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36 Corvettes are found collecting dust in a garage after 25 years

36 Corvettes are found collecting dust in a garage after 25 years

Corvettes are found collecting dust in a garage after 25 years

Treasure Trove of 36 Classic Corvettes Discovered in a Garage After 25 Years!

The ’56 starred in “Comedians in Cars Getting Coffee,” with Jerry Seinfeld and Jimmy Fallon in supporting roles. The ’89 is so ’80s — it has one of those early digital dashboards, with a big-digit speedometer, that were panned by aficionados. The ’53, one of only 100 or so that still exist, has been through a 4,000-hour restoration.

The most valuable car in the collection is a 1953 Corvette, which is one of only 300 ever made

They are Chevrolet Corvettes from a legendary collection: 36 ’Vettes, one from each production year between 1953, when the car made its debut, and 1989. For more than 25 years, they have languished in one New York City parking garage or another.

“The cool thing about these cars is the entire collection stayed together all this time,” said Chris Mazzilli, a longtime Corvette enthusiast who is also an owner of the Gotham Comedy Club in Manhattan. He called the cars “the largest Corvette barn-find in history.”

In 2020, they will be given away in a contest. It will be the second time they have served as contest prizes, but this time, the collection will be broken up. There will be 36 winners, not just one.

Real estate broker Adam Heller said the family now has a ‘museum of Corvettes’. The 32-year-old said: ‘We can go back in time with these cars. We started off by picking up cars from the mid 1970s and now we have one from 1958.

‘It’s covered in dust but it’s in very good condition considering its age.’

The most valuable car in the collection is a 1953 Corvette – one of only 300 ever made. Another vehicle in the collection was produced in 1955, and was one of only 700 ever made. 

Mr Heller said: ‘We’re putting a substantial amount of money that’s well over six figures into just one of the individual cars.

Chris Mazzilli, a Corvette expert and owner of Dream Cars Consulting on Long Island, USA said the car will be worth around half a million dollars when it is fully restored.

The 49-year-old added: ‘It’s number 291 of 300 and will be getting a full frame one restoration which means that the body will be removed from the chassis and everything will be refurbished and gone through.’

He said the thick layer of dust that covered the cars had protected the paintwork, and some vehicles would need little in the way of restoration. Some would take around two weeks, and would simply need a few hoses and belts changed, while others would require ‘more than a years worth of work’.    

When the restorations are complete Mr Heller, who lives and works in New York City, will attempt to sell the collection in its entirety to one lucky bidder.

Elon Musk’s Extraordinary Decade As Tesla Shares Grow From $17 To $1,000

Elon Musk’s Extraordinary Decade As Tesla Shares Grow From $17 To $1,000

Tesla stock is up more than 4000% since its debut 10 years ago

Tesla went public ten years ago today, pricing shares at $17, higher than its expected range of $14 to $16.

The company raised around $226 million in its IPO, with shares surging that day by around 41% to close at $23.89. Today, shares in the electric vehicle maker closed at $1,009.35, meaning Tesla’s stock has risen by 4,125 % since the close of its first day as a public company.

That stock performance puts Tesla in rarified air, alongside Netflix, which was the top-performing stock on the S&P 500 during the 2010s. (Netflix rose 4,181% between Jan. 2010 and Dec. 2019.

But Netflix shares more than doubled in price between Jan. 2010 and June 2010, when Tesla went public. That means Netflix has “only” gained 2,657% in value since Tesla’s debut.) It also means Tesla stock has outperformed other big tech names like Amazon and Apple, as well as all the major automakers.

The stock has had plenty of ups and downs along the way, including a 30% drop in the month after Aug. 7, 2018, when a CEO Elon Musk tweeted that he had “funding secured” to take the company private.

The SEC accused Musk of misleading the public, as he allegedly knew the funding was contingent, and both Musk individually and Tesla as a company paid $20 million fines to settle the suit.

Since going public, Tesla has never achieved a full year of profitability. The company has reported seven quarters with net income greater than zero, since its IPO — the first was Q1 of 2013.

It has now reported three consecutive quarters of GAAP profit, with some accounting adjustments along the way, and is scheduled to report Q2 earnings next month.

Tesla is now gunning for inclusion in the S&P 500, which requires a minimum of four consecutive quarters of profitability, among other things. 

Tesla Inc. has grown from Silicon Valley gadfly to the world’s second-largest automaker by market capitalization in the decade since its initial public offering. It’s been a roller-coaster ride for the electric-car maker’s shareholders, who have experienced dizzying swoons on the way to record highs thanks in part to self-inflicted crises.

“There’s always a lot of drama with Tesla, but they have spurred the auto industry on to embrace electrification as key to the future of mobility,” said Tony Posawatz, the former leader of General Motors Co.’s Volt plug-in hybrid program, ex-CEO of Fisker and current director at Lucid Motors Inc. “Whether they are profitable or not, they have impacted the luxury auto market forever more.”

