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New Report Shows Why Congress’s Plan to Raise Cigarette and Nicotine Taxes is Such a Terrible Idea

December 3, 2021 by Staff Reporter

Congress is currently considering a large increase in federal taxes on cigarette and nicotine products, as part of President Biden’s “Build Back Better” agenda. Yet a new report illustrates why this is such a bad idea.

Authored by the nonpartisan Tax Foundation, the study analyzes past cigarette tax increases and shows how they helped fuel the black market. Using data from the Mackinac Center for Public Policy, Tax Foundation expert Ulrik Boesen shows that as these taxes increase, so too do illegal smuggling and black market activity. 

There’s plenty of data to examine. The report notes that 39 states and Washington, DC have increased cigarette taxes since 2006. With smoking increasingly unpopular as health risks are more commonly known, smokers—despite being disproportionately low-income—have become an easy target for punitive tax hikes.

Boesen finds that as a result of these tax increases, black market criminal activity has risen in many of the most affected areas. New York, for example, has the highest rate of cigarette smuggling with more than 52 percent of its consumed cigarettes arriving illegally from out of state. Next up is California, with 43 percent of its consumed cigarettes stemming from smuggling operations. 

And states like New Hampshire with low taxes on nicotine products see massive amounts of outbound smuggling to nearby high-tax states, Boesen reports. So, too, Oklahoma increased its cigarette tax in 2018 and immediately saw a huge spike in inbound smudging—jumping from 30th to 17th on the list of states with the most smuggled cigarettes.  

All in all, there is a clear and strong correlation between tax rates and black market activity, as shown in the graph below:

Suffice it to say this isn’t a good thing. Black markets fuel criminal activity and lack the same accountability and quality standards of free, legal markets. But fueling the black market is just another unintended consequence of big government meddling with legal markets. 

“The crafting of tax policy can never be divorced from an understanding of the law of unintended consequences, but it is too often disregarded or misunderstood in political debate,” Boesen concludes. “Sometimes policies, however well-intentioned, have unintended consequences that outweigh their benefits.” 

I’d call that an understatement. And it’s hard to imagine a better example than nicotine products proving this principle. If the federal government hikes nicotine taxes just to squeeze a few more billions out of working-class taxpayers for it to waste, well, don’t be surprised when criminal enterprises see the biggest benefits. 

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Originally Appeared Here

Filed Under: BUSINESS, POLITICS, US

Bitcoin dips below $60,000 as investors watch strong dollar

November 16, 2021 by Staff Reporter

Cryptocurrencies slid in overnight trading, with some of the most popular digital tokens losing more than 10% from recent highs. Some investors pointed to the stronger dollar as a catalyst for the fall.

Bitcoin briefly fell below $59,000 on 16 November, tumbling to its lowest price this month, before edging up to trade around $60,500.

The selloff began on 15 November and extended into a second day, with the digital asset losing more than 8% since 12 November at 5pm ET. Ether slid for a fifth consecutive day, declining another 5% to around $4,300. It is down more than 12% from its latest record.

“A lot of people view crypto as a risk-on investment,” said Martha Reyes, head of research at Bequant, a digital-asset brokerage and exchange. In times of stress, “people will be looking to raise cash and they will raise cash where they’ve maybe had the most profits.”

READ Binance pushes crypto ‘bill of rights’ following regulatory scrutiny

The slide comes after a rally that powered bitcoin last week to a record of $68,525.84. Cryptocurrencies received a boost from the debut of the first exchange-traded fund to hold bitcoin futures contracts, which spurred a wave of buying. They were also caught up in a recent flurry of risk-taking in markets, which included some of the most speculative growth stocks.

Some signs of nervousness are beginning to show in broader markets as concerns about runaway inflation rise in the wake of the biggest uptick in consumer prices in the US in over three decades. Covid-19 cases are also beginning to pick up in the Northern Hemisphere as winter approaches, with some European countries retightening restrictions.

Traditional safe-haven assets such as the US dollar and gold have rallied in recent days. The WSJ Dollar Index, which measures the greenback against a basket of currencies, reached its highest level since July 2020 on Tuesday.

The dollar’s strength is also a signal that investors are continuing to bet that the Federal Reserve may have to raise interest rates to deal with the bout of inflation, according to researchers at Capital Economics. Higher rates would attract yield-seeking capital flows to the US. They expect the dollar to keep appreciating through next year.

This matters for cryptocurrencies because tighter Fed policy would weigh on the broader market and likely hit the riskiest assets hardest, said Joel Kruger, a currency strategist at LMAX Group. This is having a short-term negative impact on cryptocurrencies, he said.

READ Why central bank digital currencies are facing an identity crisis

Recent advances in regulation of cryptocurrencies in the two biggest economies in the world may also be weighing on the market, analysts said.

President Biden signed a $1tn infrastructure bill into law on 15 November. The bill includes a section on digital assets, adding similar tax-reporting rules as those for traditional securities like stocks and bonds.

“We’ve been surprised by the pace of development in the US,” said Reyes. “It would be unfortunate if it stifled innovation too much.”

China’s economic planning agency on 16 November reiterated opposition to cryptocurrency mining and laid plans for a further crackdown. It said it had told local authorities last week to “completely clean out mining activities” in their regions.

Computer labs at state-owned enterprises would be inspected and punished if they were engaged in mining, Meng Wei, a spokeswoman for the National Reform and Development Commission, told a news conference.

The next step would be to target cryptocurrency-mining activities being conducted on an industrial scale and state-owned companies involved in the industry, Meng said. Punitive charges would be levied on groups that mine crypto using power bought at residential electricity prices, she said.

—Anniek Bao in Singapore contributed to this article.

