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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,”…
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Pepsi hit with $10.9m tax bill
An Illinois judge has ruled that PepsiCo. Inc. cannot claim its snack food subsidiary, Frito-Lay North America Inc., operates as a foreign corporation to avoid Illinois income taxes. The ruling, made by Sangamon County Circuit Court Judge Robin Schmidt, holds Pepsi liable for $10.9m in back taxes, penalties, and interest. The judge affirmed the Illinois…
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Economic losses from LA wildfires could top $50bn
The wildfires raging through the Los Angeles area are projected to be among the most expensive natural disasters in U.S. history, with economic losses estimated between $52bn and $57bn, according to AccuWeather. J.P. Morgan has also revised its estimate to around $50bn. The fires have already led to the evacuation of at least 130,000 people…
