World leaders gather for their annual meetings at the United Nations starting Sunday, and the wars in Gaza, Sudan and Ukraine will be center stage. VOA U.N. Correspondent Margaret Besheer reports.
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With fewer than 50 days left in this year’s U.S. presidential race, candidates Donald Trump and Kamala Harris are campaigning in key swing states, each declaring to be the nominee with policies that can boost the economy. VOA Correspondent Scott Stearns reports.
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new york — Wall Street romped to records Thursday as jubilation swept markets worldwide one day after the U.S. Federal Reserve’s big cut to interest rates.
The S&P 500 jumped 1.7% for one of its best days of the year and topped its last all-time high set in July. The Dow Jones Industrial Average leaped 522 points, or 1.3%, to beat its own record set on Monday, and the Nasdaq composite led the market with a 2.5% spurt.
The rally was widespread, and Darden Restaurants, the company behind Olive Garden and Ruth’s Chris, led the way in the S&P 500 with a jump of 8.3%. It said sales trends have been improving since a sharp step down in July, and it announced a delivery partnership with Uber.
Nvidia, meanwhile, barreled 4% higher and was one of the strongest forces lifting the S&P 500. Lower interest rates weaken criticism by a bit that its shares and those of other influential Big Tech companies look too expensive following the frenzy around artificial-intelligence technology.
Wall Street’s gains followed rallies for markets across Europe and Asia after the Federal Reserve delivered the first cut to interest rates in more than four years late on Wednesday.
It was a momentous move, closing the door on a run where the Fed kept its main interest rate at a two-decade high in hopes of slowing the U.S. economy enough to stamp out high inflation. Now that inflation has come down from its peak two summers ago, Chairman Jerome Powell said the Fed can focus more on keeping the job market solid and the economy out of a recession.
Wall Street’s initial reaction to Wednesday’s cut was a yawn, after markets had run up for months on expectations for coming reductions to rates. Stocks ended up edging lower after swinging a few times.
“Yet we come in today and have a reversal of the reversal,” said Jonathan Krinsky, chief market technician at BTIG. He said he did not anticipate such a big jump for stocks on Thursday.
Some analysts said the market could be relieved that the Fed’s Powell was able to thread the needle in his press conference and suggest the deeper-than-usual cut was just a recalibration of policy and not an urgent move it had to take to prevent a recession.
That bolstered hopes the Federal Reserve can successfully walk its tightrope and get inflation down to its 2% target without a recession. So too did a couple reports on the economy released Thursday. One showed fewer workers applied for unemployment benefits last week, another signal that layoffs across the country remain low.
Lower interest rates help financial markets in two big ways. They ease the brakes off the economy by making it easier for U.S. households and businesses to borrow money. They also give a boost to prices of all kinds of investments, from gold to bonds to cryptocurrencies. Bitcoin rose above $63,000 Thursday, up from about $27,000 a year ago.
An adage suggests investors should not “fight the Fed” and should instead ride the rising tide when the central bank is cutting interest rates. Wall Street was certainly doing that Thursday. But this economic cycle has thrown out conventional wisdom repeatedly after the COVID-19 pandemic created an instant recession that gave way to the worst inflation in generations.
Wall Street is worried that inflation could remain tougher to fully subdue than in the past. And while lower rates can help goose the economy, they can also give inflation more fuel.
The upcoming U.S. presidential election could also keep uncertainty reigning in the market. A fear is that both the Democrats and Republicans could push for policies that add to the U.S. government’s debt, which could keep upward pressure on interest rates regardless of the Fed’s moves.
Indexes climbed even more across the Atlantic and Pacific oceans. They rose 2.3% in France, 2.1% in Japan and 2% in Hong Kong.
The FTSE 100 added 0.9% in London after the Bank of England kept interest rates there on hold. The next big move for a central bank arrives Friday, when the Bank of Japan will announce its latest decision on interest rates.
