Business


Fed raises interest rates, flags end of 'accommodative' policy
- September 27, 2018

The move by the People's Bank of China (PBOC) means that it did not immediately adjust borrowing costs for interbank loans after the Fed raised its key rate overnight. The U.S. central bank still foresees another rate hike in December, three more next year, and one increase in 2020. U.S. companies worry about "disruption of supply chains, materials, cost increases, and loss of markets and things like that". (more...)
Task force recommends changes to B.C.'s rent hike formula Task force recommends changes to B.C.'s rent hike formula
- September 27, 2018

The first, would slash the yearly maximum rent increase by 2 per cent. "It's a formula, which we've been told by renters, has been making life increasingly unaffordable for them as the cost of living, plus two per cent, keeps going above their ability to pay, as their wages have not kept pace", said Spencer Chandra Herbert , the chairperson of the rental task force and NDP MLA for Vancouver-West End, at a news conference at the government's downtown offices at Canada Place. (more...)
India should reduce or stop crude oil import from Iran: Moody's
- September 27, 2018

On Tuesday, Brent oil hit $82 per barrel for the first time since 2014. US light was $1.25 higher at $72.03. "Oil prices remain in the Bulls domain amid concern that US sanctions on Iranian crude oil exports will result in much tighter physical market conditions once they take effect in November", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore. (more...)
Fed hikes interest rates amid rising inflation
- September 27, 2018

It still foresees another rate hike in December, three more next year, and one increase in 2020. "It's a concern", Powell said. In combination with the falling economic momentum, the trade war between the U.S and China is a key threat to the sustainability of the strengthening U.S economy and thus the path of future rate hikes. (more...)
Gold Holds Steady As Dollar Erases Early Gains Gold Holds Steady As Dollar Erases Early Gains
- September 27, 2018

Spot gold increased 0.04 percent at $1,199.57 per ounce by 1:44 p.m. EDT (1744 GMT), giving up earlier gains. Gold was steady on Monday partly in response to a dip in the dollar, but activity was muted because investors are waiting for a U.S. (more...)
Trump Says He's 'Not Happy' About Fed's Interest Rate Increase
- September 27, 2018

The central bank boosted the lending rate to 2.0 per cent to 2.25 per cent, a quarter-point increase in the target range, and more are on the way, with no hint of a pause. "It's a concern", Powell said. But the Fed is an independent organization and has shown no signs of being swayed by the president's jabs. Could Powell and co. (more...)
Trump says refused to meet Canada's Trudeau at UN Trump says refused to meet Canada's Trudeau at UN
- September 27, 2018

U.S. President Donald Trump's administration recently began increasing the pressure on Canada, urging it to conclude a deal by Sunday or face exclusion from a revised North American Free Trade Agreement. Canadian Prime Minister Justin Trudeau, who spoke at the sidelines of the event hosted by the Council on Foreign Relations in NY, had also sent mixed signals. (more...)
Ryanair set to cancel 190 flights in latest strike action Ryanair set to cancel 190 flights in latest strike action
- September 27, 2018

Ryanair cancelled hundreds of flights previous year due to problems with pilot scheduling, and strikes led to more cancellations this summer. A planned Europe-wide Ryanair strike on Friday, which will result in 150 flights being cancelled, could affect flights from Luxembourg. (more...)
IMF, Argentina 'close to the finish line' for new loan agreement: Lagarde IMF, Argentina 'close to the finish line' for new loan agreement: Lagarde
- September 27, 2018

Not surprisingly, Macri's domestic popularity has suffered, weakening his re-election prospects next year. What Argentina is now facing are the consequences of the structural vulnerabilities that Macri inherited when he took office, which his government had underestimated, perhaps for too long. (more...)
Fed raises rates for third time this year Fed raises rates for third time this year
- September 27, 2018

Wednesday's rate hike was the third this year and the eighth since the Fed began raising interest rates in December 2015. But analysts say the central bank is tangling with a complex set of near-term questions - a China trade battle affecting hundreds of billions of dollars in goods that is likely to be inflationary; tax cuts and fiscal stimulus late in the economic recovery; and dizzyingly high asset prices alongside more or less stagnant wage growth despite historically low unemployment. (more...)
Fed Raises Interest Rates, Signals One More Increase This Year Fed Raises Interest Rates, Signals One More Increase This Year
- September 26, 2018

The median forecast in the most recent set of projections continued to show officials expect borrowing costs to move above their estimate for the long-run neutral rate, reaching 3.4 percent in 2020, the same as in the June forecasts. But for now, Greene wrote, "the Fed will not shift its rate path materially based on trade". Compounding the effects of the tariffs and retaliatory tariffs resulting from Trump's trade war, other factors could slow growth next year. (more...)
China Announces More Tariff Cuts to Spur Spending, Investment
- September 26, 2018

Tariffs will be reduced effective November 1 on textiles, paper products, electromechanical equipment and more than 1,500 other items, according to the State Council, China's cabinet, which didn't provide a complete list. The announcement comes just a week after the Trump administration placed fresh tariffs on $US200 billion of Chinese imports, before Beijing retaliated by hitting the USA with tariffs on $US60 billion of its goods. (more...)
Fresh Ryanair strikes see 30,000 customers hit by cancellations Fresh Ryanair strikes see 30,000 customers hit by cancellations
- September 26, 2018

The flights represent some 8 percent of the 2,400 originally scheduled. The long-running industrial action by Ryanair staff centres on working conditions. "We hope these unions will see common sense and work with us to finalise agreements for the benefit of our pilots and cabin crew over the coming weeks without further disrupting our customers or our flights". (more...)
Federal Reserve hikes interest rate, citing "strong" economy
- September 26, 2018

