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Moomoo, an investment and trading platform known for its professional-grade tools and investor empowerment philosophy, has recently unveiled an upgrade to its Cash Sweep program . Aimed at U.S. investors, this program allows users to earn passive income on their idle cash with a 5.1% annual percentage yield (APY)*.Empowering Investors

Moomoo focuses on providing tools and insights aimed at enhancing the capabilities of investors. The platform offers a variety of professional yet accessible tools designed to be useful for users ranging from beginners to more experienced investors. Moomoo seeks to positions itself as a platform that supports the concept of investing as a long-term endeavor, emphasizing its role that users can engage effectively in investment activities like buying and selling shares and performing various stock analyses.

Moomoos platform provides real-time market data, free Level 2 data for funded accounts, advanced technical analysis tools and free detailed order book data to help users define and refine their trading strategies. With a mission driven by transparency, innovation and community , Moomoo aims to provide a comprehensive investment experience for individuals at every level of investing expertise.High APY With No Fees to Join

At the heart of Moomoo's Cash Sweep program is a competitive APY of up to 5.1% for new and qualified users. In stark contrast, TD Ameritrade only provides less than 1% APY. Robinhood offers 5% but this is on the condition of Robinhood Gold subscription, which charge a $5 monthly fee. This is also 11 times of the national average saving account rate.

Moreover, unlike other platforms that might attach various conditions or hidden user fees to their high-yield offerings, Moomoo maintains a transparent and straightforward approach to its cash sweep program. The program is free to join, has no account fees and has no cap on deposit amounts.Flexibility And Ease of Use

Flexibility is another cornerstone of the Cash Sweep program. Investors have the freedom to withdraw or invest their funds at any time, meaning there are no lock-up periods for your money like with Certificate of Deposits (CDs), stablecoin staking platforms or the like. This ensures investors can quickly respond to potential market opportunities without affecting their brokerage account's purchasing power. The program is designed for ease of use, with interest accruing daily and being paid monthly, requiring no manual transfers from the users.Security And Peace of Mind

Security is a paramount concern for any investor. Recognizing this, Moomoo partners with banks that provide coverage for the swept funds in the Cash Sweep program, which is insured by the Federal Deposit Insurance Corporation (FDIC) up to $1 million, subject to FDIC coverage limitations.

Heres how FDIC coverage works for cash sweep accounts and its limitations.

When the uninvested cash in an investors brokerage account is swept to deposit accounts at Program Banks, it becomes eligible for FDIC insurance up to $1 million or $250,000 per Program Bank, inclusive of any other deposits they may already hold at the bank in the same ownership capacity, which may impact how much is covered.

An investor is responsible for monitoring the total amount of deposits they have with each Program Bank in order to determine the extent of FDIC deposit insurance coverage available to them. MFI is not responsible for any insured or uninsured portion of the Deposit Accounts or any other deposits at the program banks.Moomoos Cash Sweep Program

Moomoo's Cash Sweep program introduces an inventive approach for U.S. investors to potentially maximize returns on idle cash. With a 5.1% APY, this program seems to stand out as a robust opportunity to generate interest on idle cash. Beyond offering higher yields, this initiative also embodies Moomoo's commitment to transparency, innovation and fostering a sense of community among its users, aligning with its broader mission to redefine the investing experience.

Featured photo courtesy of Moomoo.

This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.

*Cash Sweep 5.1% APY is only for new & users that meet either qualifying deposit, transfer, or referral requirements. If conditions are not met, the rate is 0.03%. Rate as of 11/9/23 and can change. Terms & conditions apply.

The Moomoo Financial Inc. (MFI) Cash Sweep Program is a feature of your brokerage account. Interest is earned on the uninvested cash swept from your MFI brokerage account to program banks. Program banks then pay interest on your swept cash, minus any fees paid to MFI. The APY might change at any time at the program banks' or Moomoo Financial's discretion.

Additionally, any fees Moomoo Financial receives may vary and is subject to change. Neither Moomoo Financial Inc. nor any of its affiliates are banks. For more information on the cash sweep program, click here .

When the uninvested cash in your brokerage account is swept to deposit accounts at program banks, it becomes eligible for FDIC insurance up to $1 million or $250,000 per program bank, inclusive of any other deposits you may already hold at the bank in the same ownership capacity, which may impact how much is covered. You are responsible for monitoring the total amount of deposits that you have with each Program Bank, in order to determine the extent of FDIC deposit insurance coverage available to you. MFI is not responsible for any insured or uninsured portion of the Deposit Accounts or any other deposits at the program banks.

Please note that until funds are swept to a program bank, they are held in your brokerage account which is protected by SIPC. Once funds are swept, they are no longer held in your brokerage account and are not protected by SIPC. However, these funds are eligible for FDIC insurance through the Program Banks subject to FDIC insurance coverage limits.

