Craft Brewers Association of Nova Scotia Welcomes Federal Changes to Alcohol Excise Duty
Ottawa is capping and cutting in half the excise duty on alcohol, a move welcomed by the president of the Craft Brewers Association of Nova Scotia. The reduction in excise duty is expected to provide much-needed support and relief to the industry, particularly in Nova Scotia, where the sector has faced significant difficulties.
Federal Reserve Chair Jerome Powell Testifies Before US House Committee
Federal Reserve Chair Jerome Powell testified before the Financial Services Committee of the US House of Representatives, outlining potential changes to banking regulations and the Fed’s stance on interest rates. Powell expressed confidence in the US economy and signaled a cautious approach to cutting rates, with limited market reaction to his testimony.
The Fed’s Data Dependency Risks Causing Mistakes
The Federal Reserve’s heavy reliance on economic data has led to potential policy mistakes and increased market volatility. The focus on data has caused the Fed to fall behind in its inflation battle and make repeated forecasting errors. This excessive data dependency risks keeping interest rates too restrictive for too long, leading to output loss, higher unemployment, and financial instability. The analogy of driving a car by looking in the rear-view mirror rather than through the windshield illustrates the potential problems with the Fed’s approach to data dependency.
Best Mortgage Companies to Work For 2024
Discover the Best Mortgage Companies to Work For in 2024, as ranked by National Mortgage News and the Best Companies Group. Employee engagement takes center stage in this year’s ranking, with a focus on leadership, corporate culture, and overall satisfaction. Learn about the top companies and their strategies for navigating a challenging year in the mortgage lending industry.
Lawsuit Exposes Predatory Practices of Cash-Advance Operation
New York Attorney General Letitia James has filed a lawsuit exposing the predatory lending practices of cash-advance operation Yellowstone Capital and its related companies. Allegations include fraudulent loans with interest rates as high as 820%, leading to the closure of businesses like City Bakery. The lawsuit seeks to bar these entities and individuals from engaging in such practices.
Stock Market Fluctuations and Natixis Advisors L.P. Increases Position in Super Micro Computer, Inc.
Today’s stock market saw fluctuations, with the S&P 500 at 5,130.95 (-0.12%), the DOW at 38,989.83 (-0.25%), and the QQQ at 444.02 (-0.36%). Tech giants AAPL and MSFT experienced stock price dips, while NVIDIA (NVDA) showed a significant increase of 3.61%. Natixis Advisors L.P. has increased its position in Super Micro Computer, Inc. (NASDAQ:SMCI) by 31.4% during the 3rd quarter, with other institutional investors also showing interest in SMCI.
Former financial secretary urges Hong Kong to seek alternative revenue sources
Former financial secretary John Tsang Chun-wah has urged the government of Hong Kong to seek alternative revenue sources to cover government spending, cautioning that the city has entered an era of structural fiscal deficits. Tsang criticized the revenue-boosting measures from the recent budget, highlighting that they were expected to generate only about HK$2 billion, falling far short of the required tens of billions to achieve fiscal balance.
Seth Coulson, CFA, Joins DoubleLine Capital as Relationship Manager
Seth Coulson, CFA, has joined DoubleLine Capital as a Relationship Manager, focusing on institutional investors and investment consulting firms in the Midwestern United States. With extensive experience at PIMCO and State Street IMS, Coulson brings a wealth of knowledge to his new role. DoubleLine Capital is an investment adviser registered under the Investment Advisers Act of 1940.
GDI Integrated Facility Services Reports 6% Increase in Revenue for Q4 2023
GDI Integrated Facility Services (GDI IFS) reported a 6% increase in revenue to $622 million for Q4 of fiscal 2023, with a 12% increase for the year. CEO Claude Bigras is confident in the company’s performance and growth prospects for 2024. The Business Service USA segment experienced a notable 10% organic growth and a 14% increase in adjusted EBITDA, while the Technical Service segment saw a decline in organic growth. GDI IFS aims to capture major clients in the US and reduce working capital by $50-60 million by the end of 2024, with a focus on organic growth and acquisitions.
New York Community Bancorp Shares Plummet 18% After Leadership Change and Internal Control Issues
New York Community Bancorp’s shares plunged 18% in after-hours trading due to a leadership change and internal control issues. The bank’s exposure to commercial real estate has added to its recent performance woes, leading to a 53% decline in shares year-to-date.