Federal Reserve Chairman Jerome Powell is set to appear at a hearing on Sept. 28 where he will tell Congress that inflation is likely to stay elevated over the next few months. Powell will speak Tuesday morning before the Committee on Banking, Housing, and Urban Affairs, in Washington, D.C. as part of a mandated testimony regarding…
Fed Chairman Jerome Powell to Tell Congress Inflation ‘Likely to Stay Elevated Over Next Few Months’
September 28, 2021
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Business & EconomyCOVID-19 pandemicEconomieseconomyFederal Reserveinflationjerome powellMarketsUSUS News
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Fed’s Powell: Reopening Economic Bottlenecks Could Be ‘More Enduring’
September 28, 2021
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Business & EconomyEconomic BottlenecksEconomieseconomyFederal Reservejerome powellMarket WatchMarketsreopeningUS
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WASHINGTON—The higher prices and hiring difficulties seen as the U.S. economy reopens from the pandemic could prove “more enduring than anticipated,” and the Federal Reserve would move against unchecked inflation if needed, Fed Chair Jerome Powell said in remarks prepared for delivery to the Senate Banking Committee on Tuesday. “The process of reopening the economy…
China’s Curbs on Electricity Use Widen, Economy to Shrink
September 27, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyChina economyChina's powerEconomiesWorld
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China’s power restrictions and forced cuts to factory production are becoming more common amid electricity supply issues. Experts predict the impacts from Beijing’s new policies will hurt the country’s economy. According to local media the 21st Century Business Herald, the power crunch has expanded to more than 10 provinces, including China’s economic powerhouses of Jiangsu,…
Powell Meets a Changed Economy: Fewer Workers, Higher Prices
WASHINGTON—Restaurant and hotel owners struggling to fill jobs. Supply-chain delays forcing up prices for small businesses. Unemployed Americans unable to find work even with job openings at a record high. Those and other disruptions to the U.S. economy—consequences of the viral pandemic that erupted 18 months ago—appear likely to endure, a group of business owners…
Some Apple, Tesla Suppliers Suspend Production in China Amid Power Pinch
September 27, 2021
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appleAsia & PacificBusiness & EconomyChinaChina Business & EconomyCompaniesEconomieseconomypowerproductionUSUS NewsWorld
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Several Apple Inc. and Tesla Inc. suppliers have suspended production at some Chinese factories for a number of days to comply with tighter energy consumption policies, putting supply chains at risk in the peak season for electronics goods. Two major Taiwanese chipmakers, however, said their China facilities are operating as normal. The development comes as…
Pentagon Preparing for Potential Government Shutdown: Spokesman
Pentagon spokesman John Kirby said that the Department of Defense is preparing for the possibility of a government shutdown by the end of the month as Congress works to avert it. “We hope that Congress will prevent a costly shutdown,” said Pentagon spokesman John Kirby on Sept. 24 in a news conference. “The administration’s efforts…
Rolls-Royce Soars After Hitting Disposal Target With $2 Billion ITP Sale
LONDON—Rolls-Royce said it had agreed to sell its Spanish unit ITP Aero to a consortium led by Bain Capital Private Equity for 1.7 billion euros ($2 billion), helping the British engineering group hit its 2 billion pound target for disposals. The sale, announced on Monday, sent Rolls-Royce shares soaring 11 percent to 148 pence, their…
Dow, S&P Futures Inch Higher as Banks, Energy Stocks Jump
September 27, 2021
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Business & EconomyCompaniesDowEconomieseconomyenergyInvestmentLocal NewsMarketsNew YorkNY NewsRegional-Local NewsS&PstocksUSUS News
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Futures tracking the Dow and the S&P 500 index edged higher on Monday, as investors pivoted towards economically sensitive sectors, with focus turning towards upcoming economic readings and ongoing talks over increased government spending. Oil majors Exxon Mobil and Chevron Corp. rose 1.5 percent and 1.2 percent in premarket trade, respectively, tracking crude prices, while…
Aldi to Invest $1.8 Billion to Accelerate Growth in Britain
LONDON—The British and Irish arm of German discount supermarket group Aldi will invest 1.3 billion pounds ($1.8 billion) in its business over the next two years as it attempts to accelerate its growth in market share, it said on Monday. The retailer plans to open another 100 new stores in Britain, expand its logistics infrastructure,…
Bank of Ireland Blames Irish Pay Cap as CFO Announces Departure
DUBLIN—Bank of Ireland blamed state-imposed curbs on bankers pay and bonuses for the announcement on Monday that Chief Financial Officer Myles O’Grady would leave the bank for a role outside the financial sector. Ireland capped executive pay at 500,000 euros ($552,300) a year during the euro zone’s costliest banking rescue more than a decade ago….
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