News 

Trump tax cuts rightly taxed labor more than capital

“Thanks to corporate and estate tax rate cuts enacted by the Tax Cuts and Jobs Act, the effective tax rate on labor has surpassed that on capital for the very first time” reports washingtonexaminer.com. For starters, the corporate tax rate reduction brought us to a globally competitive level, not substantially below it.Of the four factors of production — land, labor, capital, and entrepreneurship — only the latter two grow economies.The Tax Cuts and Jobs Act cut our corporate rate from 35% to 21%, almost the exact same rate as the…

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IHS Markit to begin paying dividend, authorizes $2.5 billion buyback

“IHS Markit IHS, +0.80% said in a filing to the Securities and Exchange Commission that it’s approved the initiation of a quarterly dividend, as well as authorized a new share repurchase program of up to $2.5 billion” writes European Markets Editor for marketwatch.com. IHS expects to declare the quarterly cash dividend for the first quarter of fiscal 2020 in January 2020 with payment expected in February 2020. The company is targeting an annual capital return to shareholders of approximately 50-75% of what it calls its capital capacity. Source: marketwatch.com

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‘Clipping coupons’: Biden says he would eliminate capital gains tax before correcting himself

“I would eliminate the capital gains tax,” Biden said, before immediately changing his tune” reports washingtonexaminer.com. Elizabeth Warren, the 78-year-old former vice president defended his plan to tax the wealthy by hiking the current capital gains tax.”I would raise the capital gains tax to the highest rate of 39.5%. Source: washingtonexaminer.com

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Sunrise shareholder Canada Pension Plan Investment Board backs $2.8 billion capital hike

“ZURICH (Reuters) – Sunrise Communications has won support from one of its largest shareholders for its $2.8 billion capital hike – the latest twist in the telecom company’s battle to buy Liberty Global’s Canada Pension Plan Investment Board, Sunrise’s third biggest investor with a 5% stake according to Refinitiv data, said it will support the fundraising launched to back the 6.3 billion Swiss francs purchase” writes Midwest Communications Inc for 95kqds.com. Sunrise shareholders will vote on the capital increase on Oct. 23, with a Reuters survey showing at least 30% of…

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News Stocks 

MedMen’s ends blockbuster deal adding to cannabis stock woes

“In its announcement, Los Angeles-based MedMen cited the steep pullback in U.S. and Canadian cannabis stocks this year” writes The Associated Press for seattletimes.com. Vaping-related deaths and illnesses have contributed to the slide in some cannabis stocks.Consider, the ETFMG Alternative Harvest exchange traded fund, which focuses on cannabis stocks: It is down 19.6% this year and off nearly 50% from a year ago.Still, cannabis stocks are a big loser so far this year, relative to the broader market. Source: seattletimes.com

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Eletrobras looking at capitalizing Treasury advances

“SAO PAULO (Reuters) – Brazilian state-run utility Centrais Eletricas Brasileiras SA said on Monday it is discussing with the government capitalizing 3.9 billion reais ($950 million) in advances for future capital increases received from the Treasury in recent yeas” writes Midwest Communications Inc for 95kqds.com. “If and when that the operations goes ahead, shareholders will have preferential rights,” the company said in the filing.Eletrobras said in a securities filing, however, that the management hasn’t taken a decision yet, which will require approval by the executive and the board.If the operation…

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News Platforms 

The founder of SoftBank-backed hotel startup Oyo is buying back shares in his company in a $1.5 billion deal

“Just like WeWork, OYO is a REIT [real estate investment trust] with too much SoftBank capital,” he wrote last week” writes Shona Ghosh for businessinsider.com. Ritesh Agarwal, chief executive and cofounder of budget hotel platform Oyo, is to raise his stake in the SoftBank-backed firm in a $2 billion funding deal.It has also attracted growing scrutiny from critics and the press, partly thanks to its apparent similarity to another SoftBank backed property business, WeWork.Along with the buyback, Agarwal and Oyo’s backers will inject $1.5 billion of fresh capital into the…

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12 companies qualify to implement solar power plants in NAC

“Twelve companies have qualified to install solar cells on the roofs of 64 buildings in the new administrative capital (NAC)” writes Mohamed Farag for dailynewssegypt.com. The area of the first phase of the NAC is 40,000 feddan, which includes a number of residential, commercial, administrative projects, a governmental district, a diplomatic district, and a business and financial district.The sources pointed out that the administrative capital company cooperated with one of the consulting offices to prepare a short list eligible for implementation after studying the file of each company.Eligible companies were…

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CULTIVATED: Square is getting into CBD, the FDA levels a stark warning against THC vapes, and more

“Cannabis startup founders shared four key lessons for raising money in the unique industry with Business Insider” writes Finanzen Net Gmbh for businessinsider.com. I spent much of the week chatting with folks from all over the cannabis industry at the Arcview Investor Forum, which has handily located seven floors below Business Insider’s headquarters. Source: businessinsider.com

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Markets News 

Pantera Capital Leads $5M Seed Round of Decentralized Derivatives Startup

“Vega is currently focused on designing and implementing its core protocol for secure and non-custodial decentralized margin trading” writes Marie Huillet for cointelegraph.com. The software aims to disintermediate derivatives trading — eliminating the “rent-seeking middlemen endemic to traditional capital markets” and replacing them with peer-to-peer mechanisms. Source: cointelegraph.com

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