A decade ago Iceland was northern Europe's basket case, teetering on the edge of economic ruin when its three largest banks failed and its stock market lost 80 percent of its value overnight. But in 2017, the tiny nation has turned that chaos into a success story—helped, in no small way, by the hit HBO TV series Game of Thrones. Iceland has seen consistent, strong growth in its tourism industry, which has turbo-charged the economy and offset poor performance in other sectors, analysts say. Many of those tourists first glimpsed Iceland's scenery as backdrops in the fantasy series , the eighth series of which is expected in 2018. "Compare it to, for example Portugal," says Olafur Margeirsson, a Research Scholar with the Binzagr Institute for Sustainable Prosperity and an Alternate Member of the Supervisory Board of the Central Bank of Iceland. Portugal, Margeirsson says, has a population of about 10 million and receives about 40 million arrivals through its airport in Lisbon a …
Poll: Plurality Say Economy Will Be ‘Weaker’ One Year from Now
A plurality of Americans remain pessimistic about the future of the economy, predicting it will be “weaker” one year from now, a Rasmussen Reports survey released Monday found. The survey asked respondents, “A year from today, will the U.S. economy be stronger than it is now, or weaker?” A plurality of Americans, 47 percent, said the economy will be “weaker,” compared to 29 percent who said “stronger,” 15 percent who said “about the same,” and 9 percent who remain unsure. Democrats are the exception, as 48 percent believe the economy will be “stronger” one year from now, compared to 26 percent who say “weaker.” A majority of Republicans, 71 percent, and a plurality of independents, 47 percent, believe the economy will be “weaker.” Per Rasmussen: Views about the economy and the stock market are generally correlated. Among Americans who believe the economy will be strong a year from now, 65% expect the stock market to be higher. Similarly, among those who expect the …
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Fed survey finds modest gains in the US economy in February
A Federal Reserve survey of business conditions across the United States has found that economic activity was expanding at a modest pace in February. The Fed survey released Wednesday shows that the central bank s business contacts were expressing optimism last month about a stronger rebound as more COVID-19 vaccines are distributed. Reports on consumer spending and auto sales were mixed, while overall manufacturing showed moderate gains despite supply-side constraints, according to the Fed survey. The report, known as the beige book, is based on surveys conducted by the Fed's 12 regional banks. It will form the basis for discussions when central bank officials meet on March 16-17 to mull their future moves on monetary policy. The expectation is that the Fed will keep its benchmark short-term rate at a record low of zero to 0.25%. The central bank is also expected to again signal that rates will not rise for the foreseeable future and the current pace of $120 …
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Marsha Blackburn on Biden Spending: Dems Are ‘Overheating’ the Economy
Monday on Fox Business Network’s “Mornings with Maria,” Sen. Marsha Blackburn (R-TN) pushed back against the Democrats’ spending spree under President Joe Biden. Blackburn warned the attempt to raise the debt ceiling and vote on budget and infrastructure bills would result in “overheating the economy” by running the debt up to $45 trillion. “Maria, I think they are going to put everything into this one bill and then just try to do the heavy roll and push it all over the finish line. Now, the good thing is they do not have the votes they need in the Senate to do this,” Blackburn told host Maria Bartiromo. “And whether it is putting the infrastructure bill, of course, trying to put additional spending, and now the parliamentarian has told them they cannot do the immigration reform that they wanted to do. I think you are going to see them try to put it all in there in the House, and then when it gets is to the Senate, you are going to see them push back on that, which means we end …
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Apple’s first original TV series will be about the world of app developers
Someone must have given Apple a variation on the well-worn advice to "write what you know"—or in this case to "make what you know." The tech giant announced Thursday that its first original television series will be an unscripted show focusing on the world of app developers and the app economy, The New York Time s reported. "One of the things with the app store that was always great about it was the great ideas that people had to build things and create things," said Eddy Cue , Apple's senior vice president of Internet software and services. "We've been focused on a lot of content around Apple Music, video is a big part of it and we'll do more of those [shows]. This was another opportunity right up our alley with apps," he added in an interview with the New York Post . "We thought it was perfectly tailored for Apple," he said . Apple's video projects in the music sphere include Taylor Swift's The 1989 World Tour LIVE , an autobiographical scripted series from Dr. …
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Say no to $3.5 trillion government takeover, yes to jobs
