(WASHINGTON) Press Release Statement Report” from U.S. Treasury Department on Sudan Bridge Financing Reforms: That will help restore economic stability, advance the country’s efforts to secure debt relief, and ultimately improve the economic prospects of its citizens #AceFinanceDesk report

#AceFinanceReport – Mar.27: In recognition of the progress Sudan has made, yesterday Treasury provided same-day bridge financing of approximately $1.15 billion to help Sudan clear its arrears at the World Bank, at no cost to U.S. taxpayers.

Press Release: FOR IMMEDIATE RELEASE

Contact:                      Alexandra LaManna; Press@Treasury.gov

Statement from U.S. Treasury Department on Sudan Bridge Financing

This is an important step in normalizing Sudan’s relationship with the international community and will catalyze efforts to advance debt relief under the Heavily Indebted Poor Country Initiative, laying the groundwork for sustainable, long-term economic growth for the benefit of the Sudanese people.

“Sudan’s Civilian-Led Transitional Government deserves credit for making challenging but necessary reforms to restore its social contract with the Sudanese people,” said Treasury Secretary Janet L. Yellen, “The United States is pleased to support these efforts today by helping Sudan clear its arrears to the World Bank.  It’s an action that will move Sudan one step closer to securing much needed-debt relief and help the nation reintegrate into the international financial community.”

The CLTG has implemented a robust economic reform program that underpins Sudan’s transition to democratic rule. In cooperation with the International Monetary Fund and the World Bank, Sudanese authorities have worked to strengthen governance, bolster central bank independence, improve the business climate, accelerate social support to struggling households, and put Sudan’s finances on a more sustainable footing. Treasury will continue to work with international partners to support Sudan’s reform agenda and efforts to secure debt relief in 2021.

#AceFinanceDesk report …….Published: Mar.26: 2021:

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#debt-relief, #economy, #sudan, #washington

(WASHINGTON) House Financial Services Commitee Report: On March 10, the House passed the Senate amendment to the American Rescue Plan Act, sending the legislation to President Biden’s desk #AceFinanceDesk report

#AceFinanceReport – Mar.12: The American Rescue Plan Act contains a number of key provisions authored by Financial Services Committee Democrats

American Rescue Plan Act Contains Key Provisions Authored by Committee Democrats: ‘These include provisions providing $10 billion to support the production of emergency medical equipment using the Defense Production Act, $27.5 billion to support renters, $5 billion to support people experiencing homelessness, $10 billion to support homeowners, and $10 billion to support small businesses’

  • The COVID-19 Medical Production Act – This provision by Representative Juan Vargas (D-CA) provides $10 billion to expand the production of critical medical supplies and equipment to combat the COVID-19 pandemic, using the authorities under the Defense Production Act.

‘In addition, the legislation also includes a provision that provides $15 billion to further extend the Payroll Support Program through September 30, 2021 to fund payroll support for airline workers and related contract workers’

‘See below for a summary of provisions authored by Committee Democrats: Provision providing $10 billion to produce critical medical equipment’

Provisions providing $27.5 billion to support renters during the pandemic:

  • The Emergency Assistance for Renters Act – This measure by Chairwoman Maxine Waters (D-CA) authorizes $21.6 billion for an Emergency Rental Assistance program that allocates funding to states, territories, counties, and cities, including $305 million for U.S. territories, to help renters pay their rent and utility bills during the COVID-19 pandemic, and help rental property owners of all sizes continue to cover their costs.
  • The Emergency Housing Voucher Act – This measure by Chairwoman Maxine Waters (D-CA) authorizes $5 billion for 70,000 new emergency Housing Choice Vouchers to transition people experiencing or at risk of homelessness, survivors of domestic violence, and victims of human trafficking to stable housing.
  • The Coronavirus Housing Counseling Support Act of 2021 –This provision by Representative Cindy Axne (D-IA), authorizes $100 million for the Neighborhood Reinvestment Corporation (NeighborWorks) to enable housing counselors to respond to the surge of demand for services, which include foreclosure and eviction mitigation counseling, due to the economic impact of the COVID-19 pandemic.
  • The Protect Rural Renters Act of 2021 – This provision, led by Representative Cindy Axne (D-IA), authorizes $100 million for additional rural rental assistance targeted to people who do not currently receive such assistance but are otherwise eligible and also experienced a loss of income of significant financial hardship due to the COVID-19 pandemic.
  • The Emergency Tribal Housing Assistance Act of 2021 – This provision by Representative Juan Vargas (D-CA) authorizes $750 million to help Alaska Natives, Native Americans, and Native Hawaiians respond to pressing housing needs during the coronavirus pandemic. Under this section, the Indian Housing Block Grant program would receive $455 million, including a $5 million set aside for Native Hawaiians, that can be used to prevent, prepare for, or respond to the coronavirus and to fund eligible affordable housing activities under the Native American Housing and Self-Determination Act. The Indian Community Development Block Grant program would receive $280 million, which can be used to fund activities that address imminent threats to health and safety and are designed to prevent, prepare for, and respond to the coronavirus.

Provision providing $5 billion to support people experiencing homelessness:

  • The Emergency Homelessness Assistance Act – This provision by Representative Ayanna Pressley (D-MA) authorizes $5 billion for the Emergency Solutions Grants program to enable state and local governments to finance housing and health-related services for the hundreds of thousands of people currently experiencing homelessness, including the acquisition of hotels and motels to serve as transitional and permanent supportive housing.

Provisions providing $10 billion to support homeowners:

  • The COVID Homeowner Assistance Act of 2021 – This provision by Representative David Scott (D-GA) authorizes nearly $10 billion to states, territories, and tribes to address the ongoing needs of homeowners struggling to afford their housing due directly or indirectly to the impacts of the COVID-19 pandemic by providing direct assistance for mortgage payments, property taxes, property insurance, utilities, and other housing related costs.
  • The Stabilizing Rural Homeowners During COVID Act of 2021 –This provision by Representative Emanuel Cleaver (D-MO) authorizes $39 million for the Department of Agriculture to continue providing Section 502 and 504 home loans, which help low- and very-low income borrowers to purchase, repair and rehabilitate housing in rural areas, while helping existing USDA borrowers who are struggling to afford their housing during the COVID-19 pandemic.

Provision providing $20 million to support fair housing:

  • Fair Housing Enforcement Emergency Act of 2021 – This provision by Representative Al Green (D-TX) provides $20 million to ensure fair housing organizations have additional resources to address fair housing inquiries, complaints, investigations, and education and outreach activities, during or relating to the coronavirus pandemic.

Provision providing $10 billion to support small businesses:

  • The State Small Business Credit Initiative Renewal Act – This provision by Representative Al Green (D-TX) provides $10 billion towards Treasury’s State Small Business Credit Initiative (SSBCI) to support state, territory, tribal, and local small business programs. This will support up to $100 billion in low cost financing and technical assistance to small and minority-owned businesses harmed during the pandemic and to support a robust recovery.

The American Rescue Plan Act also provides $15 billion to support workers employed by the airlines:

  • $15 billion for a third iteration of the Payroll Support Program (PSP), which ensures roughly 680,000 air carrier workers, as well as additional workers of eligible air carrier contractors, continue to receive a paycheck through at least September 30, 2021:

#AceFinanceDesk report ………Published: Mar.12: 2021:

Editor says #AceNewsDesk reports by https://t.me/acenewsdaily and all our posts, also links can be found at here for Twitter and Live Feeds https://acenewsroom.wordpress.com/ and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#american-rescue-plan, #democrats, #financial-services, #washington

(JAKARTA, Indonesia.) JUST IN: The UAE is to develop several major infrastructure projects including a multimillion-dollar tourism resort in its westernmost Aceh province, the only area that imposes Shariah top Emirati & Indonesian ministers have confirmed according to Arab News sources #AceFinanceDesk report

#AceFinanceReport – May.07: A series of business agreements were signed by the two nations during a Jakarta visit of UAE Energy and Infrastructure Minister Suhail Al-Mazroui on Friday. The agreements are a part of a $22.9 billion deal signed during Indonesian President Joko Widodo’s Abu Dhabi visit in January last year. The investment deal, also covering energy, infrastructure and mining, is seen as the biggest in Indonesia’s history :

‘Aceh, a semi-autonomous province on the northwest tip of Sumatra Island, is the only region in Muslim-majority Indonesia that imposes Shariah’

UAE to develop $500 million tourism resort in Indonesia’s Aceh: ‘The tourism resort development project, which according to Indonesia’s Coordinating Minister for Maritime Affairs and Investment Luhut Pandjaitan is valued at between $300 million and $500 million, is expected to start in Aceh Singkil district in May

March 06, 2021 20:38:

“I think within two months’ time, we can see the progress of this project in the Singkil area,” Pandjaitan said during a joint conference with Al-Mazroui.

While authorities have not revealed more details, in response to a question by Arab News, Al-Mazroui said that some islands off the main coast of Aceh have been identified for the resort.

“Hopefully the team will finalize (it) and then we will be moving to the next stage of having some definitive agreements,” he said.

The project agreement was signed by Aceh Governor Nova Iriansyah and Amine Abide, executive director of Murban Energy, a UAE company whose investment portfolio includes the development of luxury resorts in the Maldives and Seychelles.

According to a statement by the Indonesian Ambassador to the UAE, Husin Bagis, one of the considerations for developing the project in Aceh is that it is only five hours away from the UAE by plane. He said that Abide had visited nine islands in the Aceh Singkil district that were shortlisted for the project.

Among the agreements inked in Jakarta, which Al-Mazroui said are follow-ups to those signed in Abu Dhabi last year, is a $1.2 billion deal between UAE’s logistics company Dubai Port (DP) World and Indonesia’s Maspion group to develop a port and an industrial zone in Gresik, East Java.

Other deals signed on Friday, Panjaitan said, included an agreement between Indonesia’s state-owned weapons manufacturer Pindad and UAE’s small-arms manufacturer Caracal to develop assault rifles, drones and defense system technologies.

LuLu Group International is also expected to enter the Southeast Asian country, as its president director also signed a property lease agreement on Friday to open a hypermarket on the outskirts of Jakarta.

Minister Al-Mazroui hinted that other deals may also follow in the wake of the newly forged economic ties between the UAE and Indonesia. 

“Some new deals have been considered, which was not discussed before, and this is the nature of the relationship,” he said.

Al-Mazroui is the first high-level government official from the UAE to visit Indonesia since the signing of a bilateral safe travel corridor agreement in July last year.

He and members of his delegation are in Indonesia to attend a series of events during Indonesia-Emirati Amazing Week, held in Jakarta, Solo, Bandung and Surabaya on March 1-8.

Arab News:

#AceFinanceDesk report ……..Published: Mar.07: 2021:

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#aceh, #indonesia, #trade, #uae

(LONDON) GOVUK Press Release Statement Report: Chancellor Rishi Sunak Announces that Scotland will receive £2.4bn of new funding 2021/22 through the Barnett formula for devolved areas such as health & social c are, education and housing & in addition £8.2bn guaranteed to the Government in 2020/21, above the fund ing allocated at the Spring Budget earlier this year, in the face of the #coronavirus and its impact on the economy #AceFinanceDesk report

#AceFinanceReport – Nov.26: Chancellor Rishi Sunak today unveiled a Spending Review for the whole of the UK as he laid out plans to help every corner of Scotland to build back better and fight #coronavirus: The Chancellor announced that Scotland will receive £2.4bn of new funding from the UK Government in 2021/22 through the Barnett formula for devolved areas such as health and social care, education and housing: This is double the £1.2bn new funding provided for 2020/21 at the 2019 Spending Round: It is also in addition to the £8.2bn guaranteed to the Scottish Government in 2020/21, above the funding allocated at the Spring Budget earlier this year, in the face of the coronavirus and its impact on the economy: Scotland will also receive a significant boost from more than £100bn of capital investment across the UK in 2021/22, improving connectivity and productivity:

GOVUK Chancellor Rishi Sunak Announces Spending review to deliver for Scotland

Chancellor Rishi Sunak announces £2.4bn of new funding for Scotland for 2021/22

Office of the Secretary of State for Scotland

Chancellor of the Exchequer Rishi Sunak said:

This Spending Review will help people in every corner of Scotland.

