Economy

AIG predicts $3 billion in losses from disasters

American International Group expects to record insurance losses of roughly $3 billion during the third quarter from the recent hurricanes and earthquakes. AIG (AIG) said Monday that it expects to record pre-tax catastrophe losses between $2.9 billion and $3.1 billion during the quarter because of damage it will have to cover from Hurricane Harvey, Hurricane Irma and the earthquakes that ...

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President Trump’s big decision on Iran in the week ahead could rattle the oil markets

If the White House decertifies the Iran deal, RBC Capital Markets is warning investors that oil prices could jump. Helima Croft, the firm’s global head of commodity strategy, is watching next Thursday, October 12 very closely. That’s the day when President Donald Trump is expected to deliver a key speech on Iran policy. There’s speculation that Trump will move to unravel the international deal, ...

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Gun stocks were trading higher after Las Vegas mass shooting

Gun stocks were trading higher after Las Vegas mass shooting

Gun stocks were trading higher Monday in response to a mass shooting at a concert in Las Vegas. Shares of Sturm Ruger (RGR) and American Outdoor Brands (AOBC), the parent company of Smith & Wesson, climbed 6.2% in recent trading. Vista Outdoor (VSTO), which makes firearm accessories and ammunition, was up 3.1%. Olin Corp. (OLN), a chemicals company that also ...

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Poll: Most want major changes to the tax system

Poll: Most want major changes to the tax system

As Congress turns its attention away from health care and back toward tax reform and other issues, a new CNN poll conducted by SSRS finds most in favor of major changes to the nation’s tax laws, but wary of President Donald Trump’s handling of immigration. Tax reform and immigration have both been near the top of Trump’s agenda, but the ...

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Economists doubt about Trump’s growth target

Economists doubt about Trump’s growth target

The pace of U.S. economic growth will stay stuck in the low 2% range in 2017 and 2018, far slower than the 3% pace President Trump has been targeting, according to the latest survey of nearly four dozen economists by the National Association for Business Economics. The economy’s estimated trajectory was unchanged from NABE’s last survey in June, with economists ...

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China warns US over solar panel trade curbs

China warns US over solar panel trade curbs

Beijing sent a tempered warning to Washington against trade curbs on the weekend after a US agency concluded that imports of Chinese solar panels had hurt two American manufacturers. China’s Ministry of Commerce called on the United States to “exercise caution” on trade restrictions and rejected the US International Trade Commission’s ruling on Friday that the cheap imports were responsible ...

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Irma, Harvey forecast to do $290 billion in economic damage

Irma, Harvey forecast to do $290 billion in economic damage

For the first time in recorded history, the U.S. was slammed with back-to-back Category 4 hurricanes from the Atlantic in the same year, straining relief funds as large swaths of Texas and Florida wrestle with flooded streets, scattered debris and damaged homes and buildings. The economic costs associated with the natural disasters are still rolling in but are expected to ...

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US government has more than $20 trillion in debt

US government has more than $20 trillion in debt

For the first time in its history, the US federal government has more than $20 trillion in outstanding debt. The milestone was technically hit Friday, with the Treasury Department settling its accounts at the end of the day with $20,162,176,797,904 of debt outstanding. Of that debt, the Treasury said $14,622,661,213,046 is held by the public, while $5,539,515,584,857 is held by ...

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Chinese National Congress meeting will matter for US markets

Chinese National Congress meeting will matter for US markets

The Chinese National Congress is set to meet in mid-October, and some predict the session will have wide-reaching implications for global markets and the economy. Discussions around the growth of the country’s debt in recent years will be particularly consequential, said Chad Morganlander, portfolio manager at Washington Crossing Advisors. “One critical thing to watch is how they rebalance their economy. ...

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Billionaire Branson stays on his island amid devastating arrival of Hurricane Irma

Billionaire Branson stays on his island amid devastating arrival of Hurricane Irma

British billionaire and adventurer Sir Richard Branson will stay on his private Caribbean island, Necker, for the potentially devastating arrival of Hurricane Irma, the founder of the Virgin group of companies said on Tuesday. Packing 185 mph (295 kph) winds, Hurricane Irma is due to reach the British Virgin Islands on Wednesday before grinding west across Haiti and Cuba then ...

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