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Latest 24 Hour Economy News
Source: NBC News

Fact check: Democrats claim GOP tax bill slashes $25B from Medicare

Wednesday 20:03 GMT

It's become a staple of Democratic attacks on the Republican tax bills in the last week: A vote for the GOP's $1.5 trillion tax cut is a vote to cut Medicare by $25 billion a year.

It is unlikely Medicare spending will actually be reduced next year as an immediate consequence of the tax bill — in fact, doing so could require Democrats to insist on cuts over Republican objections. The Medicare cuts stem from the current iteration of PAYGO, a law that requires Congress to offset increases in mandatory spending or reductions in tax revenue so that they don't increase the deficit.

Source: Common Domain

Fed minutes likely to greenlight rate hike in December, but inflation debate still unsettled

Wednesday 08:07 GMT

The minutes of a two-day Fed meeting that ended Nov. 1 are widely expected to show the bank is poised to raise its benchmark short-term interest rate to a range of 1.25% to 1.5%.

“The minutes to their Nov. 1 meeting will no doubt shed more light on just how hard the FOMC is looking for inflation,” said Richard Moody of Regions Financial.

Source: Common Domain

Turkish central bank struggles to stabilize falling lira as Erdogan bashes policy makers

Wednesday 08:06 GMT

The Central Bank of the Republic of Turkey implemented a backdoor interest rate hike on Tuesday in an effort to calm the spiraling Turkish lira and spiking bond yields.

Even though, Tuesday’s central bank action calmed the Turkish lira for a little while, “this does not mean we are out of the woods just yet and any economist worth his salt is seeing the need for a significant amount of tightening by the central bank to really wrestle the issue down to the mat,” wrote Brad Bechtel, currency strategist at Jefferies.

Source: Fox News

Newt Gingrich: House and Senate GOP must stay united to enact tax cuts

Wednesday 08:06 GMT

Along with Senate Majority Leader Mitch McConnell, R-Ky., and President Trump – announced the Republican tax framework that became the foundation for both the House and Senate versions of the Tax Cuts and Jobs Act.

Ryan realized he could unify the White House and GOP members in the House and Senate by focusing the Republican legislative agenda on an area where they were likely to find common ground: tax cuts and job creation.

Source: Global News

The average Canadian could save $360 more a month without noticing: CIBC

Wednesday 05:11 GMT

Save up $360 a month starting in January and you end up with $4,320 by December, over twice the $1,500 Canadians are planning to spend this holiday season according to an analysis by PwC.

READ MORE: Not just Black Friday and Cyber Monday: The best days to save on gifts this holiday season. Over 80 per cent of those who took the survey, in fact, said they have scope to trim back their monthly spending “without feeling the pinch.”

Source: Common Domain

This Pink-sheets company is closing in on Amazon

Wednesday 08:06 GMT

That compares with the 117.5% jump in Alibaba shares, the 51.7% rally in Amazon’s stock, the 49.9% run up in Apple shares and the 16.1% gain in the S&P 500.

Tencent would now rank as the fifth largest company if it was in the S&P 500 SPX, +0.67% behind Apple Inc. AAPL, +1.89%  at $891.10 billion, Google parent Alphabet Inc. GOOGL, +1.14%  at $724.65 billion, Microsoft Corp. MSFT, +1.38%  at $645.47 billion and Amazon.

Source: Common Domain

Gold regains some lost ground

Wednesday 08:06 GMT

Gold climbed Tuesday, recouping some of the hefty decline suffered a day earlier, as the U.S. dollar headed lower and investors looked to minutes due midweek from the Federal Reserve’s recent meeting for clues the central bank’s decision on interest rates.

January platinum PLF8, +1.32%  gained 1.5% to $937.30 an ounce and December palladium PAZ7, +1.15%  rose 0.8% to $994.25 an ounce.

Source: The Guradian

'We've been badly served by banks': the small firms seeking ethical banking

Wednesday 17:18 GMT

“And there’s this whole issue about the ‘ethical premium’, that [ethical banking] is costing you more money: well actually, it doesn’t cost you more money, but explaining how that works needs some investment from the banking industry.”

Fishwick put millions of pounds of his own money behind the belief that there’s a demand for ethical banking now more than ever and opened Burnley Savings & Loans in Burnley town centre in 2011.

Source: Common Domain

Eurozone bond bears ignore shrinking supply at their peril, says economist

Wednesday 05:11 GMT

Many investors are betting on European bond prices to fall, and yields to climb, as the eurozone recovery broadens beyond export powerhouse Germany to nations like Portugal and Spain.

