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The weekend was abuzz with a flurry of news, from reports on national debt to the latest Federal Reserve stress test results. Former President Donald Trump&#8217;s economic policies were under scrutiny, while the call for a rate cut by a prominent economist added to the mix. Here&#8217;s a quick recap of the top stories.
Fed Stress Test Results
Bank of America analyst Ebrahim H. Poonawala highlighted the &#8220;inherent opacity&#8221; of the Federal Reserve stress test results. The tests revealed a wide range of impacts on minimum capital requirements, with Goldman Sachs experiencing the largest year-over-year increase in its stress capital buffer (SCB). This could potentially slow down share buybacks and negatively impact return on equity (ROE) in the latter half of 2024.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39531404/bank-of-america-analyst-highlights-fed-stress-test-opacity-varying-bank-impacts-gol">Read the full article here.</a>
Trump&#8217;s Debt Legacy
A recent report by the non-partisan Committee for a Responsible Federal Budget (CRFB) revealed that former President Donald Trump added nearly twice as much to the national debt as President Joe Biden. Trump&#8217;s tenure saw an addition of $8.4 trillion to the national debt, while Biden has added $4.3 trillion with seven months left in his term. Trump&#8217;s debt approvals from 2017 through 2021 included $4.8 trillion in non-COVID related and $3.6 trillion in COVID relief.&nbsp;
<a href="https://www.benzinga.com/government/24/06/39462030/trump-added-nearly-two-times-more-to-the-national-debt-than-biden-while-in-office-new-report">Read the full article here.</a>
Newsom&#8217;s Warning On Trump&#8217;s Economic Plan
California Governor Gavin Newsom criticized Trump&#8217;s economic policies, warning that they could cost working families up to $8,300 in higher taxes. Newsom accused Trump of making America more expensive, with measures that would impose an additional 10% tariff on everyday goods and increase labor and production costs for companies.&nbsp;
<a href="https://www.benzinga.com/news/24/06/39518400/gavin-newsom-warns-trumps-big-economic-plan-could-cost-working-families-up-to-8-300-in-higher-taxes">Read the full article here.</a>
Nobel Laureates Warn Of Inflation Under Trump
Sixteen Nobel Prize-winning economists issued a joint warning about the potential economic risks of a second Trump term. They cautioned that Trump&#8217;s proposed policies could reignite inflation, with measures such as making his first-term tax cuts permanent and imposing universal tariffs on all imports.&nbsp;
<a href="https://www.benzinga.com/news/24/06/39494434/trump-will-reignite-inflation-say-16-nobel-prize-winning-economists-in-a-letter-joe-bidens-economic">Read the full article here.</a>
El-Erian&#8217;s Call For Rate Cut
Mohamed El-Erian, chief economic adviser at Allianz, suggested that the Federal Reserve should consider a rate cut in July. However, he expressed skepticism about the likelihood of this happening, pointing to disagreements regarding inflation dynamics and a rapidly slowing economy.&nbsp;
<a href="https://www.benzinga.com/fintech/24/06/39494283/mohamed-el-erian-calls-for-july-rate-cut-by-but-says-i-dont-think-fed-will-take-this-step-we-are-liv">Read the full article here.</a>
Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

News

Economics

Markets

Media

Gavin Newsom's Warning On Trump's Economic Plan, Mohamed El-Erian's Call For Rate Cut And More: This Week In Economics

In the wake of a debate performance that drew widespread criticism, speculation has been reignited about whether President Joe Biden should bow out before the November election.
What Happened: David Axelrod, a former senior advisor to the White House during President Barack Obama&#8216;s tenure, voiced concerns about Biden&#8217;s debate showing. 
Axelrod <a href="https://www.cnn.com/2024/06/28/politics/joe-biden-debate-performance-panic/index.html">told</a> CNN, &#8220;There are going to be discussions about whether he should continue.&#8221;
Despite the backlash, Biden has stood firm in his reelection bid, pointing to his age as a strength and underscoring his achievements such as the bipartisan infrastructure bill and the Inflation Reduction Act.
Potential Successors
Should Biden decide to step down, several potential successors have been named, as reported <a href="https://www.businessinsider.com/biden-reelection-democrats-harris-newsom-whitmer-klobuchar-booker-cooper-moore-2024-2#vice-president-kamala-harris-1">by</a> Business Insider. Vice President Kamala Harris is viewed as a likely successor, having collaborated closely with Biden on a range of issues. However, her 2020 presidential bid failed to resonate with voters, sparking doubts about her electability.
Also Read: <a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one">Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden — Although There&#8217;s One Silver Lining</a>
Gavin Newsom, the governor of California, is another potential contender. Despite calls for Biden to abandon his reelection campaign, Newsom defended Biden&#8217;s performance, describing such discussions as &#8220;unnecessary.&#8221;
Other potential successors include Michigan Governor Gretchen Whitmer, Minnesota Senator Amy Klobuchar, New Jersey Senator Cory Booker, North Carolina Governor Roy Cooper, and Maryland Governor Wes Moore.
Why It Matters: Despite the ongoing speculation, it remains unlikely that Biden will exit the race, as he is the only Democrat to have defeated Trump to date. 
If Biden were to step aside, the Democratic National Convention, scheduled to take place in Chicago this August, would be tasked with selecting a new nominee.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39241154/trump-vs-biden-hush-money-conviction-signals-good-news-for-one-candidate-in-tight-presidential-race" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Hush-Money Conviction Signals Good News For One Candidate In Tight Presidential Race</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Politics

These Are The Top Democratic Contenders Who Could Succeed Biden If President Were To Bow Out Of

If re-elected in November, <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> would reportedly withdraw the United States from the <a href="https://www.benzinga.com/topic/climate-change" target="_blank" rel="noreferrer noopener">Paris climate accord for the second time.</a>
Politico <a href="https://www.politico.com/news/2024/06/28/trump-paris-climate-treaty-withdrawal-again-00165903" target="_blank" rel="noreferrer noopener">reported</a>, citing a campaign spokesperson, that conservatives have spent years preparing for Trump&#8217;s withdrawal from the global agreement aimed at reducing greenhouse gas emissions.
After years of groundwork by conservatives, including drafting executive orders, Trump is poised to withdraw from the global climate agreement if re-elected, a lawyer familiar with the process told Politico.
One of these measures is a draft order that could potentially withdraw the United States from the entire United Nations framework supporting global climate negotiations, a move with significant implications for efforts to mitigate global warming.
On Friday, Trump campaign national press secretary Karoline Leavitt confirmed that if asked, Trump would repeat his decision to withdraw the United States from the landmark climate agreement, stating, &#8220;Yes, he has said that,&#8221; the report noted.
Trump&#8217;s intention to withdraw from the Paris accord isn&#8217;t unexpected, following his previous withdrawal and lobbying efforts by conservatives. During a recent debate with President <a target="_blank" href="https://www.benzinga.com/topic/joe-biden" rel="noreferrer noopener">Joe Biden</a> in Atlanta, Trump criticized the agreement as &#8220;a rip-off of the United States&#8221; and &#8220;a disaster.&#8221;
Industry lawyers have reportedly been drafting various executive orders on energy policies for Trump to potentially sign, the report added, citing sources familiar with the effort.
The Paris Agreement is &#8220;a bad deal for the United States,&#8221; said Mandy Gunasekara, the EPA head of staff during the Trump administration and writer of Project 2025&#8217;s energy and environmental provisions. 
&#8220;It does little to meaningfully reduce emissions. It&#8217;s been used to justify onerous regulations that make energy more expensive,&#8221; Politico added.
Given its significant funding role, the U.S.&#8217; departure would hinder the UNFCCC&#8217;s (United Nations Framework Convention on Climate Change) operations. It could also pose considerable challenges for a future president seeking to rejoin the Paris Agreement.
Read Next:<a href="https://www.benzinga.com/markets/equities/24/06/39563622/is-kamala-harris-the-answer-to-joe-bidens-shortcomings-poll-hints-at-voter-sentiment-toward-poss"> Is Kamala Harris The Answer To Joe Biden&#8217;s Shortcomings? Poll Hints At Voter Sentiment Toward Possible Replacement Candidate</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Equities

General

Trump Campaign Signals Intent To Withdraw US From Paris Climate Accord Again: Report

During the recent presidential debate between <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump </a>and <a href="https://www.benzinga.com/topic/joe-biden" target="_blank" rel="noreferrer noopener">Joe Biden</a>, the president sought to showcase his preparedness for another term in office, <a href="https://www.benzinga.com/news/24/06/39562453/us-allies-urge-biden-to-step-down-after-disastrous-debate-performance-important-to-manage-ones-ride" target="_blank" rel="noreferrer noopener">addressing the high expectations of the American public</a>.
However, a recent <a href="https://www.nytimes.com/2024/06/28/opinion/biden-election-debate-trump.html" target="_blank" rel="noreferrer noopener">op-ed</a> by The New York Times&#8217; editorial board points out how Biden has noticeably changed since the start of his first term. 
The president faced challenges articulating his second-term agenda, countering Trump&#8217;s provocations, and holding him accountable for falsehoods and concerning proposals. Multiple times, he struggled to complete sentences, the board wrote. 
Following the debate, Poland&#8217;s top diplomat,&nbsp;Radoslaw Sikorski, compared Biden and the last of the &#8220;five good emperors&#8221; of ancient Rome, who made a detrimental decision in his final years, leading to civil war.
&#8220;It&#8217;s important to manage one&#8217;s ride into the sunset,&#8221; Sikorski <a href="https://x.com/sikorskiradek/status/1806597637740576910" target="_blank" rel="noreferrer noopener">said</a> in a post on X on Friday. 
Calls For A Fresh Face
Polls and interviews indicate voters are eager for new voices to challenge Trump. Biden&#8217;s supporters are finding solace in the possibility of rallying behind an alternative candidate.
The editorial board added that, unlike in many democracies, where campaigns last a few months, U.S. presidential elections are multiyear endeavors, so there is still time for a fresh face.
The most straightforward strategy for Democrats to defeat Trump is to recognize that Biden may not be able to continue his campaign and establish a process to nominate a more capable candidate to challenge Trump in November.
It represents the optimal opportunity to safeguard the nation&#8217;s spirit — the driving force that prompted Biden to pursue the presidency in 2019.
Moreover, it constitutes the highest form of service Biden can render to a country he has steadfastly served over many years, The New York Times added.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39563559/investors-predict-impact-of-potential-trump-presidency-on-markets-the-market-is-already-priced-f">Investors Predict Impact Of Potential Trump Presidency On Markets: &#8216;The Market Is Already Priced For That To Happen&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

