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☆ In April, Trump said his private-jet LLC was worth no more than $1,001. Then in July, he said it was worth up to $25 million. Why?
▼ + stars: | 2023-09-14 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +6 min

Revised Trump ethics filings show massive shifts in the value of some Trump entities. In an April filing with the Office of Government Ethics, Trump claimed that the TAG Air had a value of $1,001 or less. Then, in a revised July filing, Trump valued TAG Air at between $5 million and $25 million. During the 2016 campaign, taxpayers reportedly paid TAG Air $1.6 million to cover the cost of transporting the Secret Service agents charged with protecting him. Here is Trump's first financial disclosure form, filed in April:And here is Trump's revised financial disclosure form, from July, in two parts.

Persons: Trump, Donald Trump, Letitia James, Steven Cheung, James's, Mike Pence's, General James, Richard W, Painter Organizations: Trump, Service, Trump Organization, New York, TAG Air, Inc, Boeing, Government, TAG, Secret Service, United Arab, China, Management, Briarcliff Manor Development, White, University of Minnesota, Chase Manhattan Bank Locations: cryptocurrency, Iran, China, Ukraine, Wall, Silicon, New York State, York, Ethereum, Turkey, Qatar, United Arab Emirates, Saudi Arabia, Taiwan, South Korea, Ireland, Briarcliff Manor

☆ Meet the AI company that just raised $1.5 million from investors like Rex Salisbury by betting big on the startup 'mass extinction event'
▼ + stars: | 2023-09-06 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +4 min

SimpleClosure just raised a $1.5 million pre-seed funding round from Rex Salisbury and Vera Equity. The startup uses AI to automate the legal and procedural tasks for when a startup shuts down. The startup industry is predicted to be on the brink of a 'mass extinction event.' The numbers weren't looking good for the fintech startup, so one of the investors asked him to write a shutdown proposal. And when a business shuts down, incorrect winding-down procedures can add insult to injury in the form of fines, fees, and mistakes that can also affect customers and investors.

Persons: SimpleClosure, Rex Salisbury, Vera Equity, Earny, Dori Yona, Yona, Michael Vaughn, Jon Pomerantz, haven't Organizations: Wednesday, Cambrian Ventures, IRS Locations: fintech

The collapse in cryptocurrency prices last year forced a procession of major firms into bankruptcy, trigging a government crackdown and erasing the savings of millions of inexperienced investors. But for a small group of corporate turnaround specialists, crypto’s implosion has become a financial bonanza. Lawyers, accountants, consultants, cryptocurrency analysts and other professionals have racked up more than $700 million in fees since last year from the bankruptcies of five major crypto firms, including the digital currency exchange FTX, according to a New York Times analysis of court records. Large fees are common in corporate bankruptcies, which require complex and time-intensive legal work to untangle. Every dollar in fees is deducted from the pool of funds that will be returned to creditors at the end of the bankruptcies.

Persons: trigging Organizations: New York Times

☆ Trump's Top 5 defenses in his massive NY financial fraud case, in his own words
▼ + stars: | 2023-09-03 | by ( Laura Italiano | ) www.businessinsider.com time to read: +17 min

AdvertisementAdvertisementHere are Trump's top five business fraud defenses – in his own words – as revealed in a recently-unsealed deposition transcript. New York attorney general's officeTrying to pass the blame won't work, two attorneys who used to work for previous New York attorneys general told Insider. And you're suing them instead of going after violent criminals," he scolded the attorney general and her lawyers. Then there's the $250 million Trump allegedly pocketed by lying about the size of his collateral. 3: his math is "worthless"At the center of the attorney general's case are a decade's worth of Trump's Statements of Financial Condition.

