At Heritage.org, economist Stephen Moore explains how Joe Biden is making homeownership more difficult for Americans. He writes: In boasting about “Bidenomics” two weeks ago in Milwaukee, President Joe Biden declared that his policies are “restoring the American dream.” Then he went into his creepy whispering mode and assured us “it’s working.” Huh? Isn’t a big aspiration of the American dream owning a home? Biden keeps making first-time homeownership harder for young families for two reasons. One is that the overall jump in inflation and the slower increase in wages and salaries means … [Read more...]
India Burns Coal as Europe Strangles Its Economy for “Net Zero”
In the pursuit of lower emissions, European nations have strangled themselves with economy-crimping restrictions on businesses and individuals. In India, power plants are burning more coal than ever as its economy grows. As its economy grows, India is on course to soon permanently produce greater emissions than Europe. Reuters's Gavin Maguire reports: India's power sector emissions from fossil fuels exceeded those of Europe's for the first time in April, May and June of this year, and are on course to permanently eclipse Europe's power pollution totals due to diverging trends in fossil fuel … [Read more...]
Fresh Pressure from OPEC+ Pushes Oil Prices Higher
New voluntary commitments on reductions in crude oil production by Saudi Arabia and Russia, members of OPEC+, have pushed up prices. Reuters's Mike Dolan reports: Falling energy prices have been a disinflationary tailwind for world markets for most of the year, but rebounding crude and fading annual base effects suggest an oil slick up ahead. And for investors searching for the sharp end of fractious geopolitics, look no further. The energy price shock surrounding a pandemic reboot and Russia's invasion of Ukraine early last year had almost disappeared, offering significant relief to … [Read more...]
Will the Federal Reserve Cut Rates Next Year?
In Morningstar, Sarah Hansen and Caryl Anne Francia discuss the predictions that the Federal Reserve will cut rates as many as five times next year. They write: We may be savoring the final days of summer, but market watchers are looking ahead to 2024 for clues about the path interest rates will take. That will depend largely on the trajectory inflation takes. Economists expect the Federal Reserve to begin cutting interest rates at some point next year, but there’s no clear consensus on when, or by how much. The Fed began a steady campaign of rate hikes in March 2022, when inflation was … [Read more...]
American Security Officials Concerned by New Chinese Chip Technology
Joe Biden's National Security Advisor Jake Sullivan has raised the alarm over the unveiling of new chip technology by China's smartphone manufacturer, Huawei. Bloomberg's Jenny Leonard, Michelle Jamrisko, and Debby Wu report: The US is working to establish the full details of Huawei Technologies Co.’s advances in chip technology, news of which has stoked Chinese nationalism and ignited speculation about the effectiveness of Washington’s curbs on the country’s vast technology sector. US National Security Advisor Jake Sullivan said on Tuesday the government wanted to know the precise … [Read more...]
Americans Just Keep Buying, but for How Long?
Americans have been on a spending binge since Covid lockdowns began, defying many predictions with their persistence. Can it keep going? Robin Wigglesworth reports in the Financial Times: The biggest driver of the surprisingly resilient US economy has been the ability and willingness of Americans to shrug off the bad vibes and buy “everything that isn’t nailed down”, as Chris Rupkey puts it. Consumer spending doesn’t seem to be slackening much either. Quarter-on-quarter growth did slow from a blockbuster 4.2 per cent in the first three months of 2023 to 1.7 per cent in the second quarter, … [Read more...]
India Lures New Business as China Fades
Manufacturers are looking for alternatives to China. For geopolitical reasons and in response to China's long Covid lockdowns that crimped supply chains, businesses are searching elsewhere for new suppliers. India has become a prime location. In The Wall Street Journal, Aruna Viswanatha reports on India's rise as a destination for manufacturing: BENGALURU, India— In early 2020, as the pandemic was shutting down global commerce, a Pennsylvania company was having trouble getting its usual steel parts out of China. It stumbled on another possible option—in India. Zetwerk, a two-year-old … [Read more...]
Is the Pandemic Retail Boom Finally Over?
Retailers are reporting weakening profits as consumers are "being more judicious in how they spend." Dean Seal reports in The Wall Street Journal: Shoppers have shifted their spending habits in a postpandemic world, leaving retailers in the lurch. The stocks of major retailers have tumbledas storesincluding Macy’s, Dick’s Sporting Goods and Foot Locker posted slowing sales, weakening profits and tepid forecasts. Their lackluster results offer more evidence that strained consumers feeling the weight of higher debt and increased prices are redirecting their discretionary spending away from … [Read more...]
Walmart Teams Up with Google for Long Distance Drone Deliveries
Two of America's best-known companies are working together on using drones to deliver products up to six miles away from stores. Bloomberg's Brendan Case reports: Walmart Inc. is planning its longest drone deliveries yet by teaming up with Alphabet Inc.’s Wing unit at two Dallas-area stores. The Wing drones will be able to drop off food and household essentials as far as six miles from the stores, Prathibha Rajashekhar, senior vice president of innovation and automation at Walmart’s US unit, said in a statement Thursday. Wing has approvals from the Federal Aviation Administration to fly … [Read more...]
Logistics Industry Looks Beyond China
The world's logistics industry is looking to build facilities and infrastructure in Asia outside of China as manufacturers look to diversify their supply chains away from the country. Oliver Telling and Chan Ho-him report in the Financial Times: The world’s largest shipping and logistics groups are locked in an increasingly intense rush to buy facilities in Asia in a bid to help their customers expand supply chains beyond China. Competition for assets has been fuelled by cash reserves that freight groups worldwide built up when disruption and increased ecommerce spending boosted demand for … [Read more...]
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