The Securities and Exchange Commission (SEC) moved to curtail the use of stock buybacks, drawing much criticism from corporate lobbyists. The regulator on May 3 announced changes to share-repurchase disclosure rules that would increase transparency, competition, and efficiency in the $25 trillion marketplace for hedge fund and private equity fund advisors. The new updates will amend Form…
SEC Moves to Curb Stock Buybacks, Drawing Criticism From Companies and Investors
May 5, 2023
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56 House Republicans Criticize Veterans Affairs Secretary Over Debt Limit Bill Claims
House Republicans have sent a letter to Secretary of Veterans Affairs Denis McDonough, criticizing his department for making “baseless political talking points” about the GOP legislation to raise the debt ceiling while cutting future spending. In a May 4 letter led by Rep. Jen Kiggans (R-Va.), a former Navy helicopter pilot, 56 House Republicans fended…
Iowa Gov. Kim Reynolds to Sign Bill Rolling Back Child Labor Laws
Iowa Gov. Kim Reynolds has said she plans to sign into law new legislation allowing children to work in roles that were previously prohibited and for longer hours. Reynolds, a Republican, told The Washington Post in a statement on May 4, “Iowans are proud to be known for our strong work ethic, and we want to instill those…
Canberra Must to Make the Hard Decisions Now to Control Inflation
May 4, 2023
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Commentary Reserve Bank of Australia (RBA) governor, Philip Lowe, has fired a warning shot over the bow of the federal treasurer by raising official interest rates another quarter of a percent this week to 3.85 percent. The hard work on inflation has to be done by the government which has access to a large number…
Canberra Must Make the Hard Decisions Now to Control Inflation
May 4, 2023
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AustraliaBusiness & Marketseconomic policieseconomyinflationmonetary policyOpinionRBAViewpointsWorld
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Commentary Reserve Bank of Australia (RBA) governor, Philip Lowe, has fired a warning shot over the bow of the federal treasurer by raising official interest rates another quarter of a percent this week to 3.85 percent. The hard work on inflation has to be done by the government which has access to a large number…
Shell Beats Forecasts With $9.65 Billion Profit in First Quarter
May 4, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyEuropeinflationInvestmentMarketsquarterly earningsRussia-Ukraine WarShell OilUKWorld
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Shell announced higher-than-expected profits for the first three months of 2023, continuing a positive winning streak after energy prices surged last year due to the Russian war against Ukraine. Quarterly earnings benefited from higher oil and gas prices, a boost in refining profits, and excellent performance from its trading division. The UK-based oil company released its first…
White House Warns of Millions of Job Losses, ‘Severe Damage’ to Economy If US Defaults on Debt
May 4, 2023
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A continued breach of the U.S. debt ceiling could result in “significant disruptions” to financial markets and “severe damage” to the economy, including more than 8 million job losses, the White House has warned. In a report published on May 3, the White House Council of Economic Advisers stressed that a historic U.S. default on its…
Commercial Real Estate Could Trigger the Next Big Bank Shock
May 4, 2023
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american banksBusiness & MarketsBusiness Columnistscommercial real estateeconomic policieseconomyFederal ReserveInvestmentOpinionreal estateUSUS Real EstateViewpoints
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Commentary Charlie Munger, believed by some to be the real “brains” behind Berkshire-Hathaway, the multinational investment leviathon helmed by Warren Buffet, recently told The Financial Times, “We have a lot of troubled office buildings, a lot of troubled shopping centres, a lot of troubled other properties. There’s a lot of agony out there” in real…
Oklahoma Targets Wall Street ESG Activists
May 4, 2023
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Oklahoma became the latest state to take action against Wall Street firms that it claims are hurting companies that are essential to providing jobs and energy for the state. Oklahoma Treasurer Todd Russ announced on Wednesday that 13 financial institutions, which have been deemed to be discriminating against Oklahoma’s energy industry, will be banned from doing business with the state, losing…
British Regulator Easing Rules to Stem Company Outflow From UK Stock Markets
May 3, 2023
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Business & MarketsCompanieseconomic policieseconomyFinancial Conduct Authorityfinancial regulationsInvestmentLondon Stock ExchangeMarketsstockstech firmsUKWorld
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Britain’s top financial regulator announced plans to make stock markets in the United Kingdom and its overseas territories more attractive to companies. The Financial Conduct Authority (FCA) has discussed simplifying financial regulations to make the United Kingdom “more competitive” with foreign stock markets, but there are some concerns that the proposals could hurt shareholders’ rights….
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