Economy
Yellen to meet Polish prime minister at start of trip to G7 finance meeting
Published
5 days agoon
By
letizo News
© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen testifies during a U.S. House Committee on Financial Services hearing on the Annual Report of the Financial Stability Oversight Council, on Capitol Hill in Washington, DC, U.S. May 12, 2022. Graeme Jennings
By David Lawder
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen will meet with Polish Prime Minister Mateusz Morawiecki on Monday to discuss how Russia’s invasion of Ukraine affects Poland’s economy as part of a week-long trip that also will take her to Brussels and a G7 finance leaders meeting in Germany.
While in Warsaw, Yellen will “express her gratitude for the generosity Poland has shown in welcoming refugees” and will discuss the rising threat of food insecurity and a global minimum tax deal that will raise critical revenues, the U.S. Treasury Department said in a statement.
Yellen on Monday also will meet with Polish Finance Minister Magdalena Rzeczkowska and National Bank of Poland Governor Adam Glapinski, as well as U.S. Ambassador to Poland Mark Brzezinski. The Treasury said throughout her meetings, Yellen will discuss the Russian invasion’s impact on Poland’s economy, particularly on inflation, and on its fiscal policy and supply chains.
Yellen also will visit facilities for Ukrainian refugees, including the World Central Kitchen, which is providing meals for refugees and highlight the Treasury Department’s ongoing efforts to address food security challenges arising from Russia’s invasion and blocked Ukrainian grain and exports.
On Tuesday in Brussels, Yellen will meet with European Commission President Ursula von der Leyen and U.S. Ambassador to the European Union Mark Gitenstein, the Treasury said.
“These meetings will focus on the impact of Russia’s war against Ukraine, including European energy security and Russian energy imports, Ukraine’s economic assistance needs, and on the implementation of the global tax agreement,” the Treasury said.
Yellen also will deliver remarks to the Brussels Economic Forum 2022 on the war’s impact on the global economic outlook and the future of multilateral.
At the G7 finance ministers and central bank governors meeting in Bonn, Germany, Treasury said Yellen will work to advance the global recovery and discuss steps to increase economic pressure on Russia to end its invasion.
The G7 is made up of closely allied wealthy industrial democracies: Canada, Britain, France, Germany, Italy, Japan and the United States.
You may like
U.S. lodges third labor complaint in Mexico, on behalf of Panasonic workers
Candidate supported by Bankman-Fried-linked PAC loses Oregon primary
Cisco shares slump as China lockdowns, Ukraine crisis hit outlook
Biden invokes Defense Production Act to increase infant formula supply
Brazil’s govt will maintain GDP outlook for 2022 and 2023 -sources
Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan
Economy
Brazil’s govt will maintain GDP outlook for 2022 and 2023 -sources
Published
51 mins agoon
May 18, 2022By
letizo News
© Reuters. FILE PHOTO: Consumers shop at a weekly street market in Rio de Janeiro, Brazil, September 2, 2021. REUTERS/Ricardo Moraes
By Marcela Ayres
BRASILIA (Reuters) – Brazil’s Economy Ministry will hold its economic growth outlook at 1.5% in 2022 and 2.5% in 2023, two officials told Reuters on Wednesday, forecasting activity ahead of market projections due to labor market strength and growing private investments.
The ministry will update its forecasts for economic indicators on Thursday and inflation figures are expected to be lifted from the previous outlook, in March, when the IPCA consumer price index was seen at 6.55% this year.
Data will be used in the bi-monthly income and expenditure report calculations, scheduled for Friday.
Economists have been increasing their forecasts for this year’s GDP, bringing the numbers closer to those forecast by the government.
Analysts say demand in the country has been helped by greater fiscal stimulus, following an increase in a cash transfer program to poorer people. In addition, the job market has shown signs of strength and the Omicron coronavirus wave has not knocked social mobility as feared.
However, they say expectations for 2023 have deteriorated, with aggressive central bank monetary tightening to tame inflation set to affect activity from the second half of the year onwards.
The central bank has raised interest rates to 12.75% from a record-low 2% in March 2021, and has already signaled another likely hike in June.
Goldman Sachs (NYSE:GS) and Credit Suisse now see Brazil’s GDP rising 1.25% and 1.4% this year, respectively, against previous 0.6% and 0.2% projections. For 2023, Goldman Sachs lowered its forecast to 0.9% from 1.2%, while Credit Suisse cut its outlook to 0.9% from 2.1%.
Bank of America (NYSE:BAC) projected on Tuesday that Brazil will grow 1.5% in 2022 from 0.5% earlier. However, expansion is now seen at 0.9% in 2023, from 1.8% previously.
Economy
Factbox-U.S. companies offering abortion travel benefits
Published
52 mins agoon
May 18, 2022By
letizo News
© Reuters. Signage is seen at an Amazon facility in Staten Island, New York City, U.S., April 24, 2022. REUTERS/Andrew Kelly
(Reuters) -A small but growing number of companies, including Amazon.com (NASDAQ:AMZN) and Tesla (NASDAQ:TSLA) Inc, are rolling out policies to offer benefits to U.S. employees who may need to access abortion services as some state legislatures impose tighter restrictions.
An unprecedented leak of a draft opinion earlier this month suggests that the U.S. Supreme Court is set to vote to overturn the landmark 1973 Roe v. Wade ruling, which legalized abortion nationwide.
Following is a list of companies who have offered their U.S. employees reproductive healthcare benefits including abortion coverage or travel benefits for out-of-state abortions.
Company Benefit(s) Offered
Citigroup Inc (NYSE:C) The bank has started covering travel expenses for employees
who go out of state for abortions because of newly enacted
restrictions in Texas and other places, becoming the first
