Penske: Q2 Earnings Snapshot
The Bloomfield Hills, Michigan-based company said it had profit of $3.78 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.56 per share.
The auto dealership chain posted revenue of $7.66 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $7.87 billion.
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Yahoo
16 minutes ago
- Yahoo
Whitmer meets Trump at White House to discuss impact of his policies on Michigan
LANSING —Michigan Gov. Gretchen Whitmer says she met with President Donald Trump at the White House on Tuesday, Aug. 5, and told him recent changes to Medicaid he signed into law will harm Michigan. Whitmer said in a statement released by a spokeswoman that she also spoke with Trump about "the impact tariffs are having on Michigan's economy, especially our auto industry." Thirdly, Whitmer said she talked to Trump about "ongoing recovery efforts following the ice storm in Northern Michigan earlier this year." Trump recently said he approved $50 million in disaster support for northern Michigan communities impacted by the ice storms. 'I've always said that I'll work with anyone to get things done for Michigan," Whitmer said. "That's why I've continued to go to Washington, D.C. to make sure that Michiganders are front and center when critical decisions are being made. This year alone, we've secured major, bipartisan wins including a new fighter mission at Selfridge Air National Guard Base in Macomb County, funding to protect our Great Lakes from invasive carp, and federal disaster support for communities in Northern Michigan impacted by historic ice storms." More: Under Trump, MDOT 'pivoting' away from minority contracting program, director says More: Hey Jane expands to Michigan, offering telehealth medication abortions, other online care Whitmer, who rose to national prominence while repeatedly clashing publicly with Trump during his first term as president, has received both criticism and praise for taking a more collaborative approach during Trump's second term. Changes in the "big, beautiful bill" Trump signed July 4 after it won narrow approval in the Republican-controlled Congress are expected to significantly reduce eligibility and/or increase state costs, by hundreds of millions of dollars, for Medicaid and the Supplemental Nutrition Assistance Program (SNAP), commonly known as food stamps. Michigan-based automakers have also expressed concern about the impact of wide-ranging tariffs Trump has imposed, with impacts on profits, prices and production. 'I will always do whatever I can to make life a little easier for Michiganders and strengthen our economy," Whitmer said in the emailed statement. "We should do everything in our power to lower costs and grow more good-paying jobs in Michigan. I appreciate the president's time and attention to the matters we discussed.' Contact Paul Egan: 517-372-8660 or pegan@ This article originally appeared on Detroit Free Press: Whitmer meets Trump to discuss impact of his policies on Michigan
The Hill
17 minutes ago
- The Hill
Crucial exemption allows majority of Canadian and Mexican goods to be shipped to US without tariffs
TORONTO (AP) — U.S. President Donald Trump raised the tariffs on Canadian goods to 35% last week, but a key exemption for Canada and Mexico shields the vast majority of goods from the punishing duties. Goods that comply with the 2020 United States-Mexico-Canada Agreement trade pact that Trump negotiated during his first term are excluded from the tariffs. Here's a look at Trump's tariffs on the two countries and their exemptions: Most Canadian exports reaching the U.S duty free Canada's central bank says 100% of energy exports and 95% of other exports are USMCA compliant. The Royal Bank estimated that almost 90% of Canadian exports appear to have accessed the U.S. market duty free in April. Canadian Prime Minister Mark Carney said the commitment of the United States to the core of USMCA, reaffirmed again last week, means the U.S. average tariff rate on Canadian goods remains one of its lowest, and over 85% of Canada-U.S. trade continues to be tariff free. 'Canada is better off than any of the trading partners right now because the Americans appear to be relying as a default on USMCA,' said Flavio Volpe, president of the Automotive Parts Manufacturers' Association. 'That gives them the tough tariff headline but also allows them the access to the stuff they need from us. Because of that we're in a relative better position.' Canadian and Mexican companies can claim preferential treatment under the USMCA based on where the products are made. 'The headline news is 35% tariffs but it's somewhat targeted,' said John Manley, Canada's former industry minister, finance minister, foreign affairs minister and deputy prime minister. Manley said Canada is doing okay despite the economic uncertainty. 'There is a lot of resilience I'd say. The Canadian economy has done relatively well, better than most of us expected, and remember that there is no tariffs on any of our energy exports,' he said. 25% tariffs on Mexican goods target a small slice of trade Trump said last week he would enter into a 90-day negotiating period with Mexico, also one of America's largest trading partners. The current 25% tariff rates are staying in place, down from the 30% he had threatened earlier. But that 25% only applies to the fraction of Mexico's trade with the U.S. that isn't covered by the USMCA. Shortly after speaking with Trump on Thursday, President Claudia Sheinbaum said that within the 'new commercial world order,' Mexico was still the best positioned nation because of the free trade agreement. 'What's within (USMCA) has no tariff, with the exception of what we already know: autos, steel and aluminum; and what is outside the treaty has 25%,' Sheinbaum said. But Economy Secretary Marcelo Ebrard pointed out that under the USMCA no tariffs were paid on more than 84% of Mexico's trade with the United States. Most imports from Canada and Mexico are still protected by the USMCA, but the deal is up for review next year. U.S. Commerce Secretary Howard Lutnick said last month: 'I think the president is absolutely going to renegotiate USMCA.' Preserving the free trade pact will be critical for Canada and Mexico. 'It would be an incredible disruption to lose it especially if you lost it to the levels of tariffs Trump is imposing, 30%, 25% or even 20%. You can absorb a single digit tariff level across the board but you can't adjust that kind of increase,' Manley said. More than 75% of Canada's exports go to the U.S. while more than 80% of Mexico's exports go there. Manley said that depending on how the trade war plays out the risk to the USMCA is very high. 'Uncertainty in business is the enemy of decision making,' he said. Charging for access Carney said in a series of recent agreements with other countries that America is, in effect, charging for access to its economy. Manley said the investment thesis for Canada is pretty straightforward as Canada is rich in natural resources, has a skilled labor force, is open to immigration and has unfettered access to the U.S. market, the largest economy in the world. 'If that latter point is no longer the case, we've still got all the others, but we've got to really redevelop the investment thesis for attracting investment to Canada,' Manley said. Trump has some sector specific tariffs, known as 232 tariffs, that are having an impact. There is a 50% tariff on steel and aluminum imports and a 25% tariff on auto imports, though there is a carve-out for Canadian and Mexican made cars. 'Despite our advantages, certain major Canadian industries are being severely impacted by U.S. trade actions. These strategic sectors include autos, steel, aluminum, copper, pharmaceuticals, semiconductors, and of course, softwood lumber,' Carney said Tuesday. 'It is clear we cannot count or fully rely on what has been our most valued trading relationship for our prosperity.'
