Tuesday, December 24

Types of News: Bit

Brief bits of news cited with sources

European Commission Calls for Reforms in Hungary
9Dec By Patti MohrNo Comments
Europe, EU, Eurozone, Geopolitics, Political Systems, Domestic Politics, Types of News: Bit, Types of News: Brief

European Commission Calls for Reforms in Hungary

EC Says It'll Withhold $1B If Changes Aren't Made December 9, 2024—The European Commission is on the verge of withholding €1 billion in funds to EU-member Hungary unless that government reforms 17 measures by the end of the year. The EC is already blocking €12 billion in funds to Hungary. Among the measures that the EC demands Hungary complete are anti-corruption and conflict-of-interest legislation, according to reporting by Politico Europe. Hungary is increasingly at odds with the European Union under the right-wing leadership of Viktor Orbán. EU lawmakers have grown increasingly discontent with EU-member Hungary over a series of infringements on human rights as well as concerns about corruption. In 2022, the EC announced that Hungary's government could no longer be considered a...
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WHO Issues Warning About The Middle East
28Oct By Patti MohrNo Comments
Human rights, Middle East, Types of News: Bit, Types of News: Brief

WHO Issues Warning About The Middle East

October 28, 2023—The World Health Organization issued a warning about escalating hostilities in the Middle East. Specifically, the conflict and deteriorating health conditions are not limited to the Gaza Strip but are also in the West Bank, East Jerusalem, Lebanon, and Syria. Furthermore, they pose a risk of "spilling over to other countries in the region, including Jordan, the Islamic Republic of Iran, and Iraq." Specifically, in Gaza, the situation is desperate: "The health system is on the verge of collapse and dwindling access to health services, clean water, food and fuel on top of an already weakened healthcare system risks further loss of civilian life. Massive displacement to shelters with inadequate resources will result in disease outbreaks." For more, see the Worl...
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Fed Keeps Rate At 5.25
22Sep By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Bit

Fed Keeps Rate At 5.25

Fed Chair Says Consumer Credit Market Is Normal September 22, 2023—The Federal Reserve kept its main rate, the Federal Funds Rate, unchanged on Wednesday at 5.25 percent. Fed Chair Jerome Powell said there was unanimous support among board members for keeping rates steady. He predicted one more rate hike before the end of the year then declining rates beginning next year. "Now we're fairly close, we think, to where we need to get. It's just a question of reaching theright stance," he said at a press conference on Wednesday. Specifically, Powell estimated the federal funds rate would reach 5.6 percent by the end of the year, come down to 5.1 percent in 2024, then further decline to 3.9 percent in 2025. The rate impacts mortgages, consumer credit as well as interest the governm...
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U.S. And China Establish Economic ‘Working Groups’
22Sep By Patti MohrNo Comments
Global Economics, Globalization, Global Disintegration, Types of News: Bit

U.S. And China Establish Economic ‘Working Groups’

Deputy Treasury Secretary Adeyemo Likely To Lead Talks For U.S. Interests September 22, 2023—The United States and China are establishing "structured channels for frank and substantive discussions on economic and financial policy matters," according to the U.S. Treasury Department. The department released a statement today saying it is establishing working groups with China's Ministry of Finance and the People's Bank of China to exchange information on a regular basis. The communication channels follow a series of diplomatic meetings between the two countries, the largest economies in the world. Deputy Treasury Secretary Wally Adeyemo is likely to lead both working groups for the United States. For China, the talks will take place at the vice minister level.
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Big Banks See Slower Growth In China
13Sep By Patti MohrNo Comments
Global Economics, Types of News: Bit

Big Banks See Slower Growth In China

September 13, 2023— China is estimating its economic growth to average 5 percent this year. However, even that modest forecast might be rosy. Six international banks, including JP Morgan, Barclays, and UBS, have downgraded their economic forecasts for China in light of the country's falling exports and persistent problems in the real estate sector, according to reporting by the South China Morning Post. Estimates for annual GDP from financial institutions range from 4.2 percent to 4.8 percent. SCMP's Ralph Jennings suggests China's economic problems could have global ripple effects for businesses, particularly for developing countries that rely on trade with China. The news comes at a time when economists are warning about stability in the global economy.
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U.S. Inflation Inches Up To 3.7 Percent
13Sep By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Bit