New York Times Calls For Joe Biden To Withdraw From Presidential Race

The U.S. Department of Justice (DOJ) recently announced a 10-count indictment against Los Angeles-based associates of Mexico's <a href="https://www.benzinga.com/markets/cannabis/23/10/35294836/el-chapo-behind-bars-but-still-in-power-orders-sons-to-quit-fentanyl-trade-to-the-us">Sinaloa drug cartel</a>, which is run by the sons of <a href="https://www.benzinga.com/markets/cannabis/23/01/30516394/el-chapo-wants-to-serve-his-sentence-at-home-does-mexico-have-a-prison-secure-enough-to-hold-him">Joaquin &#8220;El Chapo&#8221; Guzmán</a>, who is serving a <a href="https://www.benzinga.com/markets/cannabis/23/01/30516394/el-chapo-wants-to-serve-his-sentence-at-home-does-mexico-have-a-prison-secure-enough-to-hold-him" target="_blank" rel="noreferrer noopener">life sentence </a>in a supermax prison in Colorado.
These associates are being charged with conspiracy to launder over $50 million in drug-trafficking proceeds through Chinese underground banking networks. The multi-year investigation, dubbed "Operation Fortune Runner," led to the indictment of 24 defendants.
The Sinaloa Cartel and Chinese operatives, according to the DEA, are involved in <a href="https://www.benzinga.com/markets/cannabis/24/01/36707665/dea-seizes-largest-amount-of-fentanyl-in-its-history-386m-lethal-doses-enough-to-kill-every-amer">smuggling</a> <a href="https://www.benzinga.com/markets/cannabis/24/01/36707665/dea-seizes-largest-amount-of-fentanyl-in-its-history-386m-lethal-doses-enough-to-kill-every-amer">massive amounts of fentanyl</a> into the U.S, with the Chinese supplying precursor chemicals to make it and cartel operatives producing it in Mexico.
"The Sinaloa Cartel is largely responsible for the massive influx of fentanyl into the United States over the past approximately eight years, and for the accompanying violence and deaths that have afflicted communities on both sides of the border," a <a href="https://www.dea.gov/press-releases/2024/06/18/federal-indictment-alleges-alliance-between-sinaloa-cartel-and-money">DEA press release</a> noted.
According to the indictment, a Sinaloa Cartel-linked money laundering network collected and processed large amounts of drug proceeds in U.S. currency in Los Angeles. This was done with the help of a California-based money transmitting group linked to Chinese underground banking. The proceeds were allegedly concealed and made accessible to cartel members in Mexico and elsewhere.
"Drug traffickers generate immense amounts of cash through their illicit operations. This case is a prime example of Chinese money launderers working hand in hand with drug traffickers to try to legitimize profits generated by drug activities," said Guy Ficco, IRS criminal investigation chief.
Related news: <a href="https://www.benzinga.com/markets/cannabis/24/05/38596342/gop-senators-slam-cannabis-banking-reform-cartel-cash-and-oklahoma-at-chinese-money-laundering-s">GOP Senators Slam Cannabis Banking Reform, &#8216;Cartel Cash&#8217; And Oklahoma At Chinese Money Laundering Summit</a>
The lead defendant, Edgar Joel Martinez-Reyes, 45, of East Los Angeles, and others allegedly employed various methods to hide the money's source, including trade-based money laundering, structuring assets to avoid federal financial reporting requirements and purchasing <a href="https://www.benzinga.com/crypto">cryptocurrency</a>.
Martin Estrada, the U.S. Attorney for the Central District of California, referred to the destructive impact of drugs like fentanyl and methamphetamine and the need to target international criminal syndicates laundering drug money. 
"As this indictment and our international actions show, we will be dogged in our pursuit of all those who facilitate destruction in our country and make sure they are held accountable for their actions," Estrada said.
Now read: <a href="https://www.benzinga.com/markets/cannabis/24/06/39559399/new-mexicos-dark-discovery-chinese-workers-trapped-on-illegal-cannabis-farms">New Mexico&#8217;s Dark Discovery: Chinese Workers Trapped On Illegal Cannabis Farms</a>
Photo courtesy of U.S. Customs and Border Protection

Cannabis

Government

DEA Indicts LA-Based Sinaloa Cartel Members For Laundering $50M In Drug Money Via Underground Chinese Networks

In the aftermath of the initial 2024 presidential debate, a recent poll reveals a decline in voters&#8217; confidence in President Joe Biden&#8216;s mental and physical fitness. The poll also suggests that Republican candidate Donald Trump was perceived to<a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one"> have outperformed Biden during the debate.</a>
What Happened An Ipsos <a href="https://www.ipsos.com/en-us/538-ipsos-june-2024-presidential-debate-poll">poll</a> conducted before and after the debate showed that less than half of the viewers rated Trump's performance as good or excellent.
However, three out of five viewers believed Trump outshone Biden. Confidence in Biden&#8217;s fitness to serve as president saw a significant decline, particularly among Democrats, dropping from 27% pre-debate to 20% post-debate.
Despite Biden&#8217;s underwhelming performance, a significant number of likely voters reported that they are still likely to consider voting for Biden. 
Among respondents who completed both the pre- and post-debate survey, only 4% are giving less consideration to voting for Biden, compared to 2% for Trump.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39243266/ex-colleagues-of-judge-in-donald-trumps-hush-money-case-say-former-president-will-most-likely-face-t" target="_blank" rel="noreferrer noopener">Ex-Colleagues Of Judge In Donald Trump's Hush-Money Case Say Former President Will Most Likely Face This Sentence</a>
An Ipsos focus group conducted immediately after the debate with six undecided voters found that, while Biden clearly lost the debate, Trump didn&#8217;t necessarily win it.
The group also noted that the debate did a mixed job at covering a range of topics, with a plurality rating the performance of the moderators as about average.
Why It Matters: The results of the poll are significant as they reflect the public&#8217;s perception of the candidates&#8217; performance in the first 2024 presidential debate. The decline in the confidence in Biden&#8217;s fitness, especially among Democrats, could potentially impact his chances in the upcoming election.
However, the fact that a significant number of likely voters are still considering voting for Biden despite his performance in the debate indicates that the race for the presidency is far from over. 
The perception that Trump outperformed Biden, despite less than half of viewers rating his performance as good or excellent, suggests that the public&#8217;s expectations for the candidates may play a significant role in determining the outcome of the election.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39124499/following-trumps-guilty-verdict-legal-experts-say-he-could-face-this-punishment-instead-of-prison-ti" target="_blank" rel="noreferrer noopener">Following Trump's Guilty Verdict, Legal Experts Say He Could Face This Punishment Instead Of Prison Time</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Biden Widely Criticized Over Debate Performance, But Poll Also Points To Concerning Signs For Trump

During an episode of the personal finance help show, The <a href="https://www.benzinga.com/personal-finance/24/06/39509101/dave-ramsey-calls-out-the-bad-life-plan-many-americans-consider-as-retirement-nowadays-save-enou">Dave Ramsey</a> Show, the show host and celebrated finance guru, Dave Ramsey, received a call from a woman who decided to change her finances. She called for advice and left with an unexpected gift from Ramsey.&nbsp;
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The episode started with caller Tasia, who revealed to Ramsey that she had found his page on the TikTok social media app, which gave her the push she needed to start working her way out of debt. Tasia told Ramsey that she started her emergency fund, which Ramsey and his team have been teaching people to do. According to Ramsey Solutions, a starter emergency fund should have at least $1,000 as a temporary buffer, while a fully-funded emergency fund should save at least 3-6 months of expenses.
In addition to creating an emergency fund, Tasia told Ramsey that his advice helped her avoid overdrafting any accounts. Tasia revealed that she had been overdrafting her bank accounts her whole life, so this was a significant achievement for her, and Ramsey agreed. He told her, "This is a breakthrough, isn't it, kid? Way to go."&nbsp;
When it comes to overdraft, Tasia isn't alone. U.S. Sen. Bob Casey sent a news release in April this year slamming <a href="https://www.benzinga.com/markets/equities/24/06/39513681/fed-stress-test-2024-large-banks-face-greater-losses-but-maintain-strong-capital-positions-in-se">large corporate banks</a> for profiting from excessive overdraft fees. In his statement, Casey wrote, "Roughly 23 million households pay overdraft fees each year" and that "26 percent of Americans reside in a household that faced an overdraft fee or non-sufficient fund fee in the last year." Casey revealed that American families are struggling to make ends meet, and more are going into overdraft. According to ABC News, Americans paid a whopping $9 billion in overdraft fees last year, with banks charging around $35 per transaction in overdraft. Currently, lawmakers are in the process of passing a rule to try and cut these overdraft fees.&nbsp;
Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends<a href="https://www.benzinga.com/money/arrived-private-credit-fund"> would you invest in it</a>?
Now that Tasia has managed to get herself out of overdraft, she can focus on growing her savings account. She told Ramsey that with her three jobs combined, she earns $90,000 annually and has around $30,000 still in debt, with half that amount being student loans. Ramsey told her, "You're ready to go. You're ready to try new stuff because you're sick and tired of being sick and tired." Ramsey also told Tasia that he was proud of her and then revealed his gift to her: a paid 9-week Financial Peace University class and paid access to the EveryDollar budgeting app. Ramsey explained that he's gifting her this experience because she is the reason why he does the show. He explained, "People that are like you, that have for the first time in your whole adult life, you're not doing overdraft because we taught you something," and added, "Now, we're going to teach you how to get rid of this debt." Ramsey told Tasia he would teach her how to be a millionaire.&nbsp;
When Ramsey had finished telling Tasia his gift to her, she was in tears at the unexpected gesture and told him, "This has been my dream to talk to you." Ramsey told Tasia that he would help her take control of her money instead of wondering where it went, giving her the tools to make sound financial decisions. With Ramsey Solutions, Tasia will learn how to use the snowball method of paying off her debts, from smallest to largest. Ramsey promised that if she follows this advice and stays out of restaurants with no vacations, she would be 100% debt-free by next year.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<li>This Jeff Bezos-backed startup will allow you to<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> become a landlord in just 10 minutes, and you only need $100</a>.</li>
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Personal Finance

