Economy & Markets
The important economic and stock market news that advisors need to know.
U.S. to See Challenges for Top Spot in World Bank
By Marlene Y. SatterFinance Minister Ngozi Okonjo-Iweala of Nigeria and former Finance Minister Jose Antonio Ocampo of Colombia are expected to be nominated to head the body by the Friday deadline.
March 20, 2012
Ryan’s GOP Budget Repeals AMT and Health Care Law, Reforms Tax CodeHouse Budget Committee Chairman Paul Ryan, R-Wis., released the House 2013 budget, which would reduce tax brackets from six to two and, like Obama's plan, cut corporate tax rate.
March 20, 2012
Goldman’s O’Neill: Economy Getting Back to ‘Normal’Goldman Sachs Asset Management Chairman Jim ONeill points to breakouts including positive jobs data, the S&P 500s rise above 1,400, a drop in gold prices and good news from the Fed.
March 20, 2012
Froehlich Sees Europe, China Shaking Up Economy—In a Good Way: ASPPA SummitBob Froehlich, executive vice president and chief investment strategist for The Hartford, sees Europe avoiding recession and China resolving its food inflation issues, he said at the 2012 ASPPA 401(k) Summit on Monday.
March 20, 2012
Vatican Embarrassed by Account ClosureThe Vatican suffered a blow to its efforts to have its bank included in the European "white list" of states that comply with international standards against tax fraud and money laundering on Monday when JP Morgan Chase shut the account of the Vatican bank at an Italian branch.
March 20, 2012
Ireland Will Vote—Once—on EU Fiscal CompactIreland will hold a public referendum on whether to join the European Union fiscal compact but will not revisit the issue at the polls if voters reject it, said Brendan Howlin, Irelands public expenditure minister. Even if the Irish reject the fiscal compact, it will take effect anyway if it...
March 20, 2012
IMF: Greece Will Need Third Bailout in Debt WritedownsLast week Greece was granted a massive bailout for the second time, after winning hard-fought concessions from its private debt holders and pushing through additional unpopular austerity measures. This week the IMF said it expected Greece to need additional funding or more debt restructuringin effect, a third bailout.
March 20, 2012
FINRA Fines Citigroup Arm Over Corporate Bond TransactionsFINRA on Monday fined Citi International Financial Services $600,000 and ordered more than $648,000 in restitution and interest to more than 3,600 customers for charging excessive markups and markdowns on corporate and agency bond transactions.