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Former President Donald Trump has suggested the removal of taxes on overtime wages for individuals working beyond 40 hours a week. This proposal is part of Trump&#8217;s tax reduction strategy if he secures re-election.
What Happened: Trump announced this proposal at an Arizona rally, stating that it would incentivize people to work more and simplify the hiring process for companies. &#8220;The people who work overtime are among the hardest working citizens in our country, and for too long no one in Washington has been looking out for them,&#8221; Trump said, according to a <a href="https://thehill.com/homenews/campaign/4877565-donald-trump-overtime-pay-taxes/">report</a> by The Hill.
The proposal, which needs congressional approval, lacks further details about its execution. Earlier this year, Rep. Russ Fulcher (R-Idaho) introduced a similar bill to eliminate income taxes on overtime pay, marking it as a first-time attempt at the federal level.
Economist Peter Schiff reacted to the Trump proposal, he said in a comment on X on Thursday, &#8221; Trump just proposed no income taxes on overtime pay. But most employees can&#8217;t work overtime, as their employers don&#8217;t want to pay time and a half. So employees moonlight instead, working extra hours at normal pay for other employers. Employees lose out due to unpaid travel time.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a> just proposed no income taxes on overtime pay. But most employees can&#39;t work overtime, as their employers don&#39;t want to pay time and a half. So employees moonlight instead, working extra hours at normal pay for other employers. Employees lose out due to unpaid travel time.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1834359724797841719?ref_src=twsrc%5Etfw">September 12, 2024</a></blockquote>
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Trump has also recently proposed <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39350922/trumps-tax-free-tips-proposal-may-inflate-federal-deficit-by-up-to-250b-report">ending taxes on tipped wages</a> and called for the elimination of taxes on Social Security benefits. Vice President Kamala Harris, the Democratic presidential nominee, later echoed Trump&#8217;s call for eliminating taxes on tips and proposed an increase in the minimum wage.
See Also: <a href="https://www.benzinga.com/news/24/09/40808499/trump-vs-harris-debates-results-are-in-flash-poll-shows-resounding-majority-pick-vice-president-as-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris Debate&#8217;s Results Are In: Flash Poll Shows Resounding Majority Pick Vice President As Win</a>
Why It Matters: Trump&#8217;s proposal to exempt overtime wages from taxes comes in the backdrop of his previous proposal to end taxes on tipped wages, which according to a Benzinga report, could inflate the federal deficit by $150 billion to $250 billion over the next decade. Additionally, the proposal to eliminate taxes on Social Security benefits could further increase the deficit by $1.6 trillion over the same period.
As the presidential race tightens, economic policies have become a major point of contention between Trump and Vice President Harris. The Vice President is <a href="https://www.benzinga.com/personal-finance/24/09/40696394/inflation-jobs-and-taxes-how-trump-and-harris-economic-policies-differ">gaining ground</a> on economic issues, traditionally Trump&#8217;s stronghold. Both candidates have laid out their visions for addressing inflation, taxes, and job creation and have sparked debate across the political spectrum.
Image via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

News

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Trump Says He Will End Taxes On Overtime Pay, But Economist Peter Schiff Says There Is A Fly In His Ointment

The ongoing feud between right-wing activist Laura Loomer and Rep. Marjorie Taylor Greene (R-Ga.) of Georgia has taken a new turn, with the two engaging in a public spat over a controversial social media post.
What Happened: Loomer, known for her anti-Muslim remarks, made a post mocking Vice President Kamala Harris&#8217;s Indian heritage. Greene responded by labeling Loomer's comments as "appalling and extremely racist," reported The Hill.
Loomer had said in a social media post on Sunday, &#8220;the White House will smell like curry &amp; White House speeches will be facilitated via a call center and the American people will only be able to convey their feedback through a customer satisfaction survey at the end of the call that nobody will understand.&#8221;
Loomer defended her post as a "funny joke about Kamala Harris" and accused Greene of being a "raging antisemite." Greene, in response, criticized Loomer for making President Trump look bad and called for the deletion of such posts.
The feud escalated with Loomer attacking Greene over her divorce and calling her a "poor excuse for a Christian." Greene retorted by stating that Loomer's "outright lies, instability, and manic toxicity have no place in MAGA."
On X, the two exchanged sharp words on Thursday with Loomer commenting on Greene&#8217;s personal life and even calling her out for &#8220;inside trading.&#8221; She said, &#8220;You haven't done anything to help Trump…&#8221;
Loomer&#8217;s comments were in response to Greene who said, &#8220;Laura Loomer's outright lies, instability, and manic toxicity have no place in MAGA.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">While you were busy having sexual affairs, cheating on your husband and getting divorced, and propping up <a href="https://twitter.com/SpeakerMcCarthy?ref_src=twsrc%5Etfw">@SpeakerMcCarthy</a> and engaging in insider trading in Congress <a href="https://twitter.com/RepMTG?ref_src=twsrc%5Etfw">@RepMTG</a>, I broke many of the stories regarding the weaponized lawfare against President Trump. I traveled to…
&mdash; Laura Loomer (@LauraLoomer) <a href="https://twitter.com/LauraLoomer/status/1834263385535295928?ref_src=twsrc%5Etfw">September 12, 2024</a></blockquote>
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White House press secretary Karine Jean Pierre condemned Loomer's comments on Harris's Indian heritage, calling them "repugnant" and "un-American."
The public spat comes after Greene warned Trump against hiring Loomer last year, calling her "mentally unstable" and a "documented liar."
See Also: <a href="https://www.benzinga.com/news/24/09/40784837/bernie-sanders-says-if-youre-poor-in-america-youll-live-10-15-years-less-anybody-else-see-a-problem?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bernie Sanders Says If You&#8217;re Poor In America You&#8217;ll Live 10-15 Years Less: &#8216;Anybody Else See A Problem With That?&#8217;</a>
Why It Matters: This public feud is <a href="https://www.benzinga.com/news/23/11/35863279/trump-loyalist-laura-loomer-slams-marjorie-taylor-greenes-memoir-calls-it-trash-what-a-shameless-gri">not the first instance</a> of discord between the two Trump loyalists. Loomer had previously criticized Greene&#8217;s memoir, calling it &#8220;trash,&#8221; in a post from November 2023. The two have been known for their mutual support for Trump, making this public disagreement particularly striking.
Greene has been a vocal supporter of Trump, even comparing him to Jesus at <a href="https://www.benzinga.com/general/politics/24/06/39260888/marjorie-taylor-greene-compares-donald-trump-to-jesus-the-man-that-i-worship-is-also-a-convicted">an election rally</a> in Las Vegas, Nevada. The recent feud comes amidst a heated political climate, with Vice President Harris leading over Donald Trump in the polls ahead of the <a href="https://www.benzinga.com/general/politics/24/09/40805945/harris-vs-trump-vice-president-holds-3-point-lead-ahead-of-presidential-debate-but-swing-states-">2024 presidential election</a>.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Marjorie Taylor Greene, Laura Loomer Clashed Over Kamala Harris' Indian Origin And It Got Really Ugly: 'You Haven't Done Anything To Help Trump… '

