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Tag: economic news

  • Britain Is Preparing Tens of Billions in New Taxes—Again

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    LONDON—The U.K. has long been torn between two mutually exclusive desires: Voters want European levels of welfare with American levels of taxation.

    By accident or design, that debate is slowly being resolved in the direction of higher taxes, as Britain’s Labour government prepares its second major tax increase in as many years.

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    David Luhnow

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  • Opinion | Escape From Zohran Mamdani’s New York

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    Arnold Toynbee’s “Cities on the Move” (1970) documents the history of big cities around the world becoming impoverished and insolvent—some never to recover. Many of the patterns he describes apply to New York now.

    Real estate contributed roughly $35 billion of the $80 billion in city tax receipts in fiscal 2025, and personal taxes another $18 billion. The financial sector, real estate, construction, tourism and retail trade sectors are the major contributors to these revenues.

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    Reuven Brenner

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  • Bessent Says ‘Tenfold’ Growth in Stablecoins Will Lift Demand for Treasurys

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    Bessent Says ‘Tenfold’ Growth in Stablecoins Will Lift Demand for Treasurys

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  • ECB’s Key Interest Rate Is in a Good Place, Says Schnabel

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    The European Central Bank’s key interest rate is unlikely to change unless the eurozone economy is hit by another big shock, a member of its executive board said Wednesday.

    The ECB last month left its key rate at 2% for the third straight meeting, with inflation close to its target.

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    Paul Hannon

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  • Alaska’s New Mining Rush Chases Something More Coveted Than Gold

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    ESTER, Alaska—At a mining site here, Rod Blakestad cracked open a shiny rock with his pick. He found quartz, a sign that the rock may contain gold.

    But Blakestad, a veteran gold hunter, tossed the rock aside. He and his team of geologists were searching for something even more sought-after: antimony, an obscure element widely used in the defense industry that is now at the center of the bitter U.S.-China trade fight.

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    Jon Emont

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  • Chips Held Hostage in Trade War Start Flowing Again to Auto Suppliers

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    Nexperia microchips are leaving China again, easing a shortage of simple but ubiquitous parts that threatened to paralyze the auto industry.

    German automotive supplier Aumovio, which was recently spun out of tire giant Continental, said Friday that the Sino-Dutch company’s semiconductors and components containing them were on their way from China to Aumovio’s distribution hub in Hungary.

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    Stephen Wilmot

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  • China’s Bid for Tech Prowess to Keep Lid on Consumption Boost

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    China’s leaders have again pledged to give consumption a bigger role in driving growth, but economists remain unconvinced.

    The emphasis given to technological self-sufficiency and advanced manufacturing has raised doubt over how high consumption is on policymakers’ To Do list.

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  • China’s Exports Unexpectedly Contract

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    Exports contracted in October from a year earlier, dragged by a high base of comparison and cooling overseas demand after months of front-loading.

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  • Eurozone Retail Sales Edge Lower Despite Improving Sentiment

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    Retail sales in the eurozone unexpectedly inched lower in September, contrasting with some of the rosier sentiment among consumers in recent months.

    Volumes fell back 0.1%, the same rate as in August, statistics agency Eurostat said Thursday. Economists polled by The Wall Street Journal had instead expected a 0.2% increase.

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    Ed Frankl

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  • German Industrial Production Rebounds Weakly Amid Tentative Hopes Over Outlook

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    Industrial production in Europe’s largest economy rebounded less than expected in September, amid hopes that the outlook could be changing for the sector ahead of large-scale government investment.

    Output rose 1.3% on month, Germany’s statistics agency Destatis said Thursday, offsetting some of the 3.7% decline in August. Economists polled by The Wall Street Journal expected a larger 2.5% uptick.

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    Ed Frankl

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  • Bank of Canada Gov. Macklem Tells Lawmakers Rate Policy at ‘Right’ Level

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    OTTAWA—Bank of Canada Gov. Tiff Macklem told lawmakers Wednesday that central-bank policymakers believe the current rate policy appears appropriate to balance inflation risks while providing the economy with support.

    His opening remarks before the Canadian legislature’s finance committee largely mirrored his comments when announcing a quarter-point cut last week, taking the benchmark interest rate to 2.25%—or 2.75 percentage points lower over a 16-month period.

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    Paul Vieira

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  • Canada Plans Wider Deficits to Jolt Economy

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    OTTAWA—Canada said Tuesday it intends to run wider deficits to finance spending and tax measures aimed at unleashing the massive private-sector investments the economy needs to rebuild amid a protectionist U.S.

