Wed 26 April, 2017

15:31 If Trump changes your taxes, here are the deductions and breaks that could go away» Top News & Analysis
The elimination of some popular deductions could expose more of the average household's income to taxes.
15:28 The Ultimate Guide To A Perfect Weekend In Champagne» Forbes Real Time
Just a mere hour from Paris, France's Champagne region beckons with exquisite bubbly, remarkable history, Michelin dining, and Five Star accommodations.
15:28 Inside The Chalk Caves of Champagne Taittinger» Forbes Real Time
15:27 The YouTube Dilemma: When Digital Advertising And Objectionable Content Collide» Forbes Real Time
The problem for brands, of course, is that it’s no longer as easy to know where campaigns are appearing. There are literally millions of websites and apps. And some of them publish material that no brand would want its name associated with.
15:26 Futuristic Accomplishments With the Jetson Adventure Electric Bike» Forbes Real Time
Technological innovation inexorably bends to better products. In the case of electric bikes, we are entering a golden age. The new Jetson Adventure is a prime example of form and function.
15:25 Regulator Outlines Net-Neutrality Rollback» WSJ.com: US Business
A top federal regulator proposed rolling back Obama-era net neutrality rules, proposing a new rule-making proceeding to reverse the 2015 rule that reclassified internet providers as common carriers, subjecting them to utility-style FCC oversight.
15:25 Trump Calls for Cuts in Business, Individual Taxes» WSJ.com: US Business
Under President Trump’s proposed tax overhaul, the corporate rate would drop to 15% from 35%, with a 35% top rate for individuals. Lower brackets would be set at 10% and 25%. The plan would end deductions for state and local taxes, and the alternative minimum tax would be repealed.
15:23 Harry Boxer’s two infrastructure stocks to watch» MarketWatch.com - Top Stories
Caterpillar and Deere had big breakouts this week.
15:23 Anthem Says ACA Payment Loss Could Cause 20% Premium Hike» WSJ.com: US Business
Anthem Inc. said the loss of key federal payments that support Affordable Care Act plans could push premiums up 20% or more and lead it to pull back from the business.
15:23 Rex Nutting: Trump rushes out a tax plan based on a deception» MarketWatch.com - Top Stories
The Trump administration’s tax plan is based on the delusion that cutting taxes for the “job creators” will unleash a flood of economic growth, writes Rex Nutting.
15:22 Budget Director, After Health-Law Missteps, Preps for Spending Battle» WSJ.com: US Business
When the Republican health-care overhaul collapsed, Mick Mulvaney told President Trump he let him down. But the setback did little to block the trajectory of a man now entrusted with leading talks on a spending bill.
15:22 Futures Movers: Oil ends off highs as gasoline prices drop» MarketWatch.com - Top Stories
Oil futures settle with a slight gain on Wednesday, well off the session’s best level after U.S. government data reveal the largest weekly crude supply decline of the year, but also show unexpected inventory increases for gasoline and distillates.
15:21 Tesla Model S loses Consumer Reports' top ranking» Business and financial news - CNNMoney.com
Tesla Model S loses top ranking from Consumer Reports, one of its biggest fans.
15:21 ESPN laying off 100 on-air personalities, writers» Business and financial news - CNNMoney.com
ESPN, facing increased pressure on costs as it loses subscribers, plans a major round of job cuts, a source tells CNNMoney.
15:19 Microsoft Earnings: What to Expect» WSJ.com: US Business
Investors will look for further growth in Microsoft’s cloud-computing business when the company reports earnings after the market closes Thursday.
15:19 Retail stocks move higher after Mnuchin shoots down controversial tax proposal» Top News & Analysis
Retailers from J.C. Penney to Target had been extremely vocal about the impact a border adjustment tax would have.
15:18 Market Extra: Will Trump tax-cut plan stir animal spirits in M&A?» MarketWatch.com - Top Stories
Here’s how the tax plan could affect the outlook for deal makers.
15:16 The Wall Street Journal: Under Armour’s online overlap could cannibalize men’s shoe business» MarketWatch.com - Top Stories
Credit Suisse analysis shows that many Under Armour shoes are available across a number of sites, which could cause cannibalization
15:16 Maria Sharapova's comeback in ten pictures» Forbes Real Time
15:16 Maria Sharapova's Winning Comeback In 10 Pictures» Forbes Real Time
"It’s a journey, and it starts today and I’m looking forward to playing as many matches as I can.”
15:15 How 365 Days Can Completely Change Your Life» Forbes Real Time
How I went from an unsatisfying corporate job to traveling the world in just a year.
15:15 How The NY Time's #FakeEconomics Helped Destroy An Excellent Tax Reform» Forbes Real Time
When it comes to the House Republican Tax Plan, the NY Times has been spreading fake economics.
15:12 From Diapers to Soda, Big Brands Feel Pinch as Consumers Pull Back» WSJ.com: US Business
Slowed spending cut into results for Procter & Gamble, PepsiCo and Nestlé, and executives blame a range of factors including higher gas prices, bad weather and a growing affinity for beards.
15:12 Earnings Outlook: Exxon, Chevron earnings: Growth plans under the microscope» MarketWatch.com - Top Stories
Exxon and Chevron are scheduled to report first-quarter earnings on Friday amid questions about where the two oil giants will invest next.
15:12 City Harvest Gala Raises Over $2.7 Million To Feed Hungry New Yorkers» Forbes Real Time
"We're not just talking about the homeless or the poor, we're also including the lower middle class, who have to make a choice: do they buy healthy, nutritious food, or do they pay the rent?"
15:12 City Harvest's 23rd Annual Gala» Forbes Real Time
15:10 Deep Dive: Four stocks that would get an immediate boost from Trump’s tax reform» MarketWatch.com - Top Stories
Erick Ormsby of Alcosta Capital Management says the companies are already improving earnings.
15:10 Call For Jailed Drug Kingpin El Chapo's 'Billions' Of Assets To Pay For Border Wall Unlikely To Fly» Forbes Real Time
Senator Ted Cruz has proposed a bill calling for $14 billion of illegal assets allegedly owned by druglord "El Chapo" Guzmán to be used to pay for a border wall, but analyst say it is likely to face monumental political and legal obstacles.
15:09 On Becoming the Most Wanted Data and Analytics Firm in Europe» Finextra Research Headlines
It’s a tall order. To become the most wanted data and analytics firm across an entire continent, tha...
15:08 Call of Duty: World War II First Screenshots» Forbes Real Time
15:08 Everything You Need To Know About The 'Call Of Duty: World War II' Reveal» Forbes Real Time
Here's everything you need to know about the worldwide reveal of 'Call of Duty: World War II.'
15:07 U.S.-based stock funds attract most cash in five weeks: ICI» Reuters: Money
NEW YORK (Reuters) - Investors in U.S.-based mutual funds and exchange-traded funds poured $4.7 billion into stock funds in the week ended April 19, marking the biggest inflows in five weeks as...
15:05 Breakingviews: Twitter will need more than just user growth for investors to stick around» Top News & Analysis
The struggling social-media company touted user growth as evidence it can get back on track
15:04 Blood test offers hope for better lung cancer treatment» AP Top Business News at 3:20 p.m. EDT
BOSTON (AP) -- Researchers have taken an important step toward better lung cancer treatment by using blood tests to track genetic changes in tumors as they progress from their very earliest stages....
15:04 March For Science Is America's Pep Rally For Data» Forbes Real Time
Objective facts, collected with care and scrutinized by knowledgeable critics, are the raw material of good scientific research. Facts are equally important to supporting business decisions.
15:03 What every American worker can learn from Trump’s first 100 days» MarketWatch.com - Top Stories
Trump isn’t the only one with a to-do list for the first few months.
15:02 Trump calls for dramatic tax cuts» Business and financial news - CNNMoney.com
Read full story for latest details.
15:02 Mnuchin: Trump has 'no intention' of releasing tax returns» Business and financial news - CNNMoney.com
Read full story for latest details.
15:00 0.2% Of Nasdaq Companies Accounted For 45% Of Its Recent Gains»

Just five of the more than 2,500 companies in the Nasdaq Composite Index are largely responsible for Tuesday’s first-ever close above 6,000.

The big five are Apple Inc., Amazon.com Inc., Facebook Inc., Microsoft Corp. and Alphabet Inc., Google’s owner.

Together they accounted for about 45 percent of the Nasdaq’s rise from 5,500, reached on Jan. 6, according to data compiled by Bloomberg.

As a reminder, the Big 5 account for over 10% of total US stock market capitalization now... a record high...

The question is, of course, what happens next?

15:00 Twitter Revenue Slides for First Time» WSJ.com: US Business
Twitter said nine million new monthly-active users joined its network in the first quarter but revenue fell for the first time since the company went public, raising questions about how it is going to hit its goal of becoming profitable this year.
15:00 Few agencies have the regulatory czars Trump requested» Top News & Analysis
CNBC reached out to 20 agencies to inquire about the status of the regulatory reform appointment and the progress of the corresponding task force.
15:00 Mark Zuckerberg And Priscilla Chan's Philanthropy Backs Effort To Change Scientific Publishing» Forbes Real Time
The Chan Zuckerberg Initiative, the philanthropic investment firm created by Facebook founder Mark Zuckerberg and his wife, Priscilla Chan, will fund an effort to allows biologists to share drafts of papers before they are published in peer-reviewed scientific journals like Nature or Science.
15:00 Jeff Goldblum Will Bait Older Audiences Who Didn't Like 'Jurassic World'» Forbes Real Time
Jeff Goldblum's Dr. Ian Malcolm, the most popular actor/character in the franchise, will return for next summer's big sequel.
14:59 VA limiting new hiring as it aims to widen private care» AP Top Business News at 3:20 p.m. EDT
WASHINGTON (AP) -- Despite the lifting of a federal hiring freeze, the Department of Veterans Affairs is leaving thousands of positions unfilled, citing the need for a leaner VA as it develops a longer-term plan to allow more veterans to seek medical care in the private sector....
14:58 Capitol Report: U.S. is late to corporate tax-cutting party rest of world is enjoying» MarketWatch.com - Top Stories
Tax experts disagree over how much a big reduction in corporate tax rates would help the U.S. economy, but one thing is clear: the rest of the world believes lower rates are good for them.
14:58 10 college majors where women go on to earn more than men» Top News & Analysis
Research shows that in some instances, the gender pay gap can hurt men, too.
14:56 Currencies: Dollar pares advance vs. yen as White House unveils tax-reform plan» MarketWatch.com - Top Stories
The dollar advances against the yen on Wednesday as Trump administration officials tease out details of a tax-reform proposal.
14:55 Trump's tax cut plan only pays for itself with growth in 'fairyland'» Top News & Analysis
President Trump's business tax cuts will be cheered in corporate boardrooms, but critics say they'll add trillions to the national debt.
14:54 Netflix's 1.3 bln euro bond offering prices at with a 3.625% coupon» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
14:52 Morgan Stanley said it's 'struggling to understand' US Steel's results (X)» Markets

Screen Shot 2017 04 26 at 1.33.49 PM

Shares of US Steel are getting obliterated Wednesday, losing a quarter of their value after whiffing on earnings and delivering disappointing guidance.

US Steel declared a $0.83 per share loss that was far below analysts' expectations for positive earnings of $0.35 per share. Additionally, the company missed on revenues, generating $2.73 billion versus expectations of $2.95 billion.

The enormous miss has some on Wall Street dumbfounded. Morgan Stanley analyst Evan L. Kurtz said in a note to clients after the April 26 earnings statement that he had two major questions for the company. 

First, full year earnings guidance was cut by management from $1.3 billion to $1.1 billion. Kurtz said that does not totally make sense. He wrote:

"An accounting change moved $175 mn from opex to capex, so the cut was closer to $375 mn. Furthermore, HRC is about $15/t higher from last quarter and tubular has improved, both of which should have moved guidance higher. So in essence, the guidance cut was more than $400 mn." 

Kurtz said that US Steel attributed the guidance cut to its "asset revitalization plan," but with capital expenditures only expected to be up $150 million, the analyst said he can't make sense of the guidance cut and needs more clarity from management. 

In addition, Kurtz said he is "struggling to understand how costs moved up so much."

US Steel showed in its earnings presentation a $95 million drag on earnings from costs excluding raw materials. After adjusting for various accounting maneuvers, the drag would equal about $140 million, according to Kurtz. However, he added that he would be surprised if all of the various headwinds he could think of would add up to this figure. 

For now, Morgan Stanley, is keeping its "Overweight" rating and $48 price target on the stock. However, Kurtz said said he has a lot of questions for management when it hosts a call on April 26.

Click here for a real-time US Steel chart.

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NOW WATCH: Animated map of what Earth would look like if all the ice melted

14:51 Google Maps now remembers where you parked your car» Business and financial news - CNNMoney.com
Read full story for latest details.
14:49 FCC chair unveils plan to roll back net neutrality» Business and financial news - CNNMoney.com
The FCC's attempt to roll back net neutrality has officially begun.
14:49 Chobani sues Alex Jones over 'migrant rapists' claim» Business and financial news - CNNMoney.com
Chobani, a yogurt company, is suing Alex Jones, the aggressive conspiracy theorist with a radio show and a large YouTube following, over his claims that Cobani supported "migrant racists."
14:49 Israel-Syria-Iran Conflict Would Severely Strain Iran Nuclear Agreement» Forbes Real Time
BY THOMAS BUONOMO -- Among the potential consequences of an Israel-Syria-Iran conflict could be a breakdown of the Iran nuclear agreement under the weight of increased unilateral U.S. sanctions.
14:49 These 10 retailers could be next on activist investors' hit list» Top News & Analysis
The retail sector is grabbing the interest of activist investors. Here's who could be next.
14:48 Trump is about to use a budget trick to steal from an entire generation» Markets

Trump Mnuchin

Now we know a bit more about Trump's massive tax cut (the biggest in history).

