Global Economics Archives

21Oct

By No Comments

Big Tech, Digital Economy, Corruption, Bribes, Illicit Finance & Money Laundering

Interpol Embraces The Metaverse

Interpol launched its version of a Metaverse platform in New Delhi, Indian on October 20, 2022. International Policing Agency Plans To Target Financial And Cyber-based Crimes October 21, 2022—Interpol, an international organization that trains and serves as a coordination hub for its 194 members, is embracing the Metaverse. The agency announced today it is now part of the Metaverse, where humans become avatars interacting in a make-believe digital world. The agency plans to use its Metaverse creation to train police worldwide and provide an alternative way for officers to meet each other. "As the number of Metaverse users grows and the technology further develops, the list of possible crimes will only expand to potentially include crimes against children, data theft, money laun...

10Jun

By Patti MohrNo Comments

Finance, Currency, Debt, National Budgets & Interest Rates, Global Economics

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.

Stagflation Poses Risk To Global Economy, World Bank Says

7Jun

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Global Economics

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 coun...

EU Moves One Step Closer To Forcing Standard Phone Cords

7Jun

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Big Tech, Digital Economy, Climate Action, ESG, Sustainable Finance, Europe, EU, Eurozone, and United Kingdom

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." Supporters sa...

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 ...

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...

11Apr

By Jesús CedeñoNo Comments

Finance, Banks, Cryptocurrency, Metals, Foreign Aid, International Development, Types of News: Analysis, Types of News: Brief

Crypto In The Russia-Ukraine War

Cryptocurrencies Are Playing Roles In The Battle; And The Battle Is Impacting The Prices This is a follow-up piece to Finance writer Jesús Cedeño's analysis of where cryptocurrencies are today. All viewpoints are his own do not necessarily reflect the views and positions of the Global Economic Report. Neither the writer nor Mohr Media’s GER website are responsible for readers’ investment decisions. April 11, 2022—It’s no coincidence that Bitcoin prices have shown an upward trend since February 25th. Today, we cannot talk about cryptocurrencies without looking at the Russia-Ukraine war. It's a factor that is influencing not only crypto’s value, but also the way governments all over the world are using and reacting to the conflict. Larry Fink, chairman of BlackRock, says the R...