    To offset some of the elevated costs, Prime Minister Mark Carney’s government said it would cut the size of the federal public-sector workforce by about 5%, or 16,000 jobs.

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    Paul Vieira

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  • U.K. Treasury Chief Says Lowering Inflation Will Be Budget Focus

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    The U.K. government’s upcoming budget will focus on lowering inflation and paving the way for the Bank of England to lower its key interest rate, treasury chief Rachel Reeves said Tuesday.

    In a speech, Reeves also said the Nov. 26 budget would aim to lower the government’s debt, but also protect public services. She didn’t rule out a rise in taxes on households, which many economists see as the only option left to the government if it is to achieve its other goals.

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    Paul Hannon

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  • Tariff-Driven Shifts Continue to Shape Asia’s Manufacturing Activity

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    Factory activity gauges in Asia reflected a divergence across major exporting economies, as worries over U.S. tariffs continued to cause shifts in supply chains.

    The latest set of S&P Global purchasing managers indexes showed that goods producers in export powerhouses South Korea and Taiwan flagged deteriorating demand last month, but Southeast Asian countries like Vietnam and Thailand recorded a pickup in new orders.

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    Kimberley Kao

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  • China Manufacturing Gauge Signals Weaker Growth Momentum

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    A private gauge of China’s manufacturing activity showed Chinese factories continued to expand production in October, albeit at a slower pace, signaling weaker growth momentum heading into the fourth quarter of the year.

    The RatingDog China General Manufacturing Purchasing Managers’ Index, compiled by S&P Global, declined to 50.6 last month from 51.2 in September, according to a statement released Monday.

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  • Europe’s Role Reversal: The Problem Economies Are Now Further North

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    The European debt crisis of the early 2010s created an image of a continent cleaved in two: The fiscally responsible core countries led by Germany versus the spendthrift southern periphery of Portugal, Italy, Greece and Spain—disdainfully dubbed PIGS.

    Nowadays, there has been a role reversal. Europe’s three biggest economies are stuck in a cycle of weak growth, leading to widening budget deficits. France is the epicenter of this shift and remains mired in a budget and political crisis, while the U.K. is eyeing tax hikes to try to narrow the gap and avoid spooking markets. Famously frugal Germany and the Netherlands are taking on debt, albeit from lower levels.

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    Chelsey Dulaney

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  • China Is Filling Up Its Oil Reserves Fast

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    China has spent months building up its oil reserves. That might come in handy in the wake of the new sanctions the U.S. recently imposed on Russian crude.

    During the first nine months of the year, the world’s second-largest economy imported on average more than 11 million barrels of oil a day, an amount above the daily production of Saudi Arabia, according to official customs data. Analysts estimate 1 million to 1.2 million of those barrels were stashed in reserves each day.

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    Rebecca Feng

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  • Canadian PM Carney Says He Apologized to Trump Over Antitariff Ad

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    Canadian Prime Minister Mark Carney said he apologized to President Trump over an antitariff television ad that had angered Trump and sent the two countries’ trade talks into a tailspin.

    Carney made the apology earlier this week during a dinner in South Korea for Asia-Pacific leaders, he told reporters Saturday at a news conference. Trump had been offended by the advertisement, Carney said, which was sponsored by the Ontario government and included audio of former President Ronald Reagan criticizing tariffs.

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    [ad_2] Yoko Kubota
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  • Essay | The Trade War Couldn’t Change China’s Economy

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    President Trump and Chinese leader Xi Jinping have walked back from the ledge—again. But even as the world’s two superpowers deescalate a trade fight that had threatened to destabilize the global economy, a new reality is setting in—that Washington may finally have to give up on its long-standing aim of pushing Beijing to restructure its economy.

    For years and through successive U.S. administrations, senior officials in Washington had hoped that bringing China into the global trading system would open up the country’s political system. In the decades since China’s accession to the World Trade Organization in 2001, those hopes of political liberalization have largely been dashed. The sense of disappointment has only grown as Chinese leader Xi Jinping, who took power in late 2012, has tightened his control over the domestic political system and civil society more broadly.

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    Jonathan Cheng

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  • Exclusive | White House to Announce Resumption of Auto Chip Shipments From China

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    The White House is set to announce that the Dutch semiconductor company that paused shipments weeks ago and risked upending global car production will resume sending chips under a framework agreement reached during talks between President Trump and Chinese leader Xi Jinping, people familiar with the plans said. 

    The new policy on the Dutch chips is part of a forthcoming document from the White House laying out the details of the U.S.-China trade deal signed this week, according to the people.

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    Ryan Felton

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