Shore News Network
  • New Jersey
    • Jersey Shore News
    • South Jersey News
    • Philadelphia News
    • North Jersey News
    • Ocean County News
    • Monmouth County News
    • Cape May County News
    • Atlantic County News
    • Burlington County News
    • Mercer County News
    • Toms River News
    • Jackson Township News
    • Regional
  • New York
    • New York City News
  • MD
  • FL
  • PA
Shore News Network
  • DE
  • OH
  • D.C.
  • VA
  • Topics
    • Crime
      • Most Wanted
      • Fire
    • Weird
    • Politics
    • Weather
    • OMG!
    • Traffic
    • Lottery Results
    • Pets
    • US News
    • Politics
    • Weather Reports
    • Weird and Strange News
    • Good News
    • Viral Videos
    • Pets
    • Business News
    • Tech and Gaming
    • Entertainment
    • Food
    • Health and Wellness
    • Travel
    • Schools
    • Sports
    • Top 10 Lists
    • Viral News
    • The Buzz
    • Satire
Business News

Marketmind: Bond yields recoil on disinflation buzz

by Reuters July 11, 2023
By Reuters

A look at the day ahead in U.S. and global markets from Mike Dolan

A volte face in Treasury yields has improved investors’ mood considerably this week as excitement about U.S. disinflation builds despite conflicting signals from around the world.

After bumpy start to the third quarter, stocks and bonds rallied together on Monday – with both two- and 10-year Treasury yields recoiling sharply back below 5% and 4% thresholds respectively.

Spurred by more signs of ebbing U.S. inflation ahead of Wednesday’s critical June consumer price report, Wall Street stocks also recovered ground on Monday.

U.S. small cap stocks led the way, with the Russell 2000 jumping 1.6% to clock its best day in more than a month – ahead of both the NFIB June small business survey later on Tuesday and the onset of the second-quarter earnings season.

S&P 500 futures held Monday’s modest index gains overnight.

Ad: Save every day with Amazon Deals: Check out today's daily deals on Amazon.

But the roots of the rally were in the bond market, where benchmark government borrowing rates fell back despite little change in Federal Reserve policy thinking or even market pricing of Fed moves this year. The dollar retreated sharply too, most notably against Japan’s yen.

While some of that bond repricing may have been positioning for Wednesday’s release of an expected near one percentage point drop in U.S. headline CPI inflation to just 3.1% in June, there were numerous other background factors.

A New York Fed survey showed on Monday that household inflation expectations for the year ahead fell to 3.8% last month, the lowest in more than two years. The Fed also reported that consumer credit plunged to $7.1 billion in May, less than a third of the previous month and less than half forecast.

On top of that, markets also focused on a reported 4.2% drop in used-vehicle prices last month – the biggest drop since the pandemic hit and a price category that had been a big aggravator of the recent inflation spike.

A slew of speeches from Fed officials seemed less accommodating – with most advocating at least one more rate hike in the current cycle. But there was also a sense that policy tightening was in the last lap.

And if bond markets were looking for another reason to rebound at the margin, the Fed’s top regulatory official Michael Barr laid out a sweeping plan to increase capital requirements for the largest U.S. banks in the wake of recent bank failures, a move met with criticism from the industry.

But if the U.S. inflation picture is looking more optimistic, it’s much harder to read around the world.

After China showed on Monday that it was flirting with outright deflation last month, Britain relayed a screed of mixed signals – accelerating wage growth to match record highs, rising unemployment, mortgage rates soaring to 15-year highs and the Bank of England talking tough on more policy tightening.

The net effect was to see two-year UK gilt yields fall in tandem with Treasuries, UK mid-cap stocks advance and sterling rise to its highest in a year against the retreating dollar.

China and Hong Kong stocks and the yuan were more upbeat as signs of some government support for the stuttering economy emerged. China’s central bank on Monday extended a rescue package to shore up the real estate sector and there were hopes the long-running tech sector crackdown was coming to an end.

Events to watch for later on Tuesday:

* U.S. June NFIB small business survey, June employment trends

* New York Federal Reserve President John Williams speaks

* U.S. President Joe Biden arrives in Vilnius for NATO summit

* U.S. Treasury auctions 3-year notes, 12-month bills

(By Mike Dolan, editing by Jane Merriman,; [email protected]. Twitter: @reutersMikeD)

tagreuters.com2023binary_LYNXMPEJ6A0AO-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

UK wage growth matches record high but job market shows signs of cooling

by Reuters July 11, 2023
By Reuters

By William Schomberg

LONDON (Reuters) -A key measure of British wages rose at the joint fastest pace on record but official data also showed signs that the inflationary heat in the labour market is cooling, offering the prospect of relief for the Bank of England.

Sterling edged up but yields on two-year British government bonds, which are sensitive to speculation about interest rates, fell sharply, suggesting investors were dialling back their bets on how much higher the BoE would go with its run of rate hikes.

“There were some tentative signs that the labour market may be turning…. But this has to be balanced against still persistently strong wage growth,” Ellie Henderson, an economist with bank Investec, said.

