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President-elect Donald Trump’s return to the White House is seen fuelling a dealmaking revival that could bolster investment banking income to $316 billion globally next year, a jump of about 5.7% on 2024, data seen by Reuters shows. M&A bankers are forecast to rake in about $27.6 billion in fees, according to previously unreported figures from analytics and insight provider Coalition Greenwich, in what could be their second-best year in at least two decades. Global investment banking income has only topped $300 billion five times in the last 20 years, the data shows, with earnings power in recent years stifled by the pandemic, inflation and global political unease. Trump’s pro-business leanings should help an already thriving U.S. economy, which could in turn encourage greater volumes of cross-border dealmaking and investment from European firms chasing growth, bankers said. “I know it’s that time of year where bankers love to be bullish, but we actually do think that the current climate – political clarity and macro stability – will help drive M&A,” Richard King, head of corporate banking, EMEA, at Bank of America BAC.N said. “There’s a lot of pent up demand that will likely come through in 2025,” he said, pointing to private equity as well as acquisitive trade buyers across a range of sectors including healthcare, tech and energy. Trump’s administration could be particularly conducive to M&A because he is seen as likely to wave more deals through that had been blocked under the previous administration over competition or U.S. strategic importance concerns, bankers said. While rainmakers are getting busier, bankers managing debt sales for companies and governments could also see a jump in activity, bringing in as much as $49 billion, a new record, according to Coalition. Revenue from the trading of securities — the biggest contributor to investment bank income — forecast at $220 billion for 2025 would be the highest since 2022. Credit and emerging markets macro-related products are likely to see the biggest jump on 2024 figures next year, with a 6% increase each while trading in interest rate-related products could shrink as much as 3.5%. “We have healthy corporate balance sheets but we have a rate environment that has increased cost of capital...so businesses cannot be lazy,” said Taylor Wright, co-head of global banking at Barclays BARC.L, predicting private equity firms will be active as both buyers and sellers of businesses. “Geopolitical risk, in our view, is the wild card. It’s hard to plan for that but absent that, we see a lot of factors that suggest that the next 12 to 24 months should be very good for investment banking.” With revenue on the increase, banker payouts look destined to follow suit, although bonuses will remain below bumper 2021 levels for now. New York-based pay consultancy Johnson Associates said last month it expected banker salaries to rise in almost every business unit, with the exception of real estate investing. Headhunters are also reporting new hiring mandates from some banks following Trump’s re-election, and a focus on adding staff in the first quarter, traditionally a time when most banks look to reduce headcount. Hiring has increased across securities trading and from junior through to senior positions, said Natalie Nicolaou, Senior Manager, Distribution & Front Office, at Robert Walters UK RWA.L, told Reuters. Source: Reuters (Reporting by Sinead Cruise and Lawrence White; Editing by Alexandra Hudson)slot machine games in casino

WillowWood Rebrand by DD.NYC Wins Gold Anthem Award for Product and Innovation in 2024 RebrandFlorida bill proposes allowing open carry, repealing ‘red-flag’ law passed after Parkland massacreThe proposed climate fix tech companies just spent millions on? Rocks.

(The Center Square) – Eleven states, led by Texas, have sued the three largest institutional investors in the world for allegedly conspiring to buy coal company stocks to control the market, reduce competition and violate federal and state antitrust laws. The lawsuit was filed in U.S. District Court for the Eastern District of Texas Tyler Division and demands a trial by jury. It names as defendants BlackRock, Inc., State Street Corporation, and Vanguard Group, Inc., which combined manage more than $26 trillion in assets. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

