View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

A Journey Through Merkel’s Germany: Affluent, Anxious and Almost Normal

As Germany heads into an election that will see Angela Merkel step down after 16 years as chancellor, she leaves behind a country profoundly changed — and anxious about changing more.


STUTTGART, Germany — The small silver star at the tip of Aleksandar Djordjevic’s Mercedes shines bright. He polishes it every week.

Mr. Djordjevic makes combustion engines for Daimler, one of Germany’s flagship carmakers. He has a salary of around 60,000 euros (about $70,000), eight weeks of vacation and a guarantee negotiated by the union that he cannot be fired until 2030. He owns a two-story house and that E-class 250 model Mercedes in his driveway.

All of that is why Mr. Djordjevic polishes the star on his car.

“The star is something stable and something strong: It stands for Made in Germany,” he said.

But by 2030 there will be no more combustion engines at Daimler — or people making combustion engines.

parental leave in Catholic Bavaria. The married gay couple raising two children outside Berlin. The woman in a hijab teaching math in a high school near Frankfurt, where most students have German passports but few have German parents.

successive crises and left others unattended, there was change that she led and change that she allowed.

phase out nuclear power in Germany. She ended compulsory military service. She was the first chancellor to assert that Islam “belongs” to Germany. When it came to breaking down her country’s and party’s conservative family values, she was more timid but ultimately did not stand in the way.

Konrad Adenauer anchored Germany in the West. Willy Brandt reached across the Iron Curtain. Helmut Kohl, her onetime mentor, became synonymous with German unity. Gerhard Schröder paved the way for the country’s economic success.

Ms. Merkel’s legacy is less tangible but equally transformative. She changed Germany into a modern society — and a country less defined by its history.

She may be remembered most for her decision to welcome over a million refugees in 2015-16 when most other Western nations rejected them. It was a brief redemptive moment for the country that had committed the Holocaust and turned her into an icon of liberal democracy.

“It was a sort of healing,” said Karin Marré-Harrak, the headmaster of a high school in the multicultural city of Offenbach. “In a way we’ve become a more normal country.”

lingering inequality between East and West three decades after reunification is still evident, even though taxpayers’ money has flowed east and things have gradually improved. With the government planning to phase out coal production by 2038, billions more in funding are promised to help compensate for the job losses.

But as Mike Balzke, a worker at the nearby coal plant in Jänschwalde, put it: “We don’t want money — we want a future.”

Mr. Balzke recalled his optimism when Ms. Merkel first became chancellor. Because she was an easterner and a scientist, he expected her to be an ambassador for the East — and for coal.

Instead, his village lost a quarter of its population during her chancellorship. A promised train line from Forst to Berlin was never built. The post office shut down.

Mr. Balzke, 41, worries that the region will turn into a wasteland.

That anxiety runs deep. And it deepened again with the arrival of refugees in 2015.

was up in arms, but only a decade later, it has become the new normal.

Ms. Merkel never backed same-sex marriage outright, but she allowed lawmakers to vote for it, knowing that it would go through.

Mr. Winkler left the party again in 2019 after Ms. Merkel’s successor as conservative leader, Annegret Kramp-Karrenbauer, disparaged same-sex marriage. But he acknowledged his debt to the chancellor.

On June 30, 2017, the day of the vote, he wrote her a letter.

“It is a pity that you could not support opening marriage to same-sex couples,” he wrote. “Still, thank you that you ultimately made today’s decision possible.”

Then he invited her to visit his family, “to see for yourself.”

She never replied. But he and his family used to live just around the corner from Ms. Merkel, who never gave up her apartment in central Berlin. They would see her occasionally in the supermarket checkout line.

“There she was with toilet paper in her basket, going shopping like everyone else,” Mr. Winkler’s partner, Roland Mittermayer, recalled. Even after 16 years, they are still trying to figure the chancellor out.

“She is an enigma,” Mr. Winkler said. “She’s a bit like the queen — someone who has been around for a long time, but you never feel you really know her.”

Six hours northwest of Berlin, past endless green fields dotted with wind farms and a 40-minute ferry ride off the North Sea coast, lies Pellworm, a sleepy island where the Backsen family has been farming since 1703.