“The Bank will likely want to see an easing in the wage growth numbers before it can think about declaring an end to the fight against inflation.”

The 7.3% surge in basic earnings in the three months to May compared with the same period a year ago was the joint highest alongside April’s growth – which was revised up on Tuesday from an initial 7.2% – and the second quarter of 2021, according to data which goes back to 2001.

Ad: Save every day with Amazon Deals: Check out today's daily deals on Amazon.

Economists polled by Reuters had forecast a 7.1% rise and said the stronger-than-expected increase left the BoE on course to raise interest rates for the 14th time in a row on Aug. 3, probably by another half-percentage point.

Before then, the statistics office will announce June’s inflation data.

Sterling edged up to a 15-month high against the dollar and also gained moderately against the euro. Markets saw a roughly 50% chance of the BoE’s benchmark rates hitting a peak of 6.5% in early 2024, up from 5% now.

INFLATION PRESSURE

The BoE is monitoring pay growth closely as it assesses how much inflationary pressure remains in Britain’s economy. Consumer price inflation held at 8.7% in May, higher than in any other big rich economy.

Governor Andrew Bailey said on Monday that wages as well as prices charged by companies were rising too fast and he vowed to “see the job through”. Finance minister Jeremy Hunt said the government would have to act responsibly on public sector pay.

But the inflation pressure was tempered by several signs of a slowdown in the labour market.

The unemployment rate unexpectedly rose to 4.0% from 3.8% in the three months to April and the number of people out of work increased by the most since late 2020. Job vacancies extended their run of falls to their lowest since mid-2021.

Samuel Tombs, with Pantheon Macroeconomics, said the BoE’s Monetary Policy Committee (MPC) might see enough signs of a slowdown in the data to allow it to halt its run of rate increases soon, although probably not in August.

“For now, wages still are rising too quickly for the MPC to tolerate on an ongoing basis,” he said. “But it always has taken a little time for changes in labour market slack to influence wage growth and some leading indicators remain encouraging.”

Annual pay growth including bonuses sped up to 6.9%, the fastest on record excluding the coronavirus pandemic period when government job subsidies distorted the data, the ONS said.

Other signs of a loosening of inflation pressure in the data included a fall in the inactivity rate – which measures people out of work and not looking for it – to its lowest since the onset of the pandemic in 2020.

(Reporting by William Schomberg; editing by Christina Fincher)

tagreuters.com2023binary_LYNXMPEJ6A07N-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Baltimore NewsBreaking NewsMaryland NewsPolice Blotter

15-Year-Old Injured In Baltimore Shooting

by Kristen Harrison-Oneal July 11, 2023
By Kristen Harrison-Oneal

BALTIMORE, MARYLAND – The Baltimore Police Department is investigating the shooting of a 15-year-old boy in Eastern Baltimore yesterday afternoon.

Shortly before 4 pm, officers arrived at a local hospital to investigate a walk-in gunshot victim. Police found the victim suffering from a single gunshot wound. The teen is expected to survive and is listed in stable condition.

The victim revealed to police that he was shot at the 1500 Block of Fairmount Avenue.

 If you have any information about this shooting, please contact Central District Shooting detectives at 410-396-2411 or Metro Crime Stoppers at 1-866-7Lockup.

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Breaking NewsLottery WinnersNew Jersey News

Lucky lottery player wins $66k on Fast Play ticket sold in Robbinsville

by Jessica Woods July 11, 2023
By Jessica Woods

ROBBINSVILLE, NJ – A fortunate individual has claimed the $2 Jersey Jackpot prize, winning an impressive $66,699, which constitutes 20% of the progressive jackpot. The winning ticket was purchased on Monday, July 10.

Fast Play Progressive tickets are available for purchase at various retailers, providing players with a quick and convenient means of checking if their ticket holds the winning numbers. In this case, the lucky ticket was bought at Wawa #8399, located at 1220 US Highway 130 in Robbinsville, Mercer County.

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Geely, Renault strike deal to develop gasoline engines, hybrid technology

by Reuters July 11, 2023
By Reuters

(Reuters) -China’s Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles.

The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles.

“We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world,” said Eric Li, Geely Holding Group chairman.

The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said.

At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino.

The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added.

Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue.

Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said.

The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year.

Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business.

The joint venture is expected to be launched in the second half of 2023.

($1 = 0.9079 euros)

(Reporting by Harish Sridharan in Bengaluru; Editing by Nivedita Bhattacharjee and Eileen Soreng)

tagreuters.com2023binary_LYNXMPEJ6A031-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ6A02Z-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

UK mortgage rates surge to 15-year high after surpassing ‘mini-budget’ peak

by Reuters July 11, 2023
By Reuters

By Suban Abdulla

LONDON (Reuters) -A key British mortgage rate hit a 15-year high on Tuesday when it rose above the levels reached in the aftermath of September’s “mini-budget” crisis, adding to strains on the country’s slowing housing market as the Bank of England battles stubborn inflation.

The average two-year fixed residential mortgage rate climbed to 6.66%, narrowly exceeding the 6.65% touched on Oct. 20 and the highest since August 2008 when it stood at 6.94%, according to data provider Moneyfacts.

