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Assembly hearing on financial transaction tax set for Monday as Democrats refine proposal

Assembly hearing on financial transaction tax set for Monday as Democrats refine proposal


New Jersey Assemblyman John McKeon, D-Madison, introduced the bill in July.

New Jersey Assemblyman John McKeon, D-Madison, introduced the bill in July. | (AP Photo/Julio Cortez)

An Assembly committee plans to discuss a major and controversial bill next week that would impose a tax on electronic stock trades processed in New Jersey, potentially generating billions of dollars in revenue for the state.

Monday’s hearing by the Assembly Financial Institutions and Insurance Committee comes as several stock exchanges have threatened to move their data centers in North and Central Jersey out of state if the Legislature and governor move forward with the tax.

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The bill, which Assembly Democratic spokesperson Kevin McArdle said the committee will discuss but not vote on, is expected to be heavily amended before any vote, and will likely include changing the tax rate on transactions and making the tax temporary.

The original bill, NJ A4402 (20R), which Assemblyman John McKeon (D-Essex) introduced in July, would impose a quarter-cent tax on every financial transaction processed in New Jersey.

Democrats have hired Paul Hastings LLP, a Washington, D.C.-based law firm with expertise on the topic, to help design the proposal. An invoice from the firm shows it’s charged Senate Democrats $30,000 so far.

Background: New Jersey’s economic slowdown from the coronavirus pandemic has cratered some revenue sources, resulting in the state agreeing to borrow billions to fund the current budget.

Financial transaction taxes are nothing new, but the idea to apply them to New Jersey’s vast server farms was first proposed by the late congressional candidate David Applefield in an op-ed earlier this year. McKeon, who read the op-ed, introduced the bill the day after Applefield died.

The bill has since gained traction, with Gov. Phil Murphy and legislative leaders all indicating support for taxing electronic trades.

Impact: Monday’s hearing is the latest indication Democrats are serious about the

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Ireland Set to Boost Spending as Economic Threats Grow

Ireland Set to Boost Spending as Economic Threats Grow

(Bloomberg) — Ireland’s government is set to boost spending to counter the dual threats of Brexit and the pandemic, as new restrictions threaten to derail a nascent economic recovery.



a group of people walking on a city street: Shoppers walk along Donegall Place in view of the Belfast City Hall in Belfast, Northern Ireland, U.K., on Friday, Jan. 3, 2020. Nationalists who want to bring the island of Ireland together made advances in the U.K. general election while unionist parties that want to remain in the U.K.lost their majority. Brexit may have blurred the lines between political tribes in the U.K., but in Northern Ireland it's entrenched them even more.


© Bloomberg
Shoppers walk along Donegall Place in view of the Belfast City Hall in Belfast, Northern Ireland, U.K., on Friday, Jan. 3, 2020. Nationalists who want to bring the island of Ireland together made advances in the U.K. general election while unionist parties that want to remain in the U.K.lost their majority. Brexit may have blurred the lines between political tribes in the U.K., but in Northern Ireland it’s entrenched them even more.

Finance Minister Paschal Donohoe will lay out the 2021 budget from about 1 p.m. in Dublin, a week after the coalition government moved the nation to a Level 3 lockdown, meaning most bars, restaurants and hotels are closed again. Among the measures being floated are a 5 billion-euro ($5.9 billion) fund to deal with the virus and Brexit, more health spending and a cut in sales tax for the hospitality industry.

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Donohoe’s strategy contrasts with Ireland’s last experience of economic crisis a decade ago, when the government slashed spending and raised taxes to win back the confidence of international lenders. The coronavirus response is one being echoed across Europe as countries try to protect businesses and jobs amid a resurgence of cases.

“Like others, the Irish government will eventually face the difficult task reducing the size of government spending,” Dermot O’Leary, chief economist at Goodbody Stockbrokers in Dublin, said. “But with large immediate threats to the Irish economy, this is a time to keep the foot on the fiscal accelerator.”

Video: Small British shops struggling amid worst UK recession (dw.com)

Small British shops struggling amid worst UK recession

UP NEXT

UP NEXT

The domestic

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Blackstone-Backed Finance of America Is Set for IPO

Blackstone-Backed Finance of America Is Set for IPO

Consumer-lending platform and

Blackstone Group Inc.


BX 0.46%

portfolio company Finance of America Equity Capital LLC is set to go public with a valuation of $1.9 billion through a blank-check merger, this year’s hottest way to list shares, according to people familiar with the matter.

Finance of America is set to merge with the special-purpose acquisition company, or SPAC,

Replay Acquisition Corp.


RPLA -0.58%

, the people said. In conjunction with the merger, institutional investors will also make a private investment of $250 million in the company. In all, the deal will leave the consumer lender’s founder and funds managed by Blackstone with a 70% ownership stake.

