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SEC is scrutinizing SPAC projections, seeks clearer disclosures

Finance
Saul Loeb | AFP | Getty ImagesThe SEC is eyeing potentially misleading earnings projections made by SPAC sponsors and is seeking clearer disclosures, with one official hinting Thursday that the agency may issue a future rule to rein them in.Special purpose acquisition companies, known as SPACs or blank-check funds, are a hot-ticket item on Wall Street.More from Personal Finance:There are snags in free COBRA health insuranceMarriage sometimes means paying more in taxesNew York is raising taxes for millionaires. Will others follow?The investments are like quasi-IPOs. A publicly traded shell company uses investor money to buy or merge with a private company, typically within two years. In so doing, the private company becomes publicly traded, offering an alternative to a traditional IPO.SPAC ...

Biden seeks extra $400 a year in Pell grants for college and to expand aid to Dreamers

Finance
Alex Wong | Getty Images News | Getty ImagesPresident Joe Biden asked Congress for a $ 400 annual increase in maximum Pell grants for college students as part of a budget proposal issued Friday.The president also called to broaden eligibility to undocumented immigrants known as Dreamers.Pell grants are available to undergraduate students who display exceptional financial need. Unlike loans, they generally don't have to be repaid.More from Personal Finance:New college grad job outlook looks promising for Class of 2021Biden tax plan may lead to more Roth retirement accountsMore colleges move to make vaccines mandatory for studentsIf adopted by Congress, Biden's budget would yield the largest one-time annual increase to the federal grants since 2009, according to the proposal, signed by Shal...

Biden consumer watchdog seeks delay of Trump-era debt collection rules

Finance
Ting Shen/Bloomberg via Getty ImagesThe Consumer Financial Protection Bureau proposed a delay Wednesday to two debt-collection rules issued in the waning days of the Trump administration.Those rules broadly addressed how debt collectors may communicate with and make disclosures to consumers.Kathy Kraninger, the former CFPB head during the Trump administration, said the measures helped keep consumers informed. Critics argue that some aspects of the plan give companies too much power and allow them to hound indebted Americans for payments.More from Personal Finance:Biden tax plan may lead to more Roth retirement accountsSocial Security beneficiaries received most of the recent $ 1,400 checksPPP loan money will likely run out before May 31 deadlineBoth measures — issued in October and Decemb...
EU seeks to supercharge computer chip production

EU seeks to supercharge computer chip production

Business
Getty ImagesThe European Commission has set an ambitious target to boost production of cutting-edge computer chips by the end of the decade.It wants 20% of such chips, in terms of value, to be manufactured within the EU by 2030. It was 10% in 2020.The pledge comes at a time when supply has failed to meet demand, causing problems for car-makers and others.Part of the challenge will be that the US and mainland China are also seeking to increase their own output.At present, Taiwan's TSMC and South Korea's Samsung dominate, with the two companies being the only ones capable of physically producing the very latest in chip tech."We are in a sort of paradoxical situation where Europe is using a lot of these different types of technology, but we're producing little," said European Commission execu...
SpaceX plans Starlink launch on Tuesday, seeks approval of service for vehicles

SpaceX plans Starlink launch on Tuesday, seeks approval of service for vehicles

Business
ORLANDO, Fla., March 9 (UPI) -- Elon Musk's SpaceX plans to launch 60 Starlink broadband Internet satellites from Florida on Tuesday while the company seeks federal approval to beam the service to trucks, boats and aircraft around the world. The launch is planned at 9:55 p.m. EST aboard a Falcon 9 rocket from Complex 40 at Cape Canaveral Space Force Station. Advertisement Weather is nearly perfect for launch, according to the Space Force, with only a 10 percent chance that winds or clouds could interfere. SpaceX said it has launched about 1,100 Starlink satellites to beam high-speed Internet to underserved areas, and it plans "near-global coverage of the populated world in 2021." Current service is limited to a few areas of the U.S, Britain and Canada in a test mode. The cost is $ 499 fo...