It will provide billions of pounds to fight coronavirus, deliver the peoples’ priorities and drive the UK’s recovery.

The Treasury is, has been, and will always be the Treasury for the whole of the United Kingdom. And this is a Spending Review for the whole of the United Kingdom.

Speaking after the Chancellor delivered the UK Government’s Spending Review, Scottish Secretary Alister Jack said:

The UK Government’s Spending Review delivers for all parts of the UK at this challenging time. Never before has the strength of the Union, and the role of the UK Treasury, been more important.

The UK Government pledged to bring funding decisions back from Brussels, and our plans for a new UK Shared Prosperity Fund will deliver on this promise. Communities across the UK have been hit hard by Covid, so I welcome the Chancellor’s announcement today of £220 million in additional funding in the coming financial year. This will be delivered by the UK Government across the UK, working in partnership with local authorities and communities.

We made a commitment to maintain funding for our vital rural and coastal communities and are fulfilling that through £570 million to support farmers and our rural economy, and £14 million to support Scottish fisheries. Additional funding for broadband will help boost the economies of some of Scotland’s most remote communities.

Accelerating the Tay, Moray, Borderlands and Islands growth deals is great news. It will help support jobs and drive economic recovery across swathes of Scotland.

The new UK Infrastructure Bank will help support our post-covid economic recovery. A billion pounds for our net zero climate change target will ensure the UK remains a world leader in climate action, ahead of us bringing the world to Glasgow for COP26 next year. And the new counter-terrorism operations centre will help keep people in all parts of the UK safe from global threats.

The Scottish Government will receive an additional £2.4 billion in Barnett Consequentials. This is over and above the £8.2 billion they have already been allocated since March this year. This additional funding will help support jobs and public services in Scotland while we fight the pandemic.

The UK Government will continue to do all it can to support people in all parts of the United Kingdom.

The Chancellor used the Spending Review to reaffirm his commitment to growth across Scotland – announcing an £11m acceleration of City and Growth Deal funding over each year remaining in four Scotland Deals: Tay Cities, Borderlands (Scotland), Moray and the Scottish Islands will be funded over 10 years, rather than 15 years, releasing funding more quickly to enable projects to come online sooner: By bringing forward the investment, Tay Cities will receive an additional £6.3m each year, Borderlands (Scotland) an extra £2.1m, Moray an extra £1.1m and the Scottish Islands an additional £1.7m.

Projects announced today include the Gigabit and Shared Rural Network programmes for better mobile coverage: The Gigabit programme subsidises the rollout of gigabit-capable broadband in the most difficult to reach 20% of the UK, while the Shared Rural Network programme is a partnership with industry that will deliver high-quality 4G mobile coverage across 95% of the UK by 2025.

Investment in new green industries will support green growth clusters, offshore wind capacity, port infrastructure, Carbon Capture and Storage and low carbon hydrogen: The global underwater hub, funded by £1.3m announced at today’s Spending Review, will eventually comprise of physical presences in the existing underwater engineering cluster in North East Scotland: Separately, institutions and companies in Scotland will also be able to access a £14.6bn UK-wide research and development fund:

The Government today confirmed funding for the next stage of the Plan for Jobs – including £1.6bn for the landmark Kickstart scheme in 2021/22, which will see the creation of up to 250,000 government-subsidised jobs for young people: The apprenticeship hiring incentive that launched in August will also be extended to 31 March 2021, offering employers up to £2,000 for every new apprentice they hire.

‘ Investment from EU Structural Funds is increasing in each of England, Scotland, Wales and Northern Ireland in 21-22 compared to this financial year ‘

‘ The Spending Review provides additional UK funding to help local areas prepare over 2021-22 for the introduction of the UK Shared Prosperity Fund: Further details will be published in the New Year ‘

The UK Government has delivered on its manifesto commitment to maintain funding by providing £570m to support farmers, land managers and the rural economy, and £14m to support fisheries in Scotland: The Government committed to boost local economies by establishing at least one Freeport in each of Scotland, Wales and Northern Ireland, with locations to be jointly decided by the UK Government and the devolved administrations: And on the cultural front the Government announced £29.1m for Festival UK with projects expected across Scotland, Wales and Northern Ireland.

The UK Government’s recent announcement of record spending on defence will also directly benefit Scotland as it finances the UK’s order of 8 Type 26 and 5 Type 31 frigates, which are currently being constructed on the Clyde, creating thousands of jobs:

At this Spending Review Scotland, Wales and Northern Ireland will benefit from UK-wide coronavirus support in health, including £15bn for Test and Trace with Barnett funding provided for England-only elements of the programme…..

#AceFinanceDesk report ……………..Published: Nov.26: 2020:

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(LONDON) GOVUK Press Release Statement Report: Chancellor Rishi Sunak Announces todays spending review for one year …..with emphasis on jobs & building back better including growing the economy #AceFinanceDesk report

#AceFinanceReport – Nov.25: Mr Speaker,………Today’s Spending Review delivers on the priorities of the British people: Our health emergency is not yet over: And our economic emergency has only just begun: So our immediate priority is to protect people’s lives and livelihoods: But today’s Spending Review also delivers stronger public services: Paying for new hospitals, better schools and safer streets: And it delivers a once-in-a-generation investment in infrastructure: Creating jobs, growing the economy, increasing pride in the places we call home:

GOVUK Spending Review 2020 speech by Rishi Sunak on jobs & economy

The Spending Review 2020 speech as delivered by Chancellor Rishi Sunak

HM Treasury

On Monday, the Prime Minister set out the action we need to take between now and the start of December to control the spread of coronavirus:

Mr Speaker,

Our immediate priority is to protect people’s lives and livelihoods.

So let me begin by updating the House on our response to coronavirus.

We’re prioritising jobs, businesses and public services.

The furlough scheme, support for the self-employed, loans, grants, tax cuts and deferrals as well as extra funding for schools, councils, the NHS, charities, culture and sport.

Today’s figures confirm that taken together:

This year, we are providing £280 billion to get our country through coronavirus.

Next year, to fund our programmes on testing, PPE, vaccines – we are allocating an initial £18 billion.

To protect the public services most affected by coronavirus, we are also providing:

£3 billion to support NHS recovery, allowing them to carry out up to a million checks, scans and operations.

Over £2 billion to keep our transport arteries open, subsidising rail networks.

Over £3 billion to local councils.

And an extra £250 million to help end rough sleeping.

And while much of our coronavirus response is UK-wide, the government is also providing £2.6 billion to support the devolved administrations in Scotland, Wales and Northern Ireland.

Taken together, next year, public services funding to tackle coronavirus will total £55 billion.

Mr Speaker,

Let me turn to the OBR’s economic forecasts.

And can I thank the new Chair, Richard Hughes, and his whole team, for their work.

The OBR forecast the economy will contract this year by 11.3%, the largest fall in output for more than 300 years.

As the restrictions are eased, they expect the economy to start recovering growing by 5.5% next year, 6.6% in 2022, then 2.3%, 1.7% and 1.8% in the following years.

Even with growth returning, our economic output is not expected to return to pre-crisis levels until the fourth quarter of 2022.

And the economic damage is likely to be lasting.

Long-term scarring means, in 2025, the economy will be around 3% smaller than expected in the March Budget. 

Mr Speaker,

The economic impact of coronavirus, and the action we’ve taken in response, means there has been a significant but necessary increase in our borrowing and debt.

The UK is forecast to borrow a total of £394 billion this year, equivalent to 19% of GDP.

The highest recorded level of borrowing in our peacetime history.

Borrowing falls to £164 billion next year, £105 billion in 2022-23, then remains at around £100 billion, 4% of GDP, for the remainder of the forecast.

Underlying debt – after removing the temporary effect of the Bank of England’s asset purchases – is forecast to be 91.9% of GDP this year.

And due to elevated borrowing levels, and a forecast persistent deficit, underlying debt is forecast to continue rising in every year, reaching 97.5% of GDP in 2025-26.

High as these costs are, the costs of inaction would have been far higher.

But this situation is clearly unsustainable over the medium term.

We could only act in the way we have because we came into this crisis with strong public finances.

And we have a responsibility, once the economy recovers, to return to a sustainable fiscal position.  Mr Speaker,

This is an economic emergency.

That’s why we have taken, and continue to take, extraordinary measures to protect people’s jobs and incomes.

And it is clear those measures are making a difference.

The OBR now state – as the Bank of England and the IMF already have – that our economic response has protected jobs, supported incomes and helped businesses stay afloat.

They’ve said today that business insolvencies have fallen, compared to last year.

And the latest data shows the UK’s unemployment rate is lower than Italy, France, Spain, Canada and the United States.

And we’re doing more to build on our Plan for Jobs.

I’m announcing today nearly £3 billion for My Right Honourable Friend the Work & Pensions Secretary to deliver a new, three-year Restart Programme to help over a million people who’ve been unemployed for over a year, find new work.

But I have always said: we cannot protect every job.

Despite the extraordinary support we’ve provided, the OBR expects unemployment to rise to a peak in the second quarter of next year, of 7.5% – 2.6 million people.

Unemployment is then forecast to fall in every year, reaching 4.4% by the end of 2024.

Mr Speaker,

Today’s statistics remind us of something else: coronavirus has deepened the disparity between public and private sector wages.

In the six months to September, private sector wages fell by nearly 1% compared to last year. Over the same period, public sector wages rose by nearly 4%.

And unlike workers in the private sector, who have lost jobs, been furloughed, seen wages cut, and hours reduced, the public sector has not.

In such a difficult context for the private sector – especially for those people working in sectors like retail, hospitality, and leisure I cannot justify a significant, across-the-board pay increase for all public sector workers.

Instead, we are targeting our resources at those who need it most.

To protect public sector jobs at this time of crisis, and ensure fairness between the public and private sectors, I am taking three steps today.

First, taking account of the pay review bodies advice, we will provide a pay rise to over a million Nurses, Doctors and others working in the NHS.

Second, to protect jobs, pay rises in the rest of the public sector will be paused next year.

But third, we will protect those on lower incomes.

The 2.1 million public sector workers who earn below the median wage of £24,000, will be guaranteed a pay rise of at least £250.

What this means, Mr Speaker, is that while the government is making the difficult decision to control public sector pay the majority of public sector workers will see their pay increase next year.

And we want to do more for the lowest paid.

We are accepting in full the recommendations of the Low Pay Commission to increase the National Living Wage by 2.2% to £8.91 an hour; to extend this rate to those aged 23 and over; and to increase the National Minimum Wage rates as well.

Taken together, these minimum wage increases will likely benefit around two million people.

A full-time worker on the National Living Wage will see their annual earnings increase by £345 next year.

And compared to 2016 when the policy was first introduced, that’s a pay rise of over £4,000.  Mr Speaker,

These are difficult and uncertain economic times – so it is right that our immediate priority is to protect people’s health and their jobs.

But we need to look beyond.

Today’s Spending Review delivers stronger public services – our second priority.

Before I turn to the details, let me thank the whole Treasury team, and especially My Right Honourable Friend the Chief Secretary for their dedication and hard work in preparing today’s Spending Review.

Next year, total departmental spending will be £540 billion.

Over this year and next, day-to-day departmental spending will rise, in real terms, by 3.8% – the fastest growth rate in 15 years.

In cash terms, day-to-day departmental budgets will increase next year by £14.8 billion.

