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☆ Nigeria's Access Bank Group CEO Among Six Dead in California Helicopter Crash
▼ + stars: | 2024-02-10 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Six people, including the group chief executive of one of Nigeria's largest lenders, were killed in a helicopter crash in Southern California on Friday, authorities said. Six people were on board the helicopter when it crashed around 10 p.m. near Nipton, California, the U.S. Federal Aviation Administration said in a statement. Access Bank Group CEO Herbert Wigwe's death was confirmed by Ngozi Okonjo-Iweala, director general of the World Trade Organization, in a post on X, along with that of Nigerian Exchange Group's former Chairman Abimbola Ogunbanjo. "Terribly saddened by the news of the terrible loss of Herbert Wigwe, Group CEO Access Bank, his wife and son as well as Bimbo Ogunbanjo in a helicopter crash," Okonjo-Iweala said on X. The helicopter was headed to Las Vegas when it crashed near a border city between Nevada and California, according to multiple reports.

Persons: Herbert Wigwe's, Ngozi Okonjo, Abimbola Ogunbanjo, Herbert Wigwe, Bimbo Ogunbanjo, Iweala, Surbhi Misra, Jyoti Narayan, Andrea Ricci Organizations: Reuters, U.S . Federal Aviation Administration, Access Bank, World Trade Organization, Exchange, San Bernardino County Sheriff’s Department, FAA, Eurocopter EC, National Transportation Safety Board Locations: Southern California, Nipton , California, San Bernardino County, Halloran, Las Vegas, Nevada, California, Bengaluru

☆ Ukraine Says It Uncovers Mass Fraud in Weapons Procurement
▼ + stars: | 2024-01-27 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Ukraine's SBU security service said on Saturday it had uncovered a corruption scheme in the purchase of arms by the country's military totalling the equivalent of about $40 million. The announcement of mass procurement fraud, confirmed by Ukraine's Defence Ministry, will have a huge resonance in a country beleaguered by Russia's nearly two-year-old invasion. The fight to root out endemic corruption remains a major issue as Ukraine presses its bid to secure membership in the European Union. "According to the investigation, former and current high-ranking officials of the Ministry of Defence and heads of affiliated companies are involved in the embezzlement." Defence Minister Oleksii Reznikov was dismissed last September over various corruption cases despite enjoying a solid reputation in representing Ukraine in its discussions with Western allies.

Persons: Russia's, Oleksii Reznikov, Ron Popeski, Maria Starkova, Andrea Ricci Organizations: Reuters, Ukraine's Defence Ministry, European Union, Ministry of Defence, Lviv Arsenal, . Defence, Western Locations: Ukraine, Ukrainian

☆ Russian Missiles Hit Industrial Target in Central Ukraine -Governor
▼ + stars: | 2024-01-27 | by ( Jan. | At P.M. | ) www.usnews.com time to read: 1 min

(Reuters) -Russian missiles struck an industrial site in the central Ukrainian city of Kremenchuk on Saturday, sparking a fire, the local governor said. Filip Pronin, governor of Poltava region, wrote on the Telegram messaging app that two Russian ballistic missiles had hit the target in the city. Pictures posted online showed emergency crews battling a blaze. Further southeast in Zaporizhzhia region, local governor Yuri Malashko said an infrastructure site had been hit in a drone attack. Emergency crews were at the site, but Malashko gave no details of damage or casualties.

Persons: Filip Pronin, Yuri Malashko, Malashko, Ron Popeski, Maria Starkova, Andrea Ricci Organizations: Reuters Locations: Russian, Ukrainian, Kremenchuk, Poltava, Zaporizhzhia

Since June, the quarterly "dot plot" of policymakers' projections of the appropriate path of policy has shown rates rising another quarter point this year. Investors will be eager for the boost a rate cut would give to markets, and consumers will be relieved by lower mortgage and credit rates. Indeed, in remarks last week Fed Chair Jerome Powell noted that over the last six months inflation had averaged around 2.5%. Investors, meanwhile, have become increasingly fixed on March as a starting point for rate cuts. Between falling inflation and a modest slowdown in growth, Powell said: "We are getting what we wanted to get."

