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The Trump policy that scares economists the most

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The Trump policy that scares economists the most

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U.S. Former President Donald Trump plans to spend trillions on tax cuts, which include imposing a 60% tariff on imports from China and a 10% across-the-board tariff on imports from other nations. While these might help offset the cost of the tax cuts. However, some economists said this might lead to job losses, higher unemployment, increased living costs for American residents, and potentially trigger a global trade war. it perhaps will cause America’s economy to shrink.

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The Trump policy that freaks out economists the most | CNN Business

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Former President Donald Trump wants to spend trillions of dollars on tax cuts. His plan to pay for this is alarming some mainstream economists.

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Description:

This paper explores the consequences of the U.S. government's ownership of land and its mismanagement, pointing out that the current federal forests are in crisis, mainly due to the environmental movement and mismanagement policies, resulting in frequent forest fires and the failure to effectively restore biodiversity.

It is proposed to improve management by transferring federal lands to private owners while simultaneously reducing the burden of the national debt.

Selina.xu

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This Is What Happens When the Government Owns the Land

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Burnt to a Crisp - Thanks Washington One of the hallmarks of America's economic success has been the private ownership of the land. Think of the Oklahomans-to-be racing their stagecoaches across the wilderness to stake their claims...

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Description:

A large-scale hotel workers' strike has recently erupted in the United States, involving several major hotel chains. Workers are demanding higher wages, improved working conditions. This strike has spread across nine cities nationwide, with approximately 10,000 participants. workers are protesting that, despite record profits in the hotel industry, their wages have not seen substantial growth. As the strike expands, unions may extend the strike to more cities and hotels, marking a tense labor-management relationship in the hotel industry.

Selina.xu

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America's massive hotel strike just got even bigger | CNN Business

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Baltimore hotel workers are joining a massive nationwide strike against three major hotel chains during one of the biggest travel holidays of the year.

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Description:

The U.S. economy added 142,000 jobs in August, and while that was lower than expected, the unemployment rate fell to 4.2 percent from 4.3 percent, showing that the job market is not collapsing. Although the slowdown in economic growth has been affected by interest rates as high as 23 years, the resilience of the overall labor market remains, and the increase in unemployment is considered a "red herring" caused by short-term factors. Overall, some experts said the economy, while changing, did not warrant a sharp cut in interest rates.

Selina.xu

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‘The sky is not falling’: US economy added 142,000 jobs in August | CNN Business

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All eyes were on the US labor market, and the latest check-up shows its diagnosis was not as bleak as some feared: Job growth returned to solid form in August, and unemployment trended back down after a concerning jump.

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Description: Increased demand for sausages could be a signal of weakened economy and downgraded consumption.

Yifei

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Increased sausage demand could be worrying signal on the economy

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One manufacturer included in the Dallas Fed’s latest survey said growth in the category typically aligns with a slowing economy.

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Chocolate prices spiking up due to high cost of production

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Chocolate prices spiking up due to high cost of production

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Cocoa price per ton in May 2023 was $2,980 and is currently hitting a high of $7,300. This is saddening news for chocolate lovers. African countries produce 70% of the cocoa globally. Due to the bad weather caused by climate change, tough heat waves have been a drag on local farmers. Moreover, torrential downpours are unrelenting. These natural disasters cause awful diseases to their crops. Due to that, cocoa prices increased, and chocolate makers had to pay more due to the lack of supply of cocoa. In this case, higher cost of production led to a tremendous increase in the selling price of chocolate. The chocolate company in Manhattan had to increase the price by 30% from the original price. Besides, these chocolates were handmade and were heavily reliant on labour force which brought forward the largest expense in the enterprise as there was absolutely no machinery used. Human capital was therefore extremely important in the company.

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Why cocoa prices are soaring to record levels

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Higher cocoa prices are hitting chocolate lovers' wallets. CBS News reporter Taurean Small explains what's driving the increase, and what chocolate brands are doing to adapt.

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Tech progress, automation, AI, cut workers’ share of wealth: ILO

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Tech progress, automation, AI, cut workers’ share of wealth: ILO

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From 2004 to 2024, workers’ output per hour increased globally by 58 per cent, said Steven Kapsos, Head of the Data Production and Analysis Unit at the UN agency.

“That’s a very positive trend, that’s a big output,” he said, but over the same period, income increased by only 53 per cent. That‘s to say, workers' income didn't increase as they could have done.

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Economic impact of UK live music industry hits record £6.1bn

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Economic impact of UK live music industry hits record £6.1bn

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Live, the federation representing Britain's live music industry, revealed thatthe sector's contribution to the UK economy topped f6bn for the first timelast year, as fans denied live experiences in the Covid pandemic rushed tosnap up tickets.

The figure, which adds up the economic impact of more than 55,oo0 gigs,concerts, festivals and events, is 17% up on 2022 and 35% up on pre-

pandemic 2019.

The e6.1bn is derived not only from direct ticket sales but also from spendingat an event and at businesses nearby that benefited in the time period aroundthe date it was held.

The growth in the sector last year was fuelled largely by concert revenues.which climbed 19% year on year, driven by big tours such as those byBeyoncé and Coldplay, which accounted for almost three-quarters of the total f6.1bn economic impact.

Figures from the National Arenas Association showing that for every10,000 people who attend a live music show, flm is spent with businesses around the venue, such as restaurants and bars, transport providers, retailers, independent shops and hotels.

“These local benefits spread widely to provide a significant boost to the UK economy, Collins said.

Live's figures show that London dominated the live music scene, accountingfor almost 31% ofthe total f6.1bn economic impact revenues. The capital wasfollowed by Manchester at 7.4% and Glasgow at 5.5%, with Birmingham,Edinburgh, Cardiff, Belfast, Leeds, Sheffeld and Liverpool making up therest of the top 10.

The report also estimated that the live music industry supported jobs foralmost 23o,ooo people last year, an increase ofg.4% since 2019.

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description:Teen workers have continued building on strong wage gains first seen as businesses struggled to hire during the pandemic, new data shows. And the average hourly wage for a newly hired worker ages 15 through 19 came in at $15.68 in June, up more the figure at the state of 2019. So, teen employment rates are also rising as companies pay offer incentives. This means, there are more labor supply for the market, and the production efficiency and output will be greatly improved.

Rachel.miao

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‘The summer job is back’: Teens enter the labor force as employers dish out higher wages, perks

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America’s youngest workers have not only kept, but continued building on, big wage gains seen during the pandemic.

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description:July marked a third straight month that egg prices rose on an annual basis, a reversal from a year of relative decreases. Because egg is ubiquity in everyday, so its demand is considered "inelastic", meaning consumers will usually buy the same amount regardless of price increases.The prices of egg hurts consumer sentiment, so the consumption for all types of good are less likely to increases, the GDP may decreases in a short run.

Rachel.miao

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Egg prices are rising once again as bird flu limits supply

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Egg prices jumped more than 19% in July compared with the same month a year ago, consumer price index data shows.

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Youth jobless rate falls to 15-year low, says UN labour agency

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Youth jobless rate falls to 15-year low, says UN labour agency

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“Millions of young people around the world are blocked in their aspiration for decent work,” the ILO insisted, adding that although global youth unemployment fell to 13 per cent in 2023 – lower than pre-pandemic levels with continued falls expected in 2024 and 2025 - this recovery has been “uneven”.

“In East Asia (up 4.3 per cent), the Arab States (up one per cent) and South-East Asia and the Pacific (up one per cent), youth unemployment rates have continued to rise,” said Sara Elder, ILO Head of Employment Analyses and Public Policies.

The recover of economics does not take place in all around the world. The Asia probably haven't reached a grow in economy.

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Digital boom could well be a bust for the environment, warns UN trade agency

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Digital boom could well be a bust for the environment, warns UN trade agency

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According to UNCTAD, in 2022, global data centres consumed 460 terawatts hours, an equivalent of power used by 42 million homes in the United States in a year. This figure is expected to double by 2026.

The UN agency also cites estimates that the digital sector is accountable for 1.5 to 3.2 per cent of global greenhouse emissions, similar to that of air transportation and shipping.

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description:Economists surveyed by Dow Jones had been looking for 8.1 million. With the decline, it brought the ratio of job openings per available worker down to less than 1.1, about half where it was from its peak of more than 2 to 1 in early 2022. And the still low level of layoffs and tick up in hires suggests the labor market is not cracking. But demand for workers continues to soften relative to the supply of workers, and a forward perspective suggests this is likely to continue under restrictive policy.

Rachel.miao

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Job openings fell more than expected in July in another sign of labor market softening

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The closely watched Job Openings and Labor Turnover Survey showed that available positions fell to 7.67 million on the month.

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The federal loophole that allows food companies to decide what's safe for you to eat

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The federal loophole that allows food companies to decide what's safe for you to eat

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Federal loophole that allows foods companies in the US to decide what’s safe for consumers to eat

FDA loosened the protocol to save resources and created the "voluntary notification" system. It allowed companies themselves to declare substances GRAS – Generally Recognized as Safe, without requiring them to tell the agency of the determination.

This ultra-processed food contains an enormous amount of sugar, salt, food colouring ,etc. As a result, a condition of 1 in 5 American kids faces an increased risk of Type 2 diabetes, chronic kidney disease and cardiovascular disease.

This had also caused a fifteen-year-old girl to get diagnosed with prediabetes when she was only 13.

Ultra-processed food has consumed the nation's food supply with its low cost of production, low price and high convenience. These foods now comprise over half of an average American adult's diet and two-thirds of an American children. The food companies have now monopolised the nation's supply chain and are posing great danger on consumer's health. This will eventually lead to a terrifying and horrendous consequence on the country.

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The federal loophole that allows food companies to decide what’s safe for you to eat

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Ultra-processed food​s now make up over half of an average American adult’s diet and two-thirds of an American child’s.

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Economy
McDonald’s and other big brands warn that low-income consumers are starting to crack

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Economy
McDonald’s and other big brands warn that low-income consumers are starting to crack

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English universities need tuition fees of £12,500 to break even, analysis finds

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English universities need tuition fees of £12,500 to break even, analysis finds

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Tuition fees in England would need to rise to £12,500 a year to break even, according to analysis presented to vice-chancellors, amid warnings of the deepening financial crisis facing universities.

But higher education leaders attending the Universities UK (UUK) annual conference were told they would look "out of touch" if they asked for a 35% increase in undergraduate fees from the current level of £9,250, with a UUK taskforce likely to recommend a smaller increase.

Shitij Kapur, the vice-chancellor of King's College London, said the last time universities in England broke even on undergraduate teaching costs was 2015-16, when tuition fees were £9,000, which would translate to £12,000-£13,000 today after adjusting for inflation.

Kapur said that while £12,500 a year might be the "right number" to reflect the real cost of an undergraduate degree, it was unrealistic to expect the government or public to agree.

"If we suddenly say we'll go from £9,250 to £12,500, might we seem so out of touch and clueless that we would lose?" Kapur said.

The debate over tuition fees comes as a number of universities are under severe financial strain, with tuition fees increasingly eroded by rising costs such as staff salaries. The Conservative government raised the cap on fees in England to £9,000 a year in 2012 but the level has been frozen at £9,250 since 2017.

Kapur, a member of UUK's "blueprint commission" working on funding and regulation, said its draft proposal was for an increase in funding to "somewhere in between" £9,250 and £12,500, paid for by a mix of higher tuition fees and indexed to inflation, rising to £9,600 in 2025-26, and an increase in teaching grants by government.

"The issue is not the evidence. The issue is the headline ask," Kapur said.

A UUK spokesperson said: "If investment in teaching had kept up with inflation, funding per student would be in the region of £12,000-£13,000. To be clear, we are not calling for tuition fees to rise to this level. In fact, more and more of the burden is falling on graduates, and the UK is increasingly an outlier within the OECD on this.

"Our new research out today shows the significant benefits to the Treasury generated by graduates, and we believe it is time for a re-balancing of responsibility for funding to recognise that."

According to research published by UUK, only 16% of the cost of a university degree was paid by the government, while 84% fell to graduates. It also calculates that every £1 spent by the government generates a further £14 in graduates' economic activity.

Bridget Phillipson, the education secretary, told delegates via video that there were "no easy answers or quick fixes" to the funding question.

"I can't promise painless or immediate resolutions but I do promise that these issues will get the attention and the commitment they deserve," Phillipson said.

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David Willetts, a former Conservative universities minister who is also a member of the UUK commission, said he believed the new government was prepared to agree a deal with universities in England for higher funding.

"There's genuine anxiety in government about universities going bust. Nobody wishes to face that crisis, and the person who has that ministerial responsibility has had that at the back of their minds, along with a 'risk register' of problem cases.

"And I think that risk register is looking riskier and more exposed than for a very long time," Willetts said.

"Secondly, we need to get on with it because students are getting a very raw deal. Setting aside financial crisis, it's just gradually eroding the quality of the student experience - lectures become more crowded, labs are less well equipped with up-to-date kit. Those are ways in which the education of the next generation is suffering."

