Friday, May 3

Types of News: Brief

News briefs are shorter stories about current events. It’s the who-what-when-and-where. “Just the facts, ma’am.” Please see our writers guidelines.

Watchdog Warns About Global Economy Ahead Of G20
5Sep By Patti MohrNo Comments
Finance, Investing, Global Economics, Types of News: Brief

Watchdog Warns About Global Economy Ahead Of G20

Historically High Debt Beginning To Feel Credit Crunch From Higher Interest Rates September 5, 2023—As world leaders travel to New Delhi, India for the G20 Summit, the head of an international body monitoring global finance issued a stark warning about debt and stability. In short, interest rate hikes since March 2022 are beginning to impact markets, according to Klaas Knot, a Dutch economist and chair of the Financial Stability Board. 'Historically High Debt' Writing on behalf of the board, Knot warned that a combination of factors could "impair the capacity of borrowers to service the historically high stock of outstanding global debt." Those factors include high global debt, interest rate hikes, persistent inflation, tighter financial markets, and a slowing economy, ac...
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U.S.-China Talk Trade, Technology As Commerce Secretary Visits Officials
30Aug By Patti MohrNo Comments
Diplomacy, Global Trade, Types of News: Brief

U.S.-China Talk Trade, Technology As Commerce Secretary Visits Officials

Investing In China Is Now 'Risky Business,' Raimondo Says Aug. 30, 2023—Commerce Secretary Gina Raimondo completed a four-day visit to China this week as part of a diplomatic effort to smooth economic relations between the world's largest economies. The challenge for Raimondo and President Joe Biden is coordinating a new approach to China amid a shift in sentiment away from trade liberalization. Adding to the challenge for U.S. diplomats are China's state control of the economy, tense foreign relations, and a tougher environment for U.S. businesses practicing in China. Raimondo told reporters she raised concerns about theft of intellectual property, raids on businesses, a new counterespionage law, and extreme fines under that law. "Increasingly, I hear from businesses Chi...
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5 Takeaways From Fed Chair Powell’s Jackson Hole Speech
25Aug By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

5 Takeaways From Fed Chair Powell’s Jackson Hole Speech

August 25, 2023—Federal Reserve Chair Jerome Powell delivered a carefully worded speech this morning to the annual economic symposium in Jackson Hole, Wyoming. The Kansas City Federal Reserve hosts the event. Moran, Wyoming, US, on Wednesday, Aug. 23, 2023. Photographer: David Paul Morris/Bloomberg Here are the key takeaways from the highly anticipated speech: 1. 3 Percent Is Not The New 2 Percent With the annual inflation rate in the United States down to 3.2 percent, some observers have wondered if that lower rate would suffice. Powell made clear it does not. The target is still 2 percent, and the central bank will not end a restrictive financial policy until the rate reaches that. "It is the Fed's job to bring inflation down to our 2 percent goal, and we will do so," P...
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Despite High Interest Rates, U.S. Housing Sector Sees An Usual Rise
17Aug By Patti MohrNo Comments
Global Economics, Types of News: Brief

Despite High Interest Rates, U.S. Housing Sector Sees An Usual Rise

Housing Costs Squeeze Buyers August 17, 2023--Even as mortgage rates in the United States hover at a 22-year high, the housing sector continues to defy logic by rising in price. In fact, increasing costs of shelter in the United States were "by far the largest contributor" to the inflation rate, according to the latest CPI report. The cost of housing rose by an annualized rate of 7.7 percent last month. Meanwhile, the overall inflation rate stood at 3.2 percent. The unusual resilience to rate increases by the Federal Reserve has led Goldman Sachs to revise its prediction for the sector from a drop of 2.2 percent to a rise of 1.8 percent, several news outlets including Axios reported. An 'Aberration' of Trends The investment firm described the unusual occurrence as "unsust...
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China Sees Sharpest Decline In Trade Since Early Pandemic
8Aug By Patti MohrNo Comments
Global Trade, Globalization, Global Disintegration, Types of News: Brief

