economy Archives - The Star Bulletin

Dec

22

2022

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By Fredric M. Wiseman

UK economy shrank faster than was initially thought during the third quarter

Newseconomy, inflation, news, uk

UK economy shrank faster than was initially thought during the third quarter The latest figures released by the Office for National Statistics on Thursday showed a grim future of The U.K. economy, which has been shown to have contracted by more than initially predicted between the months of July between July and September. Gross domestic product decreased by an estimated 0.3 percent during the 3rd quarter 2022 in contrast to the expected 0.2 percent decline due to business investment performing less than expected. The growth figures for the first second quarter of 2022 also reduced, with the figures which show…

Dec

19

2022

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By Helen E. Blake

It’s not the case that the US inflation slowdown doesn’t stem from Fed rate hikes.

Newseconomy, inflation, US

It's not the case that the US inflation slowdown doesn't stem from Fed rate hikes. A lot of the industries which have experienced price reductions aren't impacted by interest rates. Recent US inflation data have been a triumph for team transitory economists who predicted that inflation would fall without any interest rate hikes. The US consumer price index (CPI) increased by 0.1 percent between October and November, well below the 0.3 percent increase the economists asked with Dow Jones had predicted. A variety of indicators of inflation dropped or slowed in November. This is partly because of the ease of…

Dec

17

2022

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By Patsy S. Nielsen

The Infrastructure bill will provide more money to Soo Locks construction

Newsdevelopment, economy, infrastructure

The Infrastructure bill will provide more money to Soo Locks construction Federal funds will flow into the lock construction development located in Sault Ste. Marie following it was announced that the U.S. The Senate on Thursday approved the final version of the broad Pentagon spending bill, which included the request of the Army Corps of Engineers for an increase in funding authorizations for the project. The Detroit Free Press The year-long National Defense Authorization Act that will be sent to the president Joe Biden for his signature is an expansive $858 billion package that provides the 4.6 percent increase in…

Dec

17

2022

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By Debbik S.

UK downturn moderates in December but recession begins – PMI

Newseconomy, uk

UK downturn moderates in December but recession begins - PMI The economic downturn that affected the majority of British firms eased a bit this month, but the manufacturing sector struggled and the economy is likely to shrink this quarter, indicating recession, a poll found on Friday. The UK S&P Global Composite PMI, or Purchasing Managers' Index (PMI) increased to 49.0 after 48.2 at the end of November but it was still lower than the 50-point threshold for growth. A Reuters survey of economists predicted a slight decline to 48.0. The dominant service sector was the driver behind all the improvements…

Dec

17

2022

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By Fredric M. Wiseman

Austria central bank predicts mild recession then 0.6% growth in 2023

NewsAustria central bank, economy, inflation, news

Austria central bank predicts mild recession then 0.6% growth in 2023. Austria will be in a "mild" recession by the end of the year, and then at the start of 2023, the central bank announced on Friday, anticipating that growth in gross domestic product next year will be at 0.6 percent, higher than the forecasts of other analysts. Two major economic think-tanks, Wifo and IHS, issued economic forecasts for an increase in the GDP range of 4.7%-4.8 percent this year, and 0.3%-0.4 percent in the next year. Austria's National Bank released its own forecast. The Austrian National Bank produced its…

Dec

14

2022

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By Fredric M. Wiseman

Some pressure is relieved by a slowdown in US Inflation

Newseconomy, news, US Inflation

Some pressure is relieved by a slowdown in US Inflation. The latest indicator that prices are cooling is the slowing of inflation in the United States last month. This is despite the continuing pressures on American households. The government announced Tuesday that consumer prices increased 7.1% in November compared to a year ago. This was a sharp decline from the October peak of 7.7% and June's record high of 9.1%. This was the fifth consecutive decline. The consumer price index rose 0.1% when it was measured from month-to-month, giving a more current snapshot. Core inflation, which excludes volatile energy and…

Dec

13

2022

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By Kevin Bonner

Asian stocks waver ahead of US inflation data and central bank rate decisions

NewsCOVID-19, economy, inflation, US

Asian stocks waver ahead of US inflation data and central bank rate decisions. After making gains early Tuesday, Asian stock markets fell as investors waited for U.S. Inflation data. Many hope that this will convince the Federal Reserve and other central bankers to stop pursuing aggressive interest rate increases. MSCI's broadest index Asia-Pacific shares outside Japan was at 0.10%, while Japan's Nikkei shares were 0.335% higher and Australian shares were at 0.24% and 0.24% respectively. Seoul's KOSPI index fell 0.10%. The UK economy shrinks by 0.3% in three months from October China's CSI300 Index and Shanghai Composite Index both fell…

