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The US Federal Reserve raised rates after seven years of near-0% interest rates. As expected, the outcome of the Federal Open Market Committee’s two-day meeting was an increase in the target range of the federal-funds rate by 25 basis points, to 0.25% to 0.50%. No FOMC member disagreed with this decision.
Argentina is devaluing its currency. Argentina said on Wednesday it will eliminate the foreign exchange restrictions that have propped up the official value of the peso since 2011, setting up a potentially painful devaluation.
We’re getting UK figures for retail sales. At 9:30 a.m. (4:30 a.m. ET) the Office for National Statistics will publish the latest retail sales figures for November. Economists are forecasting a 0.5% month-on-month increase.
The US markets loved the rate rise. Following the news, the Dow was up by as many as 200 points, the S&P 500 was up 27, and the Nasdaq was up 64 — all by more than 1%. Investors saw the move as marking the end of the global financial crisis.
Someone punched the Spanish prime minister. A young man punched Spanish Prime Minister Mariano Rajoy hard in the head Wednesday evening after managing to get next to him at a campaign appearance in the northern city where Rajoy grew up.
Swiss bankers are finally looking for owners of long-dormant accounts. The first-of-its kind list published by the Swiss Bankers Association identifies 2,600 accounts with total assets estimated at CHF44 million (€41 million euros) which have been dormant for at least 60 years.
Google’s driverless cars are turning into a new business. Google plans to make its self-driving cars unit, which will offer rides for hire, a stand-alone business under its parent company, Alphabet Inc, next year.
Ukraine is risking cutting ties with Russia as it moves closer to the European Union. Ukraine is “ready to pay the price” for a trade deal with the European Union, President Petro Poroshenko said after Moscow moved to restrict its own trade ties with Kiev over the accord that is due to take effect on Jan.1.
An EU court overturned hundreds of millions in fines for airlines. An EU court overturned €790 million euros ($868 million) in fines imposed by Brussels on 11 airlines including Air France-KLM, British Airways and Japan Airlines for running a global cargo cartel.
An elite M&A boutique is handing out huge bonuses for partners. Centerview Partners, a hugely successful boutique firm advising on big corporate takeovers, handed its top UK partner an £8 million ($12 million) profit share in 2015.
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