Aurelia Butler

The social media posts encapsulate Powell’s recent visit to York, where he discussed revitalization initiatives, workforce education, and training programs with Patrick Harker, the President of the Philadelphia Federal Reserve Bank. This digital expansion is set against the backdrop of the agency grappling with inflation management, with Governor Michelle Bowman suggesting more interest rate hikes may be necessary. This initiative signifies the Federal Reserve’s efforts to improve information dissemination and resource sharing while navigating economic challenges.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The bill, which has to pass both in the lower house and senate, is a key part of the government’s plan to boost public revenues to erase its fiscal deficit by next year.”We have an important agenda now of reorganizing tax collection, this agenda is an absolute priority,” said the Institutional Relations Minister, Alexandre Padilha, in an interview with CNN Brasil, adding that the government is working to get the bill passed this week.The bill would establish taxes on closed-end and offshore funds, while also changing the so-called interest on equity (JCP) shareholder payment instrument, which allows companies to deduct it from their corporate tax obligations, the lawmaker sponsoring the bill in the lower house, Pedro Paulo, told reporters before a meeting in the Finance Ministry.Without giving details, the lawmaker said that instead of ending the instrument, as was the government’s original proposal, the idea under discussion was to reform the mechanism to align it with international practices.A preliminary report on the bill will be presented later on Tuesday, he added. More

(Reuters) -Chipmaker Intel (NASDAQ:INTC) on Tuesday said it plans to operate its programmable chip unit as a standalone business starting in January, with plans to hold a public offering for stock in the business over the next two to three years.Intel shares were up more than 2% after the bell.Intel acquired the business when it bought Altera for $16.7 billion in 2015. Programmable chips sit between Intel’s general purpose chips and chips that are designed for a single task and used in everything from encrypting data to 5G wireless telecommunications equipment.Intel said Sandra Rivera, an Intel veteran, will oversee the new unit, which will keep using Intel’s factory to make its chips. Intel said it has started “an extensive internal and external search” to replace Rivera, who currently oversees the company’s data center and artificial intelligence chip business that competes with Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD). During a conference call with investors, Rivera said the unit is increasingly using Intel’s factories rather than the factories in Taiwan where its chips were previously made. Programmable chips are used in defense applications such as fighter jets.”We see enormous customer interest in a more secure, resilient supply chain in North America, and you could just imagine the industrial customers, the aerospace and defense base customers,” Rivera said. “We’re setting this up to really have a unique advantage by leveraging Intel.”The deal follows Intel’s earlier moves to sell its memory chip unit to SK Hynix and take public part of its Mobileye self-driving car chip unit. Both efforts were aimed at streamlining Intel’s business and drumming up capital for Chief Executive Pat Gelsinger’s strategy to turn the company around by reviving its manufacturing arm, which had fallen behind rivals such as Taiwan Semiconductor Manufacturing Co.”This seems like an overdue, smart, and effective move to potentially create more value for investors and allow Intel to focus on core competencies while raising funds for its turnaround attempt,” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors. More

(Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.Another crushing selloff in U.S. Treasuries, one of the biggest falls in world stocks this year, suspected currency market intervention from Japan and political turmoil in Washington as House of Representatives speaker Kevin McCarthy was booted from his job.It’s safe to say Tuesday was a volatile day across world markets. It’s probably also safe to say Asian markets will open on the defensive and investors will be running for cover on Wednesday.The trouble is, with the apparently safest asset on the planet at the epicenter of the storm, there doesn’t appear to be anywhere obvious to take shelter.The heavy selling across the U.S. government bond curve accelerated on Tuesday after strong U.S. jobs data, pushing the 10-year yield up to a new 16-year high of 4.80%. It is up almost 25 basis points in barely 48 hours.The 2s/10s yield curve inversion is now only 35 basis points, the smallest this year, and the inflation-adjusted 10-year ‘real’ yield is up at 2.45%, the highest since 2008.’Bond King’ Bill Gross, formerly of PIMCO fame, tweeted that a 30-year mortgage rate of 7.7% “shuts down” the U.S. housing market. Fears are growing that something somewhere in the investment universe will soon break, such is the blistering rise in bond yields.But where can investors turn?Gold? It fell only 0.2% on Tuesday but the fact it failed to rise at all in such a febrile ‘risk-off’ environment is telling. Gold is at a seven-month low and has fallen seven days in a row, its longest losing streak since 2018.The Swiss franc? It weakened against the mighty dollar.The Japanese yen? Yes, it rallied on Tuesday but only thanks to suspected intervention from Japanese authorities after briefly slipping below 150.00 per dollar.The greenback snapped back almost three yen then settled around 149.00 yen at the close of U.S. trading. A senior Japanese ministry of finance official declined to comment and the New York Fed did not respond to requests for comment.Japanese stocks had already slumped to a four-month low before the yen’s sudden burst of strength. The Nikkei – and stocks across Asia – will likely fall further on Wednesday.In this climate, the regional data and policy calendar is of much less significance. Purchasing managers index reports from Japan, Australia and South Korea will be released, and the Reserve Bank of New Zealand announces its latest interest rate decision on Wednesday.The RBNZ is widely seen holding its key interest rate at 5.50% – the highest in nearly 15 years – and keep it there at least until March before lowering it shortly after.Here are key developments that could provide more direction to markets on Wednesday:- New Zealand interest rate decision- U.S. Fed’s Schmid, Bowman, Goolsbee all speak- South Korea industrial output, retail sales (August) (By Jamie McGeever; Editing by Josie Kao) More

