WASHINGTON (AP) — The U.S. economy shrank at a 0.6% annual rate from April through June, the government said Thursday in an upgrade from its initial estimate. It marked a second straight quarter of economic contraction, which meets one informal sign of a recession. Most economists, though, have said they doubt the economy is in…
NEW YORK (AP) — Fewer Americans filed for unemployment benefits last week as the labor market continues to stand out as one of the strongest segments of the U.S. economy. Applications for jobless aid for the week ending Aug. 20 fell by 2,000 to 243,000, the Labor Department reported Thursday. The four-week average for claims,…
SEOUL, South Korea (AP) — South Korea has signed a 3 trillion won ($2.25 billion) contract with a Russian state-run nuclear energy company to provide components and construct turbine buildings for Egypt’s first nuclear power plant, officials said Thursday. The South Koreans hailed the deal as a triumph for their nuclear power industry, although it…
JACKSON HOLE, Wyoming (AP) — A half-hour drive or so from the resort where the high priests of international finance — leading economists and central bank officials — have convened in Jackson Hole, Wyoming, to discuss the world’s economic challenges, Ash Hermanowski oversees the distribution of about 1,200 free meals a day. At a food…
(Reuters) – U.S. stock index futures rose on Thursday, supported by megacap growth stocks as Treasury bond yields dipped, while focus turned to the Federal Reserve’s annual Jackson Hole symposium for clues on the central bank’s monetary policy outlook. Wall Street snapped its three-day losing streak on Wednesday boosted by strong gains in energy stocks…
(Reuters) – Canadian Imperial Bank of Commerce on Thursday reported a fall in third-quarter earnings, as the lender set aside higher provisions to prepare for defaults arising from a slowdown in the economy. Net income, excluding one-off items, stood at C$1.85 per share in the three months ended July 31, compared with C$1.96 per share…
(Reuters) – Federal Reserve Bank of Atlanta President Raphael Bostic said he hasn’t decided if the Fed should increase interest rates by 50 basis points or 75 basis points at its policy meeting next month, the Wall Street Journal reported. Bostic told the Journal the U.S. central bank still has some way to go on…
LONDON (AP) — A cost-of-living crisis in Britain is about to get worse, with millions of people paying about 80% more a year on their household energy bills starting in October. The U.K. energy regulator on Friday announced the latest price cap, which is the maximum amount that gas suppliers can charge customers per unit…
PARIS (Reuters) – Car production at Stellantis’ Sochaux car plant in France will be suspended until Saturday, the company confirmed to Reuters, after a union official cited semiconductor shortages as the reason for the interruption. Earlier this summer, chip shortages affecting one of its main suppliers led to forced production stoppages at the historic Peugeot…
BEIJING (AP) — Asian stock markets followed Wall Street higher on Friday ahead of a speech by the Federal Reserve chair that investors hoped would shed light on plans for more interest rate hikes. Shanghai, Tokyo, Hong Kong and Seoul advanced. Oil prices rose. Investors focused on Chair Jerome Powell’s speech at the Fed’s annual…
