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Britain and the EU agree Brexit divorce bill, says report
British and EU negotiators have reached a deal over the so-called Brexit bill, opening the door to a potential breakthrough in the talks this December, the Telegraph has learned. Sources on both sides confirmed that an agreement-in-principle has now been reached over the EU’s demand for a EUR60bn financial settlement ahead of a crucial lunch meeting next Monday between Theresa May and Jean-Claude Juncker, the European Commission president.
Two sources confirmed that the terms were agreed at a meeting in Brussels late last week after intense back-channel discussions led by Oliver Robbins, the UK’s chief Brexit negotiator. The Telegraph understands that the final figure, which is deliberately being left open to interpretation, will be between EUR45bn and EUR55bn, depending on how each side calculates the output from an agreed methodology.
Fed chair nominee Jerome Powell defends push to review financial regulations
Jerome Powell, President Donald Trump’s choice to lead the US Federal Reserve, defended plans to potentially lighten regulation of the financial sector during a controversy-free hearing on his nomination to take over the central bank, reports Reuters.
Tapped to replace current chair Janet Yellen, Powell on Tuesday skirted several efforts by members of the Senate Banking Committee to draw him into the debates preoccupying Capitol Hill, refusing to analyse the impact of proposed tax cuts or, as some of his colleagues at the Fed have done, argue for more immigration to boost the labour force. He said economic growth was likely bound in a range of between 2% and 2.5% annually, short of Trump’s 3% goal, without a jump in productivity that many economists regard as unlikely.
In general, the 64-year-old lawyer stuck close to script, reciting the current Fed consensus that interest rates are due to continue rising gradually, that the course of inflation remains a mystery, and that weak wages and low labour force participation indicate the jobs market still has room to improve.
Early in his time as a governor Powell, a lawyer who has spent the bulk of his career in the private sector as an investment banker, shared some conservative concerns about the extent of the Fed’s crisis response. But he ultimately came to agree that the benefits of current Fed policy, with years of loose money allowing time for displaced workers to trickle back to the job market, outweighed the risks - and that future crisis would require the Fed, as he said in his opening statement, “to respond decisively.”
The sharpest and most detailed exchanges involved financial regulation, an area Powell has focused on during his years as a Fed governor and where he said it was time to take a pause and evaluate where things stand eight years after the end of a deep 2007 to 2009 recession.
Saudi prince freed in $1bn settlement agreement
Senior Saudi Prince Miteb bin Abdullah, once seen as a leading contender to the throne, was freed after reaching an “acceptable settlement agreement” with authorities paying more than $1 billion, a Saudi official said on Wednesday. Miteb, who was head of the elite National Guard, was among dozens of royal family members, ministers and current and former senior officials who were rounded up in a graft inquiry at least partly aimed at strengthening the power of Crown Prince Mohammed bin Salman.
The official, who is involved in the anti-corruption campaign, said Miteb was released on Tuesday after reaching “an acceptable settlement agreement”. “The amount of the settlement was not disclosed but it is believed to be more than one billion US dollar equivalent,” the official told Reuters. “It is understood that the settlement included admitting corruption involving known cases,” the official said.
US Cyber Monday sales jump 17%, on pace for record
Cyber Monday was on track to become the biggest-ever internet shopping day in the United States as people snapped up bargains on toys and electronics, with many more buying from their phones, reports Reuters. The shopping event is expected to generate $6.6 billion in sales, up from $5.6 billion a year ago, according to Adobe Analytics, which measured 80% of all online transactions from the top 100 US web retailers. As of 08:30 pm on Wednesday, revenue from smartphones was $1.59 billion.
The buying frenzy has gone on for the better part of a week. Amazon.com said it broke sales records this weekend and was on pace to do so on Cyber Monday. Thanksgiving and Black Friday, during which shoppers spent $7.9 billion, according to Adobe, had also generated record online sales. The world’s biggest shopping event was China’s Singles’ Day earlier this month, in which Alibaba Group Holding reported sales of $25.4 billion.
UK shop prices slip 0.1% in November for third month running
British shop prices edged down by an annual 0.1% for the third month in a row during November, according to a survey that chimed with the Bank of England’s thinking that inflation may have peaked around now, reports Reuters. Although prices for non-food goods declined at the slowest rate since May 2013, food price inflation cooled this month, Retail Consortium (BRC) and market research firm Nielsen said. Still, the 0.1% drop in overall shop prices matched the shallowest rate of shop price deflation for the last four years.
Japan retail sales suffer first annual fall in a year
Annual Japanese retail sales fell for the first time in a year last month, government data showed on Wednesday, after poor weather including two typhoons kept consumers away from stores and restaurants, reports Reuters. Retail sales declined 0.2% compared with the same month last year, hurt by weak sales of food and beverages, the Ministry of Economy, Trade, and Industry said.