Write to Anna Hirtenstein at anna.hirtenstein@wsj.com

This article was published by Dow Jones Newswires

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Originally Appeared Here

Filed Under: BUSINESS, MONEY, POLITICS, US

Energy secretary defends Tesla EV tax credit exclusion

October 30, 2021 by Staff Reporter

Energy Secretary Jennifer Granholm on Friday defended the Biden administration’s proposal to give tax credits for electric vehicles made by unionized automakers, a move that could exclude nonunion Tesla.

“This president is very, very favorable toward organized labor, because organized labor has raised the standard of living of so many Americans, and we want to make sure that we do everything possible to encourage that business and labor really focus on elevating the standards for everyday Americans,” Granholm told CNBC’s “Squawk Box.”

The tax credit in question would lower the cost by $12,500 for a middle-class family purchasing an EV that’s made in America with U.S. materials and union labor, according to the $1.75 trillion framework for President Joe Biden’s climate and social spending priorities. Biden announced the blueprint Thursday, after working out a deal with Senate Democratic holdouts. No details beyond the White House fact sheet were given.

Elon Musk’s Tesla is the largest producer of electric vehicles, recently surpassing a $1 trillion stock market value, which makes it more valuable than General Motors, Ford and several other of the biggest global automakers combined. The EV titan’s workforce is not unionized, leaving Tesla products ineligible for the government’s tax credits under the Democrats’ proposal.

In March, Tesla was ordered by the National Labor Relations Board to ask Musk to remove a tweet deemed threatening and anti-union as the company’s financial filings consider Musk’s tweets to be official company communication. In the tweet, Musk said his workforce was free to unionize but said they would win “nothing” because they would lose stock options and pay union dues if unionized.

Granholm said Biden is committed to creating an equal economic playing field.

“He wants to address the wealth gap in this country,” she said. “He wants to raise the middle class. He wants to have policy that builds the middle class from the bottom up and the middle out, not the top down.” She said the president believes unions can help achieve that.

The Energy secretary also said she’s “totally bullish” around investing in the $23 trillion global market of clean energy that she believes will be there by 2030, saying the U.S. could have a share of that market instead of “standing on the sidelines.”

“We haven’t put more alternatives onto the grid. We haven’t put more technology into the vehicles to make it affordable for everybody,” she said. Tesla is often considered a luxury car company.

“So that requires investment,” Granholm said. “That’s why the tax credits associated with incentivizing the private sector to get off the sidelines on clean energy investment are so important in moving that forward.”

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Originally Appeared Here

Filed Under: BUSINESS, MONEY, POLITICS, US

TECH NEWS 114 | POCO M4 PRO | LAVA AGNI | SAM M52 | OPPO A54S | REDMI NOTE 11 | PUBG | IPHONE 12SCAM – Oakland News Now

October 29, 2021 by Staff Reporter

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TECH NEWS 114 | POCO M4 PRO | LAVA AGNI | SAM M52 | OPPO A54S | REDMI NOTE 11 | PUBG | IPHONE 12SCAM ITS A TECH NEWS 114 IN TECHNO …

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Note from Zennie62Media and OaklandNewsNow.com : this video-blog post demonstrates the full and live operation of the latest updated version of an experimental Zennie62Media , Inc. mobile media video-blogging system network that was launched June 2018. This is a major part of Zennie62Media , Inc.’s new and innovative approach to the production of news media. What we call “The Third Wave of Media”. The uploaded video is from a YouTube channel. When the YouTube video search uploads a video from a search for consumer tech news today vlogs, it is automatically uploaded to and formatted automatically at the Oakland News Now site and Zennie62-created and owned social media pages. The overall objective here, on top of our is smartphone-enabled, real-time, on the scene reporting of news, interviews, observations, and happenings anywhere in the World and within seconds and not hours – is the use of the existing YouTube social graph on any subject in the World. Now, news is reported with a smartphone and also by promoting current content on YouTube: no heavy and expensive cameras or even a laptop are necessary, or having a camera crew to shoot what is already on YouTube. The secondary objective is faster, and very inexpensive media content news production and distribution. We have found there is a disconnect between post length and time to product and revenue generated. With this, the problem is far less, though by no means solved. Zennie62Media is constantly working to improve the system network coding and seeks interested content and media technology partners.

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Originally Appeared Here

Filed Under: POLITICS, TECH/SCIENCE, US

4 Scary Charts Show How Fast the Federal Government is Heading Toward Fiscal Disaster

October 17, 2021 by Staff Reporter

The national debt is rapidly closing in on $29 trillion. The federal government now owes an astounding $228,999 per taxpayer. All the while, politicians in Washington, DC are bickering over whether to spend $4.5 trillion more or “just” $1.5 trillion. Yet almost entirely omitted from the debate over the so-called “infrastructure” spending bonanza is the fact that the federal government is already running off a fiscal cliff—as a new analysis makes plain. 

The Manhattan Institute’s Brian Riedl recently released his 2021 Chart Book, and it paints a devastating picture of the federal government’s finances. Here are 4 charts that show just how fast it is approaching budgetary disaster. 

1. The National Debt Will Nearly Double From 2019 Through 2031

Image Credit: Brian Riedl, Manhattan Institute

Riedl estimates the trajectory of the national debt even under the rosy assumption that new spending programs are not added. He nonetheless shows that the federal debt will nearly double by 2030.  

2. Biden’s Budget Proposals Would Push Soaring National Debt Past 250% of GDP in 30 Years

Image Credit: Brian Riedl, Manhattan Institute

What matters is not just the total debt figure, but how it relates to the overall size of our economy, as measured by Gross Domestic Product (GDP), which reflects how much the US produces in a year. Right now we’re already above a 100 percent debt-to-GDP ratio, which is normally considered a red flag, yet under Biden’s proposed additions to the budget baseline the debt would reach an astounding 250 percent of GDP within 30 years. That’s right: We’d owe 2.5 times more than we make annually. 

