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☆ Turkish economy to return to 'rational ground', new finance minister says
▼ + stars: | 2023-06-04 | by ( Nevzat Devranoglu | ) www.reuters.com time to read: +2 min

ANKARA, June 4 (Reuters) - Turkey's newly appointed Finance Minister Mehmet Simsek said on Sunday that the country has no choice but to return to "rational ground" to ensure predictability in the economy. In a handover ceremony, Simsek said the main goal of the new government will be to increase social welfare. "Turkey has no other choice than to return to a rational ground. A rules-based, predictable Turkish economy will be the key to achieving the desired prosperity." Fiscal policies and structural reforms will support Turkey's central bank to help lowering inflation, Simsek also said.

Persons: Mehmet Simsek, Tayyip Erdogan, Simsek, Goldman Sachs, Huseyin Hayatsever, Hugh Lawson, Susan Fenton Organizations: Thomson Locations: ANKARA, Turkey

☆ US blocks ex-Haitian PM Lamothe from entering country, citing corruption
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +2 min

PORT-AU-PRINCE, June 2 (Reuters) - The United States on Friday blocked former Haitian Prime Minister Laurent Lamothe from entering the United States over what Secretary of State Antony Blinken said was his "involvement in significant corruption." "This action renders Lamothe generally ineligible for entry into the United States," the State Department said. In its statement, the State Department accused Lamothe of misappropriating "at least $60 million from the Haitian government's PetroCaribe investment and social welfare fund for private gain." Canada sanctioned Lamothe last November alongside Martelly and another former prime minister, Jean Henry Ceant, as part of measures targeting alleged backers of armed gangs in the country. The current caretaker government of Prime Minister Ariel Henry requested last October an international strike force to help restore order.

Persons: Laurent Lamothe, Antony Blinken, Lamothe, Michel Martelly, Jean Henry Ceant, Ariel Henry, Harold Isaac, Sarah Morland, Eric Beech, Costas Pitas, Tim Ahmann, Leslie Adler Organizations: PORT, Haitian, State Department, U.S ., Miami Herald, Lamothe, Martelly, United Nations, Thomson Locations: United States, U.S, Miami, Venezuelan, Canada, Ottawa, Haiti

Kishida has vowed to double childcare spending over the next three years in a bid to help reverse the country's dwindling birth rate. The government had previously estimated that it needed to secure around 3 trillion yen per year to cover the expansion of childcare allowances and other related benefits. Kishida unveiled the increased size of spending at a meeting of ministers, including Finance Minister Shunichi Suzuki, Goto said. The economy minister also attended the meeting. "Prime Minister Kishida told us to consider expanding childcare measures by around 3.5 trillion yen in the process of compiling the annual budget," Goto told reporters.

Persons: Fumio Kishida, Shigeyuki Goto, Kishida, Shunichi Suzuki, Goto, Kyodo newsagency, Yoshifumi Takemoto, Himani Sarkar Organizations: Finance, Kyodo, Thomson Locations: TOKYO, Japan

☆ Explainer: What to expect from Nigeria's new president Bola Tinubu
▼ + stars: | 2023-05-29 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +4 min

LAGOS, May 29 (Reuters) - Nigeria's new president Bola Tinubu faces a litany of problems, including widespread violence, double-digit inflation and industrial-scale oil theft. Tinubu says he will build on Buhari's public infrastructure programme to create jobs and remove legal limits on government spending. Tinubu says he will reduce corporate tax to attract investment and plug tax loopholes to boost revenue. Tinubu says he will set up a surveillance unit to protect the country's pipelines and attract new investors with tax incentives. Tinubu wants to recruit more soldiers and police officers, while paying and equipping them better.