Investing is risky. Moomoo is a financial information and trading app offered by Moomoo Technologies Inc. In the U.S., investment products and services on Moomoo are offered by Moomoo Financial Inc., Member FINRA/SIPC.

Benzinga was commissioned for this article and is not affiliated with the Moomoo app or its affiliated companies. This includes Moomoo Technologies Inc. (MTI) provider of the app and Moomoo Financial Inc. (MFI) Member FINRA/SIPC, which offers securities in the U.S.

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Sports

Isles win draft lottery for first time since ’09

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Isles win draft lottery for first time since '09

SECAUCUS, N.J. — The New York Islanders won the NHL draft lottery on Monday night, moving up 10 spots to make the league’s first live televised drawing a memorable one.

“It was dramatic,” NHL commissioner Gary Bettman told ESPN after the drawing. “It worked the way it was supposed to in terms of the process. But the result was unpredictable.”

The Islanders had a 3.5% chance of securing the first pick entering the draft, the 10th-best odds out of the 16 teams in the lottery. It’s the fifth time in franchise history that the Islanders will select first, and the first time since they picked center John Tavares in 2009. Other first overall picks for New York were forward Billy Harris (1972), defenseman Denis Potvin (1973) and goalie Rick DiPietro (2000).

“The hockey gods smiled on us. I can’t tell you how thrilled I am for Islander fans, for our ownership, for the entire Islander organization,” Islanders director of pro scouting Ken Morrow said.

The Islanders’ jump from 10th to first is the biggest involving a team winning the No. 1 selection. It comes after the last-place team won the lottery to retain the first pick in four of the past five years.

Boston College forward James Hagens, a Long Island native, is one of the top prospects available in the 2025 NHL draft, scheduled for L.A. Live’s Peacock Theater in Los Angeles on June 27-28.

Two drawings were held, the first to determine the No. 1 pick followed by the No. 2 selection. Only the bottom 11 teams in the standings were eligible to land the first pick due to a rule restricting teams to moving up no more than 10 spots in the draft order. Each drawing selected a four-number combination that had been assigned to a team before the draft, with balls drawn at 30-second increments. There were 1,001 possible combinations.

The San Jose Sharks entered the day with the best odds, 18.5%, to win the lottery and a 25.5% chance of landing the No. 1 choice for the second straight season, having selected center Macklin Celebrini first in 2024. Celebrini joined Montreal defenseman Lane Hutson and Calgary Flames goalie Dustin Wolf as finalists for the Calder Trophy for NHL rookie of the year, as announced on Monday.

The Sharks settled for the second pick in 2025 after the Utah Hockey Club won the second lottery draw, moving up from 14th to No. 4 overall. The Chicago Blackhawks had the second-best chances to win the lottery and will pick third. The Nashville Predators had no lottery luck — despite having the third-best odds, they drop to the fifth pick.

The drama was amplified in this season’s lottery as the NHL televised the drawing live from the NHL Network studios for the first time in the event’s 30-year history. Previously, the drawing was held in a sequestered room at the facility, with deputy commissioner Bill Daly revealing each draft position by flipping over a stack of cards on television.

“It’s basically the same thing that I do when we’d pretape it and Bill would reveal it. For me, it’s the same. It’s a little different for Bill. He doesn’t have to flip the cards over now,” Bettman said.

The NHL decided to make the drawing live because it drew more fan bases into the excitement of the first overall pick than the previous format. Before the Islanders won the lottery, seven teams still had a shot at the first overall selection: The Blackhawks, Philadelphia Flyers, Pittsburgh Penguins and the Islanders each had two balls that would win them the lottery, while the Sharks, Seattle Kraken and Buffalo Sabres each had one.

“It gave those teams and those fan bases hope going into that final. To me, that was what this was all about: To keep hope alive all the way until the end,” Steve Mayer, the NHL’s chief content officer, said.

There was plenty of drama before the final ball was drawn, too. The NHL partnered with SportsMEDIA Technology (SMT) to create real-time odds adjustments after every ball was selected. When No. 7 was selected as the first ball in the first drawing, the Sharks’ odds spiked to 20.6%, while the Calgary Flames were eliminated. When No. 11 was taken second, the Sharks went up to 24.3% while four other teams were eliminated. When No. 12 was selected third, that’s when things took a turn: The Sharks’ chances dropped to 9.1%, the Predators and New York Rangers were eliminated and suddenly both the Penguins (9th) and the Islanders (10th) had an 18.2% chance at the first overall pick.

“This was the idea from the beginning. If we’re going to do this, we have to know after the first ball what the percentages are and who’s out. We need to know after the second ball and the third. We need to know going into the last ball what every team needs,” Mayer said.

