U.S. economic growth probably slowed in the third quarter as hurricanes Harvey and Irma restrained consumer spending and undercut construction activity, but underlying momentum likely remained strong amid robust business investment on equipment. According to a Reuters survey of economists, gross domestic product likely increased at a 2.5 percent annual rate in the July-September period […]
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Catalan crisis reaches crucial period as Madrid looks to impose direct rule
Spain’s constitutional crisis was back in the spotlight Friday with two crucial votes taking place in both Barcelona and Madrid. The regional parliament of Catalonia is due to vote Friday on whether it should declare independence. And given that the region has a majority of pro-independence lawmakers “it appears more likely than not” that it […]
Read moreCryptocurrencies still need to be “defined” but the technology behind them will be pivotal in transforming the financial services, the chief executive of Swiss lender UBS said Friday. Sergio Ermotti told CNBC that while the bank has seen success in its trade finance blockchain platform, he was “not necessarily” a believer in cryptocurrencies. When asked […]
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VW lifts profit outlook after forecast-beating third-quarter earnings rise
Volkswagen lifted its profit guidance for this year after posting forecast-beating group earnings in the third quarter, benefiting from cost cuts at its core autos division. Quarterly group earnings before interest and taxes (EBIT) before special items jumped 15 percent to 4.31 billion euros ($5.01 billion) from 3.75 billion a year ago, Volkswagen (VW) said […]
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Putin, as part of a test, reportedly authorized the launch of 4 nuclear-capable ballistic missiles
Russian President Vladimir Putin authorized the launch of four nuclear-capable ballistic missiles as part of a test, Reuters said, citing a media report. This is breaking news. Check back for updates. —Reuters contributed to this report. Source: cnbc Putin, as part of a test, reportedly authorized the launch of 4 nuclear-capable ballistic missiles
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France's Total third-quarter net profit lifted by strong output and cost savings
French oil and gas major Total reported a 29 percent jump in third-quarter net profit as ramp-ups and new projects lifted production, while high demand for petroleum products led to a sharp increase in its refining margin. Total’s oil production rose 6 percent in the quarter, while adjusted net operating income from its upstream exploration […]
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RBS reports better than expected third-quarter profit of $1.14 billion
Royal Bank of Scotland reported a better than expected operating profit for the third quarter of 871 million pounds ($1.14 billion) on Friday, as it kept costs under control and avoided any conduct charges. The state-owned bank’s operating profit beat the 694 million pounds predicted by an average of analysts’ estimates compiled by the bank. […]
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European markets set to open higher after upbeat earnings from Wall Street tech giants
European stocks are set to open higher on Friday morning, buoyed by upbeat earnings from U.S. tech giants and the prospect of continuing stimulus in Europe. Looking to the major bourses, the U.K.’s FTSE 100 is expected to open 4 points higher at 7,489, while the German DAX is set to start on a positive […]
Read moreThe Swiss bank UBS reported a net income below market expectations, but 14 percent higher than the same period last year. The number is nonetheless above the bank’s own consensus report, which indicated, earlier this month, a net income of 0.897 billion Swiss francs. Here are the key metrics: Net income: 0.9 billion Swiss francs […]
Read moreThis article first appeared in Larry Summers’ blog. I have been very sharply critical of what I regard as unprofessional exaggeration by advocates of the Trump tax proposal. Reasonably enough, people have asked what I am for. I strongly support tax reform in general and especially corporate tax reform on the model of the highly […]
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