Sunday, November 24

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.
US Debt Tops $22 Trillion as Lawmakers Deliver New Deal
23Jul By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Domestic Politics, Global Economics, Types of News: Brief, United States

US Debt Tops $22 Trillion as Lawmakers Deliver New Deal

July 23, 2019--U.S. lawmakers agreed to raise the limit on incurring national debt to $22 trillion to July 31, 2021. They also agreed to a two-year budget agreement that increases spending by $320 billion. Democratic House Speaker Nancy Pelosi called it a "bold, bipartisan and a victory for Democrats and the American people." President Donald Trump said in a tweet the deal is "a real compromise in order to give another big victory to our Great Military and vets." According to Pelosi's statement, the deal increases both defense and non-defense spending and avoids a government shutdown. The U.S. national debt has risen from $11.9 trillion in 2009 to $22 trillion in 2019. Meanwhile, the interest on the debt (marketable non-government) has risen from 2.28 percent to 2.5 percent in th...
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Do-or-Die Brexiteer Boris Johnson to Become UK Prime Minister
23Jul By Patti MohrNo Comments
Domestic Politics, Globalization, Global Disintegration, Types of News: Brief

Do-or-Die Brexiteer Boris Johnson to Become UK Prime Minister

July 23, 2019--Boris Johnson, outspoken Eurosceptic politician in the United Kingdom won the conservative party's election to succeed Theresa May as head of party and state in a sweeping victory. Johnson won 92,153 Tory-party votes, nearly double that of his opponent Jeremy Hunt. That gives him a strong mandate to lead his country out of the European Union -- a process that proved too difficult for his predecessor. In his victory speech following the vote count, Johnson said it is "a pivotal moment in history." He said leaders have to reconcile "the deep desire for" friendship, free trade and mutual support for security between the Britain and Europe and "the simultaneous desire, equally deep and heartfelt, for democratic self government." A 'Do-or-Die' Brexit Strategy ...
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WTO Deals Blow to U.S. Case Against China’s State-Subsidized Pricing
18Jul By Patti MohrNo Comments
Communism, Dictatorship, Global Trade, Types of News: Brief

WTO Deals Blow to U.S. Case Against China’s State-Subsidized Pricing

July 18, 2019-- The world's litigation body for trade disputes dealt a new blow to a multiyear effort by U.S. representatives to counteract pricing impacted by state-owned enterprises. The decision impacts a wide range of products, including solar panels and aluminum. More striking, it weighs in on the mounting tension in the global economy between competing economic systems. What: This Week's Action Late Tuesday, a World Trade Organization appellate body upheld a decision by a lower panel regarding U.S. tariffs on a series of mostly industrial products imported from China that U.S. officials believe to be subsidized and under priced. Products impacted include solar panels, wind towers, steel cylinders and sinks, kitchen shelving, lawn groomers, aluminum extrusions and a serie...
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Tech Giants Face Investigations, Scrutiny
17Jul By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

Tech Giants Face Investigations, Scrutiny

UPDATE: The European Union settled its 2019 investigation with a legally binding agreement with Amazon in December 2020. That agreement covered the online retail giant's use of non-public seller data and access to its Buy Back and Prime programs. July 17, 2019--As some of the largest tech companies in the world grow in value and market share, they face increasing scrutiny in both the United States and the European Union that they are using their platforms to favor their products over their competitors, collect and use data to their advantage and buyout competitors. The European Union launched a formal investigation into Amazon's use of data on independent retailers selling on its platform to see if it violates competition rules. The investigation will focus on "Amazon's business prac...
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France to Impose ‘GAFA’ Tax on Digital Giants
11Jul By Patti MohrNo Comments
Big Tech, Digital Economy, Europe, EU, Eurozone, Types of News: Brief

France to Impose ‘GAFA’ Tax on Digital Giants

July 11, 2019--The French Parliament enacted new legislation today to tax digital companies, including Google, Apple, Facebook and Amazon, earning over €750 million ($844 million) a year. The GAFA tax marks the first time a national government would be garnering income from high-tech's increasing use of data collection and targeted online advertising. Moreover, it might pave the way for international efforts to tax the digital, global economy. Revenue Raiser The tax, known as "GAFA" for the four highest-revenue tech companies, is expected to generate about €400 million in revenue for France this year and €650 million in 2020 ($450 million in 2019 and $730 in 2020). It applies to companies with total annual revenues of €750 million globally with €25 million of that earned in...
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Online Retail Giant Amazon.com Stock Hits 2,000
10Jul By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

