Italys Prime Minister said it would derive from properties on h derived from higher Interest Rates. The net income exsceeding the growth for 2022 and 2023 citi estimated that would be equal to 19 of bank net profits for the year the tax would only apply to domestic Net Interest Income if this were to happen in the United States it is not happening i know. I dont know what would happen to the world. It is like when hell freezes over scenario. 40 windfall profit tax on banks. Do you think this is such a game changer that you would ever be in business in italy ever again . I think they view banks as utilities in italy i think investors will think about Certain Industries now at the beck on call of the government it can be wiped out just like that it changes your money. Chinese communist out of nowhere with the Tech Companies in china the trading Certain Industries. In other bank news, moodys cutting ratings with several banks and downgrading the biggest lenders. The credit strengths will
A fast moving wildfire consuming an entire Apartment Building. The race to evacuate. The new fallout after this ugly brawl in alabama. Police saying a man was attacked simply for doing his job. Others rushing to help him. The charges now being filed in what investigators are saying about racial bias. We have a winner. What were learning about the winner of the 1. 5 billion Mega Millions jackpot. Plus, are we ready for selfdriving taxis . The push to expand them and the key vote this week. And later, hes only 13 years old, but hes already making history, signing a contract with a Pro Sports Team here in the us. From abc news in new york this is america this morning. Good wednesday morning, everyone. Im andrew dymburt. Im andrea fujii in for rhiannon. Well get to that wildfire in texas in just a moment. But we begin with the results coming in after a special election in ohio. The election is being closely watched across the country because its directly linked to the battle over abortion
Lots to talk about. Looking at chinese debt, its another way of looking at all of this as the Deleveraging Campaign continues. , have a up the chart look at this is the borrowing binge. It has really been chronic. It is a chronic concern. Looking at this, we have total 206 of gdp, higher then twice the average economies. Should we be paying that much attention to the total amount or should we be looking ahead . This is deleveraging, the push that we have. There could be some light at the end of the tunnel for the naysayers about the chinese economy. Kong, shenzhen, shanghai and just under half an hour. And we have singapore, taipei, and kuala lumpur. On the street of dreams overnight. A tech rally, it was felt by the draw we saw in metals. It could be in for an interesting session. We will take a look at the big picture. The longest losing streak this year. A dollar. Tracking the decline into your treasury yields. Some of the tax talk optimism. Sliding with bond yields on the gdp. Seei
You will see him momentarily when that happens. Expectations that companies will spend more money on manufacturing equipment and create more jobs and people to run the equipment. All thanks to tax reform. Apple announcing it is announcing big bonuses thanks to the bill. This comes on the these of 350 billion spending on the economy and 25,000 jobs created here in the u. S. Lawmakers have until midnight tomorrow to keep our bost funded. President trump warning democrats this will be their fault, not republicans. Neil their fault if there is a shutdown. This is horrible for the military. You do have the wall street Journal Editorial Board who might say it will be the republicans who will get blamed. So who is right . We debate. Jeff flock he is in pennsylvania where we expect to see the president any moment from now. Hey there, jeff. Reporter h k equipment is where we are and where the president is coming. This is a perfect barometer for the country. They sell and service frontend loader
German Software Giant delivering a mixed bag. Two french luxury stocks today. Shares fall in part to japanese consumer demand and shares in the drinks maker lower. And to our top story in the last couple of hours toshiba announced the resignation of his ceo over the accounting scandal. Hell be replaced by the japanese firms chairman with 8 of the 16 Board Members expected to step down. The changing management is due to this scandal. The president and chief executive will be replaced by the chairman. His predecessor who is vice chairman will also quit. Now we are awaiting for the Leadership Team to announce and tell us about it being made. Its helping the tokyo index approach an 18 year high. The japanese index already trading at a three week high. Investors are cheering the management change. Its going to take time. 8 out of 16 Board Members will be standing down. Thats a lot. Its a big management shake up. More Board Changes to follow they say. Incidentally also now you need to look a