🌎 World & Economics

Federal Agencies Freeze Bank Accounts of VAS, Perfume River, and Peter Pham

Laist.com

Federal authorities froze the bank accounts of the Viet America Society (VAS) and its founder, Peter Pham, amid allegations of misappropriation of over $13 million in taxpayer funds intended for feeding vulnerable populations. Orange County Supervisor Andrew Do directed these funds, which were meant to support meal delivery to seniors and individuals with disabilities. An investigation revealed that Rhiannon Do, Supervisor Do’s daughter, managed the nonprofit, which failed to complete audits confirming the appropriate expenditure of these funds. Following legal actions initiated by county officials and searches conducted by the FBI and IRS, concerns have arisen regarding the impact on meal services for at-risk residents.

Gold Nears Record High Amid Economic Concerns and Technical Patterns

Forex

Gold prices have fluctuated around the $2530 mark, near its record high, driven by concerns over the U.S. fiscal deficit and its impact on the economy. After briefly dipping following a stronger-than-expected GDP revision, which hinted at less aggressive interest rate cuts by the Federal Reserve, gold quickly rebounded as investors sought safe havens. Fitch’s affirmation of the U.S. AA+ credit rating, coupled with a forecasted average deficit of 8% over the next three years, has further fueled interest in gold as an alternative store of value. Technical analysis suggests a potential Cup-and-Handle pattern, with a breakout above $2530 possibly leading to further gains into the upper $2500s as traders await upcoming economic reports.

Affirm Shares Rise 16% on Strong Earnings and Guidance

CNBC

Affirm's CEO Max Levchin announced a new target for achieving operating profitability on a GAAP basis by the fiscal fourth quarter of 2025. The company reported a 48% increase in revenue year-over-year, with a reduced net loss of $45.1 million compared to $206 million last year, accompanied by over 300,000 active merchants and a 19% rise in active consumers to 18.6 million. Gross merchandise volume reached $7.2 billion, reflecting a 31% increase, and shares climbed 16% in after-hours trading following the announcement of better-than-expected fiscal fourth-quarter results. Analysts expressed concerns over potential difficulties in achieving profitability due to a consumer slowdown, highlighting the challenges for a buy now, pay later model in a declining consumption environment.

 📈 Stocks / Finance

Dividend Stocks Thrive Amid Lower Interest Rates and Strong Historical Returns

247 Wallst

Dividend stocks are showing signs of strong performance, particularly as lower interest rates support companies with consistent dividend payouts. Historical data indicates that dividends have contributed about 32% of total returns in the S&P 500 since 1926, with recent studies revealing an annualized return of 9.18% for dividend stocks over the last five decades. A selection of seven companies, referred to as the Magnificent 7, has been identified for offering substantial dividends along with growth potential. These companies include Altria, Bristol-Myers Squibb, BXP, Chevron, Dominion Energy, Kraft Heinz, and Target, each demonstrating a commitment to delivering reliable passive income to investors.

Trump’s NFT Series 4 Earns $2 Million Despite Initial Slow Sales

Cryptoslate

The fourth NFT collection from former US President Donald Trump has achieved over 22,000 transfers on the Polygon network, generating more than $2 million in sales despite restrictions on secondary market sales until Jan. 31, 2025. This collection has sold only about 6% of its 360,000 NFTs within 24 hours of release, contrasting with previous collections that sold out quickly. The trading cards, priced at $99 each, feature images of a younger Trump in various heroic poses. This release aligns with Trump's campaign strategy as he competes against Vice President Kamala Harris for the presidency, while also facing a new federal indictment related to efforts to overturn the 2020 election results.