• September 6, 2024

Saudis Cut October Crude Oil Price to Asia as Demand Wanes

(Bloomberg) -- Saudi Arabia cut pricing of its flagship crude grade for its main market in Asia next month as concerns mount over waning demand.Most Read from BloombergWorld's Second Tallest Tower Spurs Debate About Who Needs ItThe Plan for the World’s Most Ambitious Skyscraper RenovationUC Berkeley Gives Transfer Students a Purpose-Built Home on CampusRome May Start Charging Entry to the Trevi FountainMadrid to Ban E-Scooter Rentals, Following Lead Set in ParisState-owned Saudi Aramco lowered t

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• September 6, 2024

Amazon says in a federal lawsuit that the NLRB's structure is unconstitutional

Amazon is challenging the structure of the National Labor Relations Board in a lawsuit that also accuses the agency of improperly influencing the outcome of a union election at a company warehouse more than two years ago. The complaint, filed Thursday at a federal court in San Antonio, mirrors legal arguments the tech giant made in front of the agency earlier this year after NLRB prosecutors accused the company of maintaining policies that made it challenging for workers to organize and retaliating against some who did so. In the new legal filing, attorneys for Amazon pointed back to a lawsuit the agency filed against the company in March 2022, roughly a week before voting for a union election was set to begin at a company warehouse in the New York borough of Staten Island.

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• September 6, 2024

Fed’s Waller Says Jobs Data ‘Requires Action,’ Open to Big Cut

(Bloomberg) -- Federal Reserve Governor Christopher Waller said it’s important for the US central bank to begin cutting interest rates this month amid rising risks of further weakening in the labor market.Most Read from BloombergWorld's Second Tallest Tower Spurs Debate About Who Needs ItThe Plan for the World’s Most Ambitious Skyscraper RenovationUC Berkeley Gives Transfer Students a Purpose-Built Home on CampusRome May Start Charging Entry to the Trevi FountainMadrid to Ban E-Scooter Rentals,

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• September 6, 2024

Former Uruguay Bank Chief Who Beat Inflation Pivots to Growth

(Bloomberg) -- Diego Labat tamed chronically high inflation in Uruguay as its central banker. Now he wants a shot at boosting the South American country’s lackluster growth as finance chief if voters give the ruling coalition another five-year mandate in October’s election.Most Read from BloombergWorld's Second Tallest Tower Spurs Debate About Who Needs ItThe Plan for the World’s Most Ambitious Skyscraper RenovationUC Berkeley Gives Transfer Students a Purpose-Built Home on CampusRome May Start

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• September 6, 2024

US Hiring Comes Up Short in Possible Warning Sign for Fed

(Bloomberg) -- Sign up for the Economics Daily newsletter to discover what's driving the global economy.Most Read from BloombergWorld's Second Tallest Tower Spurs Debate About Who Needs ItThe Plan for the World’s Most Ambitious Skyscraper RenovationMadrid to Ban E-Scooter Rentals, Following Lead Set in ParisThe Outsized Cost of Expanding US RoadsRome May Start Charging Entry to the Trevi FountainUS hiring fell short of forecasts in August after downward revisions to the prior two months, a devel

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• September 6, 2024

Biden to sign order to prioritize federal grants for projects with higher worker wages and benefits

President Joe Biden on Friday plans to sign an executive order for federal grants that would prioritize projects with labor agreements, wage standards, and benefits such as access to child care and apprenticeship programs. The Biden administration is trying to make the case that economic growth should flow out of better conditions for workers. “A good job is a job with security and benefits, where workers have the right to join a union, advocate for better working conditions, come home safe and healthy, and retire with dignity,” said Acting Labor Secretary Julie Su.

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• September 6, 2024

Investor dash to cash continues ahead of Fed rate cut, BofA says

Investors poured $61 billion into cash-like money market funds in the week to Wednesday, as they braced for the Federal Reserve to cut interest rates for the first time in four years, Bank of America said on Friday. WHY IT'S IMPORTANT Many investment fund managers have hoped rate cuts will lower the returns on money-market funds (MMFs) and send a torrent of cash into stocks and bonds. But, somewhat counter-intuitively, big investors tend to move into MMF as the range of short-term fixed income assets they hold typically offer higher returns for longer than short-term Treasury bills, whose yields are highly sensitive to Fed rates.

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• September 6, 2024

Oil steadies ahead of key US jobs report

(Reuters) -Oil prices ticked up in Asian trading on Friday, with investors exercising caution ahead of key U.S. employment data as they weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers. "It seems that broader caution prevails, as market participants are still trying to wrap their heads around the mixed U.S. economic data coming through this week, while the lead-up to the crucial jobs report may limit some risk-taking," said Yeap Jun Rong, a market strategist at IG.

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• September 6, 2024

Oil Set for Deep Weekly Loss Even as OPEC+ Delays Adding Barrels

(Bloomberg) -- Oil was poised for the deepest weekly loss in almost a year on persistent concerns about soft demand and ample supply, even as OPEC+ delayed a planned increase in output by two months.Most Read from BloombergWorld's Second-Tallest Tower Tests Malaysia's Appetite for More SkyscrapersThe Outsized Cost of Expanding US RoadsMadrid to Ban E-Scooter Rentals, Following Lead Set in ParisHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay Af

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• September 6, 2024

What's at stake in Sri Lanka's first presidential vote since its economic meltdown?

Sri Lanka will hold its presidential election on Sept. 21 in a crucial vote that will decide the future of the South Asian nation still struggling to recover from its economic collapse in 2022, which provoked mass protests and forced the former President Gotabaya Rajapaksa to flee the country and later resign. The election is seen as a referendum on President Ranil Wickremesinghe's two-year-long rule that has overseen a fragile recovery of the country's economy. Almost 17 million of Sri Lanka’s 22 million people are eligible to vote, and 38 candidates are running for office. Who are the main candidates?

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