Britain’s housing market activity staged a recovery in early 2023 from the turmoil triggered by the unfunded tax-cutting plans of former Prime Minister Liz Truss. But homeowners and buyers have faced renewed mortgage pain in recent months.

Fixed mortgage deal rates have risen rapidly in recent weeks as stickier-than-expected consumer price inflation, which held at 8.7% in May, pushed up bond yields and increased market bets on the BoE’s benchmark rate peaking at 6.5%, up from 5% now.

Governor Andrew Bailey said last month there were signs of more persistent underlying inflation pressures after the BoE unexpectedly raised its Bank Rate to 5% in an effort to tame the highest inflation rate among the world’s big rich economies.

Swap rates, a key measure lenders use to determine the cost of mortgage borrowing, have also soared. Two-year swaps jumped by 0.89 percentage points over the course of June.

The surge has prompted major mortgage lenders to repeatedly reprice home loan offerings.

Lenders including Nationwide, Lloyds Bank and Santander on Tuesday told lawmakers on the Treasury Committee in Britain’s parliament that mortgage payment arrears had increased slightly but remained below pre-pandemic levels.

“Undoubtedly, households and customers are feeling the effect of not just mortgage rates increasing but the wider cost of living crisis … but arrears remain very low in a historical context, and still below what we’d have seen pre-COVID,” Andrew Asaam, homes director at Lloyds Banking Group told lawmakers.

However, most households have yet to face the impact of higher borrowing costs as they are still locked in to previous deals.

British homebuyers typically take out mortgages with an interest rate that is fixed for two or five years, and then remortgage on to a new fixed rate or accept a variable rate.

Trade body UK Finance estimates 800,000 Britons will need to refinance loans in the second half of this year, and a further 1.6 million in 2024 of a total of nearly 7 million fixed-rate mortgages that are outstanding.

Analysis from the Resolution Foundation, a think tank, shows the average homeowner who refinances a home loan in 2024 will have to pay an extra 2,900 pounds ($3,732.88) a year.

House prices have also shown the hit to the market. Mortgage lender Halifax reported a 2.6% annual fall in house prices in June, the largest decline since 2011, while Nationwide reported a 3.5% drop year-on-year last month, the biggest since 2009.

($1 = 0.7769 pounds)

(Reporting by Suban Adbulla and Sachin Ravikumar; Editing by William Schomberg, Kate Holton and Andy Bruce)

tagreuters.com2023binary_LYNXMPEJ6A08T-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Exclusive-Wagner fighters neared Russian nuclear base during revolt

by Reuters July 11, 2023
By Reuters

(Reuters) – As rebellious Wagner forces drove north toward Moscow on June 24, a contingent of military vehicles diverted east on a highway in the direction of a fortified Russian army base that holds nuclear weapons, according to videos posted online and interviews with local residents.

Once the Wagner fighters reach more rural regions, the surveillance trail goes cold – about 100 km from the nuclear base, Voronezh-45. Reuters could not confirm what happened next, and Western officials have repeatedly said that Russia’s nuclear stockpile was never in danger during the uprising, which ended quickly and mysteriously later that day.

But in an exclusive interview, Ukraine’s head of military intelligence, Kyrylo Budanov, said that the Wagner fighters went far further. He said that they reached the nuclear base and that their intention was to acquire small Soviet-era nuclear devices in order to “raise the stakes” in their mutiny. “Because if you are prepared to fight until the last man standing, this is one of the facilities that significantly raises the stakes,” Budanov said.

The only barrier between the Wagner fighters and nuclear weapons, Budanov said, were the doors to the nuclear storage facility. “The doors of the storage were closed and they didn’t get into the technical section,” he said.

Reuters was not able to independently determine if Wagner fighters made it to Voronezh-45. Budanov did not provide evidence for his assertion and he declined to say what discussions, if any, had taken place with the United States and other allies about the incident. He also didn’t say why the fighters subsequently withdrew.

A source close to the Kremlin with military ties corroborated parts of Budanov’s account. A Wagner contingent “managed to get into a zone of special interest, as a result of which the Americans got agitated because nuclear munitions are stored there,” this person said, without elaborating further.

A source in Russian occupied east Ukraine, with knowledge of the matter, said this caused concern in the Kremlin and provided impetus for a hastily negotiated end to the rebellion on the evening of June 24, brokered by Belarusian President Alexander Lukashenko.

U.S. officials expressed doubts about this account. In response to a query about whether Wagner forces reached the base and sought to acquire nuclear weapons, White House National Security Council spokesman Adam Hodge said, “We are not able to corroborate this report. We had no indication at any point that nuclear weapons or materials were at risk.”

The Kremlin and Wagner commander Yevgeny Prigozhin did not respond to questions for this article.

Matt Korda, a Senior Research Associate and Project Manager for the Nuclear Information Project at the Federation of American Scientists, said it would be “virtually impossible for a non-state actor” to breach Russian nuclear security. Wagner may have had thousands of troops at its disposal, he said, but it’s unlikely any of them knew how to detonate a bomb.