Woman Working 3 Jobs Struggling With A Lifetime Of Overdrafts Receives An Unexpected Gift From Dave Ramsey, Bringing Her To Tears

Following <a target="_blank" href="https://www.benzinga.com/topic/joe-biden" rel="noreferrer noopener">Joe Biden&#8217;s</a> stumbling debate performance, Democrats are reportedly in a state of panic, with some exploring alternatives to <a target="_blank" href="https://www.theguardian.com/us-news/article/2024/jun/29/kamala-harris-joe-biden-trump" rel="noreferrer noopener">replace the 81-year-old as their presidential candidate.</a>
Despite Biden&#8217;s campaign dismissing such suggestions, critics continue to openly question his ability to effectively challenge <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a>, whom they perceive as a significant threat to American democracy, <a href="https://www.theguardian.com/us-news/article/2024/jun/29/kamala-harris-joe-biden-trump">reported</a> The Guardian.
Check This Out: <a target="_blank" href="https://www.benzinga.com/general/politics/24/06/39558557/kamala-harris-defends-bidens-slow-start-at-debate-with-strong-finish-clinton-newsom-obama-race-t" rel="noreferrer noopener">Kamala Harris Defends Biden&#8217;s &#8216;Slow Start&#8217; At Debate With &#8216;Strong Finish&#8217;: Clinton, Newsom, Obama Race To Support President</a>
If Biden chooses not to run, his 59-year-old vice president and running mate, <a target="_blank" href="https://www.benzinga.com/topic/kamala-harris" rel="noreferrer noopener">Kamala Harris</a>, would be a natural successor.
However, her candidacy would face challenges, as she has encountered low approval ratings and would likely face competition from other candidates for the nomination.
Over the past three-and-a-half years, Kamala Harris&#8217; historic vice presidency has been a divisive issue among Democrats.
Negative media coverage, including some stemming from her own actions, sexist and racist criticisms, and a complex policy portfolio have influenced public opinion of the former California senator.
Currently, approximately 50% of voters hold an unfavorable view of Harris, according to FiveThirtyEight&#8217;s polling average, which is similar to the roughly 40% who view her favorably, reflecting figures comparable to Biden&#8217;s ratings, the report added.
Harris&#8217; staunch defense of abortion rights, a vital issue for Democrats, contrasts sharply with Biden&#8217;s recent debate stumble.
Following Thursday&#8217;s debate this week, where Biden awkwardly pivoted from attacking Trump on abortion bans to discussing immigration and a murder case in Georgia, Harris was quick to support him in subsequent CNN and MSNBC interviews.
She emphasized voters should consider Biden&#8217;s broader accomplishments over the past three-and-a-half years, acknowledging a slow start but asserting he finished strongly.
&#8220;I&#8217;m talking about the choice for November,&#8221; she said on <a target="_blank" href="https://edition.cnn.com/2024/06/28/politics/video/kamala-harris-biden-trump-cnn-debate-digvid" rel="noreferrer noopener">CNN</a>. &#8220;I&#8217;m talking about one of the most important elections in our collective lifetime.&#8221;
Biden&#8217;s age has always posed an electoral challenge, but his shaky debate performance surprised even his most loyal supporters. Speaking at a rally on Friday, Biden admitted his mistakes but maintained he remained the strongest candidate to defeat Trump.
Mounting concerns about Biden&#8217;s mental sharpness have intensified scrutiny of Harris, especially from the right. Republicans have portrayed Harris as a looming threat, with <a href="https://www.benzinga.com/topic/nikki-haley" target="_blank" rel="noreferrer noopener">Nikki Haley </a>cautioning during the GOP primary that voting for Biden meant endorsing &#8220;a President Harris,&#8221; The Guardian added.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/general/politics/24/06/39563409/heres-how-many-people-watched-the-2024-presidential-debate-and-how-fox-beat-cnn-at-its-own-game">Here&#8217;s How Many People Watched The 2024 Presidential Debate And How Fox Beat CNN At Its Own Game</a>
Photo: Shutterstock

Is Kamala Harris The Answer To Joe Biden's Shortcomings? Poll Hints At Voter Sentiment Toward Possible Replacement Candidate

As the week comes to a close, the world of finance and cryptocurrency has been anything but quiet. From former President Donald Trump&#8216;s potential crypto fortune to the introduction of a bill allowing federal tax payments in Bitcoin, the news cycle has been buzzing with intriguing developments. Here&#8217;s a quick recap of the top stories that made headlines.
Trump&#8217;s Crypto Fortune Former President Donald Trump finds himself in the spotlight once again, this time in the realm of cryptocurrency. His digital wallet holds over half a million TRUMP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MAGA</a>) tokens, leading to speculation about the value of his holdings. The tokens were allocated to Trump&#8217;s wallet as part of a marketing scheme by MAGA, the first project to do so. <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39477411/heres-how-much-profit-donald-trump-would-make-if-he-sold-his-trump-memecoin-today">Read the full article here.</a>
Federal Tax Payments in Bitcoin Congressman Matt Gaetz (R-Fla.) has proposed a bill that would allow federal income tax payments to be made in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). The legislation aims to amend the Internal Revenue Code of 1986, offering taxpayers a new way to settle their federal tax liabilities. <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39487764/congressman-matt-gaetz-introduces-bill-to-allow-federal-tax-payments-in-bitcoin">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39487764/congressman-matt-gaetz-introduces-bill-to-allow-federal-tax-payments-in-bitcoin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Congressman Matt Gaetz Introduces Bill To Allow Federal Tax Payments In Bitcoin</a>
Crypto Analyst&#8217;s Take on Memecoins Cryptocurrency analyst Michaël van de Poppe recently shared his views on meme coins, such as Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) and more. Despite their popularity, he expressed a general dislike for them, criticizing celebrities who leverage their following to start meme coins for financial gain. <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39449491/noted-crypto-analyst-flags-three-memecoins-with-potential-of-high-returns-in-the-future-cr">Read the full article here.</a>
Ark Invest&#8217;s Big Moves Cathie Wood&#8217;s Ark Invest made significant trades in Roku Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>) and Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), amidst a volatile market. The firm acquired $7.3 million worth of shares in Roku Inc., a promising Netflix competitor. <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39516711/cathie-woods-ark-invest-acquires-7-3m-worth-of-shares-in-this-promising-netflix-competitor">Read the full article here.</a>
US Government&#8217;s Bitcoin Transfer Wallets believed to be linked to the U.S. government have transferred a significant amount of cryptocurrency—3,940 Bitcoin valued at $241 million—onto Coinbase. This move comes shortly after a similar transfer by the German government. <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39511595/uncle-sam-on-the-move-us-government-transfers-millions-in-bitcoin-to-coinbase">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39516076/bitcoin-ethereum-dogecoin-retrace-on-fears-of-240m-sale-by-us-government-king-crypto-shoul?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Retrace On Fears Of $240M Sale By US Government: King Crypto Should Reclaim</a>
Bitcoin illustration via Shutterstock.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$DOGE

$MAGA

$SHIB

COIN

MAGA

ROKU

Trump's Crypto Fortune, Proposal For Bill Allowing Federal Tax Payments In Bitcoin, And More: Crypto Weekly Round-Up

New Jersey authorities have decided not to renew the liquor licenses for two golf courses owned by former President Donald Trump, following <a href="https://www.benzinga.com/news/24/06/39243266/ex-colleagues-of-judge-in-donald-trumps-hush-money-case-say-former-president-will-most-likely-face-t">his felony hush-money conviction.</a>
What Happened: According <a href="https://www.businessinsider.com/nj-pull-trump-golf-liquor-licenses-for-hush-money-felonies-2024-6">to</a> Business Insider, the licenses for Trump National Bedminster and Trump National Golf Club in Colts Neck will not be renewed due to Trump&#8217;s recent felony record.
The golf clubs can continue to serve alcohol until a hearing scheduled for July 19. The licenses are set to expire on Sunday.
Despite the licenses being in the name of his son Donald Trump, Jr., Trump maintains a direct beneficial interest in them as the sole beneficiary of the Donald J. Trump Revocable Trust.
The state attorney general&#8217;s office clarified that only after the sentencing, scheduled for July 11, can any New Jersey official disqualify Trump from holding a liquor license.
Also Read: <a href="https://www.benzinga.com/news/24/06/39445340/trump-is-raising-enough-money-to-wipe-out-bidens-once-significant-cash-advantage">Trump Is Raising Enough Money To Wipe Out Biden&#8217;s Once Significant Cash Advantage</a>
According to state liquor law, a license can be revoked if anyone who either owns or financially benefits from the license is convicted of a crime of &#8220;moral turpitude.&#8221; Given Trump&#8217;s financial interest in the clubs and his new criminal record, the licenses were at risk.
&#8220;Felony convictions are universally considered crimes of moral turpitude,&#8221; stated Peter M. Rhodes, a partner at the Haddonfield, New Jersey-based firm Cahill, Wilinski, Rhodes &amp; Joyce, according to Business Insider. 
Why It Matters: This isn&#8217;t the first time Trump&#8217;s New Jersey licenses have been threatened. In 2021, following a fatal drunken driving crash at one of his clubs, Trump narrowly escaped losing his licenses. 
They were retained under a settlement with the then Attorney General Gurbir S. Grewal. The recent decision to revoke the licenses could have significant implications for the operation of the golf clubs.
Now Read: <a href="https://www.benzinga.com/news/24/04/38133891/donald-trump-says-it-would-be-a-great-honor-if-he-were-jailed-for-breaching-gag-order-i-will-gladly">Donald Trump Says It Would Be A &#8216;Great Honor&#8217; If He Were Jailed For Breaching Gag Order: &#8216;I Will Gladly Become A Modern Day Nelson Mandela&#8217;</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Legal