By REBECCA SANTANA WASHINGTON (AP) — President-elect Donald Trump has promised to end birthright citizenship as soon as he gets into office to make good on campaign promises aiming to restrict immigration and redefining what it means to be American. But any efforts to halt the policy would face steep legal hurdles. Birthright citizenship means anyone born in the United States automatically becomes an American citizen. It’s been in place for decades and applies to children born to someone in the country illegally or in the U.S. on a tourist or student visa who plans to return to their home country. It’s not the practice of every country, and Trump and his supporters have argued that the system is being abused and that there should be tougher standards for becoming an American citizen. But others say this is a right enshrined in the 14th Amendment to the Constitution, it would be extremely difficult to overturn and even if it’s possible, it’s a bad idea. Here’s a look at birthright citizenship, what Trump has said about it and the prospects for ending it: During an interview Sunday on NBC’s “Meet the Press” Trump said he “absolutely” planned to halt birthright citizenship once in office. “We’re going to end that because it’s ridiculous,” he said. Trump and other opponents of birthright citizenship have argued that it creates an incentive for people to come to the U.S. illegally or take part in “birth tourism,” in which pregnant women enter the U.S. specifically to give birth so their children can have citizenship before returning to their home countries. “Simply crossing the border and having a child should not entitle anyone to citizenship,” said Eric Ruark, director of research for NumbersUSA, which argues for reducing immigration. The organization supports changes that would require at least one parent to be a permanent legal resident or a U.S. citizen for their children to automatically get citizenship. Others have argued that ending birthright citizenship would profoundly damage the country. “One of our big benefits is that people born here are citizens, are not an illegal underclass. There’s better assimilation and integration of immigrants and their children because of birthright citizenship,” said Alex Nowrasteh, vice president for economic and social policy studies at the pro-immigration Cato Institute. In 2019, the Migration Policy Institute estimated that 5.5 million children under age 18 lived with at least one parent in the country illegally in 2019, representing 7% of the U.S. child population. The vast majority of those children were U.S. citizens. The nonpartisan think tank said during Trump’s campaign for president in 2015 that the number of people in the country illegally would “balloon” if birthright citizenship were repealed, creating “a self-perpetuating class that would be excluded from social membership for generations.” In the aftermath of the Civil War, Congress ratified the 14th Amendment in July 1868. That amendment assured citizenship for all, including Black people. “All persons born or naturalized in the United States and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside,” the 14th Amendment says. “No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States.” But the 14th Amendment didn’t always translate to everyone being afforded birthright citizenship. For example, it wasn’t until 1924 that Congress finally granted citizenship to all Native Americans born in the U.S. A key case in the history of birthright citizenship came in 1898, when the U.S. Supreme Court ruled that Wong Kim Ark, born in San Francisco to Chinese immigrants, was a U.S. citizen because he was born in the states. The federal government had tried to deny him reentry into the county after a trip abroad on grounds he wasn’t a citizen under the Chinese Exclusion Act. But some have argued that the 1898 case clearly applied to children born of parents who are both legal immigrants to America but that it’s less clear whether it applies to children born to parents without legal status or, for example, who come for a short-term like a tourist visa. “That is the leading case on this. In fact, it’s the only case on this,” said Andrew Arthur, a fellow at the Center for Immigration Studies, which supports immigration restrictions. “It’s a lot more of an open legal question than most people think.” Some proponents of immigration restrictions have argued the words “subject to the jurisdiction thereof” in the 14th Amendment allows the U.S. to deny citizenship to babies born to those in the country illegally. Trump himself used that language in his 2023 announcement that he would aim to end birthright citizenship if reelected. Trump wasn’t clear in his Sunday interview how he aims to end birthright citizenship. Asked how he could get around the 14th Amendment with an executive action, Trump said: “Well, we’re going to have to get it changed. We’ll maybe have to go back to the people. But we have to end it.” Pressed further on whether he’d use an executive order, Trump said “if we can, through executive action.” He gave a lot more details in a 2023 post on his campaign website . In it, he said he would issue an executive order the first day of his presidency, making it clear that federal agencies “require that at least one parent be a U.S. citizen or lawful permanent resident for their future children to become automatic U.S. citizens.” Related Articles National Politics | Trump has flip-flopped on abortion policy. His appointees may offer clues to what happens next National Politics | In promising to shake up Washington, Trump is in a class of his own National Politics | Election Day has long passed. In some states, legislatures are working to undermine the results National Politics | Trump taps his attorney Alina Habba to serve as counselor to the president National Politics | With Trump on the way, advocates look to states to pick up medical debt fight Trump wrote that the executive order would make clear that children of people in the U.S. illegally “should not be issued passports, Social Security numbers, or be eligible for certain taxpayer funded welfare benefits.” This would almost certainly end up in litigation. Nowrasteh from the Cato Institute said the law is clear that birthright citizenship can’t be ended by executive order but that Trump may be inclined to take a shot anyway through the courts. “I don’t take his statements very seriously. He has been saying things like this for almost a decade,” Nowrasteh said. “He didn’t do anything to further this agenda when he was president before. The law and judges are near uniformly opposed to his legal theory that the children of illegal immigrants born in the United States are not citizens.” Trump could steer Congress to pass a law to end birthright citizenship but would still face a legal challenge that it violates the Constitution. Associated Press reporter Elliot Spagat in San Diego contributed to this report.