Persons: Vincent Reinhart, Dreyfus, Reinhart, Donald Trump, Michael Gapen, Gapen, Jerome Powell, Powell, Christopher Waller, Howard Schneider, Andrea Ricci Organizations: . Federal Reserve, Mellon, WE, Republican, Bank of America, Fed, Spelman College, Thomson Locations: U.S, Atlanta

Periods of high inflation would offset those when inflation was low as occurred between the financial crisis and the pandemic. Those concerns may not matter anymore if the pandemic has driven inflation and interest rates chronically higher. Speaking at a Boston Fed labor market conference in November, Kohn said the new framework showed the risks of not keeping inflation at bay to begin with. "Probing" for maximum employment "can't ignore...inflation risks," Kohn said, calling for a return to a strategy disavowed in the last review. "I think preemptive tightening is best-practice central banking, and I hope they return to allowing that."

Persons: Joshua Roberts, Jerome Powell, There's, Miesha Williams, Powell, Charles Evans, Evans, Fed, Loretta Mester, Austan Goolsbee, Goolsbee, Donald Kohn, Kohn, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Federal Reserve, REUTERS, Rights, U.S, Federal, Spelman College, Reuters, Chicago Fed, Chicago, Cleveland Fed, Boston Fed, Thomson Locations: Washington , U.S, Atlanta

☆ US consumer spending slows; labor market steadily easing
▼ + stars: | 2023-11-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Those hopes were reinforced by other data on Thursday showing the labor market gradually easing. Though wages remain elevated, the pace of increase has slowed from earlier in the year as the labor market eases. Personal consumptionINFLATION COOLINGInflation as measured by the personal consumption expenditures (PCE) price index was unchanged in October after rising 0.4% in September. Stripping out housing, the core PCE price index edged up 0.1% after gaining 0.3% in September. Still, the labor market is cooling in tandem with overall demand in the economy.

Persons: Sarah Silbiger, Jerome, Powell, Conrad DeQuadros, Nancy Vanden Houten, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: El Progreso Market, Washington , D.C, REUTERS, Brean, Commerce Department's, United Auto Workers, Treasury, Fed, Labor Department, Oxford Economics, Thomson Locations: Mount Pleasant, Washington ,, New York, outlays, U.S

Fresh data shows price pressures are easing and the labor market is gradually cooling, evidence that the slowdown the Fed has tried to engineer with its rate hikes to date is underway. Still, the unemployment rate at last read was 3.9%, only a few tenths of a percentage point above where it was when the Fed first began raising rates in March 2022. UNCERTAIN PATHTraders have been betting heavily that the Fed will keep its overnight benchmark interest rate steady in the 5.25%-5.50% range for the next several months. "I'm not losing too much sleep" over the market's view "because there's a lot of uncertainty about the future path of policy," Williams said. "I'm not thinking about rate cuts at all right now," Daly said.

Persons: John Williams, Williams, Janet Yellen, I'm, Mary Daly, Daly, Jerome Powell, Christopher Waller, Oscar Munoz, Dan Burns, Michael S, Howard Schneider, David Lawder, Chizu Nomiyama, Paul Simao, Andrea Ricci, Will Dunham Organizations: Federal Reserve, New York Fed Bank, Fed, U.S, Treasury, PATH Traders, San Francisco Fed, Spelman College, Derby, Thomson Locations: U.S, New, Atlanta

Rates futures markets are showing cuts being priced as early as May 2024, according to LSEG data. The prospects for rate cuts received a boost on Tuesday after Fed Governor Christopher Waller, deemed a hawk, hinted at lower interest rates in the months ahead if inflation continued to ease. Deutsche Bank economists on Monday projected 175 basis points in Fed rate cuts in 2024, but said that those cuts would come with a mild recession in the first half of next year. “Absent rapid Fed easing, we expect a more challenging macro backdrop for stocks next year,” they wrote in a Wednesday report. Others said investors may be overestimating how quickly the Fed might react to signs of slowing inflation.

