#AFNews – PHILADELPHIA: School leaders are hailing their first installment of revenues from the new tax on rideshare services in the city of $358,000 – @AceFinanceNews

#AceFinanceNews – Feb.17: Philadelphia School District: Starts to receive revenue from Uber and Lyft on ride sharing scheme ..

Last year’s state legislation that legalized rideshare services like Uber and Lyft in Philadelphia also required them to give a cut of revenues to the School District.
CBS local reported that a Philly School District Seeing First Revenue From New Tax On Rideshare Services School leaders gathered around a ceremonial check this morning to mark the first installment totaling $358,000.

That may not seem like much in a $2.6 billion dollar school district budget, says state senator Vincent Hughes:

“Some may think it’s a kind of small amount. But it is significant enough to help deal with some important initiatives, important programs.”

Superintendent William Hite says another good thing about the funding is, it’s predictable.

Superintendent William Hite (credit: Mike DeNardo)

Superintendent William Hite
(credit: Mike DeNardo)

“That’s additional revenue that is recurring, sustainable, and revenue that we can plan against.”

And Sami Naim, public policy manager for Lyft, expects more revenue for schools in coming years.

“As we grow, our contribution to the Philadelphia school system grows.”

Philly schools get two-thirds of the 1.4 percent fee on rideshare revenue. The district expects to see $2 million a year from the tax.

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#AFNews MADISON — Republican lawmakers are circulating a bill to expand broadband service in underse rved parts of the state on Tuesday and allocate $15.5-million in grants – @AceFinanceNews

#AceFinanceNews – Feb.15: Broadband Bill for those in underserved rural areas proposed by republicans on Tuesday Fox6Now reported …

The bill made public Tuesday is sponsored by Rep. Romaine Quinn and Sen. Howard Marklein. It would allocate $15.5 million in grants for rural areas.

Almost a quarter of Wisconsinites live in rural areas and around 40 percent do not have broadband, or high-speed internet access, at home.

Quinn and other Republican lawmakers focused on improving life in rural Wisconsin plan to hold a news conference Tuesday to discuss the broadband bill and other initiatives to improve health care access and job creation.

Gov. Scott Walker’s budget proposal released last week included an additional $35 million for broadband, which includes the grants.

A significant portion will go toward schools and educational institutions

http://bitly.com/2lM9gbl

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#AceBrexitNews – Lloyd’s of London insurer Beazley Plc BEZG.L will hire additional staff in Ireland to establish a European insurance company in Dublin after the #Brexit vote, its chief executive told Reuters – @AceFinanceNews

#AceFinanceNews – Feb.07: Beazley to hire staff for Irish insurance business as they see more opportunities in US and other markets after #Brexit ….

The underwriter, which provides marine, casualty and property insurance and reinsurance, also reported a 3 percent rise in full-year pretax profit, defying analyst estimates for a decline.

It pointed to “significant” growth opportunities in the United States and other markets outside London amid a challenging environment for insurers.

Shares in Beazley surged as much as 10 percent on Friday, making the stock the top performer on the FTSE Midcap Index .FTMC and the pan-European Stoxx 600 Index .

Higher investment returns and a strong underwriting performance helped to lift profit, the company said.

Beazley has been working to get European insurance licences for its existing Irish reinsurance business to allow it to operate on a broader basis throughout the EU.

Many London-listed insurers are drawing up plans to set up regulated subsidiaries in the EU due to the expected loss of rights to sell products across the bloc after Brexit and Beazley appears to be in the vanguard.

DUBLIN CALLING

The insurer, which has offices in Oslo, Munich and Paris, said it applied to set up an insurance subsidiary in Dublin in November and regulators were reviewing its application .

“We’re hopeful because we’ve been in Ireland for seven years… We hope we’re are at the front of the queue,” CEO Andrew Horton told Reuters

“We are establishing our insurance company (in Dublin) irrespective of when the #Brexit application goes in. We were already starting to do that even before we had the referendum in June,” Horton said

He added Beazley chose Dublin as it was easier to make changes to an already existing business.

Industry observers say all insurers looking to set up EU subsidiaries have included Dublin among their options, attracted by its language, location and tax and regulatory systems.

Lloyd’s of London’s SOLYD.UL, Neon Underwriting Ltd and Admiral (ADML.L) have pointed to Ireland as a possible new centre.

Horton said that the insurer was not planning to move jobs from Britain or anywhere else to Ireland but would hire locally.

“We’re expecting to add jobs in Dublin because it will need more people to manage a live insurance company than a reinsurance company,” he said, without specifying how many new jobs could be created.

Beazley’s pretax profit rose 3 percent to $293.2 million for the year ended Dec. 31, higher than the $243 million expected by analysts according to company-supplied consensus estimates.

