jump

Clinton Tells Students Not to Jump Gun on Economy : Recession: The President-elect, speaking at a Chicago community college, focuses on long road of recovery.

President-elect Bill Clinton used a community college in Chicago Monday to try out an updated economic message that Americans will be hearing frequently from him in the weeks to come: We’re not out of the woods yet.

“When you read that things are getting better with the unemployment rate, inflation rate, housing starts, things of that kind, that’s a good thing,” Clinton told an audience of some 150 students at Wilbur Wright Community College on this city’s northwest side. But, he warned, those improvements are merely part of the short-term business cycle.

“Underneath that,” he said, are “20 years of problems.”

“We may or may not be coming out of the recession,” Clinton said. “There are some good indicators that we are, but the long-term problems are there and that is what I have to address.”

Clinton’s statements reflect a basic dilemma that he faces: He relied on a bad economy to help him get elected. And while he would like to see improvements, he must rely on continued worries about the economy to get his programs enacted over what is certain to be fierce opposition from vested interests in Washington. In addition, of course, having defeated President Bush on the issue of the economy, Clinton would like to be able to say that economic improvements occurred on his watch, not on that of his predecessor.

With the economy showing steady signs of improvement, those factors have impelled Clinton and his aides to try with increasing diligence to focus public attention on the long-term trends of economic stagnation–and his long-term agenda to change them–rather than on talk of a short-term stimulus to help an economy that may well be moving out of recession on its own.

The emphasis on the long-term agenda will be central to the economic conference that Clinton plans to convene in Little Rock next week. Aides envision the conclave in large part as a tutorial to explain to Americans why the country needs Clinton’s agenda of raising taxes, revamping the health care system, and increasing spending on education, training and new technologies to reduce the deficit.

In answering questions from the students, Clinton provided the most detailed view since the election of how he intends to form a coherent agenda out of the many promises he made in the campaign.

Repeatedly he referred to two key proposals: His plan for a national service trust fund to let Americans finance their educations by borrowing money and paying part of it back through public-service work, and his plans to reform the nation’s health care system.

Changing the health care system is the one thing that he would do “if I could wave a magic wand,” Clinton said, reminding the students of the effect that rising health care costs have had on the ability of American companies to compete.

At the same time, the session with the students showcased a shift in Clinton’s rhetoric from the language of the campaign to the sterner realities of governing. During the campaign, Clinton struggled against his natural tendency to give four-part answers to all questions. Now he appears to have given up that fight.

And repeatedly, as the students asked Clinton for more federal money for program after program, the President-elect, mindful of the massive deficit he soon will inherit, responded with a polite version of “no.”

One woman asked if he would provide special incentives for minority students to attend college. No, Clinton said, the goal should be to make loans and scholarship funds broadly available and then recruit in minority communities. A nursing student asked about special incentives to encourage people to pursue nursing careers. No, Clinton replied, noting that nursing salaries have gone up because of shortages.

Still another noted that some of the classes he wanted to take have been canceled due to a lack of funds. Could the federal government help? he asked. “The federal government, with the huge deficits we are now facing, does not have the capacity to take over substantial funding of the community college system,” Clinton replied.

Despite that, Clinton seemed to win the student’s enthusiasm simply by having shown up.

“He could have just gone to Princeton or Yale and spoken in their auditorium. Instead he came here,” said Erika Marie Dimitrijevic, a 35-year-old mother who attends an ultrasound training program at the school. “I think he wants to get closer to the people.”

Dimitrijevic is in many ways representative of the school, whose average student is a 31-year-old woman. Roughly 50% of the 14,000 Wright students are white, while 20% are black and 30% are Latino. About 15% are women who head households.

The President-elect also used the occasion to score some points with the area’s political leaders, who were crucial in his battles to win his party’s nomination and to defeat President Bush. They will be equally important to whatever success he manages in the next four years. Clinton took time to meet with Chicago Mayor Richard M. Daley, along with Daley’s brother William, who has been touted in Chicago as a potential secretary of transportation in the Clinton Administration.

And in speaking to the students, Clinton made a point of praising their local congressman, Rep. Dan Rostenkowski, chairman of the House Ways and Means Committee, whose panel will have jurisdiction over much of Clinton’s economic and health care proposals and whose help Clinton has courted assiduously in recent weeks.

If he succeeds in changing the nation’s health care system, “it will be in no small measure because of Danny Rostenkowski’s leadership,” he said.

