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1 Article
Source: Global News

U.S. deficit grows to $779 billion — a 17 per cent increase over last year

Today 14:32 GMT

The U.S. government closed the 2018 fiscal year $779 billion in the red, its highest deficit in six years, as Republican-led tax cuts pinched revenues and expenses rose on a growing national debt, according to data released on Monday by the Treasury Department.

Donald Trump claims, again, U.S. has trade deficit with Canada — after admitting he made it up. New government spending also expanded the federal deficit for the 12 months through September, the first full annual budget on the watch of U.S. President Donald Trump.

1 Article
Source: Common Domain

Janet Yellen Calls Trump’s Attack on Fed Counterproductive

Today 14:32 GMT

Former Federal Reserve Chairwoman Janet Yellen said President Trump’s attacks on the central bank could be counterproductive if they cause investors to doubt the Fed’s commitment to keeping inflation in check.

Ms. Yellen said Monday at the annual convention of the Mortgage Bankers Association that she didn’t think the central bank or her successor as Fed chairman, Jerome Powell, would be influenced by Mr. Trump’s criticism last week, in which he said the Fed had “gone crazy” in its campaign to slowly raise short-term borrowing costs.

1 Article
Source: Reuters

Walmart lowers earnings outlook due to Flipkart buy; shares drop

Today 14:33 GMT

(Reuters) - Walmart Inc (WMT.N) lowered its earnings forecast for the year on Tuesday and said its e-commerce growth next year would be slower than the current fiscal year that ends in January, sending its shares down in premarket trading.

Walmart’s earnings next year will be eroded by its acquisition of Indian e-commerce firm Flipkart in May for $16 billion, its largest-ever deal, in order to compete with Amazon.com

1 Article
Source: CBS News

Federal budget deficit hits 6-year-high in Donald Trump's first fiscal year as president

Today 14:32 GMT

The federal budget deficit has surged to $779 billion in fiscal 2018, its highest level in six years, as President Donald Trump's tax cuts caused the government to borrow more heavily in order to cover its expanded spending.

"The budget numbers make very clear that the faster growth isn't stopping the deficit from increasing," said Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, a group that advocates for lower deficits.

1 Article
Source: BBC

UK wage growth fastest for nearly 10 years

Today 14:33 GMT

"Achieving a meaningful improvement in wage growth will be an uphill struggle unless the underlying issues that continue to limit pay settlements are tackled - notably sluggish productivity, considerable underemployment and high upfront costs for businesses."

David Freeman, the Office for National Statistic's (ONS) head of labour market, said: "People's regular monthly wage packets grew at their strongest rate in almost a decade, but, allowing for inflation, the growth was much more subdued. "The number of people in work remained at a near-record high, while the unemployment rate was at its lowest since the mid-1970s."

1 Article
Source: CBS News

Investors pause on stock selloff amid Saudi, oil concerns

Today 13:35 GMT

Investors hit the pause button on a stock selloff that began last week amid mounting concerns about relations with Saudi Arabia following the disappearance and suspected murder of journalist Jamal Khashoggi.

The Dow and S&P 500 lost more than 4 percent of their value last week as investors shifted money amid concerns about global trade tensions and economic growth. Tensions between the U.S. and Saudi Arabia are rising following the disappearance of Khashoggi, who was last seen entering the Saudi consulate in Istanbul.

12 Articles
Source: Common Domain

Behind Market Turmoil, Potentially Good News

Saturday 20:55 GMT

Nonetheless, there are many ways things may not go according to plan: Growth may abruptly downshift as a tax-cut fueled “sugar high” recedes; tight labor markets and tariffs could push up inflation; or emerging market turmoil could spread.

In its semiannual outlook released this week, the International Monetary Fund said the U.S. economy is already operating above its normal capacity, and the fiscal boost coming from lower taxes and increased spending “could lead to an inflation surprise,” triggering rapid rate increases, global financial turmoil, and a stronger dollar, all bad for global growth.