U.S. Inflation Inches Up To 3.7 Percent

September 13, 2023—Consumer prices in the United States increased to an annual rate of 3.7 percent in August, up from 3.2 percent in July. Driving the CPI index higher was a spike in energy costs. Gasoline prices spiked by 10.5 percent from July to August while the cost of other fuels rose by 9.1 percent. Even so, energy prices decreased over the last year by 3.6 percent over the previous year. Meanwhile, food prices rose by only 0.2 percent in August and 4.3 percent over the past 12 months. The cost of used cars and trucks dipped while new vehicles cost slightly more. Observers expect the U.S. Federal Reserve to leave interest rates as they are when board members meet September 19-20. For specifics, see the Bureau of Labor Statistics release.
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2023 Hottest Summer On Record
6Sep By Patti MohrNo Comments
Climate Action, ESG, Sustainable Finance, Types of News: Bit

2023 Hottest Summer On Record

September 6, 2023—If you've been feeling especially warm this Summer and not quite able to cool down, there's a reason: It's been a hot one. In fact, the June through August Summer season, otherwise known as the "boreal summer," was the warmest on record, according to the Copernicus Climate Change Service of the European Union. Copernicus found that the average global temperature in June-July-August was 16.77°C, or 62.18°Fahrenheit. That's 0.66°C above average, the center says. (Note, that is a global average including the Southern Hemisphere, which is in the Winter season.) From January through August 2023 ranks the second warmest year on record, just shy of the hottest first eight-month average that happened in 2016. The European Union’s Copernicus Climate Change Service reports th...
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El Salvador’s Bukele Rises In Popularity In Latin America
29Jul By Patti MohrNo Comments
Corruption, Bribes, Illicit Finance & Money Laundering, Democracy, Human rights, Types of News: Bit

El Salvador’s Bukele Rises In Popularity In Latin America

July 29, 2023—Reporting for the Los Angeles Times, Kate Linthicum describes El Salvador's President Nayib Bukele has become a "hero on the right" for Latin American leaders even as human rights groups cry foul. It's been four years since Bukele took office and two years since he declared himself as the world's "coolest dictator." Today, many in Latin America view the president as a model for fighting gangs, violent crime, and corruption, even if it comes at the cost of civil liberties. Critics complain that the El Salvadorian leader embraces authoritarianism, but "as homicides plunged, Bukele's approval ratings skyrocketed," Linthicum writes in a LAT report this week. Even as he clears the way for mass criminal trials of hundreds of people at a time, his popularity rises in count...
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US Fed Raises Funds Rate By Quarter Basis Point
26Jul By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Bit

US Fed Raises Funds Rate By Quarter Basis Point

July 26, 2023—Citing ongoing concerns about elevated inflation, the U.S. Federal Reserve announced today it is raising its Federal Funds rate by a quarter of a basis point to 5.25 to 5.50 percent. Fed Chair Jerome Powell said the economy is weathering the monetary-policy tightening well, and the Federal Reserve is committed to achieving its target of 2 percent inflation. The current U.S. inflation rate is hovering right around 3 percent. The key to whether the Fed's Board of Governors would begin cutting rates, Powell said, would be when inflation comes down in a credible fashion, not when the rate hits 2 percent. He doesn't see the inflation rate dipping down to its 2 percent target until 2025 or thereafter, Powell said during the press conference.
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Global Housing Prices See Both Modest Dips And Gains In 2023
25Jul By Patti MohrNo Comments
Global Economics, Types of News: Bit

Global Housing Prices See Both Modest Dips And Gains In 2023

July 25, 2023—With some exceptions, the prices of housing have dipped modestly in 2023 in response to higher interest rates, according to Fitch Ratings. In its midyear report, Fitch found that nominal housing prices reacted to rising interest rates with slight drops in prices in most countries under its radar. The exceptions were Australia, Denmark, Japan, Italy, Colombia, Mexico, and Spain, where prices rose. Factors that are impacting prices include inventory, wages, labor markets, government support for homebuyers, building costs, as well as interest rates.
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