DIRS.INFO The most relevant business & tech news

☆ Your election questions, answered
▼ + stars: | 2024-10-19 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +26 min

They ranged from questions about the Electoral College to specific inquiries about why ballots in some counties look the way they do. We’ll add answers to new questions weekly until the election and also send them out to the What Matters newsletter audience. CNN did not project that President Joe Biden would win the 2020 election until four days after Election Day. -- Linda in WashingtonThere were a lot of questions about the Electoral College, which should frustrate people on both sides of the aisle. I’m not including the election of 1800, even though it resulted in a tie in the Electoral College.

Persons: I’ve, Debbie, Ariel Edwards, Levy, Read, they’ve, Will, Trump, Dennis, Donald Trump, don’t, faithless, Sen, Bernie Sanders of, Ron Paul of Texas, Jeanette, Elon Musk, –, Democrats –, Elena, you’re, that’s, you’ve, Harris, Kamala Harris, CNN’s KFile, it’s, Ron, CNN’s Tami Luhby, Joe Biden, Hillary Clinton, George W, Bush, Jennifer Agiesta, what’s, we’re, hasn’t, noncitizens, Critics, doesn’t, Sheila, Nicole Unzicker, Unzicker, Terry I’m, Harvey Let’s, Doug Sosnik’s, Patricia, Al Gore, Rutherford B, Hayes, Samuel Tilden, Tilden, John F, Kennedy, Richard Nixon, James Garfield, Winfield Hancock, I’m, Sandra, Jack Smith, Julie Organizations: CNN, Electoral College, Washington, Puerto Rican, Social Security, Electoral, Library of Congress, Elon, Democrats, Trump, Colorado Presidents, Security, Federal, Republican, Heritage Foundation, Dominion, Senate, White, Democratic, Lumina Foundation, Supreme, eventual, Michigan Trump, Gallup Locations: Florida, Madison, Chad, Virginia, Michigan, Puerto Rico, Guam, Minnesota, Washington, DC, Puerto, Congress, Bernie Sanders of Vermont, Pennsylvania, Colorado, South Carolina, United States, California, Harris, Georgia, North Carolina, . Pennsylvania, Missouri, North Dakota, California , Maryland, Vermont, Washington ,, Ohio, Butler County, Texas, New York, It’s, today’s America, New Hampshire

☆ Trump’s mass deportation plans would be costly. Here’s why
▼ + stars: | 2024-10-19 | by ( Catherine E. Shoichet | ) edition.cnn.com time to read: +15 min

Experts noted then, as they note today, that high costs and complex logistics make mass deportation more complicated than campaign promises suggest. Immigrants deported from the United States arrive in Guatemala City on an ICE deportation flight on February 9, 2017. John Moore/Getty ImagesSo what would deporting the millions of undocumented immigrants living in the United States cost? The organization also argues that mass deportation would make more jobs available for Americans. The economic impact of mass deportation, he says, would amount to “utter disaster.”“We Americans, we, the country, we, in our communities, would be significantly damaged,” he says.

Persons: Donald Trump, he’ll, he’s, Trump, they’ve, Tom Homan, Stephen Miller, JD Vance, he’d, Biden, ”, John Sandweg, Obama, ” Trump, wasn’t Trump, “ It’s, Laura Collins, George W, Sandweg, John Moore, Collins, Miller, Jason Houser, “, Houser, “ That’s, ” Collins, …, you’re, ” Sandweg, they’re, ” Houser, it’s, “ They’re, who’d, —, Lisa Sherman Luna, Saul Young, Michael Ettlinger, Zeke Hernandez, Hernandez, that’s Organizations: CNN, Republican National Convention, Customs, Trump, Migration, ICE, Bush Presidential, Immigrants, American Action, American Immigration, Pew Research Center, of Homeland Security, Syracuse University, Department of Homeland Security, Migration Policy, MPI, Pew Research, Tennessee, Refugee Rights Coalition, Community, Knoxville News Sentinel, USA, Carsey School of Public, University of New, Taxation, University of Pennsylvania’s Wharton School, Federation for American Immigration Reform Locations: United States, United, Guatemala City, China, Cuba, India, Russia, Venezuela, Mississippi, Tennessee, Morristown , Tennessee, University of New Hampshire

