Tag: money

Posted in Money

Money market account vs. money market fund: Which is right for you?

  • A money market account is an interest-bearing deposit account offered by banks and credit unions.
  • A money market fund is a type of income-oriented mutual fund that invests in short-term debt securities.
  • Both are low-risk and highly liquid, but money market accounts and money market funds are distinct financial vehicles that serve different needs.
  • Visit Insider’s Investing reference library for more stories.

Money market accounts and money market funds may have similar names, but they have some key differences. A money market fund is a low-risk and highly liquid investment asset — specifically, a mutual fund — while a money market account is a type of deposit account offered by a bank or credit union.

 That’s not to say these soundalikes don’t share some traits. Both money market accounts and money market funds are safe places to park cash, and both invest in similar things — short-term debt,

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Posted in Money

Money Hacks Podcast: ETFs and unit trusts, what are the differences and misconceptions?, Business News & Top Stories

Money Hacks Ep 79: Differences and misconceptions over ETFs and unit trusts

9:22 mins

Synopsis: Updated fortnightly on Mondays, The Business Times breaks down useful financial tips.

This episode tackles the importance of knowing the pros and cons of ETFs and unit trusts.

Chris Lim hosts Gregory Van, chief executive and founding partner of Endowus, the only digital investment adviser that now has a CPF investment option.

They discuss the following points:

1. What are ETFs and unit trusts and are there big differences between them? (0:45)

2. Are unit trusts and mutual funds the same product? (2:32)

3. Why are ETFs essentially a wrapper for products like funds, Reits or bonds, so they can be traded on exchanges? How does that impact the net asset value? (3:15)

4. Unit trusts are more convenient for investors who do not need intra-day liquidity (4:55)

5. What are the differences between ETFs

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Posted in Money

Why are colleges bringing back students despite near-certainty of COVID-19 outbreaks? Money plays a big part – News – The Columbus Dispatch

For months, universities and experts have warned another semester of remote courses could have disastrous effects on student enrollment and college budgets.

Colleges that are reopening campuses this fall know they’re bringing a higher risk of coronavirus to their community.

The questions aren’t really about if or when, but about how bad outbreaks could be — and whether having an in-person experience for students is worth the cost. With so much at stake, some students, parents and faculty are asking: Why take the risk at all?

In many cases, it comes back to money.

For months, colleges and experts have warned another semester of remote courses could have disastrous effects on student enrollment and college budgets.

Colleges already lost billions of dollars when they pivoted to digital instruction in the spring, in the form of refunded room-and-board payments and expensive technology for online courses. Another semester — or year —

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Posted in Money

U.S. global media agency demanded outlets return money for internet freedom projects

The official and others spoke to POLITICO on condition of anonymity because they weren’t authorized to talk to the media.

What the outlets did: In response to the agency’s demands, Middle East Broadcasting Networks provided a paper check of $500,000, and Radio Free Asia provided a check worth $2.9 million, according to two people familiar with the matter. Until last year, the OTF was a program of Radio Free Asia. It’s unclear how Radio Free Europe responded to the order.

The plans: USAGM wants to reallocate the money to other internet freedom projects, and according to a separate agency employee, USAGM officials have been in touch in recent months with the maker of Ultrasurf, software that provides internet firewall circumvention code and which was developed by a member of the Falun Gong, a persecuted Chinese religious minority.

For the last several years, USAGM had refused to provide money for Ultrasurf

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Posted in Money

Irish Cabinet to Pass New Crypto Laws to Tackle Money Laundering and Terrorist Financing

The cryptocurrency scene in Ireland will be stricter in days to come if the country adopts new laws to streamline business operations of digital asset entities to combat money laundering and terrorist financing. 

The Money Laundering and Terrorist Financing Amendment Bill 2020

With the backing of the cabinet, the Irish Justice Minister, Helen McEntee will publish the Money Laundering and Terrorist Financing Amendment Bill 2020 that also gives effect to the provisions of the fifth EU Money Laundering Directive, reports the Irish Examiner on Aug 10.

If the bill becomes law, new designated bodies like virtual currency and wallet providers will be drawn into the existing legislation. Additional provisions will also stop the country’s regulated banks and financial institutions from creating anonymous safety deposit-boxes.

