Economy

House ‘on track’ to pass tax reform before Thanksgiving

House ‘on track’ to pass tax reform before Thanksgiving

House Speaker Paul Ryan said Sunday he is confident the Republican Party’s bid to overhaul the tax system will pass the House by Thanksgiving, lining up with an aggressive timeline set out by the White House. “We’re on track for moving this through the House before Thanksgiving. House Speaker Paul Ryan said Sunday he is confident the Republican Party’s bid ...

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Trump must act urgently to save the US steel industry

Trump must act urgently to save the US steel industry

American industry has always been a primary source of strength and jobs in our nation. But today, a great industry that has played a vital role in building and defending the United States – the steel industry – is in crisis. Surging steel imports, largely subsidized by foreign governments, have hammered prices, forced some steel mills to close, and cost ...

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China signs energy accords with Cuba after Hurricane Irma

China signs energy accords with Cuba after Hurricane Irma

The agreements will help the island nation’s long-term recuperation from Hurricane Irma. China and Cuba have signed five joint agreements that will help the island nation’s long-term recuperation from Hurricane Irma, reaffirming both country’s economic and political ties. Cuban Minister of Foreign Trade and Investment Rodrigo Malmierca and Chinese Ambassador to Cuba Chen Xi signed the agreements. Included in the accords are ...

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Republicans to satisfy Trump’s tax overhaul demands

Republicans to satisfy Trump’s tax overhaul demands

From the day he declared his intention to overhaul the tax code to the signing ceremony in the Oval Office, President Ronald Reagan’s comprehensive tax reform efforts took almost three years, replete with laborious congressional hearings, marathon backroom negotiations and several premature declarations of the bill’s demise. In a prime-time address to the nation on taxes in May 1985, Reagan ...

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May wins Brexit reprieve, faces tough weeks ahead

May wins Brexit reprieve, faces tough weeks ahead

British Prime Minister Theresa May won a modest reprieve in stalled Brexit talks on Friday, with European Union leaders signalling their readiness to move the negotiations forward in the coming months. But despite a more positive tone, a weakened May now faces a delicate political balancing act as she tries to meet EU demands for more concrete pledges on Britain’s ...

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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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