WifiScreen FREE Windows Application to allow using iPad/Tablet as the second monitor.
Reuters / Life - Entertain

BlackRock CEO says U.S. tax reform plan will have to be amended

BlackRock Inc (BLK.N) Chief Executive Larry Fink on Tuesday said a U.S. tax plan backed by the Trump administration cannot be passed as it is, noting the proposal would add to the deficit.

NEW YORK (Reuters) - BlackRock Inc (BLK.N) Chief Executive Larry Fink on Tuesday said a U.S. tax plan backed by the Trump administration cannot be passed as it is, noting the proposal would add to the deficit.

FILE PHOTO - Larry Fink, Chief Executive Officer of BlackRock, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson/File Photo

“I think it’s going to have to be amended,” said Fink, whose company is the world’s largest asset manager, in an interview with Bloomberg Television.

The Trump administration outlined a proposal last week that would provide $5.99 trillion in tax cuts while reducing federal revenues by a net $2.4 trillion in the next 10 years, according to a first detailed analysis of the plan by the non-profit Washington-based Tax Policy Center.

Fink said he is concerned that deficits could expand even as the U.S. elderly population grows, raising the cost of social-insurance programs and forcing the United States government to fund its spending by borrowing abroad.

He also said he opposes an element of the administration’s proposal that would prevent taxpayers from deducting certain expenses, including levies paid to state and local governments.

While Fink said markets are fine and will do well until the end of the year, he noted that he sees more “value” outside the United States. BlackRock manages $5.7 trillion.

Fink said he expects Trump to nominate more “moderate” candidates to serve on the U.S. Federal Reserve than Republicans have in the past, likely portending no major changes in the direction of monetary policy.

Regarding a fierce debate over the utility of cryptocurrencies such as bitcoin BTC=BTSP, Fink described himself as "a big believer in the potential of what a cryptocurrency can do." But he added that the digital currencies are currently being used for "money laundering" and speculation.

JPMorgan Chase & Co Chief Executive Jamie Dimon last month said bitcoin, which has soared nearly 350 percent this year, “is a fraud” and will blow up. But Fidelity Investments struck a more optimistic note, starting its own bitcoin “mining” operation to create new coins.

Fink also said that BlackRock will ramp up its in-house investment research following new European Union rules due to go live in January 2018.

As part of the EU’s Markets in Financial Instruments Directive II, or Mifid II, asset managers will have to agree on a price for all research obtained from brokers. Most research currently is given out for free, with brokers recouping the cost through fees on executing trades for fund managers.

Our Standards:The Thomson Reuters Trust Principles.

Original Source



Life - Entertain

Guess which BBC chat show host is selling his modernist home with a private beach in East Sussex...

Television presenter Graham Norton has put his luxury seaside house on the market for £2.3 million – just under £1 million more than he bought it for. Norton paid £1.35 million for the award-winning, architect-designed house in 2009.  The six-bedroom property is built in a modernist style, clad in African iroko wood with huge balconies to make the most of its sea front location.

Read More
Life - Entertain

Stephen Paddock wasn't an Isis terrorist but that may make the FBI's job even harder

The massacre in Las Vegas was not carried out by an Islamist and the attempt by Isis to claim credit for the murders of 58 people was bogus, the US authorities concluded fairly swiftly. But this does not make the task facing the FBI any easier as it copes with investigating the dramatic rise in far-right terrorism which has taken place during Donald Trump’s presidency, and a gun lobby triumphant and unbending thanks to the support of said President.

Read More
Life - Entertain

Qatar's World Cup workers are not workers, they are slaves, and they are building mausoleums, not stadiums

Your name is Sumon, and you live in a small village in rural Bangladesh. One day you’re visited by a casual acquaintance you’ve known since childhood, who has an opportunity. He’s recruiting for a clerical job, he knows you’ve always been bright and ambitious, and he wants you. He’ll take care of everything: paperwork, passport, medical, transport. He’ll even act as a reference if you need a bank loan. The promised salary - $400 dollars US a month - is literally more money than you’ve seen before in your life.

Read More