Japan is set to make a significant shift in its cannabis policy by criminalizing personal use while simultaneously legalizing medical products derived from <a href="https://www.benzinga.com/markets/asia/24/07/39896537/japanese-artist-arrested-for-cannabis-possession-challenges-nations-strict-laws-echoing-global-shift">the plant. </a>
<a href="https://english.kyodonews.net/news/2024/09/b95f4cbb4efd-japans-revised-laws-criminalizing-cannabis-use-take-effect-dec-12.html#google_vignette">According</a> to Kyodo News, the health ministry confirmed Thursday that these changes, aimed at regulating cannabis use and expanding access to cannabis-derived medicines, will take effect on December 12.
See Also:<a href="https://www.benzinga.com/markets/cannabis/24/06/39140255/japan-could-become-first-to-allow-cbd-in-food-thailands-medical-marijuana-costs-increase-6x-trig"> Japan Could Become First To Allow CBD In Food</a>
<h3 class="wp-block-heading">Japan Will Criminalize Cannabis Use</h3>
Although Japan has long banned the possession and cultivation of marijuana, the country had yet to penalize its use. This loophole was initially left to protect hemp farmers, who might inadvertently absorb trace amounts of cannabis compounds while cultivating the plant for industrial purposes. 
However, growing concerns about drug abuse, particularly among young people, have prompted Japan to reverse its stance.
Under the revised laws, using cannabis will be illegal, with violators facing up to seven years in prison. Authorities say this harsh stance will address the rise in drug misuse and serve as a deterrent. Japan's strict drug policies have long been known for their zero-tolerance approach, but this move marks a new era of control over even personal use.
<h3 class="wp-block-heading">Medical Marijuana</h3>
In contrast, Japan is opening the door to medical marijuana products. The revised laws will permit the use of cannabis-derived medicines, a significant step for patients who have been advocating for broader access to treatments.
While cannabis-based drugs have thus far been limited to clinical trials, the new legal framework will allow for their prescription and wider use in medical care.
Patient groups have been particularly vocal in pushing for cannabidiol (CBD) medicines, which are already approved in many parts of the world, including Europe and the United States. 
These drugs are used to treat conditions like severe epilepsy. The legal change offers hope for patients who have struggled to find effective treatments under Japan's restrictive drug policies.
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<li><a href="https://www.benzinga.com/markets/cannabis/24/03/37907388/cannabis-arrests-in-japan-hit-record-high-australias-hemp-sector-faces-setback-moroccos-294-ton-">Cannabis Arrests In Japan Hit Record High</a></li>
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Asia

Cannabis

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Japan Criminalizes Cannabis With 7-Year Prison Sentence, Medical Marijuana Remains Legal

