US president Donald Trump on Friday advocated for ending quarterly earnings updates and said he has asked the Securities and Exchange Commission to study allowing American companies to report on a semi-annual basis.
In a Twitter post on Friday morning, the US president said he asked business leaders what would improve the US job market and one of them suggested shifting from reporting results on a quarterly basis to a “six-month reporting system”.
He added the move would “allow greater flexibility & save money”. In a follow-up Twitter post, Mr Trump added that making the US “business-friendly is key to job growth”.
In speaking with some of the world’s top business leaders I asked what it is that would make business (jobs) even better in the U.S. “Stop quarterly reporting & go to a six month system,” said one. That would allow greater flexibility & save money. I have asked the SEC to study!
— Donald J. Trump (@realDonaldTrump) August 17, 2018
Irish companies that would be affected by such a move include Ryanair, Ardagh and CRH.
Mr Trump has pledged to be business-friendly, and the Republican-controlled Congress in December pushed through a tax overhaul that reduced the main rate of US federal corporate tax from 35 per cent to 21 per cent.
Mr Trump has also pledged to roll back reforms and make it easier for businesses to operate. – Copyright The Financial Times Limited 2018
