Latest news with #treasury
Yahoo
3 days ago
- Business
- Yahoo
Doge employees hold stock in firms set to benefit from cuts, Democrats allege
Employees of Elon Musk's 'department of government efficiency' (Doge) own lucrative stock in companies that stand to directly benefit from their work gutting federal agencies, Democratic senators have alleged. The potential ethics violations merit an investigation by the justice department and other oversight bodies, urges a letter co-authored by senators Elizabeth Warren of Massachusetts, Ron Wyden of Oregon and Jack Reed of Rhode Island and obtained by the Guardian. 'We write regarding new reports that Doge employees at the treasury, Internal Revenue Service (IRS), and the Consumer Financial Protection Bureau (CFPB) have been engaged in the dismantling of these agencies while holding hundreds of thousands of dollars of stock in private companies benefitting from these individuals' efforts to eliminate key programs, staff, and policies,' the senators state. Doge was launched in January with a mission to cut wasteful spending, slash federal regulations and improve government software and IT systems. It has about 79 appointed employees and 10 seconded from other agencies. Many are young software engineers who worked for Musk's companies and have no prior government experience. Recent media reports have alleged that their actions aligned with the financial interests of the companies in which they held stock. This could constitute violations of an ethics law that prohibits federal employees from participating in matters in which they have a personal financial interest. A wilful violation of this law carries penalties including fines and imprisonment. Warren and her Senate colleagues argue: 'This poses a clear conflict of interest and potential criminal violation of federal ethics law, which bars any federal government employee from participat[ing] personally and substantially … [in any] particular matter in which [they] … ha[ve] a financial interest.' The letter – addressed to Pam Bondi, the attorney general, as well as Jamieson Greer, the acting director of the Office of Government Ethics, and inspectors general within the treasury, IRS and Federal Reserve – details three specific cases. Tom Krause, the Doge team leader at Treasury, reportedly holds substantial stock in major financial institutions – including JPMorgan Chase and Bank of America – that do business with or provide services to Treasury. He also owns shares in the tech giants Google, Oracle and Amazon while leading treasury's IT modernisation efforts. A government ethics expert described this to Politico as 'a massive, glaring red flag of a conflict of interest'. Krause, Todd Newnam and Linda Whitridge of the treasury Doge team reportedly own shares in Intuit (parent of TurboTax), a company actively opposing the IRS's free tax filing programme Direct File. The letter notes that Musk had previously claimed to have 'deleted' a team involved in Direct File development. The senators find it 'deeply disturbing if Doge employees with a financial stake in Intuit were involved with overseeing and dismantling the Direct File initiative'. Related: Elon Musk announces exit from US government role after breaking with Trump on tax bill ProPublica reported that Gavin Kliger, a CFPB Doge aide, was warned by ethics lawyers against holding stock in companies forbidden by the CFPB, such as Apple, Tesla, Alphabet and cryptocurrencies, since they are subject to CFPB examination. Yet he reportedly take part in mass layoffs at the agency, including the ethics lawyers who warned him. The letter notes that 'a defanged and downsized consumer watchdog is unlikely to aggressively regulate those and other companies, freeing them of compliance costs and the risk associated with examinations and enforcement actions. That in turn could boost their stock prices and benefit … Kliger.' An expert is quoted as describing Kliger's actions as 'look[ing] like a pretty clear-cut violation' of the federal criminal conflict-of-interest statute. The senators argue that these cases suggest a widespread issue within Doge, where ethics rules are disregarded for personal financial gain, undermining the integrity of government decision-making. 'Together, these three examples underscore what appears to be a pervasive problem with Elon Musk and Doge employees trampling ethics rules and laws to benefit their own pockets at the expense of the American public.' The letter explicitly calls for a broad review by the inspectors general regarding 'illegal or inappropriate efforts' and an investigation by the justice department into whether 'these and other Doge representatives may have violated federal ethics law by abusing their official roles for the benefit of private companies in which they have a vested financial interest'.