Digital assets are distributed and decentralized meaning existing laws can’t sufficiently curb their operations. This requires regulators to work closely with policymakers to formulate laws to

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Posted in Money

GSMA, WFP Launch Mobile Money Program to Distribute Disaster Relief

The GSMA will be working with the United Nations World Food Programme (WFP) to provide civilians with financial relief during humanitarian crises. Examples include pandemics and natural disasters, although the program is not limited to those specific situations.

GSMA and WFP Launch Mobile Money Program to Distribute Disaster Relief

The joint program will leverage mobile money technology to transfer funds to individual civilians. The digital assistance can be distributed quickly and efficiently, with an extensive digital paper trail to maintain accountability.

The financial aid program will run for the next three years, and builds on the existing five-year relationship between the GSMA and the WFP. The two organizations will work with local governments and mobile operators to implement the program, which will launch in Nigeria before expanding to other countries around the world.  

“As humanitarian crises become more frequent, complex and protracted, the need to devise services that are scalable, replicable and efficient has become crucial,” said GSMA Chief Regulatory Officer

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Posted in Money

Miami Man, 29, Spent PPP Money On Lamborghini: Feds

MIAMI, FL — A 29-year-old Miami man has been accused of using $3.9 million in Paycheck Protection Program money to buy a $318,000 Lamborghini Huracan for himself and make other lavish purchases.

David T. Hines, 29, of Miami, Florida, was charged with one count of bank fraud, one count of making false statements to a financial institution and one count of engaging in transactions in unlawful proceeds.

“The complaint alleges that Hines sought approximately $13.5 million in PPP loans through applications to an insured financial institution on behalf of different companies,” federal prosecutors said. “The complaint alleges that Hines caused to be submitted fraudulent loan applications that made numerous false and misleading statements about the companies’ respective payroll expenses. The financial institution approved and funded approximately $3.9 million in loans.”

U.S. Attorney Ariana Fajardo Orshan of Miami announced the charges Monday along with Acting Assistant Attorney General Brian C. Rabbitt

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Posted in Money

Florida activists get money to register and turn out young, minority, former felon voters for presidential election

Four Florida groups that focus on young people, Black and Hispanic citizens, and felons who’ve served their sentences will share more than $2 million in funding to register and turn out voters who’ve traditionally been underrepresented at the polls.

The money, announced Tuesday, comes from the Southern Poverty Law Center Vote Your Voice program.

The grants are aimed at furthering strategies to turn out low-propensity voters, counter practices that make it difficult for some to vote, and help overcome difficulties in organizing and turning out voters during the coronavirus pandemic.

Even a relatively small increase in the potential pool of voters can have a big impact in Florida.

The state awards 29 of the 270 electoral votes needed to win the presidency and has a history of exceedingly close statewide elections. In 2016, Trump won 49% of the vote statewide to Democrat Hillary Clinton’s 47.8%.

The groups will use the

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Posted in Finance

Virgin Money upbeat, Bank of England to review dividend policy, and Greggs sales recover

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

Virgin Money upbeat

Virgin Money (VMUK.L) has struck an upbeat tone on third quarter trading.

The challenger bank said customer deposits rose by 4.8% in the third quarter to £67.7bn ($87bn), as Brits stuck as home during lockdown spent less. The rise equates to around £600 extra in every Virgin Money customer’s current account or savings account.

Mortgage lending fell by 1% as the housing market paused by business lending surged by 5.7% to £8.8bn in the three months to 30 June.

“Our Q3 financial results reflect lower demand from consumers due to the pandemic, but strong demand from businesses for government-supported schemes, with the Group further increasing its provisions to reflect the uncertain economic outlook while maintaining a focus on margin, cost and capital management,” said chief executive David

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Posted in Money

25 Companies Making the Most Money From Coronavirus

Microsoft’s recent earnings report revealed a company that’s not feeling the impact of the pandemic directly on its balance sheet. The company — which has been growing rapidly in recent years on the back of its huge cloud computing segment — posted a 13% increase in revenue compared to the same period in 2019, beating analyst expectations for sales and profits. Revenue growth for their cloud segment Azure was an eye-popping 47%, which was actually a slowdown from the 59% posted the quarter before.

Microsoft’s big report showcased how the coronavirus pandemic isn’t the same for every business. Plenty of companies have seen a huge boost in sales and profits as many Americans change their consumer behaviors to protect themselves from COVID-19, and they’re reaping the benefits even as many other businesses have been forced to close or make costly adjustments to their business model to stay open.

So which

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