China has unexpectedly cut rates on policy loans for the first time since April 2020 in the face of lowered economic performance owing to critical power shortages, defaults in the property market, a crackdown on major companies, and repeated COVID-19 outbreaks. The interest rate on 700 billion yuan ($110.2 billion), one-year, medium-term, lending facility (MLF)…
China Cuts Key Interest Rates as Economic Growth Wanes
January 17, 2022
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Credit Suisse Chairman Resigns After Investigation Into Alleged COVID-19 Breaches
Credit Suisse Group AG chairman Antonio Horta-Osorio has resigned “effective immediately” following reports that he broke COVID-19 quarantine rules. Horta-Osorio, who joined the bank in April from Britain’s Lloyds resigned following an investigation commissioned by the bank’s board. “I have worked hard to return Credit Suisse to a successful course, and I am proud of what we…
Google Mandates US Workers Submit to Weekly COVID-19 Tests, Surgical Masks
January 17, 2022
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Google has mandated weekly COVID-19 tests and surgical masks for employees at its facilities as Omicron infections rise, accounting for over 98 percent of cases in the United States. “To help prevent the further spread of COVID-19 during this period of heightened risk, we’re implementing new temporary health and safety measures for anyone accessing our…
Australian Health and Economic Outcomes Will Not Be in ‘Lock Step’ From Omicron: Economist
January 16, 2022
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Despite the rapid rate of the Omicron spread, the Australian economy will not suffer as hard compared to the period of Delta lockdowns, an economist said. Deloitte Access Economics partner Chris Richardson said for the first time since the COVID-19 pandemic started, it looked like health and economic outcomes “won’t be in exact lock-step with…
CDC Drops Mandatory COVID-19 Protocols for Cruise Lines, Shifts to Voluntary Program
January 16, 2022
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Cruise ships are no longer required to abide by a series of COVID-19 safety restrictions issued last year by the Centers for Disease Control and Prevention (CDC), which expired on Jan. 15, allowing cruise lines discretion in applying the protocols. The CDC has announced the expiration of its Temporary Extension and Modification of Framework for Conditional…
Hospitals Close Emergency Departments, Maternity Wards Over Staffing Shortages
Some hospitals in the United States have closed or plan to shutter parts of their facilities because of staffing shortages. Three urgent care centers in the Milwaukee, Wisconsin, area have been closed temporarily because of the surge in COVID-19 cases and a lack of staff, Advocate Aurora Health, which runs the centers, confirmed in an…
Companies Drop, Keep, or Reinstate Vaccination Requirement for Employees After SCOTUS Ruling
January 15, 2022
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Companies are reviewing their vaccination requirements after the U.S. Supreme Court (SCOTUS) ruling, with some dropping them, some sticking with them, and some reinstating them. A General Electric Co. spokesperson said on Friday that it will stop requiring the U.S. employees to be vaccinated with COVID-19 vaccines, the Wall Street Journal reported. The Epoch Times…
NY Federal Reserve Bank President Predicts Omicron Having Marginal Effect on US Economy
January 15, 2022
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John C. Williams, the Federal Reserve Bank of New York President and vice chair of the rate-setting Federal Open Market Committee (FMOC), said that the central bank is approaching a decision on whether to raise its short-term interest rates from near zero. Williams said that the current signs of a strong labor market and rising…
Senior ECB Official: Rate Rise Too Soon Could Choke Recovery
January 15, 2022
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BERLIN—A senior European Central Bank official says that raising interest rates prematurely could “choke off the recovery,” comments that come as inflation in the 19-nation euro area has hit a record rate. The European Union’s statistical office said on Jan. 7 that the annual inflation rate rose to 5 percent in December—the highest level in…
December Retail Sales Drop 1.9 Percent as Inflation Hits US Consumers
U.S retail sales sharply fell 1.9 percent in December, as inflation and supply issues hit prices, according to a Commerce Department report on Jan 14. The disappointing results were worse than the Dow Jones’s estimate, which had earlier predicted a 0.1 percent drop. The new surge in Omicron cases is being blamed as a factor for…
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