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Binance and FTX, Big Crypto Exchanges, Get Bigger

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JPMorgan Targeted by Republican States Over Accusations of Religious Bias

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WASHINGTON—JPMorgan Chase has become the target of a campaign by Republican state officials seeking to expose what they see as religious discrimination in the bank’s business practices.

Nineteen Republican state attorneys general sent a letter this month addressed to JPMorgan Chief Executive Jamie Dimon, accusing the nation’s largest bank of a “pattern of discrimination” and of denying customers banking services because of political or religious affiliations. In March, 14 Republican state treasurers wrote a similar letter to Mr. Dimon, making the same accusations.

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More Wives Now Outearn Their Husbands. They Also Stay Together Longer.

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Marriages in which wives outearn their husbands are not only more common, but less likely to end in divorce than in the past.

Couples married in the late 1960s and 1970s were 70% more likely to divorce when wives earned the same or slightly more than their husbands compared with couples where the husband earned more, according to research from Christine Schwartz and Pilar Gonalons-Pons, sociologists at the University of Wisconsin-Madison and the University of Pennsylvania, respectively. For couples married in the 1990s, however, the divorce rate for those with female breadwinners had fallen to 4% higher than male breadwinners.

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Big Tech’s Rebound Plays to Individual Investors’ Growth-Stock Bets

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Shares of large U.S. technology companies are powering the broader market higher again, vindicating many individual investors who bet big on growth stocks.

Together, Advanced Micro Devices Inc., Google parent Alphabet Inc., Amazon.com Inc., Apple Inc., Meta Platforms Inc., Microsoft Corp., Netflix Inc., Nvidia Corp. and Tesla Inc. comprise roughly a quarter of the S&P 500’s market cap, according to FactSet. That means they have an outsize influence on the direction of the major stock index.

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Corporate Insiders Step Up Stock Buying After Banking Turmoil

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Corporate insiders raced to buy shares of their own companies after last month’s banking crisis, signaling a vote of confidence in this year’s market rebound.

More than 1,000 officers and directors at more than 600 companies bought their own stock in March. That is the highest number on an individual and company basis since last May, according to the Washington Service, an insider-trading data analytics provider. The ratio of insider buying to selling last month swelled to the highest level since September, the firm found.

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Apple Pay’s Long Road to Paying Off Is Getting Shorter

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Apple Inc. hasn’t replaced your wallet yet, but it hasn’t given up trying. Its latest moves could put it much closer to success.

Chief Executive Officer Tim Cook once proclaimed that his company would “forever change the way all of us buy things.” His boast was made in 2014, alongside the company’s biggest product launch in years—the iPhone 6. More than eight years later, most of us are still fishing plastic cards out of our wallets or typing numbers into a form when we shop.

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Private Equity’s Food Binge Goes Sour

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Private-equity funds went on a buying binge for food companies before

markets crashed in 2022. Now they have indigestion that is contributing to rising prices at the grocery checkout.

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The funds snapped up a record 786 makers of food and beverages worth $32 billion in 2021, using bundles of debt to pay for their purchases, according to data from S&P Global Market Intelligence. The financiers projected that staple goods would keep making profits no matter how the economy fared. But that forecast changed, with the food industry soon hammered by higher labor costs, supply-chain disruptions and surging inflation.

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Investors View Corporate Earnings Season as Next Test for Stocks

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This week’s kickoff to the corporate earnings season offers the next trial for the market as investors consider whether U.S. stocks can hold on to recent gains in the face of

deteriorating profits.

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Analysts expect companies in the S&P 500 to report a second consecutive decline in quarterly earnings. First-quarter profits are projected to drop 6.8% from the same period a year earlier, according to FactSet. That would mark the steepest earnings decline since the second quarter of 2020, when the onset of the Covid-19 pandemic resulted in a 32% profit contraction.

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Owe Taxes This Year? Here’s How to Lower Your Balance Due in the Future.

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Most Americans equate tax season with the hope of getting a big refund. Yet one in four taxpayers typically owes money at the time of filing, according to the Internal Revenue Service.

A tax bill can come as a costly surprise, so it pays to know your payment options. Last year, the average balance due was nearly $8,000, compared with an average of $5,273 from 2010 through 2019. Given that average refunds for those who have filed their taxes are smaller this year so far, balances due could be larger, said Erica York, a senior economist at the Tax Foundation in Washington, D.C. 

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The Right Amount of Cards, Cash and ID to Carry in Your Wallet

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As phones take on more of the work of wallets, people are rethinking how much they still need to carry in cash, cards and identification.

Four in 10 Americans say none of their purchases in a typical week are paid for using cash, according to a 2022 survey from the Pew Research Center. That is up from 29% in 2018 and 24% in 2015, reflecting a trend accelerated by the pandemic. Plastic is getting displaced, too: 59% of Americans said they increased their use of digital payment methods last year, according to Mastercard’s Payment Index. 

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Your Next Greece Getaway Could Be at a Hotel Owned by Goldman Sachs

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Goldman Sachs Group Inc.’s search for steady revenue has led it to an unlikely place: the epicenter of a financial crisis that rocked Europe a decade ago.

The Wall Street giant is investing about €150 million to €200 million (about $163 million to $218 million) in three seaside resorts in a northern region of Greece, according to people familiar with the matter. The plan is to spruce up the hotels, which are currently closed, and open them to guests in the next couple of years, the people said. Goldman bought the hotels in October and has financing in place to renovate them. The bank is hunting for more properties—in Greece and elsewhere—and developing a brand that it could use to unite them, according to people familiar with its plans.

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