Sky News AU
6 days ago
- Business
- Sky News AU
‘An assault on taxpayers': Labor predicted to go ahead with taxing unrealised gains
Former treasury assistant secretary David Pearl says he is 'not shocked' by Labor pushing ahead with taxing unrealised capital gains. 'Labor has completely misread the election result,' Mr Pearl told Sky News host Sharri Markson. 'I'm surprised that Jim Chalmers and Anthony Albanese haven't stood up and said they have an electoral mandate to impose this unprecedented assault on Australian taxpayers.'
IOL News
26-05-2025
- Business
- IOL News
Shares and the rand stay strong in a week of drama
As the over-recovering in the price of petrol currently stands at 19 cents per liter and forty-one cents for diesel, with prospects for lower global oil prices and a stronger Rand over the next six months. Image: Pixabay The ALSI once again on a record high Despite all the attention on the RSA (Ramaphosa) and Trump(US) standoff to gain political points at the news conference last Wednesday, as well as the 'don't want to cut the national government salary account' third national budget, financial markets in South Africa seem to react on the real issue of the US/SA negotiations, South Africa's promising inflation data and foreign investment interest, that pushed the Rand/$ exchange rate to a new record level for 2025 and the ALSI to a new all-time record. The ALSI closed Friday higher for the fourth consecutive week at an all-time high of 93 529. This is a weekly rise of 1.0% and now has gained 10.8% since the beginning of the year and 18.0% over the last year. Once again, this movement is in sharp contrast to equity prices in the US and Europe. The above bullish movement in equities underpins more favourable economic prospects for South Africa during 2025. Gold and Platinum continuous upward movements, the inflation rate increasing only marginally from 2.7% in March 2025 to 2.8% in April (seven consecutive month lower than the midpoint of 4.5%) and the decision by treasury to increase the fuel levy by 16 and 15 cents per liter, without putting a burden on the motorist over the short run all contributed to the positive sentiment on markets. As the over-recovering in the price of petrol currently stands at 19 cents per liter and forty-one cents for diesel, with prospects for lower global oil prices and a stronger Rand over the next six months. Issues that matter after the trade negotiations between the US and SA It seems that genuine issues that were talked to in the white house between President Trump and President Ramaphosa were favourable for South Africa. It is expected that the AGOA agreement will continue, President Trump will attend the G20 summit, at talks in boost bilateral trade and investment, will continue. Trade, Industry & Competition Minister Parks Tau said in an interview in Washington 'We are ready to negotiate on the offer submitted and while we are negotiating, we are proposing that the US maintains the reciprocal duty at no more than 10%,'. Analysts are now starting to remodel the possible effects of more positive prospects for South-Africa /US trade and investments on South Africa's economic growth rate and the Rand/$ exchange rate. This just after the Minister of Finance have downgraded the country's economic growth rate from 1.9% to 1.4% on the back of President Trump's tariff announcements on 'Liberty Day' at the beginning of April. The minister of communications and digital technologies Solly Malatsi announced in a policy directive the proposed relaxing of Black economic empowerment (BEE) policies in the ICT sector. This will give the green light for the billionaire Elon Musk's Starlink to commence business in SA. This may pay the part for other foreign businesses towards direct foreign investments in other sectors in South Africa. The Rand/$ on its lowest level for 2025 On the foreign exchange market, the Rand improved against the US$ over the week by twenty-two cents to its strongest level this year of 17.88/$. Against the British £ the Rand depreciated by sixteen cents to R24.12/ £ and against the Euro by thirteen cents to R20.24/€. The stronger Rand/$ rate, lower fuel prices over the last two months and the strong surge in the prices for gold, platinum and palladium are likely to keep the inflation rate below 3.0% till the next meeting of the MPC in June. A cut of twenty-five basis points in the repo rate by the MPC became more a certainty, with the odds of another twenty-five basis points cut within the next six months, also a growing possibility. Especially if further trade talks with the US lead to a stronger Rand and precious metal prices continue to rise. US and European equities lower on tariff threats On some global equity markets prices dropped sharply after US president Donald Trump again fueled the trade war by warning to levy high tariffs on the EU and smartphone giant Apple. In Europe equity prices traded down 1.7%, the S&P 500 in the US lost 