A softly-spoken former foreign minister who hails from the Hiroshima family of politicians, Kishida had long targeted the top job. This was his second time running for the position of leadership, after having lost out to Suga last year. He was the first candidate to step into the race and ran on a platform of pandemic stimulus, touting himself as a listener who carried a suggestion box to events to note down proposals from citizens. Though Kishida faced stiff competition from his rival in the first round of voting, he delivered a convincing victory in the runoff elections. He won 257 votes, while his rival won 170. The outcome of the runoff vote was somewhat expected since he has greater support from party members. He is also likely to broadly continue the policies of Suga government. Though any major shift in policies is unlikely, Kishida has called for a "politics of generosity." He has said he wants to move from the neo-liberal economic policies that has dominated Japan. Kishida faces tough tasks in the short term, which includes reviving a pandemic-battered economy as well as confronting security risks in the region from China and North Korea.
Thursday 30 September 2021
Who Is Japan's Designated Prime Minister Fumio Kishida? | DW News
Sep 30, 2021 • Japan's ruling party lawmakers voted on Wednesday to elect a new leader, with Fumio Kishida announced as the winner. Liberal Democratic Party (LDP) members were voting to replace Yoshihide Suga, who announced he was stepping down from the leadership position after drawing intense criticism over his handling of the pandemic during the Olympic Games. The new leader will almost certainly become the next prime minister of the country. Kishida should be approved by the parliament within days, and will then contest elections as the leader of the LDP. The LDP is expected to retain its majority in the powerful lower house of the parliament during general elections in November. The election was being closely watched, with race looking particularly tight between the two lead candidates.
A softly-spoken former foreign minister who hails from the Hiroshima family of politicians, Kishida had long targeted the top job. This was his second time running for the position of leadership, after having lost out to Suga last year. He was the first candidate to step into the race and ran on a platform of pandemic stimulus, touting himself as a listener who carried a suggestion box to events to note down proposals from citizens. Though Kishida faced stiff competition from his rival in the first round of voting, he delivered a convincing victory in the runoff elections. He won 257 votes, while his rival won 170. The outcome of the runoff vote was somewhat expected since he has greater support from party members. He is also likely to broadly continue the policies of Suga government. Though any major shift in policies is unlikely, Kishida has called for a "politics of generosity." He has said he wants to move from the neo-liberal economic policies that has dominated Japan. Kishida faces tough tasks in the short term, which includes reviving a pandemic-battered economy as well as confronting security risks in the region from China and North Korea.
A softly-spoken former foreign minister who hails from the Hiroshima family of politicians, Kishida had long targeted the top job. This was his second time running for the position of leadership, after having lost out to Suga last year. He was the first candidate to step into the race and ran on a platform of pandemic stimulus, touting himself as a listener who carried a suggestion box to events to note down proposals from citizens. Though Kishida faced stiff competition from his rival in the first round of voting, he delivered a convincing victory in the runoff elections. He won 257 votes, while his rival won 170. The outcome of the runoff vote was somewhat expected since he has greater support from party members. He is also likely to broadly continue the policies of Suga government. Though any major shift in policies is unlikely, Kishida has called for a "politics of generosity." He has said he wants to move from the neo-liberal economic policies that has dominated Japan. Kishida faces tough tasks in the short term, which includes reviving a pandemic-battered economy as well as confronting security risks in the region from China and North Korea.
COVID-19: Furlough Support Scheme Ends
Die Inflation in Deutschland steigt auf 4,1 Prozent
FRANKFURTER ALLGEMEINE ZEITUNG: Am stärksten ist der Preisanstieg weiterhin bei Öl, Gas und Benzin. Aber auch Fleisch und Gemüse werden deutlich teurer – und viele Dienstleistungen. Bleibt das alles ein vorübergehendes Phänomen im Krisen-Ausklang, wie die Notenbanken sagen?
Die Inflation in Deutschland ist abermals deutlich gestiegen. Wie das Statistische Bundesamt am Donnerstag nach einer ersten Schätzung mitteilte, legten die Verbraucherpreise auf Jahressicht um 4,1 Prozent zu. Im August hatte die Rate bei 3,9 Prozent gelegen, nachdem sie noch Ende vorigen Jahres negativ gewesen war.
Die Teuerung hat damit den höchsten Stand seit immerhin Dezember 1993 erreicht. Damals, nicht lange nach der Wiedervereinigung, hatte die Inflationsrate in Deutschland bei 4,3 Prozent gelegen - seither immer unter 4 Prozent.
