Author: Consultant

  • China December manufacturing contracts at sharpest pace in almost 3 years

    China December manufacturing contracts at sharpest pace in almost 3 years

    • China’s official purchasing managers’ index (PMI) fell to 47.0 from 48.0 in November, the National Bureau of Statistics said on Saturday. The 50-point mark separates contraction from growth.
    • The drop was the biggest since the early days of the pandemic in February 2020.
    • Economists in a Reuters poll had expected the PMI to come in at 48.0.

    https://www.cnbc.com/2022/12/31/china-manufacturing-contracts-sharply-as-covid-infections-soar.html

  • Ohio county reports more than 80 measles cases, majority of the country’s 117

    Ohio county reports more than 80 measles cases, majority of the country’s 117

    measles outbreak in Central Ohio has infected 82 patients under the age of 18 with nearly 40% of the children, 32, needing to be hospitalized, according to reports. 

    The outbreak in Franklin County marks the first time a case has been reported in the area in 20 years, Axios reported. 

    Franklin County’s 82 cases make up the bulk of the nation’s 117 reported cases. 

    https://www.foxnews.com/health/ohio-county-reports-more-than-measles-cases-majority-countrys

  • Biden signs US$1.7-trillion bill funding government operations

    Biden signs US$1.7-trillion bill funding government operations

    President Joe Biden on Thursday signed a $1.7 trillion spending bill that will keep the federal government operating through the end of the federal budget year in September 2023, and provide tens of billions of dollars in new aid to Ukraine for its fight against the Russian military.

    Biden had until late Friday to sign the bill to avoid a partial government shutdown.

    The Democratic-controlled House passed the bill 225-201, mostly along party lines, just before Christmas. The House vote came a day after the Senate, also led by Democrats, voted 68-29 to pass the bill with significantly more Republican support.

    Biden had said passage was proof that Republicans and Democrats can work together.

    Rep. Kevin McCarthy, the House Republican leader who hopes to become speaker when a new session Congress opens on Jan. 3, argued during floor debate that the bill spends too much and does too little to curb illegal immigration and the flow of fentanyl into the U.S. from Mexico.

    “This is a monstrosity that is one of the most shameful acts I’ve ever seen in this body,” McCarthy said of the legislation.

    McCarthy is appealing for support from staunch conservatives in the GOP caucus, who have largely blasted the bill for its size and scope. Republicans will have a narrow House majority come Jan. 3 and several conservative members have vowed not to vote for McCarthy to become speaker.

    The funding bill includes a roughly 6% increase in spending for domestic initiatives, to $772.5 billion. Spending on defence programs will increase by about 10%, to $858 billion.

    Passage was achieved hours before financing for federal agencies was set to expire. Lawmakers had approved two short-term spending measures to keep the government operating, and a third, funding the government through Dec. 30, passed last Friday. Biden signed it to ensure services would continue until Congress sent him the full-year measure, called an omnibus bill.

    The massive bill, which topped out at more than 4,000 pages, wraps together 12 appropriations bills, aid to Ukraine and disaster relief for communities recovering from natural disasters. It also contains scores of policy changes that lawmakers worked to include in the final major bill considered by that session of Congress.

    Lawmakers provided roughly $45 billion for Ukraine and NATO allies, more than even Biden had requested, an acknowledgment that future rounds of funding are not guaranteed when Republicans take control of the House next week following the party’s gains in the midterm elections.

    Though support for Ukraine aid has largely been bipartisan, some House Republicans have opposed the spending and argued that the money would be better spent on priorities in the United States.

    McCarthy has warned that Republicans will not write a “blank check” for Ukraine in the future.

    The bill also includes about $40 billion in emergency spending, mostly to help communities across the U.S. as they recover from drought, hurricanes and other natural disasters.

    The White House said it received the bill from Congress late Wednesday afternoon. It was delivered to Biden for his signature by White House staff on a regularly scheduled commercial flight.

    Biden signed the bill Thursday in the U.S. Virgin Islands, where he is spending time with his wife, Jill, and other family members on the island of St. Croix. The Bidens are staying at the home of friends Bill and Connie Neville, the White House said. Bill Neville owns US Viking, maker of ENPS, a news production software system that is sold by the Associated Press.

    Also in the bill are scores of policy changes that are largely unrelated to spending, but lawmakers worked furiously behind the scenes to get the added to the bill, which was the final piece of legislation that came out of that session of Congress. Otherwise, lawmakers sponsoring these changes would have had to start from scratch next year in a politically divided Congress in which Republicans will return to the majority in the House and Democrats will continue to control the Senate.

    One of the most notable examples was a historic revision to federal election law to prevent a future president or presidential candidate from trying to overturn an election.

    The bipartisan overhaul of the Electoral Count Act is a direct response to-then President Donald Trump’s efforts to persuade Republican lawmakers and then-Vice President Mike Pence to object to the certification of Biden’s victory on Jan. 6, 2021, the day of the Trump-inspired insurrection at the Capitol.

    Among the spending increases Democrats emphasized: a $500 increase in the maximum size of Pell grants for low-income college students, a $100 million increase in block grants to states for substance abuse prevention and treatment programs, a 22% increase in spending on veterans’ medical care and $3.7 billion in emergency relief to farmers and ranchers hit by natural disasters.

