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Recovery will be grinding and slow without more stimulus By Reuters

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© Reuters. FILE PHOTO: Minneapolis Federal Reserve Bank President Neel Kashkari poses during an interview with Reuters in his office at the bank’s headquarters in Minneapolis

By Jonnelle Marte

(Reuters) – The U.S. economic recovery will slow down if unemployed Americans and struggling businesses do not receive more assistance, Minneapolis Federal Reserve President Neel Kashkari said on Thursday.

Without further stimulus, “we will end up having a much slower – what I would call a grinding – recovery,” Kashkari said during a virtual discussion organized by New York University Stern Center for Global Economy and Business.

Lawmakers have yet to reach a deal for further fiscal stimulus, and President Donald Trump has alternated between calling off the negotiations and pushing for larger benefits. While discussions drag on, Kashkari and other Fed policymakers are drawing attention to the consequences of not rolling out more aid.

Thousands more businesses could fail if they do not get more support, a trend that can also hurt property owners and lenders, Kashkari added.

And the financial pain felt by jobless consumers who are struggling to pay their bills could also spill over to other parts of the economy, Kashkari said.

The Fed is limited in what it can do to help struggling businesses and consumers since it does not have the authority to issue grants or send cash directly to households.

“If you can’t pay your bills, more quantitative easing is a poor substitute for extended unemployment insurance,” Kashkari said. “Only Congress has the ability to get that direct fiscal aid to the small businesses and to the Americans who have lost their jobs and who are facing real hardship.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Economy

Traders Brace For Flood Of Market-Moving Events In The Week Ahead By Investing.com

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By Jesse Cohen

Investing.com – Stocks on Wall Street ended mixed on Friday, with the falling slightly to end a disappointing week.

The Dow slumped 28 points, or 0.1%, to 28,335. The rose 0.3% to 3,465, while the closed 0.4% higher at 11,548.

For the week, the Dow and S&P 500 lost 0.9% and 0.5%, respectively, to snap a three-week winning streak. The Nasdaq meanwhile dropped 1.1%, posting its first weekly loss in five weeks.

Between uncertainty surrounding ongoing stimulus talks in Washington, political developments ahead of the looming November 3 election, a heavy batch of high-profile earnings reports, as well as key economic data, next week is expected to be a busy one on Wall Street.

Google-parent Alphabet (NASDAQ:) is scheduled to release its quarterly results on Monday, followed by Microsoft (NASDAQ:) on Tuesday. Apple (NASDAQ:), Amazon (NASDAQ:), and Facebook (NASDAQ:) are then all due to report their respective results on Thursday.

The coming week also marks an important one on the economic calendar, with the big day coming on Thursday, when the U.S. releases the first look at third-quarter gross domestic product.

After the second quarter’s shocking 31.4% decline following coronavirus shutdowns, the economy is expected have bounced back, with growth of expected in the third quarter.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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FIMI sells 33% of medical equipment co Simplivia

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Private equity firm FIMI Opportunity Funds, headed by Ishay Davidi, has sold 33% of the shares in healthcare company Simplivia to The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) and Leumi Partners, in equal shares, for $47 million, at a company valuation of $140 million.

FIMI bought the business from Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) and set up Simplivia in 2019 at an investment of $47.5 million. Including the current deal, FIMI has made a return of $67 million on its investment. It will continue to hold 65% of the company.




Simplivia produces equipment that protects hospital medical staff from exposure to dangerous materials while treating oncology patients. Its production facility is in Kiryat Shemona and its head office is in Hod Hasharon. It employs about 200 people.

Published by Globes, Israel business news – en.globes.co.il – on October 22, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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Israeli blockchain accelerator Collider Labs raises $1m

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In the past two years the blockchain and cryptocurrency industry has shrunk considerably, and many companies have closed, but in the past couple of months there has been something of a revival in the formation of startups and in new investment in this field. This trend finds expression in Israel in the formation of a new accelerator, Collider Labs, launched this week by the founders of venture capital firm Collider Ventures.




An initial $1 million has been invested in setting up Collider Labs. The money was raised from dozens of investors, chief among them the three founding partners Ofer Rotem, Adam Benayoun, and Avishay Ovadia.

Collider says that the $1 million raised for the new accelerator is earmarked for investment in early-stage companies in pre-seed investment in amounts between $25,000 and $75,000 for each company. A first startup has already joined the accelerator – a company set up by Israeli entrepreneurs and operating from London. Collider has not so far released further details.

Ovadia, who is founding venture partner at Collider, is manager of the new accelerator. “Our model is different from that of most accelerators,” he told “Globes”. Generally, when an entrepreneur is accepted to an accelerator, he finds that he is expected to work according to a rigid work plan and a timetable dictated from above. With us, it’s quite different: we tailor a personal program for each entrepreneur, in accordance with the stage he is at, and don’t hesitate to change the program as necessary. The aim is to become genuine partners of the most talented entrepreneurs in the market, in the hope of continuing to accompany them as the ‘home investor’ even after they spread their wings and become sell-established blockchain companies.”

Published by Globes, Israel business news – en.globes.co.il – on October 22, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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