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Latest 24 Hour Economy News
Source: CBS News

Trump tax overhaul plan would benefit wealthy art collectors

Monday 21:55 GMT

The president's tax overhaul proposal — which he has pitched as a boost for hardworking farmers and truckers — would repeal the federal estate tax paid by people who inherit multimillion-dollar estates.

Attorney Malcolm Taub, an expert in art law, said the elimination of the estate tax would end the tax issues when a collector dies, but could also "provide somewhat of a detriment" to museums, universities and other institutions that benefit from donations.

Source: CBS News

Calif. Gov. Jerry Brown vetoes presidential candidate tax return disclosure bill

Monday 21:56 GMT

Democratic Governor Jerry Brown vetoed a bill on Sunday that was hailed as an effort to force President Donald Trump and future White House hopefuls to disclose their personal tax returns in order to be put on the California ballot.

California Congresswoman Anna Eshoo introduced a similar bill in the House back in June of 2016, the "Presidential Tax Transparency Act," which would have made the disclosure of federal tax returns compulsory for any presidential nominee of a major political party.

Source: CBS News

Yellen's upbeat economic message may signal rate hikes

Monday 21:55 GMT

Federal Reserve Chair Janet Yellen on Sunday sketched a bright outlook for the U.S. economy and for inflation prospects in coming months, saying the impact of the recent hurricanes will likely slow economic growth slightly but only temporarily and should be followed by a rebound by year's end.

During a question period, Yellen was asked whether a booming stock market that some see as overvalued or potentially higher budget deficits resulting from the Trump administration's tax cut plan had increased economic uncertainty.

Source: Common Domain

Cutting Corporate Taxes to 20% Would Boost Workers’ Income, White House Says

Monday 21:55 GMT

Cutting the U.S. corporate tax rate from 35% to 20% would, “very conservatively,” boost average household income by $4,000 a year, White House economists say in a report being released on Monday.

The study, sure to be contested as the tax policy debate heats up in Congress, stakes its argument on the idea that corporate taxes hurt workers by inhibiting hiring and wage growth. “There’s lots of evidence that wages respond to changes in corporate taxes,” Kevin Hassett, chairman of the White House Council of Economic Advisers, told reporters on Sunday.

Source: Common Domain

World’s Central Bankers, Finance Officials Keep Close Eye on Selection of Next Fed Chief

Monday 21:55 GMT

As central bankers and finance ministers from around the world gathered in Washington last week, the discussion returned many times to the fate of one person in particular: Federal Reserve Chairwoman Janet Yellen.

The world’s finance ministers and central bankers have no say in the selection, yet it is of crucial importance for their economies. Fed policies influence global economic growth, stock prices, bond yields and exchange rates, including the value of the U.S. dollar, the world’s largest reserve currency.

Source: Common Domain

The Morning Ledger: U.S. Firms Tap Canadian Bond Market

Monday 21:55 GMT

The U.S. Department of Defense is consulting with executives at high-frequency trading firms and quantitative hedge funds to assess how vulnerable the U.S. financial system is to hackers.

For most of this year, rates for Canadian debt have been lower than in the U.S., helping companies to save money by borrowing there. Also driving the trend are Canadian investors, who are keen on investing in global household names in a move to diversify their bond portfolios.

Source: Common Domain

Weinstein Co. in talks to potentially sell itself to Colony Capital

Monday 21:56 GMT

The Weinstein Co., beset by sexual harassment and assault allegations against ousted co-founder Harvey Weinstein, announced Monday that it is in negotiations to sell part or all of itself to Colony Capital.

In 2010, a group of investors led by Colony Capital and construction magnate Ronald Tutor acquired film and TV firm Miramax — which was founded by Harvey Weinstein and his brother, Bob Weinstein — from Walt Disney Co.

Source: BBC

Weinstein firm in talks over possible sale

Monday 21:56 GMT

The film production company co-founded by Harvey Weinstein, who is facing a number of sexual assault allegations, is in talks over a possible sale.

In 2010, it bought Miramax, another film production company founded by Harvey Weinstein and his brother Bob Weinstein, from Disney. As owners of Miramax, it has worked closely with The Weinstein Company since 2013 in developing the film libraries of the two firms for platforms including Netflix, Amazon, Apple, and Hulu.

Source: ABC News

Trump says he ended insurers' 'gravy train' by cutting subsidy payments

Monday 21:56 GMT

President Donald Trump said Monday that his move to end government subsidies to insurance companies under the Affordable Care Act ended the "gravy train" to those companies and predicted the action will ultimately help overhaul the law.