Sally Mapstone, the head of the University of St Andrews and president of UUK, said the funding crisis was not confined to England.

"The most recent data shows a £1.7bn deficit across the UK in teaching alone, with a further £5bn loss in delivering research.

"I know from my visits to universities across the whole of the UK that while the exact cause of the funding challenge varies, we are all feeling the crunch," Mapstone said.

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English universities need tuition fees of £12,500 to break even, analysis finds

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Universities UK likely to recommend smaller increase as institutions struggle with deepening financial crisis

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Government to seek global trade deals for UK at expense of formal EU re-entry

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Government to seek global trade deals for UK at expense of formal EU re-entry

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The business and trade secretary, Jonathan Reynolds, has signalled a new twin-track approach to UK trade policy, in which the Labour government will pursue closer ties with the European Union while at the same time seeking new global partnerships further afield.

Writing for the Observer online, Reynolds welcomes the UK’s imminent entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a “real win” for British exporters.

His comments are further confirmation that Keir Starmer’s government will not seek to rejoin the EU or its economic structures. If Britain were to rejoin the EU, it would have to leave the Trans-Pacific Partnership, since having separate free trade agreements is incompatible with being a member of Europe’s single market and customs union.

The CPTPP is a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Under the Tory government, Britain signed an agreement to join the CPTPP in July 2023, and the accession process is nearing completion. The bloc will have a combined GDP of more than £12tn including Britain.

Despite Reynolds’ enthusiasm for the CPTPP, economists say Britain’s entry will have little short- or medium-term effect on the UK’s trade or GDP, and certainly won’t compensate for its exit from the EU, the single market and the customs union.

Last year, as the Tories presented entry into the Trans-Pacific Partnership as a cornerstone of post-Brexit “global Britain”, the Office for Budget Responsibility said it would add just 0.04% to GDP in the “long run”, which it defined as 15 years of membership.

The spending watchdog also said that two separate bilateral deals between Britain and Australia and New Zealand, also hailed as landmark trade agreements following Brexit, “might increase the level of real GDP by a combined 0.1% by 2035”.

In his article, Reynolds makes clear that Labour would also be pushing for closer ties with the EU, outside its formal economic and trading structures.

“The EU is not just our closest trading partner, it’s still our largest trading partner by quite some margin,” he writes.

“Yet, we know that thousands of British businesses have stopped exporting to Europe altogether. It’s no secret as to why. The last government’s adversarial approach to working with the EU resulted in UK firms being buried in bureaucracy. We’re changing course – working towards negotiating the removal of unnecessary border checks while securing mutual recognition for professional qualifications so British businesses can more easily operate in France, Germany, Italy and beyond.

“At the same time, we’re pursuing high-quality, barrier-removing trade deals with partners around the world, including the Gulf Cooperation Council (GCC) and India. A deal with the GCC alone could increase bilateral trade by 16%, generating an additional £1.6bn for our economy in the long run.”

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UK unemployment falls as wages growth hits lowest in two years

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UK unemployment falls as wages growth hits lowest in two years

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The UK jobs market bucked predictions of a further weakening in June after official figures showed unemployment fell and wages stayed well above inflation, sending the value of the pound higher.

Unemployment unexpectedly dropped to 4.2% from 4.4% in the three months to June from the previous three months, according to data from the Office for National Statistics (ONS) released on Tuesday.

Wage growth, excluding bonuses, was 5.4% year on year over the three months to June, slipping from 5.7% in the previous three months. The drop represented the smallest increase since July 2022, when it was 5.2%, but was well above the 4.6% increase that City economists had expected.

Adjusted for inflation, wages rose by 1.6%, meaning many workers will experience a continued improvement in their standard of living. Vacancies also fell, giving a further indication that the jobs market is returning closer to pre-pandemic levels of activity.

Analysts were divided about how the figures would influence the Bank of England’s decision on interest rates when policymakers meet next month.

The National Institute of Economic and Social Research said wages growth, despite a fall, could push inflation higher, forcing the central bank to maintain interest rates at a high level for a longer period.

“The persistence of strong wage growth raises concerns about stickier inflation, which may prompt the Bank of England to remain cautious about further interest rate cuts,” it said.

Capital Economics, a consultancy, said the downward path of wages growth was enough to keep the Bank on track to make two further quarter-point cuts in interest rates this year from 5% to 4.5%.

Currency traders reacted positively to the figures and the pound gained more than half a cent against the dollar, or 0.43%, on Tuesday to reach $1.2809, the highest since 5 August.

Sandra Horsfield, a senior financial markets analyst at Investec, said traders had reacted to the small drop in wages growth, a 51,000 drop in unemployment and an increase in employment of 97,000 over the previous quarter as signs that the economy remained robust and the next cut in interest rates would come much later in the year.

“All things considered, we think the [Bank] will take its time to see a weakening pay trend confirmed in later releases and only agree on a next rate cut in November,” she said.

Growth in total pay including bonuses fell from 5.7% to a much lower level of 4.5%, after business surveys showed employers in many sectors were proving reluctant to hire staff. However, the data is distorted by one-off bonus payments made to NHS staff in June 2023.

Inactivity remained high at 9.41 million, or 22.2% of the working-age population – up 350,000 from 2023 – as people reported they were unable to work because of ill health.

Julia Turney, a partner at the consultancy Barnett Waddingham, said: “The workforce we are dealing with today is older, increasingly remote and more in touch with mental health challenges than ever before.

Wages growth in the finance and business services industry outpaced other sectors with an annual improvement of 6.2%.

The ONS said: “The construction sector saw the smallest annual regular pay growth across sectors, at 3.5%. In April to June 2024, the manufacturing sector saw the largest increase in pay, including bonuses at 6.7%.”

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Ticket prices for the all-American men’s matchup at the US Open are surging

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Ticket prices for the all-American men’s matchup at the US Open are surging

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Due to the high profile of the celebrity attracts a large number of fans, causing the demand for tickets to far exceed the supply, when demand exceeds supply, on the demand-supply curve, the supply curve remains unchanged at the same time the demand curve shifts to the right, cause the price increase. In the primary market, the limited number of tickets cannot satisfy all the spectators, resulting in many people turning to the secondary market, which further drives up the prices.

In this case, we can associate with PED. when the price elasticity for tickets is relatively low, meaning that consumers are not very sensitive to price increases. Even as prices rise, demand does not significantly decrease, and fans are still willing to pay high prices to watch the event. Therefore, the surge in ticket prices does not dampen demand but instead reflects the consumers' willingness to pay a premium for scarce tickets.

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Ticket prices for the all-American men’s matchup at the US Open are surging | CNN Business

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The highly anticipated all-American matchup between Taylor Fritz and Frances Tiafoe — marking the first US Open semifinals between two US men in nearly 20 years — will cost you quite a few Honey Deuces to attend.

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4 A visitor checks out products during the 2024 Intertextile Shanghai Apparel Fabrics

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World employment and social outlook in 2024 

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World employment and social outlook in 2024 

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Job growth has remained strong. Unemployment rates and the job gap have fallen below pre-pandemic levels. However, vulnerable workers face a cost-of-living crisis. With slowing growth, the outlook remains cloudy. Decent work deficits are set to worsen across most regions next year and social inequalities are rising.

These are all due to persistent labour imbalances that jeopardize social justice. Some countries and economic sectors experience labour and skills shortages, while in others, there is a scarcity of decent jobs.

Sustainable investments in productivity and skills development, worker mobility, labour market access, better working conditions and pay could help address these challenges and tackle all these problems that have arisen.

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GENEVA (ILO News) - Labour markets have shown surprising resilience despite deteriorating economic conditions, but recovery from the pandemic remains uneven as new vulnerabilities and multiple crises are eroding prospects for greater social justice, according to a new International Labour Organization (ILO) report.

The ILO's World Employment and Social Outlook Trends: 2024 (WESO Trends) finds that both the unemployment rate and the jobs gap rate - which is the number of persons without employment who are interested in finding a job - have fallen below pre-pandemic levels. The 2023 global unemployment rate stood at 5.1 per cent, a modest improvement from 2022 when it stood at 5.3 per cent. The global jobs gap and labour market participation rates also improved in 2023.

However, beneath these numbers fragility is starting to emerge, the report finds. It projects that the labour market outlook and global unemployment will both worsen. In 2024 an extra two million workers are expected to be looking for jobs, raising the global unemployment rate from 5.1 per cent in 2023 to 5.2 per cent. Disposable incomes have declined in the majority of G20 countries and, generally, the erosion of living standards resulting from inflation is, "unlikely to be compensated quickly".

Furthermore, important differences persist between higher and lower income countries. While the jobs gap rate in 2023 was 8.2 per cent in high-income countries, it stood at 20.5 per cent in the low-income group. Similarly, while the 2023 unemployment rate persisted at 4.5 per cent in high-income countries, it was 5.7 per cent in low-income countries.

Moreover, working poverty is likely to persist. Despite quickly declining after 2020, the number of workers living in extreme poverty (earning less than US$2.15 per person per day in purchasing power parity terms) grew by about 1 million in 2023. the number of workers living in moderate poverty (earning less than US$3.65 per day per person in PPP terms) increased by 8.4 million in 2023.

Income inequality has also widened, the WESO Trends warns, adding that the erosion of real disposable income, "bodes ill for aggregate demand and a more sustained economic recovery."

Rates of informal work are expected to remain static, accounting for around 58 per cent of the global workforce in 2024.

Labour market imbalances

The return to pre-pandemic labour market participation rates has varied between different groups. Women's participation has bounced back quickly, but a notable gender gap still persists, especially in emerging and developing nations. Youth unemployment rates continue to present a challenge. The rate of people defined as NEET (Not in Employment, Education or Training) remains high, especially among young women, posing challenges for long-term employment prospects.

The report also found that those people who have re-entered the labour market post-pandemic tend not to be working the same number of hours as before while the number of sick days taken has increased significantly.

Productivity growth slowed

After a brief post-pandemic boost labour productivity has returned to the low level seen in the previous decade. Importantly, the report also finds that despite technological advances and increased investment, productivity growth has continued to slow. One reason for this is that significant amounts of investment were directed towards less productive sectors such as services and construction. Other barriers include skills shortages and the dominance of large digital monopolies, which hinders faster technological adoption, especially in developing countries and sectors with a predominance of low productivity firms.

Outlook uncertain

"This report looks behind the headline labour market figures and what it reveals must give great cause for concern. It is starting to look as if these imbalances are not simply part of pandemic recovery but structural," said ILO Director-General, Gilbert F. Houngbo. "The workforce challenges it detects pose a threat to both individual livelihoods and businesses and it is essential that we tackle them effectively and fast. Falling living standards and weak productivity combined with persistent inflation create the conditions for greater inequality and undermine efforts to achieve social justice. And without greater social justice we will never have a sustainable recovery".

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Global unemployment rate set to increase in 2024 while growing social inequalities raise concerns, says ILO report

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GENEVA (ILO News) - Labour markets have shown surprising resilience despite deteriorating economic conditions, but recovery from the pandemic remains uneven as new vulnerabilities and multiple crises are eroding prospects for greater social justice, according to a new International Labour Organization (ILO) report.

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Description

this news shows the state of American stocks，the data shows downward trend in the stock of American companies. For example, NIVIDIA ,APPLE ,GOOGLE ,the three major tech stock fell the most. In particular NIVIDIA stock experience the biggest loss. It can prove the American economy may be in trouble and obviously American nation demand for tech stocks is lower than the supply of tech stocks. The state of the country and investor sentiment can be well reflected in stock data

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Description

this news is about a series of national policy changes on e-cigarettes, which are regulated in many countries. Since e-cigarettes are demerit goods, these changes are all aimed at reducing the sales of e-cigarettes. In addition to raising taxes, the national policy also adopts a limited e-cigarette permits to be distributed by the state to various companies, reducing supply from supply also suppresses demand by raising prices through higher taxes

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Description

this news is about the higher unemployment rate in nowadays, Not only financial companies, science and technology companies, but also consumer enterprises have announced layoff plans. For unemployed employees, their living standards will be greatly reduced because they have lost the source of wages. In addition, enterprises also lay off employees because they do not need a large number of employees to produce output, so they reduce costs through layoff, which also proves that the social situation is that demand is smaller than supply. Companies do not need large numbers of employees to produce

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The coming tax on the bottles could cause prices to surge and burden businesses with higher costs and potentially additional costs on customers.

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British ales at risk from glass bottle tax, warn brewers

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Industry bosses warn of burdensome production costs and higher consumer prices

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OnlyFans' content creators made $6.6 billion in 2023, and OnlyFans takes a 20 percent cut of each creator's revenue. Its boss, Leonid Radvinsky, has paid himself $631m (£480m) over nearly two years as traffic to the online platform continues to grow. The platform's accounts show that its huge profits were generated by just 41 employees and one director. The company said nearly 1 million new content creators and more than 50 million new "fans" signed up for the platform this year, an increase of 29 percent. There are suspicions that it does not do enough to prevent people under the age of 18 from accessing pornography. OnlyFans is under investigation over whether the site is doing enough to prevent children from accessing pornography through its site.

