Deere & Co. this year has increased its purchasing of tractors and construction equipment for leasing to farmers and builders. Leasing is more complicated than selling, and the company runs the risk that customers will come to prefer leases over outright purchases, Bob Tita writes.
The Texas Department of Transportation and a surety have agreed on the hiring of a contractor to finish a highway widening project in Denton. The original contractor was removed from the project after falling behind schedule, and most of the work will have to be redone, which will increase the project's cost.
Phishing scams often target specific people and processes at a company. Contractors can protect themselves from cybercrime by putting an incident response plan in place, keeping software up-to-date, educating employees about phishing scams, and encouraging employees to be wary of opening messages from unfamiliar addresses or those that attempt to direct recipients to a URL, a technology executive writes.
China wants a reduction of tariffs imposed by the US before it buys $40 billion to $50 billion in US agricultural goods that the Trump administration says are part of a partial trade agreement, sources say. China reportedly is receptive to increasing purchases immediately, but they likely would not reach the amount the US wants.
UK and EU negotiators continue their Brexit talks today after working until late on Tuesday, with the crucial deadline of the EU summit on Thursday looming. Officials have warned that some key issues remain unresolved and UK Prime Minister Boris Johnson is unsure whether a deal will get British parliamentary approval.
The International Monetary Fund has downgraded its forecast for global economic growth this year to 3%, the lowest level since the financial crisis, as tariffs between the US and China chill trade and business confidence. "As policy priorities go, undoing the trade barriers put in place with durable agreements and reining in geopolitical tensions top the list," IMF Chief Economist Gita Gopinath says.
Italy has agreed on a draft budget for 2020 after officials worked late into the night to resolve divisions within the coalition government of Prime Minister Giuseppe Conte. The government says the budget would cut the tax burden for workers, make funds available for public investment and cancel a planned increase in value-added tax.
Bank of Japan deputy governor Masayoshi Amamiya called for concerted collective action on the transition away from Libor. He told ASIFMA's annual conference that the discontinuation of Libor is among the "most significant events in global financial history".
Third-quarter results from four major banks in the US show that while recession fears are leading businesses to reduce investment, consumer demand is still driving economic growth. "The consumer is doing fine," JPMorgan Chase CEO Jamie Dimon says.
Future global financial crises might begin completely outside the financial system in areas that aren't addressed by financial regulators, experts say. While the banking system is more resistant to shocks than in the past, the next crisis could be triggered by cyberrisk, environmental risk, sociopolitical risk, shadow banking or the vulnerability of passive investing, they say.
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