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Latest 24 Hour Economy News
Source: New York Times

Tax Plan’s Biggest Cuts Could Be in Living Standards

Today 08:06 GMT

Its conclusions didn’t draw much applause from the White House: In the long term, the Treasury’s Office of Tax Analysis found, the tax cuts would expand the economy by all of 0.7 percent.

In the summer of 2006, as President George W. Bush was pressing to make permanent the tax cuts he had pushed through Congress in 2001 and 2003, the Treasury Department published a so-called dynamic analysis that, the administration hoped, would prove the undoubted economic benefits of the extension.

Source: The Week

Why bitcoin is fool's gold

Today 08:06 GMT

With bitcoin, there's no bottom: Demand for bitcoin is based solely on the belief that bitcoin's price will keep rising.

If Winklevoss is right that it will eventually displace gold, with its $6 trillion market capitalization, well, you do the math: "Long term, directionally, [bitcoin] is a multi-trillion-dollar asset — I don't know how long it takes to get there," Winklevoss concluded.

Source: Common Domain

Oil Prices Climb as Key Pipeline Shuts Down for Repair

Today 08:06 GMT

Global oil prices jumped to their highest level since 2015 as the shutdown of a key European pipeline sapped more crude from a market where supply has already tightened due to production cuts.

Late Monday, British refining and chemicals company Ineos said it would shut down the Forties Pipeline System for several weeks after discovering a widening crack. The pipeline system delivers around 40% of U.K.’s North Sea oil and gas production, carrying about 445,000 barrels of crude a day.

Source: Common Domain

Small-business sentiment in November powers to the second-highest reading on record

Today 08:06 GMT

The numbers: The index of small-business optimism from the National Federation of Independent Business rose 3.7 points to 107.5 in November, the second-highest reading in the 44-year history of the index.

In other words, if the capital spending intentions gauge does foreshadow changes in GDP, it’s for weaker, not stronger, growth.

Source: Common Domain

How to make money from the Fed’s next move

Today 08:06 GMT

Just wait 30 minutes after the Fed’s interest-rate announcement — scheduled for Wednesday at 2 p.m. Eastern — and bet that the stock market will reverse however it reacted in those first 30 minutes.

The reason this is a bet worth considering: Regardless of what the Fed’s interest-rate setting committee does or says this week, we know that it will have virtually no real-world consequence. So the markets’ initial response will be a knee-jerk reaction based on hype rather than facts, and almost certainly will get corrected.

Source: Common Domain

Give mutual fund investors a voice in shareholder proxy voting

Today 08:06 GMT

Having managed mutual funds for a long time and voted hundreds of proxies globally, I believe there is a simple and direct way to reflect shareholder ESG preferences in the voting of proxies: Through the fund prospectus.

The structure of the mutual fund makes it difficult to reflect shareholder objectives and values related to environmental, social, and governance (ESG) issues. The growth in individual shareholder ownership ironically has created a huge gap in corporate governance and accountability.

Source: CBS News

Two retailers that are avoiding Amazon and thriving

Today 07:01 GMT

That's partly because business fundamentals at these two retailers remain strong even though the markets they serve appear to be within Amazon's grasp.

True, the e-commerce giant has crushed many competitors, but at least two large rivals have managed to dodge the Amazon bulldozer. The two dollar-brand stores, Dollar General (DG) and Dollar Tree (DLTR), have so far been Amazon-proof, and they've continued to thrive despite the lurking shadow of Jeff Bezos' behemoth.

Source: CBS News

What happens if the Bitcoin bubble pops?

Today 08:06 GMT

Compared to past investment manias that came to grief, such as the 1990s dot-com craze and the housing boom of the past decade, a Bitcoin rout likely would be of small magnitude.

Bitcoin, created as a faster and government-free means of exchange, has had such a sudden ascent that it's scary to many on Wall Street. Jamie Dimon, chairman of JPMorgan Chase (JPM), has labeled it a "fraud," and Bespoke Investment Group warned that the "herd mentality" that has pushed its price precipitously skyward would end in tears.

Source: BBC

'Skin betting' snares thousands of children

Today 07:01 GMT

The regulator has warned that children as young as 11 are using so-called skin betting websites, which let players gamble with virtual items as currency.

Sarah Harrison, chief executive of the Gambling Commission, said: "Because of these unlicensed skin betting sites, the safeguards that exist are not being applied and we're seeing examples of really young people, 11 and 12-year-olds, who are getting involved in skin betting, not realising that it's gambling. "At one level they are running up bills perhaps on their parents' Paypal account or credit card, but the wider effect is the introduction and normalisation of this kind of gambling among children and young people."

