Tag Archives: Decides’

Mickelson decides not to defend title at PGA Championship


Yahoo News – Latest News & Headlines

‘Income Earned During the Marriage Are His Separate Property’: Robert De Niro Won’t Be Splitting His $500 Million Fortune with Estranged Wife In Divorce Settlement, Court Decides


Yahoo News – Latest News & Headlines

California GOP decides against endorsing a Newsom recall challenger


Yahoo News – Latest News & Headlines

Family of botched robbery victim says she ‘won’t make it’, decides to donate her organs


Yahoo News – Latest News & Headlines

Supreme Court Decides Not to Lift National Eviction Moratorium


Yahoo News – Latest News & Headlines

Netanyahu gets first crack at forming a government in Israel, unenthusiastic president decides


Yahoo News – Latest News & Headlines

Putin Decides Low-Growth Russia Could Use Some Help From Keynes

Putin Decides Low-Growth Russia Could Use Some Help From Keynes(Bloomberg) — Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.With time running out on his final term as president, Vladimir Putin evidently wants to end it with a boom.Putin has been a cautious steward of Russia’s $ 1.7 trillion economy, partly to shield it against blowback from his more adventurous foreign policy. For the last five years, he’s imposed some of the world’s toughest budget austerity. Combined with high interest rates, that’s made Russia a favorite of carry-trade investors –- but it’s left living standards mired at 2012 levels and economic growth stuck below 2%.Now, the president is changing course –- and channeling an economist whose pro-growth ideas are mainstream almost everywhere else: John Maynard Keynes. Putin just appointed a new cabinet stacked with advocates for more government spending and investment, a Keynesian recipe. And he’s told them to hurry up about it.In power for 20 years, Putin gets credit at home for steadying an economy that suffered a decade of chaos and debt default after the Soviet Union collapsed. But lately, stability has threatened to turn into stagnation.Until now, the government hasn’t rushed to the rescue. It’s pared borrowing to a minimum in the last five years, and has been stashing any spare cash from Russia’s commodity exports into a massive rainy-day fund.“Russia’s first priority was to secure its borders to reduce its vulnerabilities,” said Elina Ribakova, deputy chief economist at the Institute of International Finance in Washington. “At the time, it would’ve been wrong to lean on Keynesian theories. Now they’re so comfortable on that front that it’s time to start thinking about how to boost potential growth.”‘Feel the Change’Western sanctions and volatile oil prices have been a key reason for Putin’s “fortress Russia” approach, which aimed to make the economy self-sufficient. But the turn to Keynesian stimulus shows that Russia isn’t walled off from wider currents of economic thinking. There’s been a similar shift in other countries.The U.S. has widened budget deficits even after a decade-long expansion, and the U.K. and Germany have begun to shift away from austerity. India and Turkey are trying to boost growth via fiscal policy.At the first meeting of Russia’s new government, Prime Minister Mikhail Mishustin said he wants to get the spending spree underway quickly. Russians should “feel the changes in their lives and surroundings in the near future,” he said.Mishustin has appointed former Kremlin adviser Andrey Belousov, who’s lobbied for more government borrowing and spending, as his deputy premier. Evgeny Yasin, a director at Russia’s Higher School of Economics and one of the country’s most prominent economists, calls Belousov a “Russian Keynesian.”“Russian political changes at this moment have one goal: to boost economic growth,” Billionaire Oleg Deripaska, founder of aluminum producer United Co Rusal Plc, told Bloomberg Television in Davos.There are limits to how far he can loosen the purse-strings. The government is sticking to a budget law that says revenue from oil above $ 42 a barrel (it currently trades around $ 61) must be saved, not spent.Still, extra spending this year could total 2.1 trillion rubles ($ 34 billion), or 1.3% of gross domestic product, according to calculations by ING Groep NV in Moscow. The government will likely tap its rainy-day fund and release about 500 billion rubles left over from last year’s budget, which posted a surplus equal to 1.8% of GDP.Any Means NecessaryA key part of the fiscal push will be speeding up an existing plan to invest $ 400 billion in things like highways, housing and ports over four years. The so-called National Projects got mired in bureaucracy and made little progress in 2019.Other elements are new. Putin proposed last week to spend about $ 65 billion through 2024 on expanding benefits for families and the poor.Putin’s growth program relies mainly on state spending because increased pressure on business and a still-uncertain sanctions outlook has stalled private-sector investment.Central Bank Governor Elvira Nabiullina argues that Russia needs structural reform aimed at improving the business climate and increasing competition. Putin has long claimed to support such measures, but never made much progress on implementing them.“This isn’t a market economy,” and Putin doesn’t follow any particular economic principles, Yasin said. The president “uses any methods that seem necessary to him in order to maintain full control.”His latest methods may not deliver much of a boost right away. Budget easing will probably add 20 or 30 basis points to economic growth rates in the short term, according to Bloomberg Economics.But as Keynes always argued, spending is better for growth than squirreling away money. Markets have generally welcomed the shift –- including even some of the bond investors who’ve reaped rewards from years of tight policy.Russian austerity was geared all along to “preparing for a future crisis,” said Oleg Shibanov, a finance professor at Moscow’s New Economic School.“Russia is prepared now,” he said. “I expect that there’ll be more spending and more investment.”\–With assistance from Anya Andrianova.To contact the reporters on this story: Natasha Doff in Moscow at ndoff@bloomberg.net;Evgenia Pismennaya in Moscow at epismennaya@bloomberg.netTo contact the editors responsible for this story: Gregory L. White at gwhite64@bloomberg.net, Ben HollandFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.



