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UPDATE 1-Loeb's U.S. hedge fund Third Point owns Vivendi stake -source
  + stars: | 2021-06-14 | by ( Svea Herbst-Bayliss | ) www.reuters.com sentiment -0.98   time to read: +2 min
New York-based Third Point has been invested in Paris-based Vivendi for some time, the person said, requesting anonymity because the matter is private. A Vivendi spokesman on Monday said, “The company has yet to see any evidence of a stake being built,” in response to a question about the Third Point holding. Activist fund Bluebell Capital Partners and investment fund Artisan Partners have raised concerns about the spinoff, decrying the transaction as unfavorable to some investors. Loeb and Ackman, both prominent New York hedge fund managers, have crossed on other investments, including Herbalife and United Technologies, for example, and sometimes taken differing approaches. He did not invest with Pershing Square’s Tontine Holdings, which counts other prominent hedge funds as investors.
Persons: Daniel Loeb’s, William Ackman, , Ackman, Vincent Bollore, Glass Lewis, Loeb, Pershing Organizations: Billionaire, Vivendi, Universal Music Group, ., Bloomberg, Universal, Pershing, Tontine Holdings, Bluebell Capital Partners, Artisan Partners, ISS, United Technologies Locations: . New York, Paris, New York
Opinion | Inside the I.R.S. Files of the Ultra-Wealthy
  + stars: | 2021-06-14 | by ( Sway | ) www.nytimes.com sentiment -0.99   time to read: +1 min
It’s an open secret that the uber-rich don’t pay their fair share in taxes. But Jesse Eisinger and his team at ProPublica have unearthed the numbers to back that up. In “The Secret I.R.S. Files,” they combed through more than 15 years of federal income tax records, revealing that Elon Musk, Jeff Bezos, George Soros and many more have paid as little as $0 in recent years. By amassing and borrowing off their wealth, while minimizing how much of it is treated as income, these billionaires live outside the tax system perfectly legally.
Persons: Jesse Eisinger, Elon Musk, Jeff Bezos, George Soros, Eisinger, Kara Swisher, Biden, Kara, Michael Bloomberg, Carl Icahn Organizations: Apple, Spotify, Google, Elon, Times
Apple plans to drop mask mandates for vaccinated customers at many stores from Tuesday, sources told Bloomberg. Apple staff at the stores will still have to wear masks, the sources said. Apple plans to allow vaccinated customers to go without masks at many of its US stores from Tuesday, sources familiar with the matter told Bloomberg. Staff would not ask customers to provide proof of vaccination, unnamed sources told Bloomberg. Walmart, Costco, and Trader Joe's were among the retailers that lifted mask requirements for vaccinated customers.
Persons: Joe's, Deidre O'Brien, Apple's Organizations: Bloomberg, Apple, Staff, Center for Disease Control, Prevention, Walmart, Costco Locations: California, Cupertino , California
Doctors in India say COVID-19 patients have unusual symptoms that could be due to the Delta variant. Doctors in India claim that the highly infectious Delta variant could cause unusual symptoms such as gangrene and hearing loss, which they say are becoming more common in COVID-19 patients of all ages. The highly infectious variant has spread to 67 countries and is becoming more common around the world. The Delta variant is estimated to be 60% more infectious than the Alpha variant that's currently the most common in the US. A Public Health England document from May reported the Pfizer and AstraZeneca vaccines were respectively 88% and 60% effective against the Delta variant after both doses.