Der starke Anstieg der Inflation in letzter Zeit hält die Finanzmärkte in Atem. Christine Lagarde, die Präsidentin der Europäischen Zentralbank (EZB), hatte am Dienstag - wohl im Vorgriff auf solche zu erwartenden Zahlen - gesagt, es sei eine große Herausforderung für die Notenbank, sie dürfe jetzt nicht „überreagieren“. Am stärksten steigen weiterhin die Energiepreise » | Von Christian Siedenbiedel | Donnerstag, 30. September 2021
Die Inflation in Deutschland ist abermals deutlich gestiegen. Wie das Statistische Bundesamt am Donnerstag nach einer ersten Schätzung mitteilte, legten die Verbraucherpreise auf Jahressicht um 4,1 Prozent zu. Im August hatte die Rate bei 3,9 Prozent gelegen, nachdem sie noch Ende vorigen Jahres negativ gewesen war.
Die Teuerung hat damit den höchsten Stand seit immerhin Dezember 1993 erreicht. Damals, nicht lange nach der Wiedervereinigung, hatte die Inflationsrate in Deutschland bei 4,3 Prozent gelegen - seither immer unter 4 Prozent.
Der starke Anstieg der Inflation in letzter Zeit hält die Finanzmärkte in Atem. Christine Lagarde, die Präsidentin der Europäischen Zentralbank (EZB), hatte am Dienstag - wohl im Vorgriff auf solche zu erwartenden Zahlen - gesagt, es sei eine große Herausforderung für die Notenbank, sie dürfe jetzt nicht „überreagieren“. Am stärksten steigen weiterhin die Energiepreise » | Von Christian Siedenbiedel | Donnerstag, 30. September 2021
Tuesday 28 September 2021
Stocks Tumble as Tech Shares Slide and Bond Yields Climb
THE NEW YORK TIMES: U.S. stocks fell on Tuesday, with the S&P 500 falling 2 percent by midday, putting the index on track for its worst day since May.
The trigger for Tuesday’s sell-off was a rise in the yield on the benchmark 10-year Treasury note. Investors, weighing the prospect of the Federal Reserve preparing to reduce its purchases of government debt, sold off bonds, pushing the 10-year’s yield up to 1.53 percent, its highest level since June.
Government bond yields are the basis for borrowing costs across the economy, and a rise can hinder the stock market’s performance because it makes owning bonds more attractive and can discourage riskier investments.
Tech stocks are particularly sensitive to the prospect of higher interest rates, and those companies’ shares were hard-hit on Tuesday. The tech-heavy Nasdaq composite was down 2.7 percent at midday. » | Coral Murphy Marcos (Jeanna Smialek contributed reporting.) | Tuesday, September 28, 2021
The trigger for Tuesday’s sell-off was a rise in the yield on the benchmark 10-year Treasury note. Investors, weighing the prospect of the Federal Reserve preparing to reduce its purchases of government debt, sold off bonds, pushing the 10-year’s yield up to 1.53 percent, its highest level since June.
Government bond yields are the basis for borrowing costs across the economy, and a rise can hinder the stock market’s performance because it makes owning bonds more attractive and can discourage riskier investments.
Tech stocks are particularly sensitive to the prospect of higher interest rates, and those companies’ shares were hard-hit on Tuesday. The tech-heavy Nasdaq composite was down 2.7 percent at midday. » | Coral Murphy Marcos (Jeanna Smialek contributed reporting.) | Tuesday, September 28, 2021
Afghanistan: Hardship Grows as Economy Nears Collapse | DW News Asia
Friday 24 September 2021
Gold - Dokumentation von NZZ Format (1994)
Dec 6, 2016 • Bis heute wurden etwa 100 000 Tonnen Gold gewonnen, was einem Würfel mit einer Kantenlänge von 17 Metern entspricht. NZZ Format zeigt, wie in Südafrika 3500 Meter unter Tag Gold gewonnen wird.
In einer italienischen Fabrik bei Arezzo werden jährlich 80 Tonnen Gold zu Schmuck verarbeitet. Goldraffinierung, Goldtransport und Goldhandel: Schweizer gehören zur Spitze.
In "Swiss made"»: Alte Goldwaschmethoden im Napfgebiet.
In einer italienischen Fabrik bei Arezzo werden jährlich 80 Tonnen Gold zu Schmuck verarbeitet. Goldraffinierung, Goldtransport und Goldhandel: Schweizer gehören zur Spitze.
In "Swiss made"»: Alte Goldwaschmethoden im Napfgebiet.
Platin: das Edelste der Edlen - Dokumentation von NZZ Format (2004)
Feb 12, 2016 • Unreifes Gold nannte man es und warf es zurück ins Bachbett. Heute aber kommt Platin immer dann ins Spiel, wenn Gold nicht mehr exklusiv genug ist, vor allem in der Uhren- und Schmuckindustrie.
Allein schon die Seltenheit und der immense Aufwand, der zur Förderung und Gewinnung von Platin betrieben werden muss, rechtfertigt den Status als teuerstes und edelstes aller Edelmetalle. Seine besonderen Eigenschaften machen es aber auch in Bereichen des Alltags unverzichtbar, beispielsweise bei der Lösung von Abgasproblemen.
