Thousands of low-income retirees did not receive an Easter bonus this year, with the number of those affected higher than in previous years. Only 13,500 individuals were eligible for the allowance, which was less than last year. The promised €100 allowance turned out to be only €50 per pensioner household with two individuals.
The United Nations food agency’s world price index rose for a second consecutive month in April due to higher meat prices, small increases in vegetable oils and cereals, despite declines in sugar and dairy products.
Corporate subsidies have become a significant problem for the Canadian economy, with Ottawa projected to spend .4 billion on subsidies by fiscal 2028. Economist John Lester’s analysis shows that the majority of these subsidies are ineffective and actually harm the economy. Only 20% of total subsidies have a positive impact on real income. The subsidies also contribute to a fiscal burden, requiring Ottawa to raise taxes or issue debt to cover the costs. The Liberal government’s continued indulgence in corporate subsidies, particularly in the electric vehicle industry, is criticized for not creating the promised jobs of the future and potentially shifting workers from Canadian-owned firms. Scrapping these subsidies could provide an economic boost and free up billions of dollars for other priorities, such as reducing the deficit, cutting taxes, or funding national defense or child care.
The global economy is growing faster than expected, with the US activity being resilient and inflation converging quickly with central banks’ targets, according to the OECD.
The Retail Trade Turnover Value Index and Volume Index both increased in March 2024 compared to the same month in 2023. The Value Index had a 5.5% increase, and the Volume Index had a 5.2% increase. For the period January-March 2024, the Value Index increased by 5.4% and the Volume Index by 4.9% compared to the same period in 2023. The highest percentage increase in the Value Index was in food, beverages, and tobacco in specialized stores (13.2%), pharmaceutical and orthopedic products, cosmetics (11.8%), and educational and entertainment goods (10.5%). The highest decrease was in retail trade outside stores (-13.4%). The highest percentage increase in the Volume Index was in educational and entertainment goods (10.5%), food, beverages, and tobacco in specialized stores (10.4%), and pharmaceutical and orthopedic products, cosmetics (9.7%). The highest decrease in the Volume Index was also in retail trade outside stores (-13.4%).
The inflation rate increased by 2.4% in April, with the Consumer Price Index rising by 1.68 points to 117.09. The largest changes were seen in petroleum products, restaurants and hotels, and transport categories. Restaurants and hotels had the greatest impact on the change in CPI compared to April 2023, while transport had the greatest impact compared to the previous month. Petroleum products had the most significant impact on the change in CPI compared to both April 2023 and the previous month.
Biden is facing criticism from both left and right factions for his Israel policy, as campus protests against the war in Gaza escalate. Despite concerns that the protests could impact his chances in the upcoming election, the White House has focused on rolling out youth-friendly policies, such as student loan relief and marijuana reform. Republicans have used the protests to criticize Democrats, while some warn that young voters may desert Biden over his stance on Israel.
The EURUSD pair is gaining ground due to positive market sentiment and dovish remarks from Federal Reserve Chairman Jerome Powell. Powell dismissed the likelihood of a further interest rate hike and mentioned that progress on inflation has stalled. Traders are awaiting US economic data releases, while the Eurozone may struggle due to a more dovish stance from the European Central Bank. Eurozone inflation held steady in April, with bets for a potential interest rate cut by the ECB in June.
Payabl. has been a principal member of Mastercard for 12 years, offering a range of payment solutions including card acquiring, POS terminals, and tailor-made payment services to meet the needs of modern marketplaces.
Fact: Business wants to see this year’s Budget focus on tax relief, reducing red tape, and support for upskilling.