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Fear of Bankruptcy Keeps Many People From Getting a Fresh Start

October 9, 2020

By Liz Weston

The mystery isn’t why so many people file for bankruptcy each year. It’s why more people don’t.

Each year, only a fraction of the Americans who could benefit financially from bankruptcy actually seek relief. Economists say some don’t file because collectors aren’t aggressively pursuing them, while others may strategically delay filing because bankruptcy could benefit them more down the road.

Many bankruptcy attorneys have a much simpler explanation: Fear, a lack of information and misplaced optimism keep people from getting a fresh start.

A Temporary Pause

About 14% of U.S. households — or roughly 17 million — owe more than they own, according to Federal Reserve Bank of New York estimates. Many of these households could benefit from having their debts wiped out, but fewer than 1% of U.S. households actually file for bankruptcy each year. Last year, there were 752,160 personal bankruptcy filings. Researchers refer

Dow Futures Rise, Dollar Retreats on Fresh Stimulus Hopes

October 1, 2020

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The Thursday Market Minute

Global stocks rally on U.S. stimulus hopes even as rising coronavirus infections suggest slowing growth in the months ahead.
U.S. lawmakers signal the potential for compromise on a coronavirus relief bill, as well as support for the airline sector, as job losses loom.
Japan’s TSE suffers technical failure that keeps the Nikkei 225 close for the first time since 1999.
Weekly jobless claims at 8:30 am Eastern time follow a stronger-than-expected ADP employment report on Wednesday and non-farm payrolls on Friday.
Oil prices drift lower as U.S. domestic crude stocks rise by 3.5 million barrels to the highest levels since May.
U.S. equity futures suggest a firmer open on Wall Street to start the fourth quarter ahead of weekly jobless numbers and earnings from Pepsi and Constellation Brands.

U.S. equity futures jumped higher Thursday, while the dollar fell and oil prices slipped lower, as investors looked

Google offers concessions in fresh bid to win EU okay for Fitbit deal

September 29, 2020

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By Foo Yun Chee

BRUSSELS, Sept 29 (Reuters) – Alphabet GOOGL.O unit Google has offered concessions for a second time in a bid to address EU antitrust regulators’ concerns about its bid for fitness tracker maker Fitbit FIT.N, a European Commission filing showed on Tuesday.

The Commission, which is scheduled to decide on the deal by Dec. 23, did not publish details of the concessions in line with its policy.

The EU competition enforcer will now seek feedback from rivals and customers before deciding whether to accept the concessions, demand more, or either clear or block the detail.

Last month, it rejected Google’s pledge not to use the fitness tracker’s data for advertising purposes in a bid to address competition concerns, saying that it was insufficient.

The Commission recently asked Google rivals and customers about interoperability issues, what technical steps the company could take to foreclose competition to

China grants fresh quota under outbound QDII scheme amid yuan strength

September 27, 2020

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SHANGHAI, Sept 24 (Reuters) – China’s foreign exchange regulator granted fresh quotas under its outbound QDII scheme for the first time since April 2019, official data showed.

The $3.36 billion worth of quotas was granted to 18 institutions under the Qualified Domestic Institutional Investor (QDII) scheme, which channels domestic money into offshore financial markets, data from the foreign exchange regulator showed late Wednesday.

The move by the State Administration of Foreign Exchange (SAFE) comes as the yuan has strengthened against the dollar over the past weeks amid accelerating foreign money inflows.

The Chinese currency could trend higher over a period of time, so China can appropriately loosen its grip on outbound flows and guide overseas asset allocation by domestic institutions in an orderly manner, the official Securities Journal reported on Thursday.

China’s total QDII quota stood at $107.34 billion as of Sept. 23, compared with $103.98 billion the previous month.