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The US fiscal year 2023 saw a soaring fiscal deficit, and the government debt crisis worsened
According to data released by the US Treasury recently, the US federal government's fiscal deficit for the 2023 fiscal year was $1.695 trillion, an increase of 23% from the previous fiscal year. Analysis indicates that the fiscal year 2023 deficit will exacerbate the already high debt of the United States, and may also exacerbate the financial struggle between President Biden and Republicans, making fiscal negotiations before mid November even more difficult.
According to Reuters, this is the largest deficit since the US $2.78 trillion deficit caused by the COVID-19 in 2021, marking that the US deficit has returned to an expanding state after the first two consecutive years of President Biden's administration. The main reasons for the sharp increase in budget deficit are a decrease in income, an increase in social security and medical insurance expenses, and a historic high in federal debt interest costs.
US Treasury Secretary Janet Yellen and Director of the Office of Management and Budget, Saranda Young, stated in a joint statement that "declining income is a significant factor in the 2023 deficit." Data shows that total revenue for the 2023 fiscal year was $4439 trillion, a decrease of $457 billion or 9% compared to the 2022 fiscal year, mainly due to poor performance of financial assets such as stocks, as well as rising interest rates, resulting in reduced non withholding personal income tax payments.
In addition, factors such as social security, healthcare insurance expenses, and rising federal debt interest costs have also led to this record high budget deficit. Due to the adjustment of living costs due to inflation, social security expenditure increased by 10% to $1.416 trillion; The expenditure on advanced healthcare plans for medical insurance increased by 4% to $1.022 trillion; The interest cost of federal debt has also sharply increased by 23%, reaching a record high of $879 billion.
At the same time, the 2023 fiscal year deficit has exacerbated the already high debt of the United States. According to the data of the Ministry of Finance, the net interest expense in fiscal year 2023 is about $659 billion, accounting for more than 10% of the annual fiscal expenditure, which indicates that the cost of debt financing in the United States has significantly increased against the background of the sharp rise in interest rates caused by the Federal Reserve's interest rate hike.
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Apple CEO Cook: Over 95% of products are still manufactured and assembled in China
Recently, Apple CEO Cook stated in a media interview that as of now, over 95% of Apple's products are still manufactured and assembled in China, which has driven the vigorous development of China's supply chain in the past 30 years.
Cook stated that Apple hopes to achieve a win-win situation with supply chain enterprises in cooperation, not limited to product manufacturing cooperation and enterprise related receivables, but also including environmental protection, corporate social responsibility, and education.
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South Korea's largest opposition party leader, Lee Jae ming, resumes his duties and urges Yoon See hyuk to reshuffle his cabinet
According to Yonhap News Agency, on the 23rd local time, Lee Jae myung, the leader of South Korea's largest opposition party, the Common Democratic Party, resumed his duties. He stated during a meeting of the Supreme Committee that President Yoon Seok hye should comprehensively reform the tone of national politics and reorganize the cabinet.
Li Zaiming said, "The incompetence and irresponsible attitude of the government and the ruling party pose a threat to national life, economy, and security. The government should not only talk about 'reflection', but should demonstrate its sincerity by comprehensively reforming the national political tone and dismissing all cabinet members
He stated that the Common Democratic Party bears a significant responsibility, and in order to solve livelihood issues and avoid the collapse of the national system caused by high-pressure government governance, it is necessary to achieve a strict trial of the government during parliamentary elections. To this end, the Common Democratic Party needs to unite and meet the expectations of the people through innovation.
According to previous reports, Lee Jae ming went on a hunger strike in front of the Capitol from August 31st, demanding government reforms and a comprehensive cabinet reshuffle. On the 19th day of the demonstration, on September 18th, he was sent to medical treatment due to poor health. On October 23rd, Li Zaiming officially returned to party affairs after 35 days.
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The Governor of the Bank of England strongly hinted that interest rates would remain unchanged in November, putting pressure on the pound
The governor of the Bank of England has almost confirmed that there will be no interest rate hikes in November, which could put further pressure on the pound.
He expressed in an interview that he is "encouraged" by the direction of inflation in the UK: "This is not far from our expectations. Core inflation is slightly lower than our expectations, which is very encouraging
He added that he expects inflation to experience a "real decline" next month.
Prior to the above comments, the Office for National Statistics (ONS) announced last week that overall inflation slightly increased to 6.7% year-on-year in September, while core inflation slightly increased to 6.1% year-on-year.
Bailey's comments will increase the downward pressure on the pound, which fell against both the euro and the US dollar last week. After releasing some disappointing UK retail data, the pound has seen new selling momentum.
According to data released last Friday, retail sales have decreased by 1.0% as of September this year due to rising prices. In addition, the GfK consumer confidence survey also showed a 14 point drop in consumer confidence in October.
At the same time, the salary announced on Tuesday was lower than expected, further proving that there is almost no need for the Bank of England to raise interest rates again.
The expected decline in turn puts pressure on the pound.
