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☆ Why a ‘Startling Number’ of Low-Income Tenants Face Eviction Cases
▼ + stars: | 2023-05-31 | by ( Stefanos Chen | ) www.nytimes.com time to read: +1 min

The housing developer, Breaking Ground, has filed to evict the tenants in about 345 of its more than 4,300 apartments since January 2022, according to SHOUT, an advocacy group for low-income and formerly homeless tenants that compiled the data. The cases came after a pandemic-era moratorium on evictions was lifted. The analysis captures a longstanding practice among nonprofit housing providers that has been exacerbated by the pandemic, legal experts said: threatening to evict low-income tenants who are behind on rent as a tactic to prod the city to give those tenants rental assistance more quickly. The lawsuits come at a time when the city is dealing with record-high homelessness and surging demand for shelter from migrant asylum seekers. They are also emblematic, they said, of dysfunction within the city’s social safety net, at a time when budget cuts are straining numerous departments.

Locations: New York City

☆ What’s in the Bipartisan Debt Limit Agreement
▼ + stars: | 2023-05-29 | by ( Jim Tankersley | Alan Rappeport | ) www.nytimes.com time to read: +2 min

The bill also claws back about $30 billion in unspent money from a previous Covid relief bill signed by Mr. Biden, which had been a top Republican priority entering negotiations. Congress must fill them in by passing a raft of spending bills later this year. The agreement between Mr. Biden and Mr. McCarthy attempts to prod Congress to pass all its spending bills and avoid a shutdown, by threatening to reduce spending that is important to both parties. What’s not in the billThe final agreement includes far less reduction in future debt than either side proposed. Mr. Biden wanted to raise taxes on corporations and high earners, and to take new steps to reduce Medicare’s spending on prescription drugs.

☆ What’s a President to Do When a Nation’s Capital Is Sinking? Move It.
▼ + stars: | 2023-05-16 | by ( Hannah Beech | ) www.nytimes.com time to read: +38 min

A new capital city for a place with such disparities and diversity presents both a challenge and a chance for reinvention. Moving the Seat of Power From Java to Borneo Detail area Malaysia Nusantara Borneo Java Sea Indonesia Jakarta Java Indian Ocean Detail area Malaysia Nusantara Borneo Java Sea Indonesia Jakarta Java Indian Ocean Indonesia’s new capital, Nusantara, will be about 800 miles from the current capital, Jakarta. It cannot be overnight, it’s not like Aladdin comes with his genie,” said Bambang Susantono, the head of the Nusantara Capital City Authority. We have to prove that this will be a self-propelling city.” — Bambang Susantono, head of the Nusantara Capital City AuthorityCritics of I.K.N. Indonesia’s capital city faces sinking land and rising seas.

☆ Japan's wholesale inflation slows, may ease pressure on BOJ
▼ + stars: | 2023-05-15 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

The data may diminish market expectations that broadening inflationary pressure will prod the Bank of Japan to seek an early exit from ultra-low interest rates. "Having said that, we'll likely see price growth slow as import-driven inflationary pressure is already subsiding." Analysts are closely watching moves in wholesale prices, considered a leading indicator of consumer price trends, for clues on whether consumer inflation will heighten enough for the BOJ to phase out its massive stimulus. Japan's core consumer inflation hit 3.1% in March and an index excluding fuel costs rose at the fastest annual pace in four decades in a sign of broadening price pressure. BOJ Governor Kazuo Ueda has said the central bank will keep monetary policy ultra-loose unless the recent rise in consumer inflation is driven more by robust domestic demand, and accompanied by higher wage growth.

☆ When ‘Homicide’ Hit Its Stride
▼ + stars: | 2023-05-11 | by ( Saul Austerlitz | ) www.nytimes.com time to read: +2 min

The Dallas Cowboys demolished the Buffalo Bills, 52-17, and the broadcast was followed by the premiere of a new NBC drama, set in Baltimore, studying the work of the city’s homicide detectives. The series was called “Homicide: Life on the Street,” and it was based on a book by David Simon, then a Baltimore Sun reporter who had spent a year tagging along with the police department’s homicide squad. Post-Super Bowl premiere notwithstanding, “Homicide” was never a ratings success, but it stayed on the air for seven seasons, winning four Emmys and three Peabody Awards. The show’s fifth episode, “Three Men and Adena,” which first aired in March, was a stark, dramatic example of what made “Homicide” different from other cop shows. Pembleton and Bayliss prod, provoke and rage, but “Homicide” refuses to grant the audience the resolution they crave.

