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- Universal rejects billionaire Bill Ackman’s takeover bid
The music giant said Pershing Square's offer fundamentally undervalued the business. [TheTopNews] Read More.27 mins ago - ‘Backrooms’ Is Part of a Boomlet in Movies From YouTube Creators
“Backrooms,” a psychological horror flick opening this weekend, is part of a wave of breakout films from fledgling directors who honed their instincts on YouTube. [TheTopNews] Read More.1 hour ago - Why 529 plans remain a powerful tool for college, trade school savings
American households saving money for their children's educations can leverage tax-advantaged 529 accounts to make their dollars go further.529 education savings accounts are typically opened by parents, guardians or grandparents for minor children and allow those savings to grow on a tax-deferred basis, and funds can be withdrawn tax-free when they're used for qualified expenses. Individuals may also open 529 accounts to help save for their own education. "529s are the optimal vehicle for education savings," Thomas Psaltis, director of education savings programs at Bank of America Merrill Lynch, told FOX Business in an interview."That growth in earnings, if used tax-free, can have a really significant impact on providing more money for education in the future for children and grandchildren, but also help combat the rising tuition costs," he said.BANK OF AMERICA'S LEGACY OF BUILDING THE AMERICAN DREAMPsaltis said that aside from that core feature, 529 accounts offer other features that may not be available to those who use other tax-advantaged savings accounts."One of the game changers is the versatility of 529 accounts," which he noted were traditionally designed for handling expenses at four-year colleges but have "grown significantly to go beyond just that.""Some of the recent legislation under the SECURE 2.0 Act and even as President Trump's One Big Beautiful Bill has now allowed for the use of K-12 tuition, which has since been expanded under the One Big Beautiful Bill from $10,000 annually to $20,000 to be used for K-12 in private education, even if you're not using them directly for college," Psaltis said."We're now including registered apprenticeships and credentialing programs as part of qualified expenses that can be used tax-free as well," he added.Psaltis said that advisors at Merrill Lynch encourage clients to focus on planning ahead, and that 529 plans can meet the education savings needs of clients at all income levels.SOUTHERN CITIES DOMINATE RANKINGS OF BEST JOB MARKETS FOR NEW COLLEGE GRADUATESSince their inception 30 years ago, the number of 529 plans has grown to 17 million accounts across the industry and has a total of more than half a trillion dollars in assets, he noted. Despite 529 plans being available to Americans for three decades, Psaltis added there are still some common misperceptions about how the accounts work."There's this misconception that you have to fully fund college for a 529 plan to be worthwhile, and sometimes that perception can create unnecessary pressure and cause families… [TheTopNews] Read More.2 hours ago - Costco says its gas stations set all-time volume records as consumers seek lower...Costco's gas stations saw a surge in demand in the most recent quarter as consumers sought out its low-priced gasoline, which helped the company top the market expectations for its third-quarter sales.Costco CEO Ron Vachris noted the "backdrop of ongoing macro uncertainty" has consumers searching out affordable options given the pressure on household budgets, which helped attract members to its gas stations."Nowhere has this been more apparent in the third quarter than our gas business. As events in the Middle East have had a significant impact on product supply and gas prices, our focus, as always, is to be there for our members by staying in stock and offering the best value," Vachris said."The result was record-breaking volumes, all three four-week fiscal periods of the quarter set successive all-time company volume sales records, with the final five weeks for the quarter becoming our top five volume weeks ever," he said.HIGH ENERGY PRICES RISK KEEPING INFLATION ABOVE 2% TARGET, CONCERNING FED POLICYMAKERSVachris commended the Costco team's work managing the deliveries necessary to meet demand, "which requires multiple daily gas deliveries to many locations."Energy markets were upended by the Iran war, which sent gas prices surging above $4 a gallon around the country as global oil supplies were constrained by the closure of the Strait of Hormuz, which sent crude prices above $100 a barrel.AMERICANS LEAN ON CREDIT CARDS AND BUY NOW, PAY LATER AS GAS PRICES EAT BIGGER SHARE OF INCOMEThe latest AAA data shows the national average price for a gallon of regular gasoline was $4.39 on Friday, up about 38% from the average of $3.17 a gallon a year ago.Vachris noted that the low-cost gasoline offered at Costco stations helped attract new members and customers into stores, driving more sales momentum for the wholesale club in the future.GAS PRICE SURGE HITTING LOW-INCOME HOUSEHOLDS HARDEST, FED STUDY FINDS"The high consumer price sensitivity, which fueled these record volumes, also drove many members to use our gas stations for the very first time in the third quarter. We believe this will drive even greater loyalty with these members in the future as members who use our gas stations typically spend more with us in the warehouse," he said.Costco CFO Gary Millerchip added that Costco's volumes of gas sales allowed the company to widen its price gap with higher-cost stations, adding that the company knows "that's something that's very high on our members'… [TheTopNews] Read More.2 hours ago
- S.E.C. Proposes to Kill Climate Change Disclosure RuleThe regulation would have required all publicly traded companies to disclose whether they faced significant risks from climate change and its effects. [TheTopNews] Read More.4 hours ago
- As the SpaceX Hype Machine Steamrolls Ahead, Wall Street Jumps AboardElon Musk and his bankers are working to create a self-fulfilling prophesy for SpaceX’s massive initial public offering: Make investors feel that the risks of passing up the stock outweigh those of buying into it. [TheTopNews] Read More.5 hours ago
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