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31 December 2012
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  Top Stories 
  • France will rewrite 75% tax rate thrown out by court
    French Prime Minister Jean-Marc Ayrault said the government will revise a law imposing a 75% tax on its wealthiest residents after the Constitutional Council overturned the original law as "excessive" and a "breach of equality of taxes." The revised proposal will be included in the government's 2013 budget, he said. "The government will propose a new system that conforms with the principles laid down by the decision of the Constitutional Council," Ayrault said. France 24 (29 Dec.), Reuters (29 Dec.) LinkedInFacebookTwitterEmail this Story
  • U.S. accounting group wants to be part of international panel
    The U.S. Financial Accounting Foundation said it has not yet decided whether to change to international rules, but wants to participate in a committee formed to draft international accounting rules. The U.S. standard-setters could be excluded, limiting America's influence over global standards. Reuters (29 Dec.) LinkedInFacebookTwitterEmail this Story
  Market Activity 
  • Most Asian-Pacific markets decline amid "fiscal cliff" worries
    Most Asian-Pacific markets fell Monday as negotiations to avert the "fiscal cliff" in the U.S. remained deadlocked. Australia's S&P/ASX 200 declined 0.5%. Hong Kong's Hang Seng Index closed fractionally lower. India's Sensex was down 0.1% at midafternoon. China's Shanghai Composite bucked the trend, closing up 1.6%. Markets in Japan, South Korea, Thailand and Taiwan were closed for New Year's Eve. MarketWatch (31 Dec.), The Economic Times (India) (04 Jan.) LinkedInFacebookTwitterEmail this Story
  Economics 
  • China's factory output at its highest level since May 2011
    China's factory output accelerated in December to its highest level since May 2011 with new orders suggesting increased momentum in 2013, according to the final reading of the HSBC Purchasing Managers' Index. The sub-index focusing on new orders rose to its highest level since January 2011. Reuters (31 Dec.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Turkey builds on success of its Internet boom
    Turkey has a vibrant technology sector driven largely by resourceful Internet firms and the government is getting better at giving its high-tech startups a helping hand, according to The Economist. "Young companies can already get grants for research and marketing; those in 'technoparks' are excused some taxes," the magazine notes. "More encouraging is the prospect of tax breaks to accredited angels, which are due to come into effect soon." The Economist (free content) (22 Dec.) LinkedInFacebookTwitterEmail this Story
  • Financial advisers are more optimistic about 2013
    At the end of December, financial advisers were considerably more optimistic about the outlook for 2013, according to Rydex AdvisorBenchmarking's Advisor Confidence Index. The index rose from 85 in November to 101 this month. AdvisorOne (27 Dec.) LinkedInFacebookTwitterEmail this Story
  • German businesses recruit foreign workers amid shortages
    Faced with an increasingly severe shortage of technical workers, German businesses are recruiting employees from other countries and migrant communities within Germany. The aging German population is making it difficult for companies to find enough workers with university degrees and critical skills to grow. Deutsche Welle (Germany) (30 Dec.) LinkedInFacebookTwitterEmail this Story
  Geopolitical/Regulatory 
  • Investors urge SEC to take action against insider trading
    Pension funds and other institutional investors managing more than $3 trillion in assets called on the U.S. Securities and Exchange Commission to adopt guidance aimed at preventing corporate executives from engaging in abusive insider trading. Jeff Mahoney, the Council of Institutional Investors' general counsel, wrote in a letter to SEC Chairman Elisse Walter that new guidelines are "essential to restoring public confidence with respect to purchases and sales of a company's securities by its insiders." The Wall Street Journal (30 Dec.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • SSgA readies 6 actively managed ETFs for launch
    State Street Global Advisors filed with the Securities and Exchange Commission for approval of six actively managed equities exchange-traded funds. The funds are the SPDR SSgA Risk Aware ETF, SPDR SSgA Large Cap Risk Aware ETF, SPDR SSgA Small Cap Risk Aware ETF, SPDR MFS Systematic Core Equity ETF, SPDR MFS Growth Equity ETF and the SPDR MFS Systematic Value Equity ETF. IndexUniverse.com (27 Dec.) LinkedInFacebookTwitterEmail this Story
  Editor's Note 
  • Financial NewsBrief will not publish Tuesday
    In observance of New Year's Day, Financial NewsBrief will not publish Tuesday. Publication will resume Wednesday. Enjoy the holiday! LinkedInFacebookTwitterEmail this Story
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