US Business Urging Obama and Congress to Engage PM Modi on Economic Issues

Prime Minister Narendra Modi of India Photo by Narendra Modi
Prime Minister Narendra Modi of India Photo by Narendra Modi

The Alliance for Fair Trade with India is pressing President Obama and Congress to move forward with the US economic relationship with India, taking advantage of India’s Prime Minister Narendra Modi’s visit to the US scheduled for June.

The Alliance, which represents a broad rand of businesses from manufacturing to pharmaceuticals, has sent letters to the president and congressman saying that Modi’s visit is an important event which should include discussions about crucial commercial issues which are harming India’s ability to grow its trade economy.

“We hope you will use this visit to engage with the Prime Minister to advance both discussions and concrete action to produce a stronger and more-promising U.S.-India commercial relationship,” the Alliance wrote.

“A strong and vibrant U.S.-India relationship is beneficial not only to our two countries, but also to greater growth and opportunity throughout the world.”

China Investing Heavily in US Real Estate

real-estate-156502_960_720A recent study outlines the extent to which Chinese investors have been flooding money into the United States real estate market. According to the study a recent surge of Chinese buying of residential and commercial property as brought the five-year total investment to over $110 billion.

Conducted by the Asia Society and Rosen Consulting Group, the study shows that the huge size of the total investment helped the US real estate market recover from the real estate crash that began in 2006. The Chinese investment in real estate has also influenced other countries, inflating prices in developed markets such as Australia and the UK.

The study predicts that, despite the tightening restrictions of capital outflows by Beijing, the amount of investment will double to $218 billion.

“What makes China different and noteworthy is the combination of the high volume of investment (and) the breadth of its participation across all real estate categories,” including a “somewhat unique entry into residential purchases,” the study said.

Trump Suggests the US Solve its Debt Problem by Printing More Money

ADN-ZB Deutschland In der Geldauflieferungsstelle der Reichsbank in Berlin. (Aufnahme: Oktober 1923) 6823
In der Geldauflieferungsstelle der Reichsbank in Berlin.
(Aufnahme: Oktober 1923)

During an interview on Fox Business  Donald Trump quoted newspapers who had claimed that “Trump wants to go and start negotiating with creditors.” His answer: “You don’t have to think about this, but we print the money.”

He repeated the same sentiment on CNN:

“People said I want to go and buy debt and default on debt — these people are crazy. This is the United States government. First of all, you never have to default because you print the money, I hate to tell you, OK? So there’s never a default.”

News outlets such as the New York Times annoyed Trump, the presumptive Republican candidate for president, when they suggested that Trump wanted to reduce the national debt by convincing creditors to accept less than full payment. The report said that such statements are a totally new frontier for modern political candidates.

Those remarks were based on an interview Trump gage to CNBC last week. He was asked whether the US should pay its debt in full, or maybe negotiate a partial repayment. Trump’s answer was:

“I would borrow, knowing that if the economy crashed, you could make a deal.”

Trump has described himself as the “king of debt” but added that debt is “tricky” and can be “dangerous.”

“I know how to deal with debt very well — I love debt — but, you know, debt is tricky, and it’s dangerous, and you have to be careful, and you have to know what you’re doing,” he said.

Supreme Will Not Hear Challenge to Seattle Minimum Wage Law

After Seattle became one of the first US cities to adopt a minimum wage law aiming to reach $15 per hour, five franchises and the International Franchise Association sued the city. The group says that the new law is discriminatory against them because the law treats the 623 franchises in Seattle like big businesses just because they are part of a multi state network.

The Seattle law is the first of such laws to reach the US Supreme Court, but the courts decided on Monday that it will not hear the case.

Labor advocates say that the court’s move is a sign that SCOTUS will continue to refrain from hearing challenges to similar laws from other cities.

Recent Executive Appointments

businessThere have been some fluctuations in key executive positions at top financial services firms recently.  Anchin Block just appointed a new Co-Practice Leader of Anchin Private Client.  Jared Feldman will be leading the specialty group that focuses on affluent clients.  He brings to this position experience in accounting, advisory, family and tax industries, having worked for high net worth individuals until now.

Another new appointment took place at Steinbridge Group.  Tawan Davis became the company’s CEO.  He will be supervising the firm’s everyday operations and transaction pipeline.  Davis brings to the role experience from both his positions as an executive at NYCEDC and Wall Street.

And then there has been quite a lot of movement at Dominion Questar Corporation.  Craig C. Wagstaff will be leading its western US natural gas operations (coming from his role as president of Questar Gas Co.), Colleen Larkin Bell will be promoted to Dominion Questar vice president and general manager of Dominion Questar Gas from her current role of VP and General Counsel at Questar.  Brady B. Rasmussen is taking on the role of VP of Dominion Questar and GM of Dominion Wexpro, moving from VP and COO at Wexpro.