Persons: Carlo Allegri, Jack Ablin, ” Ablin, Christopher Waller, ”, Jake Schurmeier, Schurmeier, Thomas Barkin, Charlie McElligott, Michael Green, David Randall, Lewis Krauskopf, Saqib Iqbal Ahmed, Ira Iosebashvili, Andrea Ricci Organizations: REUTERS, Federal Reserve, Treasury, Cresset, Gross, Harbor, Reuters, Richmond Fed, Nomura Securities, Deutsche Bank, JPMorgan, Management, Thomson Locations: Manhattan, New York City , New York, U.S, stoke, Carolina, New York

☆ US economy grows 5.2% in third quarter; higher interest rates eroding momentum
▼ + stars: | 2023-11-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The growth pace, which was the quickest in nearly two years, however, likely exaggerated the health of the economy last quarter. Economists polled by Reuters had expected GDP growth would be revised up to a 5.0% rate. Inventory investment added 1.40 percentage points to GDP growth, instead of the 1.32 percentage points estimated last month. Higher wages contributed to the economy growing at a 1.5% rate last quarter, the fastest in a year, when measured from the income side. That suggested trade could be a drag on GDP growth this quarter after being a neutral factor in the April-June period.

Persons: Elizabeth Frantz, Christopher Rupkey, There's, Conrad DeQuadros, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Paul Simao, Andrea Ricci Organizations: REUTERS, Commerce Department, Gross, Commerce Department's, Analysis, Reuters, Federal, United Auto Workers, Treasury, Brean, BEA, Fed, LPL Financial, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York, Charlotte , North Carolina

☆ US third-quarter growth revised higher; corporate profits rise strongly
▼ + stars: | 2023-11-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The quickest growth pace in nearly two years reported by the Commerce Department on Wednesday, however, likely exaggerated the health of the economy last quarter. Economists polled by Reuters had expected GDP growth would be revised up to a 5.0% rate. The upward revision to growth last quarter reflected upgrades to business investment on structures, mostly warehouses and healthcare facilities. Inventory investment added 1.40 percentage points to GDP growth. Profits rose at a 0.8% rate in the second quarter.

Persons: Elizabeth Frantz, Christopher Rupkey, There's, Gregory Daco, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, WASHINGTON, Commerce Department, Gross, Commerce Department's, Reuters, Federal, United Auto Workers, Treasury, Federal Reserve, Fed, LPL Financial, Thomson Locations: Arlington , Virginia, U.S, New York, EY, Charlotte , North Carolina

☆ Discounts drew crowds but Black Friday week sales gain softest in years -report
▼ + stars: | 2023-11-28 | by ( Amina Niasse | ) www.reuters.com time to read: +3 min

People shop at the Shops at the Oculus and Westfield Shops during Black Friday shopping in New York City, U.S., November 24, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 28 (Reuters) - U.S. in-store retail sales swelled last week by the most since December courtesy of aggressive discounts, but the year-over-year sales gain for the week covering the traditional Black Friday shopping season kick-off was the smallest in six years. Sales volumes increased for retailers during the Black Friday weekend where cost-aware consumers sought out larger discounts on expensive purchases, according to the report. Buyers are experiencing the cheapest holiday shopping season in years with toys, games, and hobby gear dipping in price for the first time since 2020. Reuters GraphicsDespite the sales gain, the increase is the smallest Black Friday-week gain since 2017's 4.8% year-over-year increase.

Persons: Brendan McDermid, Buyers, ”, Steve Sadove, Amina Niasse, Andrea Ricci Organizations: Westfield Shops, REUTERS, Research, Sporting, Bureau of Labor Statistics, Mastercard, “, Thomson Locations: New York City, U.S

"Inflation rates are moving along pretty much like I thought," Fed Governor Christopher Waller, a hawkish and influential voice at the central bank, told the American Enterprise Institute think tank on Tuesday. If the decline in inflation continues "for several more months ... three months, four months, five months ... we could start lowering the policy rate just because inflation is lower," he said. Additional Fed rate increases remain a possibility if upcoming data includes an unexpected resurgence of price pressures, he said. But even Bowman, who like Waller is among the Fed's most hawkish officials, stopped short of outright calling for a further increase in the policy rate. New inflation data will be released on Thursday, and policymakers will also have a fresh monthly jobs report and other data in hand before they gather next month.