And Mr Speaker, this is a Spending Review for the whole United Kingdom.

Through the Barnett formula, today’s decisions increase Scottish Government funding by £2.4 billion, Welsh Government funding by £1.3 billion, and £0.9 billion for the Northern Ireland Executive.

The whole of the United Kingdom will benefit from the UK Shared Prosperity Fund, and over time we will ramp up funding so that total domestic UK-wide funding will at least match EU receipts, on average reaching around £1.5 billion a year.

To help local areas prepare for the introduction of the UKSPF, next year we will provide funding for communities to pilot programmes and new approaches.

And we will accelerate four City and Growth Deals in Scotland, helping Tay Cities, Borderlands, Moray, and the Scottish Islands create jobs and prosperity in their areas.

Mr Speaker,

Our public spending plans deliver on the priorities of the British people.

Today’s Spending Review honours our historic, multi-year commitment to the NHS.

Next year, the core health budget will grow by £6.6 billion, allowing us to deliver 50,000 more nurses and 50 million more general practice appointments.

We’re increasing capital investment by £2.3 billion.

To invest in new technologies to improve patient and staff experience.

Replace ageing diagnostic machines like MRI and CT scanners.

And fund the biggest hospital building programme in a generation – building 40 new hospitals and upgrading 70 more.

We’re investing in social care, too.

Today’s settlement allows Local Authorities to increase their core spending power by 4.5%.

Local authorities will have extra flexibility for Council Tax and Adult Social Care precept which together with £300 million of new grant funding gives them access to an extra billions pounds to fund social care.

And this is on top of the extra billion pound social care grant we provided this year, which I can confirm will be maintained into next year.

To provide a better education for our children, we’re also getting on with our three-year investment plan for schools.

We’ll increase the schools’ budget next year by £2.2 billion, well on the way to delivering our commitment of an extra £7.1 billion by 2022-23.

Every pupil in the country will see a year-on-year funding increase of at least 2%.

And we’re funding the Prime Minister’s commitment to rebuild 500 schools over the next decade.

And we’re also committed to boosting skills.

With £291 million to pay for more young people to go into further education.

£1.5 billion to rebuild colleges.

£375 million to deliver the Prime Minister’s Lifetime Skills Guarantee.

And extend traineeships, sector-based work academies, and the national careers service.

As well as improving the way the apprenticeships system works for businesses.

And we’re also making our streets safer.

Next year, funding for the criminal justice system will increase by over a billion pounds.

We’re providing more than £400 million to recruit 6,000 new police officers – well on track to recruit 20,000.

And £4 billion over four years to provide 18,000 new prison places.

New hospitals, better schools, safer streets – the British people’s priorities are this government’s priorities.   Mr Speaker,

Today’s Spending Review strengthens the United Kingdom’s place in the world.

This country has always and will always be open and outward-looking, leading in solving the world’s toughest problems.

But during a domestic fiscal emergency, when we need to prioritise our limited resources on jobs and public services sticking rigidly to spending 0.7% of our national income on overseas aid, is difficult to justify to the British people especially when we’re seeing the highest peacetime levels of borrowing on record.

I have listened with great respect to those who have argued passionately to retain this target.

But at a time of unprecedented crisis government must make tough choices.

I want to reassure the House that we will continue to protect the world’s poorest:

Spending the equivalent of 0.5% of our national income on overseas aid in 2021, allocating £10 billion at this Spending Review.

And our intention is to return to 0.7% when the fiscal situation allows.

Based on the latest OECD data, the UK would remain the second highest aid donor in the G7.

Higher than France, Italy, Japan, Canada and the United States.

And 0.5% is also considerably more than the 29 countries on the OECD’s development assistance committee – who average just 0.38%.

And overseas aid is of course only one of the ways we play our role in the world.

The Prime Minister has announced over £24 billion investment in defence over the next four years, the biggest sustained increase in 30 years.

Allowing us to provide security not just for our country but around the world.

We’re investing more in our extensive diplomatic network, already one of the largest in the world.

And providing more funding for new trade deals.

We should, however, judge our standing in the world not just by the money we spend but by the causes we advance and the values we defend.

Mr Speaker,

If this Spending Review’s first priority was getting the country through coronavirus.

And its second was stronger public services.

Then our final priority is to deliver our record investment plans in infrastructure.

Capital spending next year will total £100 billion – £27 billion more in real terms than last year.

Our plans deliver the highest sustained level of public investment in more than 40 years.

Once-in-a-generation plans to deliver once-in-a-generation returns for our country.

To build housing, we’re introducing a £7.1 billion National Home Building Fund.

On top of our £12.2 billion Affordable Homes Programme.

We’ll deliver faster broadband for over 5 million premises across the UK.

Better mobile connectivity with 4G coverage across 95% of the country by 2025.

The biggest ever investment in new roads:

Upgraded railways, new cycle lanes and over 800 zero emission buses.

Our capital plans will invest in the greener future we promised.

Delivering the Prime Minister’s ten-point plan for climate change.

We’re making this country a scientific superpower.

With almost £15 billion of funding for research and development.

And we’re publishing today a comprehensive new National Infrastructure Strategy.

To help finance our plans, I can also announce we will establish a new UK infrastructure bank.

Headquartered in the north of England, the Bank will work with the private sector to finance major new investment projects across the UK – starting this spring.   Mr Speaker,

I have one further announcement to make:

For many people, the most powerful barometer of economic success is the change they see and the pride they feel in the places they call home.

People want to be able to look around their towns and villages and say, yes: our community – this place – is better off than it was five years ago.

For too long, our funding approach has been complex and ineffective.

And I want to change that.

Today I’m announcing a new Levelling Up Fund worth £4 billion.

Any local area will be able to bid directly to fund local projects.

The fund will be managed jointly between the Treasury, the Department for Transport and the Ministry of Housing, Communities and Local Government – taking a new, holistic, place-based approach to the needs of local areas.

Projects must have real impact:

They must be delivered within this Parliament.

And they must command local support, including from their Member of Parliament.

This is about funding the infrastructure of everyday life:

A new bypass.

Upgraded railway stations.

Less traffic.

More libraries, museums, and galleries.

Better high streets and town centres.

This government is funding the things people want and places need.   Mr Speaker,

Today I have announced huge investment in jobs, public services and infrastructure.

And yet… I cannot deny numbers alone, can ring hollow.

They stand testament to our commitment to create a better nation, but on their own they are not enough to create one.

When asked what our vision for the future of this country is, we cannot point to a shopping list of announcements and feel the job is done.

So, as we invest billions in research and development, we’re also introducing a new immigration system ensuring the best and brightest from around the world come here to learn, innovate and create.

As we invest billions in the building of new homes, we’re also simplifying our planning system to ensure beautiful homes are built where they are needed most.

As we invest billions in the security of this country, we’re also defending free speech and democratic rule, proving our values are more than just words.

And as we invest billions in public services, we’re also protecting the wages of those on the lowest incomes and supporting jobs because good work remains the most rewarding and sustainable path to prosperity.

The spending review announced today sets us on a path to deal with the material matters of government and it is a clear statement of our priorities but encouraging the individual and community brilliance on which a thriving society depends, remains, as ever, a work unfinished.

We in government can set the direction, better schools, more homes, stronger defence, safer streets green energy, technological development, improved rail, enhanced roads all investments that will create jobs and give every person in this country the chance to meet their potential.

But it is the individual, the family, and the community that must become stronger, healthier and happier as a result.

This is the true measure of our success.

The spending announced today is secondary to the courage, wisdom, kindness and creativity it unleashes.

These are the incalculable but essential parts of our future, and they cannot be mandated or distributed by government.

These things must come from each of us, and be shared freely, because the future, this better country, is a common endeavour.

Today government has funded the priorities of the British people, and now the job of delivering them, begins.

Mr Speaker, I commend this statement to the House.

#AceFinanceDesk report………….Published: Nov.25: 2020:

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(LONDON) GOVUK Press Release Statement Report: Chancellor Rishi Sunak today unveiled a ‘ Spending Re view ‘ for the whole of the UK as he laid out plans to help Wales to fight the coronavirus and build back better #AceFinanceDesk report

#AceFinanceReport – Nov.25: Rishi Sunak announced that Wales will receive £1.3bn of new funding from the UK Government in 2021/22 through the Barnett formula for devolved areas such as health and social care, education and housing. This is more than double the £600m provided for 2020/21 at the 2019 Spending Round: It is separate from the £5bn additional funding guaranteed to the Welsh Government in 2020/21, above the funding allocated at the Spring Budget earlier this year, in the face of the coronavirus and its impact on the economy: Wales will also receive a significant boost from more than £100bn of capital investment across the UK in 2021/22, improving connectivity and productivity for the whole of the UK:

GOVUK Chancellor Rishi Sunak Announces Spending Review to deliver jobs and infrastructure for Wales

Office of the Secretary of State for Wales

  • Chancellor Rishi Sunak announces £1.3bn of new funding for Wales for 2021/22. This is more than double the £600m new funding provided for 2020/21 at the 2019 Spending Round.
  • Rishi Sunak sets out how UK Government will provide billions of pounds to fight coronavirus, deliver the peoples’ priorities and drive the UK’s recovery.
  • Wales will also benefit from more than £100bn of capital investment across the UK in 2021/22 – creating jobs and growing the economy.

Chancellor of the Exchequer Rishi Sunak said:

Today’s Spending Review underlines our commitment to the people of Wales as we look to the future.

It provides billions of pounds to fight coronavirus, deliver the peoples’ priorities and drive the UK’s recovery.

The Treasury is, has been, and will always be the Treasury for the whole of the United Kingdom. And this is a Spending Review for the whole United Kingdom.

Secretary of State for Wales Simon Hart said:

The Chancellor’s package of measures delivers for Wales as we plan our recovery from the coronavirus pandemic.

As well as the extra £1.3bn block grant increase for the Welsh Government, Wales as a whole will benefit from the UK Government’s new £2.9bn Restart programme to help unemployed people find work, as well as a doubling of work coaches and the continued support schemes for jobs through the pandemic which have so far supported more than 500,000 livelihoods in Wales.

This is in addition to planned improvements to mobile and broadband connectivity and investment in green industries like carbon capture and offshore wind which have huge potential benefits for Wales. This continues to be an exceptionally challenging time for everyone in the UK but the Chancellor has today set out a fantastic economic package for Wales.

Projects announced today include the Gigabit and Shared Rural Network programmes for better mobile coverage: The Gigabit programme subsidises the rollout of gigabit-capable broadband in the most difficult to reach 20% of the country, while the Shared Rural Network programme is a partnership with industry that will deliver high-quality 4G mobile coverage across 95% of the UK by 2025:

Investment in new green industries will support green growth clusters, offshore wind capacity, port infrastructure, Carbon Capture and Storage and low carbon hydrogen: Separately, institutions and companies in Wales will also be able to access a £14.6bn UK-wide research and development fund.