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Leonid Radvinsky, the owner of OnlyFans, paid himself $631m (£480m) over a period of almost two years as traffic on online platform continued to increase.

Fenix International, which owns the site used by sex workers, musicians and celebrities, said its pre-tax profits were $658m in the year to November 2023, according recently filed accounts.

Almost one million new content creators and more than 50 million new "fans" signed up to the platform during the year, an increase of 29%, the company said.

The latest results come as OnlyFans is being investigated over whether it is doing enough to prevent children accessing pornography through its site.

Leonid Radvinsky, a Ukrainian-American owner of pornography sites, bought the business from its founders, Guy and Tim Stokely, in 2018.

The father and son team founded the site in Essex two years earlier.

While it is well known for sexual content, creators also focus on a number of subjects, including fitness, music and comedy. In 2023 it launched a pornography-free TV streaming service.

In its latest results, the company said its content creators made $6.6bn in 2023, with OnlyFans taking a 20% fee from each creator's earnings.

Mr Radvinsky's payday included $472m of dividends up to November 2023, and a further $159m in following months.

It comes on top of the $338m he paid himself in 2022, bringing the total to nearly $1bn in the past three years. Forbes Magazine now estimates his net worth at $3.8bn.

The platform's extraordinary profit is generated with a staff of just 41 people, and one director, its accounts say.

Keily Blair, chief executive of OnlyFans, said 2023 had been a "strong year" for the company.

"We have done this by continuing to provide opportunities for our diverse creator community to monetise their content and grow their global fan base," she said.

The site is registered in the UK, with a head office in London, but Mr Radvinsky lives in Florida.

Regulator Ofcom said in May that is suspected it was is not doing enough to stop those under the age of 18 accessing pornographic material.

At the time, OnlyFans said it had experienced what it called "a coding configuration issue", which had had affected some "age thresholds" on the site.

However, it said those thresholds were always set above 20.

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Owner of OnlyFans paid $631m as subscription numbers rise

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Leonid Radvinsky's huge earnings were revealed in the online platform's latest accounts.

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A UK regulator has provisionally found that Google used anti-competitive practices to dominate the market for online advertising technology, potentially illegal behaviour that the CMA said could harm thousands of UK publishers and advertisers. Google said the regulator's findings were "flawed" and said it would respond. If Google is found to have violated competition laws, the regulator could fine Google up to 10 per cent of the group's global annual turnover and issue legally binding instructions to the company. Separately, Google is seeking to appeal a UK court decision in June to allow a £13.6bn collective-action lawsuit against it to proceed.

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Google abusing ad tech dominance, UK competition watchdog finds

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The regulator says anti-competitive practices could be harming online publishers and advertisers.

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With Economy on the Cusp of a Soft Landing, It’s Time for a Fed Rate Cut

We had an eventful August, with weak July job growth reported, unemployment rising to its highest level in three years and manufacturing showing a contraction for a fourth straight month. There were also global factors like the Bank of Japan raising interest rates while other central banks were cutting or planning to cut rates. This combination of developments led to a major selloff in the stock market and fears that a long-awaited recession had arrived.

Weekly jobless claims stabilized, inflation came in close to expectations and remained on its downward path, sales in the service sector bounced back and retail sales rose, exceeding expectations and showing consumers are still spending. Concerns are now focused on the direction of the labor market and the possibility of a job market slowdown, but a recession is far less likely.

The Bureau of Labor Statistics said in late August that the economy had created 818,000 fewer jobs than originally reported during the 12 months ending in March. That left the average monthly gain at about 174,000 jobs rather than 242,000. While the revision was looking backward, it added evidence that the job market has been steadily slowing and reinforced the need for the Federal Reserve to ease its restrictive monetary policy by lowering interest rates.

Perhaps the keynote event in August was Fed Chairman Jerome Powell definitively stating that “the time has come” for lower rates. While he said “the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks,” a reduction is widely expected to happen when the Fed meets on interest rates this month. All things considered, it is the Fed’s desire to achieve a balance in the economy as inflation comes down, and cuts will now hinge more on what is happening in the labor market than on inflation data. A further cooling in the labor market is not welcome.

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26% of American homeowners say they are not financially prepared when faced with extreme weather events. Although most homeowners have insurance, only 39 percent have reviewed their insurance policies to ensure adequate coverage, while 15 percent report needing to take on debt to pay the deductible for their insurance. To prepare for changing weather extremes, homeowners should regularly review their insurance coverage and take appropriate protective measures.

Selina.xu

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26% of homeowners say they are financially unprepared for extreme weather events, new survey finds | CNN Business

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The United States is in the midst of both hurricane and wildfire season. And US homeowners are likely keeping their fingers crossed that they and their families will be spared — not just physically, but also financially.

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description:While Uber and Ola continue to dominate app-based taxi service in India, they are facing increasing rivalry from newer players such as WestBridge Capital-backed Rapido, which recently closed a $200-million funding round, BluSmart, Namma Yatri and InDrive among others.Uber has more than 1.1 million active drivers on its platform in India and the number is growing continuously, Prabhjeet Singh, president of Uber India and South Asia told ET.

Yifei

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Not enough cabs to meet rising demand: Uber India president

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While Uber and Ola continue to dominate app-based taxi service in India, they are facing increasing rivalry from newer players such as WestBridge Capital-backed Rapido, which recently closed a $200-million funding round, BluSmart, Namma Yatri and InDrive among others.Uber has more than 1.1 million active drivers on its platform in India and the number is growing continuously, Prabhjeet Singh, president of Uber India and South Asia told ET.

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description: Most Beanie Babies are not worth much money, and that’s because Beanie Babies are made in large enough quantities that anyone who wants one can get one. Still, every so often, a Beanie Baby resells for a lot of money. The reason a particular Beanie Baby – or anything, really – can sell for a high price is because, when an item is attractive but rare or difficult to get, it becomes more valuable. Economists describe this situation as the demand being greater than the supply.

Yifei

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Curious Kids is a series for children of all ages. If you have a question you'd like an expert to answer, send it to curiouskidsus@theconversation.com.
Why are some Beanie Babies worth more than others? - Theo R., age 8, Rockford, Illinois

Most Beanie Babies are not worth much money. A new one at the store might be priced as low as US$5, depending on its size. If you buy a new Floppity the rabbit or Hissy the snake today and try to resell it tomorrow, you will likely lose money. That's because Beanie Babies are made in large enough quantities that anyone who wants one can get one.

Still, every so often, a Beanie Baby resells for a lot of money. It's not always easy to know when this happens, because many transactions are private, and not every for-sale listing leads to an actual purchase. Still, some Babies seem to have traded online for hundreds or even thousands of dollars in recent years. You might wonder why.

I study the prices of things people like to collect, such as paintings, diamonds and wine. The reason a particular Beanie Baby - or anything, really - can sell for a high price is because, when an item is attractive but rare or difficult to get, it becomes more valuable. Economists describe this situation as the demand being greater than the supply.

Beanie bubble

Beanie Babies were launched in 1993 by a toy company called Ty. In the late 1990s, some people went nuts for these plush toys. The craze started with collectors in the Chicago suburbs but quickly spread - helped by the rise of online auction websites such as eBay. Collecting Beanie Babies became a fad not just among kids who thought they were cute or wanted to play with them, but also among adults who thought the plushies offered a way to get rich quick.

As more and more people started looking for certain Beanie Babies - especially those Ty had produced only in very limited quantities - resale prices went up. A bear given to Ty's employees for Christmas quickly started selling for more than $5,000 on eBay.

Some buyers believed collecting Beanie Babies was a great way to make money. They bought at high prices, thinking they could resell at even higher prices.

Economists call this a bubble. A bubble is when a lot of enthusiastic people buy a particular thing at prices that far exceed its true value. It's happened many times throughout history, with everything from companies to gold to artworks.

The hype about Beanie Babies started to cool down at the turn of the century, as collectors began to realize that many of the stuffed animals were not scarce after all. When people started to sell their collections, prices fell even further.

Rarity makes a Beanie worth more

Today, only a tiny fraction of Beanie Babies are worth something. Their value has nothing to do with how nice they look or how much fun they are to play with. Valuable Beanie Babies are simply the ones that are very rare.

For example, Ty sometimes made small batches of animals with slightly different materials. Ty also gradually changed the tag - the heart-shaped paper attached to the animal's head with its name. The Babies with the oldest tags are typically more valuable. Occasionally, Ty goofed with the spelling on the tags. For example, Pinchers the lobster was for a short time labeled as "Punchers. "

To be worth money, rare Beanie Babies must also be in perfect condition. In fact, the most valuable animals have never been played with: they look brand-new, still have their tags and are stored in plastic cases.

This is similar for other collectibles. The most expensive bottles of wine or postage stamps are the ones that are old, rare and have never been opened or used. Rarity and condition are very important in determining the price of lots of collectibles, including Pokémon and Magic: The Gathering cards, as well as videocassettes and sports memorabilia.

Beanie Babies' value is what people will pay

It's a little hard to know what rare Beanie Babies are worth now, because every toy is different and prices vary widely.

Just because someone lists their Patti the platypus for $11,000 doesn't mean a buyer will come forward to pay that amount for it. The best way to learn about the current value of something is to look at recent sales of items that are very similar.

Even if some Beanie Babies are worth a lot of money today, nobody knows if they will keep their value in the future. It's possible a new toy will come along that people like better.

The truth is, prices of all collectibles fluctuate over time, as people's tastes - and their beliefs about other people's tastes - change. The value of anything is what other people are willing to pay for it.
Hello, curious kids! Do you have a question you'd like an expert to answer? Ask an adult to send your question to CuriousKidsUS@theconversation.com. Please tell us your name, age and the city where you live. And since curiosity has no age limit - adults, let us know what you're wondering, too. We won't be able to answer every question, but we will do our best.

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Why are some Beanie Babies worth more than others? Prices for collectibles are about supply and demand

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An expert in high-end collectibles explains why certain items can become valuable - and also how they can lose worth.

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description: Container shipping is responsible for moving 90% of the world’s goods, according to the World Economic Forum. But, if shipping containers aren’t at the right place at the right time, the global supply chain may face serious problems. It could result in high inflation, shortages of key materials and products as well as revenue losses to large and small businesses alike.

Yifei

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Why shipping containers can fuel inflation

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Container shipping is responsible for moving 90% of the world’s goods, according to the World Economic Forum. But, if shipping containers aren’t at the right place at the right time, the global supply chain may face serious problems. It could result in high inflation, shortages of key materials and products as well as revenue losses to large and small businesses alike.

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Hundreds of workers strike at major Samsung factory in India

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Hundreds of workers strike at major Samsung factory in India

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Description: workers at a Samsung factory in India have recently gone on strike to demand higher wages and better working conditions, this action has affected the factory's production and may cause some disruption to Samsung's global supply chain.

Audrey

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Hundreds of workers strike at major Samsung factory in India | CNN Business

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Production at a key Samsung Electronics plant in southern India was disrupted by hundreds of employees striking for higher wages on Tuesday, as top executives sought to resolve a rare episode of labor unrest.

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Description:

The European Central Bank (ECB) has cut interest rates again, reflecting slowing inflation and a weak economic recovery. The decision cut the benchmark interest rate for the 20 countries that use the euro from 3.75 percent to 3.5 percent. While inflation fell to a three-year low of 2.2 percent, the outlook for economic growth was revised down to 0.8 percent, reflecting weakness in private consumption and investment, deepening concerns about the economic outlook.

Selina.xu

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Europe cuts interest rates again as economic recovery falters | CNN Business

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The European Central Bank cut interest rates Thursday, lowering borrowing costs for the second time in recent months as inflation slows and Europe’s economy stumbles.

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description:Under current law, individuals can transfer up to $13.61 million (and couples can send up to $27.22 million) to family members or beneficiaries without owing estate or gift taxes. But that benefit is set to expire at the end of 2025. That means ultra-wealthy investors are considering their inheritances and the trillions of dollars set to pass from older to younger generations in the coming years. As a result, during a similar tax cliff in 2010, so many families rushed to process gifts and set up trusts that attorneys became overwhelmed and many clients were left stranded. Advisors say today's gifters face the same risk if they wait until after the election.

Rachel.miao

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Harris’ rise in polls sparks wave of wealth transfers to kids

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Currently, individuals can send up to $13.61 million (and up to $27.22 million for couples) to beneficiaries without owing estate or gift taxes.

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description: SpaceX has previously inked deals with Hawaiian Airlines and semi-private airline JSX. Delta and other carriers have been investing in faster inflight Wi-Fi and offering it for free. Thus, this company attract more consumers and gain more profit. Actually, SpaceX initially targeted consumer customers, but has expanded into other markets, including aviation.

Rachel.miao

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United Airlines to offer free Wi-Fi using SpaceX’s Starlink

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Starlink has already inked deals with Hawaiian Airlines and semi-private operator JSX.