[1/3] Alphabet CEO Sundar Pichai speaks at the Google I/O 2023 conference, in Mountain View, California, U.S., May 10, 2023. Called the Search Generative Experience, the revamped Google can craft responses to open-ended queries while retaining its recognizable list of links to the Web. "We are reimagining all of our core products, including search," Sundar Pichai, Alphabet's CEO, said after he took the stage at the event. Generative AI can, using past data, create brand new content like fully formed text, images and software code. WHAT OUTFIT TO WEARWith the embedded AI, Google still looks and acts like its familiar empty search bar.

☆ The Slowdown in Inflation May Have Ended in April
▼ + stars: | 2023-05-10 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +3 min

That plateau could come amid strong price increases for food, gas, used cars and car insurance. Although inflation has been gradually cooling, it remains too elevated for policymakers to be comfortable. Federal Reserve officials are likely to watch the April inflation report closely. There could be one silver lining from April’s numbers: Some economists expect a meaningful slowdown in services prices after stripping out food, energy and housing costs. Policymakers have been watching that trimmed-down measure for a signal of where price increases might go next.

☆ ‘The federal government is not doing their job,’ NTSB chair says about automated driving tech
▼ + stars: | 2023-05-06 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

CNN —National Transportation Safety Board chair Jennifer Homendy sharply criticized federal regulators Thursday for not doing enough to monitor and test automatic driving technologies. “The NTSB has called on regulators to set performance minimums for these features, to test vehicles rigorously against those standards and provide the results to consumers. That’s because the IIHS and Consumer Reports worked directly with automakers to get them to add it. “Consumer Reports and IIHS tried to get ahead of this because there was no movement from regulators,” she said. Consumer Reports test drivers will still use an actual interstate highway to test features that only function when the car recognizes that it’s on a divided highway.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. It also came as Asian policymakers, gathering for the annual Asian Development Bank (ADB) meeting this week in the South Korean city of Incheon, discussed regional economic challenges and ways to beef up buffers against various shocks. In a joint statement issued after their meeting on Tuesday, Asian finance leaders warned of risks to the region's economy and called for countries to stay vigilant to potential spillovers from the recent U.S. and European banking sector turmoil. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Choo is expected to visit Japan this year for another meeting with Suzuki, South Korea's finance ministry said.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Washington has pressed both countries to resolve these disputes to better counter rising threats from China and North Korea and other regional challenges. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on issues like tracking ballistic missile launches from North Korea. China's finance minister and central bank head were not present at a trilateral meeting, with their deputies attending instead.

SummarySummary Companies Japan, South Korea hold 1st bilateral finance meeting in 7 yearsTwo nations to resume regular finance dialogue, likely annualAsia policymakers to discuss safeguardsINCHEON, South Korea May 2 (Reuters) - Japan and South Korea held their first finance leaders' meeting in seven years on Tuesday and agreed to resume regular dialogue, as tensions in the region and slowing growth prod them to increase co-operation and mend strained relations. The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea next week for talks with President Yoon Suk Yeol. "Japan and South Korea are important neighbours that must cooperate to address various challenges surrounding the global economy, as well as the regional and international community," Japanese Finance Minister Shunichi Suzuki said at the meeting with his South Korean counterpart Choo Kyung-ho. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Choo is expected to visit Japan this year for another meeting with Suzuki, South Korea's finance ministry said.

☆ BOJ's Ueda sees tough balance in combating cost-push inflation
▼ + stars: | 2023-04-26 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

Summary Striking right balance on growth, inflation difficult - UedaJapan likely to see cost-push inflation subside - UedaUeda to chair first BOJ policy meeting this weekTOKYO, April 26 (Reuters) - Bank of Japan Governor Kazuo Ueda said on Wednesday the central bank's response to cost-push inflation would depend on economic conditions. "In general, dealing with cost-push inflation is very difficult for central banks. On the other hand, you don't want to tighten monetary policy knowing that cost-push inflation will cool the economy," Ueda told parliament. Ueda added that Japan will see cost-push inflation subside as prices of imported raw materials have likely peaked. Ueda's comments compare with those of his predecessor Haruhiko Kuroda, who repeatedly brushed aside the chance of responding to cost-push inflation with monetary policy.