All in all, this combination of scarce supply and steady demand is likely to spell “persistent upward pressure on prices” for eurozone debt.

Source: DW

Too big to fail Ranking the banks that matter most

Wednesday 05:11 GMT

Send Facebook Twitter Google+ Whatsapp Tumblr linkedin stumble Digg reddit Newsvine. The 30 banks included in the list fall into various categories, or 'buckets' as they are known, with JPMorgan Chase the only bank ranked in the second most critical category (none are in the most critical category).

Banks and financial institutions of particularly intrinsic importance to the global financial ecosystem are sometimes blithely referred to as "too big to fail”.

Source: Common Domain

Oil gains as traders look ahead to U.S. supply update, OPEC meeting

Wednesday 10:53 GMT

Oil headed higher Tuesday, as traders awaited an update on U.S. crude supplies that comes ahead of a key meeting of major producers next week.

Still, if the pipeline is completed, that will “allow more Canadian oil to reach [the] U.S. and global markets, increasing supply and possibly pressuring oil prices lower,” he said.

Source: Global News

CRA call centre only picks up the phone one third of the time: auditor general

Wednesday 10:53 GMT

Canadians with tax questions are more likely to get a busy signal than talk to a tax agent when they call the Canada Revenue Agency, a new report from the auditor general found.

With regard to findings on misleading information, the CRA said it will launch a new approach to training and evaluating its call centre agents in the fourth quarter of 2017-18.

Source: Common Domain

Waiting for gold to bottom Watch this group of bulls

Wednesday 05:11 GMT

Gold is the place investors head to when the political and economic going gets rough, but it seems not much jolts investors these days.

Here’s our call of the day from Tiho Brkan, founder of The Atlas Investor blog, who says gold and silver have some way to go on the downside. As Brkan explains in a series of tweets, there are a bunch of hedge funds holding about 200,000 long (bullish) positions on gold and a drop below $1,260 an ounce may push them out of the trade.

Source: Common Domain

The Morning Ledger: U.S. Sues To Block AT&T, Time Warner Deal

Wednesday 05:11 GMT

The U.S. Justice Department filed a lawsuit Monday challenging AT&T’s proposed acquisition of Time Warner Inc., alleging the combination of the two companies poses an unlawful threat to competition that could raise prices and slow innovation, report WSJ’s Brent Kendall and Drew FitzGerald.

The government’s lawsuit claims this megadeal would hurt consumers and competition because AT&T could wield its power to charge cable-TV rivals higher prices for HBO, Turner Sports and other popular Time Warner programming.

Source: Common Domain

This chart on research productivity is bad news for the stock market

Wednesday 05:11 GMT

Unfortunately, there is now serious doubt that Moore’s Law can continue, which in turn calls into question whether the economy and the stock market in coming decades will grow at a rate anything close to what it has over the last 50 years.

A new study from the National Bureau of Economic Research found it’s taking an increasingly large amount of research effort for the semiconductor industry to adhere to the Law.

Source: Washington Post

What is pumpkin pie without its crust A one-pan, stress-free dessert.

Sunday 20:01 GMT
Source: DW

Pioneer to pensioner: Calvin Klein turns 75

Sunday 20:02 GMT
Source: Fox News

Florida church warns at every door 'we are heavily armed'

Sunday 20:01 GMT
Source: CBS News

San Francisco's leaning tower of lawsuits

Tuesday 00:37 GMT
Source: CBS News

The 12-year-old prodigy whose "first language" is Mozart

Tuesday 00:37 GMT
Source: CBS News

Whisky from the Land of the Rising Sun

Sunday 17:17 GMT
Source: Fox News

Woman with body-length birthmark uses ‘sexy’ selfie to promote awareness

Sunday 17:17 GMT
Source: Global News

The average Canadian could save $360 more a month without noticing: CIBC

Wednesday 05:11 GMT
Source: Common Domain

Nine-Figure Listing in Los Angeles Gets $10 Million Price Cut

Wednesday 10:54 GMT
Source: Common Domain

Apple Wipes Skype From China App Store

Wednesday 23:46 GMT
Source: Common Domain

Hong Kong Apartment Breaks Price Records

Wednesday 23:45 GMT
Source: Common Domain

Stock market could tumble 15% if 10-year Treasury yield crosses this line

Wednesday 23:45 GMT
Source: CBS News

CBS says it remains "far apart" on deal with Dish

Wednesday 23:45 GMT
Source: Common Domain

How Charitable Donors Can Minimize Taxes This Year

Wednesday 23:44 GMT

“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte