Financial News

Jeff Worth Miller
October 26, 2021
AP-NC Newswatch
October 27, 2021
Financial News

 

Financial News:

 

Global stocks lower…Democrats unveil billionaires’ tax

 

BEIJING (AP) – Global stock markets are lower after Australian inflation rose to a six-year high and a Chinese newspaper warned more property developers might default on bonds. In early trading, the FTSE 100 in London lost 0.3% and the DAX in Frankfurt sank 0.4%. The CAC 40 in France gave up 0.3%. In Asia, the Shanghai Composite Index closed 1% lower. The Nikkei 225 in Tokyo lost less than 0.1% and the Hang Seng in Hong Kong declined 1.6%. The Kospi in Seoul ended 0.8% lower. On Wall Street, S&P 500 and Dow futures are both off 0.1%.

 

WASHINGTON (AP) – Senate Democrats today are unveiling a new billionaires’ tax proposal to help pay for President Joe Biden’s sweeping domestic policy package. The proposal would be on the gains of those with more than $1 billion in assets or incomes of more than $100 million a year. And the tax could begin to shore up the big social services and climate change plan Biden is racing to finish this week. Biden needs to win over key Democrats, including Sen. Kyrsten Sinema of Arizona, who had rejected earlier tax plans. Biden says his package will be fully paid for and won’t raise taxes on anyone earning less than $400,000 a year.

 

BEIJING (AP) – U.S. regulators are expelling a unit of China Telecom Ltd. from the American market as a national security threat amid rising tension with Beijing. China Telecom is one of the country’s three major state-owned carriers. China Telecom (Americas) Corp. is required to stop providing domestic interstate and international service in the United States within 60 days. The Federal Communications Commission says Beijing might use the company to eavesdrop or disrupt U.S. communications and “engage in espionage and other harmful activities against the United States.”

 

FRANKFURT, Germany (AP) – Deutsche Bank has seen its net profit increase 6%, to 329 million euros, in the third quarter despite a sharp increase in restructuring costs. The bottom line at Germany’s largest bank benefited from fewer loans going bad as the economy rebounds from the coronavirus pandemic. The bank says it had to set aside only 117 million euros for losses on loans that aren’t being repaid, down 57% from the same quarter a year ago.

 

LONDON (AP) – Britain’s Treasury chief Rishi Sunak is set to paint a relatively rosy picture of the state of the country’s economy despite the devastating shock by the coronavirus pandemic when he presents his annual budget to Parliament. Sunak is set to tell lawmakers today that the budget “begins the work of preparing for a new economy post-COVID” and delivering an “economy fit for a new age of optimism.”