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Trump, Biden spar over economy, workers in Labor Day blitz – Times Colonist

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HARRISBURG, Pa. — Democratic presidential nominee Joe Biden and President Donald Trump spent Monday diminishing each other’s credentials on the economy and understanding of the American worker as the presidential campaign entered its final, post-labour Day stretch.

While workers live by an “American code,” Biden said Trump “lives by a code of lies, greed and selfishness” as he met with labour leaders in Harrisburg, Pennsylvania, a key swing state. Trump, meanwhile, tried to put the halting economic recovery under the best light in a White House press conference where he said Biden and his running mate, Sen. Kamala Harris, would “destroy this country and would destroy this economy.”

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Labor Day typically marks the unofficial start to the fall campaign season as candidates accelerate their activity for the final sprint to Election Day. Both campaigns reflected that urgency Monday, as Harris and Vice-President Mike Pence each campaigned in Wisconsin, a state Trump narrowly won in 2016. The events played out against the background of the pandemic, which has upended campaigning and pushed Biden and Harris in particular to conduct much of the traditional election activity online.

While the health of the American economy and status of workers were dominant Labor Day themes, both campaigns also focused on recent protests that have roiled Wisconsin and the rest of the nation after police shot Jacob Blake, a Black man, in Kenosha last month.

Harris, the first Black woman on a major party presidential ticket, met privately with Blake’s family at the Milwaukee airport after arriving in the state, where she spoke with Blake by phone from his hospital bed. Harris told Blake she was proud of him and individually spoke to each of his family members, in person and on the phone, urging them to take care of their physical and mental health, Blake’s lawyers said in a statement.

Biden met with Blake’s family during a visit to Wisconsin last week. Trump did not during a trip of his own last week, instead meeting with law enforcement and business owners whose property had been damaged during protests. Nor did Pence, who touched on the protests during a speech in La Crosse, where he toured an energy facility.

“We will have law and order in every city in this country for every American of every race and creed,” Pence said.

Out on the trail, signs of the pandemic were evident. While Pence didn’t speak with a mask on, workers from the power company he toured did as they stood behind him. Harris was careful not to stray far from blue “X” marks taped on the floor to encourage social distancing as she toured an International Brotherhood of Electrical Workers training facility. While supporters gathered outside the candidates’ stops, they had minimal interaction with members of the public beyond the people invited to their events.

After meeting with Black business owners, Harris greeted a crowd of about 50 supporters outside as she left, removing her mask briefly while telling them, “We have to get this done, I need your help in Milwaukee.” She noted in-person absentee voting begins in the state on Oct. 20, which is her birthday.

Harris also met with Black business owners in Milwaukee, where she said her day of campaigning was focused on “the dignity of work and the dignity of human beings.”

Biden spoke to a small group of labour leaders in a backyard in Lancaster, where he criticized Trump for “refusing to deal with the problems that affect ordinary people” and called for strengthening unions. His campaign announced endorsements from the Laborers’ International Union of North America, the International Union of Elevator Constructors and the National Federation of Federal Employees, collectively representing hundreds of thousands of union workers nationwide.

Later, at an AFL-CIO virtual town hall with union President Richard Trumka, Biden called Trump’s alleged remarks about fallen soldiers being “losers” and “suckers” un-American and said Trump would never understand why Americans serve. Trump has denied the remarks.

“He’ll never understand you, he’ll never understand us, he’ll never understand our cops, our firefighters, because he’s not made of the same stuff,” Biden said.

Earlier in the day, Trump painted Biden as a leader incapable of handling the coronavirus and reviving the economy and pledged his own “undying loyalty to the American worker.”

He boasted of adding more than 10 million jobs since May, without mentioning that’s only about half of the jobs lost since the pandemic began. He also said the unemployment rate “plunged” to 8.4%. It was a sharper decline than many economists expected from the prior month, but economists broadly view the latest report as evidence that further economic improvement will be sluggish.

He alleged Biden and Democrats would “immediately collapse the economy.”

The day marked Harris’ first solo foray onto the campaign trail for in-person events since she became Biden’s running mate nearly a month ago. Biden himself has stepped up his campaigning over the past week, travelling to Pittsburgh and Kenosha and holding two news conferences. Aides say to expect both Biden and Harris to increase their campaigning for the remaining weeks.

Polls consistently show the economy as an issue at the top of voters’ minds.

A strong economy that was Trump’s biggest asset for reelection has now become a potential liability, brought down by the coronavirus. Biden says Trump has had an inadequate response to the pandemic, resulting in more loss of life and jobs than necessary.

The U.S. economy has been steadily rebounding from its epic collapse in the spring as many businesses have reopened and rehired some laid-off employees. Yet the recovery is far from complete. Only about half the 22 million jobs that vanished in the pandemic have been recovered.

Economic inequalities also appear to have widened, with lower-income and minority workers suffering disproportionately while affluent Americans have lost fewer jobs and even benefited from rising stock and home prices.

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Ronayne reported from Sacramento, California, and Nasir reported from Milwaukee. Associated Press writer Amy Forliti contributed from Minneapolis.