Persons: Anthony Fauci, Joe Biden's, didn't, Ganesh Manudhane, Manudhane, Dr, Abdul Ghafur, hadn't, Anurag Agarwal, Agarwal, Neil Ferguson, Dr Jeffery Barrett, Barrett, Pradeep Gaur, Harsh Vardhan, it's, Ghafur, Shailesh Kothalkar, David Denning Organizations: Bloomberg, Daily Mail, Alpha, Health, Pfizer, AstraZeneca, Delta, Seven Hills, Apollo Hospital, Indian, of Medical Research, of Genomics, MRC Centre, Infectious, Imperial College London, Genomics, Wellcome Sanger Institute, Rapid, Getty, Seven Star Hospital, Telegraph, University of Manchester, Global, Fund, Fungal Infections Locations: India, COVID, Mumbai, Chennai, Nature, Delhi, New Delhi, Nagpur
Bulky or low-cost items could be hardest hit by price hikes as shipping costs continue to rise. Retailers are spending up to ten times more than they would have pre-pandemic to ship items across the ocean. Toys and cheap furniture are among consumer goods that could get more expensive in the coming months as retailers continue to grapple with surging shipping costs. Low-cost furniture makers and sellers such as Wayfair or Ikea could also be hit. According to shipping expert Simon Sundboell from eeSea, Nike would have paid $2,000 for a 40-foot container pre-pandemic.
Persons: Gary Grant, Grant, Alan Murphy, Insider's Rachel Premack, Premack, Simon Sundboell, Sundboell Organizations: Bloomberg, Retailers, Ikea, Intelligence, Nike Locations: China, Copenhagen, eeSea
EToro is a multi-asset brokerage firm that saw 3.1 million new users flock to its platform in the first quarter of 2021. Bitcoin's real valueAlthough most investors view bitcoin as a store of value, there are two key elements that increase its attractiveness, says Laidler. What that means simplistically is despite the very high volatility, an investor can add bitcoin into a broadly diversified portfolio and it can lower the risk in that portfolio, Laidler says. Advice to investorsWhile Laidler has an enthusiastic outlook on bitcoin and other cryptocurrencies, he doesn't recommend investing in anything you don't understand. So whatever you do, don't just invest in bitcoin, make that a small part of your overall portfolio," Laidler says.
Persons: Ben Laidler, Bitcoin, Laidler, bitcoin, cryptocurrency Organizations: Bloomberg Galaxy Crypto, Solana
Apple has been working on a blood sugar sensor for its Watch for years, Bloomberg reports. Adding such a health tracker would be a significant move for Apple and give it an edge in the market. Apple is getting closer to adding a glucose monitor to future Watch models, Bloomberg reported Monday. So will an extreme sport Apple Watch that will put the company head-to-head with the likes of Garmin and Casio. Apple unveiled its $400 Watch Series 6 in fall 2020 that can read the wearer's blood oxygen levels and charges faster than its predecessors.
Persons: Apple, Read, Google's Fitbit Organizations: Apple, Bloomberg, Apple Watch, Garmin, Casio Locations: wearables
Rising shipping costs could make Starbucks drinks, fireworks, and lumber harder to come by. The impact of this on product prices could be underestimated, an economist told Bloomberg. Some companies are already hiking up the prices of goods like burritos and groceries. People might not be aware of the full impact the current shipping crisis will have on higher prices for consumer goods, a leading economist told Bloomberg. But Rajanayagam warned that the higher shipping costs could stay post-pandemic, and that producers could become more willing to pass these higher costs on to consumers.
Persons: Volker Wieland, Rachel Premack, Jordi Espin, Shanella Rajanayagam, Rajanayagam, Insider's Kate Duffy Organizations: Bloomberg, Frankfurt's Goethe University, Container, Authorities, Costco, HSBC Locations: Frankfurt, Drewry, Guangdong, South China, Europe, Peru, they're
According to Amazon growth agency Jungle Scout, more than 54% of the $386 billion in net sales that the retail platform generated in 2020 came from third-party Amazon sellers. Between 2019 and 2020, Amazon invested $30 billion in its community of small sellers, spotlighting it in, among other things, a series of commercials outlining the fact that small and medium Amazon businesses sell 6,500 products every minute. Over the past year, an increasing number of third-party sellers have cashed in on their Amazon brands, selling to heavily-funded companies, including category leader Thrasio. Founded in 2018, the holding company reached a $1 billion valuation on the strength of folding up nearly 100 Amazon brands. The companies rolling up Amazon businesses and who's funding themThe landscape for buying businesses like Barzvi's has become crowded with companies trying to profit on the trend.
