World

UK Economy Slips into ‘Technical’ Recession

Published

5 months ago

February 16, 2024

Eric

The United Kingdom slipped into a technical recession in the second half of last year after its economy registered two consecutive quarters of negative economic growth, official figures have shown.

The Office for National Statistics (ONS) announced through a statement on Thursday that Britain’s gross domestic product (GDP) shrank by 0.3 percent in the last three months of 2023, after contracting 0.1 percent in the third quarter.

It meant that the economy entered a technical recession, as defined by two or more quarters in a row of falling GDP.

It marked the first time the UK had entered recession since the first half of 2020 when the initial COVID-19 lockdown sent the country’s economy plunging into reverse.

The figures dealt a blow to Prime Minister Rishi Sunak, who had promised to grow the economy as one of his five priorities.

Chancellor Jeremy Hunt said inflation and high-interest rates were behind the output fall but insisted the economy was turning a corner.

He said: “While interest rates are high so the Bank of England can bring inflation down low growth is not a surprise.

“But there are signs the British economy is turning a corner; forecasters agree that growth will strengthen over the next few years.

“Wages are rising faster than prices; mortgage rates are down and unemployment remains low.

“Although times are still tough for many families, we must stick to the plan of cutting taxes on work and business to build a stronger economy.”

Shadow chancellor Rachel Reeves said the Prime Minister’s promise to grow the economy was in tatters.

“The Prime Minister can no longer claim credibly that his plan is working or that he has turned the corner on more than 14 years of economic decline under the Conservatives that has left Britain worse off.

“This is Rishi Sunak’s recession and the news will be deeply worrying for families and businesses across Britain,’’ he said.

USA

Biden Steps Down from Re-Election Bid, Says ‘It’s in the Best Interest of the Country’

Published

5 days ago

July 21, 2024

Eric

President of the United States of America, Joe Biden, has announced his resignation from seeking reelection into the White House.

Biden, who made the announcement on Sunday, said much as he would love to return to the Oval Office, his decision to quit the race is in the interest of the Democratic Party and country.

The Full Speech

“My Fellow Americans, Over the past three and a half years, we have made great progress as a Nation,” Biden said.

My Fellow Americans,

Over the past three and a half years, we have made great progress as a Nation. Today, America has the strongest economy in the world. We’ve made historic investments in rebuilding our Nation, in lowering prescription drug costs for seniors, and in expanding affordable health care to a record number of Americans. We’ve provided critically needed care to a million veterans exposed to toxic substances. Passed the first gun safety law in 30 years. Appointed the first African American woman to the Supreme Court. And passed the most significant climate legislation in the history of the world. America has never been better positioned to lead than we are today.

I know none of this could have been done without you, the American people. Together, we overcame a once in a century pandemic and the worst economic crisis since the Great Depression. We’ve protected and preserved our Democracy. And we’ve revitalized and strengthened our alliances around the world.

It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term.

I will speak to the Nation later this week in more detail about my decision. For now, let me express my deepest gratitude to all those who have worked so hard to see me reelected. I want to thank Vice President Kamala Harris for being an extraordinary partner in all this work. And let me express my heartfelt appreciation to the American people for the faith and trust you have placed in me.

“I believe today what I always have: that there is nothing America can’t do – when we do it together. We just have to remember we are the United States of America.”

Some Americans and top democrats had raised concerns over Biden’s health following his botched presidential debate with Donald Trump, Republican Party nominee.

USA

Fresh Challenge, Pressure As Biden Contracts COVID-19

Published

1 week ago

July 18, 2024

Eric

United States President Joe Biden faces new pressure to step aside because of his age – with his campaign activity currently halted due to a Covid-19 infection.

The top two Democrats in the US Congress, Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries, are both reported by US media to have met him privately to express concerns over his candidacy.

Nancy Pelosi, the former House Speaker, is also reported to have told him that he cannot beat Donald Trump in November’s election.

Announcing his Covid infection on Wednesday night, the White House said the 81-year-old was facing mild symptoms.

Karine Jean-Pierre, his press secretary, said the president was vaccinated and boosted. He has tested positive for Covid twice before.

Mr Biden was seen earlier in the day visiting supporters in Las Vegas and speaking at an event. He cancelled a campaign speech later in the night.

Ms Jean-Pierre said the president planned to isolate at his home in Delaware while carrying out “all of his duties fully”.

The president’s doctor, Kevin O’Connor, said Mr Biden had presented with upper respiratory symptoms, including a runny nose and a cough, and had been given his first dose of Paxlovid.

He felt fine during his first event of the day but later tested positive, Dr O’Connor said.

Mr Biden later used X/Twitter to thank everyone for “the well wishes” and said he would “work to get the job done for the American people” while in recovery.

In another tweet his account stated “I’m sick” before replying back “… of Elon Musk and his rich buddies trying to buy this election. And if you agree, pitch in here”.

The tweet pointed to a donations portal.

Source: BBC

World

Biden, Obama, Starmer, Netanyahu Condemn Attack on Trump

Published

2 weeks ago

July 14, 2024

Eric

US President, Joe Biden, has joined other world leaders to condemn the attack on former President Donald Trump, saying there is “no place in America for this kind of violence.”

“It’s sick. Sick,” he said in a press briefing in Delaware. “We cannot allow for this to be happening.”

He added: “I tried to get a hold of Donald – he’s with his doctors. Apparently, he’s doing well. I hope I get to speak to him tonight.”

The president is now understood to have spoken to his rival.

Former president Barack Obama wrote on X: “There is absolutely no place for political violence in our democracy.

“Although we don’t yet know exactly what happened, we should all be relieved that former President Trump wasn’t seriously hurt, and use this moment to recommit ourselves to civility and respect in our politics.

“Michelle and I are wishing him a quick recovery.”

UK Prime Minister Sir Keir Starmer said on X: “I am appalled by the shocking scenes at President Trump’s rally and we send him and his family our best wishes.

“Political violence in any form has no place in our societies, and my thoughts are with all the victims of this attack.”

Israel’s president, Benjamin Netanyahu, posted: “Sara and I were shocked by the apparent attack on President Trump. We pray for his safety and speedy recovery.”

Source: SkyNews