The daily business briefing: October 3, 2018

1. New York Times: Trump made millions from 'dubious' tax schemes

President Trump used "dubious" and in some cases fraudulent tax schemes in the 1990s that significantly increased the fortune he got from his parents, The New York Times reported Tuesday, citing its own investigation. Trump said in his campaign that he was a self-made billionaire, but the Times reported that tax returns and financial records indicated that he received the equivalent of at least $413 million in 2018 dollars from his father's real estate empire. Trump and his siblings allegedly set up a sham corporation to evade taxes on millions in gifts from their parents, according to the Times. Trump declined to comment, but one of his lawyers, Charles Harder, said the Times' "allegations of fraud and tax evasion are 100 percent false." New York launched a state tax investigation after the report.

The New York Times MarketWatch

2. Aston Martin shares fall in market debut

Aston Martin dropped by as much as 6.5 percent after its market debut in London on Wednesday. Investors and analysts expressed concerns about whether the luxury sports car maker would be able to deliver on its ambitious plan to roll out a new model every year from 2016 to 2022. The company has filed for bankruptcy protection seven times, and last year posted its first profit since 2010. Aston Martin priced its shares at 19 pounds, giving it a market capitalization of 4.33 billion pounds or $5.63 billion before the stock fell. "(It) has very aggressive growth plans. The execution of that growth needs to be flawless — nothing eats cash more than a car company when the cycle turns," said James Congdon, managing director of cashflow returns specialist Quest.

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Reuters

3. World stocks mixed after report says Italy aims to cut deficits

Global shares were mixed Wednesday after a newspaper reported that Italy would cut its deficit targets after 2019. The Italian newspaper Corriere della Sera reported that the government would keep its deficit at up to 2.4 percent of gross domestic product next year but probably cut it to 2.2 percent in 2020 and 2 percent in 2021, and markets reacted with relief. Italy has the second highest debt level in Europe after Greece. France's CAC 40 and Britain's FTSE edged up by 0.1 percent, while Italy's FTSE MIB gained 0.3 percent following several down days. In the U.S., stock futures pointed to a higher open. Dow Jones Industrial Average and S&P 500 futures were up by 0.2 percent.

The Associated Press

4. Fed chair sees 'remarkably positive' outlook for economy

Federal Reserve Chairman Jerome Powell said Tuesday that the outlook for the U.S. economy is "remarkably positive," with the unusual combination of low unemployment and inflation stoking hopes for an extended expansion. After last week's Fed meeting, a reporter asked whether these conditions were "too good to be true," Powell said, and that was "a reasonable question." The jobless rate is 3.9 percent and inflation is near the central bank's target rate of 2 percent, and many forecasters predict the positive conditions will continue. "Since 1950, the U.S. economy has experienced periods of low, stable inflation and periods of very low unemployment, but never both for such an extended time as is seen in these forecasts," Powell said.

CNBC

5. WNBA president steps down to run Time's Up

WNBA president Lisa Borders said Tuesday she was stepping down to become the first CEO and president of Time's Up, the legal defense organization that seeks to combat sexual harassment against women. Borders had led the WNBA since 2016. Time's Up, founded by celebrities who were responding to the "#MeToo" movement in Hollywood, raises money to fight "systemic inequality and injustice in the workplace" for women. Borders said she is "thrilled" to lead Time's Up, and that she will seek to "shift the paradigm of workplace culture." NBA deputy commissioner Mark Tatum will oversee the WNBA until Borders is replaced.

The Hollywood Reporter ESPN