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Global oil prices slid for the third straight day Tuesday, reflecting investors' deepening concerns about declining demand.
Brent crude, the global price benchmark, for September delivery fell as much as 1.7% to a one-month low of $83.40 per barrel. Since July 4, brent crude has dropped 4.6%.
Traders and investors blamed the decline on worries that China's economy can't sustain previously anticipated oil consumption. The country's second-quarter economic growth slowed more than expected. In addition, doubt persists about the willingness of top Communist Party officials to reform an economy hamstrung by a depressed real estate sector.
Meanwhile, average crude shipments from Russia in the past four weeks dropped to their lowest level since January, potentially signaling demand weakness elsewhere. The decline also could indicate increased compliance with OPEC+ output restrictions.
U.S. economic growth also has weakened, with gross domestic product in the first-quarter advancing just 1.4% on an annualized basis. That marked the weakest growth since the second quarter of 2022 and significant decline from 3.4% in last year's fourth quarter.
The Federal Reserve Bank of Atlanta's GDPNow forecast estimates U.S. growth recovered somewhat to 2% in the second quarter. The U.S. government will release its first second-quarter growth estimate July 27.
Overall, oil demand and prices forecasts have declined in recent months. A slowdown in demand may stave off a global oil supply deficit the International Energy Agency predicted earlier this year.
Nonetheless, plenty of uncertainty remains. Just last week, the U.S. Energy Information Agency predicted Brent crude would average $87.97 per barrel in the third quarter and $89.64 in the fourth quarter. That's up from $83.25 and $86.64, respectively, from its forecast only a month ago.
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Editor's note: Health inequities have long been an issue for people in the LGBTQ+ community. We're pleased to share a post from our colleagues in Corporate Learning at Harvard Medical School focusing on solutions that health care leaders can champion.
Health care business professionals can improve patient outcomes and reduce health inequities by championing the health care needs of the lesbian, gay, bisexual, transgender, queer and/or questioning, intersex, asexual, and two-spirit (LGBTQIA2+) community. These issues are an important priority for health care professionals year-round, not just during Pride Month.
Research shows that the LGBTQIA2+ community faces disproportionate adverse health conditions due to health inequities. It's important for those working in the health care industry to be aware of the challenges the LGBTQIA2+ community faces to help make systemic changes and improve health outcomes.
The LGBTQIA2+ community — which is less likely to trust the health care system — is a rising part of the population. The 2022 national Gallup survey shows that at least 20% of Gen Z identifies as LGBTQIA2+. This includes our coworkers, customers, and clients, says Dr. Alex Keuroghlian, a psychiatrist at Massachusetts General Hospital and faculty advisor for LGBT and Allies at Harvard Medical School (LAHMS).
"LGBTQIA2+ people experience pervasive stigma and discrimination, as well as numerous adverse social determinants of health, all of which negatively impact health outcomes," says Dr. Keuroghlian. "Health care professionals, organizations, and governmental agencies need to intentionally provide clinical care and design health systems and policies, in a manner that is culturally responsive and improves health outcomes for LGBTQIA2+ people."
Due to the politicized nature of these issues, health care providers around the world, including in several U.S. states, face limitations and backlash when providing gender-affirming care. In some places, Dr. Keuroghlian says, "legal restrictions on access to gender-affirming care create challenges for clinicians to deliver this care and for transgender and gender diverse people to safely receive it."
Everyone in health care — including health care business professionals — can work to improve health outcomes and decrease inequities. "It is critical for all businesses to offer welcoming, inclusive, and affirming work environments and service delivery for LGBTQIA2+ people," Dr. Keuroghlian says.
