1. Darkening credit outlook: The Federal Reserve spiked the punch bowl a decade ago. Now the party may be over. Record-low interest rates ushered in a period of easy money that nursed the economy back to health. But the recovery from the Great Recession is nine years old. With unemployment low and inflation heating up, the Fed is gradually raising rates. Lending conditions are still lenient, but that may soon change. Credit conditions are forecast to deteriorate over the coming months, with defaults and borrowing costs rising, according to a survey released last week by the International Association of Credit Portfolio Managers. "People are getting ready for the downturn," said Som-lok Leung,
Retailers such as J.C. Penney Co. and Kohl's Corp. already are posting help-wanted ads for their busy season, weeks or even months earlier than usual. That means Americans looking for a seasonal job with a retailer — starting with the upcoming back-to-school season and then through the Christmas holidays — are enjoying their best prospects in years, thanks to the strong U.S. economy and employment picture.
The United States sought to woo Europe and Japan with free trade deals on Saturday to gain leverage in an escalating tariff war with China but its overtures faced stiff resistance from France at a G20 finance ministers meeting dominated by trade tensions. U.S. Treasury Secretary Steven Mnuchin told reporters at the gathering of the financial leaders of the world's 20 largest economies in Buenos Aires that he was renewing President Donald Trump's proposal that G7 allies drop trade barriers between them.
The Board of Directors of CNH Industrial meeting today noted with deep regret that Chairman Sergio Marchionne will be unable to return to work. The Board has therefore named Suzanne Heywood as Chairman. ...
Fiat Chrysler Automobiles NV named the head of its Jeep and Ram brands, Mike Manley, as chief executive officer to replace Sergio Marchionne, after a sudden deterioration in his health left the 66-year-old executive unable to return to work. The abrupt departure of the executive who saved both Fiat and Chrysler and then forged a profitable trans-Atlantic operation also led to the selection of new leaders at Ferrari NV and CNH Industrial NV, which were spun off from Fiat during Marchionne’s 14-year tenure, the companies said Saturday.
Everyone knows the dangers of overwork – stress, mental ill health, obesity, heart attack, a sleep deficit that carries its own associated health risks, to name a few – but often it's unavoidable. Perpetual Guardian, which manages trusts and wills, trialled a four-day work week among 240 staff over March and April and the overwhelmingly positive results suggest it's something that companies the world over should be considering. On their extra day off they were encouraged to manage their personal lives and home commitments.
The decision comes a little over a week after President Donald J. Trump singled out rival Pfizer over its price increases. The list price of Zepatier had been $54,600 for a course of treatment, lower than its competitors.
The slowdown could signal that California is simply reaching full employment. Employers are struggling to find workers. Or it could be a sign of sagging confidence among executives. A growing trade war with China, for example, has unnerved companies in California's logistics industry and beyond.
Baltimore on Friday become the latest U.S. city to try and hold the world's biggest oil companies financially responsible for global warming, asserting it faces massive costs to effectively protect its residents, businesses and infrastructure from the escalating impacts of climate change. The litigation by Baltimore, wrapped around a cove of the Chesapeake Bay, comes as skeptical judges elsewhere have been throwing out headline-generating complaints brought by other cities that sought to force big oil companies to pay for climate change adaptation. On Thursday, a U.S. judge rejected New York City's lawsuit targeting oil companies, saying the issue must be addressed by Congress and the executive branch.
After a trial-setting conference Thursday, City Atty. Michael Gates said he was “very pleased” with Crandall's decision, which was published in a judicial notice Wednesday evening. It's “telling [that] the court is interested in taking up the matter,” Gates said.
This isn't just a problem for the Fed, which wants its decisions seen as driven entirely by economics and data; it's a problem for Mr. Trump. Inserting himself into monetary policy has virtually no upside and plenty of downside. The expansion is the second longest in history, growth has accelerated to around 3% thanks to massive fiscal stimulus, unemployment at 4% is below most estimates of its natural rate, and inflation sits at the Fed's 2% target. Mr. Trump is especially upset by the dollar's rise, which threatens to widen the trade deficit which he badly wants to shrink.
The industrial giant earned 19 cents a share on revenue of $30.1 billion, while analysts were looking for EPS of 17 cents on revenue of $29.39 billion. For the full year, GE expects EPS of $1 to $1.07, compared with the 94 cents consensus EPS estimate. Others may have been happy to see the guidance reaffirmed, like Barclay's Julian Mitchell, but warn that there are other problems with the report.