USA - Economy - Poll:Americans Wary That Stock Market Bubble Will Burst

The stock market has recently hit record highs, but Americans are increasingly worried that the boom won’t last much longer.

A new Rasmussen Reports national telephone and online survey finds that 61% of American Adults are at least somewhat concerned that the stock market bubble will burst and push the economy back into recession with 23% who are Very Concerned. Twenty-five percent (25%) don't share that fear, but that includes only seven percent (7%) who are Not at All Concerned.

Read more at: Americans Wary That Stock Market Bubble Will Burst - Rasmussen Reports®

Arms Sales versus Human Rights: US approves sale of $290m in bombs to Saudi Arabia

Arms deals with Middle East dictatorships are being rushed through by Trump, critics say, despite opposition over human rights records.

The US state department has approved the sale of $290m in bombs to Saudi Arabia as part of a flurry of arms deals with Middle Eastern dictatorships in the last weeks of the Trump administration.

Critics of the sales say they are being rushed through despite broad congressional and public opposition to such military support because of the human rights records of the regimes involved and in the case of Saudi Arabia and the United Arab Emirates (UAE), the huge civilian death toll from the war in Yemen.

Read more at: US approves sale of $290m in bombs to Saudi Arabia | US news | The Guardian

EU-China Relations: EU edges closer to China investment deal, irking US

The EU and China are edging closer to a long-sought investment deal which would give European firms better access and protection in the Chinese market, but is bound to irk the new US administration.

The EU Commission, on Monday (28 December), briefed the 27 EU ambassadors in Brussels on the latest progress in talks, which have been going on since 2014.

And none of the envoys raised any objections to going ahead, which meant an announcement on the deal could come as early as this week.

Read more at: EU edges closer to China investment deal, irking US

USA: Trump signs COVID-19 relief bill, averts U.S. government shutdown

U.S. President Donald Trump on Sunday signed into law a $2.3 trillion US COVID-19 aid and government-funding bill, restoring unemployment benefits to millions and averting a partial federal government shutdown.

Read more at: Trump signs COVID-19 relief bill, averts U.S. government shutdown | CBC News

European Union, U.K. unveil post-Brexit trade deal set to take effect on Jan. 1

EU ambassadors and lawmakers on both sides of the English Channel will now pore over the "EU-UK Trade and Cooperation Agreement," which contains 1,246 pages of text. EU envoys are expected to meet on Monday to discuss the document, drawn up over nine intense months of talks.

Most importantly, the deal as it stands ensures that Britain can continue to trade in goods with the world's biggest trading bloc without tariffs or quotas after the U.K. breaks fully free of the EU. It ceased to be an official member on Jan. 31 this year and is days away from the end of an exit transition period.

Read more at: European Union, U.K. unveil post-Brexit trade deal set to take effect on Jan. 1 | CBC News

EU-Britain Relations: Brexit: EU, UK finally clinch ′historic′ trade deal

The United Kingdom and the European Union have agreed to a post-Brexit free trade deal, sealing the UK's exit from the bloc, the UK government and EU announced on Thursday.

EU Commission chief Ursula von der Leyen said at a press conference on Thursday that: "It was a long and winding road, but we have a good deal to show for it."

The UK Prime Minister Boris Johnson tweeted an image of himself in front of a British flag with his thumbs up. The picture was accompanied by the text: "The deal is done."

Read more at: Brexit: EU, UK finally clinch ′historic′ trade deal | News | DW | 24.12.2020

MERRY CHRISTMAS

As we celebrate Christmas around the world, let us not forget the reasonfor this festive season: "For God so loved the world that he gave his one and only Son, that whoever believes in him shall not perish but have eternal life".Hope you and yours are having a Merry and Blessed Christmas.

Insure-Digest

USA: Trump threatens to scuttle coronavirus aid bill, demands changes -

President Donald Trump late Tuesday threatened to torpedo Congress’ massive pandemic relief package in the midst of a raging pandemic and deep economic uncertainty, suddenly demanding changes fellow Republicans have opposed.