We know that it's intended to be a simplification, that would cut corporate tax rates to 15% and eliminate deductions and things like the Alternative Minimum Tax (a big deal for Trump himself).

We know that, according to the Tax Policy Center, that the corporate cut alone will cost the country $2 trillion over 15 years.

Most importantly we know that if it has any hope of survival, the plan's architects must engage in a massive generational theft, and they'll to use a classic budget trick to pull it off.

The trick is a method is called dynamic scoring, which in reality is just a fancy way of justifying massive increases in the national debt.

"As we said we're working on a lot of details," said Treasury Secretary Steve Mnuchin at Wednesday's press conference unveiling the plan, "this will pay for itself with growth and reduced deductions."

Dynamic scoring has to do with the "growth" part of Mnuchin's explanation. In order to make tax cuts that look like they won't put a massive hole in the budget, policy "wonks" estimate the future benefit of tax cuts to the economy after making a load of assumptions — including about what a future government might do in response to falling tax revenue.

Those imagined benefits are then added to future budget projections and, BOOM, you've got a healthy-looking balance sheet for America.

Now, one might think that so-called fiscally conservative Republicans would be opposed to things like this, and that Trump might face opposition from his own party.

But he won't. And that's because there is a way to make Washington's budgets sound more sensible than they actually are. That's where dynamic scoring, much beloved by deficit hawks like House Speaker Paul Ryan, comes in.

The Republican-controlled House adopted dynamic scoring last year, but it's still up for debate in the Senate, where opponents like Sen. Bernie Sanders of Vermont have been critical of the practice. They say it politicizes the budgeting process.

That's in part because there's no exact way to dynamically score anything. This is not a science. There's no set process, and there are no set rules on the assumptions made. For example, Mnuchin said during the press conference that his office is playing with a bunch of different models (that's reassuring).

gary cohn steve mnuchin

So back when GOP lawmakers put pressure on the nonpartisan Joint Committee on Taxation to use dynamic scoring, it was unclear to Tom Barthold, the economist who heads the group, exactly what that means.

What we do know, though, that both the Reagan and Bush administrations argued that tax cuts, especially for the wealthy, would pay for themselves. In both instances, this got us in trouble.

More from the Tax Policy Center:

"If 'dynamic scoring' means that Congress can use any macroeconomic model it wants, then we are thrown back 100 or 150 years in terms of the rigor of our thinking. There are too many models with a very wide variety of assumptions and implications. It is not exactly true that you can find a model that will support any claims, but this is sometimes uncomfortably close to the truth."

So all Trump has to do is zoom in on the model that shows that cutting taxes for the rich while spending tons of money will be great for the economy, and this plan is a go.

How hard do you think it will be to find that in Washington? 

An earlier version of this piece appeared on Business Insider in November of 2016.

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NOW WATCH: 'Our parties have moved further and further apart': Watch Obama’s first speech since leaving office

14:47 Trump tax cut sounds great but markets are skeptical it would send interest rates flying » Top News & Analysis
The Trump administration plan to cut corporate taxes was met with skepticism because it could boost the deficit.
14:47 Op-Ed: Here's the biggest problem with Trump's tax plan» Top News & Analysis
Let's get real. Trump's tax cuts are not going to pay for themselves, says Ron Insana.
14:46 Baltimore Millennials' "City Life" Narrative Starts To Crack»

Via StockBoardAsset.com,

In the Federal Reserve’s zero lower bound, the millennial generation in Baltimore has been flocking to the city on an illusionary premise of Baltimore’s revival. One of the largest narrative’s in Baltimore was Under Armour’s deployment of gentrification via Kevin Plank’s Sagamore Developments. The narrative has held strong for the past decade inducing millennials to move to the city and buy real estate. In recent times, the narrative has started to crack with with the recent -65% crash in Under Armour’s equity.

In response, management has unleashed the first wave of cost cutting measures including layoffs reported by The Baltimore Sun Newspaper. The first round is roughly two dozen, but we have reason to believe there could be multiple phases. The individuals who are being laid off are the very same millennials who bought into the narrative of revival.


To make matters worst, Baltimore was just ranked the third fastest city in decline by the US Census. It’s so bad, that Baltimore City has reached a 100 year population low.

In any city, a dwindling population always attracts crime, and that is exactly what is happening.

If you piece together the puzzle, it appears Baltimore’s outlook for 2017 is bleak. Residential real estate prices are stalling and it appears that the millennial generation who bought into the revival narrative could be holding the bag.

Across the country, millennials are flocking to urban areas, which is totally reverse from the prior generation of the great migration to suburbia. What millennials in Baltimore don’t understand is the current state of their community and the 50-years of decay will bring a lot of future overhang.

Bonus: Only in a stock market bubble can Under Armour CEO build his own hotel across from head quarters

But better yet, build his own whiskey distillery 1.5 miles away to numb the pain of the -65% <UAA> crash. Strange times in a zero lower bound.

14:45 Stock traders don't seem to care about Trump's tax plan» Markets

Donald Trump

President Donald Trump's long-awaited tax plan came and went with a whimper, at least judging by the stock market's reaction.

A 50-company basket of highly taxed companies maintained by Goldman Sachs pared gains following the announcement, now up 0.4% for the day.

The lack of enthusiasm for the index stands in contrast to the months following the presidential election, when it ripped as much as 14% higher through the end of February.

The muted reaction was mirrored more broadly by the S&P 500, which also fell from pre-tax plan levels after a short-lived spike up near an intraday high. The benchmark rose 0.2% as of 2:25 p.m. ET.

Now that an update on Trump's tax plan has failed to further ignite a stock market yearning for progress, investors must now reassess the areas that have gained the most on expectations of bullish policy. 

S&P 500


SEE ALSO: One plunging stock shows exactly what's at risk with the Trump trade

SEE ALSO: The Trump trade looks dead

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NOW WATCH: The disturbing reason some people turn red when they drink alcohol

14:44 Stocks tick higher, S&P 500 flirts with record» AP Top Business News at 3:20 p.m. EDT
NEW YORK (AP) -- Stock indexes ticked higher on Wednesday, and the Standard &amp; Poor&apos;s 500 index flirted with its record high, as the White House unveiled a broad outline of its plan to cut tax rates....
14:43 She Didn't Get A Flu Shot, So NYU Fired Her From A Position She'd Held For 36 Years» Forbes Real Time
Psychologist Leonore Tiefer lost her unpaid position at NYU because she did not comply with a new policy mandating that all employees get immunized to prevent the spread of flu to patients. Tiefer didn't see patients, and her case raies questions abou the ethics of such policies.
14:43 Excessive Rank Tracking Is Ruining Your SEO Campaign: Here's How» Forbes Real Time
Checking your rankings excessively can not only give you a false impression of your campaign's success, but can actually compromise its potential.
14:43 Department Of Education Moves To Make Student Loan Process Easier While IRS Tool Is Down» Forbes Real Time
Applying for financial aid isn't going to be as bad as feared this year after all. The Department of Education Department has agreed to allow colleges and universities more flexibility to use as part of their verification procedures while the Data Retrieval Tool (DRT) is unavailable.
14:41 The Latest: GOP leaders offer mild praise for Trump tax plan» AP Top Business News at 3:20 p.m. EDT
WASHINGTON (AP) -- The Latest on President Donald Trump&apos;s tax overhaul (all times EDT):...
14:40 Online, Under Armour Spreads Itself Thin» WSJ.com: US Business
New research published this month shows Under Armour is selling many items, particularly premium footwear like its Steph Curry basketball shoes, at multiple retailers, a level of overlap that could push prices lower and confuse shoppers in an already competitive market.
14:38 Trump's plan calls for the repeal of a tax that once cost him $31 million» Markets

Donald Trump

President Donald Trump's administration unveiled a tax plan on Wednesday that proposes lower taxes across the board and a number of alterations to the tax code.

Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn announced the plan during a White House press briefing.

One proposal in the plan is the repeal of the so-called alternative minimum tax. The decades-old tax, which was enacted to make sure the rich pay their fair share, cost Trump $31 million in 2005. 

As Business Insider's Jim Edwards reported, that "accounted for most of the $38.5 million in taxes" the president paid in 2005.

What is the alternative minimum tax?

The original purpose of the AMT was to prevent very wealthy Americans from using deductions and loopholes to skimp on their taxes.

One way to look at it is as a secondary tax code. The AMT has a set of rates and rules that are distinct from the regular tax code and apply to certain high-income earners, trusts, estates, and corporations.

So when corporations or individuals fall under the auspices of the AMT, their tax bills are figured out differently than those of ordinary taxpayers.

According to Bankrate's Kay Bell, "Basically, it's the difference between your regular tax bill, figured using ordinary income tax rates, and your AMT bill, figured by filling out more IRS paperwork. When there's a difference, you must pay that amount, the AMT, in addition to your regular tax."

The point of the AMT is to make sure wealthy Americans who earn above a certain amount pay a flat minimum tax rate — hence the name — even if they could get away with paying zero or very little taxes in the regular system. But many opponents of the tax say it now targets people in the upper-middle class, not the uber-rich.

Here's the history

fox hunt alcohol rich peopleThe AMT originated in the late 1960s. The Department of the Treasury said that about 150 people legally paid zero federal income tax in 1966 by claiming deductions "and not including certain kinds of income." Naturally, taxpayers of modest means were ticked off about this.

According to Forbes, Congress received more complaints about those "tax-dodgers" than it did about the Vietnam War. So it responded by enacting the minimum tax, the AMT's predecessor, in 1969. The current version of the AMT was implemented in 1982. Since then, it has received several touch-ups.

Today, however, the AMT, doesn't strictly apply to superrich Americans, as it was originally intended. Since the AMT wasn't indexed for inflation until 2013, the number of people who fall under the AMT umbrella has increased significantly since the 1970s and includes "30 percent of households with cash income between $200,000 and $500,000," according to figures from the Urban-Brookings Tax Policy Center cited by Bloomberg. In total, it applied to 3% of all taxpayers in 2005, according to data from the IRS.

Why some people think it's a good idea to repeal or replace it

Most critics of the AMT oppose the tax because it doesn't target the people and organizations it was originally aimed at.

"It was originally targeted at the super-wealthy when it came out, but the super-wealthy in most cases don't pay it," Scott Aber, a certified public accountant, told CNBC in December.

Daniel Shaviro is a professor at the New York University School of Law, and he knows a thing or two about the AMT — he played a role in changing the tax in the 1980s.

He told Business Insider that the law in its current form "doesn't address [today's] tax-avoidance methods."

"It does not address sophisticated modern tax-avoidance techniques, such as Larry Ellison, who is worth $50 billion, getting a $1 salary and borrowing against the value of his appreciated stock, or companies such as Apple directing their global profits to tax-haven subsidiaries," Shaviro added.

Trump proposal to repeal the AMT would cost the fedeal government $412.8 billion, according to the Tax Policy Center. The president has said he would make up for that cost by reducing the number of deductions in the tax code.

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NOW WATCH: How the US could prevent a North Korean nuclear strike — according to a former Marine and cyberwarfare expert

14:37 Mnuchin says Trump 'has no intentions' to release his tax returns» Markets

Steven Mnuchin

Treasury Secretary Steven Mnuchin said Wednesday that President Donald Trump "has no intentions" to release his tax returns.

ABC's Jonathan Karl asked Mnuchin during a press briefing on the Trump administration's new tax plan whether the president would finally make his tax returns public so Americans can see how he would benefit from proposed changes to the tax code.

"The president has no intentions," Mnuchin said. "The president has released plenty of information. And, I think has given more financial disclosure than I think anybody else. I think the American population has plenty of information on his taxes."

Mnuchin then cut off Karl as he was attempting to ask a followup question.

"Right there," Mnuchin said, pointing to another reporter in the briefing room, telling Karl, "excuse me, other people have the right to ask questions."

While Trump released a large financial disclosure report during his campaign for president, he broke with tradition by refusing to release his tax returns. Every major party candidate since 1976 made their tax information public prior to the election.

Trump has maintained for more than a year that he won't release his tax returns because he's under audit by the IRS. Last week, White House press secretary Sean Spicer said the returns were still under audit. The IRS can't comment on whether the returns are being audited, but being under audit does not prevent a person from releasing the returns.

"We're under the same audit that existed," Spicer said. "So nothing has changed."

Asked whether the president would ask the IRS to comment on the audit to prove it exists and provide a timeline for its completion, Spicer dodged.

"I think the president's view on this has been very clear from the campaign, and the American people understood it when they elected him in November," he said.

On Wednesday, Mnuchin was asked multiple times about how the changes to the tax code would financially benefit Trump, his family, and his businesses. The Treasury secretary did not provide an answer.

The tax reform outline provided by Mnuchin and National Economic Council chairman Gary Cohn included the elimination of the alternative minimum tax, or AMT. That provision in the tax code cost Trump an additional $31 million in federal income taxes in 2005, per the leaked tax information Trump filed that year. The AMT does, however, have critics on both sides of the aisle, many of whom believe it does not accomplish its goal of ensuring that the richest Americans don't avoid paying taxes through a litany of loopholes.