Two years ago, they took Ms. Merkel’s government to court for abandoning its carbon-dioxide emission targets under the Paris climate accord. They lost, but then tried again, filing a complaint at the constitutional court.

This time they won.

“It’s about freedom,” said Sophie Backsen, 23, who would like to take over her father’s farm one day.

Sophie’s younger brothers, Hannes, 19, and Paul, 21, will vote for the first time on Sunday. Like 42 percent of first-time voters, they will vote for the Greens.

“If you look at how our generation votes, it’s the opposite of what you see in the polls,” Paul said. “The Greens would be running the country.”

Pellworm is flush with the sea level and in parts even below it. Without a dike ringing the coastline, it would flood regularly.

“When you have permanent rain for three weeks, the island fills up like a bath tub inside the dikes,” Hannes said.

The prospect of rising sea levels is an existential threat here. “This is one of the most important elections,” Hannes said. “It’s the last chance really to get it right.”

“If not even a country like Germany can manage this,” he added, “what chance do we stand?”

Christopher F. Schuetze contributed reporting from Berlin.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

U.S. Reaches Agreement to Release Huawei’s Meng Wanzhou

For its part, the Chinese government has underwritten the cost of installing Huawei gear, in an effort to dominate networks from Latin America to the Middle East.

Ms. Meng came to personify that effort. Her determination to wire up Tehran, at a time in which the West was seeking to contain Iran’s nuclear program, attracted protests among American officials. For that reason, some China hard-liners objected on Friday to news that the charges were being dropped.

“It sends the wrong message to Chinese business executives around the world that it’s permissible to engage in fraudulent transactions with Iran and North Korea,” said Michael Pillsbury, a scholar at the Hudson Institute who was a top China adviser to former President Donald J. Trump. “I fear that another part of the message has been that the Biden team approved selling Huawei some types of chips and technology, which will also undercut the message that Huawei should not be involved in 5G telecommunications systems of our friends and allies.”

Huawei mustered a furious effort in Washington and in Canada to get Ms. Meng released. But she refused to plead guilty to bank and wire fraud charges stemming from Huawei’s deal in Iran. Months later, she agreed to a deferred prosecution agreement, which will ultimately lead to dropping all the charges against her.

The case began when Canadian authorities arrested Ms. Meng, 49, in December 2018, at the request of the United States. She owns two imposing homes in Vancouver, and was allowed to stay in them with an ankle bracelet to track her whereabouts. She eventually settled at her gated, seven-bedroom mansion in the city’s exclusive Shaughnessy neighborhood, where she received painting lessons and private massages.

She instantly became one of the world’s most famous detainees — especially because she is the daughter of Huawei’s famous founder and chief executive, Ren Zhengfei, a former People’s Liberation Army officer who turned his small telecommunications firm into a national champion.

In January 2019, the Justice Department indicted Huawei and Ms. Meng. While the charges focused on bank and wire fraud, in announcing the indictment, the Justice Department alleged that Huawei employees, including Ms. Meng, lied to bank officials when asked about whether Huawei was unlawfully engaged in business with Iran, knowing that U.S. sanctions on Tehran would prevent the banks from financing the sale.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Could This Covid Wave Reverse the Recovery? Here’s What to Watch.

The spread of the Delta variant has delayed office reopenings, disrupted the start of school and generally dashed hopes for a return to normal after Labor Day. But it has not pushed the U.S. economic recovery into reverse.

Now that recovery faces a new test: the removal of much of the aid that has helped keep households and businesses afloat for the past year and a half.

The Paycheck Protection Program, which distributed hundreds of billions of dollars in grants and loans to thousands of small businesses, concluded last spring. A federal eviction moratorium ended last month after the Supreme Court blocked the Biden administration’s last-minute effort to extend it. Most recently, an estimated 7.5 million people lost unemployment benefits when programs that expanded the system during the pandemic were allowed to lapse.

Next up: the Federal Reserve, which on Wednesday indicated it could start pulling back its stimulus efforts as early as November.

OpenTable, for example, have fallen less than 10 percent from their early-July peak. That is a far smaller decline than during the last Covid surge, last winter.