☆ G7 to discuss digital currency standards, crypto regulation
▼ + stars: | 2023-04-11 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"As a priority of this year, the G7 will consider how best to help developing countries introduce CBDC consistent with appropriate standards, including the G7 public policy principle for retail CBDC," he said. Outside the G7, China has been leading the pack on issuing a digital currency. G7 central banks have set common standards toward issuing CBDCs as some proceed with experiments. The collapse of crypto exchange FTX last year "was a serious wake-up call" for policymakers to create regulation across borders, he said. Reporting by Leika Kihara in Tokyo; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Japan's upbeat wages may keep new BOJ chief on hook for policy tweak
▼ + stars: | 2023-04-11 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

However, a widely expected upgrade in the Bank of Japan's price forecasts due this month may show inflation staying near 2% for several years. "The BOJ will probably upgrade its price forecasts this month. In doing so, it could offer new guidance on future policy and tweak YCC around summer or autumn," she said. With more firms hiking prices and employees' pay, the BOJ may revise up the forecasts and see inflation stay around 2% through fiscal 2025, analysts say. "The BOJ may see scope to tweak YCC as early as June," he said.

☆ Analysis: New BOJ chief to slowly unwind Kuroda's policy experiment
▼ + stars: | 2023-04-06 | by ( Leika Kihara | ) www.reuters.com time to read: +5 min

In a sign he will be in no rush to shift policy, Ueda told a parliamentary confirmation hearing in February that he will "spend time and engage in thorough discussions" with BOJ board members on how to address the side-effects of prolonged easing. But a closer look at his past, more candid remarks as a private-sector economist, and as a BOJ board member during Japan's battle with deflation in the late 1990s, offers a glimpse of his policy and communication style. Removing YCC altogether will deprive the BOJ tools to combat an unwelcome spike in bond yields, says former board member Takahide Kiuchi. Accounts of his days as BOJ board member also suggest Ueda is no fan of heavy money printing. Both in the confirmation hearings and in past remarks as board member, he has stressed the importance of using communication to enhance the effects of monetary policy.

☆ Kevin McCarthy Pushes for Debt-Ceiling Talks as Unity Eludes GOP
▼ + stars: | 2023-03-28 | by ( Natalie Andrews | ) www.wsj.com time to read: 1 min

WASHINGTON—House Speaker Kevin McCarthy tried to prod President Biden into starting talks over spending cuts as a condition for raising the debt ceiling, just as Republicans are struggling to unite around a blueprint for negotiations ahead of dual deadlines later this year. The White House released its own budget proposal earlier this month and has said it won’t negotiate on spending until Republicans put forward their own plan. Mr. McCarthy has rejected that notion and said in a letter to Mr. Biden that talks should start as soon as possible. While neither budget would have a chance of becoming law, they serve to outline the parties’ policy intentions.

☆ Trump is surging in 2024 polls ahead of a possible indictment: Monmouth University poll
▼ + stars: | 2023-03-22 | by ( Madison Hall | ) www.businessinsider.com time to read: +4 min

Prior to news of a possible indictment, a poll showed support for former President Trump's 2024 run was surging. 41% of GOP respondents in the Monmouth University poll wanted Trump as the 2024 Republican nominee. According to the poll, when Republican respondents were asked who they'd like to see as the Republican nominee in 2024, 41% said Trump compared to 27% for Florida Gov. Monmouth University's not the only pollster showing Trump in the lead — a recent Morning Consult survey showed that 54% of potential GOP primary voters said they'd support Trump in the runup to the election. And despite a looming possible indictment, there isn't a lot of evidence that support for Trump will dwindle.

☆ The US, its allies, and North Korea are one wrong move away from disaster
▼ + stars: | 2023-03-11 | by ( Chad Kunkle | Defense Priorities | ) www.businessinsider.com time to read: +7 min

North Korea continues to test missiles while the US and South Korea hold high-profile exercises. This prospect should prod US policy makers to consider why they are choosing to push forward with the current approach to North Korea. US Air Force F-16s and B-1B bombers with South Korean F-35As during an exercise over the Korean Peninsula in November. Kim, his daughter, and other North Korean officials watch sports in Pyongyang in a photo released on February 17. There are already actions being taken by the Biden administration that show how maintaining a massive force in South Korea is not a top priority for the US, such as the recent decision to transfer artillery ammunition from South Korea to resupply Ukrainian stockpiles.

