Jerome Powell, a governor on the board of the Federal Reserve System, looks in pole position to land the job as US Federal Reserve chairman. Joshua Roberts/Reuters
Jerome Powell, a governor on the board of the Federal Reserve System, looks in pole position to land the job as US Federal Reserve chairman. Joshua Roberts/Reuters
Jerome Powell, a governor on the board of the Federal Reserve System, looks in pole position to land the job as US Federal Reserve chairman. Joshua Roberts/Reuters
Jerome Powell, a governor on the board of the Federal Reserve System, looks in pole position to land the job as US Federal Reserve chairman. Joshua Roberts/Reuters

Trump likely to pick Powell as next Fed chief


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The US President Donald Trump is expected on Thursday to nominate Jerome Powell as the next head of the Federal Reserve, putting his own stamp on the leadership of the US central bank while signalling continuity on monetary policy.

Trump's decision, scheduled for Thursday afternoon, concludes a months-long process in which he considered five finalists, including the current Fed chairman Janet Yellen, before settling on Mr Powell who has served as a Fed governor since 2012.

Mr Powell's name has been circulated as the top contender for more than a week.

A source with knowledge of the process said no surprises were expected on Thursday, despite Mr Trump's reputation for weighing decisions up to the last minute and his praise on Wednesday of Ms Yellen, who was nominated by president Barack Obama. Her term as Fed chairman expires in February 2018 although she is entitled to remain a Fed board governor until 2024.

"I think Janet Yellen is excellent," Mr Trump told reporters during a meeting with his cabinet after declaring his intention to announce his choice the next day.

Asked if she was his pick, Mr Trump said: "I didn't say that."

He predicted people would be "extremely impressed" with the nominee, who will require senate confirmation.

Mr Powell, 64, has supported Ms Yellen's general direction in setting monetary policy, and in recent years has shared her concerns that low inflation justified continuing with a cautious approach to raising interest rates.

The Commerzbank economist Bernd Weidensteiner said a Powell pick would mean Mr Trump had chosen the "least controversial" person for the job. "Under his chairmanship markets would expect business as usual – which they obviously like," he said.

The president has mulled his choices for the Fed chairman, a decision that is normally cloaked in secrecy, in an unusually public way, asking policymakers and even a television news anchor to weigh in on whom they would pick.

___________

Read more:

Yellen defends legacy as Trump ponders next Fed chair selection 

US Fed chairman candidate Taylor a complex proposition

___________

Mr Trump also considered the Stanford University economist John Taylor, the former Fed governor Kevin Warsh and the White House economic adviser Gary Cohn.

Mr Taylor and Mr Warsh were both viewed as people who might raise interest rates at a faster pace than Ms Yellen and Mr Powell. Mr Cohn appeared to fall out of favour after criticising Mr Trump's reaction to the violence in Charlottesville, Virginia, earlier this year.

Financial markets look set to greet Mr Powell's appointment with a shrug. Investors are pricing in an interest rate rise in December and the Fed's current projections are for three more rate rises next year.

Mr Powell is expected to pursue a policy of cautious deregulation of the financial sector, potentially freeing smaller banks from some of the rules imposed in the wake of the 2007-2008 financial crisis.

Mr Powell played a key role in drafting new bank regulations after the crisis and will likely offer more continuity for Wall Street than other candidates, analysts said.

COMPANY%20PROFILE%20
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SERIE A FIXTURES

Friday Sassuolo v Benevento (Kick-off 11.45pm)

Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)

Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)

UAE currency: the story behind the money in your pockets
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

MATCH INFO

Real Madrid 2

Vinicius Junior (71') Mariano (90 2')

Barcelona 0

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Match info

Uefa Champions League Group B

Barcelona v Tottenham Hotspur, midnight

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

  • September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
  • October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
  • October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
  • November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
  • December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
  • February 2, 2018 Bodytree will host its 4th annual yoga market.
THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

Favourite travel destination: Switzerland

Hobbies: Travelling and following motivational speeches and speakers

Favourite place in UAE: Dubai Museum

COMPANY%20PROFILE
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HERO%20CUP%20TEAMS
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What's in the deal?

Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024

India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.

India will also cut automotive tariffs to 10% under a quota from over 100% currently.

Indian employees in the UK will receive three years exemption from social security payments

India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery

LEADERBOARD
%3Cp%3E-19%20T%20Fleetwood%20(Eng)%3B%20-18%20R%20McIlroy%20(NI)%2C%20T%20Lawrence%20(SA)%3B%20-16%20J%20Smith%3B%20-15%20F%20Molinari%20(Ita)%3B%20-14%20Z%20Lombard%20(SA)%2C%20S%20Crocker%20(US)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESelected%3A%20%3C%2Fstrong%3E-11%20A%20Meronk%20(Pol)%3B%20-10%20E%20Ferguson%20(Sco)%3B%20-8%20R%20Fox%20(NZ)%20-7%20L%20Donald%20(Eng)%3B%20-5%20T%20McKibbin%20(NI)%2C%20N%20Hoejgaard%20(Den)%3C%2Fp%3E%0A
Company%C2%A0profile
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How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The biog

Name: Dr Lalia Al Helaly 

Education: PhD in Sociology from Cairo

Favourite authors: Elif Shafaq and Nizar Qabbani.

Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,

She loves the beach and advises her clients to go for meditation.

Kat Wightman's tips on how to create zones in large spaces

 

  • Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
  • Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
  • Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
  • Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
  • Use a considered collection of prints and artworks that work together to form a cohesive journey.

The Case For Trump

By Victor Davis Hanson
 

2.0

Director: S Shankar

Producer: Lyca Productions; presented by Dharma Films

Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey

Rating: 3.5/5 stars

UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season