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Tax troubles cloud Treasury Secretary nominee
Scott Bessent, nominated as Secretary of the Treasury, faces scrutiny over his tax returns, which reportedly show he avoided nearly $2m in taxes through loopholes and write-offs. The Senate Finance Committee’s review indicates he did not follow U.S. tax rules and declined to amend his returns when given the chance. Sens Elizabeth Warren (D-MA), Ron…
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Markets ‘at risk’ from tariff-fueled inflation
The boss of the world’s biggest sovereign wealth fund has warned that markets are at risk from tariff-fueled inflation. Nicolai Tangen, chief executive of Norges Bank Investment Management, told CNBC at the World Economic Forum in Davos that inflation driven by U.S. tariffs is among the biggest market risks in 2025. He also identified chief…
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Trump plans crypto-friendly orders
US President Donald Trump plans to use his executive powers to reduce the regulatory burden faced by cryptocurrency companies and promote digital asset adoption in his first few days in office, say people briefed on the plan. Trump is expected to sign an executive order creating a crypto advisory council, an idea he first mentioned…
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Trump’s Treasury pick warns of calamity if tax cuts not extended
Scott Bessent, nominated by U.S. President-elect Donald Trump to lead the Treasury Department, emphasized the urgency of extending the package of tax cuts from 2017 during his Senate Finance Committee confirmation hearing on Thursday. He said that failing to renew these cuts, which are set to expire at the end of the year, would lead…
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War is the biggest threat to global economy
The world economy is experiencing unprecedented division, according to the World Economic Forum’s Global Risks Report. The survey of over 900 risk managers found that 23% view armed conflict as the primary threat to global stability. Mirek Dusek, managing director at the WEF, said: “Rising geopolitical tensions, a fracturing of global trust and the climate…
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KPMG closes in on U.S. legal services licence
A judicial committee in Arizona has recommended that KPMG be granted a U.S. legal services licence. The Big Four firm says this would allow it to increase services offered to companies’ in-house legal departments. The subsidiary could also serve clients outside Arizona. “We’re not intending to focus, frankly, on any sort of bet-the-company type matters,”…