Trump's Felony Conviction Could Leave His Golf Courses Dry, NJ Set To Revoke Liquor Licenses

According to a recent poll, a majority of voters have expressed their belief that President Joe Biden should be replaced as the Democratic candidate. This sentiment comes in the<a href="https://www.benzinga.com/general/politics/24/06/39127315/latest-poll-of-independents-and-republicans-could-spell-trouble-for-donald-trump-following-his-h"> wake of his performance in the recent debate.</a>
What Happened: The <a href="https://pro.morningconsult.com/analysis/biden-trump-debate-poll-june-2024">poll</a>, conducted by Morning Consult, surveyed 2,068 respondents, revealing that 60% of voters believe Biden should &#8220;definitely&#8221; or &#8220;probably&#8221; be replaced. 
This reflects growing concerns among Democrats about the potential need for a new Democratic presidential candidate.
Among Democratic voters, 21% stated that Biden should &#8220;definitely not&#8221; be replaced, while 20% said &#8220;probably not&#8221;. The participants were almost evenly split when asked to choose between Biden and former President Donald Trump, with 45% favoring Biden and 44% favoring Trump.
The poll results mirrored those from a previous survey conducted after Trump&#8217;s criminal conviction on 34 felony counts related to a $130,000 hush money payment. 
According to Morning Consult&#8217;s analysis, this suggests that &#8220;President Joe Biden has lost no immediate ground to Trump.&#8221;
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39124499/following-trumps-guilty-verdict-legal-experts-say-he-could-face-this-punishment-instead-of-prison-ti" target="_blank" rel="noreferrer noopener">Following Trump&#8217;s Guilty Verdict, Legal Experts Say He Could Face This Punishment Instead Of Prison Time</a>
However, 57% of respondents who watched the debate said Trump outperformed Biden. This includes 19% of Democrats, 60% of Independents, and 93% of Republicans.
Despite the poll&#8217;s results, Biden campaign spokesperson Seth Schuster dismissed the poll&#8217;s framing, asserting that &#8220;Joe Biden is not dropping out.&#8221;
Why It Matters: These poll results come on the heels of a <a href="https://www.benzinga.com/news/24/06/39445709/trump-vs-biden-rasmussen-poll-now-shows-one-candidate-has-huge-lead-over-other-with-just-4-months-be">Rasmussen poll</a> released just a week prior, which showed Trump taking a 10-point lead over Biden in the race for the White House. The Rasmussen poll showed 46% of likely voters backing Trump, while 36% were supporting Biden.
The recent shift in voter sentiment, as revealed by the Morning Consult poll, underscores the growing concerns among Democrats and the potential need for a new Democratic presidential candidate. 
This could significantly impact the upcoming election and the future of the Democratic party.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39241154/trump-vs-biden-hush-money-conviction-signals-good-news-for-one-candidate-in-tight-presidential-race" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Hush-Money Conviction Signals Good News For One Candidate In Tight Presidential Race</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden  — Although There's One Silver Lining

As <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> and <a href="https://www.benzinga.com/topic/joe-biden" target="_blank" rel="noreferrer noopener">Joe Biden</a> vie for the presidency, investors are weighing the potential impacts on sectors like <a href="https://www.benzinga.com/electric-vehicles" target="_blank" rel="noreferrer noopener">electric vehicles</a> and <a href="https://www.benzinga.com/topic/interest-rates" target="_blank" rel="noreferrer noopener">long-term interest rates.</a>
Trump&#8217;s unpredictable style historically led to sharp market fluctuations, favored by some hedge funds adept at capitalizing on such volatility, <a href="https://www.bloomberg.com/news/articles/2024-06-27/-volatile-and-unpredictable-why-fast-money-traders-like-trump?sref=TBDibEcD" target="_blank" rel="noreferrer noopener">reported</a> Bloomberg. 
Check This Out:<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39562652/trump-presidency-would-be-bullish-for-tesla-negative-for-evs-says-top-analyst-after" rel="noreferrer noopener"> &#8216;Trump Presidency Would…Be Bullish For Tesla, Negative For EVs,&#8217; Says Top Analyst After First Face-Off Between Biden And Ex-President</a>
While markets generally dislike uncertainty, hedge funds see opportunity in Trump&#8217;s potential return, recalling the rapid market shifts during his previous term fueled by unexpected policy announcements and social media posts, the report noted.
Volatility has persisted during Biden&#8217;s tenure due to factors like inflation, geopolitical tensions (Russia-Ukraine war) and Federal Reserve policies.
Looking ahead, potential clashes with Republicans over issues such as the debt ceiling could further unsettle markets if Biden secures a second term.
Despite the election months away, markets are already bracing for heightened volatility. Trump&#8217;s policies, including the renewal of tax cuts, stricter immigration enforcement and proposed tariffs, could amplify market fluctuations. Discussions of increased influence over the Federal Reserve add another layer of uncertainty.
&#8220;The consensus view is that Trump will create volatility,&#8221; Vineer Bhansali, founder of the Newport Beach, California-based asset-management firm LongTail Alpha, told Bloomberg. &#8220;The market is already priced for that to happen.&#8221;
&#8220;We in markets love volatility — but we do try not to get too hung up on the amplified emotion that will come from a Trump presidency,&#8221; said George Boubouras, head of research at hedge fund K2 Asset Management Ltd., according to Bloomberg.
Read Next:<a href="https://www.benzinga.com/news/24/06/39562453/us-allies-urge-biden-to-step-down-after-disastrous-debate-performance-important-to-manage-ones-ride" target="_blank" rel="noreferrer noopener"> US Allies Urge Biden To Step Down After Disastrous Debate Performance: &#8216;Important To Manage One&#8217;s Ride Into The Sunset&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Investors Predict Impact Of Potential Trump Presidency On Markets: 'The Market Is Already Priced For That To Happen'

Jeff Bezos, the founder of Amazon, frequently emphasizes the importance of following one&#8217;s passions, a principle he believes is central to achieving success. 
He once explained this philosophy during an address at the George W. Bush Presidential Center&#8217;s Forum on Leadership, advising attendees to transform their passions into their careers.
Many have interpreted Bezos&#8217;s perspective on passion as passive, suggesting it means waiting idly for one&#8217;s purpose to manifest. However, Bezos clarified that realizing one&#8217;s passions involves much more than anticipation — it demands dedication, hard work, and resilience. 
&#8220;You can have a job, or you can have a career, or you can have a calling,&#8221; Bezos explained, advocating for the latter as the ultimate professional fulfillment, <a href="https://www.inc.com/marcel-schwantes/jeff-bezos-said-success-boils-down-to-1-simple-thing.html">according</a> to Inc.com
&#8220;If you can somehow figure out how to have a calling, you have hit the jackpot, because that&#8217;s the big deal,&#8221; he added. 
According to Bezos, passions are not chosen; they are inherent to our beings and naturally guide our career paths and life choices. This intrinsic element of passion shapes our actions and ambitions from a young age, suggesting that everyone has a unique gift that, when embraced, leads to profound satisfaction and success.
Also Read: <a href="https://www.benzinga.com/news/24/01/36631415/this-amazon-applicants-interview-answer-earned-her-a-seat-3-feet-away-from-amazons-bezos">This Amazon Applicant&#8217;s Interview Answer Earned Her A Seat 3 Feet Away From Jeff Bezos</a>
Embracing one&#8217;s passion is essential, not only for the sense of fulfillment it brings but also for its potential to enhance creativity, productivity and overall life satisfaction.
This journey, however, is not devoid of challenges. Many face obstacles such as financial limitations, societal expectations or personal insecurities that might deter them from pursuing their true interests.
Despite these challenges, those who commit to their passions often find the pursuit rewarding. Following one&#8217;s passion means investing time and effort into endeavors that bring joy and excitement. It involves risks and stepping out of comfort zones, but the benefits, including enhanced happiness and productivity, are substantial.
Bezos&#8217; viewpoint aligns with that of Warren Buffett, who once stated, &#8220;In the world of business, the people who are most successful are those who are doing what they love.&#8221; 
This implies that discovering and following one&#8217;s passion is not just a key to success, but also a route to personal fulfillment and happiness.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/01/36625488/amazon-is-reportedly-using-a-secretly-disturbing-tactic-to-get-rid-of-unwanted-employees" target="_blank" rel="noreferrer noopener">Amazon Is Reportedly Using A Secretly Disturbing Tactic To Get Rid Of Unwanted Employees</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Success Stories

Jeff Bezos Reveals The One Secret To Success: 'You Can Have A Job, Or You Can Have A Career, Or ...'

