Page 22 - Us Economy

SVB solution ensures taxpayer dollars are not put at risk: Joe Biden

US President Joe Biden has assured the American people and businesses that a resolution of the collapse of the Silicon Valley Bank will not put taxpayer's money at risk, and they can have confidence that their bank deposits would be there when they need it. In a late-night statement on Sunday, Biden also announced that on Monday morning he will deliver remarks on how the US will maintain a resilient banking system to protect the economic recovery. The California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on Friday by the California Department of Financial Protection and Innovation which later appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. Industry watchers expect a quick takeover of the bank as it has enough assets that can be liquidated to return money to the clients. Biden said that at his direction the Treasury Secretary and National Economic Council Director worked diligently with the banking regulators t

Biden unveils $6.9 trn budget, raises tax on rich, boosts spending on infra

US President Joe Biden on Thursday unveiled a USD 6.9 trillion annual budget for the year 2024, which proposes a hefty tax on the rich, massive spending on social measures and investment on building key infrastructure. The budget was termed a "non-starter" by the Republicans who have a majority in the House of Representatives. Biden at a rally in Philadelphia asserted that his budget reflects what "we can do to" lift the burden on hard working Americans and it would reduce the deficit this year by USD 160 billion. "To support working parents, my budget expands access to affordable childcare for millions of families. And it's going to invest in paid family medical leave," Biden said, adding that his budget also invests in elder care and home care and restores the child tax credit. Biden said the budget will deliver funding to help the US lead the world again. "My budget also invests in critical issues that matter to families, increasing the supply of affordable housing, lower rental

US economy started strong in 2023 on firm consumer spending: Fed Beige Book

"Amid heightened uncertainty, contacts did not expect economic conditions to improve much in the months ahead," the report said

Two Fed officials warn they may need to lift rates to a higher peak

Waller's speech followed comments by Atlanta Fed President Raphael Bostic, who told reporters that he still favored raising rates by 25 basis points in March but was open to lifting borrowing costs

US-based cloud communications firm Twilio lays off 17% of workforce

US-based cloud communications company Twilio has announced to lay off about 17 per cent of its global workforce amid cost-cutting measures.

US jobless insurance claims near historic low despite cooling economy

Applications for US unemployment insurance last week fell slightly, hovering around historically low levels as the labor market holds strong despite a weakening economy

Apple, Alphabet and Amazon profits down as economic slump crimps demand

Apple's sales fell more than analysts predicted during the holiday quarter, slammed by slack purchases of iPhones and Macs

US dollar climbs in early trade as central banks see inflation risks unwind

The pound slid 0.15% to a more than two-week low of $1.2206 in early Asia trade, after falling 1.2% in the previous session, its largest daily decline in a month

US economy shows signs of slowdown after growing 2.9% last quarter

Personal consumption, the biggest part of the economy, climbed at a below-forecast 2.1% pace

Dollar near eight-month low ahead of central bank meetings next week

The Fed's policy-setting committee will begin a two-day meeting next week, and markets have priced in a 25-basis-point interest rate hike

Rupee gains 20 paise to 81.50 against US currency in morning trade

The rupee rose by 20 paise to 81.50 against the US currency in morning trade on Wednesday following a weak dollar in the global markets. Early losses in domestic stock markets and a rebound in oil prices, however, restricted the rupee's gains. At the interbank foreign exchange, the rupee opened higher at 81.62 and rose further to a high of 81.49 in morning trade. The rupee was trading at 81.50 to a dollar at 0950 hrs. The local currency had closed lower at 81.70 on Tuesday. The US dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.04 per cent to 101.88. The Brent crude was trading 0.43 per cent lower at USD 86.48 per barrel while the oil for the Indian basket traded down 2.69 per cent at USD 79.98 per barrel. On the domestic equity market front, the 30-share BSE Sensex declined by 268 points or 0.44 per cent to 60,709.93. The broader NSE Nifty declined by 90.25 points or 0.5 per cent to 18,028.05. Foreign Institutional Investors (FI

US Treasury Secy dismisses idea of minting $1 tn to prevent debt default

Yellen dismissed the idea as a "gimmick" which the Federal Reserve was unlikely to follow through

Oil prices climb on hopes for Federal Reserve slowing interest rate hikes

Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand

Countdown to possible US govt default in offing, parties fight over debt

Markets so far remain calm, as the government can temporarily rely on accounting tweaks to stay open, meaning that any threats to the economy are several months away

US, China vow to prevent competition from becoming 'conflict': Janet Yellen

The Chinese economy is reopening after a Covid-19 resurgence killed tens of thousands of people and shuttered countless businesses

American media giants NBC News, MSNBC lay off employees in 'double digits'

According to CNN, the laid off number was around 75 and the staff cuts affected across the divisions

US consumer prices dropped 0.1% in Dec 2022 but remain at record high

The US Consumer Price Index fell a very modest 0.1 percent in December, according to Labor Department data released Thursday

US Inflation report for Dec could show another month of cooling prices

The US inflation report for December being released Thursday morning could provide another welcome sign that the worst bout of spiking prices in four decades is slowly weakening. Or it could suggest that inflation remains persistent enough to require tougher action by the Federal Reserve. Most economists foresee the more optimistic scenario: They think December marked another month in which inflation, though still uncomfortably high, continued to cool. According to a survey by the data provider FactSet, analysts have predicted that consumer prices rose 6.5 per cent in December compared with a year earlier. That would be down from 7.1 per cent in November and well below a 40-year high of 9.1 per cent in June. On a month-to-month basis, the economists think prices were flat in December. Even more significant, a closely watched gauge of core prices which excludes volatile energy and food costs is expected to have risen just 0.3 per cent from November to December and 5.7 per cent fro

The US Dollar tentative as investors assess rate-hike path, says data

The U.S. dollar was steady on Monday as investors digested a clutch of economic data released last week that stoked hopes of the Federal Reserve slowing the pace of its interest rate hikes

US immigrants generate 36% of nation's innovation, finds NBER study

About 36% of the innovative output of the past three decades can be attributed to immigrants - who make up 16% of the country's inventors, the paper concludes