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Yahoo
13 minutes ago
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Mastercard quarterly profit rises on sturdy consumer spending
(Reuters) -Mastercard reported a higher second-quarter profit on Thursday, as resilient consumer spending boosted transaction volumes. Consumer spending has held steady, supported by strong household confidence, despite uncertainty fueled by U.S. President Donald Trump's trade policies. Mastercard's gross dollar volume, the value of all transactions processed on the company's platform, rose 9%. Spending has also remained strong in July, with shoppers taking advantage of Amazon's four-day Prime Day and other sales promotions to buy ahead of expected tariff-driven price hikes. The company's net revenue jumped 17% to $8.1 billion. The payments processor's net income rose to $3.7 billion, or $4.07 per share, in the three months ended June 30, compared with $3.3 billion, or $3.50 per share, a year earlier. Earlier this week, rival Visa posted market-beating results, driven by strong card spending volumes despite softness in the broader economy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 minutes ago
- Yahoo
Real Estate Developers Now Optimistic On Building Affordable Housing
It's no secret that the United States is facing an affordable housing crisis, as the costs of living and inflation continue to rise. At the same time, wages barely move the needle to keep pace with increasing costs. The average cost of a home in the United States is currently around $410,800. Using Bankrate's mortgage calculator, Americans need to make between approximately $100,000 and $135,000 per year to own a home. Average salaries in the U.S., however, are roughly $39,982. Shop Top Mortgage Rates Your Path to Homeownership A quicker path to financial freedom Personalized rates in minutes According to the McKinsey Institute for Economic Mobility, more than 9 million housing units will be needed by 2035 to address the housing shortage. While the housing crisis is a national issue, it disproportionately burdens Black Americans. According to the institute, nearly 60% of Black renters and 30% of Black homeowners are moderately or severely cost-burdened, well above national averages. The reasons for this are the legacies of housing discrimination that are compounded by continued supply, demand, and geographic imbalances. Why Real Estate Developers Are Now Optimistic About Building Affordable Housing For the last several years, real estate developers have said it is too expensive to build quality, low-income housing, particularly in the form of apartments. However, as CNBC reports, the tide may be shifting for developers following the passage of the tax and spending bill by Congress. The legislation expands the Low-Income Housing Tax Credit (LIHTC) by permanently increasing the 9% credit allocation to states to 12%. Developers sell these credits to help finance their projects with investors. 'It's a big boost for the creation of more affordable housing,' Jonathan Rose, founder and CEO of the Jonathan Rose Companies, told the outlet. Jonathan Rose Companies is a real estate planning, development, and investment firm. He adds, 'This won't solve the whole 10 million unit problem, but it'll be a big help,' said Rose, adding that he sees a growing opportunity for investors in the space.' The bill also lowers the financing requirements for developers. Affordable housing advocates applaud Congress for passing the bill. Proponents say the LIHTC is an effective tool for building and preserving affordable housing. 'The housing provisions included in this bill are the most consequential and positive housing legislation in decades,' David Dworkin, president and CEO of the National Housing Conference, said in a release. 'Key provisions include an expansion of LIHTC, permanent preservation of the existing mortgage interest deduction, reinstatement of the mortgage insurance premium deduction, an expanded and permanent Opportunity Zones incentive, and permanent extension of the New Markets Tax Credit.' He adds, 'his legislation delivers a significant expansion of the credit by incorporating key elements of the Affordable Housing Credit Improvement Act, aimed at boosting the supply of rental homes across urban, rural, and tribal communities.' RELATED CONTENT: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Business Wire
15 minutes ago
- Business Wire
Genius Gourmet Launches 30g Sparkling Clear Protein Drink Nationwide at Costco
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Genius Gourmet, the protein snack company known for 'Deliciously Smart Protein Snacks' has announced the launch of its newest innovation: a 30g Sparkling Clear Protein Drink in Blue Raspberry Lemonade, now rolling out nationally in Costco warehouses. Designed to drink more like a crisp soda than a thick protein shake, this refreshing beverage delivers a powerful 30 grams of ultra-filtered protein with zero sugar, zero lactose, and no artificial preservatives or colors. It's a game-changer for consumers seeking clean protein in a more enjoyable, drinkable format. 'Protein doesn't have to taste like chalk to be effective,' said Pete Vas Dias, President of Genius Gourmet. 'With this new 30g version, we're bringing more functionality and even more flavor to the market, and making it available at Costco for everyday athletes, busy parents, and anyone looking to level up their routine.' Product Highlights: 30g of clean, ultra-filtered protein Zero Sugar 0g lactose, <1g carbs, 130 calories Light, sparkling texture – no blender or shaker needed Naturally flavored Blue Raspberry Lemonade No artificial preservatives or colors 'This launch reflects our commitment to innovation,' said Lance Rankin, Genius Gourmet CEO. 'Consumers are asking for more convenient, better-tasting protein options, and this checks every box — clean, convenient, and craveable.' The new 30g Sparkling Clear Protein Drink in Blue Raspberry Lemonade is available in 15-count cases at Costco locations nationwide. To learn more about Genius Gourmet products or wholesale opportunities, visit Genius Gourmet is a family-owned company founded in 2019 with a mission to disrupt the protein space. Today, its growing lineup of protein snacks and drinks can be found in six of the top ten grocery retailers nationwide. From athletes to on-the-go parents, Genius Gourmet helps smart consumers fuel their day – the delicious way.