Persons: Trump, Donald Trump, Letitia James, James, Andrew S, Amer, Kevin C, Wallace, Brittainy Newman, Eric, I've, Mazars, We're, I'm, general's, Kenneth Foard McCallion, Tristan Snell, –, Susan Watts, they'd, Snell, McCallion, Donald Trump's, Laura Italiano, Kathy Willens, Jennifer S, Altman, Carlo Allegri, John Minchillo, Drew Angerer, George Washington, Jack Nicklaus, Tom Watson, He's Organizations: Trump Org, Service, York, New York State, New York, AP Trump, Trump Organization, New, Trump University, Trump, Deutsche Bank, NY Daily, Getty, Associated Press Deutsche Bank, McCallion, Associates, Washington, MSNBC, Reuters, U.S, Marriott Marquis Locations: NY, Wall, Silicon, Manhattan, New York, Trump's, Trump Tower, Manhattan , NY, . New York, Trump, New York City, Springs, Westchester County , New York, Mount Kisco, N.Y, Washington ,, Miami

☆ Adani shares slide after report alleges 'opaque' offshore investment funds
▼ + stars: | 2023-08-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. Shares of Adani Enterprises , as well as its subsidiaries, fell on Thursday following new allegations published by global investigative journalism network the Organized Crime and Corruption Reporting Project (OCCRP). Adani Enterprises fell 3%, while Adani Green Energy led losses among the group's subsidiaries, falling 3.3%. The OCCRP alleged in a report published Thursday that hundreds of millions of dollars were secretly invested into publicly traded stocks of the Adani Group via "opaque" funds based in Mauritius. The report claimed that, at one point in time, the value of both men's investment in Adani was worth $430 million.

Persons: Gautam Adani, Nasser Ali Shaban Ahli, Chang Chung, Ling Organizations: Adani, World, Accountants, Adani Enterprises, Energy, CNBC Locations: Mumbai, Mauritius, Adani

☆ The dog days of summer are boom days for divorce filings. But the economy is making it tough.
▼ + stars: | 2023-08-19 | by ( Alexandra Peers | ) edition.cnn.com time to read: +8 min

New York CNN —The dog days of summer are boom times for divorce filings. You can’t quite inflation-proof your divorce, they noted, but there are steps to take to blunt the economy’s impact on it. ljubaphoto/E+/Getty ImagesIf you refinance, you’ll also have to qualify for a new loan based on one income. Also, divorce attorneys stress, expect the strains and time-consuming duties of divorce to, at least temporarily, trim gig income. “I have clients who have put off divorce because of the economy,” said Manhattan accountant Marc Albaum.

Persons: Jaime Davis, Brandon Bell, you’ll, Scott Trout, Cordell, Appraising, Sid Bass, Anne, Anne Bass, Edgar Degas, Mark Rothko, Degas, ”, Victor Weiner, hasn’t, “, Marc Albaum, “ One’s, ‘, Covid, That’s Organizations: New, New York CNN, CNN, Veterans Affairs, Cordell, Appraisers Association of America, Wall, Consumer, CPI Locations: New York, Raleigh , North Carolina, Houston , Texas, Manhattan, Covid

☆ UK headline inflation rate drops sharply to 6.8% in July, in line with expectations
▼ + stars: | 2023-08-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

In August, the Bank of England increased interest rates for the 14th time in a row. LONDON — U.K. headline inflation cooled sharply in July to an annual 6.8%, but the core consumer price index remained unchanged, posing a potential headache for the Bank of England. Analysts noted that the participation rate broadly held steady, while the employment rate declined, signaling a weakening in labor demand. U.K. Finance Minister Jeremy Hunt said the drop in headline inflation showed the government's action to tackle inflation is "working," but "we're not at the finish line." Cost-of-living crisis 'far from over'With headline inflation falling to 6.8% and wages growing at record pace, the U.K.'s prolonged cost-of-living crisis may be showing signs of abating, said David Henry, investment manager at Quilter Cheviot.

