The US Federal Reserve cut interest rates for a second time this year but cited uncertainties in its outlook for the economy. REUTERS
The US Federal Reserve cut interest rates for a second time this year but cited uncertainties in its outlook for the economy. REUTERS
The US Federal Reserve cut interest rates for a second time this year but cited uncertainties in its outlook for the economy. REUTERS
The US Federal Reserve cut interest rates for a second time this year but cited uncertainties in its outlook for the economy. REUTERS

US Federal Reserve cuts key interest rates for second time this year


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The US Federal Reserve has announced it is cutting rates for a second time this year and says it is committed to doing what’s necessary to sustain US economic growth.

The widely expected cut of 25 basis points will reduce the Fed’s benchmark rate by an additional quarter-point to a range of 1.75 per cent to 2 per cent.

The Federal Reserve cited a strong labour market and rising economic activity in a statement announcing the move.

Following the announcement, US President Donald Trump ripped into the Federal Reserve, saying its quarter point rate cut was still not enough.

"Jay Powell and the Federal Reserve Fail Again. No 'guts,' no sense, no vision! A terrible communicator!" Trump tweeted.

Trump has heaped unprecedented political pressure on the central bank and Powell in particular through repeated angry statements and sometimes crude insults about the policy makers' intelligence.

The president argues that interest rates should have been cut long ago and should now be reduced sharply to compete with other countries that have lower rates.

With continued economic growth and strong hiring "the most likely outcomes," the Fed nevertheless cited "uncertainties" about the outlook and pledged to "act as appropriate" to sustain the expansion.

Expectations of lower rates have supported Wall Street's rally this year, with the benchmark S&P 500 now about 1 per cent below its record high close in July.

At 2.03pm ET, the Dow Jones Industrial Average was down 0.28 per cent at 27,035.09 points, while the S&P 500 lost 0.40 per cent and dropped to 2,993.59.

The Nasdaq Composite dropped 0.71 per cent to 8,128.16.

Ahead of the Fed's announcement, the S&P 500 had been down about 0.3 per cent.

The US economy is in its 11th year of growth, with a still-solid job market and steady consumer spending.

But the Fed is trying to combat threats including uncertainties caused by President Donald Trump's trade war with China, slower global growth and a slump in American manufacturing.

The Fed notes in its statement that "business fixed investment and exports have weakened."

The move was approved on a 7-3 vote, with two officials arguing to keep rates unchanged and 1 arguing for a bigger half-point cut.

It was the largest number of Fed dissents in three years.

How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months

The specs: 2018 Opel Mokka X

Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

Power: 142hp at 4,900rpm

Torque: 200Nm at 1,850rpm

Fuel economy, combined: 6.5L / 100km

MATCH INFO

Northern Warriors 92-1 (10 ovs)

Russell 37 no, Billings 35 no

Team Abu Dhabi 93-4 (8.3 ovs)

Wright 48, Moeen 30, Green 2-22

Team Abu Dhabi win by six wickets

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
BRIEF SCORES:

Toss: Nepal, chose to field

UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23

Nepal 132-7: Jora 53 not out; Zahoor 2-17

Result: UAE won by 21 runs

Series: UAE lead 1-0

'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
ENGLAND SQUAD

Goalkeepers Henderson, Johnstone, Pickford, Ramsdale

Defenders Alexander-Arnold, Chilwell, Coady, Godfrey, James, Maguire, Mings, Shaw, Stones, Trippier, Walker, White

Midfielders Bellingham, Henderson, Lingard, Mount, Phillips, Rice, Ward-Prowse

Forwards Calvert-Lewin, Foden, Grealish, Greenwood, Kane, Rashford, Saka, Sancho, Sterling, Watkins 

THE SPECS

Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now

The Lost Letters of William Woolf
Helen Cullen, Graydon House 

Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food