Yahoo News – Latest News & Headlines

Florida GOP lawmaker who's undecided on impeaching Trump decides not to seek re-election

Florida GOP lawmaker who's undecided on impeaching Trump decides not to seek re-electionFrancis Rooney who represents a red district in SW Florida has emerged as a sharp critic of the Trump administration's actions in Ukraine.



Yahoo News – Latest News & Headlines

Trump orders military strikes on Iran then suddenly decides against attack 'while planes in air', report says

Trump orders military strikes on Iran then suddenly decides against attack 'while planes in air', report saysDonald Trump approved military strikes against Iran on Friday morning but abruptly decided not to launch them, according to reports.Having initially said he believed Iran had made an error when it shot down a US drone early on Thursday in the Strait of Hormuz, the president is nonetheless believed to have approved retaliatory military strikes against Tehran.The operation to hit targets such as radars and missile batteries was in its initial stages, the New York Times said, and planes were in the air and ships had been moved into position.But before any missiles were fired, the president decided not to go ahead with the operation.It was not clear if Mr Trump had changed his mind, or whether the strike was called off for operational or strategic reasons, said the report. At the same time Mr Trump was deciding whether to pursue a strike, the Federal Aviation Administration issued an emergency order prohibiting US operators from flying in airspace controlled by Iran above “the Persian Gulf and the Gulf of Oman”. The order came as United Airlines suspended its Mumbai-Newark flight that passes over Iran citing safety concerns, the Financial Times said.It was unclear if the strike approved by the president could subsequently go ahead, or whether Mr Trump was trying to intimidate Tehran without actually using his military. Late on Thursday the White House declined to respond to questions as to whether he had changed his mind. The New York Times said the strike was planned to have struck on Friday morning local time, and designed to minimise risk to the Iranian military or to civilians.“But military officials received word a short time later that the strike was off, at least temporarily,” it said.The revelation came amid a day of mixed signals from the president, as he sought to deal with an increasingly tense situation with Iran after the shooting down of the drone in the Strait of Hormuz.Speaking to reporters in the White House where he was meeting with Canadian prime minister Justin Trudeau, the president was asked if he was planning a military response to the downing of the drone. “You’ll find out,” he said.Asked if he was being pressured by others in his administration, the president said this was not the case. “No, no, not at all. In fact in many cases it’s the opposite. But I will say, look, I said I want to get out of these endless wars, I campaigned on that, I want to get out. We’ve been in Afghanistan for 19 years,” he said. players.brightcove.net/624246174001/default_default/index.html?videoId=6050529458001Iran military releases footage of ‘missile strike on US drone’ Mr Trump’s tone appeared in contrast to a number of members of his administration, among them secretary of state Mike Pompeo and national security adviser John Bolton, who have adopted a hardline stance towards Iran, since the president last year pulled the US out of the Iran nuclear deal. “This is a new wrinkle, a new fly in the ointment what happened, shooting down a drone,” said the president. “And this country will not stand for it, that I can tell you.” Later on Thursday, Mr Trump met with congressional leaders to discuss the feud with Iran, against which the US has imposed debilitating sanctions and reportedly launched a disinformation war. After the meeting, senior Democrats warned that Mr Trump would require authorisation from Congress before launching military action. House speaker Nancy Pelosi said the administration should engage with its allies “and do everything in our power to de-escalate”. Meanwhile, several Republican leaders, among them Kevin McCarthy, said there must be a “measured response” to Iran’s actions. “Iran directly attacked a United States asset over international waters. This provocation comes a week after they attacked and destroyed two commercial tankers in international waters,” he said in a statement. Earlier this week, it emerged Iran was set to breach the level of uranium enrichment set in place by the multi-party 2015 deal Mr Trump withdrew Washington from, an announcement that was seen as an attempt by Tehran to try and pressure the European signatories to the deal to help it counter the impact of US sanctions. The circumstances of the shooting down of the drone, a US navy RQ-4A Global Hawk, by Iran’s Revolutionary Guard, are disputed. Iran said the drone, with a wingspan larger than a Boeing 737 and costing more than over $ 100m, had violated its territorial airspace. The US called the missile fire “an unprovoked attack” in international airspace. Either way, it marked the first time Iran had struck the US military, which released a set of coordinates it claimed the drone was shot down at. Iranian foreign minister Mohammad Javad Zarif said on Twitter the aircraft had taken off from the United Arab Emirates “in stealth mode & violated Iranian airspace”. A Revolutionary Guards statement said the drone’s identification transponder had been switched off “in violation of aviation rules and was moving in full secrecy” when it was downed, Reuters quoted the Iranian state broadcaster IRIB as saying.



Yahoo News – Latest News & Headlines

Russia decides to free captive whales after outcry – governor

Russia decides to free captive whales after outcry - governorRussian authorities have decided to free nearly 100 whales held in cages in Russia’s Far East, the governor of Russia’s Primorsky Region said on Monday, the TASS news agency reported. The decision to release the whales, after months of delays, coincided with a visit to the enclosures by Jean-Michel Cousteau, a French oceanographer and son of famous marine expert Jacques Cousteau. “An official decision has been taken to release all the animals into the wild,” Oleg Kozhemyako, the governor of Primorsky Region, was quoted as saying by TASS.



Yahoo News – Latest News & Headlines