🚀 Biden to try again with student loan forgiveness

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The Biden administration is set to introduce a new student loan forgiveness proposal, potentially impacting up to 10 million Americans, after the Supreme Court blocked the original plan. The plan aims to initiate debt relief before the November election, targeting young voters for whom student debt cancellation is a key issue. This more focused initiative will benefit specific groups, including long-standing borrowers and those in financial hardship, developed after the Court's rejection of Biden's previous $400 billion scheme. By basing the legal justification on the Higher Education Act of 1965 and employing a rulemaking process, the administration hopes this narrower approach will withstand legal scrutiny. Following recent negotiations, the proposal is soon to be published, initiating a public comment period as part of the administrative process to enact the revised debt relief measures.

2. Before filing for bankruptcy last April, Bed Bath & Beyond encountered significant financial difficulties, particularly in fulfilling payments to suppliers. This resulted in product shortages, impacting crucial sales periods like the holiday season. Such financial challenges and delayed payments to suppliers have previously led to the downfall of companies like RadioShack and Toys R Us. Currently, several other retailers, including Peloton, Saks, Express, and Bath & Body Works, are also experiencing delays in paying their suppliers. Although larger companies might use delayed payments as a strategic approach, sudden and unexpected payment delays often indicate deeper financial issues. Creditsafe, a financial risk analysis firm, highlights the importance of monitoring these payment trends to gauge a company's financial health. For instance, Peloton has seen a rise in late payments but is actively working towards achieving financial stability amidst sales challenges and recent losses.

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4. Headlines

   1. Ford has announced that it is delaying the launch of new EV vehicles while also reducing production of and investment in EVs.

   2. McDonalds is repurchasing all its franchises in Israel.

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