Watch Mnuchin's answer to Karl:

SEE ALSO: JOHN KASICH: Here's what surprised me about Trump's first 100 days

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NOW WATCH: Former State Department official: Evidence of collusion between Trump and Russia would create a 'constitutional crisis'

14:37 Your Money: Older couples ponder financial impact of divorce» Reuters: Money
NEW YORK (Reuters) - What makes couples want to split after decades of marriage?
14:34 Commerce Secretary Ross to announce plan to probe imported aluminum: Source » Top News & Analysis
The official tells CNBC that the probe will be similar to the one the White House launched last week regarding steel.
14:33 Millennials at risk for loan defaults in next 12 months: UBS» Reuters: Money
NEW YORK (Reuters) - Millennials face the greatest risk among all U.S. age groups on defaulting on their loans, especially on what they borrow for schools and cars in the next 12 months, UBS analysts...
14:33 June WTI oil up 6 cents, or 0.1%, to settle at $49.62/bbl» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
14:33 WTI oil futures finish with a slight gain on Nymex» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
14:33 16 things your successful friends have given up» Top News & Analysis
Success is easier than you think it is, but you've got to model and learn from the right people.
14:30 Republicans Consider New Obamacare Vote On Friday»

Just an hour after Freedom Caucus Chairman Mark Meadows publicly announced that his conservative wing of the Republican party will now support a revised Obamacare replacement bill which incorporates the so-called MacArthur Amendment, Axios, quoting Republican Study Committee Chairman Mark Walker, is reporting that a new vote could be called for as early as this Friday.

A Friday health care vote isn't "outside the realm," Republican Study Committee Chairman Mark Walker told Axios, adding that people are discussing a Friday vote and things are "even trending that direction."


"Most of them like what they see, so we're considering to grow the vote, and when we're ready, we'll move," said House Majority Whip Steve Scalise.

As we noted previously, the "MacArthur Amendment" (summarized here)
effectively allows individual states to 'opt out' of certain Obamacare regulations which require minimum coverage and restrict the ability to insurers to charge varying rates based on an individual's health.



And here is the official statement released by the Freedom Caucus earlier:

"Over the past couple of months, House conservatives have worked tirelessly to improve the American Health Care Act (AHCA) to make it better for the American people. Due to improvements to the AHCA and the addition of Rep. Tom MacArthur’s proposed amendment, the House Freedom Caucus has taken an official position in support of the current proposal.


The MacArthur amendment will grant states the ability to repeal cost driving aspects of Obamacare left in place under the original AHCA.  While the revised version still does not fully repeal Obamacare, we are prepared to support it to keep our promise to the American people to lower healthcare costs. We look forward to working with our Senate colleagues to improve the bill. Our work will continue until we fully repeal Obamacare.”


Mission statement of the House Freedom Caucus:


“The House Freedom Caucus gives a voice to countless Americans who feel that Washington does not represent them. We support open, accountable and limited government, the Constitution and the rule of law, and policies that promote the liberty, safety, and prosperity of all Americans.”

Of course, only time will tell if appealing to the more conservative wing of the Republican party will now result in defections of more centrist votes within the party as we noted before that some 50 moderate Republicans are still uncertain or oppose the latest plan.

Of course, given that the previous healthcare vote resulted in a complete embarrassment for the new Trump administration we're certain Paul Ryan will want to make absolutely sure he has the required votes before the process begins.

As John Boehnor said best, "Republicans have never, ever, not once agreed on what a healthcare bill should look like."

14:29 FCC chairman to propose reversing 'net neutrality' rules» Top News & Analysis
The landmark 2015 Obama-era net neutrality rules could soon be overturned, the FCC chairman said Wednesday.
14:28 Anthem says Obamacare doing 'significantly better'» Business and financial news - CNNMoney.com
Anthem, which covers 1.1 million Obamacare enrollees, is pleased with Obamacare performance, though claims are still slightly higher than expected.
14:27 Coca-Cola insists it made Coke 'healthy' by putting fiber in it» Top News & Analysis
Coke Plus is being marketed as the company's healthiest soft drink yet, Grub Street reports.
14:26 House May Pass One Week Funding Bill To Avoid Shut Down As Negotiations Stall»

It appears that contrary to expectations that Trump caving on the border wall would assure a US government shutdown is averted, Reuters reports the U.S. House of Representative could move soon to consider a stop-gap "can kicking" bill to fund the government for a week to avoid a shutdown at midnight on Friday and buy time to strike a deal for a long-term funding plan.

Reuters cited a House Republican source who said that a one-week bill would give lawmakers "a little breathing room" to complete negotiations on broader legislation, although it is unclear why if Democrats haven't agreed with core GOP principals, they would agree next Friday.

Meanwhile, Democrats have said they would support a weeklong extension only if a deal on a longer-term plan was close to completion, and while a senior House Republican suggested that was the case, we very much doubt it. 

"We could get there today, we are not very far away," Representative Tom Cole, a member of the House Appropriations Committee, told reporters.

Translation: we are very, very far away.

14:26 The White House just outlined its tax plan. Here's what's in it» Top News & Analysis
Mnuchin confirms that President Trump's tax plan will call for a 15 percent corporate rate.
14:24 U.S. Steel Posts Surprise Loss, Plans Mill Upgrades» WSJ.com: US Business
United States Steel Corp. shares plunged Wednesday on a surprise quarterly loss and plans to overhaul mills at the expense of profit this year.
14:24 Mnuchin says Trump has 'no intention' of releasing tax returns» Top News & Analysis
President Trump has "no intention" of releasing his tax returns, Treasury Secretary Steve Mnuchin said on Wednesday.
14:24 Canada's housing watchdog warns of 'problematic conditions'» Markets

canada housing

Canada's housing watchdog maintained its view that there is "strong evidence of problematic conditions" in the market that some economists have classified as being in a bubble. 

The market is characterized by imbalances, defined as when demand and prices are far from their historical averages, Canada Mortgage and Housing Corporation said in second-quarter report

"While the overall assessment of problematic conditions remains strong for Canada, overvaluation has been downgraded to moderate from a previously strong assessment," CMHC said.

"Careful analysis by geography shows that local differences continue to divide the Canadian housing market into several markets: centers in the East are showing weak evidence of overvaluation, while centres in Southern Ontario and the West are showing moderate to strong evidence of overvaluation," it added. In Victoria, for example, the CMHC determined that overvaluation had accelerated from "moderate" to "strong." 

The Teranet and National Bank of Canada house-price index showed a 24.8% gain year-on-year in March. It jumped 12.2% for Vancouver.

Separately on Wednesday, shares of Canada's home lenders fell after Home Capital Group said it obtained a $1.5 billion credit line to cope with falling deposits. Home Capital shares plunged by more than 60%. 

SEE ALSO: Here's why the Bank of Canada won't do the most obvious thing it can to pop the housing bubble

Join the conversation about this story »

NOW WATCH: The disturbing reason some people turn red when they drink alcohol

14:19 Chart points to another 19% rally for Netflix, says top technician» Top News & Analysis
One trader sees more record highs for Netflix, urging investors to buy on Wednesday's pullback.
14:17 Mnuchin: Trump has 'no intention' of releasing tax returns» AP Top Business News at 3:20 p.m. EDT
WASHINGTON (AP) -- The U.S. treasury secretary says President Donald Trump &quot;has no intention&quot; of releasing his taxes returns to the public....
14:15 McDonald's price target raised to $143 from $130 at UBS» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
14:15 Nintendo has made a huge bet on the Switch console, and tomorrow we'll see how well it's selling» Top News & Analysis
Nintendo will release its fiscal 2016 earnings on Thursday, which will include the first sales numbers for the Switch.
14:13 FCC chief lays out attack on 'net neutrality' rules» AP Top Business News at 3:20 p.m. EDT
NEW YORK (AP) -- Internet companies are readying for a showdown with a Republican-controlled government over a policy near and dear to their hearts: net neutrality....
14:11 Kevin O'Leary drops out of race to lead Canada's Conservative party» Top News & Analysis
O'Leary said he can't win Quebec, so instead he will endorse candidate Maxime Bernier.
14:11 Here's what was missing from Trump's tax plan that Wall Street really wanted» Top News & Analysis
Stocks like Apple with large overseas cash hoards pared their gains Wednesday.
14:10 Is Tesla Dragging Its Feet on Safety?» Barron's Most Viewed Today
Consumer Reports lowered its rating for Tesla’s Model S sedan and its Model X SUV.
14:09 Naysayer Reality Check: Waymo's Self-Driving Taxi Debuts In Phoenix, For Free»

Authored by Mike Shedlock via MishTalk.com,

Every time I do a post on self-driving vehicles, readers respond that it cannot happen and won’t happen for a decade, if ever.

It’s time for a reality check.

A quick check of my calendar shows we are not quite halfway through 2017. And a quick check of headline news shows Waymo’s Self-Driving Minivans Now Offer Rides to Real People in Arizona.

Starting today, residents of the greater Phoenix metropolitan area can sign up to go for a ride in a self-driving minivan. As often as they want. For free.


Waymo, the self-driving car startup spun off from Google late last year, announced today that it’s offering its services to members of the public for the first time. Waymo is calling it an “early rider program,” intent on cataloging how on-demand, driverless cars will factor into people’s everyday lives. Interested participants can sign up on the company’s website, and Waymo will select riders depending on the the types of trips they want to take and their willingness to use the self-driving service as their primary mode of transportation.


A Waymo test driver will be behind the wheel at all times, but the company insists that the vehicle will drive without human intervention as much as possible. Rides will only be available to residents of Phoenix and the surrounding towns, like Gilbert, Tempe, and Chandler. Waymo describes the service areas as twice the size of San Francisco.


In order to accommodate what it hopes will be “hundreds” of riders, Waymo is ordering an additional 500 Chrysler Pacifica minivans from its automaker partner, Fiat Chrysler, which it will then outfit with the laser sensors it manufactures in-house. Waymo already has 100 self-driving minivans that have been driving the streets of Phoenix and Mountain View, California, since earlier this year.


“We want as many people as possible to experience our technology, and we want to bring self-driving cars to more communities sooner,” said John Krafcik, CEO of Waymo, in a Medium post published today.

Early Rider Program

What better way is there to create demand by giving away free services. That’s just what the Google spin-off did with its Early Rider Program.


Safe Predictions

Numerous readers emailed various links to this story. My favorite comes from reader Wade who wrote …

Hi Mish,

I enjoy your back-and-forth with the unbelieving Luddites about self-driving cars.


I’ll make three predictions:

  1. Self-driving cars will work
  2. They will be hugely popular
  3. Nobody will admit they were wrong in being a skeptic



If you think Google, Amazon, Ford, Toyota, Nikola, GM, Tesla, Apple, etc, etc, etc, will all fail with driverless and electric, you need a serious reality check.


14:05 Pepsi doubles down on 'guilt-free' options in effort to boost sales» Top News & Analysis
Pepsi wants to offer consumers more 'guilt-free' snack and drink options.
14:03 Insurer Anthem hands feds deadline on crucial ACA subsidies» AP Top Business News at 3:20 p.m. EDT
Health insurers are pressing President Donald Trump and Congress to guarantee a crucial customer subsidy for the Affordable Care Act&apos;s shaky insurance exchanges, and one of the biggest carriers has thrown in its participation as bargaining chip....
14:01 In the Chips: Tech's Sleeping Giant Becomes a $352 Billion Cash Cow» WSJ.com: US Business
The proliferation of connected devices and big data is handing new clout to chip makers. The result is an unprecedented semiconductor boom, as a flood of demand pushes up prices and gives an advantage to firms that can secure huge quantities of the must-have components.
14:01 Hedge fund billionaire Bill Ackman provides a perfect example of how the rich get richer» Markets

bill ackman

There's a great piece in the Wall Street Journal about how Wall Street's masters of the universe invest their own personal money through family offices, and how that can sometimes raise eyebrows across the industry.

It's not hard to see why family offices can be a problem. Big time investors are supposed to be putting their clients' interests first, and the WSJ argues that if they're investing for themselves, they might get distracted from their work.

Worse yet, their personal investments could pose a conflict for their firms.

There are a bunch of big names in the piece — Blackstone COO Tony James, legendary hedge fund manager Paul Tudor Jones, and Apollo's Joshua Harris.

Bill Ackman's example, however, really stands out. That's in part because it's linked to one of the biggest business scandals in recent years — the fall of Valeant Pharmaceuticals. Ackman has a fraught relationship with the company. He backed its failed bid to acquire Botox-maker Allergan in 2014. A year later, Ackman's Pershing Square fund bought a stake in it and rode the stock down through its dramatic 90% collapse until last month, when he finally threw in the towel.

During that time, the WSJ notes, Ackman made a personal investment ($7 million for a 1.5% stake) into Sprout, the maker of a libido pill for females called Addyi in 2015. Valeant eventually bought Sprout, and apparently Sprout sought Ackman's guidance on the matter, according to the WSJ.

He assured the company that Valeant's management was top notch (of course, most of them have since been fired, including the CEO), and Valeant picked up Sprout for $1 billion because of Addyi. Not a bad payday for Ackman.

The problem is, Addyi has been a massive failure for Valeant. According to experts, it just doesn't work. So while this was a good deal for Ackman, it was a raw deal for Valeant and its shareholders (including Ackman's Pershing Square and its clients.)

From WSJ: 

"Mr. Ackman told Pershing Square shareholders he had played no role in Valeant’s decision to acquire Sprout. His economic interest in Pershing Square was larger than his interest in Sprout, said a person familiar with his holdings. Valeant spokeswoman Lainie Keller said Addyi is FDA-approved 'with a well-documented safety and efficacy profile.'"

