Monday, May 20

Types of News: Bit

Brief bits of news cited with sources

Biden Pitches 3-Month Gas Tax Holiday
22Jun By Patti MohrNo Comments
Energy Policy, Oil & Gas, Types of News: Bit

Biden Pitches 3-Month Gas Tax Holiday

June 22, 2022—With the prices at the gas pump adding to inflation and the congressional elections just around the corner, U.S. President Joe Biden is likely feeling the pressure. Today, he announced plans to bring down the price Americans are paying for gasoline by suspending the federal tax on it. The U.S. inflation rate hit 8.6 percent this month, with oil and gas prices leading the climb. Political pressure is mounting for the president to do something. Today, Biden asked Congress to waive the federal gas tax for three months. Consumers pay 18 cents in tax on every gallon. Furthermore, the president called on U.S. states to match that gas-tax holiday with reductions in gas tax of their own. And, finally, Biden asked oil refineries to turn more petroleum into gasoline. "By susp...
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Path To Normal For ECB Poses Challenges To High Debt Countries
15Jun By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Europe, EU, Eurozone, Types of News: Bit

Path To Normal For ECB Poses Challenges To High Debt Countries

June 15, 2022— As the central bank for the Eurozone pursues a path to normal policies, the risk it now faces is uneven impact among the 19-member countries. Borrowing costs in so-called vulnerable countries like Italy, Greece, and Spain are soaring in response to monetary tightening last week by the European Central Bank (ECB). Now fragmentation of the Eurozone is a concern. As a result, the ECB announced today it is adjusting its plans. For one, the ECB will consider the vulnerabilities when reinvesting payments maturing from its pandemic relief program, known as PEPP. Those reinvestments of maturing PEPP payments are scheduled to continue through 2024. The program's worth is estimated at 1.85 trillion euro ($1.9 trillion), according to the New York Times.
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OECD Ministers Emphasize ‘Shared Values,’ Open Path To New Members
10Jun By Patti MohrNo Comments
Diplomacy, Organizations, IMF, WTO, G7, Types of News: Bit

OECD Ministers Emphasize ‘Shared Values,’ Open Path To New Members

June 10, 2022—Ministers from the 38-member organization of Western powers focused on coordinating a response to economic challenges coming primarily from Russia's war against Ukraine. In operation since 1960, the Organisation for Economic Co-operation and Development is drawing up plans to unite around an agenda of democratic values, climate action and expansion. The group is making way for new members to join, and Brazil, Bulgaria, Croatia, Peru, and Romania are the primary contenders. After a two-day meeting, OECD ministers released a 17-point statement. It set goals, such as avoiding protectionism, including export restrictions, restoring trust in democratic participation, regulating digital transformation, reforming international tax systems, and maintaining a rules-based internati...
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U.S. Prices Continue To Climb
10Jun By Patti MohrNo Comments
Global Economics, Types of News: Bit

U.S. Prices Continue To Climb

Inflation Rate Hits 8.6 Percent In The United States June 10, 2022—The Consumer Price Index for U.S. goods and services inched up in May, bringing the U.S. inflation rate to 8.6 percent. Fuel prices rose 16.9 percent for the month and just over 106 percent for the year. Related goods and services like transportation and utility gas services followed with the highest increases on the Dept. of Labor's CPI Data. Meanwhile, prices on used cars and trucks climbed 16 percent higher over the last 12-months. Likewise, food prices rose 10 percent.
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Stagflation Poses Risk To Global Economy, World Bank Says
7Jun By Patti MohrNo Comments
Global Economics, Types of News: Bit

Stagflation Poses Risk To Global Economy, World Bank Says

June 7, 2022—The global economy is entering a period of "feeble growth" mixed with higher inflation, and that poses risks to people in both middle- and low-income countries, the World Bank warned today. The organization adjusted its growth forecasts downward to 2.9 percent for the year. That is considerably lower than last year's expansion of 5.7 percent. The Russian-Ukraine war is taking a toll on growth around the world. Furthermore, fiscal and monetary policies are shifting from accommodation to restraint. World Bank President David Malpass also cited China's lockdowns, supply-chain disruptions, climate, and countries' debt policies as causes for concern. The World Bank's June report compares this era with the stagflation of the 1970s. The bad news is likely to impact poorer cou...
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EU Moves One Step Closer To Forcing Standard Phone Cords
7Jun By Patti MohrNo Comments
Big Tech, Digital Economy, Climate Action, ESG, Sustainable Finance, Europe, EU, Eurozone, Types of News: Bit

EU Moves One Step Closer To Forcing Standard Phone Cords

June 7, 2022—The European Union is moving one step closer to forcing tech companies to standardize cords charging cell phones. Today, the European Parliament and EU Member States agreed on a plan to require tech companies to make it easier for consumers to use a uniform charger, USB-C as it's known, for mobile phones and other portable electronic devices. The European Commission developed the plan for a common charger last September. The commissioners have been working on the issue since 2009, to the chagrin of Apple and other firms who prefer to sell consumers multiple cords for multiple devices. Common Charger The 2021 plan is to make the USB-C "the standard port for all smartphones, tablets, cameras, headphones, portable speakers and handheld videogame consoles." Supporte...
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U.K’s Johnson Wins Confidence Vote With 211 Tory MP Support
6Jun By Patti MohrNo Comments
Domestic Politics, Types of News: Bit

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.
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SNAPSHOT: UK-China Trade
6Jun By Patti MohrNo Comments
Global Trade, Types of News: Bit, Types of News: Infographic

SNAPSHOT: UK-China Trade

June 7, 2022—Trade in goods and services between China and the United Kingdom remained strong in 2021, with $79 billion in goods (£63.6 billion) from China reaching the U.K. and $23.6 billion in goods (£18.8 billion) flowing the other direction. The U.K. Office of National Statistics released the data this week. The figures include trade in services.
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Germany Boosts Defense Spending, Sends Air-Defense Weapons To Ukraine
1Jun By Patti MohrNo Comments
Types of News: Bit

Germany Boosts Defense Spending, Sends Air-Defense Weapons To Ukraine

June 1, 2022-German increasing its defense spending above 2 percent of its GDP and is shipping air defense weapons to Ukraine. That spending is up from 1.4 percent of GDP in 2020. Russia's war against Ukraine marked a turning point for Europe, and German is at the heart of the political and economic changes. "This is imperialism, which we in Europe won't accept," German chancellor Olaf Scholz said today of Russia's war. He delivered a speech to the German parliament's lower chamber. (Source: Reuters and AFP via DW)
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China’s Covid Lockdowns ‘Strangles’ Growth
29May By Patti MohrNo Comments
Domestic Politics, Types of News: Bit

China’s Covid Lockdowns ‘Strangles’ Growth

China's Premier Li Keqiang issued a stark warning to party officials last week: the government's zero-Covid policy puts the Summer harvest at risk. He called on government officials at all levels to coordinate "COVID-19 response with economic and social development." (Sources: Financial Times and China's Premier's office) The statement follows a mid-May meeting in the Standing Committee of the Political Bureau of the Communist Party of China Central Committee in which Li pressed for a faster enactment of new macroeconomic policies.
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