NZZ Format zeigt den Weg des Platins von der Mine in Südafrika bis zum Autokatalysator und zum luxuriösen Schmuckstück.
Allein schon die Seltenheit und der immense Aufwand, der zur Förderung und Gewinnung von Platin betrieben werden muss, rechtfertigt den Status als teuerstes und edelstes aller Edelmetalle. Seine besonderen Eigenschaften machen es aber auch in Bereichen des Alltags unverzichtbar, beispielsweise bei der Lösung von Abgasproblemen.
NZZ Format zeigt den Weg des Platins von der Mine in Südafrika bis zum Autokatalysator und zum luxuriösen Schmuckstück.
China Cracks Down on Cryptocurrency, Banning Transactions and Mining.
THE NEW YORK TIMES: China intensified its crackdown on cryptocurrency on Friday, calling all financial transactions involving cryptocurrencies illegal and issuing a nationwide ban on cryptocurrency mining.
In a joint statement by 11 Chinese government entities, authorities vowed to work closely to punish “illegal” crypto mining activities to help prevent the “hidden risks caused by the blind and disorderly development” of the industry and to help the country achieve its carbon reduction goals.
China’s central bank announced that services offering trading, order matching, token issuance and derivatives for virtual currencies would be strictly prohibited. The bank also said that overseas crypto exchanges providing services in mainland China were also illegal.
Less than three hours after the notice was posted by China’s central bank, Bitcoin, the world’s largest cryptocurrency, had dropped by about 7 percent, to around $41,100. » | Amy Qin | Friday, September 24, 2021
In a joint statement by 11 Chinese government entities, authorities vowed to work closely to punish “illegal” crypto mining activities to help prevent the “hidden risks caused by the blind and disorderly development” of the industry and to help the country achieve its carbon reduction goals.
China’s central bank announced that services offering trading, order matching, token issuance and derivatives for virtual currencies would be strictly prohibited. The bank also said that overseas crypto exchanges providing services in mainland China were also illegal.
Less than three hours after the notice was posted by China’s central bank, Bitcoin, the world’s largest cryptocurrency, had dropped by about 7 percent, to around $41,100. » | Amy Qin | Friday, September 24, 2021
Tuesday 21 September 2021
Global Markets Swoon as Worries Mount over Superpowers’ Plans
THE NEW YORK TIMES: The S&P 500 closed down 1.7 percent over a number of jitters, like China’s sputtering real estate market and the phasing out of stimulus measures in the United States.
Investors on three continents dumped stocks on Monday, fretting that the governments of the world’s two largest economies — China and the United States — would act in ways that could undercut the nascent global economic recovery.
The Chinese government’s reluctance to step in and save a highly indebted property developer just days before a big interest payment is due signaled to investors that Beijing might break with its longstanding policy of bailing out its homegrown stars.
And in the United States, the globe’s No. 1 economy, investors worried that the Federal Reserve would soon begin cutting back its huge purchases of government bonds, which had helped drive stocks to a series of record highs since the coronavirus pandemic hit.
The sell-off started in Asia and spread to Europe — where exporters to China were slammed — before landing in the United States, where stocks appeared to be heading for their worst performance of the year before a rally at the end of the trading day. The S&P 500 closed down 1.7 percent, its worst daily performance since mid-May, after being down as much as 2.9 percent in the afternoon.
The catalyst for the swoon was the continued turmoil at China Evergrande Group, one of that country’s top three developers of residential properties. The company has an estimated $300 billion in debt, and an interest payment of more than $80 million is due this week. » | Matt Phillips, Eshe Nelson and Coral Murphy Marcos | Monday, September 20, 2021
Investors on three continents dumped stocks on Monday, fretting that the governments of the world’s two largest economies — China and the United States — would act in ways that could undercut the nascent global economic recovery.
The Chinese government’s reluctance to step in and save a highly indebted property developer just days before a big interest payment is due signaled to investors that Beijing might break with its longstanding policy of bailing out its homegrown stars.
And in the United States, the globe’s No. 1 economy, investors worried that the Federal Reserve would soon begin cutting back its huge purchases of government bonds, which had helped drive stocks to a series of record highs since the coronavirus pandemic hit.
The sell-off started in Asia and spread to Europe — where exporters to China were slammed — before landing in the United States, where stocks appeared to be heading for their worst performance of the year before a rally at the end of the trading day. The S&P 500 closed down 1.7 percent, its worst daily performance since mid-May, after being down as much as 2.9 percent in the afternoon.