3. Rising Social Security & Medicare Shortfalls Drive Nearly Entire 2019-2031 (non-Pandemic) Deficit Rise

Image Credit: Brian Riedl, Manhattan Institute

Some progressives like to cite military spending and tax cuts as drivers of the nation’s deficit woes. (And there’s certainly plenty of room for cuts in the defense budget). Yet the reality nonetheless remains that the welfare state’s various entitlement programs are what’s really driving the problem. Riedl shows that the future deficits projected through 2031 are mostly driven by the enormous funds that will be needed to keep Social Security and Medicare from collapsing.   

4. The 2017 Tax Cuts are a Relatively Minor Contributor to Soaring Deficits

Image Credit: Brian Riedl, Manhattan Institute

No, it is not the GOP’s 2017 tax cuts that are really driving this problem. Yes, the reductions in the corporate tax rate, income tax cuts, and other changes will likely lead to the federal government collecting less revenue than it otherwise would have. Yet that’s a small price to pay for reducing the corporate tax rate’s harsh burden on workers and more generally letting Americans keep more of their own money. And, as Riedl shows, it’s only a marginal contributor to skyrocketing projected deficits. 

Why Does Any of This Matter?

Many Americans might see these figures and charts and feel their eyes start to glaze over. The federal government’s dismal finances can certainly seem like an abstract or far-away issue. But unless Congress drastically reins in its spending addiction, Americans will feel the consequences in their everyday lives. 

In just a matter of years, the annual interest payments on the debt that taxpayers must finance are set to hit $1 trillion. If interest rates even modestly increase, that sum could skyrocket. Right now, even before all this new debt, taxpayers spend $800 million per day just servicing the interest on the national debt. Further progression down this path will ultimately mean massive increases in taxation. 

So, too, we will face slower economic growth and lower paychecks as the debt crowds out private sector investment and drags down the economy.

“Deficit spending extracts resources from the real economy and there is no guarantee that the government uses these resources better than the private sector,” Mercatus Center senior fellow Veronique de Rugy told FEE in a previous interview.

Indeed, many studies show that higher debt leads to lower economic growth—aka, lower income growth for everyday Americans.

“We are likely already paying for the heightened debt levels in the form of lower living standards,” de Rugy said. “And we will continue to suffer if we keep this up.”

What’s more, we continue to court a fiscal crisis in the near-to-medium-term future. According to the Peter J. Peterson Foundation, high levels of federal debt mean a “greater risk of a fiscal crisis” that “could further destabilize the U.S. economy and erode confidence in U.S. currency on an international scale.”

So voters should find the trends exposed by Riedl’s revelations deeply concerning. If the federal government doesn’t get its house in order, it is everyday Americans, not politicians, who will ultimately pay the price.   

Click here to check out Brian Riedl’s full chartbook and report.

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Originally Appeared Here

Filed Under: BUSINESS, MONEY, POLITICS, US

Why Is the US Increasing the Pentagon’s Budget by $37,000,000,000 Despite Leaving Afghanistan?

October 8, 2021 by Staff Reporter

After 20 years and over $2 trillion dollars, the Afghanistan War is finally over. Does that mean our massive defense budget will finally be trimmed? Nope.

Congress is actually on the verge of passing an increase to the Pentagon’s budget, preparing to allocate $740 billion for the fiscal year 2021-2022. That’s more than President Joe Biden even requested. In fact, it’s $37 billion more.

The National Defense Authorization Act, better known as the NDAA, is passed annually and allocates funding for our military industrial complex. With few exceptions, it is passed with overwhelming bipartisan support each year. It’s worth knowing that the military budget is the largest portion of the discretionary federal budget, accounting for 11 percent of overall federal spending.

A House panel approved the proposed budget increase in a nearly-unanimous vote on Thursday, with only two Democrats—Representatives Sara Jacobs (D, CA) and Ro Khanna (D, CA)—objecting.

Representative Mark Pocan, a reliable critic of Pentagon funding, said it made little sense to allocate more funds to the Pentagon than the president requested or what House Appropriations had approved.

“At a time when the United States is withdrawing from wars abroad, we should be committed to cutting our defense spending now more than ever,” said Pocan, a Democrat who has represented Wisconsin’s 2nd congressional district since 2013.

Representative Barbara Lee (D, CA), who in 2001 was the only member of Congress to vote against a congressional resolution authorizing force against those responsible for the 9/11 attacks, wrote a letter with two dozen of her Democratic colleagues calling for a cut to the “bloated defense budget that has enabled 40 years of blank check wars around the globe.”

Despite the best efforts of these representatives, it is likely enough Republicans and centrist Democrats will pull together to push this bill through.

Why We Can’t Have Nice Things

Facing a nearly $29 trillion national debt and the conclusion of a 20-year war, many Americans likely believed (or at least hoped) that military spending might finally be curbed.

Alas, that’s not how Washington, DC works. This is a shame, because there are many reasons that Congress should be cutting the defense budget.

Namely, it is too high to begin with, and overrun with waste, fraud, and abuse.

In case you missed the headlines, numerous instances of that corruption have come to light in recent years. In 2016, the Pentagon tried to bury an internal study that found $125 billion in waste out of fear it would lead to budget cuts. In 2019, they managed to spend $61 billion in a single month. How? On $9,000 chairs and $4.6 million worth of crabs and lobsters, of course. This was due to the “use it or lose it” approach to budget management, which incentivizes the Pentagon to use up funds lest they experience budget cuts the next go-around.

And this doesn’t even begin to touch on the real depths of abuse. The Pentagon wastes an untold amount on weapons that are unworkable, unaffordable, or unnecessary. They overpay their buddies at Boeing and other contractors for these weapons. And then they abandon them to be blown up or—worse yet—seized by our enemies when it’s time to leave.