Both the S&P 500 and the Dow Jones Industrial Average surged to new record highs Friday, sealing six straight weeks of gains. The Dow Jones Industrial Average gained 36.86 points, or 0.09%, to end at 43,275.91. This marked the longest string of weekly advances in 2024 for both the Dow and S&P 500, which respectively ended 0.96% and 0.85% higher. Procter & Gamble also reported better-than-expected earnings, while revenue fell short of estimates. More than 70 S&P 500 companies have reported earnings this season.

Persons: Gamble, Rob Williams, we’re, ”, Williams, Donald Trump Organizations: Dow Jones, Dow Jones Industrial, Nasdaq, Netflix, Dow, Procter, Sage Advisory, Republican

☆ ‘Nothing less than a miracle’: How one California woman snagged Italy’s new digital nomad visa
▼ + stars: | 2024-10-18 | by ( Julia Buckley | ) edition.cnn.com time to read: +13 min

But although the Italian government’s digital nomad visa launched in April 2024, so far there have been few accounts of people securing one. Italy’s digital nomad visa scheme was first announced in 2022 and launched in April 2024. Apart from anything else, she had a full-time job in San Francisco at the time. Although the website warned of a minimum four-month wait time, she saw an available slot at the San Francisco consulate for 10 days later. Despite her travails to get the visa, Waite says it was worth it.

Persons: we’ll, Stanley Tucci, It’s, Chelsea Waite, —, Tuscany Chelsea Waite Waite, Waite, Bel, “, I’d, Galleria Vittorio Emanuele II, Giuliano Benzin, ”, it’d, ” Waite, Lisa Mei, she’d, ‘ We’ll, Waite – —, ” Chelsea Waite, Milan –, Milan, I’ve, She’s, she’s “, Simona Sirio, — Waite, don’t Organizations: CNN, intel, Getty, San, Milan Cathedral, Duomo, London, Milan, –, Dante Locations: Italy, Italian, lunchbreak, California, San Francisco, Milan, Tuscany, Florence, United States, Galleria Vittorio, Lake Como, London, Como, Greece, Lombardy

☆ As nervous investors worry about the presidential election, public debt is a top concern financial advisors say
▼ + stars: | 2024-10-18 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

- | Afp | Getty ImagesMany investors worry about how the outcome of the presidential election will impact their investments. But there's another risk financial advisors are focused on — public debt, according to a new survey from Natixis Investment Managers. The term public debt is used interchangeably by the U.S. Treasury with national debt and federal debt. Experts say there are certain moves individual investors can make to limit the financial exposure they have to those broader risks. For investors who worry the country's debt may lead to slow growth, it can help to add international exposure to a portfolio, Cheng said.

Persons: —, they're, Dave Goodsell, Marguerita Cheng, Cheng, Goodsell, Bonds, Barry Glassman, Glassman, Roth, Pare Organizations: Elena Bozeman Government, Afp, Getty, Natixis Investment, Natixis Center, Investor Insight, U.S, Treasury, Social Security, Blue, Global Wealth, CNBC FA Council, Wealth Services, CNBC FA Locations: Arlington , Virginia, U.S, Gaithersburg , Maryland

The latest benefit from the artificial intelligence revolution: saving American taxpayers billions of dollars. The U.S. Treasury Department said its increased use of artificial intelligence in fraud detection helped prevent or recover more than $4 billion over the past year. "Helping ensure that agencies pay the right person, in the right amount, at the right time is central to our efforts." A Treasury official declined to provide specific examples of how AI had been deployed, given the nature of the activities targeted. The Department said it plans to lend resources and lessons-learned from its AI efforts to other federal agencies.