Persons: They're, Thrasio, Josh Silberstein, rainmaker Michael Klein, Japan —, Procter & Gamble —, Paul Rafelson, PLLC, Rafelson, Lori Barzvi, Barzvi, Guy, Lori, they've, Walter Gonzalez , Jr, GOJA, , Walter Gonzalez, Walter Gonzalez Gonzalez, Gonzalez, JP Morgan, Goldman Sachs, Jason Guerretteraz, — they've, Thrasio's, GOJA's Gonzalez, they'd, Silberstein, Joshua Silberstein, Joshua Silberstein Silberstein, who's, ecommerce, Tim Derdenger, Derdenger, You've Organizations: Commerce, Procter & Gamble, Scout, Amazon, Bloomberg, Churchill Capital Corp, Citigroup Inc, Procter &, World Trade, GOJA, JP, Next Coast Ventures, 3L, JP Morgan Bank, BlackRock, Barclays, UBS, CreditSuisse, RBC, Spark, Tectonic Ventures, Boston, Torch Capital, Forbes, NextCoast Ventures, Walmart, Carnegie Mellon University's Tepper School of Business Locations: Thrasio, Germany, Japan, Manhattan, China
Goldman Sachs is talking about moving some roles in its global markets division to Florida, sources said. Goldman Sachs employees in the U.S. officially reported back to the office on Monday, after more than a year of remote work. The bank is in the early stages of moving traders and salespeople to Florida, according to people with knowledge of the plans. Goldman staff who move to Florida will not be expected to take a pay cut, one of the people said. It's unclear how moving staff to Florida fits in with Solomon's push to get employees back in the office.
Persons: Goldman Sachs, Goldman's, Ashok Varadhan, Marc Nachmann, Varadhan, Nachmann, Dan Sundheim, Paul Singer's, Izzy Englander's, Steve Cohen's, Goldman, Eric Lane, Lane, David Solomon, John Waldron, Solomon, James Esposito Organizations: York, West Palm Beach, America, Bloomberg, D1 Capital Partners, Paul Singer's Elliott Management Corp, Management, Capital Management, Citadel, Sunshine State, Chase Coleman's Tiger Global Management, West, Asset Locations: Florida, West Palm, U.S, salespeople, Palm, New York, Manhattan, Boca Raton , Florida, Miami, Sunshine State . Florida, London, Hong Kong, Salt Lake City, Dallas, Bengaluru, India, Warsaw, Poland, South Florida
It's a sign that the NYC rental market has yet to fully rebound, but also that the city is recovering. A StreetEasy economist told Insider rent will likely stay widely cheap for the rest of 2021. It's a fine time to be in New York City right now. Covid cases are dropping as vaccination rates are rising, New Yorkers are staying out past midnight again, and rent is, by NYC standards, actually affordable. Read more: New York City is backNew Yorkers are making their comebackNew Yorkers are returning in droves, Insider's Avery Hartmans reported.
Persons: Miller Samuel, Douglas Elliman, Bloomberg's Oshriat Carmel, COVID, Ryan Kaplan, Insider's Avery Hartmans, Jonathan Miller, Bloomberg's Carmel, Libertina Brandt, Nancy Wu, Brandt Organizations: Manhattan, New Yorkers, Yorkers, Global Locations: New York City, New Yorkers, Manhattan, Yorkers, Manhattan , Brooklyn, Queens, New, New York, NYC
The info confirmed what many tax experts already know: There is one tax system for the rich and another for everyone else. By using perfectly legal and straightforward strategies, wealthy people can essentially choose whether and how much income tax they want to pay. As ProPublica illustrated, our income tax system does a poor job of truly capturing the economic income of our richest, especially if you think income should more closely match spending power. Longtime tax system critic David Cay Johnston hailed the ProPublica release as the “biggest and most important” tax story in his 55-year career. The Biden administration has committed to addressing some of the inequities of our current income tax system, including ensuring a greater equivalence between the way the tax system treats capital and labor income.