The Chancellor also today announced that through the Shared Outcomes Fund Wales will host one of five pilots around drug enforcement and treatment which will tackle drug use through better join up of local law enforcement agencies, prisons and health and social care services: And Cardiff will host a separate pilot which aims to bring service providers together to work with offenders and their families in a community focussed way to address issues around intergenerational offending: Wales will benefit from a share of the 6,000 additional police officers that will be recruited in 2020-21 as part of the commitment to recruit 20,000 additional officers by 2023, which this SR commits £400 million to deliver: The allocation of additional officers to Welsh police forces will be confirmed in the police funding settlement for 2021-22:

‘ The Chancellor also unveiled plans to create and support hundreds of thousands of jobs across the UK through a new three-year £2.9 billion Restart programme to help one million unemployed people find work, alongside £1.4 billion of new funding to increase Job Centre Plus capacity ‘

And the Government confirmed funding for the next stage of the Plan for Jobs – including £1.6bn for the landmark Kickstart scheme in 2021/22, which will see the creation of up to 250,000 government-subsidised jobs for young people: The apprenticeship hiring incentive that launched in August will also be extended to 31 March 2021, offering employers up to £2,000 for every new apprentice they hire: There will also be a £375m package to support skills which includes £138m of new funding to deliver the Prime Minister’s Lifetime Skills Guarantee and £127m to continue the Plan for Jobs skills measures:

Investment from EU Structural Funds is increasing in each of England, Scotland, Wales and Northern Ireland in 21-22 compared to this financial year: The Spending Review provides additional UK funding to help local areas prepare over 2021-22 for the introduction of the UK Shared Prosperity Fund:

‘ Further details will be published in the New Year ‘

The UK Government has also delivered on its manifesto commitment to maintain funding by providing £240m to support farmers, land managers and the rural economy, and £2m to support fisheries in Wales: The Government committed to boost local economies through at least one freeport in each of Scotland, Wales and Northern Ireland, with locations to be decided in consultation with the devolved administrations:

‘ And on the cultural front the Government announced £29.1m for Festival UK with projects expected across Scotland, Wales and Northern Ireland ‘

At this Spending Review Scotland, Wales and Northern Ireland will benefit from UK-wide coronavirus support in health, including £15bn for Test and Trace with Barnett funding provided for England-only elements of the programme:

#AceFinanceDesk report …………….Published: Nov.25: 2020:

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(BRUSSELS) United States of Europe Begins as EU lawmakers back deal worth $200-million with US Trade Dept to remove tariffs of 8-12% on import of lobsters with US reciprocating halving duties of certain glassware, ceramics, disposable lighters and prepared meals after election #AceFinanceDesk report

#AceFinanceREport – Nov.11: EU lawmakers back U.S. lobster deal after Biden election win: European Union lawmakers have backed a small trade deal with the United States to remove EU tariffs on U.S. lobsters following Democrat Joe Biden’s victory in the U.S. presidential election: Under an agreement struck in August, the EU plans to remove tariffs of 8%-12% on imports of lobsters, while the United States will halve its duties on imports of certain glassware, ceramics, disposable lighters and prepared meals: The deal, worth some $200 million in annual trade, needs to be approved by the European Parliament and by the European Council, the grouping of EU governments:


https://memecrunch.com/meme/Q7DY/united-states-of-europe/image.jpg

https://images-wixmp-ed30a86b8c4ca887773594c2.wixmp.com/f/5b97aab9-4541-46c1-9e42-6a467c496c77/d9bbgij-fa952f99-eb4d-4fbc-a160-e725ee11ae76.png/v1/fill/w_1488,h_537,q_75,strp/1998___the_united_states_of_europe_by_drfuturism-d9bbgij.png?

Reuters Wire News, [Nov 11, 2020 at 14:31] https://t.me/reuters_news_agency/46273

Parliamentary backing had been in doubt given strained relations between the bloc and the administration of U.S. President Donald Trump, which has imposed punitive tariffs on EU steel and aluminium: The chair of parliament’s international trade committee, Bernd Lange, said last month that lawmakers should consider rejecting the deal:

However, the committee has now backed the agreement by 40 votes to two, parliament said on Wednesday, and it is likely to go before the full European Parliament in late November: “ Thanks to our engagement, the Commission is now more assertive on the U.S. aluminium tariffs: This, in addition with a new U.S. administration, puts the lobster deal in a new light,” Lange said in a statement after the vote: “Let’s move forward and use this deal as a stepping stone for more constructive transatlantic dialogue.”

The deal will help level the playing field for U.S. producers, notably in the state of Maine, whose European sales declined after a trade deal between Canada and the EU eliminated tariffs on Canadian lobsters: The U.S. industry has also been hurt by Chinese tariffs imposed in 2018 and the collapse of sales to restaurants during coronavirus-related lockdowns:

Just another step in United States of Europe: United States of Europe Report: Unnamed European official as saying they are looking at creating a ‘ Network of National Police Facial Recognition Databases ‘ expanding EU-wide Prum Convention signed in 20025 thus sharing DNA, fingerprint, and vehicle registration databases for mutual searching with next step of connecting to U.S: https://acenewsservices.wordpress.com/2020/02/23/brussels-united-states-of-europe-report-unnamed-european-official-as-saying-they-are-looking-at-creating-a-network-of-national-police-facial-recognition-databases-expanding-eu/?preview=true&preview_id=133091&preview_nonce=5c2e5007e2

#AceFinanceDesk report …………………………Published: Nov.11: 2020:

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(BEIJING, China.) China International Import Expo (CIIE) Report: British Firms sign more than £430-mill ion of ‘ trade deals ‘ with Chinese companies across a range of sectors named below as the c ountry rolls-out the 14th Five Year Plan (2021 – 25) as they prepare for inner and outer investment #AceFina nceDesk report

#AceFinanceReport: At a time when China is rolling out a new roadmap for economic development pattern called “dual circulation”, many foreign companies view it as an opportunity to broaden their business operation in China, senior managers told the Global Times at the third China International Import Expo (CIIE) in Shanghai: Many companies at the event were spotted looking at specific emerging industries or business opportunities, like 5G or healthcare, in the next few years, after China rolled out the 14th Five-Year Plan (2021-25) that will chart the course of the country’s development over the next five years, but will likely generate effects well beyond 2025:

UK celebrates success at third China International Import Expo

  • UK showcases the best of UK agriculture, food and drink at the third China International Import Expo in Shanghai
  • British firms sign more than £430million of deals with Chinese companies during the Expo
  • Thousands of new connections between UK and Chinese companies, with 120,000 unique visitors to new UK-China business matching platform

The third China International Import Expo saw the UK secure more than £430 million of commercial deals across a range of sectors.

The deals include:

  • Collaboration between Lakeland Dairies and Namchow Food Group (Shanghai) Co. Ltd on bringing high quality dairy products from Northern Ireland to China
  • A partnership between Savills and Greenland Group Xi’an Fenghe Real Estate Co. Ltd on the Silk Road International Center Project luxury commercial and office complex. An additional partnership between Savills and Shanghai Yangpu Government on innovation and transformation of Yangpu district
  • A partnership between Millennium Group and Suning International · Sup’s bringing a range of British food and drinks brands to the Chinese market

In addition to the commercial deals that will have immediate benefits for the UK economy, CIIE saw thousands of new business connections between UK and Chinese companies:

John Edwards, HM Trade Commissioner said:

CIIE 2020 was a success for UK firms with a wide range of business deals signed across sectors. In addition, despite the impact of Covid 19, our 360 digital offer has meant that we have still been able to build impactful connections between UK and Chinese companies. Our bespoke, cutting-edge digital platform – www.ukbusinessinchina.com – has had 120,000 unique visitors to the site since its launch in September.

The UK has high ambitions for our trade and investment partnership with China. We want to work with China to increase trade and investment flows, improve market access, and set a mutual ambition for the future relationship.

Industry leader Diageo has been the UK’s Strategic Partner at the CIIE, running a range of events and tasting sessions at the UK pavilion.

Mark Edwards, Managing Director of Diageo China said:

It is the second time that Diageo has participated in this flagship event that celebrates China’s transformation. The CIIE has connected us with many Chinese companies.

As a multinational operating in over 180 countries, Diageo will continue contributing to ‘mutual opening up’ by leveraging our unrivalled expertise in spirits-making to support the high quality development and internationalisation of Chinese alcohol industry.

The UK is proud to have worked with the CIIE Bureau and China’s Ministry of Commerce to participate in the third China International Import Expo – showcasing the dynamic and diverse excellence of British brands in the agriculture, food and drink sector: There is real and significant demand in China for British products and services. Through the brand new Royal Mail cross-border e-commerce platform – www.thebritishchoice.com – Chinese consumers have been able to buy a range of UK products, many of whose products have never been on sale in China before.

Jérôme Bendell, vice president of Thales in North Asia and CEO of Thales in China, a trade visitor at the third CIIE, told the Global Times that the company “understands very well” that the Chinese government is trying to support and develop the domestic market as one of the major tasks of the “dual circulation” development pattern: He said that the trend of China developing its consumption market “has long been set”, as he saw many foreign companies and business partners being supported by the robust growth of China’s domestic economy. “It (the strategy) probably shows that it won’t stop development and it will keep stepping up the efforts. So it’s very good for us,” he said: Bendell said the company is aware that China is also relying on exports as another growth lever.

Judith Sun, managing director of Swarovski Crystal Business in the greater China region, told the Global Times that the company is looking forward to the rollout of government policies to stimulate home consumption as China seeks to fuel market demand both in the country and abroad: “For example, after the free trade zone in Hainan, we hope that more commercial channels could be launched in Hainan, such as duty-free stores. We are also discussing with our headquarters about how the company can deepen participation in China’s development of the Hainan free trade zone and the Guangdong-Hong Kong-Macao Greater Bay Area, “Sun said. The company plans to open retail stores in more cities in the Pearl River Delta region, as it has found a faster-than-average business recovery there:

Paul Huang, senior vice president of Lego Group and general manager of Lego China, said at a press briefing during the CIIE that the company is reassured to know that the new circulation strategy means a more open economy: “It lets us feel China’s determination to open up further. Also, broadening China’s internal demand makes us believe that China’s market will grow bigger, which will benefit our exploration of the domestic market.”

At the CIIE, companies are also looking for specific business opportunities as China’s economic recovery is gaining impetus; In the proposals for formulating the 14th Five-Year Plan, China stressed that its economy will make new accomplishments with enhanced innovation capabilities and more modern industry chains:

Li Ye, vice president of the greater China region at Honeywell Building Technologies, said: China’s development of 5G will give rise to the construction of the data bases, which will mean growing business opportunities for the company as Honeywell can provide products and solutions that make the operation of data bases smoother while minimize energy consumption:

Jerry Wang, president of Seimens Healthineers China, told the Global Times that reform, innovation, and high-quality development are given high priority in the new 14th Five-Year Plan, and the company looks forward to working with the Chinese healthcare industry to actively explore new diagnosis and treatment recipes, as well as form local R&D teams to develop products needed by Chinese hospitals:

#AceFinanceDesk report ……………..Published: Nov.09: 2020:

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(WASHINGTON) Press Release Statement Report: U.S. International Trade in Goods and Services, October 2020: Announces today that the goods & services deficit was $63.9-billion in September down $3.2-billion from $67-billion in August revised #AceFinanceDesk report

#AceFinanceReport – Nov.04: The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.9 billion in September, down $3.2 billion from $67.0 billion in August, revised:

U.S. International Trade in Goods and Services September 2020

Next release: December 4, 2020

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, November 4, 2020

Deficit: $63.9 Billion -4.7%
Exports: $176.4 Billion +2.6%°
Imports: $240.2 Billion +0.5%°

Goods and Services Trade Deficit: Seasonally adjusted

Coronavirus (COVID-19) Impact on International Trade in Goods and Services

Exports and imports in September reflect both the ongoing impact of the COVID-19 pandemic and the continued recovery from the sharp declines earlier this year. The full economic effects of the pandemic cannot be quantified in the trade statistics because the impacts are generally embedded in source data and cannot be separately identified. The Census Bureau and the Bureau of Economic Analysis continue to monitor data quality and have determined estimates in this release meet publication standards. For more information, see the frequently asked questions on goods from the Census Bureau and on services from BEA.

Exports, Imports, and Balance (exhibit 1)

September exports were $176.4 billion, $4.4 billion more than August exports. September imports were $240.2 billion, $1.2 billion more than August imports.

The September decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.1 billion to $80.7 billion and an increase in the services surplus of less than $0.1 billion to $16.8 billion.