Reuters  Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri/Keith Weir)

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MARKETS: US 14:55: 07/02/17: Nasdaq, Dow Jones Stocks Hit New Record Highs as Dow opened up 100 points up – #AceNewsDesk reports – @AceFinanceNews

#AceFinanceReport – Feb.07: Dow jumps 100 points, hits new high; Nasdaq also in record territory

U.S. equities opened higher on Tuesday as investors focused on a slew of corporate earnings reports.

http://www.cnbc.com/id/10426627

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MARKETS: Report: US crude settles at $53.01, down 1.5%, as US dollar strength counters #OPEC output cuts as stocks close slightly lower amid Trump policy fears; energy drops 1% – CNBC – together with what’s happening this week – @AceFinanceNews

#AceFinanceReport – Feb.07: The #OPEC members covered by the deal with Russia and other independent producers have implemented at least 80 percent so far, according to a Reuters survey and analysts. Russia has cut about 100,000 bpd and plans to increase that to 300,000 bpd.

Implementation of the cuts began on Jan. 1 with the aim of reducing output by almost 1.8 million barrels per day.

Against this backdrop, more investors are betting on rising prices despite indicators such as the Baker Hughes rig count pointing to increased U.S. supply.

U.S. energy companies added oil rigs for a 13th week in 14, data showed on Friday. Despite the OPEC cuts, U.S. crude inventories rose by more than expected last week.

U.S. crude futures, however, have well been supported, with WTI futures posting gains in seven of the past eight weeks.

Hedge funds and other speculators also boosted their bullish bets in U.S. crude futures and options in the week to Jan. 31 to the highest level on record, betting prices will continue to rise, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

http://cnb.cx/2kG5O4f

US Markets Report of what’s happening and when this week .. CNBC: http://cnb.cx/2kGje05

The Dow Jones industrial average fell 17 points, or 0.08 percent, to 20,054, with Verizon leading decliners and United Technologies the biggest riser.

The S&P 500 dropped 5 points, or 0.24 percent, to 2,292, with energy leading nine sectors lower and utilities and information technology rising.

The Nasdaq composite rose 8 points, or 0.15 percent, to 5,657.

About nine stocks declined for every five advancers at the New York Stock Exchange, with an exchange volume of 309 million and a composite volume of 1.465 billion in afternoon trade.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 11.3.

On tap this week:

Monday

Earnings: 21st Century Fox, Tesoro, Boardwalk Pipeline

4:30 p.m. Philadelphia Fed President Patrick Harker

Tuesday

Earnings: Disney, Gilead Sciences, BP, General Motors, Archer Daniels Midland, Cardinal Health, Statoil, BNP Paribas, Intercontinental Exchange, Michael Kors, Vulcan Materials, Tenneco, Wellcare Health, Mondelez International, Buffalo Wild Wings, Plains All American, Pioneer Natural Resources, Panera Bread, Zillow

8:30 a.m. International trade

10:00 a.m. JOLTs

1:00 p.m. 3-year note auction

3:00 p.m. Consumer credit

Wednesday

Earnings: Time Warner, Glaxo SmithKline, Whole Foods, Prudential Financial, Carlyle Group, Alaska Air, Humana, Allergan, Rayonier, Suncor, Lions Gate, Owens Corning, Sanofi, Level 3 Communications, Jacobs Engineering

1:00 p.m. 10-year note auction

Thursday

Earnings: Coca-Cola, Kellogg, Twitter, Yum Brands, Beazer Homes, Cummins, Total, Agrium, Occidental Petroleum, Nissan, Borg Warner, Dunkin Brands, Expedia, News Corp, Nvidia, Pandora Media, Activision Blizzard, Thomson Reuters, KKR

8:30 a.m. Initial claims

9:10 a.m. St. Louis Fed President James Bullard

10:00 a.m. Wholesale trade

1:00 p.m. 30-year bond auction

1:10 p.m. Chicago Fed President Charles Evans

Friday

Earnings: Aon, Calpine, Buckeye Partners, ArcelorMittal, Ventas, Nippon Telegraph, Interpublic

8:30 a.m. Import prices

10:00 a.m. Consumer sentiment

2:00 p.m. Factory orders

End …

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WASHINGTON: Donald Trump signs another ‘ Executive Order ‘ on Friday to scale back regulations on #2010DoddFrank regulatory reforms – #AceNewsDesk – @AceFinanceNews

#AceFinanceNews – Feb.05: President Donald Trump signed an executive order Friday scaling back the sweeping 2010 Dodd-Frank financial regulatory framework enacted under his predecessor as a direct response to the financial crisis NBC News reports on Friday …
image1.JPG

In taking aim at Dodd-Frank, the new administration is targeting a broad range of financial reforms, from bank rules about speculating with customer funds to consumer protections from predatory debt collection practices and forced arbitration.