Persons: ProPublica, Jeff Bezos, Elon Musk, Michael Bloomberg, George Soros, , , Soros, ” Trump, , David Cay Johnston, Johnston, Dorothy Brown, Biden Organizations: New York Times, Bloomberg, Biden, IRS
GM, Ford are all-in on EVs. Here’s how their dealers feel about it
  + stars: | 2021-06-13 | by ( Bob Woods | ) www.cnbc.com + 0.00   time to read: +9 min
GMAfter years of come-and-gone predictions that battery-powered sedans, pickups and SUVs would replace gas-guzzling, emissions-spewing models, the shift to electric vehicles is revving up. Though he added that because EV sales to date have been concentrated in coastal states, Michigan and Texas, many dealers elsewhere remain in wait-and-see mode. "Dealers are in the business of selling cars and making customers happy, so why wouldn't they want to sell EVs?" EV service will definitely evolve and won't be exactly the same. "Service is critical to what our dealers do today and will be in the future," said Travis Hester, GM's chief electric vehicle officer.
Persons: Tesla, General Motors, Mark Paladino, Ford.com, Jason Mase, Paladino, EVs, Chris Sutton, Sutton, Biden, Mike Stanton, George Mason, Travis Hester, GM's, Rita Case, Rick Case, we've, Case Organizations: General Motors Detroit, Hamtramck Assembly, Hamtramck Assembly Center, GM, General, Ford, Toyota, Volkswagen, Daimler, Hyundai, Fiat Chrysler, Honda, Colonial, EV, Credit Suisse, Bloomberg New Energy Finance, National Automobile Dealers, Yale, George, George Mason Center, Republicans, Republican, ICE, Rick Case Automotive Group, VW, Audi, Mazda, GM GM, GMC Hummer Locations: Hamtramck, Detroit, U.S, Colonial Ford, Danbury , Connecticut, China, Europe, Michigan, Texas, California , New Jersey, New York, EVs, Ft . Lauderdale, Florida, Atlanta
While not illegal, tax avoidance strategies can seen as unethical, says business ethics scholar Erin Bass. It claims to provide an insight into how prominent billionaires such as Jeff Bezos, Elon Musk, and Michael Bloomberg take advantage of "tax avoidance strategies" beyond the reach of ordinary people. An individual who adopts the deontological perspective likely evaluates a public figure's tax avoidance strategies — and that of others — with less scrutiny. For example, someone may use tax avoidance strategies and direct some wealth to provide funding directly to an academic health care center for cancer research. But if that person employs tax avoidance strategies in the absence of any other virtuous behaviors, then the tax avoidance is likely to be seen and rationalized as unethical.
Persons: Erin Bass, Jeff Bezos, Elon Musk, Michael Bloomberg, Donald Trump —, , Immanuel Kant, John Rawls, John Stuart Mill, Jeremy Bentham, Aristotle Organizations: Internal Revenue Service, Trump, University of Nebraska Locations: University of Nebraska Omaha
Amazon is testing new technologies in an effort to make handling packages safer for employees. A recent analysis found Amazon workers suffer injuries at higher rates than other companies. Amazon is testing new technologies in a bid to make handling packages and other work safer for employees, the e-commerce said Sunday, two weeks after a Washington Post analysis found Amazon warehouse workers suffer serious injuries at higher rates than other companies. Last fall, two Michigan lawmakers who made a surprise visit to an Amazon warehouse questioned the safety of Amazon facilities. Other reports have highlighted the dangers warehouse workers can face on the job.
Persons: Kevin Keck, Keck, Washington Post's Jay Greene, Chris Alcantara, Jeff Bezos, Amazon, Ernie, Ina Fassbender, Bert, Rashida Tlaib, Debbie Dingell, Will Evans Organizations: Washington Post's, Occupational Safety, Health, Amazon, Getty, Bloomberg News, Center, Investigative Locations: Washington, AFP, Michigan
Chinese government entities involved in the effort to regulate data, including the State Council and the Cyberspace Administration of China, didn’t respond to requests for comment. That requirement, at least initially, was largely limited to companies deemed “critical infrastructure providers,” a loosely defined category that has included foreign banks and tech firms. It has built a data center in China for customers of its iCloud service, for data including photos, documents, messages, apps and videos uploaded by Apple users throughout the mainland. Chinese companies have pushed back on previous proposals to open up and centralize their statistics, such as those on customers’ borrowing habits and payment histories. Resisting requests to share more data, China’s tech giants cited a lack of relevant regulations.