On Tuesday, after Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) launched its iPhone 16 series, China's <a href="https://www.benzinga.com/government/24/09/40793314/huawei-targets-iphones-premium-market-with-2-800-foldable-mate-xt-launch-report">top smartphone maker</a> Huawei Technologies Co. announced Mate XT that will launch on Sept. 20.&nbsp;
The tri-fold smartphone has a starting price tag of $2,800, which is significantly expensive compared to the iPhone 16 Pro Max's $1,199 <a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri">for 256 GB storage</a>.
The move has marked Huawei's ramped-up efforts to challenge Apple's smartphone dominance, making it a subject of curiosity about Mate XT. Here are a few things that users should know about Huawei's latest smartphone:
Price And Availability
Huawei&#8217;s Mate XT, the world&#8217;s first tri-fold smartphone, comes in three storage options with prices ranging from $2,800 to $3,371.
The iPhone 16 series has a starting price of $799 for the basic version and iPhone 16 Pro Max, the tech giant's most premium model starts with $1,199 for its minimum storage option.
Both devices are set to hit the market on Sept. 20, but they cater to different consumer needs and preferences.
See Also: <a href="https://www.benzinga.com/news/24/09/40767860/mark-cuban-praises-elon-musks-ai-chatbot-grok-for-answering-kamala-harris-pov-on-immigration-i-think?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Praises Elon Musk's AI Chatbot Grok For Answering Kamala Harris' POV On Immigration: ‘I Think It's Accurate'</a>
Innovation Vs. Familiar Form
The Mate XT features a unique tri-fold design that allows it to transform from a compact phone to a tablet. It also works with foldable keyboard.
The Mate XT boasts a 10.2-inch display with a 3K resolution, a powerful camera system including a 50 MP main sensor, and AI functionalities for text translation and image editing.&nbsp;
In contrast, the iPhone 16 maintains a traditional slab design. The regular iPhone 16 and the larger iPhone 16 Plus will come with 6.1-inch and 6.7-inch displays, respectively.
The iPhone 16 Pro screens are the largest ever on an iPhone, measuring 6.3 inches for the Pro model and 6.9 inches for the Pro Max.
The iPhone 16 Pro Max features a new fusion camera and an upgraded interface, including a 48MP fusion camera with a second-generation quad-pixel sensor. There&#8217;s a new 48MP ultra-wide camera with autofocus.
Both the iPhone 16 Pro and iPhone 16 Pro Max are now equipped with a 5x telephoto lens featuring a 120 mm focal length.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Consumer Sentiment And Pre-Orders&nbsp;
Despite its high price, the Mate XT has already racked up <a href="https://www.benzinga.com/government/24/09/40793314/huawei-targets-iphones-premium-market-with-2-800-foldable-mate-xt-launch-report">millions of pre-orders</a>, indicating strong interest in its innovative design.
However, analysts have previously cautioned that the Chinese smartphone maker might make only a few hundred thousand devices because Mate XT is expensive and its foldable screen is difficult to make, <a href="https://www.nytimes.com/2024/09/10/business/huawei-trifold-iphone.html">reported</a> the New York Times.
IDC analyst Arthur Guo also shared doubts about trifold devices significantly boosting the foldable market, noting challenges such as complex technical demands, low production yields, high costs, and a small number of companies involved.
On the other hand, the <a href="https://www.benzinga.com/news/24/09/40785959/iphone-16-fails-to-sway-some-chinese-buyers-im-going-to-buy-huaweis-tri-fold-phone-missing-ai-featur">iPhone 16 has faced criticism</a> for its incremental upgrades and limited AI features, which some consumers feel do not justify an upgrade from previous models.
Why It Matters: Huawei is seeking to make a comeback in the smartphone industry after the U.S. imposed sanctions on the company in 2019 and 2022.
Despite these challenges, Huawei managed to rank fourth by market share with 10.6 million smartphones shipped, according to Canalys.
In July this year, reports indicated that Apple slipped from third to sixth place in<a href="https://www.benzinga.com/markets/equities/24/07/39954971/apple-drops-from-3rd-to-6th-in-china-amid-intensifying-competition-huawei-shipments-surge-41-in-"> China's smartphone market</a>, while Huawei experienced a notable increase in smartphone shipments.
Apple&#8217;s market share in China dropped to 14% in the second quarter of 2024, a decline of two percentage points compared to the same period last year.
Check out more of&nbsp;Benzinga&#8217;s&nbsp;Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/09/40679223/mark-cuban-explains-why-despite-getting-a-lot-of-flak-from-elon-musk-and-others-he-continues-to-post?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Explains Why, Despite Getting A Lot Of Flak From Elon Musk And Others, He Continues To Post On X: ‘Don't Want to Be Where Everyone Agrees with Me'</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

AAPL

Huawei's $2,800 Tri-Fold Phone Has The Potential To Eat Apple's Lunch In China: Here Is How It Compares To iPhone 16

The U.S. Food and Drug Administration (FDA) has issued a complete response letter for <a href="https://www.benzinga.com/topic/mdma-assisted-therapy">MDMA-assisted psychotherapy (MDMA-AT)</a> for treating post-traumatic stress disorder (PTSD) in which it calls for an additional phase 3 trial to further evaluate its safety and efficacy. As Psychiatric Times <a href="https://www.psychiatrictimes.com/view/with-mdma-on-hold-whats-next-for-psychedelics">reported</a>, this decision puts on hold what could have been a landmark approval for the treatment of PTSD with MDMA, also known as midomafetamine.
Despite the <a href="https://www.benzinga.com/markets/cannabis/24/08/40300943/fda-rejects-mdma-for-ptsd-treatment-calls-for-more-research-on-psychedelic-therapy">setback</a>, <a href="https://www.benzinga.com/topic/lykos-therapeutics">Lykos Therapeutics</a>, the company behind the MDMA-AT treatment, remains determined. Lykos has expressed confidence that the FDA's concerns could be addressed using "existing data, post-approval requirements or through reference to the scientific literature." Discussions between the company and the FDA are ongoing, as Lykos seeks a clear path forward.
<h3 class="wp-block-heading">Other Psychedelics In The Pipeline</h3>
While MDMA's future remains in question, several other psychedelic treatments continue to progress through clinical trials. Atai Life Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATAI#NASDAQ">ATAI</a>) recently announced promising results from a <a href="https://www.benzinga.com/markets/cannabis/24/08/40376236/atais-dmt-depression-drug-shows-promise-prepares-for-phase-ii-trial-and-future-collaboration-wit">phase 1b trial of VLS-01</a>, a buccal film formulation of N,N-dimethyltryptamine (DMT), for treatment-resistant depression (TRD). The next phase 2 study is expected to start by the end of 2024, focusing on safety, efficacy and durability of response.
Numinus Wellness (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NUMIF#OTC">NUMIF</a>), another key player in the psychedelic space, is <a href="https://www.benzinga.com/markets/cannabis/23/11/35548014/single-dose-of-cybins-psilocybin-shows-compelling-patient-outcomes-phase-2-results-find">moving forward with studies</a> involving Cybin's CYB003, a deuterated psilocybin molecule designed for treating moderate to severe depressive disorders. Meanwhile, Compass Pathways (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMPS#NASDAQ">CMPS</a>) is testing COMP360, a synthetic form of psilocybin, which <a href="https://www.benzinga.com/markets/cannabis/23/09/34291309/compass-pathways-explores-ai-powered-predictive-model-on-psilocybin-therapy-for-depression">has shown promising early results</a> in treating PTSD. These developments highlight the continued push toward psychedelic-assisted therapies for a range of psychiatric conditions.
<h3 class="wp-block-heading">Progress With LSD And Ketamine</h3>
MindBio Therapeutics (NASDAQU:MBIO) has also made strides with MB22001, <a href="https://www.benzinga.com/markets/cannabis/24/04/38512570/lsd-microdosing-for-pms-after-confirming-antidepressant-effects-clinical-trials-will-assess-if-i">a titratable microdosing form of LSD</a>, showing promise in phase 2a trials for major depressive disorder (MDD). They are investigating LSD's potential for treating other conditions like premenstrual dysphoric disorder and depression associated with cancer. MindMed is <a href="https://www.benzinga.com/markets/cannabis/22/08/28637136/mindmed-keeps-hitting-the-news-now-dosing-on-their-clinical-trial-on-lsd-for-anxiety">progressing with its own LSD compound</a>, MM-120, which has shown potential for treating generalized anxiety disorder (GAD), with a phase 3 trial set to begin this year.
Ketamine-based therapies are advancing as well, with Awakn Life Sciences (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AWAKNF#OTC">AWAKNF</a>) leading the charge in <a href="https://www.benzinga.com/markets/cannabis/23/06/32820420/awakn-to-focus-on-r-d-of-addiction-therapies-moves-away-from-ketamine-treatment-for-alcoholism">addressing alcohol use disorder</a>. Their MORE-KARE phase 3 trial is underway, testing the efficacy of ketamine infusions combined with psychosocial support.
<h3 class="wp-block-heading">Lykos And The Future Of MDMA</h3>
As the psychedelic field expands, all eyes are on Lykos Therapeutics as they navigate the FDA&#8217;s requirements for MDMA-assisted psychotherapy. The company has undergone a <a href="https://www.benzinga.com/markets/cannabis/24/08/40421048/lykos-therapeutics-strategic-reorganization-following-fdas-decision-rejecting-mdma-for-ptsd-trea">significant reorganization</a>, including a 75% reduction in workforce, and appointed Dr. David Hough as senior medical advisor to guide the next phase of clinical work. Hough has extensive experience in psychiatric drug development, having led successful projects such as Spravato.
Rick Doblin, PhD, founder of the Multidisciplinary Association for Psychedelic Studies (MAPS), has stepped down from Lykos to focus on public advocacy for global access to MDMA and other psychedelics. Doblin&#8217;s resignation from the Lykos Board comes as the company continues its dialogue with the FDA.
<h3 class="wp-block-heading">What's Next?</h3>
Despite the challenges facing <a href="https://www.benzinga.com/topic/mdma-assisted-therapy">MDMA-assisted psychotherapy</a>, the field of psychedelic research remains vibrant. With more than 185 clinical studies on psilocybin, 104 on MDMA and 58 on LSD ongoing according to clinicaltrials.gov, the future holds promise for these novel treatments. As companies continue their work, patients and researchers alike are hopeful that these therapies will become more widely available in the near future.
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MDMA Therapy For PTSD Faces FDA Delay: Are There Other Ways Forward?

