Interest rates on the most popular type of U.S. home loan shot to a six-month high last week as global rates continued their march higher against a bout of stiff inflation and expectations that central banks will back further away from their pandemic-era easy-money policies. The contract rate on a 30-year fixed rate mortgage climbed…
Federal Reserve: Businesses Say Vaccine Mandates Are Hurting Employment
October 21, 2021
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The Federal Reserve on Thursday said that businesses have reported COVID-19 vaccine mandates have hurt employment and are contributing to labor supply problems—even before President Joe Biden’s previously announced vaccine mandate for private businesses goes into effect. While employment increased at a modest to moderate rate in recent weeks, the Fed’s so-called Beige Book noted…
Fed’s Quarles Says He Doesn’t See Rationale for Central Bank Digital Currency
October 21, 2021
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Federal Reserve Governor Randal Quarles, until recently the U.S. central bank’s top financial regulator, on Wednesday said he does not understand the arguments in favor of issuing a central bank digital currency. “Until somebody answers me the question why, I don’t understand why we would devote the enormous amount of resources and the technological risk…
Birkin Bag Maker Hermes Shrugs Off China Slowdown, Sales Beat Forecasts
October 21, 2021
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PARIS—Sales at Birkin bag maker Hermes grew by 31 percent in the third quarter, beating market expectations even as the pace of the rebound from the fallout of the coronavirus pandemic slowed down from the previous three months. Revenues at the end of the quarter stood at 2.37 billion euros ($2.76 billion), some 40 percent…
5 Key Things You Need to Know About the John Deere Strike
News Analysis Roughly 10,000 members of the United Auto Workers (UAW) union have been on strike against Deere & Company, the parent company of farm and construction equipment maker John Deere, since midnight on Oct. 14. The strike is the largest of the pandemic era and also the largest private-sector walkout since the UAW’s action against General Motors in…
American Airlines Posts Profit Versus Year-Ago Loss as Travel Demand Improves
American Airlines Group Inc. reported a quarterly profit compared to a year-ago loss on Thursday, as easing COVID-19 curbs strengthened travel demand ahead of the peak holiday season. The No.1 U.S. airline reported a net income of $169 million, or 25 cents per share, in the third quarter ended Sept. 30, compared with a loss…
Unemployment Claims Fall to Pandemic Low Amid Tight Labor Market
The Department of Labor reported that the number of Americans filing new claims for jobless benefits dropped to a 19-month-low last week. First-time filings for unemployment claims totaled 290,000 for that week ended on Oct. 16, according to the agency, reporting that the figure was down 6,000 from the previous week. The data released Thursday…
Mexico’s Agriculture Minister Say Mexico Will Not Limit GMO Corn Imports From US
ANKENY, Iowa—Mexico’s agriculture minister said the country would not limit imports of genetically modified (GMO) corn from the United States during a meeting with U.S. Agriculture Secretary Tom Vilsack in Iowa on Wednesday. Mexico published an executive order late last year that sought to ban in three years the use of GMO corn for human…
Energy Price Cap Needs to Be Changed, Says Scottish Power Boss
Britain’s energy price cap should be changed to become more reflective of the cost for suppliers to buy energy from the wholesale market, the boss of one of Britain’s biggest suppliers has said. The energy price cap is likely to cost the industry around £5 billion ($6.86 billion) over the next six months as customers…
Futures Lower After Tesla, IBM Quarterly Results
October 21, 2021
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U.S. stock index futures edged lower on Thursday as IBM and Tesla fell after their quarterly results, with investors awaiting more reports to see the impact of supply chain disruption and labor shortages on companies. Tesla Inc. fell 1 percent in premarket trading as it said on Wednesday its upcoming factories and supply-chain headwinds would…
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