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September 4, 2019
Reuters News Now
Highlights
Hong Kong leader Carrie Lam announcedthe withdrawal of an extradition bill that triggered months of unrest and threw the Chinese-ruled city into its worst crisis in decades. Hong Kong's main share index surged more than 4% ahead of the government's formal withdrawal of the proposed bill. The protests against it began in March but gained momentum in June and have since evolved into a push for five demands, including the bill’s withdrawal. Here are comments from legislators, protesters and residents.
Sleepy to sleepless?By day, the unforgiving sun glares off the road beside Ipah’s wooden home with blinding brightness as a passing motorbike stirs a swirl of dust. By night, the beams of an occasional truck carrying coal or palm fruits pierce the darkness. This remote corner of Indonesia is set to be transformed from a forest backwater on the island of Borneo to a global city - a new capital of a country whose 260 million people make it the world’s fourth most populous.
The Federal Reserve should use its meeting in two weeks to aggressively cut interest rates, one central banker said. Less than an hour later, a second central banker said he saw no need to use up the Fed’s precious firepower when the economy is growing, inflation looks stable and labor markets are in good shape. The dueling views - from St. Louis Fed President James Bullard and Boston Fed President Eric Rosengren - show the tight spot Fed Chair Jerome Powell finds himself in as the Fed’s next policy-setting meeting approaches.
OxyContin maker Purdue Pharma is preparing to seek bankruptcy protection before the end of the month if it does not reach a settlement with U.S. communities over widespread opioid litigation, three people familiar with the matter said, after some states balked at the company’s $10 billion to $12 billion offer in August to end their lawsuits as part of a negotiated Chapter 11 case.
WeWork owner The We Company said it will add a woman to its board of directors and unwound a $5.9 million payment to its chief executive for use of the trademarked word “We” ahead of a planned initial public offering.