Patti Mohr

17Nov

By Patti MohrNo Comments

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

US Economy Has ‘Long Way to Go,’ Says Fed Chair

Nov. 17, 2020-Despite recent optimism about the prospects for an economic recovery in the United States, the COVID-19 pandemic still poses a significant threat to the economy, Federal Reserve Board Chairman Jerome Powell warned on Tuesday. "We are not going back to the same economy," Powell said. Fed Chair Jerome Powell tapers enthusiasm on the economy. See video by Mohr Media. In a video call with the Bay Area Business Council, Powell said that even under the best-case scenario with a vaccine distribution, the effect of the virus is likely to have a significant impact on the near-term economy. News from biotech firm Moderna yesterday and pharmaceutical Pfizer last week that their vaccine trials are succeeding boosted enthusiasm among market-watchers for a quick economic reco...

Aiming to Attract Foreign Business and Visitors, UAE Eases Islamic Laws

8Nov

By Patti MohrNo Comments

Domestic Politics, Global Economics, Types of News: Brief

Aiming to Attract Foreign Business and Visitors, UAE Eases Islamic Laws

November 8, 2020--In an effort to attract foreign capital, business and tourists, the United Arab Emirates announced plans on Saturday to ease up on Islamic Laws governing citizens and non-citizens. The changes come as COVID-19 and low oil prices impact the global economy. For the UAE alone, the IMF projects a 6.6 percent economic contraction in 2020 and a growth of 1.3 percent for 2012. Laws Governing Personal Status Officially, the the state-run Emirates News Agency (WAM) reported the changes. The site announced that UAE President Khalifa bin Zayed Al Nahyan approved changes to Federal Law-Decrees on "Personal Status, Civil Transactions, Penal Code and Criminal Procedural laws." According to reporting by the Associated Press, the changes amount to "a major overhaul" of Islami...

China’s Exports Rise, Adding to Economic Growth in 2020

8Nov

By Patti MohrNo Comments

Global Economics, Global Trade, Types of News: Brief

China’s Exports Rise, Adding to Economic Growth in 2020

November 8, 2020--China's foreign trade expanded 4.6 percent year-on-year in October, helping the country sustain economic growth for the year, despite the COVID-19 pandemic. Overall, China's foreign trade grew by 1.1 percent in the first 10 months of the year, according to official data the Chinese government released yesterday. With exports accounting for nearly a fifth of China's economy, the export growth helped lift China's GDP by 4.9 percent in the third quarter. Export Growth Jumps in October In response to the impact of the global pandemic, the government streamlined customs procedures and provided incentives for cross-border e-commerce. Mechanical and electrical parts accounted for the largest share of the country's exports. Textile exports, which include masks, incre...

House Panel Wraps Up Antitrust Investigation On High Tech Giants

7Oct

By Patti MohrNo Comments

Big Tech, Digital Economy, Domestic Politics, Types of News: Brief

House Panel Wraps Up Antitrust Investigation On High Tech Giants

October 7, 2020-After a 16-month antitrust investigation of high-tech giants Facebook, Apple, Amazon and Google, a U.S. congressional committee suggests the companies wield extraordinary power in the economy and use their dominance to cut off competition. According to Democrats on a House Judiciary Subcommittee, the "market power of the dominant platforms risks undermining both political and economic liberties." Not since the "era of oil barons and railroad tycoons" have firms commanded extensive monopoly power in the market, they asserted in a 450-page report released by subcommittee this week. "By controlling access to markets, these giants can pick winners and losers throughout our economy. They not only wield tremendous power, but they also abuse it by charging exorbitant fees, ...

Global Trade Shows Signs of a Comeback; US Trade Deficit Hits a High in August

7Oct

By Patti MohrNo Comments

Global Trade, Globalization, Disintegration, Nationalism, Populism, Types of News: Brief

Global Trade Shows Signs of a Comeback; US Trade Deficit Hits a High in August

October 7, 2020-After months of a sharp decline in global trade, signs are beginning to emerge that trade and economic activity are starting to pick up, according to the World Trade Organization. One indication, for example, comes from purchasing orders by business managers. They show a sharp rebound in August after reaching record lows earlier this year. For specific numbers, look to the WTO's review of data from JP Morgan and IHS Markit. It shows the manufacturing index climbing back to its norm of 50 after a drop to 27 in April while the service sector hovered around 47., moving closer to its trend after a dip to 21.8. Sector Specific Some sectors were hit harder by the pandemic this year than others. Looking at the second quarter of the year, global trade in agriculture p...

