Nearly three weeks after the rain stopped falling in Houston, the work of rebuilding has barely begun. There aren’t enough workers available — not even close. Houston’s housing market had a severe labor shortage before the storm, and that shortage doubled after Hurricane Harvey hit. From the main thoroughfares, it looks like the city is […]
Read moreHedge fund king Ray Dalio told CNBC on Tuesday that perhaps the biggest economic question of our time is a social one. “What is a big deal is if you had an economic downturn because we have two economies,” the founder and chairman of Bridgewater Associates said. Dalio said less than 1 percent of the […]
Read moreCurrency, United States Finance
Sterling jumps to $1.35 after report suggests British Foreign Secretary Boris Johnson may resign
The British pound leaped half a cent to $1.35 on a report that British Foreign Secretary Boris Johnson “will resign before the weekend” if Prime Minister Theresa May opposes his demands on Brexit. Sterling slid nearly 1 percent on Monday after Bank of England Governor Mark Carney said that any interest rate rises would be […]
Read moreU.S. homebuilding fell for a second straight month in August as a rebound in the construction of single-family houses was offset by persistent weakness in the volatile multifamily home segment. Housing starts slipped 0.8 percent to a seasonally adjusted annual rate of 1.18 million units, the Commerce Department said on Tuesday. July’s sales pace was […]
Read moreCurrency, United States Finance
ECB reportedly disagrees on whether to set a definitive end-date for its QE program
European Central Bank policymakers disagree on whether to set a definitive end-date for their money-printing program when they meet in October, raising the chance that they will keep open at least the option of prolonging it again, six sources told Reuters. A stubbornly strong euro, with its dampening effect on inflation, is driving a rift […]
Read more
WHEN Ryanair convinced many of its pilots to take fewer holidays during peak-travel season, it probably thought it was being clever. But poor planning and a bit of bad luck have left the airline with a shortage of working pilots for the autumn. The shortfall has forced Ryanair to cancel some 2,100 flights starting on […]
Read more
SOME strategies are too successful. When Ryanair convinced many of its pilots to take less vacation during peak-travel season, it probably thought it was being clever. However, pilots who ferry tourists to holiday destinations need vacations too. Poor planning and a bit of bad luck have left Ryanair with a shortage of working pilots for […]
Read moreCurrency, United States Finance
Major European nation shuts down ‘fake cryptocurrency’ providers in latest clampdown
A Swiss financial watchdog has closed down providers of a “fake” cryptocurrency called E-Coin. The latest regulatory step follows a series of moves from China to toughen up on bitcoin and other digital tokens, signaling frustration in the continent over the phenomenon. According to the central European country’s Financial Market Supervisory Authority (FINMA), at least […]
Read moreCurrency, United States Finance
Brexit will lead to net loss for public finances, warns UK think tank
Britain’s decision to leave the Europe Union is likely to lead to a net fiscal loss for the U.K. government’s public finances, according to the head of an independent research institute. “The forecast health of the public finances was downgraded by £15 billion ($20.25 billion) per year — or almost £300 million per week — […]
Read moreGerman drugs and pesticides group Bayer said it would likely take until early next year to complete the planned $66 billion takeover of U.S. seeds group Monsanto, which it had previously expected to be under wraps by the end of 2017. The European Commission has been scrutinizing the takeover with a deadline of Jan. 8. […]
Read more