Woodruff those are some of the stories were covering on tonights pbs newshour. Major funding for the pbs newshour has been provided by moving our economy for 160 years. Bnsf, the engine that connects us. Supported by the john d. And catherine t. Macarthur foundation. Committed to building a more just, verdant and peaceful world. More information at macfound. Org and with the ongoing support of these institutions and. This program was made possible by the corporation for public broadcasting. And by contributions to your pbs station from viewers like you. Thank you. Woodruff wall street battled bad news all day and ended with sizeable losses. A computer glitch that stopped trading for hours. The Dow Jones Industrial average lost more than 260 points to close back near 17,500. The nasdaq fell nearly 90 points and the s p 500 fell 35. Ifill microsoft announced today its cutting another 7,800 jobs, or about 6 of its global work force. The cuts affect the companys struggling phone business.
People. We will also be listening to closely to what the president might say about the american economy. It all comes off fed chair Janet Yellens testimony earlier today where she continues to prepare investors for a likely Interest Rate increase this year. If we get that it would be the first Interest Rate hike in america in nine years. Lets go down straight to eamon javers back at the white house where we are awaiting the president. Reporter thats right. The president s going to take some questions here from reporters. We can expect that whats on his mind is that deal with the iranian signed earlier this week. We can expect hearings beginning on capitol hill as early as next week. This is going to be a sales pitch series of comments here from the president. But as you point out, we dont necessarily know what all the questions from the reporters will be. He possibly will get some questions on the u. S. Economy, how it is faring also the global situation. When it comes to iran though e
Removed and the possible imposition of fines now on bbc news all the latest Business News live from singapore. The great unwind. The Us Central Bank will start shrinking their portfolio of bonds in turnover. Italy is most famous luxury drew is cashing in on a growing appetite for blink blink. Good morning asia, hello world. Glad you could join us. Iamat hello world. Glad you could join us. I am at rico hizon. The world is most powerful central bank, the Us Central Bank left Interest Rates unchanged. The Federal Reserve kept borrowing costs in the range of i i. 25 borrowing costs in the range of i 1. 25 but another rate hike is on the cards in september. Starting month, they will start reducing the massive amounts of bonds at it owns. Asa massive amounts of bonds at it owns. As a result of three rounds of quantitative easing measures it involved buying bonds to stabilise the economy after the financial crisis. We asked what in pact would be . What surprised markets was not so be . What
We will check the mood live in beijing. Not politics daunting markets, the outcomes not exactly the results we were expecting. We are going to be delving into the in depth in the next few hours. I want to take a quick look at a close in the u. S. Market on friday. Not surprising that after a fed meeting, continued concerns over what was coming out of the u. N. , tensions with north korea, there was about a mixed close. You can see that the dow was just down ever so slightly. Flat, fractional gains in the s p 500 and the snp s p 500e up. Not a lot of direction for us. We have a lot hanging when it comes to the big week in washington. Centralbank speakers set to speak, as well. New zealand not a whole big reaction to this weekends election when it comes to stocks. We are continuing to see the kiwi dollar, 7310 weakening from the third of desperate 3 the surprise outcome here as we look ahead to those Coalition Talks. Australia, we are seeing teachers up about seven point four the excess
Said to be devastated. And hugh hefner the founder of playboy magazine, how will he be remembered . Good morning. Welcome to bbc newsroom live. Theresa may has mounted a strong defence of the free market, a day afterJeremy Corbyn told the Labour Party Conference that capitalism was facing a crisis of legitimacy. In a speech to the bank of england, the Prime Minister said the financial crisis and globalisation had brought concerns that the economy was not working for everyone but capitalism remained the best way for a Living Standards to grow. Lets head to westminster now and our Political Correspondent, jonathan blake. By by virtue of the timing ofJeremy Corbyn putts mac speech yesterday and theresa may putts mac speech today, we have set out very starkly this huge contrast in ideologies, if you like. And theresa may arguing that the free market economy is underrated to sustain peoples Living Standards. Theres the real chisora people. Their speech at the bank of england this morning wa