1) Singapore unveils fourth stimulus budget of S$33 billion, named the Fortitude Budget
2) Europe recovery fund of €750bn proposed by the EU’s executive Commission
3) Trump signs executive order targeting social media companies
4) The U.S. Might Revoke Hong Kong’s ‘Special Status’
5) WTI Prices Rebound Nearly 90% In May For Best Month On Record
1) Singapore unveils fourth stimulus budget of S$33 billion, named the Fortitude Budget
With the latest so-called Fortitude Budget, the country’s total stimulus now stands at S$92.9 billion, which amounts to 19.2 per cent of GDP.
The first stimulus package of S$6.4 billion was tagged onto the country’s annual budget – dubbed the Unity Budget – unveiled in February. In March, a bumper S$48.4 billion package was termed the Resilience Budget. Last month’s package – a S$5.1bn package which primarily boosted the wage subsidy scheme – was termed the Solidarity Budget.
https://www.singaporebudget.gov.sg/budget_2020/fortitude-budget
2) Europe recovery fund of €750bn proposed by the EU’s executive Commission
The proposed €750bn fund would be made up of €500bn in grants and €250bn in loans.
When added to a proposed €1.1 trillion budget for 2021-27 and an earlier €540bn initial rescue package, that would amount to a total of €2.4tn that the Commission says will “kick-start our economy and ensure Europe bounces forward”.
https://www.bbc.com/news/world-europe-52819126
3) Trump signs executive order targeting social media companies
President Donald Trump signed an executive order targeting social media companies on Thursday, days after Twitter called two of his tweets “potentially misleading.”
Under the order, the Commerce Department would ask the Federal Communications Commission for new regulations clarifying when a company’s conduct might violate the good faith provisions of Section 230 — potentially making it easier for tech companies to be sued.
https://edition.cnn.com/2020/05/28/politics/trump-twitter-social-media-executive-order/index.html
4) The U.S. Might Revoke Hong Kong’s ‘Special Status’
The news comes following Beijing’s decision late last week to draw up a national security law for Hong Kong…“No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground,” Pompeo said in a statement.
It’s up to the White House to decide what action it will take following Pompeo’s assessment, but options include tariffs, visa restrictions, export controls and freezing the U.S. assets of Hong Kong and Chinese officials deemed to be aiding Beijing in its encroachment on Hong Kong’s freedoms.
https://time.com/5842158/hong-kong-autonomy-trade-business-china-us/
5) WTI Prices Rebound Nearly 90% In May For Best Month On Record
In April, the demand for oil plummeted by its steepest downturn on record as much of the world went under lockdown in an effort to slow the spread of the virus.
Since then, a global glut of crude has eased and demand has slowly begun to increase, fueled, in part, by consumers turning to the road — instead of public transportation — to travel, pushing prices higher.
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