Tesla no longer makes the Roadster, but it sells four other models in markets around the world. Besides design, one of the company’s biggest advantage lies with its batteries: A version of the flagship Model S now boasts a range of more than 400 miles. No other electric car comes close.

“Their products create a lot of enthusiasm among customers,” Posawatz said.

Ari Wald, head of technical analysis at Oppenheimer, said Monday that one key level should indicate whether the stock has more room to run.

“It still screens positively in our trend work, and for that reason we stick with it,” Wald told CNBC’s “Trading Nation.”

“Here’s a stock that’s trying to break through its February peak. And I think from a trading basis, you like to see the stock price hold above its 50-day moving average at around $900 support if this this breakout is going to occur sooner rather than late.” 

“More broadly speaking, we continue to expect these higher-growth companies to receive a premium in this low-rate and low-commodity world so you have top-down portfolio tailwinds to boot. Stick with it,” said Wald.

In the identical “Buying and selling Nation” section, Quint Tatro, president of Joule Monetary, stated he sees it as a inventory that trades extra on religion than fundamentals.

“Tesla simply has this glorious historical past of proving each single particular person fallacious, so it’s totally robust to wager towards this firm – the inventory or [CEO Elon Musk],” Tatro stated. “We have been in the identical camp that we have been in for a very long time — that’s, it is not a elementary play, it’s a play based mostly in your perception in him as a visionary and as an entrepreneur.”

Nevertheless, he added, after such a steep run-up this yr, now could be the time to leap in. 

“It pays to essentially purchase this firm within the inventory when it is overwhelmed up and everyone thinks it’ll exit of enterprise after which [Musk] comes and pulls a rabbit out of his hat and it is off to the races,” stated Tatro.

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UK to open up European holidays from 6 July

UK to open up European holidays from 6 July

UK to open up European holidays from 6 July

Britons will be able to go on European holidays from July 6

UK holidaymakers will be able to travel to Spain, France and Greece this summer without being forced to quarantine on their return.

From July 6 travel rules will be relaxed and a series of “air corridors” will be established with a number of countries, the BBC reported, giving Britons the opportunity for a summer holiday abroad.

Paul Charles, a member of Quash Quarantine, a campaign group lobbying the UK Government to drop the 14-day quarantine, describes the guidelines as “unworkable and unenforceable.”

Italy, the Netherlands, Finland, Belgium, Turkey, Germany and Norway are also expected to feature. The Government will announce the full list next week.

However, it is thought Portugal and Sweden will not be included because of the countries’ current high rate of coronavirus infections.

“Portugal may still be included,” adds Charles. “You can simply fly to Madrid and then drive across the border when it reopens, so it would make sense to include Portugal.”

As long as there’s an effective test and trace systems in these countries and people stick to social distancing measures where appropriate and travel responsibly, it makes sense to open as many corridors as possible with countries with lower R rates.

“There will be spikes. It’s understandable. But from a travel economy point of view, it’s crucial to get things moving again and allow people to book holidays.”We have to see an unblocking of this fear of booking.”

News of the air bridges came as UK booking sites reported record sales for staycation trips shortly after Britons were given the green light to stay in self-contained accommodation such as hotels, B&Bs and campsites in England from July 4 onwards.

The announcement will come as welcome news to travel industry bosses, who criticised the Government earlier this month after a 14-day quarantine period was introduced for anyone returning to the UK.

In a statement to the BBC, travel industry group ABTA described the relaxation of quarantine rules as “encouraging”.

“Confirmation of the list of countries is eagerly anticipated by the travel industry, and should encourage customers to book,” it said in a statement.

“The blanket Foreign Office advice against all but essential travel is still a major impediment to travel, however, and we look forward to the government adopting a similar risk-based approach to that advice.”

The UK introduced rules requiring all people arriving in the UK to self-isolate for 14 days on 8 June. It was widely criticised by the travel industry and MPs of all parties.

Home Secretary Priti Patel said the laws were designed “to prevent a second wave” of coronavirus.

Foreign Office advice against all but essential international travel has been in place since 17 March.

“Our public health measures at the border were put in place to manage the risk of imported cases and help prevent a second wave of the virus, and will continue to support our fight against coronavirus,” said a government spokesman.

Trump asks Supreme Court to invalidate Affordable Care Act

Trump asks Supreme Court to invalidate Affordable Care Act

Trump administration asks Supreme Court to strike down Obamacare

In the midst of a global pandemic with the presidential election just months away, the Justice Department asked the Supreme Court on Thursday to invalidate the Affordable Care Act, the landmark health care law that enabled millions of Americans to get insurance coverage and that remains in effect despite the pending legal challenge.

