Summers calls Biden economic doctrine 'increasingly dangerous'
An amendment to the House USDA/FDA bill proposed by Rep. Victoria Spartz to limit taxpayer dollars going to checkoff boards has sparked a dispute between her and four commodity trade groups. More about the battle royale in Congress section. Rice prices are surging in Asia, which have reached their highest peak in over three years due to a recent export ban in India, the leading rice exporter worldwide. • DHS Secretary Alejandro Mayorkas will face the House Judiciary Committee today for what will be a challenging hearing.
• Battles are erupting over water supplies between AI companies seeking more computing power and adjacent communities as drought spreads around the globe. Thames Water Ltd. is considering measures to reduce data centers' water use.Equities today: Asian and European stock markets were mostly lower in overnight trading. U.S. Dow opened down around 120 points. In Asia, Japan flat. Hong Kong -0.4%. China -0.3%. India +0.5%. In Europe, at midday, London -0.7%. Paris -1.9%. Frankfurt -0.9%.
Eurozone lending slows. Bank lending to households in the Eurozone increased by 1.7% over the last year, the lowest growth rate since May 2016. The weakness can be attributed to the continued slowdown in demand for credit because of the policy tightening by the European Central Bank to tame inflation. Lending to companies grew by 3%, the slowest growth rate since November 2021.
Dr. Jessica Fanzo, the report's author, emphasizes how these events have greatly impacted global food and nutrition security. Additionally, she highlights that these crises have pushed many already-struggling smallholder farmers further into difficulty. • Rice prices are surging in Asia, which have reached their highest peak in over three years due to a recent export ban in India, the leading rice exporter worldwide. This move has generated worries about the availability of this key food staple at a global scale. The Asian benchmark for Thai white rice, with 5% broken grains, has risen to $572 per ton, marking the highest price since April 2020, based on the data from the Thai Rice Exporters Association.
— Russia has resumed sending oil to North Korea. Russia has started sending oil to the communist nation for the first time since 2020. Russia has been sending grains to North Korea for some time now. U.S. government officials suspect North Korea is sending back munitions as payment, though North Korean officials are denying the accusations.
China's central bank's new Governor, Pan Gongsheng, is stepping in with a commendable record of handling financial sector risks, including managing currency and regulating the real estate market. Considering the current economic slump, he's expected to utilize his past experience to navigate and potentially alleviate the economy's downturn.— Hong Kong ups inspections of Japanese vegetables: report.
— DHS Secretary Alejandro Mayorkas will face the House Judiciary Committee today for what will be a challenging hearing. House Republicans accuse Mayorkas of contributing to a dire situation at the border. However, excerpts from Mayorkas' testimony show that he will defend his border management approach, stating it's effective even amidst a broken immigration system.
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