Sales at large-scale retailers - department stores and supermarkets - fell 0.7% from a year earlier after adjustment for change in the number of stores. Consumer spending is in the spotlight after private consumption suffered a rare decline in July-September, even as the economy grew for a seventh straight quarter for its longest expansion in 16 years. Wednesday’s retail sales report is the first piece of major consumption data for the current quarter, and kicks off a busy slate of October indicators over the coming days.
Bitcoin surpasses $10,000 for the first time, hits an all-time high of $10,038.83
One bitcoin can now buy a Tiffany engagement ring, reports CNBC. The digital currency hit $10,000 on Tuesday, according to CoinDesk, marking an exponential ascent from 6 cents seven years ago and less than $1,000 at the start of this year. The cryptocurrency had hovered above the $9,800 level for most of the day, but finally broke through the milestone level around 8:30 pm ET, according to CoinDesk. Five minutes later, it had jumped as high as $10,038.83.
Since bitcoin's market capitalisation is less than $200 billion, enthusiasts point out the digital currency could rise dramatically if it draws even a tiny fraction of the world's $200 trillion in traditional financial market assets. More than 120 "cryptofunds" have launched, including some run by Wall Street veterans, according to financial research firm Autonomous Next. In another move towards establishing bitcoin's legitimacy as an asset class, the world's largest futures exchange, CME, is planning to launch bitcoin futures in the second week of December.
North Korea tests suspected ICBM, latest ICBM can hit Washington and most of US
North Korea fired what appeared to be an intercontinental ballistic missile (ICBM) that landed close to Japan, officials said, with some scientists cautioning that Washington, DC could now theoretically be within range of Pyongyang’s weapons, reports Reuters. The country fired the missile, its first launch since mid-September, a week after US President Donald Trump put it back on a US list of countries it says support terrorism.
The South Korean military said the missile, fired on a steep trajectory, reached an altitude of around 4,500 km and flew 960 km before landing in Japan’s exclusive economic zone. “It went higher frankly than any previous shot they’ve taken, a research and development effort on their part to continue building ballistic missiles that can threaten everywhere in the world, basically,” US Defence Secretary Jim Mattis said.
The Pentagon said its initial assessment was that an ICBM was launched from Sain Ni in North Korea and travelled about 1,000 km before splashing down in the Sea of Japan. The missile did not pose a threat to the United States, its territories or allies, the Pentagon said.
Japanese officials said the missile flew for 53 minutes and broke up before landing in Japan’s exclusive economic zone. Defence Minister Itsunori Onodera said it was judged to be ICBM class given its lofted trajectory.
“If these numbers are correct, then if flown on a standard trajectory rather than this lofted trajectory, this missile would have a range of more than 13,000 km... Such a missile would have more than enough range to reach Washington, DC, and in fact any part of the continental United States,” the US-based Union of Concerned Scientists said.
However, it was unclear how heavy a payload the missile was carrying, and it was uncertain if it could carry a large nuclear warhead that far, the non-profit science advocacy group added.
Minutes after the North fired the missile, South Korea’s military conducted a missile-firing test in response, the South Korean military said. (Picture courtesy: Gettyimages)
Britain and the EU agree Brexit divorce bill, says report
British and EU negotiators have reached a deal over the so-called Brexit bill, opening the door to a potential breakthrough in the talks this December, the Telegraph has learned. Sources on both sides confirmed that an agreement-in-principle has now been reached over the EU’s demand for a EUR60bn financial settlement ahead of a crucial lunch meeting next Monday between Theresa May and Jean-Claude Juncker, the European Commission president.
Two sources confirmed that the terms were agreed at a meeting in Brussels late last week after intense back-channel discussions led by Oliver Robbins, the UK’s chief Brexit negotiator. The Telegraph understands that the final figure, which is deliberately being left open to interpretation, will be between EUR45bn and EUR55bn, depending on how each side calculates the output from an agreed methodology.
North Korea has claimed successful successful test of the ICBM named 'Hwasong-15', South Korea's Yonhap News Agency has reported.
Fed chair nominee Jerome Powell defends push to review financial regulations
Jerome Powell, President Donald Trump’s choice to lead the US Federal Reserve, defended plans to potentially lighten regulation of the financial sector during a controversy-free hearing on his nomination to take over the central bank, reports Reuters.
Tapped to replace current chair Janet Yellen, Powell on Tuesday skirted several efforts by members of the Senate Banking Committee to draw him into the debates preoccupying Capitol Hill, refusing to analyse the impact of proposed tax cuts or, as some of his colleagues at the Fed have done, argue for more immigration to boost the labour force. He said economic growth was likely bound in a range of between 2% and 2.5% annually, short of Trump’s 3% goal, without a jump in productivity that many economists regard as unlikely.
