Premier

May 4, 2023

Portugal’s President Says He’ll Keep Closer Watch on Government After Disagreement With Premier Air Canada boosts earnings outlook for 2023, citing strong demand and traffic Bank-Stock Short Sellers Are Doing ‘A Meaningful Service.’ Dick Bove Says Apple beats sales estimates in sign iPhone Is weathering slump OpenText sees revenues soar more than 40 per cent in third quarter, income dips Kenya’s Government Plans to Introduce 3% Crypto, Influencer Tax as Cash Sources Dry TSX recap: Index finishes lower amid broad-based losses Germany’s Scholz Backs African Union Push for Permanent Membership of G-20 Fed Emergency Loans Plunge After First Republic Seizure Real Estate Stocks Are Saviors for Traders Fleeing Bank Risks Coinbase Is Facing an ‘Existential Risk’ as SEC Reins In Crypto Dorsey’s Block Boosts Full-Year Outlook After Jump in Use of Its Cash App Bearish or bullish on Shopify? Here's what analysts say PacWest, First Horizon Slump, Reigniting Regional Bank Jitters NYC Subway Twitter Alerts Return After Musk Drops Fees for MTA Ukraine Latest: Kyiv Shoots Down Drones, Zelenskiy to The Hague Maker of Tylenol, Band-Aid Climbs in Debut After Biggest US IPO Since 2021 Carlyle Tumbles as Its New CEO Calls for ‘More Discipline’ Biden’s Top National Security Officials Plan Separate Saudi Arabia Visits Fed Rate Hikes Are Weighing on the Housing Market. That’s Bad News for Construction Jobs PSAC: Will Canada's tax deadline be moved due to the strike? How claiming income from side gigs can lower your tax bill Paper filing is dying but free income tax software lives on: Dale Jackson Tax deadline: Strike not a major issue for most Canadians, expert says 'Give yourself time and space': How to manage your finances during times of grief Experts explain how to cope with money stress Experts share effective ways to tackle student debt As thousands flock to day trading during lockdown, experts urge caution Dual income, no kids: Why some young Canadians are choosing this lifestyle 'Ask a lot of questions' before deciding what to do with your tax refund: experts As Canadians miss out on benefits, Ottawa promises automatic tax filing is on the way Here's a list February inflation rates for Canadian provinces Is your retirement portfolio ready for what's to come? Women more likely to bag $100,000 jobs despite fewer applications Quitting your job? Experts say it's best to have a plan before you do Household debt-to-income ratio edges lower as interest payments expand Canadians making fewer trips to the grocery store as inflation pinches: RBC report With airfares rising, here's how to find a travel deal this year Young Canadians keep up pandemic-inspired DIY projects to save money Real Estate Stocks Are Saviors for Traders Fleeing Bank Risks Fed Rate Hikes Are Weighing on the Housing Market. That’s Bad News for Construction Jobs Billionaire Stephen Ross Bets on New Offices, Sees Havoc for Old Towers Irish Residential Faces AGM Revolt as Investors Push for Sale Montreal home sales down 26% from last April: Quebec real estate association Western Alliance Says ‘No Truth’ to Report of Deal Talks US Real Estate Firm Puts Canadian Apartment Tower Up For Sale Blackstone Explores Options for Dutch Lender NIBC Bank These Are This Summer’s 13 Best New Restaurants in the Hamptons Zombie Cars Are All Around Us, and More Are on the Way PacWest Says in Discussion With Several Potential Investors Bitcoin Rises Toward $30,000 as Bank Woes Ripple Across Markets BOE Rate Hike Looks More Likely With UK Economy Showing Resilience Regional Banks Sink as PacWest Weighs Strategic Options UK Mortgage Lending Stalls for First Time Since Pandemic in 2021 Sino-Ocean Group Affiliate Said to Seek Delay to Coupon Payment D.R. Horton Rallies Toward Record With Fed Pause in the Cards Zillow Tops Estimates as Ad Sales Outperformed US Housing Market Pullback in Bank Lending Is Worrying, Guggenheim’s Schwartz Says Portugal’s President Says He’ll Keep Closer Watch on Government After Disagreement With Premier Trump’s Lawyer in New York Hush-Money Case Wants to Move Trial to Federal Court Frank Founder Javice in Plea Talks Over Alleged JPMorgan Fraud Bank-Stock Short Sellers Are Doing ‘A Meaningful Service.’ Dick Bove Says Carvana Jumps After Projecting Return to Profit This Quarter Senators Unveil Taiwan Tax Plan to Spur Semiconductor Investment Kenya’s Government Plans to Introduce 3% Crypto, Influencer Tax as Cash Sources Dry Japan to Deepen Mozambique Ties Through Natural-Gas Investment Germany’s Scholz Backs African Union Push for Permanent Membership of G-20 Coinbase Posts Narrower Quarterly Loss; Revenue Beats Estimate Cigarette Smoking in the US Drops to Lowest Level Since 1965, CDC Says Pacific West Bancorp Tries to Avoid a Case of Mistaken Identity Fed Emergency Loans Plunge After First Republic Seizure Real Estate Stocks Are Saviors for Traders Fleeing Bank Risks Coinbase Is Facing an ‘Existential Risk’ as SEC Reins In Crypto Dorsey’s Block Boosts Full-Year Outlook After Jump in Use of Its Cash App Lyft Revenue Forecast, Riders Miss Estimates in Test For New CEO PacWest, First Horizon Slump, Reigniting Regional Bank Jitters NYC Subway Twitter Alerts Return After Musk Drops Fees for MTA Japan to Deepen Mozambique Ties Through Natural-Gas Investment Germany’s Scholz Backs African Union Push for Permanent Membership of G-20 Coinbase Is Facing an ‘Existential Risk’ as SEC Reins In Crypto Ukraine Latest: Kyiv Shoots Down Drones, Zelenskiy to The Hague Biden’s Top National Security Officials Plan Separate Saudi Arabia Visits Ecuador’s Government Should Ramp Up Investment, Correa Protege Says Five Things to Watch for in Australia’s Upcoming 2023 Budget Exxon Breached Guyana Environmental Permit, High Court Rules Cargill Faces Legal Complaint Over Amazon Safeguards for Brazilian Soy Oil’s Dramatic Open Leaves Traders Puzzled After WTI Crashes Bain Trumps Silver Lake With €2.5 Billion Software AG Bid Energy Stocks Are as Strongly Tied to Banks as They Are to Oil US Crude Sets the World’s Most Important Oil Benchmark for First Time US Shale Drillers See Natural Gas Price Rebound in 2024 After Short-Lived Pain Chile Will Resume Tax Reform Talks After Election, Marcel Says The Real Oil Market Shows $20-a-Barrel Price Collapse Is Excessive Oil steadies after three-day crash on ‘vortex’ of negative news Bill Gates-Backed Startup Plans Plant for Machine Key to Hydrogen Future Wheat Surges as Kremlin Drone Attack Stokes Black Sea Tensions Bank of Canada governor says global bank stress may alter rate path The Daily Chase: TD, First Horizon terminate takeover; Shopify cuts jobs U.S. Federal Reserve raises key rate but hints it may pause amid bank turmoil The Daily Chase: Waiting on the Fed; Loblaw reports earnings Public employees' remote work agreement just the beginning: labour expert Is returning to school worth it for advancing your career? Experts weigh in The Daily Chase: Restaurant Brands beats analyst expectations; Blackberry considers breakup Canadians targeted 'more aggressively' by fraud calls than Americans, study suggests Wage increases secured by striking workers shouldn't be seen as 'fat cat': experts Vancouver port traffic dips in 2022, hinting at economic slowdown to come ​What's the difference between a CRA tax review and audit? 'Godfather of AI' quits Google to talk more openly about the technology's 'dangers' Most Canada government workers end strike after deal on wages The Daily Chase: JPMorgan to buy majority of First Republic; Tentative deal for most federal workers British shops in Canada see demand for King Charles goods, despite royal drama ​Canada's economic momentum might be fading away: Economist After economy posts strong start to 2023, new data suggests slowdown has begun Federal government posts $3.1 surplus for first 11 months of 2022-23 fiscal year The Daily Chase: Canada's economy grew in February; Amazon under pressure Trump’s Lawyer in