Repay program, announced a new round of disbursements earlier this week totaling $10 million. The latest round of loan repayments will specifically target more than 200 eligible mental health workers, the agency said.

    Gov. Maura Healey said the move will “offer life changing loan repayment to our dedicated state employees who continue to provide care daily to community members with serious mental illness.”

    “Massachusetts relies on our incredible behavioral health workforce to provide essential care to our residents, but far too many workers are being held back by crushing levels of student debt,” Healey said in a statement.

    The MA Repay program was approved as part of a $4 billion pandemic relief bill signed by then-Gov. Charlie Baker in December 2021. It is aimed at recruiting and retaining new workers in a sector of the state’s health care system that is traditionally among the lowest paid.

    Under the program, psychiatrists are eligible for up to $300,000 if they are employed full time, and $150,000 if they work part time. Psychologists can receive up to $150,000 in loans repaid if they are full-time workers, $75,000 if they work part time.

    Nurses, nurse practitioners, advanced practice nurses, physician assistants and social workers with master’s degrees who are employed in mental health settings can receive $25,000 to $50,000. Workers in those professions with bachelor’s degrees can get between $15,000 and $30,000.

    Those who qualify must commit to working for at least four years in the state under a “service commitment” to receive the financial relief. That employment can be with up to two employers, according to the state agency.

    In August, the state announced the first round of disbursements for nearly 3,000 health care workers totaling $140.9 million. In October, the state opened a second round of disbursements for $25 million. In January, an additional $16.5 million was made available to early education, child care, home health and other home workers.

    The move comes as President Joe Biden unveiled a new proposal this week that seeks to reduce or cancel federal student loans for 30 million Americans.

    Biden’s latest forgiveness plan calls for offering loan relief to borrowers who have large amounts of interest on their loans, have been paying for decades or who face financial hardship.

    A group of Republican states filed a federal lawsuit on Tuesday challenging Biden’s SAVE Plan, arguing the move bypasses Congress and a 2023 U.S. Supreme Court ruling that rejected the president’s previous loan forgiveness program, which called for eliminating $400 billion in outstanding college debt.

    To date, $136.6 billion in federal college loans have been forgiven for more than 3.7 million Americans, according to the Biden administration.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • SEC hits investment advisors for violation of marketing rules | Entrepreneur

    SEC hits investment advisors for violation of marketing rules | Entrepreneur

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    The Securities and Exchange Commission (SEC) has cracked down on five registered investment advisers.

    The SEC imposed fines on five entities for violating marketing rules in what would be the second wave of regulatory action in the space of a year.

    SEC fines investment advisors

    All five firms have held their hands up and agreed to settle the penalties levied on them by the government body. The combined fines come in at $200,000 and the SEC has also imposed other charges.

    The SEC’s investigations and orders found that “the five firms advertised hypothetical performance to the general public on their websites without adopting and implementing policies and procedures reasonably designed to ensure that the hypothetical performance was relevant to the likely financial situation and investment objectives of each advertisement’s intended audience, as required by the Marketing Rule.”

    The five firms charged are:

    • GeaSphere LLC
    • Bradesco Global Advisors Inc.
    • Credicorp Capital Advisors LLC
    • InSight Securities Inc.
    • Monex Asset Management Inc.

    Co-Chief of the SEC Enforcement Division’s Asset Management Unit. Corey Schuster would comment on the charges and the importance of the rules in place to safeguard consumers. He said “Today’s actions show that we will continue to employ targeted initiatives to ensure that investment advisers fully comply with their obligations under the rule. They also serve as a reminder of the benefits to firms that take corrective steps before being contacted by Commission staff.”

    This is the second wave of marketing rule breaches that have been investigated by the SEC. The first wave was brought to light and nine advisory firms were hit with regulatory scrutiny in September 2023.

    The order result would say “GeaSphere agreed to pay a civil penalty of $100,000. Bradesco, Credicorp, InSight, and Monex agreed to pay civil penalties ranging from $20,000 to $30,000, which reflected certain corrective steps taken by each of these firms before being contacted by the Commission staff.”

    GeaSphere was hit with the heaviest penalties as they were found to have misled the orders of the SEC. The company made false statements in advertisements and could not make good on its commitments to consumers.

    GeaSphere also violated other regulatory requirements, including by making false and misleading statements in advertisements, advertising misleading model performance, being unable to substantiate performance shown in its advertisements, and failing to enter into written agreements with people it compensated for endorsements.

    The order further finds that GeaSphere committed recordkeeping and compliance violations and made misleading statements about its performance to a registered investment company client “that the misleading statements were included in the client’s prospectus filed with the Commission.”

    Image: Ideogram.

     

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  • Denver inflation hits below the national rate | Entrepreneur

    Denver inflation hits below the national rate | Entrepreneur

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    Denver has announced that the state’s rate of inflation has hit its lowest in three years.

