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Hertz has filed for bankruptcy protection, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company’s business. The Florida-based company's lenders were unwilling to grant it another extension on its auto lease debt payments past a Friday deadline, triggering the filing. By the end of March, Hertz had .7 billion in debt with only billion of available cash. Starting in mid-March, the company lost all revenue when travel nearly shut down due to the novel coronavirus. Hertz also has been plagued by management upheaval, naming its fourth CEO in six years on May 18. 672

Graduation day is a huge milestone, but this year, many students around the country won’t experience it. Amid a COVID-19 outbreak, many schools are canceling their commencement ceremonies. After four hard years of college, University of Colorado-Boulder senior Drake Olson won’t get to walk with his fellow seniors for graduation. He's just one of the many seniors across the nation that may not take part in a graduation ceremony. “A lot of my friends from out of state they have moved back home already to do online classes, so now, it’s kind of like I never got to say goodbye,” he said.What should be a time filled with joy and excitement is now a mixed bag of emotions for both Olson and his parents.Olson’s mother, Becky Olson-Kahn, feels sadness and relief for her son.“I think this is very scary time, and I really agree with the decision,” she expressed.Like many parents this spring, she won’t get the chance to watch her first-born son walk up on stage and receive his diploma.“We’re grateful he’s actually able to graduate and a way for him to complete college,” she said. “We are focused on that, but I do hope later in the summer we can have friends and family come over to celebrate.”As for what’s next for Olson and his graduating class, the university mentioned possibly postponing commencement. The college is considering including summer 2020’s class to walk in winter 2020’s graduation. 1418

Flip or Flop, Fixer Upper and Property Brothers are some of the most popular shows on television. They all are based around the same concept: a family gets a home in disarray, completes a major renovation, and either sell it for a big profit, or live in it.Though, perception is sometimes deception.“They’re beautiful homes and everything, but it’s just not reality,” said Travis Tomlinson, owner of Lokal Real Estate.Tomlinson has been buying, flipping and selling homes for years in Northeast Ohio. He even holds classes for people wanting to learn how to get into the business. He said it’s not uncommon to have clients believe they can do more than they should, faster than they should, and end up getting in over their heads.‘It’s kind of flooding the market, actually,” he said. “They get themselves in a real bind because they don’t have the experience and they don’t have the knowledge.”According to Tomlinson, the first mistake most rookie flippers make is overpaying for the property.“If you purchase wrong it’s really hard to make a profit on it,” he said.Marnie Mekruit is a staging professional and works with Staged by L, a local company that stages flipped homes for clients. She said if you overpay right away, you’ll have less money for unforeseen bumps in the road and for important steps like staging.“If you’ve ever done a small home improvement in your house, like refinished your bathroom, you know, it took six months longer than you ever thought it was going to take and it ends up being twice as expensive as you thought it was going to be,” said Mekruit. “Extrapolate that to a whole property and all of the problems that can happen, all the things that come up that you just never plan for, and many people are just not prepared for that.”Professionals note that the timeline of the shows can be a little unrealistic.“They come in with a team of 15 to 20 guys and they're getting done in one day what it takes me maybe a week to do,” said local contractor Curt Yoder.While the flips are beautiful and extravagant, it’s best to start small.“A lot of people maybe go too far on the renovations they plan on doing,” Tomlinson said.Laura Fulton, a staging professional and the owner of Staged by L, echoed his sentiment.“A lot of times what they’ll do is they’ll either under budget or they’ll over improve,” said Fulton.But she said perhaps the biggest misconception on television vs. reality is the profit.“It's not realistic you're going to make that money,” she said. “Maybe in certain areas, California, and other places you can, but for our area, typically, you don't see those kind of profits.” 2636

From the middle of the Obama administration to the midpoint of the Trump presidency, household income grew the most in tech and entertainment centers like Austin, Texas; Nashville, Tennessee; and large chunks of the West Coast.Congressional districts that attract highly educated workers around areas like Denver and Charlotte, North Carolina, were among the communities that saw mean household income rise the most from 2013 to 2018, according to new figures released Thursday by the U.S. Census Bureau.Other congressional districts that had the highest household income growth were in or around Houston; Pittsburgh; Provo, Utah; parts of South Florida and the wealthy retirement haven of Sarasota, Florida.Most of the income growth in these areas came from wages, said Mark Vitner, a senior economist at Wells Fargo Securities.“Metro areas tied to technology have tended to perform best, although global gateways and energy markets had their moment in the sun earlier in the decade,” Vitner said.Household income grew more in Democratic-leaning districts than Republican ones, according to an Associated Press analysis of the data by congressional districts. Household income grew by an average of more than ,000 in Democratic-leaning congressional districts, compared to more than ,000 in Republican-leaning districts.What impact that has going into the 2020 elections remains to be seen, experts said.“Surely new evidence of income level rises in coastal and more highly educated districts relative to others plays to the Democrats’ strength,” said William Frey, a senior fellow at The Brookings Institution. “But it also makes clear they need to redouble their efforts to court non-college voters in less prosperous districts in the run-up to the 2020 election.”The greater income growth in Democratic-leaning districts likely had to do with the fact that they’re in cities where incomes tend to be higher, Vitner said.“Republican districts tend to be more rural and have lower wages,” he said.In some areas, the growth in household income was enormous. In House Speaker Nancy Pelosi’s district, located in San Francisco, the epicenter of the last decade’s tech boom, household income jumped by a third from almost 0,500 to more than 0,000.In other areas, income growth was significantly more modest.In the district that covers Huntington, West Virginia, average household income only went up 5% to about ,500. The area represented by Republican Rep. Carol Miller has been gripped by the struggles of the coal industry and is losing population.Some industrial areas also have struggled to adjust to changing circumstances.“The difficulty that some manufacturing areas have been facing is that they have not been able to re-position their economies quick enough to stem the outflow of younger workers,” Vitner said.__Follow Mike Schneider on Twitter at 2883

Former Vice President Joe Biden responded for the first time on Sunday to allegations that he made a Nevada politician feel "uneasy" in 2014 when he kissed her on the back of her head, saying that he never believed he acted inappropriately."In my many years on the campaign trail and in public life, I have offered countless handshakes, hugs, expressions of affection, support and comfort," Biden said in a statement. "And not once - never - did I believe I acted inappropriately. If it is suggested I did so, I will listen respectfully. But it was never my intention."The statement was the first response to the allegations directly from the former vice president. Previously there have only been statements from Biden's spokesman.Lucy Flores, the former Democratic nominee for lieutenant governor of Nevada, 822

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