
Explainer-Charting the Fed's data flow
By Howard Schneider The Federal Reserve held its benchmark overnight interest rate steady at its Sept. 19-20 policy
2023-09-29 21:59

Martin Franklin’s New Buyout Vehicle Raises $550 Million in IPO
An acquisition company backed by serial dealmaker Martin E. Franklin has raised $550 million, exceeding an earlier goal
2023-05-17 06:50

BMW to produce electric X3 model at South Africa plant
Germany's BMW will build its X3 model in South Africa from 2024, investing 4.2 billion rand ($225.09 million)
2023-06-29 15:49

Bernie Sanders and Democratic Rep Ro Khanna launch campaign to wipe out medical debt
Progressives are beginning a new offensive on Capitol Hill: Taking on America’s staggering $88bn in medical debt. Headed up by the Bernie Sanders spinoff group Our Revolution, advocates around the country are gathering horror stories of instances where necessary procedures were blocked by insurance companies or, perhaps worse, approved with stipulations such as “out of network” classifications that can quickly (and often do) lead to lifesaving treatment becoming a financial death sentence. The group hosted a town hall led by executive director Joseph Geevhargese on Monday, where a number of Americans shared their own personal versions of ruin at the hands of medical debt collectors and hospital bills. Between 10 per cent and half of adult Americans are thought to carry medical debt in some form, with estimates widely varrying thanks to the complexities of tracking paid-off debts. Elizabeth McLaughlin, one woman who shared her account with participants of the town hall event on Monday, spoke about how treatment she received in 2017 has led to her taking on tens of thousands of dollars in credit card debt as she placed utility bills and other basic needs like groceries on lines of credit rather than face medical debt collectors. “I pass it from one [card] to another, and in the meantime I’m just grateful that I’m employed, and insured, and I can keep making the payments,” she explained. Another woman, Kristin Noreen, explained that she even filed for bankruptcy, only for her debt to immediately begin climbing into the thousands again thanks to tax obligations and other costs. Her treatment bills rose past $1m dollars after she was struck by a car on her bicycle and suffered grievous injuries, including the amputation of her hand, and now she explains that she has little chance of ever climbing out of her personal debt trap — even after her insurance paid for all but $60,000 of the treatment cost, and $50,000 of the remaining debt was handled by a charitable donation. The remaining $10,000 was still more than enough, coupled with the cost of years of therapy she says is “barely” covered by her Affordable Care Act plan, to leave her in financial desolation. “I’m back up to $10,000 on credit cards and as of last month, I have another $3,000 in debt to the IRS for prioritising my care over my estimated taxes. I’ve been denied disability and I work part-time from home as much as I’m able to,” she explained, while noting that if her pay increases from her part-time work, she is legally required to pay it towards Affordable Care Act subsidies rather than her own debt. Mr Sanders, along with a colleague in the House, Ro Khanna, reportedly plan to introduce legislation in the coming weeks aimed at addressing the issue — along with a nationwide campaign aimed at pressuring vulnerable lawmakers to get on board. Among the legislation’s priorities will be halting “predatory” debt collection practices and going after price gouging in medical billing. And while the demands in their upcoming legislation are small in comparison to Mr Sanders’s long-held desire to overhaul America’s for-profit healthcare system into a single-payer system aimed at affordability and access, the efforts by progressives to highlight the tragic cases of Americans consumed by medical debt likely aid in the left’s work to popularise the idea of major reforms and changes to the structure of America’s health system. Mr Sanders called for the elimination of all medical debt in the spring of 2022 after three leading credit agencies announced that they would no longer track paid-off medical debts when calculating credit ratings for Americans. “‘Medical debt’ and ‘Medical bankruptcy’ are two phrases that should not exist in the United States of America,” the senator said at the time. “Removing 70 percent of past-due medical debt from credit reports is a step in the right direction, and much more needs to be done. We must cancel all medical debt.” Read More Deal or default? Biden, GOP must decide what's on the table Black voters backing Biden, but not with 2020 enthusiasm House Republicans pressure Biden as they vote to raise debt ceiling in exchange for spending cuts
2023-05-10 06:26

Column-September sees Fed dot plot thicken :Mike Dolan
By Mike Dolan LONDON Markets appear to have batted away next month's Federal Reserve gathering as a paused
2023-08-30 14:19

Credit Suisse Already Had Problems in 2015, UBS CEO Tells Paper
UBS Group AG Chief Executive Officer Sergio Ermotti, who’s overseeing the takeover of Credit Suisse Group AG in
2023-05-13 15:19

Kimberly Palmer: How to stay safe from financial scams
While there’s no way to guarantee you’ll completely avoid financial scams, there are steps you can take to reduce your chances of falling for one
2023-07-31 23:17

LA Kings Announce Mercury Insurance as Team’s First-ever Jersey Patch Partner and Continue More Than Decade-long Historic Partnership
LOS ANGELES--(BUSINESS WIRE)--Oct 2, 2023--
2023-10-03 04:52

Ukraine Recap: Officer Linked in Reports to Nord Stream Sabotage
A senior Ukrainian military officer with deep ties to the country’s intelligence services played a central role in
2023-11-12 16:50

BOJ's Ueda: can see inflationary bias in corporate price-setting behaviour
By Leika Kihara TOKYO Bank of Japan Governor Kazuo Ueda said on Friday the country's corporate price-setting behaviour
2023-06-09 09:22

Walmart cuts starting hourly pay for some workers in move it says will offer consistency in staffing
Walmart, the nation’s largest private employer, is making adjustments to its pay scale that will have some new store workers like those picking online orders start at lower hourly pay than it did a few months ago
2023-09-08 02:58

Supreme Court sides with ex-Cuomo aide, others convicted of corruption related to 'Buffalo Billion'
The Supreme Court has ruled for a onetime top aide to ex-New York Gov_ Andrew Cuomo and for others who were convicted of corruption related to an economic development project known as the “Buffalo Billion.”
2023-05-12 00:19
You Might Like...

Factbox-U.S. banks increase reserves for commercial real estate exposure

The Real Brokerage Appoints Ravi Jani as Vice President, Investor Relations and Financial Planning & Analysis

Shane Gillis 'ripped' by Joe Rogan during friendly match after insisting UFC commentator 'can’t tap' him

24 Discounted Summer Dresses From Nordstrom’s Anniversary Sale

Chinese AI firm SenseTime denies research firm Grizzly's claim it inflated its revenue

Exclusive-S.Korea considers limiting tenure of local currency, swap traders - sources

Minnesota governor vetoes higher pay for Lyft, Uber drivers

Cambodian union chief who led long-running casino strike gets 2-year prison sentence