Hurricanes to slow US economy but rebound should follow

Hurricanes Harvey and Irma will likely pack tough unpleasant effects for the U.S. economy as businesses have been disrupted, fuel and chemical refineries out of commission and consumers struggling to restore their lives. According to Agency Press, nearly one-fifth of the nation’s oil refining capacity has been shut down because of Harvey, and fuel production […]

Hurricanes Harvey, Irma damages could cost US economy $290 bn, AccuWeather says

Combined damages from Hurricanes Harvey and Irma could cost the U.S. economy as much as $290 billion, according to a new forecast. Hurricane Harvey, which battered Houston with record amounts of torrential rain and flooding last month, is estimated to be one of the costliest weather disasters in U.S. history and Irma is expected to cause record-breaking […]

Don’t wait for inflation to rise before hiking rates, Fed’s Mester warns

The Federal Reserve shouldn’t wait until it reaches its economic goals before starting to tighten monetary policy, Cleveland Fed President Loretta Mester said Thursday. One of the more consistently hawkish officials at the central bank, Mester pushed her case for a gradual but consistent pattern of rate hikes during a speech in Pittsburgh. While the […]

U.S. jobless claims jump the most in nearly 5 years amid surge in applications

The number of Americans filing for unemployment benefits jumped to its highest level in more than two years last week amid a surge in applications in hurricane-ravaged Texas, but the underlying trend remained consistent with a firming jobs market. Initial claims for state unemployment benefits, according to CNBC report, soared by 62,000 to a seasonally […]

Toronto housing market slump continues with August drop

Housing prices in Toronto continued their summer slump in August as government regulations and fears about a market softening curbed demand in Canada’s biggest city. The average price for all housing types declined 1.9 percent last month from July to C$732,292 ($591,225), according to the Toronto Real Estate Board. That’s down 20 percent from the March peak […]

Another U.S. economic hub to be hit as Hurricane Irma churns toward Florida

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

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

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 […]