US Treasury Secretary Steven Mnuchin has told lawmakers proposals to introduce a financial-transaction tax on certain trades could harm capital markets. "I am very concerned that that would destroy our capital markets, and the cost to American holders of mutual funds would bear the majority of the cost," Mnuchin said.
At least 20% of UK investment firms have admitted making errors in the transaction reporting required under Europe's revised Markets in Financial Instruments Directive since January 2018.
Three investment managers reportedly intend to launch new funds focused on high-yielding corporate bonds amid a growing market for distressed debt.
Some hedge fund managers believe the good times are over for US stocks and instead tip European equities to deliver stronger earnings growth over the coming decade, writes Laurence Fletcher.
The tax and retirement landscape for high-net-worth clients could see changes in the future as a result of upcoming elections and other factors. Accountant Lawrence Pon says bunching deductions and using donor advised funds can be valuable strategies, and it's also important to help entrepreneurial clients with the deduction for qualified business income.
The Securities and Exchange Commission is proposing major changes to the long-standing Testimonial Rule, which governs how advisors can market their services. More marketing opportunities could be available if the changes are approved, but there are certain to be many limitations that advisors will have to understand.
Financial advisors interested in long-term growth should avoid focusing on short-term gains in their marketing and prospecting efforts, writes John Pojeta of The PT Services Group. To succeed in the long term, he says advisors need a vision, a willingness to invest in that vision and the endurance to stick with it.
US Treasury Secretary Steven Mnuchin says he and Federal Reserve Chairman Jerome Powell agree there is no need for the central bank to introduce a digital currency. Mnuchin says that he has no problem with Facebook creating a digital currency but that it must comply with rules on money laundering and bank secrecy.
Job gains for November reached 266,000, according to the monthly jobs report released by the Department of Labor today. This is an increase over October, when employers added 156,000 jobs, and the US unemployment rate dropped slightly to 3.5%.
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