Senate health committee Chairman Lamar Alexander, R-Tenn., and ranking member Sen. Patty Murray, D-Wash., announced a deal to stabilize the individual insurance market by funding cost-sharing reduction payments through 2019, giving states more flexibility to skirt certain Affordable Care Act requirements, allowing consumers over age 30 to purchase copper plans, and providing $106 million to support ACA enrollment. However, the proposal garnered mixed messages from President Donald Trump, while Senate Majority Leader Mitch McConnell, R-Ky., has not said whether he will allow a vote, and some Republicans said they oppose it.
With UK inflation at its highest level in more than five years and on track to keep rising this month, the Bank of England is likely to respond by raising interest rates, Governor Mark Carney told the Treasury Select Committee. Higher interest rates will strengthen the pound on currency markets but could cut economic growth at a time when business activity is already falling off because of uncertainty over Brexit, he said.
London Stock Exchange Group CEO Xavier Rolet warned that shifting euro-based clearing activities away from London due to Brexit would cause fragmentation and could cost European investors an additional €20 billion a year. The EU is considering a stipulation that the business must be supervised within the bloc, which would threaten London's current status as the operational hub.
European Commission Vice President Valdis Dombrovskis says there will be no extension to the 3 January start date of Europe's revised Markets in Financial Instruments Directive. He told a conference the deadline had already been postponed by a year and there were no plans to allow a further delay.
Northern California wineries, particularly the smaller ones, might face unexpected limits as they pursue insurance claims for damage caused by wildfires. Insured and economic losses between $3 billion and $6 billion were estimated for the region as of Oct. 12, with business interruptions to wineries possibly driving the ultimate total higher, according to Risk Management Solutions.
Research sponsored by Pershing Advisor Solutions shows 20% of advisory firms said they are over capacity, and more than a third of those firms have at least one position remaining unfilled. More than half of the firms surveyed made a new hire in the past year, with many of them focusing mainly on younger, less experienced candidates.
People with sufficient assets and reasonable expectations of a secure retirement can help their children and grandchildren by preparing them financially for their own senior years, writes planner Seth Meisler. He lists ways to help them attain long-term financial well-being and explores the details and tax ramifications of giving gifts to descendants.
Banks and credit unions can issue real estate loans without a formal appraisal for properties in federally declared disaster areas, according to the Office of the Comptroller of the Currency, the Federal Reserve, the National Credit Union Administration and the Federal Deposit Insurance Corp. The rule relaxation aims to help hurricane victims in Texas, Florida, Georgia, the US Virgin Islands and Puerto Rico.
Fifth Third Bank's newly launched Momentum app lets consumers pay off student debt more quickly. Consumers can round up debit card purchases to the next dollar and apply that money to their loan balance.
Writer Bobby Tanzilo's heartstrings were touched by a trend he experienced in three Chicago hotels this year: guitars in guest rooms. The ACME Hotel's Summer of Rock package featured an electric guitar to play, a vintage record player to take home and other goodies.
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