“It has moved down, but it’s not the same sort of decline,” Mr. Bryson said of the OpenTable data. “We’re living with it.”

$120 billion in monthly bond purchases — which have kept borrowing cheap and money flowing through the economy — but it will almost certainly keep interest rates near zero into next year. Millions of parents will continue to receive monthly checks through the end of the year because of the expanded child tax credit passed in March as part of President Biden’s $1.9 trillion aid package.

That bill, known as the American Rescue Plan, also provided $350 billion to state and local governments, $21.6 billion in rental aid and $10 billion in mortgage assistance, among other programs. But much has not been spent, said Wendy Edelberg, director of the Hamilton Project, an economic-policy arm of the Brookings Institution.

“Those delays are frustrating,” she said. “At the same time, what that also means is that support is going to continue having an effect over the next several quarters.”

Economists, including officials in the Biden administration, say that as the economy heals, there will be a gradual “handoff” from government aid to the private sector. That transition could be eased by a record-setting pile of household savings, which could help prop up consumer spending as government aid wanes.

A lot of that money is held by richer, white-collar workers who held on to their jobs and saw their stock portfolios swell even as the pandemic constrained their spending. But many lower-income households have built up at least a small savings cushion during the pandemic because of stimulus checks, enhanced unemployment benefits and other aid, according to researchers at the JPMorgan Chase Institute.

“The good news is that people are going into the fall with some reserves, more reserves than normal,” said Fiona Greig, co-director of the institute. “That can give them some runway in which to look for a job.”

recent survey by Alignable, a social network for small business owners. Not all have had sales turn lower, said Eric Groves, the company’s chief executive. But the uncertainty is hitting at a crucial moment, heading into the holiday season.

“This is a time of year when business owners in the consumer sector in particular are trying to pull out their crystal ball,” he said. “Now is when they have to be purchasing inventory and doing all that planning.”

open a new location as part of a development project on the West Side of Manhattan.

Go big. If some aid ended up going to people or businesses that didn’t really need help, that was a reasonable trade-off for the benefit of getting money to the millions who did.

Today, the calculus is different. The impact of the pandemic is more tightly focused on a few industries and groups. At the same time, many businesses are having trouble getting workers and materials to meet existing demand. Traditional forms of stimulus that seek to stoke demand won’t help them. If automakers can’t get needed parts, for example, giving money to households won’t lead to more car sales — but it might lead to higher prices.

That puts policymakers in a tight spot. If they don’t get help to those who are struggling, it could cause individual hardship and weaken the recovery. But indiscriminate spending could worsen supply problems and lead to inflation. That calls for a more targeted approach, focusing on the specific groups and industries that need it most, said Nela Richardson, chief economist for ADP, the payroll processing firm.

“There are a lot of arrows in the quiver still, but you need them to go into the bull’s-eye now rather than just going all over,” Ms. Richardson said.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Days Before Germans Vote, Merkel Is Where She Didn’t Want to Be: On the Stump

STRALSUND, Germany — Only days before Germans cast their ballots for a new Parliament and with it a new government and leader, Chancellor Angela Merkel was on the campaign trail this week — further proof that her conservatives are in a perilous position.

Ms. Merkel, of course, is no longer a candidate. She is stepping down and had hoped to stay away from the race. But instead she spent Tuesday in her own district stumping for the struggling candidate for her Christian Democratic Union, Armin Laschet. She even quipped about her smaller-than-average shoe size, hoping to convince voters that those shoes are best filled by Mr. Laschet.

The Green party, the unexpected early leaders in the race, are in third place at the moment.

The Social Democrats are running one of their strongest election campaign in years, marked by clear messaging on progressive issues from increasing the minimum wage to creating more affordable housing. And their front-runner candidate, Olaf Scholz, has been selling himself as the best fit for Ms. Merkel’s shoes.

shot and killed a 20-year-old gas station attendant who refused the man service because he did not wear a mask.

Speaking to the several hundred people who had gathered late Tuesday on the wet cobblestones of the Old Market Square in this city on the Baltic Sea coast, which Ms. Merkel has represented since 1990, Mr. Laschet honored the victim, then chided the several dozen anti-vaccine demonstrators who had shown up to protest the government with shouts and whistles.

