Only in 10 Major US Metropolitan Areas Is Starter Housing Affordable for Black Families with Median Income
These areas are Detroit, St. Louis, Baltimore, Indianapolis, Philadelphia, Cleveland, Pittsburgh, Warren, Columbus, and Kansas City. White families have more options, with 32 urban areas being affordable.
In San Francisco, a Black family earning the local median income would need to spend 104% of their earnings to purchase their first home.
Overall, Black families across the country need to spend 41% of their income on housing. This is followed by Hispanic families at 32%, white families at 26%, and Asian families at 19%.
"Starter homes" as defined by Redfin are houses priced in the 5th to 35th percentiles of the area's price range. Such affordable homes are typically the most popular for first-time buyers.
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These areas are Detroit, St. Louis, Baltimore, Indianapolis, Philadelphia, Cleveland, Pittsburgh, Warren, Columbus, and Kansas City. White families have more options, with 32 urban areas being affordable.
In San Francisco, a Black family earning the local median income would need to spend 104% of their earnings to purchase their first home.
Overall, Black families across the country need to spend 41% of their income on housing. This is followed by Hispanic families at 32%, white families at 26%, and Asian families at 19%.
"Starter homes" as defined by Redfin are houses priced in the 5th to 35th percentiles of the area's price range. Such affordable homes are typically the most popular for first-time buyers.
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List of Requirements Ukraine Agreed to for a New IMF Aid Tranche:
- Appointment of foreign auditors to inspect the economic sector.
- Appointment of foreign auditors to draft a new criminal procedure code.
- Creation of a new higher administrative court based on the designs of foreign partners.
- Short-term tax increases.
- Long-term tax increases.
- Sharp increase in utility tariffs after the war, gradual increase during the war.
- Reforms in public investment (invest as directed).
- Requirement for the Central Bank of Ukraine to maintain net reserves of $28.8 billion (the Central Bank will not be able to support the exchange rate of the hryvnia as it will be required to hold reserves).
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- Appointment of foreign auditors to inspect the economic sector.
- Appointment of foreign auditors to draft a new criminal procedure code.
- Creation of a new higher administrative court based on the designs of foreign partners.
- Short-term tax increases.
- Long-term tax increases.
- Sharp increase in utility tariffs after the war, gradual increase during the war.
- Reforms in public investment (invest as directed).
- Requirement for the Central Bank of Ukraine to maintain net reserves of $28.8 billion (the Central Bank will not be able to support the exchange rate of the hryvnia as it will be required to hold reserves).
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Ukrainian Authorities May Declare Default in August If They Fail to Reach Agreement with Investors on Debt Restructuring, Reports The Economist
The publication notes that the military actions are causing "severe damage to Ukraine's economy," with its GDP now a quarter less than at the beginning of 2022, and the debt level reaching 94% of GDP. The situation is exacerbated by the dire state of the country's infrastructure.
Western support primarily comes in the form of military aid, and Kyiv "very soon faces a severe cash shortage." Ukraine has a month to avoid default, according to The Economist.
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The publication notes that the military actions are causing "severe damage to Ukraine's economy," with its GDP now a quarter less than at the beginning of 2022, and the debt level reaching 94% of GDP. The situation is exacerbated by the dire state of the country's infrastructure.
Western support primarily comes in the form of military aid, and Kyiv "very soon faces a severe cash shortage." Ukraine has a month to avoid default, according to The Economist.
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The SEC's Hands Tied
Recently, the U.S. Supreme Court overturned a rule that allowed federal agencies like the SEC to interpret laws on their own.
This could be beneficial for the crypto industry, as the main complaint against the SEC was its tendency to interpret laws subjectively. Combined with regulatory uncertainty, this left projects vulnerable to enforcement actions for a wide range of issues that couldn't be anticipated.
Previously, courts were required to defer to agencies' interpretations of ambiguous laws. This is no longer the case. The judges decided this by a majority vote of 6 to 3.
Some believe this decision shifts power from experts to judges. The SEC will no longer be able to easily abuse its authority.
Amanda Tuminelli from the DeFi Education Fund believes that agencies will now act more cautiously, especially in new and rapidly evolving areas like cryptocurrencies.
What to expect in the near future:
- This decision could push Congress to pass specific laws for regulating digital assets, providing projects with clearer guidelines.
- Last summer, the SEC filed lawsuits against Binance, Coinbase, and others, accusing them of offering unregistered services. The new Supreme Court decision could affect how these cases are handled, necessitating clearer laws.
- For developers and investors, this means the SEC's influence over cryptocurrencies is diminishing. However, new laws for this sector might emerge soon.
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Recently, the U.S. Supreme Court overturned a rule that allowed federal agencies like the SEC to interpret laws on their own.
