Monday, November 25

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.
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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China’s Exports Rise, Adding to Economic Growth in 2020
8Nov By Patti MohrNo Comments
Global Economics, Global Trade, Types of News: Brief

China’s Exports Rise, Adding to Economic Growth in 2020

November 8, 2020--China's foreign trade expanded 4.6 percent year-on-year in October, helping the country sustain economic growth for the year, despite the COVID-19 pandemic. Overall, China's foreign trade grew by 1.1 percent in the first 10 months of the year, according to official data the Chinese government released yesterday. With exports accounting for nearly a fifth of China's economy, the export growth helped lift China's GDP by 4.9 percent in the third quarter. Export Growth Jumps in October In response to the impact of the global pandemic, the government streamlined customs procedures and provided incentives for cross-border e-commerce. Mechanical and electrical parts accounted for the largest share of the country's exports. Textile exports, which include masks, incre...
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House Panel Wraps Up Antitrust Investigation On High Tech Giants
7Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Political Systems, Domestic Politics, Types of News: Brief

House Panel Wraps Up Antitrust Investigation On High Tech Giants

October 7, 2020-After a 16-month antitrust investigation of high-tech giants Facebook, Apple, Amazon and Google, a U.S. congressional committee suggests the companies wield extraordinary power in the economy and use their dominance to cut off competition. According to Democrats on a House Judiciary Subcommittee, the "market power of the dominant platforms risks undermining both political and economic liberties." Not since the "era of oil barons and railroad tycoons" have firms commanded extensive monopoly power in the market, they asserted in a 450-page report released by subcommittee this week. "By controlling access to markets, these giants can pick winners and losers throughout our economy. They not only wield tremendous power, but they also abuse it by charging exorbitant fees, ...
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Global Trade Shows Signs of a Comeback; US Trade Deficit Hits a High in August
7Oct By Patti MohrNo Comments
Global Trade, Globalization, Global Disintegration, Types of News: Brief

Global Trade Shows Signs of a Comeback; US Trade Deficit Hits a High in August

October 7, 2020-After months of a sharp decline in global trade, signs are beginning to emerge that trade and economic activity are starting to pick up, according to the World Trade Organization. One indication, for example, comes from purchasing orders by business managers. They show a sharp rebound in August after reaching record lows earlier this year. For specific numbers, look to the WTO's review of data from JP Morgan and IHS Markit. It shows the manufacturing index climbing back to its norm of 50 after a drop to 27 in April while the service sector hovered around 47., moving closer to its trend after a dip to 21.8. Sector Specific Some sectors were hit harder by the pandemic this year than others. Looking at the second quarter of the year, global trade in agriculture p...
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As US-China Digital Battle Begins, Global Tech Firm Tencent Holdings Hires U.S. Lobbyist
18Aug By Patti MohrNo Comments
Big Tech, Digital Economy, Globalization, Global Disintegration, Types of News: Brief, United States

As US-China Digital Battle Begins, Global Tech Firm Tencent Holdings Hires U.S. Lobbyist

August 18, 2020--As the United States and China begin to battle over the use digital technologies by consumers, Tencent Holdings, a Chinese-based multinational technology company that owns the social media app WeChat, hired a law firm to lobby the U.S. government. Paul, Weiss, Rifkind, Wharton & Garrison a global law firm headquartered in New York, filed a lobbying disclosure filed on August 7 with the Senate. According to the disclosure, the firm intends to represent Tencent, its largest shareholder Naspers Limited, and WeChat in the areas of consumer issues/safety/protection, media and trade. The firm's chief lobbyist on behalf of Tencent is Roberto Gonzalez, an attorney specializing in high-stake litigation, economic sanctions and export controls. Gonzalez has held senior posi...
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Shocks Disrupt Global Supply Chains, But Firms May Keep Manufacturing in China
17Aug By Patti MohrNo Comments
Global Trade, Globalization, Global Disintegration, Types of News: Brief

Shocks Disrupt Global Supply Chains, But Firms May Keep Manufacturing in China

August 17, 2020--Multinational companies that use complex global supply chains to produce their products might shift as much as a quarter of their production to new countries in the next five years, according to the McKinsey Global Institute. It's not the end of globalization, but "an opportunity to reinvent it," the business think tank says. Disruptions from Shocks Shocks such as COVID-19, political instability, cyberattacks, financial crises, and extreme weather due to climate change are impacting trade flows and disrupting production facilities around the world. According to a report released by McKinsey this month, shocks are rising and imposing greater risks to global companies. "Intricate production networks were designed for efficiency, cost, and proximity to markets b...
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Microsoft Fast-Tracks Plans to Purchase TikTok from China-Based ByteDance Amid Possibility of U.S. Ban
3Aug By Patti MohrNo Comments
Big Tech, Digital Economy

Microsoft Fast-Tracks Plans to Purchase TikTok from China-Based ByteDance Amid Possibility of U.S. Ban

August 3, 2020--The Microsoft Corporation announced it plans to "move quickly" to purchase the widely popular video-sharing app TikTok from its China-based owner Bytedance. The announcement came on Sunday after Microsoft CEO Satya Nadella spoke with U.S. President Donald Trump, who has threatened to ban the app over national security concerns. Microsoft said it intends to complete negotiations by September 15. The fast-moving talks come as public officials are paying closer attention to digital apps that collect data from billions of users. It also highlights the current economic integration of the world's two superpowers: the United States and China. Data Collection and Security Concerns With more than 2 billion downloads to date, TikTok is the among first Chinese internet-se...
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