“We do not want this violence,” he said. But neither his condemnation nor his pledge to increase security elicited much applause. He also didn’t manage to silence the noise beyond the barriers.

The rally was meant to shore up support for Mr. Laschet, but for townspeople and tourists alike, it turned into an opportunity to catch a last glimpse of the woman whose outsize role in their country and in Europe has influenced their lives since November 2005.

Christine Braun, a member of the Christian Democrats in Stralsund, said that Mr. Laschet would be getting her vote, but he was not the reason she was standing in the driving rain on a chilly September night.

“I came to honor Ms. Merkel, our chancellor and representative,” she said, adding that throughout her 30 years representing the constituency, Ms. Merkel would visit regularly, attending meetings and engaging with the community. “She remained approachable and down-to-earth.”

Vilana Cassing and Tim Taugnitz, both students in their early 20s, were vacationing in Stralsund and saw the posters advertising the event and Ms. Merkel’s attendance. They decided to attend more out of curiosity to see the woman who had shaped their lives than out of political interest.

They described their political leanings as “leftist-Green,” saying they would vote on Sunday, but not for Mr. Laschet.

“I think it is good if the Christian Democrats go into opposition,” Mr. Taugnitz said.

That could happen. On Sunday, voters will go to the polls, though many may have already done so, with the pandemic resulting in an unusually high number of requests for mail-in ballots — a form of voting that has been around in Germany since 1957 and that organizers assure is safe.

Should the Social Democrats emerge as the strongest party, they would still need to find at least one partner to form a government. While that means that the roles could be reversed, with the Christian Democrats as the junior partners under Mr. Scholz, more likely is a center-left alliance led by the Social Democrats together with the Greens and the business friendly Free Democrats.

Mr. Laschet has been warning against the threat posed by such an alliance, seeking to paint the other parties as a danger to the prosperity that Germans have enjoyed under Ms. Merkel.

“It’s completely wrong what the S.P.D. and the Left and the Greens are planning,” Mr. Laschet told the crowd on Tuesday, referring to pledges to increase taxes on the country’s highest earners. “They should invest and create jobs.”

Ms. Merkel instead sought to praise Mr. Laschet and Georg Günther, who hopes to win the seat in Parliament that she is vacating after 30 years, for their achievements. She expressed confidence that both men would continue the course that she had set and urged her supporters to back them.

“Several times today I have reported my shoe size,” Ms. Merkel told the crowd in Stralsund. Nodding to Mr. Günther and smiling, she said that he could “manage” to fill her shoes — European size 38, or U.S. 7 and a half. Then she turned to Mr. Laschet and added, “he is the one who can do it,” at the chancellery.

Listening from the sidelines, Thilo Haberstroh, a native of the southwestern city of Karlsruhe who was in Stralsund on business and only happened on the rally by chance, said he wasn’t convinced that anyone in the running had what it takes to be the next chancellor of Germany.

“This was interesting, but none of them have really made an impression on me,” he said. “I still don’t know who I will get my vote on Sunday.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Federal Reserve Signals a Shift Away From Pandemic Support

Federal Reserve officials indicated on Wednesday that they expect to soon slow the asset purchases they have been using to support the economy and predicted they might raise interest rates next year, sending a clear signal that policymakers are preparing to curtail full-blast monetary help as the business environment snaps back from the pandemic shock.

Jerome H. Powell, the Fed’s chair, said during a news conference that the central bank’s bond purchases, which have propped up the economy since the depths of the pandemic downturn, “still have a use, but it’s time for us to begin to taper them.”

That unusual candor came for a reason: Fed officials have been trying to fully prepare markets for their first move away from enormous economic support. Policymakers could announce a slowdown to their monthly government-backed securities purchases as soon as November, the Fed’s next meeting, and the program may come to a complete end by the middle of next year, Mr. Powell later said. He added that there was “very broad support” on the policy-setting Federal Open Market Committee for such a plan.