“If you had a malicious actor who was able to get their hands on a nuclear weapon, they would find the weapons stored in a state of incomplete assembly,” he said. “They would need to be completed by installing specialised equipment and then unlocking permissive action links, and in order to do that they would need the cooperation of someone from the 12th Directorate” responsible for protecting Russia’s nuclear arsenal.

Budanov is the first official to suggest Wagner fighters came close to acquiring nuclear weapons and further escalating an armed mutiny that has been widely interpreted as the biggest challenge to Russian President Vladimir Putin’s power. U.S. officials have long feared the nightmare possibility that strife in Russia might lead to nuclear devices falling into rogue hands.

Wagner fighters drove in the direction of Voronezh-45 after peeling away from a larger convoy of heavy weaponry that was advancing along the M4 highway that runs north from Rostov, where the rebellion began. This smaller group headed east, and engaged Russian forces in a firefight at the first village it reached, according to residents and social media posts. But then it appears to have passed without hindrance for 90 km, including driving unchallenged through the centre of a town that houses a military base.

Reuters followed the group’s progress to the town of Talovaya, about 100 km from the base, which dates back to the Soviet era. It is one of Russia’s 12 “national-level storage facilities” for nuclear weapons, according to a report by U.N. scientists. At Talovaya, Russian forces attacked the column, according to local people who spoke to Reuters. A Russian helicopter was shot down, killing the two crew.

Reuters interviewed Budanov in his Kyiv office, which Russia targeted with strikes as recently as May. Dressed in military fatigues with a black pistol tucked into his waistband, Budanov spoke in front of a painting that depicts an owl, a symbol of Ukraine’s spy bureau, clutching a bat, symbol of Russia’s military intelligence agency. He said Voronezh-45 houses small nuclear devices that can be carried in a backpack. “This was one of the key storage facilities for these backpacks,” he said, without providing evidence for this assertion. Reuters was unable to establish if the backpack-sized nuclear charges, referred to by Budanov, are kept at Voronezh-45.

Such small nuclear bombs – light enough to be carried by a single person – are Cold War relics. American troops trained to parachute from planes with nuclear weapons strapped to their bodies and Soviet troops trained to deploy them behind enemy lines on foot. But by the early 1990s, both nations agreed to remove them from their arsenals as tensions eased, and did so, though Russia kept some to mine harbours, said Hans Kristensen, who leads the Nuclear Information Project at the Federation of American Scientists, based in Washington.

Several former U.S. nuclear nonproliferation officials cautioned that it’s difficult to know for sure whether the Russians kept their promise to destroy their backpack-style nuclear weapons. “I don’t believe the Russians still have them, but I wouldn’t bet my life on it,” said David Jonas, former general counsel to the U.S. National Nuclear Security Administration, which tracks atomic weapons and radioactive material worldwide.

Amy Woolf, a nuclear weapons specialist for U.S. lawmakers at the Library of Congress from 1988 to 2022, raised doubts about the potency of such weapons if they do still exist. “It’s possible there’s still some old crap stuck in storage somewhere,” she said. “But is it operational? Almost certainly not.”

Jonas, who advised top Pentagon officials on nonproliferation, agreed, noting that such portable weapons need to be maintained and updated, and degrade over time. He said Russia has struggled to maintain its conventional forces, let alone its atomic stockpile.

A FALLING OUT

Wagner was founded by Prigozhin and Dmitry Utkin, a former special forces officer in Russia’s GRU military intelligence. Cast as a private army, Wagner enabled Russia to dabble in wars in countries including Syria, Libya and Mali with full deniability. U.S. officials also say Prigozhin’s business operated a social media troll factory that interfered with the 2016 American presidential election. In recent days, Putin confirmed the Russian state financed Wagner. State television reported that Prigozhin’s operations had received more than 1.7 trillion roubles ($19 billion) from the Russian budget.

Prigozhin fired the opening salvo of his mutiny on June 23 when he accused the Russian military of launching a missile strike on a Wagner camp in Russian-occupied east Ukraine. Russia denied any such operation.

At least half a dozen sources inside and outside Russia say the conflict had been brewing for some time and that money and tensions between rival clans lay at its heart. For months, Prigozhin had been openly insulting Putin’s most senior military men, casting Defence Minister Sergei Shoigu and Chief of the General Staff Valery Gerasimov as corrupt and incompetent and blaming them for reversals in Russia’s war in Ukraine.

The insults went unanswered in public for a long time. Then Shoigu hit back. On June 10, he ordered Wagner fighters to sign contracts with his ministry agreeing to become part of the regular army by month’s end. Prigozhin refused. On June 13, Putin publicly sided with Shoigu. The state was moving to cut Wagner’s funding and this, the sources inside and outside Russia told Reuters, was the trigger for the mutiny.

In the early hours of June 24, Wagner forces arrived in the southern city of Rostov, an important command centre for Russia’s operations in Ukraine. Wagner took charge of the base there and within hours video emerged of Prigozhin chatting with Russian commanders. Around the same time, other contingents of Wagner forces struck out north, heading in the direction of Moscow along the M-4 highway.

