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European Economics Preview: Eurozone Economic Confidence Data Due

Biden proposes huge US$6 trillion budget to 'reimagine' US economy

WASHINGTON (AFP) – President Joe Biden proposed a US$6 trillion (S$8 trillion) budget on Friday (May 28) to fund his ambitious makeover of the economy in 2022 while driving the United States into record debt – if he can get it past Congress.

Announcing the proposed spending, Biden said the post-pandemic United States “cannot afford to simply return to the way things were before.”

“We must seize the moment to reimagine and rebuild a new American economy,” he said.

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Flying over Memorial Day? Expect long lines at airports

WASHINGTON — Homeland Security Secretary Alejandro Mayorkas says people traveling for Memorial Day weekend should be patient because there will be long lines at U.S. airports.

The Transportation Security Administration has been in a hiring surge so it can be ready for increased travel this weekend and over the summer as the nation emerges from the coronavirus pandemic, Mayorkas told ABC’s “Good Morning America” on Friday.

“People will see lines because there’s going to be a tremendous amount of people traveling this weekend,” Mayorkas said. “Patience is required.”

Also required are masks, he added.

“The mask mandate is a federal mandate in airports and on airplanes,” he said. “That’s going to hold true probably until mid-September.”

Airline executives say domestic leisure travel is at pre-pandemic levels, and the number of people passing through U.S. airports daily is likely to top 2 million before the week is over — the first time that has happened since early March 2020.

The shortest route for a road trip across the US to see 50 national landmarks

  • Thinking about taking a cross-country road trip?
  • Researcher Randy Olson figured out the ideal route around the 48 contiguous states.
  • Olson used a genetic algorithm to calculate the shortest distances between 50 national landmarks.
  • See more stories on Insider’s business page.

EDITOR’S NOTE: This video was originally published in May 2015. 

Hy-Vee Recalls Chicken Street Taco Kit

West Des Moines, Iowa-based supermarket chain Hy-Vee Inc. is recalling its Chicken Street Taco Kit because it contains egg, an undeclared allergen that was not declared on the label.

Hy-Vee received bulk Chicken Taco Kits from Reser’s Fine Foods and repackaged them into Hy-Vee Chicken Street Taco kits. These bulk kits contained Chipotle Crema Sauce which contains egg that was not declared on the label. People who have an allergy or severe sensitivity to egg run the risk of serious or life-threatening allergic reaction if they consume these products.

The voluntary recall includes the Hy-Vee Chicken Street Taco Kits which were sold in deli cases in black plastic trays with clear plastic lids with the UPC 02-82503-09993 and a “Best If Use By” date prior to May 27, 2021.

The products were distributed by Hy-Vee grocery stores across its eight-state region of Iowa, Illinois, Missouri, Kansas, Nebraska, South Dakota, Minnesota and Wisconsin.

The company said it has not received any reports of illness or complaints involving the recalled product. The company has asked customers with egg allergy to not to consume the product and dispose of it, or return it to their local Hy-Vee store for a full refund.

Indian Bank back in black with ₹1,709 cr.net in Q4

Provisions and contingencies contracted to ₹839 crore (₹4,042 crore). Total income declined 7% to ₹10,648 crore.

Public sector lender Indian Bank reported a standalone net profit of ₹1,709 crore for the fourth quarter of FY21 against a net loss of ₹1,641 crore in the year-earlier period on robust growth in profit, controlled asset quality and strong capital adequacy.

Provisions and contingencies contracted to ₹839 crore (₹4,042 crore). Total income declined 7% to ₹10,648 crore.

“It was a significant and challenging year for Indian Bank due to the pandemic and being the first full year of amalgamation with Allahabad Bank. Indian Bank posted strong and steady performance on all key parameters,” said Padmaja Chunduru, MD & CEO.

Net interest income increased 1% to ₹3,334 crore. Net interest margin (domestic) decreased by 33 basis points to 2.85%. Non-interest income was marginally up to ₹1,744 crore due to higher profit on sale of investment, foreign exchange income and PSLC commission.

Gross non-performing assets dropped to 9.85% (11.39%) and net NPAs to 3.37% (4.19%). Provision coverage ratio rose to 82.2% (73.05%).

Total business grew 8% y-o-y to ₹9,28,388 crore. Total deposits grew 10% and advances by 6% respectively.

“Going forward, the emphasis would be on transformation in digital, operations and HR front. This year our focus will be on leveraging the larger balance-sheet size, higher CRAR, wider geographical presence, larger talent pool and enhanced technology,” she said.

The bank declared a dividend of ₹2 per share for FY21.

European Economics Preview: Eurozone Economic Confidence Data Due

Economic confidence from euro area and flash consumer prices from France are due on Friday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s import prices for April. Import price inflation is forecast to rise to 10 percent from 6.9 percent in March.

At 2.45 am ET, France’s statistical office Insee publishes flash consumer prices, detailed GDP data, consumer spending and producer prices. Consumer price inflation is expected to climb to 1.4 percent in May from 1.2 percent in April.

At 3.00 am ET, retail sales from Spain and producer prices from Austria are due. Also, Swiss KOF leading indicator data is due.

Half an hour later, Statistics Sweden is scheduled to issue GDP, retail sales and household lending figures.

At 4.00 am ET, Italy’s Istat releases producer prices for April. Prices had increased 2.7 percent on year in March.

Also, consumer prices from Poland and unemployment data from Norway are due.

At 5.00 am ET, European Commission is set to publish euro area economic confidence survey results for May. The economic sentiment index is forecast to climb to 112.1 in May from 110.3 in the previous month.