Persons: Christopher Waller, Bond, Waller's, Jerome Powell, Michelle Bowman, Bowman, Waller, Austan Goolsbee, Howard Schneider, Ann Saphir, Lindsay Dunsmuir, Andrea Ricci, Paul Simao Organizations: Federal Reserve, American Enterprise Institute, Fed, Spelman College, Utah Bankers Association, Chicago Fed, Conference Board, Thomson Locations: U.S, Atlanta, Salt Lake City

☆ Fed may need four years to recoup income loss, St. Louis Fed study says
▼ + stars: | 2023-11-27 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The pincer movement of these two policy actions drove the Fed to start losing money in September 2022. The central bank captures the net negative income situation in an accounting measure called a deferred asset, which as of Nov. 22 stood at $120.4 billion. As the Fed sees it, the deferred asset is what must be covered before the central bank can again return excess earnings to the Treasury. The Fed has repeatedly stressed that losing money in no way impacts its ability to operate and conduct monetary policy. The research from the St. Louis Fed estimates it will cover the deferred asset by mid-2027.

Persons: Louis, Joseph Wang, Michael S, Andrea Ricci Organizations: Federal, U.S . Treasury, Federal Reserve Bank of St, Fed, Treasury, Louis Fed, Treasury Department, Reuters, New York Fed, Thomson

☆ Mexico Presidency Race Narrows Slightly, Sheinbaum Still Way Ahead -Poll
▼ + stars: | 2023-11-27 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

MEXICO CITY (Reuters) - The race to become Mexico's next president has closed slightly, but former Mexico City mayor and ruling party candidate Claudia Sheinbaum still has double the support of her main opposition rival, an opinion poll showed on Monday. Samuel Garcia, who is competing for the candidacy of another center-left party, Citizens Movement (MC), polled 8% support. A poll published in early October had given Sheinbaum 50% support versus 20% for Galvez, although that survey included a fourth, right-wing candidate who did not feature this time. "With the entry of Samuel Garcia as sole MC contender, the presidential ballot has been practically set in stone," Buendia & Marquez head Jorge Buendia wrote in El Universal. Separately, an analysis of several polls by research firm Consulta Mitofsky which stripped out undecided voters and those not backing any candidate showed Sheinbaum with 62.7% of effective support.

Persons: Mexico's, Claudia Sheinbaum, pollster Buendia, Marquez, Xochitl Galvez, Galvez, Samuel Garcia, Sheinbaum, Andres Manuel Lopez Obrador, Buendia, Jorge Buendia, Garcia, Raul Cortes, Sarah Morland, Dave Graham, Andrea Ricci Organizations: MEXICO CITY, Mexico City, El Universal, Sheinbaum, Regeneration, Citizens Movement Locations: MEXICO, Mexico

☆ US weekly jobless claims at three-month high; import prices tumble
▼ + stars: | 2023-11-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Job growth slowed in October and the unemployment rate climbed to 3.9%, the highest level since January 2022. Import prices dropped 0.8% last month after rising 0.4% in September. Economists had forecast import prices, which exclude tariffs, falling 0.3%. In the 12 months through October, import prices declined 2.0% after decreasing 1.5% in September. Excluding fuels and food, import prices dropped 0.2% after dipping 0.1% in September.

