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President Donald Trump says he has asked the SEC to study whether to stop requiring companies to report quarterly earnings.In speaking to business leaders, one told him a twice-a-year reporting system would allow companies the flexibility and cost savings companies need to "Make business (jobs) even better in the U.S." Trump tweeted Friday morning. Trump said he directed the SEC to look into a change in its requirements.Public companies must report their sales, profits and the state of the company's balance sheet every quarter. That has been required since the Securities Exchange Act of 1934, which was put in place to give more confidence and transparency to investors in the wake of the 1929 stock market crash. That act also created the SEC, which sets the regulations which govern those quarterly reports.Businesses have long complained that the reports require company executives to focus too much on the short term. Juicing numbers impresses investors, but it can force companies to miss out on long term trends. One of the reasons Tesla CEO Elon Musk wants to take his company private, he told his employees last week, was the way quarterly reports distort decisions at the company.President Barack Obama has also criticized quarterly reports.Speaking to the New York Review of Books in 2015, Obama said that he had talked to a large number of businesses executives who told him, "Because they've got quarterly reports to shareholders and if they've made a long-term investment that may pay off way down the line, or if they're paying their employees more now because they think it's going to help them retain high-quality employees, a lot of times they feel like they're going to get punished in the stock market. And so they don't do it, because the definition of being a successful business is narrowed to what your quarterly earnings reports are."Shareholders, however, use the quarterly earnings reports as a guide to the quality and health of their investments. Without quarterly financial reports, investors could be blind to important risk factors that could damage their portfolios.The president has run privately-held companies that didn't have to report results at all during most of his time in business,The European Commission, among others, only requires semi-annual financial reports of companies there, although major European companies whose stock is traded in both the United States and Europe will report on a quarterly basis in order to comply with SEC regulations.The-CNN-Wire 2519

Prince Harry and Meghan Markle will wed on Saturday afternoon at Windsor Castle in what is a major event for Great Britain.Millions are expected to turn in with thousands of others watching from outside Windsor Castle, and for those who want to have some fun, we've created a Bingo card for you.Check out the Bingo card below and feel free to play along!Royal Wedding Bingo by WXYZ-TV Channel 7 Detroit on Scribd 420

Prince Harry and Meghan Markle are giving people a glimpse of their new California life in their 2020 Christmas card. The card was shared on social media by Mayhew, Markle is a royal patron of the animal welfare non-profit since 2019.“We’re thrilled to receive wonderful Christmas wishes from our Patron, The Duchess of Sussex, who also made a personal donation, helping dogs, cats and our community,” Mayhew posted on Twitter along with the image of Prince Harry, Markle and their 19-month-old son, Archie. 515

Rep. Joaquin Castro, D-Texas, announced he is launching an investigation surrounding Secretary of State Mike Pompeo’s speech at the Republican National Convention. Pompeo’s speech is set to be broadcast during Tuesday’s portion of the RNC.Castro wants to probe whether the speech violates both the Hatch Act and State Department rules.The Hatch Act is intended to limit political activities by executive branch employees other than the president and vice president. While violating the Hatch Act is not criminal, there are potential civil fines for violations. The act also calls for violators of the act to be reprimanded or terminated from their positions if found in violation.But in the past, the Trump administration has not acted on violations of the Hatch Act. Most notably, the Office of the Special Counsel recommended that Trump aide Kellyanne Conway be removed from her White House post after allegedly violating the act multiple times. Pompeo is delivering his remarks during an official trip to Israel.“The Trump administration and Secretary Pompeo have shown a gross disregard not only of basic ethics, but also a blatant willingness to violate federal law for political gain. Congress has a responsibility to stand up for the rule of law and hold them accountable for this corrupt behavior,” said Castro. “It’s absolutely unacceptable that a sitting U.S. Secretary of State, America’s top diplomat, would use official taxpayer-funded business to participate in a political party convention, particularly after the State Department published guidance that explicitly prohibits such activity.”Sources told CNN that White House, State Department, RNC and Pompeo’s personal lawyers all signed off on the speech. CNN also reported that the State Department claimed that no taxpayer funds were used by Pompeo to deliver the speech.While there are concerns that having Trump administration officials participate in political activities is toeing what’s legal under federal law, it is certainly unprecedented. There has not been an active secretary of state in recent times who has held a speaking role at a political convention.ABC News reported that then Secretary of State Colin Powell would not participate in the 2004 Republican National Convention due to ethics concerns.“As secretary of state, I am obliged not to participate in any way, shape, fashion, or form in parochial, political debates. I have to take no sides in the matter," Powell said, according to ABC News. 2492

President Donald Trump told lawmakers on Thursday he was scrapping a planned pay raise for civilian federal workers, saying the nation's budget couldn't support it.In a letter to House and Senate leaders, Trump described the pay increase as "inappropriate.""We must maintain efforts to put our Nation on a fiscally sustainable course, and Federal agency budgets cannot sustain such increases," the President wrote.An across-the-board 2.1% pay increase for federal workers was slated to take effect in January. In addition, a yearly adjustment of paychecks based on the region of the country where a worker is posted -- the "locality pay increase" -- was due to take effect.Trump said both increases would no longer happen."I have determined that for 2019, both across the board pay increases and locality pay increases will be set at zero," he wrote.He stressed the change wouldn't affect the federal government's ability to attract qualified workers, and wrote the government would focus on "recruiting, retaining and rewarding high-performing Federal employees and those with critical skill sets."The implications of Trump's decision on the locality pay increase were not immediately clear. Workers based in more expensive parts of the country are paid higher salaries to compensate for the higher cost of living.In his letter, Trump wrote the locality increase in 2019 would average 25.70% and cost the federal government billion. But he did not say whether the locality adjustments already in place would remain in effect and the White House did not immediately clarify.Pay for military personnel will not be affected by Trump's decree; instead, US troops are due a 2.6% pay increase next year. Trump frequently trumpets the military pay raise while listing his administration's accomplishments. The raise came as part of a massive 6 billion defense spending bill that Trump signed earlier this month.That measure, along with a new two-year federal budget and tax cuts heralded by Republicans, have led to accusations Trump is ignoring the federal deficit, despite promising he would address it as president. The tax plan alone is expected to increase the deficit by .4 trillion over 10 years, according to a government estimate.Reaction from Democrats was swift, particularly those from states adjacent to Washington, where large numbers of federal workers reside."Zero. This seems to be how much respect President Trump has for federal workers," wrote Sen. Ben Cardin, D-Maryland, in a statement. "It is outrageous and hypocritical that after spending billions of taxpayer dollars on unnecessary tax cuts for the wealthy and big corporations -- and as the President boasts about the 'great' state of the American economy, that suddenly the White House finds that there is zero money left to pay a minimal cost-of-living adjustment to the patriotic, dedicated public servants."While the Washington area contains the largest concentration of federal workers, only 1-in-6 civilian employees of the government live in the region.The state with the largest number of federal workers is California, followed by Virginia, Washington, DC, and Texas. 3164

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