In a late-night filing, Solicitor General Noel Francisco said that once the law’s individual coverage mandate and two key provisions are invalidated, “the remainder of the ACA should not be allowed to remain in effect.”

The justices will hear arguments in the case sometime next term, although it is unclear if they will occur before the November election.

The dispute ensures another major shift in the political landscape during the election season on an issue that has dominated American politics for the last decade. It will be the third time the court has heard a significant challenge to the law.

The case pits a coalition of Democratic attorneys general led by California and the House of Representatives, which are defending the law, against the Trump administration and a group of red state attorneys general led by Texas.

Mr Biden, who wants to rally the public behind an expanded Affordable Care Act, said some coronavirus survivors could lose their comprehensive healthcare coverage if the act was overturned.

“They would live their lives caught in a vice between Donald Trump’s twin legacies: his failure to protect the American people from the coronavirus, and his heartless crusade to take healthcare protections away from American families,” Mr Biden said.

In a statement on Friday, White House spokesman Judd Deere said Obamacare was “an unlawful failure”.

“It limits choice, forces Americans to purchase unaffordable plans, and restricts patients with high-risk preexisting conditions from accessing the doctors and hospitals they need.”

The US has been badly hit by the pandemic, recording 2.4m confirmed coronavirus infections and 122,370 deaths – more than any other country.

But the true number of infections is likely to be 10 times higher than the reported figure , according to the latest estimate by health officials.

The Supreme Court is unlikely to hear the case before voters go to the polls in November, US media report.

California Attorney General Xavier Becerra, who is leading a coalition of states battling to protect the ACA, said Thursday night that as more Americans die of covid-19, “this fight comes at the most crucial time.”

“The ACA has been life-changing and now through this pandemic, we can all see the value in having greater access to quality healthcare at affordable prices,” Becerra said in a statement. “Now is not the time to rip away our best tool to address very real and very deadly health disparities in our communities.”

Bank Stocks Surge As Regulators Ease Volcker Rule

Bank Stocks Surge As Regulators Ease Volcker Rule

Bank Stocks Surge As Regulators Ease Volcker Rule

Bank stocks surge after regulators ease financial crisis-era Volcker Rule

Federal financial regulators said Thursday they plan to make it easier to let banks invest in venture capital funds and also relax some limitations on derivatives trading.

The moves, a loosening of some of the more onerous parts of the so-called Volcker Rule, lifted bank stocks.

The Volcker Rule, part of the broader Dodd-Frank bill enacted in 2010 following the meltdown of big banks in 2008, sought to crack down on risky behavior by Wall Street firms. It was named after former Federal Reserve chair Paul Volcker, who passed away in December.

Many banks and brokerages were using their company’s own money to invest in derivatives such as mortgage-backed securities and other complex financial instruments.

Checkout Elon Musk earns first performance-based payout from Tesla, worth more than $700 million

The eventual collapse of the subprime mortgage market — loans to borrowers with poor credit histories — created a ripple effect that led to the collapse of Bear Stearns, Lehman Brothers, Washington Mutual and countless other firms.

Giant banks wound up needing to receive hundreds of billions of dollars in federal bailout money to stop the bleeding.

The Federal Deposit Insurance Corporation, Federal Reserve Board of Governors, Office of the
Comptroller of the Currency, Securities and Exchange Commission, and Commodity Futures Trading
Commission issued a final rule on Thursday “to modify and clarify the covered fund provisions” of the rule, according to the news release.

The regulators said that the changes wlll allow banks to “allocate resources to a more diverse array of long-term investments in a broader range of geographic areas, industries, and sectors than they may be able to access directly.”

Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS), Bank of America (BAC) and Citigroup (C) each shot up about 2% to 3%, which helped to turn around the broader market as well.

The new rules are estimated to potentially free up as much as $40 billion for the big banks.

It’s also the latest example of how regulators in the Trump administration are undoing much of the Obama-era rules put into place to curb bad behavior by big banks.

The FDIC, Fed and other agencies had already neutered the part of the Volcker rule that restricted so-called proprietary trading by banks, the practice of investing with the firm’s own funds instead of bets for clients.

The rule change, according to the regulators, will do three things:

1. Facilitate capital formation by providing banking entities greater flexibility in sponsoring funds that provide loans to companies so banks can allocate resources to a more diverse array of long-term investments.

2. Protect safety, soundness and financial stability by not allowing banks to engage in any activity that is not currently permissible if conducted on their balance sheets.

3. Provide greater clarity and certainty about what activities are permitted, which will improve supervision and implementation of the Volcker Rule.

In a statement on the rule change, Rob Nichols, president and CEO of the American Bankers Association said, “We welcome the measured steps taken today by the FDIC, which will allow banks to further support the economy at this challenging time for the nation.”

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