Edinburg’s SPARC program ignites local economy, Census response rate

hafiz cakep

EDINBURG — The city’s innovative business recovery program pumped $50,000 directly into local businesses on a daily basis for about two months and pushed the 2020 Census response rate to new heights, Edinburg City Manager Ron Garza said last week.

“We are right in the midst of one of the most innovative and one of the most productive business stimulus and economic recovery programs that I’ve ever seen a city do. And I’m not just saying that because I am part of the city, but it needs to be recognized as just completely successful,” Garza said about the city’s SPARC program.

Known by its acronym, the Stimulus Program Aimed at Recovery from COVID-19 was a two-tiered effort that involved businesses and residents alike.

“It’s an amazing, amazing program, and it really is transforming the

Read More

CRUZ: Time to get past throwing money at pandemic, economy | Coronavirus / COVID-19

hafiz cakep

This summer, we face two simultaneous crises: a public health crisis caused by the coronavirus — a novel virus that has killed hundreds of thousands of people worldwide and more than 10,000 people in Texas — and an economic crisis that has resulted in millions of Americans losing their jobs.

That’s a lot to deal with. There’s not a person in this country who hasn’t been affected by what’s going on. While we’re slowly re-opening, which is good news, the reality is that we still have a long way to go in terms of recovery.

This is unprecedented in our lifetimes. You have to go back to the Great Depression to find a comparable economic catastrophe that has struck the American economy. We have millions of small businesses that have either gone out of business or are on the verge of bankruptcy. So the task going forward is enormous.

In

Read More

Australia’s economy takes sharpest dive since the 1930s

hafiz cakep



A shopping center is sparsely attended in Sydney, Wednesday, Sept. 2, 2020. Australia's economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, with data released on Wednesday confirming the country is experiencing its first recession in 28 years. (AP Photo/Rick Rycroft)


© Provided by Associated Press
A shopping center is sparsely attended in Sydney, Wednesday, Sept. 2, 2020. Australia’s economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, with data released on Wednesday confirming the country is experiencing its first recession in 28 years. (AP Photo/Rick Rycroft)

CANBERRA, Australia (AP) — Australia’s economy suffered its sharpest economic contraction since the Great Depression due to the pandemic, with data released Wednesday confirming the country is in its first recession in 28 years.



Workers go about their duties at a construction site in Sydney, Wednesday, Sept. 2, 2020. Australia's economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, with data released on Wednesday confirming the country is experiencing its first recession in 28 years. (AP Photo/Rick Rycroft)


© Provided by Associated Press
Workers go about their duties at a construction site in Sydney, Wednesday, Sept. 2, 2020. Australia’s economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, with data released on Wednesday confirming the country is experiencing its first recession in 28 years. (AP Photo/Rick Rycroft)

The economy shrank 7% in the June, the biggest

Read More

Brainard Says U.S. Economy Still Needs Fiscal, Monetary Help

hafiz cakep

(Bloomberg) — Federal Reserve Governor Lael Brainard said the U.S. economy faces “considerable uncertainty” in the months ahead and called for continued support from both the central bank and fiscal policy makers to help the country recover from the coronavirus pandemic.



Fed Chair Powell Speaks At Fed Listens Event


© Bloomberg
Fed Chair Powell Speaks At Fed Listens Event

“Fiscal support will remain essential to sustaining many families and businesses,” Brainard said Tuesday during a virtual event hosted by the Brookings Institution, adding the timing and size of that support was a “key factor” in the outlook. “It will be important for monetary policy to pivot from stabilization to accommodation.”

Loading...

Load Error

Chair Jerome Powell last week announced a new framework for monetary policy that takes a more relaxed attitude toward inflation to tackle the problem of it being too low for many years. The shift means the Fed will allow the job market to run hotter, and

Read More

German economy shrank by record 9.7% in second quarter

hafiz cakep

27 July 2020, Berlin: A traveller with a mouthguard comes out of the door of the arriving planes at Tegel airport.

Annette Riedl | picture alliance via Getty Images

The German economy contracted by a record 9.7% in the second quarter as consumer spending, company investments and exports all collapsed at the height of the COVID-19 pandemic, the statistics office said on Tuesday.

The economic slump was much stronger than during the financial crisis more than a decade ago, and it represented the sharpest decline since Germany began to record quarterly GDP calculations in 1970, the office said.

