Overseas Headlines – September 24, 2021

United States:

White House Weighs Invoking Defense Law to Get Chip Data

“The Biden administration is considering invoking a Cold War-era national security law to force companies in the semiconductor supply chain to provide information on inventory and sales of chips, Commerce Secretary Gina Raimondo said Thursday. The goal is to alleviate bottlenecks that have idled U.S. car production and caused shortages of consumer electronics and to identify possible hoarding, she said in an interview.”



U.K. Confidence Falls as Consumers Brace for Income Squeeze

“U.K. consumer confidence fell at its sharpest pace since coronavirus lockdown rules were tightened almost a year ago, reflecting a surge in inflation and looming tax increases. September’s 5-point drop to minus 13 was the biggest decline since October 2020, according to data from the market research firm GfK. It came amid fears of a “potential cost of living crisis,” with households facing surging food and fuel costs, the end of furlough benefits and a 12 billion-pound ($16.5 billion) tax raid from April to pay for health and social care.”



China’s Central Bank Pushes Reform of Emergency Liquidity Tool

“China’s central bank will push to reform its emergency-funding facility to make it easier for banks to access cash, a move that could help smooth out the volatility in money market rates. The People’s Bank of China will allow application for loans via the standing lending facility to be done electronically, it said in a statement after a national video conference Thursday, an operational change that would help “stabilize market expectations” and “maintain the smooth operation of money market interest rates.”



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