Something isn’t right in America’s economy. And it’s not just COVID-19. As of late July, there were 10 million available jobs across the country, according to the latest Bureau of Labor Statistics jobs report. At the same time, in July, approximately 32 percent of respondents to the U.S. Census Bureau’s Household Pulse Survey said they relied on some form of government assistance to cover usual household expenses. Nearly the same number reported needing government assistance in June, meaning an unacceptable portion of Americans are unable to sustain themselves economically with or without the Delta variant surge. Yet, in August, only 235,000 of those more than 10 million open jobs were filled while wholesale inflation climbed at a breakneck 8.3 percent . That means those having trouble affording their normal expenses are seeing their dollar buy even less. ADVERTISEMENT What’s going on? If so many Americans are having trouble meeting their usual expenses, why are …
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Homebuilder Sentiment Rises for First Time in Five Months
Builders of single-family homes in the U.S. are feeling a bit better about the industry. A gauge of homebuilder sentiment ticked up in September, the first month-to-month gain for the index since April, to a score of 76, the National Association of Home Builders said Monday. Economists had forecast the NAHB/Wells Fargo Housing Market Index to remain at the 75 level hit in August. Homebuilder sentiment initially plunged in the early days of the pandemic, only to soar rapidly as it became clear that working from home and social distancing desires were driving up demand for houses. The index, which has averaged 52 in data going back to 1985, jumped to 90 in November, the all-time high. But labor shortages and skyrocketing lumber costs took their toll on homebuilder sentiment and the index has been slowly declining for most of 2021. Lumber prices, however, have come down dramatically, falling from a high of $1,600 per 1000 board feet in May to around $400 recently. Two of …
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History will judge leaders who fail to show ‘courage’ on climate, warns Boris Johnson
Boris Johnson has issued a warning to the leaders of the world’s biggest economies that history will judge them harshly if they fail to deliver on climate change at the crucial COP26 summit in Glasgow in November. Addressing a top-level meeting on the margin of the United Nations General Assembly in New York, the prime minister voiced “frustration” that some of the world’s richest economies have failed to come good on demands to cut carbon emissions and fund a $100bn-a-year drive to help developing countries adapt. And he urged them to show “leadership”, warning: “When the summit ends, when most of the world has committed to decisive, game-changing action, it will be clear to all which of us has lacked the courage to step up.” Those who try to “do the minimum” on climate change will be “complicit” in the fate of poorer nations which fall victim to extreme weather as the planet heats, and they will not escape the same problems themselves, he warned. UK …
No question of lights going out this winter amid energy crisis – Kwarteng
There is “absolutely no question of the lights going out” this winter amid escalating energy prices, the Business Secretary has said. Kwasi Kwarteng addressing MPs after holding crisis talks with the industry on Monday amid fears more small suppliers could go to the wall, said it was “alarmist” to suggest that people would not be able to heat their homes in the colder months, as he assured that the UK’s energy supply had “sufficient capacity” to meet demand. Wholesale prices for gas have surged 250% since January, with a 70% rise since August alone – leading to calls for support from the industry and the collapse of some smaller energy firms. But Mr Kwarteng insisted the Government will “not be bailing out failed companies” as a result of the crisis and said the energy cap will “remain in place” to protect consumers from “sudden” price increases. Recommended Reshuffle in full: Who is out and who has been promoted? Boris Johnson flexes …
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K-Pop music helps put South Korea on United Nations’ innovation list
South Korea joined other countries at the top of the United Nations ' innovation list, bolstered in part by creativity through things such as K-Pop music, the Associated Press reported. The findings from the U.N.'s intellectual property agency released Monday found that innovation remained strong over the last year, despite the global coronavirus pandemic. South Korea was one of the top five countries on the list. In the World Intellectual Property Organization's (WIPO) latest innovation index report for 2020, Switzerland, Sweden, the United States, Britain and fast-climber South Korea were ranked as the most innovation economies. K-Pop, a broad name for Korean pop music, has soared in popularity domestically and internationally. In May, McDonald's sold the limited-time BTS meal, named for one of the most popular K-Pop groups. By late June, the meal was offered in 50 countries and received widely positive reception. For more reporting from the Associated Press, see below. …
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