Citizens Bank hit with $37 million in fines by U.S. regulators

Citizens Financial Group Inc. on Wednesday drew fines totaling nearly $37 million from the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency for failing to credit full deposit amounts to customers. A CFPB investigation of Citizens Bank found deposit discrepancies in which receipts didn’t match actual sums of money transferred. A Citizens Bank spokesman said in a statement that since 2013 the bank has instituted a new teller system to change how next-day deposits are credited when there are discrepancies in deposit slips.

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From:: Stock Market News

Gold prices post largest 5-day gain in about 3 months

Gold prices ended sharply higher Wednesday, ringing up the fifth straight gain for the yellow metal as turmoil in China disrupted global markets for a second day, adding to gold’s haven appeal. Beijing’s surprise devaluation of the yuan on Tuesday and its continued actions Wednesday, including stepping in to slow the pace of the decline of its currency have helped support gold’s move higher, while dragging the dollar lower. A weaker dollar increases the attractiveness of dollar-denominated gold. Gold futures have tacked on nearly $30 since Friday’s $1,094.10-an-ounce settlement, marking its longest winning streak since mid May. December gold finished up $15.90, or 1.4%, at $1,123.60 an ounce.

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From:: Stock Market News

Alibaba shares hit all-time low as earnings disappoint, Wedbush downgrades

Alibaba Group Holding Inc. shares tumbled almost 6% in early afternoon trade Wednesday, after the Chinese e-commerce giant reported weaker-than-expected revenue for its fiscal first quarter. The shares touched an all-time low of $71.03 earlier, their lowest level since the company went public last September. At that level, the stock is still 4.5% above its IPO price of $68, but well below the peak of $120 hit in November, equal to a 76% rise from the issue price. Wedbush analysts downgraded the stock after the earnings release and slashed their price target to $80 from $115. “We believe BABA offers a unique combination of size, growth and profitability,” analysts wrote in a note. “However, with a lower growth trajectory and heightened Chinese macro risk we are downgrading shares to neutral from outperform.”

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From:: Stock Market News

Periscope users watch an aggregate 40 years of content every day

Live-video app Periscope said its users collectively watch 40 years of content every day on the app. Periscope, which was acquired by Twitter Inc. and launched in March, had 10 million total accounts as of Aug. 2, its Chief Executive and Co-Founder Kayvon Beykpour said in a Periscope Wednesday. “It’s amazing,” Beykpour said. The company views time watched as its most important metric, Beykpour said, for measuring user engagement. The 40 years worth of time metric was measured from users on iOS and Android phones. He said the company has 23 full-time employees.

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From:: Stock Market News

Dog Days of Summer: DIY Wood-Burned Dog Bowls

By Farima Alavi

It’s officially the Dog Days of Summer, so this week we’re celebrating our furry friends — cats included — with design-savvy, pet-friendly spaces, DIY recipes and more.

I keep my dog’s food and water bowls smack dab in the middle of my living room because that’s the only place she likes to eat — one of the many personality quirks of a Yorkshire Terrier! Since the bowls are an eyesore, I have to remember to put them away when guests come over. That doesn’t always happen when I’m prepping the house last minute, so I thought of a better solution: displaying her food in cute wood bowls that seamlessly blend with my living room’s design. Enter the wood-burning kit.

wood-burned dog bowls

To make the bowls, I used a wood-burning kit that’s so easy to use that I immediately started brainstorming other wood-burning projects (like this cute cheese board how-to!). Here’s what you’ll need:

Wood-Burned Pet Bowls

Create Stencil

To make, freehand your desired design (I chose EAT and DRINK for my bowls) on a scrap piece of paper, and cut it out. If you don’t want to freehand a stencil, use a premade stencil or skip this step if you are drawing your design directly on the bowls. Once you have your stencil, attach it to the bowls with tape.

stencil letters

Trace Stencil

Next, trace the stencil design onto the bowl with a pen. Remove the stencil.

trace letters on bowl

traced letters on bowl

Trace With Wood-Burning Tool

Plug in the tool, and let it warm up for at least 5 minutes. If this is your first time using a wood-burning tool, practice on a scrap piece of wood or paint sticks. When you’re ready to use, slowly and steadily draw over the pen marks using moderate, even pressure. Note: Use caution when using the tool as all metal parts will be hot, and wear goggles to avoid getting smoke in your eyes.

