REUTERS/Procuraduria General de La Republica
A haul of about 206 million U.S. dollars is seen after it was found stashed in closets, suitcases, and drawers in a house in an upscale neighborhood.
Americans hold too much cash (BlackRock)
BlackRock's third annual "Global Investor Pulse Survey" found that Americans are holding too much cash despite the need for growing their retirement nest eggs. The survey found 37% of Americans see cash as "security" and 61% describe investing as "risky." Additionally, BlackRock says 72% of respondents don't believe investing in financial markets is a way to save towards their long-term financial goals. Almost half (49%) of those surveyed said they had a negative feeling about investing while 23% said they felt that way about saving.
The Fed kept policy on hold (Business Insider)
The Federal Open Market Committee kept its benchmark interest rate at less than 0.25%, as expected. Wednesday's statement included new language discussing the possibility of a rate hike at the December meeting. According to the statement, the Committee "will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments." Richmond Fed President Jeffrey Lacker was the lone dissenter, calling for a 25 basis point hike at the October meeting.
Walgreens is buying Rite Aid (Business Insider)
The $9.4 billion dollar deal, $17.2 billion including debt, amounts to $9 per share, a 48% premium to Monday's closing price. "Our complementary retail-pharmacy footprints in the US will create an even better network, with more health and wellness solutions available in stores and online," Walgreens CEO Stefano Pessina said in a statement. After the combination, Walgreens sees "synergies over time" and expects to cut $1 billion in expenses.
The next GOP debate is Wednesday evening (Business Insider)
On Wednesday evening, at 8 p.m. ET, 10 candidates take the stage in Denver, Colorado for CNBC's main Republican presidential debate. The two-hour event will focus on the economy, business and the financial industry with Donald Trump (26.8% poll average) maintaining his front-runner status despite a late surge from Ben Carson (22% poll average). Trump has been frequently quoted as saying he would be the "best jobs president." The undercard debate, featuring the four contenders with less than a 3% average in the polls, begins at 6 p.m. ET.
CEOs have a lot of money for retirement (Institute for Policy Studies and the Center for Effective Government)
A report co-published by the Institute for Policy Studies and the Center for Effective Government found the retirement savings of the top 100 fortune 500 CEOs match the entire retirement savings of 41% of all American families. According to the data, a top executive will average a monthly check of $277,686 over the course of their retirement. The research points out, "David Novak of Yum Brands had the largest retirement nest egg in the Fortune 500 in 2014, with $234 million, while hundreds of thousands of his Taco Bell, Pizza Hut, and KFC employees have no company retirement assets whatsoever." On the other side of the spectrum, looking at ordinary working-aged citizens, 62% 0f African-Americans, 69% of Latinos and 37% of Caucasians have no retirement savings, the report found.