New Jersey Governor Phil Murphy signed Senate Bill No. 3235 into law, introducing strict regulations for intoxicating hemp products, including Delta-8 THC and THC-infused beverages.
The bill, which places these products under the purview of the New Jersey Cannabis Regulatory Commission (CRC), marks a significant shift in the regulation of hemp-derived THC products.
The bill itself sparked debate among hemp industry stakeholders, who are<a href="https://www.benzinga.com/markets/cannabis/24/08/40578247/delta-8-thc-regulations-could-stifle-hemp-cannabis-markets-warns-industry-expert"> being partially outlawed</a>. Late amendments to the legislation have raised concerns that the alcohol industry is benefiting from regulatory advantages that cannabis businesses do not receive.
<h3 class="wp-block-heading">Outcry Among Hemp Industry</h3>
For hemp industry stakeholders who have been following state guidelines and voluntarily implementing safety measures, the new law comes as a blow. Many complain that they have been unfairly impacted by legislation that was meant to crack down on unregulated products, not those adhering to responsible practices.
"We are good actors. We followed the process the state put forward to enter this business&#8230; and here we are," said Philip Petracca, owner of Bella Ray Beverage, a THC drink startup.
Petracca, like many others, has invested heavily in the industry, but now faces being outlawed by new regulation, <a href="https://www.app.com/story/news/local/new-jersey/marijuana/2024/09/12/phil-murphy-signs-hemp-law-bans-delta-8-thc-seltzers-in-new-jersey/74765930007/">reported</a> Asbury Park Press.
<h3 class="wp-block-heading">New Amendments Favor Alcohol Industry</h3>
Murphy acknowledged that late-stage changes to the bill granted alcohol licensees—such as liquor stores and distributors—allowing them to <a href="https://www.benzinga.com/markets/cannabis/24/07/39637557/delta-8-thc-hemp-regulation-moves-forward-in-nj-sparks-debate-between-alcohol-and-cannabis-indus">sell intoxicating hemp beverages</a> without being subject to the same stringent regulations as cannabis businesses.
These amendments have sparked controversy among cannabis industry stakeholders, who argue that the bill creates an uneven playing field.
In his official <a href="https://drive.google.com/viewerng/viewer?url=http://d31hzlhk6di2h5.cloudfront.net/20240912/96/e2/69/f9/18edc6793c7d416978c5c31c/S3235.pdf">statement</a>, <a href="https://www.benzinga.com/markets/cannabis/24/06/39135564/gov-murphy-honored-as-nj-black-owned-cannabis-cultivator-names-strain-after-him">Murphy</a> expressed concern over the added advantage given to alcohol licensees. "Late amendments to this bill in the Legislature opened the door to the sale and distribution of intoxicating hemp beverages by holders of plenary wholesale licenses and plenary retail distribution licenses for alcoholic beverages, in addition to licensed cannabis businesses."
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39135564/gov-murphy-honored-as-nj-black-owned-cannabis-cultivator-names-strain-after-him">Gov. Murphy &#8216;Honored&#8217; As NJ Black-Owned Cannabis Cultivator Names Strain After Him</a>
<h3 class="wp-block-heading">Cannabis Companies Are Not Receiving Fair Treatment</h3>
Murphy said these licensees may not be held to the same regulatory standards as <a href="https://www.benzinga.com/markets/cannabis/24/05/38964818/a-huge-milestone-new-jersey-surpasses-100-cannabis-dispensaries-in-rapid-expansion">cannabis businesses</a>, creating a loophole. Murphy himself seems to be aware of the situation, judging from comments he made. 
&#8220;The bill also does not explicitly require alcohol licensees that sell or distribute intoxicating hemp products to comply with the many regulatory requirements that apply to cannabis businesses,&#8221; the governor said.
Cannabis in New Jersey is purported to be $1.1 billion-dollar highly regulated market in which business are obliged to meet requirements that include rigorous testing, labeling and sales restrictions &#8211; all key components of the CRC's regulatory framework. Whereas, alcohol businesses could be exempt from them under this new law.
Murphy expressed concerns about the CRC&#8217;s ability to oversee this new market segment, especially without additional resources.
"I am concerned that the bill requires the New Jersey Cannabis Regulatory Commission&#8230;to establish a new regulatory program for alcohol licensees selling intoxicating hemp beverages but does not provide the Commission with the resources necessary," the governor said.
Despite these concerns, amendments to New Jersey&#8217;s hemp regulation bill remained in the signed version of the bill.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Why Murphy Signed The Bill Despite Concerns</h3>
Despite the bill&#8217;s potential impact on fairness in the industry, Murphy ultimately decided that the public health risks posed by unregulated intoxicating hemp products were too great to ignore.
"The status quo is untenable, and this bill will put an end to it," he said. 
Murphy addes that the bill's immediate impact on public safety outweighed its imperfections. "Because the bill would address this present danger, I have concluded that the wiser course is to sign the bill now and commit to working with the Legislature to address the technical issues and other challenges in separate legislation." 
As a result, intoxicating hemp products like <a href="https://www.benzinga.com/markets/cannabis/24/01/36584043/real-weed-or-a-lab-high-delta-8-and-delta-9-thc-explained">Delta-8 and THC seltzers</a> will be pulled from shelves within 30 days, awaiting new CRC regulations. 
Once these guidelines are in place, hemp products that do comply will return to the market but will be restricted to licensed cannabis businesses or alcohol licensees.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/09/40833963/expert-calls-for-a-united-hemp-and-cannabis-front-industries-should-collaborate-and-push-for-fed">Expert Calls For A United Hemp And Cannabis Front, &#8216;Industries Should Collaborate&#8217; And Push For Federal Rules</a></li>
</ul>
Cover: Gov Murphy and Prolific Growhouse's CEO David Nicolas by Edwin Torres/ Courtesy of N.J. Governor&#8217;s Office&nbsp;<a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a>