Nearly 20 months after the coronavirus pandemic first shook America, the Fed is trying to guide an economy in which business has rebounded as consumers spend strongly, helped along by repeated government stimulus checks and other benefits.

markets on edge. In the United States, partisan wrangling could imperil future government spending plans or even cause a destabilizing delay to a needed debt ceiling increase.

Mr. Powell and his colleagues are navigating those crosscurrents at a time when inflation is high and the labor market, while healing, remains far from full strength. They are weighing when and how to reduce their monetary policy support, hoping to prevent economic or financial market overheating while keeping the recovery on track.

“They want to start the exit,” said Priya Misra, global head of rates strategy at T.D. Securities. “They’re putting the markets on notice.”

Investors took the latest update in stride. The S&P 500 ended up 1 percent for the day, slightly higher than it was before the Fed’s policy statement was released, and yields on government bonds ticked lower, suggesting that investors didn’t see a reason to radically change their expectations for interest rates.

The Fed has been holding its policy rate at rock bottom since March 2020 and is buying $120 billion in government-backed bonds each month, policies that work together to keep many types of borrowing cheap. The combination has fueled lending and spending and helped to foster stronger economic growth, while also contributing to record highs in the stock market.

fresh set of economic projections on Wednesday, laying out their predictions for growth, inflation and the funds rate through the end of 2024. Those included the “dot plot” — a set of anonymous individual estimates showing where each of the Fed’s 18 policymakers expect their interest rate to fall at the end of each year.

last released in June. This was the first time the Fed has released 2024 projections, and officials expected rates to stand at 1.8 percent at the end of that year.

sharply higher in recent months, elevated by supply-chain disruptions and other quirks tied to the pandemic. The Fed’s preferred metric, the personal consumption expenditures index, climbed 4.2 percent in July from a year earlier.

Fed officials expected inflation to average 4.2 percent in the final quarter of 2021 before falling to 2.2 percent in 2022, the new forecasts showed.

Central bankers are trying to predict how inflation will evolve in the coming months and years. Some officials worry that it will remain elevated, fueled by strong consumption and newfound corporate pricing power as consumers come to expect and accept higher costs.

Others fret that the same factors pushing prices higher today will lead to uncomfortably low inflation down the road — for instance, used car prices have contributed heavily to the 2021 increase and could fall as demand wanes. Tepid price increases prevailed before the pandemic started, and the same global trends that had been weighing inflation down could once again dominate.

“Inflation expectations are terribly important, we spend a lot of time watching them, and if we did see them moving up in a troubling way” then “we would certainly react to that,” Mr. Powell said. “We don’t really see that now.”

The Fed’s second goal — full employment — also remains elusive. Millions of jobs remain missing compared with before the pandemic, even after months of historically rapid employment gains. Officials want to avoid lifting interest rates to cool off the economy before the labor market has fully healed. It’s difficult to know when that might be, because the economy has never recovered from pandemic-induced lockdowns before.

“The process of reopening the economy is unprecedented, as was the shutdown at the onset of the pandemic,” Mr. Powell said on Wednesday.

Given those uncertainties, the Fed is likely to move cautiously on raising interest rates. And while Mr. Powell teed up a possible November announcement that the Fed would start slowing its bond-buying, even that is subject to change if the economy does not shape up as expected — or if major risks on the horizon materialize.

“The start of tapering would be delayed if the debt ceiling standoff is unresolved and markets are in turmoil,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a research note following the meeting.

Yet Mr. Powell made clear that the Fed was not equipped to ride to the rescue if lawmakers could not resolve their differences.

“It’s just very important that the debt ceiling be raised in a timely fashion,” Mr. Powell said, adding that “no one should assume the Fed or anyone else can protect markets and the economy in the event of a failure” to “make sure that we do pay those, when they’re due.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Pentair Announces Quarterly Cash Dividend

LONDON–(BUSINESS WIRE)–Pentair plc (NYSE: PNR) announced today that it will pay a regular quarterly cash dividend of $0.20 per share on November 5, 2021 to shareholders of record at the close of business on October 22, 2021. 2021 marks the 45th consecutive year that Pentair has increased its dividend.

