International

US consumer confidence dips in November: survey

| By AFP |

US consumers were gloomier about the state of the American economy in November, likely due to a rise in gas prices and as recession risks loom, according to a survey released Tuesday.

The closely-watched consumer confidence index dipped to 100.2 in November, down two points from the month before, in a second straight month of decline, said think tank The Conference Board.

“Consumers’ expectations regarding the short-term outlook remained gloomy,” said Lynn Franco, senior director of economic indicators at The Conference Board.

The drop in consumer confidence this month, in line with analyst expectations, was “most likely prompted by the recent rise in gas prices,” she said.

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Data on consumers’ short-term outlook suggests the likelihood of a recession remains elevated as well.

“Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits,” Franco said.

Consumer inflation in the United States has been hovering at the highest level in decades, prompting the Federal Reserve to take aggressive steps to raise interest rates and cool the economy.

The central bank walks a tightrope trying to bring down surging costs while avoiding tipping the world’s biggest economy into a downturn.

For now, consumer intentions to buy homes, automobiles and big-ticket appliances have moderated.

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“The combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023,” Franco said.

But with inflation showing signs of easing and central bankers noting it would take time for policy effects to be realized, a growing number of voices including Fed officials have advocated for smaller steps in the coming months.

The consumer sentiment reading “remains depressed compared to pre-pandemic” levels, said economist Rubeela Farooqi of High Frequency Economics.

Overall, measures of sentiment “are sending a negative signal about household spending,” even if consumption continues to support growth for now, she added.

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International

Arsenal stun Real Madrid at the Bernabéu to reach Champions League semifinals

Arsenal enjoyed a “historic night” on Wednesday after defeating Real Madrid 2-1 at the Santiago Bernabéu, knocking them out of the Champions League quarterfinals, midfielder Declan Rice said.

“It’s such a special night for this club, a historic night for this club,” said Rice, who scored twice in the first leg in London, speaking to TNT Sports.

The English international was named Man of the Match in both legs — the 3-0 win in London and the second leg in Madrid.

“It’s amazing. I knew we were on an upward trajectory and we’ve done incredibly well in this competition. We deserve it and we have full confidence in our coach. Reaching the semifinals is unbelievable,” Rice added.

International

DeSantis’ immigration crackdown sparks alarm in Venezuelan Communities in Doral

Florida, the U.S. state with the third-largest immigrant population, has become the most aggressive in targeting undocumented immigrants, largely due to pressure from Governor Ron DeSantis. This shift has led Latino-majority cities like Orlando and Doral to authorize their police forces to assist in immigration enforcement.

In Doral — part of the greater Miami area where 70.7% of residents are immigrants and 48% are of Venezuelan origin — the City Council is expected to approve a measure this Wednesday allowing local police to collaborate with Immigration and Customs Enforcement (ICE), despite opposition from neighborhood groups and human rights activists.

“It’s yet another betrayal,” said Susana Ríos, a 57-year-old Venezuelan woman currently under Temporary Protected Status (TPS), whose extension was denied by the White House and is now being challenged in court.

Meanwhile, José González, a 21-year-old immigrant, said he feels “abandoned.” He can’t stop thinking about the images of Venezuelans deported to El Salvador without due process. “We’re all in danger,” he warned.

International

Bogotá residents line up for yellow fever vaccine amid national alert

David Suárez went to a public health center in Bogotá on Wednesday to get vaccinated against yellow fever. It wasn’t originally in his plans, but he responded to a call made just hours earlier by President Gustavo Petro, who announced he will declare a health and economic emergency due to a new outbreak of the disease that has already left more than 30 people dead, mostly in the central-western region of the country.

“I got vaccinated for two reasons: first, for my own health because I’m traveling, and second, for a social reason — simply to follow the president’s guidance and be aware that this is a problem for all of us,” said Suárez, a 39-year-old teacher, to The Associated Press.

Like Suárez, dozens of people were waiting in line for the vaccine at Bogotá’s main intercity bus terminal, a key transportation hub especially crowded during travel seasons like Holy Week.

The teacher is traveling with his family to the department of Huila, which has activated a contingency plan due to its proximity to Tolima — the epicenter of the yellow fever outbreak — where a state of public calamity has been declared.