Later in the day, Clinton arrived in Washington and courted members of Congress by attending a reception for newly elected freshmen.

He will spend most of today on Capitol Hill, meeting with freshmen congressmen again as well as with congressional committee chairmen.

Clinton’s attempts to woo members of Congress, both the powerful and the new, are in sharp–and deliberate–contrast to the approach of Jimmy Carter, the last Democratic President, whose relations with Capitol Hill were tense and troubled. Clinton and his aides, by contrast, have taken every possible opportunity to try to bring members of Congress onto his team, an effort which is likely to include appointing several to his Cabinet.

The first of those expected Cabinet appointments are expected later this week.

As Clinton left the White House guest quarters at Blair House Monday night, en route to a party at the home of Washington Post Co. Chairwoman Katharine Graham, he was accompanied by several members of his transition team and Lawrence Summers, a World Bank economist, who is considered a possible choice for economic security adviser.

After a scheduled return to Little Rock tonight, Clinton likely will resign from the post of governor Wednesday, closing a 12-year chapter of his life. He is also expected to release new ethics guidelines for his Administration.

Researcher Tracy Shryer in Chicago contributed to this story.

Source link

easyJet warning as ‘lunatic’ plan would see flight prices jump up

easyJet boss has hit out at a new rule expected to come into force

Passengers flying within Europe could soon see a significant shift in baggage rules, and travellers are being put on notice.

At present, those travelling on basic fares with easyJet, as well as with Ryanair, are restricted to one small personal item, with any extra luggage attracting additional fees. Following changes to EU regulations, Ryanair was required to enlarge the maximum dimensions of its personal bags last year. The revised rules permit passengers to carry hand luggage measuring up to 40 x 30 x 20cm, a 20% boost from the former 40 x 20 x 25cm restriction.

easyJet’s personal bag specifications already complied with these requirements, meaning no adjustment was necessary. And now further EU regulatory shifts could enable travellers to bring both a cabin bag measuring up to 100cm and a personal bag without incurring additional charges.

In February, the European Parliament voted overwhelmingly to grant all passengers the entitlement to carry a small case in addition to the complimentary under-seat bags currently allowed. The Parliament’s proposal would give passengers the right to bring on board, at no extra charge, one personal item (such as a handbag, rucksack or laptop) and one small piece of hand luggage with maximum combined dimensions of 100cm (length, width and height) and weighing up to seven kilos.

The proposed reforms, which must receive approval from the European Council before becoming law, would apply to all travellers flying to or from an EU airport on an EU-based airline. This directly affects the overwhelming majority of short-haul flights departing from the UK.

While this may seem like a positive development for passengers, easyJet has slammed the proposals to enforce free additional baggage as a “lunatic idea”. Chief executive Kenton Jarvis insisted that granting all passengers the right to extra free carry-on luggage would be “crazy” and “terrible for the consumer”.

The easyJet boss described it as “politicians completely not understanding their subject and getting involved with things they shouldn’t”, adding: “There just isn’t the space in the cabin, so that’s another lunatic idea. We would go back to the days of having to offload cabin bags and put them in the hold – it was one of the number one causes of delayed boarding in the old days.”

Baggage fees accounted for a significant portion of easyJet’s more than £2.5bn in annual income from extras, or ancillary revenue, “and that would have to be passed on” through increased fares for all passengers, he warned.

Source link

Oil prices jump as US, Iran trade fire in Strait of Hormuz | Oil and Gas News

Brent crude rises amid clashes in critical waterway.

Oil prices have jumped after clashes between United States and Iran in the Strait of Hormuz pushed their tenuous ceasefire to the brink.

Futures for Brent crude rose as much as 7.5 percent during a volatile trading session on Thursday, before easing as Asia’s markets opened on Friday morning.

Recommended Stories

list of 4 itemsend of list

The international benchmark stood at $101.12 per barrel as of 03:00 GMT, down from the day’s high of $103.70.

The latest rise came after the US and Iran exchanged fire in the critical strait, a conduit for about one-fifth of global oil and natural gas supplies, despite the truce announced between the sides on April 7.

US Central Command (CENTCOM) said it launched strikes on Iran after three US Navy guided-missile destroyers came under attack from Iranian missiles, drones and small boats in the strait.

Iran’s Khatam al-Anbiya Central Headquarters earlier accused the US of violating the ceasefire by attacking an Iranian oil tanker and another vessel in the vicinity of the waterway.