Wagner fighters encountered little resistance.

Some Russian units that stood in their path or were instructed to intercept them did nothing, according to five sources: a Russian security source, three people close to the Kremlin, and a person close to the Russian-installed leadership in eastern Ukraine. The security source said two Russian military formations around the south-west of the country received orders to resist Wagner but they did not act on the command.

Some Russian units did nothing because they were taken by surprise and were outgunned, the sources said, while others stood by because they assumed, until Putin went on television at 10:00 a.m. Moscow time to denounce Prigozhin, that Wagner was acting on the Kremlin’s orders. The sources said some officers were reluctant to move against Wagner because they felt solidarity with the private army and shared Prigozhin’s disillusionment with the way the Defence Ministry top brass was running the war.

At the Bugayevka crossing between Ukraine and Russia, images posted by a Wagner-affiliated Telegram channel on the morning of June 24 showed dozens of Russian troops standing in line, unarmed. The caption said they had laid down their weapons.

Oleksiy Danilov, Secretary of Ukraine’s National Security and Defence Council, told Reuters that many in the Russian military sided with Prigozhin. “There are so many commanders who sympathise with Wagner and don’t want to follow Putin,” he said, adding that he knew of 14 Russian generals who supported Prigozhin. Reuters was not able to independently verify his account about the generals.

One branch of the Wagner force headed north along the M-4 highway, in the direction of Moscow. Their route took them right past Boguchar, a garrison town where a Russian unit is stationed. Three local residents who spoke to Reuters said that the military there did nothing to resist, and that a significant number of people in the town, including people serving in the military, felt sympathy with the Wagner force.

One woman said of Prigozhin: “Who else should we support? At least there’s one dignified person who was not frightened.” Another female resident also said Wagner had widespread support in the town, and that many Wagner fighters are from Boguchar. “They’re all friends,” she said.

A NUCLEAR DETOUR

As the main Wagner column advanced northwards towards Moscow, a group of military vehicles, and some civilian pickups and vans, turned eastwards. The moment is captured on a video posted on a Voronezh region news site. Reuters geo-located the video to a junction near the town of Pavlovsk. The breakaway contingent rumbled through villages and along a road that cut through patches of forest and flat farmland, skirting gulleys carved out by tributaries of the Don River.

A video posted on a local online bulletin board shows a field in the dawn light near the village of Elizavetovka on June 24. In the distance there is an explosion and gunfire, and panicked cries from a male voice: “Has a war started?”

Then a fresh round of automatic gunfire, closer this time.

Reuters spoke to the man’s neighbour, who said the Russian military had attacked the Wagner force. At 08:24 am, a user on the same online bulletin board, Anna Sandrakova, wrote: “Shells are flying, low-flying helicopters, we could hear explosions, automatic gunfire.” Maxim Yantsov, the local government chief for Pavlovsk district, wrote on his Telegram channel that 19 households were damaged as a result of shooting around Elizavetovka.

A few hours later, the convoy passed through another village, Vorontsovka, still moving in the direction of the nuclear facility. Two videos posted to Telegram show more than a dozen vehicles, including armoured personnel carriers, tanks and trucks mounted with machine guns or carrying artillery.

Next on the route, the convoy reached Buturlinovka, according to posts on the town’s online bulletin board and a video that Reuters identified as being recorded in the town. Buturlinovka, closer still to the nuclear facility, is the location of a military air base.

By Saturday evening, users on a VKontakte online forum started reporting the presence of a military column at the town of Talovaya, 110 km from the military base. A video shared by a local resident with Reuters shows a column of military vehicles moving through the outskirts of the town. A second video, provided by another resident, showed at least 75 vehicles in a convoy on the edge of the town, including 5 armoured personnel carriers, two ambulances, and an artillery gun towed behind a truck. A third resident said local people offered food and water to the Wagner troops. The situation was calm, he said, until a Russian helicopter fired at the column. It fired back and the helicopter fell to the ground, followed by explosions and a cloud of smoke.

Russian state media later broadcast video of a wooden cross erected at the site in Talovaya district where the helicopter, a Ka-52 attack aircraft, crashed. Pskov region governor Mikhail Vedernikov said the two crewmen who were killed were stationed at a military base in his region, in north-west Russia. “True to their oath, they did everything to protect our country,” he said in a video address posted on his Telegram channel.

Reuters couldn’t determine what the column did next. A resident of Talovaya said that as far as he was aware, it did not move any further and the following day – after the truce was announced – the column turned around and went back the way it came.

Budanov said in his interview that an unspecified number of fighters did in fact press on to Voronezh-45 with the intention of seizing portable, Soviet-era nuclear weapons stored at the facility.

The nuclear facility at Voronezh-45 is operated and guarded by military unit no. 14254, part of the defence ministry’s 12th Main Directorate responsible for protecting Russia’s arsenal of nuclear weapons, according to the Russian Defence Ministry’s website and publicly available records. What is stored there is a closely guarded secret. Russia does not publicly acknowledge even keeping nuclear weapons there; that information has emerged from the reports of foreign scientists.

