U.S. equities closed mixed Friday after a choppy trading session with NBC News reporting the House pulled a key health-care bill. “I think you will have a rally if he pulls the bill. He didn’t have the votes to get it done,” said Art Cashin, director of floor operations at the NYSE for UBS. “They’ll now move on to tax reform. at least that’s what the market will believe and the market will move on.” The Dow Jones industrial average, which had traded more than 100 points lower earlier in the session, closed about 60 points lower. The 30-stock...Read More
Mexico City (AFP) – Mexico has identified a potential weapon in its trade wrangle with US President Donald Trump: lucrative yellow cobs of American corn. The Latin American nation imports billions of dollars’ worth of the yellow grain from the United States to feed its livestock. But with Trump pushing to shake up the countries’ trade ties, Mexico is now threatening to buy from elsewhere. That is worrying corn growers in some of the very same US states that voted heavily in favor of Trump: Iowa, North Dakota, Kansas, Missouri and Nebraska. Trump has vowed to restrict free trade...Read More
Prime Minister Theresa May will trigger Article 50 on March 29, formally starting the process for Britain to leave the European Union. May will write to the EU next Wednesday announcing the beginning of Brexit. It will start the clock on a two-year countdown to Brexit and allow negotiations between London and Brussels to begin. Tim Barrow, the UK’s ambassador to the EU, formally notified the office of the EU Council President Donald Tusk on Monday morning, the Telegraph reports. The PM’s official spokesman said: “We said it would be by the end of March and thought it would be helpful...Read More
Facing a bread shortage that is spawning massive lines and souring the national mood, the Venezuelan government is responding this week by detaining bakers and seizing establishments. In a press release, the National Superintendent for the Defense of Socioeconomic Rights said it had charged four people and temporarily seized two bakeries as the socialist administration accused bakers of being part of a broad “economic war” aimed at destabilizing the country. In a statement, the government said the bakers had been selling underweight bread and were using price-regulated flour to illegally make specialty items, like sweet rolls and croissants. The...Read More
On Wednesday, the temporary suspension of the debt ceiling ended, and so now the federal government is not going to be able to go into any more debt until the debt ceiling is raised. For the moment, the Trump administration can implement “emergency measures” to stay under the debt limit, but it won’t be too long before we get to a major crisis point because the federal government is quickly running out of cash. Already, the U.S. Treasury has less cash on hand than Apple or Google, and that cash balance is going to keep on dropping until the...Read More
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