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☆ Bank of England rate has peaked, to stay at 5.25% through Q2
▼ + stars: | 2023-10-24 | by ( Jonathan Cable | ) www.reuters.com time to read: +3 min

LONDON, Oct 24 (Reuters) - The Bank of England is likely done with policy tightening and will leave Bank Rate at 5.25% on Nov. 2, according to the vast majority of economists polled by Reuters who did however caution the chance of another increase this year was high. Only 12 economists forecast a quarter point rise to 5.50% at the November Monetary Policy Committee meeting. Inflation was expected to gradually decline across the forecast horizon but it won't reach target until Q2 2025, the poll showed. Around one-third of economists expected the Bank to act earlier. The BoE was forecast to reduce Bank Rate by 50 basis points in the fourth quarter, putting it at 4.50% by year-end.

Persons: James Smith, Elizabeth Martins, BoE Governor Andrew Bailey, BoE, ING's Smith, Jonathan Cable, Prerana Bhat, Sujith Pai, Jonathan Oatis Organizations: Bank of England, Reuters, Bank, ING, MPC, HSBC, United States Federal Reserve, European, Thomson

☆ Bond Rout Drives 10-Year Treasury Yield to 5%
▼ + stars: | 2023-10-23 | by ( Sam Goldfarb | Peter Santilli | ) www.wsj.com time to read: 1 min

A deepening selloff in the U.S. bond market drove the yield on the 10-year U.S. Treasury note to 5% for the first time in 16 years, extending a rout that has rattled stocks, lifted mortgage rates and fueled persistent fears of an economic slowdown. A critical driver of U.S. borrowing costs, the 10-year yield rose to within a few thousandths of a percentage point of 5% last week following an unexpectedly strong retail-sales report and comments from Federal Reserve Chair Jerome Powell that reinforced investor bets on stubbornly high short-term interest rates.

Persons: Jerome Powell Organizations: Treasury, Federal Locations: U.S

☆ China is a stormy place to do business right now after shock exec arrests and Foxconn probes
▼ + stars: | 2023-10-23 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

That follows shock arrests and allegations of bribery at the Shanghai offices of US agency GroupM. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementChilling effectThe probes and arrests are likely to further chill foreign business activity in China. Outwardly, China's leaders have emphasized the country is open to foreign investment. "Both Chinese investment overseas and foreign investment in China have boosted friendship, cooperation, confidence, and hope," said Chinese Premier Xi Jinping earlier this month at a summit on the country's Belt and Road infrastructure initiative.

Persons: —, Foxconn, Bain, Mintz, Steve Tsang, it's, Xi, Dan Harris, Terry Gou, Gou, Tim Cook, Cook, Wang Wentao, Apple, GroupM Organizations: Apple, Foxconn, GroupM, Service, WPP, Financial Times, FBI, SOAS China Institute, New York Times, Chinese Communist Party, Huawei Locations: China, Shanghai, Taiwan, Beijing, New York, Seattle

☆ Bank of Canada to leave rates on hold as economy stalls, analysts say
▼ + stars: | 2023-10-23 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. REUTERS/Blair Gable/File Photo Acquire Licensing RightsOTTAWA, Oct 23 (Reuters) - The Bank of Canada (BoC) will leave interest rates on hold on Wednesday as the economy stalls, analysts said, though many see the central bank warning that future hikes are still possible with inflation hovering well above its 2% target. Weak growth and a modest easing of inflation "should keep the Bank of Canada on hold," he said. Earlier this month, BoC Governor Tiff Macklem said the economy was not heading for a "serious recession". Macklem "will need to sound sufficiently hawkish to retain current market pricing, which more or less has the Bank of Canada holding rates steady until 2025."