Persons: Jeremy Hunt, Hunt, David Henry, Henry, Suren, Thiru Organizations: Bank of England, LONDON, Reuters, National Statistics, Monetary, Analysts, Office, Finance, Institute of Chartered Accountants Locations: CPIH, Cheviot, England, Wales

☆ US SEC fines UK firm over bogus audit of music streaming business
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Crowe, Bostock and Stallabrass neither admitted nor denied the charges, according to the SEC. A lawyer representing the three referred queries to a company representative who did not immediately respond to a request for comment. According to the SEC, Crowe falsely claimed its staff were qualified to conduct an audit according to standards set by the U.S. Public Company Accounting Oversight Board and failed to exercise appropriate skepticism when presented with fabricated documents, among other failings. Crowe has agreed to withdraw its PCAOB registration while Bostock and Stallabrass have agreed to be suspended from appearing before the SEC as accountants for minimum periods of five and two years, respectively, the SEC said.

Persons: Andrew Kelly, Crowe, Nigel Bostock, Matthew Stallabrass, Akazoo, Bostock, Stallabrass, Douglas Gillison, Paul Simao Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Crowe UK, Securities and Exchange Commission, SEC, U.S . Public, Thomson Locations: Washington ,, British, London

☆ UK hiring falls at fastest pace in over three years, wage growth slows
▼ + stars: | 2023-08-06 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

Workers travel through London Bridge rail and underground station during the morning rush hour in London, Britain, September 8, 2021. A gauge of permanent staff hiring by the Recruitment and Employment Confederation and accountants KPMG fell to 42.4, the lowest since the 34.3 in June 2020 when the country was in lockdown due to the COVID-19 pandemic. While starting pay for new permanent staff rose sharply by pre-pandemic standards, the rate of wage growth was the lowest since April 2021, REC said. Official data showed unemployment rose to 4% in the three months to May, a 16-month high, although annual wage growth remained at a record high of 7.3% in cash terms. REC said the availability of both temporary and permanent workers to fill jobs hit the highest since December 2020.

Persons: Toby Melville, Neil Carberry, Claire Warnes, Suban Abdulla, David Milliken Organizations: REUTERS, KPMG, REC, Bank of England, BDO, Thomson Locations: London, Britain

☆ Here are six ways the rich save big on taxes, from putting mansions in trusts to guaranteeing inheritance for future generations
▼ + stars: | 2023-08-04 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Thanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Currently, individuals and married couples can gift or bequeath $12.92 million and $25.84 million, respectively, before a 40% federal estate tax kicks in. The heirs don't own the trust assets but rather have lifetime rights to the trust's income and real estate. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. These trusts pay a fixed annuity during the trust term, which is usually two years, and any appreciation of the assets' value is not subject to estate tax.

Persons: Uncle Sam, Trump, Robert Strauss, Weinstock Manion, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI Organizations: Taxpayers, IRS, Biden, Blackstone, Lombard International, Federal Reserve Locations: Cayman Islands, Bermuda, Florida, Wyoming, Plenty

☆ Winners and losers likely as Switzerland absorbs Credit Suisse layoffs
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +5 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. In Switzerland, up to 10,000 jobs could be affected with Zurich bearing the brunt if UBS goes ahead with its indicated preferred option of absorbing Credit Suisse and cutting overlapping jobs and operations. "The large banks have many highly paid very specialized roles, where frankly there is very little demand in the market outside UBS and Credit Suisse," he said. Job cuts at Credit Suisse will hit Swiss and foreign nationals on its payroll, which may mean some have to leave Switzerland if they can't find a new job. Swiss banks have been looking in particular to snap up relationship managers with strong client relationships and solid books.