Andrew Goodwin, Chief UK Economist at the Oxford Institute of Economics, said: "Unless there are any major surprises to the postponed LFS this week, we expect the Monetary Policy Committee (MPC) to maintain bank interest rates at 5.25% in November
05
The second batch of Fukushima nuclear contaminated water has been discharged, and the cumulative discharge has exceeded 15000 tons
According to the Japan Broadcasting Association (NHK), Tokyo Electric Power Company in Japan stated that the second batch of nuclear contaminated water from the Fukushima nuclear power plant had been discharged on the 23rd. As of now, over 15000 tons of nuclear contaminated water have flowed into the ocean.
According to reports, the second batch of emissions began on October 5th, with a total discharge of approximately 7810 tons of nuclear contaminated water.
According to the report, during the discharge process, the filter transporting nuclear contaminated water adhered to objects resembling rust spots, causing the pressure of the water pump to decrease at one point. After cleaning the filter, it was restored to its original state without affecting the discharge.
Japan officially launched the discharge of nuclear contaminated water from Fukushima on August 24th. The first batch of nuclear contaminated water was discharged from August 24th to September 11th, with a total of 7788 tons of nuclear contaminated water discharged into the sea. Considering the second 7810 tons, the cumulative emissions have exceeded 15000 tons.
Dongdian plans to discharge 31200 tons of nuclear contaminated water in four stages within 2023. It will take at least 30 years to completely discharge all existing nuclear wastewater.
06
The Israeli Defense Minister stated that the ground offensive against the Gaza Strip may last for three months, with the second batch of humanitarian aid supplies entering the Gaza Strip
Comprehensive news: Israeli Defense Minister Galant stated on the 22nd that the Israeli army's upcoming ground offensive against the Gaza Strip may last for three months. The second batch of humanitarian aid supplies was transported from the Rafah port to the Gaza Strip on the 22nd.
According to the Israeli Times, Israeli Defense Minister Galant stated on the 22nd at the Israeli Air Force Command Center in Tel Aviv that if Israel successfully eliminates the Palestinian Islamic Resistance Movement (Hamas), it will be the last ground offensive of the Israeli army in the Gaza Strip. This will take one, two, or even three months, but ultimately there will be no Hamas
Martin Griffith, Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator of the United Nations, stated on social media on the 22nd that more than 14 trucks carrying humanitarian aid materials entered the Gaza Strip from the Egyptian side of the Rafah port on the same day, which was a "glimmer of hope". However, people in the Gaza Strip needed more relief supplies.
It is reported that this is the second batch of humanitarian aid supplies transported from the Rafah port to the Gaza Strip since the 21st. This batch of materials was donated by institutions such as the Egyptian Red Crescent Society and will be delivered to the staff of the United Nations, the Palestinian Red Crescent Society, and the International Committee of the Red Cross in the Gaza Strip.
The Associated Press 22 reported that for several days, Israel has been on the brink of launching a ground offensive against the Gaza Strip. As the second batch of humanitarian aid supplies entered the Gaza Strip, Israel expanded its attacks on Syria and the West Bank.
According to a report by the Syrian National News Agency, the Syrian military issued a statement on the 22nd stating that Israel launched airstrikes on the international airport in the Syrian capital Damascus and the international airport in the important town of Aleppo in northern Syria, resulting in one death and one injury. The attack also caused damage to the airport runway, and both airports have temporarily suspended operations. The Syrian Ministry of Transport issued a statement on the same day stating that flights related to the two airports mentioned above will be guided to Latakia International Airport.
According to CNN, the Israeli military announced on the 22nd that it launched an air strike on a mosque in the West Bank city of Jenin earlier that day to thwart an "imminent terrorist attack". Three people died in the attack.
According to Israeli media reports, on the 22nd, the Israeli army conducted an air strike on Hezbollah positions in southern Lebanon in response to Hezbollah's attack on the northern region earlier that day. On the same day, a spokesperson for the Israeli government stated that Israel is still working hard to avoid opening up a northern front and is "not interested" in fighting on both fronts, with the primary goal still being to destroy Hamas.
On the 22nd, the Egyptian military issued a statement stating that Israeli tanks hit an Egyptian military post on the Egyptian-Israeli border due to a "mistake" on the same day, resulting in multiple Egyptian soldiers being slightly injured. The Israeli army stated in a statement that an Israeli tank "accidentally" opened fire on the same day and hit a military post in Egypt. At present, the relevant investigation is still ongoing.
According to data released by the Israeli Ministry of Health on the 22nd, the current round of the Israeli-Palestinian conflict has resulted in the deaths of over 1400 Israelis and the medical treatment of 5431 injured. The Palestinian health department in the Gaza Strip issued a statement on the 22nd that the Israeli military's attack on the Gaza Strip has resulted in 4651 deaths and at least 14000 injuries.
According to the White House on the 22nd, leaders of the United States, Canada, France, Germany, Italy, and the United Kingdom issued a joint statement on the new round of the Israeli-Palestinian conflict, reiterating their support for Israel and calling for compliance with international humanitarian law.
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