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The dollar was slightly lower on Thursday following a 1% loss the previous day when data showed U.S. inflation was not as hot as anticipated in July, prompting traders to dial back future rate hike expectations by the Federal Reserve. Investors slashed bets on the possibility that the Fed will raise interest rates by 75 basis points for a third consecutive time to help tame decades-high inflation when it meets in September after a report on Wednesday showed U.S. consumer prices were unchanged in July. Fed funds futures traders are now pricing in a 58% chance of a 50-basis-point hike in September and a 42% chance of a 75-basis-point increase.
Russia is considering buying the currencies of "friendly" countries such as China, India and Turkey to hold in its National Wealth Fund (NWF), having lost the ability to buy dollars or euros due to sanctions, the central bank said on Friday. The bank said it was sticking to the policy of a free-floating rouble exchange rate but highlighted that it was important to reinstate a budget rule which diverts excess oil revenues into the rainy day fund. In a report on its monetary policy for 2023-2025, the central bank said various options on how to return to the fiscal rule and replenish the NWF are now being discussed, taking into account the Western sanctions against Russia.
DALLAS (AP) — Travelers got some welcome news in Wednesday’s inflation report from the government: Airfares are coming down, and at a faster clip. The price of the average airline ticket dropped 7.8% in July, to $311, after a 1.8% dip in June, the government said Wednesday. Lower prices for gasoline and travel were big reasons that overall inflation slowed a bit in July, although consumer prices were still up 8.5% from a year ago. But before celebrating by splurging on a fancy trip, travelers sh
Canadian investor Brookfield said former Bank of England Governor Mark Carney will become chair of its asset management division when it separately lists on the Toronto and New York exchange in November. Carney, currently vice-chairman of Brookfield Asset Management and U.N. special climate envoy, will retain his role as head of transition investing at the new company, which will manage $750 billion in assets, including for third parties. The rest of the existing company will be renamed Brookfield Corporation and remain dual-listed, focusing on investing its own capital, built up over decades from its investments in everything from real estate to renewable energy projects.
VANCOUVER — West Fraser Timber Co. Ltd. says it is cutting a shift at three B.C. mills for a loss of 147 jobs as it reduces production in part because of lack of timber supplies. The wood products company says the shift reductions will mean a loss of 77 jobs at its Fraser Lake Sawmill, 15 positions at Williams Lake Lumber, and 55 jobs at Quesnel Plywood. The job cuts, expected to take place over the fourth quarter, come as the company permanently cuts about 170 million board feet of combined pro
The company saw sales surge 24 per cent in the three-month period ending July 3, jumping from $56.3 million last year to $69.9 million, as sales in Canada and the U.S. nearly doubled.
(Reuters) -Wednesday's consumer price index report showing U.S. inflation didn't accelerate in July was the first "positive" reading on price pressures since the Federal Reserve began tightening policy, Chicago Fed President Charles Evans said, even as he signaled he believes the Fed has plenty more work to do. With consumer prices unchanged last month compared to June, but up 8.5% from a year earlier, inflation is still "unacceptably" high, and the Fed will likely need to lift its policy rate, currently in the 2.25%-2.5% range, to 3.25%-3.5% this year and to 3.75%-4% by the end of next year, Evans said. The remarks suggest Evans, among the 19 central bankers who set U.S. monetary policy, expects to soon slow what's been the Fed's steepest round of interest-rate hikes in decades.
Mexico's TV Azteca plans to appeal a court ruling ordering it to pay a further 2.62 billion Mexican pesos ($131 million) to the country's tax office after a dispute linked to omitted payments in 2013. The broadcaster's parent company Grupo Salinas said in a statement the charges were based on an illegal and unjust estimate. The company said it will appeal to the corresponding authorities following a federal court ruling on Wednesday.
"Electricity and gas prices started to re-accelerate, while price hikes are becoming more prevalent in goods such as processed foods," said Takeshi Minami, chief economist at Norinchukin Research Institute. Economists estimate the nationwide core CPI, which excludes volatile fresh food costs but includes energy, was 2.4% higher last month than a year earlier. Excluding periods when the indicator was skewed by effects of higher sales tax, the expected core CPI rise for July would be the fastest since August 2008.
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Petroleos Mexicanos (Pemex) has made progress in talks with global energy trader Vitol about resuming trading ties that broke down last year during a bribery scandal, and the companies must iron out some issues such as compensation for damages Mexico's state oil company suffered, two sources at Pemex said. The sources at Pemex did not offer details on how the damages from the scandal would be calculated or give an estimate. Vitol and Pemex declined to comment.
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OTTAWA — Rising interest rates might be bad news for Canadians with mortgages, but it also means higher rates on savings vehicles such as guaranteed investment certificates (GICs), prompting renewed interest in the investments. Mahima Poddar, senior vice-president and group head of personal banking at Equitable Bank, said GICs haven't been popular in recent years, but with the rise in rates they are now more attractive and demand at EQ Bank, the bank's digital platform, has never been higher. “I
Shares in GSK, Sanofi, Haleon and Pfizer began to recover on Friday after the companies said that nothing material had changed regarding U.S. litigation focused on heartburn drug Zantac. The companies' share prices had fallen sharply this week on investor concern about the litigation over potential cancer-causing impurities that prompted the drug's withdrawal from markets in 2019 and 2020. Among other disclosures, recently listed Haleon had highlighted the risk of such lawsuits in its prospectus.
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The Golden Trail World Series went to a Nordic country for the first time in its history! This weekend, the Stranda Fjord Trail Race was the 3rd leg of the world trail cup. A physically and technically demanding race that attracted the world's best athletes to Scandinavia for the event.
Airlines canceled more than 600 flights in the United States on Thursday morning, as thunderstorms in Texas disrupted operations at one of the busiest airports in the country for a second straight day. The Federal Aviation Administration (FAA) said on Thursday that a mix of thunderstorms and clouds could delay flights at several hubs. More than 2,000 flights were delayed within, into, or out of the United States.
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