Persons: Blair Gable, Karl Schamotta, Macklem, Royce Mendes, Steve Scherer, Jonathan Oatis Organizations: Bank of Canada, REUTERS, Rights OTTAWA, BoC, Cambridge Global Payments, Desjardins Group, of Canada, Thomson Locations: Ottawa , Ontario, Canada

☆ Elon Musk said a Tommy gun was fired at Tesla's Cybertruck 'Al Capone style' to test if it was bulletproof. Critics aren't so sure.
▼ + stars: | 2023-10-22 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Video of a Tesla Cybertruck covered in bullet marks spread on X after a negative Q3 earnings call. Elon Musk claimed testers shot at the vehicle "Al Capone style" to ensure it was bulletproof. Critics quickly doubted the claim, saying they'll believe it when they see video of such a test. "We emptied the entire drum magazine of a Tommy gun into the driver door Al Capone style," Musk wrote in response to YouTuber Farzad Mesbahi re-posting the clip. AdvertisementAdvertisement"Should have done steel ball on window, *then* sledgehammer the door," Musk wrote in 2019 of the Cybertruck window failing.

Persons: Elon Musk, Al Capone, —, Elon, Tesla, Musk, Farzad Mesbahi, weren't Organizations: Service, Tesla Owners, Twitter

The key to recruiting top college football players these days is not just a lavish training facility or a storied coach. The rapid rise of big-dollar payments to student-athletes from so-called donor collectives has emerged as one of the biggest issues in college sports, transforming how players are recruited and encouraging a form of free agency for those looking to transfer. And because many of the groups are set up as charities or with charitable arms that make donations tax-deductible, they are drawing scrutiny from the Internal Revenue Service. two years ago to allow payments to student-athletes. While in theory they operate independently of athletic programs, collectives have become deeply embedded in the economics of college sports, offering vast supplements to the scholarships that schools provide.

Organizations: Internal Revenue Service

For inflation to durably return to the Fed's 2% target, it "is likely to require a period of below-trend growth and some further softening in labor market conditions," Powell said. There is evidence the labor market is cooling, Powell said, with some important measures approaching levels seen even before the pandemic. Those include new geopolitical risks to the economy from the "horrifying" attack on Israel by the Palestinian militant Hamas group, Powell said. "Persistent changes in financial conditions can have implications for the path of monetary policy," Powell said, with higher market-based interest rates, if sustained, doing the same job as Fed rate increases. "We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters," Powell said.

Persons: Jerome Powell, Evelyn Hockstein, Powell, Dan Burns, Ann Saphir, Chizu Nomiyama, Andrea Ricci Organizations: . Federal, Federal Reserve, REUTERS, Economic, of New, Fed, Hamas, Federal, U.S, Thomson Locations: Washington , U.S, U.S, of New York, Israel

Powell, however, added the economy's strength and continued tight labor markets could warrant further Federal Reserve interest rate increases. Third-quarter earnings for S&P 500 companies are now estimated to grow at 1.6% compared with expectations of a 2.2% increase last week, LSEG data showed. Yields on the 2-year note, which best reflects short-term interest rate expectations, fell , while that on the 10-year note edged higher to 4.9215%, near the 5% level last seen in 2007. Communications services (.SPLRCL) and information technology (.SPLRCT) led gains amongst the major S&P 500 sectors. On the earnings front, Blackstone (BX.N) slipped 6.0% as the world's largest private equity firm's third-quarter distributable earnings fell more than expected due to a decline in asset sales in its real estate business.

Persons: Brendan McDermid, Jerome Powell, Powell's, CME's, Powell, Chris Zaccarelli, Russell Hackmann, Austan Goolsbee, Atlanta's Raphael Bostic, Philadelphia's Patrick Harker, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Netflix, Dow, Nasdaq, Economic, of New, Traders, Independent, Alliance ., Hackmann Wealth Partners, Investors, Chicago Fed, Dow Jones, Communications, Blackstone, Lam Research, NYSE, Thomson Locations: New York City, U.S, of New York, United States, Britain, France, Bengaluru

☆ US weekly jobless claims unexpectedly fall
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsWASHINGTON, Oct 19 (Reuters) - The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting another month of strong job growth as the labor market remains tight. Initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 198,000 for the week ended Oct. 14, the Labor Department said on Thursday. Though the labor market is gradually cooling, conditions remain tight, with claims hovering in the lower end of their range of 194,000 to 265,000 for this year. The claims report covered the week during which the government surveyed business establishments for the nonfarm payrolls component of October's employment report. The so-called continuing claims increased 29,000 to a still-low 1.734 million during the week ending Oct. 7, the claims report showed.

