After a dizzying two weeks that saw a rapid plunge and rebound in equity prices, investors are looking forward to a week of economic data that may provide clarity on the likelihood of a near-term U.S. interest rate hike and help tamp down the market's recent wild swings. The economic figures will culminate in Friday’s jobs report that should reveal more about the strength of the U.S. economy. Car sales, construction spending, the Federal Reserve's "beige book" and jobs growth may show the economy is strong enough to withstand the first rate hike in nearly a decade from the Federal Reserve, despite worries about a hard landing for China’s economy.
A form of debt restructuring rather than outright forgiveness should enable Greece to handle its "unviable" debt burden, the head of the International Monetary Fund was quoted as telling a Swiss newspaper. The IMF has yet to make clear if it will participate in the third 86-billion-euro ($96 billion) international bailout that Greece signed up to in early August, having argued in favor of a partial writedown of a debt burden it considers unsustainable in its current form. Asked about those differences, IMF Managing Director Christine Lagarde told Saturday's edition of Le Temps: "The debate on cancelling the debt has never been open I don't think it is necessary to open it if things go well... "We are talking about extending maturities, reducing rates, (making) exemptions for a certain period of time.
By Allison Martell and Alastair Sharp TORONTO (Reuters) - The owner of adultery website Ashley Madison had already been struggling to sell itself or raise funds for at least three years before the publication of details about its members, according to internal documents and emails also released by hackers as part of their assault on the company in recent weeks. Avid Life Media announced on Friday that CEO Noel Biderman, who founded the website in 2001, had left the company with immediate effect, the latest sign of the wrenching impact on the company of the attack that led to the disclosure of sensitive data about millions of clients.
The Federal Reserve on Friday left the door open to a September interest rate hike even while several U.S. central bank officials acknowledged that turmoil in financial markets, if prolonged, could delay the first policy tightening in nearly a decade. Some top policymakers, including Fed Vice Chairman Stanley Fischer, said recent volatility in global markets could quickly ease and possibly pave the way for the U.S. rate hike, for which investors, governments and central banks around the world are bracing. With a key policy meeting set for Sept. 16-17, at least five Fed officials spoke publicly in what amounted to a jockeying for position on whether increasing the Fed's benchmark overnight lending rate was too risky amid an economic slowdown in China, a rising U.S. dollar and falling commodity prices .
On Thursday the National Labor Relations Board (NLRB) ruled the owner of a California recycling plant was a "joint employer" with the contractor that hired workers at the plant, essentially forcing both to bargain with the union together or risk violating U.S. labor law. Business groups, arguing that the ruling could lead to higher costs and hurt the economy, are pushing the Republican-led Congress to overturn it, in part it because the company named in the decision - Browning-Ferris - cannot challenge it in a federal court without overcoming a number of procedural hurdles. Unions see the decision as a breakthrough not just in efforts to help employees organizes at franchisees of McDonald's Corp and other chains but also as a tool to counter the proliferation of subcontracting in other industries in which workers are one or two steps removed from the companies indirectly controlling them.