Slowing Inflation Primes G-7 Central Banks for June
Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
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Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
The owner of a historic office building in Manhattan’s Financial District has filed bankruptcy to sell the property, which has been subject to foreclosure and suffered from a lack of tenants due to the Covid-19 pandemic.
Jun 4, 2019
Bloomberg News
,A onetime business partner of Donald Trump’s hotel management company claimed in a court filing that the president’s firm evaded income taxes on a project in Panama and under-reported employee salaries there.
The accusations were contained in a court filing Monday by the business partner, Orestes Fintiklis, and his company, Ithaca Capital Investments, as part of a lawsuit against Trump International Hotels Management. Ithaca assumed control of the property after Trump withdrew from it in March 2018, and a bitter feud over the development has ensued.
Ithaca claims it’s now exposed in millions of dollars in liabilities because of the alleged tax underpayments on Trump’s management fees, which it says were discovered after Panamanian authorities launched an audit of the project a year ago. The under-payments also had the effect of making the development’s finances appear better than they actually were, according to the complaint in Manhattan federal court.
”Mr. Fintiklis is trying to distract from his own fraud and material breaches,” the president’s company said in a statement. “The Trump Organization did not evade any taxes. To the extent any taxes were to be withheld, it was the responsibility of the condominium that owns the hotel. The Trump Organization’s only role was to manage the property.”
The under-reporting of employee salaries was discovered after a labor dispute led to the realization that the amounts reported to the Panamanian social security agency were lower than the amount paid to a worker, the complaint said. News of the claims was reported earlier by The New York Times.
Fintiklis and Ithaca bought a majority of the units in the project, which began as a Trump-managed hotel in Panama City. But the relationship frayed in 2017 over financial performance and other issues. It is now known as the JW Marriott Panama.
The allegation was imade in a proposed new complaint filed by Fintiklis and Ithaca Capital. A copy of the document was included in court records.
The case is Ithaca Capital Investments v. Trump Panama Hotel Management, 18-cv-390, U.S. District Court, Southern District of New York (Manhattan).