Persons: Andrew Kelly, Lucia Mutikani, Chizu Organizations: REUTERS, Rights, Labor Department, Reuters, United Auto Workers, UAW, Ford, General Motors, Chrysler, U.S, Thomson Locations: Manhattan , New York City, U.S

☆ Fed's Powell to take the stage amid a suddenly choppy landscape
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +4 min

U.S. Federal Reserve Chairman Jerome Powell holds a press conference after the release of the Fed policy decision to leave interest rates unchanged, at the Federal Reserve in Washington, U.S, September 20, 2023. Powell's appearance comes less than 48 hours before the beginning of the traditional quiet period ahead of the rate-setting Federal Open Market Committee's meeting on Oct. 31-Nov. 1. Many in the poll offered the caveat that if progress on inflation stalls out or reverses, the Fed would not hesitate to resume raising rates. Waller said as much on Wednesday: "If the real economy continues showing underlying strength and inflation appears to stabilize or reaccelerate, more policy tightening is likely needed despite the recent run-up in longer-term rates." Reporting by Dan Burns and Ann Saphir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Evelyn Hockstein, Powell, Philip, Jefferson, Krishna Guha, Christopher Waller, Waller, Dan Burns, Ann Saphir, Andrea Ricci Organizations: Federal, Federal Reserve, REUTERS, U.S, Economic, of New, Fed, Thomson Locations: Washington , U.S, New York, of New York, U.S

☆ Welcome to the revenge of the Republicans you've never heard of before
▼ + stars: | 2023-10-19 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +7 min

Rep. Jim Jordan's speakership bid has been thwarted — for now. Call it the revenge of the Republicans you've never heard of — the ones who aren't regularly featured on Fox News, who don't have massive social media followings, and who aren't known for styling themselves as right-wing crusaders. If Jordan's speakership bid ultimately fails, it will signify a stunning turnaround for a party that's been in thrall to its loudest voices since the ascent of Donald Trump in 2015. AdvertisementAdvertisement81 House Republicans — more than a third of the conference — voted for him anyway. 20 House Republicans voted against him on Tuesday, 22 voted against him on Wednesday, and even more were expected to vote against him on a potential third vote.

Persons: Jim Jordan's speakership, —, Kevin McCarthy's, Matt Gaetz, Gaetz's, Jim Jordan, Republican holdouts, Republicans you've, aren't, McCarthy, Gaetz, Pro Tempore Patrick McHenry —, Jordan's, that's, thrall, Donald Trump, Austin Scott, Austin Scott of, Jordan, Scott, Republican who's, Steve Scalise's, Scalise, underscoring, Lauren Boebert, wasn't, Republicans —, — Gaetz, Chip Roy, Paul Gosar of, Kay Granger, Republicans who’s, Anna Moneymaker, Anthony D'Esposito, Steve Womack, who's, Sean Hannity, they've, Jordan hasn't, Austin Scott's, Jack Bergman, Tom Williams, Jack Bergman —, General Bergman, James Hogge, Dan Meuser Organizations: Republicans, Service, Rep, —, Republican, Fox News, Ohio Republican, Pro Tempore, North Carolina —, GOP, Democrat, Georgia Republican, Freedom Caucus, New York Republicans, Republican Governance Group, Trump, Images Locations: Florida, Ohio, North Carolina, Austin Scott of Georgia, Colorado, Boebert, Texas, Paul Gosar of Arizona, Kay Granger of Texas, Arkansas, @RepKayGranger, Pennsylvania

