Fed cuts key rate as coronavirus spreads worldwide
The Federal Reserve lowered its policy rate by half a percentage point to 1.0 to 1.25 percent in a unanimous move to support the economy amid the coronavirus. Powell said the virus will weigh on activity, but the U.S. economy remains solid with unemployment and consumer spending holding, signaling potential additional easing at the next meeting.
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Dow sinks after Fed cut fails to calm fears
U S stocks tumbled as the Federal Reserve delivered an emergency rate cut that failed to reassure investors about the virus driven economy. The Dow fell 785 points, the S&P 500 slid 86.86, and the bond market saw yields drop as traders weighed the scope of upcoming relief and health driven disruption.
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South Africa economy in 2019 slumps amid power cuts
Stats SA shows a 1.4 percent Q4 2019 shrinkage after a 0.8 percent drop in Q3 2019, pushing SA toward recession as Eskom power outages dampen growth. agriculture, manufacturing, and transport led declines while 2019 overall growth was 0.2 percent. President Ramaphosa faces slow expansion amid corruption probes and adverse weather. In Detroit, UAW seeks 1.29 million for former president Dennis Williams’s vacation home linked to a corruption case, with plans to sell the property after federal searches and guilty pleas by nine union officials and a spouse.
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