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Trump Tax Ideas Would Lead to ‘Mother of All Stagflations’: Summers

What You Need to Know Trump has floated tariff hikes as a way to pay for some income tax cuts. His anti-immigration stance could squeeze the labor supply, and repealing Biden’s renewable energy subsidies would push up power costs, the former Treasury secretary says. A Trump spokeswoman said his policies would reduce inflation. Former Treasury Secretary Lawrence Summers blasted policy ideas floated by former President Donald Trump as immensely damaging to both the U.S. and the global economy. “This is a prescription for the mother of all stagflations,” Summers said on Bloomberg Television’s Wall Street Week with David Westin Friday, with regard to replacing a major amount of income-tax revenue with tariffs. It would also create “worldwide economic warfare,” he said. Summers was speaking a day after Trump presented the idea of using tariff hikes as a way to pay for some income tax cuts in a meeting with House Republicans. Trump has also proposed a minimum 10% universal import levy and a punitive rate for China. A shift to relying on tariffs for revenue would push up not just the cost of imports, but those of goods and services that compete with those imports, Summers said. Consumers would have less to spend on...

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Ethereum ETFs’ Last-Minute Approval Reveals a Massive Shift

The Democratic Party’s disdain for crypto is well known. SEC Chairman Gary Gensler’s conduct regarding crypto has been criticized not only by many members of Congress but by virtually every prior SEC commissioner. Gensler’s opposition reflects that of most Democrats, including Sen. Elizabeth Warren, who has sponsored several bills to curtail or ban digital assets, and Biden, who not only appointed Gensler to his role at the SEC but most recently has asked Congress to approve a 30% bitcoin mining excise tax. If passed, the tax would eliminate mining in the United States, moving innovation overseas and costing tens of thousands of high-paying, green jobs in 41 states. The crypto community has grown tired of its treatment in Washington. So, the industry has formed several political action committees and funded them with nearly $250 million, making them the largest financial influencers of the 2024 elections. Their primary targets: Democrats who oppose crypto legislation and regulation. One was Rep. Katie Porter, and she lost her primary race for the Senate. In her concession speech, she said her loss was “rigged” by “billionaires spending millions” to alter the outcome. (Porter later said she regretted her comment.) The crypto community and investment management industry are...

Companies facing unprecedented ‘polycrisis’ of risk: Clyde & Co 0

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Companies facing unprecedented ‘polycrisis’ of risk: Clyde & Co

67% of leaders surveyed say that the risk landscape is now ‘many times more complex’ than it was just three years ago at the height of the covid crisis. Complicated and often contradictory global regulatory risk cited as a major obstacle to corporate growth. ‘Fear of missing out’ on Artificial Intelligence (AI) is prompting a ‘gold rush’ mentality around the disruptive technology. Attracting and retaining talent, particularly from overseas, has become increasingly difficult and more costly. London, UK (Jun. 14, 2024) – A perfect storm of increased economic volatility, geopolitical upheaval and the disruptive force of AI has driven the corporate threat level to its highest in 12 years, according to Clyde & Co’s annual Corporate Risk Radar. The survey of C-Suite decisionmakers, in-house legal teams and General Counsel, conducted in partnership with research consultancy, Winmark Global, found that escalating threats on multiple fronts are creating a ‘polycrisis’ of risk. This is having a dramatic impact on corporate decision-making. Risk caution is estimated to be costing as much as 5% of corporate revenues, with more than a quarter of respondents saying that risk perception was stymying ‘bold decision making’. Top risk rankings Economic risk – inflation, interest rates and currency...

IBHS research shows two critical ways to reduce risk of storm damage ahead of potentially active hurricane season 0

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IBHS research shows two critical ways to reduce risk of storm damage ahead of potentially active hurricane season

Non-profit provides free science-backed Hurricane Ready guide to help homeowners prepare Richburg, SC (June 11, 2024) – With an active hurricane season forecast for 2024, the Insurance Institute for Business & Home Safety (IBHS) encourages homeowners to act now to reinforce their properties against severe weather. IBHS researchers have identified the roof and garage doors as the areas of homes particularly vulnerable and most important to strengthen to withstand storms. These two home improvements top the nonprofit’s Hurricane Ready guidance, which also includes DIY maintenance projects and tips to complete now and last-minute storm prep. “The number one goal is to stop cascading damage,” said IBHS Chief Engineer Dr. Anne Cope. “When rain, wind and storm pressure enter a home, damage that starts out as relatively minor escalates quickly and often forces families out of their homes for extensive home repairs. That’s especially disheartening because we now know this is largely preventable.” IBHS testing shows asphalt shingles, particularly as they age, can dislodge in winds as low as 60 mph. Once the roof cover is lost, rain can pour into a house through the gaps in the wood roof decking. “Our research estimates the equivalent of nine bathtubs of water can enter a home...

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People Moves: Krause Group Names Westervelt Vice President of Sales

Article 0 Comments Holly Westervelt Krause Group, headquartered in Des Moines, Iowa, named Holly Westervelt to the newly created role of vice president of sales, a part of the leadership team for Krause Group’s expanding agency division, The Krause Agency. Westervelt joins Krause Group with over 30 years of experience in the insurance industry. She most recently served as enterprise and exclusive agency project leader at American Family Insurance. Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. The most important insurance news,in your inbox every business day. Get the insurance industry’s trusted newsletter

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SEC Hits RIA With $100K Marketing Rule Fine

“Twenty Acre provided these materials directly to prospective investors as attachments to email communications and routinely uploaded the materials to third-party databases that prospective investors were able to access,” according to the order. “When advertising the Fund’s performance in these materials, Twenty Acre presented performance returns that were experienced by a single limited partner that had invested in the Fund at inception and was eligible for all Fund investments,” the SEC said. This investor’s performance was presented to prospective investors as the fund’s performance. According to the order, “the investor’s performance, at times, differed substantially from, and was significantly higher than, the Fund’s performance, because certain successful IPO investments the Fund had made were credited to the investor’s capital account in greater proportion than other investors’ capital accounts.” These other investors in the fund, due to investment restrictions under FINRA Rules 5130 and 5131, were unable to participate fully in the IPO investments. Beginning in January 2022, Twenty Acre presented as the fund’s returns “the positive 44.8% net performance that the single investor achieved in 2021, whereas the undisclosed net performance of the Fund was negative 5.7% in 2021,” the SEC said. Further, “on the first substantive page of the...