☆ Fed Chair Powell to deliver remarks during uncertain moment for the US economy
▼ + stars: | 2023-10-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell is set to deliver remarks during a moderated discussion hosted by the Economic Club of New York at 12 pm ET on Thursday. The yield on the benchmark 10-year US Treasury note reached its highest level since 2007 on Wednesday, while 30-year Treasury yields breached the 5% mark. That’s a welcome development for the Fed, but officials aren’t quite yet ready to declare victory. Inflation is still above the Fed’s 2% target, and officials have said they need to see further evidence of the economy cooling. Employers added a robust 336,000 jobs in September, while the unemployment rate held at a low 3.8% that month.

Persons: Jerome Powell, Philip Jefferson, That’s, ”, Mary Daly Organizations: DC CNN — Federal, Economic, of New, Treasury, ” San Francisco Fed, Traders, Commerce Department Locations: Washington, of New York, June’s, ” San, Israel

☆ Strong Economic Data ‘Could Warrant’ Higher Rates, Fed Chair Says
▼ + stars: | 2023-10-19 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +4 min

But he also said that the central bank might need to raise interest rates more if economic data continued to come in hot. Mr. Powell tried to paint a balanced picture of the challenge facing the Fed in a speech before the Economic Club of New York. Officials have rapidly raised interest rates to a range of 5.25 to 5.5 percent over the past 19 months. “We are attentive to recent data showing the resilience of economic growth and demand for labor,” Mr. Powell acknowledged in his prepared remarks on Thursday. Those tougher financial conditions could affect growth, Mr. Powell said Thursday.

Persons: Jerome H, Powell, Mr, ”, “ Organizations: Federal Reserve, Economic, of New, Fed Locations: of New York, Israel, Gaza

☆ Fed done hiking rates, but higher for longer message gaining traction
▼ + stars: | 2023-10-18 | by ( Prerana Bhat | ) www.reuters.com time to read: +4 min

Several Fed officials have indicated that may work as a substitute to further rate rises, while still stressing rates will remain higher for longer. Over 80% of economists, 91 of 111, had no rate cut in their forecast until at least the second quarter of next year. That 55% majority slipped from over 70% in a September poll, extending a trend of rate cut calls being pushed to later. As recently as July, a majority of economists polled said the Fed would start cutting by end-March. All but two of 28 respondents to an extra question said the bigger risk was the first rate cut comes later than they expect.

Persons: Brett Ryan, Jerome Powell, it's, Lawrence Werther, Prerana Bhat, Rahul Trivedi, Sarupya Ganguly, Ross Finley, Jonathan Cable Organizations: U.S . Federal Reserve, Reuters, Fed, Deutsche Bank, Economic, of New, Daiwa, Thomson Locations: BENGALURU, of New York

Official data showed China's economy grew 1.3% in the third quarter, accelerating from 0.5% in the previous quarter and topping market forecasts for an increase of 1%. China's yuan hit a one-week high of 7.2905 per dollar, though it then retreated to 7.312. The China-sensitive Australian dollar , was last up 0.24% at $0.6381, while the New Zealand dollar was 0.18% higher at $0.5907. Reuters GraphicsThe euro was steady at $1.0571, while sterling was up 0.1% at $1.2194 after data showed British inflation failed to fall as expected in September. Israel's shekel was pinned to the weaker side of 4 to the dollar, around its lowest since 2015.