major U.S. bank to make that commitment.
Yelp (NYSE:YELP) Inc The crowd-sourced review platform will extend its abortion
coverage to cover expenses for its employees and their
dependents who need to travel to another state for abortion
services.
Amazon.com The second-largest U.S. private employer told employees it
will pay up to $4,000 in travel expenses yearly for
non-life threatening medical treatments, among them
elective abortions.
Levi Strauss (NYSE:LEVI) & CO The apparel company will reimburse travel expenses for its
full- and part-time employees who need to travel to another
state for healthcare services, including abortions.
United Talent Agency The private Hollywood talent agency said it would reimburse
travel expenses related to women’s reproductive health
services that are not accessible in an employee’s state of
residence.
Tesla Inc Tesla’s Safety Net program and health insurance includes
travel and lodging support for its employees who may need
to seek healthcare services that are unavailable in their
home state, according to the company’s 2021 impact report.
[https://www.tesla.com/ns_videos/2021-tesla-impact-report.pdf
]
Microsoft Corp (NASDAQ:MSFT) Microsoft Corp said that it would extend its abortion and
gender affirming care services for employees in the United
States to include travel expense assistance.
Starbucks Corp (NASDAQ:SBUX) Starbucks Corp said it will reimburse U.S. employees and
their dependents if they must travel more than 100 miles
from their homes to obtain an abortion.
Mastercard Inc (NYSE:MA) Mastercard Inc said it will fund travel and lodging for
employees seeking abortions outside their home states from
June, according to an internal memo seen by Reuters.
Economy
Stocks pummeled by growth worries, U.S. dollar climbs
Published
2 hours agoon
May 18, 2022By
letizo News
© Reuters. A passerby wearing a protective face mask walks past an electric screen displaying a graph showing Japan’s Nikkei share average, amid the coronavirus disease (COVID-19) pandemic, in Tokyo, Japan February 24, 2022. REUTERS/Issei Kato/Files
2/2
By Herbert Lash and Chuck Mikolajczak
NEW YORK (Reuters) – Global stocks plunged and the dollar strengthened for the first time in four sessions on Wednesday as concerns about rising inflation on economic growth soured sentiment.
The mood was underscored by a 9% surge in British consumer prices and a faster-than-expected acceleration in inflation in Canada.
British inflation surged to its highest annual rate since 1982 as energy bills soared, while Canadian inflation rose to 6.8% last month, largely driven by rising food and shelter prices, Statistics Canada data showed.
British inflation is now the highest among major economies in Europe, but prices are rapidly rising worldwide, forcing central banks around the globe to hike interest rates and tamp down growth as suggested by a modest decline in U.S. homebuilding in April.
Soaring prices and material shortages have already hit homebuilding, the sector of the economy most sensitive to rates. But the U.S. Commerce Department report also showed a record backlog of houses to be built, indicating a decline in homebuilding potentially might be marginal.
Adding to the gloom caused by inflation were earnings results from Target Corp (NYSE:TGT), whose quarterly profit halved as it warned of a bigger margin hit this year due to rising fuel and freight costs.
Target shares plummeted 24.88%, its biggest one-day percentage drop since the “Black Monday” stock market crash on Oct. 19, 1987, a day after Walmart (NYSE:WMT) Inc warned of similar margin squeezes and saw its stock drop 11.4% for its biggest one-day percentage fall since Oct. 16, 1987.
“It was Walmart yesterday and everybody thought it was a one-off,” said Dennis Dick, head of markets structure and a proprietary trader at Bright Trading LLC in Las Vegas. “Now that Target misses earning a lot more than Walmart even did, they’re scared that consumer is not as strong as everybody think it is.”
MSCI’s gauge of stocks across the globe shed 2.74%, while in Europe, the pan-regional STOXX 600 index closed down 1.14%.
On Wall Street, the Dow Jones Industrial Average fell 3.56%, the S&P 500 lost 4.03% and the Nasdaq Composite dropped 4.73%.
The declines for the S&P 500 and Dow marked their biggest one-day percentage declines since June 11, 2020.
Few analysts are willing to predict the end to selling after a bruising first five months of the year for risk assets given the magnitude of macroeconomic uncertainty, with many anticipating market volatility will be the norm for some time.
The U.S. dollar gained ground as the sell-off in risk assets boosted the safe-haven appeal of the greenback, which was on pace to snap a three-session losing streak, a day after Fed Chair Jerome Powell pledged the U.S. central bank would ratchet up rates as high as needed to combat rising inflation.
The dollar index rose 0.581%, with the euro down 0.8% to $1.0463. The Japanese yen strengthened 0.92% to 128.23 per dollar.
Treasury yields fell, although a steep path for rates remained the prevailing market consensus as the benchmark 10-year note yield hit a one-week high of 3.015% after Powell’s hawkish comments.
The yield fell 8.1 basis points to 2.890% on Wednesday after a soft U.S. housing starts number.
The German two-year government bond yield shot to 0.444%, its highest since November 2011 after more hawkish central banker comments, and last was up 1.6 basis points at 0.386%. The European Central Bank’s Klaas Knot said on Tuesday that a 50-basis-point rate hike in July was possible if inflation broadens.
Gold prices were little changed despite the risk-off environment as looming U.S. interest rate hikes and a resurgent dollar dimmed the metal’s shine.
Spot gold was up 0.1% at $1,816.06 an ounce.
Oil prices dipped in volatile trade, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output.
U.S. crude settled down 2.5% at $109.59 per barrel and Brent settled at $109.11, down 2.52% on the day.
GRAPHIC: MSCI World equity index (https://fingfx.thomsonreuters.com/gfx/mkt/movanzkkopa/world%20stocks.PNG)
News