“I said, ‘Can somebody way smarter than me figure this out?’ And that’s what they end up doing.”

At last year’s draft lottery, the NHL did a very rough run-through of what a live lottery draw might look like. Mayer sent that video to Bettman and Daly before the live broadcast as a way to present the run of show, with MLB Network employees having stood in for the commissioner and deputy commissioner.

Were there any concerns? “Steve said a hundred percent guaranteed, no problem. And his track record on putting on events, outdoor games, All-Star Games and the draft is impeccable. So we rely on his assurance,” Bettman said.

The NHL was pleased with the event after its completion, both in creating a more dramatic viewing experience and in the technology working. Bettman said there would be a debriefing among the league’s staffers but anticipated the format would return next season. That’s when the drama will really get amplified, when 17-year-old phenom Gavin McKenna of Medicine Hat in the Western Hockey League is expected to be the first pick.

“All the lotteries are important, and they all get the same treatment, in terms of how seriously we treat them,” Bettman said. “We can be a little lighthearted talking about how this [live drawing] came about, but in the final analysis, we had to get comfortable that this was a process with unquestionable integrity.”

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Sports

Maple Leafs’ Stolarz injured, exits in 2nd period

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Maple Leafs' Stolarz injured, exits in 2nd period

TORONTO — Toronto Maple Leafs goaltender Anthony Stolarz exited midway through the second period of Game 1 of his team’s second-round Eastern Conference series matchup against the Florida Panthers on Monday after taking an elbow to the head from forward Sam Bennett.

There was no penalty called on the play. Stolarz was replaced by backup Joseph Woll. He had made eight saves on nine shots before leaving while Toronto raced out to a 4-1 lead over its Atlantic Division rival.

On the game broadcast, during the third period, ESPN’s Emily Kaplan reported that a source said Stolarz had vomited on the bench before exiting for the locker room. The team made the official announcement that he wouldn’t return during the second intermission.

Stolarz started all six playoff games for Toronto against the Ottawa Senators in their first-round series victory, recording a 4-2 record with a .902 save percentage and a 2.21 goals-against average.

The 31-year-old veteran, who was the Panthers’ backup last season for Sergei Bobrovsky on their run to a Stanley Cup victory, was the Maple Leafs’ backbone in net throughout the regular season. He sat out some time after a midseason knee surgery but was an impressive 21-8-3 with .926 save percentage and a 2.14 GAA.

Woll took over starting duties when Stolarz was out during the regular season. He posted a 27-14-1 record with a.909 save percentage and a 2.73 GAA.

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Politics

How Nigel Farage is flirting with Labour’s most loyal voters – and the battle to stop him

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How Nigel Farage is flirting with Labour's most loyal voters - and the battle to stop him

For much of its history, the trade union movement’s main opponent has been the Conservative Party. But now it finds itself taking on a different type of adversary – one it might describe as a wolf in sheep’s clothing.

It began when Nigel Farage, known for being a staunch advocate of free trade and private markets, declined to criticise the Unite union for its bin strike in Birmingham, before calling for the nationalisation of British Steel following the near collapse of its plant in Scunthorpe.

The Reform UK leader has been sweet-talking the trade unions, speaking their language and brandishing their leaflets in public in what appears to his critics to be a new opportunistic strategy.

Farage’s courting of union members has alarmed the movement’s leaders – so much so that Sky News understands the executive of the Trades Union Congress (TUC), which represents unions across the country, has been holding meetings to draw up a strategy on how best to combat his appeal and more broadly, the far-right.

Over the weekend, as the two main parties were processing the battering they received in the local elections largely courtesy of Farage’s party, Unison’s general secretary Christina McAnea urged members of councils now controlled by Reform to join a union.

“Unions are there to ensure no one can play fast and loose with the law,” she said, after Farage threatened to sack staff working in areas such as diversity or climate change.

‘Political fraud’

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Paul Nowak, the general secretary of the TUC, has begun to step up his criticism of the former UKIP leader – accusing him of “cosplaying as a champion of working people”.

“He is not on the side of the working people,” he tells Sky News. “He’s on the side of bad bosses who want to treat staff like disposable labour.

“Unions will continue to expose him for the political fraud he is.”

At the moment, that campaign is largely focused on highlighting Farage’s voting record – in particular his decision to oppose the Employment Rights Bill, legislation unions say they have wanted for decades.

The bill offers protection from unfair dismissal from the first day of employment and sick pay for all workers from the first day of absence, among other measures.

The TUC says the bill is incredibly popular – and not just among Labour voters.

According to a poll it conducted of more than 21,000 people with campaign group Hope Not Hate, banning zero hours contracts is supported by more than seven in 10 UK voters – including two in three Reform voters from the 2024 election.

