Saturday, March 15

Author: Patti Mohr

Patti Mohr is a U.S.-based journalist. She writes about global diplomacy, economics, and infringements on individual freedom. Patti is the founder of the Global Economic Report. Her goal is to elevate journalistic principles and share the pursuit of truth in concert with others.
‘Very Risky’ Times For Financial Markets, IMF Exec Says
8Jun By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

‘Very Risky’ Times For Financial Markets, IMF Exec Says

Fund Is Likely To Make A 'Significant' Downgrade For Global Growth Photo by Burak Kebaber on Pexels.com June 8, 2022—Less than two months after adjusting its economic forecast downward due to global fragmentation, the International Monetary Fund is poised to make another reduction when it releases its forecast next month. Moreover, the fund expects to make a "significant" downgrade for global growth, Gita Gopinath, IMF's first deputy managing director, said today. Her comments came during a conversation with the Financial Times's Martin Wolf at that paper's Global Boardroom conference. 'Very Risky' Times In contrast to an analysis by the World Bank, the IMF is not envisioning 1970s-like stagflation as a central possibility. However, negative growth rates in Europe is possibl...
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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 coun...
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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." Supporters sa...
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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 ...
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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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‘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...
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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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EU Agrees To A Partial Ban On Russian Oil
31May By Patti MohrNo Comments
Europe, EU, Eurozone, Sanctions, Types of News: Brief

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...
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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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