For the record, the Pentagon has never once passed an audit, and therefore, it never answers for the jaw-dropping amounts of waste, fraud, and abuse. They just get more and more money.

Someone Else’s Money

Economist Milton Friedman famously said, “Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.”

The Department of Defense provides a real time example of this principle, spending Americans’ tax dollars with reckless abandon.

Once again, the military industrial complex has proven itself to be one of the most costly and damaging political entities in existence. It will continue to lobby for more money and more funds for its friends—which inevitably provides an incentive for more and longer conflicts—until we the people finally wake up to its true nature and say enough is enough.

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Originally Appeared Here

Filed Under: BUSINESS, MONEY, POLITICS, US

‘Pandora Papers’ bring renewed calls for tax haven scrutiny | National News

October 5, 2021 by Staff Reporter



FILE – Jordan’s King Abdullah II speaks during a media conference prior to a meeting with NATO Secretary General Jens Stoltenberg at NATO headquarters in Brussels, in this Wednesday, May 5, 2021, file photo. Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been stashing away their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter century, according to a review of nearly 12 million files obtained from 14 different firms located around the world. The report released Sunday, Oct. 3, 2021, by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries. Jordan’s King Abdullah II is one of 330 current and former politicians identified as beneficiaries of the secret accounts.



FILE – Former British Prime Minister Tony Blair is shown ahead of a meeting at the EU Charlemagne building in Brussels, in this Wednesday, Nov. 6, 2019, file photo. Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been stashing away their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter century, according to a review of nearly 12 million files obtained from 14 different firms located around the world. The report released Sunday, Oct. 3, 2021, by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries. Former British Prime Minister Tony Blair is one of 330 current and former politicians identified as beneficiaries of the secret accounts.



Leaked records open a 'Pandora' box of financial secrets

FILE – Czech Republic’s Prime Minister Andrej Babis speaks during the 4th Budapest Demographic Summit in Budapest, Hungary, in this Thursday, Sept. 23, 2021, file photo. Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been stashing away their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter century, according to a review of nearly 12 million files obtained from 14 different firms located around the world. The report released Sunday, Oct. 3, 2021 by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries. Czech Republic’s Prime Minister Andrej Babis is one of 330 current and former politicians identified as beneficiaries of the secret accounts.



Leaked records open a 'Pandora' box of financial secrets

FILE – Kenya’s President Uhuru Kenyatta attends the annual tech conference “Inno Generation” organized by French investment bank Bpifrance in Paris, Thursday, Oct. 1, 2020. Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been stashing away their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter century, according to a review of nearly 12 million files obtained from 14 different firms located around the world. The report released Sunday, Oct. 3, 2021 by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries. Kenya’s President Uhuru Kenyatta is one of 330 current and former politicians identified as beneficiaries of the secret accounts.



Leaked records open a 'Pandora' box of financial secrets

FILE – Ecuador’s President Guillermo Lasso speaks as he delivers a proposed bill with economic, tax and labor reforms, in Quito, Ecuador, in this Friday, Sept. 24, 2021, file photo. Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been stashing away their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter century, according to a review of nearly 12 million files obtained from 14 different firms located around the world. The report released Sunday, Oct. 3, 2021 by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries. Ecuador’s President Guillermo Lasso is one of 330 current and former politicians identified as beneficiaries of the secret accounts.



A look at world leaders named in the Pandora Papers

FILE – In this Nov. 19, 2020 file photo, Pakistan Prime Minister Imran Khan speaks during a joint news conference with Afghan President Ashraf Ghani (not shown) at the Presidential Palace in Kabul, Afghanistan. Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been stashing away their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter century, according to a review of nearly 12 million files obtained from 14 different firms located around the world. The report released Sunday, Oct. 3, 2021 by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries. Pakistan Prime Minister Imran Khan is one of 330 current and former politicians identified as beneficiaries of the secret accounts.



Leaked records open a 'Pandora' box of financial secrets

FILE – Russian President Vladimir Putin chairs a Security Council meeting via video conference at the Novo-Ogaryovo residence outside Moscow, Russia, in this Monday, Sept. 27, 2021, file photo. Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been stashing away their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter century, according to a review of nearly 12 million files obtained from 14 different firms located around the world. The report released Sunday, Oct. 3, 2021 by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries. Russian President Vladimir Putin is one of 330 current and former politicians identified as beneficiaries of the secret accounts.



Leaked records open a 'Pandora' box of financial secrets

Czech Republic’s Prime Minister Andrej Babis attends a TV debate ahead of the upcoming general election in Prague, Czech Republic, Sunday, Oct. 3, 2021.



Leaked records open a 'Pandora' box of financial secrets

FILE – In this May 10, 2021, file photo released by Russian Foreign Ministry Press Service, Azerbaijani President Ilham Aliyev speaks to Russian Foreign Minister Sergey Lavrov during their meeting in Baku, Azerbaijan. Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been stashing away their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter century, according to a review of nearly 12 million files obtained from 14 different firms located around the world. The report released Sunday, Oct. 3, 2021 by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries. Azerbaijani President Ilham Aliyev is one of 330 current and former politicians identified as beneficiaries of the secret accounts.



Leaked records open a 'Pandora' box of financial secrets

FILE In this file photo taken on Wednesday, Sept. 1, 2021, Ukrainian President Volodymyr Zelenskyy speaks as he meets with President Joe Biden in the Oval Office of the White House, in Washington. Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been stashing away their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter century, according to a review of nearly 12 million files obtained from 14 different firms located around the world. The report released Sunday, Oct. 3, 2021 by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries.



