Wall Street absorbed better-than-expected economic data: Private payrolls shed 2.76 million jobs in May, ADP reported Wednesday. Economists surveyed by Dow Jones had expected a drop of 8.75 million.
Finance vets angle for control of Protective Insurance
The business—formerly Baldwin & Lyons Insurance—is one of central Indiana’s oldest public companies.Read More
Indiana credit unions pursue growth by buying banks
The banking industry, which argues that credit unions’ tax-exempt status gives them an unfair edge, objects to the trend.Read More
Emmis shares plummet after it announces Nasdaq delisting plan
The Indianapolis-based media company, which has been a publicly traded business since 1994, said that it was pursuing the delisting to save money.Read More
Software firm Lessonly scores $15 million in latest venture funding round
The funding—secured before the coronavirus hit the U.S.—will be used to fuel growth across all segments of the company, said Lessonly CEO Max Yoder.Read More
Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression.
The Dow Jones industrial average jumped 553 points Wednesday, about 2.2 percent. Financial stocks and beaten-up industrials helped power the blue chips—a comeback that signals confidence in the recovery.
Stocks surged on Wall Street in morning trading Tuesday, driving the S&P 500 to its highest level in nearly three months.
KAR Auction shares rose more than 9% Tuesday morning after the company announced the investment by London-based Apax Partners, a global private equity advisory firm, with participation by New York City-based Periphas Capital L.P.
Record unemployment caused by the coronavirus pandemic led to the largest one-month increase in mortgage delinquencies ever recorded.
Federal Reserve Chairman Jerome Powell said that while the Fed has received a “good deal of interest” in its lending programs, if not enough companies or state and local governments seek to borrow, the Fed would consider expanding their eligibility.
Experts say hotels of all sizes are under tremendous stress as revenue for many falls below the levels needed for debt payments.
Now, as President Donald Trump and many Republicans press to reopen the economy, some experts see an ominous risk: That a too-hasty relaxation of social distancing could ignite a resurgence of COVID-19 cases by fall, sending the economy back into lockdown.
A borrower who took out a 30-year, $200,000 mortgage in 2018 at an interest rate of 4.55% would have a monthly payment of $1,019. By refinancing into a 30-year mortgage with a 3.46% interest rate, the monthly payment would drop to $865.
Utilities fared the worst of all sectors, with less than a quarter of small businesses in that sector getting loans, according to the survey.
Consumers have flooded social media with tales and images of lengthy lines and boisterous crowds seeking to pick up funds sent by friends and family abroad.
The federal Paycheck Protection Program, which offers COVID-19 relief to small businesses, was criticized for allowing larger companies to secure multimillion-dollar loans early on.
Amid the widespread economic disruption caused by the pandemic, banks have already granted payment deferrals of up to six months to a significant number of commercial and individual borrowers.
Rating agencies, which already ranked Steak n Shake on the lowest rungs of their creditworthiness ladders, further sounded the alarm bells in recent weeks after Steak n Shake paid off some of its debt at a discount—something a lender never would agree to if it thought it was going to be paid in full.
Lenders complained Monday that they couldn’t get their applications into the SBA system known as ETran that processes and approves loans.
Banking industry groups say the volume of applications already sent to the Small Business Administration makes it likely that much, if not all, the new money will go to those already in the queue.
Fishers-based audio marketing technology company Vibenomics Inc. on Tuesday announced it has closed on $6 million in Series A funding. The round, which closed Feb. 17, was led by Atlanta-based BIP Capital and brings total company funding for Vibenomics to $13.5 million.
The company was able to get extra funding late last week through an “equity transaction” and decided to “immediately return” the $10 million paycheck protection loan it obtained through the CARES Act.