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Tag: Economy

G-7 and European Union impose $60-per-barrel price cap on Russian oil
Politics

G-7 and European Union impose $60-per-barrel price cap on Russian oil

The Group of Seven nations and Australia agreed Friday to adopt a $60-per-barrel price cap on Russian oil, acting shortly after the European Union reached unanimous agreement on the same price earlier in the day.After a last-minute flurry of negotiations, the EU presidency, held by the Czech Republic, tweeted that "ambassadors have just reached an agreement on price cap for Russian seaborne #oil." Europe needed to set the discounted price that other nations will pay by Monday, when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. U.S. Treasury Secretary Janet Yellen said in a statement that the agreement will help nations participating in the plan achieve the goal of restricting Putin's "primar...
GivingTuesday raises record $3.1 billion for charities in tough economy
Business

GivingTuesday raises record $3.1 billion for charities in tough economy

GivingTuesday raised a record $3.1 billion in 24 hours for charitable causes in the U.S. earlier this week, as the event that started as a hashtag in 2012 celebrated its 10th anniversary and its status as a staple of fundraising for nonprofits, the group's leader said Wednesday.Despite the difficult economic year that many households have experienced, with inflation hitting the costs of basic goods, gas and housing, people were still willing to give, said GivingTuesday CEO Asha Curran."That's really what we saw yesterday," she told The Associated Press. "That whatever it is that people are experiencing, they were as generous as they had the capacity to be." Donations drop ahead of Giving Tuesday amid rising consumer costs ...
Stocks surge after Powell says Fed will slow down interest-rate hikes
Business

Stocks surge after Powell says Fed will slow down interest-rate hikes

The Federal Reserve will slow down the pace of interest-rate hikes, Chair Jerome Powell said on Wednesday, giving markets hope that the aggressive cycle of rate increases will ease up. "The time for moderating the pace of rate increases may come as soon as the December meeting," Powell said in remarks delivered at the Brookings Institution.Stock markets surged in afternoon trading, with the S&P 500 gaining 3.1% to close at 4,080. The Dow rose 2.2%, to 34,590, while the tech-heavy Nasdaq soared 4.4%. Inflation fight has "long way to go"Powell noted that, while the central bank may ultimately raise rates to a higher level than it initially planned, it would do so in smaller increments. "It is likely that restoring price stability will requ...
Pending Homes Fall 4.6% in October, Fifth Month of Decline | Economy
News

Pending Homes Fall 4.6% in October, Fifth Month of Decline | Economy

Pending home sales fell for the fifth consecutive month in October, as high mortgage rates dampened demand, the National Association of Realtors reported on Wednesday.Three of four U.S. regions recorded month-over-month decreases, but the entire country saw year-over-year drops in transaction activity."October was a difficult month for home buyers as they faced 20-year-high mortgage rates," said NAR Chief Economist Lawrence Yun. "The West region, in particular, suffered from the combination of high interest rates and expensive home prices. Only the Midwest squeaked out a gain."The housing sector has been the area of the economy most affected by higher interest rates as the Federal Reserve attempts to corral inflation, now running at a 7.7% annual pace.“Contract signings for existing hom...
Inflation Eases in Europe, but Still in Double Digits
News

Inflation Eases in Europe, but Still in Double Digits

FRANKFURT, Germany (AP) — Inflation in the 19 countries that use the euro currency eased to 10% this month as fuel and utilities drifted down from painful highs, but it is near the record levels that have robbed consumers of spending power and led economists to predict a recession.The consumer price index was down from 10.6% in October, the European Union statistics agency Eurostat said Wednesday. That is the first decrease since June 2021. But the double-digit figure reflected prices for food, alcohol and tobacco rising faster, at a pace of 13.6% annually.Energy prices slipped to a 34.9% rate of increase, down from the astronomical 41.5% in October.Out-of-control inflation is being fed by high energy prices caused by Russia cutting off natural gas over the war in Ukraine as well as bot...
RBC signs deal to purchase HSBC Canada for $13.5B – National
Global News

