Monday, March 10

Types of News: Brief

News briefs are shorter stories about current events. It’s the who-what-when-and-where. “Just the facts, ma’am.” Please see our writers guidelines.

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...
Read More
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...
Read More
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...
Read More
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...
Read More
‘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...
Read More
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...
Read More
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...
Read More
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, ...
Read More
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...
Read More
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...
Read More

Contact Us