The US economy expanded at an annual pace of 3% during the three months to the end of September, which was stronger than expected.
The growth extended the robust activity reported in the previous quarter, when US GDP grew at an annual pace of 3.1%.
Analysts had been expecting a sharp slowdown after back-to-back hurricanes battered several states in the quarter.
But consumer spending held steady, despite a drop in homebuilding investment.
Together the two quarters mark the strongest six months of economic activity for the US since 2014, the Commerce Department said.
“Overall, this is a very solid performance, given the disruption caused by Hurricanes Harvey and Irma,” wrote Ian Shepherdson of Pantheon Macroeconomics.
“Their net effect seems to have been smaller and shorter than we expected.”
Consumer spending, which increased at a 3.3% rate in the second quarter, slowed to 2.4% growth – which was probably caused by the hurricanes.
Construction spending fell, but exports and business investments in equipment and intellectual property accelerated from the previous quarter, contributing significantly to the GDP rise.
The Commerce Department cautioned that its figures did not capture all the losses caused by the storms, which caused widespread closures of factories, offices and airports in states such as Florida and Texas.
Its GDP estimates, for example, do not measure activity in US territories, such as Puerto Rico, which suffered some of the most severe damage.
The Commerce Department estimated that storm-related damage to fixed assets, such as homes and government buildings, totalled more than $131bn (£100bn).
It also said it expected the government and insurers to pay more than $100bn in insurance claims, with foreign companies accounting for more than $17.4bn.
President Donald Trump has made hitting annual GDP growth of 3% a goal, and pledged tax cuts and other policies to reach that pace or higher.
On a year-on-year basis, GDP was up 2.3%, the Commerce Department said in its report, an advance figure that will be revised as more data is collected.
Economists said the underlying economic strength shown in the report makes it more likely that central bankers at the US Federal Reserve will raise interest rates again by the end of the year, as expected.
The price index for consumer spending, a closely-watched measure of inflation, increased at 1.3% in the third quarter, excluding food and energy.
Note: This story is auto-generated from BBC syndicated feed and has not been edited by AFRICA PRIME NEWS
N’Assembly yet to receive presidential communication on presentation
Omololu Ogunmade in Abuja
The Federal Executive Council (FEC) Thursday approved the 2018 Appropriation Bill.
Briefing journalists after the weekly FEC meeting, the Minister of Budget and National Planning, Senator Udo Udoma, who did not disclose details of the estimates proposed for the next fiscal year, said the disclosure could only be made by President Muhammadu Buhari.
He also said the federal government in liaison with the National Assembly would resolve the date of its presentation.
THISDAY had reported Thursday that the bill would be presented by the president on Tuesday. But lack of presidential communication to the National Assembly to that effect as at Thursday made the scheduled presentation technically impossible.
The minister, however, said the executive remained committed to its promise to make the estimates available this month.
Udoma said: “Council approved a draft 2018 budget proposal. So, we will be liaising with the National Assembly on a date in which the president will formally submit the budget to them.
“It is the president’s prerogative to submit the budget, submit the proposals and give the details. I will be operating above my brief if I do that; the Constitution gives that authority to the president.
“We did promise that the budget will be ready in October and it is ready in October. We are liaising with the National Assembly because they have to approve the date for the president to come and address them to submit the budget.
“Before now we use to submit in December but now the budget is ready in October so there is a very big difference.” Also, briefing State House correspondents, the Minister of Finance, Mrs. Kemi Adeosun, said capital release for 2017 had increased to N450 billion from the less than N350 billion that it was as at June.
Adeosun said FEC also approved a Road Trust Fund (RTF) to facilitate private sector involvement in the provision of federal road infrastructure, explaining that investors who participate in the initiative would recover their investment through tax credits to be worked out with the federal government.
She described the fund as “a form of public-private partnership that will accelerate the provision of federal roads by allowing private sector operators to collectively fund road provision in exchange for tax credits.” Adeosun listed the benefits of RTF to include: accelerated road development across the nation; reduction in pressure on the federal budget by allowing private engagement and cost reduction through the provision of a new benchmark in road costing.
She also said the fund would foster private sector participation in hitherto federal government monopoly by creating more efficient delivery of road projects.
Other benefits listed by her were: better negotiation and the promise of prompt payment to contractors; provision of alternate funding to the government for road infrastructure development and creation of a platform for collaboration among private sector players and between the private sector and government.
She explained that: “Federal roads are critical in unlocking socio-economic development. While they account for just 17 per cent of the total national road network, federal roads carry more than 80 per cent of national vehicular and freight traffic. (Nigeria’s road network consists of 200,000 kilometres of which 33,000 kilometres are federal roads according to the Ministry of Power, Works and Housing.
“The deficit in roads is so large that there is a need to mobilise additional funding sources. The Road Trust Fund is a revision of the existing infrastructure tax relief scheme that allows for tax relief to companies that incur expenditure on public infrastructure.
