The U.S. economy faces a future of higher deficits, reduced government benefits and near-zero interest rates unless policymakers get their act together soon, Cleveland Fed President Loretta Mester said Thursday. In a speech to the Cato Institute in Washington, D.C., Mester painted a bleak picture driven in part by an aging population and lower productivity. […]
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Norway's $1 trillion wealth fund — the world's largest — proposes to drop oil, gas stocks from index
Norway’s trillion-dollar sovereign wealth fund is proposing to drop oil and gas companies from its benchmark index, which would mean cutting its investments in those companies, the deputy central bank chief supervising the fund told Reuters. If accepted by the finance ministry and adopted by parliament, the fund would over time divest billions of dollars […]
Read moreRepublican Sen. Ron Johnson told CNBC on Thursday he wants to fix the GOP tax reform bill so he can support it. However, he said he doesn’t have enough information about the measure to even propose an amendment to change what he doesn’t like. “In the current form, I wouldn’t vote for it,” Johnson said […]
Read moreWASHINGTON — Sex and booze made it into the congressional battle over taxes in a late-night revision. The latest changes to a Senate Republican tax plan, released at 10:30 p.m. on Tuesday, include tax cuts for producers of beer, wine and liquor, and a new provision that might be called the Harvey Weinstein tax: An […]
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New EU rules next year will shake up investment banking, RBS chairman says
New EU regulation being phased in early next year will provide a “shake-out” to the investment banking industry, the chairman of RBS told CNBC Wednesday. The rules due to kick off on January 3 “will have some impact on investment banking revenues,” Howard Davies told CNBC at the sidelines of a UBS conference in London. […]
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Volkswagen plans to spend $11.8 billion building electric cars for China
Volkswagen Group said on Thursday it plans to spend 10 billion euros ($11.8 billion) by 2025 to develop and manufacture all-electric and plug-in hybrid vehicles as it seeks to comply with upcoming stringent rules in China. The group, which includes Volkswagen AG and Audi AG, intends to launch 15 of the so-called new energy vehicles […]
Read moreEuropean equities were expected to open higher Thursday morning as investors monitor earnings and key data releases. The FTSE 100 is seen up by 19 points at 7,383; the DAX is set to open higher by 35 points at 13,020 and the CAC 40 is expected to open up by 16 points at 5,322, according […]
Read moreThe nation’s home builders may not be happy with the Republican tax plan, but they are seeing more buyers, and that is boosting confidence. A monthly reading of home builder sentiment rose two points in November to 70, according to the National Association of Home Builders. This comes after rising four points in October. Anything […]
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UK bakery apologizes for replacing baby Jesus with sausage snack in Nativity scene
British bakery Greggs has apologized for substituting Jesus for a sausage roll in a promotional image for its Christmas advent calendar. The image seemed to cause a stir online. Simon Richards, chief executive of center-right pressure group The Freedom Association, called for a boycott of Greggs’ “sick anti-Christian” calendar. Tweet Another said he was “glad” […]
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THE strange 1970s revival in Britain has another twist. The main focus has been on the Labour party which, under Jeremy Corbyn, wants to return to the era marked by nationalisation and higher taxes. But in a sense the Brexiteers want to take Britain back to the 1970s too; to the “golden era” before 1973 […]
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