TORONTO—A campaign pledge by Canada’s ruling Liberals to raise corporate taxes on banks to help pay for pandemic relief could lead to job cuts and higher borrowing costs as the lenders take steps to protect their profits, investors and political analysts said. Seeking an edge in a tight race ahead of the Sept. 20 election,…
Canadian Liberals’ Promised Hike in Bank Taxes Could Lead to Job Cuts, Higher Borrowing Costs
Mortgage Rates Remain Relatively Flat as Economy Loses Momentum: Freddie Mac
Mortgage rates remain relatively flat as the economy has lost momentum amid the COVID-19 pandemic, according to the latest results of Freddie Mac’s Primary Mortgage Market Survey. According to the data released Thursday by the federally chartered mortgage investor, the rate on a 30-day fixed-rate mortgage averaged 2.88 percent for the week ending Sept. 9, up slightly from 2.87 percent…
Act Fast or Miss the Digital Payments Boat, BIS Tells Central Banks
LONDON—Major central banks should press ahead now with digital currency projects to avoid falling behind comparable private sector payment initiatives that are already taking root, a Bank for International Settlements official said on Friday. Corporate moves into digital payments, including Facebook with its diem stablecoin, have accelerated since the pandemic, as have contactless card transactions,…
Treasury Yields Rise, Wall Street Futures Up, Ahead of Producer Price Inflation Data
Long-dated U.S. Treasury yields rose on Friday ahead of the release of an index that will show the extent of producer price inflation and a day after major Wall Street equities indexes closed down despite encouraging unemployment claims data. The yield on the benchmark 10-year Treasury note rose 2.7 basis points to 1.329 percent, as…
EU Ministers Want EU Budget Rules to Support Investment, Realistic Debt Cuts
BRDO, Slovenia—European Union finance ministers said on Friday that changes to EU budget rules, now under review, should support investment in the post-pandemic economy and allow for a more realistic path in cutting huge public debt. Finance ministers from the 27-nation bloc will begin discussions during a two-day meeting in the Slovenian town of Brdo…
UK GDP Bounce-Back Faltered in July Amid ‘Pingdemic,’ Shortages
The UK’s economic bounce-back faltered in July despite pandemic restrictions being lifted, as businesses were caught by the “pingdemic” and materials shortages. Official statistics from the Office for National Statistics (ONS) said that gross domestic product (GDP) rose by 0.1 percent in the month of July. In June, that figure was 1 percent. The UK…
A Few Cheers, Many Worries Among US Businesses Facing COVID-19 Vaccine, Test Mandate
September 10, 2021
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AMERICABusiness & EconomybusinessesCCP VirusCompaniesEconomieseconomyExecutive BranchJoe BidenmandatePoliticsUSUS NewsVaccineVaccines & Safety
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Big names in Corporate America including Amazon.com Inc cheered U.S. President Joe Biden as he mandated employees either get vaccinated or be tested regularly, but some mid-sized companies worried that the plan would be tough to carry out and unpopular with a slice of their workers. Earlier on Thursday, Biden took aim at vaccine resistance…
Oil Recovers as Tight US Supplies Offset China Reserves Sales Plan
SINGAPORE—Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of about 1 percent after China announced plans to sell crude from its strategic reserves. Brent crude futures for November rose 44 cents, or 0.6 percent, to $71.89 a…
Mexico and US Agree to Work on Supply Chains, Migration
September 10, 2021
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AmericasBusiness & EconomyEconomic TalksEconomieseconomyInternationalMarket WatchMexicoUnited StatesUSUS NewsWorld
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MEXICO CITY/WASHINGTON—The United States and Mexico on Thursday agreed to work on making shared supply chains, especially for semiconductors, more competitive and invest in social programs to tackle migration, said top Mexican officials after high-level economic talks in Washington. The so-called High-Level Economic Dialogue (HLED) was held for the first time in several years and…
As ‘Buy Now, Pay Later’ Surges, a Third of US Users Fall Behind on Payments
A third of U.S. consumers who used “buy now, pay later” services have fallen behind on one or more payments, and 72 percent of those said their credit score declined, a new study published by personal finance company Credit Karma showed. The study, conducted by software firm Qualtrics, surveyed 1,044 adult consumers in the United…
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