Still, the reading marked a minor upward revision from an earlier GDP estimate for the April-June period of -10.1% quarter-on-quarter that the office had published last month.

Consumer spending shrank by 10.9% on the quarter, capital investments by 19.6% and exports by 20.3%, the seasonally adjusted GDP data showed.

Construction activity, normally

Read More

Tips from Germany’s social market economy model

hafiz cakep



a vintage photo of a city


© Copyright (c) Daily Maverick , All Rights Reserved


Perhaps South Africa’s approximation of Germany’s celebrated social market economy – which guided it to such enormous economic and social success after the war – could be the neglected 2013 National Development Plan dusted off, updated, refreshed and actually implemented.

From the ashes and rubble of war, West Germany constructed Europe’s strongest economy – and one of the best in the world – from the blueprint of the “social market economy”.

Just across the Berlin Wall, East Germany tried to rebuild its part of the country with a socialist, totalitarian state which controlled the entire economy and the politics.

West Germany’s formula – a social compact between the left and the right, between labour and business, between free marketeers and socialists demanding a strong state to administer social justice – has been widely credited with steering first West Germany and then,

Read More

S’pore Likely To See L-Shaped Economy Recovery, But There’s A New “K-Shape” Emerging

hafiz cakep

According to the latest data by the Ministry of Trade and Industry, Singapore suffered its deepest economic slump on record in the second quarter (Q2) of 2020.

In Q2 2020, the economy declined by 13.2 per cent year on year (YoY), sharper than the estimated 12.6 per cent decrease and the worst on record.

MTI expects the economy to shrink between 5 and 7 per cent this year, dialling down its previous forecast of a 4 to 7 per cent contraction.

Minister of Trade and Industry Chan Chun Sing was quoted saying: “The forecast for 2020 essentially means the growth generated over the past two to three years will be negated.”

Five months into the pandemic-induced economic downturn, the shape of “recovery” is coming into focus — and it is not a pretty picture.

Singapore Likely To See L-Shaped Recovery

In a doorstop interview on 27 March, Prime Minister Lee

Read More

US economy in recession but seeing ‘signs of life’: Fed’s Esther George

hafiz cakep

Kansas City Federal Reserve President Esther George says the U.S. economy is in a recession now, but we may not have a double-dip downturn.

“I think my forecast is the economy will continue to grow, given the right supports. And so that’s what I’m looking forward to,” she said in an interview with FOX Business.

WHEN WILL THE US RECESSION END?

George sees a rebound after a historic drop in GDP growth in the second quarter of an estimated 32.9%, as forecasted by the Bureau of Economic Analysis. She sees unemployment getting into high single digits by the end of the year after hitting 10.2% in July.

TRUMP’S $400 UNEMPLOYMENT BENEFIT LIKELY JUST $300 FOR

Read More

On The Money: Business world braces for blue sweep | Federal Reserve chief to outline plans for inflation, economy

hafiz cakep

Happy Wednesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.



Joe Biden wearing a suit and tie: On The Money: Business world braces for blue sweep | Federal Reserve chief to outline plans for inflation, economy | Meadows 'not optimistic' about stalemate on coronavirus deal


© Getty Images
On The Money: Business world braces for blue sweep | Federal Reserve chief to outline plans for inflation, economy | Meadows ‘not optimistic’ about stalemate on coronavirus deal

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

THE BIG DEAL-Business world braces for blue sweep: Wall Street and business groups are bracing for the possibility of a blue sweep in Washington that would leave Democrats in charge of the White House and both chambers of Congress.

  • Democratic
Read More

Japan’s economy shrank as expected in Q2

hafiz cakep

TOKYO — The Japanese economy shrank less than the U.S. and European economies did in the April-June quarter, but it fared worse than Asian counterparts.

Loading...

Load Error

Japan’s gross domestic product fell 7.8% in the second quarter of 2020 compared with the previous quarter, the worst drop on record in the period since 1980, when comparable data began to be available. The contraction was sharper than the previous record of minus 4.8% in January-March 2009 after the global financial crisis.

The result was in line with expectations after the new coronavirus forced many retailers and other businesses to close during a state of emergency in April and May and blocked virtually all foreign tourists from visiting Japan.

Japan, the world’s third largest economy after the U.S. and China, fared better than Western peers. The U.S. economy shrank 9.5% in the quarter, while major European economies generally shrank more than 10%,

Read More