Breaking news

US stocks end at records as Senate panel advances tax cut

Wall Street stocks surged to fresh records Tuesday after a key Senate committee advanced the Republican tax cut plan, moving the long-awaited measure closer to the finish line.All three major US indices set new records, with the Dow Jones Industrial Average finishing up 1.1 percent to close the session at 23,836.71.The broad-based S&P 500 gained…

US launches trade investigation into Chinese aluminum imports

The United States on Tuesday stepped up its trade confrontation with China, ordering an investigation into imports of aluminum sheet worth hundreds of millions of dollars a year.For the first time since 1991, the Commerce Department said launched the investigation on its own initiative, rather than responding to a request from a US company.The department…

US regulator says Silicon Valley is threat to internet

A top US regulator, defending an effort to roll back so-called ‘net neutrality’ rules, said Tuesday that large internet platforms represent the biggest threat to online freedom because they routinely block ‘content they don’t like.’Federal Communications Commission chairman Ajit Pai delivered remarks days after unveiling a proposal to reverse a hotly contested 2015 rule requiring…

Bubble or brave new world? Bitcoin breaks $10,000 barrier

Bitcoin broke through the $10,000 barrier for the first time on Wednesday as it continues a stratospheric rise that has delighted investors but sparked fears of a bubble.The virtual currency hit a high of $10,379 in Asia, according to Bloomberg News, more than 10 times higher than its value at the start of the year.The…

Britain, EU agree on Brexit divorce bill

British and European negotiators have reached a deal for Britain to pay tens of billions of euros to leave the European Union, according to media reports Tuesday.London and Brussels have agreed on Britain’s financial obligations but had not settled on an exact amount for the so-called divorce bill, both the Daily Telegraph and the Financial…

UK car sector wants Brexit transition without time limit

A UK lobby group representing the country’s key car sector is demanding a Brexit transitional deal with no time limits, its president said in a speech on Tuesday.Tony Walker, president of the Society of Motor Manufacturers and Traders (SMMT), said uncertainty over Britain’s exit from the European Union was already taking its ‘toll’, as he…

US Fed nominee Powell: Case for raising rates in Dec ‘coming together’

President Donald Trump’s pick to lead the US Federal Reserve said Tuesday there is a strong case for raising the benchmark interest rate at the central bank’s December policy meeting.In an unusually direct comment for normally-reticent central bankers, Fed governor Jerome Powell told the Senate Banking Committee, ‘I think that the case for raising interest…

IG Research – The long and the short of it

When in doubt buy risk assets has been the message we have been provided with once again.One can extend this too Bitcoin too, as the wall of money continues to pour into the space and although price has pulled back a touch from the overnight high of 9975, it feels as though there is a…

Nearly 175 mn US shoppers hit stores over holiday

The 2017 US holiday shopping season remains on track to produce solid growth after more than half the US population made purchases over the Thanksgiving weekend, the National Retail Federation said Tuesday.NRF officials cited strong US economic data, good weather and an enterprising approach by retailers to discounting both in store and online as factors…

2,500 job losses as UK cigarette supplier collapses

Britain’s biggest cigarette wholesaler, Palmer & Harvey (P&H), collapsed into administration on Tuesday, with around 2,500 staff facing redundancy, its administrator PwC announced.The 90-year-old company, which also provides alcohol, groceries and frozen food to 90,000 retail accounts – including Britain’s largest supermarket chain, Tesco – failed in attempts to secure a buyer.The firm, which employs…