Year-to-date, the goods and services deficit increased $38.5 billion, or 8.6 percent, from the same period in 2019. Exports decreased $329.0 billion or 17.4 percent. Imports decreased $290.4 billion or 12.4 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $3.5 billion to $64.8 billion for the three months ending in September.

  • Average exports increased $7.0 billion to $172.2 billion in September.
  • Average imports increased $10.4 billion to $237.0 billion in September.

Year-over-year, the average goods and services deficit increased $14.9 billion from the three months ending in September 2019.

  • Average exports decreased $37.9 billion from September 2019.
  • Average imports decreased $23.0 billion from September 2019.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $3.7 billion to $122.8 billion in September.

Exports of goods on a Census basis increased $3.8 billion.

  • Foods, feeds, and beverages increased $1.6 billion.
    • Soybeans increased $1.4 billion.
  • Capital goods increased $1.4 billion.
    • Telecommunications equipment increased $0.4 billion.
    • Industrial engines increased $0.3 billion.
    • Computer accessories increased $0.2 billion.

Net balance of payments adjustments decreased $0.1 billion.

Exports of services increased $0.7 billion to $53.6 billion in September.

  • Transport increased $0.2 billion.
  • Travel increased $0.1 billion.
  • Financial services increased $0.1 billion.
  • Other business services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $0.6 billion to $203.5 billion in September.

Imports of goods on a Census basis increased $0.1 billion.

  • Automotive vehicles, parts, and engines increased $3.2 billion.
    • Passenger cars increased $2.4 billion.
  • Capital goods increased $0.8 billion.
  • Consumer goods decreased $2.1 billion.
    • Cell phones and other household goods decreased $2.3 billion.
  • Industrial supplies and materials decreased $1.3 billion.
    • Finished metal shapes decreased $1.4 billion.

Net balance of payments adjustments increased $0.5 billion.

Imports of services increased $0.6 billion to $36.8 billion in September.

  • Travel increased $0.3 billion.
  • Transport increased $0.2 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $4.8 billion to $87.6 billion in September.

  • Real exports of goods increased $3.4 billion to $140.1 billion.
  • Real imports of goods decreased $1.4 billion to $227.7 billion.

Revisions

Revisions to August exports

  • Exports of goods were revised down less than $0.1 billion.
  • Exports of services were revised up $0.1 billion.

Revisions to August imports

  • Imports of goods were revised down $0.1 billion.
  • Imports of services were revised up less than $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The September figures show surpluses, in billions of dollars, with South and Central America ($2.5), OPEC ($1.4), Hong Kong ($1.3), Brazil ($1.1), United Kingdom ($0.8), Singapore ($0.3), and Saudi Arabia ($0.2). Deficits were recorded, in billions of dollars, with China ($24.3), European Union ($17.3), Mexico ($10.7), Japan ($5.6), Germany ($5.6), Italy ($2.7), Taiwan ($2.7), India ($2.7), South Korea ($2.2), Canada ($1.4), and France ($1.1).

  • The deficit with China decreased $2.1 billion to $24.3 billion in September. Exports increased $0.8 billion to $12.0 billion and imports decreased $1.3 billion to $36.4 billion.
  • The deficit with Mexico decreased $1.8 billion to $10.7 billion in September. Exports increased $1.3 billion to $18.5 billion and imports decreased $0.5 billion to $29.2 billion.
  • The deficit with the European Union increased $1.6 billion to $17.3 billion in September. Exports increased $0.3 billion to $19.6 billion and imports increased $1.9 billion to $36.9 billion.
  • * *

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

Next release: December 4, 2020, at 8:30 A.M. EST

#AceFinanceDesk report …………..Published: Nov.04: 2020:

Editor says #AceNewsDesk reports by https://t.me/acenewsdaily and all our posts, also links can be found at here for Twitter and Live Feeds https://acenewsroom.wordpress.com/ and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

(CALIFORNIA) JUST IN: Amazon announced Tuesday that it’s creating an additional 100,000 seasonal jobs: Last month, the retail giant said it was hiring 100,000 full- and part-time workers across the U.S. and Canada #AceNewsDesk report

#AceFinanceReport – Oct.27: The company said the newest crop of positions will allow people to earn money during the holiday season, and many of the job locations will include bonus holiday incentives: With more than 12 million Americans out of work according to the U.S. Bureau of Labor Statistics these new seasonal roles in several locations across the US and Canada will complement its regular full- and part-time positions,” Amazon said in a statement. “Amazon offers jobs for people of all backgrounds and skill levels, and these 100,000 new, seasonal jobs offer opportunities for pay incentives, benefits, and a path to a longer-term career, or can simply provide extra income and flexibility during the holiday season.”

The retail giant also said it has promoted more than 35,000 employees in 2020, and 30,000 workers have participated in its Career Choice program, which is designed to help “upskill” people seeking a future in a “high-demand field” by offering courses on 20 career paths.

‘ The company said half of the program’s participants are from underrepresented minority groups

“Career Choice is one way we help people think big about their careers, and we offer training across a wide variety of skills needed for high-demand fields,” Darcie Henry, VP of Global HR for Amazon Operations, said in a statement.

‘ The company said the new positions could lead to a more permanent opportunity

“A job with Amazon can be the start of a future, long-term career inside or outside of the company,” the retailer said.

Anyone interested in applying can visit amazon.com/apply. The company said training will be provided and all facilities will adhere to strict COVID-19 health and safety protocols.

#AceFinanceDesk report ……………..Published: Oct.27: 2020:

#breaking, #books, #crime, #entertainment, #fashion, #international, #media, #people, #social, #world

(BEIJING, China.) JUST IN: Chinese Foreign Minstry Report: Retalition and vows ‘appropriate & necessary measures’ in response to US plans to sell Harpoon missiles to Taiwan worth $24-billion it was announced on Monday #AceFinanceDesk report

#AceFinanceReport – Oct.27: Beijing has promised to retaliate after Washington approved yet another deal to sell US-made weapons to Taiwan. China already sanctioned Boeing and Lockheed Martin due to arms trading with Taipei earlier this week.

Chinese Foreign Ministry spokesperson Wang Wenbin told reporters that arms sales to Taiwan “violate the ‘One-China’ principle’” and “seriously damage the Chinese-US relations and the peace and stability across the Taiwan Strait.”

China will take appropriate and necessary measures to firmly safeguard its national sovereignty and security interests.

On Monday, the US State Department authorized the potential sale of up to 100 Harpoon Coastal Defense Systems worth around $2.4 billion to Taipei, saying that it considers Taiwan’s security “central” to the security of the broader Indo-Pacific region: Taiwan’s Defense Ministry welcomed the news, stating that the US is “actively assisting” in strengthening the island nation’s defenses:

The approval of another arms deal comes after the US government separately authorized the sale of weapons worth $1.8 billion to Taiwan, including 135 precision-guided cruise missiles: Beijing responded by blacklisting major American weapons manufacturers Boeing, Lockheed Martin, and Raytheon, along with several other US individuals and entities linked to the arms trade with Taiwan:

RT.Com/

RT

China’s new sanctions against American defence companies have the potential to cause major damage to the US military

#AceFinanceDesk report …………..Published: Oct.27: 2020:

#breaking, #books, #crime, #entertainment, #fashion, #international, #media, #people, #social, #world

(WASHINGTON) JUST IN: The United States on Monday told the WTO that it regretted the European Union’s seeking retaliatory tariffs for Boeing BA.N subsidies, and that it favoured a “negotiated resolution” with the bloc over its subsidies to rival planemaker Airbus AIR.PA #AceFinanceDesk report

#AceFinanceReport – Oct.26: U.S. regrets EU move on tariffs, seeks deal on Boeing-Airbus row according to speech: The U.S. speech, seen by Reuters, came at a meeting of the World Trade Organization’s Dispute Settlement Body (DSB) which gave its formal clearance on Monday for the EU to impose tariffs on $4 billion of U.S. goods:

https://t.me/reuters_news_agency/42991
Reuters Wire News, [Oct 26, 2020 at 12:28]

“ In conclusion, the United States strongly favors a negotiated resolution of its dispute with the EU over the massive launch aid subsidies it provided to Airbus: The United States has recently provided proposals for a reasonable settlement that would provide a level playing field,” the U.S. delegation said:

#AceFinanceDesk report ……….Published: Oct.26: 2020:

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(LONDON) GOVUK Press Release Statement Report: Scottish & U.K. Goverments to collaborate on ‘ vouche r funding scheme ‘ to subsidise costs of building gigabit-capable broadband networks in rural and ha rd-to-reach areas of Scotland: Full details below on how to apply etc #AceFinanceDesk report

#AceFinanceReport – Oct.24: A new collaboration between the Scottish and UK Governments will see voucher funding joined up to make more money available to subsidise the costs of building gigabit-capable broadband networks to hard-to-reach areas of Scotland: Gigabit-capable broadband enables internet download speeds of up to 1,000 megabits per second (mbps) which is enough to download a HD movie in less than 30 seconds. It has the potential to make rural communities even more attractive places to live by giving people the freedom to work more flexibly and develop thriving digital economies: The UK Government’s Gigabit Broadband Voucher Scheme targets areas where the cost of building new gigabit broadband infrastructure, which often requires digging trenches to lay full fibre cables to people’s doorsteps, is likely to be too high for commercial operators to cover alone:

Big broadband boost for Scotland

Thousands of rural homes and businesses across Scotland have been given access to more financial help to get top-of-the-range broadband speeds

Department for Digital, Culture, Media & Sport

  • New agreement to join up the UK and Scottish Government’s broadband voucher schemes to help rural areas get gigabit-capable broadband connections
  • £6m to connect hundreds of public sector buildings across Angus, Dundee, and Perth & Kinross

Since May 2019, vouchers worth up to £3,500 for small and medium sized businesses and up to £1,500 for residential premises have been available to cover these costs across the UK: The Scottish Government’s supplier-led Scottish Broadband Voucher Scheme (SBVS) provides people with a voucher worth up to £5,000 to help deliver a permanent broadband connection to properties where there is no roll-out of superfast broadband planned: To ensure even those in the hardest-to-reach areas of Scotland don’t miss out on gigabit-capable broadband, the Scottish Government has teamed up with the UK Government to combine their funding and expand that pot to up to £8,500 for SMEs and up to £6,500 for homes: The offer means eligible people experiencing the slowest speeds in some of the most remote areas of Scotland will be able to access a voucher that provides the maximum funding from both schemes: Ministers from the UK and Scottish governments are now urging businesses and communities to apply to future-proof their internet connections and be ready to reap the economic and social benefits brought by advances in technology:

Matt Warman, UK Government Minister for Digital Infrastructure, said:

This government is determined to connect every home and business to the fastest broadband available. Our new deal with the Scottish Government unlocks extra funding to help rural communities benefit from gigabit-capable connections.

A quarter of all properties across the UK can now access these faster speeds and with more collaboration like this at a local and national level, we will see even more rural towns and villages staking their claim to these next-generation speeds.

Scotland’s Connectivity Minister Paul Wheelhouse said:

We have been working closely with the UK Government to join up our respective funds and processes to maximise the impact of our respective voucher schemes across Scotland to add to progress achieved under the Digital Scotland Superfast Programme and augment our investment through our £600 million R100 programme. This collaboration will ensure that more people, communities and businesses in the hardest-to-reach areas in Scotland are able to access maximum funding available for better broadband.”

UK Government Minister for Scotland, Iain Stewart, said:

The UK Government has been working closely with the Scottish Government and local authorities to ensure thousands of rural homes and businesses across Scotland have top-of-the-range broadband speeds.

Better connectivity is more important than ever, with many people relying on technology to stay in touch with loved ones and work from home as we navigate the coronavirus pandemic.

I encourage rural homes and businesses across Scotland to use the postcode checker on gov.uk to find out more information.

