International
US consumer confidence dips in November: survey
| By AFP |
US consumers were gloomier about the state of the American economy in November, likely due to a rise in gas prices and as recession risks loom, according to a survey released Tuesday.
The closely-watched consumer confidence index dipped to 100.2 in November, down two points from the month before, in a second straight month of decline, said think tank The Conference Board.
“Consumers’ expectations regarding the short-term outlook remained gloomy,” said Lynn Franco, senior director of economic indicators at The Conference Board.
The drop in consumer confidence this month, in line with analyst expectations, was “most likely prompted by the recent rise in gas prices,” she said.
Data on consumers’ short-term outlook suggests the likelihood of a recession remains elevated as well.
“Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits,” Franco said.
Consumer inflation in the United States has been hovering at the highest level in decades, prompting the Federal Reserve to take aggressive steps to raise interest rates and cool the economy.
The central bank walks a tightrope trying to bring down surging costs while avoiding tipping the world’s biggest economy into a downturn.
For now, consumer intentions to buy homes, automobiles and big-ticket appliances have moderated.
“The combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023,” Franco said.
But with inflation showing signs of easing and central bankers noting it would take time for policy effects to be realized, a growing number of voices including Fed officials have advocated for smaller steps in the coming months.
The consumer sentiment reading “remains depressed compared to pre-pandemic” levels, said economist Rubeela Farooqi of High Frequency Economics.
Overall, measures of sentiment “are sending a negative signal about household spending,” even if consumption continues to support growth for now, she added.
International
Kristi Noem credits Trump for mass migrant deportations by mexican president
U.S. Secretary of Homeland Security Kristi Noem claimed that Mexican President Claudia Sheinbaum has deported “more than half a million” migrants due to pressure from former President Donald Trump.
During a cabinet meeting highlighting the “achievements” of Trump’s administration in its first 100 days, Noem asserted that under the Republican leader’s influence, “Mexico has finally come to the table” to negotiate on migration and fentanyl trafficking.
“The president of Mexico told me she has returned just over half a million people before they reached our border,” Noem stated, criticizing media reports that suggest the Biden administration deported more migrants than Trump’s.
“I wish those deportations were counted,” Noem added, “because those people never made it to our border—she sent them back because you made her.” She went on to thank Trump: “They never made it here because they got the message—because you were so aggressive.”
Noem has made controversial claims about Sheinbaum in the past, prompting the Mexican leader to refute them.
On April 1, Sheinbaum responded to one such statement by declaring, “The president answers to only one authority, and that is the people of Mexico,” after Noem said on Fox News that she gave Sheinbaum “a list of things Trump would like to see” and that Mexico’s actions would determine whether Trump granted tariff relief.
International
Vatican releases special “Sede Vacante” stamps ahead of papal transition
he Vatican’s post offices and select collector shops began selling special edition stamps this week to mark the period between the death of Pope Francis and the election of his successor.
Known as “Sede Vacante” stamps, they feature an image used on official Vatican documents during the interregnum between popes — two crossed keys without the papal tiara. These stamps went on sale Monday and will remain valid for postal use only until the new pontiff appears at the window overlooking St. Peter’s Square.
Until then, they can be used to send letters, postcards, and parcels. “Once the new pope is elected, the stamps lose their postal validity, but their collectible value rises,” said Francesco Santarossa, who runs a collectors’ shop across from St. Peter’s Square.
The Vatican has issued the stamps in four denominations: €1.25, €1.30, €2.45, and €3.20. Each is inscribed with “Città del Vaticano” and “Sede Vacante MMXXV” — Latin for “Vacant See 2025.”
International
Conclave to choose pope Francis’ successor could begin in early may
The conclave, which in the coming weeks must choose the successor to Pope Francis, will strictly follow a precise protocol refined over centuries.
The 135 cardinal electors, all under the age of 80, will cast their votes four times a day — except on the first day — until one candidate secures a two-thirds majority. The result will be announced to the world through the burning of the ballots with a chemical that produces the eagerly awaited white smoke, accompanied by the traditional cry of “Habemus Papam.”
The start date for the conclave could be announced today, as the cardinals are set to hold their fifth meeting since the pope’s passing. Luxembourg Cardinal Jean-Claude Hollerich suggested it could begin on May 5 or 6, following the traditional nine days of mourning. According to German Cardinal Reinhard Marx, the conclave could last only “a few days.”
Although the late Argentine pontiff appointed the majority of the cardinal electors, this does not necessarily ensure the selection of a like-minded successor. Francis’ leadership style differed significantly from that of his predecessor, Benedict XVI, a German theologian who was less fond of large public gatherings. It also marked a contrast with the popular Polish pope, John Paul II.
The Argentine Jesuit’s reformist papacy drew strong criticism from more conservative sectors of the Church, who are hoping for a doctrinally focused shift. His tenure was marked by efforts to combat clerical sexual abuse, elevate the role of women and laypeople, and advocate for the poor and migrants, among other causes.
Kristi Noem credits Trump for mass migrant deportations by mexican president
Vatican releases special “Sede Vacante” stamps ahead of papal transition
Conclave to choose pope Francis’ successor could begin in early may
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