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U.S. tariffs to cost Germans up to 20 billion euros this year: report

“BERLIN (Reuters) – U.S. President Donald Trump’s tariffs will lead to a drop in prosperity in Germany this year and are likely to cost Germans up to 20 billion euros ($23.44 billion), the head of German think-tank IMK said” writes Midwest Communications Inc for 95kqds.com. “The policy of tariffs will cost Germans up to 20 billion euros in additional income this year,” Gustav Horn, director of the IMK, which is close to the trade unions, told weekly magazine Der Spiegel. On Friday the head of the DIHK Chambers of Commerce…

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Microsoft reports net income of $8.9 billion as cloud business drives profits

“Revenue grew in all three segments: product revenue, cloud revenue, and Enterprise Services” reports medianama.com. The tech giant’s operating income surged 35% to $10.4 billion this quarter from around $7.7 billion in Q4 FY2017.The company’s total revenues for the quarter stood at $30.1 billion, up 17% from $25.6 billion in Q4 FY2017.While Microsoft did not disclose exact revenue from Azure, KeyBanc analysts had estimated that Azure on its own would yield $2.05 billion of the Commercial Cloud revenue, CNBC reported.Azure revenue, although grew sharply at 89% YoY, it fell from…

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This is exactly how filthy rich the 1% is in every state in America

“It takes a pile of dough to make it into the 1% in America these days, according to a report on income inequality released this week by the Economic Policy Institute” reports moneyish.com. And the average annual income of the top 1% these days is a whopping $1,316,985, versus $1,111,491 five years ago — and compared to an average income of just over $50,000 for the bottom 99%. Source: moneyish.com Share This:

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SBI Holdings Posts Strong Quarter Revenue and Income Results

“For the quarter, operating income was $127.7 million (14.4 billion yen), up from $94 million (10.6 billion yen) in 2017” reports financemagnates.com. During April, May, and June this year, the company saw an increase in operating revenue of 20.5 percent to $270 million (30.5 billion yen).This is in comparison to 2017, which saw an operating revenue of $224.5 million (25.4 billion yen).Net revenue for the quarter jumped by 23.9 percent to $255.9 million (28.9 billion yen) year-on-year.Ordinary income also saw an impressive year-on-year gain of 34.9 percent, coming in at $127.4…

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Bill would give young people more Obamacare subsidies

“Health insurance through Obamacare can be costly for people making above $48,000 a year, the income threshold at which they no longer qualify for subsidies” reports washingtonexaminer.com. Under the proposal, the maximum percentage of income that young adults would have to pay toward health insurance under Obamacare would decrease by 2.5 percentage points for people between the ages of 18 to 30. Source: washingtonexaminer.com Share This:

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Senate Democrats warn of ‘gigantic loopholes’ in Trump tax cuts

“Trump and his Republican allies in Congress slashed the U.S. corporate income tax rate to 21 percent from 35 percent” writes Midwest Communications Inc for 95kqds.com. The GILTI provision has already caused consternation among corporations by inadvertently creating higher tax bills for those with only limited overseas exposure.Senate Democrats said the provision encourages a form of gaming called “cross-crediting,” in which a company can use foreign tax credits earned on income from high-tax countries to eliminate its GILTI tax bill on income from tax havens.WASHINGTON (Reuters) – U.S. Senate Democrats…

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Exclusive: Canada housing agency pushes for better income checks to catch fraud

“The Canada Mortgage and Housing Corporation (CMHC) action plan, obtained by Reuters under public records laws, shows the agency is concerned about systemic risk posed by mortgage fraud” reports businessinsider.com. The documents reveal that CMHC will start publishing statistics on mortgage fraud, which are not currently available in Canada.The agency has said repeatedly that there is little evidence of widespread fraud in Canada, but it also says data is limited.Unlike tax authorities in the United States and the United Kingdom, the Canada Revenue Agency (CRA) does not verify income for…

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Brokers News 

Interactive Brokers registers continued growth in pre-tax profits, revenues in Q2 2018

“Net revenues rose 33% to $443 million on the back of higher net interest income, commissions revenue and other income” reports financefeeds.com. The broker reported diluted earnings per share on net income of $0.58 for the quarter ended June 30, 2018, compared to $0.32 for the same period in 2017. Source: financefeeds.com Share This:

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Less than 20% of apartments are affordable for middle-income black renters

“In some cities, like San Francisco, black renters on average had to spend nearly 75% of their income on rent” writes Jacob Passy for marketwatch.com. Even in the most affordable rental market in Zillow’s analysis, the typical rent charged to a black resident required 29.9% of their median income.Black renters in New York could only afford 3.4% of rentals if they earned the median household income and wanted to keep housing costs below 30% of their pretax income.If black renters making the national median household income for their demographic spent…

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News Stocks 

Goldman beats earnings and revenue expectations, but stock falls as equities revenue misses

“GS, +2.22% fell 1% in premarket trade Tuesday, although the investment bank reported second-quarter earnings and total revenue that rose above expectations, although equities revenue missed” writes Reporter Editor for marketwatch.com. This replaces a previous item that incorrectly reported total revenue.Institutional client services revenue grew 17% to $3.57 billion, just shy of the FactSet consensus of $3.63 billion, as fixed income, currency and commodities (FICC) revenue rose 45% to top expectations while equities revenue was flat to miss expectations.Net income grew to $2.35 billion, or $5.98 a share, from $1.63…

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