In the first three weeks of October, 165 American companies have cited the slowing global economy in their outlooks for earnings and revenue. That is up from 108 in the same period last year, and 97 in the year-earlier quarter, according to an analysis of earnings reports by Thomson Reuters.
BASF said its third-quarter business had felt the pinch from the economic slowdown in China and other emerging markets.
Chief Executive Officer Tom Linebarger said in a statement that industry orders in Brazil and China were at multiyear lows, with no sign that these markets will rebound soon.
The average student debt at college graduation grew from $18,550 in 2004 to $28,950 in 2014, a 56% jump, according to a report released Tuesday by the Institute for College Access and Success, a nonprofit focused on expanding access to higher education.
The problem is that some UPS retirees receive their pensions from the cash-strapped Central States Pension Fund, which covers hundreds of thousands of workers from different companies. That fund says it needs to make cuts in order to keep from running out of money.
More than 500,000 retired General Motors workers may have their pensions lowered. This could greatly effect the amount of snowbirds that will come to Yuma County this winter season. Bruce Burt, a United Automotive Worker (UAW) union member has been coming to Yuma the past two years and says if his pension is cut or lowered it will effect the way he spends his money.
The average rate increase in 30 of the largest insurance markets — which cover about 60% of the consumers in the 38 states — is 6.3% for second lowest-cost silver plan, which is considered the benchmark plan used to determine tax credits. Across all markets in the 37 states using Healthcare.gov for 2015, the cost of the benchmark plan will increase an average of 7.5%.
“They’re really going to nickel and dime their people just to try to avoid whatever semantics they have on tax increases,” said Howard Cure, managing director for research in New York for Evercore Wealth Management, which holds some of the county’s debt among its $6 billion of investments. “You have to wonder whenever the next recession is, how prepared a county like Suffolk will be.”
What Emanuel doesn't volunteer, however, is that his City Hall, Chicago Public Schools and CTA budgets rely on more than $800 million in funding or financial relief from Springfield that has yet to materialize. And so the very state Capitol Emanuel criticizes as inept is the same place he's relying on to deliver for him.
Write-downs occur when the expected future cash flow from an asset falls sufficiently that a company has to report that the asset has lost some of its value. With oil prices half of what they were from mid-2014, oil and gas fields around the world are no longer worth what they used to be. Some oil fields that were previously expected to produce in the future may no longer even make sense to develop given current oil prices. As a result, investors should expect billions of dollars in further write-downs in the coming weeks.
India’s 10-year sovereign bond yield held near a one-month high on speculation the government will struggle to meet its fiscal deficit goal.
Emanuel's proposed $543 million city property tax increase will not provide any additional funds — that money is aimed at addressing the city's massive pension liability.
Rates on Treasury bills maturing Nov. 12, viewed by many as being at most risk of payment issues if political gridlock prevented a deal, traded at negative 0.01 percent Tuesday, down from as high as 0.13 percent Monday and from a seven-month high of 0.17 percent on Oct. 19. The rate on the bill due Nov. 5 fell to negative 0.0025 percent.
Heavily-indebted Arch Coal has been hit by weak demand and stricter regulation, factors that have already pushed Alpha Natural Resources, Patriot Coal and other coal companies into Chapter 11 bankruptcy protection.
Russia will deplete one of its two rainy day funds by the end of next year as it tries to plug the state deficit amid the economic downturn, the finance minister said Tuesday.
Euro-area government debt totaling $345 billion that yields less than minus 0.3 percent shows investors are looking to the European Central Bank to cut its deposit rate by a further 0.1 percentage point.
As a result, some economists are betting that the Bank of Japan, which has been pumping vast amounts of money into the economy by buying up government debt, will pull the trigger on more stimulus at its next board meeting on Friday. The central bank's aggressive intervention has been central to Mr Abe's policies, widely known as Abenomics. But events have conspired to blunt its impact.
The report is the latest pointing to the risk that the eroding quality of corporate loan books poses to Brazil's largest listed lenders. Farming, industrial and services companies have ramped up their borrowing substantially since 2009, encouraged by a glut of subsidized government credit, low global interest rates and declining capital markets activity.
Brazil’s economy will contract 3 percent this year and 1.4 percent in 2016, according to analysts surveyed by the central bank. That would be the first back-to-back recession since 1931.
In an interview with me, he says that the administrations of the US, UK and eurozone over-did austerity, with the consequence that the Fed, Bank of England and European Central Bank were forced to engage in extreme monetary stimulus – cuts in interest rates to almost zero and massive money creation through quantitative easing – that many regard as dangerous.
The chance of recession in the next 12 months jumped to a two-year high in the latest CNBC Fed Survey as Wall Street continues to downgrade the outlook for U.S. growth and push out the date for the first Fed rate hike.
Bank loans delinquent for at least 90 days in Brazil remained in September at their highest in almost two years, the central bank said on Tuesday, as the deepest recession in a quarter century and rising interest rates strained borrowers' capacity to stay current on their debts.
Venezuela’s currency, the bolívar, is now trading at 820 per dollar — or 130 times the main official rate of 6.3 bolívares. Amid the country’s deepening malaise, the currency has lost value at breakneck speed: thirteen months ago a greenback fetched 100 bolívares.
ECB President Mario Draghi spoke of a negative deposit rate and left investors contemplating a ramping up of its 1 trillion euro quantitative easing program when it meets again in December. Within 24 hours, the Chinese central bank had cut its main benchmark rate for the sixth time since last November.
American-based manufacturers have been hit hard by a soaring dollar that’s made U.S. goods more expensive overseas, especially at a time when the global economy is struggling. Cheap oil has also curbed demand for heavy-duty goods used by U.S. drillers and other domestic energy firms.
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