- Yellen and Lagarde discussed policy ways to enhance jobs and economic growth in the US & Europe
- Democratic congressman sues Trump and Giuliani over the role in US Capitol riot
- Oil hits 13-month high with cuts in Texas
Yellen and Lagarde Discussed Policy Ways to Enhance Jobs and Economic Growth in US & Europe
In a statement made by the US Treasury Department, it was noted that Yellen and ECB President Christine Lagarde had a phone call.
US Treasury Secretary Janet Yellen discussed policy tools to boost growth and employment with ECB President Christine Lagarde.
At the meeting, it was stated that Yellen discussed common priorities including ending the new type of coronavirus epidemic, supporting strong global economic recovery, maintaining financial stability, and the threat of climate change.
In the statement, which emphasized the importance of deepening transatlantic cooperation in economic and financial issues of mutual interest, it was noted that Yellen praised the ECB’s rapid and decisive policy intervention against the epidemic, and discussed policy instruments that will encourage growth and employment in Europe and the USA.
The engagement highlights the Biden administration’s emphasis on economic recovery on both the international and domestic stages. Yellen last week told her counterparts and central bank chiefs from the Group of Seven “the time to go big is now” with regard to further fiscal support.
As it seems, the Biden administration is pursuing to renovate ties with European allies in all aspects. Trump repetitively took aim at European allies, threatening and imposing tariffs on a variety of goods, the administration of Democratic President Joe Biden has sent much more positive signals on topics ranging from trade to taxes.
In addition, EU officials last week appreciated Washington’s decision to refrain from applying excessive tariffs on EU goods in a lengthy dispute over aircraft tariffs, and said they were ready to work to overcome trade disputes.
Democratic Congressman Sues Trump and Giuliani over Role in US Capitol Riot
In the US, Democrat Deputy Bennie Thompson filed against former President Donald Trump for “inciting the people to revolt in the congressional raid” was the first civil lawsuit filed against Trump after the termination of his presidency.
In his application to the federal court in Washington DC, Thompson argued that Trump’s statements and words led the public to the raid of Congress.
In addition to Trump, his lawyer Rudy Giuliani and the names of the far-right groups “Proud Boys” and “Oath Keepers” were also included in the lawsuit on the grounds that they played a role in the raid.
The case was opened by Democratic Congressman Bennie Thompson in the US District Court in Washington, DC. Thompson, who chaired the House of Representatives Homeland Security Commission, filed the case under the Reconstruction-era law known as the Ku Klux Klan Act. The lawsuit, filed days after Trump was acquitted in the impeachment trial, demands punitive and compensatory compensation.
The 1871 law against racist Ku Klux Klan violence prohibits violence or intimidation to prevent Congress or other federal officials from fulfilling their constitutional duties.
It was said in the statement that: ‘’ The riot was the result of a plan meticulously organized by extremist groups such as Trump, Giuliani, and Oath Keepers and Proud Boys, all of which shared a common goal of using intimidation, harassment and threats to stop presidential approval.”
Thompson said in a statement that Trump’s “gleeful support of violent white supremacists led to a breach of the Capitol that put my life, and that of my colleagues, in grave danger. It is by the slimmest of luck that the outcome was not deadlier.’’
“While the majority of Republicans in the Senate abdicated their responsibility to hold the President accountable, we must hold him accountable for the insurrection that he so blatantly planned. Failure to do so will only invite this type of authoritarianism for the anti-democratic forces on the far right that are so intent on destroying our country.”
In case the lawsuit application is accepted, many processes such as collecting evidence and referring to witnesses are expected to be operated during the trial against Trump.
Under US law, prosecution or punishment in civilian courts does not legally prevent anyone from becoming a presidential candidate.
Oil hits 13-Month High with Cuts in Texas
Bitter cold all over The US has triggered an energy crisis unlike anything seen in years in the world’s largest energy-consuming country. More than 5 million people across the US had no electricity on Monday due to severe cold and snow in such states as Alabama, Kansas, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas. The cities reached temperatures at their lowest levels since 1989, with the latter witnessing as low as – 35 C.
Kansas Governor Laura Kelly declared a state of emergency due to extremely cold temperatures and urged people to seal leaks around exits, reduce the temperature on water heaters, and close blinds and curtains.
“We all must cut back on natural gas and electricity usage now to ensure we have enough available to make it through these sub-zero temperatures,” she told an emergency briefing.
With traders and oil refineries looking to protect the physical delivery of crude and natural gas, prices of oil and gas shot above their average seasonal levels. Oil prices are at a 13-month high as a cold wave in the US affected production facilities in Texas.
Brent oil also soared in Asian transactions after climbing to a 13-month high, as the cold weather in the US affected crude oil production facilities.
Futures surged towards $ 64 per barrel after climbing 1.4% on Monday in the London Market. While cold weather damaged the electrical system in Texas, power outages spread to other states. Pipelines declared force majeure while oil production of more than 1 million barrels stopped.
In Europe, the North Sea oil market recorded one of the biggest rises in a year on Monday. Production cuts made by Saudi Arabia alone have also been effective in rallying the global oil indicator by more than 20 percent this year.
Global production has decreased further with the cold weather in the USA and there are expectations that demand will increase. It no longer seems impossible for West Texas Oil to reach $65 per barrel.
Brent oil for April settlement rose 0.5 percent on the London ICE Futures Europe market to reach around $ 63.62 a barrel.
West Texas Oil for March futures stood at $ 60.27 a barrel in the Nymex market, up 1.4 percent from the close on Friday.