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

Former South Korean President Yoon sentenced to five years in prison

Former South Korean president Yoon Suk-yeol was sentenced on Friday to five years in prison for obstruction of justice and other charges, concluding the first in a series of trials stemming from his failed attempt to impose martial law in December 2024.

The sentence is shorter than the 10-year prison term sought by prosecutors against the 65-year-old conservative former leader, whose move against Parliament triggered a major political crisis that ultimately led to his removal from office.

Yoon, a former prosecutor, is still facing seven additional trials. One of them, on charges of insurrection, could potentially result in the death penalty.

On Friday, the Seoul Central District Court ruled on one of the multiple secondary cases linked to the affair, which plunged the country into months of mass protests and political instability.

International

U.S. deportation flight returns venezuelans to Caracas after Maduro’s ouster

A new flight carrying 231 Venezuelans deported from the United States arrived on Friday at the airport serving Caracas, marking the first such arrival since the military operation that ousted and captured President Nicolás Maduro.

On January 3, U.S. forces bombed the Venezuelan capital during an incursion in which Maduro and his wife, Cilia Flores, were captured. Both are now facing narcotrafficking charges in New York.

This was the first U.S.-flagged aircraft transporting migrants to land in Venezuela since the military action ordered by President Donald Trump, who has stated that he is now in charge of the country.

The aircraft departed from Phoenix, Arizona, and landed at Maiquetía International Airport, which serves the Venezuelan capital, at around 10:30 a.m. local time (14:30 GMT), according to AFP reporters on the ground.

The deportees arrived in Venezuela under a repatriation program that remained in place even during the height of the crisis between the two countries, when Maduro was still in power. U.S. planes carrying undocumented Venezuelan migrants continued to arrive throughout last year, despite the military deployment ordered by Trump.

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International

Sheinbaum highlights anti-drug gains after U.S. says challenges remain

Mexican President Claudia Sheinbaum on Friday highlighted her government’s achievements in the fight against drug trafficking, after the United States said challenges remain in combating organized crime.

On Thursday, Mexican Foreign Minister Juan Ramón de la Fuente held talks with his U.S. counterpart, Secretary of State Marco Rubio. Following the meeting, the U.S. State Department said in a statement that “despite progress, challenges still exist” in addressing organized crime.

“There are very strong results from joint cooperation and from the work Mexico is doing: first, a 50% reduction in fentanyl seizures at the U.S. border,” Sheinbaum said during her regular morning press conference.

The president also said that authorities have seized nearly 320 tons of drugs and that there has been a “40% decrease in intentional homicides in Mexico” since the start of her administration on October 1, 2024.

Sheinbaum added that the United States should implement campaigns to reduce drug consumption within its territory and curb the flow of weapons into Mexico.

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“There are many results and there will be more, but there must be mutual respect and shared responsibility, as well as respect for our sovereignties,” she said.

On Monday, Sheinbaum held a phone call with U.S. President Donald Trump to discuss security issues. She said she once again ruled out the presence of U.S. troops in Mexico to fight drug cartels.

Security has been a recurring issue used by Trump to threaten tariffs on Mexico and to pressure negotiations over the USMCA (T-MEC) free trade agreement, which are scheduled for 2026.

The agreement is crucial for Mexico’s economy, as about 80% of the country’s exports are destined for the United States.