ABOUT PENTAIR PLC

Pentair makes the most of life’s essential resources. From our residential and business solutions that help people move, improve and enjoy their water, to our sustainable innovations and applications, we deliver smart, sustainable solutions for life.

Pentair had revenue in 2020 of $3 billion, and trades under the ticker symbol PNR. With approximately 9,750 global employees serving customers in more than 150 countries, we work to help improve lives and the environment around the world. To learn more, visit Pentair.com.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

MarketSpace Capital and DigiShares Partner to Tokenize A 250-Unit Active Older Adult Housing Development in Dallas, Texas.

HOUSTON–(BUSINESS WIRE)–MarketSpace Capital, a real estate private equity firm headquartered in Houston, Texas, announced today it has partnered with DigiShares, a leading end-to-end white-label platform for tokenized securities, to digitize, tokenize and manage the share cap table for the Spot @ Myra Park, a real estate development project in Dallas, Texas.

The Spot at Myra Park is a 250-unit multifamily apartment complex that recently broke ground and is expected to be completed in Q4 2022. The equity interests in the Spot at Myra Park will be digitized by DigiShares using Ethereum blockchain technology. Subject to legal and regulatory due diligence and securities law considerations, MarketSpace Capital expects the digital securities to become tradable on the tZero ATS.

DigiShares CEO, Claus Skaaning stated, “We are excited to work with MarketSpace Capital to tokenize the Spot at Myra Park. This is one of the most significant and solid real estate projects in which we have been involved. We view MarketSpace as a highly professional and forward-looking player in the US real estate markets and are proud to be working with them on this project. At the same time, it marks a big step forward for DigiShares as a key player in the global security token ecosystem.”

MarketSpace Capital is focused on ground-up developments and value-add investments through the U.S and has over $400 million of cumulative asset value through 19 investment properties over the past decade. Out of these 19 investments, MarketSpace Capital has gone full cycle and sold six of these properties.

MarketSpace Capital Co-Founder and Chairman Dr. Masaki Oishi said, “we see great value in the tokenization of commercial real estate as a vehicle for enabling liquidity on a secondary market and democratizing access to a normally elusive asset class. Between MarketSpace Capital and our co-development partners, we have a combined existing portfolio of over $1 Billion, and we look forward to working with DigiShares, one of the leading providers of asset management and crowdfunding platforms for real assets and coordinating the trading of the Myra Park and future property’s digital securities through an integration with tZERO.”

Ownership interests of the Spot at Myra Park were distributed to approximately 45 accredited investors through a real estate limited partnership, which closed in May 2020 and raised approximately $6.5 million.

About MarketSpace Capital

MarketSpace Capital is a private equity real estate firm focused on ground-up developments and value-add investments throughout the U.S. Through its relationships, expertise and disciplined, data-driven analysis, MarketSpace Capital’s veteran staff has completed over $1 billion in transactions and has the capability and experience required to maximize value creation through a comprehensive, programmatic, and conservative investment and asset management approach. In addition to producing consistent returns, MarketSpace Capital seeks to create positive economic impact and long-term value for its investors, the properties it invests in, and the communities in which it works.

Website: https://marketspace.capital

About DigiShares A/S

DigiShares is one of the leading providers of asset management and crowdfunding platforms for real assets, including real estate and private equity. Our solutions enable asset owners and fund managers to digitize and automate processes, to reduce administrative cost, to reduce the ticket size to fractionalize and democratize and enable retail investors to participate, and finally to provide a huge increase in liquidity through the built-in marketplace that enables shareholders to trade their assets.

Website: https://www.digishares.io

Investor Notice

Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single security could mean lack of diversification and, consequently, higher risk. Potential investors are urged to consult a professional adviser regarding any economic, tax, legal or other consequences of trading any securities as described herein.

