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

Germany says football bodies alone will decide on possible World Cup boycott

The German Football Association (DFB) and FIFA will decide with full “autonomy” whether to boycott the upcoming World Cup, which will be hosted mainly by the United States in six months, following threats made by former U.S. president Donald Trump, the German government told AFP on Tuesday.

Trump has threatened to seize Greenland and impose higher tariffs on European countries that oppose the plan, raising political tensions between the United States and Europe.

“This assessment therefore lies with the relevant federations, in this case the DFB and FIFA. The federal government will respect that decision,” Sports State Secretary Christiane Schenderlein said in a statement emailed to AFP.

AFP had asked the German government about the possibility of a boycott of the World Cup to be jointly hosted by Canada, the United States and Mexico from June 11 to July 19.

“The federal government respects the autonomy of sport. Decisions regarding participation in major sporting events or possible boycotts fall exclusively within the responsibility of the relevant sports federations, not the political sphere,” said Schenderlein, a member of the conservative CDU, the party of Chancellor Friedrich Merz.

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International

Daily Mail publisher insists reports relied on legitimate sources amid privacy trial

Two British tabloids accused of phone hacking and other forms of “unlawful information gathering” against Prince Harry and six other individuals, including singer Elton John, insisted on Tuesday that their reporting relied on legitimate sources.

Associated Newspapers Ltd (ANL), the publisher of the Daily Mail and The Mail on Sunday, sought to rebut allegations of privacy violations through illegal methods on the second day of trial at London’s High Court, following a lawsuit filed by the seven claimants.

Prince Harry, 41, who attended court hearings on both Monday and Tuesday, could be called to testify starting Wednesday in a trial expected to last up to nine weeks.

Lawyers for the claimants said the alleged illegal activities took place between 1993 and 2011, with some incidents reportedly extending as late as 2018. They argue that the tabloids hired private investigators to intercept phone calls and obtain confidential information, including detailed phone records, medical histories, and bank statements.

However, Anthony White, counsel for ANL, told the court that the trial would show the company presents “a compelling account of a pattern of lawful source acquisition” for its articles.

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White added that the claims would require the court to believe that journalists and staff at the tabloids had engaged in widespread dishonesty, which the company strongly denies.

International

Death toll from southern Spain train crash rises to 40

The death toll from the train accident that occurred on Sunday in southern Spain has risen to 40, according to investigative sources cited by EFE on Monday afternoon.

Since early Monday, search operations have focused on the damaged carriages of a Renfe train bound for Huelva, which collided with the last derailed cars of an Iryo train traveling from Málaga to Madrid after it left the tracks.

The crash has also left more than 150 people injured. Of these, 41 remain hospitalized, including 12 in intensive care units at hospitals across the Andalusia region.

More than 220 Civil Guard officers are working at the site, searching the railway line and surrounding areas for key evidence to help identify victims and determine the causes of the accident.

The tragedy has revived memories of the deadliest railway disasters in Europe in recent decades. In Spain, the most severe occurred on July 24, 2013, when an Alvia train derailed near Santiago de Compostela, killing 80 people and injuring 130 others.

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At the European level, the worst rail disaster took place on June 3, 1998, in Eschede, northern Germany, when a high-speed train struck a bridge pillar at 200 kilometers per hour, resulting in 98 deaths and 120 injuries.