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WASHINGTON — President Joe Biden said Thursday the Federal Reserve’s decision to lower interest rates was “an important signal” that inflation has eased as he characterized Donald Trump’s economic policies as a failure in the past and sure to “fail again” if revived.
“Lowering interest rates isn’t a declaration of victory,” Biden told the Economic Club of Washington. “It’s a declaration of progress, to signal we’ve entered a new phase of our economy and our recovery.”
The Democratic president emphasized that there was more work left to do, but he used his speech to burnish his economic legacy even as he criticized Trump, his Republican predecessor who is running for another term.
“Trickle down, down economics failed,” Biden said. “He’s promising again trickle down economics. It will fail again.”
Biden said Trump wants to extend tax cuts that disproportionately benefit the wealthy, costing an estimated $5 trillion, and implement tariffs that could raise prices by nearly $4,000 per family, something that Biden described as a “new sales tax.”
A spokesman for Trump’s campaign did not immediately respond to a request for comment. But Trump has routinely hammered Biden and Vice President Kamala Harris, the Democratic candidate this year, over higher costs.
“People can’t go out and buy cereal or bacon or eggs or anything else,” Trump said during last week’s debate. “The people of our country are absolutely dying with what they’ve done. They’ve destroyed the economy.”
Biden dismissed Trump’s claims that he supports workers, saying “give me a break.” Biden’s administration created more manufacturing jobs and spurred more factory construction, and it reduced the trade deficit with China.
Trump’s economic record was undermined by the coronavirus outbreak, and Biden blamed him for botching the country’s response.
“His failure in handling the pandemic led to hundreds of thousands of Americans dying,” he said.
Biden struggled to demonstrate economic progress because of inflation that spread around the globe as the pandemic receded and supply chain problems multiplied.
He expressed hope that the rate cut will make it more affordable for Americans to buy houses and cars.
“I believe it’s important for the country to recognize this progress,” he said. “Because if we don’t, the progress we made will remain locked in the fear of a negative mindset that dominated our economic outlook since the pandemic began.”
He said businesses should see “the immense opportunities in front of us right now” by investing and expanding.
Biden defended the independence of the Federal Reserve, which could be threatened by Trump if he is elected to another term. Trump publicly pressured the central bank to lower rates during his presidency, a break with past customs.
“It would do enormous damage to our economy if that independence is ever lost,” Biden said.
During his speech, Biden inaccurately said he had never met with Jerome Powell, chair of the Federal Reserve, while he’s been president.
Jared Bernstein, who chairs the White House Council of Economic Advisers, said at a subsequent briefing that Biden intended to say that he had never discussed interest rates with Powell.
“That’s what he meant,” Bernstein said.
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«Перша українська школа» у Варшаві розпочала працювали на шостий тиждень повномасштабного вторгнення
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«Директива про тимчасовий захист є тимчасовим законодавством. Тому нам потрібно розглянути й інші форми дозволу на перебування» – Йоганссон
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WASHINGTON — U.S. President Joe Biden began touting the progress in bringing down inflation and boosting employment on Thursday, a day after the Federal Reserve’s interest rate cut, while vowing to keep working to lower costs for American families.
Biden will use an Economic Club of Washington event to summarize how well the U.S. responded to the COVID-19 pandemic and a surge in inflation after Russia’s invasion of Ukraine, his chief of staff, Jeff Zients, told reporters.
Many economists had predicted a recession would be needed to lower inflation, but they were proven wrong as Biden’s policies aimed at expanding domestic manufacturing, investing in clean energy and other infrastructure, and capping drug costs for seniors helped create 16 million jobs and raised wages, he said.
Polls show Americans remain deeply worried about the economy and inflation, with Vice President Kamala Harris, who became the Democratic nominee when Biden bowed out of the race in July, and Republican former President Donald Trump essentially deadlocked less than seven weeks before the November 5 U.S. presidential election.