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Due to one-off bonuses paid to NHS and civil service workers in June and July 2023 not being replicated this year. And the growth in regular pay, excluding bonuses, also slowed to 5.1%, although it is still rising faster than inflation. The new full state pension is expected to rise by £460 a year from April. And the continued slowdown in earnings may encourage the Bank of England to cut interest rates again later this year. Also, the unemployment rate in the May to July period slipped to 4.1%, the lowest since the three months to January 2024. The number of job vacancies between June and August fell to the lowest figure for more than three years, although the total is still above pre-pandemic levels.

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State pension set to rise by £460 next year

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The latest figure comes as the government faces a backlash over cutting winter fuel payments for most pensioners.

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description：The first 10,000 mpox vaccines are finally due to arrive next week in Africa, where a dangerous new strain of the virus.Although Africa has long suffered from the virus, the vaccine was slow to arrive, this shows global healthcare inequities have been slow to bring change. It is difficult for many poor countries to purchase vaccines, and it is also difficult for local people to receive vaccines, so that, many people have received the harm caused by the virus, leading to the decline of people's living standard. The increase of unhealthy labor leads to the decrease of production efficiency. Therefore, the country experience negative economic growth and opportunity cost.

Skyler

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(This Aug. 24 story has been refiled to correct the name in reporting credit to Djaffar Al Katanty)

By Jennifer Rigby

LONDON (Reuters) - The first 10,000 mpox vaccines are finally due to arrive next week in Africa, where a dangerous new strain of the virus - which has afflicted people there for decades - has caused global alarm.

The slow arrival of the shots - which have already been made available in more than 70 countries outside Africa - showed that lessons learned from the COVID-19 pandemic about global healthcare inequities have been slow to bring change, half a dozen public health officials and scientists said.

Among the hurdles: It took the World Health Organization (WHO) until this month to start officially the process needed to give poor countries easy access to large quantities of vaccine via international agencies.

That could have begun years ago, several of the officials and scientists told Reuters.

Mpox is a potentially deadly infection that causes flu-like symptoms and pus-filled lesions and spreads through close physical contact. It was declared a global health emergency by the WHO on Aug. 14 after the new strain, known as clade Ib, began to proliferate from Democratic Republic of Congo to neighbouring African countries.

In response to Reuters questions about the delays in vaccine deployment, the U.N. health agency said on Friday it would relax some of its procedures on this occasion in an effort to now accelerate poor countries' access to the mpox shots.

Buying the expensive vaccines directly is out of reach for many low-income countries. There are two key mpox shots, made by Denmark's Bavarian Nordic and Japan's KM Biologics. Bavarian Nordic's costs $100 a dose; the price of KM Biologics' is unknown.

The long wait for WHO approval for international agencies to buy and distribute the vaccine has forced individual African governments and the continent's public health agency - the Africa Centres for Disease Control and Prevention (CDC) - to instead request donations of shots from rich countries. That cumbersome process can collapse, as it has before, if donors feel they should keep the vaccine to protect their own people.

The first 10,000 vaccines on their way to Africa - made by Bavarian Nordic - were donated by the United States, not provided by the U.N. system.

Helen Rees, a member of the Africa CDC's mpox emergency committee, and executive director of the Wits RHI Research Institute in Johannesburg, South Africa, said it was "really outrageous" that, after Africa struggled to access vaccines during the COVID pandemic, the region had once again been left behind.

In 2022, after a different mpox strain spread outside Africa, smallpox shots were repurposed by governments within weeks, approved by regulators and used in roughly 70 high and middle income countries to protect those most at risk.

Those vaccines have now reached 1.2 million people in the United States alone, according to the U.S. Centers for Disease Control and Prevention (CDC).

But no shots have been available in Africa outside clinical trials. A key reason: Vaccines needed to be greenlit by the WHO before they could be bought by public healthcare groups including Gavi, the Vaccine Alliance.

Gavi helps poorer countries buy shots, supplying childhood vaccines in this way routinely. It administered a global scheme for all vaccines during COVID-19 and has up to $500 million to spend on mpox vaccines and logistics.

The Africa CDC has said 10 million doses may be needed across the continent.

But the WHO only this month asked vaccine manufacturers to submit the information needed for the mpox shots to receive an emergency licence - the WHO's accelerated approval for medical products. It urged countries to donate shots until the process was finalised, in September.

The WHO said it is working with the authorities in Congo to put together a vaccination plan, and on Friday said Gavi could start talks while it finalised its emergency approval.

Sania Nishtar, chief executive of Gavi, said the WHO's aim to now act quickly on approvals and improvements in funding showed "the somewhat brighter side of where we are compared to COVID." Asked to comment on the approval delays, she said, "hopefully this is another learning moment for us."

WHO CRITICIZED

The WHO's role in approving medical products has revolutionised supply in low-income countries, which often lack the facilities to check new products themselves, but it has also faced criticism for its slow speed and complexity.

The Geneva-based U.N. health agency said on Friday it did not have sufficient data during the last mpox emergency in 2022 to start an approval process for the vaccine, and it has been working with manufacturers since then to see if the available data warranted an approval.

Mpox, which includes several different strains, has caused 99,000 confirmed cases and 208 deaths worldwide since 2022, according to the WHO. The tally is likely an underestimate as many cases go unreported.

Infections have been brought under control in rich regions by a combination of vaccines and by behaviour change among the highest-risk groups.

With the main earlier mpox strain, men who have sex with men were most at risk, but the new clade Ib variant seems to spread more easily through other close contact, including among children, as well as through sexual contact among heterosexual people.

The country currently hardest hit by mpox is Congo. Since January 2023, there have been more than 27,000 suspected cases and 1,100 deaths there, according to government figures, mainly among children.

But the first 10,000 vaccines donated by the United States are not destined for Congo but for Nigeria, as a result of several years of talks between both governments, according to a source involved in the process who was not authorised to speak to the media. Nigeria has had 786 suspected cases this year, and no deaths.

The Nigerian health ministry did not respond to a request for comment; the U.S. Agency for International Development (USAID) said it has also donated 50,000 doses to Congo but the arrival date is not yet finalised.

CHILDREN AT RISK

In Congo, the country's administration is another part of the problem. Grappling with conflict and multiple competing disease outbreaks, its government has yet to ask Gavi officially for vaccine supplies and took months to talk to donor governments. Its medicines regulator only approved the two main vaccines in June.

Neither Congo's health ministry nor Japan's, which is working to donate large amounts of KM Biologics vaccines, responded to requests for comment for this story.

Bavarian Nordic said this week it needs orders now to produce vaccines in volume this year.

Congo's government has told reporters it hopes to receive vaccine donations next week, but three donor sources told Reuters it is not clear if that will happen. Europe's pandemic preparedness agency said by email its 215,000 doses will not arrive before September at the earliest.

Bavarian Nordic and Congo are still discussing pre-shipment requirements necessary to ensure proper storage and handling, said a spokesperson for USAID. The vaccines have to be kept at -20C, for example.

In eastern Congo, around 750,000 people are living in camps after fleeing conflict, including seven-year-old Sagesse Hakizimana and his mother Elisabeth Furaha. He is one of more than 100 children to have been infected by mpox in one area near the city of Goma, in north Kivu, according to doctors.

"Imagine fleeing a war and then losing your child to this illness," said Furaha, 30, rubbing ointment on her son's rash and adding that his symptoms were easing. He was being treated last week in a repurposed Ebola treatment centre.

"We need a vaccine for this disease. It's a bad disease that weakens our children."

Even when shots arrive, questions remain about how to use them: Bavarian Nordic's vaccine - the most widely used worldwide - is only available for adults. The KM Biologics vaccine can be given to children but is more complex to administer.

Adding to those questions, scientists have not yet agreed what groups should be vaccinated first, although a likely strategy is ring vaccination, where contacts of known cases are prioritised.

"We saw with COVID-19 that the vaccine was available but the population didn't want it," says Jean Jacques Muyembe, co-discoverer of the Ebola virus and director of the Institut National de Recherche Biomédicale (INRB) in Kinshasa.

He and other scientists said other public health measures like awareness raising in Africa and better diagnosis were also key to stopping the spread of mpox; vaccines are not the only solution.

PRIORITIES

Some global health experts say the WHO and others should have focused earlier on improving access to mpox vaccines as well as tests for the disease and treatments.

"The processes [at WHO for vaccines] and funding for diagnostics for mpox should have started a few years ago," said Ayoade Alakija, who co-chairs a global health partnership aiming to make the mpox response more egalitarian.

She said her comment was not a critique of the WHO, which can only prioritise what its member states want. "It is a matter of what the world considers to be a priority, and [that is not] diseases that primarily affect black and brown people."

In a statement, the WHO said it was "urging all partners including countries, manufacturers and communities to mobilize efforts, increase vaccine donations, reduce prices and provide other necessary support to protect people at risk during this outbreak".

Jean Kaseya, head of the Africa CDC, said he is working to get African vaccine manufacturers involved to boost supply and lower prices, but that will take time.

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Why mpox vaccines are only just arriving in Africa after two years By Reuters

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Why mpox vaccines are only just arriving in Africa after two years

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Sun, sea and a biblical stench: Thousands of dead fish plague popular tourist port

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Sun, sea and a biblical stench: Thousands of dead fish plague popular tourist port

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Description: The flooding in Volos, Greece, has caused significant economic concerns, particularly in the tourism and fishing industries. Dead fish washing up in the port highlights environmental damage, which could deter tourists and affect the city's image. Local businesses dependent on tourism and seafood may face financial losses as cleanup efforts take time, and environmental recovery could be slow. Moreover, the infrastructure damage caused by the floods adds further strain on the economy, potentially requiring government aid and long-term recovery plans.

Audrey

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Commercial activity in the city has dropped by 80% over the last three days, its Chamber of Commerce estimates.It is just the latest extreme weather event to smash into Greece, whose economy relies heavily on tourism and agriculture and which typically welcomes more than 1 million visitors from the U.S. every year.

Scientists say the human-driven climate crisisis exacerbating the severity and frequencyof the wildfires, soaring temperatures and heavy rains that have increasingly blighted the region in recent years.

Early last September, Storm Daniel barreled into this Mediterranean country and its islands, killing at least 17 people and destroying swaths of crops, mostly cotton, of which Greece is by far the largest producer in the European Union.

Farmland was flooded in the breadbasket of the Thessaly Plain, to the north of Volos. And the rains also swelled Lake Karla, a nearby body of water that was deliberately reduced in size in the 1960s to increase farmland and combat malaria.

As the lake waters receded back to normal in the year since, freshwater fish have been forced downstream and into the saltwater of the Pagasetic Gulf at Volos, likely killing them in their hundreds of thousands, officials said this week.

The cleanup is well underway, and most fish have now been removed by trawlers dragging nets or excavators perched into the shore, dumped in the back of trucks.

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A sea of dead fish plagues popular tourist port in Greece

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The central Greek city of Volos found its usually idyllic seas awash with rotting fish, most likely caused by the aftermath of flooding last year.

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description：Thirteen people, including a Russian couple, were killed, about 20 injured and 209 families were hit by landslides triggered by heavy rainfall on the Thai resort island of Phuket. Debris flow threatens many people's lives and lowers people's living standard. In addition, due to natural disasters, part of supply cannot be produced. When supply is less than demand, it will cause demand-pull inflation. Mudslide erosion causes damage to infrastructure, the country needs to be repaired again, the government expenditure increases, and the funds invested in other projects will be reduced

Skyler

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BANGKOK (Reuters) - Thirteen people including a Russian couple died in a mudslide on the Thai resort island of Phuket, the authorities said Sunday, after calling off a search for missing persons.

Heavy rains last week set off the mudslides near the Big Buddha, a popular tourist destination in the south of the country, said Phuket Governor Sophon Suwannarat.

Besides the Russians, nine of the dead were migrant workers from Myanmar and the other two were Thais, Sophon said. About 20 people were injured and 209 households were affected by the mudslide.

A major cleanup is under way, the governor said, adding that the authorities were getting in touch with relatives and embassies of the victims.

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Mudslide in Thailand's Phuket kills 13, including 2 Russians, official says By Reuters

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Mudslide in Thailand's Phuket kills 13, including 2 Russians, official says

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In an increasingly confusing landscape, many frequent flyers complain that their airline points aren’t worth as much as they used to be.

If people aren’t getting at least a penny a point when they’re using their miles, they would most likely be better off using a cash back card.

This is perhaps one of the marketing and bank strategies of convincing miles cardholders to use miles instead of the regular bank cards when they purchase the flight tickets. The points rewarding system implemented works as a pull factor to customers, with the accumulative points as rewards in the form of cash back deduction for their next purchase.

However, is it really worthy? Or does regular bank card

like credit card provide better benefits?

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The world’s best airline rewards programs, according to Point.me | CNN

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New airline loyalty program rankings put Flying Blue, the rewards program for Air France and KLM, at No. 1 globally.