Government

NJ Governor Signs Bill Tightening Rules On Hemp: Industry Stakeholders Protest, Big Alcohol Celebrates

Energy companies on the U.S. Gulf Coast <a href="https://www.benzinga.com/government/24/09/40822108/hurricane-francine-approaches-louisiana-coast-may-become-category-2-storm">suffered minimal damage</a> after Hurricane Francine made landfall on Wednesday as a Category 2 hurricane and weakened as it made its way inland on Thursday.
Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) inspected its manufacturing sites in Geismar and Norco, Louisiana, to ensure the. integrity of its equipment, systems and processes.
&#8220;At this early stage, there does not appear to be serious damage from wind, rain or storm surge at the facilities,&#8221; the company said on Thursday.
&#8220;As always, the safety of our people, the environment and our assets are Shell's top priority.&#8221;
Entergy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETR#NYSE">ETR</a>) said it had 10,790 customer outages in the southern area of its Mississippi territory, and that outages are expected to fluctuate throughout Thursday as the storm moved through its service area.
&#8220;We have assembled a team of over 1,500 linemen, vegetation workers, damage assessors and support personnel to work with our Entergy teams in the restoration process,&#8221; the company said.
Read Also:<a href="https://www.benzinga.com/markets/equities/24/09/40838076/hurricane-disrupts-ups-deliveries-in-southern-us-details"> Hurricane Disrupts UPS Deliveries In Southern US: Details</a>
 &#8220;We stand ready as Francine continues to impact our service area and are responding by assessing damage and restoring service to our customers where it is safe to do so.&#8221;
Pipeline operator Enterprise Products Partners LP&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPD#NYSE">EPD</a>)&nbsp;on Thursday said its assets in south Louisiana did not sustain any noteworthy damage as a result of the storm, but it did say that some customers lost power, Reuters reported.
&#8220;The main issue at present is a loss of commercial power at locations in the track of the storm. Temporary generators are being deployed where possible and Enterprise is working with electric service providers to prioritize their restoration efforts,&#8221; the company said.
The hurricane weakened Thursday as it headed inland, allowing emergency crews in Lousiana to begin clearing roads while utility workers started restoring electricity, the Associated Press <a href="https://apnews.com/article/francine-tropical-storm-louisiana-gulf-coast-09879999e209ff5e043ef0e4ca7f527f">reported</a>.
At the height of the storm, 450,000 people in Louisiana were without power, according to the state&#8217;s Public Service Commission. Many outages were caused by falling debris.
Hurricane Francine dumped up to six inches of rain in parts of Mississippi, Arkansas, Tennessee and Georgia and up to 10 inches in some areas of Alabama and Florida.
Price Action: Energy companies with facilities on the U.S. Gulf Coast trended upward on Thursday.
<ul>
<li>Shell gained 1.16% to close at $66.98</li>
<li>Entergy picked up 1.09% to end the trading day at $123.55</li>
<li>Enterprise Product Partners edged up 0.79% to close at $29.40</li>
</ul>
Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>), a manufacturer of generators for homes and businesses, declined 1.76% to $140.68 on Thursday. 
Read Now: 
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</ul>
Photo: Courtesy NOAA

