16 June

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Yellen Argues Capital Gains Hike From April 2021 Not Retroactive By Bloomberg

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(Bloomberg) -- Treasury Secretary Janet Yellen suggested in remarks before a Senate panel that if Congress were to pass a capital-gains tax hike effective starting in April 2021, that wouldn’t count as a retroactive increase. “I don’t see a prospective change in rules pertaining to the taxation of future realization of capital gains as being a retroactive feature,” Yellen told the Senate Finance Committee on Wednesday, when asked about the Biden administration’s tax proposals. President Joe Biden’s proposal to raise the capital-gains tax rate to 39.6% from 20% for those earning $1 million or more was...

16 June

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Fed gives money funds relief with short-term rate adjustments By Reuters

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By Jonnelle Marte and Karen Brettell (Reuters) - The Federal Reserve on Wednesday gave relief to money market investors that have been struggling to find high-quality short-term assets by raising two key short-term rates. The Fed raised the interest rate it pays banks on reserves held at the U.S. central bank at the end of its two-day policy meeting. It also lifted the rate it pays on overnight reverse repurchase agreements, a tool used to set a floor on short-term interest rates. The technical adjustments are aimed at keeping its key overnight benchmark interest rate from...

16 June

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S&P 500 Slips as Fed Decision Looms By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 was sluggish Wednesday as investors kept their powder dry with under an hour to go until the Federal Reserve’s decision. The S&P 500 fell 0.27%, and the Dow Jones Industrial Average was down 0.41%, or 141 points, and the Nasdaq Composite was down 0.1%. The Fed isn’t expected to announce major policy tweaks, with its benchmark rate and monthly bond purchases of $140 billion expected likely to remain on hold. “We do not believe the Fed will offer any new clues around the timing of tapering nor on...

16 June

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Google must face shareholder lawsuit claiming it hid security risks By Reuters

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By Jonathan Stempel (Reuters) - A U.S. appeals court on Wednesday revived a lawsuit in which shareholders of Google parent Alphabet (NASDAQ:GOOGL) Inc accused the company of fraudulently concealing security vulnerabilities, including in its Google+ social network. The 9th U.S. Circuit Court of Appeals in San Francisco said the lawsuit raised a "strong inference" that Alphabet's then-Chief Executive Larry Page and his successor, Sundar Pichai, knew about the bugs and an internal memo on security issues but intentionally concealed the information from investors. Alphabet and its lawyers did not immediately respond to requests for comment on...

16 June

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H&R Block Slumps 10% As Revenue Disappoints By Investing.com

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By Dhirendra Tripathi Investing.com – H&R Block (NYSE:HRB) lost a tenth of its value in Wednesday’s trading after its fourth quarter revenue disappointed traders even as earnings beat expectations. The tax preparation company Tuesday reported earnings per share of $5.16 on $2.33 billion in revenue. According to an Investing.com poll, EPS was seen at $5.06 on revenue of $2.35 billion. The company has shifted to a fiscal year ending June 30 from April 30 for better alignment of complete tax seasons in comparable fiscal periods and other related benefits. H&R also announced a 4% increase in...

16 June

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Big Tech in focus next week as U.S. House panel votes on new bills By Reuters

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WASHINGTON (Reuters) - The U.S. House Judiciary Committee will vote next week on a package of recently introduced antitrust bills including several targeting the market power of Big Tech, committee chair Jerry Nadler said on Wednesday. Five antitrust bills were introduced last week in the House of Representatives. They will be marked up in committee to consider changes and then voted on by the panel to decide whether the full House should vote on the measures. Two of the bills introduced last week address the issue of giant companies, such as Amazon.com Inc (NASDAQ:AMZN) and...

16 June

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Alphabet’s Waymo raises $2.5 billion in first fresh funding in a year By Reuters

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By Hyunjoo Jin and Chavi Mehta (Reuters) - Alphabet (NASDAQ:GOOGL) Inc's self-driving unit Waymo said on Wednesday it raised $2.5 billion in its first fresh funding round in a year, after a string of defections of executives rekindled concerns about the technology struggling to scale up. The announcement came a day after General Motors (NYSE:GM) Co’s majority-owned Cruise self-driving car subsidiary said it would gain access to a $5-billion credit line. Self-driving startups are racing to build war chests to develop and commercialize technology, an expensive and time-consuming process. The funding led by Alphabet...

16 June

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EU urges Britain and United States to clarify dollar Libor demise By Reuters

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By Huw Jones LONDON (Reuters) - The European Union on Wednesday called on Britain and the United States to limit litigation by agreeing how to price legacy contracts after the tarnished Libor interest rate is scrapped. After banks were fined billions of dollars for trying to rig the London Interbank Offered Rate or Libor, regulators want it replaced in contracts from home loans to credit cards worth trillions of dollars globally in one of the biggest market switches in decades. Libor, compiled in several currencies like the dollar, sterling and yen is being largely scrapped in...

16 June

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FTSE 100 finishes higher but fails to hold 7,200, GBP strong as inflation soars By Investing.com

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Key Points FTSE 100 closing price of 7185.1, +0.18% Shares steady ahead of the Fed decision GBP strong after UK inflation soars Oil elevated following US crude draw Cryptos steady, Bitcoin below $40K By Samuel Indyk Investing.com – The FTSE 100 eked out gains in relatively quiet trade ahead of the Fed interest rate decision. The central bank is not expected to make any changes to its monetary policy instruments at this juncture with focus on the communication around the QE programme and timing of the first interest rate hike. The Fed have sounded a cautious...

16 June

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Ex-Fed Official Warsh Says Fed Won’t Move Before Jackson Hole By Bloomberg

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(Bloomberg) -- The Federal Reserve is unlikely to change its stance on interest rates or asset purchases before its meeting in Jackson Hole, Wyoming, in August, said former Federal Reserve Governor Kevin Warsh. Getting the Fed to change their policies before Jackson Hole is a long putt from here, Warsh said, according to people familiar with his comments. He was participating in the Robin Hood Investors Conference Wednesday. Warsh added that a rise in consumer prices won’t be enough to get the Fed to raise rates or taper purchases, but that a jump in employment...

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Yellen Argues Capital Gains Hike From April 2021 Not Retroactive By Bloomberg

Fed gives money funds relief with short-term rate adjustments By Reuters

S&P 500 Slips as Fed Decision Looms By Investing.com

Google must face shareholder lawsuit claiming it hid security risks By Reuters

H&R Block Slumps 10% As Revenue Disappoints By Investing.com

Big Tech in focus next week as U.S. House panel votes on new bills By Reuters

Alphabet’s Waymo raises $2.5 billion in first fresh funding in a year By Reuters

EU urges Britain and United States to clarify dollar Libor demise By Reuters

FTSE 100 finishes higher but fails to hold 7,200, GBP strong as inflation soars By Investing.com

Ex-Fed Official Warsh Says Fed Won’t Move Before Jackson Hole By Bloomberg

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