Persons: Denis Balibouse, headhunter Fredy Hausammann, Hausammann, Adecco, Balz Stueckelberger, Sergio Ermotti, Lombard Odier, Marco Arnold, Giorgio Pradelli, Pradelli, EFG, Noele Illien, Susan Fenton Organizations: UBS, Credit Suisse, REUTERS, Reuters, State Secretariat, Economic Affairs, Arbeitgeber Banker, Swiss, EFG's, Thomson Locations: Zurich, Switzerland, Swiss, Europe, Zug

A Reuters poll of economists had pointed to approvals of 49,000, after 51,143 mortgages were approved in May. The value of net mortgage lending for the second quarter as a whole fell compared with the first quarter - the first quarterly contraction since records began in 1987. The BoE is expected to raise interest rates to 5.25% on Thursday from 5.0%, which would be the highest Bank Rate since 2008. "Looking ahead, growth in households' real disposable incomes will be weighed down by mortgage refinancing," said Samuel Tombs, chief UK economist at consultancy Pantheon Macroeconomics. The BoE reported a 1.661 billion pound ($2.13 billion) monthly increase in net consumer lending June, the largest such increase since April 2018.

Persons: Banks, Liz Truss, BoE, Thomas Pugh, Samuel Tombs, Andy Bruce, David Milliken, Sarah Young, Christina Fincher Organizations: Bank of, RSM, Thomson

☆ A.I. is on a collision course with white-collar, high-paid jobs — and with unknown impact
▼ + stars: | 2023-07-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

And it has had various effects on the workplace, by displacing, changing, enhancing or creating jobs, experts said. "It is reaching up from the factory floors into the office spaces where white-collar, higher-paid workers tend to be." About 1 in 5 American workers have 'high exposure' to AIwatch nowwatch nowConversely, 23% of American workers have low exposure to AI, according to the Pew report. The remaining share of jobs — 58% — have varying AI exposure. It will also create new challenges and needs like retraining or reskilling; those may have knock-on effects, like child care needs for disadvantaged workers, Holzer said.

Persons: it's, Rakesh Kochhar, Kochhar, Harry Holzer, Holzer, Gene Kindberg, Hanlon, " Holzer, — Organizations: Pew Research Center, Department of Labor, Occupational Information, Georgetown University, federal Labor Department, Technology, World Bank, Pew Research, Business Locations: U.S

Stablecoins are a type of cryptocurrency which aim to keep a constant value and are usually backed by traditional assets such as dollars. Tether's reserves report, signed off by accountants BDO Italia, says Tether's assets rose to $86.5 billion in the three months to June 30, 2023, up 5.7% from the previous quarter and a record high, according to previous reports on its website. Tether is a key cog in global digital asset trading, with many crypto-to-crypto trades denominated in the stablecoin. U.S. regulators have warned banks that stablecoin reserves could be subject to rapid outflows, for example if holders rushed to exchange such tokens back into traditional currency. Tether's holdings of U.S. Treasury Bills hit $55.8 billion, up 5.2% from the end of March, while non-U.S. Treasury Bills rose to $62.9 million, up more than 30% from the previous quarter, the report said.

Persons: Elizabeth Howcroft, Christina Fincher Organizations: BDO Italia, Treasury Bills, U.S . Treasury Bills, New York Attorney, Thomson Locations: . U.S, U.S

☆ Stock Exchange Regulators Back Global Climate-Reporting Rules
▼ + stars: | 2023-07-25 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +5 min

Regulators of the world’s top stock exchanges gave their backing to the international climate-reporting standards framework Tuesday, adding momentum to efforts to establish the rules as the global baseline. The International Organization of Securities Commissions, known as Iosco, endorsed the International Sustainability Standards Board’s recently published climate reporting standard. While some businesses may be waiting to see the completed SEC climate reporting rules, it hopes the advantages of using a single standard worldwide outweigh any disadvantages of being more demanding than the SEC’s coming climate reporting rules. PREVIEWIt is now up to individual countries and jurisdictions to decide if and when they adopt the ISSB standards. “This is a hugely significant step towards a global baseline of sustainability reporting.