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Why tourism matters to a country's economic growth?

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Why tourism matters to a country's economic growth?

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The United States is the world’s most powerful travel and tourism market, bringing in a record-breaking $2.36 trillion to the nation’s economy in 2023, a new report by industry body the World Travel & Tourism Council (WTTC) has revealed.

“travel and tourism is not only back on track, but also set to achieve unprecedented growth,” says WTTC CEO Julia Simpson. And tourism will continue to be a big driver for global economies.

China is the No. 2 market worldwide, with a $1.3 trillion contribution to its GDP, followed by Germany, Japan and the United Kingdom.

France, the world’s most popular destination in terms of actual visitor numbers, is in sixth place for 2023, but those numbers might jump for 2024 thanks to the Paris Olympics.

To conclude the above statistics provided, the most important economic feature of activities related to the tourism sector is that they contribute to three high-priority goals of developing countries: the generation of income, employment, and foreign-exchange earnings.

Additionally, it creates jobs, strengthens the local economy, contributes to local infrastructure development and can help to conserve the natural environment and cultural assets and traditions, and to reduce poverty and inequality.

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Work hard, play hard: How US vacations made America No.1 in the world | CNN

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In travel news this week: booze-free bars are on the rise, the unexpected perks of traveling with kids, plus the countries whose tourism economies are booming.

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House prices in the UK reached a two-year high in August and the recent interest rate cut has increased confidence among homebuyers, the UK's largest mortgage lender has said. Halifax said prices last month were up 4.3% compared to last year, taking the average cost of a UK property to £292,505. House prices are now "just shy" of the record reached in June 2022 when they hit £293,507. Annual growth in prices has hit a near two-year high in each of the last two months, its data suggests. Halifax's figures only take into account buyers with mortgages and do not include those who purchase homes with cash or buy-to-let deals. Cash buyers account for around a third of housing sales.

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House prices in the UK hit two-year high, says Halifax

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The recent rate cut has boosted confidence among homebuyers, the UK’s largest mortgage lender says.

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‘Failing the stress test': UN chief calls for global finance overhaul

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‘Failing the stress test': UN chief calls for global finance overhaul

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The need for reform has been given added urgency by the rapidly approaching deadline to achieve the Sustainable Development Goals which make up the 2030 Agenda for Sustainable Development, created to set out measurable targets for building a better future by the end of the decade.

The Goals were adopted by UN Member States in 2015, which means that in 2023 the halfway point was reached. The milestone was marked at last September’s SDG Summit, which was designed to give the Goals a much-needed shot in the arm, at a time when official UN statistics showed that only 15 per cent of the Goals had been met.（EVA）

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South-South cooperation can help solve ‘complex development context’

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South-South cooperation can help solve ‘complex development context’

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UN News: Why is South-South cooperation so important?

Dima al-Khatib: Nowadays the countries of the South are grappling with a multitude of complex development issues. These were exacerbated, of course, in the recent years by the pandemic and its aftermath.

Countries are also grappling with the implications of the multiple crises that are happening in the world today, whether they be geopolitical, food-related, education-related or economic. It is quite a complex development context.

It’s a context where the development issues at hand require collaboration among countries.

When we talk about climate, for instance, we don't talk about one country. Climate, water management, natural disasters know no geographic boundaries. Peace and development is also something that has a spill over.

So, if countries do not cooperate with each other in order to be able to address and mitigate and adapt to those different complexities, it is a lost opportunity. （EVA）

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Description：

The 2023 SAN Antonio Mission National Historic Park attracted 1.2 million visitors, an event that generated an estimated $95 million in revenue for the local economy and $150 million in local economic impact. National parks are vital to the preservation of cultural heritage and historic resources, and support the local economy with 1,480 jobs and positive economic support.

Selina.xu

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San Antonio’s missions attract 1.2M visitors a year. That’s a good thing for the city.

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According to the new report, 90% of spending came from non-local visitors, spending on hotels, restaurants, retail, gas and transportation.

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Description:

The report from Bank of America highlights the significant economic contributions of Latinas to the U.S. economy, with a contribution of $1.3 trillion to the GDP in 2021, a dramatic increase from $661 billion in 201. This surge represents a real GDP growth rate of 51.1%, outpacing the economic impact of non-Hispanic populations.

Selina.xu

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Latinas contributed $1.3 trillion to U.S. economy, new report says. That number could be even bigger

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A recent report funded by Bank of America revealed that Latinas contributed $1.3 trillion to U.S. GDP in 2021, and some economists think it could be more.

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Now that it is cheaper to borrow money as the mortgage rate decreases tremendously,

more people can afford to buy houses.

With the knowledge that mortgage price is cheaper, selfish sellers will start raising their price for home sales.

Therefore, the total purchasing power of buyers will decrease due to the affordability of house units.

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How will rate cuts affect home buyers? ‘Million Dollar Listing LA’ star weighs in | CNN Business

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In a bold, but not unexpected move, the Federal Reserve announced a half-point rate cut, its first rate reduction cut since Covid. Josh Flagg, star of Bravo’s “Million Dollar Listing Los Angeles” joins CNN to discuss the cut’s significance for home buyers.

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Can a new crew of European commissioners reThe European Union's recent reshuffling of commissioners reflects concerns about its global role, particularly regarding the economy. In 2019, there was controversy over a commissioner assigned to "protect the European way of life" (later changed to promoting it). Now, the EU is focusing on economic security, tech sovereignty, and prosperity. The bloc's anxieties are justified, with the ongoing war in Ukraine and Mario Draghi’s grim economic outlook. Politically, Europe is unstable, with France and Germany facing internal challenges.

Ursula von der Leyen, reappointed as European Commission president, is shaping the team. Southern European officials now dominate key roles. A notable new face is Spain’s Teresa Ribera, overseeing decarbonization efforts. Her portfolio includes antitrust rules and regulating state aid, which has risen due to COVID-19 and the energy crisis. This marks a shift away from the free-market policies championed by outgoing commissioner Margrethe Vestager. France’s influence in Brussels is growing, with Stéphane Séjourné taking on industry regulation after a dispute led to Thierry Breton’s exit. Meanwhile, Andrius Kubilius of Lithuania will handle defence, focusing on the continent’s arms industry.vive the continent?

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celina

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Can a new crew of European commissioners revive the continent?

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A UN vote on Palestine underlines America’s weakening clout

Russia and China are riding a surge of support for the Palestinians since the Gaza war started

THE RUSSIANS are not the bad guys any more. Now it’s the Americans.” Thus, explains a European diplomat at the UN, the war in Gaza is eclipsing the one in Ukraine. These days many countries are wary of criticising Russia’s aggression. Instead their outrage is directed at Israel and, increasingly, at America for arming and protecting the Jewish state. The accusation of Western double standards, gleefully amplified by Russia and China, resonated across the halls of UN headquarters on September 18th as the General Assembly adopted a far-reaching resolution to exert pressure on Israel to end its occupation of Palestinian territories within a year. It passed with an overwhelming 124 votes in favour to 14 against (and 43 abstentions).

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Norway’s GDP per person is $94,600, some 11% higher than America’s. The country’s unemployment rate is 2%. Growth, though slowing, has been higher than the rest of Europe’s in recent years. And the Norwegian sovereign-wealth fund, capitalised with oil revenues, is now worth over $300,000 per inhabitant.

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By Duncan Miriri and Laurie Chen

NAIROBI/BEIJING (Reuters) - China stopped short of providing the debt relief sought by many African countries this week, but pledged 360 billion yuan ($50.7 billion) over three years in credit lines and investments.

The Forum for China-Africa Cooperation (FOCAC) launched in 2000 took on an enhanced role after the 2013 inception of President Xi Jinping's Belt and Road Initiative (BRI), which aims to recreate the ancient Silk Road for the world's second largest economy and biggest bilateral lender to Africa.

"China is moving back on to the front foot in terms of overseas deployment of capital in the emerging markets," said Tellimer's Hasnain Malik, while adding it was not yet at pre-COVID levels.

China has also sought to use FOCAC to counter growing competition in Africa from the United States, the European Union, Japan and others.

In Beijing, diplomats and delegates from around the world mingled in the Great Hall of the People in Tiananmen Square as leaders from more than 50 African countries and Chinese officials led by Xi gathered for a group photo.

The new financial pledge is more than what Beijing promised at the last FOCAC in 2021, but below the $60 billion of 2015 and 2018, which marked the peak of lending to Africa under the Belt and Road Initiative.

During those peak years, Beijing bankrolled the construction of roads, railways and bridges. But a drying up of funds since 2019 has left Africa with stalled construction projects.

The new funds will go towards 30 infrastructure projects to improve trade links, China said, without giving details.

The 54-nation continent of more than 1 billion people has an annual infrastructure funding deficit estimated at $100 billion, and needs transport links to make a new giant pan-African trade bloc (AfCFTA) a reality.

Beijing has in recent years cut funding for such projects as it shifted focus to "small and beautiful" projects, mainly due to its own domestic economic pressures and an increase in debt risks among African countries.

Asked how the new commitments fit into China's current cautious overseas lending strategy, a foreign ministry spokesperson said there was no contradiction.

"The cooperation between China and African countries, including the specific implementation of projects, is discussed and determined by both sides," Mao Ning, a foreign ministry spokesperson told a regular news conference on Friday.

CURRENCY SWAPS

China also said it will launch 30 clean energy projects in Africa, offer co-operation on nuclear technology and tackle a power deficit that has delayed industrialisation efforts.

"The outcomes of the FOCAC summit signal an impetus for green projects and especially for renewable energy installations," said Goolam Ballim, head of research at South Africa's Standard Bank.

China has become a global leader in wind and solar energy, Ballim said, controlling significant supply chains and reducing production costs.

Others were sceptical.

"The issue is not so much about the size of the investments, it's been about the lack of transparency around the terms of the debt," said Trang Nguyen, global head of emerging markets credit strategy at French bank BNP Paribas (OTC:).

Success was less clear-cut for countries owing a large share of their debt to China, which made no express offer of assistance to those struggling with repayments.

Beijing instead urged other creditors "to participate in the handling and restructuring of African countries' debts under the principle of joint actions and fair burden-sharing".

African leaders hoping to bask in large deals for their countries had to settle for less splashy announcements.

Ethiopia and Mauritius announced new currency swap lines with China's central bank. Kenya said it made progress on talks to reopen the lending taps for key projects like its modern railway to link the region.

Still, there was optimism from some, as they welcomed China's increased commitments to Africa's security, humanitarian challenges and other non-financial affairs.

"After nearly 70 years of hard work, China-Africa relations are at their best in history," Tanzania's President Samia Suluhu said on her X account.

($1 = 7.0844 Chinese yuan renminbi)

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China stops short of Africa debt relief as it pledges more cash By Reuters

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China stops short of Africa debt relief as it pledges more cash

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After surviving the "terrible prophecies," Europe's economy must face the challenges of the war in Ukraine and navigating trade ties with China, EU's Paolo Gentiloni says. The EU's economy underwent "overall a weak growth, but nothing of the terrible prophecies that we heard in the last two or three years: recessions, blackouts, divergence, divisions in Europe in front of Russia's invasion," Gentiloni said in an interview with CNBC's Steve Sedgwick at the Ambrosetti Forum.The European Union must "support Ukraine, keep the doors of international trade open."

Rachel

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The ISM monthly survey of purchasing managers showed that just 47.2% reported expansion in August, above the July reading but below the consensus forecast. Another weak economic reading raises the probability the Fed will be cutting interest rates by at least a quarter percentage point later this month. The ISM results were backed up by another PMI reading from S&P, which showed a decrease to 47.9 in August from 49.6 in July.

Rachel

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Weak manufacturing measures raise specter of U.S. economic slowdown

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The ISM monthly survey of purchasing managers showed that just 47.2% reported expansion in August.

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Celebrating tourism month: Why tourism matters for economic growth

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Celebrating tourism month: Why tourism matters for economic growth

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Before the Covid-19 pandemic, the tourism sector contributed between 6% and 8,5% to South Africa’s GDP, employing around 1,5 million people either directly or indirectly. While the domestic tourism market has made a strong recovery, international tourism is still struggling to regain its footing. Prof Andrea Saayman, an economist at TREES, has been closely monitoring these trends."The tourism industry is a key component of the national economy, but it is also highly sensitive to global economic shifts," says Prof Saayman. She notes that the current global environment of low growth and high inflation is making it difficult for international tourists to afford long-haul trips to destinations like South Africa.

An interesting aspect of Prof Saayman’s research is the focus on the informal tourism sector, which includes arts and crafts vendors, many of whom were hit hard by the pandemic. "These entrepreneurs have shown resilience, but the slow recovery in tourism is affecting their ability to make a living," she explains.Events are much more than mere gatherings – they are economic engines that drive tourism, boost local economies, and foster social cohesion.