Trump assailed the bipartisan $900 billion package in a video he tweeted out Tuesday night and suggested he may not sign it. He said the bill would deliver too much money to foreign countries, but not enough to Americans.

Read more at: Trump threatens to scuttle coronavirus aid bill, demands changes - MarketWatch

Brexit Stalemate: Britain, EU tell each other to give way in 'difficult' trade talks

Negotiations are expected to continue on Monday, beyond a Sunday deadline set by the European Parliament, and a senior British government source described them as “difficult” because of the “significant differences” in position.

With less than two weeks before Britain leaves the EU’s orbit, both sides are calling on the other to move to secure a deal and safeguard annual trade in goods from tariffs and quotas. But so far, neither has budged far enough for a breakthrough.

Read more at Britain, EU tell each other to give way in 'difficult' trade talks | Reuters

China-US Relations: Chinese Factories Want to Make Climate-Friendly Air Conditioners. A US Company Is Blocking Them - by Phil McKenna and Feng Hao

Air conditioners sped down the assembly line at the Midea appliance factory on a recent Saturday afternoon, as pop music blared over the din of fans and motors. The workers, mostly 20-somethings in crisp blue uniforms, were working quickly and on track to meet their daily target of 3,300 units.

Stretching the length of a football field, the assembly line in Wuhu was retooled in 2016 to produce hundreds of thousands of climate-friendly air conditioners per year, funded with money from the United Nations. The goal was to help reduce a class of key climate super-pollutants.

Air conditioners now use fluorinated chemical refrigerants. While each air conditioner contains only a small amount of refrigerant, the chemicals eventually make their way into the atmosphere, as the devices slowly leak or are destroyed at the end of their useful life. Those emissions add up and wreak havoc. As greenhouse gases they are hundreds to thousands of times more potent than carbon dioxide in warming the planet. Newsletters

Note EU-Digest:Presently China and the US, regardless of their different political ideologies, need each other. China as a producer of products and the US as a major consumer of Chinese products. Unfortunately, because the US has completely neglected their own local production industries and facilities , while China expanded its global sales network of Chinese products, it does not appear the US will be able to hold on much longer to the title of "the number one nation on the block".

Read more at: Chinese Factories Want to Make Climate-Friendly Air Conditioners. A US Company Is Blocking Them - Inside Climate News

USA - Economy: Thousands of cars form lines to collect food in Covid-hit Texas - by Melissa Alonso and Susannah Cullinane

North Texas Food Bank (NTFB) distributed more than 600,000 pounds of food for about 25,000 people on Saturday, according to spokeswoman Anna Kurian. There were 7,280 turkeys distributed to families, Kurian told CNN.

Read more at: Thousands of cars form lines to collect food in Covid-hit Texas - CNN

Eurozone reform—it’s not just the fiscal rules –by Willi Koll

The Covid-19 pandemic has eclipsed the general overhaul of the economic-policy framework of the European Union and the eurozone initiated in February by the European Commission. Comprehensive reform of economic governance remains nevertheless urgent and indispensable.

Reform of the Stability and Growth Pact (SGP) and the Regulation on the Prevention and Correction of Macroeconomic Imbalances (MIP), within the framework of the ‘six-pack’ and ‘two-pack’ of the European Semester and other regulations, should again be at the centre of discussions, as soon as—at the latest—the consequences of the pandemic have been dealt with.

Read more at: Eurozone reform—it’s not just the fiscal rules – Willi Koll

US Economy: How a weaker dollar could help fuel a commodities boom in 2021

Long-suffering commodity markets may have turned a corner after a pandemic-induced collapse in 2020. What happens next may depend on the fate of the U.S. dollar.

“The only way to get commodities moving in an inflationary, buying power way is a weaker dollar,” said Doug King, head of RCMA’s Merchant Commodity Fund and one of the world’s best known commodity traders, in an interview with MarketWatch.

Read more at: How a weaker dollar could help fuel a commodities boom in 2021 - MarketWatch

European Commission Report - Economy: Recovery plan for Europe - the largest ever

The EU’s long-term budget, coupled with the NextGenerationEU initiative, which is a temporary instrument designed to boost the recovery, will be the largest stimulus package ever financed through the EU budget. A total of €1.8 trillion will help rebuild a post-COVID-19 Europe. It will be a greener, more digital and more resilient Europe.

