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- Powerball jackpot soars to $786M: Expert tips for what to do if you win
The Powerball jackpot has ballooned to an estimated $786 million, putting one of the game’s biggest prizes ever up for grabs Wednesday night.The jackpot now ranks as the ninth-largest in Powerball history. The winner who takes the cash option would receive an estimated $341.6 million before taxes. The alternative is an annuity paid through 30 graduated payments over 29 years. "The last time we saw a Powerball jackpot of this size was on Christmas Eve, with a $1.817 billion prize on the line," Stephen Durrell, the Powerball product group chair and Kansas Lottery executive director, said in a statement. The jackpot has been growing since May 2, when tickets sold in Florida and Texas split a $20 million prize. There have now been 40 straight drawings without a jackpot winner.ARKANSAS WINNER CLAIMS $1.8B POWERBALL JACKPOT, CHOOSES CASH OPTIONFor the person holding the winning ticket, the first move should be protecting privacy, according to Jeffery Degner, a research fellow in economics and economic freedom at the American Institute for Economic Research."If you live in a state that allows you to remain anonymous, remain anonymous," Degner told FOX Business. "Keep your mouth shut."Degner warned that making a massive windfall public can quickly attract long-lost friends, relatives and strangers looking for money."When askers do eventually come, you should develop the habit of saying ‘no’ early and often," he said.The winner should also consider quickly hiring a tax attorney and certified public accountant because taxes can take a big bite out of the prize, according to Degner. "Don't be surprised by the taxes because the lottery is going to withhold about 24% on the initial payment," he said, noting that more could be due when taxes are filed.GEORGIA RESIDENT IDENTIFIED AS WINNER OF $983M MEGA MILLIONS JACKPOT, LARGEST EVER IN STATEChoosing between the lump sum and annuity is less clear-cut. Powerball’s annuity includes one immediate payment followed by 29 annual payments that rise by 5% each year. Degner said those increases could help protect against inflation.Meanwhile, the lump sum gives the winner immediate access to the money and the ability to invest it."When it's all said and done, they actually are fairly close in the total return," he said.Degner urged winners to avoid major purchases and financial commitments during the first few months and warned against "lifestyle creep."Paying off high-interest debt should also be a priority. However, winners should be cautious about paying off debts for friends or… [TheTopNews] Read More.58 mins ago - Fed’s Kashkari says central bank should raise interest rates now to avoid ...Minneapolis Federal Reserve President Neel Kashkari on Wednesday outlined why he thinks the central bank should raise interest rates to curb persistent inflation and head off the need for more substantial monetary policy action at a later date.Kashkari was one of the three Fed policymakers who dissented from the 9-3 decision to leave interest rates unchanged at last week's monetary policy meeting and instead voted to raise the benchmark federal funds rate by 25-basis-points. The Fed has held rates steady all year.In an interview with CNBC's "Squawk Box," Kashkari noted the signs of strength across various components of the economy and said he doesn't see signs that current interest rate levels are suppressing activity, which he views as allowing for a small hike."Corporate earnings are through the roof. They're doing great. The consumer is hanging in there. The labor market is hanging in there," he said. "I look at this constellation, and I say, ‘What evidence do I have that monetary policy is particularly restrictive right now?’ So, I argued now is the time to start slowly moving up as we get more data in.FED DISSENTERS WARN INFLATION COULD BECOME ENTRENCHED WITHOUT MONETARY POLICY TIGHTENING NOW"I'm not calling for a dramatic increase in interest rates," Kashkari explained. "I'm simply saying I don't see evidence of monetary policy [being] marginally restrictive right now, and I think we have more work to do to get inflation back down."I would rather get going now in small steps than wait till later, then we have a really entrenched inflation problem, and we have to raise rates aggressively," he added.Kashkari also said Federal Reserve Chair Kevin Warsh, who was leading his second meeting as central bank chairman, didn't pressure him over his vote and told him, "'Do what you think is the right thing to do for the economy,'" which the Minneapolis Fed president appreciated.FED POLICYMAKERS LEAVE RATES UNCHANGED AMID ELEVATED UNCERTAINTYKashkari and the two other dissenters — Dallas Fed President Lorie Logan and Cleveland Fed President Beth Hammack — each outlined their rationale for voting in favor of higher interest rates in statements released Friday.All cited concerns about inflation persisting well above the central bank's 2% target and the challenges policymakers would face if it becomes entrenched and cost pressures impact larger portions of the economy over time.Both of the closely watched inflation metrics showed the pace of price growth sitting above 3% in… [TheTopNews] Read More.2 hours ago
- Ken Griffin’s NYC skyscraper moves forward despite feud with Mayor Zohran ...The development of a skyscraper in New York City that will house Ken Griffin's Citadel is moving forward despite his feud with New York City Mayor Zohran Mamdani.The skyscraper project at 350 Park Avenue is being developed by Griffin's Citadel in partnership with Vornado Realty Trust and Rudin, and will see two of Griffin's firms being anchor tenants.Steven Roth, CEO of Vornado Realty Trust, said on the company's earnings call on Tuesday that the project is underway and that the REIT will maximize its stake in the venture."If you drive or walk past Park Avenue at 52nd Street, you will see that our 350 Park Avenue site is now under construction, actually under demolition. We intend to shortly exercise our investment option to participate in this deal at our maximum ownership alongside Ken Griffin as our 60% partner and with Citadel as our 1-million-square-foot anchor tenant."HEDGE FUND BILLIONAIRE EXPANDS MIAMI DEVELOPMENT PLANS AFTER MAMDANI FEUDRoth said on the call that Citadel holds a 60% stake in the partnership, while Vornado's will top out at 36%.The project is moving forward after Mamdani specifically criticized Griffin for owning a penthouse on Central Park South in a video detailing his new pied-a-terre tax, which is levied on high-value residential properties whose owners don't live in the city full-time.Mamdani spurred the controversy with an April 15 video the mayor recorded in front of Griffin's penthouse, calling him out as a wealthy hedge fund owner who would be subject to the new luxury property tax.NEW YORK'S WEALTHY RUSH TO AVOID MAMDANI'S SECOND-HOME TAX"When I ran for mayor, I said I was going to tax the rich. Well, today we're taxing the rich… This is an annual fee on luxury properties worth more than $5 million whose owners do not live full-time in the city – like this penthouse, which hedge fund CEO Ken Griffin bought for $238 million," Mamdani said in his video.Griffin responded, calling the personal attack "creepy and weird," worrying that it put him in harm's way and demonstrated a "profound lack of judgment," on Mamdani's part.MAMDANI'S TAX ROLL BLUNDER WILL BACKFIRE ON EVERYDAY NEW YORKERS AS BUYERS HEAD SOUTH, DEVELOPER WARNSCitadel executives went on to suggest that the new office space could become a casualty of Mamdani's not-so-business-friendly policies.Gerald Beeson, the firm's COO, wrote in an April 23 memo to employees that the firm's development of 350 Park Avenue was about to… [TheTopNews] Read More.2 hours ago
- Student loan repayment rates an ‘unsustainable burden’, chancellor t...
More than 120 MPs and peers have asked John Healey to carry out an "urgent review" of repayments. [TheTopNews] Read More.3 hours ago - Flutter shares plummet on earnings miss and another key leadership change
FanDuel, Flutter's most important business, has been losing its dominance in market share in the United States. [TheTopNews] Read More.3 hours ago - The New York Times’s Revenue Rises 11%
The company said it added 280,000 digital subscribers in the second quarter. [TheTopNews] Read More.3 hours ago
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