The number of Chinese companies selling stock shares on American exchanges hit a 10-year high in 2020, despite the rising U.S.-China tensions and the threat by Washington to delist companies that do not meet American accounting standards. An estimated $12.1 billion was raised by the companies through initial public offerings (IPOs), the highest amount since 2014 when Alibaba set the largest IPO record with its New York Stock Exchange debut. Risks and returns The U.S. Securities and Exchange Commission (SEC), an U.S. independent agency with the responsibility to protect investors, issued a warning last year that the Commission “may be materially limited” in its ability to enforce high-quality disclosure standards for China-based companies. In April last year, Chinese coffee chain Luckin Coffee, which inside China is seen as a competitor to Starbucks, admitted that it fabricated at least $310 million of its sales over a period of three quarters. By mid-June, the company's value … [Read more...] about Chinese Company IPOs on US Exchanges Hit 10-Year High in 2020
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Prosecutors in New York have subpoenaed eight years of President Donald Trump's personal and corporate tax returns from his longtime accounting firm. Manhattan District Attorney Cyrus Vance Jr.'s office, which sent the subpoena last month, declined to comment Monday. Accounting firm Mazars USA said in a statement that it "will respect the legal process and fully comply with its legal obligations.'' Marc Mukasey, a lawyer for the Trump Organization, said he is "evaluating the situation and will respond as appropriate.'' The prosecutors are specifically interested in payments made by Trump's personal lawyer Michael Cohen to porn actress Stormy Daniels after she claimed she had an affair with Trump. Cohen, who has admitted to making the payments, is serving a three-year prison sentence for campaign finance violations, tax evasion and other crimes. Trump has denied the affair and any wrongdoing. … [Read more...] about New York Prosecutors Seek 8 Years of Trump Tax Returns
Nearly four years after then-presidential candidate Donald Trump first faced questions about his income tax returns, the issue has returned to the forefront of the 2020 election as Trump and Democratic challenger Joe Biden prepare for their first debate Tuesday night. The New York Times published a lengthy report online Sunday showing that Trump, a billionaire who often has boasted of his business acumen, paid $750 in U.S. income taxes in both 2016, the year he ran for the presidency, and 2017, his first year in office. The newspaper said it reviewed nearly two decades of Trump’s tax returns and that they showed that the real estate titan, reality TV show host and now politician lost hundreds of millions of dollars in his business deals that allowed him to write off income and pay nothing in taxes in 10 of the 15 years before he ran for the White House. In all, the newspaper said Trump paid no federal income taxes in 11 of the 18 years of returns its examined. Trump, unlike all … [Read more...] about New York Times Report Thrusts Trump Taxes Into 2020 Election Spotlight
NEW YORK (CBSNewYork) — A New York City fashion designer is trying to open up the world of high fashion to everyone. Aaron Potts has been designing for more than 30 years. READ MORE: U.S. Carries Out Airstrikes In Syria On Iranian-Backed Targets “I’ve worked for Emanuel Ungaro, Anne Klein, Victoria’s Secret, Badgley Mischka, Ellen Tracy… ” Potts told CBS2’s Cindy Hsu. The list goes on. His own line is called A. Potts. It’s gender neutral and fits a wide range of sizes, from extra small to 2X. “Fashion really should be for everyone and everybody. As a larger person, I know that larger people have been underserved when it comes to high fashion,” said Potts. Potts was born in Detroit and started designing when he was in high school. He told Hsu he designed prom dresses for his friends. Potts attended Parsons School of Design and was a professor at Fashion Institute of Technology . He mentors lots of young people and tells them education is number one. READ MORE: … [Read more...] about New York City Fashion Designer Aaron Potts On Mission To Make Industry More Inclusive
As the United States races to get its citizens vaccinated, there is a parallel vaccine marathon going on in the world in which nations are bartering, trading, giving away and using vaccine doses for more than just public health. The COVID-19 vaccine is the new highly sought-after currency used in exchange for people or things, like a modern day version of trading beads. According to the New York Times , Israel has agreed to finance an undisclosed number of coronavirus vaccines for its enemy Syria, using Russia as a third party cut-out. Under the reported deal, Israel will pay Moscow to send Russian-made Sputnik vaccines to the regime of Bashar al-Assad of Syria in return for the release of a 23-year-old Israeli woman detained since Feb. 2 for entering Syria. ADVERTISEMENT Inevitably, goods of high value get sold, traded and bartered especially in desperate times when everyone needs the same thing and supplies are limited. Think about it: For more than 100 years, oil has … [Read more...] about Is vaccine diplomacy the new ‘soft diplomacy’?