Roxanne

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U.S. unemployment rate ticks up to 4.3% amid signs of broader economic slowdown

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U.S. unemployment rate ticks up to 4.3% amid signs of broader economic slowdown

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The U.S. unemployment rate rose to 4.3% in July and hiring slowed, adding to signs of a broader downturn in what has been a solid U.S. economy.

The Bureau of Labor Statistics reported Friday that the U.S. added 114,000 jobs, down from 206,000 in June and well short of expectations. Economists were expecting the unemployment rate to have been unchanged from June's 4.1% reading.Meanwhile, wage gains continued to outpace inflation — continuing a trend that has now taken hold for months — and more people rejoined the workforce last month, something reflected in an increased labor force participation rate.

Yet outside of health care, construction and some transportation and warehousing roles, there was little meaningful job growth, with manufacturing adding just 1,000 to its payrolls and professional and business services positions declining by 1,000.

Roxanne

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China's 2023 GDP shows patchy economic recovery

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China's 2023 GDP shows patchy economic recovery

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BEIJING, Jan 17 (Reuters) - China's economy grew 5.2% in 2023, slightly more than the official target, but the recovery was far shakier than many analysts and investors expected, with a deepening property crisis, mounting deflationary risks and tepid demand casting a pall over the outlook for this year.

Expectations that the world's second-largest economy would stage a strong post-COVID bounce quickly fizzled as the year progressed, with weak consumer and business confidence, mounting local government debts and slowing global growth sharply weighing on jobs, activity and investment.Gross domestic product (GDP) grew 5.2% in October-December from a year earlier, data from the National Bureau of Statistics (NBS) data showed, quickening from 4.9% in the third quarter but missing a 5.3% forecast in a Reuters poll.

On a quarter-by-quarter basis, however, GDP grew 1.0%, slowing from a revised 1.5% gain in the previous quarter.

Roxanne

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Price growth continued to cool in January, but not as much as hoped for

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Price growth continued to cool in January, but not as much as hoped for

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U.S. price growth cooled in January, slowing from 3.4% to 3.1% on a 12-month basis, the Bureau of Labor Statistics reported Tuesday.

Excluding food and gas prices, "core" price growth was flat at 3.9% compared with December.

Yet while price growth continued to drift downward last month, the January data missed expectations for a more robust slowdown: Ahead of the report, economists surveyed were expecting a reading of 2.9%. They also expected a lower reading for the "core" reading, at 3.7%.

"The final mile towards the Fed’s 2% target was always going to be slow, erratic, and frustrating," wrote Seema Shah, chief global strategist at Principal Asset Management, in a note to clients following the report's release. "Today’s data is not what markets or the Fed would have liked to see, but it’s important not to overreact and jump to the assumption that an inflationary resurgence is developing."

Roxanne

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With the Federal Reserve shifting gears and cutting interest rates by a half point, it’s time for investors, households and businesses to take a long hard look at where their money is.

A decline in interest rates should, theoretically, mean good news for the stock market. Lower borrowing costs free up cash for companies to reinvest in themselves and return to shareholders. But it also has broader implications about the state of the economy and where it could be headed. The Fed likely won’t take rates lower as aggressively as they were raised, unless the economy takes a downturn and necessitates loose economic conditions.

Plus, it takes time for cuts to take hold on the economy. While mortgage rates and bond yields have begun drifting lower, companies and consumers still might not feel the effects of lower rates right away.

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What lower rates mean for markets | CNN Business

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With the Federal Reserve shifting gears and cutting interest rates by a half point, it’s time for investors, households and businesses to take a long hard look at where their money is.

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description：Indonesia will audit the tourism industry of the tropical island Bali to improve tourism quality and protect local culture and employment. Currently, about 200000 foreigners live in Bali. The government will also solve the garbage problem on the island, improve infrastructure and prevent further overdevelopment. The surge in the number of people on the island of Indonesia has had a negative impact on local residents. In addition, the increasing number of tourists has also had a significant impact on Indonesia's environment. The resources on the island are insufficient to provide for every tourist and resident, which can lead to overdevelopment of Indonesia's resources. The increase in tourist numbers can also lead to environmental pollution in Indonesia, affecting Indonesia's ecological environment and sustainable development

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We’re temporarily down for maintenance; Please check back soon...

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Three Mile Island is reopening and selling its power to Microsoft

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Three Mile Island is reopening and selling its power to Microsoft

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Three Mile Island is reopening and selling its power to Microsoft | CNN Business

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Three Mile Island, the site of worst nuclear disaster in the United States, is reopening and will sell the power to Microsoft for its AI efforts.

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Three Mile Island is reopening and selling its power to Microsoft

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Three Mile Island is reopening and selling its power to Microsoft

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Three Mile Island is reopening and selling its power to Microsoft | CNN Business

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Three Mile Island, the site of worst nuclear disaster in the United States, is reopening and will sell the power to Microsoft for its AI efforts.

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Three Mile Island is reopening and selling its power to Microsoft

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Three Mile Island is reopening and selling its power to Microsoft

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Microsoft is partnering with Constellation Energy to restart the Three Mile Island nuclear plant to power its expanding AI operations. The plant will generate carbon-free energy, aligning with Microsoft's sustainability goals. This project is projected to add $16 billion to Pennsylvania's economy and create 3,400 jobs. The revived plant will help meet growing energy demands, particularly from data centers, which are expected to require more electricity in the future. The investment in sustainable energy supports long-term growth in both the tech and energy sectors​.

Audrey

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Three Mile Island is reopening and selling its power to Microsoft | CNN Business

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Three Mile Island, the site of worst nuclear disaster in the United States, is reopening and will sell the power to Microsoft for its AI efforts.

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Fed survey shows lows in employment, worries about finding work and dissatisfaction with pay

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Fed survey shows lows in employment, worries about finding work and dissatisfaction with pay

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The recent Federal Reserve survey reveals growing dissatisfaction in the U.S. labor market, largely due to economic challenges. More workers are seeking new jobs because of issues with pay and job security, leading to the lowest employment levels since 2014. Many anticipate unemployment soon, and wages are not meeting rising expectations.

This dissatisfaction could hinder consumer spending, slowing economic growth as workers may cut back on expenditures. Additionally, an increasing number of employees expect to work past retirement age, indicating financial insecurity and potentially worsening income inequality. Businesses may also face rising labor costs in their efforts to attract and retain talent, which could further contribute to inflationary pressures in the economy.

Audrey

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Fed survey shows lows in employment, worries about finding work and dissatisfaction with pay

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The survey showed a slide in people reporting they are employed, a surge in those looking for work and growing dissatisfaction with pay.

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In the US states with the strictest abortion restrictions, children are more likely to be poor, to drop out of school, and to die young, and lack of access to contraception means that babies are more likely to be born to unmarried mothers. In the United States and elsewhere, reproductive freedom is a cornerstone of economic prosperity.

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description：

The Bank of England said Thursday it would keep interest rates on hold following an initial cut in August, the Monetary Policy Committee voted 8-1 to keep rates on hold, dissenting members voted to cut them again by 0.25 percentage points The Bank of England's balance sheet has ballooned during the pandemic as it tries to boost the economy. Because consumers don't save when interest rates are low, they spend but then it changes direction and starts quantitative tightening in February 2022

Skyler

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Bank of England presses pause on rate cuts, highlights ‘gradual approach’

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The decision to hold comes after the U.S. Federal Reserve kicked off its own monetary easing with an aggressive 50 basis point rate cut.

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description: Men have been steadily dropping out of the workforce, especially men ages 25 to 54, who are considered to be in their prime working years.

Yifei

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More men in their prime working years are neither working nor looking for jobs — here’s why

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Men have been steadily dropping out of the workforce — especially men ages 25 to 54, who are considered to be in their prime working years.

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Description: Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East.

Spot gold was up 0.3% at $2,593.80 per ounce, while U.S. gold futures rose 1.2% to $2,646.30.

Yifei

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Gold breaks $2,600 barrier as Fed cut bets prolong historic run

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Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts.

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The Fed is expected to cut interest rates for the first time since 2020, but that expectation is also coming much later than the Fed and Wall Street expected at the beginning of the year. At the end of last year, hopes were rife that the Fed would start cutting interest rates in early 2024, easing pressure not only on consumers but also on businesses of all sizes plagued by rising costs. A spring rate cut seems likely around the turn of the year, according to futures markets, with most major Wall Street banks estimating that the first cut will come sometime before the summer. It wasn't until late August, during his keynote speech at the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming, that Powell gave his strongest signal yet that inflation was under control - enough for the Fed to finally feel comfortable dialing back policy. Powell also cited the fragile health of the job market as a key reason why the Fed is ready to act.

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The Fed is finally about to cut interest rates. What took so long? | CNN Business

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It’s a pivotal week for the US economy, with the Federal Reserve expected to cut interest rates for the first time since 2020. The move would mark a major milestone both for the central bank’s long fight with inflation and for Americans battling a higher cost of living for the past two years.

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Mortgage rates fell to their lowest point since February 2023, a welcome sign for Americans who are struggling with the housing market. Mortgage finance giant Freddie Mac says the average rate on a standard 30-year fixed-rate mortgage was 6.20% in the week ended Sept. 12. That's down from 6.35% last week and well below the 20-year high of 7.79% in October 2023. But despite the improved mortgage rate environment, potential buyers are still sitting on the sidelines as they deal with the twin problems of high home prices and an ongoing supply shortage. Economic data showing slowing inflation and a weakening labor market have paved the way for the Federal Reserve to cut interest rates for the first time since 2020, scheduled for next week at the central bank's policy meeting. For a variety of reasons, supply in many markets across the country simply cannot keep up with demand. This includes construction costs, complex zoning laws, not enough land for development and, in some cases, a shortage of workers to build homes. Many homeowners also prefer to hold on to the low mortgage rates they've locked in until the Federal Reserve starts raising interest rates in 2022 to curb inflation.

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Mortgage rates fall to lowest level since February 2023 | CNN Business

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Mortgage rates fell this week to the lowest point since February 2023, in a welcome sign for Americans grappling with a tough housing market.

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Donald Trump had an apocalyptic warning for a group of farmers in swing state Pennsylvania: If he loses the election, “You won’t have a farm very long.”

Trump spoke Monday at an event highlighting his vow to protect rural Americans from the perceived predatory power of China, at which he also showed that when he tries to focus, he can assemble effective, populist economic arguments that help explain his dominance in polls on the most important issue in the election.

But Trump’s prediction about mass bankruptcies in the agricultural sector also echoed a familiar refrain — one that is the foundation of his pessimistic political creed. The ex-president adapts this construct to almost any audience as he evokes a vision of a nation wracked by crime, economic blight and an immigrant invasion.

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Analysis: Trump plays the fear card on the economy – and it seems to be working | CNN Politics

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Donald Trump had an apocalyptic warning for a group of farmers in swing state Pennsylvania: If he loses the election, “You won’t have a farm very long.”

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China stops short of Africa debt relief as it pledges more cash

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China stops short of Africa debt relief as it pledges more cash

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The Forum for China-Africa Cooperation (FOCAC) launched in 2000 took on an enhanced role after the 2013 inception of President Xi Jinping's Belt and Road Initiative (BRI), which aims to recreate the ancient Silk Road for the world's second largest economy and biggest bilateral lender to Africa.

"China is moving back on to the front foot in terms of overseas deployment of capital in the emerging markets," said Tellimer's Hasnain Malik, while adding it was not yet at pre-COVID levels.

China has also sought to use FOCAC to counter growing competition in Africa from the United States, the European Union, Japan and others.

In Beijing, diplomats and delegates from around the world mingled in the Great Hall of the People in Tiananmen Square as leaders from more than 50 African countries and Chinese officials led by Xi gathered for a group photo.

The new financial pledge is more than what Beijing promised at the last FOCAC in 2021, but below the $60 billion of 2015 and 2018, which marked the peak of lending to Africa under the Belt and Road Initiative.

During those peak years, Beijing bankrolled the construction of roads, railways and bridges. But a drying up of funds since 2019 has left Africa with stalled construction projects.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.

The new funds will go towards 30 infrastructure projects to improve trade links, China said, without giving details.

The 54-nation continent of more than 1 billion people has an annual infrastructure funding deficit estimated at $100 billion, and needs transport links to make a new giant pan-African trade bloc (AfCFTA) a reality.

Beijing has in recent years cut funding for such projects as it shifted focus to "small and beautiful" projects, mainly due to its own domestic economic pressures and an increase in debt risks among African countries.

Asked how the new commitments fit into China's current cautious overseas lending strategy, a foreign ministry spokesperson said there was no contradiction.

"The cooperation between China and African countries, including the specific implementation of projects, is discussed and determined by both sides," Mao Ning, a foreign ministry spokesperson told a regular news conference on Friday.

CURRENCY SWAPS

China also said it will launch 30 clean energy projects in Africa, offer co-operation on nuclear technology and tackle a power deficit that has delayed industrialisation efforts.

"The outcomes of the FOCAC summit signal an impetus for green projects and especially for renewable energy installations," said Goolam Ballim, head of research at South Africa's Standard Bank.

