Welcome to the Economic Corner, where we update you on all the biggest global economic announcements.
• First up on the Economic Corner is a big news from the United States -- US President Joe Biden has prohibited American entities from investing in 59 Chinese companies with alleged ties to the country’s military and surveillance efforts. According to an Executive Order signed by Biden, US investors are barred from investing in a number of companies including Wah-way Technology.
• In a meeting with Shelley Moore Capito, the West Virginia senator and lead Republican negotiator on Wednesday, President Biden said he is prepared to drop his demands for an increase in the US corporation tax rate if enough Republicans agree to support a surge in infrastructure spending. The US president said that he is fine with a bipartisan agreement on his bid to fund more than $1 trillion in additional spending over the next decade to upgrade roads, bridges, and broadband networks across the country.
• Moving on to another important announcement by President Biden. Biden said in a statement that the United States will be the world’s arsenal of vaccines in the shared fight against this virus. In the days to come, more details will be provided about how future doses will be shared. The US said that it will donate millions of excess doses of Covid-19 vaccines from its stockpile to countries around the world to help battle fresh outbreaks of the pandemic.
• The UN Food and Agriculture Organization’s monthly index saw its largest jump since 2011, as commodity prices surged. The index jumped 40 per cent in May, heightening fears that inflation was accelerating.
• Top U.S. infectious disease expert Dr. Anthony Fauci has called on China to release the medical records of nine people whose ailments might provide vital clues into whether COVID-19 first emerged as the result of a lab leak.