China Sees Sharpest Decline In Trade Since Early Pandemic

August 8, 2023—China's trade with the rest of the world fell by 14.5 percent year-on-year in July, according to government data. That was the sharpest drop in imports and exports since early 2020. The decline was more than the 12.5 percent fall predicted by a poll of economists conducted by Reuters. Exports from the world's second-largest economy have fallen for three straight months, as the consumer and business appetite for China's goods in Europe and the United States has fallen. The decline may reflect weaker demand for China-made products as well as other factors such as shifts in supply chain, high global inflation, and rising interest rates. The largest drops in foreign buying of goods occurred in the computer, steel, and clothing sectors, according to reporting by the Finan...
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Tax Prep Software Shared Data With Big Tech
2Aug By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

Tax Prep Software Shared Data With Big Tech

Meta Pixel Collects Massive Amounts Of Information August 2, 2023—Several tax-preparation companies used a computer code known as pixels to share millions of data about users with Meta and Google, according to a congressional investigation. The companies TaxAct, TaxSlayer, and H&R Block confirmed to Senate investigators that they used Meta Pixel on their websites and a similar code for Google Analytics. The Meta Pixel is a piece of code used to track website visitors and their actions offsite. According to Meta, the parent company of Facebook, it is used for advertising and ad-targeting purposes. But the congressional report reveals that pixels contain "massive amounts of user data." Data Shared The report indicates that taxpayers who used the company websites to file t...
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Most U.S. Journalists Fear Restrictions On Free Press
24Jul By Patti MohrNo Comments
Types of News: Brief

Most U.S. Journalists Fear Restrictions On Free Press

July 24, 2023—Nearly six-in-ten journalists working in the United States reported having major concerns about potential restrictions on press freedoms. According to a Pew Research Center poll of 11,889 U.S. journalists, 33 percent of respondents answering the question said they are "extremely" concerned about the possibility the U.S. government would restrict press freedoms. An additional 24 percent said they were "very" concerned. The survey, which Pew conducted in 2022 also identified issues with "widespread misinformation, political polarization and the impact of social media."
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Currency Wars: Dollar Dominance Here To Stay? Maybe. Maybe Not.
16May By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Geopolitics, Globalization, Global Disintegration, Types of News: Brief

Currency Wars: Dollar Dominance Here To Stay? Maybe. Maybe Not.

China, India, and Others Vie For Status The United States has a significant economic advantage in having the U.S. dollar serve as the dominant form of global exchange. But several global leaders want to change that. China and Russia have long plotted to bring the dollar down. China wants its yuan to take over as the global currency leader. It's convincing trading partners like Argentina and Brazil to dump the dollar as a means for making trade and instead use the yuan. As Washington Post reporters Meaghan Tobin, Lyric Li, and David Feliba explained in an article today, Argentina's economy is in crisis, and its holdings of U.S. dollars are running thin. As a result, the government agreed last month to pay for $1 billion worth of Chinese imports with yuan. A New BRICS Currenc...
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U.S.: Another Debt Limit Debacle Looms Large
2May By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief, United States

U.S.: Another Debt Limit Debacle Looms Large

May 2, 2023—U.S. Treasury Secretary Janet Yellen warned congressional leaders on Monday the federal government might have trouble paying its bills beginning in early June if Congress can't come together on terms for increasing the debt limit. The U.S. government breached the $31.381 trillion limit on amassing debt in January. Ever since the federal government has been resorting to extraordinary measures to get by. As of April 28, the U.S. federal debt stood at $31.45 trillion. State And Local Governments First To Feel The Pinch In a letter to Congress on May 1 Yellen said state and local governments are the first to feel the pinch. Today, Treasury stopped issuing securities known as State and Local Government Series (SLGS) that help states and local governments comply with tax re...
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Disney’s Shareholders’ Proxy Proposals Fail At Annual Meeting
3Apr By Patti MohrNo Comments
Finance, Investing, Globalization, Global Disintegration, Types of News: Brief

Disney’s Shareholders’ Proxy Proposals Fail At Annual Meeting

April 3, 2023—Shareholders weighed in on several political issues at The Walt Disney Company's annual meeting. They included votes about its charitable contributions, its political contributions, and its business in China. Voting is tallied based on the number of shares, and the shares weighed heavily in favor of the company's recommendations. Furthermore, it should be noted that 64 percent of Disney's 1.16 billion shares are held by institutional investors. Shareholder Proxy Votes On one proxy vote, the National Legal and Policy Center, NLPC, a Disney shareholder and a public-interest nonprofit group, asked Disney to publish an annual report on the company's dealings in and with China. That vote went down 7.1 shares supporting the proxy measure, 88.9 opposing it, and 4 percent ...
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