Vietnam asks for 'market economy' status
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Vietnam has called on the United States to recognize it as a market economy, stating that stronger trade ties would benefit Washington as it seeks to diversify from China. Vietnam and China are currently designated as nonmarket economies by the United States, allowing for tougher actions on their exports. President Joe Biden's administration has agreed to review Vietnam's status.
#Vietnam #UnitedStates #MarketEconomy #TradeTies #China
Space research boosts anticancer fight
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Experiments in the weightless environment of space have led to "crazy progress" in the fight against cancer, according to NASA officials. Astronaut Frank Rubio highlighted the unique research opportunities in space at an event in Washington. The initiative is an important and personal one for US President Joe Biden. The article is from The Manila Times and was published on March 25, 2024.
https://www.manilatimes.net/2024/03/25/news/national/space-research-boosts-anticancer-fight/1938265
DoJ wants strong case vs policemen in shabu haul
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Justice Secretary Jesus Crispin Remulla has ordered prosecutors to swiftly but fairly act on the case buildup for police officials implicated in the 990 kilograms of methamphetamine hydrochloride or shabu haul during a drug-bust operation in Manila in 2022. The DoJ panel of prosecutors and members of the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG) held a clarificatory meeting on February 15 to examine additional complaints against certain individuals who took part in the October 2022 anti-illegal drugs operation.
#JusticeSecretary #PoliceOfficials #ShabuHaul #Drug-bustOperation #Manila
Climate resilience PH priority, UN told
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Philippine Permanent Representative to the United Nations Antonio Lagdameo informed the UN Security Council that climate resilience and food security are the key development priorities of the country. The Philippines has adopted the National Climate Change Action Plan, which prioritizes food security, water sufficiency, ecological and environmental stability, among others, as the country's strategic direction to 2028.
#ClimateResilience #FoodSecurity #UnitedNations #Philippines
https://www.manilatimes.net/2024/02/20/news/national/climate-resilience-ph-priority-un-told/1933240
Economists see faster GDP gains
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Economists from First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) predict faster gains in the Philippine economy this year, but growth may still fall below the government's target. They note an acceleration in the fourth quarter of 2023 compared to the second and third quarters. The economists shared their views in The Market Call report.
#Gdp #EconomicGrowth #Philippines
https://www.manilatimes.net/2024/02/19/business/top-business/economists-see-faster-gdp-gains/1933134
Powell: Fed on track to cut rates
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Federal Reserve Chairman Jerome Powell stated in an interview that the US central bank is planning to cut interest rates three times this year, with the first cut expected to begin in May. Powell emphasized that the nation's job market and economy are strong, and there is no sign of a recession. The Federal Reserve's next meeting in March is likely too soon for a rate cut, but most economists believe the first cut will come in May or June. The central bank's goal is to lower the cost of mortgages, auto loans, credit cards, and other consumer and business borrowing. Inflation has been cooling, and nearly all members of the Fed's policy-setting committee agree that rate cuts will be appropriate this year. In December, Fed officials indicated that they envision three rate cuts in 2024, reducing the benchmark rate to about 4.6 percent by the end of the year. Powell attributed the inflation surge of 2021-2022 to the disruptions caused by the pandemic and the resulting supply chain disruptions and shortages. He acknowledged that the Fed misjudged the duration of the inflation and should have raised rates earlier. Powell emphasized that the Fed wants to see further evidence that inflation is in check before cutting rates. Other Fed officials have expressed caution about rate cuts, particularly after a government report showed unexpected job growth in December.
#FederalReserve #InterestRates #Inflation #UsEconomy
Economic self-reliance is a dangerous delusion
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Governments and companies around the world prioritize shortening supply chains, rebuilding domestic production capacity, and diversifying suppliers due to vulnerabilities exposed by Covid-19 and the war in Ukraine. However, the goal of economic self-reliance threatens to derail stable restructuring of the global economy. Self-reliance is different from protectionism and aims to build domestic resilience in a less secure world. The fading Pax Americana and the intensifying US-China rivalry have impaired America's ability to keep the global market economy open. Signs of America's diminished commitment to the global liberal order have been multiplying, while China and other emerging economies have been building a parallel international system. The world finds itself in an increasingly unstable equilibrium, with countries building up their own domestic capabilities and regional groupings. Self-reliance strategies lead to systemic chaos as key goods and markets become inaccessible, and attempts to build domestic capabilities in exclusionary ways have never brought national resilience or international peace. Mutual reliance among countries should be the goal to prevent the costly fragmentation of the global economy into separate blocs.
#EconomicSelf-reliance #GlobalEconomy #SupplyChains #DomesticProduction #Us-chinaRivalry #GlobalLiberalOrder