BUSINESS NEWS JANUARY 27TH 2016
U.S. FEDERAL RESERVE KEEPS INTEREST RATES STEADY
U.S. stocks declined today after the U.S. Federal Reserve kept interest rates unchanged. The Fed it was 'closely monitoring' global economic and financial developments. The Fed expects the labor market will continue to strengthen and pointed out to recent market indicators including strong job gains. The Fed last month raised its key overnight lending rate by a quarter point to a range of 0.25-0.5%. Oil prices have also crashed this year, which could keep U.S. inflation below the Fed's 2% target for longer.
For more on the story log on to
NEW U.S. SINGLE-FAMILY HOME SALES TOUCH A 10-MONTH HIGH
New U.S. single-family home sales surged in December to their highest level in 10 months. The latest set of data indicates that the housing market remains strong despite global economic headwinds and a meltdown in the financial markets. The Commerce Department said sales rose 10.8% to a seasonally adjusted annual rate of 544,000 units. Unseasonably mild weather and a rise in the supply of homes on the market helped boost sales.
For more on the story log on to
BOEING STOCK CRASHES AFTER GLOOMY 2016 FORECAST
Boeing has said it will deliver fewer planes in 2016 and forecast earnings below expectations thus hurting its shares in trade today. The world's biggest plane-maker also reported weaker-than-expected fourth-quarter profits. Boeing expects to deliver 740 to 745 planes in 2016, its centenary year, down from a record 762 in 2015. Boeing's net income fell to $1.03 bn in the fourth quarter, from $1.47 bn a year earlier.
For more on the story log on to
LYFT & WAZE PARTNER TOGETHER TO FIGHT TRAFFIC JAMS
Lyft is partnering with navigating app Waze to improve navigation and congestion avoidance for drivers of its ride-sharing service. Lyft will integrate Waze's Transport Software Development Kit into its app, allowing drivers to update their routes in real time and improve the efficiency of pick-ups and drop-offs. Lyft is the first and only ride-sharing company to incorporate Waze's latest advancements, according to the San Francisco-based firm.
For more on the story log on to