The catalyst for the swoon was the continued turmoil at China Evergrande Group, one of that country’s top three developers of residential properties. The company has an estimated $300 billion in debt, and an interest payment of more than $80 million is due this week. » | Matt Phillips, Eshe Nelson and Coral Murphy Marcos | Monday, September 20, 2021
Friday 17 September 2021
Merkel Leaves the German Economy with Trouble under the Hood
THE NEW YORK TIMES: Chancellor Angela Merkel steered Europe through crises, and Germany has boomed during her tenure. But she has ducked changes needed to ensure the success lasts, analysts say.
During Chancellor Angela Merkel’s tenure, economists say, Germany has neglected digital infrastructure, bungled an exit from nuclear power and become dependent on exporting to China. | Bernd von Jutrczenka/Picture Alliance, via Getty Images
During her 16 years as Germany’s chancellor, Angela Merkel has become an international avatar of calm, reason and democratic values for the way she handled crises that included a near financial meltdown of the eurozone, the arrival of more than a million migrants and a pandemic.
Today Germany is an economic colossus, the engine of Europe, enjoying prosperity and near full employment despite the pandemic. But can it last?
That is the question looming as Ms. Merkel prepares to leave the political stage after national elections on Sept. 26. There are signs that Germany is economically vulnerable, losing competitiveness and unprepared for a future shaped by technology and the rivalry between the United States and China.
During her tenure, economists say, Germany neglected to build world-class digital infrastructure, bungled a hasty exit from nuclear power, and became alarmingly dependent on China as a market for its autos and other exports.
The China question is especially complex. Germany’s strong growth during Ms. Merkel’s tenure was largely a result of trade with China, which she helped promote. But, increasingly, China is becoming a competitor in areas like industrial machinery and electric vehicles. » | Jack Ewing and Melissa Eddy | Friday, September 17, 2021
During her 16 years as Germany’s chancellor, Angela Merkel has become an international avatar of calm, reason and democratic values for the way she handled crises that included a near financial meltdown of the eurozone, the arrival of more than a million migrants and a pandemic.
Today Germany is an economic colossus, the engine of Europe, enjoying prosperity and near full employment despite the pandemic. But can it last?
That is the question looming as Ms. Merkel prepares to leave the political stage after national elections on Sept. 26. There are signs that Germany is economically vulnerable, losing competitiveness and unprepared for a future shaped by technology and the rivalry between the United States and China.
During her tenure, economists say, Germany neglected to build world-class digital infrastructure, bungled a hasty exit from nuclear power, and became alarmingly dependent on China as a market for its autos and other exports.
The China question is especially complex. Germany’s strong growth during Ms. Merkel’s tenure was largely a result of trade with China, which she helped promote. But, increasingly, China is becoming a competitor in areas like industrial machinery and electric vehicles. » | Jack Ewing and Melissa Eddy | Friday, September 17, 2021
Friday 3 September 2021
U.S. Employers Added 235,000 Jobs in August, a Marked Slowdown
THE NEW YORK TIMES: The American economy slowed abruptly last month, adding 235,000 jobs, a sharp drop from the huge gains recorded earlier in the summer and an indication that the Delta variant of the coronavirus is putting a damper on hiring.
The Labor Department report on Friday follows a sharp increase in coronavirus cases and deaths that has undermined hopes that restrictions on daily activities were nearing an end.
The unemployment rate was 5.2 percent, compared with 5.4 percent in July. Economists polled by Bloomberg has been looking for gain of 725,000 jobs.
“There’s no question that the Delta variant is why today’s job report isn’t stronger,” President Biden said. “I know people were looking, and I was hoping, for a higher number.”
The August showing would have been respectable in pre[-]pandemic times. But after gains of 962,000 in June and 1.05 million in July — and with more than eight million people unemployed — it was a sharp deceleration.
“Delta is a game-changer,” said Diane Swonk, chief economist at Grant Thornton, an accounting firm in Chicago. “It’s not that people are laying off workers in reaction to Delta but people are pulling back on travel and tourism and going out to eat and that has consequences.” » | By Nelson D. Schwartz | Friday, September 3, 2021
The Labor Department report on Friday follows a sharp increase in coronavirus cases and deaths that has undermined hopes that restrictions on daily activities were nearing an end.
The unemployment rate was 5.2 percent, compared with 5.4 percent in July. Economists polled by Bloomberg has been looking for gain of 725,000 jobs.
“There’s no question that the Delta variant is why today’s job report isn’t stronger,” President Biden said. “I know people were looking, and I was hoping, for a higher number.”
The August showing would have been respectable in pre[-]pandemic times. But after gains of 962,000 in June and 1.05 million in July — and with more than eight million people unemployed — it was a sharp deceleration.
“Delta is a game-changer,” said Diane Swonk, chief economist at Grant Thornton, an accounting firm in Chicago. “It’s not that people are laying off workers in reaction to Delta but people are pulling back on travel and tourism and going out to eat and that has consequences.” » | By Nelson D. Schwartz | Friday, September 3, 2021
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