Patti Mohr

Why JP Morgan’s Jamie Dimon Warns About An Economic ‘Hurricane’

7Jun

By Patti MohrNo Comments

Global Economics, Types of News: Analysis

Why JP Morgan’s Jamie Dimon Warns About An Economic ‘Hurricane’

And How He Is Preparing For The Storm As Head Of One Of The World's Largest Banks JP Morgan head Jamie Dimon spoke at Bernstein's Annual Strategic Decisions Conference on June 1, 2022. June 7, 2022—When Jamie Dimon, chairman and CEO of JP Morgan Chase, warned about an economic "hurricane" on the horizon, much of the world of news and finance took notice. It's not just that Dimon heads up one of Wall Street's largest and most successful firms, it's that he is often right. Moreover, Dimon is normally an optimist. “It's a hurricane,” Dimon said. "Right now, it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this. That hurricane is right out there down the road coming our way. We just don’t know if it’s a minor one or Superstorm Sandy or Sandy or Andrew or ...

U.K’s Johnson Wins Confidence Vote With 211 Tory MP Support

6Jun

By Patti MohrNo Comments

Europe, EU, Eurozone, and United Kingdom, Types of News: Brief

U.K’s Johnson Wins Confidence Vote With 211 Tory MP Support

June 6, 2022--While 148 Conservatives vote to oust British Prime Minister Boris Johnson from his leadership role today, 211 Tory MPs voted to keep him. "I think it's a convincing result, a decisive result," Johnson said in a media interview after the vote. "Of course, I understand what we need to do now is come together as a government and as a party, and that is exactly what we can now do." The vote of 59 percent support for Johnson is less than the 63 percent support than former Prime Minister Theresa May received just six months before she resigned over a stalemate on Brexit, the BBC reported today. The action came as a result of a request for a no-confidence vote by at least 15 percent of Conservative MPs.

‘Choice of Law’ Comes Into Play In Mexico’s Civil Case Against U.S. Gun Makers

6Jun

By Patti MohrNo Comments

Arms Sales, Military Industry, Types of News: Brief

‘Choice of Law’ Comes Into Play In Mexico’s Civil Case Against U.S. Gun Makers

Photo by Sebastion Pichler June 6, 2022—Massachusetts's "choice of law" rules come into question in the civil case that Mexico brought against U.S. gun manufacturers. The Mexican government started the case against U.S. firms Smith & Wesson, Barrett Firearms, Beretta U.S.A, Colt's Manufacturing, Glock Inc., and Century International Arms, among others. While the manufacturers are headquartered in various U.S. states, Boston, MA is a hub for the distribution of firearms. "Defendants' willfully blind, standardless distribution practices aid and abet the killing and maiming of children, judges, journalists, police, and ordinary citizens throughout Mexico." Case 1:21-cv-11269-FDS, initial filing Cost to Mexico The government's attorneys filed it as a personal injury lawsuit...

EU Agrees To A Partial Ban On Russian Oil

31May

By Patti MohrNo Comments

Eastern Europe, Energy Policy, Oil & Gas, Europe, EU, Eurozone, and United Kingdom, Sanctions

EU Agrees To A Partial Ban On Russian Oil

European Council Plans To Accelerate Transition To Alternative Energy May 31, 2022-The 27 heads of government of the European Union agreed today to reduce its dependence on Russian fossil fuels and to accelerate a transition to alternative sources of energy. The decision sets the EU on a course to ban up 90 percent of Russian oil imports by the end of the year. It is part of the sixth round of sanctions against Russia and Belarus in response to Russia's war against Ukraine. "The European Council is committed to intensify pressure on Russia and Belarus to thwart Russia’s war against Ukraine," the Council said in an 11-page document. "The European Council calls on all countries to align with EU sanctions. Any attempts to circumvent sanctions or to aid Russia by other means must be s...

As Expected, Federal Reserve Raised Its Rate By 50 Basis Points

4May

By Patti MohrNo Comments

Finance, Currency, Debt, National Budgets & Interest Rates, Global Economics, Types of News: Brief

As Expected, Federal Reserve Raised Its Rate By 50 Basis Points

Photo by Kelly L on Pexels.com May 4, 2022-Global financiers closely watched closely today as the U.S. Federal Reserve raised its Federal Funds rate by 0.50 percent. It marks the first large increase in the Fed rate since 2000. With a balance sheet of $9 trillion and a Fed Funds rate of 0.33 percent up until today, the U.S. Federal Reserve has consider room to maneuver to counter inflation. At the end of its two-day meeting, the Fed announced it would raise that rate to 0.75 to 1 percent. The FOMC statement made note of geopolitical events such as the Russia-Ukraine war and China's aggressive COVID-19 policy of locking down whole cities. Furthermore, the committee said it would consider a wide-range of activities before its next decision. "The Committee would be prepared to adj...

