Opening Bell: Trump's taxes, dangerous competition, Fed rates

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The controversy over Donald Trump's tax affairs has been thrust back into the US political spotlight after details from his 2005 return were leaked to an investigative journalist.

The White House confirmed the details contained in its two pages.

Mr Trump has consistently refused to release his tax returns, a break with presidential tradition. It has led to accusations that the billionaire tycoon has something to hide in his finances.

The 2005 return revealed that Mr Trump paid federal taxes of $38m (£31m) on his income of $150m (£123m). He also wrote off $100m (£82m) in business losses.

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Minister for Financial Services, eGov and Procurement, Eoghan Murphy has warned against a lowering of financial regulatory standards across EU financial hubs as they compete to attract companies fleeing London as the UK leaves that EU.

"Other cities in Europe are being very aggressive in trying to win business," Eoghan Murphy told Reuters.

He added that this could turn into "dangerous competition."

Ireland's Central Bank has said in the past that it will not allow high-risk investment banks to move to Ireland if it feels that it does not have the resources to offer sufficient regulation.

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The Federal Reserve is expected to raise its baseline interest rate later today.

This comes as both inflation and job creation are on the rise in the US.

It could also offer fresh details regarding its timeline for future rate increases.

The decision is due at 6:00pm.

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Bus Eireann board members will discuss their next move this morning after talks about cost cutting ended without agreement.

An all-out strike had been deferred to allow for the discussions at the Workplace Relations Commission.

The company accused unions of 'inflexibility' after negotiations adjourned late on Monday night, but worker representatives accused management of 'intransigence'.

It's raised concerns that users of the bus network could be facing delays due to industrial action in the coming weeks.

 

Additional reporting by IRN