Daily Archives: 09/04/2024
US trade deficit widens to two-year high on imports
WASHINGTON — The U.S. trade deficit widened to the highest level in more than two years in July as businesses likely front-loaded imports in anticipation of higher tariffs on goods, suggesting trade could remain a drag on economic growth in the third quarter. While the surge in imports reported by the Commerce Department on Wednesday would subtract from gross domestic product, it was an indication of strong domestic demand and inconsistent with financial market fears of a recession. “The July trade data suggest that net trade will weigh on third-quarter GDP …
UN: Workers see dramatic fall in share of global income
Geneva — Workers have seen their slice of the global income pie shrink significantly over the past two decades, swelling inequality and depriving the combined labor force of trillions, the U.N. said Wednesday. The United Nations’ International Labor Organization said that the global labor income share — or the proportion of total income in an economy earned by working — had fallen by 1.6 percentage points since 2004. “While the decrease appears modest in terms of percentage points, in 2024 it represents an annual shortfall in labor income of $2.4 trillion compared to …
Musk’s Starlink will comply with judge’s order to block X in Brazil
SAO PAULO, brazil — Elon Musk’s satellite-based internet service provider Starlink backtracked Tuesday and said it will comply with a Brazilian Supreme Court justice’s order to block the billionaire’s social media platform, X. In a statement posted on X, Starlink said it will heed Justice Alexandre de Moraes’ order despite him having frozen the company’s assets. Previously, it informally told the telecommunications regulator that it would not comply until de Moraes reversed course. “Regardless of the illegal treatment of Starlink in freezing our assets, we are complying with the order to …
From jobs to food, Houston is most diverse large city in the US
When people think about the US state of Texas, they often think of cowboys in big hats and pointy-toed boots. But Texas is more than that. A study found that its biggest city, Houston, is the most diverse large city in the US. This is reflected in the immigrants and the many cuisines and cultures they brought with them to Texas. VOA’s Elizabeth Lee reports. …