Business News

Fed Speak and EM Turmoil

Fed Chair Janet Yellen will speak before Congressional lawmakers today, her second straight day of comments on the state of the economy. Yesterday, she suggested the pace of future rate hikes could depend on “actual progress” in meeting inflation targets. That’s a shift from the requirement the Federal Open Market Committee set for an initial move, to be “reasonably confident” that inflation would shift back to its goal over the medium term. The language adds to the reasons to expect that rates will rise gradually after a widely-anticipated liftoff later this month.  (Blooomberg)
 
In emerging markets news, Brazil's benchmark stock-market index climbed by almost 4 per cent on Thursday a day after the country's Congress said it will start impeachment proceedings against Dilma Rousseff, the country's embattled president.  The country is in the midst of a deepening political and economic crisis that has sent the nation spiraling into what is now being called an outright depression by some analysts.  (FT)
 
AB InBev is exploring selling SAB Miller's Peroni and Grolsch beer businesses in Europe as the pair take steps to head off competition fears ahead of their $105bn tie-up.  The mega-deal will create a brewing group that accounts for one third of the world's beer supply.  SAB Miller has already announced it will sell its stake in MillerCoors here in the US in order to gain regulatory approval.  Analysts expect that the company will divest its Snow business in China as well.  (FT)
 
Saudi Arabia has thrown down a challenge to big rival oil producers ahead of tomorrow's OPEC meeting, saying it would back output cuts as long as they were supported by countries both inside, and outside the cartel. The move indicates a further softening in tone from the world's largest oil exporter which led OPEC’s landmark shift in policy a year ago. Although oil prices settled below $40 a barrel yesterday, crude futures are now  …up .75 cents at $40.69 a barrel.  (SA)
 

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