Britain’s economy faces a double risk to recovery from a disorderly Brexit as the coronavirus pandemic drags down growth, the Organisation for Economic Co-operation and Development has warned.

a car parked on a sidewalk: The UK car industry and food and textiles producers could be hit hardest by a disorderly Brexit, suffering a fall in exports of more than 30%.

© The Guardian
The UK car industry and food and textiles producers could be hit hardest by a disorderly Brexit, suffering a fall in exports of more than 30%.

On the eve of a critical EU leaders’ summit in Brussels, the influential Paris-based thinktank said the Covid crisis would further complicate a disorderly Brexit as companies were less prepared for the end of the transition period, having diverted attention away from leaving the EU.

It warned that failure to secure a free trade agreement before the UK leaves the Brexit transition period at the end of December would leave the economy 6.5% lower in the next few years than would have been the case if existing arrangements with the EU had been

Read More

One of the most significant impacts on income inequality over the last 50 years has been the dramatic change in single mother households. From 1960 to 2011, the number of single mother households has shot from 7.3 percent to 25.3 percent of all households.[1] So even though incomes do not necessarily change, it does change significantly the amount of actual income inequality among individuals. This is the data collectivists use to leverage their statist agenda.

For example, if a married couple splits through divorce, their “household” income decreases even though their actual salaries remain the same. This is because it is a ratio of the total income of the household, and, in this example given the households now have a significantly lower income even though the two individuals’ incomes did not change. Even if each of these individuals’ income increased significantly, the income per household remains at a decreased level

Read More

AMSTERDAM (Reuters) – The new wave of coronavirus infections is slowing economic recovery in Europe but is likely to have less impact than the first phase, Dutch central bank President Klaas Knot said on Tuesday.

“We have reasons to believe the second wave will have a less dramatic impact than the first, for which we were totally unprepared”, Knot told reporters.

“We know a bit more about the virus now, and businesses have learned to adapt where possible, for instance through online retail.”

But new restrictions to fight the new wave of infections are starting to slow growth, the Dutch member of the European Central Bank’s governing council added.

“Early indicators point at slowing growth. It is clear the second wave will dent the recovery, but it is too early to say by how much.”

Knot said the ECB would monitor the need to extend its own emergency support measures

Read More

BISHKEK (Reuters) – Kyrgyzstan’s parliament has failed to gather a quorum in an overnight session, deputies said on Thursday, leaving the Central Asian nation in a power vacuum as rival groups tried to claim power after ousting the cabinet.

The former Soviet republic, which borders China and hosts a Russian military airbase, has been gripped by unrest since thousands of people protesting against the results of a parliamentary election seized government buildings on Tuesday.

Three opposition groups have each proposed their candidates for interim prime minister who would need to oversee a repeat vote in the coming months, Kyrgyz news website Akipress quoted deputy Ryskeldi Mombekov as saying.

In addition to Sadyr Zhaparov and Tilek Toktogaziyev who have already made their ambitions clear this week, Mombekov said Omurbek Babanov, who has already served as the cabinet head, has also emerged as a contender.

But the outgoing parliament has itself split

Read More

MACUNGIE, Pa. – The current from the mountain stream, an offshoot of the Swabia creek, barely moves through Macungie.

However, Ron Beitler recalls a drastically different scene.

“It’s the street, up the curb. Three and a half feet of water in the basement,” he said.

In August Tropical Storm Isaias dumped up to eight inches of rain across the Lehigh Valley, causing the Macungie stream to overflow into Beitler’s basement.

“It’s just a sinking feeling because there is nothing you can do. You can sit here and monitor it but nothing you can do to mitigate it,” he said.

For Beitler it caused $2,000 worth of damage to his business. It was all out of pocket, as he didn’t have flood insurance.

“I think it rings true for most people on this block. No one has insurance because something like this has never happened before,” said Beitler.

“The damage is

Read More

(Bloomberg) — The U.S.’s economic scarring from the pandemic is much less severe than initially feared, Goldman Sachs Group Inc.’s economics team said in a note that offered an upbeat take on America’s situation.

a group of people walking down a street: People sit in a seating area in Times Square in New York, U.S., on Friday, Oct. 2, 2020.