China has become a global leader in wind and solar energy, Ballim said, controlling significant supply chains and reducing production costs.

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By Duncan Miriri and Laurie Chen

NAIROBI/BEIJING (Reuters) - China stopped short of providing the debt relief sought by many African countries this week, but pledged 360 billion yuan ($50.7 billion) over three years in credit lines and investments.

The Forum for China-Africa Cooperation (FOCAC) launched in 2000 took on an enhanced role after the 2013 inception of President Xi Jinping's Belt and Road Initiative (BRI), which aims to recreate the ancient Silk Road for the world's second largest economy and biggest bilateral lender to Africa.

"China is moving back on to the front foot in terms of overseas deployment of capital in the emerging markets," said Tellimer's Hasnain Malik, while adding it was not yet at pre-COVID levels.

China has also sought to use FOCAC to counter growing competition in Africa from the United States, the European Union, Japan and others.

In Beijing, diplomats and delegates from around the world mingled in the Great Hall of the People in Tiananmen Square as leaders from more than 50 African countries and Chinese officials led by Xi gathered for a group photo.

The new financial pledge is more than what Beijing promised at the last FOCAC in 2021, but below the $60 billion of 2015 and 2018, which marked the peak of lending to Africa under the Belt and Road Initiative.

During those peak years, Beijing bankrolled the construction of roads, railways and bridges. But a drying up of funds since 2019 has left Africa with stalled construction projects.

The new funds will go towards 30 infrastructure projects to improve trade links, China said, without giving details.

The 54-nation continent of more than 1 billion people has an annual infrastructure funding deficit estimated at $100 billion, and needs transport links to make a new giant pan-African trade bloc (AfCFTA) a reality.

Beijing has in recent years cut funding for such projects as it shifted focus to "small and beautiful" projects, mainly due to its own domestic economic pressures and an increase in debt risks among African countries.

Asked how the new commitments fit into China's current cautious overseas lending strategy, a foreign ministry spokesperson said there was no contradiction.

"The cooperation between China and African countries, including the specific implementation of projects, is discussed and determined by both sides," Mao Ning, a foreign ministry spokesperson told a regular news conference on Friday.

CURRENCY SWAPS

China also said it will launch 30 clean energy projects in Africa, offer co-operation on nuclear technology and tackle a power deficit that has delayed industrialisation efforts.

"The outcomes of the FOCAC summit signal an impetus for green projects and especially for renewable energy installations," said Goolam Ballim, head of research at South Africa's Standard Bank.

China has become a global leader in wind and solar energy, Ballim said, controlling significant supply chains and reducing production costs.

Others were sceptical.

"The issue is not so much about the size of the investments, it's been about the lack of transparency around the terms of the debt," said Trang Nguyen, global head of emerging markets credit strategy at French bank BNP Paribas (OTC:).

Success was less clear-cut for countries owing a large share of their debt to China, which made no express offer of assistance to those struggling with repayments.

Beijing instead urged other creditors "to participate in the handling and restructuring of African countries' debts under the principle of joint actions and fair burden-sharing".

African leaders hoping to bask in large deals for their countries had to settle for less splashy announcements.

Ethiopia and Mauritius announced new currency swap lines with China's central bank. Kenya said it made progress on talks to reopen the lending taps for key projects like its modern railway to link the region.

Still, there was optimism from some, as they welcomed China's increased commitments to Africa's security, humanitarian challenges and other non-financial affairs.

"After nearly 70 years of hard work, China-Africa relations are at their best in history," Tanzania's President Samia Suluhu said on her X account.

($1 = 7.0844 Chinese yuan renminbi)

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China stops short of Africa debt relief as it pledges more cash By Reuters

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China stops short of Africa debt relief as it pledges more cash

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House Republicans are expected to bypass mounting GOP opposition to a spending bill to keep the government running into December by using a procedural floor move that would rely heavily on Democrats to pass the legislation and avoid a government shutdown.

The House Rules Committee stripped the government spending bill from consideration Monday night, forcing House GOP leadership to tee up the spending bill under a procedure known as suspension of the rules, which requires a two-thirds majority vote to pass.

Relying on Democrats to overcome their narrow, divided majority and keep the government open has been a regular occurrence for Republicans this Congress, and was the exact maneuver that got former House Speaker Kevin McCarthy ousted from his job. Republicans have long known they’d need to rely on Democrats to pass the shutdown-averting measure this time around, but with Democratic votes now likely to vastly outnumber the GOP supporters, House Speaker Mike Johnson finds himself in a risky position with his conference

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House Republican leaders expected to bypass GOP opposition by relying heavily on Democrats to keep government open | CNN Politics

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House Republicans are expected to bypass mounting GOP opposition to a spending bill to keep the government running into December by using a procedural floor move that would rely heavily on Democrats to pass the legislation and avoid a government shutdown.

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With the Federal Reserve shifting gears and cutting interest rates by a half point, it’s time for investors, households and businesses to take a long hard look at where their money is.

The Fed on Wednesday lowered interest rates, marking the first rate cut since March 2020. That comes after the central bank aggressively raised rates to a 23-year high to tamp down wayward inflation spurred by near-zero borrowing levels during the Covid pandemic.

A decline in interest rates should, theoretically, mean good news for the stock market. Lower borrowing costs free up cash for companies to reinvest in themselves and return to shareholders. But it also has broader implications about the state of the economy and where it could be headed.

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What lower rates mean for markets | CNN Business

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With the Federal Reserve shifting gears and cutting interest rates by a half point, it’s time for investors, households and businesses to take a long hard look at where their money is.

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After a blackout of more than three weeks, X appears ready to comply with court orders in Brazil to restore access to its 21 million users in the country and end a protracted fight between billionaire CEO Elon Musk and the country’s highest court.

Lawyers for X informed Brazil’s Supreme Court on Friday that it had named legal representation, according to Reuters, a key requirement for reinstating the social media platform in the major market. A day later, the court gave X an additional five days to file paperwork formalizing that representation.

X has remained offline in Brazil for most of September, aside from a brief and inadvertent few hours last week, showing users a message that said: “Posts aren’t loading right now.”

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Elon Musk bows to pressure from Brazil’s top court in a bid to reinstate X | CNN Business

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After a blackout of more than three weeks, X appears ready to comply with court orders in Brazil to restore access to its 21 million users in the country and end a protracted fight between billionaire CEO Elon Musk and the country’s highest court.

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Tesla reported a much bigger than expected increase in profits, despite a series of price cuts that trimmed the amount of revenue per vehicle sold.

Tesla (TSLA) reported adjusted earnings of $3.1 billion, or 91 cents a share, up 20% from the second quarter last year. Analysts surveyed by Refinitiv had forecast earnings of 82 cents a share.

Its profit margin of 18.2% was also better than expected, although profit margins were still smaller than they were last year due to the series of price cuts the company announced since earlier this year. A year ago, Tesla’s margin was 25%, and even reported a 19.3% profit margin in the first quarter, when it first started to put the price cuts in place. But the forecast was that the continued price cuts would drop the profit margin under 17% in the most recent quarter.

Automotive revenue was up 47%, excluding revenue from the sale of regulatory credits. But that was far less than the 83% jump in the number of vehicles sold, a sign that Tesla continues to drive greater demand for its cars though lower prices.

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Tesla profits climb despite price cuts | CNN Business

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Tesla reported a much bigger than expected increase in profits, despite a series of price cuts that trimmed the amount of revenue per vehicle sold.

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The economic impact of Taylor Swift's Eras tour has been measured in national retail sales figures, global inflation and municipal economic bumps where concerts were held. While quantifiable data is challenging, it also makes perfect sense for small businesses to try to get a cut of the Taylor action. While careful about Taylor Swift items and terms trademarked by the singer, entrepreneurs have done just that across the U.S., and they are already making business plans to coincide with a new album drop.

Rachel

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Software vendors that serve small and medium-sized businesses have gotten hammered by investors recently due to concerning guidance. Analysts are seeing a pullback in software spending by restaurants, retailers, and other local and regional businesses, which are responding to weaker consumer trends. Investors across the sector are trying to figure out if SMB spending has bottomed or if businesses are still looking for opportunities to slim down their software portfolio should the economic picture dampen further.

Rachel

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Mom and pop shops are cutting software spending, creating jitters on Wall Street

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Software vendors that serve small and medium-sized businesses have gotten hammered by investors recently due to concerning forecasts

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Some investors say the rally in the yellow metal also suggests that markets are still on edge about the US economy’s health, despite fresh highs in the stock market. Traders tend to flock to gold during periods of uncertainty, betting that its value will hold up better than other assets such as stocks, bonds and currencies if the economy faces a downturn. However, “There’s really, at this stage, no way to think about gold other than positively,” said Will Rhind, chief executive of GraniteShares. Silver, another precious metal that tends to move in tandem with gold, has jumped roughly 34% this year, outperforming the yellow metal.

To be sure, rallies in silver also tend to reflect optimism that the economy will reaccelerate, since it’s a material used in construction of infrastructure and products like electronics, jewelry and flatware. What's more, new moves from China to revive its economy also has the potential to lift precious metals, said Rhind. China’s central bank on Tuesday revealed a package of measures that includes cutting its benchmark lending rate and reducing the amount of cash that banks need to hold in reserve, which would free up money for lending.

Rachel

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Gold's hitting new records again. Here's what it means for the economy | CNN Business

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The 2024 monster gold rally is picking up steam.

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Three things seem certain to happen in life: death, taxes and the prices of stamps going up. The next price hike is planned for July 2025 and will then repeat “each January and July thereafter” through the end of 2027, the agency said. However, the USPS confirmed that it won’t increase prices in January 2025, a temporary pause despite its new twice-a-year hike schedule.

“Our strategies are working and projected inflation is declining,” Postmaster General Louis DeJoy said in a statement. “Therefore, we will wait until at least July before proposing any increases for market-dominant services.” The reason that leads to this case may be the smaller Demond for the Postal Service’s business. So the number of individual letters sent each year has fallen by about half in the past decade.

Rachel

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The Post Office wants stamp prices to rise five times in the next three years | CNN Business

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Three things seem certain to happen in life: death, taxes and the prices of stamps going up.

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The OECD has prescribed a "carefully judged" reduction in interest rates and "decisive" action to bring down debt to allow more room for governments to react to any future economic shocks.

Stronger efforts to contain government spending and raise more revenue were key to stabilising debt burdens, it argued.

Many wealthy countries are facing ageing populations, the challenges of climate change, and geopolitical pressure to raise defence spending.

That is all in the wake of the financial crisis 16 years ago and more recently the Covid pandemic, which increased government borrowing and built up higher levels of debt.

However, not all economists agree that bringing debt down should be the policy priority. Some would like to see borrowing rise for a time, which they argue would boost growth and reduce debt over the longer term.

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Exports value rise 6.4% in August, easing from July's growth

July recorded a 13.1% YoY growth.

The value of exports rose 6.4% YoY to $381.3b in August, easing from the 13.1% YoY growth in July.

Principal commodity divisions which registered increases in export value include  "office machines and automatic data processing machines" ( $14.4b or +43.5%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" ($13.0b or +7.5%).

Data from the Census & Statistics Department (C&SD) also showed that total exports to Asia grew by 9.9% YoY.

Outside Asia, particularly in  Switzerland (-62.0%) and the United Kingdom (-46.2%), the value of total exports declined.

The value of imports of goods likewise increased in August, rising by 7.9% YoY to $414.4b.

With the uptick in exports and imports, the trade deficit clocked in at $33.1b or 8.0% of the value of imports.

The government believes Hong Kong’s export performance will stay positive "if external demand holds up."

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U.S. new vehicle sales expected to have struggled during third quarter

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U.S. new vehicle sales expected to have struggled during third quarter

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U.S. new vehicle sales for the third quarter of 2024 showed a significant increase, indicating a recovery in consumer demand as the economy gradually rebounds. The rise in electric vehicle sales reflects a growing consumer interest in sustainable transportation, prompting manufacturers to invest more in this area. However, ongoing supply chain challenges, particularly chip shortages, may impact future production capabilities. Overall, the growth in vehicle sales serves as a crucial indicator of economic health and could further stimulate related industries, enhancing consumer confidence and offering a positive outlook for the economy.

Audrey

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U.S. new vehicle sales expected to have struggled during third quarter

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Sales are expected to fall roughly 2% during the third quarter compared with the same time in 2023 to about 3.9 million vehicles sold.

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The resolution adopted at the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) clearly outlined the overall objectives of further deepening reform comprehensively. The meeting outlined both expansionary policy measures and key tasks aimed at ensuring stability. There are three key aspects worth noting: must have a comprehensive understanding of the favorable conditions for China's economic and social development（the demand from China's 1.4 billion people continues to grow）；The meeting adopted a more proactive approach to incrementally strengthen efforts in areas such as fiscal policy, monetary policy, real estate, capital markets, supporting enterprises, and improving people's livelihoods；continue to foster a first-rate business environment that is market-oriented, law-based, and internationalized.

