(Reuters) – The European Union’s new trade chief has told the U.S. to withdraw tariffs on more than $7 billion of EU products or face additional duties on exports to Europe, as he urged a settlement to the dispute over Airbus SE

and Boeing Co

, the Financial Times reported on Sunday. 

Repairing the transatlantic relationship would be EU’s top priority, and the U.S. should withdraw its Airbus-related tariffs as a confidence-building measure, the EU’s new trade chief Valdis Dombrovskis told https://on.ft.com/2GEqmap the FT.

“Of course, if the US is not withdrawing their tariffs we have no choice but to then introduce our tariffs,” he was quoted as saying.

Washington was awarded the right by the World Trade Organization (WTO) last October, to impose tariffs on $7.5 billion of annual EU imports in its case against Airbus. Washington then imposed 25% duties on products ranging from single-malt whisky to olives and cheese and 10% tariffs on most European-made Airbus jets.

In mid-February, the U.S. government said it would increase tariffs on aircraft imported from the EU to 15% from 10%, ratcheting up pressure on Brussels in a nearly 16-year dispute over aircraft subsidies.

The EU for its part, has been cleared by the WTO to impose tariffs on U.S. products worth $4 billion to retaliate against subsidies for American planemaker Boeing, sources told Reuters last month, with the award expected to be published within weeks.

Dombrovskis refused to speculate about the impact a Joe Biden presidency might have on the dispute, but told the FT that a more protectionist approach was something that came with the administration of Donald Trump.

“But in any case we will be engaging . . . and trying to bring the US administration back within the framework of multilateralism,” he added.

(Reporting by Bhargav Acharya

History won’t only be taught at Princeton University — it will be made.

The Ivy League college is naming a residential college after Mellody Hobson, an influential finance expert who is an alumna and major donor to the school.

She will be the first Black woman to have that honor in the Elizabeth, New Jersey-based school’s 274-year history.

Hobson College will be built on a site once named for former President Woodrow Wilson, who served as the commander-in-chief from 1913 to 1921.

Amid America’s racial reawakening following the death of George Floyd in police custody in Minneapolis, Princeton announced that it would remove the late Democratic politician’s name from its School of Public and International Affairs and one of its residential colleges, citing his “racist thinking and policies.”

“No one from my family had graduated from college when I arrived at Princeton from Chicago, and yet even as I looked up at buildings named after the likes of Rockefeller and Forbes, I felt at home,” Hobson, a member of Princeton’s Class of 1991, said. “My hope is that my name will remind future generations of students — especially those who are Black and brown and the ‘firsts’ in their families — that they too belong. Renaming Wilson College is my very personal way of letting them know that our past does not have to be our future.”

On Thursday, the prestigious school announced that Hobson, who is the co-CEO of Ariel Investments and a former CBS News contributor, have made the lead gift to establish a new residential college which will begin construction in 2023 with plans to open in 2026.

“This extraordinary gift will be transformative for Princeton,” President Christopher L. Eisgruber shared. “It will enable us to improve the student experience at Princeton and to reimagine a central

Friday, October 9, 2020

When we see equities rising during circumstances such as what we’ve been experiencing this year with a pandemic-stricken economy, we tend to seek out those sources of strength that bolster bullish investment activity. This morning, look no further than the active forbearance mortgage program, which saw 18% of its pandemic-related members struggling with paying their home mortgages leave the program, or 649K mortgages overall. As of October 6th, 2.97 million mortgages in the U.S. are in forbearance, or 5.6% — a notable drop from 6.8% last week.

Under the Covid mortgage bailout plan, monthly payments can be delayed up to one year, in three-month increments that must be renewed. Any missed payments must be paid back. As of now, 78% of mortgages currently involved in the bailout plan have been extended at least once since March. Now that nearly 20% in the program have rolled out of it illustrates strength in homeowners’ ability to dig themselves out of a certain amount of financial difficulty.

All investor classes are affected by the inability to pay mortgages, by the way, with Portfolio/Private down the most, 24%, followed by Fannie and Freddie mortgages, -16% with FHA/VA loans down 15%. This breakdown helps us see it’s not simply one investment class vastly outperforming the others; improvements in household finances are appearing across the board. This is the first time we’ve seen this forbearance program fall beneath the 3 million level since April, when it was on the upswing.

Analysts now look toward the 800K more loans scheduled to reach their six-month expiration date next month. Should this trend hold, we might see another big number of forbearance mortgage holders shed the need for the assistance program. With employment growth continuing to (sluggishly) ramp up in this Great Reopening, that we’re

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Stocks took a header late in Tuesday’s session as it appeared a stimulus package wasn’t going to happen before the election. 

Basically, President Trump called it off. A day after returning home from the hospital for treatment of covid, he directed Republicans to stop negotiations on a stimulus deal until after the election.

The market wasn’t really confident that Speaker Pelosi and Treasury Secretary Mnuchin would suddenly have a breakthrough and reach a deal. But it was hopeful! As long as they were talking, it seemed possible.

The good news is that the election is less than a month away, and a stimulus measure will be a major issue for whoever wins.

The American people have been hanging on for weeks now since the original aid expired, so let’s hope they can keep treading water a little while longer.

Just a few hours before the President’s tweet, Fed Chair Jerome Powell was mentioning the need for more help out of Capitol Hill during virtual comments at the National Association for Business Economics. He said the risk of overdoing a stimulus is smaller than doing too little. 

The major indices looked like they might finish in the green again on Tuesday, but the late pullback sent them all lower by well over 1%.

The NASDAQ dropped 1.57% (or about 177 points) to 11,154.60. Meanwhile, the S&P dipped 1.4% to 3360.97, while the Dow was off 1.34% (or around 375 points) to 27,772.76.

The major indices had a strong beginning to the week on Monday as

(Reuters) – U.S. electricity consumption will decline 2.3% this year as coronavirus lockdowns cause businesses to close, the U.S. Energy Information Administration said on Tuesday in its Short Term Energy Outlook (STEO).

The EIA projected power demand will drop to 3,809 billion kilowatt hours (kWh) in 2020 from 3,896 billion kWh in 2019 before easing to 3,806 billion kWh in 2021.

Those declines follow a 2.7% drop in usage in 2019 due to mild weather from 2018’s record 4,003 billion kWh, according to data going back to 1949.

If power consumption falls as expected, 2020 would be the first time demand declined for two consecutive years since 2012 and 2021 would be the first time it declines for three years in a row ever.

EIA said natural gas’ share of generation will rise from 37% in 2019 to 39% in 2020 before dropping to 34% in 2021 as gas prices increase, while coal’s share will slide from 24% in 2019 to 20% in 2020 before returning to 24% in 2021.

Nuclear’s share of generation will hold at 20% in 2019-2021, while renewables will rise from 17% in 2019 to 20% in 2020 and 22% in 2021. Both nuclear and renewables will top coal for the first time in 2020.

The EIA projected power sales to commercial and industrial consumers will drop by 6.2% and 5.6%, respectively, in 2020 from 2019 as offices close and factories run at reduced capacity for coronavirus.

Electricity sales to residential homes, however, will rise 3.2% to 1,481 billion kWh in 2020 as lockdowns cause people to stay home.

While both the residential and commercial sectors consumed record amounts of electricity in 2018 at 1,469 billion kWh and 1,382 billion kWh, respectively, the industrial sector set its all-time high of 1,064 billion kWh in 2000.