That would put the rate at 3.5 per cent. The decision, which was expected, is a sign of increased confidence in the USA economy. Policymakers under Chairman Jerome Powell unanimously agreed to raise the federal funds rate a quarter percentage point, to a range of 2% to 2.25%. (more...)
Customs duty hiked on ‘non-essential items’, flying, ACs, refrigerators to cost more Customs duty hiked on ‘non-essential items’, flying, ACs, refrigerators to cost more
- September 26, 2018

Compressors for air conditioners and refrigerators, on the other hand will attract 10 per cent customs duty instead of earlier 7.5 per cent. The government has increased the basic customs duty to 20% from 10%. Curbing non-essential imports was part of the five-pronged steps announced by the government to check widening current account deficit and capital outflows. (more...)
In the Markets: The Fed Decision by Asset Class
- September 26, 2018

As of Tuesday morning, futures markets put the odds of a rate hike this month at 94.4 per cent, with a small but growing share of investors, or nearly six per cent, betting the Fed will even raise rates by 50 basis points. Ahead of Wednesday's statement, traders put the chance of a rate increase at 95 percent, according to CME Group. Fed Chair Jerome Powell endorsed that approach again last month, saying it was a safe path amid uncertainty. (more...)
NAFTA Talks: US, Mexico May Proceed Without Canada
- September 26, 2018

If a three-way deal isn't reached soon, the USA will break up the world's largest free-trade zone and instead pursue separate bilateral deals with Canada and Mexico, Mr. Negotiations for possible exemptions for Mexico and Canada from USA steel and aluminum tariffs imposed earlier this year will take place after the new Nafta deal is agreed on, Lighthizer said. (more...)
USA urges May to leave space for post-Brexit deal USA urges May to leave space for post-Brexit deal
- September 26, 2018

May struck a defiant tone during a Downing Street statement in which she called for the European Union to "respect" the British position and the result of the June 2016 referendum. between "really bad" and 'even worse, '" Starmer said. He says Labour respects the decision of the British people in the referendum "but no one can respect the conduct of the government since that vote took place". (more...)
Britain's Labour Party plans to make companies transfer shares to workers Britain's Labour Party plans to make companies transfer shares to workers
- September 26, 2018

Aides could not rule out compensation being forfeited altogether in such cases. The scheme would apply to companies with more than 250 workers, although smaller firms could set up inclusive ownership funds if they wanted to. But Mr McDonnell rejected accusations of a return to the policies of the 1970s. Mr McDonnell also announced plans to bring together institutions such as churches, unions and pension funds in a shareholder campaign to put pressure on companies to stop avoiding taxes. (more...)
Fed seems poised to raise rates for a 3rd time this year
- September 26, 2018

This leaves traders wondering what the Fed have planned thereafter? Gross domestic product has been running faster than the Fed has anticipated, hitting a 4.2 percent annualized rate in the second quarter, according to U.S. USA stock markets opened slightly higher on Wednesday, while Treasury yields slipped and the dollar .DXY was a bit stronger against a basket of currencies. (more...)
Google Reverses Ban on Cryptocurrency Ads Google Reverses Ban on Cryptocurrency Ads
- September 26, 2018

In a recent notice regarding its financial products and services policy , however, Google said that beginning next month, it will allow regulated cryptocurrency exchanges to advertise on its platform in the USA and Japan. Now only regulated exchanges in the United States and Japan will be able to purchase ads through Google, but under the new policy will be able to buy ads in any country in the world. (more...)
Theme Park Announces Fun-Sounding 30-Hour 'Coffin Challenge' Theme Park Announces Fun-Sounding 30-Hour 'Coffin Challenge'
- September 26, 2018

Six Flags in St. Louis in Missouri are running The Coffin Challenge , which will have folks in their final resting place from 1pm on Saturday 13 October to 7pm on Sunday the next day. And meals. Generous! One thing remains unclear: if the lid of the coffin will be closed or remain open. While they're providing coffins and food, you have to bring your own pillow and sleeping bag - and fit into the standard coffin size. (more...)
Dunkin' Donuts announces name change for 2019 Dunkin' Donuts announces name change for 2019
- September 26, 2018

On Tuesday, the chain announced plans to rebrand as simply "Dunkin'", with the change officially taking place in January 2019. The new title will also be eventually adopted in its more than 12,500 stores overseas. The company has been considering the name change for some time. Dunkin' Donuts' chief marketing officer Tony Weisman said the company has done a lot of testing and doesn't expect any customer backlash from the decision. (more...)
Social media brews with emotion over Dunkin' Donuts name change Social media brews with emotion over Dunkin' Donuts name change
- September 26, 2018

Although the word "donuts" will no longer appear in the logo or branding, donuts will remain a significant focus for the brand. Dunkin' Donuts said on Tuesday it plans to rebrand itself as "Dunkin'" as part of new CEO Dave Hoffman's plans to bring beverages and breakfast meals to the forefront of the restaurant chain's menu. (more...)
Novartis places 400 United Kingdom jobs at risk in Grimsby exit plan Novartis places 400 United Kingdom jobs at risk in Grimsby exit plan
- September 26, 2018

Around 395 Novartis employees at the Grimsby site are directly affected by the decision, and the cuts may also have impacts for additional contractors employed through third parties. Novartis also revealed that around 1,700 job cuts would be made in Switzerland under the plans, which fall under a wider global manufacturing strategy initiated by the firm back in 2016. (more...)

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