Under the act, the government made cost-sharing reduction payments (CSRs) to insurers to reduce premiums for low-income Americans who utilized health care exchanges.

Source: The Guradian

Indigenous rights "serious obstacle" to Kinder Morgan pipeline, report says

Monday 21:56 GMT

The controversial expansion of a pipeline that would carry tar sands crude from Alberta to British Columbia’s coast will be doomed by the rising power of Indigenous land rights.

She’ll have in hand a report being released today by the Indigenous Network on Economies and Trade, which argues that Texas-based Kinder Morgan has misled financial backers about the risks of expanding its TransMountain pipeline, almost half of which runs across “unceded” Secwepemc territory.

Source: Common Domain

Militants rob bank, attack church in Egypt's Sinai; 7 dead

Monday 21:56 GMT

Islamic militants on Monday staged a two-pronged assault in the heart of the largest city in Egypt's Sinai Peninsula, lobbing grenades and trading gunfire with guards at an unused Coptic church to distract from a bank robbery across the street.

The recent uptick in violence in Sinai comes at a time when Egypt and the militant Palestinian Hamas group, which rules the neighboring Gaza Strip, have joined efforts in curbing the smuggling of weapons, goods and militants between the two sides.

Source: CBS News

Retirement and happiness: It's complicated

Monday 21:55 GMT

While more than eight in 10 recent retirees cited income as the top reason why retirement life is worse, over three-quarters of recent retirees report "no longer working" as the reason why life is better in retirement.

On the flip side, the NRI survey shows that a little more than one-third (35 percent) of respondents said life is better in retirement, while 38 percent report it's the same.

Source: CBS News

Health savings accounts: Good retirement medicine

Monday 21:55 GMT

A common error in retirement planning is underestimating the often considerable costs of health care that older people require.

It's the only type of account that is tax-free in and tax- free out...You should do careful analysis on the risks of using an HSA before taking that route."

Source: Common Domain

Central Bankers Cling to Stimulus Amid Weak Inflation

Monday 21:55 GMT

Despite a broad-based improvement in the global economy, wages and consumer prices remain stubbornly low, making central bankers wary of removing their stimulus measures too quickly, they told a Group of 30 banking conference here on Sunday.

Leaders of the world’s largest central banks indicated that weak inflation in advanced economies could prolong the postcrisis era of easy-money policies.

Source: Common Domain

Oil headed to $10 China may be in the driver’s seat

Monday 21:55 GMT

In fact, they will probably get much worse thanks to China, according to Nick Cunningham, who tracks oil and the renewable energy beat.

“The exact point we reach peak oil demand is obviously very debatable, but in general, the mass adoption of EVs could permanently keep oil prices low, even under some relatively modest assumptions about the growth of the EV market,” he says. Cunningham didn’t lay out when oil might take a hit from the Middle Kingdom’s EV push, but seemed to see it as a sure thing.

Source: NBC News

Civilians to be evacuated from ISIS holdout, says U.S.

Saturday 16:24 GMT
Source: New York Times

Forest, Forest Everywhere. But Not an Acre to Touch.

Tuesday 10:53 GMT
Source: BBC

Do our tongues have different ‘taste zones’?

Thursday 10:54 GMT
Source: CBS News

Man treads water, drifts for 17 hours after kayak sinks

Tuesday 10:53 GMT
Source: The Week

The stark beauty of Chile's Atacama Desert

Thursday 10:54 GMT
Source: Washington Post

Trump mocks ‘Liddle’ Bob Corker, says senator was ‘made to sound a fool’

Wednesday 13:37 GMT
Source: The Guradian

Revealed: catalogue of failings that sank Falklands warship HMS Sheffield

Monday 00:37 GMT
Source: Washington Post

‘Bone Music’: The revival of making albums made from X-rays

Monday 21:55 GMT
Source: Common Domain

Alpine Ski Resorts Luring Buyers with Year-Round Activities

Monday 21:56 GMT
Source: The Guradian

James Corden faces backlash for Harvey Weinstein jokes

Monday 14:32 GMT
Source: The Guradian

Li Yuchun: meet the pop star taking gender neutral style to China

Monday 08:06 GMT
Source: New York Times

Nike’s Chief of Design Doodles All Day

Monday 21:56 GMT
Source: Washington Post

Trump campaign legal bills topped $1 million last quarter

Monday 21:55 GMT
Source: DW

Beethoven's Fifth played at Swiss Le Rosey Concert Hall for 'Innocence in Danger' benefit

Monday 07:00 GMT

“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte