Monday, 9 Dec 2019

Moody’s cuts India’s GDP growth to 5.6% for 2019

Lowe’s Black Friday 2019 ad has appliance deals, $19 Google Home Mini, Amazon Fire TV stick

 (Photo: Lowe's)

With the Black Friday countdown on, Lowe’s became the first major home improvement chain to release its holiday weekend sales ad.

In the 14-page Black Friday circular shared exclusively with USA TODAY on Thursday, Lowe’s announced it is serving up deals the day after Thanksgiving on everything from appliances, power tools and kids toys to 50-cent poinsettia plants.

Walmart also released its Black Friday ad Thursday.

Lowe’s kicked off many of its Black Friday deals earlier this month, but is adding new doorbusters in-store and online at Lowes.com. Stores are closed on Thanksgiving and will open at 6 a.m. local time on Black Friday, Nov. 29.

The first 300 shoppers at each store on Nov. 29 will have a chance to win a $500 Lowe’s gift card and receive a coupon for $10 off a $50 in-store Black Friday purchase. 

Closed on Thanksgiving 2019: Costco, Sam’s Club, Nordstrom, Home Depot keep with tradition

Black Friday 2019: Get a jump on your holiday shopping plans with early look at ads

Trump Heads to Supreme Court for Second Time Over Tax Records

In this article

Congress issued the subpoena to Mazars in April as part of an investigation of whether to change ethics-in-government laws. Trump sued to block it, saying the House Oversight and Reform Committee had no legitimate legislative reason to seek his records. Trump’s last recourse now is to go to the U.S. Supreme Court.

In a 2-1 decision in October, the appeals court panel called the House subpoena “a valid exercise of the legislative oversight authority because it seeks information important to determining the fitness of legislation to address potential problems within the Executive Branch and the electoral system.”

Last week Trump’s lawyers told a judge they’ll ask the Supreme Court to block a subpoena from the Manhattan district attorney seeking his tax filings and other financial records in a grand jury investigation. They’re due to file their request for consideration at the top court Thursday.

The federal appeals court in New York rejected Trump’s claim that he has broad immunity from criminal investigation. The panel ruled 3-0 that Trump can’t block the subpoena.

Read More: Trump Records Must Be Given to the House, Appeals Court Says

— With assistance by Jordan Fabian

Danske Bank says it’s been charged with misselling investment advisory services

Danske Bank DANSKE, -0.13% said it’s been preliminarily charged by the Danish State Prosecutor for Serious Economic and International Crime with misselling about 8.8 billion Danish kroner ($1.3 billion) of investment advisory services. A criminal complaint had been filed in August. Danske Bank said it found that customers who invested in a product during a certain period between 2017 and 2018 paid fees that were too high as a result of misguided management decision. "We agree that this is a serious matter and that we have not lived up to what our customers should rightfully expect of us. We are compensating all affected customers, just as we are taking the steps necessary to ensure that something like this will not happen again," said CEO Chris Vogelzang.

Australia’s jobless rate ticks up slightly

SYDNEY–Australia’s unemployment rate rose slightly to a seasonally adjusted 5.3% in October from 5.2% in September, the Australian Bureau of Statistics said Thursday.

The jobless rate was in line with economists’ forecasts, although the number of people employed fell by 19,000, compared with an expected 17,000 rise.

Labor-market performance is a key marker for the Reserve Bank of Australia, with the central bank watching any fluctuations in labor market growth and wage changes ahead of its last policy meeting of the year, economists say.

The number of people in full-time work fell by 10,300, while those in part-time work declined by 8,700.

The bureau said its seasonally adjusted workforce participation rate, or the proportion of working-age people at work or actively seeking work was 66.0%.

Write to Rachel Pannett at [email protected]

Moody’s cuts India’s GDP growth to 5.6% for 2019

Moody’s expected economic activity to pick up in 2020 and 2021 to 6.6 per cent and 6.7 per cent, respectively.

Illustration: Uttam Ghosh/Rediff.com

Moody’s Investors Service on Thursday cut India’s economic growth forecast for current year to 5.6 per cent from 5.8 per cent estimated earlier, saying GDP slowdown is lasting longer than previously expected.

“We have revised down our growth forecast for India.

“We now forecast slower real GDP growth of 5.6 per cent in 2019, from 7.4 per cent in 2018,” it said.

It expected economic activity to pick up in 2020 and 2021 to 6.6 per cent and 6.7 per cent, respectively, but the pace to remain lower than in the recent past.

“India’s economic growth has decelerated since mid-2018, with real GDP growth slipping from nearly 8 per cent to 5 per cent in the second quarter of 2019 and joblessness rising.

“Investment activity was muted well before that, but the economy was buoyed by strong consumption demand.

“What is troubling about the current slowdown is that consumption demand has cooled notably,” it said.

Related Posts