    The bill also provides roughly $15.3 billion for more than 7,200 projects that lawmakers sought for their home states and districts. Under revamped rules for community project funding, also referred to as earmarks, lawmakers must post their requests online and attest they have no financial interest in the projects. Still, many fiscal conservatives criticize the earmarking as leading to unnecessary spending.

  • Iran holds military drill near strategic Strait of Hormuz

    Iran holds military drill near strategic Strait of Hormuz

    Iran’s military on Friday kicked off its annual drill in the coastal area of the Gulf of Oman and near the strategic Strait of Hormuz, state TV reported, even as the authorities continue their crackdown on anti-government protests that have been underway for over three months.

    The strait is located at the mouth of the Persian Gulf and is crucial to global energy supplies, with about a fifth of all oil traded at sea passing through it.

    The TV report said commandos and airborne infantry would participate in the wargames, dubbed “Zolfaghar-1401,” along with drones, fighter jets, helicopters, military transport aircraft and submarines. Iran’s military is to fire missiles and air defense systems as well, it added.

    The maneuvers are aimed at “improving readiness in confronting foreign threats and any possible invasion,” the TV said.

    Iran regularly holds such drills to improve its defensive power and test weapons.

    Since mid-September, Iran has been shaken by anti-government protests. They were ignited by the death of a woman who was detained by the country’s morality police. The demonstrations rapidly escalated into calls for an end to more than four decades of the country’s clerical rule.

  • Oil set to end turbulent 2022 with second straight annual gain

    Oil set to end turbulent 2022 with second straight annual gain

    Oil prices rose on Friday and were on track for a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and weakening demand from the world’s top crude importer, China.

    Crude surged in March with global benchmark Brent reaching $139.13 a barrel, the highest since 2008, after Russia’s invasion of Ukraine sparked supply concerns. Prices cooled rapidly in 2022′s second half on worries about global recession.

    “This has been an extraordinary year for commodity markets, with supply risks leading to increased volatility and elevated prices,” said ING analyst Ewa Manthey.

    “Next year is set to be another year of uncertainty, with plenty of volatility.”

    On Friday, Brent crude was down 35 cents, or 0.4 per cent, at $83.11 a barrel by 1240 GMT. U.S. West Texas Intermediate crude rose 10 cents, or 0.1 per cent, to $78.50.

    For the year, Brent looked set to gain 6.9 per cent, after jumping 50 per cent in 2021. U.S. crude is on track to rise 4.4 per cent in 2022, following last year’s gain of 55 per cent. Both benchmarks fell in 2020 as the pandemic hit demand.

    “Investors are going into 2023 with a cautious mindset, prepared for more rate hikes, and expecting recessions around the globe,” said Craig Erlam, analyst at brokerage OANDA.

    “Volatility is likely going nowhere fast as we navigate another highly uncertain year.”

    While an increase in year-end holiday travel and Russia’s ban on crude and oil product sales are supportive, supply tightness will be offset by declining consumption due to a deteriorating economic environment next year, said CMC Markets analyst Leon Li.

    “The global unemployment rate is expected to rise rapidly in 2023, restraining energy demand. So I think oil prices may fall to $60 next year,” he said.

    Oil’s fall in the second half of 2022 came as central banks hiked interest rates to fight inflation, boosting the U.S. dollar. That made dollar-denominated commodities a more costly investment for holders of other currencies.

    Also, China’s zero-COVID restrictions, which were only eased this month, squashed demand recovery hopes. The world’s No. 2 consumer in 2022 posted its first drop in oil demand for years.

    While China is expected to recover in 2023, a recent surge in COVID-19 cases has dimmed hopes of an immediate demand boost.

  • Chinese New Year 2023: Date Jan. 22, Year of the Rabbit

    Chinese New Year 2023: Date Jan. 22, Year of the Rabbit

    Chinese New Year 2023 will fall on Sunday, January 22nd, 2023, starting a year of the Rabbit. As a public holiday, Chinese people will get 7 days off from work from January 21st to January 27th in 2023.

    https://www.chinahighlights.com/travelguide/festivals/when-chinese-new-year.htm

  • 2023 Stock Market Holidays – Market Closed

    2023 Stock Market Holidays – Market Closed

  • UK woman arrested for praying near abortion center warns more arrests may come

    UK woman arrested for praying near abortion center warns more arrests may come

    A British woman arrested near a Birmingham, England abortion center for praying, under a new protest prohibition statute, told Fox News she fears her situation will not be the last in the U.K.

    On “Tucker Carlson Tonight,” Isabel Vaughan-Spruce said she has long engaged in silent prayer outside clinics, saying dozens of women have accepted her offers of help and go on to continue their pregnancies rather than terminate them as-planned.

    She explained to host Tucker Carlson how the anti-protest policy has since been used to include similar behavior at abortion centers.

    “In September this year, the local council in Birmingham brought in this censorship zone, this PSPO – formerly these were used for dog fouling and drunken behavior and things like that,” Vaughan-Spruce said. “But they’re now popping up around the country surrounding abortion centers, and they banned behavior like protesting, but it also names prayer and counseling as forms of protesting.”

    https://www.foxnews.com/media/uk-woman-arrested-praying-abortion-center-warns-more-arrests