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The biggest shopping day on the planet raked in an eye-popping .4 billion.Chinese e-commerce giant Alibaba said Saturday that sales soared past billion after just 13 hours of the retail blitz known as Singles Day, eclipsing the .8 billion it managed in the full 24 hours last year.Singles Day, a bonanza of online spending in China, has for years racked up more sales than Black Friday and Cyber Monday combined.Earlier in the day, Alibaba said eager shoppers had managed to spend billion in just 2 minutes.As the clock struck midnight in Shanghai, the final sales tally rang in at ,386,927,848, marking about a 40% increase over last year's record-setting sales total.Singles Day started out as an informal holiday in China celebrating single people on a day that epitomizes not being paired off: 11/11. Alibaba turned it into a festival of discount deals in 2009.Alibaba has used the now-massive event to lure international companies onto its platforms. More than 40% of the brands taking part this year came from outside China, according to research firm eMarketer Retail.And while Singles Day still mostly targets Chinese consumers, it's also increasingly spreading to other countries, experts say.Local players in Southeast Asia like Lazada (an Alibaba subsidiary), Zalora and Shopee launched their own Singles Day promotions this year, said Xiaofeng Wang, an analyst with research firm Forrester.The event is also evolving beyond its original conception as an online shopping spree.Alibaba and its main Chinese rival, JD.com, have both made significant investments in brick-and-mortar businesses. And they're using the popularity of Singles Day to drive shoppers to offline stores, too.Cosmetics giant L'Oreal, for example, set up an interactive mirror at its Shanghai store where shoppers could try on virtual makeup using augmented reality and then order products on a touch screen linked to an Alibaba platform.But beyond the blockbuster sales, Singles Day also creates an enormous amount of waste.Greenpeace said the manufacturing, packaging and shipping linked to the event produced 258,000 tons of carbon dioxide emissions last year. It would take about 2.6 billion trees to absorb it all.The environmental activist group estimates this year's shopping blitz is on track to leave an even bigger carbon footprint."More over-consumption means more CO2 emissions and waste," said Greenpeace campaigner Nie Li. 2442
Supporters of President Donald Trump flooded roadways Sunday in New York and New Jersey, shutting down traffic on expressways and bridges.With just days to go before the election, caravans of cars flying Trump flags caused a traffic jam on the Garden State Parkway around Cheesequake and Lakewood. Police said the demonstration caused a 5-mile backup on the highway.In New York, videoes showed parked vehicles filled with Trump supporters on the Mario Cuomo Bridge. A New York State Police spokesperson said no arrests were made and the bridge was never shut down.Traffic briefly stopped three times during the caravan on the bridge for between approximately two and seven minutes. 689
The average debt among undergraduate students with loans in the class of 2019 is ,950, according to a new report from The Institute of College Access and Success, a nonprofit focused on higher education research and advocacy.That debt marks a slight decrease from ,200 for the class of 2018. The percentage of students in the class of 2019 who took out loans also dropped compared with 2018, from 65% to 62%.Debbie Cochrane, executive vice president of TICAS, says these shifts align with a general flattening of debt levels in recent years, due in part to increased state investment in higher education. But this trend and that funding could end due to the economic effects of COVID-19.“These students graduated in 2019,” Cochrane says. “We’re now in the middle of an economic and health crisis that puts all those gains in jeopardy.”Average student debt over timeAverage student debt growth has slowed, but indebtedness has increased substantially since TICAS issued its initial report on the subject 15 years ago.“What’s clear is that despite the flattening in recent years, debt has not been flat in the longer period,” Cochrane says.In 2004, the average student debt was ,550 — roughly 56% less than it is for the class of 2019. TICAS says inflation was 36% over the same period of time.Average debt has increased even faster in some states. For example, TICAS found that debt among graduates in New Jersey has grown 107% since 2004, rising from ,223 to ,566.The pandemic will likely accelerate this growth.“Students who are still in college or considering college now have frequently seen their family’s ability to pay for school change dramatically because of the economic crisis,” Cochrane says.She says it’s unclear what policymakers will do to support these students.Managing federal student debtRelief is available to most federal loan borrowers, as their payments are suspended interest-free through Dec. 31.But once payments restart, if you owed the average debt of ,950, your monthly bills would be roughly 0, assuming an interest rate of 4.5% and a 10-year repayment term.That may be difficult to afford if you’re facing an economic hardship.You could continue to pause payments, but pay interest for doing so. A better long-term solution is enrolling in an income-driven repayment plan.