Retail stocks were once again heading straight for the discount bin on Wednesday. Struggling department store operator Macy’s was the day’s biggest decliner on the S&P 500, dropping 2 per cent to $30.32 following news that one-time suitor Hudson’s Bay now has its eyes on upmarket retailer Neiman Marcus instead. Shares in Macy’s, which have been languishing at six-year lows amid falling sales and profits, had rallied […]
In the widely anticipated budget proposal to be released by President Trump on Thursday, the White House will call for spending cuts of 28% for the State Department and 31% for the Environmental Protection Agency, the New York Times reported on Wednesday, citing congressional staff who are familiar with the plan. The budget plan for fiscal 2018 will also propose a big reduction in the State Department’s […]
NEW YORK Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said on Wednesday he expected a short-term rally in U.S. Treasuries and that investors should “use the strength” in U.S. stocks to take profits and diversify in overseas markets. “I am surprised with the relentless nature” of equities after the election of U.S. President Donald Trump, Gundlach said on CNBC. Gundlach, who oversees more than $101 billion […]
The White House will propose large spending cuts on Thursday for the state department, public broadcasting and environmental programmes as part of its preliminary budget for the 2018 fiscal year. Administration aides call it an “America First” budget — with greater spending on defence, law enforcement and veteran affairs, as well as new education programmes that emphasise school choice. The last are a pet project of Betsy […]
Key points ● Treasury yields have fallen, with the 10-year yield lower by 9 basis points to 2.50 per cent● Market expectations for at least four Federal Reserve rate increases this year dipped to less than one-in-five● Wall Street has extended gains, S&P 500 gaining as much as 0.9 per cent to 2,387.23● US dollar falls across the board, with the dollar index down 1 per cent […]
A retired Navy admiral charged along with eight military officers with corruption in the “Fat Leonard” bribery case hosted and paid for a lavish sex party in the MacArthur Suite of the Manila Hotel in the Philippines – and used “historical memorabilia” in the room during sex acts, according to a 78-page federal indictment. Rear Adm. Bruce Loveless, while on a port visit on USS Blue Ridge […]
By Dustin Volz | WASHINGTON WASHINGTON The U.S. government on Wednesday unsealed charges against two Russian spies and two criminal hackers for allegedly pilfering 500 million Yahoo user accounts in 2014, The indictments, announced at a news conference in Washington, represent the first time the U.S. government has criminally charged Russian officials for cyber offenses. The content of at least 30 million accounts were accessed as part […]
A grand jury in California has charged four people — including two Russian intelligence officers — in a pair of computer hacks against Yahoo that victimised hundreds of millions of consumers, the US Justice Department said on Wednesday. The men penetrated Yahoo’s email accounts, often using “spear phishing” emails, and used information they obtained to access other accounts at Yahoo and Google. Among those targeted were Russian […]
Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. Nate Silver’s “March Madness” analysis is out and, knock on hardwood, he’s not picking Hillary Clinton. I know, I know. Cheap (jump) shot. It’s that time of year when FiveThirtyEight, the ESPN-owned politics and sports data site founded by Silver, […]
It is fitting that just a few hours until the Fed’s second rate hike in two quarters, and one day after Goldman downgraded global stocks to Neutral for the next 3 months, not to mention with the results of the anticipated Dutch election due shortly, that global stocks as well as S&P futures are higher, while crude oil has finally managed to stage a rebound as the […]
15 March 2017 Dubai, UAE – Al Shafar General Contracting Company (ASGC), a leading and award-winning UAE construction group, was the recipient of the Roads and Transport Authority’s Best Mega Construction Projects Contractor Award. The award was presented by Mohammed Obaid Al Mulla, Board Member of the RTA’s Board of Directors, and received by Abdul Aziz Mohamed Bin Shafar, Vice President and Executive Director of ASGC, during […]
ABU DHABI // Farmers and members of the Federal National Council called for more measures to protect local food prices from competition with cheap imports. Experts, however, said that such restrictions, proposed at the FNC meeting on Tuesday, could drastically raise food prices and would not solve the problem of water scarcity. FNC members had raised complaints from local farmers, who say their products are getting drowned […]
