Category: Cuts
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Dollar limping, but set to fightback as Fed rate cuts now priced in: Macquarie By Investing.com
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Investing.com – The U.S. dollar has found its footing after a few weeks of struggle, but as bears sharpen their claws for another strike, some are pointing to favorable fundamentals including pricing in interest rate cuts that will provide the greenback with plenty of resistance. The dollar has “clearly suffered…
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Jaguar cuts petrol cars as it changes gear to an electric era
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Jaguar is set to stop producing all of its petrol-powered cars by the end of this year, marking a major shift towards an all-electric future. The British luxury carmaker will continue to produce just one internal combustion engine car, the F-Pace SUV, before switching to an all-electric range from next…
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Gov’t cuts programs to promote inclusivity in Israel’s tech industry
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As the war continues and the budget deficit widens, hundreds of cuts to Israel’s state budget include programs to increase employment opportunities for Arab, Druze and Haredi communities in the technology industry. The programs reduced by the Ministry of Economy and Industry include subsidizing the wages of Haredi, Arab and…
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Cooler U.S. June CPI Boosted Odds Of Multiple Fed Rate Cuts In 2024
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U.S. consumer prices fell unexpectedly in June, The consumer price index fell 0.1% on a monthly basis. This represents the first decline since May 2020 and is in contrast to the expected 0.1% increase. It also represents a shift from the flat reading in May. When we remove volatile materials…
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CFRA sees 3 clues from Powell’s Congressional testimony about the timing of rate cuts
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Bonnie Cash/Getty Images News Market research firm CFRA said it spotted three hints about the timing of a rate cut from Fed Chair Jerome Powell’s comments. Policy Certificate This week on Capitol Hill. Powell appeared before the House Financial Services Committee on Wednesday, concluding his remarks. Two days with legislators…
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Daily FX Market Review: JPow Reports Inflation Progress, Eyes Future Rate Cuts
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Federal Reserve Chairman Jerome Powell (“JP Powell”) Mr. Trump began two days of testimony in both chambers of Congress: the Senate Banking, Housing and Urban Affairs Committee today and the House Financial Services Committee tomorrow. In the United States, the Chairman of the Federal Reserve must report to Congress twice…
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The stage is set for 2 rate cuts this year, but investors need to be careful adding more exposure to the stock market, JPMorgan strategy chief says
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In this photo taken on May 22, 2020, a car drives past the Federal Reserve Bank building in Washington.Patrick Szymanski/AP Photo Recent data makes the Federal Reserve ready to cut interest rates twice this year, said David Kelly of JPMorgan Chase. The bank’s chief global strategist expects the Federal Reserve…
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President Ruto announces Sh177bn budget cuts
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President William Ruto has announced Sh177 billion in spending cuts and Sh169 billion in additional borrowing to plug the budget gap left after the withdrawal of the 2024 Finance Bill. President Ruto said in a live address from State House that the government would present a proposal to the National…
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Investors’ pessimism lessens as economic data leans in favor of rate cuts
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Investors’ pessimism about the short-term outlook for the stock market eased this week, as recent economic data boosted hopes for interest rate cuts. A total of 26.1% of respondents to the American Association of Individual Investors, or AAII, survey, He said Investors believe the market will head lower in the…
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Ruto’s austerity doublespeak: More debts or spending cuts?
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Despite his earlier directive to the Treasury to cut Kenya’s total spending for the current financial year by Sh346 billion, President William Ruto on Sunday claimed that the country’s borrowing will increase by Sh1 trillion after the withdrawal of the Finance Bill 2024. “We have dropped the Finance Bill. What…
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Walgreens CEO calls consumers ‘increasingly selective and price-sensitive’ as retailer cuts profit outlook
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Walgreens’ (WBA) quarterly results are the latest sign that U.S. consumers are under increasing pressure. Shares of Walgreens Boots Alliance fell 24% on Thursday after the retail pharmacy chain cut its full-year guidance due to challenging pharmacy industry trends and a “worse-than-expected” consumer environment, with management citing a “sustained decline”…
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Fed’s Key Inflation Gauges May Offer Path to Rate Cuts
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(Bloomberg) — The Federal Reserve’s favored inflation gauges are poised to show the smallest monthly progress since late last year — a starting point for officials to start cutting interest rates, perhaps as soon as September. Most read from Bloomberg Economists expect no change in the PCE price index for…
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Tata Steel Workers to Strike for First Time in 40 Years Over Job Cuts
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In a historic move, about 1,500 Tata Steel workers will begin an indefinite strike next month in response to the company’s plans to cut thousands of jobs. This will be the first strike by UK steelworkers in more than 40 years, according to the trade union Unite. The strike, scheduled…
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Storm over Sh200bn Treasury budget cuts amid blackmail claims
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Treasury Minister Njuguna Ndongo on Thursday sparked a storm in Parliament over his warning of Sh200 billion in budget cuts if MPs scrapped a handful of tax increases proposed in the Finance Bill, with lawmakers accusing him of blackmail. The threat of budget cuts came before the Finance Bill was…
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Storm over Sh200bn Treasury budget cuts amid blackmail claims
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Treasury Minister Njuguna Ndongo on Thursday sparked a storm in Parliament over his warning of Sh200 billion in budget cuts if MPs scrapped a handful of tax increases proposed in the Finance Bill, with lawmakers accusing him of blackmail. The threat of budget cuts came before the Finance Bill was…
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JSS interns, suppliers and MPs major losers in Treasury’s spending cuts
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The government has postponed plans to convert the employment terms of 46,000 junior high school (JSS) trainees to permanent, pensionable terms, as the Treasury rationalized the budget after a parliamentary committee dropped some controversial clauses in the finance bill. Part of the standby plan If the National Assembly does not…
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Summer Job Cuts as Minimum Wage Increase Bites
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The recent increase in the minimum wage is putting significant pressure on employers, leading to a sharp decline in employment in the summer. New figures suggest employers are cutting back on seasonal hiring amid broader concerns about labor shortages in vital sectors of the economy. Data released by the Recruitment…
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Summer Job Cuts as Minimum Wage Increase Bites
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The recent increase in the minimum wage is putting significant pressure on employers, leading to a sharp decline in employment in the summer. New figures suggest employers are cutting back on seasonal hiring amid broader concerns about labor shortages in vital sectors of the economy. Data released by the Recruitment…
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Bears firm up bets on Asian currencies as US rate cuts remain elusive : Reuters poll By Reuters
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Written by Sameer Manekar (Reuters) – Analysts strengthened their bearish positions on most Asian currencies as higher long-term US interest rates and the dollar’s resilience are likely to continue to hurt local units, a Reuters poll showed on Thursday. A bi-monthly poll of 10 analysts showed that the Indonesian rupiah…
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Donald Trump aims to entice CEOs with lucrative tax cuts while Biden wants to win them over by vowing to maintain stability
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Former President Donald Trump told an influential group of CEOs that he wants to lower the corporate tax rate he cut while in office, while President Joe Biden’s chief of staff separately told them that the Democratic incumbent’s focus on global alliances would help their businesses. both of them Trump,…