The move comes as almost £6 million for broadband across the Tay Cities Region is being released through the UK Government’s Local Full Fibre Networks programme: The first part of the project has seen £2.9 million of UK government funding awarded to BT to connect more than 150 schools, libraries and other public buildings in Angus and Perth & Kinross to gigabit-speed broadband: This will be followed by further procurements to be completed shortly which will release £2 million to connect around forty public buildings in Dundee and £1 million for thirty more premises in Perth & Kinross: The Tay Cities project is part of a strategy to bring gigabit-capable connections to publicly owned and community buildings so they act as full fibre ‘hubs’ off which industry can build their networks to connect surrounding homes and businesses.

Alan Lees, Director of BT’s Enterprise unit in Scotland, said:

Our world-class full fibre network will enhance Tayside’s connectivity by bringing ultrafast broadband speeds to people and businesses across the region as well as underpinning the roll out of 5G mobile services. Digital technology is transforming every element of the way we live. In a world where everyday life and work increasingly depend on technology, digital skills can be the difference between getting ahead or being left behind.

ENDS

Additional Notes:

  • The Gigabit Broadband Voucher Scheme is a UK-wide, supplier-led scheme offering vouchers used as part of a group project, to pay towards the cost of installing gigabit-capable broadband to rural premises, i.e. homes and businesses, providing speeds of over 1,000 Mpbs or 1 Gbps. Beneficiaries do not have to take those speeds and pay only for what they want to use, knowing they can increase them over time. Anyone who is interested uses a postcode checker to find registered suppliers in their area. Their chosen supplier will guide them through the application. For more information and to check eligibility visit: https://gigabitvoucher.culture.gov.uk/.
  • Information on the Scottish Broadband Voucher Scheme can be found here: https://www.scotlandsuperfast.com/how-can-i-get-it/voucher-scheme/. There is an online checker that will allow any property owner and/or tenant to enter their details and confirm whether or not they are eligible for a voucher through the SBVS.
  • Almost 500,000 premises across the UK have been given access to gigabit-capable broadband since summer 2018 through a £1 billion UK Government funding commitment until the end of 2021. Combined with industry investment it means more than 8 million premises can now access gigabit capable broadband compared to around 1.4 million premises two years ago. On top of this, the government has promised £5 billion to ensure hard-to-reach areas get access to gigabit connections over the next few years. Details on how this will be spent will be announced this autumn.

    #AceFinanceDesk report …………….Published: Oct.24: 2020:

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(LONDON) GOVUK Press Release Statement Report: Scottish Businesses are set to benefit from the historic UK-Japan Comprehensive Economic Partnership Agreement (CEPA) Iconic Scottish products, are to be protected in Japan for the first time under a new agreement on Geographical Indicators (GIs). While Scotch Whisky distillers will continue to benefit from tariff-free trade #AceFinanceDesk report

#AceFinanceReport – Oct.24: Scottish businesses are set to benefit from the historic UK-Japan Comprehensive Economic Partnership Agreement (CEPA) signed by International Trade Secretary Liz Truss and Japan’s Foreign Minister Motegi Toshimitsu in Tokyo today (Friday 23 October) The deal could increase UK trade with Japan by £15.7 billion, giving a £1.5 billion boost to the economy and increasing UK workers’ wages by £800 million in the long run: This will benefit over 500 businesses in Scotland that exported £503.4 million in goods to Japan last year and help even more local businesses sell their goods and services to the Japanese market:

After signing on Friday of CEPA Scottish businesses to benefit from the UK-Japan trade agreement with protected status given to their iconic products

Office of the Secretary of State for Scotland

Iconic Scottish products, including Scotch beef, native Shetland wool, and Stornaway black pudding are to be protected in Japan for the first time under a new agreement on Geographical Indicators (GIs). While Scotch Whisky distillers will continue to benefit from tariff-free trade: The food and drink industry, which employed 46,000 people in Scotland in 2018, will also benefit from a reduction in tariffs on beef, pork and salmon:

The Scottish Salmon Company, headquartered in Edinburgh, is one business already experiencing success in Japan with their GI status farmed salmon, which will continue to be recognised under the new deal: A leading producer of quality Scottish farmed salmon, the business exports its sustainably sourced fish to 20 countries around the world: Its global success has helped employ over 650 staff in rural communities across the West Coast of Scotland and the Hebrides: The Department for International Trade has supported the business since 2011 and has helped facilitate key introductions with overseas contacts in several markets:

The Scottish Salmon Company Communications and New Business Development Director, Su Cox, said:

We have been exporting to Japan for many years. It is a key growth market for our business and increasing demand for our salmon has helped drive greater export sales to the region.

More and more consumers are discovering the great taste and provenance of quality Scottish products like our ‘Tartan Salmon’ and we are securing new contracts with companies like Gatten Sushi. Gatten is one of the country’s most well-established sushi chains and our salmon is currently on the menu in key locations.

We have ambitious plans to grow export sales to Japan and good trading relations are critical in supporting this. We take great pride in our Scottish heritage and Protected Geographical Indication which acts as a guarantee of the Scottish provenance that is so in demand in worldwide markets.

Johnstons of Elgin, one of Scotland’s most renowned textile firms, has also found big success in Japan as quality Scottish textiles prove popular with consumers there.

The Moray-based company, founded in 1797, manufactures and sells cashmere and fine woollen products. The luxury textile manufacturer employs about 1,000 people across its Elgin mill and large manufacturing base in the Scottish Borders.

Johnstons of Elgin Chief Executive, Simon Cotton, said:

Our products have been made in Scotland by skilled craftsmen using the highest quality, natural fibres for over 200 years. Our ultra-fine cashmere knits use the latest Japanese whole-garment technology and specially developed yarns, a mark of luxury that is so important to our consumers.

Japan is a key growth market for us and our success to date is evidence of the demand for quality products made in Scotland that stand the test of time. This deal is very welcome and will help to support our continued growth in this market.

The deal is the first agreement that the UK has secured that goes beyond the existing EU deal, with enhancements in areas such as digital and data, financial services, food and drink, and creative industries: It secures major wins that would be impossible as part of the EU and brings together two of the world’s most technologically advanced nations, placing the UK at the forefront of shaping new global standards on digital trade:

International Trade Secretary, Liz Truss said:

Today is a landmark moment for the UK. It shows what we can do as an independent trading nation, as we secure modern and bespoke provisions in areas like tech and services that are critical to the future of our country and the reshaping of our economy.

Trade is a powerful way to deliver the things people really care about. At its heart, this deal is about creating opportunity and prosperity for all parts of our United Kingdom and driving the economic growth we need to overcome the challenges of coronavirus.

The agreement also has a much wider strategic significance. It opens a clear pathway to membership of the Trans-Pacific Partnership – which will open new opportunities for UK business and boost our economic security – and strengthens ties with a like-minded democracy, key ally and major investor in the UK.

UK Government Minister for Scotland, David Duguid said:

Today’s signing of the UK’s new trade deal with Japan is much-anticipated and very welcome news, offering a real boost to Scottish businesses.

Last year, Scottish businesses exported goods worth more than £500 million to Japan, with 574 businesses exporting there for the first time.

Scotland’s world-famous products, including Scottish salmon, Scotch beef and lamb – and of course, Scotch Whisky – are set to receive a significant export boost.

This deal is further evidence of how we can unlock our full potential outside the EU, which could benefit all parts of the United Kingdom.

UK exports to Japan have been growing by an average of 8.2% year-on-year over the previous five years: With this free trade deal in place, potential benefits include better jobs, higher wages, more choice and lower prices for all parts of the UK: This agreement also makes it easier for British and Japanese professionals to work in each other’s countries, with Japan making it easier to obtain travel visas and work permits: The agreement also includes a strong commitment from Japan to support the UK joining the Trans-Pacific Partnership (TPP), one of the world’s biggest free trade areas, covering 13% of the global economy in 2018 and more than £110 billion in trade in 2019:

Other benefits include:

  • cutting-edge digital & data provisions that go far beyond the EU-Japan deal, including enabling free flow of data, a commitment to uphold the principles of net neutrality and a ban on unjustified data localisation that will prevent UK businesses from having the extra cost of setting up servers in Japan
  • supporting UK car and rail manufacturing jobs at major investors in the UK like Nissan and Hitachi through reduced tariffs on parts coming from Japan, streamlined regulatory procedures and greater legal certainty for their operations
  • UK consumers to benefit from cheaper, high-quality Japanese goods, from udon noodles to Bluefin tuna and Kobe beef

The UK stands firm in trade negotiations to ensure any future trade deals protect our NHS and maintain all existing protections for our high standards of food safety and animal welfare:

The final agreement text will then be laid in Parliament for 21 sitting days for scrutiny under the Constitutional Reform and Governance (CRaG) Act: A full parliamentary report will also be published on the agreement, providing an explanation of the CEPA, including any significant differences or enhancements between the UK-Japan CEPA and the EU-Japan Agreement.

#AceFinanceDesk report …………..Published: Oct.24: 2020:

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(LONDON) GOVUK Press Release Statement Report: International Trade Secretary: Liz Truss: U.K. Officially sig ns economic partnership agreement with Japan, marking an historic moment, as the UK’s first major trade deal as an independent trading nation as the UK takes up the G7 presidency, wher e we will champion free trade: #AceFinanceDesk report

#AceFinanceReport – Oct.24: The UK has officially signed an economic partnership agreement with Japan, marking an historic moment, as the UK’s first major trade deal as an independent trading nation and offering a glimpse of Global Britain’s potential: The UK-Japan Comprehensive Economic Partnership Agreement was signed by International Trade Secretary Liz Truss and Japan’s Foreign Minister Motegi Toshimitsu in Tokyo this morning (Friday 23 October): The deal is tailored to both economies and has secured that goes beyond existing EU deals, with big benefits for digital and data, financial services, food and drink, and creative industries:

#BrexitNext as UK and Japan sign free trade agreement

  • The UK–Japan Comprehensive Economic Partnership Agreement (CEPA) is the first deal that the UK has struck as an independent trading nation.
  • A British-shaped deal that goes beyond the existing EU agreement, securing bespoke benefits for British businesses and citizens.
  • Important step towards joining the Comprehensive Trans-Pacific Partnership free trade area –which would result in closer ties with 11 Pacific countries.

The deal brings together two of the world’s most technologically advanced nations, placing the UK at the forefront of shaping new global standards on digital trade: The estimated boost to trade between the UK and Japan is over £15 billion, with long term economic benefits that are crucial to ‘build back better’ from Covid-19, reshaping the UK economy so it is fit for the future: The agreement also includes a strong commitment from Japan to support UK joining the Trans-Pacific Partnership (TPP), one of the world’s biggest free trade areas, covering 13% of the global economy and more than £110bn of trade in 2019: This will help strengthen trade ties between the UK and eleven Pacific countries and set new standards for global trade: This signing marks a new closer alliance between the UK and Japan, which will see our two like-minded democracies work together as the UK takes up the G7 presidency, where we will champion free trade:

International Trade Secretary, Liz Truss said : 

Today is a landmark moment for Britain. It shows what we can do as an independent trading nation, as we secure modern and bespoke provisions in areas like tech and services that are critical to the future of our country and the reshaping of our economy.

Trade is a powerful way to deliver the things people really care about. At its heart, this deal is about creating opportunity and prosperity for all parts of our United Kingdom and driving the economic growth we need to overcome the challenges of coronavirus.

The agreement also has a much wider strategic significance. It opens a clear pathway to membership of the Comprehensive Trans-Pacific Partnership – which will open new opportunities for British business and boost our economic security – and strengthens ties with a like-minded democracy, key ally and major investor in Britain.

Additional Release Notes:

  • The UK – Japan Comprehensive Economic Partnership Agreement was agreed in principle on 11 September 2020.
  • It is the government’s ambition to secure free trade agreements with countries covering 80% of UK trade by 2022.    

