Business News

Fed raises interest rates, keeps 2018 policy outlook unchanged

WASHINGTON (Reuters) - The Federal Reserve raised interest rates on Wednesday but left its rate outlook for the coming years unchanged even as policymakers projected a short-term jump in U.S. economic growth from the Trump administration’s proposed tax cuts. In an early verdict on the tax overhaul, Fed policymakers judged it would boost the economy next year but leave no lasting impact, with the long-run potential ...

14 Dec 4:04 AM 0 Read More...

Republicans forge tax deal, final votes seen next week

WASHINGTON (Reuters) - Congressional Republicans reached a deal on final tax legislation on Wednesday, clearing the way for final votes next week on a package that would slash the U.S. corporate tax rate to 21 percent and cut taxes for wealthy Americans. Under an agreement between the House of Representatives and the Senate, the corporate tax would be 1 percentage point higher than the 20 percent rate earlier propos...

14 Dec 4:04 AM 0 Read More...

U.S. Republicans craft tax deal, final votes seen next week

WASHINGTON (Reuters) - Congressional Republicans reached a deal on final tax legislation on Wednesday, clearing the way for final votes next week on a package that would slash the U.S. corporate tax rate to 21 percent and cut taxes for wealthy Americans. Under an agreement between the House of Representatives and the Senate, the corporate tax would be one percentage point higher than the 20-percent rate earlier prop...

13 Dec 10:59 PM 0 Read More...

Wall Street mixed as financials drag after Fed rate hike

NEW YORK (Reuters) - The S&P 500 ended slightly lower on Wednesday pressured by the financial sector after the Federal Reserve announced a widely expected interest rate hike but kept its rate outlook for coming years even as it projected faster U.S. economic growth. The quarter-percentage-point rise in the overnight lending rate, which marked the third hike this year, came along with an increase to the Fed’s 20...

13 Dec 10:59 PM 0 Read More...

Fed lifts interest rates, keeps 2018 policy outlook unchanged

WASHINGTON (Reuters) - The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, as anticipated, but left its rate outlook for the coming years unchanged even as policymakers projected a short-term acceleration in U.S. economic growth. The move, coming at the final policy meeting of 2017 and on the heels of a flurry of relatively bullish economic data, represented a victory for a cent...

13 Dec 10:59 PM 0 Read More...

Exclusive: Saudi Aramco to push ahead with market share, expansion strategy - CEO

DAMMAM, Saudi Arabia (Reuters) - Saudi Aramco, the world’s largest oil producer, aims to regain its lost market share after the OPEC-led supply-cut pact ends and plans to push ahead with a downstream expansion strategy to be on par with Big Oil, its chief executive said on Wednesday. Amin Nasser, the CEO of the state oil giant, which is preparing for an IPO next year, told Reuters Aramco is moving ahead with its...

13 Dec 10:59 PM 0 Read More...

U.S. court removes creditor hurdle to a Westinghouse bankruptcy plan

WILMINGTON, Del. (Reuters) - A U.S. judge shot down on Wednesday a request by creditors of Westinghouse Electric Co LLC for a bigger role in the nuclear technology company’s bankruptcy just days after its parent company Toshiba Corp (6502.T) proposed a restructuring plan. U.S. Bankruptcy Judge Michael Wiles dismissed claims by the official committee of unsecured creditors that Westinghouse was not making progress i...

13 Dec 10:59 PM 0 Read More...

Wall Street higher on tech gains; Fed decision awaited

(Reuters) - U.S. stocks inched higher on Wednesday powered by technology stocks but shares of big banks lost steam ahead of a widely-expected interest rate hike in the afternoon. Tech stocks lifted major Wall Street indexes, with Apple (AAPL.O) and Facebook (FB.O) rising about 1 percent each. Shares of JPMorgan (JPM.N) and Bank of America (BAC.N) fell about half a percent each, dragging down the financial stocks as U...

13 Dec 5:55 PM 0 Read More...

Shares eye record high as Fed heads for 2017 hat-trick

LONDON (Reuters) - Global shares were within a whisker of another record high on Wednesday as markets traded on expectations of a third U.S. interest rate hike this year and waited to hear from the Federal Reserve on how many more are likely in 2018. Solid gains in Asia overnight had inched MSCI’s 47-country world index .MIWD00000PUS up for a fifth day running and while the pre-Fed anticipation meant Europe’s mai...

13 Dec 12:50 PM 0 Read More...

WTO struggles to hone global trade vision after U.S. turnabout

BUENOS AIRES (Reuters) - Trade ministers looked set to wrap up their biennial World Trade Organization (WTO) meeting without having reached a single agreement on Wednesday, still reeling from criticism brought by the United States, once the WTO’s driving force. The ministers gathered in Buenos Aires were never expected to agree great reforms, with relatively minor and unrelated proposals on the table, including dis...

13 Dec 12:50 PM 0 Read More...