    The news means the Mile-High City’s inflation has hit under 3% and well below the United States average. The Denver-Aurora-Lakewood area would see this financial boon due to outsourced food and gasoline prices.

    Denver tops the low inflation charts

    The news comes from the U.S. Bureau of Labor Statistics’ bi-monthly update.  The government institution has been tracking Denver’s inflation as far back as a little over a year ago Americans were struggling with the hefty price of things like food and gas.

    At this time Denver was facing the worst inflation in the state’s recent history at around 5.4% compared to the national average of 3.7%.

    The major contributing factors in the state’s turnaround are due to both food prices and how gasoline prices have plummeted in the state.

    The report would say that “Over the last 12 months, the CPI-U advanced 2.8 percent. The index for all items less food and energy rose 3.4 percent over the year, and food prices rose 2.5 percent. Energy prices fell 5.4 percent, entirely the result of a decrease in the price of gasoline.”

    Gasoline prices also took a positive turn in comparison to last year when a major provider of the state’s fuel supply would need to go offline. The shutdown of the Denver pipeline from Suncor Energy would see a spike in gas prices to 35% and 50% respectively throughout the year.

    The gas prices now in Colorado sit at $3.07 per regular gallon of gas which is down by roughly 10% across the year according to the AAA. The BLS report would say on energy prices “From March 2023 to March 2024, energy prices fell 5.4 percent, entirely due to lower prices for gasoline (-20.6 percent). Prices paid for natural gas service rose, and the index for electricity advanced 4.9 percent during the past year.”

    The report focused on the surrounding areas of Denver-Aurora-Lakewood, which are made up of Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park counties in Colorado.

    Image: Ideogram.

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  • SEC: What does your financial future look like? | Entrepreneur

    SEC: What does your financial future look like? | Entrepreneur

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    The Securities and Exchange Commission’s (SEC) theme for April’s National Financial Capability Month has been revealed.

    The SEC is asking Americans “What does your financial future look like? Having a plan can help answer the question.”

    Creating financial plans is a key part of securing the future and throughout April the SEC and key stakeholders within the government institution will be talking about building a better financial roadmap.

    SEC talks about the financial future

    The government body will be releasing guidance from leaders in the SEC and those working in the engine room of the financial fair-play body. They will “highlight the importance of creating a saving and investing plan to help investors meet their financial goals, and will encourage them to take advantage of the free tools and resources available on Investor.gov.”

    The SEC will also bring investor education events to various audiences, including students, underrepresented communities, older investors, and the military throughout the United States.

    SEC Chair Gary Gensler said of the announcement “Investors turn to our capital markets every day, whether to grow a nest egg, plan for retirement, save for an education, or prepare for the inevitable bumps along the way.”

    The SEC has released several tools to keep people informed. Including:

    April’s Financial Capability Month Investing Quiz;

    Director Lori Schock said “”Creating a saving and investing plan that helps you meet your financial goals and sharing those ideals and goals with your family and friends may not only help you stay more committed to your decision-making but can provide you with support to help you stick with your plan for the long term.”

    The SEC will be bringing educational events to all residents of the United States but will be focusing that little bit more on older investors, high school and colleague students and service members. The regulatory body will also be targeting community organizations and affinity groups to help Americans plan for a healthier financial future.

    Gensler would conclude “To be an informed investor is to be a more effective investor, and I encourage the public to take advantage of the many resources we offer on Investor.gov.”

    Image: Ideogram.

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  • What does high March inflation mean for the Fed and the economy?

    What does high March inflation mean for the Fed and the economy?

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    What does high March inflation mean for the Fed and the economy? – CBS News


    Watch CBS News



    The annual inflation rate hit 3.5% in March, the highest since September. Martin Baccardax, senior editor and chief markets correspondent at “TheStreet,” joins CBS News to examine what’s behind the increase and what it means for interest rate cuts.

    Be the first to know

    Get browser notifications for breaking news, live events, and exclusive reporting.


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  • House unveils $57.9 billion budget plan

    House unveils $57.9 billion budget plan

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    BOSTON — More money for public transportation, education, housing, and workforce development are among the highlights of the House of Representatives’ version of next year’s state budget, which was rolled out Wednesday.

    The $57.9 billion House budget — which is about $150 million more than Gov. Maura Healey’s preliminary budget — boosts local aid in the fiscal year that begins on July 1 to more than $1.25 billion. It also calls for spending $6.86 billion on Chapter 70 school aid, also an increase over the current fiscal year.

    House Ways and Mean Chairman Aaron Michlewitz, D-Boston, said the plan will “allow the commonwealth’s economy to grow, while remaining competitive, and also recognizing the financial realities” facing the state government following several months of declining revenue.

    “This budget aims to do that with major investments in housing, education and workforce development … all while keeping Massachusetts a competitive engine,” he told reporters at a briefing where he touted the state’s fiscal outlook. “We still have the ability to navigate through these choppy waters and meet the needs of our residents.”

