Tag: economic policies

World Shares Mixed, Yen Falls After BOJ Keeps Policy Intact

January 18, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—World shares were mixed Wednesday, with Tokyo gaining more than 2 percent after Japan’s central bank kept its lax monetary policy unchanged, dispelling speculation it would yield to pressure to tighten credit to counter rising inflation. Germany’s DAX lost 0.1 percent to 15,170.03 and the CAC 40 in Paris was down less than 2 points,…

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Interest Rate Hikes to Push Australian Banks’ Earnings by 20 Percent in 2023: Goldman Sachs

January 17, 2023
AustraliaBusiness & MarketsCompanieseconomic policiesGoldman Sachsinterest rate hikesJim ChalmersWorld
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Financial analysts have forecasted a booming year for Australian banks in 2023 as they allegedly exploit a loophole in the central bank’s interest rate hiking cycle. Analysts at the global investment bank Goldman Sachs estimated that Australian banks would see a 20 percent surge in earnings this financial year, with a combined profit of $35.5…

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Wall Street Opens Lower After Goldman Sachs Misses Profit Estimates

January 17, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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Wall Street’s main indexes opened lower on Tuesday after Goldman Sachs missed quarterly profit estimates, worsening sentiment already dented by downbeat economic data from China earlier in the day. The Dow Jones Industrial Average fell 80.29 points, or 0.23 percent, at the open to 34,222.32. The S&P 500 fell 0.01 percent to 3,999.09 points at…

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Anti-Strike Legislation Passes 1st Hurdle in UK Parliament

January 17, 2023
Business & Marketseconomic policiesGrant Shappsindustrial actionKeir StarmerRMTUKWorld
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The UK government’s anti-strike legislation has cleared its first hurdle in Parliament, as the country suffers from continuing disruptions amid a wave of industrial action in the public sector. On Monday evening, MPs voted 309 to 249 to give the bill a second reading. It came just hours after the National Education Union (NEU) announced…

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Sterling Rises on UK Job Data, Yen Near 7-month High as BOJ Decision Looms

January 17, 2023
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Sterling edged up on Tuesday after data showed the pace of pay growth in Britain, closely watched by the Bank of England as it gauges how much higher to raise interest rates, accelerated again. The yen was perched near seven-month highs as investors held their breath for a potential policy shift at the Bank of…

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Oil Prices Mixed on Chinese Data and Demand Growth Hopes

January 17, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were mixed on Tuesday after China posted its second-weakest annual economic growth in nearly half a century, though its recent shift in COVID-19 policy underpinned hopes of a recovery in fuel demand this year. Brent crude futures rose 69 cents, or 0.8 percent, to $85.15 a barrel by 0913 GMT. U.S. West Texas…

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World Shares Slip as China Says Economy Slowed Further

January 17, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—World shares were mostly lower Tuesday after China reported its economy expanded at a 3 percent pace last year, less than half 2021′s rate. European shares declined and Asian shares were mixed as investors watched to see if Japan’s central bank will alter its longstanding policy of keeping its key interest rate at minus 0.1…

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Elon Musk Mocks WEF as Global Elite Gather in Davos

January 16, 2023
Business & MarketsCompaniesDavoseconomic policiesElon MuskInternationalWorldWorld Economic Forum (WEF)
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Tesla CEO Elon Musk took to his newly acquired social media platform over the weekend to make a series of quips aimed at the global organization, the World Economic Forum (WEF). The WEF’s annual meeting in Davos, Switzerland—which features a host of international leaders, central bankers, Wall Street executives, and celebrities—began on Monday and will…

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Trump Tax Cuts Reduced Corporate Effective Rates, but Boosted Revenue: GAO Report

January 16, 2023
Business & MarketsCompaniescorporate tax rateeconomic policieseconomygaoTrump Tax CutsUS
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The average effective tax rate, or the proportion of income paid after tax breaks, among profitable major firms dropped from 15.7 percent in 2014 to 8.9 percent in 2018, according to a new study (pdf) by the Government Accountability Office (GAO). Despite lower rates, tax contributions from large profitable companies increased from 2016 to 2018, due…

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Pay per Mile: States Move Toward User-Based Road Tax

January 16, 2023
Beth BreljeBusiness & Marketseconomic policieseconomyenergyinflationOregonPennsylvaniapersonal financeUSUS NewsUtah
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With each gallon of gas pumped in the United States since 1932, drivers have been paying taxes. The revenue is used for road repairs and public transportation such as train and bus systems. Currently, the Fed takes 18.4 cents per gallon for gas or 24.4 cents per gallon for diesel. State gas taxes range from…

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