☆ Janet Yellen isn't 'credible' and the US won't default on its debt on June 1, Republican congressman says
▼ + stars: | 2023-05-25 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +5 min

Congress can't raise the debt ceiling and avoid economic crisis because Republicans want spending cuts. Janet Yellen said Treasury may not be able to delay a default past June 1. To avoid a default, Congress has to raise the debt ceiling, and Republicans won't do it unless Democrats agree to spending cuts. Janet Yellen was wrong on having interest rates too low for far too long. Asked about his alternative date, Donalds said, "Listen, I'm not the Treasury Secretary.

☆ Republicans are holding the American economy 'hostage' over the debt ceiling after rejecting Biden's offer of $3 trillion in deficit cut proposals, House Progressive Caucus says
▼ + stars: | 2023-05-24 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +4 min

Republicans have refused to raise the debt ceiling without reducing the deficit. The US could default on its debt in less than a week unless Congress raises the debt ceiling. House Democrats blame this "reckless hostage taking" on Republicans. House Democrats have flipped the switch. House Democrats are blaming their Republican colleagues for rejecting Democratic proposals to reduce the deficit.

☆ Opinion | The Welfare Debate Stalling the Debt Talks
▼ + stars: | 2023-05-22 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

A bridge to independence, not a barrier.”Opponents of tough work requirements see things differently, of course. They would be subject to the work requirements until age 55, up from 49 currently. Work requirements for Temporary Assistance for Needy Families would also increase.) There’s been a lot of academic research on the effects of work requirements. My conclusion from reading some of it is that in certain cases, work requirements have increased employment, as congressional Republicans hope.

☆ Her son said his stepdad was sexually abusive. A judge gave the stepdad custody anyway. Then she found the photographs.
▼ + stars: | 2023-05-18 | by ( Olivia Gentile | ) www.businessinsider.com time to read: +58 min

Robert confronted Winenger with the allegations that November, and within weeks Winenger denied the claims in family court. In a family court hearing in Vista, California, on October 28, 2021, Commissioner Patti Ratekin chastised Jill Montes for allegedly alienating her kids from her ex-husband. From a list provided by the Delaware Family Court, Kelly chose a psychologist, William Northey. Their father cited the report in asking a Delaware family court judge to order the boys to change schools. Family Court of the State of Delaware, New Castle CountyCiting the email and a subsequent report, Michael pressed Ostroski to order the transfer.

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☆ New Zealand set to reveal bigger deficit in 'no frills' 2023-24 budget
▼ + stars: | 2023-05-16 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, May 16 (Reuters) - New Zealand Labour government is set to reveal a worse budget bottom line and economic outlook on Thursday as it delivers what it calls a “no frills” 2023-24 budget to avoid fuelling inflation. Since coming into power, Prime Minister Chris Hipkins has cut costly programmes and reiterated the government’s plans to return to “bread and butter issues”. They’ll see that’s what we’ve done in the budget,” Hipkins said at his weekly Monday press conference. The country was hit by two significant weather events at the start of the year that caused an estimated NZ$9 billion and NZ$14.5 billion in damage. “The Budget packages will likely be more targeted, appearing more fiscally responsible and prudent,” Smith added.

☆ The GOP proposal to raise the debt ceiling would force Americans on Social Security and Medicare to wait longer to receive help and make college more expensive, the White House says
▼ + stars: | 2023-05-16 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

That would include worse customer service times for Americans receiving Medicare and Social Security. That could mean people waiting for disability benefits through Social Security might face wait times of at least two months longer, and those seeking help through Social Security and Medicare offices could experience worse customer servicer. "House Republicans can do this math as well as anyone. "If House Republicans choose not to cut funding for military, veterans' medical care, and border security, then their cuts to everything else must get even deeper." As Yellen warned McCarthy in her Monday letter, failure to raise the debt ceiling on time would be catastrophic for Americans.