Donald Trump paid an effective tax rate of 25 per cent in 2005 on income of $150m, according to a leaked tax return that sheds a glint of light on the tax affairs the president has kept shrouded in secrecy. MSNBC reported that two pages of Mr Trump’s return — which revealed nothing about his income sources — showed the president paying $38m in tax and reporting […]
Wednesday 02:40 GMT Overview A rally in crude oil prices that erased the losses of the previous session failed to bolster energy stocks in Asia, as bond and currency traders also shunned major moves ahead of the US Federal Reserve’s interest rates decision later in the day. Hot topic Crude was climbing in Asia after a slide on Tuesday. Brent, the international benchmark, was up 1.3 per […]
By Susan Heavey and Susan Cornwell | WASHINGTON WASHINGTON President Donald Trump and congressional leaders are weighing changes to their plan to dismantle the Obamacare health law, a White House spokesman said Tuesday, as Republicans defended their effort following an estimate that it would cause 14 million Americans to lose insurance next year. Press Secretary Sean Spicer said White House officials and leaders in the Republican-controlled U.S. […]
This weekend, New York Times Executive Editor Dean Baquet took a shot at his rival, Washington Post boss Marty Baron. During an interview at South by Southwest Sunday, an audience member asked Baquet what he thought of The Washington Post’s new slogan: “Democracy Dies in Darkness.” “‘I love our competition with The Washington Post,’ Baquet said. ‘I think it’s great. But I think their slogan — Marty […]
Republicans are battling to save their new healthcare bill after Congress’s non-partisan watchdog said it would cause about 24m Americans to lose insurance and prompting fierce retaliation from the White House. On Tuesday, the Trump administration fought back against the Congressional Budget Office’s findings that the legislation, while reducing the budget deficit by $337bn, would cause an estimated 52m Americans to be uninsured by 2026. This compared […]
By Jonathan Allen and Scott Malone | NEW YORK/BOSTON NEW YORK/BOSTON A blizzard swept through the heavily populated northeastern United States on Tuesday, grounding thousands of flights, cancelling classes and pummelling those who ventured out onto snow-bound streets. Some 50 million people from Pennsylvania to Maine faced a “rapidly intensifying nor’easter” over the course of the day that was unusual for striking so late in the winter, […]
By Anthony Boadle | BRASILIA BRASILIA Former President Luiz Inacio Lula da Silva on Tuesday called charges “false” that he tried to block an ongoing investigation of the biggest graft scandal in Brazil’s history, which helped end the 13-year rule of his leftist Workers Party. Addressing a packed court, a defiant Lula appeared for the first time in one of five corruption trials in which he is […]
Tuesday 15:10 GMT What you need to know ● Pound under pressure amid Brexit and Scottish secession worries● Sterling drops below $1.22 and euro edges up towards 88p● S&P 500 down 0.5 per cent as sliding oil hits energy stocks● Treasury yields little changed ahead of Fed decision——————- Hot topic The UK pound is back under pressure as traders become concerned that Edinburgh’s demand for a another […]
The Gulf’s healthcare industry is expected to receive the highest volume of investments in 2017 among non-oil sectors as GCC countries seek to further diversify their economies, according to a new survey. CFA Institute, the global association of investment professionals, said its annual Middle East Societies Market Sentiment survey also forecse an increase in hospitality and tourism investment. It said in a statement that in Saudi Arabia, […]
By David Lawder | WASHINGTON WASHINGTON Fourteen million Americans would lose medical insurance by next year under a Republican plan to dismantle Obamacare that would also reduce the budget deficit, a nonpartisan congressional research office said on Monday, throwing President Donald Trump and Republicans on the defensive as they press forward with replacement legislation. The U.S. Congressional Budget Office forecast that 24 million more people would be […]
By Se Young Lee and Jane Chung | SEOUL SEOUL The head of South Korea’s Samsung Group [SAGR.UL], Jay Y. Lee, may be languishing in a jail cell but he is allowed plenty of visitors, which may allow him to play a key role in corporate decisions even if he isn’t running the conglomerate like he did before. Lee, who didn’t attend last Thursday’s preparatory hearing for […]
Nervousness in the US stock market has climbed to the highest level since the aftermath of the presidential election, even as equities have charted a mostly smooth path to further all-time highs in recent weeks. Credit Suisse’s fear barometer rose at the end of last week to 35.6, an increase of almost 10 points from the previous week and the highest reading since November 9, the day […]