Evolution of Data Extraction: From Optical Character Recognition (OCR) to Intelligent Document Processing (IDP) 0

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Evolution of Data Extraction: From Optical Character Recognition (OCR) to Intelligent Document Processing (IDP)

By SortSpoke — Data extraction technology has evolved greatly over the years. For a long time, Optical Character Recognition (OCR) technology was the only reliable option beyond manual data entry. OCR systems identify characters in images or photos of text and convert them into a machine-readable format so that other software packages can save, edit, and search the data. This technology laid the groundwork for more advanced Intelligent Document Processing (IDP). IDP systems go beyond simple character recognition by using machine learning (ML) to provide high-quality data extraction in addition to contextual understanding and workflow automation support. Advanced IDP systems can process structured and unstructured data, an important capability for driving digital transformation within insurance providers, streamlining operations, and enhancing efficiency. In short, OCR turns pictures of words into text; IDP turns text into actionable data. This guide explores the evolution of data extraction from its OCR roots to modern AI-powered IDP systems. It gives you the context to decide which technology is best for your agency’s data extraction needs. What is OCR? Optical Character Recognition is a technology that converts text from scanned documents, images, or photos into machine-readable text. This enables the digitization of printed materials like books...

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Oklahoma Supreme Court Dismisses Reparations Lawsuit of Tulsa Race Massacre Survivors

Article 0 Comments OKLAHOMA CITY (AP) — The Oklahoma Supreme Court on Wednesday dismissed a lawsuit by survivors of the 1921 Tulsa Race Massacre, dampening the hope of advocates for racial justice that the city would make financial amends for one of the worst single acts of violence against Black people in U.S. history that left as many as 300 people dead and a once-thriving district in smoldering ruins. The nine-member court upheld the decision made by a district court judge in Tulsa last year, ruling that the plaintiff’s grievances about the destruction of the Greenwood district, although legitimate, did not fall within the scope of the state’s public nuisance statute. “Plaintiffs do not point to any physical injury to property in Greenwood rendering it uninhabitable that could be resolved by way of injunction or other civil remedy,” the court wrote in its decision. “Today we hold that relief is not possible under any set of facts that could be established consistent with plaintiff’s allegations.” Messages left Wednesday with the survivors’ attorney, Damario Solomon-Simmons, were not immediately returned. The city said in a statement that it “respects the court’s decision and affirms the significance of the work the City continues...

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Louisiana High Court Reopens Window for Adult Victims of Childhood Sex Abuse to Sue

Article 0 Comments NEW ORLEANS (AP) — Officially reversing a controversial March ruling, Louisiana’s highest court Wednesday gave childhood victims of sexual abuse a renewed opportunity to file damage lawsuits. The state Supreme Court’s 5-2 ruling Wednesday upholds a so-called look-back law that was passed in 2021 and amended in 2022. The law gave victims of past abuse, whose deadlines for filing civil lawsuits had expired, renewed opportunities to file lawsuits. The original legislation set a deadline of June 14 of this year. That deadline was later extended until June 2027. Wednesday’s move had been expected. The court had ruled 4-3 in March that the law couldn’t stand because it conflicted with due process rights in the state constitution. But the court agreed last month to reconsider the case. Justices Scott Crichton and Piper Griffin, part of the majority in March, joined justices joined Chief Justice John Weimer and justices Jay McCallum and William Crain to revive the law. “For many victims of child sexual abuse, the revival provision represents their first and only opportunity to bring suit,” Weimer wrote in the new ruling. “Providing that opportunity to those victims is a legitimate legislative purpose.” Justices James Genovese and Jefferson...

Customers Seek AI-led Comprehensive Security Expertise for Threat Detection and Vulnerability Management: OpenText Cybersecurity MSP/MSSP Survey 0

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Customers Seek AI-led Comprehensive Security Expertise for Threat Detection and Vulnerability Management: OpenText Cybersecurity MSP/MSSP Survey

OpenText Cybersecurity 2024 Global Managed Security Survey reveals enterprises and SMBs Need Holistic and Composable Security Waterloo, ON (June 10, 2024) – OpenText™ is pleased to announce it has released the findings of its annual OpenText Cybersecurity Global Managed Security Survey. The 2024 survey of over 1,500 Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) found that the majority (92.5%) see increasing AI-led security and threat intelligence services as the major drivers of business growth over the next 12 months. Even with the AI buzz, comprehensive security and composable on-demand security expertise remain the primary reasons enterprise and SMB customers seek MSP/MSSP services. “Amid the growing excitement and interest in AI technologies, it’s crucial not to overlook the foundational need for composable security which provides the ability to adapt to changing security needs,” says Prentiss Donohue, Executive Vice President, OpenText Cybersecurity. “MSPs and MSSPs play a critical role in safeguarding their customers’ sensitive data. As cyber threats escalate, our partners are prioritizing security and integrating AI-powered threat intelligence services into their offerings. This ensures our end customers can reap the benefits of AI technology without compromising security.” Key survey findings include: Priorities have shifted towards embedded AI and...