☆ George Santos Pushed Campaign Finance Abuse Past the Usual Line - The New York Times
▼ + stars: | 2023-05-10 | by ( David Firestone | ) www.nytimes.com time to read: +2 min

has been hobbled by Congress from investigating them and the Federal Election Commission, which also regulates their expenditures, is regularly deadlocked. Many 501(c)(4) groups claim a large amount of “overhead” in their spending; crucially, it’s rarely itemized and therefore escapes close scrutiny, according to Saurav Ghosh, the director of federal campaign finance reform at the nonprofit Campaign Legal Center. Mr. Santos might have gotten away with a lot of dubious spending in that category without anyone knowing. But Mr. Santos didn’t structure his fraud the usual way, according to the indictment. That company, which The New York Times says appears to be RedStone Strategies, had nothing to do with supporting Mr. Santos’s campaign but everything to do with supporting his bank account.

☆ Hong Kong: One of the world's most expensive cities raises minimum wage by 32 cents
▼ + stars: | 2023-05-02 | by ( Jessie Yeung | ) edition.cnn.com time to read: +6 min

So when the Hong Kong government raised the minimum wage by a measly 32 cents on Monday, activists and community workers were scathing in their response. “It cannot cover basic needs in Hong Kong.”The new minimum wage now stands at 40 Hong Kong dollars ($5.1) per hour, up from the previous 37.5 Hong Kong dollars ($4.78) per hour. But Wong said this new increase will make little difference in Hong Kong, consistently ranked one of the world’s most expensive cities. The city’s median hourly wage last year was 77.4 Hong Kong dollars ($9.86), according to the Census and Statistics Department. A demonstration from the Hong Kong Women Workers Association in front of the Central Government Office on May 1, 2023.

☆ This organization built an app to boost financial literacy among older LGBTQ+ Americans
▼ + stars: | 2023-04-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Willie B. Thomas | DigitalVision | Getty ImagesFinancial stability is a concern for many older Americans, and challenges can be greater among marginalized groups such as elders in the LGBTQ+ community. But a free financial literacy app called SAGECents is looking to change that. What's worse, 1 in 5 older LGBTQ+ adults faced poverty during the Covid-19 pandemic, a 2023 study from the Williams Institute at UCLA's School of Law found. "They've faced a lifetime of discrimination and social stigma," said Christina DaCosta, chief experience officer at SAGE, a national organization dedicated to improving the lives of older LGBTQ+ people. Older LGBTQ+ Americans are more likely to be single and to live alone, making them less likely to benefit from a partner's health insurance or other "social welfare structures," he said.

☆ CEOs like Jamie Dimon, Warren Buffett, and Elon Musk want the government to fight inequality and 'reignite the American dream'
▼ + stars: | 2023-04-15 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +8 min

His proposals include investing in American industry, teaching students workplace skills, and expanding the Earned Income Tax Credit. Forecasting "storm clouds ahead," Dimon wants the government to drive economic growth by subsidizing industry, investing in the workforce, and reducing income inequality. Following in Buffett's footsteps, Dimon said JPMorgan owes its business success to the "extraordinary conditions our country creates" for economic growth. Akin to Musk, Dimon said he didn't want the government to micromanage industry, believing "Adam Smith's invisible hand still prevails." He suggested expanding the Earned Income Tax Credit, a tax refund that allows lower-income working individuals and families to keep more of their earned income.

[1/5] Choi Jin-mook, 48, Chief Director of Drug Addiction Rehabilitation Centre (DARC) and visiting professor of Department of Addiction Rehabilitation and Social Welfare at Eulji University, listens to a recovering drug addict during a group counselling for drug addicts in Incheon, South Korea, April 1, 2023. South Korea has only six drug rehabilitation centres, according to Choi, including just two run by the food and drug safety ministry. In comparison, Japan - with 126 million people to South Korea's 52 million - has about 90 rehab centres. PRISON NOT REHABOne of the biggest problems is that South Korea's corrections system focuses mostly on punitive detention and lacks rehabilitation support, Choi said. Some drug crimes are also punishable by death although South Korea has not carried out any executions since 1997.

