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Joe Biden bans US banks from buying or underwriting Russian debt sales

Joe Biden bans US banks from buying or underwriting Russian debt sales

New York (CNN Business)The Biden administration is for its interference in the 2020 US election and cyberattacks by hitting Moscow where it hurts the most: the ruble.The Treasury Department Thursday that starting June 14, US banks will generally be banned from participating in all bond sales by Russia's central bank, ministry of finance and sovereign wealth fund. That means these Wall Street firms won't be able to buy or underwrite these crucial transactions by Russia's central government.This marks a significant escalation of US sanctions on Russia and will make it more difficult for...

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Matt Egan
Apr 12
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Massachusetts wants to pull the plug on Robinhood

Massachusetts wants to pull the plug on Robinhood

New York (CNN Business)Regulators in Massachusetts are seeking to pull the plug on Robinhood just as the booming app aims to go public in a .The Massachusetts Securities Division escalated its against the controversial startup Thursday by To make their case, state regulators accused Robinhood of failing to properly account for fractional shares traded by customers on its platform and said the company "continues to entice and induce inexperienced customers into risky trading."The push by Massachusetts to revoke Robinhood's license is as it prepares to go public after filing confidentially...

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Matt Egan
Feb 18
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CEOs vow to fight voting restrictions despite threats from Trump and McConnell

CEOs vow to fight voting restrictions despite threats from Trump and McConnell

New York (CNN Business)Dozens of business leaders held an hour-long brainstorming session over the weekend to discuss ways to fight controversial voting restrictions proposed in states around the country. The Zoom meeting included CEO Brian Cornell, CEO Doug Parker, boss , Atlanta Falcons owner Arthur Blank and James Murdoch, a person familiar with the matter told CNN Business.Business leaders "strongly indicated" they will reevaluate campaign donations to candidates who back voter restrictions, and they will reconsider investments in states that enact such legislation, according to a press...

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Matt Egan
Apr 6
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A little-known hedge fund caused widespread chaos on Wall Street

A little-known hedge fund caused widespread chaos on Wall Street

New York (CNN Business)The names of the key players are different, but the lessons similar. The Archegos Capital Management, much like the earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates. , and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.Major banks face billions of dollars in losses from their exposure to Archegos. Both and Nomura tumbled Monday after...

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Matt Egan
Feb 18
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'It's crazy. There is no inventory.' Housing industry veteran marvels at real estate boom

'It's crazy. There is no inventory.' Housing industry veteran marvels at real estate boom

New York (CNN Business)Jeffrey Mezger is a 40-year veteran of the real estate industry. He's never seen a stronger housing market than "It's crazy. There is no inventory," the CEO of KB Home told CNN Business. For wannabe buyers, the on the market, combined with a surge of competition from other purchasers is setting off , all-cash offers and no end of sticker shock. But this one-two punch of very low supply and roaring demand is suiting homebuilders just fine. "This is the best housing market I've seen in my career," Mezger said. "It's a good time to be a homebuilder."Read MoreKB Home's....

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Matt Egan
Jul 24
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US economy can 'definitely' withstand tax hikes, BlackRock's Rick Rieder says

US economy can 'definitely' withstand tax hikes, BlackRock's Rick Rieder says

New York (CNN Business)As business leaders warn about the risks of a corporate tax hike, the world's largest asset manager is decidedly unfazed. The resurgent US economy can handle it, BlackRock executive Rick Rieder told CNN Business. The White House is above its current level of 21% to help pay for an ambitious . The that a business tax hike, the first since 1993, would threaten the recovery from the pandemic.You're going to see some pretty boomy growth for the economy."But Rieder, BlackRock's chief investment officer of global fixed income, doesn't think rolling back the Trump tax cuts...

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Matt Egan
Mar 17
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After Biden stimulus, US economic growth could rival China's for the first time in decades

After Biden stimulus, US economic growth could rival China's for the first time in decades

New York (CNN Business)For decades, China's economy has grown much faster than America's. That trend is likely to be broken in 2021 as the US recovery from the pandemic gains momentum.Economists are swiftly as Covid and after Washington that is far larger than many thought possible just a few months ago. The US economy is going to once again become the global locomotive. And it will help pull the rest of the world out of this Covid crisis."Goldman Sachs is calling for 2021 US GDP growth of 6.9%, the fastest since 1984. Morgan Stanley is even more bullish, predicting 7.3% growth. That would...

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Matt Egan
Mar 10
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Sherrod Brown: 'Of course' we should roll back Trump's tax cuts, even if CEOs whine

Sherrod Brown: 'Of course' we should roll back Trump's tax cuts, even if CEOs whine

New York (CNN Business)Democratic Senator Sherrod Brown is strongly in favor of rolling back the Trump tax cuts for corporations — despite that it could disrupt the economic recovery."It was a giveaway to corporate interests and the richest people in the country," Brown, the chairman of the Senate Banking Committee, told CNN Business on Thursday. "Of course we should scale some of that back."The comments hint at the brewing fight between business leaders and Democrats over a fair corporate tax rate and how to pay for ambitious Brown, speaking hours after , voiced support for raising revenue...

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Matt Egan
Mar 9
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Two of the most powerful economic voices in America disagree on a tax for the uber-rich

Two of the most powerful economic voices in America disagree on a tax for the uber-rich

New York (CNN Business)Democratic Senator Elizabeth Warren faces an uphill battle persuading Washington to back — starting with convincing her own party's Treasury Secretary., whom Warren praised last year as an , fears a wealth tax would be too messy to implement."Then Janet and I need to have a conversation about implementation," Warren told CNN Business on Monday after introducing her The bill would seek to raise $3 trillion to rebuild the economy and fight inequality by imposing a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion. Billionaires...

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Matt Egan
Feb 16
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Pledging to go green doesn't just help corporate brands. It boosts stocks

Pledging to go green doesn't just help corporate brands. It boosts stocks

New York (CNN Business)Net zero pledges have become all the rage in Corporate America. , steel companies and even () oil companies are pledging to wipe out their carbon emissions over time.Cynics may see these as mere marketing ploys designed to win brownie points from climate-nervous consumers. But there may be another force at play: keeping Wall Street happy.If you don't provide transparency, investors will assume the worst and ding you for it."New research suggests that investors really do care about these climate goals and crave transparency about the carbon footprints of the companies...

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Matt Egan
Apr 22
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