Dec

12

2022

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By Kevin Bonner

Cal City delays again a decision on a new budget

Newsbudget, California, economy

Cal City delays again a decision on a new budget. On Thursday, the City Council saw the budget proposal for the 2022-2023 fiscal years. However, it delayed any decision until January when a new Council will be seated and more information will be available. ClearGov Inc. presented the draft budget for the fiscal year, which is already five months old. It is the first time that ClearGov Inc. has submitted it under a contract of three years, which was awarded in October. Interim City Manager Jim Hart stated that the budget presented was "apparently our first attempt at a Budget…

Dec

11

2022

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By Fredric M. Wiseman

How Blockchain can accelerate financial inclusion and social inclusion

News#technology, blockchain technology, economy

How Blockchain can accelerate financial inclusion and social inclusion. Today's world has sufficient resources to provide a basic level of living for everyone. In reality, however, the world is divided into haves and have-nots. As millions of people still live below the poverty line, global inequality remains skewed in favor of the wealthy. As a founder of the blockchain ecosystem, my call is for the world to reconsider a paradigm shift from 'for profit' to 'for benefit'. I appeal to the world to move away from the idea of profit maximization or crony capitalism in the fourth industrial revolution and…

Dec

11

2022

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By Helen E. Blake

Markets seeking a final burst of liquidity before the year ends

NewsBSE SENSEX, economy, stock market, US

Markets seeking a final burst of liquidity before the year ends. We are now close to the point where the rally should resume in the next few days. If this does not occur, another round of selling could take place. This could put an end to the Santa Claus rally one is used to seeing on Indian markets. BSE SENSEX fell by 686.83 points, or 1.09 percent, to close at 62.181.67 points. NIFTY fell by 199.50 points (or 1.07%) to close at 18,496.60.0 points. BSE100 and BSE200 saw their shares drop 0.95 percent, 0.96%, and 0.96% respectively in the broader…

Dec

10

2022

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By Patsy S. Nielsen

Pantami calls for the creation of a Ministry of Digital Economy in all states

NewsCOVID-19, digital economy, economy, ICT, news, Oyo

Pantami calls for the creation of a Ministry of Digital Economy in all states Professor Alli Isa Pantami (Minister of Communications and Digital Economy) has asked state governments to establish a ministry for digital economy to increase economic growth. Pantami made this statement in Ibadan, Oyo State's capital yesterday during a courtesy call on Governor Seyi Makinde to express appreciation for his decision to host the ongoing 10th National Council on Communication and Digital Economy (Ibadan) Pantami made this statement in Ibadan, Oyo State's capital yesterday during a courtesy call on Governor Seyi Makinde to express appreciation for his decision…

Dec

08

2022

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By Patsy S. Nielsen

Inflation data from the United States shows that world shares are mixed ahead of US jobs

NewsCOVID-19, economy, inflation, news, Shares, US

Inflation data from the United States shows that world shares are mixed ahead of US jobs Europe and Asia shares were mixed ahead of Friday's release of U.S. inflation and jobless data. U.S. futures rose and oil prices rebounded. Investors are looking for more information about inflation and the Fed's plans to continue fighting high prices. On Thursday, the U.S. will release data about weekly unemployment claims. The Fed has had difficulty taming inflation because of the strong job market. Friday's report by the government on wholesale prices will give more information about how inflation affects businesses. New Aerodynamic Technologies…

Dec

08

2022

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By Fredric M. Wiseman

Investors weigh rates and economic outlooks as the dollar rises

Newseconomy, European Central Bank, inflation, news, US dollar

Investors weigh rates and economic outlooks as the dollar rises On Thursday, the dollar gained ground, supported by an increase in U.S. Treasury yields. Investors weighed the outlook of Federal Reserve policy against the possibility that high interest rates could cause a recession. Next week will bring a host of important central bank decisions, including those of the Federal Reserve, European Central Bank, and Bank of England. Investors and traders need to know if inflation has reached its peak. This will allow policymakers greater flexibility to offer lower interest-rate increases in the months ahead. The U.S. monthly consumer inflation report…

