Wednesday, December 25

Domestic Politics

15May By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Domestic Politics, Types of News: Brief, United States

U.S. House Primed to Vote on Massive $3 Trillion Stimulus

May 15, 2020-The U.S. House is scheduled to vote today on a new supplemental spending bill for the current fiscal year. It's the fifth in a series of COVID-19 related stimulus bills, and it is massive in both physical size and its $3 trillion expense. Called the HEROS Act, the 1,815-page bill would extend unemployment benefits to furloughed workers for an additional six months, provide direct payments to businesses, give additional checks worth up to $1,200 for individuals, provide health care to unauthorized immigrants, financial support to farmers, renters and workers and $1 trillion for states and local governments. The Congressional Budget Office, which normally provides estimates for spending bills, has not published a report on the bill. Partisan Support Democrats are sp...
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Eurozone Ministers Agree to €500bn Rescue Package
10Apr By Patti MohrNo Comments
Europe, EU, Eurozone, Global Economics

Eurozone Ministers Agree to €500bn Rescue Package

April 10, 2020--Under increasing strain to hold their political and economic union together, Eurozone finance ministers agreed to a €500 billion economic rescue package for workers, businesses and governments. Eurogroup President Mário Centeno said the plan is meant to ensure Europe grows "together and not apart once the virus is behind us." The latest rescue package to deal with the economic fallout from the COVID-19 crisis comes on top of monetary and fiscal stimulus measures worth trillions of Euros. Previous measures amount to 3 percent of GDP in fiscal measures and 16 percent of GDP in new monetary policies, according to the Eurogroup. Finance ministers from the 19 Eurozone countries agreed to the latest measure after a marathon 14-hour session. "Now we are building Europe...
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16Jan By Patti MohrNo Comments
Global Trade, Types of News: Brief, United States

Congress Clears US-Mexico-Canada Trade Deal

January 16, 2020-It's a big week for trade. A day after the United States and China agreed to a phase one of a trade deal, the U.S. Senate approved a trade agreement that replaces NAFTA. Only nine senators voted against it while 89 voted for it. Since the House has previously passed it with a bipartisan 385-41 vote, the agreement is cleared for the White House. The deal, the USMCA, is a massive three-way agreement that covers goods worth about $1.3 trillion. Leaders of Mexico, Canada and the United States signed the deal in late 2018. Mexico's Senate voted for the agreement on June 20, 2019 and a revised treaty on Dec. 12, 2019. It's up to the Mexican president to ratify it. Canada is expected to consider implementing legislation when the new Parliament begins its session. For...
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NAFTA Replacement to Move Forward in U.S. Congress
10Dec By Patti MohrNo Comments
Global Trade, Types of News: Brief, United States

NAFTA Replacement to Move Forward in U.S. Congress

December 10, 2019-House Speaker Nancy Pelosi and fellow House Democrats announced support for the U.S. -Mexico-Canada Trade Agreement today. Pelosi said the trade agreement is better than NAFTA and "infinitely better" than what President Donald Trump had initially proposed. "It's a victory for America's workers and one we take great pride in advancing." It's been a year since the leaders of Canada, the United States and Mexico signed the trade agreement. The deal covers agriculture, intellectual property, digital trade and financial services. The legislatures in all three countries need to ratify the deal before it takes effect. Democrats said the key to winning their support was working out enforcement mechanisms, particularly in the areas of labor and environment.
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EU Allows UK Extension on Brexit
28Oct By Patti MohrNo Comments
Europe, EU, Eurozone, Globalization, Global Disintegration, Types of News: Brief

EU Allows UK Extension on Brexit

October 28, 2019-The European Union agreed to allow the United Kingdom to extend its plan to leave the customs union as late as January 31, 2020. That means that despite British Prime Minister Boris Johnson's pledge to take the U.K. out of the EU "do-or-die" by October 31, it is not going to happen. Donald Tusk, president of the European Council, said on Twitter he plans to formalize the extension for Brexit in a written procedure. The costs of a no-deal Brexit would have meant economic disruptions, food and fuel shortages, price spikes and blockages in ports and roads. Johnson had negotiated a new withdrawal agreement with the EU, but he was unable to win the support of the British parliament for the plan. Johnson has called for national elections to be held December 12. "...
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Ukraine to Sell 800 State-Owned Enterprises
21Oct By Patti MohrNo Comments
Domestic Politics, Political Systems, Domestic Politics, Types of News: Brief

Ukraine to Sell 800 State-Owned Enterprises

October 21, 2019- Privatization is seen as a key to addressing widespread corruption in Ukraine, where the state is the largest asset owner. The government is preparing a list of 800 state-owned assets for sale, a top Ukrainian official told a gathering of business and government leaders in Washington, DC last week. "There are 61 central authorities running state-owned companies with no accountability whatsoever, and these guys are messing up the competition in every market you can think of," Tymofiy Mylovanov, Ukraine's Minister of Economic Development, Trade and Agriculture, told members of the U.S.-Ukraine Business Council in Washington, DC last week. "We have to get them under control." Mylovanov announced plans to list up to 800 of the 10,000 state-owned enterprises (SOEs) for ...
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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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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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Trump Proposes Merit-Based U.S. Immigration System
17May By Patti MohrNo Comments
Migration, Immigration, Borders, Types of News: Brief, United States

Trump Proposes Merit-Based U.S. Immigration System

May 17, 2019-U.S. President Donald Trump introduced sweeping changes to the U.S. immigration system. "We are proposing an immigration plan that puts the jobs, wages, and safety of American workers first," Trump said while outlining the plans on Thursday. If enacted by Congress, the new system would reshape the American immigration system by increasing merit-based admissions while accepting fewer family-based and humanitarian immigrants. It would identify-candidates based on age, talent, vocation and academic records. Meanwhile, it would prioritize immediate family relationships such as parent and child. 'Dead on Arrival' House Speaker Nancy Pelosi, D-Calif., said the plan was "dead on arrival" in Congress. She said the plan had "repackaged the worst" of immigration ...
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