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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Central America

Guatemala’s Attorney General Consuelo Porras Loses Bid for Constitutional Court Seat

Guatemala’s attorney general, Consuelo Porras, who has been sanctioned by the United States over corruption allegations, lost a key vote on Monday in which a public university selected two of the 10 magistrates for the country’s highest constitutional court. However, she could still seek a seat through another nominating body.

The election of five full magistrates and five alternates to the Corte de Constitucionalidad (CC) is taking place gradually over more than two months and is considered crucial in the ongoing struggle for control of Guatemala’s judiciary, which critics say has long been influenced by a political and economic elite accused of corruption.

According to results announced at a press conference, the governing council of the Universidad de San Carlos de Guatemala (USAC) rejected Porras, who had applied as either a full or alternate magistrate, and instead chose two candidates aligned with the university rector. The vote was held at a hotel in Antigua, about 35 kilometers from the capital.

Despite the setback, Porras — whose term as attorney general ends on May 16 — could still be nominated to the Constitutional Court by the Corte Suprema de Justicia, which appoints two magistrates. The remaining six are selected by the president, the bar association and Congress.

“It’s always a possibility,” the 72-year-old lawyer said days earlier when asked by reporters whether she would seek nomination through another institution if she lost the USAC vote.

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Porras has been sanctioned by Washington and the European Union for allegedly attempting two years ago to block the inauguration of President Bernardo Arévalo and for pursuing legal actions against anti-corruption prosecutors, judges, journalists and social leaders since taking office in 2018.

The USAC vote was controversial because most members of the university’s governing council are serving beyond the expiration of their terms. Students, academics and social activists staged protests against Porras’ candidacy.

International

Florida judge sets 2027 trial in Trump’s $10 billion lawsuit against BBC

A federal judge in Florida has scheduled February 2027 for the trial in the lawsuit filed by U.S. President Donald Trump against the BBC, in which he is seeking $10 billion in damages for defamation.

Trump accuses the British broadcaster of airing a misleading edit of a speech he delivered on January 6, 2021, which, he says, made it appear that he explicitly urged his supporters to attack the U.S. Capitol in Washington.

The president filed the suit in December in federal court in Florida, alleging defamation and violations of a law governing business practices when the program was broadcast ahead of the 2024 election.

Trump is seeking $5 billion in damages for each of the two claims.

Lawyers for the BBC unsuccessfully asked the court to dismiss the case, arguing that Trump had not suffered a “legally recognizable harm,” since the investigative program Panorama, which included the edited footage, aired outside the United States.

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International

Head-of-state diplomacy key to guiding China–U.S. ties, Beijing says

Head-of-state diplomacy plays an irreplaceable strategic guiding role in China–United States relations, Chinese Foreign Ministry spokesperson Lin Jian said on Thursday during a regular press briefing, when asked about high-level exchanges between the two sides.

Lin added that in a recent phone call, U.S. President Donald Trump once again expressed his intention to visit China in April, while Chinese President Xi Jinping reiterated his invitation.

Both sides remain in communication regarding the matter, the spokesperson said.

Lin noted that the essence of China–U.S. economic and trade ties lies in mutual benefit and win-win outcomes.

“Both parties should work together to implement the important consensus reached by the two heads of state, injecting greater certainty and stability into China–U.S. economic and trade cooperation, as well as into the global economy,” he said.