- Makan Delrahim, the top antitrust official at the Justice Department, testifying on Tuesday in Washington, along with Joe Simons, the chairman of the Federal Trade Commission.CreditCreditGabriella Demczuk for The New York Times
WASHINGTON—The Federal Reserve, faced with persistent upward pressure in short-term interest-rate markets, made a fourth technical adjustment Wednesday to a key rate it uses to influence the economy.
The Fed lowered the interest on excess reserves rate, or IOER, more than it decreased its federal-funds target rate range. The change occurred at a meeting where officials lowered the fed-funds range for a second time this year, moving it down by a quarter percentage point to between 1.75% and 2%....
Canada’s embattled Trans Mountain Pipeline expansion Tuesday won its second and third appellate court victories in five months against opponents in British Columbia (BC), marking a win for Alberta oilsands exports.
The BC Court of Appeal ruled against the Squamish Nation and City of Vancouver. Both protest lawsuits failed to overturn approval of the C$9 billion ($6.8 billion) project by the BC Environmental Assessment Office (BCEAO).
The court ordered the BCEAO to review and, if necessary, adjust its 37 pipeline expansion conditions to match the 157 requirements in the second round of project approvals by the Canadian Energy Regulator and federal cabinet.
The verdict said the BCEAO fulfilled the limited duty of provincial agencies to consult and accommodate indigenous communities affected by projects that fall under federal jurisdiction. Vancouver’s lawsuit was dismissed as a late afterthought to a public regulatory process that the city government...
(Reuters) - Novartis AG’s (NOVN.S) Sandoz unit said on Wednesday it was halting distribution of its versions of the drug commonly known as Zantac in all its markets, including the United States and Canada, after contaminants were found in the heartburn drug.
The Swiss drugmaker’s steps follow an investigation by U.S. and European regulators into the presence of the impurity, N-nitrosodimethylamine (NDMA), in the drug, ranitidine, and a distribution halt in Canada announced late Tuesday.
Health Canada said it had requested makers of the drug to stop distribution as it gathers more information and consults with international health regulators.
Branded versions of the drug such as Sanofi SA’s (SASY.PA) Zantac are available for over-the-counter sale in Canada, while generic versions are available for sale both OTC and with prescription.
A distribution halt is...
The Federal Reserve cut its short-term benchmark interest rate today by a quarter point at the conclusion of its two-day meeting. What clues will the central bank offer about any more rate reductions? Our central banking, economics and markets teams bring you live news and analysis through the afternoon.
September 18, 2019
Saudi Arabia subscribed today to the International Monetary Fund’s Special Data Dissemination Standard (SDDS), marking a major step forward for official statistics in the country. Subscription to the SDDS is expected to enhance the country’s availability of timely and comprehensive statistics and contribute to the pursuit of sound macroeconomic policies.
Saudi Arabia is the first SDDS subscriber among the G20 SDDS countries to adopt the SDMX technology in the National Summary Data Page (NSDP)— a one-stop online data publication portal—facilitating dissemination in both human- and machine-readable (SDMX) formats.
Mr. Louis Marc Ducharme, Chief Statistician and Data Officer, and Director of the Statistics Department of the IMF congratulated the authorities for this major milestone in the country’s statistical development. “The subscription to the SDDS underscores Saudi Arabia’s strong commitment to data transparency as well as to...
ROME (Reuters) - Italy’s new government expects the economy to expand by only about 0.4% next year after eking out 0.1% growth this year, three sources close to the matter told Reuters, underscoring the need for an expansionary 2020 budget.
- Notes that there are risks to a positive global outlook and says that if economy does turn down then deeper cuts would be appropriateWe're going to be highly data dependent and we're not on a pre-set courseWe're going to be looking carefully meeting by meetingPowell particularly monitoring global growth and trade developments, we see those risks as more heightened
- The EURUSD has moved to new session lows as Powell begins his press conference. The fall has now taken the price below its 200 hour moving average at 1.10415 as well as its 38.2% retracement at 1.10353. Staying below those levels keeps the bears more in control. Moving back above will muddy the waters for the bears.
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NEW YORK (Reuters) - The Federal Reserve injected another $75 billion into a U.S. banking system on Wednesday, restoring a measure of order after a bout of extreme volatility inside the bank funding market drove the central bank’s benchmark interest rate above its targeted range for the first time since the financial crisis.
WASHINGTON—The Federal Reserve voted to cut interest rates by a quarter-percentage point for the second time in as many months to cushion the economy against a global slowdown amplified by the U.S.-China trade conflict.
While the central bankers left the door open to additional cuts, they were split over Wednesday’s decision and the outlook for further reductions.
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