Persons: Xi Jinping, Xi, Pony Ma, , Ma, Jack Ma’s, Jason Lee, Tesla, Aly Song, Ryan Fedasiuk, Greg Baker, Chuxing, Meituan, Didi, JD.com, Tesla’s, greenlighted, Tesla’s Gigafactory, Qilai Shen, Lester Ross, Li Keqiang, Jack Ma, Philippe Lopez, Ant, hasn’t, Li Lihui, Tencent, Martin Lau, , Shenzhen’s, Wei Organizations: Communist Party, Tencent Holdings, Holding, ByteDance, Co, State Council, Cyberspace Administration, Reuters, Tesla Inc, U.S, Federal Trade Commission, Data Security, National People’s Congress, EU, Georgetown University’s Center for Security, Emerging Technology, , China, Microsoft Corp, Microsoft, LinkedIn, Agence France, JD.com Inc, Apple Inc, Apple, Citigroup Inc, BlackRock Inc, Citigroup, BlackRock, Bloomberg News, Motorola Mobility, Administration, Baidu Inc, CyberSecurity Association of China, Lawyers, Ant, Ant Group, , of China Ltd, Bloomberg, Shenzhen Locations: Beijing, China, Reuters Beijing, Europe, Russia, Shanghai, U.S, WilmerHale, , Shenzhen, , lingling.wei
Mining companies are throwing their weight behind vaccination efforts as Covid-19 continues to ravage much of the developing world. Anglo American NGLOY 2.33% PLC has said it is spending as much as $30 million to support the global rollout of Covid-19 vaccines across its footprint. Health and safety advocates say mining companies have a duty of care. Anglo American, whose trucks are seen here, has said it is spending up to $30 million to support the global rollout of Covid-19 vaccines across its footprint. Covid-19 Vaccines Related coverage, selected by the editorsWrite to Alexandra Wexler at alexandra.wexler@wsj.com and Alistair MacDonald at alistair.macdonald@wsj.com
Persons: michele spatari, , Mark Cutifani, Russia’s, Polyus PJSC, Stepan Belokopytov, , Cyril Ramaphosa, Waldo Swiegers, Neal Froneman, Jamie Kneen, Boipelo Bonokwane, ” Julius Chan, Rhiannon Hoyle, Georgi Kantchev, Alexandra Wexler, Alistair MacDonald Organizations: Miners, West ., Rio Tinto RIO, Agence France, South, Quantum Minerals, Glencore, Newmont Corp, “ Mining, Bloomberg, Stillwater Ltd, MiningWatch, Against, , Newcrest Mining, Unicef, World Health Organization, alexandra.wexler Locations: West, Africa, Moscow, Siberia, Philippines, Panama, Canada, Colombia, Mexico, Ghana, Stillwater, Sibanye, , MiningWatch Canada, African, Covid, Covax, New Ireland, Papua New Guinea, alistair.macdonald
Ludovic Marin | AFP | Getty ImagesWASHINGTON — President Joe Biden will press G-7 leaders to take concrete steps to counter China's rising global influence on Saturday, the second day of the annual summit. The Biden administration also plans to work with Congress to increase U.S. contributions to the G-7's Development Financing Toolkit. Biden administration aides insist that the project is not about making countries choose between the United States and China. "This is about offering an affirmative, alternative vision and approach that they would want to choose," a second administration official told reporters during a briefing on Friday. But rather than press G-7 leaders to flatly condemn China's treatment of Uyghurs, Biden will take a more diplomatic approach.
