Recent respite for China, on which other emerging markets are highly leveraged, could be short-livedSuddenly it seems that emerging-market economies have gained a respite. Capital flows to these economies dried up in the second half of last year as the US Federal Reserve raised its policy rate for five consecutive quarters and shrank its balance sheet. But in January, the Fed announced a pause, which...
It is a billionaires’ playground where haircuts cost $800 and high-rise duplexes go for $32m. So why do the angular towers of Hudson Yards look so cheap?‘One thing that’s always been true in New York,” says Dan Doctoroff, “is that if you build it, they will come.” He is referring to Hudson Yards, the $25bn, 28-acre, mega-project that he had a critical hand in originating while he was deputy...
Proposed US levies would be retaliation for EU subsidies for AirbusIMF says no-deal Brexit risks two-year recession for UK Debenhams is taken over by lenders; Mike Ashley loses stakeCarlos Ghosn says ‘backstabbing’ Nissan conspiring against him 3.52pm BST The International Monetary Fund has the jitters – with Brexit and trade tensions at the top of the agenda at its latest Washington meeting.It...
When Trump won the election, photographer Brian Rose made straight for the gambling town – to show the reality behind his billionaire boasts. The broken city he captured speaks volumes about today’s AmericaWhen Donald Trump opened the towering Trump Taj Mahal Casino in Atlantic City in March 1990, he declared it “the eighth wonder of the world” and joined in the celebrations at a launch ceremony...
Larry Kudlow insisted Herman Cain and Stephen Moore are worthy and brushed off questions about their qualificationsDonald Trump’s controversial picks for the board of the Federal Reserve are “very smart people” worthy of the honour, a senior economic adviser insisted on Sunday while brushing off questions about the two men’s qualifications and past behaviour. Related: Officials forced way in...
Authorized 2013 break-in began process of selling property owned by Trump Fed pick to raise money owed after divorceStephen Moore held in contempt over failure to repay debtsA court official accompanied by four police officers had to break into the home of Stephen Moore, Donald Trump’s pick for the Federal Reserve board, after he repeatedly failed to pay debts to his ex-wife. Related: Democrats seek...
Stephen Moore owes $75,000 in unpaid federal taxes and was held in contempt of court over unpaid debtsDemocratic US senators have pressed Stephen Moore for detailed information on his finances over the past decade, after the Guardian revealed he owed $75,000 in federal taxes and was held in contempt of court over unpaid debts.Moore, the economics commentator chosen by Donald Trump for a seat on the...
Legal filing on Moore’s divorce was sealed by a court order on Monday in response to a request from his ex-wifeLegal filings detailing how Stephen Moore, Donald Trump’s pick for a Federal Reserve board seat, was found in contempt of court have been hidden from the public following a report by the Guardian.The entire file on Moore’s divorce was sealed by a court order on Monday in response to...
Major shifts in the economy should be foreseeable, but no one forecast such massive risesShould we have known in March 2009 that the US S&P 500 stock index would quadruple in value in the next 10 years, or that Japan’s Nikkei 225 would triple, followed closely by Hong Kong’s Hang Seng index? The conventional wisdom is that it is never possible to “time the market”. But moves as big as these,...
The prospect of trade war with China has receded, but so have hopes of the US economy continuing its 2018 growth ratesThere was a sense of relief across global financial markets this weekend after the hardliners among Donald Trump’s trade negotiators appeared to soften their line on import tariffs against Chinese goods.Treasury secretary Steve Mnuchin and trade representative Robert Lighthizer let...
Records obtained by Guardian show Stephen Moore reprimanded by judge for not paying alimony, child support and other debtsStephen Moore owes $75,000 in taxes, IRS allegesStephen Moore, the economics commentator chosen by Donald Trump for a seat on the Federal Reserve board, was found in contempt of court after failing to pay his ex-wife hundreds of thousands of dollars in alimony, child support and...
Rolling coverage of the latest economic and financial news, as worries of a global slowdown spook investorsLatest: US economy growing slower than thoughtExperts: Slowdown underwayTurkish president hits out over lira crisisEurozone confidence weakens againIntroduction: Falling bond yields show growth worries are building 9.05pm GMT Finally, here’s our news story on the US growth figures:US economic...
Last-quarter growth was 2.2%, down from estimated 2.6%Slew of weak global indicators dents confidenceUS economic growth slowed at the end of 2018, falling well below the Trump administration’s projections and closing a strong year on a more worrying note.The commerce department said on Thursday that the US expanded at an annual rate of 2.2% in the last three months of the year, down from an initial...
Stephen Moore disputes the IRS claim and says he is ‘eager to reach an agreement’ but has been frustrated by bureaucracy Follow the latest US politics newsStephen Moore, the conservative economics commentator chosen by Donald Trump for a seat on the Federal Reserve board, is being pursued by the US government for $75,000 in taxes that it alleges he owes.A claim for the debt was filed against Moore...
Australian treasury yields hit a record low in a grim portent for the economy, while the Nikkei falls 3% in wider share selloffShares in Asia Pacific have slumped after a key market indicator flashed an “amber warning” that the United States could be heading for a recession.Bond yields also continued to fall across the world with Australian 10-year treasury yields falling to a record low on Monday...
Wall Street economists claim low unemployment rate and rising GDP point to Trump victory, despite his poor personal pollsForget Robert Mueller and Stormy Daniels. Ignore Russia. If the election were held today, Donald Trump would win – and if America’s economy remains robust he may well win again in 2020, according to Wall Street. Related: The race for 2020 is on. The time to prioritize the Hispanic...
US central bank leaves borrowing costs on hold, cuts growth forecasts, and says rates probably won’t rise this yearLatest: Fed predicts no rate hikes in 2019Analyst: They’ve caved into TrumpEarlier:Pound hit by Brexit extension moveManufacturers despair as growth slowsBreaking: UK inflation back up to 1.9% 8.03pm GMT And finally.... the US stock market has closed in the red, following Europe’s...
Stalling inflation and a need to show independence have pushed it to a dovish stanceThe US Federal Reserve surprised markets recently with a large and unexpected policy change. When the Federal Open Market Committee (FOMC) met in December 2018, it increased the Fed’s policy rate to 2.25%-2.5%, and signalled that it would raise the benchmark rate another three times, to 3%%-3.25%, before stopping....
Central banks in spotlight amid Brexit uncertainty and growth concerns 3.02pm GMT A placid day on global stock markets has been enlivened by a series of big-money corporate announcements.Shares in Deutsche Bank and Commerzbank have both risen after they finally confirmed that merger talks are going on. There is still a long way to go politically and financially before any deal is finalised, but the...
The modern monetary theory debate is welcome in a world laying bare the constraints of conventional policyThe last few months of 2018 saw a real bout of jitters in the financial markets. Growth was slowing everywhere and share prices were in full retreat. There were fears that this was the start of Global Financial Crisis 2.0.In the end, central banks managed to calm things down. The US Federal Reserve...
