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Governor cuomo’s budget amendment would have a revenue shortfall of $2.6 billion. To fill the gap, Mr Cuomo has made adjustments to a number of budget allocations. Mr Cuomo recently announced that income tax revenues for the new fiscal year were $2.3 billion lower than expected because of the poor performance of the stock market and the migration of the wealthy, blaming the new tax law for the problem. State and local taxes (SALT), in particular, are capped at $10,000, which has a big impact in states like New York that have high taxes. The Wall Street journal reported that the governor’s revised budget, which includes $750 million previously earmarked for capital spending, $490 million to cut aid to local governments and $177 million to cut state government operating costs, was designed to close the gap. For the fiscal year that begins in April, the shortfall increased to $5.9 billion from an estimate of $4.6 billion in January. To close the gap, Mr. Cuomo made deeper ...

Australian Banks issue “fake silver paper”? Australia’s central bank confirmed on Thursday that a new a $50 note issued in October had three places where the word “responsibility” was replaced by “responsibilty”, missing an “I”. A total of 46 million new notes were printed, many of them out of the market, and it remains unclear how to remedy them. The new note introduces new security features to epitomise Australia’s first female mp Edith. Edith Cowan’s maiden speech to congress in 1921, but it appears to lack a spelling check. This error is very small, you need to magnify with a magnifying glass to see clearly, the naked eye can hardly see. Seven months after the note was issued, the central bank was embarrassed when a listener who had discovered the mistake sent a magnified picture of the typo to a radio station on Thursday morning, only to discover it in a media report. But the central bank has no intention of withdrawing money from circulation. “The reserve bank of Aust...

Not only are prices falling in vancouver, but rents are also loosening. At Duke, a new apartment complex in the happy hills neighborhood, Rhapsody Living, the company that manages it, recently started a promotion offering $1,000 less rent for the first month and reducing the extra deposit required to keep a pet. The company declined to comment. A one-bedroom apartment in the Duke building costs 2,530 yuan a month with a stove but no oven, which is 500 yuan or 600 yuan more than most other one-bedroom units on the market today. Duke’s price cut is not unusual, as some rental apartments are offering discounts to attract tenants, some offering no rent for the first month, and some offering to pay renters to move. After two years of vacancy rates below 1% and soaring rents, there are many signs that rents have stopped rising. Tom Davidoff, an economist who studies real estate, said the increase in new rental buildings on the market, combined with a provincial speculative vacanc...

South Korea’s gross domestic product unexpectedly shrank 0.3 percent in the first quarter from the previous quarter, its worst quarter in a decade, led by falling investment, a weaker technology sector and falling exports. Economists polled by Reuters did not expect the south Korean economy to contract, with the median forecast for a modest 0.3 percent growth. GDP grew at an annualised rate of just 1.8 per cent in the first quarter, below expectations of 2.5 per cent. Exports, which account for about half of South Korea’s GDP, have fallen for the fifth month in a row. Exports fell by 2.6% in the first quarter compared with the fourth quarter of last year. South Korea’s central bank last week cut its forecast for economic growth this year to 2.5%. The government expanded spending plans and announced a supplementary budget this week to support the economy. Via: udn -News Contact Us ADDRESS▼ 200 Jalan Sultan #02-33, Textile Centre Singapore 199018 PHONE ▼ 6291...