In general, the 64-year-old lawyer stuck close to script, reciting the current Fed consensus that interest rates are due to continue rising gradually, that the course of inflation remains a mystery, and that weak wages and low labour force participation indicate the jobs market still has room to improve.
Early in his time as a governor Powell, a lawyer who has spent the bulk of his career in the private sector as an investment banker, shared some conservative concerns about the extent of the Fed’s crisis response. But he ultimately came to agree that the benefits of current Fed policy, with years of loose money allowing time for displaced workers to trickle back to the job market, outweighed the risks - and that future crisis would require the Fed, as he said in his opening statement, “to respond decisively.”
The sharpest and most detailed exchanges involved financial regulation, an area Powell has focused on during his years as a Fed governor and where he said it was time to take a pause and evaluate where things stand eight years after the end of a deep 2007 to 2009 recession.
UK's Prince Harry and Meghan Markle to marry in Windsor in May
The wedding of Britain’s Prince Harry and his fiancee Meghan Markle will take place next May in St George’s Chapel at Windsor Castle, a venue with royal associations going back centuries, reports Reuters. The fifth-in-line to the British throne, 33, and the American actress, 36, previously best known for her starring role in the TV legal drama “Suits” announced their engagement on Monday, sparking a trans-Atlantic media frenzy.
The couple have chosen to marry in Windsor, west of London, because it is “a special place for them”, Harry’s spokesman told reporters. Queen Elizabeth, the prince’s 91-year-old grandmother, will attend the ceremony. “The wedding will be a moment of fun and joy and reflect the characters of the bride and groom,” he said. The couple’s first official engagement together will take place on Friday in the central English city of Nottingham, where they will raise awareness of charities working to prevent HIV/AIDS and youth crime. (Picture courtesy: PTI)
Saudi prince freed in $1bn settlement agreement
Senior Saudi Prince Miteb bin Abdullah, once seen as a leading contender to the throne, was freed after reaching an “acceptable settlement agreement” with authorities paying more than $1 billion, a Saudi official said on Wednesday. Miteb, who was head of the elite National Guard, was among dozens of royal family members, ministers and current and former senior officials who were rounded up in a graft inquiry at least partly aimed at strengthening the power of Crown Prince Mohammed bin Salman.
The official, who is involved in the anti-corruption campaign, said Miteb was released on Tuesday after reaching “an acceptable settlement agreement”. “The amount of the settlement was not disclosed but it is believed to be more than one billion US dollar equivalent,” the official told Reuters. “It is understood that the settlement included admitting corruption involving known cases,” the official said.
Mumbai: Naval personnel rehearsal for the upcoming Navy Day Celebration, at Gateway of India, in Mumbai on Tuesday. PTI
US Cyber Monday sales jump 17%, on pace for record
Cyber Monday was on track to become the biggest-ever internet shopping day in the United States as people snapped up bargains on toys and electronics, with many more buying from their phones, reports Reuters. The shopping event is expected to generate $6.6 billion in sales, up from $5.6 billion a year ago, according to Adobe Analytics, which measured 80% of all online transactions from the top 100 US web retailers. As of 08:30 pm on Wednesday, revenue from smartphones was $1.59 billion.
The buying frenzy has gone on for the better part of a week. Amazon.com said it broke sales records this weekend and was on pace to do so on Cyber Monday. Thanksgiving and Black Friday, during which shoppers spent $7.9 billion, according to Adobe, had also generated record online sales. The world’s biggest shopping event was China’s Singles’ Day earlier this month, in which Alibaba Group Holding reported sales of $25.4 billion.
UK shop prices slip 0.1% in November for third month running
British shop prices edged down by an annual 0.1% for the third month in a row during November, according to a survey that chimed with the Bank of England’s thinking that inflation may have peaked around now, reports Reuters. Although prices for non-food goods declined at the slowest rate since May 2013, food price inflation cooled this month, Retail Consortium (BRC) and market research firm Nielsen said. Still, the 0.1% drop in overall shop prices matched the shallowest rate of shop price deflation for the last four years.
Japan retail sales suffer first annual fall in a year
Annual Japanese retail sales fell for the first time in a year last month, government data showed on Wednesday, after poor weather including two typhoons kept consumers away from stores and restaurants, reports Reuters. Retail sales declined 0.2% compared with the same month last year, hurt by weak sales of food and beverages, the Ministry of Economy, Trade, and Industry said.
Sales at large-scale retailers - department stores and supermarkets - fell 0.7% from a year earlier after adjustment for change in the number of stores. Consumer spending is in the spotlight after private consumption suffered a rare decline in July-September, even as the economy grew for a seventh straight quarter for its longest expansion in 16 years. Wednesday’s retail sales report is the first piece of major consumption data for the current quarter, and kicks off a busy slate of October indicators over the coming days.
