What we’re reading (4/23)
“Stock Market Investors Must Keep An Eye On The Corporate Cash Mountain” (Wall Street Journal). “Major corporations are sitting on a mountain of cash: a decadelong buildup was given another sharp lift by precautionary measures taken during the pandemic. Those balances are worth monitoring, because they have important implications for investment returns in the future.”
“Congress Likely To Cap Joe Biden's Capital Gains Tax Hike At Around 28%, Goldman Sachs Says” (Business Insider). “Congress is likely to settle on a much more modest increase in capital gains tax than President Joe Biden would like, according to analysts at Goldman Sachs, with the eventual figure likely to land at around 28%.”
“Supreme Court Limits The FTC’s Authority To Return Money To Consumers Duped By Deceptive Business Practices” (CNBC). “In a unanimous opinion delivered by Justice Stephen Breyer, the court said that Section 13(b) of the FTC Act does not authorize the agency to seek monetary relief for violations of the law, as it has commonly been used. The court noted that 13(b) doesn’t explicitly authorize the agency to obtain such a remedy, but instead allows the FTC to seek “a permanent injunction” pending administrative proceedings.”
“Chinese Leaders Boast About China’s Rising Power. The Real Story Is Different.” (Washington Post). “[T]he reality in China often is more than meets the eye. Xi’s regime appears triumphant after controlling the pandemic within China, pulling off an economic recovery and scoring a ‘complete victory’ of eliminating absolute poverty despite the crisis. This confidence, however, is moderated by words of caution and deep insecurity that we did not see expressed earlier in Xi’s reign.”
“How the Super League Fell Apart” (New York Times). “For 48 hours, soccer stood on the brink. Fans took to the streets. Players broke into open revolt. Chaos stalked the game’s corridors of power, unleashing a shock wave that resonated around the world, from Manchester to Manila, Barcelona to Beijing, and Liverpool to Los Angeles.”