☆ In Paraguay, calls for change test Colorado Party's political machine
▼ + stars: | 2023-03-28 | by ( Daniela Desantis | ) www.reuters.com time to read: +3 min

ASUNCION, March 28 (Reuters) - Paraguay's ruling Colorado Party - a conservative political machine that has dominated government in Asuncion for some eight decades - could be facing a major challenge at the ballot box next month. Many voters say they feel it is time for something new. Pena may also be impacted by a U.S.-led graft probe into Horacio Cartes, a former Colorado president who led the country from 2013 to 2018. However, the Colorado party retains a powerful election campaign machine and supporter base that goes back generations. Adelina Caceres, director of a public school in the town of Guarambare, on the outskirts of the capital, said she supported the Colorado party mainly because "her grandfather had been Colorado," and despite being often frustrated by them.

☆ Manhattan DA Alvin Bragg's ties to billionaire George Soros are not as close as Republicans claim
▼ + stars: | 2023-03-22 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

As Manhattan District Attorney Alvin Bragg moves to bring an expected indictment against Donald Trump, Republicans lawmakers leaping to the former president's defense have fixated on what they call Bragg's ties to billionaire George Soros. There is also no indication the Open Society Policy Center's donation was directed toward an eventual Color of Change campaign to influence Bragg. The funding from Soros' nonprofit was not targeted toward the campaign to support McCarter, the Color of Change official told CNBC. Open Society's website says the group's donation was intended "to support [Color of Change]'s social welfare activities" over the course of five years. Months before Bragg won a 2021 Democratic primary on his way to becoming Manhattan DA, George Soros' son, Jonathan, and his wife, combined to donate $20,000 to Bragg's campaign, state records show.

☆ NPC 2023: Xi Jinping hits out at US as he urges China's private firms to 'fight' alongside Communist Party
▼ + stars: | 2023-03-07 | by ( Laura He | ) edition.cnn.com time to read: +5 min

“The private sector is an important force for our party to govern in the long term,” Xi said. Business confidence has plummeted following an unprecedented regulatory crackdown on the private sector and increasing uncertainties about China’s future path. Major contributorThe private sector, despite being dwarfed in size by the state sector, contributes more than 60% to China’s GDP and over 80% of employment, according to official statistics. It’s also necessary to protect the property rights of private companies and entrepreneurs and treat state firms and private companies equally, so as to “boost market expectations and confidence,” he said. “[We should] let private companies play an important role in stabilizing employment and increasing [government] income,” he said.

☆ Explainer: Nigeria election: what to expect from president-elect Bola Tinubu
▼ + stars: | 2023-03-01 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +5 min

LAGOS, March 1 (Reuters) - Nigeria's president-elect Bola Tinubu has promised to tackle a litany of problems, including escalating violence, double-digit inflation and industrial-scale oil theft. Tinubu says he will build on Buhari's public infrastructure programme to create jobs and remove legal limits on government spending. Tinubu says he will set up a surveillance unit to protect the country's pipelines and attract new investors with tax incentives. Africa's top producer of crude oil depends on imported refined fuels, something Tinubu wants to end by increasing domestic refining through joint ventures with private investors. Tinubu wants to recruit more soldiers and police officers, while paying and equipping them better.

☆ Inflation in Beijing: Chinese capital gives cash handout to low-income households to offset rising food prices
▼ + stars: | 2023-02-20 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Beijing will give out a $6 monthly cash subsidy to low-income residents to cushion the impact of rising food prices, a move that has unexpectedly angered many online who say the amount is far too low. The demonstrations were the latest outburst of public discontent since mass protests against Covid curbs gripped the country late last year. “In January, food prices in Beijing rose by 6.6%, meeting the conditions for starting the price-linked subsidy program,” the state-run Beijing Daily newspaper quoted an official from the commission as saying in a Friday report. Although the headline figure remains relatively low compared to other countries, food prices jumped 6.2%, with pork and fruit prices rising the most. In Beijing, food prices outpaced the national level.

