🎓 Is The Student Loan Saga Ending?

Good morning. US stock futures slipped in Tuesday morning trading as investors deliberate whether the strong start to the year can continue in the back half of 2024.

🧾 Student loan repayment plan gets US court approval

📝 Our report: Some student loan borrowers can finally exhale - for now. A federal appeals court has greenlit the White House debt relief plan, overturning a lower court’s injunction. The 10th Circuit of Appeal’s ruling allows part of the Biden White House’s ‘Saving on a Valuable Education,’ or ‘SAVE’ plan, to kick in on schedule, even though legal challenges still remain.

 🔑 Key points:

• As part of this plan, monthly payments are capped at 5 percent of a borrower's discretionary income. Meanwhile, those with an income below $32,800 will see payments drop to zero.

• Roughly 8 million Americans have signed up for ‘SAVE.’ By April, $4.8 billion in debt relief had been given to 360,000 Americans.

• Since President Biden took office, $167 billion in student loans have been forgiven for 4.75 million people.

💡 So what: The reinstatement of the Biden Administration's student loan repayment plan provides significant financial relief for borrowers, potentially stimulating consumer spending and encouraging higher education pursuits. This move could positively impact the economy, influence political support, and require lenders to adjust strategies, marking a shift toward more borrower-friendly policies with wide-reaching effects.

Tuesday - Federal Reserve Chairman Jerome Powell Speaks

Wednesday - U.S. Trade Deficit, Minutes of Fed's June FOMC Meeting

Thursday - US Independence Day Holiday

Friday - New York Fed President John Williams Speaks, US Unemployment Rate

📈 Kirk Kerkorian shares these tips for business and life

💸 Is your cost of living too high?

👨🏽‍💼 Having disagreements at work? Here’s how you can resolve them

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✈️ Colombian airline turns to US for IPO

WHAT: Avianca Group is set to discreetly file for a U.S. IPO, the Colombian airline's holding company announced. Avianca - which serves domestic markets of Colombia, Ecuador and Central America - was one of the major Latin American airlines that filed for bankruptcy during the pandemic, hurt by a downturn in travel demand.

WHY: Avianca, which is the second-oldest airline in the world currently in operation, swung to a profit of $13 million in the first quarter, as it transported 9.3 million passengers, a 37.5% jump compared to a year earlier.

🤖 Nvidia facing antitrust lawsuit in France

WHAT: French antitrust enforcers are gearing up to charge Nvidia with allegedly anticompetitive practices, as the world's top chipmaker attracts even more regulatory heat, Reuters reported. The French agency would be the world’s first to take such a step, Reuters said, citing unidentified people with direct knowledge of the matter. The charge sheet — or statement of objections — would follow a raid of Nvidia offices last year.

WHY: Nvidia has drawn the attention of regulators since becoming the biggest beneficiary of the artificial intelligence spending boom. Its chips — known as graphics processing units, or GPUs — are prized by data center operators for their ability to crunch the massive amount of information required to develop AI models.

🏀 NBA team goes up for sale

WHAT: The reigning NBA champion Boston Celtics are hitting the market. The ownership group, Boston Basketball Partners LLC, is selling the franchise for estate and family planning reasons, according to a Celtics statement. The owners expect to sell a majority interest this year or early 2025, with the remainder closing in 2028.

WHY: Sports media firm Sportico values the Celtics at $5.1 billion, the fourth-highest in the league. The sale comes at a time where the league is in the midst of negotiating a $76 billion media deal with ESPN, Comcast and Amazon.

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