People exit the Supreme Court building in Washington, D.C. on Tuesday, June 27, 2023.Minh Connors | The Washington Post | Getty ImagesThe Supreme Court is set to hear oral arguments Tuesday on a case that could affect broad swaths of the U.S. tax code and federal revenue.The closely watched case, Moore v. United States, involves a Washington couple, Charles and Kathleen Moore. They own a controlling interest in a profitable foreign company affected by a tax enacted via former President Donald Trump’s 2017 tax overhaul.The Moores are fighting a levy on company earnings that weren’t distributed to them — which…
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Republican Presidential nominee, former president Donald J. Trump remarks during a campaign event at Precision Custom Components on August 19, 2024 in York, Pennsylvania. Tierney L. Cross | Getty ImagesA New York federal judge has ordered U.S. probation officials to investigate the recent arrest of a convicted drug dealer who was released from prison in early 2021 when his 10-year sentence was commuted by former President Donald Trump.The order raises the possibility that the drug dealer, Jonathan Braun, could be sent back to prison for his federal marijuana-related conviction because of his arrest last week in Nassau County, New York, for…
A logo stands on display above the headquarters of Deutsche Bank AG at the Aurora Business Park in Moscow, Russia.Andrey Rudakov | Bloomberg | Getty ImagesDeutsche Bank has reached settlements with nearly 60% of plaintiffs in a long-running case alleging the German lender underpaid for its acquisition of Postbank more than a decade ago.In a Wednesday statement, Deutsche Bank said it had reached agreements with more than 80 plaintiffs for a settlement of 31 euros ($34.53) per share, as proposed by the bank. This will allow Germany’s largest lender to release the funds and boost Deutsche Bank’s anticipated third-quarter pretax…
Monaco’s connection to car racing and boating is stamped all over it, from the hairpin turns of its Formula One circuit to the five-deck superyachts docked at Port Hercule.But its desires to be known as a sustainability destination are less apparent.Monaco’s “Green is the New Glam” campaign, launched in 2018, highlighted many of the country’s environmental efforts. And a 2023 tourism campaign named sustainability as one of three key pillars — alongside “Instagrammability” and digital nomad appeal — for attracting new travelers.Its green goals are at odds with its greenhouse-gas-emitting superyachts and beloved Formula One races. The latter’s carbon footprint…
Check out the companies making headlines in midday trading: Paramount Global — The media conglomerate’s stock dropped 7.2% after Edgar Bronfman Jr. abandoned his pursuit of a takeover, clearing the way for Skydance to follow through on its roughly $8 billion acquisition deal reached in July. The Skydance deal, expected to close in the first half of 2025, included a “go shop” window that allowed Paramount to seek other buyers. Hain Celestial Group — Shares surged 18.9% after the food company behind Terra chips and Garden Veggie Straws posted fiscal fourth-quarter earnings that beat expectations. Hain Celestial Group posted adjusted…
On Aug. 5, we awoke to a market upside-down. Japanese stocks, so strong this year, had crashed, literally crashed, down 12%, a hideous decline, worst since 1987. Oddly, there was nothing wrong. The yen had strengthened, forcing investors who had borrowed yen to buy our stocks and others around the world to put up more capital. The margin calls of the traders who had borrowed the yen reverberated around the world. It’s hard to recall what the market looked like three weeks ago, but it is important to recognize several things: (1) The European markets led us down, we lost…
Nvidia isn’t the only chipmaker to keep an eye out for, according to JPMorgan, which advised clients to also monitor Marvell Technology . Analyst Harlan Sur reiterated his overweight rating on Marvell shares ahead of the company’s earnings announcement Thursday afternoon. He holds a $90 price target on shares, which indicates 30.7% upside potential from Monday’s close. JPMorgan sees second-quarter results and forward guidance coming in line with consensus forecasts. Revenue growth is estimated to rise 12% quarter over quarter in the final three months of the year amid data center expansion. Marvell’s high-profile artificial intelligence application-specific integrated circuit, or…
ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via EmailMatthew Sigel, VanEck, joins ‘Fast Money’ to talk the AI play for bitcoin miners, cryptocurrency getting downgraded, and more.05:33Mon, Aug 19 20246:06 PM EDT Source link
IRS Commissioner Daniel Werfel speaks during an IRS event in McLean, Virginia, on Aug. 2, 2023.Alex Wong | Getty ImagesThe IRS is sending more than 20,000 rejection letters to taxpayers who wrongly claimed a pandemic-era tax break as the agency continues its crackdown on “dubious” filings.Created to support small businesses during the Covid-19 pandemic, the employee retention credit, or ERC, is worth thousands of dollars per eligible employee. However, the tax break sparked a wave of companies pushing small businesses to wrongly claim the credit — and the agency temporarily stopped processing new filings in September amid a “surge of questionable…
Martin Shkreli, former chief executive officer of Turing Pharmaceuticals AG, exits court in New York, US, on Wednesday, Oct. 4, 2023. Yuki Iwamura | Bloomberg | Getty ImagesA New York federal judge on Monday ordered notorious “pharma bro” Martin Shkreli to surrender any copy he retains of a rare Wu-Tang Clan album, “Once Upon a Time in Shaolin,” which he previously forfeited to the U.S. government after being convicted of securities fraud in 2017.The order came in response to a lawsuit by the one-of-a-kind album’s owner, PleasrDAO, which accused him of retaining digital copies of the hip-hop rarity and playing it…