A Reuters/Ipsos poll released this week showed Trump had an advantage on the issue of inflation, which surged under Biden in 2021 and 2022. Some 43% of voters in the poll said Trump would be more likely to “lower prices for everyday things like groceries and gas,” compared with 36% who picked Harris.
Biden and Harris are focused on continuing to lower costs and strengthen the economy, Zients said.
“The president knows this is no time for a victory lap, which is why he will talk about the work ahead … to make the economy stronger, create more jobs and, importantly, lower costs,” he told reporters.
Federal Reserve Chair Jerome Powell, speaking on Wednesday after the U.S. central bank cut interest rates by half a percentage point, said that the economy remained strong but that policymakers wanted to stay ahead of and stave off any weakening in the job market.
The unemployment rate, now at 4.2%, is more than half a percentage point higher than it was when the Fed began an aggressive rate-hike campaign in March of 2022.
National Economic Council Director Lael Brainard said the Fed’s rate cut sent a “clear signal that inflation has come back down,” noting that inflation was now at the same level seen in the month before the COVID-19 pandemic began.
Mortgage rate reductions that already have happened would save the average home buyer $5,000 a year, with savings to increase as the rates declined further, she said, adding that the cuts also would save the average new car buyer nearly $1,100 over the life of the loan.
But she said further work was needed to drive down housing costs, support child-care needs and sustain the gains achieved for working-class families.
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Меджліс: це пропозиція «поступитися Кримом»
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Washington — A hearing to seek the release of imprisoned Americans in Beijing highlighted reasons for the U.S. to expand its list of U.S. citizens wrongly detained in China to prioritize their return.
Members of Congress and witnesses argued at a congressional hearing this week that the U.S. government should expand the list of Americans that it designates as being “unjustly detained” in China.
“More Americans should be considered to be unjustly detained by the State Department,” Representative Chris Smith, the chair of the Congressional Executive Commission on China, said Wednesday in opening remarks at the CECC hearing.
China is known for a justice system lacking transparency and arbitrarily detaining foreigners as well as its own citizens.
The State Department officially had three Americans listed as unjustly detained in China including American Pastor David Lin, who has now been released by Beijing, the State Department announced on Sunday.
The other two are Kai Li and Mark Swidan. Li, a businessman from Long Island, was detained by China in 2016 and sentenced to 10 years in prison in 2018 for espionage, which his family denies. Swiden, a Texas businessman, was detained in 2012 and convicted on drug-related charges in 2019. His supporters say there is evidence he was not in China at the time of the alleged offense.
Although estimates vary, human rights organizations assess that more U.S. citizens are wrongly detained in China.
Dui Hua, a human rights group that advocates for clemency and better treatment of detainees in China, doubts about 200 Americans who are held under coercive measures in China and more than 30 who are barred from leaving the country.
The James W. Foley Legacy Foundation, a group that seeks to free Americans held captive abroad, estimates that 11 U.S. nationals are wrongfully detained in China, including those subject to exit bans.
In the opening statement of his testimony, Nelson Wells, the father of detained American citizen Nelson Wells, Jr., lamented that “Nelson is not considered a political prisoner or held unjust” by the State Department.
Later, he added, “We tried to get Nelson’s name included” in the list and expressed his hope that the hearing will pave the way.
Nelson Wells, Jr., from New Orleans, was arrested in 2014 in China and sentenced to life on drug-related charges, which his family denies. His term was reduced to 22 years in 2019, and he will remain in prison until 2041.
The U.S. determines whether its citizens are detained “unlawfully or wrongfully” by either “a foreign government or a non-governmental actor” based on criteria set by the Levinson Act signed into law in 2020.
Such criteria “can include, but is not limited to, a review of whether the individual is being detained to influence U.S. policy, whether there is a lack of due process or disparate sentencing for the individuals, and whether the person is being detained due to their U.S. connections, among other criteria,” said a spokesperson for the State Department in a statement to VOA Korean on Tuesday.
