Cryptocurrencies’ prices bumped up Friday after Jerome Powell, chair of the U.S. Federal Reserve, said in testimony before the House Financial Services Committee that the Fed has no plans to ban them. Bitcoin jumped 10.8 percent to rise above $48,000 on Powell’s comment; Ether also shot up 10.8 percent. Crypto enthusiasts have long been nervous...
Tag: oct 5 2021
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WITH VIETNAM LOCKDOWN SENDING BUSINESS TO OTHER COUNTRIES, THEY DO AN ABOUT FACE
Vietnam has imposed one of the world’s most stringent lockdowns in Ho Chi Minh City and its environs in an attempt to curb the COVID virus’s Delta variant, a move forcing several businesses to produce their goods in other countries. That message was delivered to Vietnam’s prime minister last week in a letter signed by...
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TURKEY: A CRIME TO TELL THE ECONOMIC TRUTH?
The government-run Turkish Statistical Institute (TurkStat) filed a criminal complaint against the Inflation Research Group (IRG), after theYreported that Turkey’s inflation rate is near 40 percent, not the 19.5 percent claimed by the country’s government and central bank. A prosecutor is investigating the complaint, which alleges the group violated rules by failing to publish its...
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CENTRAL BANKERS WARN OF LONGER-LASTING SUPPLY DISRUPTIONS
Supply disruptions will last longer than initially thought, according to the heads of four of the world’s largest central banks, who spoke at a 29 September panel discussion. Jerome Powell, chair of the U.S. Federal Reserve, expressed frustration that logistics tangles were hampering the world’s economic recovery and helping to drive inflation “well above target,”...
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EUROZONE CONSUMER RISING: WILL IT LAST?
Despite supply chain chaos and a pending energy crisis, citizens of the 19-country Eurozone are spending at a rate not seen since the COVID virus arrived, the Financial Times reported. The Organization for Economic Cooperation and Development’s real-time data tracking system showed spending at or above pre-COVID levels in most Eurozone countries, the group reported. ...
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POWER SHORTAGES CUT CHINA’S FACTORY OUTPUT: HOW BAD IS BAD?
Widespread power outages across China, the worst in more than a decade, forced the first contraction in the country’s manufacturing center last month since February 2020. The government has imposed power quotas on many factories, forcing them to operate part-time as Beijing seeks to manage short supplies of electricity while also cutting back its infamous...
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WILL EVERGRANDE DIVE CRASH CHINESE MARKETS?
Major investors, including Blackrock, Bridgewater Associates and Pacific Investment Management, are shrugging off the financial crisis that has struck Evergrande, China’s largest property developer, and sent a wave of anxiety through global financial markets earlier this month, according to The Wall Street Journal. Evergrande announced earlier this month that it might not be able to...
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GLOBAL CHIP SHORTAGE TO COST AUTO MAKERS $210 BILLION THIS YEAR
The global auto industry will build 7.7 million fewer vehicles this year, costing the companies $210 billion in sales, according to research firm AlixPartners, which had forecast a loss of only 3.9 million vehicles earlier this year. The persistent shortage of computer chips has led the firm to nearly double its previous estimate of lost...
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PWC: 40,000 WORKERS, WORK FROM HOME
All 40,000 U.S. employees of International accounting and business services firm PricewaterhouseCoopers (PwC) who work in client services are free from now on to work at home and live wherever they please, the firm has announced. The catch: those workers need to be available to come to a central office three days a month, at...
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“BIGS” WILL STILL PAY NO TAX UNDER BIDEN REFORM
President Joe Biden has decried the current tax structure that enables 55 of America’s richest and most successful companies to pay no income tax and has promised that his tax reform plan, now working its way through Congress, will plug that hole. The list of so-called “zero tax” companies, compiled by the Institute on Taxation...