Hurricanes Harvey and Irma not only devastated thousands of lives and destroyed billions of dollars’ worth of property, they may also have done long-term damage to the competitiveness of two of America’s most economically important states — Texas and Florida. With a gross domestic product of $1.5 trillion dollars last year, Texas accounted for nearly […]
Read moreConsumer confidence declined in September, after hitting a seven-month high in August. The consumer sentiment index, a survey of consumers by The University of Michigan, hit 95.3 in September, better than economists polled by Reuters expected. In August the index nearly returned to peak levels recorded earlier in 2017, hitting 97.6. “Consumer confidence edged downward […]
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THE stockmarket’s positive mood has managed to survive the tensions over North Korea’s nuclear programme. In part, this is because investors believe that global economic growth and corporate profits will continue to do well. One reassuring signal is from the corporate bond market. The global default rate on speculative (junk) bonds has been dropping; fewer […]
Read moreU.S. retail sales unexpectedly fell in August as Hurricane Harvey likely depressed motor vehicle purchases, suggesting a moderation in consumer spending in the third quarter. The Commerce Department said on Friday retail sales dropped 0.2 percent last month. Data for July was revised to show sales increasing 0.3 percent instead of the previously reported 0.6 […]
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German industry leader calls for ‘strict and very serious’ Brexit talks, detail from UK
British negotiators need to better articulate their position on Britain’s departure from the European Union, a German industry leader stressed Friday, echoing the frustrations of EU Brexit negotiators. Dieter Kempf, president of the Federation of German Industries (BDI), said that he was still concerned by Brexit, citing the U.K. as Germany’s most important trading partner […]
Read moreMacy’s will increase by 20 percent the number of workers it hires during the holiday shopping season to staff distribution and warehouses that support its online business, but total holiday hiring will fall. The department store operator said on Thursday it would hire 18,000 holiday workers to fulfill online orders, including shipping and packaging, an […]
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Sterling breaks above $1.35 but political uncertainty casts doubts over its future
The British pound broke above the $1.35 mark on Friday morning but political uncertainty could undermine its performance. Sterling hit a 14-month high as traders bet the prospect of an interest rate hike had increased. At about 11.30 a.m. London time, sterling was at $1.3606, up by 1.5 percent. The Bank of England (BoE) indicated […]
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Flames raced along train in terror attack at west London station, eye witness says
Flames engulfed one carriage and raced along a train on a west London route to Parsons Green, forcing passengers to trample others as they rushed for an exit, an eyewitness told Reuters. The man said people were trampled on when they fled the train after hearing a whoosh and seeing flames race towards them. He […]
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Baffled by the electoral college? Germany's system might be more confusing
Germany has an election process so complex that some Germans don’t understand it. Every four years, voters elect members of the Bundestag, the legislative branch of the German government based in Berlin. This year’s parliamentary elections are set to take place Sept. 24 and will ultimately determine the country’s next chancellor. Germans will cast two […]
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OPEC's second-biggest producer could possibly split in two — and start an oil war
An oil-rich province in the north of Iraq plans to vote in a referendum on Kurdish independence later this month, prompting fears of regional conflict as tensions escalate over who owns a portion of the country’s crude. Kurdish forces have been in complete control of the province of Kirkuk — as well as other disputed […]
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