Online Retail Giant Amazon.com Stock Hits 2,000

July 10, 2019--Online retail giant Amazon.com reached new heights today as its stock rose above 2,000 on the NASDAQ stock exchange. Just a week before company executives are scheduled to appear before a congressional committee investigating the dominance of top tech companies, the stock price reached a new high, reflecting the company's massive scale. The mile-marker in the company's stock price came amid peaks U.S. equities after Federal Reserve chairman Jerome Powell suggested the Fed might cut interest rates. It also comes as tech giants enter the field of finance, posing new risks to consumers, traditional banks and financial markets. Amazon Stock: From $324 in 2014 to $2,024 Today Amazon Sales & Revenue Though Amazon does not pay a dividend and is priced at ...
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U.S. Adds Maduro’s Son to Sanctions Blacklist
29Jun By Patti MohrNo Comments
Sanctions, Types of News: Brief

U.S. Adds Maduro’s Son to Sanctions Blacklist

June 28, 2019--The U.S. government added the son of Venezuela President Nicolas Maduro Moros to its sanction's list, blocking all his property that are in the United States or in possession or control of U.S. persons. In its release, Treasury's Office of Foreign Assets Control said it is targeting Nicolas "Nicolasito" Ernesto Maduro because he is "a current or former official of the Government of Venezuela," and the office would continue to target regime insiders. "Maduro’s regime was built on fraudulent elections, and his inner circle lives in luxury off the proceeds of corruption while the Venezuelan people suffer," said Treasury Secretary Steven Mnuchin in a release. "Maduro relies on his son Nicolasito and others close to his authoritarian regime to maintain a stranglehold on...
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U.S., India Must ‘Try Harder’ to Negotiate Trade Tensions, India’s Top Diplomat Says
26Jun By Patti MohrNo Comments
Diplomacy, Global Trade, Sanctions, Types of News: Brief

U.S., India Must ‘Try Harder’ to Negotiate Trade Tensions, India’s Top Diplomat Says

June 26, 2019--Despite a growing economic relationship between the United States and India, high-level meetings today between the nations' top diplomats reveal strained relations due to a tougher trade environment and differing diplomatic views on U.S. sanctions against Iran and Russia. Ahead of this week's G20 meeting in Japan and amid growing tensions with Iran, U.S. Secretary of State Mike Pompeo traveled to India and the Middle East this week to garner support. In India, Pompeo met with Prime Minister Narendra Modi and Minister of External Affairs Subrahmanyam Jaishankar. While economic relations between the two countries are growing, it appears that geopolitical differences are also rising. 'Try Harder' on Trade Relations Trade between India and the United States on goo...
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Big Tech May Pose Big Risks for Finance Firms, Consumers
25Jun By Patti MohrNo Comments
Big Tech, Digital Economy, Finance, Investing, Types of News: Analysis

Big Tech May Pose Big Risks for Finance Firms, Consumers

June 25, 2019 -- As big technology firms expand their services to include finance, it is poses new risks to consumers, competitors and financial systems. With large customer bases, access to massive amounts of data and the ability to scale-up quickly, technology-service providers like Alibaba, Amazon, Apple, Facebook, Google, Groupon and Tencent are poised to change the financial-services industry, international analysts say. A Ripe Opportunity for Growth Currently earning just 11 percent of their revenues from their financial services, many tech firms are eyeing the field as a means to make big profits. New services include payments systems, digital money, money management, insurance and lending. "Big techs have the potential to loom large very quickly as systemically relev...
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Remittances Keep Venezuelans Afloat Amid Economic Crisis
21Jun By Patti MohrNo Comments
Global Economics, Global Trade, Types of News: Brief, Types of News: Videos

Remittances Keep Venezuelans Afloat Amid Economic Crisis

June 21, 2019-Money transfers into Venezuela from friends and family living abroad are primary means of survival for those left behind in the dire circumstances of economic collapse, according to economic data and on-the-ground reporting by The Indigo Traveller. Economic Snapshot of Venezuela Since 2014, the Venezuelan economy has been in free fall. In terms of economic size, its GDP shrunk from $324 billion in 2015 to $76 billion (projected) for this year. It started shrinking in 2014 with a decline of nearly 4 percent. The past two years, the economy decreased by more than 15 percent a year. Meanwhile, inflation has skyrocketed -- by 10 million percent projected for this year alone. That leaves residents dealing with food shortages, blackouts, unemployment, health issues...
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