Source: BBC

US prosecution threat to HSBC lifted

Today 06:06 GMT

"We are committed to doing our part to protect the integrity of the global financial system, and further improvements to our own capability and contributions toward the partnerships we have established with governments in this area will remain a top priority for the Bank into 2018 and beyond."

With the US Department of Justice in 2012 to avoid facing criminal charges for allegedly laundering hundreds of millions for Mexican drug barons.

Source: Washington Post

Jimmy Kimmel holds his baby son, post-heart surgery, in emotional health-care monologue

Today 06:06 GMT

Jimmy Kimmel was absent from his ABC late-night show last week while his 8-month-old son, Billy, recovered from his second heart surgery.

Jimmy Kimmel slams critics of his emotional health-care plea, calls out Newt Gingrich. How Jimmy Kimmel, of all people, became one of the most influential voices on health care

Source: New York Times

Big Jump in Million-Dollar Pay Packages for Private College Leaders

Today 00:39 GMT

Amid pressure on academia to control costs, the pay packages for private college presidents have continued to rise, as the number earning more than $1 million spiked in 2015 and average compensation rose 9 percent, according to an annual survey.

“The unfortunate dynamic is that you see where the extreme wealth of private universities, and their ability to pay higher executive salaries, creates a norm that other universities feel pressured to follow,” Dr. Eaton said.

Source: Common Domain

Global Markets Get Off to a Slow Start

Today 02:31 GMT

Asia-Pacific stocks got off to a slow start Tuesday, though better-than-expected Chinese credit data could be a bright spot for some pockets of the markets.

Exchange-traded funds tracking domestic Chinese equities rose overnight as government data showed banks stepped up lending last month as some activity moved out of the shadow-banking system. “We think the strong credit growth reflects the government’s willingness to provide sufficient liquidity to maintain growth stability,” Goldman Sachs said.

Source: Fox News

Entrepreneurs taking more risks thanks to booming market: Linda McMahon

Today 01:33 GMT

Linda McMahon, administrator of the U.S. Small Business Administration, on Monday said the bullish market is pushing entrepreneurs to take more risks.

Entrepreneurs are always balancing that risk factor against the downside, and you find more entrepreneurs now that are willing to take that risk. And risk means often seizing an opportunity, and they are realizing that they can’t let the opportunity pass them by.

Source: New York Times

Would the G.O.P. Tax Bill Penalize California Wildfire Victims?

Today 02:31 GMT

In the scorched landscapes of California, a little-noted provision of the Republican tax overhaul has property owners worried about being burned twice: Once by the wildfires that have destroyed thousands of homes, and then again by being denied a tax write-off for their losses.

Congress can pass special legislation to provide tax relief for victims of particular disasters, as they did after this year’s major hurricanes, waiving the 10 percent threshold for casualty loss deductions and allowing early withdrawals from 401(k) retirement accounts without the usual tax penalty.

Source: NBC News

These Heisman Trophy finalists could make college football history

Saturday 16:22 GMT
Source: BBC

Avocado injuries a thing of the past?

Thursday 21:51 GMT
Source: Common Domain

Advertising Guidelines for Online Sponsored, Branded & Featured Content

Monday 01:31 GMT
Source: CBS News

Walmart cashier’s act of kindness leaves foster parent in tears

Monday 01:31 GMT
Source: CBS News

Anonymous customer buys 58 meals in honor of Las Vegas shooting victims

Monday 01:31 GMT
Source: New York Times

How ISIS Produced Its Cruel Arsenal on an Industrial Scale

Monday 01:31 GMT
Source: New York Times

Eluding Censors, a Magazine Covers Southeast Asia’s Literary Scene

Monday 01:31 GMT
Source: Global News

Here’s what the new mortgage rules will do to home prices in 2018: Royal LePage

Today 12:44 GMT
Source: Common Domain

Here’s Why YouTube’s Streaming Music Could Be a Huge Deal

Tuesday 16:23 GMT
Source: NBC News

China remembers 142K killed in massacre, offers 'friendship' to Japan

Today 12:44 GMT
Source: Global News

Trump directs NASA to send Americans to the Moon, lay foundations for Mars mission

Tuesday 16:24 GMT
Source: Common Domain

Hong Kong Home Prices Expected to Soar in 2018

Tuesday 19:10 GMT
Source: Common Domain

Apple Acquires Shazam and Its Song-Recognition App

Tuesday 16:23 GMT
Source: Washington Post

Why Apple bought Shazam, the music-recognition app that’s been declining in popularity

Tuesday 22:49 GMT

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