Overseas Headlines – July 20, 2020

United States:

Fiscal Cliffs Threaten Fragile U.S. Recovery: Economy Week Ahead

“Policy makers in the U.S. will resume contentious talks this week on another round of stimulus that could prove critical to the still-fragile recovery of the world’s largest economy. With much of the last stimulus poised to run out in the coming weeks, the U.S. Senate will return to Washington, D.C. to negotiate legislation about how much and where to spend in additional relief for the coronavirus crisis.”



U.K. Set to Halt Hong Kong Extradition Pact in China Spat

“The U.K. is about to test the risks of a wider confrontation with China that’s been a long time coming. The next act is playing out Monday when Foreign Secretary Dominic Raab addresses Parliament. The top diplomat has dropped a heavy hint the U.K. will suspend its extradition treaty with Hong Kong, a former colony it handed back to China in 1997. Prime Minister Boris Johnson also weighed in on Monday ahead of Raab’s statement.”



Hong Kong Jobless Rate Jumps to Highest in Over 15 Years

“Hong Kong’s unemployment rate rose in June to the highest in more than 15 years, as the city’s economy remains under pressure from the coronavirus pandemic as well as escalating U.S.-China tensions. The jobless rate rose to 6.2% for the April to June period, below the median forecast of 6.4% among economists surveyed by Bloomberg. The latest reading is the highest since January 2005. The increase marks nine straight months of worsening unemployment, according to data compiled by Bloomberg.”



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