Persons: Wally Adeyemo Organizations: U.S . Treasury Department, Treasury, The, Juniper Research, Internal Revenue Service, IRS Locations: U.S

☆ Ron DeSantis, using the levers of state government, ramps up efforts to defeat Florida abortion-rights ballot measure
▼ + stars: | 2024-10-17 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Adam Edelman | ) www.nbcnews.com time to read: +8 min

Last month, a state-run health care agency launched a website that shares information that proponents of the ballot measure say is misleading. The DeSantis administration has also ramped up efforts to investigate allegations of fraud in the signature-gathering process by the groups behind the measure. In addition, the state Health Department sent cease-and-desist letters this month to multiple television stations across the state that had aired an ad that supported the ballot measure. Spokespersons for the DeSantis administration, the Health Department and the Agency for Health Care Administration didn’t respond to questions. Even putting the efforts from DeSantis and other Florida Republicans aside, the ballot measure faces an uphill climb.

Persons: Ron DeSantis, DeSantis, ”, “, Sen, Jason Pizzo, ” Lauren Brenzel, “ Don’t, ” Pizzo, Donald Trump, waffling, Alex Andrade, he’s, ” Andrade, Ashley Moody, It’s Organizations: Florida Gov, Republicans, GOP, Florida Republican, Democratic, Floridians, Florida Agency for Health Care Administration, American Civil Liberties Union of, Washington Post, The Associated Press, Freedom, Health Department, Agency for Health Care Administration, Trump, Republican Party, “, DeSantis, Republican, Florida Republicans Locations: Florida, American Civil Liberties Union of Florida, DeSantis

☆ Welcome to America's hottest comedy club: LinkedIn
▼ + stars: | 2024-10-17 | by ( Amanda Hoover | ) www.businessinsider.com time to read: +9 min

AdvertisementCheng says he has never worked a corporate job; he's always been a comedian and an online poker player. Jason RoederBut this snark, typically found on X, has seeped into LinkedIn, a much rosier, earnest platform. Roeder quit X and started writing joke posts on LinkedIn about a year ago, he said, after becoming "disillusioned" with what X has become. LinkedIn posts can expose just as much about one person's struggle to find work as they can about another's boasted success. Cheng said the posts had helped him to get comedy gigs, but they've also unlocked new work on the platform itself: as a LinkedIn ghostwriter for executives.

Persons: Ken Cheng doesn't, Cheng isn't, He's, Cheng, Rob Price, Ryan Salame, FTX, Salame, —, we're, Michael Scott, — it's, he's, I've, John Mulaney, Mulaney, Jason Roeder, Roeder, Daniel Roth, they've Organizations: LinkedIn, FCI Cumberland, Gallup, Pew Research Center, another's Locations: London, Maryland, America, TikTok, Los Angeles

☆ Overseas UK territories are the ‘biggest enablers of corporate tax abuse,’ tax advocacy group says
▼ + stars: | 2024-10-17 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

Advocacy group Tax Justice Network has ranked the British Virgin Islands, followed by the Cayman Islands and Bermuda as "most complicit" in helping corporations underpay corporate income tax. Traffic_analyzer | Digitalvision Vectors | Getty ImagesBritish overseas territories are the world's top enablers of corporate tax abuse, according to a ranking by tax advocacy group Tax Justice Network. The British Virgin Islands is the territory "most complicit" in helping multinational corporations underpay corporate income tax, followed by the Cayman Islands and Bermuda, according to the latest update to TJN's Corporate Tax Haven Index earlier this month. TJN estimates that the UK and its British tax havens cost other countries an estimated $84 billion in corporate taxes annually. Defending themselves against the charges made by the advocacy group, spokespersons from some of the governments said they were in full compliance with international tax standards set by the Organisation for Economic Co-operation and Development.

