Must-Read Money Stories for Tuesday, Nov. 22, 2016

by November 22, 2016
CNNMoney reports the City of New York is paying $1 million per day to protect the President-elect (Image via flickr user Adam Jackson, CC by-NC-ND 2.0).

CNNMoney reports the City of New York is paying $1 million per day to protect the President-elect (Image via flickr user Adam Jackson, CC by-NC-ND 2.0).

Pricey protection

Protecting the President-elect is costing the city of New York $1 million per day, according to CNN Money. And that cost is not expected to go down after the election. CNN Money says it spoke with three city officials to confirm the cost of protecting the nation’s next President at his home in Trump Tower. And because his wife and son are expected to stay (and he’s expected to return home often), the $1 million a day price tag for protection will continue throughout the presidency, according to CNN Money. The city will ask the federal government for reimbursement of the costs.

Quake costs

As Japan was hit by another earthquake and tsunami yesterday, the Wall Street Journal has a look at some new estimates of how a major quake could affect California. The Journal writes scientists now believe multiple sections of the famous San Andreas fault could rupture simultaneously, sending shock waves down the entire 800-mile length of the fault. A new study looks at the potential impact of such a quake, and estimates damages could reach $289 billion, according to the WSJ. Researcher say an earthquake on that scale will most likely only hit once every 2,500 years. In the more immediate future, though, the WSJ reports just knowing about that possibility could cause home insurance rates to rise.

Feeding the buzz

NBCUniversal is doubling down on Buzzfeed. Reuters reports the TV giant will invest aother 200 million into the site. That pushes Buzzfeed’s overall valuation to $1.7 billion, according to Reuters. The investment will allow Buzzfeed to grow its video operations, among other things. And both Buzzfeed and NBCUniversal will work together more on selling ads across platforms, Reuters says.

End of the tour

Bloomberg ran the numbers and found Kanye West stands to lose $30 million by canceling his tour early. West canceled the remaining 21 stops on his tour after cutting his Sacramento show early on Saturday. Bloomberg reports West had been raking in about $1.4 million per show on the tour so far. Bloomberg says the move is not expected to affect earnings for Live Nation, the concert promoter behind the tour.

Trump Tower” by flickr user “adamjackson” Creative Commons licence CC by-NC-ND 2.0.