New York Hush-Money Case Wants to Move Trial to Federal Court Four Proud Boys Convicted of Seditious Conspiracy in Jan. 6 Case Senators Unveil Taiwan Tax Plan to Spur Semiconductor Investment Germany’s Scholz Backs African Union Push for Permanent Membership of G-20 China’s Embassy Scolds Swiss Parliament Over Taiwan Motion Ukraine Latest: Kyiv Shoots Down Drones, Zelenskiy to The Hague Five Things to Watch for in Australia’s Upcoming 2023 Budget Italy and France, Old Frenemies, Are Squabbling Again Canada Weighs Blowback on Possible Expulsion of Chinese Diplomat Lula Chides Brazil’s Central Bank Chief After Hawkish Rate Hold Trump Jury Hears His Taped Denial on Carroll Assault Turkish Minister Withdraws Article from Economist Over Cover on Elections Harlan Crow Paid Private-School Tuition for Clarence Thomas’ Grandnephew, Report Says NFL Faces Workplace Discrimination Probes in New York and California Republicans’ Debt-Limit Plan Would Push US Into Recession, Senate Democrats Say Chile Will Resume Tax Reform Talks After Election, Marcel Says Republican Lawmakers Call for Tech Lobby Be Blocked From Indo-Pacific Trade Input Senator Warren Presses First Republic’s Former CEO on Pay, Lobbying RWE Working on Plan to Exit Lignite Earlier, Morgan Stanley Says Kenya’s Government Plans to Introduce 3% Crypto, Influencer Tax as Cash Sources Dry Coinbase Posts Narrower Quarterly Loss; Revenue Beats Estimate Coinbase Is Facing an ‘Existential Risk’ as SEC Reins In Crypto Dorsey’s Block Boosts Full-Year Outlook After Jump in Use of Its Cash App Lyft Revenue Forecast, Riders Miss Estimates in Test For New CEO NYC Subway Twitter Alerts Return After Musk Drops Fees for MTA Hollywood Studios Say They Offered Writers a $97 Million Raise White House Says It Backs New Rules for AI After Harris Meeting Waymo Plans to Expand Self-Driving Taxi Service in Arizona and San Francisco Google Gives Early Look at Pixel Fold Phone Before Debut Next Week Ashton Kutcher Says His VC Firm Raised Debut AI Fund in Five Weeks Khosla Warns Against Slowing US AI Research, Cites China Threat What’s Trending Today: May the 4th Be With You, Kremlin Drone Strike, Joel Embiid’s Rolex Microsoft Is Helping Finance AMD’s Expansion Into AI Chips Bain Trumps Silver Lake With €2.5 Billion Software AG Bid Hollywood Studios Start to Cut Pay for Producers Amid Strike Paramount Plunges After Posting Steep Loss, Slashing Dividend Republican Lawmakers Call for Tech Lobby Be Blocked From Indo-Pacific Trade Input Deloitte Finds a Use for the Blockchain With Digital Credentials The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Regional Banks Sink as PacWest Weighs Strategic Options US Regional Banks Slump as Rout Deepens on First Republic Flop U.S. stocks drop as Powell signals no Fed cuts for now Turkey’s $1 Billion ETF Maneuver Can’t End Stock Bear Market Morgan Stanley, UBS Pick Bonds Over Stocks on Recession Risk Shorts of China-Heavy Emerging-Market ETF Rise Above $1 Billion Wall Street Rattled by Selloff, Trading Halts at Two Small Banks Bid to Launch ETFs That Aim to Double Tesla’s Famous Volatility Filed With SEC Short Sellers Tightened Grip on Regional Banks in Runup to Rout Trader ‘Exhaustion’ Drags April ETF Volume to Lowest Since 2020 This Week in China: ETFs Lure $6.5 Billion as Retail Traders Buy Regional Bank Stocks Stabilize as Contagion Fears Ease, for Now China and the Fed Keep Investors Swinging Between Oil and Gold Retail Investors Bearish on Japan Stocks as Foreigners Pile In JPMorgan Overthrows JPMorgan for Crown of Largest Actively Managed ETF Hedge Funds, Buybacks Drive $2.3 Billion Into Stocks, Bank of America Says 21Shares, Cathie Wood Revive Bitcoin ETF Bid After Price Rebound Four Reasons Why Investors Expect US Dollar to Keep Sliding Citi's Japan Clients Bet on US Dollar, Aussie as Ueda Cools BOJ Bets Henrique Almeida, Bloomberg News Marcelo Rebelo de Sousa , Source: Getty Images (Bloomberg) -- Portuguese President Marcelo Rebelo de Sousa said