Persons: FCDO, Broad, TJN, pushback Organizations: Tax, Network, Getty Images, Tax Justice Network, Corporate, TJN, CNBC, Switzerland, Organisation for Economic Co, Development, British, Foreign, Commonwealth, Development Office, OECD, CRS, Crown Dependencies, Overseas, BVI Finance, British Virgin Islands, UK Government, United Nations, UN Locations: British Virgin Islands, Cayman Islands, Bermuda, British, Singapore , Hong Kong, Netherlands, United Kingdom, Jersey, Overseas Territories, British Virgin, U.S, Australia, Canada, Israel, Japan, New Zealand, South Korea

☆ Here's who would benefit from Trump's proposed tax break on car loan interest
▼ + stars: | 2024-10-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Trump's proposed tax break would make interest on car loans fully tax deductible. That tax break lets homeowners deduct annual mortgage interest payments from their taxable income, thereby reducing their tax bill. Few taxpayers claim itemized tax deductionsTo get the deduction, car owners would need to itemize their tax return to include their borrowing costs. About 14.8 million federal tax returns, or about 9%, claimed an itemized deduction on their 2021 federal tax returns, according to the most recent IRS data. An itemized tax break on car loan interest "would help only a fraction of taxpayers," said Leonard Burman, an institute fellow at the Urban-Brookings Tax Policy Center.

Persons: Donald Trump, Sarah Rice, Trump's, Experian, It'd, Seiberg, Trump, didn't, Erica York, —, Leonard Burman, Burman, York, it'd Organizations: Detroit Economic, Bloomberg, Getty Images, Federal Reserve Bank of New, AAA, Trump, Cowen Washington Research Group, Republicans, CNBC, Finance, Social Security, Taxpayers, Tax, Center, Federal Tax, Urban, Brookings Tax Locations: Federal Reserve Bank of New York, Detroit, York

☆ Russia is reportedly making it more painful for businesses to leave by forcing big discounts and raising exit taxes
▼ + stars: | 2024-10-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia is reportedly tightening the screws on firms looking to exit the country. Companies looking to sell their operations will now do so at a 60% discount, sources told Bloomberg. Foreign firms that left Russia have incurred over $100 billion in losses, a Reuters analysis found. AdvertisementBusinesses trying to leave Russia are facing painful costs in the form of taxes and forced discounts, people familiar with matter told Bloomberg last week. But over 1,700 foreign companies continue to operate in the nation, according to data compiled by the Leave Russia project.

Persons: — Organizations: Companies, Bloomberg, Service, Shell, HSBC, Yale School of Management Locations: Russia, Moscow, Ukraine

☆ China's Ministry of Finance is taking aim at local debt problems before tackling broader economic challenges
▼ + stars: | 2024-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — China's Ministry of Finance press briefing over the weekend underscored how it is focused on tackling local government debt problems, instead of the stimulus markets have been waiting for. In his opening remarks on Saturday, Minister of Finance Lan Fo'an laid out four measures, starting with increasing support for local governments in resolving debt risks. China's real estate market slump has cut into a significant source of revenue for local governments, many of which struggled financially even before needing to spend on Covid-19 measures. He added that a large plan to address local governments' hidden debt would be announced in the near future, without specifying when. Historically, local governments were responsible for more than 85% of expenditure but only received about 60% of tax revenue, Rhodium Group said in 2021.

Persons: Finance Lan Fo'an, Lan, Robin Xing, Morgan Stanley Organizations: Goldin Finance, Nurphoto, Getty, BEIJING, China's Ministry, Finance, Ministry of Finance, International Monetary Fund Locations: Tianjin, China, Covid

☆ Elon Musk is on track to become a trillionaire by 2027. Here's why the rich keep getting richer
▼ + stars: | 2024-10-12 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

Elon Musk is on track to become the world's first trillionaire by 2027, according to a recent report from Informa Connect Academy. Of the world's billionaires, Musk is the closest to that 13-figure mark, and his wealth is growing. At the start of 2020, Musk was worth about $28.5 billion, according to the Bloomberg Billionaires Index. "Over the past quarter century in particular, changes in tax policy have made it much more difficult to tax the rich," Sabelhaus said. Watch the video above to learn more about how the rich keep getting richer and what it means for the U.S. economy.