This could be beneficial for the crypto industry, as the main complaint against the SEC was its tendency to interpret laws subjectively. Combined with regulatory uncertainty, this left projects vulnerable to enforcement actions for a wide range of issues that couldn't be anticipated.
Previously, courts were required to defer to agencies' interpretations of ambiguous laws. This is no longer the case. The judges decided this by a majority vote of 6 to 3.
Some believe this decision shifts power from experts to judges. The SEC will no longer be able to easily abuse its authority.
Amanda Tuminelli from the DeFi Education Fund believes that agencies will now act more cautiously, especially in new and rapidly evolving areas like cryptocurrencies.
What to expect in the near future:
- This decision could push Congress to pass specific laws for regulating digital assets, providing projects with clearer guidelines.
- Last summer, the SEC filed lawsuits against Binance, Coinbase, and others, accusing them of offering unregistered services. The new Supreme Court decision could affect how these cases are handled, necessitating clearer laws.
- For developers and investors, this means the SEC's influence over cryptocurrencies is diminishing. However, new laws for this sector might emerge soon.
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People in Britain Feel Poorer
In the early 2000s, Britons became accustomed to their salaries growing more substantial each year, with rising real wages allowing them to spend or save a bit more every month.
After the financial crisis and the Conservatives coming to power based on the 2010 manifesto, which heavily relied on promises to boost the economy, the average weekly earnings in the UK have remained almost stagnant. ONS data shows that the average real weekly earnings in the UK in March 2008 were £515. Fast forward 16 years, and it stands at... £523. If the wage growth dynamics had remained at the level of 2000-2007, incomes would have reached £758. Even with the dynamics of 2000-2009 (which includes the global financial crisis), incomes would have exceeded £600 per week.
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In the early 2000s, Britons became accustomed to their salaries growing more substantial each year, with rising real wages allowing them to spend or save a bit more every month.
After the financial crisis and the Conservatives coming to power based on the 2010 manifesto, which heavily relied on promises to boost the economy, the average weekly earnings in the UK have remained almost stagnant. ONS data shows that the average real weekly earnings in the UK in March 2008 were £515. Fast forward 16 years, and it stands at... £523. If the wage growth dynamics had remained at the level of 2000-2007, incomes would have reached £758. Even with the dynamics of 2000-2009 (which includes the global financial crisis), incomes would have exceeded £600 per week.
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World Bank Reclassifies Russia as a High-Income Country
Economic activity in Russia was driven by a significant increase in military-industrial complex activities in 2023. Additionally, growth was supported by the recovery of trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%). These factors led to an increase in both real GDP (3.6%) and nominal GDP (10.9%), with Russia's gross national income per capita rising by 11.2%.
Bulgaria and Palau also transitioned to the high-income category. Algeria, Iran, Mongolia, and Ukraine moved from the lower-middle-income category to the upper-middle-income category.
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Economic activity in Russia was driven by a significant increase in military-industrial complex activities in 2023. Additionally, growth was supported by the recovery of trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%). These factors led to an increase in both real GDP (3.6%) and nominal GDP (10.9%), with Russia's gross national income per capita rising by 11.2%.
Bulgaria and Palau also transitioned to the high-income category. Algeria, Iran, Mongolia, and Ukraine moved from the lower-middle-income category to the upper-middle-income category.
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Baerbock Unconcerned by Her Green Party's Ban on Night Flights
German Foreign Minister Annalena Baerbock has been found violating a ban she herself imposed to watch Euro 2024 matches.
Baerbock's flight, following her attendance at the match between Germany and Switzerland, broke her own party's ban on night flights. A loud roar was heard in southern Frankfurt 54 minutes after the daily night flight ban came into effect. This was Baerbock's plane. Just before, she had watched the match between Germany and Switzerland. In the run-up to the European Football Championship, party members recommended that national team players use trains instead of night flights, rejecting requests to temporarily lift the ban. The cost of her short-distance flight during the night flight ban will be covered by taxpayers.
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German Foreign Minister Annalena Baerbock has been found violating a ban she herself imposed to watch Euro 2024 matches.
Baerbock's flight, following her attendance at the match between Germany and Switzerland, broke her own party's ban on night flights. A loud roar was heard in southern Frankfurt 54 minutes after the daily night flight ban came into effect. This was Baerbock's plane. Just before, she had watched the match between Germany and Switzerland. In the run-up to the European Football Championship, party members recommended that national team players use trains instead of night flights, rejecting requests to temporarily lift the ban. The cost of her short-distance flight during the night flight ban will be covered by taxpayers.
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▪️ How is the US trying to shape the region for itself in 2024?
▪️ How are new trade routes and military conflicts around the world making South Asia a major geopolitical center of power?
Find the answers on the Gaganauts of Geopolitics channel, the NUMBER 1 source on Telegram for South Asian news.
