2/28/2021 Financial News: US Consumer Sentiment Fell; WH Refuse to Rescue $15 Wage from Parliamentarian Ax

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1.US Consumer Sentiment Fell in February to a 6-Month Low

The University of Michigan’s final sentiment index fell to 76.8 from 79 in January, data released Friday showed. That was slightly better than the preliminary reading of 76.2 but well below the 101 a year ago, before the pandemic ravaged the economy and job market. Consumers are less optimistic as millions remain unemployed and virus cases continue to be elevated in many parts of the country. Still, sentiment may improve as more Americans get vaccinated and Congress approves another economic aid package.

2.Harris and White House Refuse to Rescue $15 Wage from Parliamentarian Ax, Frustrating Left

Vice President Kamala Harris and the White House do not plan to overrule the Senate parliamentarian to keep a $15-per-hour minimum wage hike provision in the coronavirus relief bill. A group of left-wing organizations organized a Friday rally outside the White House to pressure Harris. Even if Harris did take control of the Senate to keep the $15 minimum wage provision in the bill, it is not clear that Democrats would get the support of 50 senators to pass it.

3.Citigroup Restates Earnings After Writing Down Revlon Loan
Citigroup Inc. restated fourth-quarter results after writing down a portion of a loan to Revlon Inc. The firm lost a court battle over a payment it mistakenly sent to a band of lenders to Revlon in August. That led the bank to boost operating expenses in its institutional clients group by $390 million in the fourth quarter. After unexpectedly losing the case earlier this month, Citigroup continues to believe it is entitled to the funds and has said it will appeal.

4.Bloomberg: CD Projekt Ransomware Attack Disrupts ‘Cyberpunk’ Updates

Bloomberg reports that CD Projekt SA stated on Wednesday that game developer CD Projekt SA was forced to delay a promised update to its heavily-criticized blockbuster game Cyberpunk 2077, claiming that a recent ransomware attack resulted in hackers stealing the game’s source code and locking the company’s systems.

5.Employees at Under Armour Asked to Examine “Dominant White Progressive Narratives”

Employees at Under Armour were reportedly asked to undergo diversity training and examine “dominant white progressive narratives.”. The program, which reportedly took place during the spring of 2020, asked employees to examine their own personal biases, according to the Daily Wire, citing an anonymous employee at the company and alleged video of the training.

6.U. S. to Impose Sweeping Rule Aimed at China Technology Threats

The Wall Street Journal reported Friday, citing people familiar with the matter, that the Biden administration plans to implement a Trump-era rule that will take effect next month, targeting Chinese technology companies that pose a threat to the United States, after U.S. companies objected to it.

7.Stamp Duty Will Become a CCP Law

On the 27th, the draft of Stamp Duty Law was first submitted to the 26th meeting of the Standing Committee of the 13th National People’s Congress for review. Overall the draft keeps the existing tax framework and tax burden level unchanged, and elevates the Interim Regulations of the People’s Republic of China on Stamp Duty and the relevant provisions on Stamp Duty on securities transactions into law. Meanwhile, it makes necessary adjustments to some contents based on actual situation, properly simplifies the tax items and reduces some of the tax rates.

By 【Financial Team】 Agape愛

News Collection: Totoro

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