Persons: Charles Michel, Yoshihide Suga, Germany's, Angela Merkel, Emmanuel Macron, Boris Johnson, Joe Biden, Justin Trudeau, Mario Draghi, Ursula von der Leyen, Ludovic Marin, Biden, Denny Roy, Roy, Wang Wenbin, Canada's, Frances, Germanys, Hollie Adams Organizations: European, Japan's, Britain's, Canada's, Italy's, AFP, Getty Images WASHINGTON, White, World Bank, International Monetary Fund, - West Center, South China Morning, Biden, European Council, European Commission, Seven, Bloomberg, Getty Locations: Carbis Bay, Cornwall, China, East Asia, United States, Xinjiang Province, Washington, Japan, Xinjiang, Beijing, U.S
Whether the surge will be temporary or inflation is here to stay is still unknown. If higher inflation remains it could sink stocks, which now have historically high valuations. Jeffrey Gundlach, the billionaire investor known in the financial community as the "bond king," made a simple prediction about inflation on Tuesday. I'm guessing 'up,'" Gundlach said in a tweet, referencing the consumer price index, a popular measure for inflation. "Absorbing those bonds if inflation stays high is going to be a really big problem," Gundlach said.
Persons: Jeffrey Gundlach, Gundlach, it's, Mohamed El, Erian, Gargi Chaudhuri, Goldman Sachs, Ryan Detrick Organizations: Bloomberg, Federal Reserve, Yahoo Finance, Reserve, CNBC, LPL, Fed Locations: Americas
The party’s left wing still holds extraordinary sway, and the mayor’s race, which will be decided by ranked-choice voting and largely shaped by local concerns, is far from the only test of its power. Progressive lawmakers are a force in the State Legislature and have already triumphed by passing a far-reaching budget agreement. The New York City chapter of the Democratic Socialists of America, which has stayed out of the mayor’s race, is focusing instead on City Council primaries. Some activists say that if the trajectory of the mayor’s race has sometimes been worrisome, it has more to do with controversies surrounding individual candidates than with New Yorkers’ largely progressive attitudes. But with Mr. Trump out of office, voters have become more focused on recovering from the pandemic than on politics.
Persons: , , Liat Olenick, Wiley, Donald J, Trump, Rudolph W, Giuliani, Michael R, Bill de Blasio Organizations: State Legislature, The New, Democratic Socialists of America, Yorkers, New, New York Democrats, Trump, Republican, Bloomberg Locations: The New York City, Brooklyn, New York
The company temporarily suspended operations at around 10of its global plants due to the attack, according to a report from Bloomberg. "They're not trying to necessarily shut down a pipeline," Moore added of ransomware hackers. "What I think we're starting to see is ransomware attacks that have more of an impact on a broad swath of consumers," he added. The Department of Justice also, in April, established the Ransomware and Digital Extortion Task Force to investigate ransomware hackers. "There are still a lot of different ways that ransomware actors can disrupt everyone's lives without necessarily taking the power grid offline," Liska said.
Persons: Cyberattacks, Tyler Moore, There's, Moore, They're, they're, Allan Liska, Krebs, you've, FireEye, Liska, there's, Biden, Paul M, Christopher Wray, they'll Organizations: Colonial Pipeline, JBS, Bloomberg, University of Tulsa, Department of Justice, New York City, Law Department, New York Daily News, Cox Media, NBC News, Associated Press, Metropolitan Transportation Authority, cybercriminals, Officials, NBC, Microsoft's, Department of Homeland Security, Treasury Department, White, Government, Department, Justice, Force, FBI, Wall Locations: Russia, East Coast, JBS USA, 10of, JBS, IC3, ransomware, New York, Tulsa , Oklahoma, City, Tulsa, New York City, NBC New York, China, Iran, United States, cyberattacks, Florida
Tax refunds and stimulus checks delayed by identity fraud crossfire
  + stars: | 2021-06-12 | by ( Greg Iacurci | ) www.cnbc.com + 0.00   time to read: +8 min
In this article IRSA3-ARSamuel Corum/Bloomberg via Getty ImagesJeff Lavigne plans to use a tax refund this year for long-delayed medical help. Delayed tax refundsJeff Lavigne, 42, filed his federal tax return in March. The IRS flagged the return for potential identity fraud. Basically, the IRS wants to ensure a crook isn't using a taxpayer's identity to claim a tax refund. The IRS fraud measures protected $3.5 billion in revenue in 2019, according to the agency.