As US-China Digital Battle Begins, Global Tech Firm Tencent Holdings Hires U.S. Lobbyist

18Aug

By Patti MohrNo Comments

Big Tech, Digital Economy, Globalization, Disintegration, Nationalism, Populism, Types of News: Brief, United States

As US-China Digital Battle Begins, Global Tech Firm Tencent Holdings Hires U.S. Lobbyist

August 18, 2020--As the United States and China begin to battle over the use digital technologies by consumers, Tencent Holdings, a Chinese-based multinational technology company that owns the social media app WeChat, hired a law firm to lobby the U.S. government. Paul, Weiss, Rifkind, Wharton & Garrison a global law firm headquartered in New York, filed a lobbying disclosure filed on August 7 with the Senate. According to the disclosure, the firm intends to represent Tencent, its largest shareholder Naspers Limited, and WeChat in the areas of consumer issues/safety/protection, media and trade. The firm's chief lobbyist on behalf of Tencent is Roberto Gonzalez, an attorney specializing in high-stake litigation, economic sanctions and export controls. Gonzalez has held senior posi...

Shocks Disrupt Global Supply Chains, But Firms May Keep Manufacturing in China

17Aug

By Patti MohrNo Comments

Global Trade, Globalization, Disintegration, Nationalism, Populism, Types of News: Brief

Shocks Disrupt Global Supply Chains, But Firms May Keep Manufacturing in China

August 17, 2020--Multinational companies that use complex global supply chains to produce their products might shift as much as a quarter of their production to new countries in the next five years, according to the McKinsey Global Institute. It's not the end of globalization, but "an opportunity to reinvent it," the business think tank says. Disruptions from Shocks Shocks such as COVID-19, political instability, cyberattacks, financial crises, and extreme weather due to climate change are impacting trade flows and disrupting production facilities around the world. According to a report released by McKinsey this month, shocks are rising and imposing greater risks to global companies. "Intricate production networks were designed for efficiency, cost, and proximity to markets b...

Microsoft Fast-Tracks Plans to Purchase TikTok from China-Based ByteDance Amid Possibility of U.S. Ban

3Aug

By Patti MohrNo Comments

Big Tech, Digital Economy

Microsoft Fast-Tracks Plans to Purchase TikTok from China-Based ByteDance Amid Possibility of U.S. Ban

August 3, 2020--The Microsoft Corporation announced it plans to "move quickly" to purchase the widely popular video-sharing app TikTok from its China-based owner Bytedance. The announcement came on Sunday after Microsoft CEO Satya Nadella spoke with U.S. President Donald Trump, who has threatened to ban the app over national security concerns. Microsoft said it intends to complete negotiations by September 15. The fast-moving talks come as public officials are paying closer attention to digital apps that collect data from billions of users. It also highlights the current economic integration of the world's two superpowers: the United States and China. Data Collection and Security Concerns With more than 2 billion downloads to date, TikTok is the among first Chinese internet-se...

In the Midst of Pandemic, China Sets Economic Growth Target Aside

22May

By Patti MohrNo Comments

Global Economics, Types of News: Brief

In the Midst of Pandemic, China Sets Economic Growth Target Aside

May 22, 2020--As Chinese Premier Li Keqiang delivered the government's work report at the start of China's 13th National People's Congress, one thing was notably missing: a target for economic growth. For decades, China's strength has come from a nearly single-pointed focus on increasing the size of its economy. Today, as its nation's leaders gather in the Great Hall of the People for their annual legislative session, the focus is on recovering from the ongoing blows of the COVID-19 pandemic. "The COVID-19 epidemic is the fastest spreading, most extensive, and most challenging public health emergency China has encountered since the founding of the People's Republic," Mr. Li said as he delivered his address to delegates. "At present, the epidemic has not yet come to an end, while th...

18May

By Patti MohrNo Comments

Finance, Banks, Cryptocurrency, Metals, Types of News: Brief

State-Owned Investment Funds Seek Bargains in COVID-19 Economic Crisis

May 18, 2020-Even as governments and the private sector around the world face economic devastation caused by the COVID-19 pandemic and the related shutdown of economies, some state-owned investment funds have been busy looking for bargains in the stock market. Saudi Arabia's Public Investment Fund purchased $7.7 billion worth of stocks in the United States and Europe during the first three months of 2020. Purchases included a $827.8 million stake in BP, a $714 investment in Boeing, and purchases in Facebook, Bank of America, Citigroup, Walt Disney, Marriott, Pfizer and Starbucks, according to reporting by the Financial Times. And last month, it invested $500 million in the Los Angeles entertainment company Live Nation. The PIF is the tenth-largest sovereign wealth fund in the world....