The Hill
17 minutes ago
- The Hill
Tips to help manage your buy now, pay later loans
NEW YORK (AP) — Between rising prices and dwindling job growth, using 'buy now, pay later' on everything from concert tickets to fast food deliveries is becoming increasingly appealing. But greater use could also mean greater trouble, as more people fall behind on repaying these loans. Buy now, pay later loans gained popularity during the pandemic, especially among young people. While these loans can help you make large purchases without paying interest or undergoing a hard inquiry in your credit report, they can also easily be overused. About 4 in 10 Americans under the age of 45 say they've used 'buy now, pay later″ services when spending on entertainment or restaurant meals, or when paying for essentials like groceries or medical care, according to a poll from The Associated Press-NORC Center for Public Affairs Research. Buy now, pay later loans were not previously reported to the three major credit reporting bureaus. But consumers will soon see the impact of buy now, pay later loans on their FICO credit scores. Whether you're a first-time or recurring user of buy now, pay later plans, here are some expert recommendations to use this tool responsibly. Focus on needs vs. wants Buy now, pay later plans divide purchases in monthly installments, typically in four payments. These loans are marketed as having low or no interest. Klarna, Afterpay, PayPal Later and Affirm are among the most popular buy now, pay later companies. These loans should ideally be used for large purchases or necessities, said Lauren Bringle, Accredited Financial Counselor at Self Financial. Bringle recommends asking yourself these questions before purchasing: Can I survive without this purchase right now? Do I need it for work, school, or a basic household need? Buy now, pay later is best used when you have a plan for the purchase, not for impulse buys. For example, when you need to buy a computer for school or a new refrigerator for your house, recommended Tyler Horn, head of planning at Origin, a budgeting app. Pause before purchasing Before deciding to take out a buy now, pay later loan, it's a good idea to pause and consider if it's the best financial decision for you, recommended Erika Rasure, Chief Financial Wellness advisor for Beyond Finance. Buy now, pay later plans can be positive budgeting tools when used strategically. However, it's essential you know your spending behaviors before using them, said Rasure. If you're an emotional spender, it might be hard for you to moderate your use of this tool and you could end up adding to your financial stress. 'Buy now, pay later can become a coping mechanism rather than a financial tool that can get you a good deal or improve your cash flow,' said Rasure. If you have other payments due, such as credit card or student loan payments, consider how a buy now, pay later loan will add to your monthly payments, recommended Sarah Rathner, Senior Writer for NerdWallet. Read the fine print Like credit cards, each buy now, pay later loan has terms and conditions that can vary by purchase and providers. It's crucial that you know what you're agreeing to before you sign up, recommended Michael Savino, Chief Lending Officer at Municipal Credit Union. 'Always read the fine print. Understand fees, repayment schedules, and what happens if you miss a payment or go into default,' said Savino. In general, if you miss a buy now, pay later payment, you can face fees, interest, or the possibility of being banned from using the services in the future. Avoid stacking BNPL loans You can easily run into difficulty keeping up with the cost and schedule of your repayments if you're trying to simultaneously pay off two, three or more loans, Savino said. 'Juggling multiple plans creates a blind spot and overall debt load, and multiple repayment dates are hard to manage,' Savino said. 'So more loans makes it more difficult to budget.' The best approach: Stay mindful of your overall spending, and limit the number of buy now, pay later loans. Keep track of your loan(s) Whether or not you're paying for multiple buy now, pay later purchases at once, you want to be aware of where your money is going at any given time, recommended Courtney Alev, consumer advocate at Credit Karma. 'Buy now, pay later often requires automatic payments, so you want to make sure that your account is funded so that those payments are processing successfully,' recommended Jennifer Seitz, director of education at Greenlight, a financial literacy app for families. There are many ways to track your loan payments — from setting a reminder on your calendar, to creating an intricate excel spreadsheet or tracking them on an app, said Jesse Mecham, founder of the budgeting app YNAB. Finding the best method that works for you will help you stay on track and avoid late fees. Make buy now, pay later work for you For shoppers with low credit scores or no credit history, buy now, pay later loans can seem like the best, if not the only, loan option. If used moderately and responsibly, these short-term loans can be a positive lending exercise, said Savino. 'It allows you to to establish a baseline (and) get access to other affordable credit options that you can leverage that will ultimately provide financial wellness,' he added. Still, NerdWallet's Rathner emphasized that shoppers using these tools always remember that buy now, pay later is a form of borrowing money. 'It just kind of feels like you're given a little extra time to pay back,' Rathner said. 'But the reality is, if you miss payments, it can hurt your credit, much like missing payments with any other loan.' —— The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