Several prominent U.S. banks have declared their intentions to raise their dividends for Q3, following their successful performance in the Federal Reserve&#8217;s annual stress test.
What Happened: U.S. banks such as JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), and Citigroup Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) have decided to increase their dividends for the third quarter. 
This decision comes in the wake of the banks proving their resilience against severe economic and market disruptions in the Federal Reserve&#8217;s yearly health assessment, reports Reuters. 
The largest U.S. lender, JPMorgan Chase, has upped its dividend to $1.25 per share from $1.15 and has approved $30 billion in fresh share buybacks, effective July 1. Bank of America and Citigroup have also raised their dividends to 26 cents and 56 cents per share, respectively.
Brian Mulberry, a client portfolio manager at Zacks Investment Management, told the outlet, &#8220;Banks are going to remain conservative on capital as uncertainty over the Basel proposal remains.&#8221;
Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) and Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) have also declared dividend increases to 92.5 cents and $3 per share, respectively. These announcements were made after the banks&#8217; successful completion of the Fed&#8217;s stress test earlier this week, which assesses the capital they need to reserve before they can distribute money to shareholders.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39531404/bank-of-america-analyst-highlights-fed-stress-test-opacity-varying-bank-impacts-gol">Bank of America Analyst Highlights Fed Stress Test Opacity, Varying Bank Impacts: &#8216;Goldman Sachs Worst Hit, Huntington Best&#8217;</a>
Goldman Sachs&#8217; CEO David Solomon said, according to Reuters, &#8220;This increase does not seem to reflect the strategic evolution of our business and the continuous progress we've made to reduce our stress loss intensity.&#8221;
Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) also announced a dividend increase to 40 cents. This year, 31 large banks were tested, compared to 23 last year. 
The evaluations demonstrated that banks would have sufficient capital to continue lending under several scenarios, including a significant rise in unemployment, extreme market volatility, and drops in residential and commercial mortgage markets.
Why It Matters: The Federal Reserve&#8217;s annual stress test is a critical measure of a bank&#8217;s ability to withstand economic and market disruptions. 
The successful performance of these banks in the test and their subsequent decision to raise dividends indicates their robust financial health and resilience. 
This move is likely to boost investor confidence and could potentially lead to an increase in their stock prices.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39525918/major-banks-fall-short-in-feds-2024-stress-test-results-the-market-will-view-the-re">Fed&#8217;s 2024 Stress Test Results Worse Than Expected, Says Goldman Analyst: &#8216;The Market Will View The Results As Disappointing&#8217;</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Federal Reserve

US Banks Bump Up Dividends Following Fed's Successful Stress Test

Robert Kiyosaki, the renowned author of &#8220;Rich Dad Poor Dad,&#8221; has voiced his concerns about Bitcoin ETFs, <a href="https://www.benzinga.com/news/24/02/36923298/rich-dad-poor-dad-author-issues-dire-warning-about-economy-dont-be-fooled-stock-and-bond-markets-abo">questioning their authenticity.</a>
What Happened: Kiyosaki expressed his doubts about Bitcoin ETFs, stating his reluctance to invest in them. He compared them to gold and silver ETFs, arguing that these financial tools do not accurately reflect the assets they are supposed to represent.
Kiyosaki&#8217;s skepticism centers around the authenticity of ETFs. In a post on X on Thursday, he highlighted that a gold ETF could potentially sell the same ounce of gold multiple times, making it an inadequate substitute for owning physical gold.
This is why he prefers to hold actual gold, silver, and Bitcoin, which he keeps secure and away from traditional financial institutions and Wall Street.
His views are in line with his long-standing criticism of traditional financial market instruments and the Federal Reserve&#8217;s monetary policies. 
Also Read: <a href="https://www.benzinga.com/news/22/11/29864685/rich-dad-poor-dad-author-says-economy-is-biggest-bubble-in-world-history-god-have-mercy-on-us-all-1">&#8216;Rich Dad Poor Dad&#8217; Author Says &#8216;God Have Mercy On Us All&#8217; — Economy Is Biggest Bubble In World History</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Q: Would I buy Bitcoin ETFs? A: No Q: Why not? A: For the same reason I do not buy Gold or Silver ETFs. Q: What is wrong with ETFs? A: ETFs are FAKE gold, silver, or Bitcoin. A: For example a gold ETF can sell 1 ounce of gold 100 times and more via 1 ETF. That is…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1806406137933377890?ref_src=twsrc%5Etfw">June 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Kiyosaki has consistently expressed his belief that the dollar is a &#8220;fake&#8221; currency and has urged people to invest in what he considers real money: BTC, gold and silver.
According to Kiyosaki, these assets are tangible and belong to the people, unlike ETFs and other financial products traded on the market. 
Why It Matters: Earlier Kiyosaki had disclosed his purchase of 5 additional Bitcoin amid the Securities and Exchange <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36588889/rich-dad-poor-dad-fame-robert-kiyosaki-says-hes-bought-5-more-bitcoin-amid-spot-etf-approv">Commission's approval of Bitcoin ETFs.</a>
However, his recent comments reveal a shift in his stance. Kiyosaki&#8217;s disinterest in Bitcoin ETFs aligns with his preference for direct ownership of <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38215259/robert-kiyosaki-says-no-to-bitcoin-etfs-prefer-to-stay-as-far-away-from-wall-streets-finan">assets over Wall Street's financial products.</a>
This development is significant as it highlights the ongoing debate about the authenticity and value of ETFs in the cryptocurrency market.
Now Read: <a href="https://www.benzinga.com/news/23/12/36166390/as-us-debt-crisis-deepens-rich-dad-poor-dad-author-robert-kiyosaki-warns-of-looming-economic-peril-a">As US Debt Crisis Deepens, &#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Warns Of Looming Economic Peril: &#8216;America Is In Serious Trouble Financially&#8217;</a>
Image created using photos on Flickr and Shutterstock

'Rich Dad Poor Dad' Author Robert Kiyosaki Questions Bitcoin ETFs' Authenticity: 'ETFs Are Fake Gold, Silver, Or Bitcoin'

Cable network CNN hosted the first 2024 presidential debate and, like Donald Trump, could possibly be seen as a winner from Thursday night's<a href="https://www.benzinga.com/news/24/06/39543594/biden-vs-trump-flash-poll-picks-debate-winner-but-over-one-third-of-voters-doubt-his-ability-to-lead"> key political event.</a>
And while CNN may have won, another media company may have been a bigger winner from the debate.
What Happened: Millions of viewers tuned into the first presidential debate, which featured Trump and President Joe Biden in a head-to-head matchup ahead of the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
CNN, which is a unit of Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>), hosted the debate and allowed other media companies to simulcast the 90-minute event, which featured two commercial breaks.
According to CNN, 47.9 million viewers <a href="https://www.cnn.com/2024/06/28/media/ratings-debate-trump-biden-cnn/index.html">watched </a>Thursday's debate, based on preliminary estimates from Nielsen. CNN offered a live feed of the debate free of charge but with several rules related to presentation and branding, with 22 networks agreeing to simulcast.
Here are the viewership figures by network, as <a href="https://www.axios.com/2024/06/28/biden-trump-debate-ratings-viewership-election">reported </a>by Axios:
Fox News: 8.82 million
CNN: 8.75 million
ABC: 8.70 million
NBC: 5.17 million
CBS: 4.81 million
MSNBC: 3.94 million
FOX: 3.48 million
Fox Business: 372,000
HLN: 251,000
CNN Espanol: 46,000
Fox News, which is a unit of Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), ranked first in the preliminary ratings. While the ratings may change, the fact that Fox beat or had close to the same viewership as CNN may be a testament to the strong political viewership of Fox News.
Fox also dominated overall with Fox News ranking first and Fox and Fox Business also ranking in the top 10. Together, the three networks had over 12 million viewers compared to the more than 9 million viewers for CNN, CNN-owned HLN and CNN Espanol.
Fox News also ranked first in coverage of both presidential debates in the 2020 election, which were not hosted by any individual network and were broadcast widely.
Other media companies like Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>)-owned ABC and Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>)-owned CBS also saw strong viewership.
Related Link: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39556388/joe-biden-to-be-replaced-in-2024-election-newsom-tops-democrat-wish-list-betting-odds-but-">Joe Biden To Be Replaced In 2024 Election? Newsom Tops Democrat Wish List, Betting Odds, But Says &#8216;We&#8217;ve Got To Have The Back Of This President&#8217;</a>
Why It's Important: CNN broke several records with its hosted presidential debate, including being the most watched event in CNN history and the most watched CNN program on the Max streaming platform.
CNN also had over 30 million views on its digital platforms, including its YouTube channel.
The presidential debate is also the most watched non-sports television event of 2024 so far, when total viewership is counted.
Viewership of the first 2024 presidential debate was down significantly from the last two presidential elections. The first presidential debate between Trump and Biden in 2020 <a href="https://www.benzinga.com/general/politics/24/03/37550422/trump-ready-to-debate-biden-anytime-anywhere-anyplace-how-media-companies-shareholders-could-be-">was watched by</a> 73 million people and the first presidential debate of 2016 between Hillary Clinton and Trump was watched by a record 84 million viewers.
The first debate of 2024 was watched by 35% less people than the first debate of 2020.
Attention now turns to a second presidential debate set for Sept. 10 and will be hosted by ABC. The event will be broadcast on ABC, ANBC News and Hulu, with plans to simulcast to other networks as well.
The second debate of the 2020 presidential election was watched by 63 million viewers. Based on the overall reaction to Thursday's debate, even fewer people could tune in a second time around.
Debates could be good for media companies and the continued political cycle will likely lead to higher advertising revenue for the companies. Lower viewership from the 2020 cycle and lower demand for a second debate could be items to watch going forward.
Read Next: <a href="https://www.benzinga.com/general/politics/24/06/39558557/kamala-harris-defends-bidens-slow-start-at-debate-with-strong-finish-clinton-newsom-obama-race-t">Kamala Harris Defends Biden&#8217;s &#8216;Slow Start&#8217; At Debate With &#8216;Strong Finish&#8217;: Clinton, Newsom, Obama Race To Support President</a>
Photo: Shutterstock

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Here's How Many People Watched The 2024 Presidential Debate And How Fox Beat CNN At Its Own Game