U.S. lodges third labor complaint in Mexico, on behalf of Panasonic workers
© Reuters. FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced...


Candidate supported by Bankman-Fried-linked PAC loses Oregon primary
Candidate supported by Bankman-Fried-linked PAC loses Oregon primary Andrea Salinas has won the Democratic primary election for the newly created...


Cisco shares slump as China lockdowns, Ukraine crisis hit outlook
© Reuters. FILE PHOTO: The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology...


Biden invokes Defense Production Act to increase infant formula supply
© Reuters. FILE PHOTO: Empty shelves show a shortage of baby formula at CVS in San Antonio, Texas, U.S. May...


Brazil’s govt will maintain GDP outlook for 2022 and 2023 -sources
© Reuters. FILE PHOTO: Consumers shop at a weekly street market in Rio de Janeiro, Brazil, September 2, 2021. REUTERS/Ricardo...


Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan
Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan In times of high stress...


JPMorgan cuts U.S. GDP estimates for 2022 and 2023
© Reuters. FILE PHOTO: Stacked containers are shown as ships unload their cargo at the Port of Los Angeles in...


Plotkin’s Melvin Capital to Wind Down – Report
© Reuters Plotkin’s Melvin Capital to Wind Down – Report Gabe Plotkin’s Melvin Capital Management, a hedge fund that lost...


Chevron, Schlumberger withdraw request for California carbon-capture permit
2/2 © Reuters. FILE PHOTO: The logo of Chevron Corp is seen in its booth at Gastech, the world’s biggest...