“People are going to find there are improvements to their life and work,” an insider tells Sky News. “We want them to understand who was for it, and who was against it.”

The TUC has also begun promoting videos on social media in which workers in the electric vehicle industry accuse Farage of threatening their jobs.

Farage’s response to the bill has been to claim that a clause within in that gives workers protection from third party harassment could herald the end of “pub banter”.

‘There has always been fellow feeling with unions’

But Gawain Towler, an ex-Reform press officer who has worked on and off for Farage for 20 years, insists his former boss isn’t against workers’ rights – he’s just opposed to Labour’s bill.

“Reform don’t see it as a workers rights’ bill – we think it takes away opportunities for work because it scares people away from employing people,” he says.

Nigel Farage reacts next to a local in Scunthorpe.
Pic: Reuters
Image:
Nigel Farage campaigning during the local elections in Scunthorpe.
Pic: Reuters

He believes “mass migration” is the real obstacle to better wages and job security, and argues net zero policies are “costing union members their jobs”.

The government may point to a recent study suggesting the net zero sector has grown by 10% over the past year, supporting the equivalent of 951,000 full-time jobs.

For Farage’s allies, his courting of union members is neither disingenuous nor new.

“He’s anti-union management, he’s not anti-union,” says Towler, who noted Farage’s friendship with the late union leader and Brexit advocate Bob Crow.

“Nigel has always been a free trader, but he’s never been deeply partisan, which is why he was able to start the Brexit Party. There has always been that fellow feeling with unions.”

Indeed, on one issue, a commonality is emerging between Reform and the GMB union.

While general secretary Gary Smith has criticised Farage for being “soft on Russia” and for voting against the Employment Rights Bill, there is an agreement between the pair over the impact of net zero.

Those sceptical of the government’s plans for the green transition point to Port Talbot in Wales, where 2,500 workers are expected to lose their jobs, and Grangemouth, where the closure of Scotland’s last remaining oil refinery is expected to result in around 400 job losses.

Members of Unite union take part in a demonstration to protest at Petroineos plans to close Grangemouth oil refinery.
Pic: PA
Image:
Members of Unite union protest at plans to close Grangemouth oil refinery.
Pic: PA

Although Unite has no common truck with Reform, it has warned there should be “no ban without a plan” when it comes to issuing new oil and gas licences.

‘Labour has one shot with workers’

For some unions, Labour’s position on certain issues has provided Reform with an opening.

There’s disappointment at some Labour policies in government – from partly watering down the Employment Rights Bill to stave off dissent from business leaders, to welfare cuts and offering below-inflation pay rises for public sector workers.

Gawain Little, the general secretary of the General Federation of Trade Unions, tells Sky News the party risks leaving “space open for fakers like Farage to come along and pretend they have people’s interests at heart”.

Only a sense that austerity is over, likewise the cost of living crisis, will truly “challenge” the Reform leader, he says.

One GMB member says Farage’s strategy is “from the same playbook” as right-wing parties in Europe, such as the AfD in Germany and Georgia Meloni’s Brothers of Italy.

By “continuously legitimising” Reform by talking tough on migration, union activists who usually get the word out for Labour have been left demoralised.

Farage on the picket line?

The current distance with some unions did not start in government. It began in opposition, when Labour refused to back workers who were on strike and when the party did not endorse some candidates put forward by some of the more left-wing unions.

But so far, sources in Labour have dismissed Farage’s tactics as just words – and believe his previous anti-union rhetoric will weigh against him when he tries to court votes.

In fact, Mr Farage’s calls for the renationalisation of steel have been interpreted as him “trying to jump on the bandwagon” of Labour’s success.

However, Damian Lyons Lowe, the founder of pollster Survation, spots danger for Labour if Farage is able to successfully tilt in the direction of workers’ rights – especially if the government finds itself unable to follow.

He says taking the side of unions in an industrial dispute over pay would be an example of a classic “wedge” strategy that Farage can deploy to back Labour into a corner.

Read more:
Why is it taking so long to settle the Birmingham bin dispute?
Tories ‘are not doing a deal with Reform,’ Kemi Badenoch insists

And given the government’s initial 2.8% pay offer to public sector workers is below that reportedly drawn up by the independent pay review body for NHS workers and teachers, there is the very real prospect this scenario could arise.

“It could pose a real threat to Labour,” Lyons Lowe says, with union members in “post-industrial” areas potentially receptive to a message of “protectionism, industrial revival, and national self-sufficiency”.

Could what started with Farage brandishing leaflets end up with him joining the picket line?

While one union insider doesn’t think Farage will ultimately convince union leaders, members may be tempted.

The Starmer government has “one shot to deliver for workers”, they warn.

“If they don’t, Farage and Reform are waiting in the wings.”

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