“The Secretary of State has ultimate authority to determine whether a case is a wrongful detention. This determination is discretionary, based on the totality of the circumstances, and grounded in the facts of the case. We do not discuss the wrongful detention determination process in public,” the spokesperson continued.
A spokesperson for the Foley Foundation told VOA that it believes 11 Americans currently detained in China meet “the criteria for wrongful detention, as specified in Levinson Act.”
Its report, published in July, says China “remains the leading country in wrongfully detaining U.S. nationals,” based on the data collected by the Foley Foundation in the period from 2022 to 2024.
Sophie Richardson, a visiting scholar at Stanford University’s Center on Democracy, Development, and the Rule of Law, told VOA China’s practice of arbitrary detention is harmful to its culture and economy.
“It’s a big part of what is deterring people from going to the country,” including students who are interested in studying Chinese as well as business executives who are “concerned they might run afoul of certain kinds of data regulations and [be] arbitrarily detained,” said Richardson, a former China director at Human Rights Watch.
A record number of approximately 15,200 high-net worth individuals are expected to leave China in 2024, according to New World Wealth, a wealth intelligence firm, cited by the Henley Private Wealth Migration Report.
Harrison Li, the son of Kai Li, said, “The Chinese government clearly wants more Americans to travel to China, but as long as our loved ones are being held, as long as there are so many people at risk, then that travel warning must be escalated.”
The State Department currently advises Americans to “reconsider” traveling to the country “due to the arbitrary enforcement of local laws,” including exit bans and wrongful detention. The next level of advisory would say “do not travel.”
Bob Fu, the founder and president of China Aid, a human rights group that advocates for religious freedom, told VOA that “increasing international isolation” felt by the Chinese Communist Party could have led it to the release of David Lin.
He said the prospect for the release of other Americans would depend on “how much persistent pressure from the highest level of the U.S. government” is exerted on Beijing.
The State Department spokesperson told VOA Korean that the U.S. has raised the case of “other wrongfully detained Americans” in addition to David Lin and will “continue to push for the release of other Americans.”
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NEW YORK — Journalists at a news site that covers the Haitian community in the United States say they’ve been harassed and intimidated with racist messages for covering a fake story about immigrants eating the pets of people in an Ohio town.
One editor at the Haitian Times, a 25-year-old online publication, was “swatted” this week with police turning up at her home to investigate a false report of a gruesome crime. The news site canceled a community forum it had planned for Springfield, Ohio, and has shut down public comments on its stories about the issue because of threats and vile posts.
The Times, which had the Committee to Protect Journalists conduct safety training for its journalists in Haiti, has now asked for advice on how to protect staff in the United States, said Garry Pierre-Pierre, founder and publisher.
“We’ve never faced anything like this,” Pierre-Pierre said Wednesday.
Site says it isn’t backing down
The Times has debunked and aggressively covered the aftermath of the story about immigrants supposedly eating the dogs and cats of other Springfield residents, as it was spread by Ohio Sen. JD Vance, Donald Trump’s Republican running mate in the presidential election, and Trump himself in his debate with Democrat Kamala Harris.
Despite receiving hundreds of these messages, the site isn’t backing down, said Pierre-Pierre, a former reporter at The New York Times who echoed a mission statement from his old employer in making that promise.
“We do not want to hibernate,” he said. “We’re taking the precautions that are necessary. But our first duty is to tell the truth without fear or favor, and we have no fear.”
Pierre-Pierre, who emigrated to the United States in 1975, started the Haitian Times to cover issues involving first- and second-generation Haitians in the United States, along with reporting on what is happening in their ancestral home. It started as a print publication that went online only in 2012 and now averages 10,000 to 15,000 visitors a day, although its readership has expanded in recent weeks.