#AceFinanceDesk report …………….Published: Oct.24: 2020:

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(BEIJING, China.) Supply & Demand Report: Regions in north of the country enters winter season and a surge in heating and LNG Prices: At N.Y. Mercantile Exchange in contact price came to $2.795 per million British thermal units (MMBtu) on Monday, a surge of 20.47 percent compared with the same period last year #AceFinanceDesk report

#AceFinanceReport – Oct.21: As regions in northern China begin to enter the winter heating season, the natural gas market is experiencing increased demand and a surge in prices: The upcoming winter is likely to be a particularly cold one, causing analysts to predict China will buy more liquefied natural gas (LNG) from foreign sellers, reflecting a booming gas market in both supply and demand:

Northern China enters winter season and demand for heating and supply prices are already rising for LNG

Global Times: https://t.co/lPZkExaUaA

At the New York Mercantile Exchange, the November contact price came to $2.795 per million British thermal units (MMBtu) on Monday, a surge of 20.47 percent compared with the same period last year:

Domestic gas prices are in step with international LNG prices: This week’s average ex-factory prices of liquefied natural gas (LNG) surged 10.37 percent week-on-week, or from 292.76 yuan to 3114.21 yuan ($465.77) per ton: “Due to strong demand for LNG, many major receiving terminals in China jointly pushed up LNG prices after the National Day holiday,” said Zhai Cuiping, an LNG analyst at Chem365, adding that prices of domestic and imported gas have both soared: “Since some regions in northern China have already entered the winter heating season, it is now a tight balance between supply and demand in the natural gas market,” Feng Haicheng, an LNG analyst at SCI99, said on Tuesday, explaining that although LNG prices hiked, many trucks still transport LNG from terminals, and LNG shipments will continue to rise:

“Temperatures in northern China have dropped significantly, and some cities even experienced rain and snow: A very cold winter is likely on the horizon, which will drive LNG demand for city gas firms,” said Zhai, adding that consumption of gas and coal has already been increasing:

But supply will be relatively sufficient: “Utilization rates of 141 domestic LNG factories reached 63.18 percent this week, expanding 9.18 percentage points compared with the same period last year,” Feng said: China imported 5.96 million tons of LNG in August, an increase of 16.3 percent year-on-year, according to Customs data. Based on last year’s import volume, China will buy more LNG from foreign suppliers as demand continues to surge in the short term, said analysts.

China bought around 6.5 million tons of LNG from foreign suppliers in November last year, an increase of 10 percent year-on-year, and in December last year, the figure dropped slightly to approximately 6.44 million tons, said Zhang Rongrong, an LNG analyst at SCI99: “Looking ahead, with the gradual decrease in temperature and more cities entering the winter heating season, LNG prices will likely remain bullish,” added Zhai.

The supply of natural gas is relatively sufficient, and the balance of supply and demand is generally better than in previous years: However, considering the peak gas consumption in December and in January, there may be tight supply in some areas and over some time periods, Meng Wei, spokesperson of the National Development and Reform Commission, stated at a press conference Tuesday:

#AceFinanceDesk report …………………….Published: Oct.21: 2020:

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(BEIJING, China.) Economical Report: CCP Declares #COVID19 under control asa economic growth accelerated to 4.9% over a year earlier in last quarter as shaky recovery gains strength analysts say as much as 30% of the urban workforce, or as many as 130 million people, may have lost their jobs at least temporarily #AceFinanceDesk report

#AceFinanceReport – Oct.20: Figures announced Monday for the three months ending in September were in line with expectations after the ruling Communist Party declared the outbreak under control in March and began reopening factories, shops and offices: Factory output rose, boosted by foreign demand for Chinese-made masks and other medical supplies. Retail sales, which had lagged behind the manufacturing rebound, finally returned to pre-virus levels: The economy “continued the steady recovery,” the National Bureau of Statistics said in a report:

However, it warned, “the international environment is still complicated and severe.” It said China still faces “great pressure” to prevent a resurgence of the virus: China, where the pandemic began in December, became the first major economy to return to growth with a 3.2% expansion in the quarter ending in June: Output contracted 6.8% in the first quarter after Beijing shut down the world’s second-largest economy:

Authorities have lifted curbs on travel and business but visitors to government and other public buildings still are checked for the virus’s telltale fever: Travelers arriving from abroad must be quarantined for two weeks:

Last week, more than 10 million people were tested for the virus in the eastern port of Qingdao after 12 cases were found there: That broke a streak of almost two months with no virus transmissions reported within China: Industrial production rose 5.8% over the same quarter last year, the National Bureau of Statistics reported, a marked improvement over the first half’s 1.3% contraction:

Chinese exporters have benefited from the economy’s relatively early reopening and global demand for masks and other medical supplies: They are taking market share from foreign competitors that still are hampered by anti-virus controls: Retail sales returned to positive territory in the latest quarter, rising 0.9% over a year earlier: That was up from a 7.2% contraction in the first two quarters as consumers, already anxious about a slowing economy and a tariff war with Washington, put off buying: In a sign demand is accelerating, sales in September rose 3.3%.

Private sector analysts say as much as 30% of the urban workforce, or as many as 130 million people, may have lost their jobs at least temporarily: They say as many as 25 million jobs might be lost for good this year:

The ruling party promised in May to spend $280 billion on meeting goals including creating 9 million new jobs: But it has avoided joining the United States and Japan in rolling out stimulus packages of $1 trillion or more due to concern about adding to already high Chinese debt:

#AceFinanceDesk report ……………….Published: Oct.20: 2020:

#breaking, #books, #crime, #entertainment, #fashion, #international, #media, #people, #social, #world

(BEIJING, China.) JUST IN: Following US Moves lawmakers have passed a law restricting exports of controlled items, allowing the government to act against countries that abuse export controls in a way that harm ’s their country’s interests, state media said on Saturday #AceFinanceDesk report

#AceFinanceReport – Oct.18: China passes export-control law following U.S. moves: The Xinhua news report late on Saturday did not name any target countries, but the United States last month angered Beijing with curbs on exports to Semiconductor Manufacturing International Corp, China’s biggest chipmaker, and it has taken various steps against Huawei Technologies Co and other companies: China and the United States have clashed over issues including trade, human rights, technology and the new coronavirus, which was first detected in China:

Chinas lawmakers have passed an ‘ Export-Control-Law ‘ allowing the government to act against abuse by other countries after US sanctions


Reuters Wire News, [Oct 18, 2020 at 09:19] https://t.me/reuters_news_agency/41217
The new Chinese law, passed on Saturday by the National People’s Congress Standing Committee, the country’s top legislative body, will take effect on Dec. 1, Xinhua said: Controlled items include military and nuclear products, as well as other goods, technologies and services and relevant data, according to a statement on the National People’s Congress website: It said the law was “formulated for the purpose of safeguarding national security and interests.”……..In August, China’s commerce ministry issued a revised list of technologies that are banned or restricted for export.

#AceFinanceDesk report ……………Published: Oct.18: 2020:

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(LONDON) #Coronavirus DWP UC Report: Ten ways #pandemic has changed Universal Credit and what it means for you and what people can claim: #AceFinanceDesk says ………If you need help and guidance in claiming just leave a comment and an email address thank you:

#AceFinanceReport – June.13: Editor says ……….Hundreds of thousands of people are believed to have applied for Universal Credit as a result of the ongoing pandemic: #Coronavirus has affected almost every aspect of our lives and it has changed Universal Credit in 10 major ways: Personal circumstances have continued to change as job losses and pay reductions become more common as the pandemic continues: Hundreds of thousands of people are believed to have turned to Universal Credit for financial support during the difficult times: The impact of lockdown has driven many to seek help from benefits to pay their bills and feed their families: There were 1.5 million claims for Universal Credit between March 13 and April 9, over six times more than in the same period last year and the most in a single month since the welfare scheme was first introduced in April 2013: Up to May 19, there have been 2.9 million applications for the benefit……………………….For those who are new to the system, or for existing recipients who are still getting Universal Credit during the coronavirus pandemic, these are the 10 ways coronavirus has affected the scheme and how it affects you……………..

If you need help and guidance on how to claim please let me know by leaving your email address in a comment and l will not print it but send you a reply via a chosen email address: Regards Editor.

Universal Credit Claimants could be entitled to further benefit support:

1. Making a claim:

The first thing is to check you are eligible. For instance, if you have £16,000 or more in savings, you can’t get Universal Credit.

Bear in mind that your partner’s income and savings will be taken into account, even if they are not eligible for Universal Credit and not intending to apply for it. Don’t take any steps towards applying before checking the criteria or you could irreversibly affect existing benefits such as tax credits.

Claims for Universal Credit are made on the internet. You have to set up an online account and you also need a bank, building society or credit union account.

In a bid to ease pressure on the system during the pandemic, the DWP says people making new claims will no longer need to make a phone call as part of the process. The department said its staff will ring up claimants if they need to check anything and will also message via the online process to confirm details.

The DWP says its calls may show on your phone as an 0800 number or an unknown or private number and urges people to check their online accounts so they know when to pick up such calls.

2. Jobcentre visits:

During the claim process, you no longer need to arrange a face-to-face appointment and you do not have to go along to the jobcentre. The DWP says people receiving benefits do not have to attend jobcentre appointments for three months from March 19 2020. If coronavirus restrictions continue, this could be extended.

Claimants will be contacted to discuss alternatives such as telephone or paper-based assessments. You will continue to receive benefits as normal, but all requirements to attend the jobcentre in person are suspended.

Don’t go to the jobcentre unless asked to do so “for an exceptional purpose”, the DWP said.

3. Temporary increase:

On March 20, 2020, the Chancellor announced a package of support for workers during the coronavirus pandemic. This included a £1,000 increase to the standard allowance for Universal Credit for one year.

It means the amount of Universal Credit went up twice – once in line with inflation as the benefits freeze came to an end, and then a further boost for the coronavirus increase.

Rates for Universal Credit are now as follows:

• Single and under 25 – £342.72

• Single and 25 or over – £409.89

• In a couple and both under 25 – £488.59 (for you both)

• In a couple and one of you is 25 or over – £594.04 (for you both)

But concerns have been raised about the £1,000 boost (about £90 a month) only being in place for 12 months.

Shadow work and pensions secretary Jonathan Reynolds said: “If the Government believes this level of support is necessary during lockdown, why do they believe people will need less money when the (lockdown) ends and the normal cost of living would apply? “Surely it is inconceivable that anyone still unemployed by March next year could see their benefits being cut?”

The DWP confirmed the one-year limit on the increase and has so far made no suggestion it could be maintained beyond then.

4. Looking for work:

Usually, going on to Universal Credit if you are unemployed means proving to the DWP you are still looking for a job. A formal agreement called a claimant commitment sets out what people are expected to do in return for benefits – and what happens if they fail to comply.

What is Universal Credit?

Universal Credit is a new benefits system that will eventually replace six seperate benefits.

They are:

• income support

• income-based jobseeker’s allowance

• income-related employment and support allowance

• housing benefit

• child tax credit

• working tax credit

Claimants will get one single payment to cover any and all of these benefits they are entitled to. Out of that single payment they will then have to cover their own costs directly, e.g. rent, rather than it being a deducted payment.

The brainchild of the Conservative Government, it is theoretically meant to make claiming benefits easier. But the policy has been bereft with problems since it started being rolled out across the country and has been blamed for pushing many vulnerable people into hardship and poverty.

Claimant commitments are normally agreed with a work coach when a person attends a local jobcentre and must be accepted in order to receive Universal Credit. However, because of the exceptional circumstances resulting from the coronavirus pandemic, people are not expected to accept claimant commitments before being entitled to Universal Credit.

In addition, requirements to prepare for work, search for work or be available for work are temporarily suspended. Most claims for Universal Credit begin on the date the claimant commitment is agreed but for applications received in the four weeks up to April 9, 2020, the date the claimant verifies their identity is taken as the start date.

