The US budget deficit reached $779 billion in fiscal 2018, a 17% increase compared with fiscal 2017 and the biggest total in six years. Revenue increased only $14 billion because of tax cuts enacted by the Trump administration.
Three major US banks have shrugged off fears that rising interest rates, a trade spat with China and political uncertainty will decrease consumer spending. Citigroup, JPMorgan Chase and Wells Fargo have reported double-digit third-quarter earnings growth, thanks to increased income from consumer lending.
The acts of a third-party hacker, not the data security practices of a hotel subsidiary company, led to a data breach and therefore didn't trigger personal injury coverage under the parent company's liability policy, a Florida federal judge ruled recently.
Rep. Jeb Hensarling, R-Texas, saw several of his sponsored bills fail during his tenure as chairman of the House Financial Services Committee, including legislation that would have dismantled the Dodd-Frank Act and weakened the Consumer Financial Protection Bureau. Hensarling, who is leaving Congress at the end of this term, said the changes were worth pursuing and noted that several provisions in his failed Financial CHOICE Act ended up in a successful bipartisan economic bill.
Many global banks as well as major local banks are embracing blockchain technology to help them offer low-cost services at a time when aggressive fintech startups are jeopardizing banks' market share. HSBC says that by using blockchain, transactions that normally take five to 10 days can be completed in 24 hours.
Emerging markets such as Argentina, Indonesia and Turkey have seen their currencies weaken over the past few weeks. A large factor has been the strength of the U.S. dollar. Investors and businesses looking to such markets should consider the sources of volatility affecting the fluctuations -- which might level off over time as economies continue to develop. How have emerging-market currencies shifted against the U.S. dollar? Learn more.
Aon's Cyber Solutions is pleased to present its review of the 2018 Cyber Predictions Updated report. The insights draw upon our experience working with security and risk professionals as well as boards and the C-suite to plan for, mitigate and manage the impact of cyberrisk across the enterprise. Aon leaders in cybersecurity and cyberrisk discussed the 2018 predictions and whether those predictions came to bear during the course of the year, as well as their firsthand experience and insights on proactive, reactive and risk transfer strategies. Register.
One of the best ways of avoiding necessary and even urgent tasks is to seem to be busily employed on things that are already done.
John Kenneth Galbraith, economist
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