AIG Swings to Profit on Private-Equity Investments, Premium-Rate Increases
American International Group Inc. swung to a second-quarter profit, aided by heady gains in its private-equity investments and the absence of Covid-19-related charges.
The quarter was the first full one under new Chief Executive Peter Zaffino, and comes as the company is preparing to hive off its big life-insurance and retirement unit into a self-standing company. In July, it said that investment firm Blackstone Group Inc. will purchase a 9.9% equity stake in the unit for $2.2 billion in cash and manage certain of its assets.
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Business Groups Call on Biden to Restart Trade Talks With China
WASHINGTON-Nearly three dozen of the nation's most influential business groups-representing retailers, chip makers, farmers and others-are calling on the Biden administration to restart negotiations with China and cut tariffs on imports, saying they are a drag on the U.S. economy.
The tariffs on electronics, apparel and other Chinese goods, which are paid by U.S. importers, were kept in place in part to ensure that China fulfills its obligations under its 2020 Phase One trade pact with the U.S.
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CBO Estimates Infrastructure Bill Would Add $256 Billion to Deficits
WASHINGTON-Congress's nonpartisan scorekeeper found that the roughly $1 trillion infrastructure bill would widen the federal budget deficit by $256 billion over 10 years, countering negotiators' claims that the price tag would be covered by new revenue and saving measures.
The score was released as the Senate advances amendments for the bill this week and didn't create any immediate obstacles to final passage of President Biden's economic agenda.
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German Industrial Production Unexpectedly Fell in June
German industrial production declined in June, missing expectations for an increase amid widespread supply shortages, statistics office Destatis said Friday.
Total industrial output--comprising production in manufacturing, energy and construction--decreased 1.3% in June from May in calendar-adjusted terms. Economists had forecast a 0.5% increase, according to a poll by The Wall Street Journal.
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EU Takes Another Step to Harmonize Anti-Money-Laundering Rules
The European Union's banking regulator has proposed guidance for financial-sector compliance officers, another step in the bloc's effort to revamp its anti-money-laundering system.
The proposal from the Paris-based European Banking Authority is the latest move by the EU to harmonize anti-money-laundering rules across member states and shift implementation away from national authorities.
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China's Corporate Crackdown Is Just Getting Started. Signs Point to More Tumult Ahead.
In recent months, China has blown up what would have been the world's largest initial public offering, launched probes into some of its biggest technology companies, and wiped out more than $1 trillion in market value while investors scramble for cover.
There are many signs it isn't over yet.
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Covid-19 Vaccination Rates Rise Where Delta Variant Is Spreading
Covid-19 vaccination rates are ticking upward across the U.S., federal officials said, particularly in areas where the Delta variant is hitting hardest.
Worries about the virus, growing confidence in the safety of vaccines and the influence of family and friends are all likely contributing to the increase in vaccine uptake, health authorities and residents say. More employers are also starting to institute vaccine mandates. The U.S. has administered more than 864,000 doses of Covid-19 vaccines in the past 24 hours, including 585,000 first shots, White House Covid-19 Response Coordinator Jeff Zients said Thursday during a media briefing.
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Senate Bill to Repeal Iraq War Authorizations Draws Key Level of GOP Support
WASHINGTON-Ten Republican senators have signed on as co-sponsors of a bipartisan bill to repeal the 1991 and 2002 authorizations for use of military force in Iraq, a key threshold needed to overcome a Senate filibuster.
It is the latest sign that lawmakers of both parties are gaining traction in their efforts to reassert Congress's constitutional power to declare war, the culmination of years of debate over the commander in chief's latitude to send troops into combat abroad, and a reflection of waning public support for America's so-called forever wars.
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CBO Estimates Infrastructure Bill Would Add $256 Billion to Deficits
WASHINGTON-Congress's nonpartisan scorekeeper found that the roughly $1 trillion infrastructure bill would widen the federal budget deficit by $256 billion over 10 years, countering negotiators' claims that the price tag would be covered by new revenue and saving measures.
The score was released as the Senate advances amendments for the bill this week and didn't create any immediate obstacles to final passage of President Biden's economic agenda.
Read More ->
FDA Covid-19 Vaccine Booster Plan Could Be Ready Within Weeks
The Food and Drug Administration expects to have a strategy on Covid-19 vaccine boosters by early September that would lay out when and which vaccinated individuals should get the follow-up shots, according to people familiar with discussions within the agency.
The Biden administration is pushing for the swift release of a booster strategy because some populations-people age 65 or older and people who are immunocompromised, as well as those who got the shots in December or January shortly after they were rolled out-could need boosters as soon as this month, two of the people said.
