International Monetary Fund Managing Director Kristalina Georgieva was called out Thursday for applying pressure, when she was at the World Bank, to boost China’s position in a ranking of economies.
Georgieva said she disagreed with the findings.
Massive hog culling in the Dominican Republic after the outbreak of a deadly swine disease has led the country to stock up on U.S. pork.
Exporters last week sold a record amount of the meat to the island nation, U.S. Department of Agriculture data showed Thursday. That’s after African swine fever was detected in hogs there in late July, in the first outbreak in the Americas in four decades.
- F-150 Lightning as demand surges for the pickup truck, which goes on sale next year.
The automaker is boosting annual capacity to 80,000 units and hiring 450 workers for its Rouge Electric Vehicle Center in Dearborn, Michigan, it said in a
- Desjardins Group, North America’s largest financial services co-operative, is considering a sale of sustainable bonds in the U.S. after its debut ESG debt sale in Canada priced at lower interest rates than its conventional debt.
“If I see another opportunity to issue senior debt in the U.S. just as other banks did since 2017 or something like that, I would,” Desjardins’ Head of Treasury Yassir Berbiche said in an interview after
The World Economic Forum will return to the Swiss ski resort of Davos in 2022, after the pandemic forced organizers to shift to Singapore and then cancel their meeting altogether this year.
The in-person event is scheduled for Jan. 17-21 and designed “to address economic, environmental, political and social fault lines exacerbated by the pandemic,” the group said on Thursday. It is working with the Swiss government and health experts to establish the appropriate safety measures.
Stagflation emerged this week as a new bogeyman bearing down on the global recovery. Yet the bond market, an astute judge of the economy, doesn’t look scared.
The threat of crippling price increases accompanied by slow growth challenges the belief keeping global markets aloft: that price pressures are temporary along a Goldilocks-like growth trajectory.
- Citigroup Inc. said it will improve the structure of its commodities-trading business as part of its efforts to satisfy a pair of consent orders it received from regulators last year.
The New York-based bank also hired Yoven Moorooven as global head of new business ventures for the commodities trading division, according to a memo to staff. Moorooven will be based in London and report to Jose Cogolludo, global head of the commodities business.
Federal Reserve Chair Jerome Powell has ordered a “fresh and comprehensive” examination of the central bank’s ethics rules around permissible financial holdings and activities by senior Fed officials.
“This review will assist in identifying ways to further tighten those rules and standards,” a Fed spokeswoman said in a statement Thursday. “The Board will make changes, as appropriate, and any changes will be added to the Reserve Bank Code of Conduct.”
U.S. stocks and bonds slipped as investors weighed the impact of mixed economic data on the Federal Reserve’s plans to taper stimulus. The dollar strengthened and crude oil gave back a portion of this week’s gains.
The materials and consumer staples sectors led the S&P 500 lower. The benchmark index is down about 1% so far this month after a string of record gains amid concern about a broader pullback. Google parent Alphabet and Amazon.com weighed on the tech-heavy Nasdaq 100, which has declined in six of the last seven trading sessions. Fed policy makers meet next week.
Mortgage rates in the U.S. slipped to the lowest level in almost a month.
The average for a 30-year loan was 2.86%, down from 2.88% last week and the lowest since Aug. 19, Freddie Mac said in a
- set to begin trading under the ticker DNA on Sept. 17 after completing a reverse merger with Soaring Eagle Acquisition Corp. That will mark the first time any company has traded under DNA since 2009, when Roche Holding AG bought Genentech Inc., one of the world’s first biotech firms and the original holder of the ticker.
- Vectura Group Plc is set to go ahead after the tobacco giant obtained control of most of the U.K. asthma drug maker’s shares.
Despite concerns raised from a range of health charities, Philip Morris has taken control of 74.8% of Vectura’s shares and its offer is now unconditional, the company said in a
European Central Bank President Christine Lagarde called for continued cooperation between monetary officials and governments as the euro area moves into the next phase of its rebound from the coronavirus slump.
U.S. futures pared losses and bonds slipped as investors mulled the impact of an unexpected August increase in retail sales on the Federal Reserve’s plans to taper stimulus. Stocks rose in Europe, while the dollar ticked higher.
Contracts on the S&P 500 rose after the 0.7% gain in retail sales suggested resilient demand for goods. Casino stocks with operations in Macau extended declines in premarket trading amid the government’s tightening grip on the gambling hub. Miners were weighed down by declines in
An owner of commodity hauling freighters said rates for the ships are close to the point of spiking sharply higher and mirroring an unprecedented surge in costs for transporting manufactured goods.
Spot rates for container ships to move manufactured products have surged for 20 straight weeks and now stand 731% above their seasonal average over the prior five years, according to Drewry Shipping. John Wobensmith, the president and chief executive officer of Genco Shipping & Trading Ltd., said that prices to move commodities -- which have already rallied sharply -- may follow.
- Zurich Insurance Group AG is considering a sale of some of its general insurance assets in Australia as the Swiss firm seeks to streamline its portfolio, according to people familiar with the matter.
The insurer is working with an adviser on the potential divestment of non-core commercial assets in the country, the people said, asking not to be identified because the matter is private. A sale could fetch a few hundred million dollars, and may draw interest from other insurers and investment funds, the people said.
U.S. retail sales rose unexpectedly in August as a pickup in purchases across most categories more than offset weakness at auto dealers, showing resilient consumer demand for merchandise.
The value of overall retail purchases climbed 0.7% last month following a downwardly revised 1.8% decrease in July, Commerce Department figures showed Thursday. Excluding autos, sales advanced 1.8% in August, the largest gain in five months.
Most Americans rely on retirement accounts as a way to eventually stop working without falling into poverty. For the rich, they’ve become something more — a powerful tool to avoid taxes and pass on wealth to heirs.
More than $279 billion sits in mega-IRAs, individual retirement accounts with at least $5 million each, according to Congress’s nonpartisan Joint Committee on Taxation. Despite rules designed to limit IRA contributions by the wealthy, almost 29,000 Americans hold these giant accounts, and nearly 500 of them somehow managed to get $25 million or more into their IRAs.
Inflation rates across the U.S. have diverged in the pandemic, with some cities far outpacing the national average while in a handful of others there’s been hardly any acceleration in prices.
Inflation in Atlanta was running at 6.6% in August, according to Labor Department
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