Persons: Dado Ruvic, Joe Biden, I'm, Erik Nelson, Wells, Nelson, we're, It's, it's, Imre Speizer, Israel's shekel, Tom Westbrook, Harry Robertson, Shri Navaratnam, Sharon Singleton Organizations: REUTERS, Rights, U.S ., Israel, Wednesday, New Zealand, Westpac, Reuters, Treasury, Bank of Japan, Thomson Locations: Rights SINGAPORE, LONDON, Gaza, China, Wells Fargo, Israel, Iran, U.S, Japan, Tokyo, Singapore, London

☆ Yuan leads rally in Asian currencies on China's economic bounce
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: +2 min

Asian currencies caught a boost from better-than-expected Chinese economic data on Wednesday, driving the yuan to a one-week high and putting a dampener on the U.S. dollar which has rallied for weeks on end as U.S. yields have climbed. A blast at a Gaza hospital also kept moves modest and traders on edge at the prospect of a widening conflict. Official data showed China's economy grew 1.3% in the third quarter, accelerating from 0.5% in the previous quarter and topping market forecasts for an increase of 1%. On Tuesday U.S. yields had shot sharply higher after data showed retail sales increased strongly, which had helped the dollar pile pressure on the low-yielding Japanese yen. "Maybe it's hitting the limits of this stage of the rally, and needs a bit of a correction."

Persons: Joe Biden, Woei Chen Ho, It's, it's, Imre Speizer, Sterling Organizations: U.S ., Israel, Wednesday, New, Tuesday, Bank of Japan, greenback, Treasury, Westpac Locations: Gaza, Singapore, New Zealand, Asia

The request to Congress would cover a year, according to another person familiar with the administration’s expected request. Lew, a Treasury Secretary under former President Barack Obama, was nominated by Biden last month after former Ambassador Tom Nides left the post in July. Political Cartoons View All 1211 ImagesThe White House could make a formal request for the foreign war aid as soon as this week. Some Republicans have criticized Lew for his role in the Obama White House as it negotiated the Iran nuclear agreement in 2015, among other foreign policy moves under Obama, and that opposition could slow his nomination. “Our ability to support Israel at this pivotal moment is significantly hamstrung by the fact that we don’t have a U.S. ambassador on the ground," Murphy said.

Persons: Jacob Lew, Joe Biden, Lew, Barack Obama, Biden, Tom Nides, —, Obama —, Ben Cardin, Jack, ”, Cardin, Kevin McCarthy, Mitch McConnell, McConnell, Obama, Donald Trump, Republican Sen, Tom Cotton of, Jack Lew, ” Cotton, Jack Lew’s, ” Lew, Democratic Sen, Chris Murphy of, Murphy, Seung Min Kim Organizations: WASHINGTON, —, Israel, Hamas, Foreign, White, Management, Republicans, Republican, Hamas ’, “ Fox, Democratic, Foreign Relations, Associated Press Locations: Israel, Ukraine, Taiwan, China, D, Congress, U.S, Iran, Tehran, Tom Cotton of Arkansas, Chris Murphy of Connecticut, Gaza

☆ JPMorgan's Dimon and Goldman's Solomon warn investors to be 'cautious' and 'vigilant' as economic risks mount and conflicts rage
▼ + stars: | 2023-10-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Investors should be very cautious, two leading Wall Street CEOs warned on recent earnings calls. JPMorgan's Jamie Dimon cautioned the boost to portfolios from public policy wouldn't last. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementTwo Wall Street heavyweights have urged investors to be careful as they navigate a morass of economic and geopolitical threats.

Persons: JPMorgan's Jamie Dimon, Goldman Sachs, David Solomon, —, Jamie Dimon, Dimon, Solomon, there's, we've, Goldman Organizations: Wall, Service, JPMorgan, AlphaSense, Hamas, Federal Reserve, Goldman Locations: China, Russia, Ukraine, Israel

☆ Dollar mixed after earlier bounce on strong US retail sales
▼ + stars: | 2023-10-17 | by ( Karen Brettell | ) www.reuters.com time to read: +4 min

Retail sales rose 0.7% last month as households boosted purchases of motor vehicles and spent more at restaurants and bars. Despite the positive sales, Jeffrey Roach, chief economist for LPL Financial, noted that there are some headwinds affecting U.S. consumers. "Investors need to look underneath the sales figures to get a better look on the health of the consumer. Rising use of credit and early signs of delinquencies could dampen some of the enthusiasm," he said in a note. Fed funds futures traders are pricing in a 43% chance of an additional interest rate hike this year, but only 12% odds of a rate increase next month, according to the CME Group's FedWatch Tool.

