In order to improve public safety on the New York City subway system, Governor Hoechl of New York State announced a plan to mobilize 750 National Guard troops to stations and other areas. The governor is also seeking to amend the law to allow courts to bar people convicted of subway or other violence from using public transportation. There have been a number of shooting incidents on the subway this year. According to the New York City Police Department, the number of arrests on the subway in January and February was 3,000, an increase of 45% from the previous year, and many of them were repeat offenders. As a passenger who commutes to work every day, safety is my greatest wish. Below are 5 news items to keep in mind as you start your day.
More confidence needed
Federal Reserve Chairman Jerome Powell reiterated that the central bank has no intention of cutting interest rates hastily until it is confident that the fight against inflation has been won. In his semiannual testimony before the House Financial Services Committee, the chairman said it would likely be appropriate to begin lowering interest rates “at some point within the year,” but that the agency was not yet prepared to do so. Made clear. The hearing also revealed that the proposed increase in capital requirements for major banks is likely to undergo significant changes.
NYCB increases capital
New York Community Bancorp (NYCB) announced that it has received a total of more than $1 billion (approximately 149 billion yen) in investment from Liberty Strategic Capital, which is run by former Treasury Secretary Steven Mnuchin. The company also announced that it has named former Office of the Comptroller of the Currency (OCC) Commissioner Joseph Otting as its new chief executive officer. The bank’s stock price has fallen sharply this year after its loan loss reserves increased more than expected and the bank cut its dividend. Last week, the bank said it had identified “significant vulnerabilities” in internal controls related to the loan review process.
Biden vs. Trump
Former United Nations Ambassador Haley has announced that she is withdrawing from the race for the Republican nomination for the US presidential election, making it certain that former President Trump will win the nomination. Senate Majority Leader Mitch McConnell has announced his support for Trump as the Republican candidate. Even the party establishment, which had not made its support clear until the very end, came together in support of Mr. Trump. In the presidential election, where a rematch between Trump and Biden is almost certain, billionaire Elon Musk has indicated that he will not donate to either candidate. Mr. Musk met with Mr. Trump on the 3rd, and there were speculations that he would donate money to Mr. Trump.
Closing China’s loophole
The U.S. government is pressing its allies, including Japan, the Netherlands, Germany and South Korea, to step up measures to restrict China’s access to semiconductor technology. Several countries have expressed resistance to the U.S. effort, multiple sources have said. The Biden administration has introduced export controls over the past two years to slow China’s ability to build domestic semiconductor manufacturing capacity. The U.S. also wants Japanese companies to restrict exports to China of photoresists and other specialty materials essential to semiconductor manufacturing. Major manufacturers of photoresists include JSR and Shin-Etsu Chemical.
Confident in achieving wage increases
The Bank of Japan is gaining confidence in the ability to achieve higher wage increases than last year, based on the wage increase announcements and interviews with companies so far. This was revealed by multiple officials. This supports the market’s growing view that negative interest rates will be lifted at the monetary policy meeting in March or April. Although there is a great deal of uncertainty regarding small and medium-sized enterprises, the outlook is that wage increases, led by large enterprises, will have a certain degree of ripple effect as the labor shortage intensifies.
Other notable news
Weight loss drugs at risk of supply difficulties amid tensions in U.S.-China relations – bill by bipartisan lawmakers holds key
Why Novo’s obesity treatment drug will be sold in Asia for the first time in Japan – Low awareness of the disease
The Financial Services Agency is serious about promoting impact investing, the key is to get rid of the “charitable tone”
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2024-03-06 21:01:00
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