“Income-driven plans usually can fit someone’s budget,” says Betsy Mayotte, president and founder of the nonprofit Institute of Student Loan Advisors.These plans set federal loan payments at a percentage of your discretionary income, typically 10%. Monthly payments can be Summer driving will be more expensive this year. Thanks, OPEC.Prices at the pump are likely to be 14% higher than last summer — an average of .74 per gallon, the US government estimated on Tuesday.The price of oil has climbed because of efforts by OPEC and Russia. Brent crude, the global benchmark, surged 3.5% on Tuesday to .04 a barrel, the highest since late 2014. That's already above the EIA forecast of for this summer, suggesting gas prices could go even higher. Brent crude averaged just last summer.Summer driving season, which the EIA considers April through September, is historically when demand peaks for gasoline as Americans go on vacation. The EIA expects highway travel to increase 1.3% over last summer.Although gas is well below the a gallon prices of 2008, it has risen because of the recovery in the oil markets. The average gallon of gasoline fetched .66 on Tuesday, according to AAA. That's up from .39 last year, just as summer driving season was beginning.Of course, those are just national averages. West Coast states are grappling with more pain at the pump.Drivers in California, Oregon, Nevada, Washington State, Hawaii and Alaska already pay more than per gallon, according to AAA. California's average gas price has jumped to .52, compared with .99 a year ago.After crashing to just a barrel in early 2016, crude oil has more than doubled in price. Supply in the United States is very strong. Production of crude recently hit record high because of the shale oil boom.But foreign oil supply is down, largely because of OPEC's efforts to boost prices by curbing production. Saudi Arabia-led OPEC and Russia reached an agreement in late 2016 to pump less oil. OPEC and its allies agreed last November to extend the cuts through the end of 2018.The production cuts are designed to reduce the global oil glut — and they appear to be working, judging by the recovery in prices and decline in stockpiles.Saudi Arabia decided last year to slash shipments of oil to the United States, the market watched most closely by oil traders. American imports of Saudi crude declined 14% last year to the lowest since 1988, according to the EIA.At the same time, the United States is shipping record amounts of oil overseas?since Congress lifted a ban on most exports in 2015. US oil exports have nearly quadrupled since then. 2409 if you earn below a certain amount.Options for private loan borrowersRoughly 16% of graduates in the class of 2019 have nonfederal loans, according to TICAS. If you’re among them, contact your lender immediately if you can’t afford payments.“I wouldn’t call after your first bill is due,” Mayotte says. “I would call before that and let them know you’re struggling.”She says you may be able to pause payments or make interest-only payments temporarily. You could also ask your co-signer for help, if you used one.Another option would be refinancing private loans at a lower rate. But you or a co-signer will need steady income and a credit score in at least the high 600s to qualify.For example, refinancing ,950 from 4.5% to 3.5% would reduce your monthly bill by and save you ,652 over a 10-year term. If you needed more wiggle room in your budget, you could refinance to a 15-year term to lower your payments by — but you’d pay ,249 more overall as a result.Use a student loan refinance calculator to help find the right repayment terms for you.If you have federal student loans, don’t refinance them until at least the payment suspension ends. Refinancing costs you access to that payment pause and other government programs like income-driven plans.More From NerdWallet2020 Student Loan Debt StatisticsIncome-Driven Repayment: Is It Right for You?How to Get Student Loan Relief During the Coronavirus and BeyondRyan Lane is a writer at NerdWallet. Email: rlane@nerdwallet.com. 4103
Tesla on Thursday recalled about 123,000 Model S sedans, asking customers with cars built before April of 2016 to have their power steering bolts replaced.A Tesla spokesperson said the company has observed "excessive corrosion" of the part in some cold climates where a certain type of road salt is used.No injuries or accidents have been reported in connection with the issue, the spokesperson said.A Tesla spokesperson said that if the bolts fail, the driver should still be able to control the vehicle. The issue can make the car more difficult to steer at low speeds and to parallel park, and it should "not materially affect control at high speed."The company sent out emails to Model S owners who have cars included in the recall.The Model S has been lauded for its safety ratings, but news of this recall comes at a rough time for Tesla.Its stock price has plunged more than 25% over the past month. Investors are worried about the startup's ability to deliver on its first mass-market car, the Model 3, which has been plagued by manufacturing woes.Tesla's stock sank nearly 4% during after-hours trading Thursday after news broke about the Model S recall. 1171
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