Finance
Rep. George Santos’ campaign finance report shows loss of $3G in net contributions in past three months
WASHINGTON — In his first marketing campaign finance report since being uncovered for fabrications and focused for investigations, Rep. George Santos reported Saturday that his internet contributions for the previous three months equal a lack of $3,019.52.
Santos, a Republican who represents the third Congressional District in Nassau and Queens counties, reported to the Federal Election Fee that he raised a complete of $5,333.26 within the first quarter but in addition refunded 4 contributors a complete of $8,352.78.
“That’s the most pathetic FEC report I’ve ever seen for an incumbent Member of Congress in thirty-four years of training marketing campaign finance legislation,” stated Brett Kappel, an lawyer at Harmon Curran, a Washington, D.C., legislation agency.
Santos’ congressional spokeswoman Naysa Woomer stated in an e-mail Saturday night time that his congressional workplace doesn’t touch upon campaign-related issues.
The cash-losing marketing campaign report additionally says that Santos’ marketing campaign finance committee had $25,096 in money available and money owed for loans Santos made to his marketing campaign totaling $715,000.
However that mortgage determine fell $40,000 wanting the $755,000 in unpaid loans that he reported in his year-end 2022 submitting to the FEC in January. The FEC seemingly will ship Santos questions on that mortgage discrepancy, Kappel stated.
The submitting Saturday recognized one particular person making a contribution — a New York Metropolis resident named Sacha Basin who donated $254.95 via the WinRed Republican marketing campaign donation conduit on Jan. 24.
And the marketing campaign refunded $2,900 every to 2 of Santos’ greater donors in his profitable 2022 marketing campaign through which he defeated his Democratic opponent.
A kind of refunds went to Robert Mangi, a Lloyd Harbor resident and operator of a wholesale insurance coverage brokerage in Backyard Metropolis. Mangi and his spouse, Sandra, contributed a complete of $197,400 to Santos-tied committees, state and federal data present.
“Greater than the non-public humiliation of discovering the particular person you thought was a ‘Subsequent Gen’ political standard-bearer is, in truth, a fraud is the conclusion that these gorgeous revelations include vital collateral injury,” Mangi stated in a press release to Newsday.
The opposite $2,900 refund went to Mayra Ruiz, a Republican donor in Miami who bought a $19 million, 141-foot superyacht to Raymond Tantillo, a Lengthy Island auto seller, in a deal brokered by Santos. Tantillo gave greater than $17,000 to Santos’ marketing campaign and affiliated committees.
As well as, the marketing campaign refunded Cindy Gross, of Woodmere, the $500 contribution she gave per week earlier than the publication of The New York Occasions expose of Santos, and the $500 that Thomas Zmich, of Bayside and a former unsuccessful candidate for Congress in Queens, gave a day after the expose appeared.
The Home Ethics Committee, the federal prosecutor within the Japanese District of New York and the New York lawyer common have opened investigations into the marketing campaign and different actions of Santos.
Finance
US jobs report crushes expectations as economy adds 254,000 jobs, unemployment rate falls to 4.1%
The US labor market added far more jobs than projected in September while the unemployment rate unexpectedly ticked lower, reflecting a stronger picture of the jobs market than Wall Street had expected.
Data from the Bureau of Labor Statistics released Friday showed the labor market added 254,000 payrolls in September, more additions than the 150,000 expected by economists.
Meanwhile, the unemployment rate fell to 4.1%, from 4.2% in August. September job additions came in higher than the revised 159,000 added in August. Revisions to both the July and August report showed the US economy added 72,000 more jobs during those two months than previously reported.
Wage growth, an important measure for gauging inflation pressures, rose to 4% year over year, from a 3.9% annual gain in August. On a monthly basis, wages increased 0.4%, in line with August’s reading.
The key question entering Friday’s report was whether the data would reflect significant cooling in the labor market, which could prompt another large Fed interest rate cut. Robert Sockin, Citi senior global economist, told Yahoo Finance that the better-than-expected jobs report makes it less likely the Fed moves with the “urgency” it did at its September meeting when the central bank cut interest rates by half a percentage point.
“This pushes the Fed out a lot,” he said, adding that it’s uncertain the Fed will make a 50 basis point cut again this year.
Read more: Jobs, inflation, and the Fed: How they’re all related
Following the report, markets were pricing in a roughly 5% chance the Fed cuts interest rates by half a percentage point in November, down from a 53% chance seen a week ago, per the CME FedWatch Tool.
“Looking at the labour market strength evident in September’s employment report, the real debate at the Fed should be about whether to loosen monetary policy at all,” Capital Economics chief North America economist Paul Ashworth wrote in a note to clients on Friday. “Any hopes of a [50 basis point] cut are long gone.”
Futures tied to major US stock indexes rallied on the news. S&P 500 futures (ES=F) put on nearly 0.8%, while Dow Jones Industrial Average futures (YM=F) added roughly 0.5%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 1.1% higher.
Renaissance Macro head of economics Neil Dutta wrote in a note following the release that September’s jobs report was “undeniably good news” for the equity market.
“At the end of the day, the Fed is still cutting policy rates even as the economy grows,” Dutta wrote.
