Another U.S. economic hub to be hit as Hurricane Irma churns toward Florida
Businessam Staff
September 6, 2017
Businesses are bracing for the worst as Hurricane Irma barrels toward South Florida, packing potentially catastrophic winds. According to Bloomberg’s report, insurers led the S&P 500 Index lower Tuesday, as forecasters struggled to predict whether the strongest storm to form in the open Atlantic Ocean will slam into the third most-populous U.S. state. A direct hit […]
US largest oil refinery, Motiva, shuts down as Harvey floods Port Arthur
Businessam StaffAugust 30, 2017
Motiva, the largest oil refinery in the United States is shutting down as Hurricane Harvey causes more catastrophic flooding, which according to oil analysts may further worsen availability of gasoline and drive prices up. Early Wednesday, Motiva said it started closing its Port Arthur refinery “in response to increasing local flood conditions.” The plant won’t […]
Mexico approves new stock exchange, to open early next year
Businessam StaffAugust 29, 2017
Mexico’s government Tuesday approved a new, second bourse, the Institutional Stock Exchange, which hopes to capture part of the equities market in Latin America’s No. 2 economy and entice more companies to issue stock. Known by its Spanish acronym BIVA, the new stock exchange aims to be operating by the start of next year, its […]
Economic toll from Harvey is seen to exceed Katrina, says Ex-FEMA chief ‘Brownie’
Businessam StaffAugust 29, 2017
Michael Brown, the former head of U.S’s Federal Emergency Management Agency (FEMA) who was in charge when Hurricane Katrina struck in 2005, told CNBC Monday that he believes the economic impact from Hurricane Harvey will exceed that of Katrina. By many estimates, Katrina caused upward of $150 billion in total economic damage with about of […]
Financial rules have made economy stronger, changes should be ‘modest’, says Fed Chair
Businessam StaffAugust 25, 2017
Reforms put in place after the 2007 to 2009 crisis have strengthened the financial system without impeding economic growth, and any future changes should remain modest, Janet Yellen, Federal Reserve Chair said Friday in her fullest defense yet of the rules put in place after the Great Recession. “The balance of research suggests that the […]
U.S. jobless claims rise slightly as labour market tightens
Businessam StaffAugust 24, 2017
The number of Americans filing for unemployment benefits rose less than expected last week, suggesting a further tightening in labour market conditions. Initial claims for state unemployment benefits increased 2,000 to a seasonally adjusted 234,000 for the week ended Aug. 19, the Labour Department said on Thursday. Data for the prior week was unrevised. Claims […]
Venezuelan bonds decline on speculation the U.S. will ban trading
Businessam StaffAugust 23, 2017
Investors in Venezuela have a new worry keeping them up at night: the White House. For years, traders have ridden out economic recession, street protests and the threat of political collapse in a nation where reliable data is hard to come by. Now they’re weighing another factor: what comes next from Donald Trump’s administration as U.S. […]
U.S. workers have low hopes for higher pay, Fed survey shows
Businessam StaffAugust 21, 2017
U.S. workers see little hope for higher paychecks, and while they are increasingly searching for new jobs, they expect fewer offers to fall into their laps, according to a Federal Reserve survey published on Monday. The first-of-its-kind New York Fed study, to be published three times per year, paints a gloomy picture of U.S. workers’ […]
Fed policymakers grow more worried about weak inflation
Businessam StaffAugust 17, 2017
Federal Reserve policymakers appeared increasingly wary about recent weak inflation and some called for halting interest rate hikes until it was clear the trend was transitory, according to the minutes of the U.S. central bank’s last policy meeting, Reuters reports. The readout of the July 25-26 meeting, released on Wednesday, also indicated the Fed was […]
U.S. economic expansion to last another two years or more, poll shows
Businessam StaffAugust 11, 2017
A Thomas Reuters poll reveals that the U.S. economic expansion will last at least another two years. according to a majority of economists polled by Reuters who also forecast growth will not accelerate the way the Trump administration has predicted. A majority of economists who participated in the poll also forecast growth will not accelerate the […]