Friday, June 24, 2022

    Business Highlights: As the Fed changes, stocks end up higher


    The Fed will tighten credit sharply and see 3 rate increases in 2022

    WASHINGTON: The Federal Reserve will accelerate the recovery of its support for the post-epidemic US economy as inflation rises and it expects to raise interest rates three times next year. In an abrupt policy change, the Fed announced that it would reduce its monthly bond purchases to double the pace previously announced, possibly ending in March. The purpose of buying bonds was to help the economy in the long run, but it is no longer needed in the face of declining unemployment and nearly 40-year highs in inflation. The accelerated schedule puts the Fed on track to start raising rates in the first half of next year.


    Stocks end higher after Fed stimulus accelerated pullback

    Stocks rose steadily on Wall Street on Wednesday after the Federal Reserve said it would accelerate its economic stimulus and raise interest rates three times next year in the face of rising inflation. The Fed will shrink its monthly bond purchases at double the pace of previous announcements, keeping them at full speed in March. The S&P 500 closed at an initial loss and closed up 1.6%, just below the record highs set last Friday. The index is coming off a two-day loss. The Dow Jones Industrial Average rose 1.1% and the Nasdaq rose 2.2%.


    UK Cowid case hits record; Top physicians warn of worse

    LONDON: The UK recorded the highest number of confirmed new COVID-19 infections since the outbreak began on Wednesday, and England’s chief medical officer has warned that the situation could get worse as Omicron launches a new wave of illness over the alternative Christmas holidays. Professor Chris Whitty described the current situation as one of two epidemics, with Omicron infections increasing rapidly and even the country continuing to fight the old Delta variant, which is still causing a large number of infections. Public health officials hope Omicron will become an influential variant across the UK by Christmas and in London very soon. The UK recorded 78,610 new infections on Wednesday, up 16% from the previous record set in January.


    The evictions came months after the end of the federal moratorium

    BOSTON: Housing advocates say evictions are on the rise across the country, just months after the end of the federal moratorium. The increase in cases, though below the pre-epidemic level in most states and cities, shows the impact of the federal aid limit of a few billion dollars and in some places relaxed security. Data collected by Princeton University’s Eviction Lab shows that since the end of the federal moratorium in August, the number of evictions has risen in most 31 cities and six states where it collects data.


    Fashion Icon Channel chooses Indian-origin Leena Nair as CEO

    New Delhi: Luxury fashion house channel has chosen Leena Nair, an industry expatriate from India and longtime executive of Unilever, to be its new CEO. Analysts say its hiring indicates how the brand is accounting for changing consumer awareness about the environmental impact of the industry and the importance of different hiring. Nair tweeted that he was humble and honored to be cast in a role in an iconic and acclaimed company. The news caused a stir in Nair’s birthplace India on Wednesday, where he received much acclaim and acclaim, with one calling him a serial glass-ceiling breaker. Nair is set to step into his new role in January


    Modest 0.3% November retail sales push, optimism still high

    NEW YORK: Americans cut their spending from October to November but still continued to shop ahead of the critical holiday season, overcoming rising prices and deficits. The U.S. Department of Commerce said Wednesday that retail sales rose 0.3% in November from a month earlier, while sales rose 1.8%. While this was slightly weaker than most economists expected, early holiday shopping has traditionally pushed holiday shopping into November, with news of deficits and supply chain issues consistently heading through October for a month. And with Americans spending more on services there were also indications of a return to pre-epidemic behavior, such as going out for dinner, which was under significant stress due to fear of infection.


    AP Source: Biden, Manchin ক্ত Sharply split over 2T dam bill

    WASHINGTON: Presidents Joe Biden and Sen. Joe Manchin are sharply divided over Democrats’ huge social and environmental bills, with Holdout Senators pushing for improved child tax credit systems. The term comes from a person familiar with the discussion who described them on condition of anonymity. Manchin says there are many bad rumors about his position. The stony state of the negotiations includes indications that Senate Majority Leader Chuck Schumer is facing a fight to start a debate on the massive measure before the holidays. Next year, when congressional elections are held, there will be a bad omen about the possibility of allowing him to work on legislation.


    Dissatisfaction with Johnson hampered his future, the virus rule in the UK

    LONDON: British Prime Minister Boris Johnson is facing questions about his future after nearly 100 conservative lawmakers rejected him and opposed new restrictions to help slow down the rapidly spreading Omicron variant. The measures were approved in opposition support and took effect on Wednesday. Conservative lawmaker Mark Harper said the vote was a “very clear message” that his colleagues were not happy with how the government was doing. Johnson’s approval rating has dropped and many conservatives have lost faith in his response to the epidemic. Nevertheless, 78,610 new virus cases were recorded in Britain on Wednesday, the highest daily total of the epidemic, and health officials say infections are doubling every two days.


    Accredited freelance journalist in AP detained in Ethiopia

    Nairobi, Kenya: The Associated Press reports that a freelance video journalist recognized by the Ethiopian AP has been detained by police in the Addis Ababa capital. Amir Aman Kiaro was detained on November 26 under the country’s new war-related emergency powers after returning from a reporting trip. He was not charged. Ethiopian government officials have not responded to repeated requests from the AP for information about him since his arrest. State media on Wednesday reported his arrest, citing federal police, and said his interviews were aimed at serving the purpose of a terrorist group. After a year of fighting, Ethiopia declared a state of emergency in November when rival forces moved closer to the capital.


    India unveils $ 10.2B plan to attract semiconductor manufacturers

    New Delhi: India has announced a $ 10.2 billion incentive plan in a bid to attract global chipmakers and transform the country into a semiconductor manufacturing hub. The plan, announced by government officials on Wednesday, comes amid a global shortage of semiconductors that have delayed the delivery of consumer goods, including cars. Supply has been disrupted due to the COVID-19 epidemic. In a trade dispute between the United States and China, India wants to persuade companies to relocate their manufacturing bases from China. The Government of India will provide financial assistance up to 50% of the cost of a project to qualified displays and semiconductor fabricators.


    The S&P 500 rose 75.76 points, or 1.6%, to 4,709.85. The Dow Jones Industrial Average rose 383.25 points, or 1.1%, to 35,927.43. The Nasdaq rose 327.94 points, or 2.2%, to 15,565.58. The small-cap Russell 2000 index rose 35.56 points, or 1.6%, to 2,195.21.

    Disclaimer: This post was published automatically from an agency feed without any text changes and has not been reviewed by any editors.

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