To help increase funding for Kentucky’s pension predicament, Louisville Mayor Greg Fischer suggested that state lawmakers tax luxury items, CIO Magazine reported. Fischer’s officials told the city council last month that Louisville would have to spend $115m on pensions — $38m more than this fiscal year — if no drastic changes to the retirement system were made
China is moving to eradicate the country’s bitcoin mining industry over concerns about excessive electricity consumption and financial risk, reflecting authorities’ judgment that cryptocurrencies are not a strategic industry. The Financial Times has the story.
Warren Buffett has elevated two longtime Berkshire Hathaway executives, Gregory Abel and Ajit Jain, to vice chairman roles, all but confirming speculation that one of them is in line to replace him, according to The Wall Street Journal.
Labor Secretary Alex Acosta is rounding out his staff with appointees who don’t need Senate approval, including Chief Economist Robert O’Quinn, and a full body vote today along party lines will likely fill several other posts, Bloomberg explains.