SPACs are all the rage in 2020, quickly having become a favored way for companies to go public in a year when initial public offerings are hotter than ever. Their popularity is a sign that there is more demand for newly listed companies than there are companies going public. So far this year, companies have raised more than $109 billion going public in the U.S., surpassing every other full year on record, according to Dealogic, whose data go back to 1995. SPACs have accounted for almost half of that total.

The sole purpose of SPACs, which are also known as blank-check companies, is to raise money to acquire a private target and take it public. Founders of these shell companies pitch their names or expertise in certain industries; once they have raised a certain amount of money they have a specific amount of time, typically two years, to identify a target. Announced deals are subject to shareholder approval. Finance of America’s services include traditional mortgages, reverse mortgages, commercial-real-estate loans and fixed-income investing. It has grown via a series of acquisitions and over the past roughly five years as a portfolio company of Blackstone’s

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China Stock Market Set To Add To Its Winnings

China Stock Market Set To Add To Its Winnings

(RTTNews) – The China stock market has finished higher in back-to-back sessions, surging more than 140 points or 4.4 percent along the way. The Shanghai Composite Index now sits just beneath the 3,360-point plateau and it’s got a positive lead again for Tuesday’s trade.

The global forecast for the Asian markets is upbeat, with tech shares expected to lead the way higher. The European markets were mixed and the U.S. bourse were broadly higher and the Asian markets are tipped to follow the latter lead.

The SCI finished sharply higher on Monday following gains from the financials, properties and oil and insurance companies.

For the day, the index soared 86.39 points or 2.64 percent to finish at 3,358.47 after trading between 3,286.11 and 3,359.15. The Shenzhen Composite Index surged 73.40 points or 3.31 percent to end at 2,289.36.

Among the actives, Industrial and Commercial Bank of China climbed 1.02 percent, while Bank of China collected 0.62 percent, China Construction Bank jumped 1.47 percent, China Merchants Bank rallied 3.81 percent, Bank of Communications advanced 1.10 percent, China Life Insurance soared 4.48 percent, Ping An Insurance surged 3.80 percent, PetroChina gained 1.21 percent, China Petroleum and Chemical (Sinopec) added 0.76 percent, China Shenhua Energy increased 0.97 percent, Gemdale spiked 2.40 percent, Poly Developments accelerated 2.30 percent and China Vanke gathered 1.00 percent.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Monday, extending the strong upward move seen in recent sessions and sending the major averages to their best closing levels in a month.

The Dow jumped 250.62 points or 0.88 percent to finish at 28,837.52, while the NASDAQ surged 296.32 points or 2.56 percent to end at 11,876.26 and the S&P 500 perked 57.09 points or 1.64 percent to close at 3,534.22.

Technology stocks led the

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Swiatek, younger set thriving in women’s tennis

Swiatek, younger set thriving in women’s tennis

Iga Swiatek took note when Naomi Osaka was accumulating three Grand Slam trophies by age 22.



Poland's Iga Swiatek, suddenly becoming a Grand Slam champion at the age of 19, poses with her trophy during a photo call on the rooftop of Galeries Lafayette, Sunday, Oct. 11, 2020, after winning the final match of the French Open tennis tournament against Sofia Kenin of the U.S. at the Roland Garros stadium in Paris, France, Saturday. (AP Photo/Christophe Ena)


© Provided by Associated Press
Poland’s Iga Swiatek, suddenly becoming a Grand Slam champion at the age of 19, poses with her trophy during a photo call on the rooftop of Galeries Lafayette, Sunday, Oct. 11, 2020, after winning the final match of the French Open tennis tournament against Sofia Kenin of the U.S. at the Roland Garros stadium in Paris, France, Saturday. (AP Photo/Christophe Ena)

Swiatek also was paying attention, of course, when Bianca Andreescu won her first major at 19. And when Sofia Kenin added her name to the list of Slam champions at 21.

“For sure, it’s, like, inspiring. I know that there are no limits,” Swiatek, still just 19 herself, said Saturday after winning the French Open for the first tour-level title of her nascent career. “Even though you’re really young, and you’re an underdog, you can do a lot in a sport like tennis.”



Poland's Iga Swiatek, right, holds the trophy after winning the final match of the French Open tennis tournament against Sofia Kenin of the U.S., left, in two sets 6-4, 6-1, at the Roland Garros stadium in Paris, France, Saturday, Oct. 10, 2020. (AP Photo/Alessandra Tarantino)


© Provided by Associated Press
Poland’s Iga Swiatek, right, holds the trophy after winning the final match of the French Open tennis tournament against Sofia Kenin of the U.S., left, in two sets 6-4, 6-1, at the Roland Garros stadium in Paris, France, Saturday, Oct. 10, 2020. (AP Photo/Alessandra Tarantino)

The old guard of men’s tennis has been holding off the kids for years and years, with Novak Djokovic vs. Rafael Nadal in the French Open final Sunday just the latest example of the Big Three’s hold on that segment of the sport. For the women, there is a whole new wave of talent breaking through, time after time, and it augurs a fascinating future.

Swiatek is merely the latest example of a fresh face with the talent to make her a factor for years.

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