The Iranian military headquarters also accused the US of targeting civilian areas, including Qeshm Island.

US President Donald Trump on Thursday appeared to downplay the clashes, saying the ceasefire remained in effect, while Iran’s state-run Press TV said the situation had gone “back to normal”.

Shipping in the strait has been at a near standstill since late February amid the threat of Iranian attacks on the massive oil tankers that usually transport much of the world’s energy supplies.

Brent prices are up about 40 percent compared with before the war amid an estimated shortfall in daily production of 14.5 million barrels.

Asian stock markets opened lower on Friday amid the heightened tensions, with Japan’s benchmark Nikkei 225, South Korea’s KOSPI and Hong Kong’s Hang Seng Index each falling more than 1 percent.

On Wall Street, the benchmark S&P 500 fell about 0.4 percent overnight after hitting an all-time high the previous day.

Source link

South Korea exports jump 48% in April

Containers for export are stacked at a port in Pyeongtaek, around sixty kilometers south of Seoul, South Korea, 22 February 2026. Photo by YONHAP /EPA

May 1 (Asia Today) — South Korea’s exports rose 48% from a year earlier in April, staying above $80 billion for the second consecutive month, government data showed Friday.

Exports totaled $85.89 billion, the second-highest monthly figure on record after $86.6 billion in March, according to the Ministry of Trade, Industry and Energy.

The increase was driven by strong semiconductor shipments, which surged 173.5% to $31.9 billion on rising demand tied to artificial intelligence. Chip exports exceeded $30 billion for the second straight month and set an April record.

Daily average exports, adjusted for working days, rose 48% to $3.58 billion, staying above $3 billion for a third consecutive month.

Auto exports fell 5.5% to $6.17 billion due to logistics disruptions from the Middle East, U.S. tariff effects and expanded overseas production. Exports of electric and hybrid vehicles continued to grow.

Petroleum product exports rose 39.9% to $5.11 billion by value due to higher oil prices, though shipment volume dropped 36% because of export controls on gasoline, diesel and kerosene.

Petrochemical exports increased 7.8% to $4.09 billion, while shipment volume fell 20.9% as companies expanded domestic supply.

Computer exports jumped 515.8% to $4.08 billion, and wireless communication device exports rose 11.6% to $1.62 billion.

By destination, exports to China rose 62.5% to $17.7 billion, marking six straight months of gains. Shipments to the United States increased 54% to $16.33 billion, while exports to the Association of Southeast Asian Nations rose 64% to $15.41 billion.

Exports to the European Union increased 8.5% to $7.19 billion. Shipments to the Middle East fell 25.1% to $1.27 billion due to logistics disruptions.

Imports rose 16.7% to $62.11 billion. Energy imports increased 7.5% to $10.61 billion, while non-energy imports rose 18.8% to $51.51 billion.

South Korea posted a trade surplus of $23.77 billion in April, extending its surplus streak to 15 months.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260501010000017

Source link

10 (more) minutes backstage with David Lee Roth at Stagecoach

After back-to-back appearances at both weekends of Coachella, David Lee Roth popped out Saturday at Stagecoach to sing Van Halen’s “Jump” with Teddy Swims for the third (and final?) time. To discuss what he called his “three-peat,” I caught up later with the 71-year-old singer, who wore a bedazzled jacket and a leather vest.

Have you bought property in Indio? Do you just live here now?
No, I’ve bought property in the American musical fabric that extends beyond time frame, that extends beyond shoes and haircuts. It includes cowboy hats and yarmulkes.

  • Share via

Next weekend this place is gonna be barren. Will you be back to sing “Jump” with nobody?
There’ll be plenty of people here for the Diamond Dave Big Rig Trucking School and Day Care Center.

You’re on your own tour right now. How are those shows going?
They go exquisitely because if you enjoy what you saw onstage [tonight], it’s that times 22 songs.

Twenty-two songs in the set.
Oh yeah. I wrote every word that I sing, I wrote every note that I sing — all the melodies — and I stacked all the harmonies. Ed [Van Halen], of course, contributed all the great guitar parts. And we wrote all of those parts literally sitting in a tiny little alcove room where you put a washer and a dryer. We would sit knee-to-knee the room was so small, and he’d play the electric guitar. His mom wouldn’t let him plug in because it would be too loud, so I had to lean over. Every song that you know of Van Halen, I heard from an unplugged-in electric guitar from four inches away, going, “Too long.”