Reuters was unable to establish if the backpack-sized nuclear charges referred to by Budanov are kept at the facility. But there is evidence that such devices were developed by the Soviet Union. In testimony to the U.S. Congress, in 1997 Alexei Yablokov, a former Russian presidential science advisor, said Soviet scientists in the 1970s created suitcase-sized nuclear munitions for use by secret agents.

Kristensen, the Federation of American Scientists researcher who said that Russia and the United States discarded thousands of suitcase-sized nukes in the 1990s, said that he doubts any remain stored Voronezh-45. He said he believes – but cannot be certain – that other nuclear weapons are stored at Voronezh-45, which satellite images show to be well-maintained.

Given the 12th Main Directorate’s control over the facility, the movement of weapons would take time and likely be detected by U.S. satellites, he added.

Further north, there is evidence that the Russian military undertook drastic measures to block off another potential access route to Voronezh-45. The E-38 road branches off the M-4 highway at a settlement called Rogachevka. This road also leads to Voronezh-45. On the evening of June 24, local residents reported hearing explosions. A video posted on a Telegram channel captured the sound of an aircraft followed by an explosion. A motorist driving along the E-38 posted a video that shows the road covered in debris near a bridge over the river Bityug. In one lane is a deep crater.

A DEAL IS STRUCK

On the evening of June 24 there was an unexpected announcement by Belarusian state media. The country’s president, Alexsandr Lukashenko, had negotiated Prigozhin’s agreement to halt his forces’ advances. Prigozhin said in an audio message that his forces had come within 125 miles of Moscow and were “turning around” to head back to their training camps. Under the deal, Russia would not prosecute the rebels and Wagner fighters would either withdraw to Belarus or join Russia’s regular army.

A European intelligence source said Prigozhin was persuaded to abandon his revolt after realising he didn’t have sufficient support amongst the military.

Prigozhin’s whereabouts and future plans are unclear.

Kremlin spokesman Dmitry Peskov said on Monday that Putin held talks with the Wagner leader on June 29 and “gave his assessment of the events” of June 24.

One of Prigozhin’s private jets has made multiple trips between Belarus and Russia in the days since the rebellion, according to flight tracking data.

When Belarusian president Lukashenko hosted a group of journalists in Minsk on July 6, he said Wagner’s fighters had yet to arrive at their new Belarusian base. “As for Yevgeny Prigozhin, he’s in St Petersburg. Or perhaps this morning he flew to Moscow. Or perhaps he’s somewhere else. But he’s not in Belarus,” Lukashenko said.

(Reporting by Mari Saito, Tom Balmforth, Sergiy Karazy and Anna Dabrowska in Kyiv, John Shiffman and Phil Stewart in Washington, Polina Nikolskaya in London, Maria Tsvetkova in New York, Anton Zverev, Christian Lowe in Paris, David Gauthier-Villars in Istanbul, Stephen Grey, Reade Levinson and Eleanor Whalley in London, Milan Pavicic and Daria Shamonova in Gdansk; edited by Janet McBride)

tagreuters.com2023binary_LYNXMPEJ690PP-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ690PC-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Singapore’s Temasek reports portfolio value drop, positive on China tech

by Reuters July 11, 2023
By Reuters

By Yantoultra Ngui and Xinghui Kok

SINGAPORE (Reuters) – Singapore investment firm Temasek Holdings on Tuesday posted a 5.2% drop in its net portfolio value to S$382 billion ($284.65 billion) in the financial year that ended in March.

The drop in net portfolio value is its first since the 2020 financial year and came amid intensified global market volatility.

Temasek’s chief financial officer Png Chin Yee said the company, which is an investor in Chinese finance company Ant Group, was hopeful the China tech sector’s troubles were over after signs a regulatory crackdown was ending.

Temasek said while it Singapore investments remained resilient, its global direct investments had dropped in valuation in the past two years.

Over the last decade, Temasek has grown its net portfolio value by 77.7% to S$382 billion from S$215 billion in 2013. Its portfolio value hit a record high of S$403 billion in the year ending in March 2022.

“We maintain a cautious investment stance and expect to invest at a moderated pace this financial year, given the challenging macroeconomic environment,” Temasek’s Chief Investment Officer Rohit Sipahimalani said.

“However, given our strong liquidity position, we are ready to step up our investments in a market correction.”

Temasek is ranked among the top 10 investors in the world. It is mainly anchored in Asia, with a 63% exposure to the region as measured by underlying assets of its portfolio companies, most of which are in Singapore and China.

Temasek holds stakes in large listed Asian companies such as Singapore’s biggest lender, DBS Group, and China’s second largest lender China Construction Bank.

Its unlisted holdings include Singapore’s port operator PSA International and property developer Mapletree Investments.

Its unlisted assets was 53% of its portfolio as of March 31, 2023, up from 27% in 2013, according to Temasek on Tuesday.

Png said Temasek was optimistic about recent developments concerning the Chinese tech sector.

After hitting Ant Group with a $984 million fine, the People’s Bank of China said on Friday that most of the main problems platform companies’ businesses were facing had been rectified and regulators would shift their focus to overall regulation of the industry rather than specific companies.