he’ll keep a closer watch on the government after disagreeing with Prime Minister Antonio Costa’s decision to keep Infrastructure Minister Joao Galamba in office. “I’ll have to be even more attentive to the question of the political and administrative responsibility of those in power,” Rebelo de Sousa said during a televised address in Lisbon on Thursday night. “The responsibility of government officials wasn’t assumed as it should have been, with the dismissal of the infrastructure minister.” In Portugal, the prime minister and his government set policy. The president is mainly a figurehead, though he has the authority to appoint the premier and dissolve parliament. Rebelo de Sousa said he continues to prefer “institutional stability,” adding that Portugal doesn’t want an early election. “The Portuguese don’t need those jolts, those stoppages at a time like this,” he said. “What they want is to see the government solving their day-to-day problems.” Costa, who’s been prime minister since 2015, currently leads a Socialist government backed by an absolute majority in parliament. While he has all that support from lawmakers, over the past year he’s been rocked by challenges including surging living costs, teachers’ protests and controversies related to state-owned airline TAP SA, which the government plans to privatize. The premier on Tuesday refused to accept Galamba’s resignation request and backed the infrastructure minister following reports about clashes with a former aide that he’d dismissed. Galamba, who oversees TAP, has denied news reports on allegations made by Frederico Pinheiro, his former aide, claiming that the minister tried to withhold information about the airline from a parliamentary inquiry. Read more: Portugal May Start Privatization of Airline TAP Before Summer It’s not the first time that the airline has caused problems for the government. Galamba was named infrastructure minister in January after his predecessor Pedro Nuno Santos resigned following criticism about the severance payment received by a board member who left TAP, which is getting more than €2 billion ($2.2 billion) of government aid as the country battles with a cost-of-living crisis. Debt, Growth Premier Costa is overseeing an economy that’s trying to bounce back after the pandemic while also facing the impact of the war in Ukraine. The Bank of Portugal in March raised its 2023 economic growth forecast to 1.8%, citing an improved performance of the tourism industry. For Portugal, which has the third-highest debt ratio in the euro area behind Greece and Italy, tourism represents about 15% of the economy. While the economy has been recovering, wages remain low in Portugal, one of the poorest countries in Western Europe. Center-right opposition party PSD has said the economy should grow faster and has pointed out that Portugal has been overtaken in terms of gross domestic product per capita by eastern European nations that joined the European Union later, including the Czech Republic and Slovenia. A survey published by news radio TSF on April 24 indicated 28.3% support for the ruling Socialists, just below the 28.6% backing for PSD. It also showed 12.1% support for the far-right Chega party, currently the third-biggest group in parliament. President Rebelo de Sousa is a former PSD leader. Following his win in the January 2022 early general election, Prime Minister Costa no longer needs far-left parties to back his budgets like he did in his previous two terms. The Socialist government has pledged budget discipline, together with further improvements in household incomes and higher investment in areas including health care and housing. Given the country’s debt pile, governments have to keep borrowing costs in check. Portugal’s 10-year bond yield was at 3.1% on Thursday, up from 2.1% one year ago but still lower than the rate for Italy or Spain. It peaked at 18% in 2012 at the height of the euro region’s debt crisis. ©2023 Bloomberg L.P.