Puerto Rico Gov. Pedro Pierluisi concedes defeat in surprise primary upset by congressional delegate
SAN JUAN, Puerto Rico (AP) — Puerto Rico Gov. Pedro Pierluisi concedes defeat in surprise primary upset by congressional delegate.
SAN JUAN, Puerto Rico (AP) — Puerto Rico Gov. Pedro Pierluisi concedes defeat in surprise primary upset by congressional delegate.
The US economy is on the verge of an extremely rare achievement.
The number of Americans filing new applications for unemployment benefits fell more than expected last week as distortions from the weather and temporary automobile plant closures faded. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 235,000 for the week ended July 20, the Labor Department said on Thursday. Claims had increased in the prior week to the upper end of their 194,000-245,000 range for this year, lifted by a surge in applications in Texas related to disruptions from Hurricane Beryl.
The latest reading on the Fed Reserve's preferred inflation gauge comes just days before the Fed's next policy meeting as investors look for clues on when interest rate cuts might begin.
China's central bank surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy. The medium-term lending facility (MLF) operation comes after the central bank cut several benchmark lending rates on Monday, just days after a top leadership meeting, which had outlined other major reforms. The People's Bank of China (PBOC) issued 200 billion yuan ($27.5 billion) in one-year loans under its MLF at 2.30%, down 20 basis points from its previous MLF loan, the bank said in a statement.
Massachusetts-based HBSS Connect has acquired Israeli blockchain startup Colu, Investing.com has learned. The takeover creates new opportunities towards connecting the traditional transportation market with a rapidly expanding blockchain based payment system. Colu has been an active player in the blockchain space since 2014.
NEW YORK (Reuters) -The dollar ended little changed on Friday, pressured by a fall in Treasury yields after a tame U.S. inflation report that investors said kept the runway for the expected September Federal Reserve easing clear. The Commerce Department's June personal consumption expenditures (PCE) price index nudged up 0.1%, as expected, after being unchanged in May, underscoring an improving inflation environment. Year over year, the PCE price index climbed 2.5% after rising 2.6% in May, also in line with forecasts by economists polled by Reuters.
The Aussie has fallen apart. At this point, it looks like we are never going to see a positive day again, which normally means you are getting closer to the end than the beginning. At this point, it is important to be very careful.
Investing.com-- Oil prices settled higher Thursday after cutting intraday losses after stronger U.S. economy data helped improve sentiment on crude demand just as China oil imports fell.
Chinese officials have tried to be responsive as the economy loses steam, but reforms from last week’s policy confab and the latest rate cuts fall short, analysts say.
A Treasury audit is expected to reveal a £20bn black hole in public spending, Sky News understands. Chancellor Rachel Reeves is due to give a speech on Monday when she is expected to reveal the state of the public finances and potentially prepare the ground for tax rises in the autumn. A Labour source told Sky News that the British public are "finally going to see the true scale of the damage the Conservatives have done to the public finances".
China's use of ultra-long treasury bonds to fund a consumer goods trade-in programme deviates from the usual playbook of boosting investment to support the economy and is fuelling expectations for more stimulus that targets household demand. The state planning agency said on Thursday that about 150 billion yuan ($20.7 billion) of the 1 trillion yuan China is raising through special debt issuance this year will subsidise replacements of old appliances, cars, bicycles and other goods. Equivalent to 0.12% of economic output and 0.3% of 2023's retail sales, this amount is too tiny to lead to a meaningful rebalancing of the economy towards consumption or guarantee reaching this year's roughly 5% growth target.
US economic growth blew past expectations in the second quarter, boosted by consumer spending and inventory building despite high interest rates, government data showed Thursday.Recent labor market and consumer spending data, however, suggest that economic activity is "gently softening," he said.
Chancellor may raise some taxes in the autumn due to what Labour describes as its ‘shocking inheritance’ from Tories
The chancellor will unveil a public spending hole on Monday, which speculation suggests could hit £20bn.
Bangladeshi Prime Minister Sheikh Hasina wept on Thursday as she surveyed the destruction wrought by days of deadly unrest, as student leaders weighed the future of the protests that sparked the disorder. "We demand an apology from Prime Minister Sheikh Hasina to the nation for the mass murder of students," Asif Mahmud, one of the group's coordinators, told AFP. "We also want the sacking of the home minister and education minister."
Investing.com-- Consumer price index inflation in Japan’s capital showed limited signs of growth in July, offering up mixed signs on price growth ahead of a Bank of Japan meeting next week, where the central bank could raise interest rates.
Investing.com-- Most Asian currencies moved in a flat-to-low range on Friday with the Chinese yuan logging wild swings amid suspected intervention by the People’s Bank, while the dollar steadied ahead of key inflation data.
TOKYO (Reuters) -Core inflation in Japan's capital accelerated for a third straight month in July but an index gauging demand-driven price growth slowed, data showed on Friday, complicating the central bank's decision on how soon to raise interest rates. The data comes ahead of the Bank of Japan's two-day policy meeting that ends on Wednesday, when its board will debate whether to raise interest rates and lay out details on how it plans to taper its huge bond purchases. The Tokyo core consumer price index (CPI), which excludes volatile fresh food costs, rose 2.2% in July from a year earlier, matching a median market forecast and accelerating slightly from a 2.1% gain in June.
The economy expanded at a 2.8% annual rate in the second quarter. Growth is expected to slow this year as high interest rates take a bigger toll.
The US economy just got its latest health check, and it looks promising.