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.
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.
“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.
International
Lula Launches Re-Election Campaign Amid Rising Tensions With Trump
Brazilian President Luiz Inácio Lula da Silva is set to be officially nominated for re-election by his Workers’ Party (PT), marking the start of his campaign for a fourth presidential term.
The nomination takes place during the party’s national convention in São Paulo, Brazil’s economic hub, where around 3,000 supporters gathered to back the veteran leftist leader.
“Today I’m here because Lula’s policies changed my life and my family’s. Thanks to him, we finally own a home after eight generations without one,” said Cristiane Rosa Julho, a 51-year-old social worker attending the event dressed in the PT’s signature red.
Seeking the presidency for the seventh time in his political career, Lula is expected to face Senator Flávio Bolsonaro in next year’s election.
The 45-year-old senator is the son of former far-right President Jair Bolsonaro, who has been jailed over his alleged role in an attempted coup following his defeat to Lula in the 2022 election.
The party convention opened with videos highlighting Lula’s social initiatives and speeches by four women praising his leadership, while supporters waved PT flags and held signs reading “We Want Lula as President” and “Brazil Is Not for Sale.”
The campaign begins amid growing tensions with the United States and President Donald Trump, a close ally of the Bolsonaro family who has openly backed several conservative candidates across Latin America.
Last week, Lula warned against foreign interference, declaring, “In Brazil, we do not accept anyone sticking their nose where it doesn’t belong.”
In July, the United States imposed two rounds of tariffs on Brazilian products, accusing the country of unfair trade practices. The measures followed earlier restrictions introduced in 2025, encouraged by Jair Bolsonaro’s son Eduardo Bolsonaro, in response to legal proceedings against the former president.
Lula has vowed to wage what he called a “war of truth against lies” in response to Washington’s pressure and accused Flávio Bolsonaro of undermining Brazil’s interests by allegedly helping the United States damage the country’s economy. The senator has denied the accusations.
The Brazilian president also claims Washington is attempting to influence the country’s political landscape in an effort to prevent his re-election.
International
Truck bomb attack near police station in Colombia leaves 14 injured ahead of presidential inauguration
A truck loaded with explosives exploded on Saturday near a police station in the Colombian city of Cúcuta, close to the Venezuelan border, leaving 14 people injured in an attack that occurred six days before president-elect Abelardo de la Espriella’s inauguration.
The blast took place in the early hours of the morning and was allegedly carried out by members of the National Liberation Army (ELN), who detonated a vehicle packed with explosives. According to the latest report from the Colombian Army, the attack injured 11 police officers and three civilians.
The explosion involved around 15 explosive devices, and two of the wounded officers are in critical condition and “fighting for their lives,” said William Villamizar, governor of Norte de Santander, the region where the attack occurred.
The incident comes amid Colombia’s worst wave of violence in the past decade, with armed groups expanding their presence in several areas of the country.
“I strongly condemn the cowardly terrorist attack carried out in Cúcuta against our National Police. Terrorism will not intimidate Colombia or break the determination of Colombians to live in peace and security,” De la Espriella said in a post on X.
The conservative lawyer, who has been described as a far-right figure, will take office on August 7, replacing Gustavo Petro, Colombia’s first left-wing president. The inauguration ceremony will be held in Cali, the country’s third-largest city and a frequent target of attacks by armed groups.
The United Nations condemned what it described as an “indiscriminate attack” that caused not only injuries but also “fear and distress among the population.”
De la Espriella has repeatedly warned about an alleged plot against his life. Meanwhile, President Gustavo Petro, who is currently visiting Cuba, has not commented on the attack. During his visit, Petro met with Cuban President Miguel Díaz-Canel to discuss what Havana describes as the United States’ “policy of suffocation” toward the island.
International
EU Faces Migration Crisis After 60,000 Migrants Arrive in Spain’s Ceuta Enclave
The arrival of around 60,000 migrants from Morocco to Spain’s Ceuta enclave triggered a major European Union crisis on Friday, after Madrid described the situation as an “attack” on its territorial integrity.
At least 34 people died while attempting to reach the Spanish territory, according to local authorities.
Hundreds of migrants had begun arriving in Ceuta earlier in the week, either by swimming across the border or climbing security fences. Most of those who entered were young men and teenagers.
However, the situation escalated dramatically early Thursday morning, when the number of arrivals surged within a few hours, reaching nearly 60,000 people. According to the Spanish government, the vast majority of them — around 48,000 migrants — had returned to Morocco by Friday evening.
The episode represents one of the most serious migration crises faced by the autonomous city of Ceuta, which has a population of around 84,000 residents, in recent years.
Several European countries responded strongly to the crisis, with Italy announcing the temporary suspension of the Schengen free movement agreement with Spain, a measure supported by Finland and Denmark.
“The temporary suspension of Schengen with Spain is a necessary decision to protect the security of our citizens and defend Europe’s borders,” Italian Foreign Minister Antonio Tajani said in a post on X.
Italy’s Interior Ministry confirmed that the country had tightened controls on maritime and air entry points from Spain, but clarified that the measure would not affect Spanish or European citizens traveling to Italy.
The additional checks will specifically target non-European citizens arriving from Spain, according to the ministry.
The measure will remain in effect for one month starting Saturday, authorities said.
Spain’s Foreign Minister José Manuel Albares responded to the Italian announcement through a statement on X, as European governments continued discussions over the consequences of the migration crisis.
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