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Trump talks up economic progress, after Harris-Pence debate focused on job losses

Trump talks up economic progress, after Harris-Pence debate focused on job losses

President Donald Trump quickly put the economic focus back on himself Thursday morning, after Wednesday night’s vice presidential debate, which covered more economic issues than his barb-trading battle with Democratic candidate Joe Biden.

“Our numbers are going to be great, our numbers for the third quarter are going to be through the roof, retail sales, employment, all of these numbers are going to be great,” Trump told Fox Business Network in a phone-in interview.

The president said he had shut down stimulus talks because both sides were haggling over terms and “it wasn’t going anywhere,” he said. “I don’t want to play games. And then we reopened, and I see the markets are doing well but I think we have a really good chance of doing something.”

Wednesday’s debate brought a more civil tone atop simmering tensions between the two candidates and covered, albeit briefly in the two-minute response allotment, more economic issues.

With permanent layoffs rising and recovery slowing, money is very much on the mind for many households.

“The American economy — the American comeback — is on the ballot,” Vice President Mike Pence said.

Sen. Kamala Harris, D-Calif., made it clear that economic recovery can’t happen without organized coronavirus relief and response, said John Hudak, senior fellow for governance studies at The Brookings Institution, a left-leaning think tank.

Pence came out to make the “tough argument” that he and President Trump will rebuild the economy back to where it was before Covid-19, Hudak said. But that line of discussion is challenging to uphold because part of that recovery is predicated on further relief — which is currently in limbo after Trump called off stimulus talks.

“Both tickets have weaknesses on the economy and opposing candidates worked to exploit those,” Hudak said.

Conservative economists praised Pence’s performance on

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Global economic watchdog says talks on taxing big tech will stretch into 2021

Global economic watchdog says talks on taxing big tech will stretch into 2021

A global economic watchdog on Monday said talks on how to overhaul taxes on big tech companies will stretch into 2021 after the coronavirus pandemic and “political issues” prevented the group from wrapping up by its end of the year deadline. 

The Organization for Economic Cooperation and Development (OECD) on Tuesday announced a two-pillar proposal to overhaul how big tech companies are taxed. The proposal was approved by a group with participants from 137 countries and jurisdictions. 

The proposal’s first pillar includes a blueprint to establish rules on where taxes should be paid and a way of sharing taxing rights between countries. The second pillar proposes establishing a global minimum tax for tech companies. 

The plan will be presented to Group of 20 finance ministers next week with the goal of putting the plan in place by the middle of next year if an agreement is reached, said Angel Gurria, the OECD’s secretary-general. 

Gurria, during a press conference from Paris, cited difficulties that arose from the coronavirus pandemic, including restrictions on in-person meetings, as well as “political issues” for the delay in the plan which OECD had previously said would be done before the end of 2020. 

The Trump administration reportedly pulled out of negotiations in June and threatened to impose tariffs on imports from countries that impose the taxes.

On Monday, however, Gurria said that “every single country” is participating in the effort, with “no exceptions.” 

He warned that if a proposal is not agreed on by countries it could lead to a trade war, which he said would cause issues for countries, especially amid ongoing economic recovery efforts due to the coronavirus pandemic. 

“The alternative to finding an agreement would be a trade war,” he said. “Now, a trade war is always bad, a trade war is always

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News Updates: Stock Market Futures Flat as Stimulus Talks Continue

News Updates: Stock Market Futures Flat as Stimulus Talks Continue

(Photo by Tasos Katopodis/Getty Images)

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Here’s what you need to know about the impact of Covid-19 to navigate the markets today.

U.S. stocks are set to open mixed but effectively flat on Monday morning, with

Dow Jones Industrial Average

futures dropping 24 points, or less than 0.1%, on Sunday evening.

S&P 500

futures also dipped less than 0.1%, while

Nasdaq Composite

futures gained just over 0.1% as investors ready themselves for earnings season to kick off this week and for a flurry of activity on stimulus negotiations in Washington, D.C.

The White House might increase its offer for a new round of coronavirus stimulus beyond $1.8 trillion and could even propose a package bigger than House Democrats’ $2.2 trillion, Larry Kudlow, the director of the United States National Economic Council, said Sunday.

