Bhinneka News Online: Breaking business news: Trump proposal slashes taxes on businesses, the rich amid deficit worries

Wednesday 27 September 2017

Breaking business news: Trump proposal slashes taxes on businesses, the rich amid deficit worries

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Wednesday, September 27, 2017

Trump proposal slashes taxes on businesses, the rich amid deficit worries

WASHINGTON (Reuters) - President Donald Trump on Wednesday proposed the biggest U.S. tax overhaul in three decades, offering to cut taxes for most Americans but prompting criticism that the plan favors the rich and companies and could add trillions of dollars to the deficit.

Exclusive: N.Y. regulator subpoenas Equifax over massive breach

NEW YORK (Reuters) - New York state's financial services regulator has issued a subpoena to Equifax Inc demanding it provide more information about the massive data breach the credit-reporting firm disclosed this month, a person familiar with the matter said on Wednesday.

Quebec, Britain threaten retaliation after Bombardier tariffs

MONTREAL (Reuters) - The Canadian province of Quebec and Britain threatened retaliation on Wednesday over stiff U.S. tariffs imposed on Bombardier Inc's CSeries jet that could affect thousands of jobs in the two countries.

NAFTA negotiators make some progress amid strains in U.S.-Canada relations

OTTAWA (Reuters) - The United States, Canada, and Mexico said on Wednesday they had made some progress in talks to modernize NAFTA, but acknowledged that relations between Washington and Ottawa had become strained over a U.S. decision to impose preliminary subsides on Canadian jet manufacturer Bombardier.

Exclusive: Spotify's valuation turned up to $16 billion in private trades - sources

LONDON/STOCKHOLM (Reuters) - Private trades in Spotify shares are valuing the music streaming company at about $16 billion, according to people familiar with the deals, raising the prospect of a bumper flotation next year.

U.S. senators want probe of Allergan transfer deal with tribe: letter

(Reuters) - Four U.S. senators have asked the Senate Judiciary Committee to launch an investigation into a deal drugmaker Allergan Plc struck with a Native American tribe to protect some of its patents from generic challenge, according to a letter seen by Reuters.

Wall St. gains on financials boost, tax hopes

NEW YORK (Reuters) - U.S. stocks rose on Wednesday as gains in financial shares were powered by growing expectations for a December interest rate hike and on hopes President Donald Trump's administration may be making progress on a tax plan.

Exclusive: Republican U.S. tax framework sets 20 percent corporate rate

WASHINGTON (Reuters) - Republicans in the U.S. Congress and the White House called for slashing tax rates on businesses and the wealthy on Wednesday, as part of a new tax plan that offers few details about how to pay for tax cuts without expanding the federal deficit.

U.S. core capital goods data underscores economy's strength

WASHINGTON (Reuters) - New orders for U.S.-made capital goods increased more than expected in August and shipments maintained their upward trend, pointing to underlying strength in the economy despite an anticipated drag on growth from Hurricanes Harvey and Irma.

U.S. tax plan puts reflation trade back on investors' radar

The "reflation," or "Trumpflation," trade that drove financial markets after Donald Trump's surprise U.S. presidential election victory last November made a comeback on Wednesday as the unveiling of Trump's long-promised tax overhaul revived bets that markets would benefit from both faster economic growth and inflation.