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Joe Manchin Says Fed Should Reverse Easy-Money Policies
WASHINGTON-Sen. Joe Manchin (D., W.Va.) raised alarms about inflation in a letter to Fed Chairman Jerome Powell on Thursday, calling on the central bank to start reversing the emergency support it has provided during the coronavirus pandemic.
"With the recession over and our strong economic recovery well underway, I am increasingly alarmed that the Fed continues to inject record amounts of stimulus into our economy," he wrote.
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Write to sarka.halas@wsj.com
TODAY IN CANADA
Earnings:
Boralex 2Q
Cronos Grp Inc (CRON.T) 2Q
Dream Impact Trust (MPCT.U.T) 3Q
Ensign Energy Svcs Inc. (ESI.T) 2Q
Fennec Pharms (FRX.T) 2Q
LifeSpeak 2Q
Magna Intl Inc. (MG.T) 2Q
Orla Mining 2Q
Power Corp of Canada (POW.T) 2Q
Sprott 2Q
Timbercreek Fincl Corp. (TF.T) 2Q
Uni-Select Inc. (UNS.T) 2Q
Wajax 2Q
Economic Indicators (ET):
0830 Jul Labour Force Survey
1000 Jul Ivey Purchasing Managers Index
Stocks to Watch:
No items published
Other News:
Canadian Negotiators Race to Avoid Border Snarl for Trade, U.S. Tourists
Talks under a mediator's watch continued late Thursday between Canada and the union representing its border agents to head off a labor action starting Friday that threatens the flow of U.S.-Canada trade and a plan to allow American tourists to visit for the first time in 16 months.
The two sides agreed to work with a mediator ahead of a 6 a.m. Eastern time Friday deadline set by the union, the Public Service Alliance of Canada. The alliance said customs and immigration officers would begin paring back services at land crossings, airports and shipping ports unless a new agreement is reached by that time. The union said "massive disruptions" at Canada's borders were possible.
Canadian Prime Minister Justin Trudeau said Thursday he was hopeful the mediator would help reach an agreement. The federal labor-relations board appointed a mediator Wednesday.
Roughly 9,000 unionized workers at the Canada Border Services Agency have been without a contract for about three years. Two-thirds of those workers are classified as essential, and unable to go on strike. Instead, the union said these workers would conduct a work-to-rule campaign, which entails measures such as slowing down the paperwork process and refusing overtime.
The union warned of long and unavoidable delays for goods trying to enter or leave the country, and Canadian travelers returning to the country.
Market Talk:
No items published
Expected Major Events for Friday
00:01/UK: Jul KPMG and REC UK Report on Jobs
05:00/JPN: Jun Indexes of Business Conditions - Preliminary Release
06:00/GER: Jun Industrial Production Index
06:00/UK: Jul Halifax House Price Index
06:45/FRA: Jun Foreign trade
06:45/FRA: Jun Balance of payments
06:45/FRA: 2Q Flash estimate of job creation
08:00/ITA: Jun Industrial Production
08:59/JPN: Jun Provisional Labour Survey - Earnings, Employment & Hours Worked
12:30/CAN: Jul Labour Force Survey
12:30/US: Jul U.S. Employment Report
14:00/CAN: Jul Ivey Purchasing Managers Index
14:00/US: Jun Monthly Wholesale Trade
19:00/US: Jun Consumer Credit
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Friday
AMC Networks Inc (AMCX) is expected to report $2.06 for 2Q.
ANI Pharmaceuticals Inc (ANIP) is expected to report $-0.24 for 2Q.
Astronics (ATRO) is expected to report $-0.15 for 2Q.
Broadwind Inc (BWEN) is expected to report $0.13 for 2Q.
Calumet Specialty Prods (CLMT) is expected to report $-0.52 for 2Q.
Camber Energy Inc (CEI) is expected to report for 4Q.
Century Casinos (CNTY) is expected to report $0.00 for 2Q.
Cinemark Holdings (CNK) is expected to report $-1.01 for 2Q.
Cronos Group Inc (CRON,CRON.T) is expected to report $-0.07 for 2Q.
DXP Enterprises (DXPE) is expected to report $0.19 for 2Q.
Dominion Energy (D) is expected to report $0.75 for 2Q.
EW Scripps Co - Class A (SSP) is expected to report for 2Q.
Forum Energy Technologies Inc (FET) is expected to report for 2Q.
Gannett Co Inc (GCI) is expected to report for 2Q.
(MORE TO FOLLOW) Dow Jones Newswires
08-06-21 0614ET
