COST Financial News

US Federal Reserve will likely need to keep interest rates higher for longer in order to firmly bring down inflation, a senior Fed official said Monday. The Fed has raised its key lending rate 11 times since March 2022, lifting rates to a 22-year high as it looks to bring inflation down to its long-term target of two percent. Higher rates lower inflation by raising the cost of borrowing, which can cause financial pain for consumers with mortgages and outstanding loans. Despite falling sharply over the last 12 months, inflation remains stubbornly above target, leading most Fed officials to predict last month that another hike is needed this year. «The most important question at this point is not whether an additional rate increase is needed this year or not, but rather how long we will need to hold rates at a sufficiently restrictive level to achieve our goals,» Fed Vice Chair for Supervision Michael Barr told a conference in New York in prepared remarks. «I expect it will take some time,» he continued, adding that his decision would be guided by «a range of incoming data.» Barr's comments echo the views of the majority of his colleagues, who recently lowered the number of rate cuts they expect in 2024, suggesting a longer period of high rates. In his remarks, Barr said recent data pointed to moderating inflation, but «resilience» in economic data. «I now see a higher probability than I did previously of the US economy achieving a return to price stability without the degree of job losses that have typically accompanied significant monetary policy tightening cycles,» he said. He added that «the historical record cautions that this outcome could be quite difficult to achieve.»

Automotive News executive editor Jamie Butters discusses the expansion of the UAW strikes and its impact on car buyers.

₹20 lakh for his son’s education, but this would be insufficient to fund education overseas. He is not sure how to build additional corpus or whether he should rely on loans or sell existing assets. Figuring out how to fund a sudden increase of 2-4 times the amount needed for a financial goal is baffling many individuals and has become one of the most asked questions.

40 percent duty imposed on the export of onions. The Nashik District Onion Traders’ Association claimed that the duty would severely dampen the wholesale price, thereby affecting their earnings as well as the return on crop expected by the farmers. The duty was imposed in August, when data for the preceding month showed food inflation at an alarming 11.51 percent.

NEW DELHI : The European Union’s (EU’s) carbon tax—the Carbon Border Adjustment Mechanism (CBAM)—came into effect on 1 October, causing a wedge between developing and developed countries. Interestingly, it is facing resistance from even within Europe. Mint explains.

Sharon White, the current chair of the UK retailer John Lewis Partnership, has announced her intention to step down from her position in February 2025, at the end of her five-year term. The decision not to seek a second term makes her the shortest-serving chair in the company's history.

David Beaudoin had what many sports-loving academics would regard as a dream job. He graduated from Laval University in Quebec City with a PhD and walked right into a regular teaching gig there as a statistics professor while devoting his research to applying statistical analysis to the wide world of sports and authoring papers that, for example, examined “biased penalty calls” in the NHL.

Westpac has grown its mortgage book ahead of its rivals for the third month running, accelerating competition between retail banks where margins are already under intense pressure.

Tim Dean manages a precast factory in the Snowy Mountain town of Cooma, population 7514, and says it is “a great place to work and to live”.

Australian coal export sales will fall faster than expected because higher volumes over the next two years will not be enough to offset a 46 per cent collapse in shipment values, official forecasts show.

Tesla’s summertime deliveries of electric vehicles surged 27% from last year but still fell below analyst projections as Elon Musk’s car company navigated through softening customer demand as well as factory upgrades

New Delhi: The European Union’s much-debated ‘carbon tax’ on imported goods, which has industrial goods manufacturers worried about a potential dampening of margins on their exports, entered into a transitional phase on Sunday. The EU is seeking to impose this first-of-its-kind tax – called the Carbon Border Adjustment Mechanism – on the import of carbon-intensive goods as it looks to become a climate-neutral or net-zero carbon economy by 2050. European companies from seven carbon-intensive sectors – steel, cement, fertiliser, aluminium, iron, electricity and hydrogen products – will have to share data about their carbon emissions with the EU.

China Evergrande Group’s massive financial and legal challenges in Asia are casting a long, dark shadow over the Chateau Montebello, the iconic Quebec log cabin resort which the developer owns.Evergrande, a once fast-growing Chinese property company that became the country’s second-largest developer, acquired the 211-room Chateau Montebello hotel in 2014.The deal earned headlines because the Chateau Montebello is the largest log cabin ever built. It occupies a special place in the Canadian psyche and the nation’s history.

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Rohit Bansal, co-founder of Snapdeal and Titan Capital, on what travel has taught him.

₹33 to ₹166 – a square foot per month, which is the lowest among world's leading markets, as per a report released by real estate consultancy group Vestian. In contrast, the monthly average rent in New York, London, Miami, Seattle and Boston is $40-80 per sq ft, and in Hong Kong, Singapore and Shanghai, it is in the range of $3-8 per sq ft a month, according to the data compiled by Vestian. Among the seven Indian cities – New Delhi, Mumbai, Kolkata, Chennai, Pune, Hyderabad and Bengaluru – the highest average office rentals were observed in Mumbai, the country's financial hub, where it ranges from $1-2.

Pershing Square's Bill Ackman on Monday sounded alarms on the economy, which he believes has begun to decelerate on the back of aggressive rate hikes.

Chhattisgarh and Telangana on Tuesday to launch a slew of development projects in the two poll-bound states. The Prime Minister's Office said Modi will inaugurate and lay the foundation stone of multiple development projects worth more than Rs 26,000 crore from Jagdalpur in Chhattisgarh and more than Rs 8,000 crore from Nizamabad in Telangana. In a step that will provide a major impetus to the vision of 'Atmanirbhar Bharat', the statement said, Modi will dedicate to the nation the NMDC Steel Ltd's steel plant at Nagarnar in Bastar district.

SAN FRANCISCO (Reuters) — Electric-vehicle maker Rivian (NASDAQ:RIVN) Automotive on Monday reported third-quarter deliveries above analysts' estimates, as it ramped up production to meet a sustained demand for its pickup trucks and sport-utility vehicles (SUVs).

TORONTO — From ultralow interest rates that led to a huge spike in real estate demand to the speed with which interest rates shot up to levels not seen in a generation, it’s been hard to keep up with the shifting landscape for mortgage borrowers.

Laurentian Bank of Canada said chief executive Rania Llewellyn will leave the company immediately and will be replaced by personal and commercial banking chief Eric Provost.