Fed minutes say "most participants" saw the cut "as part of a recalibration" in response to changing conditions.The Fedread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Trump and Apple CEO Tim Cook have had a rocky relationship in recent years, but Trump is now complimenting the executive publicly.Technologyread more
Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
"Federal debt, which is already high by historical standards, is on an unsustainable course," CBO director Phillip Swagel said in the report.Politicsread more
The president's remark followed a string of criticisms aimed at his predecessors, whom he claimed had ignored China's alleged malpractice on trade.Politicsread more
President Trump liked Germany's sale of no-interest, 30-year bonds Wednesday, but investors weren't so eager to buy them.Market Insiderread more
SunTrust Robinson Humphrey analysts said in a research note the "Off-Facebook Activity" feature "appears to fall somewhat short of the original pledge by CEO Zuckerberg of...Technologyread more
"If you look at the market over the past week, stocks don't need any help. They are roaring ahead, without the Fed doing anything," says the longtime market strategist.Marketsread more
Target CEO Brian Cornell still thinks the U.S. consumer is strong and spending. Target's latest quarterly results showed the big-box retailer is benefiting from that.Retailread more
Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.US Marketsread more
(Adds details from Moody's statement, background on refinery and government support)
MEXICO CITY, May 13 (Reuters) - The new refinery that Mexico's government has tasked state oil company Pemex to build will likely cost at least $2 billion to $4 billion more than the government estimates due to its "limited know-how," credit rating agency Moody's said on Monday.
Last week, Mexican President Andres Manuel Lopez Obrador said the refinery, slated to be built at the Gulf coast port of Dos Bocas for $8 billion, will break ground early next month and be completed by May 2022.
The ratings agency described the decision to build the refinery without private sector expertise as one that would be "costly."
"Given the government's (and Pemex's) lack of experience in building refineries, the project is likely to end up costing more and taking longer than the government anticipates, placing further strains on fiscal resources," Moody's said in a statement.
The project, one of Lopez Obrador's top priorities, has been repeatedly criticized by investors and ratings agencies due to concerns it will divert funds away from Pemex's more profitable exploration and production business.
Moody's said the decision raised further questions about the predictability of the government's decision-making, pointing to the negative reaction to Lopez Obrador's cancellation of a part-built $13 billion new Mexico City airport last October.
"His government's pledge to maintain fiscal responsibility appears increasingly in tension with its ambitious social and infrastructure spending agenda," Moody's said.
The implications for Mexico's credit profile will partly depend on whether it continues to undermine market confidence, hurting its economic prospects, the agency added.
The leftist president has defended the project as needed to make Mexico more self-sufficient in production of gasoline, and wean the country off growing fuel imports.
Earlier on Monday, Lopez Obrador unveiled a new financial package with major banks designed to improved Pemex's balance sheet and head off a fresh ratings downgrade of the firm.
The measures include $2.5 billion in debt refinancing, and a renewal of $5.5 billion worth of credit lines.
($1 = 19.1840 Mexican pesos) (Reporting by Stefanie Eschenbacher and David Alire Garcia Editing by Dave Graham and Rosalba O'Brien)