“We view it quite positively, right, obviously there was a lot of overhang in the tech sector,” Png said.

“So I think this is actually a good development for the sector. You can see the stock prices have reflected this as well.”

Most of China’s tech companies share prices have rallied since Friday on the hope that strict regulations that have stymied growth for more than two years would ease.

Ant and its subsidiaries were fine for having violated laws and regulations in areas including corporate governance, financial consumer protection, payment and settlement business, according to the PBOC.

“Ant still has got strong advantages. It has got great technology, it’s got a great track record in innovation. So, once this is sort of behind them, they can really focus on stabilising and growing,” Png said.

(This story has been corrected to fix the year to 2020, not 2019, in paragraph 2)

($1 = 1.3420 Singapore dollars)

(Reporting by Yantoultra Ngui and Xinghui Kok; editing by Robert Birsel)

tagreuters.com2023binary_LYNXMPEJ6A07U-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ6A07Y-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ6A07W-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Breaking NewsNew York City News

Online sale meeting turns into armed Robbery in the Bronx

by Adam Devine July 11, 2023
By Adam Devine

NEW YORK, NY – A meeting between two individuals regarding an online sale ended in an armed robbery in the Bronx.

On June 28, at approximately 12:45 PM, in front of 3471 Fenton Avenue, a 39-year-old male victim arranged a meeting through an online application to sell a laptop.

Upon arriving at the location, the victim encountered an unidentified individual. The unidentified individual brandished a firearm and forcibly took the victim’s laptop before fleeing on foot into 3491 Fenton Avenue. Fortunately, no injuries were reported during the incident.

Anyone with information regarding this incident is urged to contact the NYPD’s Crime Stoppers Hotline at 1-800-577-TIPS (8477) or the Spanish-language hotline at 1-888-57-PISTA (74782). Tips can also be submitted through the Crime Stoppers website at https://crimestoppers.nypdonline.org/ or via Twitter by reaching out to @NYPDTips.

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
NYC subway train inside station.
Breaking NewsNew York City NewsPolice Blotter

Suspect wanted for public lewdness inside NYC subway station

by Adam Devine July 11, 2023
By Adam Devine

NEW YORK, NY – Police in New York City are seeking to identify a man wanted for a public lewdness incident inside an city subway station.

On Sunday, at approximately 8:55 AM, an unknown male approached a 31-year-old female victim on the platform of the 103rd Street MTA ‘A’ train station.

The male exposed his genitals, engaged in masturbation, and made a sexually explicit comment to the victim. Afterward, the individual fled in an unknown direction.

The victim did not sustain any injuries during the incident.

The suspect is described as a male, approximately 5’5” to 5’7” tall, aged between 30 to 40 years old. At the time of the incident, he was wearing light blue shorts, a gray hat, white sneakers, and a dark-colored jacket.

Suspect wanted for public lewdness inside NYC subway station

Anyone with information regarding this incident is urged to contact the NYPD’s Crime Stoppers Hotline at 1-800-577-TIPS (8477) o

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Breaking NewsNew York City NewsPolice Blotter

Suspect who assaulted 75-year-old woman in custody

by Adam Devine July 11, 2023
By Adam Devine

NEW YORK, NY – Anthony Kwamel, a 21-year-old male, was arrested and charged on Monday for assaulting a 75-year-old woman in Midtown.

The incident took place on Saturday at approximately 1:13 PM. According to reports, a 75-year-old female victim was crossing the street at Avenue of the Americas and West 34 Street when an unknown individual approached her.

Without any provocation, the individual engaged the victim in a dispute, ultimately pushing her to the ground and kicking her multiple times. After the assault, the individual fled the scene and was last seen heading southbound on Avenue of the Americas on foot.

The victim sustained minor injuries and was transported to Mount Sinai West by Emergency Medical Services in stable condition.

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Breaking NewsNew York City NewsPolice Blotter

51-year-old robbed at knifepoint by Bronx mob

by Adam Devine July 11, 2023
By Adam Devine

NEW YORK, NY – A group of suspects are wanted for a July 4th armed robbery of a 51-year-old man in the Bronx.

According to the authorities, the incident occurred on Tuesday, July 4, at approximately 5:35 AM, a 51-year-old male victim was walking near the intersection of Jerome Avenue and East Mosholu Parkway North when a group of five individuals approached him.

One of them brandished a knife, while the others forcibly took the victim’s backpack and glasses. They then pushed him to the ground before fleeing the scene on foot in a northerly direction.

The victim sustained minor lacerations but declined medical attention at the location.

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Breaking NewsCommunity NewsFeatured NewsJersey Shore NewsNew Jersey NewsOcean County News

Tug boat sunk off Jersey coast for artificial reef

by Phil Stilton July 11, 2023
By Phil Stilton

TOMS RIVER, NJ – The artificial reef off the coast of the Jersey Shore has a new addition, a 1957 tug boat that was sunk last week.

The reef consists of surplus military vehicles, concrete structures, tires, armored personnel carriers, tanks, weighted tires and barges.