Persons: Dado Ruvic, ”, Marc Chandler, Jeffrey Roach, Jerome Powell, Thomas Barkin, Sterling, Karen Brettell, Samuel Indyk, Emelia Sithole, Jonathan Oatis Organizations: REUTERS, Federal Reserve, Bannockburn Global Forex, LPL Financial, Fed, Richmond Fed, Traders, Bank of Japan, U.S, New Zealand, Thomson Locations: U.S, Bannockburn

☆ US retail sales rose in September for the sixth-straight month
▼ + stars: | 2023-10-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Retail sales, which are adjusted for seasonality but not inflation, grew 0.7% in September from the prior month. Factoring in September’s 0.4% rise in consumer prices, inflation-adjusted retail sales were up 0.3% last month. From a year earlier, retail sales and food services spending were up 3.8% in September, the strongest annual gain since February. Spending grew across most categories last month, with sales at specialty stores advancing the most, by 3%. Excluding sales at gasoline stations, retail sales still advanced 0.7% last month.

Persons: ”, BIll Adams, ’, Adams, US Energy Information Administration “, Liz Ann Sonders, Charles Schwab, Brian Field, Gregory Daco, ” Daco, Joe Biden, Jordan Organizations: DC CNN, Comerica Bank, headwinds, UAW, United Auto Workers, US Energy Information Administration, Hamas, University of, San Francisco Fed, “ Retail, CNN, Employers, Sensormatic Solutions, Services, OPEC Locations: Washington, Israel, Iran

REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsOTTAWA, Oct 17 (Reuters) - Canada's annual inflation rate unexpectedly slowed to 3.8% in September and underlying core measures also eased, data showed on Tuesday, prompting markets and analysts to trim bets for another interest rate hike next week. Analysts polled by Reuters had forecast inflation to hold steady at the 4.0% rate recorded in August. Two of the Bank of Canada's (BoC's) three core measures of underlying inflation also decelerated. Money markets trimmed bets for a rate hike next week after the data. "There's no need for further rate hikes in Canada," Reitzes said.

Persons: Carlos Osorio, Jules Boudreau, stoking, Benjamin Reitzes, Reitzes, Statscan, Derek Holt, Macklem, Ismail Shakil, Steve Scherer, Dale Smith, Fergal Smith, Divya Rajagopal, Jonathan Oatis, Nick Zieminski Organizations: REUTERS, Rights OTTAWA, Reuters, Statistics, Mackenzie Investments, Bank of Canada's, Bank of Canada, BoC, BMO Capital Markets, Scotiabank . Bank of Canada, Thomson Locations: Toronto , Ontario, Canada, Statistics Canada, Mackenzie, Ottawa, Toronto

Jordan, the chairman of the House Judiciary Committee, won the GOP's nomination for speaker in a secret ballot on Friday. Here's what to know going into the speaker's election:Political Cartoons View All 1211 ImagesWHEN IS THE SPEAKER ELECTION? House members are seated during the speakership vote. It takes a majority of the votes from House members who are present and voting. Once the roll call for speaker begins, members of the House are called on one by one to call out their choices.