GNRC

SHEL

Energy Companies Sustain Minimal Damages As Hurricane Francine Weakens Inland

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

Actor and cannabis advocate Woody Harrelson is urging California Governor Gavin Newsom (D) to sign <a href="https://www.benzinga.com/markets/cannabis/24/08/40638186/in-amsterdam-style-california-senate-moves-to-legalize-cannabis-farmers-markets-and-cafes">a bill which would allow licensed cannabis cafes</a> to sell non-cannabis snacks, non-alcoholic beverages and host live performances. Known for his support of <a href="https://www.benzinga.com/markets/cannabis/22/04/26857519/woody-harrelson-will-judge-at-the-emerald-cup-and-open-a-marijuana-dispensary">marijuana legalization</a>, Harrelson has now focused his efforts on Assembly Bill 1775.
<h3 class="wp-block-heading">Bill Could Boost Struggling Cannabis Lounges</h3>
"We just need a tiny little crumb and that is the ability to sell non-cannabis items in the lounge," Harrelson said in a <a href="https://www.instagram.com/p/C_tjQEuogNQ">video</a> posted by the bill&#8217;s author, Assembly member Matt Haney (D). 
Harrelson, an Emmy-winning actor and co-owner of a <a href="https://www.benzinga.com/markets/cannabis/22/10/29427167/the-woods-woody-harrelson-and-bill-maher-open-new-cannabis-lounge-in-west-hollywood">cannabis dispensary and lounge in West Hollywood</a>, emphasized the minimal impact of the bill. He pleaded for its passage, saying, "I don't see how that hurts anybody. Let's please make this happen."
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
</ul>
The legislation, re-introduced by Haney, sailed through the California Assembly and Senate following a <a href="https://www.benzinga.com/markets/cannabis/24/08/40666298/will-california-embrace-cannabis-farmers-markets-and-pot-cafes-gov-newsoms-crucial-decision-ahea">previous veto by Newsom</a> citing smoke-free workplace protections. This bill represents a significant shift, <a href="https://www.benzinga.com/markets/cannabis/24/09/40819034/gov-newsom-is-mulling-over-whether-to-approve-amsterdam-style-cannabis-cafes-in-california">enabling cannabis lounges to enhance their offerings</a>, thus competing more effectively with the illicit market and potentially reviving commercial districts.
<h3 class="wp-block-heading">Haney Touts Economic Benefits Of Bill</h3>
Haney talked about the bill's broader implications at a press conference Friday. "The governor recently said that the future happens here first. Well, this is the future. This is the future when it comes to adult-use cannabis. It's the future when it comes to supporting our cannabis small businesses and their ability to thrive," he said <a href="https://www.latimes.com/entertainment-arts/movies/story/2024-09-11/woody-harrelson-governor-newsom-assembly-bill-cannabis-cafes">according</a> to the Los Angeles Times.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/23/07/33175512/exclusive-economic-impact-of-cannabis-lounges-factors-shaping-this-new-consumption-trend">EXCLUSIVE: Economic Impact Of Cannabis Lounges, Factors Shaping This New Consumption Trend</a>
<h3 class="wp-block-heading">Newsom Faces Criticism Over Hemp THC Ban</h3>
The push comes amidst Newsom&#8217;s contentious stance on cannabis-related regulations, raising the question of what his decision will be on this bill. On Friday, Newsom <a href="https://www.benzinga.com/markets/cannabis/24/09/40756333/gov-newsom-proposes-emergency-rules-to-severely-restrict-hemp-products-this-will-destroy-our-bus">proposed emergency regulations to completely ban THC in hemp-derived products</a>, a move that has been criticized heavily by industry stakeholders. They argue that such stringent regulations threaten the burgeoning cannabis and <a href="https://www.benzinga.com/markets/cannabis/24/08/40509701/hemp-derived-thc-beverages-navigating-regulatory-uncertainty-in-a-potential-13-5b-market">hemp industries</a> and could eliminate a significant revenue stream for the state.
With the deadline for the governor&#8217;s decision looming on September 30, supporters of <a href="https://digitaldemocracy.calmatters.org/bills/ca_202320240ab1775">AB 1775</a> say the hope Newsom will acknowledge the <a href="https://www.benzinga.com/markets/cannabis/24/08/40427072/california-senate-moves-forward-with-bill-to-allow-cannabis-sales-and-consumption-at-farmers-mar">potential economic and social benefits</a> of the bill.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/09/40822976/california-cannabis-brands-papa-barkley-and-mammoth-distribution-announce-merger-promising-natio">California Cannabis Brands Papa &amp; Barkley And Mammoth Distribution Announce Merger, Promising National Expansion</a></li>
</ul>
Photo by LBJ Library c/o: Gabriel Cristóver Pérez, Public domain, via Wikimedia Commons // Edited in Canva by El Planteo.