Leaked records open a 'Pandora' box of financial secrets

FILE In this file photo taken on Thursday, March 16, 2017, Head of Russian First Channel Konstantin Ernst attends a meeting in Moscow, Russia. Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been stashing away their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter century, according to a review of nearly 12 million files obtained from 14 different firms located around the world. The consortium of journalists revealed Putin’s image-maker and chief executive of Russia’s leading TV station, Konstantin Ernst, got a discount to buy and develop Soviet-era cinemas and surrounding property in Moscow after he directed the 2014 Winter Olympics in Sochi. Ernst told the organization the deal wasn’t secret and denied suggestions he was given special treatment.



Jordanian king's properties undercut father figure image

Jordan’s King Abdullah II speaks during a meeting with tribal leader in Al-Qasta, south of Amman, Jordan, Monday, Oct. 4, 2021. King Abdullah II denied Monday any impropriety in his purchase of luxury homes abroad, an effort to contain a budding scandal over reports of lavish spending at a time when he has sought international aid to pull his impoverished country out of recession and help it cope with soaring unemployment.



A look at world leaders named in the Pandora Papers

Chilean President Sebastian Piñera gives a press conference at La Moneda presidential palace in Santiago, Chile, Monday, Oct. 4, 2021. Piñera is one of hundreds of current and former politicians identified as beneficiaries of secret offshore bank accounts to hide their investments and shield assets, according to the International Consortium of Investigative Journalists in a global report released on Oct. 3, 2021, dubbed the “Pandora Papers.”



'Pandora Papers' bring renewed calls for tax haven scrutiny

Kenya’s President Uhuru Kenyatta speaks behind bulletproof glass at the inauguration ceremony of Ethiopia’s Prime Minister Abiy Ahmed, after Abiy was sworn in for a second five-year term, in the capital Addis Ababa, Ethiopia Monday, Oct. 4, 2021. Calls grew Monday for an end to the financial secrecy and shell companies that have allowed many of the world’s richest and most powerful people to hide their wealth from tax collectors, following a report by the International Consortium of Investigative Journalists, with Kenya’s President Uhuru Kenyatta one of 330 current and former politicians identified as beneficiaries of the secret accounts.



'Pandora Papers' bring renewed calls for tax haven scrutiny

Ecuador’s President Guillermo Lasso waves as he arrives to meet with Indigenous groups at the government palace in Quito, Ecuador, Monday, Oct. 4, 2021. Lasso is one of hundreds of current and former politicians identified as beneficiaries of secret offshore bank accounts shielding assets, according to the International Consortium of Investigative Journalists in a global report released on Oct. 3, 2021, dubbed the “Pandora Papers.”



'Pandora papers' show London is a key hub for tax avoidance

An exterior view of 56-60 Conduit Street in the Mayfair district of London, Monday, Oct. 4, 2021. The property is linked to Azerbaijani President Ilham Aliyev in a new report dubbed the Pandora Papers that sheds light on how world leaders, powerful politicians, billionaires and others have used offshore accounts to shield assets collectively worth trillions of dollars over the past quarter-century.



'Pandora Papers' bring renewed calls for tax haven scrutiny

A view of the entrance of the Chateau Bigaud, in Mougins, southern France, Monday, Oct. 4, 2021. An investigation found that in 2009, Andrej Babis, the Czech prime minister, put $22 million into shell companies to buy the property near Cannes. The shell companies and the chateau were not disclosed in Babis’ required asset declarations, according to documents obtained by the journalism group’s Czech partner, Investigace.cz.


By PAUL WISEMAN and MARCY GORDON
AP Business Writers

WASHINGTON (AP) — Calls grew Monday for an end to the financial secrecy that has allowed many of the world’s richest and most powerful people to hide their wealth from tax collectors.

The outcry came after a report revealed the way that world leaders, billionaires and others have used shell companies and offshore accounts to keep trillions of dollars out of government treasuries over the past quarter-century, limiting the resources for helping the poor or combating climate change.

The report by the International Consortium of Investigative Journalists brought promises of tax reform and demands for resignations and investigations, as well as explanations and denials from those targeted.

The investigation, dubbed the Pandora Papers, was published Sunday and involved 600 journalists from 150 media outlets in 117 countries.

Hundreds of politicians, celebrities, religious leaders and drug dealers have used shell companies or other tactics to hide their wealth and investments in mansions, exclusive beachfront property, yachts and other assets, according to a review of nearly 12 million files obtained from 14 firms located around the world.

“The Pandora Papers is all about individuals using secrecy jurisdictions, which we would call tax havens, when the goal is to evade taxes,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy in Washington.

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The Latest: US virus mortality milestone frustrates doctors | National Business News

October 2, 2021 by Staff Reporter

The U.S. death toll from COVID-19 has eclipsed 700,000, with the last 100,000 people dying at a time when vaccines which overwhelmingly prevent serious illness were available to any American over the age of 12 who wanted them.

The milestone reached late Friday is deeply frustrating to doctors, public health officials and other Americans who watched a pandemic that had been easing earlier in the summer take a dark turn.

Tens of millions of people in the U.S. have refused to get vaccinated, allowing the highly contagious delta variant to tear through the country and send the death toll from 600,000 to 700,000 in 3 1/2 months.

Florida suffered by far the most deaths of any state during that period, with the virus killing about 17,000 residents since the middle of June. Texas was second with 13,000 deaths.

The two states account for 15% of the country’s population, but more than 30% of the nation’s deaths since the nation crossed the 600,000 threshold.

———

MORE ON THE PANDEMIC:

— US virus deaths hit 700,000 just as cases from delta begin to fall

— Russia: Antibody tests for COVID-19 remain popular, factor into low vaccine rate

— California to require school children get vaccines, once age approved

— 2 children in Virginia die from COVID-19 in 3-day span

———

See all of AP’s pandemic coverage at https://apnews.com/hub/coronavirus-pandemic

———

HERE’S WHAT ELSE IS HAPPENING:

MOSCOW — Antibody tests to detect the proteins produced by the body to fight coronavirus infection are cheap, widely available and actively marketed in Russia. Yet Western health experts say the tests are unreliable for diagnosing COVID-19 or assessing immunity to it.