The new long-term budget will increase flexibility mechanisms to guarantee it has the capacity to address unforeseen needs. It is a budget fit not only for today's realities but also for tomorrow's uncertainties.

On 10 November 2020, an agreement was reached between the European Parliament and EU countries in the Council on the next long-term EU budget and NextGenerationEU. This agreement will reinforce specific programmes under the long-term budget for 2021-2027 by a total of €15 billion.

Read more at: Recovery plan for Europe | European Commission

EU Economy and Lithuania: Best EU Economy in Year of Covid Was Bloc’s Worst-Hit After 2008 -- by Milda Seputyte

The European Union’s worst-hit economy in the wake of the global financial crisis is looking like the bloc’s least affected during the coronavirus pandemic.

Lithuania suffered the deepest recession in 2009 as it became a testing ground for the harsh austerity that later ravaged Greece. This time, the European Commission reckons it will notch the shallowest contraction of all, with forecasts this month pointing to a dip in gross domestic product of just 2.2%.

Read more at: Best EU Economy in Year of Covid Was Bloc’s Worst-Hit After 2008 - Bloomberg

EU: The Costs of Merkel’s Surrender to Hungarian and Polish Extortion - by George Soros

The European Union is facing an existential threat, and yet the EU’s leadership is responding with a compromise that appears to reflect a belief that the threat can simply be wished away. Prime Minister Viktor Orbán’s kleptocratic regime in Hungary and, to a lesser extent, the illiberal Law and Justice (PiS) government in Poland, are brazenly challenging the values on which the European Union has been built. Treating their challenge as a legitimate political stance deserving of recognition and a compromise solution will only add – massively – to the risks that the EU now faces.

Orbán has stolen and misappropriated vast sums during his decade in power, including EU funds that should have gone to benefit the Hungarian people. He cannot afford to have a practical limit imposed on his personal and political corruption, because these illicit proceeds are the grease that keeps the wheels of his regime turning smoothly and his cronies in line.

Threatening to torpedo the EU’s finances by vetoing its budget was a desperate gamble on Orbán’s part. But it was a bluff that should have been called. Unfortunately, Merkel has, it appears, caved in to Hungarian and Polish extortion.

Read more at: The Costs of Merkel’s Surrender to Hungarian and Polish Extortion by George Soros - Project Syndicate

Brexit negotiations: EU leaders close ranks as no-deal talk mounts - by Katya Adler

Normally after big summits like the one we've just had in Brussels, leaders make media statements about their most pressing discussions.

Europe's leaders are keen to clarify they won't personally intervene in the current impasse in trade talks. There'll be no last-minute handshake or "a-ha" moment in Paris, Warsaw or Berlin.

Read more at: Brexit: EU leaders close ranks as no-deal talk mounts - BBC News

Capitalism and the Green New Deal - by Bob Urie

Optimism that the incoming Democratic administration will take decisive action to address environmental decline is misplaced. An analogy, in terms of the institutional and political backdrop and an alleged public purpose, is the Affordable Care Act. Sentiment amongst its supporters is that the ACA was better than nothing. In fact, the ACA did not improve health outcomes. What it accomplished was to secure the role of health insurance companies as healthcare intermediaries and increase executive pay. Thomas Ferguson’s ‘investment model,’ where policy favors are exchanged for political contributions, well predicted this outcome.

Read more at: Capitalism and the Green New Deal - CounterPunch.org

EU breaks deadlock (by caving in to Hungary and Poland ?) on budget, coronavirus recovery fund

European Union leaders on Thursday reached agreement on a long-term budget and coronavirus recovery package, after weeks of resistance from Poland and Hungary, according to EU Council President Charles Michel.

"Now we can start with the implementation and build back our economies. Our landmark recovery package will drive forward our green and digital transitions,'' Michel said in a tweet.