Supporting LGBTQIA2+ health begins in the workplace
With thoughtful action, health care business professionals can contribute to greater health equity for these underserved individuals. Some ways to do so include:
1. Take an active interest in better understanding the needs and perspectives of the LGBTQIA2+ community.
Conducting research, including surveys and consumer focus groups, is a good way to help better understand specific health needs and priorities. "This community has historically been excluded from studies and research that would be very helpful in understanding their needs and their challenges," says Dr. Enrique Caballero, an endocrinologist at Brigham and Women's Hospital and the faculty director of International Innovation Programs in the HMS Office for External Education. "We need to get to know the population better."
2. Prioritize inclusive language.
Whether you are involved directly in care delivery or other aspects of health care, pay attention to the words you use — for both customers and employees. Gendered language in job postings, informational or marketing materials, and even casual conversation can be off-putting. That means lost opportunities for organizations and LGBTQIA2+ individuals. Slight shifts in language and conscious efforts like adding pronouns to your email signature speak volumes.
3. Train staff to be community allies.
Gaining awareness of our unconscious biases and making shifts in our everyday language doesn't happen overnight. Health care industry businesses can help their staff be better allies to the LGBTQIA2+ community by providing access to workshops delivered by community members.
"No one becomes fully competent after one conversation, lecture, or video," Dr. Caballero says. "It's a lifelong process in which we all learn how to be more respectful, inclusive, and to embrace diversity."
4. Support companies and community organizations that focus on LGBTQIA2+ health.
Show, don't tell. Making financial contributions to organizations already on the ground and working with this population demonstrates that you aren't just concerned about the bottom line. You are truly dedicated to helping the LGBTQ+ population access good health care.
5. Hire LGBTQIA2+ staff.
The best way to ensure your company is prioritizing health equity is by having a diverse group at the decision-making table. It is crucial to have employees that represent the diversity of your customer base — not only diversity in gender expression and sexuality, but also diversity in race, ethnicity, age, ability, and beyond.
"Part of our obligation is to really open the doors for everybody," Dr. Caballero says. "Talent is not exclusive to a particular group, and I think that is important to embrace as an organization."
6. Include LGBTQIA2+ representation in all communications.
Diverse representation is key. Make a pointed effort to include same-sex couples, non-traditional family units, and transgender and non-binary individuals in all kinds of communications, participating in everyday activities.
7. Acknowledge any missteps.
On an institutional level, company acknowledgments can go a long way in rebuilding trust with the LGBTQIA2+ community. Within the organization, it's valuable to encourage ongoing communication about company culture.
"All organizations should have a system in place for people to provide feedback on how things are going and to report anything that they want to call the leadership team's attention to," Dr. Caballero says. "Having a system that truly listens to members of the organization — and being sure that follow-up action is taken — is very important."
8. Make action consistent beyond Pride Month.
Embracing the LGBTQIA2+ community consistently and with commitment all year long "is truly an opportunity for everyone," Dr. Caballero says. "This is not good just for the members of the community, but for everybody that works in a place that embraces diversity, equity, and inclusion."
Industry professionals turn to HMS for custom corporate learning programs, including on topics like LGBTQIA2+ health, that leave a lasting impact on participants. To provide these programs, HMS leverages faculty expertise from throughout the School and the entire Harvard University community to share with health care teams. To learn about HMS Corporate Learning custom programs, read about the approach or hear from clients themselves.
Source: Harvard Health Publishing
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Consumers appear to still have more spending left in them, despite market watchers anticipating a sales slowdown in the second half of 2024.
Many economists expected U.S. consumers to begin to take a breather and slow down on their purchases in June. But today's retail sales report showed spending was unchanged. The Census Bureau also updated its results for May, moving its sales data higher by 20 basis points to now reflect a 0.3% rise when compared with the prior month.
“Don’t count the U.S. consumer out just yet,” wrote Scott Anderson, BMO Capital Markets chief U.S. economist.
Strong retail sales helped the economy perform better than expected in 2023 helping dodge a recession. It has kept up a healthy pace so far in 2024, despite worries that a slowdown was in store for the second half of the year.