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Tech lifts world stocks as economy back in focus – TheChronicleHerald.ca

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By Danilo Masoni

MILAN (Reuters) – World shares stabilised and the dollar rose on Wednesday with overnight gains of stay-at-home Wall Street tech champions helped balance concerns that new restrictions to counter resurging coronavirus infections will hurt economic recovery.

First indications from global surveys about economic activity in September gave a gloomy picture for Europe with rising COVID-19 infections leading to a downturn in services.

MSCI world equity index .MIWD00000PUS>, which tracks shares in 49 countries, was 0.2% higher by 0821 GMT, while the pan-European STOXX 600 .STOXX> benchmark rose 1.1%.

Tech shares were the strongest gainers in Europe following a rally overnight in big U.S. tech stocks Amazon , Microsoft , and Apple .

“This strong performance on the part of U.S. stocks is likely to translate into a similarly positive open for European stocks,” said Michael Hewson, analyst at CMC Markets in London.

“However there is rising concern that in light of surging infection rates across Europe, and the beginnings of a rise in hospitalisations, that the economic rebound from the lockdown lows is set to finish the year with a whimper,” he added.

The PMI survey showed euro zone business growth ground to a halt this month as the service industry shifted into reverse, knocked by a resurgence in coronavirus cases that pushed governments to reintroduce restrictions.

French business activity slowed to a four-month low in September, while Germany’s private sector continued to recover from the coronavirus shock.

Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS> rose 0.2% for its first gain this week, but the mood was hardly bullish. Japan’s Nikkei .N225> returned from a two-day holiday to slip 0.1%.

Nasdaq futures remained near Tuesday’s highs, up 0.1%. S&P 500 futures were 0.3% higher.

In foreign exchange markets, the standout mover was the gaining dollar, which was up 0.10% against a basket of six major currencies .DXY> at its highest level since July 27.

“Risk aversion on the back of new COVID-19 infections affecting Europe more directly remains an important factor this week,” UniCredit strategists said in a note. “This means that the USD is likely to remain firm in its role as preferred safe-haven currency.”

Meantime the euro hit a seven-week low and was last down 0.12% at $1.1693, on concerns about coronavirus infections and after the tepid European surveys.

Commodities were also weighed down by the robust dollar and worries linked to economic impact of a second wave of COVID-19.

“A resurgence in cases could prove to be a stumbling block for the demand recovery, although any lockdowns moving forward are likely to be more targeted and localised,” said ING commodity strategists Warren Patterson.

Brent crude futures were last down 0.2% at $41.64 a barrel and U.S. crude futures slipped 0.3% to $39.69.

Gold prices touched a six-week low as the dollar strengthened. Spot gold fell 1.2% to $1,875.7 per ounce.

In bond markets, Italy’s 30-year bond yield fell to a record low as the country’s debt remained supported after local elections reduced the risk of a snap election.

U.S. bonds were steady, with the yield on benchmark 10-year U.S. debt US10YT=RR up less than one basis point at 0.6724%

(Additiona reporting by Tom Westbrook in SINGAPORE; Editing by Tomasz Janowski)

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Italy’s Chance of a Lifetime for Economy Could Yet Be Squandered – Yahoo Canada Finance

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Italy’s Chance of a Lifetime for Economy Could Yet Be Squandered

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(Bloomberg) — No Italian government has ever had so much cash at its disposal as Prime Minister Giuseppe Conte — enough possibly to transform the region’s laggard economy.

But if that fiscal hoard swelled by European Union rescue funds and central bank-backed cheap borrowing is spent unwisely, it could become the biggest missed opportunity of a generation.

Avoiding that outcome is the test confronting Conte and his finance minister, Roberto Gualtieri. While targeting a revamp of the economy, they face pressure to throw funds at protecting existing jobs rather than investing in new ones, expanding the role of the state despite a troubled history of such policies in the country.

“In Italy, too many people think that any kind of public expenditure can boost output,” said Riccardo Puglisi, economics professor at the University of Pavia. “This increases the risk that recovery-fund money is not used properly and efficiently.”

The fiscal windfall that Italy’s governing class is about to sink its teeth into is staggering. Gone are the days of haggling over 0.1% budget deviations with Brussels officials concerned about burgeoning borrowings that are now well on the way to exceed 150% of gross domestic product.

The country stands ready to receive as much as 209 billion euros ($248 billion) in EU aid funded by jointly issued debt to help its post-coronavirus reconstruction.

Further bolstering its public finances are European Central Bank efforts to keep borrowing costs low. That help allowed Conte to spend 100 billion euros in stimulus on a battered economy that analysts anticipate may contract as much as a 10th this year. The yield on Italian 10-year bonds has more than halved since the peak of the pandemic in mid-March.

Deep Pockets

“Italy will have billions in its pockets,” said Paolo Pizzoli, a senior economist at ING Bank. The government “needs to show it is not only able to access European Union funds, but also to focus spending effectively to ultimately boost growth.”

With strict strings attached to EU money, officials intend to use it to boost growth to at least 1.6% a year and increase employment by 10 percentage points from the 2019 tally of 63.5% to bridge the gap with regional peers, according to draft guidelines seen by Bloomberg.