Persons: Andrew Kelly, Nancy Vanden Houten, Unadjusted, Goldman Sachs, Lou Crandall, Wrightson, Lucia Mutikani, Andrea Ricci Organizations: REUTERS, Labor Department, Oxford Economics, Reuters, Goldman, Treasury, Fed, Reuters Graphics, Labor Department's Bureau of Labor Statistics, Consumer, Thomson Locations: Manhattan , New York City , New York, U.S, WASHINGTON, New York, Massachusetts, Oregon, Georgia, United States, China

☆ Subaru to raise US wages after UAW deals with Detroit Three -CEO
▼ + stars: | 2023-11-16 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

Atsushi Osaki, President and CEO at Subaru, speaks during the press day preview of the Los Angeles Auto Show in Los Angeles, California, U.S. November 16, 2023. REUTERS/David Swanson/File Photo Acquire Licensing RightsLOS ANGELES, Nov 16 (Reuters) - Subaru (7270.T) will raise the wages of its U.S. plant workers in light of recent labor deals reached by the Detroit Three automakers and United Auto Workers (UAW), the Japanese automaker's CEO, Atsushi Osaki, told Reuters on Thursday. Non-union automakers that have raised wages for their U.S. plant workers after the UAW deals include Japan's Toyota (7203.T) and Honda (7267.T), and South Korea's Hyundai (005380.KS). UAW President Shawn Fain has said "UAW" stands for "U are welcome" in response to the rising wages at the non-union plants. Reporting by Abhirup Roy in Los Angeles; Writing by Ben Klayman; Editing by Chris Reese, Andrea Ricci and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Atsushi Osaki, David Swanson, Osaki, Joe Biden, Shawn Fain, Abhirup Roy, Ben Klayman, Chris Reese, Andrea Ricci, William Mallard Organizations: Subaru, Los Angeles Auto, REUTERS, Detroit Three, United Auto Workers, UAW, Reuters, General Motors, Ford, Chrysler, Los, Detroit, Toyota, Honda, Hyundai, Thomson Locations: Los Angeles , California, U.S, Lafayette , Indiana, Los Angeles, South

The American Farm Bureau Federation's annual survey of holiday food prices out Wednesday shows the full spread will run a party of 10 about 4.5% less in 2023 than in 2022. Her analysis, in fact, and the evolution of the farm bureau's Thanksgiving meal prices are a micro-version of the larger pandemic inflation story that households, elected officials and the Federal Reserve have been grappling with. The good news: The pace of change may remain slow going forward, with supply problems now largely sorted out and recent producer price data pointing to modest food inflation ahead. According to the farm bureau turkey prices are likely headed even lower after their survey. "Consumers who have not yet purchased a turkey may find additional savings in the days leading up to Thanksgiving," the organization said in a news release.

Persons: Betty Resnick, Resnick, Howard Schneider, Andrea Ricci Organizations: American Farm Bureau, Federal Reserve, Reuters, Federal, AAA, airfares, Consumers, Farm Bureau, Labor Department, Thomson

☆ US consumer prices unchanged; core inflation slowing
▼ + stars: | 2023-11-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Grocery food inflation increased 0.3%, driven by gains in the prices of meat, fish and eggs. Reuters GraphicsGOODS DEFLATIONExcluding the volatile food and energy components, the CPI increased 0.2% amid higher costs for rental housing. Health insurance costs rebounded as the BLS implemented changes to the methodology it uses to calculate health insurance prices, effective with October's CPI release. The old method was based on an annual calculation using aggregated health insurance premium and benefit data. There were concerns about the volatility in the annual data and the lag involved in incorporating the health insurance financial data.

Persons: Bing Guan, Christopher Rupkey, Jerome Powell, Powell, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Federal Reserve, Labor Department's Bureau of Labor Statistics, Tuesday, Treasury, Reuters, Fed, CPI, Thomson Locations: SoHo, New York City, U.S, WASHINGTON

WASHINGTON, Nov 13 (Reuters) - U.S. House of Representatives Speaker Mike Johnson's plan to avoid a partial government shutdown secured tentative support from top Senate Democrat Chuck Schumer on Monday, even as some of Johnson's hardline Republican colleagues pushed back against it. Without changes, the Texas Republican said he would oppose efforts to bring the bill to the floor. The bill is intended to pressure the House and Senate to agree on spending bills for fiscal 2024 by the assigned dates. Johnson warned Democrats that House Republicans would impose a full-year CR for 2024 "with appropriate adjustments to meet our national security priorities" if Congress fails to reach agreement on full-year spending. Failure to hit that benchmark led to McCarthy's ouster, but some House Republicans suggested Johnson deserved more time.

