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  • More UK Energy Suppliers Are Expected to Fail, But Government Won't Bail Them Out

    The U.K. energy minister said Thursday that more energy suppliers might fail in the coming weeks, and that the government won't rescue them. The government would like a competitive energy market which can deliver choice and lower prices, Kwasi Kwarteng said in an oral statement to parliament. "The solution to this crisis will be found from the industry and the market--as is already happening, and government, I repeat, will not be bailing out failed energy companies," he said.

  • U.S. Economic Growth Slowed in August -- Chicago Fed

    The U.S. economy continued to grow above-average in August, albeit at a slower pace compared with July, data from the Federal Reserve Bank of Chicago released Thursday showed. The Chicago Fed National Activity Index fell to 0.29 in August from 0.75 in July, missing the 0.65 consensus by economists polled by FactSet. The CFNAI index is composed of 85 economic indicators drawn from four broad categories of data: production and income; employment, unemployment and hours; personal...

  • Brookfield Asset Management, Elion Partners Form $1 Billion Strategic Partnership

    Brookfield Asset Management Inc. (BAM) said Thursday it has entered into a $1 billion partnership with real estate investment firm Elion Partners. The Canadian alternative asset management company said the new strategic partnership expands Brookfield's real estate secondaries' logistics portfolio across core infill markets. As part of the investment, Brookfield has made an $80 million equity commitment to Elion's affiliated value-added fund, Elion Real Estate Fund V.

  • Bank of England Keeps Benchmark Rate Steady, But Debate Over Tightening Policy Heats Up

    LONDON--The Bank of England kept its benchmark rate steady, but a debate over tightening policy to restrain inflation is heating up. The BOE said in a statement Thursday that its nine-member Monetary Policy Committee voted unanimously to keep the central bank's policy rate at a record low of 0.1%. But two officials on the panel pushed for the BOE's asset purchase program to be scaled back.

  • Turkish Central Bank Unexpectedly Cuts Benchmark Interest Rate

    Turkey's central bank cut its benchmark interest rate on Thursday, when it had been expected to keep the rate steady as it had done in the five previous months. The central bank cut its key rate to 18% from 19%. The benchmark rate was forecast unchanged at 19% by FactSet.

  • EUROPEAN MIDDAY BRIEFING: European Stocks Rise After Fed; BOE Eyed

    European markets gained as investors stayed upbeat after the latest U.S. Federal Reserve decision, with automotive and technology stocks among the biggest risers. The Bank of England is expected to keep monetary policy on hold in the face of rising inflation when the central bank releases its latest decision at 7 a.m.

  • Chip Shortage Could Cost Auto Industry $210 Billion in Revenue This Year

    The chip shortage could lead to $210 billion in lost revenue for the global automotive industry this year, consulting firm AlixPartners LLP said on Thursday, as companies struggle with worsening supply-chain disruptions. AlixPartners expects the auto industry to produce 7.7 million fewer vehicles in 2021 due to the shortages related to semiconductors. In May, the firm forecast 3.9 million fewer produced vehicles.

  • Spain 2Q GDP Growth Revised Down Significantly

    The Spanish economy in the second quarter grew more slowly than previously thought, at less than half the pace of the initial estimate, signaling that the recovery from the Covid-19 pandemic has been weaker than expected. Spain's gross domestic product rose 1.1% in the second quarter compared with the previous three-month period, according to a second estimate released by the country's statistics office INE on Thursday. This was down from the 2.8% initially estimated.

  • North American Morning Briefing: Stock Futures Rise Despite Jitters Over China Evergrande

    Weekly Jobless Claims; Nike Inc. 1 Q earning. Stock futures rose, pointing to gains for major indexes as investors remained upbeat that trouble with property giant China Evergrande Group can be contained. Markets have been consumed this week with questions surrounding Evergrande, China's largest property developer.

  • Taiwan Central Bank Leaves Rates Steady Amid Moderate Inflation, Uncertain Economic Recovery

    Taiwan's central bank left its benchmark rate unchanged Thursday, saying moderate inflation and an uncertain economic recovery called for a continuation of its loose monetary policy. The move came amid fears of slower economic growth in the second half of the year, after the island tightened pandemic restrictions in May, when local infections rose sharply. But the bank raised its annual GDP growth forecast to 5.75% from an earlier estimate of 5.08%.

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