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
Suspect Armed With Shotgun and Knives Detained at White House Correspondents Dinner
U.S. authorities confirmed Saturday that the suspect who stormed into the White House Correspondents’ Association Dinner while President Donald Trump was attending acted alone, adding that there is no ongoing threat to the public following the incident, which left one Secret Service agent injured.
Acting Metropolitan Police Department chief Jeff Carroll said during a press conference that the suspect was carrying “a shotgun, a handgun, and multiple knives” when he attempted to pass through a Secret Service security checkpoint inside the hotel lobby at approximately 8:36 p.m. local time.
“At this point, everything indicates that this was a lone actor, a lone gunman,” Carroll stated, adding that investigators have found no preliminary evidence suggesting the involvement of additional suspects.
During the exchange of gunfire inside the hotel corridors, the suspect was not struck by bullets but was subdued by law enforcement officers and later transported to a hospital for medical evaluation.
A member of the United States Secret Service Uniformed Division was shot during the incident, though the bullet was stopped by the officer’s ballistic vest, preventing serious injuries. The agent was taken to a hospital and is reportedly “in good spirits,” according to Carroll.
The shooting prompted the immediate evacuation of President Trump, Melania Trump, and several senior officials attending the event after multiple gunshots were heard outside the hotel’s main ballroom.
International
U.S. allows Venezuela to fund Maduro and Cilia Flores’ legal defense
Until now, the U.S. administration had blocked the Venezuelan government from covering the legal fees of Nicolás Maduro and his wife, Cilia Flores, who is also jailed and facing drug trafficking charges, due to international sanctions imposed on Venezuela.
The couple’s legal team had relied on that argument in an attempt to have the indictment dismissed, claiming that preventing a defendant from accessing counsel of their choice violates rights guaranteed under the Sixth Amendment of the U.S. Constitution.
However, the U.S. Treasury Department will now allow “defense attorneys to receive payments from the Government of Venezuela under certain conditions,” New York prosecutor Jay Clayton wrote in a letter dated Friday to Judge Alvin Hellerstein, who is overseeing the case.
According to the letter, the funds must have become available after March 5, 2026, and cannot come from Venezuelan oil sales regulated in the United States.
Since Maduro’s removal from power in early January, former Vice President Delcy Rodríguez has served as Venezuela’s interim leader.
The United States effectively controls Venezuelan crude exports, with revenues deposited into special accounts supervised by Washington.
Court documents filed on Friday show that the defense acknowledged the sanctions exemption and, for now, withdrew its motion seeking dismissal of the charges.
International
U.S. Sanctions Network Linked to Fentanyl Trafficking Across India, Guatemala and Mexico
The United States Department of State announced sanctions on Thursday against 23 individuals and companies allegedly linked to an international fentanyl production and smuggling network operating in India, Guatemala and Mexico.
According to the State Department, the network supplied precursor chemicals to the Sinaloa Cartel, which the United States has designated as a Foreign Terrorist Organization.
Washington declared fentanyl, a powerful synthetic opioid, a weapon of mass destruction last year due to its role in the ongoing overdose crisis in the United States.
“By targeting the entire supply chain — from chemical suppliers in Asia to logistical intermediaries in Central America and cartel-linked networks in Mexico — the Trump Administration is dismantling networks that destabilize governance across our hemisphere and threaten U.S. security,” the State Department said.
In a separate statement, the Office of Foreign Assets Control detailed sanctions against three Indian chemical and pharmaceutical companies: Sutaria, Agrat and SR Chemicals, along with a sales executive accused of supplying precursor chemicals to contacts in Guatemala and Mexico.
In Guatemala, authorities sanctioned J and C Import and Central Logística de Servicios, as well as intermediary Jaime Augusto Barrientos.
The OFAC also designated several intermediaries and import companies operating in the Mexican state of Sinaloa.
As part of the investigation, U.S. authorities identified Ramiro Baltazar Félix as a member of Los Mayos, a faction of the Sinaloa Cartel, and Alejandro Reynoso, accused of operating clandestine drug laboratories in Guadalajara.
Suspect Armed With Shotgun and Knives Detained at White House Correspondents Dinner
U.S. allows Venezuela to fund Maduro and Cilia Flores’ legal defense
U.S. Sanctions Network Linked to Fentanyl Trafficking Across India, Guatemala and Mexico
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