However, some economists are now asking if consumers are set to keep spending.
“There has been some concern about the economy and the consumer over the last few months, and while this is just one data point, it will help dispel the belief that consumers are feeling too much heat,” wrote Bret Kenwell, U.S. investment analyst at eToro.
Sales have the potential to rise further as a fluke depressed motor vehicle sales, economists said.
“Motor vehicle sales were likely held back artificially last month as a major cyber attack on auto dealer computer systems required sales to be recorded manually, introducing lags in recording that will be made up in July,” BMO’s Anderson wrote.
The parts of the retail sales report used in calculating gross domestic product (GDP), which economists call the control group, came in even stronger, up 0.9% in June. That measurement strips out components like motor vehicle sales, gasoline, restaurants and building materials.
That growth, paired with a downshift in inflation, could mean that GDP growth will be higher than expected, wrote Ben Ayers, senior economist for Nationwide.
Stronger spending is good for the economy, and it’s unlikely to create too many worries with the Federal Reserve, which is widely expected to cut interest rates at its Sept. 18 meeting.
“Resilient economic growth allows the Fed to focus on controlling inflation as they set interest rate policy,” wrote Bill Adams, Comerica Bank chief economist.
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Mohbad’s wife, Wunm has revealed Liam’s greatest enemy.
She said her son’s greatest enemy is his grandfather and this is quite funny and unbelievable.
Gold prices hit a record high Tuesday as investors looked ahead to the possibility of interest-rates cuts starting this fall.
The spot price of gold reached $2,465.65 an ounce, a record high, by Tuesday afternoon, according to LSEG data going back to 1968, per Gold futures were recently up 1.7% to about $2,470 an ounce.
Attention to gold has ratcheted higher in recent weeks after cooler-than-expected inflation in June fueled expectations that the Federal Reserve would lower its benchmark interest rate in September.
The prospect of lower interest rates is sometimes seen as bullish for gold since the precious metal, which doesn't pay a dividend, can appear more attractive relative to other assets, like Treasurys, in such an environment. Investors may also be turning to gold as a hedge against economic and geopolitical uncertainty.
The CME FedWatch Tool, which estimates the likelihood of interest rate changes based on 30-day fed funds futures, now shows that traders view a September cut as exceedingly likely, with additional reductions expected to follow.
Gold has been one of the best-performing global assets so far in 2024, with central banks playing a major role. Global official gold reserves increased by 290 metric tons in the first quarter of this year, the largest first-quarter increase since at least 2000 and 69% higher than the five-year quarterly average, according to the World Gold Council.
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Fans wail as media personality Maya Jama and rapper Stormzy announces the end of their relationship.
They’ve been laughing whilst drafting this because they never, ever, in a million years thought they’d be the couple announcing a breakup, but for the sake of clarity and, more importantly, to allow them the space and grace that’s needed for them both to be able to navigate this next bit of their lives with peace, we thought it might be best to.
They fell madly in love in 2014, broke up in 2019, and then spent five years manoeuvring life apart. They decided to try for the final time in August 2023, and they’ve spent this past year trying our best to make it work; however, they recently decided to call it quits. They were 21 and 20 when we first met-both at the beginning of our careers-and spent five years growing together and then five years growing separately, so this final attempt required a whole lot of figuring out, relearning, and unlearning. They tried, and it didn’t work, and that’s okay.
They still think the absolute world of each other, they still care and respect each other, they are still grateful for the time they’ve had together, and they are still friends and will always be friends (so if you see us having a lil catch-up at The Brits or something, don’t cause a fuss, they are dawgs!).
Announcing this feels so dramatic, but they’re doing it so that it kind of takes away the drama and avoids speculation and rumours. They’re kindly asking for the grace to let both of them keep it moving and not be bothered about it (they highly doubt this’ll work, but they’re still kindly asking anyway). Love you guys and thank you for all the love you’ve showered them with, it’s been beautiful!