0.67% after the announcement trading 1.9% down over the week. 1.1% cent in early trading. President Trump wants to introduce a fifty per cent tax in June on all imports to the US from the EU, including on pharmaceuticals and luxury items. He also intends to impose a twenty-five per cent tariff on Apple and Samsung on iPhones sold in the US but produced elsewhere. Prospects for this coming week This coming week domestic and foreign investors await the release of South Africa's producer price inflation rate for April to be released by STASSA on Wednesday. It is expected that the annual increase in the PPI will be 0.7%. This is higher than the annual producer inflation rate of 0.5% recorded for March 2025. The country's balance of trade numbers for April will be published on Thursday and the budget balance on Friday. Globally, the US will release the Federal Reserve Open Market Commission (FOMC) minutes of their meeting in April. The reasons for keeping its bank rate unchanged will be revealed. Its second estimate of GDP economic growth rate will be announced on Thursday. The personal income and spending figures for April in the US will be announced on Friday. Canada will release its GDP growth rate for Q1 2025 on Friday. Chris Harmse is the consulting economist of Sequoia Capital Management and a senior lecturer at Stadio Higher Education. Chris Harmse is the consulting economist of Sequoia Capital Management and a senior lecturer at Stadio Higher Education. Image: Supplied
Rhyl Journal
20-05-2025
- Business
- Rhyl Journal
Rachel Reeves: No cuts to £20,000 ISA allowance planned
Cash ISAs are one of the most popular products for many banks, held by 18 million people, who added a combined total of almost £50bn to their savings pots last year. Speaking to the BBC, she said: 'I'm not going to reduce the limit of what people can put into an ISA, but I do want people to get better returns on their savings, whether that's in a pension or in their day-to-day savings. 'And at the moment, a lot of money is put into cash or bonds when it could be invested in equities, in stock markets, and earn a better return for people. But I absolutely want to preserve that £20,000 tax-free investment that people can make every year.' This statement followed a Martin Lewis post about rumoured changes to the £20,000 cash ISA annual limit. In a video, shared on his X account, the Money Saving Expert founder asked: "Is the £20,000 cash ISA limit about to be killed off? And if it is and you're a saver, what do you do about it?" Is the £20,000 cash ISA limit about to be killed off? And if so what does it mean if for savers, and what should you be doing now… No, the policy wasn't announced. But, the rumour was that there will be a cash limit from the current £20,000 down to £4000 per year, possibly to be announced at the autumn budget later this year. Martin Lewis said in his video: "The chancellor, Rachel Reeves has been evaluating cutting the cash ISA allowance. That's not a rumour. I know it for a fact, and it's being talked about in political and policy circles." But, treasury costings documents that were released with the spring statement already assumed the overall ISA limit of £20,000 remains in place up to and including 2029/30. The argument for this change is that it could boost the financial market in the UK, with money that might be saved in cash ISAs instead being moved into circulation through assets like stocks and shares. There's also the potential for larger long-term returns that could help more Brits build wealth, though they would also be taking on more risk. Damien Jordan, founder of Financial Interest and Damien Talks Money says: "I think this sentiment may be missing the mark. I don't think that people avoid investing in the markets because they find the cash allowance more alluring. I believe that people don't invest because they don't understand it and they see it as risky. "Cutting the cash allowance would not solve this problem. Instead, we need broader education on the benefits of investing long term to encourage investing.' Recommended reading: Jason Hollands, managing director of online investment platform Bestinvest agrees: 'To get more people investing in equities requires a combination of better education, an appropriate regulatory environment so they can get the help they need in choosing a suitable investment, and the potential carrot of additional incentives.' He added that 'parts of the City' are 'pushing for an overhaul of stocks and shares ISAs, urging the Chancellor to refocus these on UK equities to help revitalise the UK market'. He continued: 'Such arguments might appeal to a Chancellor keen to see increased investment in UK domestic assets, but if she is minded to do this then we would urge a carrot rather than a stick-based approach. A mandated limit on overseas investment within Isas would reduce flexibility and returns for savers, and it would be unlikely to drive more people to invest.'