Persons: Mike Johnson's, Chuck Schumer, Schumer, Chip Roy, Roy, Hakeem Jeffries, Kevin McCarthy, Joe Biden, Johnson's, centrists, Mike Johnson, Elizabeth Frantz, Johnson, Good, Marjorie Taylor Greene, Warren Davidson, Scott Perry, Andrew Clyde, Republican George Santos, Perry, Karine Jean, Pierre, Biden, McCarthy, David Morgan, Moira Warburton, Steve Holland, Scott Malone, Andrea Ricci, Richard Chang Organizations: . House, Senate, Texas Republican, Republican, Democratic, U.S . House, U.S, Capitol, REUTERS, Food and Drug Administration, House, White, Caucus, White House, Republicans, Social Security, Total U.S, Thomson Locations: Washington , U.S

☆ Hardline Republicans push back on US House speaker's plan to avert shutdown
▼ + stars: | 2023-11-13 | by ( David Morgan | ) www.reuters.com time to read: +6 min

The bill is intended to pressure the House and Senate to agree on spending bills for fiscal 2024 by the assigned dates. Johnson warned Democrats that House Republicans would impose a full-year CR for 2024 "with appropriate adjustments to meet our national security priorities" if Congress fails to reach agreement on full-year spending. Democrats had worried that Republicans would put defense and other party priorities in the first tranche and then let the remaining programs shut down. Failure to hit that benchmark led to McCarthy's ouster, but some House Republicans suggested Johnson deserved more time. The brutal infighting among Republicans this year, including the party's own rejection of three seasoned nominees for House speaker, coincides with falling federal revenues and mounting costs for interest, health and pension outlays.

Persons: Mike Johnson, Elizabeth Frantz, Johnson, Bob Good, Kevin McCarthy, Joe Biden, Johnson's, centrists, Good, Marjorie Taylor Greene, Warren Davidson, Scott Perry, Andrew Clyde, Chip Roy, Republican George Santos, Perry, Chris Murphy, Biden, McCarthy, David Morgan, Scott Malone, Andrea Ricci, Richard Chang Organizations: U.S . House, U.S, Capitol, REUTERS, Rights, . House, Republican, Democratic, Senate, Food and Drug Administration, House, White, Caucus, White House, NBC, Republicans, Social Security, Total U.S, Thomson Locations: Washington , U.S, Washington, Louisiana

☆ NY Fed finds softer inflation expectations in October
▼ + stars: | 2023-11-13 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

A woman passes by The Federal Reserve Bank of New York in New York City, U.S., March 13, 2023. The relative stability of New York Fed expectations data contrasts with that seen in the University of Michigan Consumer Sentiment Survey. It found in November a rise in year-ahead expected inflation to 4.4% from 4.2% in October, with five-year expected inflation up to 3.2%, from October’s 3%. Over the last year and a half the Fed has aggressively raised rates in a bid to cool high inflation. But it kept alive the prospect of more action should inflation not fall further on the path back to 2%.

Persons: Brendan McDermid, there’s, Jerome Powell, Powell, ”, Michael S, Andrea Ricci Organizations: Federal Reserve Bank of New, REUTERS, Consumer, New, New York Fed, University of Michigan Consumer, University of Michigan, Federal, Committee, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, September’s, New York, York, October’s

☆ New US House speaker tries to muster his Republicans to avert government shutdown
▼ + stars: | 2023-11-13 | by ( David Morgan | ) www.reuters.com time to read: +6 min

[1/2] Newly elected Speaker of the House Mike Johnson (R-LA) addresses the U.S. House of Representatives after he was elected to be the new Speaker at the U.S. Capitol in Washington, U.S., October 25, 2023. Johnson also warned Democrats that House Republicans would impose a full-year CR for 2024 "with appropriate adjustments to meet our national security priorities" if Congress fails to reach agreement. House Republicans are aiming for a Tuesday vote. Failure to hit that benchmark led to McCarthy's ouster, but some House Republicans suggested Johnson deserved more time. The brutal infighting that has characterized Republicans this year, including the party's own rejection of three seasoned nominees for House speaker, coincides with falling federal revenues and mounting costs for interest, health and pension outlays.