No Offer, Solicitation, Investment Advice or Recommendations

This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by any of the parties mentioned herein or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

Forward-Looking Statements

This release contains forward-looking statements. In addition, from time to time, the parties mentioned herein, their subsidiaries, or their representatives may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which is derived from currently available information. Such forward-looking statements relate to future events or future performance, including financial performance and projections; growth in revenue and earnings; and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including, without limitation: the ability of the parties mentioned herein and their subsidiaries to change the direction; their ability to keep pace with new technology and changing market needs; and competition. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this release and other statements made from time to time by the parties mentioned herein, their subsidiaries or their respective representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions. The Parties mentioned herein, their subsidiaries, and their representatives are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this release and other statements made from time to time by the respective parties their subsidiaries or their representatives might not occur.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Global Markets Swoon as Worries Mount Over Superpowers’ Plans

Investors on three continents dumped stocks on Monday, fretting that the governments of the world’s two largest economies — China and the United States — would act in ways that could undercut the nascent global economic recovery.

The Chinese government’s reluctance to step in and save a highly indebted property developer just days before a big interest payment is due signaled to investors that Beijing might break with its longstanding policy of bailing out its homegrown stars.

And in the United States, the globe’s No. 1 economy, investors worried that the Federal Reserve would soon begin cutting back its huge purchases of government bonds, which had helped drive stocks to a series of record highs since the coronavirus pandemic hit.

The sell-off started in Asia and spread to Europe — where exporters to China were slammed — before landing in the United States, where stocks appeared to be heading for their worst performance of the year before a rally at the end of the trading day. The S&P 500 closed down 1.7 percent, its worst daily performance since mid-May, after being down as much as 2.9 percent in the afternoon.

to ignore a variety of issues complicating the recovery — including the emergence of the Delta variant and the supply chain snarls that have bedeviled consumers and manufacturers alike.

But beginning this month, as Evergrande began to teeter and the likelihood of the Fed’s scaling back — or tapering — its bond-buying programs grew, the market’s protective bubble began to deflate. Some U.S. investors are also concerned that tax increases are in the offing — including on share buybacks and corporate profits — to help pay for a spending push by the federal government, the signature piece of which is President Biden’s proposed $3.5 trillion budget bill. Separately, Congress also must act to raise the government’s borrowing limit, a politically charged process that has at times thrown markets for a loop.

On Monday, those currents combined, reflecting the interconnectedness of the global markets as investors everywhere sold their holdings.

the rancorous debate about increasing the debt limit was accompanied by a sharp market slump, as representatives in Washington appeared to flirt with the idea of not raising the constraint on borrowing, which would effectively amount to a default on Treasury bonds.

“It’s going to be drama for the sake of politics,” said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management. “People don’t like that.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

How Top Accounting Firms Help Their Clients Sidestep Taxes

This year, Mr. Harter returned to PwC.

“I fully complied with Treasury Department conflicts rules by not meeting with PwC representatives” during a two-year “cooling off” period that restricts government officials from meeting with their former employers, Mr. Harter said. Although he was involved in the construction of the offshore tax break and met with corporate lobbyists, Mr. Harter said he did not recall meeting with Ms. Olson or other PwC officials on the topic.

Ms. Olson referred questions to PwC.

The 2017 tax overhaul included a provision that let some people take a 20 percent tax deduction on certain types of business income. But the law — known as Section 199A — largely excluded an undefined category of “brokerage services.” In 2018, lobbyists for several industries, including real estate and insurance, visited the Treasury to try to persuade officials that the broker prohibition should not apply to them.

On Aug. 1, records show, Ms. Ellis met with her former PwC colleague, Mr. Feuerstein, and three other lobbyists for his client, the National Association of Realtors. They wanted real estate brokers to qualify for the 20 percent deduction.

The meeting took place before the first draft of the proposed rules was even made public, which meant that, right off the bat, Ms. Ellis’s former PwC colleague and his client had an inside track.

When the Treasury published its first version of the proposed rules a week later, real estate brokers were eligible. The National Association of Realtors took credit for the victory on its website. (The final rules applied only to brokers of stocks and other securities.)

Ms. Ellis’s meeting with Mr. Feuerstein appeared to violate a federal ethics rule that restricts government officials from meeting with their former private sector colleagues, said Don Fox, the acting director of the Office of Government Ethics during the Obama administration and, before that, a lawyer in Republican and Democratic administrations.

Mr. Fox described the meeting as improper. “It certainly is going to call into question how that regulation was drafted,” he said. “There’s no way to undo the taint that is now going to be attached to that.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<