Trump’s win on US economy: Low taxes, high tariffs
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Donald Trump won the 2024 US presidential election; his victory is expected to bring significant economic changes, including proposed import tariffs of 10-20%; the US economy is currently experiencing strong growth, low unemployment, and inflation nearing the Fed's 2% target; consumer prices have surged over 20% post-pandemic; Trump's tariffs could raise business taxes by USD524 billion annually, shrink GDP by 0.8%, and reduce employment by 700,000 jobs; economists estimate Trump's policies could cut US economic output by 2.8-9.7% by 2028 and increase national debt by USD15 trillion; extending Trump’s 2017 tax cuts requires Congressional support; many of Trump's policies may negatively impact low-income individuals.
#Trump #Economy #Tariffs #TaxCuts #Inflation #Employment #Congress #NationalDebt #2024Election #Us
https://borneobulletin.com.bn/trumps-win-on-us-economy-low-taxes-high-tariffs/
Blocks of life » Borneo Bulletin Online
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Since the first version of Minecraft was released 15 years ago, it has become a global phenomenon. With over 300 million copies sold, it is the best-selling video game of all time. The game offers players the freedom to play however they see fit, allowing for educational projects, architecture, building communities, and creating artwork. The article features interviews with four Minecraft users: Yang Ji-yeong, a gaming influencer from South Korea; Raphael Mesbah, a medical student from Paris; Reporters Without Borders (RSF), who used Minecraft to create 'The Uncensored Library' to fight against censorship; and Graham Warden, a school teacher in Texas who uses Minecraft as a tool for learning and problem-solving. Minecraft has had a significant impact on their work and lives, providing novel ways of connecting with people and fostering communities. The game has also become a means of communication and exchange, with the RSF using it to share banned writings from journalists in several countries. Minecraft's open-ended nature and vast canvas for creativity have made it a versatile and influential game.
#Minecraft #VideoGames #Creativity #Community #GamingInfluencers #Education #Architecture #Artwork #Censorship #Communication
Ringgit seen remaining soft, trading around 4.76 versus US dollar next week
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The ringgit is expected to remain soft and trade around MYR4.76 against the American dollar next week. Talks by United States Federal Reserve officials on inflation and US retail sales data will influence the ringgit's performance. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid believes that the Fed officials will convey concerns about US inflation and the need to reach the central bank's two percent goal. The US retail sales figure for March is projected to grow 0.3 percent month-on-month. China's first quarter gross domestic product results, expected to show five percent year-on-year growth, will also impact the market. The European Union consumer price index is expected to moderate to 2.4 percent in March, potentially leading to interest rate cuts by the European Central Bank. The ringgit weakened to 4.7680/7730 against the US dollar on a Friday-to-Friday basis.
#Ringgit #UsDollar #FederalReserve #Inflation #RetailSales
Europe’s central bank treads carefully on rate cuts
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The European Central Bank (ECB) has decided to leave key interest rates unchanged and keep the possibility of a rate cut in June open. The main refinancing operation rate, the marginal lending facility rate, and the deposit facility rate remain unchanged at 4.5%, 4.75%, and 4% respectively. The ECB stated that a rate cut would be possible depending on the incoming data and if it increases confidence that inflation is converging to the target in a sustained manner. Inflation in the euro area has been declining steadily since December 2023, reaching 2.4% in March. The ECB expects inflation to decline to its target next year. The central bank is cautious about a rate cut to avoid harming its credibility and will continue to follow a data-dependent approach. The ECB is set to publish its staff projections of economic growth and inflation in the euro area in June.
#EuropeanCentralBank #InterestRates #Inflation #EuroArea
https://borneobulletin.com.bn/europes-central-bank-treads-carefully-on-rate-cuts/
Big banks warn of uncertain year ahead after mixed financial performances in first quarter
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Big banks reported mixed financial performances in the first quarter, with JPMorgan seeing a modest six percent rise in profits, while Wells Fargo and Citigroup experienced declines. JPMorgan CEO Jamie Dimon warned of significant uncertain forces ahead, including geopolitical clashes in Europe and the Middle East, high levels of government spending, and persistent inflationary pressures. Dimon's warning in his annual shareholder letter seemed prophetic when the US released hotter-than-expected inflation data for March. Citigroup echoed Dimon's concerns about inflation and the risks to the economy. JPMorgan's results were pulled lower by a one-time charge for an assessment by the Federal Deposit Insurance Corporation. Shares of JPMorgan fell more than five percent after the bank released conservative full-year projections for net interest income. The bank's forecast reflects the expectation of interest rate cuts by the Federal Reserve later this year.
#Banks #FinancialPerformance #Jpmorgan #WellsFargo #Citigroup #JamieDimon #GeopoliticalRisks #Inflation #FederalReserve
Yellen, Premier Li express hope for US-China cooperation
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US Treasury Secretary Janet Yellen and Chinese Premier Li Qiang expressed hope for US-China cooperation. Yellen emphasized the importance of direct and open communication between the two countries. Li stated that China hopes to be partners with the US, not adversaries. Yellen held meetings in Guangzhou and Beijing, discussing balanced growth and overcapacity concerns. Yellen's visit marks her second visit to China in less than a year. She stressed the need to engage with local officials to understand China's economic future. The Chinese recognize the need to engage on overcapacity and are prepared to explore cooperation on anti-money laundering. The US is concerned about overcapacity in new industries such as electric vehicles and solar energy. Yellen's visit has opened space for progress in US-China relations.
https://borneobulletin.com.bn/yellen-premier-li-express-hope-for-us-china-cooperation/
Holiday trips for lucky winners
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Several Lexus customers received prizes at Lexus Brunei’s showroom. Lexus General Manager Muhammad Clovien bin Abdullah Timpoh presented the prizes of plane tickets and dining vouchers to winners of the ‘Lucky Moments, Double Celebration’ promotional campaign. Haji Md Maszaiwardy bin Haji Masri won two return tickets to Japan and BND700 dining voucher; Goh Chew Khim won two return tickets to Hong Kong and BND600 dining voucher; and Haji Arefin bin Haji Jaya won two return tickets to Thailand and BND500 dining voucher. Finance General Manager Leong Nyuk Yen also presented 22 prizes comprising electrical appliances, gadgets, and vouchers to the other winners.
https://borneobulletin.com.bn/holiday-trips-for-lucky-winners/
US government roasted over potato classification
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US senators Susan Collins and Michael Bennet are opposing a US government proposal to reclassify potatoes as grains instead of vegetables. The senators argue that potatoes should be classified as vegetables because they contribute critical nutrients such as potassium, calcium, vitamin C, vitamin B6, and fiber. They also highlight that potato farming contributes USD 540 million in annual sales to the economy of Collins's state, Maine, and is linked to 6,100 jobs. The proposal to reclassify potatoes appears in the forthcoming Dietary Guidelines for Americans 2025-2030, produced jointly by the US Department of Agriculture and the Department of Health and Human Services.
https://borneobulletin.com.bn/us-government-roasted-over-potato-classification/