The Supreme Court on May 14 struck down a 25-year federal ban on sports betting outside of Nevada. The big question on many minds – particular state officials and companies like MGM Resorts and DraftKings looking to cash in – is how much money is at stake. Many of the articles on the decision cite the same eye-popping figure: Americans wager an estimated US$150 billion in illegal sports bets every year. Continue reading
There is a very high chance the Federal Reserve will raise interest rates next week. It would be the first time the Federal Open Monetary Committee (FOMC) – the Fed’s rate-setting team – has lifted its benchmark rate since 2006, beginning the so-called return to normal. Economists, traders and policymakers have been pontificating, prognosticating and placing bets about this decision for a long time, because the impact is expected to be far-reaching.
So how will higher rates affect you? Continue reading
On Monday, the world’s stock markets continued to fall after suffering steep losses the previous week. The Dow Jones Industrial Average, one of the most widely followed indexes, opened for trading by dropping more than 1,000 points in the first six minutes, or about 6.5%. This thousand-point drop was the largest intraday plunge in the index’s history. Continue reading