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On May 11, it was announced at a press conference held by the General Administration of Customs that, in order to uphold the bottom line of safety for imported and exported cosmetics and effectively protect the safety of cosmetics used by the general public, the General Administration of Customs recently released the newly revised "Measures of the Customs of the Peoples Republic of China for the Supervision and Administration of Inspection and Quarantine of Imported and Exported Cosmetics." These measures will take effect on December 1 this year. Li Jinsong, Director of the Import and Export Food Safety Bureau of the General Administration of Customs, stated that this revision widely solicited opinions from the public, relevant enterprises, industry associations, and the National Medical Products Administration, and also followed international rules by notifying the World Trade Organization (WTO). Overall, the revision presents three main characteristics: first, strengthening collaborative supervision across the entire supply chain to solidify the national border defense line; second, deepening institutional reform and innovation to improve the level of cross-border trade facilitation; and third, supporting the development of new business models to continuously accumulate momentum for reform.White House National Economic Council Director Hassett: The system is currently functioning well, and artificial intelligence products are being rolled out.White House National Economic Council Director Hassett: Its too early to talk about government action on artificial intelligence rules.S&P 500 and Nasdaq 100 futures extended their losses, currently down about 0.15%, following reports that Iran had deployed submarines.White House National Economic Council Director Hassett: High energy prices are highly unlikely to cause a U.S. economic recession.

High Mortgage Rates Force First-time Buyers to Rent, According to Rightmove

Aria Thomas

Nov 25, 2022 14:27

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The property website Rightmove (OTC:RTMVY) said on Friday that the demand for rental homes in the United Kingdom surged in October as prospective first-time buyers postponed their purchases owing to rising mortgage rates.


However, the total number of renters and purchasers on the market declined by 1% compared to the same period previous year.


In recent months, mortgage rates in the United Kingdom have risen beyond 6%, increasing after the "mini-budget" of former prime minister Liz Truss on September 23 rattled financial markets.


Since then, rates have fallen due to Jeremy Hunt's Autumn Statement, which guaranteed stamp duty reductions through March 31, 2025.


According to Britain's largest property marketplace, first-time buyers have been significantly impacted by the hike, prompting them to consider renting in the near future while they await the inevitable stability of mortgage rates.


Tim Bannister, a property expert at Rightmove, commented, "It is very understandable why some buyers, especially first-time buyers, are waiting for better financial stability."


Now that there are indicators that mortgage rates are stabilizing, it is probable that they will settle at a higher level than buyers in the past have experienced.


42% of prospective first-time buyers who intend to enter the property market over the next several years have already amassed their entire down payment while awaiting a reduction in interest rates. 43% more were engaged in savings.


Tenants are already facing a large increase in expenses owing to the rising costs of electricity, fuel, food, and council tax, which are reflected in the statistics.


As a result of the highest rate of inflation in 41 years, real wages are decreasing, placing incomes under the most severe pressure in decades.

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