19Apr

By Patti MohrNo Comments

Global Economics, Globalization, Disintegration, Nationalism, Populism, Types of News: Videos

Globalization In Reverse

April 19, 2022—As the IMF warned of a slowdown in the global economy, its staff pointed to a larger issue likely to impact economies around the world for years to come. That issue is the reversal of globalization, which has been in place for decades. Pierre-Olivier Gourinchas, IMF Economic Counsellor and Director of the Research Department, described it as such: “The war also increases the risk of a more permanent fragmentation of the world economy into geopolitical blocks with distinct technology standards, cross-border payment systems, and reserve currencies." https://youtu.be/N_PU21dClgA

IMF Adjusts Economic Forecast for New Fragmented World

19Apr

By Patti MohrNo Comments

Global Economics, Globalization, Disintegration, Nationalism, Populism, Organizations, IMF, WTO, G7, UN Security Council

IMF Adjusts Economic Forecast for New Fragmented World

Inflation Expected To Remain High 'For Much Longer' April 19, 2022—War, rising energy costs, and a de-globalizing world are impacting the global economy in large and small ways. The International Monetary Fund is taking note and is adjusting its projection for economic growth to 3.6 percent for 2022 and 2023. That's down from 6.1 percent growth last year. Russia's war on Ukraine and the retaliating sanctions against Russia and Belarus are having the largest impact, according to Pierre-Olivier Courinchas, a lead economist with the IMF. But other factors are weighing down growth prospects too: Inflation, a slowdown in China, and monetary tightening by central banks. Fragmentation Reversing Gains From Globalization The IMF is trying to keep the world integrated, Courinchas said. D...

14Apr

By Patti MohrNo Comments

Big Tech, Digital Economy, Types of News: Brief

Elon Musk Makes Offer To Buy Twitter

Musk Says Platform Has Potential To Advance 'Free Speech Around the Globe' April 14, 2022—In yet another twist and extraordinary move, Elon Musk made an offer on Wednesday to buy 100 percent of the shares of the social networking site Twitter. It comes after Musk, the world's richest person, spent $2.64 billion this year to purchase a 9 percent stake in the company. He briefly agreed to join the company's board on April 9, but then changed course. In an April 13 letter to the Securities and Exchange Commission, Musk said he wants to turn the firm back into a private company. "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," Musk wrote. "Howev...

28Mar

By Patti MohrNo Comments

Big Tech, Digital Economy, Types of News: Brief

Europe Takes On Big Tech

EU passes sweeping rules for big tech. EU Sets Rules For Online Gatekeepers Like Google, Meta, Amazon, and Apple March 28, 2022—The European Union agreed on a set of new rules for large digital platforms late last week. Lawmakers have been working on the legislation, known as the Digital Markets Act, since 2020. The set of sweeping changes for large platforms gives users greater rights and forces the companies to give greater access to competing operating systems, apps, and advertising positions. "These rules are key to stimulating and unlocking digital markets, enhancing consumer choice, enabling better value sharing in the digital economy, and boosting innovation," said Cédric O, a French Minister of State. "The European Union is the first to take such decisive action in this...

25Mar

By Patti MohrNo Comments

Corruption, Bribes, Illicit Finance & Money Laundering, Eastern Europe, Human rights, Types of News: Videos

PROFILE: Alexey Navalny, Kremlin-Critic And Founder Of Anti-Corruption Foundation

Alexey Navalny is the founder of the Anti-Corruption Foundation. 'Corruption Kills,' Says Navalny Pointing to Russia's Bombing Campaigns On Ukrainian Cities March 25, 2022--Alexey Navalny is the founder of the Anti-Corruption Foundation. Now based in New York, the ACF conducts investigations into corruption and produces documentaries about oligarchs' wealth. He's been poisoned and jailed by the Russian government. Navalny is serving a sentence on charges the rest of the world recognizes as politically motivated by the Kremlin. Ironically, the Russian government's actions only shed more light on the state's corruption and repression of civil liberties. Russian Chemical Weapons In 2020, Navalny survived a nerve agent attack linked to the Russian Federal Security Service. As a...