Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the Iranian attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
A tour bus carrying Chinese-speaking tourists crashed near a national park in southern Utah, killing at least four people and critically injuring up to 15 others, authorities...U.S. Newsread more
George Osborne, the U.K's Chancellor of the Exchequer, might be about to help Northern Ireland compete with its southern neighbor on tax – but he risks angering Scotland.
Politicians in Northern Ireland, which is part of the U.K., have long protested that independent Ireland's low corporation tax rate of 12.5 percent, together with the opportunity to exploit tax loopholes like the soon-to-be abolished Double Irish, has helped attract big-name companies like Apple and Facebook.
Ahead of Osborne's traditional winter statement to Parliament on the state of the U.K. economy, there have been reports in the media of a devolution of tax powers to Northern Ireland. This has been seen as an attempt to to ensure support from Northern Ireland's Democratic Unionist MPs, in the event that the Conservative Party has to form a minority government post-election.
Yet the devolution of tax powers to Northern Ireland could anger another regional player, the Scottish National Party, just after a referendum resulted in the Scottish people voting narrowly to stay within the U.K.
The Chancellor's Autumn Statement, as it is known, which is announced on Wednesday, is one of the biggest milestones in the U.K.'s economic year. With just five months to go before an expected General Election, it should be his opportunity to lure the electorate with a few headline-grabbing measures.
However, his budget is particularly tight at the moment. The government is expected to miss its targets for reducing the U.K.'s deficit, the amount the government has to borrow to meet the difference between its tax take and public expenditure.
"Back in 2010 the Chancellor was planning for austerity to be almost over by now, with borrowing down to under £40 billion ($62 billion) a year and the structural deficit all but eliminated," Rob Wood, chief U.K. economist at Berenberg Bank, wrote in a research note.
"But the spending restraint will now have to continue for probably all of the next parliament."
When he took over as Chancellor of the Exchequer in 2010, Osborne had hoped to reduce the deficit to close to £40 billion in the 2014-15 financial year, and eliminate the U.K.'s underlying deficit by now.
Yet tax receipts have been weaker than forecast, despite one of the healthiest growth figures in the developed world, and public borrowing is likely to come in closer to £100 billion for the year, more than £10 billion than more recent forecasts.
The definition of the U.K. deficit has changed since his targets were first set, as it now does not include the U.K.'s stakes in its banks – but this is still a hefty gap. The problem appears to be that income tax has not risen as much as hoped. While employment figures have been better than hoped, many of the jobs appear to be part-time or less well-paid, and wage growth has lagged behind inflation for some time.
"Spending is, broadly speaking, not the problem: it has risen roughly in line with forecasts made by the Office for Budget Responsibility in March. It is revenues that have fallen short," Liz Martins, UK economist at HSBC, wrote in a research note.
Otherwise, the mini-budget looks to be, in the main, a recycling exercise. Other measures expected include a £15 billion road building programme, much of which has already been announced by Prime Minister David Cameron, a further £2 billion for the National Health Service, which was announced at the weekend, and more funding to commercialize research, which has long been an aim of the government.