Persons: Elon Musk, Musk, Jeff Bezos, James Pethokoukis, Pethokoukis, John Sabelhaus, Sabelhaus Organizations: Informa Connect, Bloomberg, American Enterprise Institute, Federal Reserve, Brookings Institution Locations: U.S

☆ Another reason to rethink CDs: Your return is less than it seems
▼ + stars: | 2024-10-11 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Now that the Federal Reserve has started to cut the federal funds rate, those yields are moving lower. Lincoln Financial's analysis shows that cash yields have historically fallen by 2%, on average, twelve months after the start of a Fed cutting cycle. What to do with excess cash Instruments like CDs, high-yield savings accounts and money market funds are a good place to stash cash for emergencies and upcoming expenses. However, the forward market implies that they should start to look appealing relative to money funds in about six months, Abate wrote. "We expect investors to rotate from money funds into IG only if compensated for the risk," he noted.

Persons: Joe Boyle, Sallie Mae, Goldman Sachs, Marcus, Michael Kaye, Jayson Bronchetti, Lincoln, Boyle, Lincoln Financial's Bronchetti, Bronchetti, we've, Joseph Abate, Abate Organizations: Hartford Funds, Investors, Federal Reserve, American, Financial, Synchrony, Fed, Lincoln Financial, Bloomberg U.S, Barclays, Reserve, IG Locations: Wells Fargo, U.S

☆ Main spending cuts and tax increases in France's 2025 budget
▼ + stars: | 2024-10-11 | by ( ) www.cnbc.com time to read: 1 min

France's government presented on Thursday its 2025 budget aimed at plugging a gaping hole in the public finances with 60 billion euros ($65.68 billion) worth of tax hikes and spending cuts. France will cut its foreign aid budget by 1.3 billion euros. Subsidies for apprentices and other jobs will be cut by 2.1 billion euros. Green subsidies, in particular those for insulation and the purchase of electric cars, will be cut by 1.9 billion euros. The planned increase of pensions due to inflation on Jan. 1 will be postponed by six months, saving 3.6 billion euros.

Locations: France

☆ Americans living overseas face being taxed twice. Donald Trump wants to change that.
▼ + stars: | 2024-10-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Americans living abroad shouldn't owe taxes on the same income in two countries, Donald Trump said. "I support ending the double taxation of overseas Americans," he told The Wall Street Journal. AdvertisementAmericans living abroad shouldn't be taxed twice on the same income by two different countries, Donald Trump said. "I support ending the double taxation of overseas Americans," the former president told The Wall Street Journal in a statement. "Fellow Americans living abroad, your vote is more important than ever," Trump told the Journal.

Persons: Donald Trump, Trump, Kamala Harris, —, He's Organizations: Wall Street, Service, Republican, Social Security, Democratic, Voting Locations: Dubai, Monaco

☆ In rambling, hours-long speech, Trump introduces new car loan tax proposal
▼ + stars: | 2024-10-10 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Trump announced a new tax proposal to appeal to car buyers and the auto industry. AdvertisementOn Thursday, former President Donald Trump traveled to Michigan to announce a new tax cut proposal designed to appeal to both car buyers and the auto industry. Related stories"Oooh, he used the word 'rape'," Trump said mockingly. "That's right I used the word 'rape.' It'll be like Detroit," Trump said.

Persons: Trump, Tiffany, —, Donald Trump, Filk0rWO5E, Kamala Harris Organizations: Service, Detroit Economic Locations: Detroit, Michigan

☆ Trump to propose new tax break on car loan interest
▼ + stars: | 2024-10-10 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Republican presidential nominee, former U.S. President Donald Trump, speaks at the Detroit Economic Club on October 10, 2024 in Detroit, Michigan. Donald Trump on Thursday will support making interest on car loans fully tax deductible, the latest in a suite of tax-cut promises the Republican presidential nominee has made in the weeks before Election Day. Trump, in a speech to the Detroit Economic Club, will compare the plan to an existing tax deduction on mortgage interest, according to excerpts provided beforehand by the Trump campaign. The plan "will stimulate massive domestic auto production, and make car ownership dramatically more affordable for millions of working American families," Trump will say. Trump has already voiced support on the campaign trail for a slew of other tax breaks, including ending taxation of service workers' tips and seniors' Social Security benefits.