5. Advance payments:

With more people going on to Universal Credit, there have been more requests for advance payments. This is like an upfront loan of the amount of your first expected UC payment and is repaid in instalments from future benefits.

From March 1 to May 19, 2020, there were 1,132,570 advance payments issued. Most were advances requested by new claimants but there has also been an increase in the number of advances given to those already on the benefit – these include budgeting advances to help people cover emergency expenses such as replacing a broken cooker.

You normally need to have been receiving Universal Credit for six months or more to qualify for a budgeting advance. In addition, you need to have earned less than £2,600 (£3,600 together for couples) in the past six months.

You can receive up to £348 if you’re single, £464 if you’re part of a couple or £812 if you have children.

The DWP runs a similar scheme called a budgeting loan for those on Income Support, income-based Jobseeker’s Allowance (JSA), income-related Employment and Support Allowance (ESA), or Pension Credit.

The DWP says repayments on these loans have been temporarily stopped because of the impact of coronavirus. Repayments won’t restart until July 2020 at the earliest.

6. Maximum deductions:

Money can be taken out of your benefits by the DWP to repay anything you owe to the department or to other organisations. This includes rent arrears and other debts.

The maximum amount that can be deducted used to be 30 per cent of your Universal Credit standard allowance. This was lowered to 25 per cent from April 6, 2020, meaning UC recipients get more money per month.

In addition, deductions to pay off debts to housing providers, energy firms, water suppliers or the council were temporarily halted when the DWP was dealing with a massive surge of benefit claims at the start of the pandemic. These third party deductions resumed from May 10.

7. Sanctions:

The DWP says that if you fail to do what you have agreed in your claimant commitment without good reason, your Universal Credit payments can be reduced for a set period. This is called a sanction.

These financial penalties can be applied for failing to attend jobcentre appointments, job interviews or training courses.

This became an issue when the coronavirus pandemic began to take hold.

The DWP confirmed that such punishments won’t be applied if you break the rules because of coronavirus – such as if you are self-isolating and can’t leave the house.

Therese Coffey, Secretary of State for Work and Pensions, said: “People will not be penalised for doing the right thing.

“I think it’s important that people do have that conversation with their work coach. As I’ve emphasised already, work coaches can exercise discretion but the important thing is that ongoing conversation which a claimant has with their work coach.”

8. Housing allowance:

Those on Universal Credit get money towards their housing costs included in their monthly payment.

Staff at the Government’s Valuation Office Agency set a Local Housing Allowance (LHA) which is used to work out how much is given to claimants renting from private landlords.

It’s based on average rents in the area where you’re living.

The Government increased the LHA from April when the benefit freeze came to an end.

People should now get more money towards their rent. It also means more rented properties are now affordable to tenants who need to move.

For instance, in Birmingham the LHA rose as follows from April 2020:

• Category A (tenant has exclusive use of one bedroom with shared use of other facilities) – increased from £57.34 to £67

• Category B (tenant has exclusive use of one bedroom with exclusive use of other facilities) – increased from £101.84 to £120.82

• Category C (tenant has use of two bedrooms) – increased from £127.62 to £143.84

• Category D (tenant has use of three bedrooms) – increased from £135.96 to £155.34

• Category E (tenant has use of four bedrooms) – increased from £173.41 to £195.62

9. Minimum income floor:

There was good news for self-employed people when the Minimum Income Floor was lifted. The MIF is an assumed level of income calculated by the DWP based on what it would expect an employed person to receive in similar circumstances.

It is used instead of a person’s actual earnings when working out how much Universal Credit they would get on top – even though self-employed people typically have income that goes up and down from month to month.

Chancellor Rishi Sunak confirmed in the March 2020 budget that the MIF would be temporarily suspended to help the economy during the coronavirus outbreak. He did not state how long this would be in place but did say it was part of a package of measures to tackle the impact of the epidemic.

So the benefits received by a self-employed person will be based on their actual earnings. Those whose income is a lot less during the coronavirus crisis – lower than the previous MIF that would have been applied – will see a rise in their Universal Credit.

10.Benefit cap

The benefit cap is a limit on the total amount of state help you can receive.

The benefit cap outside Greater London is:

• £384.62 per week (£20,000 a year) if you’re in a couple

• £384.62 per week (£20,000 a year) if you’re a single parent and your children live with you

• £257.69 per week (£13,400 a year) if you’re a single adult

The benefit cap inside Greater London is:

• £442.31 per week (£23,000 a year) if you’re in a couple

• £442.31 per week (£23,000 a year) if you’re a single parent and your children live with you

• £296.35 per week (£15,410 a year) if you’re a single adult

The DWP said: “For some of those new to the benefits system, who have been employed for the previous 12 months, the benefit cap won’t apply for a nine month period.”………………..You will get this nine month grace period if you are claiming Universal Credit because you stopped working or your earnings went down; if you are now earning less than £604 a month; or if, in each of the 12 months before your earnings went down or you stopped working, you earned the same as or more than the earnings threshold (this was £569 up to March 31, 2020 and is £604 from April 1, 2020)

#AceFinanceDesk report …………Published: June.13: 2020:

(LONDON) #Coronavirus GOVUK Charity Report: DOE Provides funding of £7-million to ‘ See Hear Respond ‘ a ‘ coalition of charities ‘ to provide help for vulnerable children and families during this #pandemic as part of this programme #AceFinanceDesk reports

#AceFinanceReport – June.08: A ‘coalition of charities’ will help vulnerable children most impacted by the coronavirus pandemic as part of a Department for Education programme: More than £7 million will fund the launch of the See, Hear, Respond service, to provide targeted help to vulnerable children, young people and their families affected by the virus and the measures put in place to stop its spread. The coalition, led by Barnardo’s will work alongside local authorities, schools and colleges, police forces, healthcare professionals and other vital services involved in protecting these children:

#Coronavirus Report: £7 million for new coalition of vulnerable children’s charities

Funding package for targeted help to young people and their families most affected by coronavirus

Department for Education

Funded by the Department for Education, the partnership will harness the role and reach of the charity sector: Barnardo’s will work in partnership with other national children’s charities as well as community-based organisations to provide solutions to the challenges facing children and families that may have been exacerbated by the unique circumstances of the coronavirus pandemic.

The launch of the programme comes as the Department for Education and Home Office prepare to open a new joint £7.6 million fund for national vulnerable children’s charities working in England and Wales on issues including child sexual abuse and child criminal exploitation: The money is aimed at those charities that have suffered financial harm as a result of the virus, helping them to stabilise and continue delivering for vulnerable children and young people.

Children and Families Minister Vicky Ford said:

We all have a collective responsibility to protect children and young people who face challenges in their home lives, or who may not have the same support network keeping them safe outside of school or college as their peers. Many of them may be at additional risk from abuse, neglect or exploitation during these unprecedented times.

By working with charities directly supporting these young people on the front line, we can expand their reach to provide a much wider safety net to those in need of mental health support, counselling or protection from people trying to exploit them, as well as helping to get them safely back into education.

Safeguarding Minister Victoria Atkins said:

As a government, we have acted decisively and adapted our response to prevent the exploitation of vulnerable children during this pandemic. I’m delighted we can provide further funding to frontline charities so those most at risk can get the help they need.

See, Hear, Respond will provide support online to children and families who are struggling, street-based youth work to identify and support children at risk of harm outside of the home, including exploitation, and help vulnerable children to successfully reintegrate back into school or college if they have not been attending during the pandemic.

The programme will focus on finding and reaching out to children around the country who are experiencing negative impacts on their health and wellbeing, as well as those at risk of harm.

This funding will provide:

  • Access to an online support package to children and families ensuring they have readily available, accessible and interactive information;
  • Online and telephone referral service by trained professionals who can source further help and support from charity workers within the partnership;
  • Online counselling or therapy for those experiencing high levels of anxiety, trauma or other mental health issues that can be safely addressed through digital means;
  • Youth interventions and face-to-face crisis support, particularly for those at risk of or experiencing various forms of exploitation, including criminal exploitation;

Barnardo’s Chief Executive Javed Khan said:

The coronavirus pandemic has meant that vulnerable children and young people are increasingly hidden from support services. With the support of the Department for Education, Barnardo’s will bring together a coalition of national and local charities working together to identify and support those who need support at this time of crisis.

This initiative is a vital lifeline for the thousands of children and young people as we navigate the coronavirus crisis and its aftermath, helping to improve their long-term outcomes so they can have successful futures.

The announcement builds on the Government’s Hidden Harms Summit, held virtually on Thursday 21 May, which focused on support for people at risk from domestic abuse, wider harms and exploitation, including children: Children may be facing additional risks during the pandemic, including being less visible to safeguarding professionals and isolated from normal support structures: At the same time, reports of domestic abuse have been rising, with the charity Refuge reporting increased visits to its website and calls to its helpline:

Harun Khan, Secretary General of the Muslim Council of Britain, said:

The pandemic has clearly exposed deep inequalities in our society, with many groups disproportionately impacted and needing extra support. Children in particular are at risk of being left behind and their needs not met. We’re pleased to be supporting Barnardo’s and the Department for Education to ensure every child that is at risk and needs additional support receives this, particularly those in marginalised groups which may fall through the net. It is imperative we all work together to make sure no child is left behind.

The project will aim to reach those children and families who are not in contact with children’s services, and the support provided to them will aim to prevent their needs escalating. The project will prioritise those most at risk of harm either inside or outside the home, including very young children and adolescents.

The Department for Education has also provided funding to other charities working with vulnerable children, including Grandparents Plus, Family Rights Group, FosterTalk, the Care Leavers Association, Become, Drive Forward Foundation and Adoption UK. This adds to investment in the NSPCC’s Childline, while some £10 million has already been committed to the Family Fund, helping families with children that have complex needs and disabilities through grants for equipment that makes their lives easier while implementing social distancing measures, including computers, specialist equipment and educational toys.

Steven Stockley, Managing Director of FosterTalk said:

The last three months has seen unprecedented times for all our families, and none more so than our foster families. Foster parents are incredibly adaptable but COVID-19 has seen additional stresses, anxieties and pressures impact on their family lives. This funding provides an important opportunity to improve both the retention and recruitment of foster parents by extending the Fosterline service to provide additional and specific crisis support.

Cathy Ashley, Chief Executive of Family Rights Group said:

The crisis monies are extremely welcome, funding us to provide specialist legal advice to an additional 900 parents and kinship carers whose children are in need, deemed at risk or are in the care system. And significantly, enabling us to work in partnership with the charity Become so we together can provide legal and child welfare advice and follow up support to young, care experienced parents in order to enable, wherever possible, their children to be able to live safely within their care.

Lucy Peake, Chief Executive of Grandparents Plus said:

We’re delighted to receive a grant to support kinship carers who have been hit hard by the coronavirus pandemic. They are older, poorer and in worse health than other groups raising children, so they are especially vulnerable. We will be extending our services to offer tailored advice and information, intensive one-to-one and peer support, and digital skills support so carers can get online. As the lockdown has progressed, new issues are emerging for kinship families. We’re delighted to be able to offer more of them the holistic and responsive support they need at this time.

The project will aim to reach those children and families who are not in contact with children’s services, and the support provided to them will aim to prevent their needs escalating: The project will prioritise those most at risk of harm either inside or outside the home, including very young children and adolescents: All funding is provided as part of the £750 million package of support committed to charities by the Chancellor. The application process for the £7.6 million Department for Education and Home Office fund for national vulnerable children’s charities will open shortly……………………..Additional funding of £125,000 will be delivered to Fosterline to deliver free-to-access and specialist one-to-one support to foster families, in recognition of the additional support needed at this time to keep foster families together:

#AceFinanceDesk report ………..Published: June.08: 2020:

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