UK-EU crisis deepens

The London government began examining the consequences of suspending co-operation with the European Union on Northern Ireland on Thursday as the crisis over fisheries with France deepens.

The ongoing British government debate over the practical implications of triggering the emergency mechanism in the EU-Northern Ireland Protocol is being held in a cabinet committee, SKY News reports.

Government sources said the UK intends to trigger article 16 of the post-Brexit Northern Ireland Protocol with the EU. Negotiations continue with the EU on Northern Ireland.

The clause allows the UK or EU to waive certain rules under certain circumstances.
 

Biden's ambitions stuck at Capitol

In an address to the nation on Thursday, US President Joe Biden announced that his party's Democratic lawmakers have united and agreed on a $1.75 trillion package for social spending, economic development and combating climate change.

“We have a historic economic framework” that will create jobs and make the United States more competitive, Biden said after a visit to Congress to persuade progressives who want a package of more than $3 trillion to back his spending plan.

Speaker of the House of Representatives Nancy Pelosi pushed for a vote on the $1 trillion infrastructure bill written and passed by a group of bipartisan Senators, but progressive representatives such as the AOC, Omar, Tlaib, and Bush gave out firm objections.

"We've been very clear—we need to see the two bills simultaneously move together," Representative Omar, told reporters.

"The House should not be voting for an infrastructure bill unless they see very clear language and know that there are 50 senators on board, whatever the agreement may be," Progressives' de facto leader Sanders told reporters at the Capitol, after Biden left.

Biden asked for support at a meeting with House Democrats on Thursday. “I need your help; I need your votes,” he said, according to lawmakers.

Biden had hoped his party would unite on both infrastructure and social spending issues before embarking on a trip to Europe where he is poised to discuss climate and security issues with other leaders.
 

US GDP

The US Bureau of Economic Analysis (UAE) reported that the world's largest economy grew by just 2% in the third quarter.

Delta variant restrictions, supply chain woes, labor shortages, stagnant workforce numbers and high prices have put pressure on economic activity.

It is much lower than the 2.7% figure economists predicted, also, the slowest growth rate since the start of the economic recovery, and a huge drop from 6.7% in the spring.

This was the worst quarterly performance since the last quarter of 2019 when GDP grew by 1.9%, alongside the downturn in the first half of 2020 when the economy came to a halt amid lockdowns.

US stocks

The stock market hit record highs on Thursday as big companies' strong earnings reports boosted investor confidence.

The S&P500 was up nearly 1%, while the blue-chip Nasdaq Composite was up 1.4%. Both indices closed at record levels. The Dow Jones Industrial Average rose 239 points, but closed just below its previous record.

Ford rose 8.7% after a strong quarterly earnings report. Shares of Apple and Amazon, which reported earnings after Thursday's closing bell, rose 1.6% and 2.5%, respectively, supporting the Nasdaq index. Tesla shares rose 3.8%.