It’s debatable whether the Federal Reserve has sense, vision or “guts.” But one thing is certain: The US central bank has become a weakling. The People’s Bank of China (PBOC), on the other hand, is loaded with technocrats on steroids. The Fed’s prestige took a hit. Its most powerful regional reserve bank somehow botched a critical market rescue operation – ...

As a case study in the workings of modern democracy, the handling of Social Security by successive presidents and Congress over recent decades is a deeply disturbing exercise. The facts are not in dispute. Congress and the White House have agreed to benefits for retirees and the disabled that are woefully underfunded. Rather than bring the programs into balance — ...

Bloomberg Walmart Inc’s Doug McMillon just took over as the chief spokesman for Corporate America, and he’s not wasting any time taking action. The Walmart chief executive said the retailer will stop selling e-cigarettes in its more than 5,300 US locations, displaying a tendency towards action that the company has typically lacked. The announcement supports the emerging narrative that Walmart’s ...

Bloomberg Rolls-Royce Plc will incur additional delays in fixing problems with its Trent 1000 aircraft engine, hampering efforts to get grounded Boeing Co 787 Dreamliners back in the air. The challenge of replacing engine components with less-than-expected durability will delay the return of normal service until the second quarter of next year, the company said in a statement. Rolls-Royce shares ...

Bloomberg US prosecutors ridiculed celebrity lawyer Michael Avenatti’s claim that he was charged with trying to extort millions of dollars from Nike Inc as payback for his feud with President Donald Trump, calling the allegation a “fantastic notion” based on hyperbole and insinuation. Avenatti asked a judge in August to throw out the case, claiming it was a vindictive prosecution ...

Bloomberg Shares of Thomas Cook Group Plc tanked after the UK tourism operator said it needs more emergency financing. Thomas Cook said it will require another $251 million for a “seasonal standby facility,” sending the shares down as much as 28 percent. The company already increased the size of a bailout plan in August by 20 percent to 900 million ...

Bloomberg Retails sales increased 0.4 percent in July, the first advance in three months, as consumers spent more on new cars, Statistics Canada said from Ottawa. The gain trailed economist expectations for a 0.6 percent increase. Excluding motor vehicles and gasoline, retail sales fell 0.1 percent on the month. The report falls short of economist expectations for a larger rebound ...

Bloomberg Marks and Spencer Group Plc Chief Financial Officer Humphrey Singer plans to leave his post and the UK retailer is searching for his successor. Singer’s departure date hasn’t yet been decided and he’s working with Chief Executive Officer Steve Rowe to ensure a smooth transition, the company said in a statement. “After 18 months of working with Steve to ...

GENEVA / WAM The United Arab Emirates (UAE), urged Qatar to stop programmes that promote hate rhetoric and incitement of hatred in its local media, saying the trend threatens the security of countries in the region, including Qatar itself. While delivering the UAE statement before the fourty-second regular session of the Human Rights Council held in Geneva to discuss the ...

Bloomberg Saudi Aramco reiterated its commitment to bringing production back to its full capacity by the end of the month. The company will restore 5.7 million barrels per day, said Chief Executive Officer Amin Nasser, the amount that was knocked out by recent attacks on the kingdom’s oil facilities. “We will continue to fulfill our mission of providing the energy ...