Macollvie Neel, the New York-based special projects editor, was the staff member who had police officers show up at her doorstep on Monday.
It was triggered when a Haitian advocacy group received an email about a crime at Neel’s address. They, in turn, notified police who showed up to investigate. Not only did the instigators know where Neel lived, they covered their tracks by funneling the report through another organization, she said.
Neel said she had a feeling something like this might happen, based on hateful messages she received. But it’s still intimidating, made more so because the police who responded were not aware of the concept of doxxing, or tracing people online for the purpose of harassment. She said police searched her home and left.
She was always aware that journalism, by its nature, can make people unhappy with you. This takes the threat to an entirely new level. Racist hate groups who are ready to seize on any issue are sophisticated and well-funded, she said.
“This is a new form of domestic terrorism,” she said, “and we have to treat it as such.”
‘It’s outrageous’
Katherine Jacobsen, the Committee to Protect Journalists’ U.S., Canada and Caribbean program coordinator, said it’s a particularly acute case of journalists being harassed in retaliation for their coverage of a story. “It’s outrageous,” she said. “We should not be having this conversation. Yet we are.”
Even before Springfield received national attention in recent weeks, the Haitian Times had been covering the influx of immigrants to the Midwest in search of jobs and a lower cost of living, Pierre-Pierre said. A story currently on its site about Springfield details how the furor “reflects America’s age-old battle with newcomers it desperately needs to survive.”
Another article on the site talks about the NAACP, Haitian American groups and other activists from across the country coming to the aid of Springfield residents caught in the middle of the story.
Similarly, the Times has heard from several other journalists — including from Pierre-Pierre’s old employer — who have offered support. “I’m deeply touched,” he said.
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President Joe Biden on Saturday hosts the leaders of Australia, India and Japan for his final convening of the so-called Quad, a strategic security grouping focused on the Indo-Pacific area — a populous and economically vital region also of strategic interest to China. VOA White House Correspondent Anita Powell reports from Washington.
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LOS ANGELES — In 2019, Brandon McDowell was contacted by a sophomore in college who asked to buy Percocet, a prescription painkiller.
What the 20-year-old sold her instead were counterfeit pills laced with fentanyl, a deadly synthetic opioid that can be lethal in a dose as small as 2 milligrams. Hours later, Alexandra Capelouto, also 20, was dead in her Temecula, California, home.
It is an increasingly common scenario as fentanyl overdoses have become a leading cause of death for minors in the last five years, with more than 74,000 people dying in the U.S. from a synthetic opioid in 2023, according to the U.S. Centers for Disease Control and Prevention.
McDowell has been behind bars since 2022 with a fentanyl possession conviction. But the Capeloutos have now won an additional $5.8 million judgment against him for the death of their daughter.
“We’ve won the battle but not the war,” said Matt Capelouto, Alexandra’s father. “We still have a long ways to go in terms of holding drug dealers accountable for deaths.”
Baruch Cohen, the Capeloutos’ lawyer, said this was the first time a drug dealer has been held liable civilly for someone’s death, to his knowledge.
“Here’s the hope that this judgment will be the shot that’s heard around the world, so to speak,” Cohen said. “Because if it inhibits another drug deal from going down, where the drug dealer … realizes that, besides the jail sentence, he is liable for millions of dollars of damages, maybe he’ll think twice.”
McDowell, now 25, first pleaded guilty in California federal court in 2022 for possession with intent to distribute fentanyl, a charge that carries a 20-year minimum sentence if linked to death or serious injury and convicted by a jury. McDowell was sentenced to nine years in prison.
Alexandra’s father felt that wasn’t enough. He and his wife, who was diagnosed with stage four breast cancer that year and has been battling it since, decided to sue McDowell for wrongful death.
“For taking somebody’s life, that was not a fair sentence,” he said. “I was going to pursue every means possible to make sure justice was served.”
