People in areas with higher minority populations are paying more in average auto insurance premiums, credit cards may be millennials' next Beanie Babies and Warren Buffett is literally becoming the face of Cherry Coke in China.
Auto insurers have been charging higher average premiums to drivers in largely minority urban areas than to their counterparts with similar driving records in majority white neighborhoods, according to a report co-authored by ProPublica and Consumer Reports. The analysis looked at the insurance premiums for residents in urban areas in California, Illinois, Texas and Missouri, eventually finding that the discrepancy between white and minority neighborhoods could reportedly no longer only be explained by risk.
Millennials must not fear credit card debt, as they've started snatching up credit cards en masse, according to a report from The Wall Street Journal. Even with no income, some millennials are reportedly applying for as many credit cards as possible, using their new plastic friends as a way to fund travel, find discounts and pay for meals. Within the last year, more than half the people to sign up for Chase's expensive Sapphire Reserve card were millennials, according to the Journal.
Chinese cola drinkers might be seeing a whole lot more of Warren Buffett. The billionaire Chairman and CEO of Berkshire Hathaway Inc., and fervent Cherry Coke drinker, is going to be plastered on cans of the soft drink in China for a limited time, Yahoo Finance and other news outlets reported. Buffett will not receive any compensation for the promotional campaign. Cherry Coke was first introduced in China in March and the special edition cans will become available in America during Berkshire's annual meeting in May.
In a Financial Times op-ed, U.S. Secretary of Commerce Wilbur Ross argues that President Donald Trump will "make trade fair again," claiming that Trump's move to have the Department of Commerce report a comprehensive analysis of economic realities and finer details of the country's trade patterns within 90 days will allow Trump to take "measured and rational action to correct any anomalies." Ross writes that the country must punish frequent trade offenders, as they undermine the entire country's trading system.
Norman Rockwell's infamous painting "Boy Asleep with Hoe" has been returned to its rightful home, and it only took 40 years, CNBC reported. In a Philadelphia ceremony, Chubb Ltd. and the FBI returned the painting, valued between $600,000 and $1 million, to the Grant family. In 1976, the artwork, also called "Lazy Bones" or "Taking a Break," was stolen and valued at much less than its current estimate. When the painting was purchased in the 1950s, it was bought for less than $100.
That airline-branded credit card in your wallet might be lining the wallets of airline executives, according to a Bloomberg News report. Airline mile programs have reportedly blossomed into "cash cows," for both banks and airlines, yielding more than half of the profits for some airlines, including American Airlines. For the banks, the cash flow from credit cards' annual fees is a solid bet, particularly with merchant fees also likely incorporated into the mix.