Business

Pertaining to and impacting businesses, markets and the economy

OPEC and EIA reports align, anticipate growth in global oil demand amid price volatility

OPEC forecasts strong oil demand surge for 2024 while EIA predicts production increase.

Yellen and China’s Vice Premier address disagreements and seek common ground during 10-hour San Francisco meeting

Yellen stresses balanced relationship, while He urges dialogue – both commit to collaboration despite differences.

Moody’s changes US credit outlook to negative over large fiscal deficits, rising debt costs as shutdown looms

House Speaker Johnson blames the downgrade on the Biden administration and "Democrats reckless spending agenda."

Culinary Union wins biggest pay raise in 88 years, averting strike at Wynn Resorts, MGM in Las Vegas

The deal with Wynn Resorts covers over 5,000 employees in 2 Las Vegas Wynn Resorts properties, while the contract with MGM Resorts International covers around 25,400 hospitality workers at 8 Vegas properties.

Yellen says no impact on Treasury market after ransomware attack on US division of Chinese bank ICBC

ICBC Financial Services says it disconnected and isolated the impacted systems to contain the incident, notes successful clearance of U.S. Treasury trades on Wednesday. Yellen reports Treasury market was not impacted..

Biden allocates $16.4B for Amtrak rail improvements in Northeast Corridor

Biden: "This line has tunnels and bridges that are over 100 years old, leading to over 4,000 hours of delays each year on Amtrak."

Fed decides to pause rate hikes steady after November monetary policy meeting

Fed Chair Powell says inflation has moderated since the middle of last year, but remains well above Fed's target goal of 2%.

JOLTS reports shows US job openings rose slightly to 9.6 million in September

According to the report, the figures for September saw little change over the month, with an estimated 9.6 million openings and an unchanged rate of 5.7%.

Jury finds National Association of Realtors, real estate companies liable for $1.78 billion in damages

The unanimous decision from the jury finds that NAR and real estate companies "knowingly volunteered" to join a conspiracy to raise, inflate, or stabilize commission rates.

Eurozone inflation falls to 2.9% on double-digit energy price drop

GDP in the euro area contracted by 0.1% during the third quarter, with Ireland experiencing the most significant decline, contracting 1.8% on a quarter-on-quarter basis.