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Delta Hits Economies, US Inflation, China Slowdown: Eco Day – BNN

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(Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.

Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day.

  • From the U.S. to China and Germany, latest data are flagging an economic slowdown as the new variant of the coronavirus hits spending just as supply chain snarl ups threaten to keep inflation elevated
  • Covid inflation is everywhere, but some have more of it than others. Among advanced economies, the U.S. is starting to look like the outlier. U.S. prices are hot, and to divine the future course of Fed policy, and expectations are key, according to Bloomberg Economics’ inflation gauges
  • Bloomberg Economics expect the Fed to begin tapering in December at a pace of $15 billion a meeting. An earlier move and faster pace would signal the Fed is placing greater emphasis on the risks from high inflation or elevated housing prices
  • China’s economy likely slowed further in August, with consumption, industrial output and investment data due Wednesday to reveal the extent, but the recent regulatory tightening will cause limited damage to the country’s long-term economic growth and investment prospects, according to Goldman Sachs Group Inc.
  • In the home of climate activist Greta Thunberg, a key government minister is calling for economic policy to be overhauled to acknowledge the dangerous pace at which the planet is overheating
  • China urged the U.S. to repair damaged ties as President Joe Biden looks to host the leaders of Australia, India and Japan for talks on issues including countering China’s expanding influence in the Asia-Pacific region
  • France’s earlier-than-expected economic recovery from the pandemic slump is reviving deep problems in the labor market
  • Hungary plans to sell dollar and euro bonds amid a potential delay in accessing EU funds because of a dispute over democratic values
  • The IMF tapped Ilan Goldfajn, chairman of Credit Suisse Group AG in Brazil and an ex-central bank chief, to lead its Western Hemisphere Department
    • The Argentine government’s election loss weakens the economy minister’s negotiating power with the IMF
  • Norway’s opposition Labor Party is on course to oust the Conservative-led government after two consecutive terms in an election dominated by disputes over the Nordic economy’s dependence on fossil fuel

©2021 Bloomberg L.P.

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Vladimir Putin is in a painful economic bind – The Economist

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Vladimir Putin is in a painful economic bind  The Economist

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Economy

Which items will be tax-free under the Liberals’ promised GST/HST break?

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The government on Thursday announced a sweeping promise to make groceries, children’s clothing, Christmas trees, restaurant meals and more free from GST/HST between Dec. 14 and Feb. 15.

“Our government can’t set prices at checkout, but we can put more money in people’s pockets,” Trudeau said at a press conference announcing the measures.

The government says removing GST from these goods for a two-month period would save $100 for a family that spends $2,000 on those goods during that time. For those in provinces with HST, a family spending $2,000 would save $260.

Thursday’s announcement also included a rebate for Canadians who worked in 2023 and made less than $150,000, totalling $250 per person.

Here are the items that will be GST/HST-free if the Liberals’ legislation passes.

Groceries

Many grocery items are already tax-free. The Canada Revenue Agency considers most food and beverages to be “basic” grocery items, such as produce, bread, cereal, canned and frozen food, eggs, coffee, milk, and meat.

However, certain categories, like carbonated drinks, candies and snack foods, are taxed.

The government’s tax break will apply to certain items that normally are subject to tax.

These include prepared foods such as vegetable trays and pre-made meals, as well as snacks such as chips, candy and granola bars.

Carbonated beverages, water bottles fruit juices and juice crystals are included, as are ice cream products and baked desserts like cakes and pies.

The government says its tax break will mean “essentially all food” will be GST/HST-free.

Alcohol

The tax break will also apply to alcoholic beverages below seven per cent alcohol by volume, including beer, wine, cider, and pre-mixed drinks.

Normally, all alcoholic drinks are taxed.

Restaurants

Restaurant meals will also be subject to the tax break. It will apply whether you’re dining in, taking food to go, or ordering delivery.

Children’s items

Children’s clothing, including baby bibs, socks, hats and footwear, will qualify for the tax break. So will children’s diapers and car seats.

Children’s footwear and clothing used exclusively for sports or recreational activities will not be included in the tax break. This includes costumes.

Children’s toys will be included in the tax break as long as they’re designed for use by children under 14 years old. These could include board games, dolls, card games, Lego, Plasticine and teddy bears.

Printed goods

Print newspapers will be included in the tax break, but electronic or digital publications will not.

Most flyers, magazines, inserts and periodicals will be excluded.

Printed books will be included in the tax break, including religious scripture. Audio books where 90 per cent or more of the recording is a reading of a printed book are included.

Printed items that aren’t subject to the tax break include magazines where advertisements take up more than five per cent of total printed space, sales catalogues and brochures, books designed for writing on, event programs, agendas and directories.

Other

Christmas trees, natural or artificial, will be included in the tax break.

Puzzles and video game consoles are also included.

This report by The Canadian Press was first published Nov. 21, 2024.

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In Russia's War Economy, The Warning Lights Are Blinking – Radio Free Europe / Radio Liberty

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In Russia’s War Economy, The Warning Lights Are Blinking  Radio Free Europe / Radio Liberty

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