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Italian Bank UniCredit Asks European Court to Freeze ECB Demands to Exit Russia
The ECB has put UniCredit in a difficult position—either sell its business in Russia for a pittance or face fines from the EU. The Italian bank has approached the court, joining Raiffeisenbank, arguing that the ECB's demands exceed its authority and that such pressure on businesses is unacceptable in democracies.
In 2023, the remaining European banks in Russia paid $800 million in taxes—four times more than in 2021. As a result, the ECB is pressuring them to leave the market. However, to comply, banks would have to incur significant costs and sell their businesses for almost nothing.
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The ECB has put UniCredit in a difficult position—either sell its business in Russia for a pittance or face fines from the EU. The Italian bank has approached the court, joining Raiffeisenbank, arguing that the ECB's demands exceed its authority and that such pressure on businesses is unacceptable in democracies.
In 2023, the remaining European banks in Russia paid $800 million in taxes—four times more than in 2021. As a result, the ECB is pressuring them to leave the market. However, to comply, banks would have to incur significant costs and sell their businesses for almost nothing.
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Just an Interesting Observation
Before joining the Eurozone, Greece, Italy, and other Southern European countries maintained competitiveness by constantly devaluing their currencies. Now, their only option is to reduce real wages.
The graph shows how dramatically real wages in Greece have declined over the past fifteen years.
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Before joining the Eurozone, Greece, Italy, and other Southern European countries maintained competitiveness by constantly devaluing their currencies. Now, their only option is to reduce real wages.
The graph shows how dramatically real wages in Greece have declined over the past fifteen years.
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War is Killing Palestine Economically
Palestine's economy contracted by 35% year-on-year in the first three months of 2024 following a 29% decline in the previous quarter, marking the largest contraction since records began in 2001. In the Gaza Strip, the economy fell by 86%—essentially bringing economic life to a halt. On the West Bank, GDP dropped by 25% due to Israel's economic blockade. All sectors of economic activity in Palestine have declined, including industry and utilities (-36%), construction (-51%), agriculture (-33%), and wholesale and retail trade (-36%). The Palestinian Authority is currently surviving only through humanitarian aid.
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Palestine's economy contracted by 35% year-on-year in the first three months of 2024 following a 29% decline in the previous quarter, marking the largest contraction since records began in 2001. In the Gaza Strip, the economy fell by 86%—essentially bringing economic life to a halt. On the West Bank, GDP dropped by 25% due to Israel's economic blockade. All sectors of economic activity in Palestine have declined, including industry and utilities (-36%), construction (-51%), agriculture (-33%), and wholesale and retail trade (-36%). The Palestinian Authority is currently surviving only through humanitarian aid.
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BRICS Share of Global GDP Reached a Record 35.7% in 2023
Over the year, BRICS gained 0.6%, and since the bloc's inception in 2006, it has increased by 10.2%. Simultaneously, the G7's share has fallen to a 29-year low of 29%, decreasing by 0.4% over the year. Since 2006, the G7's share has dropped by 9.7 percentage points.
The remaining countries accounted for 35.3% of global output last year—their share has remained relatively stable since 1990, fluctuating within one percentage point.
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Over the year, BRICS gained 0.6%, and since the bloc's inception in 2006, it has increased by 10.2%. Simultaneously, the G7's share has fallen to a 29-year low of 29%, decreasing by 0.4% over the year. Since 2006, the G7's share has dropped by 9.7 percentage points.
The remaining countries accounted for 35.3% of global output last year—their share has remained relatively stable since 1990, fluctuating within one percentage point.
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EU Imposes Tariffs on Cars from China Ranging from 17.4% to 37.6%
Europe is entering the US-China trade war, contrary to the interests of its own businesses and citizens.
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Europe is entering the US-China trade war, contrary to the interests of its own businesses and citizens.
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Multipolar Market
Just an Interesting Observation Before joining the Eurozone, Greece, Italy, and other Southern European countries maintained competitiveness by constantly devaluing their currencies. Now, their only option is to reduce real wages. The graph shows how dramatically…
France Hasn't Seen a Budget Surplus in 50 Years, and Italy in a Century
Italy is considered the "sickest man of Europe," sustained only by the artificial support of the European Central Bank (ECB). There has been no demand for Italian government debt for over two years, with domestic demand at zero and the ECB being its sole buyer.
It's no surprise, then, that inflation-adjusted wages in Italy were 4.4% lower in 2023 than in 1990. Even real wages in Greece fared slightly better.
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Italy is considered the "sickest man of Europe," sustained only by the artificial support of the European Central Bank (ECB). There has been no demand for Italian government debt for over two years, with domestic demand at zero and the ECB being its sole buyer.
