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US President Biden sets COVID vaccine rules for businesses

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US President Joe Biden on jobs

US President Joe Biden has set a new COVID-19 mandate for businesses that employee at least 100 people

Under new requirements, starting January 4, companies with 100 employees or more must enforce a vaccine mandate, with workers to be vaccinated against COVID-19 or instead be tested weekly.

Republican governors however have hit back at the President, stating that Biden is “overstepping his authority”

A statement from the White House read “Today, the Labor Department issued its rule requiring COVID-19 vaccinations for companies with 100 or more employees. If you work for one of these companies you will either need to get vaccinated or test at least weekly.”

Within hours after the announcement was made by the White House, governors from Florida, Iowa and Indiana had vowed to fight the new rule, arguing it infringes on individual freedom.

Despite growing political opposition to mandating vaccinations, the delayed roll-out of the order has offered a reprieve to businesses across America, currently facing labor shortages during the holiday season.

The President’s related decision to push back a deadline for federal contractors to the same date suggested the White House accommodated requests from companies and industry groups.

Highest day since July: UK COVID cases causing major concern
New vaccine mandate announced for the US /Image: File

The new rules will cover about 100 million Americans – two-thirds of all workers in America

Biden reminded citizens that vaccination mandates are “nothing new” – and have been around “a long time” to curb diseases and outbreaks of viruses.

“We’ve been living with them throughout our lives for all sorts of diseases. Safety rules in the workplace are nothing new either. We require hard hats in construction sites and safety goggles in labs.  And with today’s actions, we now have requirements to protect people from something that has taken the lives of 750,000 Americans.”

While the rollout of the COVID vaccine continues across the US, deaths from the virus continue in the thousands. The average of about 1,100 Americans are dying daily from COVID-19, most of them unvaccinated.

COVID-19 has killed more than 745,000 people in the United States.

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Trump and Xi strike temporary trade truce after six years

Trump and Xi establish temporary trade truce, reducing tariffs and enhancing U.S. exports amid lingering economic tensions.

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Trump and Xi establish temporary trade truce, reducing tariffs and enhancing U.S. exports amid lingering economic tensions.


President Donald Trump and Chinese leader Xi Jinping have agreed to a temporary trade truce, cutting tariffs and boosting U.S. exports.

Analysts remain cautious, warning deep economic divides still linger.

#Trump #XiJinping #TradeDeal #USChinaRelations #Tariffs #GlobalTrade #Economy #Soybeans #RareEarths #TickerNews


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Powell warns against further December interest rate cuts

Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

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Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

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In Short:
– Jerome Powell stated further interest rate cuts are uncertain after recent decreases, aiming to manage market expectations.
– The Fed ended its balance sheet reduction due to lending market disruptions and mixed views on future rate cuts among officials.

Federal Reserve chairman Jerome Powell indicated that further interest rate cuts are not guaranteed following the recent decrease. In a press conference, he stated that a further reduction in December is “far from” certain. His comments aimed to temper market expectations, where the likelihood of another cut was previously estimated at over 90 per cent.In response to Powell’s remarks, yields on the two-year treasury rose, and traders adjusted their expectations, now estimating a 60 per cent chance of a December reduction. Recently, the Federal Open Market Committee voted 10-2 to lower the federal funds rate target range to 3.75-4 per cent, in response to concerns about the labour market.

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The Fed has also announced an end to its balance sheet reduction efforts due to disruptions in short-term lending markets. Since 2022, the bank has reduced its asset holdings by over $US2 trillion following aggressive purchases aimed at stabilising the economy after the pandemic.

Policy Divisions

Recent post-meeting statements highlighted mixed views among Fed officials about the pace of future rate cuts. Powell remarked that uncertainty surrounding economic conditions necessitates a cautious approach. Ongoing government shutdowns have limited policymakers’ access to crucial economic data, complicating decision-making.

Recent labour market developments show slowed job gains, raising concerns about employment. The Fed is also cautious about reducing rates too quickly due to inflation remaining above their 2 per cent target, reflecting a complex economic landscape. Policymakers have struggled with decisions amid data limitations from the government shutdown, impacting their assessments of inflation and economic indicators.


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Trump finalises trade deal with South Korea at summit

Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

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Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

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In Short:
– Trump and South Korea’s Lee finalised a trade deal requiring $350 billion in U.S. investments.
– Trump anticipates favourable talks with China to reduce tariffs and improve relations.

Donald Trump and South Korean President Lee Jae Myung finalised a contentious trade deal at a summit in South Korea on Wednesday. The U.S. President expressed optimism about an upcoming summit with China’s Xi Jinping.The agreement, unveiled in late July, stipulated that South Korea would make $350 billion in new investments in the U.S. to avoid significant tariffs on imports. However, negotiations on the investment structure had stalled.

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Trump and Lee reached a compromise allowing Seoul to divide its $350 billion investment into $200 billion in cash, paid in $20 billion instalments. The remaining $150 billion will be allocated to shipbuilding investments.

Upon arrival from Tokyo, following a North Korea missile test, President Trump received an extravagant welcome in the historic city of Gyeongju, the venue for this year’s Asia-Pacific Economic Cooperation forum.

His discussions with Xi are scheduled for Thursday in Busan. Trump downplayed the North Korea missile test and focused on his meeting with Xi, the leader of the world’s second-largest economy.

“I think we’re going to have a very good outcome for our country and for the world,” Trump stated. He anticipates reducing U.S. tariffs on Chinese imports in exchange for China agreeing to control the export of fentanyl precursor chemicals. The Wall Street Journal reported that tariffs could be halved from the current 20%.

China’s foreign ministry indicated that the upcoming meeting would foster positive developments in U.S.-China relations.

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