Thursday, December 26

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.

ECB Raises Interest Rates Despite Signs Of Credit Crunch
16Mar By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Finance, Investing, Types of News: Brief

ECB Raises Interest Rates Despite Signs Of Credit Crunch

ECB raises rates by 50 basis points on March 16, 2023. March 16, 2023—The European Central Bank raised its three key interest rates by 50 basis points in response to persistently high inflation. That increases the main refinancing operations, the marginal lending facilities, and the deposit facility to 3.5 percent, 3.75 percent, and 3 percent, respectively. Those rates are up from 0.00 percent, 0.25 percent, and -0.50 percent in June 2022. The move comes in the middle market turmoil stemming from pressure in the banking system over recent rate rises. In its press release, the ECB noted an "elevated level of uncertainty." It takes place as financial distress hits the banking sector in the United States and in Europe. Two U.S. banks collapsed in less than a week, posing a ripple eff...
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US Regulators Act Following Bank Collapses
14Mar By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Finance, Investing, Types of News: Brief, United States

US Regulators Act Following Bank Collapses

Run On Bank Was First Sign Of Significant Volatility Amid Rate Hikes March 14, 2023—U.S. regulators and policymakers acted swiftly over the weekend following the collapse of Silicon Valley Bank on Friday and Signature Bank on Sunday. The runs on the banks by customers are the first signs of major volatility following the Federal Reserve's multiple rate hikes to reduce inflation. The government through the Federal Deposit Insurance Corporation provided a risk-exception guarantee for all bank deposits of the two banks. That mitigated the risk of additional runs on banks. The details are as follows: The FDIC's guarantee would not apply to investors or unsecured debt holders. Regulators removed senior management of the banks. The FDIC took over Silicon Valley Bank and opened Signature...
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War Poses Obstacle To G20 Global Collaboration
2Mar By Patti MohrNo Comments
Diplomacy, Organizations, IMF, WTO, G7, Types of News: Brief

War Poses Obstacle To G20 Global Collaboration

Leaders Can't Come To Terms On Joint Statement March 2, 2023—Foreign ministers meeting in India had difficulty overcoming an obstacle to collaborating on global problems due to one big elephant in the room: Russia's invasion of and ongoing war in Ukraine. Heads of state of G20 countries are scheduled to meet in New Delhi in September 2023. Their top diplomats met yesterday and today. Normally, delegates would conclude meetings up with a joint statement detailing areas of agreement on issues like climate change and the global economy. Instead, they settled for an outcome document acknowledging major differences about the Russia-Ukraine war. "The war in Ukraine has further adversely impacted the global economy," the foreign ministers said in the document. "Most members strongly co...
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US, Canada, EU Look Deeper Into TikTok Privacy Issues
1Mar By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

US, Canada, EU Look Deeper Into TikTok Privacy Issues

March 1, 2023—Government officials in the United States, Canada, and the European Union are investigating potential data harvesting by the video-sharing app TikTok, which is owned by Chinese firm ByteDance. The governments in those countries and the broader EU banned staff from having the app on devices. This week the European Parliament followed recent actions by the European Commission and the EU Council to ban TikTok from government devices. Furthermore, the parliament "strongly recommended" to lawmakers and staff to remove the app from their personal devices, according to reporting by Reuters. On Monday, the Canadian government adopted similar restrictions. Biden Executive Order Going Into Effect President Joe Biden strengthened and replaced an executive order by former Pre...
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House Committee To Examine US Economic Ties With China
27Feb By Patti MohrNo Comments
Globalization, Global Disintegration, Types of News: Brief

House Committee To Examine US Economic Ties With China

Feb. 27, 2023—A new House committee designed to investigate U.S.-China economic relations is set to begin hearings tomorrow. The Select Committee on Chinese Communist Party plans to hear from a human rights advocate, former U.S. national security advisers, and the head of an association for U.S. manufacturing. The committee hearing comes at a time when U.S.-China economic ties are coming under pressure due to the Russia-Ukraine war, Taiwan, and most recently China's spy balloon entering U.S. territorial space. Looking At Business Ties The heads of the committee, Reps. Mike Gallagher and Raja Krishnamoorthi, plan to examine U.S. corporate, private equity, and venture capital investments in China. Appearing on CBS's Face the Nation on Sunday, the congressmen said they are reviewin...
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G7 Tightening Sanctions, Warns Against Helping Russia’s War
25Feb By Patti MohrNo Comments
Organizations, IMF, WTO, G7, Sanctions, Types of News: Brief

