Latest OACPSRI Information News
WASHINGTON (AP) – A majority of Federal Reserve officials at their last meeting favored reducing the size of their interest rate hike “soon” — raising their benchmark rate substantially by three-quarters of a point for the fourth straight time. Earlier Central bank policymakers saw “little sign that inflationary pressures were abating.” Still, a “substantial majority” of officials felt that a smaller rate hike “soon would be appropriate,” according to the minutes of their November 1-2 meeting. The Fed is widely expected to raise its key short-term rate, which affects many consumer and business loans, when it next meets in mid-December.
$740M in crypto assets recovered so far in the FTX bankruptcy
NEW YORK (AP) — The company tasked with liquidating assets at failed cryptocurrency exchange FTX said they have so far managed to recover and secure $740 million in assets, a fraction of the potentially billions that could go bankrupt. The company is likely to disappear from the coffers. , The numbers were revealed on Wednesday by cryptocurrency custodial company BitGo, which hired FTX within hours after the company filed for bankruptcy on Nov. 11.
Buyers hunt for deals but inflation makes bargains elusive
NEW YORK (AP) — Consumers holding out for great deals — and some much-needed relief from rising costs on everything — may be left disappointed during the busiest shopping season of the year. While retailers are advertising sales of 50%, 60% and 70% off on everything from TVs to gadgets, many items will still cost more than last year due to inflation and finding a true deal can be a challenge. can be proved. From September to October, shoppers paid about 18% more for electronics and appliances than a year earlier, according to analytics company Dataview. For toys, they paid about 3% more. ,
Small Businesses and Shoppers Have Returned to the Holiday Market
NEW YORK (AP) – Shoppers at the Bryant Park Holiday Market in New York City in early November were in the holiday spirit ahead of Black Friday. The scent of pine wafted from candle-sellers’ booths, people munched on gingerbread cookies and hot cider and ice skaters waltzed around the rink in the center of the market. Shoppers returned to stores and holiday markets after two years of pandemic holidays as people spent more dollars online. Small businesses say it’s starting to feel a lot like Christmas, both emotionally and financially. ,
Protesting workers thrashed at China’s iPhone factory
BEIJING (AP) – Police beat workers protesting a pay dispute at Apple’s biggest factory for iPhones, whose new models are being delayed by controls as China tries to stem a surge in COVID-19 cases. does. Foxconn is struggling to fill orders for the iPhone 14 after thousands of workers walked out last month from a factory in the central city of Zhengzhou following complaints about unsafe working conditions. China’s status as an export powerhouse is based on factories like Foxconn that produce much of the world’s consumer electronics, toys and other goods. The ruling Communist Party is trying to contain the latest wave of the outbreak without shutting down factories and the rest of its economy, as it did in early 2020.
Stocks firm up on Wall Street ahead of US holiday
NEW YORK (AP) – Stocks closed higher on Wall Street after the release of minutes from the Federal Reserve’s most recent policy meeting showed Fed officials agreed that a small rate hike would likely be appropriate “soon.” The S&P 500 rose 0.6% on Wednesday, the Nasdaq gained 1% and the Dow 0.3%. Deere gained after the equipment maker reported earnings that beat analysts’ expectations. Long-term Treasury yields were slightly lower. Oil prices fell, European markets mostly closed with gains and Asian markets closed mixed overnight. US markets will be closed on Thursday for Thanksgiving and will close early on Friday.
Unemployment claims rose to 240,000, the most since August
WASHINGTON (AP) – The number of Americans applying for unemployment benefits reached the highest level since August but is still low by historical standards. The Labor Department reported Wednesday that 240,000 people applied for jobless aid last week, up 17,000 from the week before. The four-week moving average of claims, which smoothes out week-to-week volatility, rose 5,500 to 226,750. Applications for unemployment benefits are a proxy for layoffs and the current low level shows that American workers enjoy exceptional job security.
Nigeria hopes new notes will curb inflation, corruption
ABUJA, Nigeria (AP) – Nigeria has issued currency notes with a new design that the West African country’s central bank says will help curb inflation and money laundering. At the unveiling of the notes on Wednesday, Central Bank of Nigeria Governor Godwin Emefile said the new notes in higher denominations of 200, 500 and 1,000 naira would also boost financial inclusion and economic growth. But experts are skeptical of such results in a country wracked by decades-long corruption, where government officials are known to launder public funds, which has made poverty more difficult for many. Nigeria’s currency hasn’t been redesigned in 19 years, and the new initiative is the latest in policy makers’ quest for a cashless and more inclusive economy.
The S&P 500 rose 23.68 points, or 0.6%, to 4,027.26. The Dow Jones Industrial Average rose 95.96 points, or 0.3%, to close at 34,194.06. The Nasdaq closed up 110.91 points, or 1%, at 11,285.32. The Russell 2000 index of smaller companies rose 3.08 points, or 0.2%, to 1,863.52.
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