Bitcoin surpasses $10,000 for the first time, hits an all-time high of $10,038.83
One bitcoin can now buy a Tiffany engagement ring, reports CNBC. The digital currency hit $10,000 on Tuesday, according to CoinDesk, marking an exponential ascent from 6 cents seven years ago and less than $1,000 at the start of this year. The cryptocurrency had hovered above the $9,800 level for most of the day, but finally broke through the milestone level around 8:30 pm ET, according to CoinDesk. Five minutes later, it had jumped as high as $10,038.83.
Since bitcoin's market capitalisation is less than $200 billion, enthusiasts point out the digital currency could rise dramatically if it draws even a tiny fraction of the world's $200 trillion in traditional financial market assets. More than 120 "cryptofunds" have launched, including some run by Wall Street veterans, according to financial research firm Autonomous Next. In another move towards establishing bitcoin's legitimacy as an asset class, the world's largest futures exchange, CME, is planning to launch bitcoin futures in the second week of December.
Sec. Mattis: North Korea missile went higher than previous missiles from CNBC.
Trump on North Korean missile launch: 'We will take care of it'
US President Donald Trump on Tuesday responded to the latest North Korean missile launch, saying, "I will only tell you that we will take care of it," and that the launch was "a situation that we will handle." Trump gave no details on precisely what he meant by this, reports CNBC.
Trump says he will 'deal with' North Korea following latest missile launch from CNBC.
Asian markets shrug off North Korea missile to follow Wall Street higher
Asian markets shrugged off North Korea's latest missile launch on Wednesday, instead following the lead from Wall Street, where the Dow Jones Industrial Average closed 225 points higher. Japan's Nikkei 225 rose 0.53% in early trade, shrugging off the North's latest missile launch. Across the Korean Strait, the benchmark Kospi index edged up 0.37%. Down Under, the S&P/ASX 200 was 0.61% higher. Major US indexes closed at record highs, with the Dow Jones Industrial Average rising 1.09%, or 255.93 points, to close at 23,836.71.
Hawaii to resume Cold War-era nuclear siren tests amid North Korea threat
Hawaii this week will resume monthly state-wide testing of its Cold War-era nuclear attack warning sirens for the first time in about 30 years, in preparation for a potential missile launch from North Korea, emergency management officials said. Wailing air-raid sirens will be sounded for about 60 seconds from more than 400 locations across the central Pacific islands starting at 11:45 am on Friday, in a test that will be repeated on the first business day of each month thereafter, reports Reuters.
A formal announcement and demonstration of the system was planned for Tuesday by Governor David Ige and other officials at the headquarters of the Hawaii Emergency Management Agency. Monthly tests of the nuclear attack siren are being reintroduced in Hawaii in conjunction with public service announcements urging residents of the islands to “get inside, stay inside and stay tuned” if they should hear the warning.
South Korea military says North missile presumed to be Hwasong-14: Yonhap
South Korea’s Joint Chiefs of Staff said they presume North Korea fired a Hwasong-14 long-range ballistic missile on Wednesday, the South’s Yonhap News Agency reported.
North Korea tests suspected ICBM, latest ICBM can hit Washington and most of US
North Korea fired what appeared to be an intercontinental ballistic missile (ICBM) that landed close to Japan, officials said, with some scientists cautioning that Washington, DC could now theoretically be within range of Pyongyang’s weapons, reports Reuters. The country fired the missile, its first launch since mid-September, a week after US President Donald Trump put it back on a US list of countries it says support terrorism.
The South Korean military said the missile, fired on a steep trajectory, reached an altitude of around 4,500 km and flew 960 km before landing in Japan’s exclusive economic zone. “It went higher frankly than any previous shot they’ve taken, a research and development effort on their part to continue building ballistic missiles that can threaten everywhere in the world, basically,” US Defence Secretary Jim Mattis said.
The Pentagon said its initial assessment was that an ICBM was launched from Sain Ni in North Korea and travelled about 1,000 km before splashing down in the Sea of Japan. The missile did not pose a threat to the United States, its territories or allies, the Pentagon said.
Japanese officials said the missile flew for 53 minutes and broke up before landing in Japan’s exclusive economic zone. Defence Minister Itsunori Onodera said it was judged to be ICBM class given its lofted trajectory.
“If these numbers are correct, then if flown on a standard trajectory rather than this lofted trajectory, this missile would have a range of more than 13,000 km... Such a missile would have more than enough range to reach Washington, DC, and in fact any part of the continental United States,” the US-based Union of Concerned Scientists said.
However, it was unclear how heavy a payload the missile was carrying, and it was uncertain if it could carry a large nuclear warhead that far, the non-profit science advocacy group added.
Minutes after the North fired the missile, South Korea’s military conducted a missile-firing test in response, the South Korean military said. (Picture courtesy: Gettyimages)