Treasury Secretary Janet Yellen will visit India this week to meet with finance ministers of the Group of 20 (G20) nations before continuing on to Vietnam for bilateral talks, the Treasury Department said on Thursday. Ms. Yellen will travel to Gandhinagar, India, from July 13 to 21 to participate in the G20 meetings of finance…
Yellen Traveling to India for G20 Summit, Vietnam for Bilateral Talks
July 14, 2023
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Asia & PacificBusiness & MarketsChinaeconomic policieseconomyExecutive BranchIndiaInternationalPoliticsTreasury Secretary Janet YellenUSUS NewsVietnamWorld
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First Woman to Lead Reserve Bank of Australia as Lowe Exit Locked In
The Reserve Bank of Australia (RBA) will get its first woman leader as Philip Lowe’s seven-year tenure comes to an end. Mr. Lowe will be replaced by Michele Bullock, the current deputy governor of the central bank, when his term finishes on Sept. 18. Ms. Bullock has served as deputy governor since April last year…
Australia’s Largest Bank Embroiled in Dispute for Asking Workers to Return to the Office
July 13, 2023
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AustraliaBusiness & MarketsBusinesses in COVID-19CBAcommonwealth bankeconomic policiesInternationalwork from homeWorld
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The financial services union has compelled Australia’s largest bank to face the workplace umpire after trying to change its work-from-home arrangements. The Commonwealth Bank (CBA) must front up to a Fair Work Commission hearing after the Finance Sector Union (FSU) filed its dispute on July 12. Management had notified their 49,000 employees that they needed…
US Oil Reserve Won’t Be Replenished for Several Years: Top Official
July 13, 2023
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Business & Marketseconomic policiesenergyExecutive BranchGold and CommoditiesJennifer GranholmMarketsOilPoliticsUSUS News
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The White House will not refill the Strategic Petroleum Reserve in the near future after millions of barrels were drawn last year, said U.S. Secretary of Energy Jennifer Granholm in a recent interview. It was announced last October by the Biden administration that it would re-buy crude oil when prices reach between $67 and $72 per barrel,…
Budget Deficit Increases 156 Percent as Expenditures Soar, Revenues Shrink
The U.S. federal deficit surged 156 percent in the year through June as expenditures jumped while revenues continued to weaken, according to the Department of the Treasury. The latest monthly Treasury statement (pdf), released on July 13, shows that the government posted a $228 billion budget deficit in June, up sharply compared to a budget…
US Wholesale Prices for June Point to Further Easing of Inflation Pressures
WASHINGTON—Wholesale prices in the United States decelerated again last month, the latest sign that inflationary pressures are easing in the face of the Federal Reserve’s streak of interest rate hikes. The government’s producer price index—which measures inflation before it reaches consumers—rose just 0.1 percent last month from June 2022, the smallest such increase since August…
US Applications for Jobless Benefits Fall Again as Labor Market Continues to Defy the Fed Actions
The number of Americans applying for jobless benefits fell again last week as the labor market continues defy the Federal Reserve’s attempt to cool it through higher interest rates. U.S. applications for jobless claims fell by 12,000 to 237,000 for the week ending July 8, from 249,000 previous week, the Labor Department reported Thursday. The…
Wall Street Opens Higher on Signs of Disinflation
Wall Street’s main indexes opened higher on Thursday after producer prices data provided further evidence of inflation cooling in the world’s largest economy, and stoked hopes that the Federal Reserve will soon end its monetary policy tightening. The Dow Jones Industrial Average rose 64.88 points, or 0.19 percent, at the open to 34,412.31. The S&P…
Dollar Slides After Inflation Surprise Spooks Bulls
LONDON—A sliding dollar came under more pressure on Thursday, as traders took surprisingly slow U.S. inflation as a signal U.S. interest rate rises will be all but finished by month’s end. U.S. data on Wednesday showed inflation slowed a lot faster than expected last month. That gave rise to the biggest one-day dollar sell-off in…
Oil Benchmark Brent Hovers Above $80 After Pricing in US Data
LONDON—Global oil benchmark Brent hovered above $80 a barrel on Thursday after U.S. inflation data implied interest rates in the world’s biggest economy are close to their peak. Data released on Wednesday showed U.S. consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation continued to…
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