“To date, just two companies have been able to take advantage of this provision. The reason being that few companies are large enough to solely undertake road projects. The RTF, being a collective model, can mobilise funds from a range of taxpaying companies, irrespective of their location or sector. RTF is, therefore, expected to mobilise significant capital into road provision.
“RTF uses a collective model to mobilise private capital from companies of all sizes to undertake road projects through a series of Road Trust Funds. Each fund will be a stand-alone Collective Infrastructure Fund (CIF) using a Special Purpose Vehicle (SPV).
“We have already consulted with the private sector in the development of the RTF and some companies have already identified roads they wish to reconstruct and are organising their funding. However, this scheme is designed such that financial intermediaries will be promoting Road Trust Fund projects and soliciting commitments from interested companies.
“Companies will be allowed to recover 100 per cent of costs incurred on road infrastructure as a tax credit against total tax payable (including up to 10 per cent for cost of funds); accelerated depreciation to enable recovery in three years rather than four years for standard assets; and ability to directly intervene in roads that are critical to their businesses which drive competitiveness.”
The minister, who said once the roads were completed, they would be handed over to the federal government, added that the Ministry of Finance would develop detailed guidance notes on the provision of the new infrastructure tax incentive within the next 30 days.
Nineteen-year-old George Odhiambo died after he was brought to the main hospital in Kenya’s western city of Kisumu.
He had been bleeding heavily from a thigh wound after being shot by police amid clashes with opposition supporters, who were boycotting the presidential election re-run.
The BBC’s Emmanuel Igunza reports from Jaramogi Oginga Odinga Hospital, where nurse Henry Ondiek explains how medics tried to save him.
Note: This story is auto-generated from ‘BBC News’ syndicated feed and has not been edited by Africa Prime News staff.
In Cape Town’s Khayelitsha township, a new rugby team has come together to fight hate and discrimination.
The Khayelitsha Cats are an all-lesbian team determined to raise awareness of the targeted rape and murder of gay men and lesbians in South Africa.
Video journalist: Christian Parkinson
What is 100 Women?
BBC 100 Women names 100 influential and inspirational women around the world every year. In 2017, we’re challenging them to tackle four of the biggest problems facing women today – the glass ceiling, female illiteracy, harassment in public spaces and sexism in sport.
With your help, they’ll be coming up with real-life solutions and we want you to get involved with your ideas. Find us on Facebook, Instagram and Twitter and use #100Women
Note: This story is auto-generated from ‘BBC News’ syndicated feed and has not been edited by Africa Prime News staff.
[unable to retrieve full-text content]Note: This story is auto-generated from ‘BBC News’ syndicated feed and has not been edited by Africa Prime News staff.
Image copyrightLINCOLN PARISH SHERIFF’S OFFICE, IN LOUISIANAImage caption Jaylin Wayne
Police have arrested a student in connection with a shooting that killed two people on a university campus in the US state of Louisiana on Wednesday.
The attack at Grambling State University (GSU) left student Earl Andrews and his friend Monquiarious Caldwell, both 23, dead.
The suspect, Jaylin Wayne, faces first-degree murder charges, the Lincoln Parish Sheriff’s Department said.
GSU said the campus has had “increased police and security” since the attack.
Mr Wayne, who fled the scene on Wednesday, surrendered to police on Thursday after learning that a warrant had been issued for his arrest, US media report.
Investigators secured the warrant after interviewing witnesses and gathering evidence.
A spokesman for Lincoln Parish Sheriff’s office, Stephen Williams, said the shooting followed an altercation that started in a dormitory and spilled out into the courtyard.
Image copyrightGrambling State UniversityImage caption The victims were shot in the courtyard of the dormitory on campus
“There are no indicators that this incident bears any resemblance to any of the random acts of violence or domestic terrorism that have been experienced around our country in recent weeks,” he said.
Both victims are from Farmerville, Louisiana, according to police.
The incident occurred on the 5,000-student historically black college, which has been celebrating an alumni event this week.
The university tweeted on Wednesday that “offices are open with normal business hours and students are expected to attend classes as scheduled”.
Last month a student was wounded after he was shot in the arm by a visitor to the campus.
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Image copyrightAFPImage caption More than 40 women have accused Weinstein of misconduct
Harvey Weinstein is taking legal action against his former company in an attempt to access personal files and emails.
The film producer claims The Weinstein Company has denied his lawyer’s request for documents he will use to defend himself against allegations.
Weinstein has been accused of rape, sexual assault and harassment by a number of actresses and employees.
He insists any sexual relations he had were consensual.
In a separate development, the CEO of the organisation behind the Academy Awards has written to its members to lay out steps in establishing a new code of conduct to cover sexual harassment.
Dawn Hudson said the board of governors of the Academy would be outlining details in meetings later this year.
‘A knee-jerk pursuit’
Weinstein’s legal challenge, which was filed in Delaware on Thursday, claims The Weinstein Company board has denied requests for personal documents.