RBC signs deal to purchase HSBC Canada for $13.5B – National

Royal Bank of Canada has agreed to pay $13.5-billion in cash for HSBC Bank Canada in what is the largest domestic banking deal on record. The acquisition, at a scale not seen in Canada in decades, would secure RBC’s spot as the country’s largest bank as it looks to establish itself as the hub for a more globalized clientele.“It’s a unique, once in a generation opportunity to leverage all the investments we’ve already made in building a world-class retail and commercial bank,” said chief executive Dave McKay on an analyst call.The deal will see it take over about $134 billion in HSBC assets including a significant mortgage book, but RBC sees it more as a way to add to its client base. That includes the commercial side as well as wealthy clients and newcomers.“That we’re bringing in...
Venture Capital Firms Are Partnering With Healthcare Organizations To Improve Digital Health
Health

Venture Capital Firms Are Partnering With Healthcare Organizations To Improve Digital Health

Venture capital (VC) firms are increasingly playing a role in all aspects of healthcare. This is a growing trend globally, as healthcare organizations are eager for the resources, expertise, and capital these VC firms can offer. Earlier this month, The University of California at Davis Health system announced a partnership with one of the nation’s largest VC firms, General Catalyst, with a goal to transform the organization’s digital health strategy and offerings. The press release by the university explained: “As part of this partnership, UC Davis Health will utilize the General Catalyst ecosystem of companies to drive artificial intelligence (AI) and digital health innovations in several areas. These will include health care delivery, research, education, and public service, as wel...
EU, US Edging Toward Trade Spat When Both Want Unity Instead
News

EU, US Edging Toward Trade Spat When Both Want Unity Instead

By RAF CASERT, Associated PressBRUSSELS (AP) — The European Union and the United States are treading precariously close to a major trans-Atlantic trade dispute at a time when the two Western giants want to show unity in the face of challenges from Russia and China.EU trade ministers on Friday insisted they would be forced to respond if Washington stuck to all the terms of its Inflation Reduction Act, which is favorable to local companies through subsidies and, according to the EU, will unfairly discriminate against its firms that want to compete for contracts."Nobody wants to get into a tit-for-tat or subsidy race. But what the U.S. has done really isn’t consistent with the principles of free trade and fair competition,” Irish Trade Minister Leo Varadkar said.Even though the allies have...
‘Before the flood’: The growing urgency of adapting to the climate crisis
Global News

‘Before the flood’: The growing urgency of adapting to the climate crisis

The world is rapidly barreling toward climate change tipping points. Floods, fires and heat waves are hitting with growing ferocity. There is, in Canada as elsewhere, a growing reality that adaptation is urgent and necessary. Read more: Red Cross has distributed $27 million in Fiona donations, most to Nova Scotia, P.E.I. Read More Red Cross has distributed $27 million in Fiona donations, most to Nova Scotia, P.E.I. With that knowledge growing, on Thursday the federal government announced a $1.6 billion spending package to help provinces, municipalities and First Nations deal with the effects that are already being witnessed across the country.The thinking, says f...
Opposition questions spending as Eby pledges $1.2B in first week
Global News

Opposition questions spending as Eby pledges $1.2B in first week

British Columbia’s official Opposition is taking aim at the government’s spending priorities after new Premier David Eby‘s “hit the ground running” first week in office saw him commit more than a billion dollars in new funding. In a series of announcements, Eby has pledged $400 million for a new BC Hydro credit, $500 million for a new affordability credit, $76 million for public safety initiatives and $230 million in RCMP funding. Read more: B.C. now projecting surplus for 2022-23 amid economic uncertainty and COVID-19 recovery Read More B.C. now projecting surplus for 2022-23 amid economic uncertainty and COVID-19 recovery The $1.2 billion in total spending does ...