Federal | Common News Update

Apr92021 by adminNo Comments

Florida Gov. Ron DeSantis sues federal government over cruise industry shutdown

Business

April 8 (UPI) -- Florida Gov. Ron DeSantis announced Thursday a lawsuit against the federal government over the cruise industry shutdown during the COVID-19 pandemic. Tens of thousands of Floridians depend on the cruise industry for their jobs, DeSantis said at a news conference at the Port of Miami, where he announced the lawsuit while flanked by cruise employees. Advertisement "So, today's a day for us to fight for them, to fight for our friends and our neighbors, who just want to go back to work," DeSantis said at the press conference. Monica Sebata, a former employee of Cruiseport Destinations in Miami, said cruises were initially ordered to shut down for two weeks in March 2020. At that point, they were able to connect through Zoom, and they had hope things would improve, she said, b...

Apr72021 by adminNo Comments

S&P 500 barely strikes record high as Federal Reserve commits to economic recovery

Business

April 7 (UPI) -- The S&P 500 scraped its way to a record close on Wednesday in a mixed day of trading as the Federal Reserve indicated it would remain committed to policies supporting economic recovery. The equity benchmark gained 0.15% to a new closing high of 4,079.95. The Dow Jones Industrial Average rose 16.02 points, or 0.048%, while the Nasdaq Composite dipped slightly to close down 0.07%. Advertisement Markets reacted to minutes from the Fed's March policy meeting where officials indicated the pace of asset purchases is likely to remain the same as the central bank works toward its economic goals. "Participants noted that it would likely be some time until substantial further progress toward the Committee's maximum-employment and price-stability goals would be realized and that...

Apr52021 by adminNo Comments

Federal Bank gross advances up by 9% at Rs 1.35 lakh crore by March 2021, deposits up 13%

Finance

Private sector lender on Monday reported a 9 per cent increase in its gross advances to nearly Rs 1.35 lakh crore (Rs 1,34,876 crore) by the end of March 31, 2021. The bank's gross advances stood at Rs 1,24,153 crore by the end of March 2020. Federal Bank said the data is provisional and is being released in accordance with SEBI norms on Listing Obligations and Disclosure Requirements Regulations and Code of Practices and Procedures for fair disclosure of unpublished price sensitive information. The CASA (current account and savings account) deposits of the south-based lender witnessed a 26 per cent growth year on year at Rs 58,381 crore as of March 31, 2021, as against Rs 46,450 crore a year ago. Total deposits were up by 13 per cent at Rs 1,72,655 crore as against Rs 1,52,290 crore. Liq...

Dec202020 by adminNo Comments

Federal Reserve joins global group focused on fighting climate change

Finance

Federal Reserve Chair Jerome Powell prepares for a House Financial Services Committee hearing on "Oversight of the Treasury Department's and Federal Reserve's Pandemic Response" in the Rayburn House Office Building in Washington, D.C. on Dec. 2, 2020.Jim Lo Scalzo | ReutersThe Federal Reserve has made a move that cements its nod to the risk that climate change could pose to the financial system.In a statement released Tuesday, the central bank said it has formally joined a global peer group that is addressing climate's impact on finance. The Network of Central Banks and Supervisors for Greening the Financial System, as it's called, was formed in 2017 and now has 83 members from around the world. The U.S. already had been an informal participant for more than a year."As we develop our under...

Nov12020 by adminNo Comments

Federal agencies fall short of Trump forest protection goals

Technology

Nearly two years ago, President Donald Trump stood amid the smoky ruins of Paradise, California, where he blamed the deadliest wildfire in the state's history on poor forest management."You've got to take care of the floors, you know? The floors of the forest, very important," the president said.He ordered the U.S. Forest Service and the Department of Interior to make federal lands less susceptible to catastrophic wildfires with measures such as removing dead trees, underbrush and other potentially flammable materials.But while Trump has accused California and Democratic Gov. Gavin Newsom of doing a “terrible job” of forest protection, his own agencies fell short of his goals for federal lands in 2019.They treated a combined 6,736 square miles (17,446 square kilometers) — just ove...