Business

Robert Lighthizer, former US trade representative, speaks during an event with former US President Donald Trump, not pictured, at Precision Components Group in York, Pennsylvania, US, on Monday, Aug. 19, 2024. Graeme Sloan | Bloomberg | Getty ImagesDonald Trump's longtime trade adviser is apparently telling Wall Street money managers that if the Republican presidential nominee is reelected, he could start implementing his sweeping tariff proposals quickly after taking office, according to policy analysts at Piper Sandler."We've heard from a number of clients that Trump's former US Trade Representative, Robert Lighthizer, has been meeting with investor groups and telling them that Trump could announce 60% Chinese tariffs and 10% across-the-board tariffs shortly after taking office," wrote t...

Going looking for ghosts in October isn't a great way to see one, as it turns out. At least so far. The prevailing sense among investors and market handicappers entering the month was to expect choppy, irresolute action full of potential scares. As with most consensus beliefs, this one was plausible. This time of year typically tests nerves, more so when — as now — an election is onrushing and the S & P 500 was already up 20% for the year. Instead, the index has continued its dogged grind to new record highs, 45 of them for 2024, even after investors last week walked the dark hallways and opened closet doors labeled " Warmer CPI, " "Higher jobless claims," "Rising Bond Yields" and "Fewer Fed rate cuts." All without frightening results. The big-picture, keep-it-simple characteristics of...

Republican presidential nominee former President Donald Trump attends a rally at the site of the July assassination attempt against him, in Butler, Pennsylvania, Oct. 5, 2024.Brian Snyder | ReutersMore from FA 100:Here's a look at more coverage of CNBC's FA 100 list of top financial advisory firms for 2024:It's unclear which TCJA provisions, if any, could be extended by Congress, particularly with uncertain control of the Senate, House and the White House. In the meantime, some financial advisors have started tax planning for clients who could be affected. Here are some of their key strategies.Estate planning is a 'large focus'Currently, there's a significantly higher estate and gift tax exemption under the TCJA, which allows tax-free transfers from wealthy Americans to the next generation...

Water begins to recede from flooded streets in Tampa, Florida, due to Hurricane Milton on October 10, 2024.Bryan R. Smith | AFP | Getty ImagesRestoring power, clearing debris and distributing fuel are now the top priorities in Florida as the state continues to reel in the wake Hurricane Milton. More than 1.5 million are without power and at least 17 fatalities have been confirmed as recovery efforts continue into the weekend.Florida Gov. Ron DeSantis said Saturday that efforts are still underway to assist residents and provide resources to hard-hit areas across the state. Parts of western and central Florida continue to face the risk of significant flooding in creeks and rivers continue to rise.DeSantis said the state is working to address the need for fuel in heavily impacted areas. He sa...

Jeff J Mitchell, Getty ImagesScottish former First Minister Alex Salmond, who helped change the course of Scottish politics and pushed Scotland to the verge of independence from the United Kingdom, died on Saturday. He was 69.Salmond, who headed the devolved Scottish government for seven years from 2007, is credited with helping boost support for Scottish independence during a 2014 referendum in which Scots voted 55%-45% in favor of staying in the United Kingdom.The BBC said Salmond had collapsed after giving a speech in North Macedonia.Leaders from across the political divide paid tributes to Salmond, a formidable debater who led the Scottish National Party (SNP) from 1990 to 2000 and from 2004 to 2014."For more than 30 years, Alex Salmond was a monumental figure of Scottish and UK politi...

The Federal Aviation Administration approved a license on Saturday for the launch of SpaceX's Starship 5 set for as early as Sunday.Reuters first reported earlier this week the faster than expected timetable after the FAA in September had said it did not expect a determination on a license before late November.The FAA said on Saturday SpaceX has "met all safety, environmental and other licensing requirements for the suborbital test flight" for the fifth test of the Starship and has also approved the Starship 6 mission profile.Don’t miss these insights from CNBC PRO Source link

Two exchange-traded funds are looking for profits in China with two different strategies.While the Rayliant Quantamental China Equity ETF dives into specific regions, the newly launched Roundhill China Dragons ETF buys the country's biggest stocks."[It's] focused just on nine companies, and these companies are the companies that we identified as having similar characteristics to magnitude in the U.S.," Roundhill Investments CEO Dave Mazza told CNBC's "ETF Edge" this week.Zoom In IconArrows pointing outwardsSince its inception on Oct. 3, the Roundhill China Dragon ETF is down almost 5% as of Friday's close.Meanwhile, Jason Hsu of Rayliant Global Advisors is behind the hyper-local Rayliant Quantamental China Equity ETF. It has been around since 2020."These are local shares, local names that ...

Eli Lilly and Company, Pharmaceutical company headquarters in Alcobendas, Madrid, Spain.Cristina Arias | Cover | Getty ImagesThe U.S. Food and Drug Administration on Friday agreed to reconsider a decision it made last month to bar drug compounders from selling their own versions of Eli Lilly's blockbuster weight loss and diabetes drugs.The agency said in a court filing it would now allow compounding pharmacies and facilities to keep providing the drugs while it reviews whether there is a shortage of their active ingredient. The compounding versions of the drugs are cheaper for patients than the brand-name versions.The decision was in response to a lawsuit brought on Monday by the Outsourcing Facilities Association, a compounding industry group. After the FDA's decision on Friday to reconsi...

Vice President and Democratic presidential candidate Kamala Harris arrives for a campaign event at the Dort Financial Center in Flint, Michigan, October 4, 2024. Geoff Robins | Afp | Getty ImagesVice President Kamala Harris is in "excellent health" and "possesses the physical and mental resiliency" required to serve as president, her doctor said in a letter released Saturday that summarizes her medical history and status.Dr. Joshua Simmons, a U.S. Army colonel and physician to the vice president, wrote that Harris, 59, maintains a healthy, active lifestyle and that her most recent physical last April was "unremarkable."She "possesses the physical and mental resiliency required to successfully execute the duties of the Presidency, to include those as Chief Executive, Head of State and Comma...

A TD bank stands in Brooklyn on June 04, 2024 in New York City. Spencer Platt | Getty ImagesTD Bank pleaded guilty Thursday to multiple criminal charges and agreed to pay a whopping $3 billion in fines and other penalties to the Department of Justice and financial regulators for failing to monitor money laundering by drug traffickers and other criminals.As part of the deal, TD Bank, whose U.S. unit is the 10th-largest American bank by assets, also will have limits to its growth imposed by the Office of the Comptroller of the Currency. The total assets of TD Bank's two U.S. banking subsidiaries will be barred from exceeding $434 billion under that restriction.The restrictions are similar to those imposed by the Federal Reserve on Wells Fargo in 2018 over what the Federal Reserve called "wid...