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

Rubio and Lavrov Hold Talks After Large-Scale Russian Assault on Ukraine

The United States remains willing to mediate in the war between Russia and Ukraine, Secretary of State Marco Rubiosaid Tuesday following a large-scale Russian attack against Kyiv.

“Every time you see these large attacks by either side, it is a reminder of why this is a terrible war (…) that must come to an end,” Rubio told reporters after holding a phone conversation with Russian Foreign Minister Sergey Lavrov.

Speaking during an official visit to India, Rubio stated that the United States is “ready and prepared to do whatever it can” to help facilitate an end to the conflict.

“We hope the opportunity presents itself at some point,” he added.

Russia warned on Monday that it could launch additional strikes against Kyiv, including attacks targeting what it described as “decision-making centers,” after carrying out weekend bombardments involving dozens of drones and missiles across Ukraine. The attacks reportedly killed four people.

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According to the Ministry of Foreign Affairs of Russia, Lavrov urged the United States during the call to evacuate diplomats from its embassy in Kyiv.

Rubio later clarified that Moscow had issued a warning to all embassies in the Ukrainian capital, not only to the U.S. diplomatic mission.

International

Omar García Harfuch Announces Arrest of “El Chapo’s” Nephew

Mexican security forces captured a nephew of convicted drug lord Joaquín ‘El Chapo’ Guzmán during an operation carried out in the northern border state of Sonora, authorities confirmed on Tuesday.

The suspect, identified as Isai “N,” is reportedly wanted by authorities in the United States.

Omar García Harfuch, Mexico’s secretary of security, stated on X that the detainee is a “nephew of ‘El Chapo,’” the former leader of the powerful Sinaloa Cartel, who is currently serving a life sentence in the United States.

Mexican media identified the suspect as Isai Martínez Zepeda, who had reportedly been arrested in June 2008 while allegedly carrying high-caliber weapons.

However, the press office of Mexico’s Security Ministry told AFP that it did not have additional details regarding the earlier arrest.

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Two sons of Joaquín Guzmán, Ovidio Guzmán López and Joaquín Guzmán López, are also imprisoned in the United States on drug trafficking charges.

International

Diplomatic Talks Continue as Iran Accuses U.S. of Ceasefire Violations

The Ministry of Foreign Affairs of Iran accused the United States on Tuesday of violating the fragile ceasefire over the past 48 hours in the province of Hormozgan Province, although officials did not specify the exact incident.

The accusations came after the United States Central Command announced on Monday that U.S. forces had targeted Iranian missile-launch facilities and vessels allegedly attempting to deploy mines in the Gulf region.

Meanwhile, Iran’s Islamic Revolutionary Guard Corps claimed that its forces fired on a U.S. aircraft that allegedly attempted to enter Iranian airspace.

“The terrorist U.S. military, which has continued its illegal and unjustified actions since the ceasefire (…) committed a serious violation of the ceasefire in Hormozgan Province over the past 48 hours,” the Iranian Foreign Ministry said in a statement.

The ministry also warned that Iran “will not leave any hostile act unanswered and will not hesitate to defend itself,” without providing further details.