Home japan financial crisis Business Highlights | Overview of the main economic stories

Business Highlights | Overview of the main economic stories

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WASHINGTON – Federal Reserve Chairman Jerome Powell has said inflation will likely rise in the coming months, but the increase will be temporary and not enough for the Fed to change its low interest rate policies . Powell also said Thursday that the economic outlook has improved after three months of weak job gains, but warned that the economy and the job market were still far from fully recovered. As the economy reopens in the coming months with more widely distributed vaccines, many economists expect spending soaring that will expand available supplies of goods and services. These additional expenses could push up prices in certain sectors of the economy.

FRANKFURT, Germany – Members of the OPEC oil producer cartel and allies have agreed to leave most of their existing oil production cuts in place. Saudi Arabia-led OPEC countries joined Russian-led non-members in reaching the deal in an online meeting on Thursday. More importantly, a million barrels per day of voluntary cuts from Saudi Arabia will remain in place at least until April. This move caused the price of crude oil to rise sharply on world markets. The US contract climbed 5.6% to $ 64.70 per barrel.

LONDON – The United States has agreed to suspend tariffs for millions of dollars on UK exports, including Scotch whiskey, in an effort to resolve a long-standing transatlantic trade dispute over subsidies aerospace. The two countries said in a joint statement Thursday that Washington would suspend tariffs for four months on a range of products. This is a new step to defuse trade tensions centered on aid to Boeing and Airbus. Scotch whiskey distillers applauded the news that the 25% tariff would be reduced to zero. Scottish cashmere producers, pig breeders and Stilton cheese makers will also benefit from the tariff suspension.

WASHINGTON – The Biden administration is relaunching a Department of Energy program that has provided billions of dollars in loan guarantees to companies such as electric car maker Tesla and bankrupt solar company Solyndra. In an interview with The Associated Press, Energy Secretary Jennifer Granholm said up to $ 40 billion in collateral would be made available for a variety of clean energy projects. They include wind, solar and hydraulic power, advanced vehicles, geothermal energy and even nuclear. The loan program helped launch the country’s first large-scale wind and solar farms as part of the Obama administration’s efforts to create “green jobs, but it has largely remained dormant under President Donald Trump. .

BRUSSELS – The executive of the European Union wants to force employers to be much more open about the wages of their staff in order to make it easier for women to challenge pay imbalances and to close the pay gap between men and women . Although the pay gap between men and women in the bloc of 27 countries has been reduced to 14% for people doing the exact same job, the European Commission wants to eliminate the disparity by imposing specific rules to make public the pay levels. European Commission President Ursula von der Leyen said, “For equal pay you need transparency. Women need to know if their employers are treating them fairly.”


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