Persons: —, Jean, Paul Servais, Benoit Doppagne, “ Iosco, ”, Larry Bradley, Iosco, PwC, KPMG’s Bradley, “, Rochelle Toplensky Organizations: International Organization of Securities Commissions, International, U.S . Commodity Futures Trading Commission, Securities, Exchange, Zuma, SEC, U.S, EU, KPMG, Sustainable Business, Rochelle Locations: Japan, China, Britain, U.S, Australia, Canada, Hong Kong, Malaysia, New Zealand, Nigeria, Singapore, Glasgow

☆ Former Commanders owner Snyder fined $60 million
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +3 min

July 20 (Reuters) - The National Football League has fined former Washington Commanders owner Dan Snyder $60 million after an investigation into allegations of misconduct and financial improprieties, the league said on Thursday after approving his sale of the team. Goodell later expanded White's review to include alleged financial misconduct at the club, after those allegations were first raised before a Congressional committee. Johnston, a former cheerleader and marketing manager for the Commanders, told members of a House Oversight Committee that Snyder made sexual advances on her. The investigators also concluded that the Commanders withheld about $11 million in revenue, and possibly more, that should have been shared with other NFL teams. The report said it was unable to determine the total amount of improperly shielded revenues as Snyder failed to fully cooperate with the investigation.

Persons: Dan Snyder, Roger Goodell, Mary Jo White, Snyder, Tiffani Johnston, Goodell, Johnston, Johnston's, Ms, White, Frank Pingue, Pritha Sarkar Organizations: National Football League, Washington, NFL, U.S . Securities, Exchange, Congress, Philadelphia 76ers, New Jersey Devils, Thomson Locations: Toronto, Lincoln

☆ Hollywood’s absolutely bizarre accounting tactics are under renewed scrutiny
▼ + stars: | 2023-07-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

But the unique accounting standards that the industry has long relied on to make those calculations is anything but straightforward. “Hollywood accounting,” as a concept, is so specific to the entertainment business it has its own Wikipedia page. And while experts say this kind of creative accounting is perfectly legal, the tactics involve some of the most fantastical fictions ever devised in Tinseltown. To actually make the movie, the subsidiary inevitably takes on expenses — crew wages, craft services, set design, props etc. That means all of these “creative” expense allocations shouldn’t affect what net profits the studio’s shareholders see.

Persons: CNN Business ’, “ Forrest Gump ”, ”, Harry Potter, United States ’, Stephen Glaeser, Glaeser, ” Glaeser, it’s, Bridget Stomberg, “, Mark Young, ” Young, Tommy Lee Jones, Will Smith, Ed Solomon, Solomon, Sony didn’t, you’ll Organizations: CNN Business, New York CNN, United, University of North, University of Indiana’s Kelley Business School, University of Southern California’s Marshall School of Business, Sony Pictures, Sony, CNN Locations: New York, United States, Tinseltown, University of North Carolina

☆ U.S. companies are on a hiring spree for A.I. jobs—and they pay an average of $146,000
▼ + stars: | 2023-07-13 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +3 min

There were 7.6 million open jobs in the U.S. in June, according to the Adzuna database, with a growing share calling for AI skills: 169,045 jobs in the U.S. cited AI needs, and 3,575 called for generative AI work in particular. The average tax manager job that'll use AI pays $100,445 a year, according to Adzuna data. AI jobs have been around for decades but exploded in recent months as ChatGPT entered the scene in late 2022. Companies like EY explicitly listed AI as one of their top three hiring priorities, while Wells Fargo and Kaiser Permanente are implementing it across their workflows. Those interested in building their generative AI skills can look into certification and training courses online, from the University of Michigan, Coursera and other e-learning platforms.