The producer wants access to his personal files as he believes information from them is being leaked to the media.
The 65-year-old’s lawyer, Patricia Glaser, has expressed to the company that he may possibly sue for wrongful termination.
She has accused the board of “a knee-jerk pursuit of a fire sale of the Company, all before completing a thorough investigation to discern exactly what did or did not occur.”
Image copyrightGetty ImagesImage caption Dominique Huett announced she was suing The Weinstein Company on Wednesday
Weinstein was fired on 8 October, three days after the New York Times published allegations against him.
At the same time the Weinstein Company board has been seeking records from him, including access to his mobile phone, as it pursues its own investigation of harassment claims.
The company is being sued for $5 million (£3.18 million) by Dominique Huett, an actress and model.
She has accused Weinstein of forcibly performing oral sex on her and claims the company was aware of his alleged misconduct.
Image copyrightGetty ImagesImage caption Branagh says he is “astonished and appalled” by the accusations against Weinstein
Actor and director Sir Kenneth Branagh is the latest star to speak out against Weinstein, saying he is “astonished and appalled” by the accusations.
Weinstein was due to produce Branagh’s adaptation of the Artemis Fowl novels but was sacked by Disney earlier this month.
More than 40 women have made accusations against Weinstein, including rape and sexual assault. He has denied all allegations of non-consensual sex.
Image copyrightChristina Baker KlineImage caption Ms Kline (L) said her husband was standing next to the former president as he groped her
A third woman has come forward to accuse former US President George HW Bush of groping her.
British-born novelist Christina Baker Kline said Mr Bush Senior “squeezed my butt hard” during an April 2014 photo.
Ms Kline said her husband was standing next to the former commander-in-chief when he grabbed her at a fundraiser in Houston, Texas.
A female friend of the Bush family afterwards told her to be “discreet” about the incident.
Heather Lind, an actress, was first to come forward this week and say the former president, who served in office from 1989 to 1993, had “touched me from behind” in 2014.
Then another actress, Jordana Grolnick, told US website Deadspin that Mr Bush groped her in 2016 after announcing his favourite magician was “David Cop-a-Feel”.
Image copyrightGetty ImagesImage caption Former US President George Bush Snr has said he was trying to put people “at ease”
Ms Kline – who was born in Cambridge, England, and raised in the US – told Slate magazine that he used the same line on her.
She said that when she and her husband posed next to Mr Bush in his wheelchair, the former president told her: “You’re beautiful.”
He asked if she was a writer and Ms Kline said she replied: “Yes.”
The Yale graduate wrote: “‘You wanna know my favorite book?’ he whispered. I had to lean close to hear him.
“‘Yes, what is it?’
Image copyrightJordana Grolnick / FacebookImage caption Jordana Grolnick said Mr Bush groped her after announcing his favourite magician was “David Cop-a-Feel”
“By now the photographer was readying the shot. My husband stood on one side of the wheelchair, and I stood on the other.
“President Bush put his arm around me, low on my back. His comic timing was impeccable.
“‘David Cop-a-feel,’ he said, and squeezed my butt, hard, just as the photographer snapped the photo. Instinctively, I swiped his hand away.”
She said Mr Bush simply laughed at his joke “like a mischievous boy”.
Ms Kline said she was a guest author for a literacy event hosted by the former president’s wife, Barbara Bush, for the ex-first lady’s eponymous foundation.
She said that as she and her husband, David, left the event, “a woman who introduced herself as a friend of the Bush family was waiting to drive us back to the hotel”.
“Once we were on our way, I told David what had happened. I was still so surprised that it didn’t occur to me to keep it secret. His mouth fell open. ‘You’ve got to be kidding me.’
Image copyrightGetty ImagesImage caption Ms Lind said the alleged incident took place in 2014
“Our driver, who was stopped at a light, sat there for a moment, then leaned back and looked at us. ‘I do trust you will be… discreet,’ she said.
“Her comment wasn’t menacing. But in that moment I thought: She has heard this before.
“The people around President Bush are accustomed to doing damage control. There must be many of us, I remember thinking. And now I know there are.”
When approached by Slate for comment, Bush spokesman Jim McGrath directed the magazine to a statement he released to the earlier allegations.
“At age 93, President Bush has been confined to a wheelchair for roughly five years, so his arm falls on the lower waist of people with whom he takes pictures,” the spokesman said.
“To try to put people at ease, the president routinely tells the same joke – and on occasion, he has patted women’s rears in what he intended to be a good-natured manner.
“Some have seen it as innocent; others clearly view it as inappropriate. To anyone he has offended, President Bush apologises most sincerely.”
Mr Bush, the father of George W Bush, who served two terms in the office between 2001 and 2009, suffers from a form of Parkinson’s disease.
Note: This story is auto-generated from BBC syndicated feed and has not been edited by AFRICA PRIME NEWS
Image copyright Getty Images 
