Concerned about protecting the rights of long ostracized groups that are, just now, beginning to gain legal and cultural recognition around the world, the World Bank Group announced plans to protect the interests of lesbian, gay, bisexual, transgender, and intersex (LGBTI) individuals.
As job growth remains extremely weak and labor market indicators stay negative, the Federal Reserve is considering ignoring inflation in the short-term as it sets monetary policy. Federal Reserve Bank of Chicago President Charles Evans said in a conference in London that the central bank might need to ignore high inflation in setting its monetary policy.
“Overshooting a little bit just to make sure you get to 2% strikes me as quite sensible,” he said, while acknowledging that inflation has been above the Federal Reserve’s 2% target for several months.
Total nonfarm payrolls rose 160,000 in April, far short of the 202,000 consensus expectations from economists and a steep decline from the 208,000 jobs gained in March. “Job gains occurred in professional and business services, health care, and financial activities. Job losses continued in mining,” according to the Bureau of Labor Statistics. In total, professional and business services added 65,000 jobs in the month, the biggest contributor to job gains. The unemployment rate was unchanged at 5%.
The Organization for Economic Cooperation and Development (OECD) has called a special summit of the world’s leading diamond producers to take place on May 23 in Dubai, United Arab Emirates (UAE). The purpose of the meeting is to discuss the issue of rough diamond valuation, which is an issue that has plagued the diamond trade for many years.
Central Bank Governor Valter Filipe da Silva stated that Angola needs to rid the banking sector of money laundering and terrorist financing, according to Reuters. To Angola’s credit, the globally operated Financial Action Task Force removed the Southern African state from its blacklist after officials instilled various reforms, but additional policies are necessary.
On Tuesday, the World Bank reported that fresh water scarcity could be the biggest problem facing the economies of the world. Economies across large portions of the planet could shrink dramatically by 2050 as climate change causes fresh water scarcity issues.
A few regions may suffer particularly badly. One standout is the Middle East, where gross domestic products (GDP) could slip by as much as 14% unless the region comes up with ways to significantly reallocate the supply of fresh water.
By official decree, King Felipe VI approved a new election for June 26 after December elections resulted in a fractured parliament, according to the Associated Press. The June election marks the first reelection since Spain was under dictatorship and the southern European nation will remain under a caretaker government as political parties fail to reach a consensus. Experts warn that Spain’s economic gains could be in jeopardy if the next election fails to bring a resolution.
In an increasing sign that U.S. workers cannot afford to buy houses as much as they used to, unemployment claims rose as mortgage rates fell, suggesting demand for houses is dropping as employment declines.
The International Monetary Fund (IMF) has weighed in on the deepening economic crisis in Zimbabwe. The African nation, already one of the poorest countries in the world, has been plagued by drought, suffered from deflation, and struggled with falling commodity prices around the world. Given the nature of Zimbabwe’s economic output, the IMF fears there is very little relief in sight for the African nation, according to a report it released on Wednesday.
Singaporean authorities have increased military expenditures to upgrade its military while presenting a strong front during the South China Sea territorial dispute, according to Reuters. Contractors, such as Boeing and Lockheed Martin, value Singapore’s business due to the city-state’s lucrative economic growth and timely payment history. Many nations in Asia have increased military spending because of higher economic growth and increased nationalism.
