The US central bank opted to keep rates between 0.25% and 0.5%.The Fed said "near-term risks to the economic outlook have diminished," but inflation remained below the bank’s target.It is still expected to raise rates twice this year. Investors expect the first increase to come in autumn.In a statement, the Federal Open Market Committee (FOMC) said household spending was "growing strongly" and the unemployment rate had decreased for the last two months.However, the Fed has held back from raising rates while inflation remains under its 2% target. The measurement used by the ...
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2016
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SPARKS, Nev. (AP) -- It’s Tesla Motors’ biggest bet yet: a massive, $5 billion factory in the Nevada desert that could nearly double the world’s production of lithium-ion batteries.Tesla officially opened its Gigafactory on Tuesday, a little more than two years after construction began. The factory is about 14 percent complete but when it’s finished, it will be about 10 million square feet, or about the size of 262 NFL football fields. That will make it one of the largest buildings in the world.The factory is key to the future of Palo Alto, California-based Tesla. The 13-year-old electric car ...
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2016
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Wall Street markets sank on Monday, as oil prices dropped 2% to three-month lows and investors remained wary ahead of a raft of quarterly earnings reports.The Dow Jones Industrial Average was down 77.79 points at 18493.06.The broader S&P 500 index fell 6.55 points to 2168.48, while the Nasdaq slipped 2.35 to 5097.63.The price of US crude fell 2.6% to $43.04 a barrel, its lowest level since April, while Brent crude slid 2.3%.The drop in crude sent shares of US oil producers tumbling.Exxon Mobile shares fell 1.9% and Chevron fell 2.5%.Shares of Verizon and Yahoo both slipped after it was ann...
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2016
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The two firms were reported on Friday to be in exclusive talks over a possible deal.US internet firm Yahoo announced in February that it was looking at "strategic alternatives" for its core internet business.Verizon declined to comment on the reports.A formal announcement is expected on Monday before US markets open for trading.Over the last few years Yahoo has struggled to keep up with the changing internet advertising landscape, with some analysts arguing that it has failed to remain relevant in many of its core markets.Chief executive Marissa Mayer, who took the helm in 2012, has ...
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2016
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Philippine President Rodrigo Duterte has expressed belief that the Philippines could get more benefits from China if the two countries could reach a settlement despite the recent ruling of the arbitral tribunal on the South China Sea issue.Speaking during the inspection of a power plant in southern province of Maguindanao on Friday, Duterte said he was really praying that the Philippines could resolve the issue with China."On the (South) China Sea, if we can just have a settlement with them despite the arbitral judgment, I think we will get more benefits," he said.He cited his admini...
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2016
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