    House Democrats shrugged off Healey’s calls to cap spending increases at 2.9% over the previous fiscal year, proposing to hike spending by 3.3% next fiscal year.

    House Speaker Ron Mariano said despite the increased spending, the Legislature will need to tighten the state’s fiscal belt in the next year amid economic uncertainty and diminishing revenue collection.

    “This fiscal year is not going to be like the past few,” the Quincy Democrat said in remarks Wednesday. “And there will be an ever greater demand for fiscal responsibility throughout this budget cycle.”

    A key provision of the plan calls for spending what House leaders described as a “record” $555 million for the Massachusetts Bay Transportation Authority in the next fiscal year to cover the cost upgrades and training new workers at the beleaguered agency.

    If approved, the House plan would earmark $314 million for direct operating costs at the MBTA, $184 million for the state’s 15 Regional Transit Authorities, and $75 million for MBTA capital investments.

    The plan also calls for spending $40 million to create an MBTA Academy to oversee recruiting and training efforts, and create a pipeline for skilled workers.

    Another $20 million would be set aside for reduced fares for riders with low incomes, which was recently approved by the MBTA’s Board of Directors.

    The plan also calls for spending $1 billion in proceeds from the millionaires’ tax on a range of education and transportation programs, along with new initiatives. The new voter-approved law, which went into effect in January, set a 4% surtax on incomes above $1 million.

    The House plan calls for $475 million to continue the Commonwealth Cares for Children program, which has provided grants to about 7,500 child care providers to help them keep their doors open during the pandemic.

    It also recommends spending $35 million to provide “unlimited” free phone calls for inmates at state prisons, correctional facilities and county jails.

    Increased funding for job training, housing, higher education, and expanding behavioral health services also are part of the proposal.

    Healey unveiled a $56.1 billion budget in January that called for capping spending increases at 2.9% across the board, citing the state’s declining revenue collections.

    Debate on the spending plan comes amid concerns about the state’s finances with taxes and other revenue coming in below benchmarks in recent months despite a slight uptick in the previous month, as well as federal pandemic aid drying up.

    Healey wielded her executive powers in February to slash $375 million from the current fiscal year budget to close a gap between spending and revenue.

    The so-called 9C cuts, which didn’t require legislative approval, hit a variety of state agencies and departments, with one of the largest reductions being a $294 million cut at the state’s Medicaid program for fee-for-service payments.

    Lawmakers are expected to file hundreds of proposed amendments to the House’s spending package, the fate of which will be debated in closed-door leadership negotiations.

    The budget also needs to be approved by the state Senate before heading to Healey’s desk for review.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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  • Deputy Secretary of the Treasury speaks on multiple banking matters | Entrepreneur

    Deputy Secretary of the Treasury speaks on multiple banking matters | Entrepreneur

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    Deputy Secretary of the Treasury Wally Adeyemo gave the Senate Banking Committee an update on Banking, Housing, and Urban Affairs.

    Adeyemo has been a vocal advocate of increasing the regulatory powers of the United States Treasury and their impact on domestic financial affairs.

    Adeyemo gives an update to the Senate Banking Committee

    The Deputy Secretary said in front of the Senate Banking Committee “I am here today because we need additional tools to protect the American people.”

    Adeyemo would continue that “we(The Treasury) take steps to cut terrorist groups and other malign actors off from the traditional financial system, we are concerned about the ways these actors are using cryptocurrencies to try and circumvent our sanctions.”

    Deputy Secretary Adeyemo had proposed three key reform topics to the Senate Banking Committee in November of 2023. These included the creation of a financial sanction tool targeted “at foreign digital asset providers that facilitate illicit finance.”

    The second topic proposed was “modernizing and closing gaps in existing authorities by expanding their reach to explicitly cover the key players and core activities of the digital assets ecosystem.”

    Thirdly, Adeyemo addressed “jurisdictional risk from offshore cryptocurrency platforms, which is a key challenge.”

    The United States Treasury has stated that cryptocurrency is an emerging player in the hands of dangerous groups. Deputy Secretary Adeyemo would also highlight the funding routes that terrorists and key groups of concern use.

    He said “While we continue to assess that terrorists prefer to use traditional financial products and services, we fear that without Congressional action to provide us with the necessary tools, the use of virtual assets by these actors will only grow.

    While these actors today only use virtual assets for a fraction of their illicit activity, we know in other areas, illicit actors almost completely rely on virtual currencies. Over the past few years, ransomware attacks have only increased in scale, sophistication, and frequency. Treasury’s Financial Crimes Enforcement Network found, based on BSA reporting, that more than $1 billion of ransomware payments were made exclusively using cryptocurrency in 2023. This not only has an impact on our national security but also on our economy,”

    You can view the full hearing of the Senate Banking Committee and it is hoped that today’s session will root out the foreign and domestic threats that illicit banking can bring.

    Image: Ideogram.

     

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