HONOLULU— Dozens of Maui mothers are going door-to-door to urge voters to back a ban on the cultivation of genetically engineered crops because they think they are unsafe. Kendall Lamkey, chairman of the agronomy department at Iowa State University, said the initiative, if passed, could potentially make seed development more expensive for Monsanto Co. and a...» Read More
WASHINGTON, July 15- The U.S. economic recovery remains incomplete, with a still-ailing job market and stagnant wages justifying loose monetary policy for the foreseeable future, Federal Reserve Chair Janet Yellen told a Senate committee on Tuesday.
YELLEN SAYS SIGNIFICANT SLACK REMAINS IN LABOR MARKETS, HIGHLIGHTED BY THE CONTINUED SLOW PACE OF GROWTH IN MOST MEASURES OF HOURLY COMPENSATION.
CBO SAYS LONG-TERM BUDGET OUTLOOK INCLUDES SLIGHT DOWNWARD REVISIONS OF ECONOMIC GROWTH, INTEREST RATES AND HEALTH CARE COSTS.
YELLEN SAYS TOO MANY AMERICANS REMAIN UNEMPLOYED, INFLATION REMAINS BELOW FED'S LONG-RUN OBJECTIVE AND NECESSARY FINANCIAL REFORMS REMAIN INCOMPLETE.
PUBLIC DEBT IN FISCAL 2039 AT 106 PCT OF GDP VS 102 PCT IN SEPT 2013 ESTIMATE, 74 PCT IN FISCAL 2014.
YELLEN SAYS PRICES FOR REAL ESTATE, EQUITIES AND CORPORATE BONDS HAVE RISEN APPRECIABLY BUT REMAIN GENERALLY IN LINE WITH HISTORICAL NORMS.
USE OF FED FUNDS TO CONTROL INTEREST RATES "WILL NOT BE FEASIBLE" DURING POLICY NORMALIZATION- FED MONETARY POLICY REPORT.
FED'S BALANCE SHEET TO HIT $4.5 TRILLION WHEN BOND-BUYING LIKELY ENDS IN OCTOBER- FED MONETARY POLICY REPORT.
But the latest impasse reflects the difficulties that Brazil, Russia, India, China and South Africa face in working together to counter Western-run multilaterals that have shaped world finances since the end of World War Two. Negotiations have stalled for now on a dispute between China and India over who will host the bank.
WASHINGTON, July 15- The U.S. Strategic Petroleum Reserve is dogged by capacity and maintenance issues that limit officials' ability to replenish it, the Energy Department's inspector general said in a report released on Tuesday.
Sheng Songcheng, the head of the statistics department at the central bank, was also quoted by the Chinese financial news service Great Wisdom as saying that banks have increased lending to China's cooling property market this year in a show of "forceful" support.
*Fed chief to testify to Congress on Tuesday, Wednesday. NEW YORK, July 15- The dollar got a lift on Tuesday from retail data showing the U.S. economy expanding but gains were muted as investors awaited possibly market-moving congressional testimony by Federal Reserve chief Janet Yellen.
But while money flowed across the table between manufacturers and leasing companies, AirAsia low-cost airline entrepreneur Tony Fernandes waited in the wings with what could be a $12 billion order for some 50 of Airbus's revamped A330neo. Airbus and AirAsia declined comment.
Libya's oil output has risen to 588,000 barrels per day, Libya's acting oil minister told Reuters, an increase of around 25 percent since the weekend despite renewed fighting between militias in the country's capital.
NEW YORK, July 15- U.S. stocks opened higher on Tuesday, boosted after earnings from JPMorgan and Goldman Sachs, though investors were looking ahead to testimony from U.S. Federal Reserve Chair Janet Yellen. Shares of Goldman rose 1.5 percent to $169.67 while JPMorgan rose 3.8 percent to $58.41.
NEW YORK, July 15- U.S. Yellen speaks before the Senate Banking Committee at 1000 EDT and again to the House Financial Services Committee on Wednesday as part of its semiannual monetary policy report.
MAINTENANCE ISSUES HAVE HINDERED SPR REPLENISHMENT- ENERGY DEPARTMENT INSPECTOR GENERAL REPORT.
ENERGY DEPARTMENT SAYS CANNOT FULLY REPLENISH THE 35 MLN BBL STRATEGIC PETROLEUM RESERVE STOCKS SOLD SINCE 2011.
RIO DE JANEIRO, July 15- Brazil's sluggish economy faces substantial risk of falling into a light recession in 2014, and may already have done so, providing opposition candidates with extra ammunition in the run-up to October's presidential election.
*New York state manufacturing at more than four-year high. WASHINGTON, July 15- A gauge of U.S. consumer spending rose solidly in June, in the latest sign that the economy ended the second quarter on a firmer footing.