Persons: James Neave, Adzuna's, ChatGPT, Jay Shankar, Neave, Kelly Evans Organizations: Companies, Kaiser Permanente, Amazon Web Services, CNBC, University of Michigan, Stanford, MIT Locations: U.S, Wells Fargo, India

In mid-2020 Rome secured the lion's share of a 724-billion-euro kitty aimed at helping EU members emerge from COVID greener and more tech-friendly. Italy's 191.5 billion euros ($210 billion) of cheap loans and grants, to be received in tranches through 2026, was intended for productive investments in the bloc's most chronically stagnant economy. MICRO-PROJECTSMore than half the EU money is meant to go on digitalisation and ecological transition, with the rest devoted to sustainable transport, education, social cohesion and health. The government is still awaiting a 19-billion-euro tranche of the EU funds blocked in March over missed policy targets stemming from 2022. It brings Italy's byzantine rules closer to EU standards, but Gobbato said people will initially find it hard to adapt.

Persons: Flavio Lo Scalzo, Rome, Roberto Perotti, Giorgia Meloni, Mario Draghi, Giuseppe Conte, Carlo Messina, Intesa, Vittorio Soldavini, Davide Carlucci, It's, Gustavo Piga, Rome's, Ilaria, Dentons, Gobbato, Catherine Evans Organizations: REUTERS, Milan's Bocconi University, Treasury, European Central Bank, Technology, Tor Vergata University, Reuters, Thomson Locations: Milan, Italy, ROME, MILAN, tranches, Brussels, Italy's, Italian, Parma

☆ Food prices squeeze consumers in June, hot weather boosts summer spending: BRC
▼ + stars: | 2023-07-10 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

The BRC said retail spending increased by 4.9% in annual terms in June - roughly in line with its average this year, though stronger than May's 3.9% and a 1.0% drop a year earlier. However, the BRC data is not adjusted for inflation, so last month's increase in spending still reflects a fall in the volume of goods purchased. Previous BRC data showed prices among its members were up by an annual 8.4% on average in June, rising to 14.6% for food, despite a drop in the cost of some food products. Over the second quarter as a whole, food spending was up 9.8% while non-food spending grew just 0.3%. Paul Martin, UK head of retail at accountants KPMG, who sponsor the data, said stubborn food inflation was reducing shoppers' ability to spend on non-essential items.

Persons: Paul Martin, Martin, Will Hobbs, Hobbs, Suban Abdulla, David Milliken Organizations: British Retail Consortium, KPMG, Consumers, Bank of England, Barclays, Thomson Locations: Britain

☆ Bearer of rare 'One Ring' card from 'Lord of the Rings' lore could fetch $2 million and face hefty tax bill
▼ + stars: | 2023-07-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

And the ring bearer — if they choose to sell the "precious" — may owe a hefty tax bill on the profits. Marta Iwanek | Toronto Star | Getty ImagesThe Canadian who acquired The One Ring card would most likely pay tax on half their profits. If The One Ring card were sold for 2 million euros — which appears to be the current top bid — then 1 million euros (about CA$1.46 million) would be taxable. Total Canadian tax bill is 'subjective'But what's Canada's tax rate on the profits? (In reality, the effective tax rate would be slightly lower since Canada's income tax system is progressive, as in the U.S., experts said.

Persons: Elijah Wood, Frodo, Misty, Sauron, Mount Doom, —, Roger Perzan, Marta Iwanek, Plaskett, Howard Gleckman, it's, Scott Plaskett, John Oakey, Oakey, Sir Ian McKellen, Gandalf Organizations: Coast LLC, Canadian, Toronto Star, Getty, Urban, Brookings Tax Policy Center, Total Canadian, Chartered Professional Accountants Canada, Canada Revenue Agency Locations: Rivendell, Toronto, Canada, U.S, Ontario, Scott Plaskett Toronto

☆ UK jobs market cools again, pay growth weakest since April 2021: REC
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

The Recruitment and Employment Confederation (REC) and accountants KPMG said increases in starting salaries for permanent and temporary staff were the weakest since April 2021. The BoE, which has raised interest rates 13 times since late 2021 in an attempt to tame the highest inflation rate among the world's big rich economies, has said it expects pay growth to weaken, easing price pressures. The monthly REC survey showed the availability of staff rose for the fourth month in a row to 57.6 from 55.6 in May, the steepest month-on-month increase since November 2009 excluding the coronavirus pandemic period. REC said uncertainty over the economic outlook weighed on hiring decisions in June. Vacancies ticked up further in June although the pace of growth was the weakest since records started in March 2021.

