Baucus Says Finance Panel to Consider Tax Code This Year
But while they have their “good sides”, he said, they “also have their risks”. “Bank supervisors can’t really keep up with the new instruments and the fast growth,” he said. “It creates questions for credit quality, liquidity management”. Though economists see the problem as serious, they also say that if defaults on local government debt — which have so far not happened — begin to ripple through the system, the government has plenty of ammunition to contain them.
Weak Earnings Growth Outside Finance
Total revenues for these companies are up +3.8%, with 45.4% beating revenue expectations and a median surprise of +0.4%. Not to make light of Finances strength, but a big part of the bank earnings growth is due to loan loss reserve releases and not from loan growth. Reserve releases are a net positive as they reflect improving credit quality, but they dont constitute the sectors core earnings power. That said, the earnings growth picture outside of Finance is very weak. Expectations for the coming quarters represent a material acceleration in the total earnings growth pace, as the chart below shows.
No Interest I have no interest in re-opening the subject of additional taxes, McConnell said. Baucus and Orrin Hatch of Utah , the top Republican on the Finance Committee, have asked senators to submit ideas for tax changes by July 26. They said they are starting with a clean slate and are seeking justification for restoring any tax breaks. Baucus has his own deadline. He isnt running for re-election and will leave Congress Jan.
EU finance arm curbs loans to coal-fired power plants
“Adoption of the new lending criteria represents an important step forward in the European Investment Bank’s commitment to energy investment that supports EU policy and reflects the urgent investment challenges currently facing the energy sector,” Mihai Tanasescu, EIB vice president responsible for energy lending, said in a statement. The EU lender also said it could tighten the emissions standard in the future to ensure its lending criteria are consistent with EU climate policy and create jobs across Europe. The EIB decision follows moves by other multilateral financial institutions such as the Washington-headquartered World Bank to fund coal-fired power stations only in “rare circumstances”. Since the start of 2007, the EIB has loaned around 11 billion euros ($14.5 billion) to fossil fuel-fired plants, most of it to gas rather than coal, out of its total lending for power of 83 billion euros.