Tag: Regulation/Government Policy
-
Fed no longer foresees a U.S. recession — and other things we learned from Powell’s press conference
[ad_1] The Federal Reserve on Wednesday raised its benchmark interest rate to a range of 5.25% to 5.5%, the highest level in 22 years, in order to combat “elevated” inflation. With financial markets and economists widely expecting that rate move, the focus was on Fed Chair Jerome Powell’s one-hour session with reporters, which followed. Here…
-
Billionaire owner of Tottenham football club charged with insider trading
[ad_1] U.S. prosecutors have called an offsides on the British billionaire owner of Tottenham Hotspur soccer team, charging him with a “brazen insider-trading scheme,” in which he passed secret stock tips worth millions to his girlfriends, private pilots and assistants for years. Joe Lewis, 86, who is one of the richest people in the United…
-
Raytheon’s stock heads for worst selloff since 9/11
[ad_1] Raytheon Technologies Corp.’s stock tumbled 10% Tuesday, its worst day in more than three years, after the aerospace and defense company said it needs to remove certain Pratt & Whitney jet engines from service for inspection. The stock RTX, -10.22% ended at its lowest since Oct. 17, when it closed at $84.47. It suffered…
-
Opinion: Fed officials were slow to fight inflation. Now they may be too easy on it.
[ad_1] Political pressures on the U.S. Federal Reserve and President Joe Biden’s economic agenda have delivered a painful blow — inflation still above the Fed’s 2% target, high interest rates and declining living standards. COVID-induced supply chain disruptions can be blamed for about half of the surge in inflation that began in early 2021. Most of the…
-
Biogen to slash 1,000 jobs as it looks to save $700 million
[ad_1] Biogen Inc. BIIB, -3.58% said Tuesday that it will eliminate about 1,000 jobs as part of a broader cost-cutting initiative designed to save $700 million annually. The belt-tightening comes as the biotech company launches its Alzheimer’s treatment, Leqembi, a collaboration with Eisai Co. Ltd. ESALF, -2.36% that received full U.S. Food and Drug Administration…
-
Opinion: China is feeling the pinch from a weakening global economy and U.S. restrictions
[ad_1] For decades, China set a shining example of how to capitalize on globalization to accelerate domestic economic growth and development. These days, however, the country risks becoming a cautionary tale about mishandling globalization’s shift from a beneficial tailwind to a disruptive headwind. Although the Chinese economy’s recent travails have some unique characteristics, they illustrate…
-
Stock market strategist David Rosenberg gives the Fed no credit — and no mercy
[ad_1] It’s said that you don’t know an economy is in a recession until it’s in one. Or as David Rosenberg puts it: “Recessions are like an odorless gas. They sneak up on you.” These days, Rosenberg is looking for fresh air. A former chief North American economist at Merrill Lynch and now president of…
-
Opinion: ‘Oppenheimer’ gives investors another reason to be bullish about nuclear energy
[ad_1] One of the hottest movies of the summer is the staggeringly good biopic “Oppenheimer,” about the man who oversaw the frantic race to develop the atomic bomb during World War II. The atom bomb dropped on Hiroshima, Japan on Aug 6, 1945 was a fission-style device. This also happens to be the same basic…
-
Everyone thinks Fed’s rate hike next week will be the last one — except the Fed
[ad_1] Wall Street economists seem convinced that the Federal Reserve will raise its benchmark interest rate by 25 basis points Wednesday and that this increase will turn out to be the final hike of this cycle. But they also don’t expect to hear Fed Chair Jerome Powell say so, at least not yet. “While we…
-
China’s property woes offer a window into the demise of the country’s boom times
[ad_1] As China’s economic recovery continues to underwhelm, observers’ sights are turning from the country’s intractably weak consumer sector to the more worrying downturn in the enormous Chinese real-estate market. Sluggish economic growth in general and a softening property market in particular have increased expectations for stimulus measures to inject life into a post-COVID recovery…