In Today's Digital Newspaper Dockworkers on Canada's west coast are on strike again after a contract reached last week was rejected by the union, setting up more paralysis of trade out of west coast ports. In the U.S., workers at a major trucking company may strike as soon as next week. Details below.
Several farm bill updates are in the Policy section. They both signal a likely short-term extension. The Senate has approved a preliminary trade agreement with Taiwan, clearing its path to President Biden's desk for final approval. More in Trade Policy section. U.S. equities yesterday: U.S. stock indices finished the day with solid advances after opening in negative territory. The Dow ended up 366.58 points, 1.06%, at 34,951.93. The Nasdaq gained 108.69 points, 0.76%, at 14,353.64. The S&P 500 was up 32.19 points, 0.71%, at 4,554.98.
These guidelines, historically introduced by regulators under various administrations and not bound by law, present new strategies formulated by Lina Khan of F.T.C. and Jonathan Kanter of the Justice Department. They argue for adaptability to the current business landscape, emphasizing that present legitimations do not effectively cater to this era.
U.K.'s inflation rate dropped more than anticipated to its lowest level in over a year, suggesting that rising interest rates may be mitigating the country's severe wage-price spiral, the worst among the Group of Seven nations. According to the Office for National Statistics, the Consumer Prices Index in June was 7.9% higher than the previous year, marking a significant decrease from the 8.7% reported in May.
• The Japanese yen, which has been underperforming against major currencies for a considerable part of this year, seems to be on a recovery path, having increased by over 4% against the U.S. dollar since the beginning of July. For much of the year, the yen depreciated nearly 5% against the U.S. dollar and even more against the euro, the British pound, and the Swiss franc. However, its fortunes seem to be changing.
Consequently, the ILWU Canada resumed their strike on the afternoon of July 18. The decision to reject the agreement and continue the strike was criticized by the BCMEA. They argued that the full union membership did not participate in the vote and that this action from the union leadership escalates the harm to Canada's economy, its international reputation, and, most critically, to Canadians' livelihoods that depend on a stable supply chain.
The collapse of the Black Sea grain deal has raised global concerns of increased Ukrainian agricultural product exports after the ban is lifted. The United Nations is actively looking for ways to facilitate the distribution of Ukrainian and Russian grain and fertilizer to global markets after Russia withdrew from the Black Sea grain deal. Various concepts are being considered, according to U.N. spokesman Stephane Dujarric, as U.N.
— More signs of Chinese broadening economic pressure. China's fiscal revenue growth slowed in June, signaling broadening economic pressures. Last month, fiscal revenue rose 5.6% from a year earlier, slowing sharply from a 32.7% jump in May, according to Reuters calculations based on finance ministry data. Income from land sales, the biggest source of funds that local governments raise directly, shrank 24.26% annually in June, steeper than the 13% drop the previous month.
Gore, notable for his ongoing activism regarding climate change, has aired his heightened concerns about global warming considering recent extreme weather events. Instances such as abnormal temperatures in the North Atlantic, reduced Antarctic Sea ice, and droughts in South America have him worried, although he acknowledges that it's difficult to definitively attribute each event to climate change.
To remedy this, Gore suggests limiting the influence of fossil fuel companies in the COP process, in addition to removing the veto power rich countries have in ceasing fossil fuel usage. He firmly addresses the underlying connection between the climate crisis and reliance on fossil fuels, insisting on their phase-out for a sustainable future.
— Markey introduces bill aimed at private jet fuel. Sen. Ed Markey today will introduce legislation to tax private jet fuel to fund air monitoring and public transit. “The 1% can't free ride on our environment and our infrastructure at a discount," Markey said in a statement. “Billionaires and the ultra-wealthy are getting a bargain, paying less in taxes each year to fly private and contribute more pollution than millions of drivers combined on the roads below.
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