Retail Sales

Woody Harrelson Pushes Gov. Newsom To Approve Cannabis Cafes In California

As the presidential debate on Sept. 10 between Donald Trump and Vice President Kamala Harris was likely the last between the two candidates, voters are turning their attention to a debate between the presidential candidates&#8217; running mates ahead of the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
What Happened: Tuesday's presidential debate was watched <a href="https://www.benzinga.com/general/entertainment/24/09/40840076/trump-vs-harris-presidential-debate-viewership-tops-trump-biden-total-but-falls-short-of-re">by 67.1 million people </a>with Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) unit ABC News hosting and allowing simulcasting to other media networks.
Other media networks have been fighting to get future presidential debates between the two candidates but they may be out of luck.
Trump posted on social media Thursday that there will be <a href="https://www.benzinga.com/general/politics/24/09/40843816/trump-declines-harris-debate-challenge-there-will-be-no-third-debate">no third debate.</a>
Without another debate between the two presidential candidates, attention could shift to vice presidential running mates J.D. Vance and Tim Walz, who are the candidates for the Republican and Democratic parties, respectively.
The two will face off on Oct. 1 in a debate hosted by CBS News, a unit of Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>). Norah O'Donnell and Margaret Brennan will serve as the moderators for the debate.
Vance and Walz agreed to the debate and date set for New York City after several back and forth conversations with media networks.
Vance has sought to have as many debates as possible and accused Walz and Harris from running from media interviews.
"I think we ought to do as many debates as we possibly can," Vance previously <a href="https://www.cnn.com/2024/08/15/politics/vance-walz-vice-presidential-debate/index.html">said</a>. &nbsp;
Walz's team agreed to one debate and with Trump and Harris potentially not doing another debate, the opportunity for Vance and Walz to take part in more debates could arise.
Prediction market Polymarket <a href="https://polymarket.com/event/vp-debate-before-election">lists </a>the odds of a vice presidential debate happening before the 2024 election at 97%. The <a href="https://polymarket.com/event/of-debates-between-vance-and-walz">odds </a>of one debate are listed at 94% with two or more debates listed at 1% and no debates listed at 5%.
On Polymarket, users can deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) network, or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). In each betting market, the winning option pays out at $1.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent091224">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
What's Next: No rules have been publicly shared for the vice presidential debate, which makes forecasting a winner or what voters should expect tough.
The debate is expected to follow a similar 90-minute format and have commercial breaks, which could benefit Paramount.
Polymarket <a href="https://polymarket.com/event/live-audience-at-walz-vance-debate">lists </a>a 24% chance of having a live audience at the vice presidential debate, something that would differ from the 2024 presidential debates.
Vance has not been popular with voters since being named the vice presidential candidate as <a href="https://thehill.com/newsletters/campaign-report/4877039-what-we-know-about-the-walz-vance-debate/">reported </a>by The Hill. Vance's net favorability is negative and doesn't show signs of improvement. More voters (46.8%) view Vance unfavorably than those who view him favorable (39.8%).
Walz on the other hand has a positive net favorability rating with 43.6% viewing him favorably and 40.9% viewing him unfavorable.
The 2020 vice presidential debate between Mike Pence and Kamala Harris was watched by more than 57 million people. The total passed the 37 million total from the 2016 debate between Pence and Tim Kaine, CNN <a href="https://www.cnn.com/2020/10/08/media/vice-presidential-debate-tv-ratings/index.html">reported</a>.
Check This Out:
<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent091224">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

$ETH

$MATIC

$USDC

PARA

PARAA

Trump, Harris Might Not Debate Again But Their Running Mates Will: What Voters Should Know About Walz Vs. Vance Matchup

LRFC

Logan Ridge Finance Exits Its Largest Equity Investment, Nth Degree Investment Group, LLC

The Company reiterates its 2024&nbsp;guidance&nbsp;ranges of&nbsp;$145 million&nbsp;to&nbsp;$165 million&nbsp;for Total Operating Expense&nbsp;(excluding restructuring and related costs) and&nbsp;$25 million&nbsp;to&nbsp;$40 million&nbsp;for Capital Expenditures.
&nbsp;

Guidance

Management

BLDP

Ballard Power Systems Names Kate Igbalode As Its New CFO Effective Immediately And Lee Sweetland As New COO Effective At The End Of 2024; Paul Dobson And Mark Biznek To Depart

Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) shares traded higher Thursday after the company unveiled Agentforce, a suite of autonomous AI agents that augment employees and handle tasks in service, sales,<a href="https://www.benzinga.com/pressreleases/24/09/b40843034/salesforce-unveils-agentforce-what-ai-was-meant-to-be"> marketing and commerce.&nbsp;</a>
The Details: Salesforce described Agentforce as a "limitless digital workforce of AI agents" that can analyze data, make decisions and take action on tasks including answering customer service inquiries, qualifying sales leads and optimizing marketing campaigns.
Salesforce CEO Marc Benioff <a href="https://www.benzinga.com/news/24/09/40841369/ai-powered-agentforce-and-dreamforce-highlight-salesforces-next-revenue-surge-goldman-sachs-analyst">spoke about </a>Agentforce at the Goldman Sachs Communacopia &amp; Technology Conference on Thursday and said the platform's underlying AI model can resolve over 90% of customer issues and deliver 90%-95% accuracy.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/large-cap/24/09/40820349/nvidia-ceo-jensen-huang-admits-its-tense-as-surging-demand-for-blackwell-chips-sparks-customer-fru">Nvidia CEO Jensen Huang Admits &#8216;It&#8217;s Tense&#8217; As Surging Demand For Blackwell Chips Sparks Customer Frustration</a>
&#8220;Agentforce represents the Third Wave of AI — advancing beyond copilots to a new era of highly accurate, low-hallucination intelligent agents that actively drive customer success. Unlike other platforms, Agentforce is a revolutionary and trusted solution that seamlessly integrates AI across every workflow, embedding itself deeply into the heart of the customer journey,&#8221; said Benioff. 
The Salesforce CEO also set a goal to have one billion Agentforce agents deployed by the end of 2025. Customers and investors expect to hear more about Agentforce at Salesforce's annual event Dreamforce next week. 
CRM Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Salesforce ended Thursday's session 1.54% higher at $253.37.  
Read Also:
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<li><a href="https://www.benzinga.com/news/24/09/40818948/whats-going-on-with-first-solar-stock">What&#8217;s Going On With First Solar Stock?</a></li>
</ul>
Photo: Shutterstock

Movers

What Happened With Salesforce Stock Today?