© Photographer: Michael Nagle/Bloomberg
People sit in a seating area in Times Square in New York, U.S., on Friday, Oct. 2, 2020.

Commercial bankruptcy filings are below the pre-pandemic level, business closures have proved temporary and unemployment has fallen sharply, which bode well for medium-term recovery prospects, economists said in the note. A vaccine, combined with further fiscal support next year, is expected to limit long-term damage and keep the economy on track for a recovery that could “much more rapid than usual,” they said.


Load Error

“When employment declined by 25 million in little more than a month, the labor market appeared at risk of again experiencing the deep distress seen after the financial crisis,”

Read More

Above ground the scene is no less eerie: No honking horns or screams from sprinting commuters trying to flag down the Circulator bus. In what seven months ago would have seemed a suspension of the laws of physics and urban planning, jaywalking is possible at the corner of New York Avenue and 15th Street NW.

From Los Angeles and Chicago to Boston and New York, central business districts find themselves deserted in the seventh month of a pandemic that has killed more than 200,000 Americans and left millions unemployed. And as hopes of a quick recovery sputter, fear is rising that a long-term collapse of downtown economies could soon become irreversible.

In downtown Washington, formerly a textbook case of a reborn city center, the coronavirus has flatlined almost every measure of vitality. About 95 percent of downtown’s 167,000 office workers — a mix of federal employees, lawyers, lobbyists, consultants, advocates

Read More

A year after launching a program to provide athletic and academic support for Brooklyn Center High School, Vikings receiver Adam Thielen and his wife, Caitlin, are using their foundation to help areas of Minneapolis most affected by the coronavirus pandemic and civil unrest in the wake of George Floyd’s killing this spring.

The Thielen Foundation announced Thursday it will provide more than $75,000 in cash and equipment to Cooper High School in New Hope, the Northside Impact Fund and Urban Ventures, while beginning a campaign to provide all three organizations with additional money to finish capital projects and continue existing programs.

“We’re trying to make change, but we believe we can make big change through sport,” Thielen said. “What I mean by that is providing these kids resources, opportunities to get out and really learn some great things that you learn from sport.”

The foundation helped Cooper High School renovate

Read More

  • A new report from the International Labour Organization details worse-than-expected damage in the global labor market and forecasts pain lasting through the fourth-quarter of 2020.
  • The United Nations agency expects working-hour losses to remain elevated through the third quarter at 12.1%, or 345 million full-time-equivalent jobs.
  • Global labor income is expected to shrink over the first three quarters of 2020 by 10.7%, or $3.5 trillion, the ILO added.
  • The bulk of the fallout landed among middle-income nations, the agency said.
  • The ILO projected fourth-quarter working-hour losses to reach 8.6%, up from the previous estimate of 4.9%.
  • Visit Business Insider’s homepage for more stories.

The coronavirus’s labor-market hit has mostly been quantified by the amount of jobs lost and a rising unemployment rate. The International Labour Organization — a United Nations agency — now projects the pandemic erased roughly $3.5 trillion in worker income year-to-date.

The agency laid out its latest

Read More

(RTTNews) – The China stock market on Wednesday snapped the three-day winning streak in which it had gained more than 55 points or 1.8 percent. The Shanghai Composite Index now sits just beneath the 3,285-point plateau and the losses may accelerate on Thursday.

The global forecast for the Asian markets is mixed to lower after the Federal Reserve downgraded its GDP forecast. The European markets were mixed and the U.S. bourses were mostly in the red and the Asian markets also figure to open lower.

The SCI finished modestly lower on Wednesday as losses from the insurance companies were mitigated by support from the financial shares and property stocks.

For the day, the index lost 11.76 points or 0.36 percent to finish at 3,283.92 after trading between 3,271.07 and 3,302.46. The Shenzhen Composite Index dropped 20.14 points or 0.91 percent to end at 2,185.22.

Among the actives, Industrial and Commercial

Read More