Paul Merski, executive vice president for the Independent Community Bankers of America, told NTD’s “The Nation Speaks” program that President Joe Biden’s proposed bank account reporting law being drawn up is a violation of Americans’ financial privacy and is a costly regulatory burden on financial institutions. “This is going to be a massive invasion of…
Biden’s $600 IRS Taxpayer Reporting Proposal ‘Massive Invasion of Financial Privacy’: Bank Association Exec
Food Prices Hit Highest Level in a Decade
Food prices across the world have risen to their highest levels in a decade on the back of tightening supply conditions robust demand, according to the Food and Agriculture Organization of the United Nations (FAO). The FAO’s food price index, which measures world food commodity prices, has surged by 32.8 percent in the 12 months…
White House Weighs Broader Oversight of Cryptocurrency Market
October 9, 2021
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WASHINGTON—The White House is considering a wide ranging oversight of the cryptocurrency market to combat the growing threat of ransomware and other cyber crime, a spokeswoman said on Friday. “The NSC and NEC are coordinating across the interagency to look at ways we can ensure that cryptocurrency and other digital assets are not used to…
US Dollar Net Long Bets Jump to Largest Since Mid-June 2019: CFTC
October 9, 2021
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NEW YORK—U.S. dollar net longs in the latest week surged to their highest level in more than two years, according to Reuters calculations and Commodity Futures Trading Commission data released on Friday. The value of the net long dollar position was $22.89 billion in the week ended Oct. 5, compared with $16.37 billion in the…
Wall Street Week Ahead: Energy Price Spike Adds Market Risk as Earnings Arrive
October 9, 2021
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NEW YORK—U.S. stock market investors are gauging whether more volatility is ahead because of surging global energy prices, which could drive up inflation, erode profit margins, and pressure consumer spending. Stocks rebounded this week after Monday’s losses left the S&P 500 down 5.2 percent from its record high hit in September. A truce in the…
China Orders More Coal Production, Oil Prices Rise as Energy Crisis Deepens
China ordered miners in Inner Mongolia to ramp up coal production and oil prices jumped on Friday as a record surge in the cost of gas revived demand for coal to keep factories open and homes heated. The rebound in economic activity from coronavirus restrictions has exposed alarmingly low supplies of natural gas leaving traders,…
Australia Sees Trade Deal With EU by End of 2022: Minister
ROME—Australian Trade Minister Dan Tehan said on Friday he expected to finalise a free trade agreement with the European Union by the end of next year, despite the EU’s anger over Canberra’s cancellation of a submarine contract with France. Brussels postponed the latest round of talks, which were due to start on Oct. 12, until…
US Fed Funds Futures Fully Price in Rate Hike by December 2022 After Jobs Report
NEW YORK—Futures on the federal funds rate, which track short-term interest rate expectations, on Friday has priced in a quarter-point tightening by the Federal Reserve either by November or December next year despite a U.S. payrolls report that came in way below expectations. The fed funds market showed a more than 94 percent chance of…
Analysis: Fall in China’s $1.3 Trillion Land Sales to Test Local Finances, Economy
October 8, 2021
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BEIJING—Sagging demand at China’s urban land auctions amid a crackdown on borrowing by private developers risks squeezing regional finances, pressuring local authorities to scramble for other income sources to fund investments and support the economy. Land sales soared to a record 8.4 trillion yuan ($1.3 trillion) in 2020, the equivalent of Australia’s annual gross domestic…
Over 130 Countries Reach Agreement to Set Corporate Minimum Tax at 15 Percent
A group of 136 countries on Friday set a minimum global tax rate of 15 percent for big companies. Negotiations have been going on for four years and while the costs of the coronavirus pandemic gave them additional impetus in recent months, a deal was only agreed upon when Ireland, Estonia, and Hungary dropped their…
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