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Breaking the deadlock: China plans for new economic growth

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On September 26, the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting to analyze and study the current economic situation and make further arrangements for economic work, once again sending powerful policy signals to the market.

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The personal consumption expenditures price index, a gauge the Fed focuses on to measure the cost of goods and services in the U.S. economy, rose 0.1% for the month, putting the 12-month inflation rate at 2.2%, down from 2.5% in July and the lowest since February 2021. The Fed targets inflation at 2% annually. Stock market futures were positive following the report while Treasury yields were negative.

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Key Fed inflation gauge at 2.2% in August, lower than expected

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The personal consumption expenditures price index was expected to increase 0.1% in August and 2.3% from a year ago.

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description：In the United States, the number of jobs has increased, production has increased so that the labor market has increased demand, and wages have risen to attract workers, Non-agriculture payrolls surged 254,000 in September, the unemployment rate fell 0.1 percentage point to 4.1%, and 430,000 jobs were added The report, which was revised upwards from previous months, eased concerns about labor market conditions and could allow the Federal Reserve to adopt a more gradual pace of rate cuts, with strong job growth also feeding through to wages, with average hourly earnings up 0.4% month-on-month and 4% year-over-year - both figures above expectations of 0.3% and 3.8% increases The average workweek edged down 0.1 hour to 34.2 hours.

Skyler

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U.S. job creation roared higher in September as payrolls surged by 254,000

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Nonfarm payrolls were expected to increase by 150,000 in September, according to the Dow Jones consensus forecast.

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description：According to a recent report funded by Bank of America, Latinas contributed $1.3 trillion to the U.S. gross domestic Product in 2021, up from $661 billion in 2010, which means that real GDP growth between 2010 and 2021 will reach 51.1 percent, and the economic contribution will be 2.7 times that of the non-Hispanic population Despite the huge numbers, some economists believe that the contribution of Latina women to GDP in the United States may be even larger than the numbers in the report because of some unmeasured contributions of Latina women.

Skyler

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Latinas contributed $1.3 trillion to U.S. economy, new report says. That number could be even bigger

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A recent report funded by Bank of America revealed that Latinas contributed $1.3 trillion to U.S. GDP in 2021, and some economists think it could be more.

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Google and Apple, two of the world’s largest tech companies, have faced heavy fines for abusing their market dominance, highlighting the economic consequences of monopoly power. In a major ruling, Google was ordered by the European Court of Justice (ECJ) to pay a €2.4 billion fine for prioritizing its own shopping service over rivals in search results. Apple, meanwhile, was told to pay €13 billion in unpaid taxes to Ireland, ending a long legal battle over illegal tax advantages.

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Google and Apple Fined Billions: Monopoly Power and Market Competition Under Scrutiny

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Google and Apple have been fined billions for abusing market dominance. Learn how antitrust laws protect competition and prevent market failure.

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Bill Gates recently spoke out about the US tax system, stating that he would be significantly poorer if he had designed it. Gates advocates for a more progressive tax structure, where the rich pay a higher proportion of taxes. This aligns with the economic theory of progressive taxation, which aims to reduce income inequality by taxing higher earners more heavily. Gates believes this can be done without diminishing the incentive to innovate. He added that wealth should not be concentrated in a few families across generations, suggesting that inherited wealth could skew both economic and political power.

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Bill Gates on Taxes: “I should have paid more!”

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Bill Gates supports a more progressive tax system and believes that government, not philanthropy, is essential for addressing key social challenges like education and inequality.

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US economy added a whopping 254,000 jobs last month

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US economy added a whopping 254,000 jobs last month

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In addition to strong job gains and a boost in workers’ pay, September’s jobs report also showed that the jobless rate dropped as well, landing at 4.1% (unrounded 4.051%).

The retreat in the unemployment rate partly reverses an upward trend seen during much of the past year.

However, while the unemployment rate has marched higher, it hasn’t been entirely due to negative reasons, economists have said. Jobless claims (a proxy for layoffs) have increased but not spiked; and since the government’s measure of unemployment captures folks who are actively looking for a job, the jobless rate also includes new entrants and reentrants to the labor force.

The mechanics for the unemployment rate dipping lower in September were as follows (as laid out by Michael Feroli, chief US economist at JPMorgan, in a note issued Friday):

The household survey (one of two that feed into the monthly jobs report) showed a 430,000 increase in employment and a 281,000 decrease in the ranks of the unemployed, which was the largest decline since early 2022.

“All categories of the unemployed — job losers, leavers, new and reentrants — declined last month, and the flows from unemployed to employed last month was the highest since early 2022,” he wrote.

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Alicia Wallace, Elisabeth Buchwald, Bryan Mena, Krystal Hur

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US economy added a whopping 254,000 jobs last month | CNN Business

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Economists had projected the US added 140,000 jobs in September and the unemployment rate held steady at 4.2%.

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China’s faltering economy had been hurting many Western brands. The country is grappling with a number of challenges, from sluggish consumer spending and a persistent property slump to a mounting debt crisis at local governments.

For months, economists had been asking Chinese officials to do much more to boost flagging prospects for the world’s second-largest economy, which was at risk of missing its own 5% target growth rate. This week, they appear to be heeding those calls.

“Beijing seems finally determined to roll out its bazooka stimulus in rapid succession,” analysts at investment bank Nomura wrote in a research note on Thursday. “Beijing’s recognition of the severe situation of the economy and lack of success in a piecemeal approach should be valued by markets.”

In fact, China and Hong Kong stocks are on track as of Friday to notch their best week since 2008. Hong Kong’s benchmark Hang Seng index has added just over 12% so far this week, while mainland China’s blue-chip CSI300 has gained more than 15%.

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French tycoon gains $17 billion from China’s economic stimulus push | CNN Business

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The billionaire owner of French luxury powerhouse LVMH has seen his wealth inflate by $17 billion dollars in just one day, after China announced fresh moves to restore economic growth that some call the long-awaited “bazookas” needed to revive confidence.

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Costco is expanding the collection of precious metals it sells, with the addition of platinum.

The big-box chain is now selling Swiss-made 1 oz. platinum bars for $1,089.99 on its website, but a Costco membership is required for purchase. The bar features Lady Fortuna, the Roman goddess of prosperity, according to the manufacturer’s website.

Costco is trying to replicate its recent success with gold bars, with platinum joining the extensive list of precious metals that collectors are snapping up at the retailer.

In 2023, it began selling gold bars and sold more than $100 million worth of the bars during the first quarter of that year, the company said in its earnings report. Then, earlier this year, Costco started selling silver coins for the first time, at a price of $675. The coins are non-refundable, and members can purchase a maximum of five.

However, the price of gold is a better bet for collectors because the price has recently hit record highs. Meanwhile, the price of platinum has risen modestly compared to gold, year to date.

But Costco’s move is more about marketing than increasing sales. After all, not many people are actually stashing away gold bars in their homes. It’s selling precious metals to try to reinforce its “treasure hunt” brand image where it peppers its stores with unexpected, limited-time items to keep shoppers coming back.

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Costco is now selling platinum bars for $1,089 | CNN Business

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Costco is expanding the collection of precious metals it sells, with the addition of platinum.

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The oil market is in another tailspin. Producer group OPEC+ is scrambling to stop the bleeding. And gas prices are falling fast, with more to come.

All of this is music to the ears of drivers.

US gas prices fell to a fresh six-month low of $3.31 a gallon on Thursday, down 50 cents from this point last year, according to AAA.

Drivers in 10 US states - including Texas, Kentucky and Kansas - are paying less than $3 a gallon on average. Andy Lipow, president of consulting firm Lipow Oil Associates, expects that another nine states will join the sub-$3 list in the next two weeks.

Data from OPIS, which tracks gas prices at 130,000 stations nationwide, shows that nearly 41,000 of those stations, or nearly one out of every three, are already charging less than $3 a gallon for regular gas. A year ago at this time there were barely 100 stations nationwide that were below the $3 mark.

By around Thanksgiving, approximately 35 to 40 states could be below $3 a gallon, GasBuddy’s Patrick De Haan told CNN on Thursday.

“Gas prices, after two-plus years of sizzling because of outside factors like Covid and Russia, are finally coming back into balance,” said De Haan.

The accelerating drop in gas prices should help ease financial pressure on consumers and contribute to the cooling inflation rate. That in turn could help pave the way for the Federal Reserve to lower interest rates, making it cheaper for Americans to borrow.

This trend, if it continues, could also help Vice President Kamala Harris in the November election as voters weigh which candidate will be best for their wallets. Some economists say gas prices will likely be a deciding factor, and lower prices will favor the current administration.

Gas prices in most battleground states are much lower than a year ago, including sharp declines in Arizona (88 cents), Nevada (55 cents) and Georgia (49 cents).

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Sub-$3 gas is making a comeback. Dozens of states could be below $3 by Thanksgiving | CNN Business

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The oil market is in another tailspin. OPEC+ is scrambling to stop the bleeding. And gas prices are falling fast – with more to come.

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Hong Kong’s Hang Seng index added around 2%, reversing its decline on Thursday. Australia’s S&P/ASX 200 lost about 0.7%. Chinese stocks soared last week on Beijing’s announcement of economic stimulus. Some investors fear it’s a short-lived rally, pointing to the Hang Seng index’s drop on Thursday. But analysts think there’s momentum in the China market, with a possibility it could continue rising when the market reopens next Tuesday after the Golden Week holiday.

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CNBC Daily Open: October’s gravity bringing stocks down

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After September’s stellar showing, all major indexes are poised for a losing week in the first week of October.

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In late September, as Israel’s nearly year-long war widened and its credit rating was downgraded yet again, the country’s finance minister, Bezalel Smotrich, said that, while Israel’s economy was under strain, it was resilient.

Almost a year after Hamas’ deadly attack on October 7, Israel is pushing forward on multiple fronts: launching a ground incursion against Hezbollah in Lebanon, carrying out airstrikes in Gaza and Beirut, and threatening retaliation for Iran’s ballistic missile attack earlier this week. As the conflict spills over into the wider region, the economic costs will spiral too, both for Israel and other countries in the Middle East.

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Analysis: Israel’s economy is paying a high price for its widening war | CNN Business

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The damage to Israel’s economy from its prolonged war against Hamas is worsening as the conflict nears the one-year mark and spills over into the wider region.

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now, as the dangers of a widening deficit and mounting debt grow, former President Donald Trump and Vice President Kamala Harris are making little effort to address it. Quite the opposite: Both their economic policy agendas, if enacted, would add to the ever-growing deficit, several nonpartisan groups project.

Already, the US is knee-deep in debt. At $28 trillion, publicly held federal debt is worth almost as much as the entire US economy.

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A $28 trillion problem is about to get much worse. Harris and Trump are ignoring it | CNN Business

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It wasn’t that long ago that candidates vying for the White House tried to win voters over with their plans to reduce the budget deficit, or, better yet, leave the country with no deficit at all.

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China stocks will keep rising after markets in the mainland reopen following the Golden Week break, analysts predicted.

Beijing's announcements of economic support last week have fueled China's CSI 300 blue-chip index to rally over 25% in a nine-day winning streak. On Monday, it popped over 8% to its best day in 16 years and the Shanghai Composite Index surged 8.06%, before the markets closed for a week-long holiday.

Then, Hong Kong stocks dropped on Thursday, ending a 6-day winning streak and sparking fears that China's stimulus rally could have started to fizzle out.

Beijing's recent stimulus blitz coupled with higher participation from retail investors will likely fuel a longer rally.

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China’s stimulus rally has already sent stocks up 25%. And there could be more to come

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Mainland markets is closed for a week-long holiday commemorating the 75th anniversary of the People’s Republic of China. Trading is set to resume on Oct. 8.

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Real Estate
Mortgage rates spike after stronger-than-expected jobs report

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Real Estate
Mortgage rates spike after stronger-than-expected jobs report

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The recent U.S. economic data reveals a complex picture. In September 2024, a stronger-than-expected jobs report indicated that the economy added 254,000 jobs, significantly outpacing forecasts. This pushed mortgage rates higher, with the average 30-year fixed mortgage rate rising to around 6.53%. The rise in employment is generally positive for economic growth, but higher wages (up 4%) and a tightening labor market are contributing to inflationary pressures, making it less likely that the Federal Reserve will cut interest rates aggressively in the near future.

While job creation is strong, housing affordability is under strain as higher mortgage rates make borrowing more expensive. This could slow down home sales, especially as many buyers were hoping for lower rates. The construction sector, however, has shown resilience, with job growth and increasing single-family home permits, reflecting demand for new homes. However, if mortgage rates remain elevated, it could dampen builder confidence and slow down construction activity.

Looking ahead, economists expect rates to remain volatile, with any further reductions dependent on inflation easing and the labor market softening. However, current trends suggest that mortgage rates could stabilize around the 6% range by the end of the year.

Audrey

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Mortgage rates spike after stronger-than-expected jobs report

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The average rate on the 30-year fixed mortgage is now 6.53% according to Mortgage News Daily.