President-elect Donald Trump’s return to the White House is seen fuelling a dealmaking revival that could bolster investment banking income to $316 billion globally next year, a jump of about 5.7% on 2024, data seen by Reuters shows. M&A bankers are forecast to rake in about $27.6 billion in fees, according to previously unreported figures from analytics and insight provider Coalition Greenwich, in what could be their second-best year in at least two decades. Global investment banking income has only topped $300 billion five times in the last 20 years, the data shows, with earnings power in recent years stifled by the pandemic, inflation and global political unease. Trump’s pro-business leanings should help an already thriving U.S. economy, which could in turn encourage greater volumes of cross-border dealmaking and investment from European firms chasing growth, bankers said. “I know it’s that time of year where bankers love to be bullish, but we actually do think that the current climate – political clarity and macro stability – will help drive M&A,” Richard King, head of corporate banking, EMEA, at Bank of America BAC.N said. “There’s a lot of pent up demand that will likely come through in 2025,” he said, pointing to private equity as well as acquisitive trade buyers across a range of sectors including healthcare, tech and energy. Trump’s administration could be particularly conducive to M&A because he is seen as likely to wave more deals through that had been blocked under the previous administration over competition or U.S. strategic importance concerns, bankers said. While rainmakers are getting busier, bankers managing debt sales for companies and governments could also see a jump in activity, bringing in as much as $49 billion, a new record, according to Coalition. Revenue from the trading of securities — the biggest contributor to investment bank income — forecast at $220 billion for 2025 would be the highest since 2022. Credit and emerging markets macro-related products are likely to see the biggest jump on 2024 figures next year, with a 6% increase each while trading in interest rate-related products could shrink as much as 3.5%. “We have healthy corporate balance sheets but we have a rate environment that has increased cost of capital...so businesses cannot be lazy,” said Taylor Wright, co-head of global banking at Barclays BARC.L, predicting private equity firms will be active as both buyers and sellers of businesses. “Geopolitical risk, in our view, is the wild card. It’s hard to plan for that but absent that, we see a lot of factors that suggest that the next 12 to 24 months should be very good for investment banking.” With revenue on the increase, banker payouts look destined to follow suit, although bonuses will remain below bumper 2021 levels for now. New York-based pay consultancy Johnson Associates said last month it expected banker salaries to rise in almost every business unit, with the exception of real estate investing. Headhunters are also reporting new hiring mandates from some banks following Trump’s re-election, and a focus on adding staff in the first quarter, traditionally a time when most banks look to reduce headcount. Hiring has increased across securities trading and from junior through to senior positions, said Natalie Nicolaou, Senior Manager, Distribution & Front Office, at Robert Walters UK RWA.L, told Reuters. Source: Reuters (Reporting by Sinead Cruise and Lawrence White; Editing by Alexandra Hudson)slot machine games in casino

WillowWood Rebrand by DD.NYC Wins Gold Anthem Award for Product and Innovation in 2024 RebrandFlorida bill proposes allowing open carry, repealing ‘red-flag’ law passed after Parkland massacreThe proposed climate fix tech companies just spent millions on? Rocks.

(The Center Square) – Eleven states, led by Texas, have sued the three largest institutional investors in the world for allegedly conspiring to buy coal company stocks to control the market, reduce competition and violate federal and state antitrust laws. The lawsuit was filed in U.S. District Court for the Eastern District of Texas Tyler Division and demands a trial by jury. It names as defendants BlackRock, Inc., State Street Corporation, and Vanguard Group, Inc., which combined manage more than $26 trillion in assets. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