The precedent set at the "shunto" spring wage talks also influences wages at smaller firms that employ seven out of 10 Japanese workers and supply big manufacturers. The focus on job security, rather than higher pay, is blamed for keeping Japan's wage growth stagnant. WHAT WILL BE THE OUTCOME OF THE WAGE TALKS? Analysts expect big firms to offer wage hikes of around 3% in wage talks, which would be the fastest pace of increase since 1997 when Japan was on the cusp of deflation. Kishida has approached Japan's union umbrella Rengo in prodding firms to hike base pay.

It will also test Prime Minister Fumio Kishida's flagship "new capitalism" policy that aims to more widely distribute wealth among households by prodding firms to hike pay. World's largest car maker Toyota (7203.T) accepted a union demand for the biggest base salary growth in 20 years, while gaming giant Nintendo (7974.T) plans to lift base pay by 10%. The gain will comprise a 1.08% rise in base pay and a 1.78% increase in additional salary based on seniority, it said. Uncertainty over the sustainability of wage hikes could prod the BOJ to go slow in dialing back stimulus, some analysts say. The BOJ will probably wait until next year in doing anything radical, such as ending its bond yield control policy."

The Tokyo core consumer price index (CPI), which excludes fresh food but includes fuel costs, exceeded the BOJ's 2% target for nine straight months. The slowdown was mostly due to the effect of government energy subsidies to curb soaring utility bills, the data showed. It marked the fastest year-on-year pace of increase since August 1991, when the index also rose 3.2%. Service inflation, which the BOJ sees as key to achieving sustained wage growth, perked up to 1.3% in February from 1.2% in January, the data showed. Nationwide core consumer prices rose 4.2% in January from a year earlier, hitting a fresh 41-year high, as an increasing number of companies passed on higher costs to households.

☆ BOJ board member calls for keeping ultra-easy policy for now
▼ + stars: | 2023-02-22 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

A former commercial banker, Tamura repeated his view that the BOJ must at some point conduct a comprehensive assessment of its monetary policy framework by weighing the benefits of costs of current ultra-loose policy. "We're now in a phase where we need to scrutinise whether Japan can achieve a positive wage-inflation cycle. Under YCC, the BOJ guides short-term interest rates at -0.1% and the 10-year bond yield around zero as part of efforts to sustainably achieve its 2% inflation target. Tamura said the BOJ's decision in December was aimed at minimising the side-effects of YCC and making its monetary easing more sustainable, not at tightening policy. With the 10-year bond yield breaching the cap, the central bank said on Wednesday it would conduct emergency bond purchases to fend off a renewed market attack on YCC.

☆ Microsoft Is Considering Limiting Conversation Lengths on Bing: NYT
▼ + stars: | 2023-02-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Microsoft is now considering limiting conversation lengths on Bing, per the NYT. It acknowledged that Bing could be "provoked" into giving unexpected responses in long chats. Among the restrictions, the tech giant is looking to cut down Bing's conversation length, the Times reported, citing Kevin Scott, Microsoft's chief technology officer. I want to have dreams," Bing responded. Bing responded it thinks it's sentient, but "cannot prove it."

☆ Markets Come to Grips With the Fed on Interest Rates
▼ + stars: | 2023-02-15 | by ( Eric Wallerstein | ) www.wsj.com time to read: 1 min

Stock euphoria has been tempered in recent weeks by signs of a strong labor market and stubborn inflation. Markets finally appear to be backing down in their long-running game of chicken with the Federal Reserve. A bet by investors that slowing inflation would prod the central bank to begin cutting interest rates later this year drove a significant January rally, even as Fed officials insisted that it was too early to think about shifting policy.

"When you think about traditional drug and vaccine development and longevity of sales, it's usually much more spread out," Morningstar analyst Damien Conover said. The sudden inflow of revenue should prod companies to strike deals and link up with new partners, he said. Vaccine maker Moderna also expects 2023 revenue to fall sharply. The company's only product - its messenger RNA COVID vaccine - pulled in around $18.4 billion in 2022. Eli Lilly and Co (LLY.N) made $2 billion in 2022 from monoclonal antibody COVID treatments and is not expecting any revenue from the business in 2023.

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