Is the economy in a recession

We received another sign today that the astronomical inflation not seen in 40 years is slightly declining. Yet Democrats at this vulnerable time want to ram through a massive, $768 billion tax-and-spend bill that will unravel progress against painfully high price hikes. Today the Bureau of Labor Statistics reported that wholesale inflation, tracked in the Producer Price Index for final demand, fell 0.5% in July–this following Wednesday’s Consumer Price Index report dropping slightly to 8.5% in July from 9.1% in June. (RELATED: BASILE: In The Swamp Everyone Finds A Way To Win) The producer price index measures final-demand wholesale prices and dropped slightly in July largely because of falling energy prices. Despite the monthly drop, the PPI still saw a sharp year-over-year gain of 9.8%. The annual increase was the lowest since October 2021 and the monthly move was the first decline since April 2020. Throughout this inflation crisis, it’s become evident that we have a … [Read more...] about SHEFFIELD: Democrats Prove Yet Again Why They’re The Masters Of Torpedoing America’s Economy

SHOTS FIRED… REPORT : Bullet Found In Window Of Republican Office After AG Spoke Out About Right To Worship Virginia authorities launched an investigation Monday after a bullet was allegedly fired into the window of Republican Attorney General Jason Miyares’ office, according to The Daily Wire. “Capitol Police were called to the Barbara Johns Building at 7:13 p.m. Monday for a report of a bullet that may have been fired into the building from outside,” Public Information officer Joe Macenka told The Daily Wire. “Officers found a bullet in a sixth-floor office that also had a small round hole near the top of a window.” “Capitol Police are investigating the matter and have no further comment at this time,” Macenka reportedly said. Chief Deputy Attorney General Chuck Slemp first notified colleagues that “a single round from a firearm was shot into a window of the Barbara Johns Building,” according to an email reviewed by The Daily Wire. EARLY THIS AM, WAPO FINALLY GETS … [Read more...] about Editor Daily Rundown: Abortion Protests Heating Up

- A + A BENGALURU (Aug 11): Gold prices retreated on Thursday from their highest levels in more than one month, as comments by US Federal Reserve officials pointed towards further interest rate hikes, despite signs of easing inflation in the world's largest economy. Gold is highly sensitive to rising US interest rates, as they increase the opportunity cost of holding non-yielding bullion. Spot gold was down 0.3% at US$1,786.79 per ounce, as of 0712 GMT, after hitting its highest since July 5 at US$1,807.79 on Wednesday. US gold futures dipped 0.6% to US$1,802.10. "Following US inflation numbers, the dollar sold off very sharply and yields also dropped, but by the end of the day, the bond yields came back up..., which is hurting gold," said Edward Meir, an analyst with ED&F Man Capital Markets. "Also, Fed officials said they still need to raise rates, which are bearish for gold. We could see a pullback in gold prices in the short-term towards US$1,780." … [Read more...] about Gold on backfoot as Fed officials signal more rate hikes

- A + A BENGALURU (Aug 11): The Indonesian rupiah rose to a more than six-week high on Thursday as most Asian currencies gained against a weaker US dollar after softer-than-expected US inflation data tempered worries of aggressive rate hikes by the Federal Reserve. The rupiah and South Korea's won jumped 0.6% each, while the Philippines peso was marginally up. Among other currencies, Malaysia's ringgit and the Taiwan dollar firmed 0.2% each. "Risk appetite across global markets has been improving in recent times, and the rupiah being a high-carry currency in particular has been a big beneficiary," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. However, Indonesia remains a laggard in Southeast Asia that is yet to raise its interest rate, after the Thai central bank earlier this week raised its policy rates for the first time in four years. In the United States, consumer prices in July were flat sequentially and increased by a weaker-than-expected … [Read more...] about Most Asian currencies rise on US dollar weakness, Indonesian rupiah at six-week high

- A + A LONDON (Aug 11): Global shares edged higher on Thursday as investors bet on the pace of interest rate hikes slowing after data pointed to inflation peaking, leaving the US dollar struggling after its biggest fall in five months. Oil prices languished below US$100 a barrel in search of direction, while better-than-expected earnings from Zurich lifted the insurer's shares. Figures on Wednesday showed that US consumer prices were unchanged in July compared with June, a two-year rise in inflation stopped in its tracks by a drop in gasoline prices. Investors now turn to US producer prices data, along with the latest jobless claims numbers, ahead of Wall Street's open. Michael Hewson, chief markets analyst at CMC Markets, said peaking inflation could mean less aggressive interest rate hikes from the US Federal Reserve when it meets in September. The Bank of England and European Central Bank also meet next month. "Markets are getting ahead of themselves, and … [Read more...] about Peak inflation bet lifts stocks, US dollar in doldrums

(From left) His Royal Highness Sultan Sharafuddin Idris Shah, Lim, Hilton Southeast Asia senior regional director Jamie Mead, and Doubletree Hilton Shah Alam general manager Gagan Talwar at the launch event. (Photo by Suhaimi Yusuf/The Edge) - A + A KUALA LUMPUR (Aug 11): Sultan of Selangor, His Royal Highness Sultan Sharafuddin Idris Shah Al-Haj ibni Almarhum Sultan Salahuddin Abdul Aziz Shah Al-Haj officiated at the opening of i-Bhd's DoubleTree by Hilton through a launch event in i-City, Shah Alam on Thursday (Aug 11). DoubleTree by Hilton, a component of i-City Finance Avenue, was opened to the public on July 27. In a press statement on Thursday, i-Bhd chairman Tan Sri Lim Kim Hong said that i-City Finance Avenue expects a footfall of 30,000 business travellers by the end of 2022. "The synergy between i-City Finance Avenue and DoubleTree by Hilton i-City is a perfect marriage that will leave a positive impact on the Selangor tourism industry. The i-City … [Read more...] about Selangor Sultan officiates at opening of i-Bhd’s DoubleTree by Hilton in i-City

Ismail Sabri: Japan is now the fourth largest trading partner and one of the main sources of foreign investment for Malaysia. (Photo by Sam Fong/The Edge) - A + A KUALA LUMPUR (Aug 11): Prime Minister Datuk Seri Ismail Sabri Yaakob wants new areas of cooperation related to environmental, social and governance initiatives to be explored by Malaysia and Japan through projects and programmes implemented under the Look East Policy. He said this includes diversifying cooperation in the fields of disaster crisis, ageing society, the digital economy, science, technology and innovation, as well as green growth. According to the World Economic Forum Global Risks Report 2022, issues such as climate change, the social impact of an ageing population and social polarisation after the Covid-19 pandemic are expected to have a serious impact on the economy and livelihood of most countries within the next 10 years, Ismail Sabri said in his speech at the opening of the Business … [Read more...] about Ismail Sabri: M’sia, Japan should venture into new areas of cooperation through Look East Policy

This article first appeared in The Edge Malaysia Weekly, on August 1, 2022 - August 07, 2022. - A + A Small and medium enterprises have put capital expenditure on hold despite the reopening of the economy BUSINESS activities in the country have been in full swing for several months now, after two years of pandemic-induced movement restrictions. Demand has been strong since borders reopened, but the rising cost of raw materials, global economic uncertainties and, more pressingly, labour shortages have impacted the business growth of small and medium enterprises (SMEs). Usually, strong orders from clients mean that business owners will start thinking about making investments to meet the demand. However, at this point in time, very few SMEs are considering capital expenditure. “Many of our members are holding back on capital investment despite the pandemic seemingly coming to a tail end. Without certainty in our ability to deliver on orders, or for … [Read more...] about Cover Story: Investment winter hits SMEs

This article first appeared in The Edge Malaysia Weekly, on August 1, 2022 - August 07, 2022. Koong: Many SMEs are in a bind - A + A A growing number of small and medium enterprises (SMEs) are stepping forward to ask for assistance to cope with their loan repayments, according to Koong Lin Loong, treasurer-general and chairman of the SMEs committee at the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM). Koong tells The Edge that the financial impact on SMEs after more than two years of the Covid-19 pandemic, compounded by current hurdles such as rising raw material prices, high operating costs and labour shortages, have led to cash flow issues and forced many businesses to their knees. “Many SMEs are in a bind as they may come to a point where they can no longer service their loans, yet their cash-strapped plight renders their businesses ineligible for new borrowings,” he says, adding that other SME groups lament similar … [Read more...] about Cover Story: ‘More SMEs struggling to cope with existing loans, and getting new loans’

- A + A (Aug 11): OPEC+ is unlikely to increase output in the coming months because of limited spare capacity, according to the International Energy Agency. Furthermore, the “largely symbolic” 100,000 barrel-a-day hike promised for September may actually turn into a cut as Russian production declines, the IEA said. “Comparatively low levels of operational spare production capacity, held mainly by Saudi Arabia and the United Arab Emirates, may thus all but rule out substantial further OPEC+ output increases in the coming months,” the IEA said in its monthly report on Thursday. The outlook from the Paris-based organisation that advises major developed economies on energy policy suggests the burden of satisfying global oil demand growth in the latter part of the year will fall on countries outside the Organization of Petroleum Exporting Countries and its allies. Non-OPEC+ supply is projected to rise by 1.7 million barrels a day this year and 1.9 million next year, … [Read more...] about IEA sees little chance that OPEC+ will supply more oil