Factbox-U.S. companies offering abortion travel benefits
© Reuters. Signage is seen at an Amazon facility in Staten Island, New York City, U.S., April 24, 2022. REUTERS/Andrew...


New York state opens probe of social media platforms used by Buffalo shooting suspect
2/2 © Reuters. FILE PHOTO: Members of the Buffalo Police department work at the scene of a shooting at a...


Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance
© Reuters. Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance Synopsys (NASDAQ:SNPS) shares were trading more than 4% higher...


Under Armour CEO Frisk Steps Down After 5 Tumultuous Years
© Reuters. Under Armour CEO Frisk Steps Down After 5 Tumultuous Years Under Armour, Inc. (NYSE:UA), announced that Patrik Frisk...


Democrats warn abortion, voting rights at stake in Pennsylvania governor’s race
© Reuters. FILE PHOTO: Pennsylvania State Senator Doug Mastriano speaks at a protest against the state’s extended stay-at-home order to...


Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?
Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine? The past week has not been an easy...


Massachusetts identifies first 2022 U.S. case of monkeypox infection
2/2 © Reuters. An electron microscopic (EM) image shows mature, oval-shaped monkeypox virus particles as well as crescents and spherical...


U.S. lodges labor complaint against Panasonic in Mexico
© Reuters. FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced...


Meta trademark filing hints at plans for crypto payments platform
Meta trademark filing hints at plans for crypto payments platform Social media giant Facebook (NASDAQ:FB)’s parent company, Meta, may be...


Cisco Shares Plunge 17% on Q3 Revenue Miss and Disappointing Outlook
Cisco Shares Plunge 17% on Q3 Revenue Miss and Disappointing Outlook Cisco Systems (NASDAQ:CSCO) shares dropped around 17% after-hours Wednesday...


Cisco shares plunge after China lockdowns, Ukraine crisis hits outlook
© Reuters. FILE PHOTO: The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology...


NASA set for Boeing’s Starliner uncrewed space capsule test
© Reuters. FILE PHOTO: The Atlas V rocket carrying Boeing’s CST-100 Starliner capsule is seen after the launch to the...


Under Armour CEO Frisk to step down
© Reuters. FILE PHOTO: Under Armour clothing is seen for sale in a store in Manhattan, New York City, U.S.,...


Turkey’s Erdogan links Sweden, Finland NATO bid to return of ‘terrorists’
© Reuters. FILE PHOTO: Turkey’s President Tayyip Erdogan holds a news conference during the NATO summit at the Alliance’s headquarters...


U.S. warns North Korea could greet Biden with nuclear, missile tests
© Reuters. FILE PHOTO: FILE PHOTO: North Korean leader Kim Jong Un walks next to what state media reports is...


Wall Street ends sharply lower as Target and growth stocks sink


Tesla cut from S&P 500 ESG Index, and Elon Musk tweets his fury
© Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14,...


U.S. stocks lower at close of trade; Dow Jones Industrial Average down 3.57%
© Reuters U.S. stocks lower at close of trade; Dow Jones Industrial Average down 3.57% Investing.com – U.S. stocks were...


Cisco cuts results forecast on China lockdowns, Ukraine crisis; shares plunge
© Reuters. FILE PHOTO: The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology...


Stocks pummeled by growth worries, U.S. dollar climbs
2/2 © Reuters. A passerby wearing a protective face mask walks past an electric screen displaying a graph showing Japan’s...


Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB On May 17, United States Federal Reserve...
Trending
- Coronavirus6 months ago
Biden administration still seeking agreement from Mexico on return of asylum seekers
- Cryptocurrency6 months ago
NFT World Records: CryptoDragons Sold Out 500 Eggs in Its Primary Pre-Sale in Тhe Тwinkling of аn Еye!
- Economy6 months ago
Analysis-Europe’s big payday remains elusive even as inflation surges
- Cryptocurrency7 months ago
Crypto.com is the #1 app in the Google Play Store in the US
- Cryptocurrency6 months ago
The Next Web 3.0 Social Media Will Be Built on Solana
- Cryptocurrency6 months ago
Binance.US aims for ‘mega funding,’ reveals CZ
- Forex6 months ago
Dollar Consolidates After Strong Gains; Tapering Could Be Speeded Up
- Economic Indicators6 months ago
Australia third-quarter business investment slips, outlook surprisingly resilient