Persons: Samuel Corum, Jeff Lavigne, Lavigne, doesn't, hasn't, they're, Nina Olson, Dan Herron, Herron, Olson, Mark Mazur, Andrew Harrer, , Mazur, hadn't, Lavigne wasn't Organizations: Bloomberg, Getty, IRS, Finance, Taxpayer Advocate Service, Center for Taxpayer, Advocate Service, Elemental Wealth, Center for Taxpayer Rights, Treasury Department, Taxpayer, Service, Technology, CNBC Locations: Dallas, San Luis Obispo , California
Pershing Square served as cosponsor of Justice Holdings, with Nicolas Berggruen and Martin Franklin. Pershing Square remains the second-largest investor in Restaurant Brands International. Pershing Square has had its best success when it has invested in high quality businesses with simple, predictable, cash flow and durable and growing business lines. One transferable five-year right per share of Pershing Square SPARC Holdings, Ltd. ("SPARC"), which is expected to trade on the New York Stock Exchange. Pershing Square Tontine Holdings is owned in the fund.
Persons: Nicolas Berggruen, Martin Franklin, Tim Hortons, PSTH, Bill Ackman, Ken Squire Organizations: Pershing, Justice Holdings, Martin Franklin . Justice Holdings, 3G Capital, Burger King Worldwide Holdings Inc, Restaurant, Restaurant Brands, Warner Brothers, Spotify, Charter Communications, Disney, Amsterdam, Securities and Exchange Commission, Pershing Square SPARC Holdings, Ltd, New York Stock Exchange, SPARC, Bloomberg, 13D, Tontine Locations: UMG, effectuate, PSTH
The fact is, you pay a much higher percentage of your net worth than billionaires do. How raising taxes on the uber-rich would benefit the average AmericanIf Elon Musk paid the same percentage in taxes as the average American, his day-to-day life wouldn't change at all. In the latest episode of Hanauer's podcast, "Pitchfork Economics," millionaire Danish entrepreneur Djaffar Shalchi discussed why he's an advocate for wealth taxes. But while wealthy Americans love to complain about taxes, Shalchi knows that he gets great value in return for what he pays. In Denmark, "I don't see people sleeping in the streets like I see in many other countries," he said.
Persons: Paul Constant, Nick Hanauer, David Goldstein, Djaffar Shalchi, ProPublica, Elon Musk, Michael Bloomberg, Jeff Bezos, Elon Musks, Abigail Disney, Shalchi, Shalchi's, scoffing, he's, Biden, Hanauer Organizations: Civic Ventures, Elon, Pitchfork Locations: Danish, Denmark, Tehran, Iran, Europe, Copenhagen, Scandinavia, America
REUTERS/Brendan McDermidWASHINGTON (Reuters) -U.S. financial regulators urged market participants on Friday to accelerate their efforts to detach financial products from Libor interest rate benchmarks, while casting doubt on new benchmarks built to compete with their preferred replacement. “The deniers and laggards are engaging in magical thinking,” Quarles said during a meeting of the Financial Stability Oversight Council, a regulatory panel. At the same time, regulators had harsh words for competing benchmarks, like the Bloomberg Short-Term Bank Yield Index (BSBY). They warned that, like Libor, those benchmarks are built on relatively few transactions, which could make them unreliable or subject to manipulation. “When a benchmark is mismatched like that, there’s a heck of an economic incentive to manipulate it,” he warned.
Persons: Randal Quarles, Brendan McDermid WASHINGTON, ” Quarles, Janet Yellen, Jerome Powell, Yellen, Gary Gensler, Organizations: Federal Reserve, Economic, of New, REUTERS, Federal, Regulators, Bloomberg, Securities, Exchange Locations: of New York, New York City, U.S
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