So, according to the Journal, Ackman's personal investment paid off nicely, while the shareholders of his fund ended up getting burned.

But you know, these things get messy.

Read the full article at WSJ >>> 

SEE ALSO: Here's Bill Ackman's apology for his investment in Valeant

Join the conversation about this story »

NOW WATCH: A financial planner explains why starting a new job is the best time to negotiate salary

14:00 5 technical skills that will lead to a high-paying in-demand job» Top News & Analysis
Train yourself for the job you want.
13:56 H&R Block's stock was up 1.4% just before Trump's tax plan was revealed» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
13:56 Uber's top Chinese rival, Didi, is raising a huge new round and is now a $50 billion company» Top News & Analysis
Didi Chuxing, is raising between $5 and $6 billion from investors including Softbank, Silverlake and China Merchant Bank, at a valuation around $50 billion
13:55 Read the White House memo on President Trump's proposed tax plan» Top News & Analysis
Read the one-page memo from the White House on tax reform: "2017 Tax Reform for Economic Growth and American Jobs."
13:54 H&R Block's stock sinks 1.7% after Trump's tax plan revealed» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
13:54 Cramer: Here’s what companies are going to do if they get a 15% tax rate» Top News & Analysis
"It's not as significant as the president thinks it is," Jim Cramer says.
13:53 Former Yahoo Interim CEO explains how Twitter can avoid his old company's fate» Top News & Analysis
A former Yahoo CEO says it's time for Twitter to give up on trying to be a social media network and embrace being a media company.
13:53 5 things entrepreneurs learned from working at Google helped them get ahead» Top News & Analysis
These founders succeeded by applying lessons learned at Google HQ.
13:52 3 Big Banks Poised to Trade Sharply Higher» Barron's Most Viewed Today
Key U.S. bank stocks should wake up and surge on Fed rate hike and French election results.
13:51 Greenback pares gain against yen; now up 0.3% at 111.40» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
13:50 Dollar retreats vs. yen as Mnuchin unveils details of corporate-tax reform» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
13:49 10-year Treasury note yield at 2.331% as outline of tax-plan unveiled » MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
13:47 S&P 500 up 8 points, or 0.3%, at 2,396» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
13:46 Macron Booed, Jeered By Factory Workers In His Hometown After Le Pen "Ambush" »

Chaotic scenes broke out during a visit by French presidential frontrunner Emmanuel Macron to striking factory workers in his hometown of Amiens.

Macron was greeted Wednesday with jeers, boos and chants in favour of his far-right rival Marine Le Pen as he made a chaotic visit to the factory in northern France, after what Bloomberg said was "an ambush" by his nationalist rival Marine Le Pen forced him into a confrontation with some of her hardcore supporters.

Earlier on Wednesday, Le Pen had made a surprise visit to the Whirlpool plant on the edge of Amiens while election front-runner Macron was meeting with union leaders from the plant in the center of town. Le Pen told reporters on the picket line that Macron’s decision to meet the workers’ representatives behind closed doors showed his “contempt” for their plight, forcing her rival to change his plans and engage with the demonstrators live on television.

During the hastily arranged visit, some in the crowd shouted "President Marine!" and booed as the 39-year-old former banker stood outside the appliance factory in the rustbelt city of Amiens.

"I am here to speak to you," said the pro-business former economy minister, ringed by a horde of cameramen and journalists.

The Whirlpool factory has become a focus of the free-trade debate at the heart of the French election campaign because 280 jobs will be cut next year when the company shifts production to Poland.

As Bloomberg describes the scene, "with the black smoke of burning tires whipped up by a cold wind and cries of “Marine! President!” punctuating his remarks, Macron tried to mount a defense of the European trade regime in the factory parking lot as angry demonstrators crowded round."

“When she tells you the solution is to turn back globalization, she’s lying,” Macron told the workers, his comments picked by the microphones of more than 100 reporters witnessing the clash. “We cannot outlaw firing. We must fight to find a buyer.”

Judging by the response, the local workers did not find Macron very convincing.

Earlier, Macron was in his hometown of Amiens to try to counter accusations that he had made a complacent start to campaigning for the presidential runoff on May 7 after he finished ahead of Le Pen in the first round on Sunday. But his trip to the city was upstaged when Le Pen made an unannounced visit to the factory earlier in the day, arriving while he was meeting with workers' representatives elsewhere. She posed for selfies with workers and waved to supporters, AFP reported.

"Everyone knows what side Emmanuel Macron is on -- he is on the side of the corporations," Le Pen said. "I am on the workers' side, here in the car park, not in restaurants in Amiens."

Macron said after Le Pen's stop that he would also visit the site. He told angry workers at the factory that the only reason she had come was "because I'm here." As the following clip shows, it was not a good idea.

Macron spoke to the strikers for almost an hour, some still booing throughout, but many engaging with him, while France 2 television’s special correspondent broadcast behind the candidate from a temporary set they’d erected.

Patrice Sinoquet from the CFDT union, who met with Macron earlier in the day, said 90 percent of his members will be voting for Le Pen. “Macron is the worst of free-market politics,” said Clement Pons, a 32-year-old unemployed man waiting outside the town-center meeting. “He’s a globalist who will kill the working class. He makes me want to throw up. I don’t understand his ideas.”

Chantal Flahaut, a 57-year-old assembly line worker on the Whirlpool picket line, said she’s been striking on and off all week and she’s so sick of the situation in France that she didn’t even register to vote on Sunday. Her T-shirt said “Whirlpool Manufactures Unemployment.”


“I am so disgusted,” she said. “Macron is in favor of big companies like ours. Stop giving aid to multinational billionaires and give us our money.”

The theatrics continued on Twitter, where  Macron said that Le Pen had spent "10 minutes with her supporters in a car park in front of the cameras" whereas he had spent "an hour and a half with union representatives and no media".

"Come May 7, everyone will make their choice," he added.

Benjamin Griveaux, an aide on the Macron campaign, said Le Pen was focusing on political stunts rather than trying to address voters’ problems. “If this is about tweets and selfies, then she hasn’t understood what’s at stake,” Griveaux said. “She’s fueling her political ambitions with misery and suffering. What has she proposed? Nothing. We are trying to deal with the issues.”

Macron, who created his own centrist movement, was to hold a rally later in nearby Arras, a city in the northern rustbelt where Le Pen topped the first round of voting. On Monday, Macron drew criticism for what some saw as a triumphalist speech and then a celebratory dinner at a Paris bistro on Sunday.

Socialist Party boss Jean-Christophe Cambadelis told French radio: "He was smug. He wrongly thought that it was a done deal."

Macron served as economy minister in the Socialist government, after working as an M&A banker at Rothschild, before quitting in August to launch his presidential bid.


donald trump election night

President Donald Trump's administration has rolled out a tax plan that proposes to slash corporate taxes, tweak personal tax rates, and eliminate most deductions used by more-affluent Americans.

The plan was announced on Wednesday by Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn during a White House press briefing.

While the plan contains broad outlines rather than firm legislative text, Mnuchin and Cohn said the plan would include "the biggest tax cut" in US history, echoing statements made by Trump.

While Mnuchin did not apply a deadline to passing a tax plan, he told an event hosted by The Hill earlier on Wednesday that the White House and congressional leaders wanted to pass a bill "as quickly as possible." Mnuchin and Cohn said they would continue to be in constant conversation with congressional leaders to formulate concrete legislation.

The proposal laid out Wednesday did not include a large number of key details, including the income levels associated with a new three-bracket tax system, the tax rate for a one-time repatriation of corporate profits held overseas, and others.

Here are the key points of the plan as it was released:

  • Corporate tax rate of 15%: Such a rate would deliver on Trump's campaign promise. The current federal statutory rate is 35%.
  • Allows pass-through rate for business owners: Instead of self-owned businesses being taxed at the personal income rate, business owners would have incomes from operations taxed at the 15% rate. So if you own your own business, income from that business would be taxed at the corporate rate. According to The New York Times, that could apply to the Trump Organization.
  • No border-adjustment tax: The tax on imports was favored by House GOP leaders such as Speaker Paul Ryan and Kevin Brady, the chair of the Ways and Means Committee. Mnuchin said the White House talked to Ryan and Brady but thought the tax did not "work in its current form."
  • A slight adjustment to individual tax rates: White House officials said there would be three tax brackets with rates of 35%, 25%, and 10%, down from the current seven brackets. Cohn told reporters that he did not have the exact incomes associated with the brackets.
  • Doubling of the standard individual tax deduction: This would allow individual filers to deduct their first $12,700 in income from their taxes and $25,400 for joint filers, as opposed to the current $6,350 for individuals and $12,700 for joint filers.
  • A one-time repatriation tax: This would allow companies to bring back money from overseas to the US with a slightly lower, one-time tax. The White House did not clarify the rate at which this money would be taxed. President George Bush enacted a repatriation tax at a 5.25% rate in 2004, but studies show the money brought back mostly went to stock buybacks and dividends rather than hiring workers.
  • Elimination of the estate tax: This would eliminate a tax on assets being transferred through a will.
  • Elimination of itemized tax deductions other than charitable donations and mortgage payments: Mnuchin said this provision would close "loopholes" and offset the decrease in base tax rate for high income Americans.
  • Repeal a 3.8% tax on net investment income: The tax was levied on "individuals, estates and trusts" with higher than a certain threshold in investment income. For instance, the threshold for an individual was $200,000 in investment income last year.
  • Repeal the alternative minimum tax: This tax requires some people who have large numbers of deductions to calculate their income tax under the normal tax rate and the alternative and pay the higher amount. According to the Tax Policy Center, the tax was originally designed to eliminate large deductions by wealthier people, but now applies to about 5 million people.
  • No infrastructure spending: Reports on Tuesday said Trump was considering including infrastructure spending in the plan to try to win over Democrats. Mnuchin denied the report in the speech, saying the proposal would be "just a tax plan."

Here's a one-page summary of the tax plan provided to reporters during a White House briefing:

Mnuchin said the bill would be paid for through economic growth, signaling an interpretation of the plan's effects through dynamic scoring — a method that uses assumptions that gross domestic product will grow because of increased spending to make up reduced revenue. The Treasury secretary told reporters Wednesday that he expected sustained annual GDP growth of 3%.

In response to the Trump plan, Republican congressional leaders released a statement praising the plan and saying it would "serve as critical guideposts for Congress and the Administration" in negotiations. Here's the full statement from House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, House Ways & Means Committee Chairman Kevin Brady, and Senate Finance Committee Chairman Orrin Hatch:

"The principles outlined by the Trump Administration today will serve as critical guideposts for Congress and the Administration as we work together to overhaul the American tax system and ensure middle-class families and job creators are better positioned for the 21st century economy. Lower rates for individuals and families will allow them to keep more of their hard-earned money and empower them to invest more in their future. Getting tax rates down for American companies, big and small, will create new jobs and make the United States a more inviting place to do business. With an eye toward fairness and simplicity, we’re confident we can rebuild our tax code in a way that will grow our economy, better promote savings and investment, provide our job creators with a competitive advantage, and bring prosperity to all Americans."

SEE ALSO: Republicans have a new plan to repeal Obamacare — and it may bring them closer to passing 'Trumpcare'

Join the conversation about this story »

NOW WATCH: Watch a Trump surrogate get shut down after calling Trump the 'Martin Luther King of healthcare'

13:44 Lawyer: Fox discrimination suit 'will continue to grow'» Business and financial news - CNNMoney.com
A legal campaign alleging racial discrimination against Fox News that has already attracted more than a dozen plaintiffs could grow even larger, the attorney representing the plaintiffs said Wednesday.
13:44 Ann Coulter cancels her speech at Berkeley amid safety dispute» Yahoo News - Latest News & Headlines

Ann Coulter cancels her speech at Berkeley amid safety dispute"There will be no speech," Coulter wrote in an email to Reuters on Wednesday in which she also criticized two conservative groups who had originally sponsored the event, saying they were no longer supporting her. Coulter, one of the best-known conservative commentators in the United States, had been scheduled to give a speech critical of pro-immigration policies on Thursday. Last week, Berkeley officials said there was no safe venue at the campus on that date.

13:42 One plunging stock shows exactly what's at risk with the Trump trade (X)» Markets

A poster child for the so-called Trump trade is suffering a catastrophic 25% drop on Wednesday, and that should serve as a major warning to investors.

US Steel enjoyed a postelection stock-price surge, which reached 69% at its peak. As the nation's second-biggest steel producer, the company was a way for investors looking to capitalize on President Donald Trump's pledge to spend $1 trillion on infrastructure and his push to get people to "buy American."

But a company can trade on expectations only for so long. Eventually, optimism has to be backed up with results.

So when US Steel posted a per-share loss on Tuesday night that was more than double what analysts forecast, reality set in. Almost $1.5 billion of lost market cap later, US Steel is a cautionary tale for investors across all industries that are willing to overlook fundamentals in the hopes that government measures will boost their bottom lines at some point in the future.

With reports suggesting the White House plans to move infrastructure spending to 2018 at the earliest, the company's three remaining earnings reports this year are looking awfully ominous.

That US Steel's share price comeuppance was so swift should come as little surprise, given the apparent lack of worry and hedging activity in the US stock market. As of Tuesday's close, the CBOE S&P 500 Volatility Index — commonly known as the "fear gauge" — sat 1.5 points from a record low and 43% below the bull-market average.

