Tag: economic policies

Dollar Slips as Easing COVID-19 Curbs in China Lift Sentiment

December 5, 2022
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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SINGAPORE—The dollar slid across the board on Monday as traders piled into riskier assets after more Chinese cities eased some of their COVID-19-related restrictions, stoking hopes of an eventual reopening of the world’s second-biggest economy. Financial hub Shanghai and Urumqi in the far west were among the cities that announced an easing of coronavirus curbs…

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Oil Prices Rise After OPEC+ Keeps Output Steady, Russian Price Cap Imposed

December 5, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a G7 price cap which kicked in on Russian crude. At the same time, in a positive sign for fuel demand in the world’s top oil importer, more Chinese cities eased COVID-19 curbs over the…

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World Shares Mixed, Oil Higher After Russia Price Cap Pact

December 5, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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World shares were mixed and oil prices rose Monday after the European Union and the Group of Seven democracies agreed on a boycott of most Russian oil and committed to a price cap of $60 per barrel on Russian exports. Germany’s DAX slipped 0.3 percent to 14,490.99 and the CAC 40 in Paris lost 0.2…

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EU Will Respond to ‘Distortions’ in Biden’s Inflation Reduction Act: Von der Leyen

December 4, 2022
Business & Marketseconomic policieselectric vehicleEUEuropeExecutive BranchIRAPolicies & ImpactsPoliticsUSWorld
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European Commission President Ursula von der Leyen on Sunday said the European Union must act to address “distortions” created by the Biden administration’s Inflation Reduction Act (IRA)—part of Biden’s  “Made in America” push. The EU and United States are treading precariously close to a major trans-Atlantic trade dispute at a time when the two Western…

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BofA Warns of Looming Unemployment Shock, Recommends Selling Stock Rallies

December 3, 2022
Business & Marketseconomic policieseconomyInvestmentinvestorsMarketsrecessionunemploymentUSWorld
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Bank of America (BofA) analysts are warning of a collapsing U.S. labor market and a potential rise in unemployment next year. They also recommended selling a stock market rally ahead of the likely surge in job losses. “Bears (like us) worry unemployment in 2023 will be as shocking to Main Street consumer sentiment as inflation…

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Russia Says ‘Dangerous’ Price Cap Won’t Curb Demand for Its Oil

December 3, 2022
Business & Marketscapeconomic policieseconomyenergyEuropeGold and CommoditiesMarketsOilpriceRussiaRussia-Ukraine WarWorld
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Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a “dangerous” attempt by Western governments to introduce a price cap on its oil exports. A coalition of Western countries led by the G7 group of nations agreed on Friday to cap the price of Russian seaborne…

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IRS Warning Americans to Report $600 Transactions From Payment Processors or Risk Facing Audit

December 3, 2022
$600 tax reporting thresholdAmerica Rescue PlanBusiness & Marketseconomic policieseconomyForm 1099-KIRS - U.S. Internal Revenue Servicepersonal financePolicies & ImpactsPoliticsSocial IssuesUS
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The Internal Revenue Service reminds taxpayers to report transactions of at least $600 made through payment networks like Venmo, Paypal, and Cash App as the agency seeks to obtain data regarding part-time employment and side gigs, a move that critics have termed government overreach. In a recent explainer posted online, the IRS said that according…

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Federal Reserve Unveils Climate Risk Proposal for Big Banks for Public Comment

December 2, 2022
Business & Marketsclimateeconomic policieseconomyenergyEnvironmentFDICFederal ReserveGold and CommoditiesInvestmentjerome powellMarketsPolicies & ImpactsSciencestocksUSUS News
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The Federal Reserve Board of Governors on Dec. 2 invited public comment on proposed principles for managing climate-related risks of banks with $100 billion or more in assets. Six of the board’s seven members voted in favor of the move. They included Federal Reserve Chair Jerome Powell, who became chair under President Donald J. Trump….

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November Jobs Prints Well Above Expectations, So Fed Policy Is a Toss-Up

December 2, 2022
Business & MarketsBusiness Columnistseconomic policieseconomyinflationjobsnovemberPolicies & ImpactsUS
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Commentary The November jobs report showed that the economy added 263,000 new jobs, considerably better than the consensus estimate of 200,000 jobs. This morning’s print is 21,000 fewer jobs than were created in October 2022 and 384,000 fewer jobs than were created in the COVID recovery period of 2021. Net revisions for August and September added another 29,000 net new jobs. (It is…

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Wall Street Opens Lower After Robust November Jobs Report

December 2, 2022
Business & Marketseconomic policieseconomyMarketsstocksUS
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Wall Street’s main indexes opened lower on Friday as higher-than-expected job additions in November poured cold water on investor expectations of the Federal Reserve easing its aggressive monetary policy tightening. The Dow Jones Industrial Average fell 129.6 points, or 0.38 percent, at the open to 34265.45. The S&P 500 fell 36.4 points, or 0.89 percent,…

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