1 Article
Source: Common Domain

The IMF is not pessimistic enough — and that’s bad news for investors

Today 12:42 GMT

The IMF seems fated to return to its pattern of Groundhog Day forecasting that followed the global growth surge in 2010.

The projections acquired a déjà vu quality: each time growth proved disappointing, the IMF found a reason why growth had temporarily slowed—the T?hoku earthquake and tsunami in Japan, uncertainty about America’s exit from expansionary monetary policy, a “one-time” repricing of risk, and severe weather in the United States.

1 Article
Source: The Guradian

What’s the point of growth if it creates so much misery?

Today 11:47 GMT

• Lynsey Hanley is a freelance writer and the author of Estates: an Intimate History and Respectable: Crossing the Class Divide

As the examples of Preston, Enfield and Oldham councils have shown, it hurts nobody to bring services back into local authority control and to divest from the outsourcing firms whose own definition of “growth”’ is extracting profit from social misery. Visions of an economy run for social good, rather than individual gain, are being developed by Labour through a series of regional workshops on the “new economics”.

1 Article
Source: DW

The fight against breast ironing in Cameroon

Monday 19:07 GMT

Since it was founded in 2005, Renata has been working to create awareness of the breast ironing practice and its consequences, particularly through workshops for teenage mothers.

One of the most recent studies dates back to 2013 and was conduced with the help of German development organization, GIZ. There is currently very little data available about the practice of breast ironing.

1 Article
Source: Reuters

Affluent cities gained at expense of Trump's 'forgotten' America study

Today 10:51 GMT

The economic divide between affluent U.S. cities and suburbs and the ailing, often rural, areas where blue collar and middle-tier service jobs are the norm grew wider after the onset of the Great Recession, a Washington-based think tank said on Monday.

The time frame of the study, capturing the impact of the 2007-2009 recession and the bulk of an ongoing recovery, gives insight into some of the forces that fueled President Donald Trump’s 2016 election victory, with areas outside the booming coastal cities struggling to hang on to old-line industries in the information age.

2 Articles
Source: Common Domain

Oil prices rise on growing U.S.-Saudi tensions

Today 09:56 GMT

Oil prices moved higher in choppy action on Monday, feeding off a growing feud between the U.S. and Saudi Arabia over a missing journalist.

In addition, an editorial by Saudi-owned Al Arabiya channel’s general manager Turki Aldakhil on Sunday warned that any sanctions imposed on the country could push oil prices to $100, $200 or even double that amount. “Another geopolitical hot spot for the U.S. administration to navigate but this one extremely testy given that President Trump has been pressuring Saudi to up supply to counter the U.S.-led Iran oil sanction,” said Stephen Innes, head of trading in the Asia Pacific for OANDA, in a note to clients.

1 Article
Source: BBC

UK 'will see three years of low growth'

Today 07:00 GMT

The UK can expect low economic growth for the next three years, while a no-deal Brexit could dent growth even further, says a forecasting body.

EY chief economist Mark Gregory said: "The UK economy is going to experience a period of low economic growth for at least the next three years, and businesses need to recognise this and adjust accordingly. "They should also consider a sharp downside to the economy in the event of a no-deal Brexit and make preparations for such a scenario."

1 Article
Source: Common Domain

The Bad Trade-Offs Emerging Markets Face

Monday 03:20 GMT

Countries are making these trade-offs for fear the turmoil that has gripped emerging markets such as Turkey and Argentina could spread more broadly.

Central bankers and finance ministers attending the annual gathering of the International Monetary Fund and the World Bank in Bali, Indonesia, debated the ability of emerging markets to withstand higher interest rates, which make their dollar debts more expensive to repay.

1 Article
Source: Reuters

New communication sector's shine could soon wear off

Monday 13:37 GMT

The mash-up of old and new media may not be a winning combination for the new S&P communication services sector index .SPLRCL as its highest fliers face regulatory threats and challenges to user growth.

On one hand, the communication sector’s old-media names have cushioned it somewhat in comparison to tech’s steeper plunge, but those less growth-oriented companies also limit the sector’s upside potential.


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