Persons: Donald Trump, Trump, Kamala Harris, Harris, Joe Biden's, — Organizations: Detroit Economic Club, Detroit Economic, Democratic, Joe Biden's Department of Commerce, U.S, U.S . Constitution, Social Security, Wall Street Journal Locations: Detroit , Michigan, U.S ., U.S

☆ The money you forfeit when you cash out of your 401(k) can be staggering
▼ + stars: | 2024-10-09 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

CNN —When you quit your job, one of the biggest decisions you’ll have to make is what to do about the money in your retirement account if you’ve been saving in your company’s 401(k). Roll it over to another tax-deferred retirement account such as an IRA or the 401(k) at your new job. While a majority of 401(k) participants who switch jobs choose the first or second option, a large minority cash out, according to recent studies. Here’s why: The features of a 401(k) plan may differ from employer to employer. While many now auto enroll employees in the plan, the default savings rate coming out of your paycheck may differ.

Persons: you’ve, Robert Persichitte, Tom O’Saben, she’ll, “, ”, Paul Brahim, — Organizations: CNN, Vanguard Investments, Yale School of Management, National Association of Tax, Financial, Association, Vanguard, ” Vanguard Locations: New York City, Los Angeles, Colorado

☆ The top 5% will benefit from Trump's tax plans while the rest of America pays more, a new analysis says
▼ + stars: | 2024-10-09 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

With the economy top of mind for many voters, tax policy will be significant in the election. Trump's proposals include eliminating taxes on tips and overtime, extending the 2017 tax cuts for individuals, implementing higher tariffs on imported goods, and reducing the corporate tax rate. Meanwhile, the Tax Policy Center has found that the policies would bring down post-tax incomes by $1,800 in 2025. Joe Hughes, a senior analyst on federal tax policy at ITEP, previously told BI that high-wage workers could take advantage of Trump's proposals to make more money. Ultimately, though, any tax proposals would need buy-in from the House and Senate.

Persons: Donald Trump, —, everybody's, ITEP, Ernie Tedeschi, Trump's, Matthew Gardner, Gardner, Trump, Casey B, Mulligan, Joe Hughes, Hughes, Brian Hughes Organizations: Service, Taxation, Yale Budget Lab, White House Council, Economic Advisers, IRS, American Progress, Trump, Policy Institute, Washington Post, Trump campaign's, Democratic, Senate Locations: ITEP

☆ Federal Debt and the Election
▼ + stars: | 2024-10-08 | by ( David Leonhardt | More About David Leonhardt | ) www.nytimes.com time to read: +2 min

Likewise, the federal government will eventually face consequences for spending more money than it raises in taxes. Already, the costs of high federal debt are evident. About one-seventh of all federal spending this year will cover interest payments on debt the government previously accumulated. (Social Security remains almost twice as expensive as Medicare, the military or debt interest.) Over time, interest payments will account for an even larger share of the federal budget, leaving less money for everything else.

Persons: —, doesn’t Organizations: Treasury, Social Security

☆ Your tax bracket may increase after 2025. Here's how it could affect your brokerage account
▼ + stars: | 2024-10-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Without action from Congress, trillions of tax breaks enacted by former President Donald Trump will expire after 2025, including lower federal income tax brackets, among other provisions. Higher rates after 2025 could impact some brokerage accounts since investors pay annual taxes on earnings, experts say. If you sell investments that you have owned for one year or less, the profits incur "short-term capital gains," or regular income taxes. Generally speaking, it's good to avoid short-term gains as much as you can. Actively managed mutual funds often trigger capital gains payouts, even when investors haven't sold shares, which can be a costly year-end surprise.