By REBECCA SANTANA WASHINGTON (AP) — President-elect Donald Trump has promised to end birthright citizenship as soon as he gets into office to make good on campaign promises aiming to restrict immigration and redefining what it means to be American. But any efforts to halt the policy would face steep legal hurdles. Birthright citizenship means anyone born in the United States automatically becomes an American citizen. It’s been in place for decades and applies to children born to someone in the country illegally or in the U.S. on a tourist or student visa who plans to return to their home country. It’s not the practice of every country, and Trump and his supporters have argued that the system is being abused and that there should be tougher standards for becoming an American citizen. But others say this is a right enshrined in the 14th Amendment to the Constitution, it would be extremely difficult to overturn and even if it’s possible, it’s a bad idea. Here’s a look at birthright citizenship, what Trump has said about it and the prospects for ending it: During an interview Sunday on NBC’s “Meet the Press” Trump said he “absolutely” planned to halt birthright citizenship once in office. “We’re going to end that because it’s ridiculous,” he said. Trump and other opponents of birthright citizenship have argued that it creates an incentive for people to come to the U.S. illegally or take part in “birth tourism,” in which pregnant women enter the U.S. specifically to give birth so their children can have citizenship before returning to their home countries. “Simply crossing the border and having a child should not entitle anyone to citizenship,” said Eric Ruark, director of research for NumbersUSA, which argues for reducing immigration. The organization supports changes that would require at least one parent to be a permanent legal resident or a U.S. citizen for their children to automatically get citizenship. Others have argued that ending birthright citizenship would profoundly damage the country. “One of our big benefits is that people born here are citizens, are not an illegal underclass. There’s better assimilation and integration of immigrants and their children because of birthright citizenship,” said Alex Nowrasteh, vice president for economic and social policy studies at the pro-immigration Cato Institute. In 2019, the Migration Policy Institute estimated that 5.5 million children under age 18 lived with at least one parent in the country illegally in 2019, representing 7% of the U.S. child population. The vast majority of those children were U.S. citizens. The nonpartisan think tank said during Trump’s campaign for president in 2015 that the number of people in the country illegally would “balloon” if birthright citizenship were repealed, creating “a self-perpetuating class that would be excluded from social membership for generations.” In the aftermath of the Civil War, Congress ratified the 14th Amendment in July 1868. That amendment assured citizenship for all, including Black people. “All persons born or naturalized in the United States and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside,” the 14th Amendment says. “No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States.” But the 14th Amendment didn’t always translate to everyone being afforded birthright citizenship. For example, it wasn’t until 1924 that Congress finally granted citizenship to all Native Americans born in the U.S. A key case in the history of birthright citizenship came in 1898, when the U.S. Supreme Court ruled that Wong Kim Ark, born in San Francisco to Chinese immigrants, was a U.S. citizen because he was born in the states. The federal government had tried to deny him reentry into the county after a trip abroad on grounds he wasn’t a citizen under the Chinese Exclusion Act. But some have argued that the 1898 case clearly applied to children born of parents who are both legal immigrants to America but that it’s less clear whether it applies to children born to parents without legal status or, for example, who come for a short-term like a tourist visa. “That is the leading case on this. In fact, it’s the only case on this,” said Andrew Arthur, a fellow at the Center for Immigration Studies, which supports immigration restrictions. “It’s a lot more of an open legal question than most people think.” Some proponents of immigration restrictions have argued the words “subject to the jurisdiction thereof” in the 14th Amendment allows the U.S. to deny citizenship to babies born to those in the country illegally. Trump himself used that language in his 2023 announcement that he would aim to end birthright citizenship if reelected. Trump wasn’t clear in his Sunday interview how he aims to end birthright citizenship. Asked how he could get around the 14th Amendment with an executive action, Trump said: “Well, we’re going to have to get it changed. We’ll maybe have to go back to the people. But we have to end it.” Pressed further on whether he’d use an executive order, Trump said “if we can, through executive action.” He gave a lot more details in a 2023 post on his campaign website . In it, he said he would issue an executive order the first day of his presidency, making it clear that federal agencies “require that at least one parent be a U.S. citizen or lawful permanent resident for their future children to become automatic U.S. citizens.” Related Articles National Politics | Trump has flip-flopped on abortion policy. His appointees may offer clues to what happens next National Politics | In promising to shake up Washington, Trump is in a class of his own National Politics | Election Day has long passed. In some states, legislatures are working to undermine the results National Politics | Trump taps his attorney Alina Habba to serve as counselor to the president National Politics | With Trump on the way, advocates look to states to pick up medical debt fight Trump wrote that the executive order would make clear that children of people in the U.S. illegally “should not be issued passports, Social Security numbers, or be eligible for certain taxpayer funded welfare benefits.” This would almost certainly end up in litigation. Nowrasteh from the Cato Institute said the law is clear that birthright citizenship can’t be ended by executive order but that Trump may be inclined to take a shot anyway through the courts. “I don’t take his statements very seriously. He has been saying things like this for almost a decade,” Nowrasteh said. “He didn’t do anything to further this agenda when he was president before. The law and judges are near uniformly opposed to his legal theory that the children of illegal immigrants born in the United States are not citizens.” Trump could steer Congress to pass a law to end birthright citizenship but would still face a legal challenge that it violates the Constitution. Associated Press reporter Elliot Spagat in San Diego contributed to this report.

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