Bank of Canada expects inflation to average around 8%. Inflation was 7.7% in May, the highest since January 1983. Tiff Macklem urges small business owners to avoid building the current pace of price increases into their contracts. The Bank of Canada anticipates that expansion should go “somewhat more than” 8%, when one week from now … Read more
The Sensitive Price Indicator (SPI) for the week ended July 14, Recorded an increase of 0.01 percent due to an increase in the prices of food items. The SPI went up from 200.53 percent last week to 200.55 percent. The items registered a decrease in prices. The Sensitive Price Indicator (SPI) for the week finished … Read more
Joe Biden faces a deadline to intervene in U.S. railroad labor. Covering 115,000 workers. Failure could open the door to a potential strike. It could threaten an already fragile economy. .The PEB has 30 days to make nonbinding settlement recommendations. The union represents 23,000 affected. The negotiations voted to authorize a strike. Joe Biden, U.S. … Read more
The Fed is undertaking one of its fastest-ever shifts. The central bank is trying to control inflation. Barkin says he expects inflation to come down. Thomas Barkin, Richmond Federal Reserve president said that the U.S. economy is easing back as buyers are rocked by expansion and pandemic-driven interest for products gets back to additional ordinary … Read more
Gap said that Chief Executive Sonia Syngal will step down. Ex-Walmart Canada boss Horacio Barbeito tapped to lead Old Navy. Gap warned that margins would stay under pressure in the second quarter. Gap Inc (GPS.N) said on Monday that Chief Executive Sonia Syngal will step down a little more than two years into the job, … Read more
Both contracts are set for their second straight weekly loss. Brent’s $10.73 drop was the third biggest for the contract since 1988. U.S. crude inventories (USOILC=ECI) rose by 8.2 million barrels in the week to July 1. Oil costs sneaked through the Asian exchange on Friday as downturn fears kept on burdening opinion, however, stresses … Read more
Federal Reserve’s Waller should deliver a 75-basis-point interest rate increase later this month, the governor says. Governor Christopher Waller calls fears of a U.S. recession overblown. Fed last month raised its benchmark overnight interest rate by three-quarters of a percentage point. The Federal Reserve’s Waller ought to convey a 75-premise point loan fee increment not … Read more
Mexican used-car marketplace Kavak is investing $180 million to expand its platform. The company has set aside $60 million for its expansion to Istanbul, Turkey. Turkey is a $120 billion market, so there is a significant possibility of success. The Mexican used-car marketplace Kavak is investing $180 million to set up offices and expand its … Read more
Bank Negara Malaysia unexpectedly raised its key overnight policy rate by 25 basis points to 2.00% at its May meeting. The central bank last raised rates twice in a row in mid-2010. BNM has said it intends to take a “measured and gradual” pace. Inflation rose to 2.8% in May from 2.3% in April. Malaysia’s … Read more
All three major U.S. stock indexes finished the month and second quarter in negative territory. The S&P 500 suffered its steepest first-half percentage drop since 1970. The S&P 500 recorded its largest June percentage decline since the financial crisis. WBA fell after its quarterly profit plunged 76%, hurt by opioid settlement and waning pharmacy sales. … Read more
The dollar index eased 0.08% to 104.39, giving back some of its 0.53% rallies overnight. Treasury 10-year yields slid more than 1 basis point in Tokyo, trading to around 3.17%. Asian equities followed Wall Street lower after U.S. shares fell. The dollar index gave back some of its 0.53% rallies overnight, spurred mainly by weakness … Read more
Aaron Judge and the New York Yankees agree to a one-year, $19 million deal. Yankees administrator Aaron Boone said. “I was amped up for it. So energized that is behind us and (to) let that piece of the show be.” Judge likewise will get $250,000 assuming that he wins the American League MVP grant or … Read more
Energy is at the heart of a financial fight between Russia and the West over Ukraine. “This is another aspect,” Habeck said. “This methodology can’t be permitted to succeed.” Germany Economy Minister Habeck said diminished supplies added to monetary assault and part of Russian President Putin’s arrangement. The EU depended on Russia for as much … Read more
A key U.S. legislator says he will go against reauthorization of government independent company development awards leaned toward by the Pentagon. The Small Business Administration’s Innovation Research (SBIR) and Technology Transfer (STTR) grants are slated for termination Sept. 30. Paul goes against organizations whose plan of action is to create SBIR-financed research however not to … Read more
Westpac-Melbourne Institute index of consumers in Australia sentiment slumps 4.5% in June from May when it dropped 5.6%. The drop follows the Reserve Bank of Australia’s (RBA) decision to raise interest rates by a surprisingly large 50 basis points. A proportion of consumers in Australia slid for a seventh consecutive month to match pandemic lows … Read more
The legislation aims to improve oversight of ocean shipping. Supporters say it will help curb inflation and ease export backlogs. The bill passed 369-42 and will head to the White House for signature. President Joe Biden says he looks forward to signing it into law. The U.S. House of Representatives gave Monday regulation to further … Read more
The dollar index has eased back to around the 102 level. Friday’s strong payrolls report helped the dollar notch its first weekly gain in three. U.S. stocks are well off their earlier highs to increase the appeal of the safe-haven ahead of a key reading on inflation. The dollar acquired against a bushel of significant … Read more
Cleveland Federal Reserve President Loretta Mester says she doesn’t see evidence that inflation has peaked. She is on board with supporting a series of aggressive interest rate increases. Average hourly earnings rose by 0.3% from a month ago, slightly less than expected. While other late information focuses have shown that essentially the pace of expansion … Read more
KARACHI: The board of directors of Pakistan Refinery Limited (PRL) has decided to undertake refinery expansion and upgrade project (REUP), a bourse filing said on Tuesday. The objectives of the project is to produce Euro V compliant high-speed diesel (HSD) and motor spirit (MS/petrol) to comply with the requirements, and the expansion of crude processing … Read more
WASHINGTON: China has an important part to play in the global economy, as it recovers from the Covid-19, but its growth is slowing, IMF managing director Kristalina Georgieva said on Monday. The head of the Washington-based crisis lender held a virtual meeting with Chinese Premier Li Keqiang and discussed topics ranging from inflation to the recovery … Read more
KARACHI: Gharibwal Cement Limited has announced 10,000 tonnes/day capacity expansion, which is expected to come online two years after the commencement of the civil work, which is to begin soon. The project cost, being undertaken by a China-based firm, is estimated to be around Rs8 billion to Rs10 billion. The company has not availed Temporary … Read more
RIYADH: Saudi Arabia’s economy grew 1.5 per cent in the second quarter, year-on-year, first expansion since the pandemic, fuelled by a 10.1 per cent growth in the non-oil sector, Khaleej Times quoted the flash government estimates on Monday. Seasonally-adjusted real gross domestic product (GDP) grew 1.1 per cent in the second quarter, compared with the first quarter, … Read more