Persons: Donald Trump, Samantha Pahlow, Ferguson Wellman, Shea Abernethy, haven't, Abernethy, Tommy Lucas, Moisand Fitzgerald Tamayo Organizations: Ferguson, Ferguson Wellman Capital Management, Exchange, Investment Counselors Locations: Portland , Oregon, Winston, Salem , North Carolina, Orlando , Florida

☆ China economy: Government gives $28 billion to local governments as it vows to meet economic targets
▼ + stars: | 2024-10-08 | by ( Juliana Liu | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —China has set aside 200 billion yuan ($28 billion) for investment projects by local governments this year, as it promised to meet its own ambitious economic growth targets. China announced a 5% target growth rate in March, but a series of economic data over the summer has been so weak that economists were worried the goal might be missed. To help local governments struggling with mountains of debt, Beijing will provide 100 billion yuan ($14 billion) from the central government’s budget and an extra 100 billion yuan for investment projects, Zheng said. Nevertheless, investors were disappointed at the lack of details on new fiscal measures,” Fred Neumann, chief Asia economist for HSBC, told CNN. Fiscal measures, on the other hand, can include the use of taxation or other measures to impact public spending more directly.

Persons: ” Zheng Shanjie, Zheng, Xi Jinping, Fred Neumann, What’s, Jia Kang, “, … Jia Kang, –, Xi, ” Organizations: Hong Kong CNN, National Development, Reform Commission, HSBC, CNN, “, Ministry of Finance, Citi, People’s Bank of China Locations: China, Hong Kong, Beijing, Asia, Shanghai, Shenzhen

☆ A Tesla trader turned $65,000 into $306 million before losing it all, according to a lawsuit
▼ + stars: | 2024-10-07 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

A Canadian trader turned $65,000 into $306 million by betting on Tesla during the pandemic. The trader is suing RBC and Grant Thornton, claiming he received "inadequate advice" that led to huge losses. AdvertisementA trader from Vancouver Island, Canada, minted a fortune betting on Tesla stock before losing everything, according to a lawsuit filed against RBC and tax advisory firm Grant Thornton LLP last week. But when Tesla stock plunged in 2022, DeVocht was forced to sell Tesla stock at depressed prices to pay back those margin loans. RBC and Grant Thornton LLP told media outlets that they do not comment on active lawsuits before the courts.

Persons: Grant Thornton, —, Christopher DeVocht, DeVocht, Tesla Organizations: Tesla, RBC, Service, Royal Bank of Locations: Vancouver Island, Canada

☆ China’s economy is in bad shape. Can its ‘whatever-it-takes’ stimulus effort turn things around?
▼ + stars: | 2024-10-06 | by ( Juliana Liu | ) edition.cnn.com time to read: +8 min

The stimulus measures should have come far sooner, says Lun, but better late than never. Beijing has largely held back on unveiling fiscal measures, which can include the use of taxation or other measures to impact public spending. Another one trillion yuan may be set aside for recapitalizing banks or helping indebted local governments to issue bonds. Jia said China’s economy had expanded sufficiently since then to support the issuance of Treasury bond financing between four trillion to 10 trillion yuan. Any meaningful stimulus measures must tackle the problem of oversupply in the property market, experts said.

Persons: Francis Lun, he’s, Lun, ”, we’re, Juliana Liu, Ray Dalio, Pan Gongsheng, Li Yunze, Wu Qing, Pan, Jing Liu, it’s, Xi, Jia Kang, Jia, Chi Lo Organizations: Hong Kong CNN —, Index, CNN, Geo Securities, Nikko Asset Management, Bridgewater Associates, National Development Reform Commission, People’s Bank of China, Financial Regulatory, China Securities Regulatory, HSBC, Reuters, Ministry, Finance, Ministry of Finance, China Academy of New, Barclays, BNP, Management Locations: China, Hong Kong, Causeway, Beijing, Renhuai

Search resuls for: "of Tax"

25 mentions found