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

Ecuador’s Noboa vows to continue “war” on criminal groups

Ecuador’s President Daniel Noboa said on Sunday that his government will continue the “war” against criminal organizations and warned that he will not yield to criminal gangs operating in the South American country.

During his state-of-the-nation address before the National Assembly, Noboa stated that criminal structures “will tire first” before his administration abandons its fight against violence and drug trafficking.

The president reaffirmed his hardline security strategy amid ongoing concerns over organized crime and drug-related violence in Ecuador.

International

Iran says agreement with U.S. to end Middle East conflict is in final stages

Iran’s Foreign Ministry spokesperson, Esmail Baqai, said Saturday that Tehran and the United States were in the “finalization phase” of a memorandum of understanding aimed at ending the conflict in the Middle East.

Speaking to Iranian state television Irib, Baqai explained that Iran had initially sought to draft a memorandum consisting of 14 clauses as part of the negotiations.

“We are currently in the phase of finalizing these memorandums of understanding,” he stated.

Shortly before Baqai’s remarks became public, U.S. Secretary of State Marco Rubio said there was “a possibility” that Iran could agree to a deal to end the conflict as early as Saturday.

“There is a possibility that later today, tomorrow, or within the next couple of days, we may have something to announce,” Rubio told reporters in New Delhi, adding that he hoped for “good news.”

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Despite acknowledging progress in the negotiations, the top U.S. diplomat warned that President Donald Trump could still decide to resume military strikes against Iran if talks fail to produce a final agreement.

International

WHO Warns Ebola Outbreak Is Spreading Rapidly in DR Congo

The World Health Organization on Friday raised the risk level of the Ebola outbreak in the Democratic Republic of the Congo from “high” to “very high,” the highest alert category used by the organization.

WHO Director-General Tedros Adhanom Ghebreyesus said the outbreak is spreading rapidly across the country, particularly in the eastern provinces of North Kivu and South Kivu.

“The Ebola outbreak in the Democratic Republic of the Congo is spreading rapidly,” Tedros stated during a press conference.

He explained that the WHO had previously classified the risk as high at both the national and regional levels, while maintaining a low risk assessment globally.

“We are now revising our risk assessment to classify it as very high at the national level, high at the regional level, and low at the global level,” he added.

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A WHO spokesperson told AFP that “very high” represents the organization’s highest risk category.

The outbreak has expanded across North Kivu and South Kivu, regions divided by the frontline between Congolese government forces and the armed group M23, which is reportedly backed by Rwanda and has seized large areas of territory since 2021.