Georgia Businessman Charged With Hoarding Face Masks and Price Gouging

angel may

A Georgia businessman has been charged with hoarding 200,000 face masks that he bought from a foreign country and selling them for twice as much as he paid on his baby clothing website, according to the Department of Justice.

The man, Milton Ayimadu, 22, allegedly bought the masks from an unnamed foreign country for $2.50 each. He sold the masks for $5.00 each through his website, babypuupu.com, which also sells baby clothing and accessories, according to a news release from the U.S. Attorney’s Office in the Northern District of Georgia.

“Ayimadu allegedly saw the unprecedented Covid-19 global pandemic as an opportunity to make a profit,” U.S. Attorney Byung J. Pak said in the release. “Desperate to find personal protective equipment during the pandemic, thousands of customers unfortunately paid his inflated prices.”

Mr. Ayimadu, of Stockbridge, Ga., was arraigned on Thursday and charged with two violations of the Defense Production Act

Read More

Financial freedom in a post-COVID World | Few Minute Finance

angel may

The following was written by Luke Miller for his new column series, “Few Minute Finance”.

According to a 2019 survey by Charles Schwab, 59 percent of Americans live paycheck to paycheck, nearly six out of every 10 people. About 44 percent usually carry a credit card balance, and most people spend an average of almost $500 per month on “nonessential” items. Only 38 percent of Americans have an emergency fund.

Despite these obstacles, this type of living doesn’t have to define the rest of your life. Whether you make $20,000 or $200,000 per year, the principles for good financial stewardship are the same. My aim is to show you how and why.

One of my highest ambitions is helping folks find financial freedom and security. My wife and I have lived on the Plateau for almost three years in our first home, though my family history in the Puget Sound

Read More

More Signs Point to U.S. Economic Recovery Losing Momentum | Investing News

angel may

(Reuters) – U.S. retail foot traffic is slackening and growth in the number of shifts worked by hourly employees has ground to a halt, a clutch of high-frequency data showed this week, offering the latest evidence the economic recovery that appeared so promising two months ago is rapidly losing momentum.

Weekly data that Reuters follows from sources ranging from the New York Federal Reserve to mobility tracking and small business payroll service providers shows that after big upticks in May and June, activity growth stalled in July as COVID-19 spread rapidly in key areas of the country across the South and Southwest. That recent flat-lining trend has persisted as August began.

Graphic – The economy in real time: https://fingfx.thomsonreuters.com/gfx/mkt/yxmvjrxrzvr/Pasted%20image%201596729676868.png

Time management firm Kronos https://www.kronos.com/about-us/newsroom/update-us-workforce-activity, for instance, reported that shifts worked in the week ended Aug. 2 were essentially unchanged nationally but fell in 19 states, primarily in the Midwest. The

Read More