☆ Sam Bankman-Fried funded more than 90% of a leading DC ethics group's political arm in 2021
▼ + stars: | 2022-12-29 | by ( Brent D. Griffiths | Dave Levinthal | ) www.businessinsider.com time to read: +3 min

One of those was the political arm of the Campaign Legal Center, a prominent DC watchdog group. Insider has learned that Bankman-Fried's donations funded more than 90% of the political arm in 2021. Bankman-Fried donated $760,000 to the Campaign Legal Center's action fund in 2021, according to a spokesperson for the organization. Insider previously reported that Bankman-Fried donated more than $2.5 million to the Campaign Legal Center and its affiliate organizations since 2021. Under its action group, the Campaign Legal Center filed a number of prominent lawsuits in 2021.

☆ Brazil's record 2023 bond bill underscores rising debt burden
▼ + stars: | 2022-12-26 | by ( Marcela Ayres | ) www.reuters.com time to read: +2 min

Redemptions on the LFT bonds, which are linked to benchmark interest rates, will reach 464 billion reais ($89 billion) in 2023, with 178 billion reais due in March and 286 billion in September. Former Treasury Secretary Mansueto Almeida pointed to real interest rates - adjusted for inflation - of above 6% over the longer term. "If the next government doesn't present and clarify a new fiscal rule soon, we'll be left with this very high interest rate," said Mansueto, now chief economist at BTG Pactual. Otherwise, it will hurt private investment a lot and lead to a very worrying trajectory of public debt growth." Brazil's public debt is expected to close this year at around 74% of GDP, its lowest since 2018.

☆ Brazil’s Incoming President Lula da Silva Wins Approval to Spend Big
▼ + stars: | 2022-12-22 | by ( Samantha Pearson | Luciana Magalhaes | ) www.wsj.com time to read: 1 min

Brazil’s President-elect Luiz Inácio Lula da Silva has vowed to boost spending on social welfare spending when he takes office in the new year. SÃO PAULO—Brazil’s Congress suspended the government’s spending cap to allow incoming President Luiz Inácio Lula da Silva to raise expenditures on social welfare and public works, prompting concerns in financial markets about the fiscal health and long-term growth of Latin America’s biggest economy. The constitutional amendment, backed by 65% of members of Congress in a final vote Wednesday, allows Mr. da Silva, who takes office on Jan. 1, to spend an extra $28 billion in 2023 outside of the country’s spending cap, sidestepping a fiscal anchor designed to keep free-spending governments in check.

☆ No spending spree likely in last full Indian budget before 2024 election: Reuters poll
▼ + stars: | 2022-12-22 | by ( Vivek Mishra | ) www.reuters.com time to read: +4 min

BENGALURU, Dec 22 (Reuters) - The Indian government will focus on fiscal consolidation in its Feb. 1 budget, the last full one before a 2024 general election, according to a Reuters poll of economists who said slowing economic growth would limit it from spending more. That will likely limit the government's ability to provide relief to households and businesses facing an uneven recovery from the pandemic. Economic growth likely slowed sharply to an annual 4.6% in the December quarter from 6.3% reported in the preceding quarter. Sitharaman's expected fiscal prudence coincides with state assembly elections in Karnataka, Chhattisgarh, Madhya Pradesh and Rajasthan in 2023, which would likely discourage the government from making deep cuts to social welfare. Among those who expect it to be a more populist budget, some said the government would announce new subsidies, an increase in healthcare and rural spending to boost jobs.

☆ Factbox: How governments are trying to ease impact of inflation
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +5 min

* Ecuador's president decreed a 6% minimum wage hike for next year. * Hungary's government and private-sector employers have agreed on a 16% minimum wage increase for next year. * Poland will cap electricity prices for small businesses, hospitals and households in 2023, and raise the minimum wage twice. * Tunisia's government in September signed a deal with a major labour union to raise public-sector pay and the minimum wage. * Turkey in July raised the minimum wage by about 30%, adding to the 50% rise seen at the end of last year.

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