While McDowell filed for bankruptcy, the Capeloutos won a judgment of about $5 million against him. The Superior Court of Riverside County found he sold harmful narcotics with “willful and malicious” intent that led to Alexandra Capelouto’s death. A few months later, the Capeloutos filed another case in federal bankruptcy court to ensure that McDowell could not escape his debt under bankruptcy.
“Bankruptcy is designed for honest debtors, not crooked criminal debtors,” Cohen said. “This judgment will haunt him the rest of his life, and when he does make money, we’ll garnish it. When he does buy property, we’ll put a lien on it.”
Judge Mark Houle ruled in the Capeloutos’ favor, ordering a $5.8 million judgment against Brandon McDowell that includes a year and half of interest in addition to the initial $5 million.
Since his daughter’s death, Matt Capelouto founded the non-profit Stop Drug Homicide to advocate for families and push for more legislation to hold drug dealers accountable. One is Alexandra’s Law, which would require a formal warning be given to anyone with a drug-related conviction to inform them of the dangers of dealing drugs and that they could be charged with murder if they distribute drugs that lead to someone’s death.
In California, it can be difficult for prosecutors to charge drug dealers with someone’s death because they must prove the dealer had knowledge that the drugs could cause death, Capelouto said. Having an admonishment on the record for dealers who have been convicted of a drug-related crime could be used as evidence in future cases if someone dies from the drugs they sold. Alexandra’s Law is included in Proposition 36, a tough-on-crime ballot measure that Californians will vote on in November.
Capelouto is also part of a group of 60 families suing Snapchat for its role in the distribution of deadly narcotics. Alexandra Capelouto and Brandon McDowell had communicated over Snapchat when she bought pills from him.
Justin McDowell, Brandon’s father, said it is unfair for his son to take all the blame. He said his son was struggling with drug abuse and had been in rehab, and he didn’t live with him at the time because the McDowells had younger children.
“My son is no drug dealer at all. They were both users. They both had an addiction,” he said. “He was a stupid 20-year-old kid.”
Justin McDowell said he felt like the Capeloutos were seeking revenge through their lawsuits, and he did not have the money and resources to fight on his son’s behalf in court. Brandon McDowell was being held at the federal prison in San Pedro during the lawsuit and did not have lawyers to defend himself in civil or bankruptcy court.
“I think that’s sad, that shouldn’t be allowed,” Justin McDowell said. “We’ll wait for him to get out of prison, give him a hug, and figure out how to deal with the situation … the kid’s never going to make $5.8 million in his life.”
Matt Capelouto said there was no evidence of his daughter having a drug addiction, and Brandon McDowell’s addiction does not absolve him of responsibility in her death.
“When you go from drug user to drug dealer, you cross a line from needing help to needing to be held accountable,” he said.
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WASHINGTON — The International Brotherhood of Teamsters declined Wednesday to endorse Kamala Harris or Donald Trump for president, saying neither candidate had sufficient support from the 1.3 million-member union.
“Unfortunately, neither major candidate was able to make serious commitments to our union to ensure the interests of working people are always put before big business,” Teamsters President Sean O’Brien said in a statement. “We sought commitments from both Trump and Harris not to interfere in critical union campaigns or core Teamsters industries — and to honor our members’ right to strike — but were unable to secure those pledges.”
Harris met Monday with a panel of Teamsters, having long courted organized labor and made support for the middle class her central policy goal. Trump also met with a panel of Teamsters and even invited O’Brien to speak at the Republican National Convention, where the union leader railed against corporate greed.
The Teamsters said Wednesday that internal polling of its members showed Trump with an advantage over Harris.
The Teamsters’ choice to not endorse came just weeks ahead of the November 5 election, far later than other large unions such as the AFL-CIO and the United Auto Workers, which have chosen to back Harris.
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Підозрюваний з гладкоствольною рушницею підійшов до чоловіка, який збирався сісти у власний автомобіль і здійснив смертельний постріл в голову
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