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Thursday, December 01, 2022

Business Highlights: Biden Reveals Budget, Shares End Higher

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Biden’s budget plan: Higher taxes on rich, lower deficits

WASHINGTON ( Associated Press) – President Joe Biden is releasing a budget blueprint that seeks to tell voters what the diverse and sometimes broken Democratic Party stands for. It calls for higher taxes on the rich, lower budget deficits, more money for police and greater funding for education, public health and housing. The 156-page plan also shows the splinters that continue in Biden’s coalition. And there are possible gaps between the promise of what is being offered and the realities of what is finally coming to the fore. The proposal includes a minimum tax of 20% on the income of households worth $ 100 million or more.

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EXPLANATORY: How will billionaire income tax work?

WASHINGTON ( Associated Press) – The “Billionaire Minimum Income Tax” included in President Joe Biden’s proposed budget is part of the administration’s effort to reduce the federal deficit. The White House says the proposal would eliminate the “protection of income for decades or generations”. Whether the proposal can succeed successfully through Congress is a big question, as the administration sets out its hopes of taxing the country’s highest earners.

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Germany: G7 rejects Russia’s claim to pay for gas in rubles

BERLIN ( Associated Press) – The Group of Seven Major Economies has agreed to reject Moscow’s demand to pay for Russian natural gas exports in rubles. Germany’s energy minister told reporters on Monday that “all G-7 ministers have fully agreed that this will be a unilateral and clear breach of existing contracts. Russian President Vladimir Putin announced last week that Russia will henceforth will demand that “unfriendly” countries pay for natural gas only in rubles. Economists said the move appears to be designed to try to support the Russian currency. rejected, the Kremlin spokesman said: “We are clearly not going to provide gas for free.”

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Bid budget aims for minimum tax on households worth $ 100 million

WASHINGTON ( Associated Press) – President Joe Biden aims to propose a minimum tax of 20% on households worth more than $ 100 million and reduce projected budget deficits by more than $ 1 trillion over the next decade. This is according to fact sheets released by the White House’s budget office on Saturday. In its proposal expected Monday, the lower deficits reflect the economy’s recovery as the United States emerges from the pandemic, as well as likely changes in tax legislation will raise more than enough revenue to cover additional investments planned by the Biden administration. compensate. This is a sign that the government’s balance sheet will improve after a historic outburst of spending to combat the coronavirus.

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Trade investigation puts solar power industry at risk, lawyers say

WASHINGTON ( Associated Press) – The Department of Commerce says it is investigating whether imports of solar panels from Southeast Asia circumvent anti-dumping rules that block imports from China. The decision could dramatically reduce the import of solar power to the US and undermine President Joe Biden’s ambitious climate goals. Clean energy leaders said the investigation could lead to thousands of layoffs in the domestic solar industry and endanger 80% of planned U.S. solar power projects. Such an outcome would jeopardize one of Biden’s leading clean energy goals and run counter to its administration’s pressures for renewable energy such as wind and solar power.

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Trump’s case against Clinton part of long-standing legal strategy

NEW YORK ( Associated Press) – Former President Donald Trump filed a lengthy lawsuit last week in which he accused his 2016 rival Hillary Clinton and the Democratic Party. He accused them of conspiring to sink his winning presidential campaign by claiming ties with Russia. This is the latest example of a long-standing tactic by Trump. The former president has spent decades reusing political and personal grievances in causes of legal action. Throughout his business and political career, he has used the courts as a place to air his complaints and as a tool to intimidate opponents, tarnish their reputations and try to attract media attention.

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Russian shares slide as trading for all companies resumes

LONDON ( Associated Press) – Russian stocks fell as its stock market resumed trading of all companies after a month-long standstill following the Ukraine invasion. The benchmark MOEX index fell 2.2% on Monday after the Moscow Stock Exchange reopened for all its hundreds of listed companies, but with restrictions still in place to curb volatility. The last full trading session in Moscow was on February 25, a day after the index tumbled by a third after President Vladimir Putin ordered the invasion of Ukraine. Prices swept last week when the stock market provisionally reopened for two days of limited trading, with investors allowed only 33 of the MOEX’s 50 companies to trade. Some restrictions remained in place Monday to prevent another big sale. Foreigners can not sell shares until April 1.

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Abundant wind, sun strengthen German renewable energy this year

BERLIN ( Associated Press) – In the first three months of the year, Germany’s energy industry generated about 25% more electricity generated from renewable sources compared to the same period last year due to extremely windy and sunny weather. Preliminary calculations released on Monday indicate that Germany generated about 74.5 billion kilowatt-hours of renewable energy in the first quarter. Renewable energy met about 54% of Germany’s energy needs in January and February. The German government has undertaken to step up the use of solar and wind power as part of its plan to wean the country from Russian fossil fuels due to the war in Ukraine.

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Wall Street shakes off afternoon decline and ends higher

Shares sank to a slump in the afternoon and closed higher on Wall Street, although energy companies ended up in the red when crude oil prices fell sharply. The S&P 500 ended 0.7% higher on Monday after being as much as 0.6% lower. Tesla rose 8% after saying it would seek shareholder approval to do another share split. Crude oil prices fell by 7%. China has begun shutting down Shanghai, its largest city and financial center, to conduct mass testing and control a growing outbreak of COVID-19. Bond yields fell after shooting higher earlier this month. Yields on the 10-year treasury fell to 2.46%.

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Boris Becker talks about money problems at London trial

LONDON ( Associated Press) – Tennis player Boris Becker has told a jury about his battle with money, including payments for an “expensive divorce” and debt when he lost much of his income after retirement. Becker is on trial in London on charges of failing to hand over his assets after being declared bankrupt. The 54-year-old Becker said Monday he could not earn enough to pay his debts due to bad publicity when his reputation deteriorated. He said he had “expensive lifestyle commitments” including a house in Wimbledon that cost £ 22,000 ($ 28,800) in rent each month. Becker was declared bankrupt in June 2017 and faces 24 charges, including failing to hand over his trophies and hiding property. The six-time Grand Slam champion denies the charges.

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The S&P 500 increased by 32.46 points or 0.7% to 4,575.52. The Dow Jones Industrial Average rose 94.65 points, or 0.3%, to 34,955.89. The Nasdaq rose 185.60 points, or 1.3%, to 14,354.90. The Russell 2000 Index of Smaller Companies rose 0.08 points, or less than 0.1%, to 2,078.06.

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