New York state promised Amazon incentives worth $1.7 billion to place a mammoth new office facility in Queens. New York City has agreed to put hundreds of millions of dollars of its money into projects as well.
Commuters already have to cope with crowded conditions at the Court Square station in Long Island City, Queens, but it could get a lot worse when the Metropolitan Transportation Authority shuts down the L Train on April 27 for 15 months of repairs. Many of the L Train's regular riders are expected to shift to alternative routes that take them through Court Square.
The Dow Jones Industrial Average, the S&P 500, the Nasdaq composite and the Russell 2000 index sustained losses between 2% and 2.8% Monday, with tech giants leading the downtrend, while financial entities also had a poor day. Analysts and lawmakers have contested President Donald Trump's assertion the prospect of Democrat investigations caused the drop.
The euro has broken below support at 1.13 against the US dollar to hit a fresh low for the year, technical analyst Blake Morrow writes. Morrow expects the pair to find support at 1.1191 and sees development of a long-term head-and-shoulders pattern, which might bring the currencies closer to parity.
Because the US economy is performing exceptionally well the Federal Reserve looks set to boost interest rates three to four times over the next year, former Fed Chair Janet Yellen said. That scenario will hold up "unless there are significant economic surprises," she said.
As digital disruption challenges the banking sector, financial institutions are seeking to boost competitiveness through diversification, acquisitions or implementation of digital operations.
The Italian government is expected to present a redrafted budget today to the European Commission after being told the last proposal would have breached the EU Stability and Growth Pact. Italy, which has shown no sign of backing down in the standoff, could face disciplinary measures if the commission rejects the latest proposal.
The European Commission's proposal to monitor financial-stability risk from clearinghouses outside the EU is not at odds with US agreements, German deputy finance minister Joerg Kukies says.
Germany hopes to draw thousands of bankers to Frankfurt from London after Brexit, German deputy finance minister Joerg Kukies says. The government is working to make Frankfurt attractive to banks, including relaxing labour laws to make firing senior staffers easier, Kukies says.