US steel trump trade COTD

Creeping realization

Investors in US Steel had begun souring on the postelection trade, with the stock falling 25% over about eight weeks after reaching a more than two-and-a-half-year peak in February. It was part of a marketwide unwinding that saw investors frustrated with Trump's lack of progress on the policy front.

And it's not as if investors aren't worried about the Trump trade getting overextended. A record number of institutional investors think US stocks are the most expensive in the world, according to Bank of America Merrill Lynch's latest Global Fund Manager Survey.

But it's not just US Steel and other industrials that have rallied hard in the wake of Trump's election. The other areas of the market on notice now include highly taxed companies, which would be helped by a big cut if it made its way through Congress, and financial firms that could benefit from looser regulations proposed by Trump.

While they won't all whiff the way US Steel just did, all of them have been pumped up by the Trump trade.

SEE ALSO: The Trump trade looks dead

Join the conversation about this story »

NOW WATCH: The disturbing reason some people turn red when they drink alcohol

13:36 Ann Coulter cancels her speech at UC Berkeley» Top News & Analysis
Conservative commentator Ann Coulter canceled her UC Berkeley speech after a dispute with officials.
13:35 The 5 soft skills that will get you hired — and how to learn them» Top News & Analysis
Companies want more from their employees than technical smarts.
13:35 What ‘Trump rally’? U.S. stocks are actually huge laggards this year» Top News & Analysis
So far this year, markets abroad are leaving U.S. equities in the dust, and some strategists say the outperformance could continue to accelerate.
13:34 Trading startup Robinhood raises $110 million in new funding round» Reuters: Money
NEW YORK (Reuters) - Commission-free trading startup Robinhood has raised $110 million in a round led by Russian billionaire Yuri Milner's investment group DST Global, valuing the company at $1.3...
13:34 United had more pet deaths in 2016 than any other major US airline (UAL)» Markets

Airlines pet deaths

United Airlines made headlines on Wednesday after a giant bunny died in one of its pet-holding facilities after flying with the airline from London to Chicago.

But this isn't the first time the airline has come under fire for how it handles pets in transit. In February, A Michigan resident said the airline was responsible for the death of her golden retriever, Fox News reported.

According to data provided by the Department of Transportation, United had more "pet incidences," which refers to injuries, deaths, and losses, than any other major airline in 2016. There have been 14 injuries and 9 deaths. Delta, which ranks second for pet incidences, is responsible for 5 deaths and 5 injuries.

However, United has transported more pets (109,149) compared to Delta (81,070). When you break it down by percentage, United's track record for pet incidences is a mere .02%, while Delta's is .01%. When you put it in that context, airlines have a fairly similar, and low, percentage of pet incidences.

United spokesman Charles Hobart told the Associated Press it's reviewing the handling of the bunny, which didn't show signs of distress when it initially landed in Chicago.

"Travel can be stressful for animals," Hobart told the AP. "We have a lot of tips and suggestions for customers who decide to ship their pet or (other) animal."

SEE ALSO: People are threatening to boycott United Airlines after a passenger was dragged off the flight

Join the conversation about this story »

NOW WATCH: United Airlines CEO apologizes after initially calling the passenger 'disruptive' and 'belligerent'

13:32 Op-Ed: Toshiba's move to ditch its accounting firm looks like a desperate attempt to stay listed» Top News & Analysis
Toshiba axing PwC as its accountant is an ugly look for a firm that badly needs to win back investors' trust, says Breakingviews' Quentin Webb.
13:27 Hilton to hire another 20K veterans and their families» Business and financial news - CNNMoney.com
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13:25 MiFID II RPA Solution Providers» Traders Magazine - Latest News
In a report shared with Traders Magazine, Integrity Research reviews the vendors who are offering platforms designed to help asset managers implement the new research unbundling rules under MiFID II.
13:25 The Main Highlights In Trump's Sweeping Tax Reform Proposal»

In brief, the tax reform was largely in line with what was leaked and what was expected. Small surprises: the tax bracket for high income earners was 2% more (at 35%) than what Trump campaigned on, and the standard deduction has been doubled so that no married couple pays tax on their first 24k earned, Citi notes.

As expected, no mention of border adjustment taxes. The plan also looks to repeal real estate taxes, alternative minimum tax and the death tax. Territorial taxes are also included. As we type, Mnuchin and Cohn are answering their last question.

Below is the actual tax from the White House:

2017 Tax Reform for Economic Growth and American Jobs

The Biggest Individual And Business Tax Cut in American History

Goals For Tax Reform

  • Grow the economy and create millions of jobs
  • Simplify our burdensome tax code
  • Provide tax relief to American families—especially middle-income families
  • Lower the business tax rate from one of the highest in the world to one of the lowest

Individual Reform

  • Tax relief for American families, especially middle-income families:
    • Reducing the 7 tax brackets to 3 tax brackets of to%, 25% and 35%
    • Doubling the standard deduction
    • Providing tax relief for families with child and dependent care expenses
  • Simplification:
    • Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers
    • Protect the home ownership and charitable gift tax deductions
    • Repeal the Alternative Minimum Tax
    • Repeal the death tax
  • Repeal the 3.8% Obamacare tax that hits small businesses and investment income

Business Reform

  • 15% business tax rate
  • Territorial tax system to level the playing field for American companies
  • One-time tax on trillions of dollars held overseas
  • Eliminate tax breaks for special interests


Throughout the month of May, the Trump Administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs, and makes America more competitive—and can pass both chambers.

Some other observations: as Time's Zeke Miller notes this Trump tax plan is the same as the one released last fall. "If his team has been working on it for the last 6mos, we didn't see it 2day."

Additionally, while the proposed tax plan does not raise taxes on hedge fund managers, as Trump vowed during his campaign, courtesy of the cut in LLC tax rates, it will likely lower the taxes many if not all HF managers pay.

And, of course, with the state deduction gone, it means that for many Americans the net effect will be to raise, not lower the amount of tax owed.

* * *

Of course the crucial question is - with The White House targeting deductions to help pay for tax plan (but mortgage/charitable are protected), how does this not blow up deficit?

Perhaps the most concerning aspect is the apparent expectations management that is being undertaken this morning:

The White House's presentation will be "pretty broad in the principles," said Marc Short, Trump's director of legislative affairs.


In the coming weeks, Trump will solicit more ideas on how to improve it, Short said. The specifics should start to come this summer.


Short said the administration did not want to set a firm timeline, after demanding a quick House vote on a health care bill and watching it fail.


But, Short added, "I don't see this sliding into 2018."

The biggest question is - will this be enough to satisfy the market? For now the answer is no, because as Citi adds the market isn't jumping around on this but there is a bid in US fixed income, taking USDJPY down towards 111.25. All in all, a classic buy the rumor, sell the news on an underdelivered (but fairly presented as such) "big announcement" from the Trump Administration.

13:18 Amazon's $200 Echo Look will judge your outfits» Business and financial news - CNNMoney.com
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13:15 Ripple talks up network effect with ten banks onboard» Finextra Research Headlines
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13:11 The group of conservatives who killed the original version of 'Trumpcare' is now on board» Markets

Mark Meadows

The conservative House Freedom Caucus on Wednesday reversed course and said it was on board with the latest iteration of a Republican plan to repeal and replace Obamacare.

The caucus said the recently added, so-called MacArthur amendment to the American Health Care Act satisfied the group's conditions for supporting the bill.

"Over the past couple of months, House conservatives have worked tirelessly to improve the American Health Care Act to make it better for the American people," the statement said. "Due to improvements to the AHCA and the addition of Rep. Tom MacArthur's proposed amendment, the House Freedom Caucus has taken an official position in support of the current proposal."

The Freedom Caucus, a block of roughly 35 House Republicans, did not support the original AHCA. Its lack of support contributed heavily to the bill's being pulled from the House floor.

The MacArthur amendment, released Tuesday, would allow states to receive waivers to avoid certain regulations established by Obamacare, the healthcare law officially known as the Affordable Care Act. Critics have expressed concern that through the waivers states would allow insurers to charge more for people with preexisting conditions and offer lower standards of care in their plans.

These waivers have also drawn criticism of moderate GOP members, whose support for the new version of the AHCA, also known as "Trumpcare," remains unclear.

In addition to the Freedom Caucus, the new amendment has also won over conservative advocacy groups, like the Club for Growth and Heritage Action, that originally opposed the AHCA.

SEE ALSO: Republicans have a new plan to repeal Obamacare — and it may bring them closer to passing 'Trumpcare'

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NOW WATCH: 'Stop shaking your head again': Watch Spicer's tense exchange with a reporter over alleged White House scandals

13:09 What you need to know on Wall Street today» Markets

donald trumpWelcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

President Donald Trump is set to release his massive tax plan on Wednesday that includes slashing the corporate tax rate. Under Trump's plan, business taxes in the US would be among the lowest in the developed world. You can stay up to date with the latest on the tax plan here

Congress is getting closer to a deal to stop a government shutdown — but details are still murky. And the Mexican peso is getting smashed following reports the White House is getting ready to pull out of NAFTA.

Credit Suisse on Wednesday said it would raise around CHF4 billion (£3.1 billion, $4 billion) by offering new shares to investors. It is halting plans to list part of its Swiss unit on the stock exchange.

Companies "have a moral obligation" to do more for society, according to JPMorgan chief Jamie Dimon. 

A Wall Street boutique is crushing it, and now it's ready to go out and make some big hires. A fast-growing trading startup has made a "game changer" hire.

A new hedge fund started by a Steve Cohen protégé is off to a strong start. And billionaire hedge funder Howard Marks just listed his "Versailles in the Sky" condo for a discounted $27.5 million

A fund manager with $13.6 billion in assets shares his simple strategy for picking stocks"Sell in May and go away" is an old saying that should probably be ignored. And here's how to make a killing this earnings season, according to Goldman Sachs

No-fee stock trading app Robinhood is now officially worth $1.3 billion. A radical finance firm has an app that'll show you the social impact of all of your purchases. And this analytics firm uses one trillion Facebook and Twitter posts to predict stock movements.

Deckers Outdoor, the maker of the popular UGG brand, has announced it is reviewing "strategic alternatives" that include the sale of the firm.

Chipotle's sales grew for the first time since the E. coli crisis. The company is beginning the long road to recovery, according to Credit Suisse. 

Consumer Reports has demoted the Tesla Model S from its top luxury-car rating. Twitter's revenue declined for the first time last quarter, but it still managed to beat expectations across the board. And here's what to pay attention to when Google reports Q1 results.

Lastly, a banker-turned-Googler explains how a finance background makes you the ideal candidate for tech jobs. 

Here are the top Wall Street headlines from the past 24 hours.

Hedge fund honcho Simon Lorne talks Trump, Brexit and "Billions" - Hedge fund critics are becoming increasingly vocal about the $3 trillion industry, arguing that it produces mediocre returns for clients while enriching managers with exorbitant fees.

A Wall Street trader is calling the bottom in retail - Ian Winer, the head of equities at Wedbush Securities, is making a bold call: buy retail stocks. 

US Steel is tanking 25% after reporting an unexpected loss - US Steel is diving after reporting a loss for the first quarter of 2017 on Tuesday.

CREDIT SUISSE: McDonald's has unlocked "pent-up earnings power" - McDonald's had a killer first quarter, and that has much of Wall Street bullish on the company's stock. 

Fiat Chrysler beats expectations for first-quarter earnings - Fiat Chrysler Automobiles is continuing its run of good financial results. 

Anthem crushes earnings and raises guidanceNo. 2 US health insurer Anthem reported a much better-than-expected profit and revenue, helped by increased membership in its government business, which sells Medicaid and Medicare plans and higher premium rates.

Pepsi beats as revenue from "guilt-free" products explodes 45%PepsiCo reported higher-than-expected quarterly revenue and profit as the company benefited from demand for its healthier drinks and snacks and kept a tight leash on costs.

United Technologies profit jumps 17.8%United Technologies Corp, the maker of Otis Elevators, Pratt & Whitney aircraft engines and Carrier air conditioners, beat analyst expectations with a 17.8% rise in first-quarter profit, helped by higher sales in all four of its business units.

The boss of one of the world's biggest exchange groups said EU markets rules are the "worst piece of legislation" he's ever seenJeffrey Sprecher, the founder, chairman, and CEO of Intercontinental Exchange said that implementing MiFID II — which comes into force at the beginning of 2018 — is "daft," especially when put in the context of Britain's impending departure from the European Union.

SEE ALSO: The 27 most important finance books ever written

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13:08 Costco is giving shareholders a special payment (COST)» Markets

Screen Shot 2017 04 26 at 11.55.59 AM

Costco shareholders are getting a special treat on May 26.

In addition to raising the company's quarterly dividend by five cents to $0.50 cents a share, the wholesaler announced a special cash dividend of $7 per share to shareholders of record by the market close on May 10.

The special dividend is 14 times the regular quarterly dividend and will cost the company $3.1 billion, according to a press release.

So while most retailers are scrambling just to keep their doors open and are urgently counting every penny, it looks like management at Costco wants to show investors that the "retail apocalypse" hasn't touched the wholesale giant.

In fact, shares of Costco are up 15% over the past year.

“Today’s announcement of a $7.00 special dividend is our latest step in returning capital to our shareholders," Richard Galanti, Costco Executive Vice President and Chief Financial Officer said in the release. "Our strong balance sheet and favorable access to the credit markets allow us to provide shareholders with this dividend, while preserving financial and operational flexibility to continue to grow our business globally.”

