Wall St upbeat over 'tax holiday'

New York

US PRESIDENT-ELECT Donald Trump has said he would like to create a "tax holiday" so that American companies can bring back profits that were generated overseas at a lower rate. In his view, this influx of cash will create jobs. But corporate boards and executives may have different ideas.

They are likely to use much of the estimated US$2 trillion held overseas to acquire businesses in the United States, to buy back their own stock or to pay down debt, say advisers of America's top corporate executives.