G7 Tightening Sanctions, Warns Against Helping Russia’s War

Photo of Japanese Prime Minister Kishida Fumio meeting with G7 counterpart on Feb. 24, 2023. Japan is chairing the G7 in 2023. Leaders Announce 'New Sanctions To Condemn Russia's Illegal 'Unwavering Support' For Ukraine February 25, 2023—The G7 countries of Japan, the United States, Britain, Italy, Germany, Canada, and France issued the harshest statement yet condemning Russia's illegal war against Ukraine. "Russia’s heinous attacks over the last 365 days have laid bare the cruelty of the ongoing aggression," the G7 leaders said Friday. "We condemn Russia’s illegal, unjustifiable, and unprovokedwar, disregard for the Charter of the United Nations (UN) and indifference to the impacts that itswar is having on people worldwide." The G7 leaders promised to give "unwavering suppor...
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U.S. Economy Is Still Hot
17Feb By Patti MohrNo Comments
Global Economics, Types of News: Brief

U.S. Economy Is Still Hot

Gas And Food Prices Continue To Climb; Jobs Market Still Tight Despite Layoffs February 17, 2023—The U.S. economy continues to run more hot than cold, despite previous forecasts that a recession would loom early in 2023. The IMF had projected a steep decline for the global economy at the beginning of the year. Then, the World Bank said the world was "perilously close" to falling into a recession. But despite the doom and gloom, the U.S. economy keeps growing. Prices are climbing; the job market remains tight even as certain economic sectors deliver layoffs; and U.S. equity markets are rising. Inflation: Prices Still Rising Inflation in the United States remains high, even as the overall CPI figure comes down from its peaks of 8.6 percent and 9.1 percent of an annualized...
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NATO Steps Up Support For Ukraine Sovereignty
14Feb By Patti MohrNo Comments
Geopolitics, Types of News: Brief

NATO Steps Up Support For Ukraine Sovereignty

NATO defense ministers met Feb. 14, 2023 in Brussels. February 14, 2023—As the war in Ukraine intensifies even beyond the intense fighting that has taken place to do, the NATO alliance and its members are amping up their support for Ukraine. NATO defense ministers and staff met in Brussels today to plan to provide more military support for Ukraine, increase the production of defense equipment, and strengthen and replenish members' own stocks of goods. Support for Ukraine includes training pilots, heavy weaponry, the modern air defence systems, the ammunition, and tanks. Asked by a reporter ahead of the meeting about the NATO's involvement in supplying equipment to Ukraine, NATO Secretary General Jens Stoltenberg said it is right to support Ukraine's fight to maintain its sover...
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Crypto Exchange ‘Bitzlato’ Processed $700M In Illicit Funds, DOJ Says
19Jan By Patti MohrNo Comments
Corruption, Bribes, Illicit Finance & Money Laundering, Types of News: Brief

Crypto Exchange ‘Bitzlato’ Processed $700M In Illicit Funds, DOJ Says

U.S. Attorney's Office for Eastern District of New York held a press conference on January 18, 2023 January 19, 2023—The U.S. Justice Department arrested and charged the operator of Bitzlato, a Hong Kong-registered cryptocurrency exchange that conducted a substantial amount of business with U.S.-based customers. Anatoly Legkodymov is a Russian national and senior executive of the exchange. On Wednesday, law enforcement officials in Miami, Florida arrested him and scheduled his arraignment for that afternoon in the U.S. District Court for the Southern District of Florida. The crackdown is a sign that federal investigators have stronger tools at their disposal in targeting money laundering and illicit crypto networks. A Crypto Exchange For Crooks, Traffickers, And Addicts The...
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Turkey Demands Finland And Sweden Extradite ‘Terrorists’
19Jan By Patti MohrNo Comments
Diplomacy, Organizations, IMF, WTO, G7, Types of News: Brief

Turkey Demands Finland And Sweden Extradite ‘Terrorists’

Turkish President Recep Tayyip Erdogan speaks out against asylum policies that harbor terror suspects. NATO Expansion Opposed By Turkey And Hungary January 19, 2023—NATO defense ministers met in Brussels yesterday, joined by their counterparts from Finland and Sweden, two countries eager to join the alliance. But to join NATO, Finland and Sweden need to win over all 30 NATO members, and that's not so easy. Since May of 2022, Turkey and Hungary have opposed their membership bids of Finland and Sweden. In Turkey's case, Turkish President Recep Tayyip Erdogan has long complained that the two countries provide refuge for Kurdish terrorists. This week, he reiterated his call for Sweden and Finland to extradite more than 100 asylum seekers to Turkey. "For this to pass the parliamen...
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