According S&P Global, the last time a retailer announced a special dividend was in February 2016, when Best Buy  announced a much smaller dividend of 45 cents.

Shares of Costco are reacting positively to the announcement, up more than 2% at $176.18. They've gained 10.4% so far in 2017 and are just below their all-time high of $178.71 set on March 1. 

Click here for a real-time Costco chart.

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13:06 Trump is reportedly considering pulling out of NAFTA — here's where Mexico could get hit» Markets

cars mexico

The Trump administration is considering an executive order on withdrawing the US from NAFTA, Politico reported on Wednesday citing two White House officials.

A draft order, written by Peter Navarro, the head of Trump's National Trade Council, in close cooperation with White House chief strategist Steve Bannon, has been submitted for the final stages of review and could be released late this week or early next week, according to Politico.

The contents of the draft executive order are unclear at this stage, but it's worth examining which sectors in Mexico do the most business with the US.

Back in early January, Neil Shearing, the chief emerging markets economist at Capital Economics, shared a chart in a note to clients of the top 20 exports from Mexico to the US in 2015 by dollar value.

The number one export category, by far, is vehicles and vehicle parts, totaling almost $80 billion — or about 25% of the country's total exports to the US — according to data from Intracen. The next three on the list are electrical components, food, and computers.

"The upshot, then, is that targeted measures imposed on the vehicle, electronics, and food and beverage sectors would hit Mexico's economy especially hard," wrote Shearing. "Similarly, in the event of a blanket tariff across all sectors, producers in these areas would be among the hardest hit." 

The Mexican peso is getting smashed following reports the White House is getting ready to pull out of NAFTA. The peso is down by 2.2% at 19.2704 per dollar as of 12:53 p.m. ET.

mexico exports to US

SEE ALSO: Everything you need to know about NAFTA

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13:04 Freedom Caucus Confirms Support For Revised Obamacare Replacement Bill»

Moments ago the House Freedom Caucus announced their support for a revised version of an Obamacare replacement bill that includes the so-called "MacArthur Amendment."  Here is the official statement from Freedom Caucus Chair Mark Meadows:

"Over the past couple of months, House conservatives have worked tirelessly to improve the American Health Care Act (AHCA) to make it better for the American people. Due to improvements to the AHCA and the addition of Rep. Tom MacArthur’s proposed amendment, the House Freedom Caucus has taken an official position in support of the current proposal.


The MacArthur amendment will grant states the ability to repeal cost driving aspects of Obamacare left in place under the original AHCA.  While the revised version still does not fully repeal Obamacare, we are prepared to support it to keep our promise to the American people to lower healthcare costs. We look forward to working with our Senate colleagues to improve the bill. Our work will continue until we fully repeal Obamacare.”


Mission statement of the House Freedom Caucus:


“The House Freedom Caucus gives a voice to countless Americans who feel that Washington does not represent them. We support open, accountable and limited government, the Constitution and the rule of law, and policies that promote the liberty, safety, and prosperity of all Americans.”


As we noted previously, the "MacArthur Amendment" (summarized here) effectively allows individual states to 'opt out' of certain Obamacare regulations which require minimum coverage and restrict the ability to insurers to charge varying rates based on an individual's health.

Of course, only time will tell if appealing to the more conservative wing of the Republican party will now result in defections of more centrist votes with the Associated Press noting that some 50 moderate Republicans are still uncertain or oppose the latest plan.

As John Boehnor said best, "Republicans have never, ever, not once agreed on what a healthcare bill should look like."

13:03 Trump Individual Tax Plan To Have 3 Brackets: 35%, 25%, & 10% »

As the minutes tick by ahead of the announcement of "the greatest tax cut in human history," we are getting more information on the personal tax rates (something Treasury Secretary Mnuchin failed to mention earlier). As Fox News reports, in addition to raising deductions, the Trump administration will collapse the current seven-tier bracket system into just three tax brackets under the new plan, taxed at rates of 35 percent, 25 percent and 10 percent.

As Fox News reports, President Donald Trump’s tax plan, which will be unveiled Wednesday, calls for a sizable increase to the standard deduction Americans can take when filing taxes, potentially allowing taxpayers to keep more of their income – to the tune of a couple thousand dollars, White House sources told Fox News.

A piece of the proposed tax overhaul would nearly double the standard deductions that both individuals and families can claim on their returns, Fox News reported. Under the proposal, the tax cuts for individuals and married couples filing separately will increase from $6,300 to $12,600. The standard deduction for a married couple filing jointly will jump from $12,700 to approximately $24,000.


White House sources also said the plan would eliminate the marriage penalty.


In addition to raising deductions, the Trump administration will collapse the current seven-tier bracket system into just three tax brackets under the new plan, taxed at rates of 35 percent, 25 percent and 10 percent... this is slighlty different than Trump’s previously proposed tax rates were 33 percent, 25 percent and 12 percent.

We look forward to hearing from Mnuchin and Cohn in an hour on the details... and of course any guesstimate at whether this will pass.

13:03 Treasury Sells $34 Billion In 5Y Paper In Ugly, Tailing Auction At Lowest Yield Since November»

After yesterday's stellar 2Y auction, moments ago the Treasury sold $34 billion in 5 Year paper in what can only be described as a quite ugly auction.

The high yield printed at 1.875%, which maybe because it was the lowest stop since November's 1.76%, drew far less bidside interest than yesterday's auction. It also tailed by 0.7bps to the 1.875 When Issued.

The internals were just as ugly, with the Bid To Cover slumping to 2.34 from last month's 2.37 and the 6 month average of 2.45.

Indirects took down 57.3%, well below the 6 month average of 63.5%, and the lowest since July 2016. With Directs expressing little interest too, it meant Dealers were stuck taking down 37.4% of the final allotment, the highest since last July.

It is unclear what changed so notably in the past 24 hours, but whatever it was it appears to have spooked bidders and certainly foreign buyers.

12:54 Labor Nominee Clears Procedural Hurdle, Setting Up Confirmation Vote» WSJ.com: US Business
The last of Donald Trump’s cabinet secretaries could be in place this week after Labor nominee Alexander Acosta passed a key hurdle Wednesday.
12:49 Amazon's Q1 May Show Intensifying Wal-Mart War» Barron's Most Viewed Today
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12:36 Boeing Shaking Up Supply Chain» WSJ.com: US Business
Boeing could bring more work in-house as part of an effort to reduce the cost of building jetliners that also includes introducing more automation and job cuts.
12:36 The Mexican peso is getting smashed following reports the White House is getting ready to pull out of NAFTA» Markets

The Mexican peso is getting smashed following reports the White House is getting ready to pull out of NAFTA.

The currency was down by 2% at 19.2445 per dollar as of 12:36 p.m. ET.

Earlier Wednesday, citing two White House officials, Politico reported that the Trump administration was considering an executive order on withdrawing the US from the North American Free Trade Agreement.

A draft order, written by Peter Navarro, the head of President Donald Trump's National Trade Council, in close cooperation with White House chief strategist Steve Bannon, has been submitted for the final stages of review and could be released late this week or early next week, according to Politico.

Here's the peso:

usdmxn mexican pesos to us dollars

NAFTA is a trade deal among the US, Mexico, and Canada. It was negotiated under President George H.W. Bush and implemented under President Bill Clinton in 1994 after heated debate in Congress.

NAFTA eliminated most tariffs, such as taxes on imports and exports, on traded goods among the three nations. It put in place processes to get rid of other trade barriers too.

The point of NAFTA was to encourage economic integration among the US, Mexico, and Canada. And that, by extension, was supposed to boost economic prosperity for all three.

Trade can theoretically improve economic efficiency and make everyone wealthier by allowing countries to specialize in what they're good at. More concretely, one effect of increased economic integration would be for US firms to move production over to Mexico where labor is cheaper than in the US or Canada — for example, with the auto industry.

Trump made the debate over free trade one of the central topics of his campaign. He argued in favor of ripping up trade deals, said NAFTA was "the worst trade deal in the history of the country," and called the Trans-Pacific Partnership, or TPP, "a rape of our country."

During his first week in office, Trump signed an executive order regarding his intent to pull the US out of the TTP. Additionally, he has on multiple occasions stated his intent to "renegotiate" NAFTA.

Head over here to read about NAFTA and its effects on the US economy here.

SEE ALSO: Everything you need to know about NAFTA

Join the conversation about this story »

NOW WATCH: 6 things the Samsung Galaxy S8 can do that the iPhone can’t

12:29 PAUL RYAN: The deal to avoid a government shutdown will not include payments needed to avoid Obamacare collapse» Markets

paul ryan laughing

House Speaker Paul Ryan told reporters Wednesday that the spending bill that would avoid a government shutdown would not include payments critical to keeping the Affordable Care Act’s health-insurance markets viable.

Democrats had hoped to include cost-sharing reduction payments in the spending bill to ensure the stability of the individual insurance exchanges and therefore of the Affordable Care Act, the healthcare law better known as Obamacare.

"CSRs, we're not doing that," Ryan told reporters a press conference with House GOP leadership. "That is not in an appropriation bill — that's something separate that the administration does."

While Congress could fund the CSR payments via a new appropriation, the White House currently controls the CSR spending — though its authority to do so is under dispute in the court system.

CSR payments go to insurers to help defray the cost of offering plans to low-income Americans. Without the roughly $8 billion in annual payments, many health-policy experts have said, the marketplaces would see a flood of insurer exits and steeper price increases for Americans getting insurance through the marketplaces.

The payments are the subject of a lawsuit between the Republican-controlled House of Representatives and the Department of Health and Human Services that dates back to the Obama administration. The House argued the program was illegal since the funds were not appropriated by Congress. A judge ruled in Congress' favor in 2016, but an appeal from the Obama administration is still pending.

President Donald Trump has discussed the possibility of dropping the payments if they are not appropriated by Congress, injecting massive uncertainty into the Obamacare exchanges and insurers' plans for 2018.

Whether Democrats demand that CSR payments be included in any spending legislation could decide whether the bill passes and a government shutdown is avoided this week. Forty-two percent of people surveyed in a Politico/Morning Consult poll said the continuation CSR payments were important enough to prompt a government shutdown.

SEE ALSO: Republicans have a new plan to repeal Obamacare — and it may bring them closer to passing 'Trumpcare'

Join the conversation about this story »

NOW WATCH: Watch the trailer for Al Gore's new climate change documentary that takes aim at Trump

12:26 Trump's NAFTA is already running out of time» Business and financial news - CNNMoney.com
President Trump's trade team can't start negotiating until at least August. Mexico wants a deal done by early 2018 and it has elections in nearly a year. The window of time to renegotiate a new deal is getting narrower every day.
12:24 U.S. investment firm launches $10 mln ethereum classic private fund» Reuters: Money
NEW YORK (Reuters) - U.S. investment firm Grayscale Investments has launched the first private fund focused on ethereum classic, a blockchain platform, with a seed capital of $10 million, Barry...
12:19 How Evil Is Silicon Valley?» WSJ.com: US Business
The film “The Circle” zeroes in on the evils that ensue when tech companies inadvertently create a surveillance society—and all of us smartphone addicts willingly help, Geoffrey A. Fowler writes.
12:19 Yale grad students pledge hunger strike to press union bid» AP Top Business News at 3:20 p.m. EDT
NEW HAVEN, Conn. (AP) -- As a union push stalls at Yale University, organizers are stepping up pressure to bring the administration to the negotiating table, including a vow by some graduate students to go on a hunger strike until talks begin....
12:19 A new hedge fund started by a Steve Cohen protégé is off to a strong start» Markets

Beekeper Roman Linhart checks a honeycomb from a thermosolar hive in Chrudim May 25, 2015. REUTERS/David W Cerny

A New York hedge fund that has the backing of Dan Loeb and Steve Cohen's family has had a strong start to the year.

Honeycomb Asset Management's flagship fund returned 9.3% net of fees in the first quarter, according to a document provided to Business Insider by an investor.  That's compared to a 2.3% rise in the HFRI, a hedge fund index.

Honeycomb, which was founded by David Fiszel, managed about $330.7 million as of March 31, according to the document.

Honeycomb invests in the consumer sector and technology, media and telecommunications.

The fund's net exposure – the difference between its long and short investment positions – was 54.1%, the document said. The fund's biggest net exposure was in the information technology space, at 40.4%, followed by consumer discretionary, at 33.5%.

The fund's biggest regional positions were in North America, with a 37.1% net exposure, followed by Europe, at 11.9% net, according to the investor document.

The Honeycomb investor asked not to be named because the information is private.

Fiszel started at Steve Cohen's firm, then SAC Capital Advisors, in 2000, left to run a hedge fund startup, Rhombus Capital, which closed in 2007, and later moved back to Cohen's firm, according to previous news reports. He launched Honeycomb last summer.

A spokesperson for Honeycomb declined to comment.

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12:13 A Wall Street boutique is crushing it, and now it's ready to go out and make some big hires (MC)» Markets

Ken Moelis

Moelis & Company, a boutique investment bank, just announced its second record quarter in a row, and is now looking for top-tier talent to add to its roster.

The firm beat analysts' first quarter expectations by earning $173 million in revenue, thanks in part to a focus on middle market activity, something the company believes separates it from competitors.

Record profits have allowed Moelis & Co to pursue outside talent, including poaching a major tech hire from a competitor.

"We announced recently a veteran software and technology hire who will join this summer and our recruiting pipeline is strong," said CEO and founder Kenneth Moelis in his company's earning call.

