The Trump administration is confident an overhaul of US tax law will be finished by year-end, Treasury Secretary Steven Mnuchin says. "Whether health care gets done or doesn't get done, we're going to get tax reform done," he said.
The failure of regulators to end "too big to fail" is among factors that could lead to a breakdown in trust and collaboration among national authorities, market fragmentation and disruption of capital flows, said Mark Carney, governor of the Bank of England and chairman of the Financial Stability Board. Creating "a system of enhanced equivalence and mutual deference" could help avert those risks, he said.
Leaders should consider giving employees paid time off to participate in civic engagement, such as volunteerism or peaceful protest, writes Susan Johnston. Patagonia, for example, pays bail for employees arrested during a peaceful protest of environmental issues and offers paid time off for subsequent court appearances or legal appointments.
Millennials focus more on buying a home and saving for vacation, a wedding or college compared with older generations, a Stash survey finds. Advisors who prioritize these life events are more successful working with younger clients, says Alan Moore of XY Planning Network.
Stocks opened flat today after good news from the Trump administration on tax reform and steel boosted markets Thursday. At 10 a.m. Eastern, the Dow Jones industrial average was down 5 points, the Nasdaq composite was down 5 points and the Standard & Poor's 500 index was down 2 points.
The global market for blockchain technology is expected to grow to $5.43 billion by 2023, up from $228 million in 2016, with North America generating the most revenue from this technology, according to an Allied Market Research report. "Blockchain-based solutions are projected to be adopted earlier in some industries such as financial services and the supply chain industry as compared to many other industries," the report notes.
The International Monetary Fund is considering a yearlong funding scheme to aid in Greece's third bailout, government spokesman Dimitris Tzanakopoulos said. The question of IMF participation in the bailout has been one of several obstacles in negotiations that have gone on for months.
The Basel Committee on Banking Supervision's methodology for identifying global systemically important banks is up for review in April, and critics have argued against its accuracy. Among their criticisms is the methodology's vulnerability to foreign exchange volatility given that it uses the euro as its base currency.
While deepening European integration is not realistic, the European Stability Mechanism could be converted into a European monetary fund in short order, German Finance Minister Wolfgang Schaeuble said on the sidelines of International Monetary Fund meetings Thursday. Schaeuble also advocated for a tightening of the European Central Bank's monetary policies.
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