Trace Design With Wood-Burning Tool

Now, your fur baby can dine in style!

Try Camille’s frozen peanut butter dog treats, and check back for more pet-centric Dog Days of Summer posts all this week!

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From:: HGTV

Federal judge in NY halts case aganst S&P executive over constitutiuonal concerns

U.S. District Judge Richard Berman ordered the U.S. Securities and Exchange Commission on Wednesday to stop pursuing an in-house enforcement action against Barbara Duka, a former Standard & Poor’s executive, over her role in an alleged fraud involving mortgage debt ratings. Berman said it was likely that the appointment of the SEC’s five administrative law judges violated the U.S. Constitution. This is the third federal judge in the last two months to question how the SEC’s in-house judges are appointed. Berman’s decision could set a precedent for other judges in his district.

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From:: Stock Market News

Oil Prices and the Texas Apartment Market

By Rachel Jefferson

Texas is known to have one of the most consistently successful economies in the country. But, cities in Texas that depend on oil prices have had difficulty recently. Axiometrics reports how 23,000 jobs related to oil have been lost in cities like Houston and Odessa. This leads to a loss in renters. While these cities are suffering, metropolitan areas such as Dallas, which don’t depend on oil for income, are feeling little effect. Dallas had an average 4.0% job growth in the past year, whereas Odessa dealt with a 4.4% growth in unemployment.

Read the full story on Axiometrics.com.

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From:: Property Management

Oil futures trim gains after smaller-than-expected fall in inventory

Crude-oil futures trimmed gains Wednesday after U.S. government data showed crude-oil inventories declined less than expected last week. The Energy Information Administration said crude-oil inventories, excluding the Strategic Petroleum Reserve, fell by 1.68 million barrels to 453.6 million barrels. Analysts surveyed by oil-data firm Platts had forecast a fall of 1.9 million barrels. Nymex Sept. crude-oil futures were up 24 cents, or 0.6%, at $43.33 a barrel. The contract traded as high as $43.87 in earlier action.The EIA said total gasoline inventories fell by 1.3 million barrels, while distillate fuel inventories rose by 3 million barrels. The Platts survey had found analysts looking for a 1.6 million barrel fall in gasoline stocks and a 600,000 barrel rise in distillate stocks.

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From:: Stock Market News

Job openings fall to 5.25 million as quits rate stays at 1.9%

WASHINGTON (MarketWatch) — The number of available jobs fell in June, even as companies hired more. There were 5.25 million job openings, down from 5.36 million in May, while the number of hired rose to 5.18 million from 5.06 million. The quits rate — a measure of worker willingness to leave to search or go to a new job — stayed at 1.9% in June. There were 1.6 unemployed in June for every job opening.

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From:: Stock Market News

Luxury handbags and shoe makers’ shares slide for a second day on China worry

Shares of companies that make luxury accessories fell for a second day Wednesday, as investors reacted to a second devaluation of the Chinese currency, the yuan. China is a key growth market for a range of companies that make high-end clothing, handbags, shoes and leather goods, and the government’s latest intervention to weaken its currency sparked a fresh selloff in the sector. Italy’s Salvatore Ferragamo SpA shares fell 3.4%, extending Tuesday’s losses. China is Ferragamo’s biggest market, accounting for 19.5% of its annual revenue, according to FactSet. Shares of Italian shoemaker Tod’s SpA slid another 2.6%. Tod’s makes 21.6% of its global sales in China. LVMH shares lost another 3.8%, while shares of Kering Sa, the parent of fashion label Gucci, were down another 2.3%. From the U.S. Coach Inc. shares fell another 3% and Michael Kors lost 3.6%.

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From:: Stock Market News