When Russians talk about the coronavirus over dinner or in hair salons, the conversation often turns to “antitela,” the Russian word for antibodies. President Vladimir Putin even referred to them while bragging to Turkey’s leader about why he avoided infection even though dozens of people around him caught COVID-19.

But the antibodies the popular tests look for can only serve as evidence of a past infection, and scientists say it’s still unclear what level of antibodies indicates protection from the virus and for how long..

In Russia, it’s common to get an antibody test and share the results. Their use appears to be a factor in the country’s low vaccination rate even as the country reports record daily deaths and infections are rising again.

Both the World Health Organization and the U.S. Centers for Disease Control recommend vaccination regardless of previous infection.

———

American Airlines, Alaska Airlines and JetBlue are joining United Airlines in requiring employees to be vaccinated against COVID-19, as the Biden administration steps up pressure on major U.S. carriers to require the shots.

The airlines provide special flights, cargo hauling and other services for the government. The companies say that makes them government contractors who are covered by President Joe Biden’s order directing contractors to require that employees be vaccinated.

American Airlines CEO Doug Parker told employees late Friday that the airline is still working on details, but “it is clear that team members who choose to remain unvaccinated will not be able to work at American Airlines.”

The pilot union at American recently estimated that 4,200 — or 30% — of the airline’s pilots are not vaccinated.

Earlier, White House coronavirus adviser Jeffrey Zients talked to the CEOs of American, Delta Air Lines and Southwest Airlines about vaccine mandates.

———

NEW YORK — The Broadway hit “Aladdin” is trying to keep COVID-19 contained. Disney Theatrical Productions said it will cancel all shows until Oct. 12 after “additional breakthrough COVID-19 cases were detected.”

The show reopened Tuesday following some 18 months of being shuttered due to the pandemic, but was forced to close Wednesday when breakthrough COVID-19 cases were reported within the musical’s company. There was a Thursday performance before Friday’s was canceled.

It was the first Broadway COVID-19 cancellation since shows resumed with Bruce Springsteen’s concert returning in July and “Pass Over” as the first play to debut in August.

So-called breakthrough infections are detected in vaccinated people and tend to be far less dangerous than those unvaccinated. In many ways, the temporary closure proves that the monitoring system is working.

Dr. Blythe Adamson, the epidemiologist working with Disney Theatrical Productions, said in a statement. said she believes “these positive cases are most likely related to an exposure from one positive case.” She has instituted daily PCR testing.

“Aladdin,” a musical adaptation of the 1992 animated movie starring Robin Williams, opened on Broadway in March 2014 and has become one of its highest grossing shows.

———

HARTFORD, Conn. – A retired Connecticut physician and surgeon voluntarily surrendered her license to practice medicine on Friday after being accused of providing fraudulent medical exemption forms through the mail.

Dr. Sue Mcintosh had her license suspended last week by the Connecticut Medical Examining Board during an emergency hearing. A full hearing on the merits of the case was scheduled for Oct. 5.

State officials, who had received an anonymous complaint about the doctor, allege Mcintosh provided an unknown number of blank, signed forms exempting people from the COVID-19 and other vaccines, as well as mandatory mask-wearing and routine COVID testing to people who sent her a self-addressed envelope.

Mcintosh, who hadn’t treated the patients, signed a letter included in the packet of bogus forms with the phrase “Let freedom ring!”

Mcintosh did not respond to a request for comment.

Christopher Boyle, a spokesperson for the Connecticut Department of Public Health, said officials are considering whether to refer the case to state and federal law enforcement agencies.

———

MINNEAPOLIS — A decline in COVID-19 cases across the United States over the past several weeks has given overwhelmed hospitals some relief, but administrators are bracing for yet another possible surge as cold weather drives people indoors.

Health experts say the fourth wave of the pandemic has peaked overall in the U.S., particularly in the Deep South, where hospitals were stretched to the limit weeks ago. But many Northern states are still struggling with rising cases, and what’s ahead for winter is far less clear.

Unknowns include how flu season may strain already depleted hospital staffs and whether those who have refused to get vaccinated will change their minds.

An estimated 70 million eligible Americans remain unvaccinated, providing kindling for the highly contagious delta variant.

“If you’re not vaccinated or have protection from natural infection, this virus will find you,” warned Mike Osterholm, director of the University of Minnesota’s Center for Infectious Disease Research and Policy.

Nationwide, the number of people now in the hospital with COVID-19 has fallen to somewhere around 75,000 from over 93,000 in early September. New cases are on the downswing at about 112,000 per day on average, a drop of about one-third over the past 2 1/2 weeks.

———

MONTGOMERY, Ala. — Amid a national debate over the use of pandemic relief funds, Alabama lawmakers swiftly approved a plan Friday to tap $400 million from the American Rescue Plan to help build two super-size prisons, brushing off criticism from congressional Democrats that the money was not intended for such projects.

In a bipartisan vote that brought few dissents, the Alabama Senate voted 29-2 to approve the $1.3 billion prison construction plan, and 30-1 to steer $400 million of the state’s $2.1 billion from the rescue funds to pay for it.

With legislative leaders standing behind her, Alabama Gov. Kay Ivey signed the bills into law. Republican Sen. Greg Albritton said state officials are confident they can legally use the pandemic funds, and said the construction to replace many existing prisons will “go a long way” to addressing the state’s longstanding problems in prisons.

———

PHOENIX — Arizona’s reported COVID-19 death toll has passed 20,000 amid the state’s third virus surge.

The latest surge has started easing but continues to strain hospitals. The state reported 55 additional deaths as well as over 3,600 additional confirmed cases Friday. That increases the pandemic totals to 20,039 deaths and nearly 1.1 million cases.

