Treasury Department data show the US government's budget deficit rose 21% to $684 billion in the first 10 months of fiscal 2018, compared with $566 billion during the same time frame in fiscal 2017. One factor behind the increasing deficit is that government spending has risen while business and individual tax rates have decreased.
Reporting regulations' fast evolution means banks can no longer rely on a tactical approach to compliance from legacy technology and must look to cloud and open platforms, says Guillaume Spay, solution lead for capital markets and treasury at Finastra. "Legacy technology is generally quite old, and the only way to avoid losing market share is to be more agile," Spay says.
Two more increases in short-term interest rates are likely to emerge from the Federal Reserve in 2018, with one in September and another in December, a Wall Street Journal survey of economists finds. Federal Reserve Bank of Chicago President Charles Evans says economic growth could set the stage for one or two more increases this year, while Federal Reserve Bank of Richmond President Thomas Barkin says economic growth will determine the amount of any such increases.
The California Supreme Court says some interest rates charged by lenders can be deemed "unconscionable," thereby voiding a loan. The statement comes about as part of a class-action lawsuit against CashCall, which has offered loans at 96% and 135% interest.
China's latest announcement of a 25% tariff on $16 billion of US goods and Washington's recent sanctions against Iran highlights how uncertain global trade has become. There have already been several warnings about the possibility of a global "trade war" and the long-term impact on the world economy. What implications do recent tariffs have on global supply chains? Learn more.
Facing rapidly rising costs in retiree health care benefits, many plan sponsors that offer group-based medical and prescription drug coverage to Medicare-eligible participants are aggressively exploring their options. They want to honor the commitments they've made to their retired workers, while better managing the large liability and uncertainty that comes with maintaining their status quo. Join Aon experts on Aug. 29 for a discussion on the best options for plan sponsors. Register here.
Believe that life is worth living, and your belief will help create the fact.
William James, philosopher and psychologist
About Aon Financial Institutions
The Aon Financial Institutions Practice develops risk transfer and consulting solutions for a wide range of businesses including banks, insurance companies, asset managers and diversified investment and finance firms. Our experts draw on deep experience in developing products involving management and professional liability, property and casualty, cyber, operational and enterprise risk management, environmental liability, employee benefits, and transactional solutions. These solutions help clients build a tailored risk management program that empowers results for their organizations.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.