Persons: BoE, Neil Carberry, REC's, Claire Warnes, Suban Abdulla, William Schomberg Organizations: Bank of England's, Confederation, KPMG, REC, Thomson

☆ UK firms most upbeat in 10 months despite economic headwinds, survey shows
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 9 (Reuters) - British companies were the most upbeat about their trading prospects in 10 months in June and their hiring plans increased again but rising interest rates could prompt consumers to rein in spending, according to a survey published on Sunday. Trade body Make UK and accountants BDO said their measure of business optimism hit its highest since August 2022, helped by the survey's gauge of inflation pressure dropping to its lowest in nearly two years. The survey's employment index posted its fifth consecutive monthly increase with rises in the number of self-employed and part-time workers, despite a slowdown in output growth with manufacturers seeing the worst output reading since May 2020. The Bank of England, which is trying to curb the highest inflation rate among the world's big rich countries, is worried about long-term price pressures in the labour market and it is widely expected to continue raising interest rates. Reporting by Suban Abdulla Editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

Persons: Suban Abdulla, William Schomberg Organizations: ., BDO, BDO LLP, The Bank of England, Thomson

☆ Nikki Haley Makes Her Pitch in New Hampshire. It’s Unclear Whether Voters Will Swing.
▼ + stars: | 2023-07-09 | by ( Maya King | More About Maya King | ) www.nytimes.com time to read: +1 min

During her appearances, Ms. Haley also mixed in subtle digs at her primary rivals. “I did not go to an Ivy League school like the fellas that are in this race,” she told voters in a North Conway community center on Thursday. “I went to a public university.” Touting her degree in accounting from Clemson University, she said: “I’m not a lawyer. Frank Murphy, 54, who moved to northern New Hampshire from South Carolina in 2016, knows Ms. Haley as his former governor. post, he raised his hand within the first few minutes of her speech to tell her he was from Charleston.

Persons: Haley, “, ”, Ms, Haley’s, Frank Murphy Organizations: South Carolina’s, Ivy League, Clemson University, Washington, Lancaster Locations: New Hampshire, North Conway, South Carolina, Charleston

☆ American Express is being investigated over sales practices. Salespeople say they have been made scapegoats.
▼ + stars: | 2023-07-06 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +25 min

In late May last year, some 250 salespeople at American Express learned they weren't going to get paid. In addition to earning commissions, the Premium Wire volumes helped them reach higher compensation tiers, known as kickers. For the first time, the Premium Wire product made economic sense. The presentation discussed shifting the sales focus toward Premium Wire and another product to "accelerate revenue growth and meet client's needs." Isserlis said Williams was fired because of misconduct unrelated to Premium Wire.

Persons: Amex, salespeople, Salespeople, Adam Isserlis, Isserlis, Stephen Squeri, John Moore, Amex salespeople, Pablo Ribas, Ribas, Anna Marrs, Marrs, Charles Schwab, Schwab, Mike Peterson, Charlene Luke, they'd, Nick Williams, Williams, Nick, Mr, —, Thomas Zoerner, Zoerner, Amex's, she's, weren't, Carter Johnson Organizations: American Express, Commercial Services, Securities and Exchange Commission, Justice Department, Internal Revenue Service, Street, IRS, Getty, Credit, Employees, Business, SME, Global Commercial Services, Marriott, Express, University of Florida's Levin College of Law, Amex, California Labor, Court, whistleblowing Locations: Brooklyn, California, Manhattan, Canadian, —, Orange County , California, New York, Webex

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