That veteran is Lee Counselman, an investment banker focused on software and services. Counselman was most recently the global head of software investment banking at Deutsche Bank, and held a prior role as co-head of technology M&A.

Moelis & Co currently employs 110 managing directors and about 650 employees in 17 offices worldwide, and Ken Moelis said he is expecting the firm to add to its number of MDs. 

"We think we have a strong pipeline, but again, those are, you don't know till you know," Moelis said. "Hiring quality people is always a – you're never done till you're done. So I don't want to overdo it, but our pipeline of people and conversations is as strong as it's ever been in the last two or three years."

Some of the firm's expansion can be expected to come from internal promotions as well.

"Remember, we're just now getting into people that we really recruited out of business school 8 to 10 years ago, trained and acculturated," Moelis said. "So we're getting much more confident in our own internal pipeline as well."

Moelis & Co has been involved in some major deals recently, including securing a lead advisory role on Saudi Aramco's massive upcoming IPO. It's also advising Deckers Outdoor, the maker of the popular UGG brand, on a review of "strategic alternatives" that include the sale of the firm

SEE ALSO: A big deal in trading has brought together some of the biggest names on Wall Street

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11:52 Stock trading app Robinhood raises $110m at $1.3bn valuation» Finextra Research Headlines
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11:52 State regulators sue OCC over fintech charter plans» Finextra Research Headlines
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11:36 Boyle Heights woman, cleared of drug bust involvement, faces deportation» Yahoo News - Latest News & Headlines

Boyle Heights woman, cleared of drug bust involvement, faces deportationA woman is facing deportation following a Boyle Heights drug bust that sheriff's deputies said she had no involvement in.

11:34 Esprow Launches Market Simulator Platform for Algos and Venue Connectivity» Traders Magazine - Latest News
Esprow announced the launch of ETP GEMS, its Global Exchanges and Markets Simulation platform to enable market participants to test trading algorithms’ design and functionality, as well as venue connectivity, and to comply with the latest MiFID II requirements.
11:33 Indians are eating tons more chocolate. Here's why» Business and financial news - CNNMoney.com
Chocolate sales in India are booming even as sales stagnate in other nations where consumers are seeking out healthier options.
11:30 Palantir pays $1.66m to settle hiring discrimination suit» Finextra Research Headlines
Palantir Technologies, a Peter Thiel-founded big data outfit which claims the SEC among its clients,...
11:27 Under Trump's plan, business taxes in the US would be among the lowest in the developed world» Markets

President Donald Trump is set to release his massive tax plan on Wednesday that includes slashing the corporate tax rate.

One of the biggest refrains from Trump and Republicans is the desire to make the US "competitive" globally when it comes to corporate tax rates.

The current 35% corporate rate is the highest among the 35 OECD countries (just accounting for the base level central government rate that Trump's tax plan would cut). Under Trump's tax plan, the US would be tied for fourth lowest tax rate of the developed nations, between Germany and Poland.

If average federal deductions and average state level taxes are included, the US would move to 15th lowest among OECD countries since many of the smaller nations do not have sub-central government level taxes, according to the OECD database.

OECD corporate taxes

SEE ALSO: Trump is about to unveil his plan for the 'biggest tax cut in history'

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11:20 CREDIT SUISSE: Chipotle is beginning the long road to recovery (CMG)» Markets

Screen Shot 2017 04 26 at 10.20.37 AM

Chipotle just reported it's best quarterly numbers since the 2015 E. coli outbreak cut the company's stock price in half. The stock is responding, rising 4.86% as of 10:20 AM ET.

Credit Suisse analyst Jason West sent a note to clients April 26 raising his price target on the stock to $425 from $375. He reminded investors that the turnaround process is just beginning, and that there is a long and onerous road ahead.

"The pace of recovery should moderate from here as CMG begins to lap more normalized sales and expense trend," West said. "We also continue to believe the cost of customer recapture will be higher than expected, particularly amidst a very tight labor market and increasing competition."

West came to his $425 price target by valuing Chipotle based on "~20x 2018E EV/EBITDA". He gave the stock a higher multiple than the 15X industry average because of Chipotle's 8-9% new restaurant sales growth. 

"We believe this pace of recovery is fully embedded in the stock at this price", West said. 

In the company's earnings call, Chipotle did report a "payment systems breach," which tempered gains for the stock after the close April 25. Chipotle has not released many details about the breach but Credit Suisse said "this issue could cause a moderate pullback in near-term sales trends."

Click here for a real-time Chipotle chart.

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NOW WATCH: Animated map of what Earth would look like if all the ice melted

10:55 WHO says Liberia taking precautions after mystery deaths» Yahoo News - Latest News & Headlines

WHO says Liberia taking precautions after mystery deathsLiberian health authorities are taking rapid precautionary steps after eight people died of a mystery illness, the World Health Organization said on Wednesday, 10 months after the end of a catastrophic two-year Ebola virus outbreak. "Yesterday WHO received a report from Liberia health authorities about a cluster of unexplained illness and deaths in the southern part of the country – Sinoe County," WHO spokesman Tarik Jasarevic said in emailed comments. Samples were also being taken from water sources to test for chemicals and bacteria.

10:45 Pindrop reports rise in financial phone fraud» Finextra Research Headlines
The rise in fraudulent calls made to the UK by international criminal gangs has almost doubled in th...
10:44 Avaloq partners IBO to deliver bank trust rankings» Finextra Research Headlines
The future success of the financial industry, to a large degree, resides on the pillars: trust, tran...
10:42 Venture capital enthusiasm for fintech startups shifts to Europe» Reuters: Money
SAN FRANCISCO (Reuters) - Venture capital investments in financial services startups are showing a geographical split, with funding for so-called "fintech" companies in the United States cooling but...
10:42 Standard Chartered Private Bank launches digital wealth advisory tool» Finextra Research Headlines
Standard Chartered Private Bank has introduced ADVICE, a digital wealth advisory tool for its relati...
10:39 Trump Administration Sets Stage for Nafta Talks» WSJ.com: US Business
The Trump administration’s tough new approach to Canada on trade is helping crystallize support in the U.S. Congress for renegotiating the North American Free Trade Agreement and setting the groundwork for the increasingly complicated negotiations, current and former officials said.
10:35 Customer obsession is the only way banks will survive» Finextra Research Headlines
Being customer obsessed We are in the age of the customer. A single tweet takes 22 minutes to go fr....
10:30 Speaker of the House Paul Ryan holds a press conference» Yahoo News - Latest News & Headlines

Speaker of the House Paul Ryan holds a press conferenceOn Wednesday, April 26,2017, Speaker of the House Paul Ryan holds a press conference after closed-door meetings with House Republicans.

10:15 Google's Costs Don't Always Click» WSJ.com: US Business
How Google generates advertising revenue that now totals nearly $80 billion a year is no easy feat—especially at the double-digit rates the company has been reliably pulling off for years.
10:01 Hershey» AP Top Business News at 3:20 p.m. EDT
HERSHEY, Pa. (AP) -- Hershey Co. on Wednesday reported a steep slide in first-quarter profit on a hefty charge, but the results still topped Wall Street expectations....
09:59 IBM and National University of Singapore draft blockchain module for fintech course» Finextra Research Headlines
The National University of Singapore (NUS) School of Computing and the IBM Center for Blockchain Inn...
09:55 Ipreo provides FIX interface for fixed income new issues» Finextra Research Headlines
Ipreo, a leading global provider of market intelligence and workflow solutions to financial services...
09:54 Azimo debuts P2P mobile money transfers» Finextra Research Headlines
Research released today from international money transfer company Azimo, reveals that nearly half of...
09:52 ITG’s Selway to SEC?» Traders Magazine - Latest News
Could ITG’s Jamie Selway be the next Director and head of The Division of Trading and Markets at the Securities and Exchange Commission? Quite possibly, according to sources.
09:42 As Amazon Hits High, One Analyst Reconsiders» Barron's Most Viewed Today
Wall Street is largely cheering the company’s rally, but a contrarian sees risks in the months to come.
09:31 Trump Administration Mulls More Trade Actions» WSJ.com: US Business
The Trump administration is considering launching trade actions to protect certain U.S. industries, while at the same time ramping up free-trade talks with the EU, Japan and the U.K., Commerce Secretary Wilbur Ross said in an interview.
09:20 RBS goes green with Savortex hand dryers» Finextra Research Headlines
At the end of last year, the government announced its target to reduce emission rates 57% by 2030 on...
09:16 Be careful what you wish for» Finextra Research Headlines
Those of us who remember the good old days will recall the industry debate as to how much dark liqui...
09:14 Trump has done a big flip-flop on Wall Street» Business and financial news - CNNMoney.com
President Trump has done a swift U-turn on Wall Street. In his first 100 days, Trump has shifted away from the populism he campaign on and moved toward Wall Street.
08:57 China tech billionaire: We welcome immigrants» Business and financial news - CNNMoney.com
Baidu CEO Robin Li wants more foreign workers to come to China.
08:37 Rising Home Prices Raise Concerns of Overheating» WSJ.com: US Business
The U.S. housing market’s red-hot recovery from the depths of the crash five years ago is fueling concerns among economists and real-estate brokers that home prices are overheating.
08:36 Vantiv to acquire Paymetric» Finextra Research Headlines
Vantiv, Inc. (VNTV), a leading provider of payments processing services and related technology solut...
08:20 Amazon’s $96 sound bar is so good it doesn’t need a separate subwoofer» Yahoo News - Latest News & Headlines

Amazon’s $96 sound bar is so good it doesn’t need a separate subwoofer

It used to be that if you wanted to add decent sound to your TV, you need to spend upwards of $1,000 on a surround sound system. The the home audio market got much more competitive, and prices began to fall. Things really took a turn when companies began launching sound bars, which cost less to make and didn't require users to run cables all over their homes. Fast-forward to today, and you can get a solid sound bar with a wireless subwoofer for between $200 and $300.

And then there's the AmazonBasics 2.1 Channel Bluetooth Sound Bar with Built-In Subwoofer, a 4-star rated home audio solution that costs less than $100. The nifty design builds the sub right into the sound bar itself, delivering great sound, a compact design, and the easiest possible installation.

Here are a few more details from the product page:

  • 31.5-inch sound bar with built-in subwoofer enhances home-audio systems (not compatible with universal or TV remotes)
  • Bluetooth technology v2.1 + EDR with A2DP & AVRCP for seamless streaming from various devices
  • Full-range stereo speakers; up to 92 dB (2.1 channels)
  • 4-piece 2-inch round frame; mid- to high-range drivers; 4-by-2.7-inch sub-range driver; 2-piece passive radiator
  • 3 sound modes: Standard, News, and Movie; remote control and wall-mount hardware included; measures 31.5 by 3.2 by 3.5 inches (W x H x D)

08:17 Financial API manager Quovo raises $10 million» Finextra Research Headlines
Quovo, a data platform providing insights and connectivity for financial accounts, today announced i...
08:15 Trump slams federal court ruling on funding for 'sanctuary cities'» Yahoo News - Latest News & Headlines

Trump slams federal court ruling on funding for 'sanctuary cities'President Donald Trump on Wednesday attacked a federal judge's ruling that blocked his executive order seeking to withhold funds from "sanctuary cities" for illegal immigrants, vowing to appeal it to the U.S. Supreme Court. Tuesday's ruling by U.S. District Judge William Orrick in San Francisco was the latest blow to Trump's efforts to toughen immigration enforcement. "First the Ninth Circuit rules against the ban & now it hits again on sanctuary cities-both ridiculous rulings.

08:04 Trump tweets don't help: 1st Twitter revenue drop since IPO» AP Top Business News at 3:20 p.m. EDT
NEW YORK (AP) -- You&apos;d think Twitter would be able to milk its status as President Donald Trump&apos;s megaphone. But the company still faces stagnant user growth, has never made a profit and even reported a quarterly revenue decline Wednesday, a first since going public....
08:00 Accenture, India And The H1B Visa» Most popular articles
07:49 Exclusive: Schonfeld in talks to open UK office - sources» Reuters: Money
LONDON/NEW YORK (Reuters) - Multibillion-dollar U.S. hedge fund investor Schonfeld Strategic Advisors is in preliminary talks to open an office in Britain to invest in more European money managers,...
07:49 Mizuho to go live with DLT-based trade finance application» Finextra Research Headlines
Mizuho Bank is preparing to conduct its first live trade financing transactions over a distributed l...
07:48 IEX Goes DEEP, Preps Launch of Depth of Book and Last Sale Feed» Traders Magazine - Latest News
The U.S.’ newest equities exchange, IEX, has launched a new free service designed to help traders get more data to help them execute their orders more efficiently. And its free of charge...
07:37 Market Is Not Overvalued - Cramer's Mad Money (4/25/17)» Most popular articles
07:00 Wall Street Breakfast: Tax Day Comes Round Again» Most popular articles
06:57 US Navy fires warning flare at Iran vessel in Persian Gulf» Yahoo News - Latest News & Headlines

US Navy fires warning flare at Iran vessel in Persian GulfDUBAI, United Arab Emirates (AP) — A U.S. Navy guided-missile destroyer fired a warning flare toward an Iranian Revolutionary Guard vessel coming near it in the Persian Gulf, an American official said on Wednesday, the latest tense naval encounter between the two countries.