Tighten it up.
Cut it short. All great musicians finish long after the ending.

Last time we talked, you said you were wearing Artemis II. What’s the outfit tonight?
This is classic Nudie’s western wear from Lankershim. This is from the ’50s. This has been all over the world. This is made by Nudie’s of Hollywood, who made all of Roy Rogers’ and Jean Autry’s [clothes] and all of “Bonanza,” “Gunsmoke,” “Rawhide’s” wear. Look up Nudie of Hollywood, OK? This baby’s worth more than my shoes, and they’re custom-made. This jacket’s worth more than my teeth — same thing.

Source link

South Korea card loans, cash advances jump 55% in March

An AI-generated image illustrates rising consumer debt and credit card borrowing in South Korea. Graphic by Asia Today and translated by UPI

April 21 (Asia Today) — Credit card loans and cash advances in South Korea surged more than 50% in March, signaling growing financial strain among households and raising concerns about rising credit risk in the card industry.

According to data from the Credit Finance Association, card loan usage at nine major credit card companies rose to 11.44 trillion won ($8.4 billion) in March from 7.42 trillion won ($5.4 billion) in February, an increase of about 54%.

Outstanding card loan balances reached 42.99 trillion won ($31.5 billion), up slightly from the previous month and marking a third straight month of increases.

The sharp rise reflects growing demand for short-term, high-interest borrowing as households face persistent inflation and a slowing economy, while tighter bank lending standards push lower-credit borrowers toward credit cards as a last resort.

Industry officials warned the trend could signal deteriorating asset quality, as card loans typically carry higher default risks.

Delinquencies are already rising. Data from the Bank of Korea showed the delinquency rate on credit card loans at commercial banks reached 4.1% at the end of January, the highest level since May 2005.

Loans overdue for more than six months – widely considered difficult to recover – also surged, rising 84% last year to 470.8 billion won ($345 million).

While higher loan volumes can boost interest income, industry officials said the increasing share of low-credit borrowers and longer delinquency periods could weigh on profitability due to higher provisions for bad loans.

Among card issuers, Samsung Card recorded the largest loan volume in March at 2.22 trillion won ($1.6 billion), while Hyundai Card posted the biggest monthly increase.

Cash advance usage also climbed sharply, rising 56% month-over-month to 12.48 trillion won ($9.1 billion), with outstanding balances increasing 4.5% to 6.29 trillion won ($4.6 billion).

A credit card industry official said the combined rise in new borrowing and outstanding balances could become a burden if delinquency rates continue to worsen.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260421010006681

Source link

March retail sales jump on higher gas prices, Commerce Department says

April 21 (UPI) — Retail sales rose by 1.7% in March mostly due to high gas prices from the ongoing conflict with Iran, the Commerce Department announced Tuesday.

It was the fastest monthly change in three years, according to a release.

In February, sales rose 0.7%.

Retail sales are seasonally adjusted but not for inflation. In March inflation rose by 0.9%, which was three times the February rate, according to the latest Consumer Price Index.

The war between the United States, Israel and Iran has caused gas prices to spike. The Strait of Hormuz, a critical transportation route for oil, has been closed to most traffic throughout the fighting. It has dramatically affected the price of gas in the United States and abroad.

Gas station sales jumped in March by 15.5% from February. Without gas station sales, retail rose 0.6% in March, which was at 0.7% in February.

Some categories were stronger. Furniture and home furnishing sales were up 2.2% in March.

Electronics and building materials held up well, too.

Gary Schlossberg, global strategist at Wells Fargo Investment Institute, said in commentary to investors on Tuesday: “Pressure on household budgets is being cushioned, for now, by sizable increases in tax refunds tied to last year’s legislation.”

Consumers adjusted their spending in other areas. Apparel sales were flat, and restaurant sales rose only 0.1%.

Gas prices likely caused that, said Dan North, Allianz Trade senior economist for North America.

“Gasoline is a thing you love to hate, because you have to buy it; there’s really no substitute,” North told CNN in an interview.

Eventually, consumers will deplete savings and tax refunds, and for lower-income Americans, it could be a struggle, North said.

“If we can wind this up, so to speak, in the next few months, the damage to the consumer and economy might not be so bad,” North said. “If you start stretching it out for months and months and toward the end of the year, then consumers and the rest of the economy get in trouble.”

Source link