Yahoo
19-05-2025
- Business
- Yahoo
Semler Scientific® Appoints Natalie Brunell to its Board of Directors
CAMPBELL, Calif., May 19, 2025 /PRNewswire/ -- Semler Scientific, Inc. (Nasdaq: SMLR), a publicly traded company that has adopted Bitcoin as its primary treasury reserve asset and is one of the leading corporate holders of Bitcoin, announced the appointment of Natalie Brunell to its board of directors. This strategic addition reflects Semler Scientific's continued commitment to its Bitcoin treasury strategy and further strengthens its leadership within the Bitcoin community. "We are thrilled to welcome Natalie to our board of directors," said Eric Semler, chairman of Semler Scientific. "Natalie is a highly respected journalist and educator – and a leading advocate for Bitcoin, with a deep understanding of its role as a transformative asset. As the 4th largest U.S. public company on the Bitcoin Standard in terms of Bitcoin holdings, we believe we are a strategic asset. Her insights will be instrumental as we pursue our Bitcoin treasury strategy and aim to deliver long-term value to our stockholders." "I am honored to join Semler Scientific's board at such an exciting time in the company's journey," said Natalie Brunell, board member of Semler Scientific. "As one of the leaders in adopting Bitcoin as a primary treasury reserve asset, Semler Scientific's innovative approach sets a powerful example for companies globally. I look forward to contributing to the continued growth and success of the company's Bitcoin strategy, and helping shape the future of corporate treasury management in the digital age." About Natalie Brunell: Natalie Brunell shines in the Bitcoin space as a top-rated podcast host, influential educator, and poised media commentator. As the leading Bitcoin podcast, 'Coin Stories' is a deep, engaging dive into the revolutionary Bitcoin network and how it intersects with global economics and technology trends. Natalie's incisive interviews do more than just explore the nuances of finance; they reveal the human element behind the headlines, offering a compelling narrative about the relentless pursuit of the American Dream in the digital Natalie was an award-winning TV journalist and investigative reporter. For more than 10 years she covered in-depth local and national news topics and holds a regional news Emmy for breaking news was also an adjunct professor of advanced communication and visual storytelling at the University of Southern California. She holds a Master's of Science in Journalism from Northwestern University. About Semler Scientific, Inc.: Semler Scientific, Inc. is a publicly traded company that has adopted Bitcoin as its primary treasury reserve asset and is one of the leading corporate holders of Bitcoin. In May 2024, Semler Scientific became the second U.S. publicly traded company to adopt a Bitcoin treasury strategy. By using proceeds from equity and debt financings, as well as cash flows from operations, Semler Scientific intends to strategically accumulate Bitcoin. In addition, through its healthcare business, Semler Scientific is a pioneer in developing and marketing technology products and services to assist its customers in evaluating and treating chronic diseases. Its flagship product, QuantaFlo®, which is patented and cleared by the U.S. Food and Drug Administration (FDA), is a rapid point-of-care test that measures arterial blood flow in the extremities. The QuantaFlo test aids in the diagnosis of cardiovascular diseases, such as peripheral arterial disease (PAD), and Semler Scientific is seeking a new 510(k) clearance for expanded indications. QuantaFlo is used by healthcare providers to evaluate their patient's risk of mortality and major adverse cardiovascular events (MACE). Additional information about Semler Scientific can be found at INVESTOR CONTACT: Renae CormierChief Financial Officerir@ View original content to download multimedia: SOURCE Semler Scientific, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
