FINANCIAL MARKETS
Asian markets rise on hopes for interest rate cuts
SINGAPORE (AP) — Asian shares were mostly higher today on news that the Reserve Bank of Australia may cut interest rates, driving hopes that other central banks could come to the same conclusion. Markets in China, Hong Kong and Taiwan were closed for Lunar New Year.
When borrowing is made less expensive, the increase in spending by businesses and consumers could give the economy boost. Central banks in the Philippines, India and the U.K will meet later today but they are expected to leave rates unchanged.
Australia's S&P ASX 200 rebounded 1.1 percent.
Japan's Nikkei 225 dropped 0.6 percent on concerns over U.S.-China relations. U.S. Treasury Secretary Stephen Mnuchin and trade representative Robert Lighthizer will lead a delegation to Beijing next week for the next round of trade talks, but the issues at hand are complex.
These include contentious issues like Beijing's technology policy and trade practices, where progress has been limited so far.
ECONOMY-THE DAY AHEAD
Major business and economic reports scheduled for today:
WASHINGTON (AP) — Freddie Mac, the mortgage company, releases the weekly mortgage rates today.
And the Federal Reserve releases December's consumer credit data.
Also today, Twitter and Yum Brands report their quarterly financial results before the market opens.
FEDERAL RESERVE-POWELL
Fed Chairman Powell urges plain speaking at Fed
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says he has used his first year as chairman to make sure the central bank deserves the trust of the American people, especially at a time when people are losing faith in big institutions.
Powell acknowledged that at the moment "we are paddling against the current" in an effort to restore the public's faith.
He says to achieve this goal he has tried to emphasize outreach to members of Congress, which oversees the central bank. He is also making his speeches and other Fed communications as jargon-free as possible.
Powell's comments came at a teacher town hall meeting Wednesday that was webcast around the country as a way to boost economics education.
TRUMP-WORLD BANK
Trump introduces World Bank critic David Malpass to lead it
WASHINGTON (AP) — President Donald Trump on Wednesday introduced David Malpass, a Treasury official he has nominated to lead the World Bank, as the "right person to take on this incredibly important job."
Malpass, who is now Trump's undersecretary for international affairs at the Treasury Department, has been a sharp critic of the 189-nation World Bank. He has argued that the bank, a lending institution with a focus on emerging countries, has concerned itself too much with its own expansion and not enough with its core missions, like fighting poverty.
Malpass, who is 62, made clear Wednesday that his focus at the World Bank would include furthering the Trump administration's agendas for developing countries. One major initiative, he said, would be to implement changes to the World Bank that he and Treasury Secretary Steven Mnuchin helped negotiate. And in a nod to the president's daughter and adviser, Ivanka Trump, Malpass said he would focus on improving the status of women.
BRITAIN-ECONOMY
Bank of England set to hold rates as it seeks Brexit clarity
LONDON (AP) — With 50 days to go until Britain leaves the European Union, the Bank of England is awaiting clarity over Brexit before deciding what to do next on interest rates.
Today, the bank is expected to announce that its nine-member rate-setting body has kept its main interest rate unchanged at 0.75 percent.
Whether the next move is up or down hinges on Brexit.
Should the country crash out of the bloc with no deal on future relations, many economists think the bank could slash its main rate to zero as it deals with the economic fallout.
By contrast, a smooth Brexit could see the bank raise interest rates as it responds to rising wages.
The views of Governor Mark Carney will be of interest after the rate decision.
ELECTRIC CARS-COLD WEATHER
AAA: Cold weather can cut electric car range over 40 percent
DETROIT (AP) — A new study finds that cold temperatures can sap electric car batteries, temporarily reducing their range by more than 40 percent when interior heaters are used.
The study of five electric vehicles by AAA also found that high temperatures can cut into battery range, but not nearly as much as the cold. The range returns to normal in more comfortable temperatures.
Many owners discovered the range limitations last week when much of the country was in the grips of a polar vortex.
AAA says it tested the cars at 75 degrees, then compared how far the range dropped at 20 degrees and 95 degrees. When the cabin heater is used, the range fell 41 percent at 20 degrees, according to the study.
CALIFORNIA WILDFIRES-UTILITIES
Pacific Gas & Electric vows to improve wildfire prevention
SAN FRANCISCO (AP) — The nation's largest utility is promising to overhaul its wildfire-prevention measures in response to growing legal, financial and public pressure over its role in starting some of the most destructive blazes in California history.
In a regulatory filing Wednesday, Pacific Gas & Electric Corp. proposes building new weather stations, fireproofing more miles of electrical wires and shutting off power to more customers more often when wildfire danger is highest.
The embattled utility also vows to increase inspections, cut more trees and work with forestry experts to lessen its role in starting wildfires.
A consumer advocacy group -the Utility Reform Network - says it's disappointed with PG&E's proposed wildfire prevention plan.
PG&E and other utilities were required to file wildfire prevention plans with the California Public Utilities Commission. The agency has scheduled several public meetings to review the proposals before they are adopted.
CHINA-HIV SCARE
China says tests on plasma products negative for HIV
BEIJING (AP) — Chinese investigators say tests on a batch of a plasma product feared to have been contaminated with HIV have turned up negative for the virus that causes AIDS.
The result appears to have headed off the possibility of yet another scandal involving medical products in the country. Incidents include the falsifying of production records for rabies vaccines that prompted a nationwide crackdown on the industry.
A statement Thursday from the National Medical Products Administration says tests for HIV, hepatitis B and hepatitis C all turned out negative.
The samples were from a batch of 12,000 plasma products manufactured by Shanghai-based China Meheco Xinxing Pharma Co., Ltd.
During the 1990s and earlier 2000s, thousands of Chinese were infected with HIV when they sold blood that was pooled and the plasma removed.
CUOMO-JFK AIRPORT
American Airlines, British Airways to invest $344M at JFK
NEW YORK (AP) — New York Gov. Andrew Cuomo says American Airlines and British Airways will invest $344 million in John F. Kennedy Airport to expand and improve Terminal 8 as part of his effort to modernize the airport.
The Democratic governor on Wednesday said the expansion of Terminal 8 will feature new premium lounges, enhanced baggage and upgraded concessions.
In October, Cuomo announced a seven-year, $13 billion project to transform the airport from an aging facility into a world-class air travel hub featuring two new international terminals, centralized ground transportation and better roadways.
British Airways Chairman and CEO Alex Cruz says it looks forward to building a world-class trans-Atlantic travel experience in their new home in Terminal 8.
American Airlines President Robert Isom called it a "win-win" for both customers and airlines.
IVANKA TRUMP-WOMEN
Ivanka Trump unveils White House global women initiative
WASHINGTON (AP) — Ivanka Trump is unveiling an effort aimed at helping 50 million women in the developing world get ahead economically over the next six years.
On Thursday, the White House will officially launch the Women's Global Development and Prosperity Initiative, a government-wide project led by the senior adviser and daughter to President Donald Trump.
The initiative will involve the State Department, the National Security Council and other agencies. It aims to coordinate current programs and develop new ones to assist women in areas such as job training, financial support, and legal or regulatory reforms.
The president previewed the launch during his State of the Union address Tuesday night, describing it as "part of our commitment to improving opportunity for women everywhere."
