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(Bloomberg) -- Hong Kong, until recently an oasis of political stability in Asia, is now gripped with unprecedented regulatory and legal uncertainty that threatens its position as one of the world’s top financial hubs.China’s imposition of a sweeping, but vaguely worded national security law on June 30 has already begun to change the business landscape. Tech giants like Google and Facebook Inc. have suspended processing data requests from the government. Banks are struggling to figure out how to comply with the contradictions in U.S. and Chinese legal changes. Even mainland bankers in the city got a shock when China started taxing their incomes at rates as high as 45%, compared with 15% in Hong Kong.On Tuesday, President Donald Trump stripped away certain special privileges for Hong Kong under U.S. law. The landmark decision eliminated a range of measures that allowed the capitalist city different treatment from the mainland, from preferences for...
After the coronavirus fears subside and the U.S. counts the economic toll, the legalization of cannabis is a potential beneficiary. Most states have huge budget deficits with an eye on legalization of especially recreational cannabis as a major source of new tax revenues.One state pushing forward with recreational cannabis approval is New York. Governor Andrew Cuomo is one of the few governors pushing aggressively for approval and the state would probably be very close to legalization, if not for the ongoing setback from COVID-19.The flip side of this setback is the need for cannabis tax revenues is further enhanced by the near full shutdown of the New York economy for 4 months now. State lawmakers are now pushing to get marijuana legalized due an estimated $300 million in tax revenues for the state that now has a budget deficit of up to $61 billion.The state currently has a medical cannabis program...
When it comes to something as important as safety, recognition and appreciation can go a long way to reaching your ultimate goal according to Phil Byrd, CEO of Bulldog Hiway Express and head of the Daseke Leadership Council. ...
(Bloomberg) -- The Twitter accounts of some of the U.S.’s most prominent political and business leaders, from Barack Obama and Joe Biden to Bill Gates and Warren Buffett, were hacked Wednesday afternoon in an apparent effort to promote a Bitcoin scam.The attacks were stunning in scope and almost certainly coordinated. Others whose Twitter accounts appeared to be hacked included Jeff Bezos, Elon Musk, Kanye West, Uber Technologies Inc., Apple Inc. and Michael Bloomberg, the founder and majority owner of Bloomberg News parent Bloomberg LP. The accounts sent out tweets promising to double the money of anyone sending funds via Bitcoin within 30 minutes.Twitter said it is aware of the security incident impacting its accounts and is investigating. As the hack was unfolding, verified Twitter accounts suddenly lost the ability to post new tweets. “You may be unable to Tweet or reset your password while we review and address this incident,” Twitter...
Stock futures rose Wednesday evening as investors awaited a deluge of earnings results set for release Thursday morning, along with new economic data on the state of the consumer and labor market as the pandemic continues....
John Grace, Founder and President of Investor’s Advantage Corp., joins The Final Round to highlight what bank earnings means for investors and his outlook for the second half of 2020.
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Biogen Inc (NASDAQ: BIIB) is caught in more than one legal wrangle with generic companies over patents related to its key multiple sclerosis drug Tecfidera, which was approved by the FDA in March 2013.The Biogen Analyst: Morgan Stanley analyst Matthew Harrison has an Underweight rating on Biogen with a $263 price target. The Biogen Thesis: Two legal catalysts in the coming weeks will help determine when a generic version of Tecfidera may be launched and by which companies, Harrison said in a Wednesday note. (See his track record here.)These catalysts are significant for Biogen, as Tecfidera is estimated to rake in about 30% of the company's total sales in 2020, the analyst said. If a generic is launched, Biogen stands to lose significant Tecfidera market share, and the price of the drug is likely to erode steeply within the first year of generic market entry, he said.Vumerity, Biogen's prodrug version of...