The plan is to invest in digitalization, a unified ultra-broadband network, innovation, education, more efficient infrastructure, a green economy, and also reforms of the judicial system and state bureaucracy.

“It’s a once-in-a-lifetime opportunity to exit a long period of stagnation,” Gualtieri told lawmakers last week.

That ambitious growth agenda is pulling in one direction, while the government’s own spending plans for the rest of its budget are pulling in another. Conte’s coalition of the left-wing Democratic Party and the populist Five Star Movement — newly emboldened after holding its ground in local elections this week — is increasingly tending toward state aid and government intervention.

The premier has pushed for the creation of a single broadband network company, halting the sale by Telecom Italia SpA of a minority stake in its network. He has also pressured the Benetton family’s Atlantia holding company to sell its 88% stake in toll road operator Autostrade per l’Italia. Meanwhile Gualtieri has publicly favored a sale of the Italian Stock Exchange and its MTS bond market to a European company.

The government wants the state-backed lender, Cassa Depositi e Prestiti, to take stakes in all three enterprises, and it has also set up a new publicly controlled company to run failed airline Alitalia SpA. Italy has seen such measures before, but not for a while.

Not the Solution

“The successful Italian economy of the 1950s, which was a mixed system — with strong government involvement in companies through a vehicle called IRI — worked for a time but degenerated quickly into cronyism and wasting public funds,” said Giovanni Orsina head of LUISS University’s School of Government in Rome. “Regenerating that system for all the wrong reasons is not the solution.”

The Institute for Industrial Reconstruction — known as IRI — was a state company established by the fascists in 1933. It helped rebuilding after the war, constructing roads and the phone network, and was once Italy’s biggest employer.

If Cassa Depositi becomes a revamped version of that, it would ultimately turn back the clock, reversing decades of economic policy since IRI was dissolved during a sell-off of assets in the 1990s.

“We hope the government will use the funds to boost competitiveness with a market approach rather than acting as a nanny state,” said Paolo Magni, parter at Alpha Group, a private equity fund with 2 billion euros of assets under management in Italy.

For Orsina, such an outcome would prolong Italy’s history of failing to deliver on economic reforms, hampered by special interests and a political cycle with frequent elections.

“Politicians gain very little from long-term planning and very much from spending on solutions that increase their power and popularity,” he said. “The country is condemned to short-termism.”

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GUEST OPINION: Trails can stimulate the economy in Atlantic Canada – SaltWire Network

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There are many things that this pandemic will have taught us, however for many it has reinforced the value of trails and greenspaces.

As a trail professional of nearly 20 years I’ve always valued trails and greenspaces, however in this fast-paced world with ever-changing technologies, many people began to take the great outdoors for granted.

With limited activities to do during the pandemic and many people stuck in the house most of the day, the opportunity to get outside and breathe some fresh air is now becoming something that is vital for their well-being.

These days I’m inundated by Facebook posts, tweets or Instagram posts of people relishing in the outdoors and thankful to have access to trails and greenspaces. As we begin to become accustomed to a new normal, it’s time for us as a society to start thinking about getting back to some of the more simple things in life and how these things can act as both a social and economic catalyst for communities. Many of these things don’t need to be complicated, but can have a tremendous impact as we begin to come back from the ramifications of COVID-19.

One of these opportunities is to foster the development of a trail economy. Many countries have capitalized on the trail economy; however Canada and Atlantic Canada have not come close to realizing the potential it has in developing a strong economy based on greenway trails. The trail economy is the idea of generating both indirect and direct revenue through the development and promotion of trails as a product.

This however is not a “build it and they will come” scenario; it requires significant engagement between trail managers working hand in hand with outfitters, business owners and community leaders to ensure that there is a strong integration between all stakeholders. What it doesn’t require, however, is significant investment of funds to get these relationships developed.

Prince Edward Island is perfectly positioned to take advantage of the trail economy and is in a unique position as an established tourist destination. The Island is well known for their hospitality and many people consider P.E.I. as a premier vacation destination.

The Confederation Trail provides tourists and residents alike with a 450-km trail that spans the province and provides access to many of the most scenic coastal regions on the Island. A feature that the Confederation Trail has over many of its counterparts is the relative short distance between communities thus allowing trail tourists with good access to food and beverage, accommodation and other critical amenities to ensure that they have a memorable experience.

It’s now time for these communities and the provincial government to take advantage of this feature and ensure that they are properly equipped to take on the task of welcoming these tourists to their beautiful towns and villages. The development of programs such as Trail Towns, where the business community and other key stakeholders work together to assess their attributes and work together to fill in their service gaps in the next key step of the development of the Confederation Trail as a tourism product.

Trails and greenspaces connect us to the land, the people and histories of our communities. With many people staying close to home this year and perhaps in the years to come, let’s take this time to get better connected, learn more about the region, create a stronger and healthier population and a more vibrant economic outlook for Atlantic Canada.

Jane Murphy-McCulloch is a principal at Terminus Consulting and was national director of Trail with the Trans Canada Trail, developing 10,000km of land and water trail along with road cycling infrastructure to ensure the successful connection to the national trail system in 2017.

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