Alyssa Farah Griffin, the former White House communications director, has expressed her disappointment with President&nbsp;Joe Biden&#8217;s&nbsp;<a href="https://www.benzinga.com/news/24/06/39540268/trump-attacks-biden-defends-in-high-stakes-no-audience-debate-president-appears-to-freeze-and-fumble">debate performance</a>. She has called for Biden to step aside and make way for a more capable candidate.
What Happened: On Friday, Griffin, who is now a host on &#8220;The View,&#8221; voiced her concerns about Biden&#8217;s performance in the debate on the ABC daytime talk show. She said that she felt &#8220;duped&#8221; by the White House&#8217;s portrayal of Biden&#8217;s capabilities,&nbsp;<a href="https://thehill.com/homenews/media/4746055-alyssa-farah-griffin-the-view-biden-trump-presidential-debate-2024/">reported</a>&nbsp;The Hill.
A former Trump administration official, Griffin criticized Biden&#8217;s performance, saying it was &#8220;stunningly worse than I expected.&#8221; 
&#8220;I feel duped,&#8221; she said, adding, &#8220;I feel like I've been told this guy's doing gymnastics.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39543594/biden-vs-trump-flash-poll-picks-debate-winner-but-over-one-third-of-voters-doubt-his-ability-to-lead?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Flash Poll Picks Debate Winner, But Over One-Third Of Voters Doubt His Ability To Lead</a>
 She also noted that Biden&#8217;s performance overshadowed Trump&#8217;s behavior during the debate. &#8220;Biden&nbsp;has been running on Donald&nbsp;Trump as a threat to&nbsp;democracy. He's a threat to&nbsp;our values. I agree with&nbsp;him on that. Donald Trump&nbsp;is a threat to American&nbsp;democracy,&#8221; she told her fellow &#8220;The View&#8221; co-hosts, adding&nbsp;that Biden &#8220;needs to put country before his own ambition, and he needs to step aside and pass the baton.&#8221;
Why It Matters: The first 2024 presidential debate between Biden and Trump was widely criticized, with Biden struggling to articulate his points. A&nbsp;flash poll&nbsp;even named Trump the winner of the debate.
Following Thursday&#8217;s debate and into Friday morning, names such as Hillary Clinton, Michelle Obama, and Gavin Newsom were trending in the news and on social media as <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39556388/joe-biden-to-be-replaced-in-2024-election-newsom-tops-democrat-wish-list-betting-odds-but-">potential replacements for Biden</a>.
Meanwhile, Biden&nbsp;has <a href="https://www.benzinga.com/news/24/06/39562385/biden-acknowledges-tepid-debate-performance-at-north-carolina-rally-says-i-dont-walk-as-easily-as-i">acknowledged his tepid performance</a>&nbsp;and highlighted his commitment to truth-telling in a rally in North Carolina. He said, &#8220;Folks, I don&#8217;t walk as easily as I used to, I don&#8217;t speak as smoothly as I used to, I don&#8217;t debate as well as I used to. But I know what I do know. I know how to tell the truth.&#8221;
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/06/39548930/elon-musk-says-first-presidential-debate-was-a-clear-victory-not-for-trump-or-biden-but-for?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says First Presidential Debate Was A &#8216;Clear Victory,&#8217; Not For Trump Or Biden, But For…</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Credit: Shutterstock

Ex-Trump Aide Says She Feels 'Duped' By Team Biden After Debate Performance: 'I Feel Like I've Been Told This Guy's Doing Gymnastics'

Rocket Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>) has appointed Heather Lovier as <a href="https://www.benzinga.com/movers" target="_blank" rel="noreferrer noopener">the company&#8217;s chief operating officer.</a>
According to an <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001805284/d5628b73-e049-4ce3-9992-82a529e82bb7.pdf" target="_blank" rel="noreferrer noopener">exchange filing</a>, Lovier replaces Bill Emerson, who will continue as the company&#8217;s president.
Lovier, who is 50 years old, started working as the chief operating officer of RKT Holdings in March 2024.
In 2003, she joined Rocket Mortgage and has served in various roles throughout her tenure, including as executive vice president of client experience operations from April 2017 to October 2021 and as chief client experience officer of Rocket Mortgage from November 2021 to February 2024.
Lovier will continue her role as chief operating officer of RKT Holdings.
&#8220;Any changes to Mrs. Lovier&#8217;s compensation for her new appointment will be determined at a later date,&#8221; the filing noted.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, FDS stock has gained over 51% in the past year. Investors can gain exposure to the stock via&nbsp;Point Bridge America First ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MAGA#BATS">MAGA</a>).
Last month, the company announced Shawn Malhotra as its first ever group chief technology officer. His appointment <a href="https://www.benzinga.com/pressreleases/24/05/n38649791/rocket-companies-hires-ai-innovator-shawn-malhotra-as-chief-technology-officer" target="_blank" rel="noreferrer noopener">became effective on May 6.</a>
&#8220;As we double down on our commitment to technology innovation, Shawn will help us focus on delivering groundbreaking solutions to our clients, partners and team members,&#8221; said Varun Krishna, CEO of Rocket Companies, in a press release dated May 6.
&#8220;Shawn&#8217;s primary objective will be to increase the rate of innovation and execution in the organization, amplifying Rocket&#8217;s AI initiatives,&#8221; Krishna added.
In April, the company made headlines for introducing Rocket Logic, its patented AI-driven platform aimed at <a href="https://www.benzinga.com/pressreleases/24/04/n38160774/rocket-companies-introduces-rocket-logic-ai-platform-to-make-homeownership-faster-and-easier" target="_blank" rel="noreferrer noopener">simplifying and expediting home ownership.</a> The development was undertaken by Rocket Mortgage.
Price Action: RKT shares closed lower by 0.65% to $13.70 at close on Friday.
Read Next:<a href="https://www.benzinga.com/markets/equities/24/04/38168088/transforming-the-home-buying-process-rocket-mortgage-unveils-ai-based-rocket-logic-platform" target="_blank" rel="noreferrer noopener"> &#8216;Transforming The Home Buying Process&#8217;: Rocket Mortgage Unveils AI-Based Rocket Logic Platform</a>
Photo: Shutterstock

Heather Lovier Named COO Of Rocket Companies, Replacing Bill Emerson

President Joe Biden&#39;s shaky debate <a href="https://edition.cnn.com/2024/06/28/politics/joe-biden-debate-performance-panic/index.html">performance</a> this week is&nbsp;stirring doubts among Democrats about his viability for reelection.
As doubts&nbsp;about the president&#39;s electability&nbsp;circulate,&nbsp;questions
around <a href="https://www.benzinga.com/markets/cannabis/24/05/38880719/biden-announces-monumental-marijuana-rescheduling-doj-to-take-next-steps">federal cannabis reform</a>&nbsp;anticipated under Biden&#39;s administration are also swirling.
How would&nbsp;a return of Donald Trump to the White House influence the future of cannabis legalization?
<h3>How Severe Were The Losses? Cannabis Stocks Ranked By Decline In Benzinga Pro</h3>
Following Biden&#39;s debate performance, <a href="https://www.benzinga.com/pro/">major cannabis stocks experienced significant declines</a>, ranked&nbsp;here from the largest to smallest losses. Trulieve Cannabis Corp (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTC">TCNNF</a>) led the downturn with an 11.99% drop&nbsp;followed by Curaleaf Holdings (OTC: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTC">CURLF</a>) which fell 10.54%.
The AdvisorShares Pure US Cannabis ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/msos#NYSE">MSOS</a>) decreased by 8.83%, and Green Thumb Industries (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTC">GTBIF</a>) saw a 6.33% decline. The AdvisorShares Pure Cannabis ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/yolo#NYSE">YOLO</a>) dropped by 5.16%, and Tilray Brands (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tlry#NASDAQ">TLRY</a>) by 4.05%.
Canopy Growth Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cgc#NASDAQ">CGC</a>) decreased by 3.30%, OrganiGram Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ogi#NASDAQ">OGI</a>) by 3.75%, and Aurora Cannabis (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acb#NASDAQ">ACB</a>) by 2.33%. Cronos Group (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cron#NASDAQ">CRON</a>) had the smallest decline at 0.43%.
These investing issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
<h3>Trump And The Future Of Rescheduling</h3>
At a recent panel organized by <a href="https://www.benzinga.com/topic/pablo-zuanic">Zuanic &amp; Associates</a>, experts noted that if Trump addresses<a href="https://www.benzinga.com/markets/cannabis/24/05/38881456/bidens-greenlight-what-to-know-about-fed-regulated-marijuana-markets-legal-circuits-and-complian"> cannabis rescheduling </a>and wins the 2024 election, a Congressional Review Act (CRA) could be invoked, but reversing rescheduling would likely require a new review process by the Attorney General, which woulds take about two years and face<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39369432/what-is-the-trump-factor-justice-depts-impact-on-cannabis-rescheduling-stocks-and-i">&nbsp;significant challenges</a>.
Additionally, on June 21, 18 GOP state attorneys general called for a <a href="https://www.benzinga.com/markets/cannabis/24/06/39436068/dea-18-gop-state-attorneys-general-want-public-hearing-on-cannabis-rescheduling-as-deadline-loom">public hearing</a>, stressing the need for detailed data and scientific review. The DEA acknowledged the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38905962/cannabis-rescheduling-when-will-it-happen-expert-lays-out-timeline-risks-and-wild-c">complexity of reclassifying cannabis</a>, recognizing its medical uses in the U.S.
The DOJ-initiated rescheduling process includes a proposal publication, a public comment period&nbsp;and a final review, aligning with international treaties.
<h3>The Red State Catalyst</h3>
Despite the federal standstill, red states have emerged as unexpected champions of cannabis legalization. Tim Seymour <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39344068/not-dc-but-the-states-tim-seymour-discusses-how-red-states-could-catalyze-cannabis-">points out</a> that these states are not waiting for Washington&#39;s cue. Instead, they are pushing forward with legal markets that significantly enhance access and boost state revenues. This shift indicates a robust economic incentive driving the cannabis agenda at the state level.
In several GOP-led states, a significant shift toward <a href="https://www.benzinga.com/markets/cannabis/24/04/38406245/cannabis-reform-a-priority-for-congressional-progressive-caucus-and-more-news-from-south-carolin">cannabis reform</a> is evident. North Carolina&#39;s Senate<a href="https://www.benzinga.com/markets/cannabis/24/06/39485012/gop-led-north-carolina-senate-passes-bill-legalizing-medical-marijuana-dividing-conservative-sen"> approved </a>a medical marijuana bill amidst mixed opinions within the party. South Dakota, known for its conservative views, <a href="https://www.benzinga.com/markets/cannabis/24/06/39559684/how-south-dakota-became-the-uss-top-hemp-producer-in-just-three-years">leads</a> the U.S. in hemp production, driven by strong local support and favorable agricultural conditions.
<a href="https://www.benzinga.com/markets/cannabis/24/06/39190353/psychedelic-assisted-therapy-in-vermont-state-run-model-in-new-hampshire-and-medical-marijuana-i">Arkansas</a> is broadening access to medical marijuana, indicative of growing support for cannabis within conservative regions, aligning with GOP interests in economic development and public health improvement.
<h3>Mergers And Acquisitions: Signs Of A Shifting Landscape?</h3>
Recent mergers and acquisitions underscore this momentum. Notably, the merger between Cansortium and RIV Capital, facilitated by Scotts Miracle-Gro, aims to serve a<a href="https://www.benzinga.com/markets/cannabis/24/05/39094250/this-cannabis-merger-will-cover-25-of-u-s-population-cansortium-riv-capital-powered-by-scottsmir"> substantial portion</a> of the U.S. population, specifically targeting states with substantial economic influence like Florida and Texas.
Additionally, the $65.6 million <a href="https://www.benzinga.com/markets/cannabis/24/06/39492197/65-6m-equity-offering-led-by-good-day-farm-signals-m-a-activity-whats-the-big-picture">equity offering</a> by Good Day Farm highlights significant M&amp;A activity and Republican support in the South. This includes operations across Arkansas, Mississippi&nbsp;and Missouri, and notably in Louisiana&nbsp;where the company secured two medical marijuana cultivation licenses with the backing of Republican Governor Jeff Landry. The company&rsquo;s political ties are further deepened by its primary shareholder, Donald &quot;Boysie&quot; Bollinger, a notable Republican donor, and its president&nbsp;John Davis who is&nbsp;married to State Representative Paula Davis.
<h3>The GOP And Cannabis: An Evolving Relationship</h3>
The advancing legalization in red states, traditionally Republican strongholds, suggests a nuanced position within the GOP on cannabis. This development could play a pivotal role if&nbsp;Trump&nbsp;wins the November&nbsp;election.
Under such a scenario, despite Trump&#39;s previous disinterest in rescheduling cannabis at the federal level, state-driven legalization could continue to flourish, propelled by economic benefits and GOP support at the state level.
<h3>Prohibition Strongholds</h3>
Several U.S. states maintain strict cannabis prohibition, resisting the broader national trend toward legalization, including Idaho, Kansas, Nebraska, South Carolina, Tennessee, Indiana, <a href="https://www.benzinga.com/topic/wisconsin-cannabis">Wisconsin</a>&nbsp;and Wyoming.
As the 2024 election approaches, the interplay of federal inertia and state activism paints a complex picture of the future of cannabis legalization.
The industry&#39;s growth, increasingly tied to state decisions and economic imperatives, may indeed continue under a GOP presidency, driven by practical rather than ideological considerations.
Photo: AI-Generated Image.&nbsp;

