Post-Brexit markets bill pits politicians against regulators: ‘It’s a recipe for disaster’

Brexit is a once-in-a-lifetime chance for the City to break free from restrictive EU rules. Or so politicians are saying. On the campaign trail to become the next prime minister, both Liz Truss and Rishi Sunak have pledged a bonfire to swathes of red tape choking the ambitions of UK financiers. But that process is … Read more

FTC looks to hammer out rules to rein in tech companies’ data collection

WASHINGTON — Whether it’s the fitness tracker on your wrist, the “smart” home appliances in your house or the latest kids’ fad going viral in online videos, they all produce a trove of personal data for big tech companies. How that data is being used and protected has led to growing public concern and officials’ … Read more

‘Makes their blood boil’: Democrats criticize billion-dollar companies for paying low tax rates

More than 100 US companies are paying an average effective tax rate of 1.1%, according to new data released by a top Democrat. The data, released on Thursday by Senate Finance Committee Chair Ron Wyden, a Democrat from Oregon, showed that in 2019, between 100 and 125 companies with an average net book income of … Read more

Alibaba stock gains after earnings as company says trends are improving

Shares of Alibaba Group Holding Ltd. closed up 1.8% Thursday after the Chinese e-commerce company topped expectations with its latest financials and indicated that business trends improved as the June quarter wore on. The company posted net income of RMB22.7 billion ($3.4 billion), or RMB8.51 per American depositary share, compared with RMB45.1 billion, or RMB16.38 … Read more

Schumer-Manchin Throws the Book Tax at US Companies

Don’t be fooled by the name. While the latest proposal from Senate Democrats to raise taxes and spend more taxpayer money is called the Inflation Reduction Act, it would actually do the opposite. The nonpartisan Joint Committee on Taxation estimates the bill would hurt Americans in every income bracket, with more than half the new … Read more

Bank of America, Marriott CEOs to meet with Biden on economy as recession debate heats up

President Joe Biden is due to huddle with a small group of top CEOs on Thursday and speak on the US economy, following the release of a report that’s intensifying the debate about whether a recession has already begun. Biden is scheduled to speak twice on economic topics, first at noon Eastern on a newly … Read more

Government bids to push through post-Brexit City reforms despite leadership chaos

The City should still expect a flagship post-Brexit reform package to be pushed through by the government, despite the confusion created by the Conservative Party leadership race, according to reports. Citing sources briefed on the matter, Bloomberg reports that Chancellor Nadhim Zahawi is keen to introduce the Financial Services and Markets Bill — a bumper … Read more

Ivana Trump, first wife of then–real estate developer and New York tabloid fixture Donald Trump, dies at 73

NEW YORK (AP) — Ivana Trump, who formed half of a headline-making couple in the 1980s as the first wife of Donald Trump, the real estate developer and tabloid regular who went on to win a White House term, has died in New York. York City, her family announced Thursday. She was 73. “I am … Read more

Priti Patel rules herself out of UK Tory leadership contest

UK Home Secretary, Priti Patel, has announced she will not be running in the race for leadership of the Conservative party, as candidates work to gather the 20 MPs needed to get their names on the ballot paper, after Boris Johnson agreed to step down as leader and Prime Minister last week. In a statement, … Read more

Boris chaos casts doubt on post-Brexit finance rules: ‘There is concern now’

Prime Minister Boris Johnson’s shock resignation amid a flurry of departures from his cabinet has thrown into doubt the future for the UK’s major post-Brexit financial legislation. “My concern is the Financial Services and Markets Bill will not be passed before summer recess,” said Alasdair Haynes, CEO of Aquis Exchange. “Parliament is probably going to … Read more