Bank of England Deputy Governor Ben Broadbent apologized on Wednesday for saying Britain’s economy was going through a “menopausal” phase in a comment that attracted criticism and could revive concern about gender diversity at the bank. “I’m sorry for my poor choice of language in an interview with the Telegraph yesterday and regret the offence […]
Read moreU.S. homebuilding tumbled in April and permits fell, suggesting the housing market continued to tread water amid shortages of land and skilled labor. Housing starts dropped 3.7 percent to a seasonally adjusted annual rate of 1.287 million units in April, the Commerce Department said on Wednesday. The drop reversed March’s rise. Data for March was […]
Read moreBorrowers may have missed an opportunity to get the last of the low rates, as it now appears interest rates are moving decidedly higher. Mortgage application volume fell 2.7 percent last week, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume was 4.5 percent lower than a year ago. The weakness was most pronounced […]
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Top lawyer at Novartis exits in wake of deal with Trump attorney Michael Cohen
Novartis’ top lawyer Felix Ehrat is leaving the Swiss drugmaker, saying a $1.2 million contract he co-signed with U.S. President Donald Trump’s personal attorney was a mistake. The contract with attorney Michael Cohen’s Essential Consultants, the same firm used to pay porn star Stormy Daniels, has distracted Novartis’s efforts to improve its image. “Although the […]
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Italy's populists deny they'll ask for debt forgiveness after clinching power
The Italian right-wing Lega party denied reports that it’s seeking a 250 billion euro ($ 296.16 billion) debt write-off if it becomes part of a power-sharing deal with the anti-establishment Five Star Movement (M5S). Lega and the left-wing M5S have been locked in negotiations for more than two months, trying to find a political deal […]
Read moreThis Thursday, the Verkhovna Rada (the parliament of Ukraine) considers a historic proposal to replace 25-year-old foreign exchange legislation with an entirely new law that will open our country to international investors and make it easier for Ukrainian businesses to operate globally. Technical though it may seem, liberalization of our arcane foreign exchange controls will […]
Read moreShares in Europe are set for a mixed open Wednesday as investors monitor surging interest rates in the bond markets. The FTSE 100 is seen lower by 7 points at 7,723; the German DAX is expected to start higher by 14 points at 12,988; and the CAC 40 is set to start up by 2 […]
Read moreU.S. allies’ drug pricing strategies are not sustainable for long-term success, and that’s adversely leading to higher prescription costs at home and abroad, FDA Commissioner Dr. Scott Gottlieb told CNBC on Tuesday. Europeans “do underpay relative to us for branded drugs and that’s in part because they do put price controls and utilization restrictions on […]
Read moreStrong demand and a slim supply of affordable, existing homes for sale has the nation’s homebuilders feeling better about their business. A monthly index of builder sentiment rose two points in May, one point higher than analysts expected. The National Association of Home Builders sentiment index now stands at 70. Anything above 50 is considered […]
Read moreTurkey’s economy is overheating and if the government doesn’t act then the country is in trouble, according to several analysts. “The government has no intention of tackling imbalances or overheating,” Marcus Chevenix, global political research analyst at TS Lombard, said in a research note this week. “It is this unwillingness to act that leads us […]
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