Persons: Mike Johnson, Elizabeth Frantz, Johnson's, Kevin McCarthy, Joe Biden, Johnson, centrists, Marjorie Taylor Greene, Warren Davidson, Chris Murphy, Murphy, Tom Cole, Biden, McCarthy, Ken Buck, David Morgan, Scott Malone, Andrea Ricci Organizations: U.S . House, U.S, Capitol, REUTERS, Rights, . House, Republican, Democratic, Senate, Food and Drug Administration, House, White, Firebrand, NBC, Republicans, Social Security, Total U.S, Thomson Locations: Washington , U.S, Washington, Louisiana

Pedro Nuno Santos poses for a portrait between the legislators of Socialist party and left bloc inside Portuguese parliament in Lisbon, Portugal June 21, 2016. The resignation also left Costa's job as secretary-general of the Socialist Party (PS) up for grabs, and whoever wins the leadership race will run for prime minister. Although Nuno Santos' popularity was hurt after he resigned in December 2022 in a scandal around a severance payout by state-owned airline TAP, he is seen as the front-runner by many. Nuno Santos successfully coordinated support for a previous minority government with the far-left in 2015-2019. Reporting by Catarina Demony and Sergio Goncalves; Editing by Andrei Khalip and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Pedro Nuno Santos, Rafael Marchante, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Jose Luis Carneiro, Carneiro, Nuno Santos, pollsters Aximage, Costa, Adelino Maltez, Costa's, Intercampus, Catarina Demony, Sergio Goncalves, Andrei Khalip, Andrea Ricci Organizations: Socialist, REUTERS, Rights, Socialist Party, Interior, TAP, Diario, Socialists, Social Democrats, Thomson Locations: Lisbon, Portugal, Rights LISBON, Portuguese

If both are calculated in dollar terms, however, Chinese stocks have, by some measures, carried an advantage over the very long term. Many observers say demographics, deleveraging, and de-risking - U.S. firms on-shoring, new supply chains, and trade tensions – will be a considerable long-term drag on Chinese growth. Little wonder, perhaps, that Chinese stocks are so cheap. Reuters Image Acquire Licensing RightsBased on 12-month forward price/earnings multiples, U.S. stocks are twice as expensive as Chinese stocks. For the past 10 years Chinese stocks have been substantially cheaper than U.S. stocks, and most of the decade before that they were usually cheaper too.

Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, Torsten Slok, Janet Yellen, Lifeng, Colin Graham, Graham, Jamie McGeever, Andrea Ricci Organizations: New York Stock Exchange, REUTERS, Rights, Shanghai, CSI, Reuters, Apollo Global Management, U.S, Treasury, Thomson Locations: New York City, U.S, Rights ORLANDO , Florida, China, Mexico

☆ US bond investors with mild recession concerns on the rise -BofA
▼ + stars: | 2023-11-13 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

Corporate bond investors are more selective with their funds, as their cash levels declined in November from September, according to the BofA survey. Investment-grade investors shifted to debt maturing between five and 10 years, while high-yield investors positioned more into debt maturing in one to three years. Some 41% of junk bond investors (compared to 24% in September) expect those rated BB to outperform, followed by B and BBB. The combination of attractive yields and recession concerns has made investment-grade bonds a popular choice for junk bond investors. Both high-grade and junk bond investors were underweight debt issued by companies in the industrial and telecom sectors at the time of the survey.

Persons: BofA, Matt Tracy, Andrea Ricci Organizations: Bank of America, BBB, Thomson Locations: U.S

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