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
India Approves New Dengue Vaccine as Global Cases Continue to Rise
India has approved a new dengue vaccine as health authorities seek to strengthen prevention efforts against a mosquito-borne viral disease that affects millions of people worldwide every year.
According to the World Health Organization (WHO), half of the global population is currently at risk of contracting dengue, which causes between 100 million and 400 million infections annually.
Since 2021, India has recorded more than one million dengue cases, including at least 1,500 deaths.
The virus can cause high fever, severe headaches, muscle pain, nausea, skin rashes and, in rare cases, internal bleeding and death.
The vaccine, authorized by India’s Central Drugs Standard Control Organization (CDSCO), was developed by Japanese pharmaceutical company Takeda. The Indian Health Ministry said the vaccine is recommended in two doses for people between 4 and 60 years old.
The treatment has already been approved by health authorities in around 40 countries worldwide.
Meanwhile, Indian pharmaceutical company Panacea Biotec has begun the final phase of clinical trials for a single-dose dengue vaccine, aiming to provide another prevention option against the disease.
Brazil recently announced the suspension of the use of another single-dose dengue vaccine developed in the country after two suspected deaths were reported.
International
U.S. Sends First Humanitarian Aid Flight to Cuba Amid Ongoing Tensions Between Both Governments
The United States announced Tuesday the dispatch of a humanitarian aid flight to Cuba as part of a $100 million assistance package proposed by Secretary of State Marco Rubio in May.
The flight departed from Miami with the support of Catholic Relief Services, according to a statement from the U.S. State Department.
The administration of President Donald Trump, which has maintained restrictions on oil supplies to the island and tightened sanctions against the Cuban government, had initially announced humanitarian assistance in November following the devastating impact of Hurricane Melissa.
In February, amid rising tensions between Washington and Havana, Rubio announced an increase in aid while continuing to criticize the Cuban government.
The U.S. secretary of state accused Cuba’s communist authorities of obstructing the distribution of assistance. Washington has insisted that the aid be delivered through the Catholic Church to ensure it reaches Cuban citizens directly.
The Cuban government, meanwhile, has blamed the U.S. oil blockade for making the distribution of humanitarian assistance significantly more difficult.
The aid shipment comes as relations between the two countries remain strained, with disagreements continuing over sanctions, energy supplies and the management of humanitarian support.
International
Controversial Pesticide Law Passes in France, Sparking Ecological Concerns and Ministerial Fallout
The French Parliament on Tuesday approved a highly controversial agricultural law that allows certain farmers to use two pesticides considered harmful to bees, substances that had been banned in France but remain authorized in the European Union.
After the National Assembly, the lower house of Parliament, approved the agricultural bill in the early hours of Tuesday, the Senate gave its final approval with a vote of 214 in favor and 111 against, officially adopting the measure.
Following the decision to reintroduce the use of acetamiprid and flupyradifurone, the office of Environment Minister Monique Barbut announced that she would soon submit her resignation.
Supporters of the measure argue that French producers of sugar beets, apples and hazelnuts need access to these insecticides — banned in France since 2018 and 2019, respectively — to remain competitive with European farmers in other countries where the products are still allowed.
Opponents, including environmental groups, argue that the substances pose serious risks to bees and could also threaten human health.
“Let us be proud of the work that has been done,” said Senator Laurent Duplomb of the conservative Republicans party, one of the main supporters of the measure.
The vote came after France’s Constitutional Council, the country’s highest court, struck down a previous attempt last year to bring back acetamiprid, ruling that the measure could pose risks to human health. That decision followed a petition signed by more than two million people opposing the pesticide’s reintroduction.
The previous bill had also been promoted by Duplomb, who argued that French agriculture needed additional tools to compete in international markets.
-
International21 hours agoControversial Pesticide Law Passes in France, Sparking Ecological Concerns and Ministerial Fallout
-
International4 days agoTen Bodies Found in Mexico’s Zacatecas State Amid Security Operation
-
International2 days agoIran Says It Is in “Full-Scale War” as U.S. Launches Ninth Consecutive Night of Airstrikes
-
International2 days agoFrench Parliament Moves to Approve Social Media Age Limit for Minors
-
International21 hours agoU.S. Sends First Humanitarian Aid Flight to Cuba Amid Ongoing Tensions Between Both Governments
-
International2 days agoWHO to Hold New Round of Talks After Slow Progress on Pandemic Accord
-
Sports21 hours agoMLS Awaits Blockbuster Debuts as Griezmann and Lewandowski Join the Spotlight
-
International21 hours agoIndia Approves New Dengue Vaccine as Global Cases Continue to Rise






