No details of the agreement were immediately available, however ahead of the summit, EU diplomats and officials said there would likely be a declaration that the rule of law mechanism would only be used after a ruling from the European Court of Justice — a process that could take a year.

Read more at: EU breaks deadlock on budget, coronavirus recovery fund | News | DW | 10.12.2020

China-US Relations: Biden Very Weak President: Chinese Advisor Says Joe Biden Could Start Wars

China must drop its illusion that its relations with the United States will automatically improve under President-elect Joe Biden's administration, a Chinese government adviser has said, adding that Beijing should be prepared for a tough stance from Washington.

Zheng Yongnian, the Dean of the Advanced Institute of Global and Contemporary China Studies, a Shenzhen-based think tank, has said that the Chinese government should utilise every opportunity to mend ties with the US, South China Morning Post has reported.

Read more at: Very Weak President: Chinese Advisor Says Joe Biden Could Start Wars

BREXIT: Talk of a 'no deal' Brexit grows as deadline looms - by: Elizabeth Piper, Padraic Halpin

Talk of a chaotic British split from the European Union grew on Tuesday with just three weeks left to break a deadlock in trade deal negotiations, with UK Prime Minister Boris Johnson warning that the two sides may have to accept “no deal”.

Read more at: Talk of a 'no deal' Brexit grows as deadline looms | Reuters

EU extends a hand (or two) to Joe Biden – By David M. Herszenhorn

In a sign of just how eager Brussels is to move past the acrimony created by President Donald Trump, the European Commission and Council have put forward competing policy papers outlining how they would like the EU to team up with the new U.S. administration on a wide array of policy issues.

Read more at: EU extends a hand (or two) to Joe Biden – POLITICO

Vaccine distibution Logistics: Pfizer & BioNTech Experience Early Vaccine Shipping and Distribution Hiccups - by Mark Terry

On Tuesday, the Pfizer-BioNTech vaccine was granted temporary authorization in the UK and dosing will begin next week. The FDA has scheduled an advisory committee meeting for next week, December 8, 9 and 10, for the Pfizer-BioNTech product and potentially could grant approval on December 10, or within a few days afterward. The Moderna’s advisory committee meeting is scheduled for December 17.

The companies, including AstraZeneca-University of Oxford, which is running a close third, as well as the numerous others who have COVID-19 vaccines in development, have astonished skeptics by the speed with which they have developed vaccines that appear to be safe and effective. But now comes an even more daunting challenge—scaling up manufacturing and distribution to deliver the vaccine to populations around the world in a timely and effective manner.

In November, Pfizer and BioNTech had indicated it expected to transport half the COVID-19 vaccine it had originally planned for the year. That didn’t go quite as hoped.

“Scaling up the raw material supply chain took longer than expected,” a company spokeswoman told The Wall Street Journal. “And it’s important to highlight that the outcome of the clinical trial was somewhat later than the initial projection.”

Pfizer-BioNTech had original plans to roll out 100 million vaccines globally by the end of this year, but are now saying 50 million. They still believe they can manufacture more than a billion doses in 2021, enough for about 500 million people.

Read more at: a href="https://www.biospace.com/article/covid-19-vaccine-approval-is-one-challenge-manufacturing-and-distribution-quite-another/">Pfizer & BioNTech Experience Early Vaccine Shipping and Distribution Hiccups | BioSpace

Aircraft Industry: Boeing 737 Max sees first firm order since crashes - by Theo Leggett

Its clearance to fly again comes after Boeing implemented a series of modifications including updating flight control software, revising crew procedures and rerouting internal wiring.

The European Union Aviation Safety Agency (EASA) is yet to give the Boeing 737 Max the go-ahead to return to service.

EASA is in charge of re-certification for EU member states, as well as the UK.

Read more at: Boeing 737 Max sees first firm order since crashes - BBC News

USA: Joe Biden warning dashes UK hopes of early US trade deal

Britain’s hopes of securing an early trade deal with the US have been dashed by a warning from Joe Biden, the president-elect, that America will not sign a trade deal with anyone until the US has sorted out its competitiveness.

Read more at:Joe Biden warning dashes UK hopes of early US trade deal | Trade policy | The Guardian