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U.S. President Biden signs $1 trillion infrastructure bill into law

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US President Joe Biden has officially signed the $1.2 trillion bipartisan infrastructure bill into law

The signing, followed a lavish ceremony on the lawn of the White House in chilly conditions saw Joe Biden welcome the big spend after weeks of intense negotiations.

Biden’s presidential approval ratings have dropped because of his handling of the economy and other issues but despite that – there were plenty of supportive chants of “Joe, Joe, Joe” from some in the crowd.

Biden received a standing ovation as he stepped to the microphone

There were representatives from all sides of the political coin at the event, with the president acknowledging just how beneficial this bill will be for millions of Americans.

This all comes at a time when the political landscape in the United States is highly polarised, with some Republicans even calling out their fellow party members who voted in favour of the big spend.

Biden says “this is how the system works, that’s American democracy” – noting that his party paved the way for democracy to deliver for the people.

Senate Majority Leader Chuck Schumer also spoke at the event and says this legislation is a big deal.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Pope Francis dies, ending 12-year papacy

Pope Francis, the first Latin American Pope, dies at 88 after 12 years of tackling division and reform in the Church.

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Pope Francis, the first Latin American Pope, dies at 88 after 12 years of tackling division and reform in the Church.

In Short

Pope Francis, the first Latin American leader of the Roman Catholic Church, has died at 88 after a 12-year papacy marked by reform attempts and health issues.

His passing initiates a period of mourning and the process for selecting his successor.

Pope Francis, the first Latin American leader of the Roman Catholic Church, has passed away.

The Vatican confirmed his death in a video statement released on Monday. His papacy lasted for 12 years and was characterised by both division and tension.

“Dear brothers and sisters, it is with profound sadness I must announce the death of our Holy Father Francis,” Cardinal Kevin Farrell announced on the Vatican’s TV channel.

“At 7:35 this morning the Bishop of Rome, Francis, returned to the house of the Father.”

Concern for the poor

Jorge Mario Bergoglio was elected pope on March 13, 2013, surprising many Church watchers who had seen the Argentine cleric, known for his concern for the poor, as an outsider.

Pope Francis sought to reform the Roman Catholic Church, which faced criticism for its traditional practices.

At the age of 88, he had been dealing with several health issues during his time as pope. His leadership style often challenged the status quo within the Church.

Pope Francis’s death marks the end of a significant chapter in the history of the Vatican.

Jorge Mario Bergoglio was elected pope on March 13, 2013, surprising many Church watchers who had seen the Argentine cleric, known for his concern for the poor, as an outsider.

The global Catholic community will now enter a period of mourning and reflection. The process for selecting his successor will soon begin.

Carries the weight of the changes he proposed during his tenure.

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Tariffs disadvantage PepsiCo in cola competition with Coca-Cola

Trump’s tariffs disadvantage Pepsi as concentrate production in Ireland faces 10% levy, while Coca-Cola remains less affected.

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Trump’s tariffs disadvantage Pepsi as concentrate production in Ireland faces 10% levy, while Coca-Cola remains less affected.

In Short

PepsiCo is struggling in the soda market due to a new 10% tariff on its Irish concentrate, while Coca-Cola, which produces more domestically, gains a competitive edge.

Both companies face rising costs from a 25% aluminum tariff, contributing to concerns about increasing soda prices and market share for PepsiCo.

PepsiCo and Coca-Cola are currently facing challenges in the soda market, exacerbated by recent tariff changes.

PepsiCo manufactures most of its U.S. soda concentrate in Ireland, benefitting from low corporate taxes. However, the recent implementation of a 10% tariff on its concentrate has placed Pepsi at a disadvantage compared to Coca-Cola, which produces more of its concentrate domestically.

Coca-Cola has historically produced concentrate in both Ireland and the U.S., notably in Atlanta and Puerto Rico. This allows Coca-Cola to avoid the tariffs affecting Pepsi, impacting their competitive position in the market. Analysts suggest that the unforeseen tariffs have shifted the advantage towards Coca-Cola.

Riding prices

Additionally, both companies are facing a 25% tariff on aluminum imports, particularly concerning for Coca-Cola, which sources some aluminum from Canada. Rising prices for soda are a potential consequence of these tariffs.

PepsiCo’s market share has been declining, and the timing of these tariffs could hinder its efforts to regain footing in the U.S. soda market. They also have additional concentrate production in locations like Texas and Uruguay, but the company has not provided specific strategies for addressing the tariff impact.

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Trump’s economic goals may harm markets and consumers

Trump’s economic goals risk higher prices, interest rates, lower stock prices, and a weaker dollar, impacting consumers and investors.

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Trump’s economic goals risk higher prices, interest rates, lower stock prices, and a weaker dollar, impacting consumers and investors.

In Short

Trump’s economic goals aim to reduce the trade deficit, potentially harming the U.S. economy by decreasing capital inflows.

The shift may lead to reduced consumer spending, higher prices, and increased interest rates, with uncertain impacts on manufacturing and investment.

Trump’s economic goals centre on reducing the trade deficit, but this could lead to significant consequences for the U.S. economy.

The balance of payments requires a corresponding inflow of capital to offset trade deficits. Historically, foreign investment in American assets has supported this balance. However, Trump’s approach risks disrupting this dynamic, leading to diminished capital inflows.

Decreasing the goods deficit can occur in two ways. First, by sacrificing services, which could hurt sectors like Wall Street to strengthen manufacturing. Second, a reduced overall trade deficit means less foreign capital, necessitating more domestic savings.

Foreign savings

This shift towards savings will lead to reduced consumer spending. The reliance on foreign savings allowed higher consumption, but the new focus favors workers rather than consumers.

Market reactions could include increased prices and decreased product variety due to tariffs, regarded as the largest tax rise in decades. Higher interest rates may follow as diminished foreign capital necessitates domestic investment in Treasuries, impacting share prices.

Additionally, a weaker dollar could result if the U.S. economy weakens, affecting foreign investment. Concerns over the Federal Reserve’s independence may further undermine confidence in the dollar.

While a reduction in deficits through increased exports is theoretically possible, it remains uncertain if other economies will prioritise American products. The likelihood of significant manufacturing returns to the U.S. seems slim, suggesting that both investors and consumers could face challenges ahead.

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