Breaking News: Economy
The East and Gulf coast ports strike could be a no-win situation for the Biden administration
Mario Tama | Getty Images News | Getty Images President Joe Biden and his administration are sticking to their position of not invoking the Taft-Hartley Act to force International Longshoremen’s Association dock workers back on the job at East and Gulf coast ports where a strike is hitting day two on Wednesday, a political decision […]
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As Netanyahu vows Iran payback, markets watch for dangers of further escalation
Israel’s Iron Dome anti-missile system intercepts rockets, as seen from Ashkelon, Israel, October 1, 2024 Amir Cohen | Reuters Israel’s government has vowed a severe response to Iran’s unprecedented missile barrage into Tel Aviv, leaving the Middle East on edge as fears rise over a possible all-out war between the two long-time foes. On Tuesday […]
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Port strike fallout: Blockbuster weight-loss drug supply from Wegovy to Ozempic, Mounjaro, Zepbound, caught up in East Coast trade shutdown
An Eli Lilly & Co. Zepbound injection pen, March 28, 2024. Bloomberg | Bloomberg | Getty Images As a port strike stretching from New England to Texas halted nearly half of all trade coming into the U.S., customs data shows that critical medical devices and drug components for the booming, expensive weight-loss and diabetes drugs […]
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Stocks making the biggest moves midday: Lockheed Martin, Paychex, CVS and more
Check out the companies making headlines in midday trading. New Fortress Energy – Shares of the natural gas company popped 17% after New Fortress priced its underwritten public offering of roughly 46 million shares at $8.63 per share through Morgan Stanley. Deutsche Bank reduced its price target and downgraded New Fortress to sell on Tuesday, […]
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Saudi Arabia slashes growth forecasts, sees wider budget deficits
Riyadh, Saudi Arabia. Xavierarnau | E+ | Getty Images Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic […]
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Japan’s new Prime Minister Ishiba unveils cabinet ahead of snap election
TOKYO, JAPAN – SEPTEMBER 06: Japanese former Defense Minister Shigeru Ishiba speaks during a press conference at the Foreign Correspondents’ Club of Japan on September 06, 2024 in Tokyo, Japan. Ishiba and former Environment Minister Shinjiro Koizumi are the front runners in the race of the upcoming presidential election for the ruling Liberal Democratic party […]
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East and Gulf Coast ports strike, with ILA longshoremen walking off job from New England to Texas, stranding billions in trade
Shipping containers sit stacked in the Port of Newark on September 30, 2024 seen from New York City. A massive strike shutting down ports across the East and Gulf coasts began at midnight as members of the International Longshoremen’s Association continue to make salary and other demands to the United States Maritime Alliance, which controls […]
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Powell indicates further rate cuts, but insists the Fed is ‘not on any preset course’
US Federal Reserve chairman Jerome Powell holds a press conference in Washington, DC, on September 18, 2024. Mandel Ngan | AFP | Getty Images Federal Reserve Chair Jerome Powell said Monday that the recent half percentage point interest rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive. Instead, the […]
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Watch Fed Chair Jerome Powell speak live on economy, policy views
[The stream is slated to start at 1:55 p.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chair Jerome Powell is set to speak Monday to the National Association for Business Economists during the organization’s annual conference in Nashville. The central bank chair is delivering […]
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East Coast port strike: Truckers, rails scramble to move billions in cargo before ILA union midnight shutdown
Shipping containers stacked at a storage yard outside of the APM Terminals yard at the Port of Mobile in Mobile, Alabama, US, on Saturday, Sept. 28, 2024. Micah Green | Bloomberg | Getty Images With a potential strike at ports up and down the East Coast and along the Gulf Coast set to begin after […]
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