“Secretary Mnuchin is up to $1.8 trillion,” he said on CNN’s State of the Union, referring to Treasury Secretary Steven Mnuchin, who has been the chief White House negotiator. “So the bid and the offer is narrowing somewhat between the two sides. President Trump actually has always said—I mean, I’ve heard him say it in the Oval [Office]—as far as the key elements are concerned, the checks, the unemployment assistance, the small business assistance, we’ve got to help airlines out, he would go further. He’s always said that.”

Even after Senate Majority Leader Mitch McConnell (R., Ky.) said he doubted there were enough Republican votes to pass a $1.8 trillion bill, let alone one with $2.2 trillion or more in spending, and Senate Republicans lambasted the $1.8 trillion proposal in a call with the White House, Kudlow claimed that if the Trump administration struck a deal with House Democrats, Senate Republicans would “go along with it.”

House Speaker Nancy Pelosi

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Greater Houston Partnership talks Houston economic recovery

Greater Houston Partnership talks Houston economic recovery

An executive from the Greater Houston Partnership spoke with Houston Northwest Chamber of Commerce members about the struggle for economic recovery, with forces pulling the economy both in and out of the recession.

Patrick Jankowski, senior vice president of the group, said Thursday the struggle was like a tug of war, with some factors pulling Houston’s economy into recovery, and others keeping the economy from progressing and bringing back jobs.

Some positives include consumer sentiment at its highest level since March; single-family home sales and car sales are back up, according to data from the US Census Bureau and the US Bureau of Economic Analysis. Jankowski said an increase in automobile sales was a short-term indicator of consumer confidence, while home sales were a long-term indicator of consumer confidence.

Jankowski also said retail sales overall have risen since the pandemic first hit in March and April, according to census data, like how sales go up around hurricane season.

“Think back about after Harvey hit the region and how regional sales surged because people were having to replace everything that was lost,” Jankowski said. “People weren’t able to shop early on in the pandemic, so now you’re starting to see this increase in retail sales.”

There are still some factors holding back economic recovery, he said, including the still present risk of COVID-119, turmoil in the stock market, high unemployment claims and the lack of a new economic stimulus package.

At the worst part of the great recession in 2009, there were about 600,000 unemployment claims weekly, he said, while the highest the U.S. has seen during the pandemic was 7 million weekly, but that

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Dow rises 161 points as economic-stimulus talks show progress

Dow rises 161 points as economic-stimulus talks show progress

a man standing in front of a computer: Xinhua/Wang Ying/ Getty Images

© Xinhua/Wang Ying/ Getty Images
Xinhua/Wang Ying/ Getty Images

  • US stocks moved higher Friday on continued hope that negotiations on fiscal stimulus will lead to a deal before the election.
  • House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continued negotiations, trying to find middle ground on the size and scope of a new deal.
  • President Donald Trump this week reversed his stance on a stimulus deal and said he now favors a large deal.
  • “Covid Relief Negotiations are moving along,” Trump tweeted on Friday. “Go Big!”
  • Watch major indexes update live here.

US stocks moved higher on Friday as negotiations continued on another round of fiscal stimulus to combat the economic decline caused by the COVID-19 pandemic.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin had been trying to make a deal before the November election, but President Donald Trump said earlier this week that negotiations were over.

Fast-forward to Friday, and the talks are back on.

“Covid Relief Negotiations are moving along,” Trump tweeted on Friday. “Go Big!”

Here’s where US indexes stood at the 4 p.m. ET market close on Friday:

Read more: Fund manager Brandon Nelson is tripling his benchmark in 2020 with ‘less-discovered’ companies that become big winners. Here are 3 themes and 9 stocks he’s betting on.

Senate Majority Leader Mitch McConnell said on Friday morning that a stimulus deal before the election was unlikely. But shortly after McConnell spoke, the White House economic advisor Larry Kudlow said Trump had raised his offer to a $1.8 trillion deal from $1.6 trillion. House Democrats recently passed a $2.2 trillion bill.

“I would like to see a bigger stimulus package, frankly, than either the Democrats or the Republicans are offering,” Trump said in a radio interview with Rush Limbaugh on Friday.

Video: White House

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