Randy MacEwen,&nbsp;Ballard President&nbsp;and CEO, said&nbsp;&quot;We expect our restructuring measures to impact our global operations, yielding annualized total operating expense savings in excess of&nbsp;30%, with a substantial part of the annualized savings being realized in 2025.&quot;

Ballard Power Systems Plans Global Corporate Restructuring To Reduce Corporate Spending; Expects To Book Charge In Q3

Taiwan Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) has outperformed the market over the past 15 years by 8.51% on an annualized basis producing an average annual return of 20.19%. Currently, Taiwan Semiconductor has a market capitalization of $888.37 billion. 
Buying $100 In TSM: If an investor had bought $100 of TSM stock 15 years ago, it would be worth $1,574.20 today based on a price of $171.30 for TSM at the time of writing.
<h3>Taiwan Semiconductor's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726176702_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

If You Invested $100 In This Stock 15 Years Ago, You Would Have $1,600 Today

American Finl Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AFG#NYSE">AFG</a>) has outperformed the market over the past 20 years by 1.51% on an annualized basis producing an average annual return of 9.84%. Currently, American Finl Gr has a market capitalization of $11.18 billion. 
Buying $100 In AFG: If an investor had bought $100 of AFG stock 20 years ago, it would be worth $660.91 today based on a price of $133.24 for AFG at the time of writing.
<h3>American Finl Gr's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726176698_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 20 Years Ago, You Would Have $700 Today

The Chinese investment banking sector is feeling increasing government pressure, as state officials have detained at least three top bankers in the last six weeks. 
What Happened: One of the high-profile cases involved an overseas arrest of Haitong Securities&#8216; (OTCPK: HAITY) senior executive, who was repatriated to <a href="https://www.benzinga.com/topic/china">China</a>.
Haitong and other state-backed brokerages have imposed travel restrictions on its staff, requiring them to hand over passports and seek approval for both business and personal travel, according <a href="https://www.bloomberg.com/news/articles/2024-09-12/china-detains-investment-bankers-takes-passports-in-graft-sweep">to</a> Bloomberg.
This heightened scrutiny is part of broader efforts to tighten control over the financial sector. Regulators are focusing on initial public offerings (IPOs) and other capital-raising activities. Haitong Securities and other firms have mandated that employees obtain permission before resigning.
"These crackdowns and restrictions will hurt the morale of financial workers, but the authorities aim to reshape the financial industry by redistributing profits," said Shen Meng, director at boutique investment bank Chanson &amp; Co.
See Also: <a href="https://www.benzinga.com/news/large-cap/24/09/40831097/catl-halts-key-lithium-mine-supply-squeeze-drive-analysts-predictions">China Halts Key Lithium Mine, Supply Squeeze Drive Analysts Predictions</a>
Why It Matters: State scrutiny is not the only issue Haitong faces. The firm reported a 75% drop in profits for the first half of 2024, attributed largely to a downturn in the sector. The firm also recently announced a merger with Guotai Junan Securities, which could reshape China's financial landscape by creating the country&#8217;s largest brokerage.
However, the deal's timing is far from ideal. The IPO market is experiencing its <a href="https://www.benzinga.com/24/07/39772324/hong-kongs-lukewarm-ipo-market-may-be-about-to-heat-up">worst slump in a decade</a>, with new listings down 88% from their 2022 peak. A tightening regulatory environment risks further IPO cancelations, adding further strain to investment bankers.
Employees at Haitong fear potential layoffs, particularly in light of the fate of China Renaissance Holdings, another investment bank rocked by the mysterious disappearance of its founder, Bao Fan. Bao&#8217;s vanishing in 2023 led to widespread speculation about corruption probes, and his firm has since experienced significant staff reductions.
China's financial sector employs around 8,700 investment bankers. However, it&#8217;s becoming increasingly difficult for foreign investors to navigate. Last year, billionaire investor Mark Mobius revealed that he has been unable to withdraw funds from the country.
&#8220;I can&#8217;t get an explanation of why they&#8217;re doing this &#8230; They&#8217;re putting all kinds of barriers. They don&#8217;t say: No, you can&#8217;t get your money out. But they say: give us all the records from 20 years of how you made this money &#8230; This is crazy,&#8221; he said <a href="https://www.reuters.com/markets/billionaire-investor-mark-mobius-says-he-cannot-take-money-out-china-fox-2023-03-05/">for</a> Reuters.
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</ul>
Image: Shutterstock

Global

HAITY

China's Investment Banking Faces Pressure Amid Government Scrutiny

Wayfair Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>) and Williams-Sonoma, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) shares are trading higher in Thursday's after-hours session after RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) reported <a href="https://www.benzinga.com/news/earnings/24/09/40843304/rh-stock-rallies-after-better-than-expected-q2-results-details">better-than-expected quarterly results.</a>&nbsp;
The Details: Shares of furniture and home goods companies, including Wayfair and Williams-Sonoma are trading higher in sympathy with RH. 
The furniture retailer's shares are soaring after the company reported earnings and revenue above analyst estimates for the second quarter and adjusted its third-quarter revenue growth forecast to a range of 7% to 9%. 
Read Next: <a href="https://www.benzinga.com/news/earnings/24/09/40843304/rh-stock-rallies-after-better-than-expected-q2-results-details">RH Stock Rallies After Better-Than-Expected Q2 Results: Details</a>
"We are pleased to report that demand was up 7% in the second quarter and has continued to inflect positive, gaining momentum each month with July finishing up 10%. Demand accelerated into the third quarter with August up 12% and product margins inflecting positive despite operating in the most challenging housing market in three decades," commented Gary Friedman, CEO of RH.&nbsp;
W, WSM Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Wayfair shares are up 4.56% after-hours at $46.82 and Williams-Sonoma shares are up 3.78% at $141 at the time of publication Thursday.
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<li><a href="https://www.benzinga.com/news/large-cap/24/09/40820349/nvidia-ceo-jensen-huang-admits-its-tense-as-surging-demand-for-blackwell-chips-sparks-customer-fru">Nvidia CEO Jensen Huang Admits &#8216;It&#8217;s Tense&#8217; As Surging Demand For Blackwell Chips Sparks Customer Frustration</a></li>
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Wayfair, Williams-Sonoma Stocks Rise After RH Reports Strong Q2 Results

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byNordic Acquisition Reports Extension Of Deadline To Complete Business Combination From September 12, 2024 To October 12, 2024

The company&#39;s previously disclosed&nbsp;second quarter&nbsp;earnings materials indicated that it had taken a reserve of&nbsp;$100 million&nbsp;in the&nbsp;second quarter&nbsp;of 2024 in anticipation of the agreement with the SEC.

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