Dec

03

2022

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By Fredric M. Wiseman

Markets Wait for December Fed Meeting After Blowout November Jobs report

Newseconomy, inflation, news, stock markets, US

Markets Wait for December Fed Meeting After Blowout November Jobs report The Fed's policy has been a major driver of the US stock market this year, as the US central banks have taken the most aggressive monetary tightening in decades. What can we expect from the Fed's December meeting following a rousing November jobs report? The November nonfarm payrolls rose by 263,000, which was much higher than the expected 200,000. The Labor Bureau also revised upwards the October nonfarm payrolls, to 284,000. A strong jobs report is usually a positive for stocks. Investors see strong jobs reports as a negative…

Dec

02

2022

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By Fredric M. Wiseman

Low inflation is a major concern for the global economy: Rajan, ex-RBI chief

Newseconomy, india, inflation, news, Thailand, US

Low inflation is a major concern for the global economy: Rajan, ex-RBI chief. Raghuram Rajan, an ex-governor of India's central banks, stated that the global economy could return to low inflation and that central bankers who pursue restrictive monetary policies should be aware. Foreign Trusts Pose Headaches for US Transferors and Beneficiaries Rajan, who is now a professor of finance in the University of Chicago Booth School of Business, stated that central banks need to ask themselves whether their policies were flexible enough when inflation moved from low to high. He said Friday at a conference hosted by the Bank…

Nov

23

2022

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By Kevin Bonner

California City Lands $3.4M From the Rescue Plan Act

NewsCalifornia, COVID-19, economy

California City Lands $3.4M From the Rescue Plan Act - California City received nearly $3.4 Million from the $1.9Billion American Rescue Plan Act. This federal stimulus bill, which is worth $1.9 trillion, was intended to assist communities and governments in their economic recovery and public health from the COVID-19 outbreak. The Act was signed on March 20, 2021. The Act requires that the funds be used for projects by 2024 and obligated by 2026. (California City Lands $3.4M From the Rescue Plan Act) According to Jim Hart's interim city manager report on Nov. 8, the city had spent $466,000 of…

Nov

22

2022

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By Fredric M. Wiseman

In the face of inflation holiday shoppers are changing their spending habits

Newseconomy, inflation, National Retail Federation, The Food Industry Associatio

In the face of inflation holiday shoppers are changing their spending habits - Holiday shopping is well underway, but it really picks up with Cyber Monday, Small Business Saturday, Black Friday and Cyber Monday. Although inflation has slowed slightly between September and October, the prices for almost everything is still very high. A recent survey from Bankrate.com found that two-fifths of shoppers believe inflation will affect how they shop in the coming year. According to the survey, 40% of shoppers will shop less, while others will choose cheaper brands and use credit cards to offset their costs. Others will make…

Nov

16

2022

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By Helen E. Blake

The weak Pound provides US Dollar buyers firepower in London’s top postcodes

News#networth, economy, pound, rishi sunak, u.s dollar, uk, US

The weak Pound provides US Dollar buyers firepower in London's top postcodes - With the UK budget that the government recently released, and its subsequent weakening of the Pound What effect will the economic outlook for the coming months impact how the London housing market? How could this be an incentive in the international market. In September the former Premier Minister of the United Kingdom, Liz Truss and her team, announced the reduction in stamp duty as well as a number of other tax reduction actions with the intention to boost economic growth. The "permanent" reduction in stamp duty was…

Nov

15

2022

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By Kevin Bonner

IFC announces $225 million platform that will support early-stage startups across Africa, Asia, Middle East

News#technology, economy, IFC, World Bank

The IFC announces $225 million platform that will support early-stage of their development in Africa, Middle East, Central Asia, and Pakistan. The IFC is one of the members of the World Bank, will through the platform invest in capital and "equity-like" funding for tech startups in order to "grow their businesses into sustainable ventures which can be able to draw large-scale capital and debt financing." The bank stated in a statement it would also make use of the platform that is sector-neutral to collaborate alongside other participants of the World Bank to champion for regulatory reforms, sector studies and other…

Nov

10

2022

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By Kevin Bonner

Inflation data from October in the United States offer little relief.

Newseconomy, inflation, russia, U.S. economy, US

The country's abysmal inflation rate probably remained at a simmering level in October. This gave the Federal Reserve little reason to relax in its efforts to slow price rises by steadily increasing interest rates. According to FactSet's survey of economists, the Labor Department will report on Thursday that consumer prices rose by 8% over 12 months and by 0.6% between September and October. Core inflation, which excludes volatile energy and food costs, is expected to have risen 6.5% over the past year, and 0.5% between September and October. The United States, like many other countries, is having difficulty controlling inflation.…

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