It's no surprise, then, that inflation-adjusted wages in Italy were 4.4% lower in 2023 than in 1990. Even real wages in Greece fared slightly better.
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China Takes the Lead in Wind Energy Patents
From 2015 to April 2024, a total of 169,822 patents were granted worldwide in the field of wind turbines and power plants. China became the leader in the number of patent applications, surpassing Germany and Japan back in 2005.
Within just a few years, the number of its applications exceeded those of other countries by tenfold. In terms of patent competitiveness, China surpassed Denmark for the first time in 2023, taking the top spot.
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From 2015 to April 2024, a total of 169,822 patents were granted worldwide in the field of wind turbines and power plants. China became the leader in the number of patent applications, surpassing Germany and Japan back in 2005.
Within just a few years, the number of its applications exceeded those of other countries by tenfold. In terms of patent competitiveness, China surpassed Denmark for the first time in 2023, taking the top spot.
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Russian Economy Shows High Growth Rates Amid Partial Slowdown in Consumer Demand
The index of output for goods and services in core economic activities increased by 6.5% year-on-year in May, maintaining a comparable growth rate (6.5% year-on-year) for the period from January to May, despite a relatively high base from the previous year.
Over the past 12 months, the output index grew by 6.9%, exceeding the pre-crisis peak of February 2022 by exactly 6%, returning to the trend of 2017-2019.
The Russian Ministry of Economic Development estimates Russia's GDP growth in May at +4.5% year-on-year after +4.4% year-on-year in April, with an approximate growth of 5% year-on-year since the beginning of the year. This is a particularly strong result given the relatively high comparison base of 2022.
Key points of economic performance:
- The growth rate of construction work accelerated to +7% year-on-year and +4.6% year-on-year since the beginning of the year.
- The volume of wholesale trade in May increased by +11.1% year-on-year and by +12.3% year-on-year since the beginning of the year.
- Agricultural output grew by +1% year-on-year in May, with a growth of +1.2% year-on-year since the beginning of the year.
- Cargo turnover slightly improved after a slump in early spring, showing a decline of 0.2% year-on-year in May and a drop of 0.2% year-on-year from January to May.
- However, the decrease in railway cargo turnover is significant at -3.8% year-on-year and -6% since the beginning of the year.
- The commissioning of residential buildings slightly decreased by 0.5% year-on-year to 7.1 million square meters, with a 1.3% year-on-year increase since the beginning of the year on a high base.
- The unemployment rate remains at a historic low of 2.6%, averaging 2.7% since the beginning of the year (approximately 2 million unemployed people over the age of 15, of which 0.4 million are officially registered).
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The index of output for goods and services in core economic activities increased by 6.5% year-on-year in May, maintaining a comparable growth rate (6.5% year-on-year) for the period from January to May, despite a relatively high base from the previous year.
Over the past 12 months, the output index grew by 6.9%, exceeding the pre-crisis peak of February 2022 by exactly 6%, returning to the trend of 2017-2019.
The Russian Ministry of Economic Development estimates Russia's GDP growth in May at +4.5% year-on-year after +4.4% year-on-year in April, with an approximate growth of 5% year-on-year since the beginning of the year. This is a particularly strong result given the relatively high comparison base of 2022.
Key points of economic performance:
- The growth rate of construction work accelerated to +7% year-on-year and +4.6% year-on-year since the beginning of the year.
- The volume of wholesale trade in May increased by +11.1% year-on-year and by +12.3% year-on-year since the beginning of the year.
- Agricultural output grew by +1% year-on-year in May, with a growth of +1.2% year-on-year since the beginning of the year.
- Cargo turnover slightly improved after a slump in early spring, showing a decline of 0.2% year-on-year in May and a drop of 0.2% year-on-year from January to May.
- However, the decrease in railway cargo turnover is significant at -3.8% year-on-year and -6% since the beginning of the year.
- The commissioning of residential buildings slightly decreased by 0.5% year-on-year to 7.1 million square meters, with a 1.3% year-on-year increase since the beginning of the year on a high base.
- The unemployment rate remains at a historic low of 2.6%, averaging 2.7% since the beginning of the year (approximately 2 million unemployed people over the age of 15, of which 0.4 million are officially registered).
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Greece Introduces a 6-Day Work Week, Becoming the First EU Country to Take Such a Step
In some industries workers will be given a choice—they can either extend their workday by 2 hours or work an additional eight-hour shift—and for this, they will only receive 40% of their regular salary. The local government aims to defuse an economic "time bomb" by addressing the shortage of skilled workers and the significantly declining population.
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In some industries workers will be given a choice—they can either extend their workday by 2 hours or work an additional eight-hour shift—and for this, they will only receive 40% of their regular salary. The local government aims to defuse an economic "time bomb" by addressing the shortage of skilled workers and the significantly declining population.
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