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Will Biden's Shaky Debate Performance Affect Cannabis Reform? How A Trump Return Could Reshape Marijuana Policy

Retailer Costco Wholesale Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) is best known for offering items in bulk for consumers and its infamous <a href="https://www.benzinga.com/news/22/05/27287726/is-costco-raising-the-price-of-its-famous-hot-dog-due-to-inflation-1">$1.50 hot dog and soda combo.</a>
Costco could soon become known as a landlord or apartment builder as it dives into the world of affordable housing.
What Happened: Costco is continuing to build new stores as it looks to grow sales, with shares <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39420214/costco-stock-at-52-week-high-still-time-to-buy">at all-time highs.</a>
A new <a href="https://nypost.com/2024/06/28/business/costco-teaming-up-with-developers-to-build-an-800-unit-apartment-complex-in-bid-to-ease-housing-crisis/">report </a>from the New York Post, however, reveals the extra steps Costco is taking to develop a store in South Los Angeles.
Costco plans to build an 800-unit apartment complex as part of the development of the new store, partnering with Thrive Living and architects AO, according to the report.
Of the 800 apartment units, 184 would be set aside for <a href="https://www.benzinga.com/real-estate/24/06/39460768/as-election-tensions-mount-blue-state-residents-flock-to-red-states-in-search-of-affordable-housing">affordable housing.</a>
Thrive Ling told the Post the project is waiting for permits before construction for the combo retail-housing project can begin.
The new Costco store and apartment complex would be built on a five-acre site that previously housed a hospital. The plans call for a gym, gardens, a rooftop pool and a large parking lot.
There is no announcement yet on whether Costco plans to include a cafeteria offering the $1.50 hot dog and soda combo. 
Housing activist Joe Cohen detailed the affordable housing and apartments being included as part of the project to help Costco bypass a lengthy site review process by the city of Los Angeles. Cohen explained that if two-thirds of the plan includes housing, the process is expedited.
The report also noted that the apartments would come as pre-manufactured units that would be loaded off trucks to speed up the project. This may be done in an effort to avoid paying union wages for skilled on-site workers, Cohen said.
Cohen labeled the project as being similar to a prison with a bunch of small units and a recreation center in the middle.
"Why does the &#8216;Costco Prison&#8217; exist, and why is it designed the way it is? As often is the case, the answer is regulatory arbitrage," Cohen <a href="https://x.com/CohenSite/status/1800766789372215667">said</a> in a tweet that has since generated nearly three million views.
Cohen said Costco did "what any good Scooby-Doo villain would do."
"They put on a mask that says ‘I'm an apartment building, not a big-box store.'"
Related Link: <a href="https://www.benzinga.com/news/earnings/24/05/39098420/costco-q3-earnings-highlights-revenue-beat-eps-beat-no-membership-fee-increase-announced">Costco Q3 Earnings Highlights: Revenue Beat, EPS Beat, No Membership Fee Increase Announced</a>
Why It's Important: The new store will be Costco's first in South Los Angeles and could be crucial for the company&#8217;s unit growth and store size expansion in key markets.
While Cohen's post went viral, the housing activist said he's not against the project.
"LA has a massive housing shortage and we need all the new housing we can get," Cohen said.
If the Costco project is built, it will likely serve as a test for the retailer to explore more mixed-use designs that combine retail and housing in the future. This could be particularly attractive if it helps to expedite the building process and navigate around fees and regulations.
Read Next: <a href="https://www.benzinga.com/news/management/24/02/36961118/costco-hires-new-cfo-but-dont-expect-1-50-hot-dog-combo-price-to-change">Costco Hires New CFO, But Don&#8217;t Expect $1.50 Hot Dog Combo Price To Change</a>
Photo: Shutterstock

COST

Costco The Landlord? Retailer Building 800-Unit Apartment Complex. Here's The Potential Reason Why.

Hafnia Limited (HAFN) Q1 2024 Earnings Call Transcript

Hafnia Limited 2024 Q1 - Results - Earnings Call Presentation

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Analysts Offer Insights on Industrial Goods Companies: Siemens Energy (OtherSMEGF), Element Fleet Management (OtherELEEF) and Hafnia (HAFN)

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Hafnia Bolsters Shares with BW Group Agreement

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Hafnia CEO Exercises Options, Company Holds Shares

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The most obvious reason investors should buy high-yield <a href="https://investorplace.com/stock-types/dividend-stocks/">dividend stocks</a> is that they provide income. Non-dividend stocks do not provide income and only provide cash when sold. Dividend stocks on the other hand, provide income on a quarterly basis and sometimes monthly. They also <a href="https://www.ml.com/articles/what-dividend-stocks-can-offer.html#:~:text=First%2C%20the%20income%20they%20provide,buffer%20losses%20during%20market%20drawdowns.">buffer against losses and more</a>.&nbsp;



That doesn&rsquo;t mean any investor seeking income should run out and buy any old dividend stock. There are plenty of factors to consider, one of the most important of which is yield. Yield is calculated by dividing the annual dividend by the share price. A $10 stock providing 50 cents of annual dividends yields 5% (0.50/10 = 0.05). A <a href="https://www.forbes.com/advisor/investing/dividend-yield/#:~:text=What%20Is%20a%20Good%20Dividend,dividend%20yield%20is%20for%20you.">healthy dividend yield</a> is considered to be in the 2% to 6% range.&nbsp;



That&rsquo;s why I&rsquo;ve chosen 6%: it maximizes the income considered to fall within the safe range.&nbsp;



<h2>Pfizer (PFE)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/pfe-stock-2-300x169.jpg" alt="blue Pfizer logo on the windows of a corporate building PFR stock"><div>Source: photobyphm / Shutterstock.com</div></div>Pfizer (NYSE:<a href="https://investorplace.com/stock-quotes/pfe-stock-quote/">PFE</a>) is currently in an interesting spot for a number of reasons. The most obvious and impactful reason is that windfall Covid-19 vaccine revenues have dried up. That is news to no one: investors watched the stock fall from $50 to $28 throughout 2023. It has been trading around $28 for the last five or six months.&nbsp;



The obvious positive for income investors is that yields have risen substantially during that time. Those yields currently stand above 6%. The problem is that Pfizer&rsquo;s current <a href="https://www.gurufocus.com/stock/PFE/dividend">payout ratio is above 1</a>, meaning it consumes all of earnings and then some. Yet, it&rsquo;s doubtful the company will reduce the dividend anytime soon. It is currently the main attraction of the stock overall and the company is aware of that.&nbsp;



Furthermore, the company&rsquo;s most recent earnings were positive overall, beating expectations. Pfizer posted 82 cents in earnings, beating expectations by 31 cents. Revenues were nearly $1 billion better than expected. That earnings boost will help the payout ratio to become healthier.&nbsp;



The company is undertaking a substantial cost reduction plan and is already <a href="https://invezz.com/news/2024/05/13/pfizers-next-move-can-it-break-above-30/?utm_source=snapi">seeing strong revenues from product launches</a> suggesting it could break out soon.&nbsp;



<h2>Realty Income (O)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/realty1600-300x169.jpg" alt="realty income logo highlighted by a magnifying glass on a web browser"><div>Source: Shutterstock</div></div>I&rsquo;d argue that Realty Income (NYSE:<a href="https://investorplace.com/stock-quotes/o-stock-quote/">O</a>)&nbsp; is the best REIT stock available to investors. That is important to note because many investors are worried about the commercial real estate market. However, Realty Income is differentiated and does not rely on office space tenants which is a particular area of risk. It operates a business that is intelligently selective.



