Tuesday, March 11

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.
Central America Leaders Advance Regional Development Plans As Area Slides Into Poverty
12Dec By Patti MohrNo Comments
Diplomacy, Geopolitics, Global Economics, Organizations, IMF, WTO, G7, Types of News: Brief

Central America Leaders Advance Regional Development Plans As Area Slides Into Poverty

Dec. 12, 2020-The global pandemic and a double-dose of hurricane damage is sending Central American populations and governments into a crisis. Poverty rates are increasing. And governments are facing protests at home. This week leaders from Central American countries met to discuss the structural roots of migration and an ambitious development plan for the region. Poverty Rising, Economies Shrinking About 12 million people in Central America fell into poverty this year, according to Alicia Bárcena, executive secretary for the Economic Commission for Latin America and the Caribbean (ECLAC). "The fiscal standing of these countries has been affected by expenditures made to confront the pandemic," Bárcena said, according to the press release. "In addition, the ETA and IOTA hurricanes ...
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Europe Agrees on 2030 Emissions Targets, Changes to Energy and Transport Sectors
11Dec By Patti MohrNo Comments
Climate Action, ESG, Sustainable Finance, Energy Policy, Oil & Gas, Europe, EU, Eurozone, Types of News: Brief

Europe Agrees on 2030 Emissions Targets, Changes to Energy and Transport Sectors

Dec. 11, 2020--A year after introducing the Green New Deal, the European Council agreed today to targets for reducing greenhouse gas emissions within the next decade. The plan envisions cutting emissions by 55 percent of 1990 levels by 2030. The deal requires significant changes to the energy and transportation sectors. It also calls for investment in energy-efficient buildings and infrastructure for electric cars. European Commission President Ursula von der Leyen said the agreement "future-proofs" the European Union. "Today's agreement puts us on a clear path towards climate neutrality in 2050. It gives certainty to investors, to businesses, to public authorities and to citizens," von der Leyen said in remarks given after the European Council meeting today. Leaders emerge fr...
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U.S. Cites Currency Manipulation As Source of Trade Subsidy in Twist-Tie Case
25Nov By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Global Trade, Types of News: Brief

U.S. Cites Currency Manipulation As Source of Trade Subsidy in Twist-Tie Case

November 25, 2020--For the first time in an investigation of a trade subsidy, the U.S. Commerce Department identified China's undervalued currency as a state subsidy warranting a financial penalty at the U.S. border. On Tuesday, the department announced it is asking the U.S. Customs and Border Control to begin collecting cash deposits at a rate of 122.5 percent from importers of Chinese twist ties. The rate reflects the total amount of subsidies U.S. officials estimate Chinese twist tie exporters receive from their government. Next Steps Commerce Secretary Wilbur Ross. said the department would "continue to use the legal tools at our disposal to aggressively counter currency undervaluation and other unfair subsidies, further ensuring a level playing field for American businesses a...
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Leaders at Digital G20 Summit Pledge Global Cooperation
24Nov By Patti MohrNo Comments
Diplomacy, Globalization, Global Disintegration, Types of News: Analysis

Leaders at Digital G20 Summit Pledge Global Cooperation

Nov. 24, 2020--The overriding theme at this year's G20 Summit was cooperation, not only on controlling the global pandemic but also a vast array of economic and social issues. Japan's Prime Minister Yoshihide Suga promised to "lead international society in realizing a decarbonized world" to address climate change, while Chinese President Xi Jinping called for cooperation on trade, low tariffs and a global governance system for the digital economy. Meanwhile, Saudi Arabia's Crown Prince Mohammed Bin Salman, the host, praised the governments for injecting over $11 trillion into the global economy and providing debt relief to the most vulnerable countries. Lengthy List of Goals Overall, the final Leaders Declaration addresses the following: the digital economy, trade and investme...
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China Aims to Upend And Amend World Order, U.S. State Dept Says
20Nov By Patti MohrNo Comments
Communism, Dictatorship, Diplomacy, Geopolitics, Globalization, Global Disintegration, Political Systems, Domestic Politics, Types of News: Brief

China Aims to Upend And Amend World Order, U.S. State Dept Says

Nov. 20, 2020--The Chinese Communist Party intends to create a new world order serving authoritarian goals and nationalistic ambitions, according to a newly released report by the U.S. State Department. 'New Great Power Competition' The 74-page report asserted that China's ambition of revising the world order is triggering "a new era of great-power competition." Specifically, the State Department said that China plans to influence every region of the world with its economic power and reform international organizations from the inside out. As it does, it is increasingly reshaping the world with its authoritarian model, the report said. That puts that current world order -- one founded on free and sovereign nation-states -- that advances U.S. national interests, according to the...
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U.S.Treasury Looks to End Some COVID-19 Related Lending Relief Programs
20Nov By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

U.S.Treasury Looks to End Some COVID-19 Related Lending Relief Programs

Nov. 20, 2020--Indicating confidence that the U.S. economy has weathered the worst of the COVID-19 shock, the U.S. Treasury is planning to allow five emergency lending facilities to expire at the end of 2020. Private Banks Are 'Capable of Lending ' Treasury Secretary Steven Mnuchin said some lending-relief programs enacted in the wake of the COVID-19 pandemic should continue while others are no longer needed. In a letter to the Federal Reserve, Mnuchin said that the emergency lending facilities the government provided in 2020 have "clearly achieved their objective" and that banks are now capable of meeting the borrowing needs of corporate, municipal and nonprofit clients. Congress approved the programs in the CARES Act last March to mitigate the economic impact of the global pa...
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18Nov By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Global Economics, Types of News: Brief

Global Debt Surging in 2020

Nov. 18, 2020--Governments and companies took on an unprecedented level of debt in the first nine months of this year. The total debt rose $15 trillion above 2019, much of it related to the impact the global pandemic, according to the Institute of International Finance. For perspective, the association estimates that global debt may swell to $277 trillion by the end of 2020. As a share of the global economy, that is 365 percent of GDP, up from 320 percent of GDP in 2019. Debt Crisis Worse in Poorest, Middle-Income Countries The news follows a separate report by the International Monetary Fund about extreme debt distress in emerging and developing economies. "For some, a crisis is imminent," the IMF report said. "For many more, only exceptionally low global interest rates may b...
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17Nov By Patti MohrNo Comments
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...
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‘America Is Back,’ Biden Says, Promising Renewed Global Ties
11Nov By Patti MohrNo Comments
Diplomacy, Domestic Politics, Types of News: Brief, United States

‘America Is Back,’ Biden Says, Promising Renewed Global Ties

November 11, 2020--A week after the U.S. national election, Joe Biden, the presumptive president-elect, said he is beginning to renew U.S. ties with global partners and institutions and is confident he can work with a bipartisan Congress on achieving results. Biden won victories in a high enough number of states to reach the magic 270 electoral votes needed to make the election official in December. Since most media outlets named Biden the president-elect over the weekend, he has taken calls from at least six foreign leaders, including those representing the United Kingdom, France, Germany, Canada and Turkey. New Tone in Washington Biden said he is telling his counterparts the United States will reengage with the world under a Biden presidency. "First of all, I'm letting them kno...
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Aiming to Attract Foreign Business and Visitors, UAE Eases Islamic Laws
8Nov By Patti MohrNo Comments
Domestic Politics, Global Economics, Political Systems, Domestic Politics, 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...
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