06:48 DBS and OCBC push QR codes for mobile payments» Finextra Research Headlines
Singaporean banks DBS and OCBC are to introduce QR code-based payments at offline stores in a joint...
06:40 Buy Bank Of America - Cramer's Lightning Round (4/25/17)» Most popular articles
06:27 A Land Where Typos Still Exist» Traders Magazine - Latest News
In this contributed article from BondWave, Paul Daley examines just how accurate trade reporting is in this day and age when focus is often on reporting speed.
06:22 GDPR and the redefining of personal data» Finextra Research Headlines
May 2018 will see the introduction of the General Data Protection Regulation (GDPR). The law covers...
06:12 Giant rabbit dies on United Airlines flight to United States» Yahoo News - Latest News & Headlines

Giant rabbit dies on United Airlines flight to United StatesA 3-foot giant rabbit has died on a United Airlines flight from London, prompting a review at the Chicago-based airline which faced a global backlash this month over its treatment of a passenger who was dragged from his seat. The 10-month old rabbit named Simon, who was tipped to become one of the world's largest rabbits, was traveling to O'Hare in Chicago from Britain after a celebrity owner purchased him. "Simon had a vet’s check-up three hours before the flight and was fit as a fiddle," breeder Annette Edwards told The Sun newspaper.

06:04 Plato Partnership and LiquidMetrix to Research Block Trade Performance» Traders Magazine - Latest News
Plato Partnership,a not-for-profit company, announced its intention to enter into a cooperation agreement with LiquidMetrix, to research, design and implement a stronger methodology for assessing block trade performance.
05:54 Soros Gains 8.2% in Small Tech Stock in Two Weeks» Barron's Most Viewed Today
Soros recently bought $1.3 million more Sigma Designs shares and sold $80 million in shares of Owl Rock.
05:51 Cash in retreat, but not dead yet - ING» Finextra Research Headlines
A cashless society is not only within reach, but is actively desired by a third of Europeans, accord...
05:50 Ann Coulter's Controversial Statements» Yahoo News - Latest News & Headlines

Ann Coulter's Controversial StatementsAuthor Ann Coulter who intends to speak at UC Berkeley campus Thursday, despite concerns over her security, is known for her controversial statements on racism and immigration.

05:43 Earnings Season Appears To Be the Best Since 2011» Barron's Most Viewed Today
Yes, strong numbers were expected. But a whopping 78% of firms that have reported have beaten estimates.
05:31 Express Scripts Stock Seen Reaching $88» Barron's Most Viewed Today
The largest stand-alone PBM is in a unique position to add value for its clients.
05:00 The consumer landscape has totally transformed» Finextra Research Headlines
Raja Rajamannar, Chief Marketing & Communications Officer, Mastercard, explains how digital is affec...
04:59 The coolness factor in banking» Finextra Research Headlines
Except for people at Fintech Meetups or students at business schools, no one actually thinks banking...
04:40 Q&A: Hedge fund executive Simon Lorne talks Trump, Brexit and 'Billions'» Reuters: Money
NEW YORK (Reuters) - Hedge fund critics are becoming increasingly vocal about the $3 trillion industry, arguing that it produces mediocre returns for clients while enriching managers with exorbitant...
03:55 China jails American businesswoman for spying» Business and financial news - CNNMoney.com
Sandy Phan-Gillis was sentenced to three and a half years in prison and deportation after pleading guilty to spying charges.
03:09 Female doctors earn less than male doctors» Business and financial news - CNNMoney.com
Among all physicians, females earn an average of 74 cents for every dollar a man makes, according to a new report.
02:25 AT&T (T) Q1 2017 Results - Earnings Call Transcript» Most popular articles

Tue 25 April, 2017

21:42 Defying crackdown, Venezuelans stage new march» Yahoo News - Latest News & Headlines

Defying crackdown, Venezuelans stage new marchVenezuelan protesters planned a new march Wednesday against President Nicolas Maduro, defying his government despite the deaths of more than 25 people in an increasingly violent political crisis. Twenty-six people have died so far this month in violence around the protests, including four minors, according to Attorney General Luisa Ortega. Maduro put the figure at 29 deaths in a speech Tuesday evening, without giving details.

21:00 Should central banks open up payment and settlement systems to non-banks?» Finextra Research Headlines
The rise of nonbank giants such as PayPal and WeChat is leading central banks to reassess to whom th...
20:47 I Am Buying This Blue Chip Yielding 7.2%» Most popular articles
20:02 The Latest: Father of missing California boy, 5, released» Yahoo News - Latest News & Headlines

The Latest: Father of missing California boy, 5, releasedLOS ANGELES (AP) — The Latest on the search for a missing 5-year-old boy in Southern California (all times local):

20:01 Samsung Galaxy S8 facial recognition software not ready for payments» Finextra Research Headlines
Contrary to earlier reports, the new Samsung Galaxy S8 will not let users authenticate payments thro...
18:25 'Talking Cars' Dishes on Mazda CX-5, Jeep Compass, and Honda Clarity FCV» Yahoo News - Latest News & Headlines

'Talking Cars' Dishes on Mazda CX-5, Jeep Compass, and Honda Clarity FCVFew vehicles have elicited as much interest from our viewers and readers as the redesigned 2017 Mazda CX-5 small SUV. This Mazda stands out in a category filled with competent but uninteresting m...

18:19 Chipotle: The Good and The Bad from Earnings» Barron's Most Viewed Today
The burrito chain is rebounding, but a payments breach could sour investors on the stock.
17:54 Netflix: Why the China Deal is Big» Barron's Most Viewed Today
The streaming service had been trying for years to gain access to the Chinese market.
17:50 CVS Move Hurts Hershey, Boosts Post, Mondelez» Barron's Most Viewed Today
The retailer is accelerating plans to increase floor space for nutritious foods at the expense of confectionery.
17:39 What we do in the next 5 years will determine the fate of the melting Arctic» Yahoo News - Latest News & Headlines

What we do in the next 5 years will determine the fate of the melting ArcticGlobal warming has pushed the Arctic into a new state unprecedented in human history, with thinning and retreating sea ice, skyrocketing air and sea temperatures, melting permafrost, and glaciers that are shedding ice at increasing rates.  All of these impacts and more may seem remote at first — after all, few of us live in Nunavut — but if you're a coastal resident anywhere in the world, from New York City to Dhaka, Bangladesh, what happens in the Arctic will affect you during the next several decades and beyond, primarily through sea level rise.  SEE ALSO: Trump White House reveals it's 'not familiar' with well-studied costs of global warming The economic effects of all Arctic warming impacts may be enough to dent the gross domestic product of some countries, with cost estimates ranging from $7 trillion to $90 trillion by the end of this century. These are the conclusions of a new, comprehensive assessment of the Arctic climate by a division of the Arctic Council — a cooperative, governing body that helps oversee development in the Far North.  Sea ice (TOP) meets land as seen from NASA's Operation IceBridge research aircraft above Greenland.Image: Mario Tama/Getty ImagesThe scientific report, released on Tuesday, is known as Snow, Water, Ice, and Permafrost in the Arctic, or SWIPA. About 90 scientists helped produce the report, while more than two-dozen experts peer-reviewed the results.  The document contains two key findings that anyone concerned about the future of not just the Arctic, but the entire globe, should take note of.  The first is that the Arctic Ocean could be free of summer sea ice starting as early as the late 2030s, which is earlier than other estimates have shown. The second is that rapid Arctic warming is driving greater melting of land ice in the region, which led scientists to conclude that consensus projections of global sea level rise made in 2013 are too conservative. Compared to the previous SWIPA report, which was produced in 2011, the new assessment paints a far more dire picture of an Arctic climate in overdrive.  It also offers hope that action can be taken now to slow down and eventually stabilize Arctic warming after about the year 2050. But time is running out. Even with rapid action to curb global warming pollutants like carbon dioxide and methane, the Arctic most of us grew up with — featuring thick sea ice making the region virtually impenetrable year-round — is gone, and is not likely to return anytime in the next century.  Sea ice thickness trends, showing the thinning trend in recent years.Image: zack labe"... The Arctic of today is different in many respects from the Arctic of the past century, or even the Arctic of 20 years ago," the report states. "Many of the changes underway are due to a simple fact: Ice, snow, and frozen ground — the components of the Arctic cryosphere — are sensitive to heat."  Based on computer model projections, the report states that average fall and winter temperatures in the Arctic will increase up to 5 degrees Celsius, or 9 degrees Fahrenheit, above late 20th century values by the middle of the century, even if relatively stringent greenhouse gas emissions cuts are made.  Such temperature thresholds are already being reached in some months, with January 2016 recording a temperature anomaly of 9 degrees Fahrenheit above the 1981-2010 average for the region, with even higher anomalies seen during October through February of the same year.  This past winter was the warmest on record for the Arctic, and for the third straight year, Arctic sea ice peaked at a record low level during the winter. This has left sea ice in a precariously thin and sparse state as the upcoming melt season nears.  The report contains valuable findings on what would happen to Arctic climate change if the world were to come close to meeting the goals set by the Paris Climate Agreement. That treaty, which went into force in November 2016, aims to keep global warming to well under 2 degrees Celsius, or 3.6 degrees Fahrenheit, above preindustrial levels through the year 2100.  It's unclear whether the agreement's goals are still feasible, considering that the U.S. — the world's second-largest emitter — is considering pulling out of it altogether, and other nations have yet to offer plans to cut their emissions in line with the temperature target.  A "drunken forest" in Fairbanks Alaska where trees are collapsing into the ground due to permafrost melt.Image: Warming Images/REX/ShutterstockMeeting the Paris targets would help slow the pace and reduce the severity of Arctic warming, but it "would not stabilize the loss of Arctic glaciers, ice sheets, and ice caps," the report states.  "The recent SWIPA assessment tells that the changes in the Arctic are bound to continue at the current rate until mid-century," said Morten Skovgaard Olsen, who chaired the new report, in an email.  "But it also tells that immediate and ambitious green-house gas reductions will slow the speed of changes beyond mid-century and even stabilize change beyond mid century, preventing major further impacts associated with the Arctic melt .” Any carbon pollution cuts made now will have the most significant influence on what the Arctic will look like after about 2050, the report's authors said at a press conference Tuesday in Virginia.  “The changes are cumulative, and so what we do in the next 5 years is really important on slowing down the changes that will happen in the next 30 or 40 years," said James Overland, a climate scientist with the National Oceanic and Atmospheric Administration.  "The emphasis on action and immediacy is one of the main findings” from the report, he said.  NASA project scientist Nathan Kurtz surveys an iceberg locked in sea ice near Pituffik, Greenland.Image: mario tama/Getty ImagesForeign ministers from the eight Arctic nations will meet in Fairbanks, Alaska on May 11 to discuss these findings and other issues pertaining to the region. Some discussion on the Paris agreement may take place, particularly along the sidelines of the talks. According to the SWIPA report, meltwater from Arctic glaciers has contributed 35 percent of current sea level rise, with the greatest contribution coming from Greenland.  The planet's largest island lost an average of 375 gigatons of ice per year. This is equivalent to losing a block of ice measuring 4.6 miles on all sides, from 2011 to 2014 alone. It amounts to twice the melt rate from 2003 to 2008. In addition, thawing permafrost is harming infrastructure from Alaska to Siberia, with landslides and mysterious craters swallowing parts of the Russian Arctic.  In Alaska, the report found that wildfires in taiga forests are worse now than at any time in the past 10,000 years, due to hotter, drier summers and earlier spring snowmelt. WATCH: Stunning drone footage captures rare video of blue whales feeding

17:27 Two Years with an Apple Watch: Our Review» Barron's Most Viewed Today
The Apple Watch turned 2 this week. Here’s what works, what doesn’t, and what still needs to change.
16:26 Hezbollah's defiant signal to Israel, Lebanon, and the UN» Yahoo News - Latest News & Headlines

Hezbollah's defiant signal to Israel, Lebanon, and the UNThe stated objective of the Hezbollah-coordinated press tour of southern Lebanon was to see new Israeli defensive installations on the border – indications, according to the powerful Shiite Lebanese militia, of Israeli fears of Hezbollah’s growing military might. The unprecedented spectacle appeared to be a deliberate and calculated breach of a UN Security Council resolution that bans non-state forces from bearing arms in southern Lebanon, and it illustrated the unmatched sway Hezbollah wields, and the impunity it enjoys throughout the country. Recommended: Hezbollah 101: Who is the militant group, and what does it want?

16:18 Long-Range Bull: Driving a 250,000-Mile Lamborghini Murcielago» Yahoo News - Latest News & Headlines

Long-Range Bull: Driving a 250,000-Mile Lamborghini MurcielagoWe slide behind the wheel of the highest-mileage modern Lambo in the world.

16:08 'Bachelor' Held Behind Bars: Reality TV Star Charged in Fatal Hit and Run» Yahoo News - Latest News & Headlines

'Bachelor' Held Behind Bars: Reality TV Star Charged in Fatal Hit and RunChris Soules was charged with leaving the scene of an accident causing death.

15:32 U.S. slams South Sudan's Kiir over 'man-made' famine, urges truce» Yahoo News - Latest News & Headlines

U.S. slams South Sudan's Kiir over 'man-made' famine, urges truceBy Michelle Nichols UNITED NATIONS (Reuters) - The United States slammed South Sudan's President Salva Kiir on Tuesday for the African state's "man-made" famine and ongoing conflict, urging him to fulfill a month-old pledge of a unilateral truce by ordering his troops back to their barracks. "We must see a sign that progress is possible," U.S. Ambassador to the United Nations Nikki Haley told a United Nations Security Council briefing on South Sudan. "We must see that ceasefire implemented." South Sudan descended into civil war in 2013 after Kiir fired his deputy, unleashing a conflict that has spawned armed factions often following ethnic lines.