Also in Friday’s report, the labor force participation was flat from the month prior at 62.7%. Food services and drinking places led the job gains, rising 69,000 in the month. Meanwhile, healthcare added 45,000 jobs, and government jobs ticked higher by 31,000.
Earlier this week, data from ADP showed the private sector added 143,000 jobs in September, above economists’ estimates for 125,000 and significantly higher than the 99,000 seen in August. This marked the end of a five-month decline in private-sector job additions.
“This is a pretty healthy, widespread rebound,” ADP chief economist Nela Richardson said. “And probably unexpected by many people who thought the job market was on a downward slide. This month, of course, gives pause to those kinds of assessments. Hiring is still solid.”
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
Click here for in-depth analysis of the latest stock market news and events moving stock prices
Read the latest financial and business news from Yahoo Finance
Finance
Stock market today: US futures edge higher as investors gear up for key jobs report
US stock futures climbed on Friday as investors braced for a key monthly jobs report, with the Middle East crisis and a return to work at US ports also in high focus.
S&P 500 futures (ES=F) put on 0.3%, while Dow Jones Industrial Average futures (YM=F) added roughly 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 0.4% higher.
Investors are marking time for the release of the September jobs report, expected to provide further evidence the labor market is cooling but not collapsing. A rapid weakening could prompt the Federal Reserve to once again lower interest rates by an outsized 0.5% in November.
Friday’s report, set for release at 8:30 a.m. ET, is expected to show nonfarm payrolls rose by 150,000. But Wall Street is likely to focus less on hiring and more on the unemployment rate, where a gain could boost bets on a larger rate cut.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
While stocks are on track for weekly losses, the markets have shown some resilience in the face of a rough week of worrying headlines. The major gauges were off 1% or less as of Thursday’s close, with the S&P 500 and Dow still within striking distance of record highs.
In recent days, a huge ports strike, devastation from Hurricane Helene, and the prospect of a wider Mideast conflict brought the potential to lift prices and fan inflation. That in turn cast doubt on the Fed’s preferred 0.25% rate cut.
In a welcome move, the US dockworkers strike ended after a tentative wage deal was agreed late Thursday, though some issues remain to be settled by later this year.
On the downside, a barrage of strikes by Israel on Beirut kept alive the Mideast worries that have driven up oil prices. Western leaders warned about “uncontrollable escalation” as investors waited to see whether Israel will attack Iran’s oil facilities — a move President Biden said is under discussion.
Oil is on track for its biggest weekly gain in two years as tensions mount. Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures rose over 1% on Friday morning, coming off a 5% gain the previous day.
Finance
Unlocking Private Credit Finance: A Conversation On Key White Papers and Industry Insights – Hosted By CMF DEI Council
October 9, 2024 2:00 PM-3:00 PM
Share to
Member Price | $0.00 |
Non-Member Price | $399.00 |
About the Event
Private Credit Finance is considered one of the fastest-growing segments of alternative investments. It has emerged as a dynamic and increasingly prominent sector within the global financial ecosystem. Unlike traditional bank loans or publicly traded bonds, private credit involves non-bank lending, where investment funds or other institutional investors provide capital directly to businesses.
Join MBA Education and industry experts for an exclusive webinar featuring a panel of distinguished experts from the Private Credit Finance sector, all of whom have contributed to influential white papers on the subject. This in-depth discussion will explore the historical evolution of the industry and analyze future trends based on data assessed in collaboration with leading economists.
Our panelists will highlight the key growth drivers within Private Credit Finance and discuss how these trends influence the traditional capital stack. Attendees will have the opportunity to engage directly with the experts through a live Q&A session.
Date/Time
- Wednesday, October 9 (2:00 PM – 3:00 PM ET)
Objectives
- Inform members and conduct an in-depth exploration of the Private Credit Finance landscape
- Analyze the evolution of Private Credit Finance and project its future trajectory
- Review detailed industry data presented by specialists who have contributed to White Papers in the field
Experience Level
- Entry-Level
- Intermediate
- Advanced
Target Audience
- Originators
- Producers
- Underwriters
- Attorneys
- Servicers
Speaker(s)
- Moderator: Amber Rao, CCIM, Senior Vice President/Senior Mortgage Banker, Key Bank Real Estate Capital
- Victor Calanog, Global Head of Research and Strategy, Manu Life
- Jan Sternin, Senior Vice President, Managing Director of Servicing, Berkadia
- Kevin Fagan, Senior Director & Head of CRE Economic Analysis, Moody’s Analytics
- Anuj Gupta, Chief Executive Officer, A10 Capital
-
Technology2 days ago
Charter will offer Peacock for free with some cable subscriptions next year
-
World1 day ago
Ukrainian stronghold Vuhledar falls to Russian offensive after two years of bombardment
-
News1 week ago
Video: Where Trump and Harris Stand on Democracy
-
World2 days ago
WikiLeaks’ Julian Assange says he pleaded ‘guilty to journalism’ in order to be freed
-
Technology21 hours ago
Beware of fraudsters posing as government officials trying to steal your cash
-
Business1 week ago
Visa, Google, JetBlue: A Guide to a New Era of Antitrust Action
-
Education1 week ago
Video: Los Angeles Bus Hijacked at Gunpoint
-
Politics1 week ago
FLASHBACK: VP Harris pushed for illegal immigrant to practice law in California over Obama admin's objections