All that means is the company signs long-term leases with highly stable retail renters. It also does so under <a href="https://www.investopedia.com/terms/t/triple-net-lease-nnn.asp#:~:text=A%20triple%20net%20lease%20(triple,cost%20of%20rent%20and%20utilities.">triple net leases</a> that push significant costs onto the lessor. Mortgage owners inherently understand the burden of real estate taxes and insurance hikes in this current environment. Realty Income places the burden of those fees on the lessor leaving much more for investors.



That manifests as a dividend yielding 6.2% at the moment. There are plenty of signs the company will continue to pay and increase that dividend. First, it recently increased the dividend by 2.1%. Second, the company recently signed $598 million worth of investment volume with an<a href="https://www.prnewswire.com/news-releases/realty-income-announces-operating-results-for-the-three-months-ended-march-31-2024-302137224.html"> average initial cash yield of 7.8%</a>, well above the 6.2% dividend.



<h2>Orange (ORAN)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/orange_oran_1600-300x169.png" alt="Sign Orange. Company signboard Orange."><div>Source: Grand Warszawski / Shutterstock.com</div></div>It&rsquo;s easy to understand why investors should consider Orange (NYSE:<a href="https://investorplace.com/stock-quotes/oran-stock-quote/">ORAN</a>) stock. The European telecommunications firm is heading in the right direction and should reward investors moving forward.



Nothing about the company&rsquo;s fundamentals pops out as particularly impressive. The company is growing steadily and appears well-operated. Yet, the reason income investors should be particularly interested is the company is substantially raising its dividend.&nbsp;The result is the forward dividend yield stands above 15% while the trailing yield <a href="https://www.gurufocus.com/stock/ORAN/dividend">is nearly 6.6%</a>.



I mentioned that the company&rsquo;s fundamentals are good but not particularly impressive. A bullish investor could easily argue that the company&rsquo;s <a href="https://www.orange.com/en/latest-consolidated-results">double-digit growth in Africa and the Middle East</a> makes it impressive.&nbsp;



In either case, Orange is a stable, giant telecom firm that should continue to provide income to investors. Those investors shouldn&rsquo;t expect substantial price appreciation from the shares themselves but the strong forward dividend yield more than makes up for it.



<h2>United Microelectronics (UMC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/02/umc-stock-1600-300x169.png" alt="Semiconductors chips and blurred UMC United Microelectronics Corporation logo."><div>Source: Ascannio via shutterstock</div></div>A cursory glance at chip wafer foundry United Microelectronics (NYSE:<a href="https://investorplace.com/stock-quotes/umc-stock-quote/">UMC</a>) might concern some investors. After all, many chip stocks are still suffering as inventory levels remain high due to previous over-investment.&nbsp;



United Microelectronics also saw revenue decline during the most recent quarter. That indicates it is just one of many chipmakers currently suffering the same fate. However, the stock is clearly trying to break out. A lot of that has to do with the expectation of continuous improvements in wafer shipments. Those shipments increased by 4.5% in the first quarter. CEO Jason Wong believes that trend will continue throughout the second quarter as <a href="https://www.businesswire.com/news/home/20240424961964/en/UMC-Reports-First-Quarter-2024-Results/">inventory health continues to improve</a> from the producer perspective.&nbsp;



While inventory levels continue to normalize, investors should console themselves with the dividend yielding 6.8%. The company has <a href="https://www.gurufocus.com/stock/UMC/dividend">grown that dividend by nearly 48%</a> over the last five years. The payout ratio is a little bit high but not unmanageable at 0.85%. Overall, there&rsquo;s a lot to like about United Microelectronics and plenty of reason to invest for income seekers.



<h2>Gerdau (GGB)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/11/ggb-stock-1-300x169.jpg" alt="A close-up shot of the Gerdau (GGB) office sign in Sao Paolo, Brazil."><div>Source: casa.da.photo / Shutterstock.com</div></div>Gerdau (NYSE:<a href="https://investorplace.com/stock-quotes/ggb-stock-quote/">GGB</a>) is a Brazilian steel manufacturer and an intriguing stock for income investors.



The stock includes a dividend yielding 6.6% and offers a lot in the way of optimism. That optimism stems from the company&rsquo;s most recent earnings from early May. <a href="https://www.prnewswire.com/news-releases/gerdau-sa--consolidated-information-302135224.html">Net income increased by 70% sequentially</a> during the first quarter. The company distributed $589 million worth of dividends during that period. As a bonus, the company awarded shareholders one additional share for every five currently owned. That effectively equates to a 20% return.



Part of the reason for the distribution has to do with performance over the past several years. Share prices currently stand at $3.50 per share but have fallen from $5 frustrating investors in the process.



The company is well-regarded and is the only steel company represented within the Merco Ranking, which ranks the most reputable companies in South America. There&rsquo;s a lot to like about Gerdau and it makes a strong choice for income seekers.&nbsp;



<h2>Hafnia Limited (HAFN)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/oil-tanker-1600-300x169.png" alt="Aerial front side view of oil tanker ship sailing on open sea, Imperial Petroleum (IMPP) operates oil tankers"><div>Source: Igor Karasi / Shutterstock.com</div></div>Hafnia Limited (NYSE:<a href="https://investorplace.com/stock-quotes/hafn-stock-quote/">HAFN</a>) operates oil tankers from its Bermuda headquarters. That includes more than 200 vessels, 4,000 employees and offices in Singapore, Houston, Dubai and Copenhagen. HAFN is a momentum stock and is up more than 13% in 2024.



The company continues to benefit from disputes that have disrupted shipping routes globally. Hafnia Limited reported higher spot rates during the first quarter.&nbsp;



On April 9th the company began listing its common shares on the New York Stock Exchange. It was previously listed on the Oslo Stock Exchange.&nbsp;



Hafnia Limited is very clearly dedicated to its shareholders as it relates to dividends. The company will raise its dividend payout ratio from 70% to 80% when its net loan-to-value ratio is between 20 and 30%. Once that figure falls below 20%, the company <a href="https://www.businesswire.com/news/home/20240514936019/en/Hafnia-Limited-Announces-Financial-Results-For-The-Three-Months-Ended-March-31-2024/">intends to raise its dividend payout ratio to 90%</a>.&nbsp;The stock also offers a lot of value in terms of its <a href="https://www.gurufocus.com/term/pettm/HAFN">price-to-earnings ratio</a>, which stands at 6 on a trailing and forward basis.



<h2>Copa Holdings (CPA)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/05/copa_cpa1600-300x169.jpg" alt="Copa plane mid-flight backdropped by white clouds. CPA stock"><div>Source: Carlos Yudica/Shutterstock.com</div></div>Copa Holdings (NYSE:<a href="https://investorplace.com/stock-quotes/cpa-stock-quote/">CPA</a>) is a particularly impressive airline stock. I say that because the company is thriving despite significant headwinds.



The company <a href="https://copa.gcs-web.com/static-files/6e25bdb7-49e3-4441-a578-444ae8d282c9">increased its net earnings by $18.1 million</a> during the first quarter, reaching $176.1 million overall. That included the negative&nbsp;impact&nbsp;related to the grounding of 21 Boeing 737 Max 9 aircraft.&nbsp;



Despite the issues, demand remains strong at Copa Holdings. Traffic increased by 7.1% during the first quarter on a year-over-year basis. Overall revenues increased by 3% during the same period.&nbsp;



The company is clearly invested in rewarding its shareholders. It is currently in the midst of a share repurchase program valued at $200 million. By the end of the first quarter, the company had repurchased $40 million of the total. The dividend itself yields 6.5% and benefits from a low payout ratio of 0.27. So, despite the relatively high yield, Copa Holdings has room to move higher or maintain the already high yield dividend and reinvest earnings elsewhere.&nbsp;



On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.</div><h3>More From InvestorPlace</h3>
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U.S. intelligence details impact of Red Sea attacks on global trade

Hafnia (HAFN) has released an update. Hafnia Limited has announced its upcoming Annual General Meeting (AGM) to be held in Bermuda on July 10, 2024...

Hafnia Limited Announces Upcoming AGM

Latest Trends In Shipping: Marine Money 2024 Preview

Hafnia (HAFN) has released an update. Hafnia Limited has issued 2,311,785 new shares to BW Group Limited in accordance with a share lending agreeme...

Hafnia Limited Issues New Shares to BW Group

AMKAF

AMKBF

AMKBY

BDRY

BOAT

BWET

CHRW

CICOF

CICOY

ELEEF

EQNR

EURN

HAFN

HOEGF

HPGLY

INSW

NPNYY

NYUKF

ORAN

SBBA

SBLK

SHEL

SMEGF

STNG

TRMD

Press Releases

HAFNIA LIMITED: Award of Share Options to Primary Insiders

Hafnia Limited – Notice of Change to Planned Date of Annual General Meeting

Hafnia's Q1 2024 Financial Results Presentation to Be Held on 15 May 2024

HAFNIA LIMITED: Key information relating to dividend for the first quarter 2024

Hafnia Limited Announces Financial Results For The Three Months Ended March 31, 2024

HAFNIA LIMITED: Ex-Dividend USD 0.3443 Today

HAFNIA LIMITED: Mandatory Notification of Trade by Close Associate of Primary Insider

HAFNIA LIMITED: Accelerated Vesting of LTIP 2022 Options and Share Lending Agreement

HAFNIA LIMITED: Exercise of Options by a Primary Insider

HAFNIA LIMITED: Issuance of New Shares and Mandatory Notification of Trade by Close Associate

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BTIG

BTIG analyst Gregory Lewis initiates coverage on Hafnia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAFN#NYSE">HAFN</a>) with a Buy rating and announces Price Target of $10.

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Hafnia

News

Latest news for Hafnia (NYSE:HAFN) Stock

Friday, April 12, 2024

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