NEW YORK (Reuters) – The judge overseeing Donald Trump’s civil fraud trial on Tuesday imposed a gag order – promising sanctions for any violations – on the former U.S. president and others in the case after Trump took to social media to lash out at the judge’s top law clerk.Justice Arthur Engoron of the New York state court in Manhattan told lawyers for Trump and New York Attorney General Letitia James, who brought the fraud case, that such comments aimed at his staff were “unacceptable, inappropriate and will not be tolerated under any circumstances.”Acting during the trial’s second day of testimony, the judge forbade both sides from speaking about his staff, and threatened “serious sanctions” if anyone did. The judge did not specify the nature of these sanctions but they could include a finding of contempt of court, which can carry fines and in rare cases jail time.”Consider this statement a gag order,” Engoron added.James has accused Trump, his two adult sons, the Trump Organization and others of inflating asset values over a decade to secure favorable bank loans and insurance terms, and exaggerating Trump’s own riches by more than $2 billion. The trial could lead to the dismantling of Trump’s business empire as he seeks to regain the presidency in 2024. Engoron spoke after Trump shared a social media post by the clerk, who was identified by name, posing with Senate Majority leader Chuck Schumer of New York, who is not involved in the case. Trump referred to the clerk as “Schumer’s girlfriend.””How disgraceful!” added Trump, the frontrunner for the Republican nomination to face Democratic President Joe Biden in the 2024 election. “This case should be dismissed immediately!!” Trump’s post was later deleted.James is seeking at least $250 million in fines, a permanent ban against Trump and his sons Donald Jr. and Eric from running businesses in New York, and a five-year commercial real estate ban against Trump and the Trump Organization.TRUMP SAYS HE PLANS TO TESTIFYTrump, in the courtroom for a second straight day, wore his familiar blue suit, red tie and American flag pin as he sat hunched over a table with his lawyers. Trump told reporters he plans to testify.The government’s first witness, Trump’s former accountant Donald Bender, testified again on Tuesday as the attorney general’s office tries to show that Trump and his family business deceived even the people reviewing his financials.Under questioning from Kevin Wallace, a lawyer in James’ office, Bender said financial statements he prepared for the Trump Organization were largely based on self-reported figures.Jesus Suarez, a lawyer for Trump, questioned Bender on the accuracy of the financial reports and said the accountant “screwed up” by failing to notice major changes in the value of Trump’s assets. “His company is going through this hell because you messed up,” Suarez said. Engoron ruled before the trial that Trump committed fraud, and canceled business certificates for companies that control crown jewels of Trump’s portfolio, including Trump Tower and 40 Wall Street in downtown Manhattan.The trial, which could last into December, will review six additional claims including falsifying business records, insurance fraud and conspiracy, and address how much the defendants should pay in penalties. Others expected to testify include the Trump Organization’s former chief financial officer and controller, and Trump’s former lawyer and fixer Michael Cohen. Trump and his adult sons are also on James’ witness list.Earlier in the day, Trump renewed his attacks on James, telling reporters that the Democrat was “grossly incompetent” and had concocted a bogus case.”Her numbers are fraudulent,” Trump said. “She’s a fraud.” Trump also faces four criminal indictments over his efforts to undo his loss in the 2020 election, his handling of classified documents, and hush money paid to a porn star. Trump has denied wrongdoing and pleaded not guilty in all of the cases. He also faces a January civil damages trial for defaming a writer who accused him of rape, which he denies. More