On Monday, Trump called Dodd-Frank a ‘disaster ‘ and pledged to soon ‘do a big number‘ on the law aimed at reforming the way Wall Street does business.

#AceNewsDesk reports

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#AFNews – Hong Kong’s maritime industry that was once a super power sees opportunities with in Trump ‘s vision of America – #AceNewsDesk reports – @AceFinanceNews

#AceFinanceNews – Feb.05: Hong Kong maritime industry sees new opportunities as time of change in America under Trumps administration wants to bring them to open, build and manufacturer in the country

Hong Kong may no longer be the maritime superpower it once was, but one industry veteran has ­predicted that their luck may be about to change, courtesy of an unlikely ally – US president ­Donald Trump SCMP reported on Saturday

Central themes during Trump’s election campaign were to bring manufacturing back to America, enact protectionist policies against countries that apply tariffs to American goods, and focus on rebuilding infrastructure.

While many businesses have relied on the world’s largest importer of goods for many years, now they have to look towards a different future by building and manufacturing in America …

#AceNewsDesk

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#AFNews – TOKYO, Japan. Putting together a package it says could generate 700,000 U.S. jobs and help create a $450-billion market, to present to U.S. President Donald Trump next week, government sources familiar with the plans said – @AceFinanceNews

#AceFinanceNews – Feb.04: Japan prepares package of contracts for meeting in Washington next week that will help to create up to 700,000 jobs

Reuters reported http://reut.rs/2kzf6Pc a five-part package, to be unveiled when Prime Minister Shinzo Abe visits Trump on Feb. 10 in Washington, envisage investments in infrastructure projects such as high-speed trains and cybersecurity, said the sources, who declined to be identified as they were not authorized to speak to the media.

Investing in overseas infrastructure projects dovetails with a key plank in Abe’s growth strategy, which is to export “high-quality” infrastructure technology.

Japan will invest 17 trillion yen (120 billion pounds) in public and private funds over 10 years, the sources said. That would include helping develop high-speed railways in the northeastern United States, and the states of Texas and California, and renovating subway and train cars.

The package also includes cooperation in global infrastructure investment, joint development of robots and artificial intelligence, and cooperation in cybersecurity and space exploration, among others.

The government may tap its foreign exchange reserves account to fund part of the package, the sources said.

It may also get funding from megabanks and government-affiliated financial institutions, as well as the Government Pension Investment Fund, the Asahi and other newspapers reported.

However, GPIF President Norihiro Takahashi said on Thursday there was no truth to reports that the Fund would invest as a part of the government package, adding that the Fund made its investment decisions to benefit policyholders.

(Reporting by Tokyo Newsroom; Editing by Clarence Fernandez)

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MARYLAND, Baltimore County. Could soon be home to a Guinness brewery after Diageo Beer Company announced plans to bring the Dublin favorite to Maryland and providing 70 Jobs – @AceFinanceNews

#AceFinanceNews – Feb.03: Guinness Brewery: Moving to new plant in Baltimore County (Maryland) and adding 70 new jobs..

Diageo’s plan to build a U.S. version of Guinness Open Gate Brewery in southwest Baltimore County would create up to 70 new jobs.

They would build a mid-sized Guinness brewery and a Guinness visitor experience with an “innovation microbrewery” at the company’s existing site in Relay, Md., according to Diageo.

Visitors would be able to tour the working brewery, sample beers brewed on-site, and buy Guinness merchandise.

This would bring the company’s investment in Relay to $50 million.

“Beer tourism is about to boom in Baltimore County. We are thrilled that Diageo is reviving an historic building with the iconic Guinness brand. This will be a world-class tourist destination that will bring new jobs and become the perfect complement to our Maryland craft breweries,” said Baltimore County Executive Kevin Kamenetz.

The new brewery would be a home for new Guinness beers created for U.S. market.

CBS Baltimore reported Tuesday http://cbsloc.al/2jzHnRc

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CHICAGO: Ranks as among ‘ Top States ‘ on ‘ Economic Growth ‘ jumped 5.1 percent in one year, the fourth-highest growth rate in the nation, according to a federal report today – #AceNewsDesk reports – @AceFinanceNews

#AceFinanceReport – Colorado ranked among ‘ Top States ‘ for one-year-economic- growth Denver Post reported on Thursday

gdpq32106bea*100xx720-721-177-0.jpgColorado’s gross domestic product — the value of the goods and services it produced — jumped 5.1 percent in one year, the fourth-highest growth rate in the nation, according to a federal report today.

The report from the U.S. Bureau of Economic Analysis compares GDP growth rates for the 50 states between the third quarter of 2015 and Q3 2016.

It says Colorado ranked behind only South Dakota (with one-year GDP growth of 7.1 percent), Utah (5.8 percent) and Nevada (5.2 percent).

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