Arizona currently is 11th highest among states in the number of COVID-19 deaths since the pandemic began, and sixth in the number of deaths per 100,000 population.

The current surge has seen the state’s hospital system burdened again with large numbers of patients. More than 1,750 COVID-19 patients occupied hospital beds as of Thursday.

———

ANCHORAGE, Alaska — A highly contentious debate over a proposed mask mandate for Alaska’s largest city that has included Holocaust imagery and a gay slur is set to continue on Monday.

Anchorage Mayor David Bronson opposes the mask mandate and apologized Thursday for his comments supporting some residents’ use of Holocaust imagery, like wearing yellow Stars of David, to liken the proposed mandate to the oppression of Jewish people in Nazi Germany.

The Anchorage Daily News reports Bronson also called for people on both sides of the issue to be more civil. Four people were arrested at a city council meeting Wednesday, including a man who called the assembly’s vice chair, Chris Constant, a homophobic slur.

“I didn’t stand up and speak in your defense. And I apologize for doing that,” Bronson said. “Quite frankly, I was caught off guard….What was said was intolerable.” Bronson said.

Constant said he wasn’t surprised by the slur.

“The part that in fact shocked me to silence was when roughly 200 people cheered zealously. That was the part that zinged me and really took my breath away for a minute,” he said.

———

HONOLULU — Hawaii authorities arrested two people from California for submitting fake COVID-19 test results to avoid a mandatory traveler quarantine meant to curb the virus’ spread in the islands.

A 34-year-old man and a 33-year-old woman uploaded falsified negative test results into the Hawaii Safe Travels portal and arrived in Lihue on an American Airlines flight from Los Angeles earlier this week, Kauai police said.

After they were arrested, they were released pending investigation and caught a flight back to Los Angeles.

They couldn’t immediately be reached for comment Friday.

Travelers entering Hawaii must quarantine for 10 days unless they have been fully vaccinated in the United States or test negative for COVID-19 before departing for the islands.

Hawaii authorities have been arresting people who violate travel rules, including a woman from Illinois investigators said uploaded a fake vaccination card that misspelled Moderna as “Maderna.”

———

WASHINGTON — U.S. health officials are preparing to consider more COVID-19 vaccine boosters for adults and the first vaccine shots for children younger than 12.

The Food and Drug Administration said its panel of outside vaccine experts will meet Oct. 14 and 15 to consider whether to recommend booster doses for adults who received the Moderna and Johnson & Johnson vaccines. The FDA is not required to follow the panel’s advice, though it often does.

If the FDA authorizes third doses of the vaccines a separate panel of advisers to Centers for Disease Control and Prevention will make specific recommendations on who should get them.

The FDA and CDC signed off on booster shots of Pfizer’s vaccine last month for key Americans who face higher risks from COVID-19.

Additionally, the panel will hear presentations on the safety and effectiveness of mixing different vaccine brands when giving booster shots.

The FDA also set an Oct. 26 panel meeting to consider Pfizer’s COVID-19 vaccines for children 5 to 11 years old. Currently the vaccine is authorized for children 12 and older.

———

SAN FRANCISCO — California has announced the nation’s first coronavirus vaccine mandate for school children.

Gov. Gavin Newsom says the mandate won’t take effect until the COVID-19 vaccine has received final approval from the U.S. government for various grade levels.

The government has given final approval for the vaccine for anyone 16 and older. Once final approval comes for anyone 12 and older, the state will mandate vaccines for students in seventh through 12th grades.

The state will mandate the vaccine in kindergarten through sixth grades once the federal government gives final approval for anyone 5 and older.

The state’s vaccine mandate would take effect the semester after the federal government grants final approval. If it comes in January, then the mandate would take effect in July.

Students would be granted religious and medical exemptions, but the rules for how the state would apply those exemptions have not been written yet.

In August, California became the first state in the U.S. to require all teachers and staff in K-12 public and private schools to get vaccinated or undergo weekly COVID-19 testing.

———

WASHINGTON — Biden administration officials say a new pill that could provide an easier, effective way to treat COVID 19 is good news, while adding vaccination remains the key to controlling the pandemic.

Officials at drugmaker Merck say they’ll soon seek regulatory approval for the experimental pill, which reduced hospitalizations and deaths by half in people recently infected with the coronavirus.

Dr. Anthony Fauci calls it “very good news” and Merck’s data on its medicine “impressive.”

White House coronavirus coordinator Jeff Zients says vaccination will remain the government’s main strategy for controlling the pandemic.

“We want to prevent infections, not just wait to treat them when they happen,” says Zients at the briefing on Friday.

If it’s approved by the Food and Drug Administration, the government has contracted to buy 1.7 million doses of Merck’s medication.

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Top U.S. and European officials coming to Pittsburgh for trade meeting

September 9, 2021 by Staff Reporter


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Tesla Stock Prediction and Latest Stock News: Tesla Gains 3.63% in last 5 Days

September 2, 2021 by Staff Reporter

4.5
33
votes

Article Rating

Tesla Stock Prediction : On the trading day of 2nd September, analysts predict an average support price of $ 722 and an average resistance price of $ 741

3 Analysts

Tesla Stock Prediction: Latest Price

On the 1st of September, TESLA stock closed 0.22% lower at $ 734.09.

Tesla Stock Predictions: Will Tesla go up in the next few days?

The technical analysis by analysts is neutral for the coming days. 

Tesla Inc. Performance Chart

1st September’21

vs 31st August’21

last 5 days

last 1 month

last 1 year

$ 734.09

-0.22%

3.63%

3.44%

+64.09%

Tesla Stock Prediction and Forecast: Support and Resistance, 2nd Sep

Tesla Stock Has $50 Trading Potential | TSLA Technical Analysis

Tesla Stock Prediction and Forecast: Tesla Stock news, 2nd Sep

Positive

[1st Sep] Why Tesla Stock Is Trading At Multi-Month Highs

[1st Sep] Is Tesla Setting Up for a Big Move?