Persons: Jim Jordan, Jordan, Donald Trump, Hakeem Jeffries, It's, Kevin McCarthy, Jeffries, McCarthy, JORDAN, “, Mario Diaz Balart, Steve Scalise, ” Rep, Thomas Massie, you’re, ” Organizations: WASHINGTON, — Republicans, Republican, State, Republicans, WHO, ” Locations: Ohio, New York, Israel, Ky

☆ Canadians firms see inflation easing, sluggish demand - central bank survey
▼ + stars: | 2023-10-16 | by ( Steve Scherer | David Ljunggren | ) www.reuters.com time to read: +3 min

FILE PHOTO: Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. About a third expect a recession over the coming year, the same level as the previous quarter, the survey said. Some 27% of businesses see it taking more than three years to bring inflation down to 2%, down from 32% the previous quarter, the central bank said. Some 53% of businesses see inflation remaining above 3% over the next two years, compared with 64% the previous quarter. A separate Bank of Canada survey showed consumers’ inflation expectations for the next year eased slightly, though they remained at more than 5%.

Persons: Blair Gable, “, Steve Scherer, David Ljunggren Organizations: OTTAWA, Bank of Canada, REUTERS, ” Bank of Canada, of Canada, Consumers, “ Firms, Reuters Locations: Ottawa , Ontario, Canada, Reuters Ottawa

☆ Ford says Tesla is 'loving this strike' as it pleads for a deal with the UAW
▼ + stars: | 2023-10-16 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

"Toyota, Honda, Tesla, and others are loving this strike," Bill Ford said Monday. Analysts have already said Tesla is winning the UAW strike. "Toyota, Honda, Tesla, and others are loving this strike because they know the longer it goes on, the better it is for them. But a fresh analysis released by the bank's analysts Monday found that, with Kentucky Truck down, the UAW strike has now cost Ford an estimated $517 million to GM's estimated $507 million. AdvertisementAdvertisementOne analyst called the UAW's strike a "nightmare scenario" for the Detroit Three, whose electric vehicle business models would be "torpedoed" by the UAW's demands.

Persons: Bill Ford, Ford, Tesla, —, Henry Ford, Stellantis, Ryan Brinkman, Shawn Fain, Fain, Dan Ives Organizations: Toyota, Honda, Kentucky, UAW, Service, United Auto Workers, Ford, Detroit, GM, Kentucky Truck, JPMorgan, General Motors, Wall Street Locations: Detroit, Kentucky

☆ Blinken, seeking aid breakthrough, in marathon talks with Israel's Netanyahu
▼ + stars: | 2023-10-16 | by ( Humeyra Pamuk | Thomson Reuters | Humeyra Pamuk Is A Senior Foreign Policy Correspondent Based In Washington Dc. She Covers The U.S. State Department | ) www.reuters.com time to read: +3 min

[1/3] U.S. Secretary of State Antony Blinken listens as Israeli Defense Minister Yoav Gallant speaks at The Kirya, Israel's Ministry of Defense, in Tel Aviv, Israel October 16, 2023. Blinken, Israel's leading diplomat, was on the fifth consecutive day of round-the-clock diplomacy in the region, shuttling back to Israel after visiting six Arab countries in four days. Blinken, seeking to prevent the conflict from spreading, arrived in the aftermath of Hamas' Oct. 7 attacks that killed 1,300 people in Israel. Speaking to reporters earlier after meeting Blinken, Defense Minister Yoav Gallant said, "This will be a long war; the price will be high. Miller said Blinken discussed humanitarian coordination with Netanyahu at an earlier meeting.

Persons: Antony Blinken, Yoav Gallant, Jacquelyn Martin, Benjamin Netanyahu's, blaring, Israel's, Blinken, Netanyahu, Matthew Miller, Miller, —, Humeyra Pamuk, Steve Holland, Jasper Ward, Simon Lewis, Idrees Ali, Patricia Zengerle, Doina Chiacu, Lisa Shumaker, Howard Goller Organizations: Israel's Ministry of Defense, REUTERS Acquire, Israeli, Defense Ministry, Blinken, State, Israel, Washington, U.S, Marine, UN Office, of Humanitarian Affairs, Thomson Locations: Tel Aviv, Israel, TEL AVIV, Gaza, Egypt, Rafah, Bataan, United States

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