[1st Sep] Tesla, IBD Stock Of The Day, In Buy Range As Launch In Huge New Market Nears

[31st Aug] TSLA is charged up and ready to accelerate

TSLA Stock Price – $ 900 Target From Morgan Stanley

Could the Tesla share price hit $1,000 by the end of this year?

Should I Buy Tesla Stock Now? Fair Value at $ 600 (31st Aug)

Analyst PRAISES Tesla’s TOTAL MASTERY, Says Buy The Stock

Negative

[31st Aug] Tesla: institutional investors showing a negative bias on the stock

[30th Aug] Tesla: Waiting For Major Catalysts

TSLA Tesla Stock Prediction and Forecast: 12 months forecast

Where Tesla Stands With Analysts

Yahoo Tesla Community

Investing.com Tesla Community

Tipranks Tesla Blogger Opinions & Sentiment

Tesla Motors Club Forum

TSLA Stock Prediction: Latest Tesla News

Positive News

[1st Sep] The World’s Fastest Growing Brands in 2021 is Tesla

[1st Sep] Tesla’s India quest gathers pace after government approval

Torque News: Tesla growth story is just getting started

Newsweek: Tesla most popular car on YouTube

Negative News

[2nd Sep] Tesla risks $2.7 billion loss on autonomous tech gamble

[2nd Sep] Amid Tesla’s Autopilot Probe, Nearly Half the Public Thinks Autonomous Vehicles Are Less Safe Than Normal Cars

[1st Sep] Tesla Autopilot NHTSA probe expands following Orlando crash

[1st Sep] Tesla’s Roadster shipment to be delayed to 2023, says Musk

[1st Sep] Rosen Law Firm Encourages Tesla, Inc. Investors with Losses to Inquire About Class Action Investigation – TSLA

[30th Aug] Tesla’s Musk is said to oppose Nvidia’s planned acquisition of Arm

TSLA Stock Prediction: Crowd Forecasts, 1st Sep

Tesla Stock Prediction: Sales Data and News

185,000 Teslas were registered in Q1 of 2021 up from 88,400 in Q1, 2020 (COVID lockdown impact). It was 63,000 in Q1, 2019.

New Vehicle Registrations (Global)

Growth % (YoY)

Q1 2021

185,000

193.7%

Q1 2020

88,400

40.3%

Tesla Inc. maintains a steady hold on the EV market in China, with new vehicle registrations recovering in May from a fall in April 2021. Sales of Tesla SUVs more than doubled in China

bloomberg.com

Monthly Registrations (China)

Growth % (MoM)

33,463

+29%

April 2021

25,845

-25%

March 2021

34,635

+89%

February 2021

18,318

+9%

TSLA Stock Prediction and Forecast: FINANCIAL PERFORMANCE

Free cash flow

Tesla’s earning estimates for Q2, 2021, click here

An important determinant of financial stability for a company, Tesla’s free cash flow jumped to $ 493 million in Q1, 2021, a jump from $ 283 million in Q1, 2020

Tesla clocked $ 10.39 B in Q1 revenue versus $ 5.99 B in Q1, 2020. This resulted in a massive 2638% jump in Net Income growth

Statista

Net Income

Growth % (YoY)

Q1 (2021)

$ 438 million

2638%

Q1 (2020)

$16 million

NA

Tesla Stock Prediction: Government incentives 

While the EV market is laden with incentives from executive authorities, every new administration brings new incentives for hybrid and plug-in electric vehicles. The Biden administration proposed allocation of $174 billion for the development of the country’s electric-vehicle ecosystem. This, combined with the federal tax credits given under the Energy Improvement and Extension Act, reassures the market of brighter and more profitable days ahead. 

Tesla Stock Prediction: Competition performance

It is no surprise that the EV market doesn’t work on a monopoly. Tesla faces serious competition from companies like Ford, Volkswagen, BMW, Kia and Hyundai, all of whom are looking to enter the electric vehicle arena. 

A few months ago, Volvo confirmed EVs will account for 100% of its vehicle sales by 2030. Auto giant General Motors estimates to increase its all-EV fleet to 30 models by the end of 2023. It plans to offer only light vehicle EVs by 2035 while Ford now expects to sell only EVs in Europe by the end of this decade. In addition, Volkswagen announced plans to develop six battery factories in Europe. 

Manufacturing.net

Tesla Stock Prediction and Forecast : Diversification policies 

Tesla has announced plans for diversification into countries like India, that may prove to be an immense market for the automaker. The company has been in talks with the Indian administration and is expected to begin operations in the country by the later half of 2021. 

The company also expects to expand the reach of its ever-so-famous Gigafactory for battery and vehicle production. With well-established Gigafactories in Nevada, New York and Shanghai, the expansion will lead to similar factories being developed in Berlin and Austin. 

Tesla Stock Prediction and Forecast : Battery Production 

At the moment, Tesla partners with Panasonic for the production of its vehicle batteries. The Gigafactory in Nevada produces Lithium-ion batteries, with the 2020 target of 35 gigawatt-hours per year of cells as well as 50 gigawatt-hours per year (5.7 MW) of battery packs. This production could be equivalent to supplying 500,000 Tesla cars per year

In home-powered solar batteries, Tesla competes with LG, Orison, Sonnen, SimpliPhi Power, and Sunverge. In electric grid energy, the contenders include Strata Solar, AES, and NextEra. 

Author: Tripti Neb

Track Tesla on Yahoo here

Nasdaq.com-Top Analyst Reports for Tesla

Read Apple Stock Forecast here

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