On June 29, the NJFW Marine Resources Administration’s Artificial Reef Program successfully deployed the 45′ TIBOR Tug on the Barnegat Light Reef Site. Originally constructed in 1957, the TIBOR Tug served as a coastal tug in the vicinity of New York Harbor. Subsequently, it was housed at the Nautical Museum in Toms River for several years, during which it fell into disrepair.

Tug boat sunk off Jersey coast for artificial reef

Last year, Tibor Heteny, the owner of the vessel, generously donated it to the NJ Artificial Reef Program, specifically for its use as artificial reef habitat.

The donation was gratefully accepted, and the Artificial Reef Program collaborated with Kurt Deyback at the Lighthouse Point Marina and Yacht Club in Toms River to ensure that the vessel fulfilled the requirements outlined in the artificial reef guidelines for reefing vessels.

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Britain’s 50-billion pound pensions gamble could put savers in fresh peril

by Reuters July 11, 2023
By Reuters

By Sinead Cruise and Carolyn Cohn

LONDON (Reuters) – Britain’s financial services industry has broadly cheered fresh government proposals to jumpstart the economy by channelling 50 billion pounds ($64.5 billion) of pension fund cash into fledgling firms, but the plans could backfire on savers, experts said.

Finance minister Jeremy Hunt on Monday unveiled a raft of reforms aimed at redirecting a greater proportion of a 4.6 trillion pound pool of capital managed by Britain’s pensions and insurance sectors into unloved UK assets by 2030.

The so-called Mansion House Reforms follow years of dwindling support for British companies by several major institutional investors, and concerns in some quarters that the City financial district is struggling to remain competitive as a global finance centre after Brexit.

The government rocked pension savers last September with a fiscal statement that drove government bond yields higher and forced pension schemes to scramble for cash, triggering a parliamentary inquiry into their investments.

Aviva, Legal & General and seven other pension firms have agreed non-binding terms to invest at least 5% of defined-contribution pension savings in unlisted companies by the start of the next decade, moves seen as critical to supporting cash-strapped entrepreneurs.

Richard Gnodde, CEO of Goldman Sachs International, said the reforms would make the UK more attractive to capital and talent and lead to upgrading of skills across both the broader economy and the financial sector.

But others said the proposals were little more than a shot in the dark.

“The government suggests that the approach will lead to an ‘everyone’s a winner’ scenario, in which retirees get bigger pension pots and innovative UK companies get the capital they need to grow,” said Becky O’Connor, Director of Public Affairs at PensionBee.

“There are no guarantees this win-win result will play out.”

The government is under pressure to revitalise domestic investor interest in several industries considered key to Britain’s growth, including fintech, biotech, life science and clean technology.

At the same time, millions of Britons who save into so-called defined contribution pension schemes are heading towards retirement outcomes that are worse than those of their parents’ generation, consultants say, after years of inefficient investing in ultra-low risk assets.

Encouraging greater investment in growth assets will help younger savers but the reforms offer little hope to those retiring in the near term.

“Our modelling has shown that many of these people will not be able to afford even a moderate standard of living in retirement,” Jon Hatchett, senior partner at Hymans Robertson, said.

Inflation continues to ravage Britain’s economy, with rates running higher than in any other major rich country.

Interest rate futures on Monday pointed to a peak in official interest rates of between 6.25% and 6.5% in early 2024 which would be the highest in 25 years and up from 5% now.

Bank of England Governor Andrew Bailey said on Monday the central bank had to “see the job through” but there are fears that recession could be the only way to bring consumer price growth back under control.

“The Chancellor (Hunt) has announced areas of focus which represent a positive step forward, should boost UK attractiveness, and will benefit the economy, but as ever, success can only be measured on actions,” Anna Anthony, UK Financial Services Managing Partner at EY, said.

(Reporting By Sinead Cruise and Carolyn Cohn; Editing by Nick Macfie)

tagreuters.com2023binary_LYNXMPEJ6A09F-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ6A09C-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Breaking News

Man sought for groping woman in Brooklyn

by Charlie Dwyer July 11, 2023
By Charlie Dwyer

NEW YORK, NY – Police in Brooklyn have released a photo of a man wanted for a groping incident in Brooklyn and are asking the public for help identifying him,

According to the report with the NYPD, on Monday, June 26, at approximately 8:15 AM, a 25-year-old female victim was walking near the intersection of Broadway and Flushing Avenue when an unknown individual approached her. The suspect, as they passed by, grabbed the victim’s buttocks and private area.

The victim did not suffer any physical injuries.

The NYPD is urging anyone with information regarding this incident or the identity of the individual involved to contact the Crime Stoppers Hotline at 1-800-577-TIPS (8477). Spanish speakers can call 1-888-57-PISTA (74782).

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Breaking News

Suspect sought in Bronx baseball bat attack

by Adam Devine July 11, 2023
By Adam Devine

NEW YORK, NY – A man was attacked by an unknown suspect with a baseball bat on Thursday in the Bronx.

Now, the New York City Police Department is seeking the public’s assistance in identifying an individual connected to the assault that took place on July 6, at approximately 2:50 PM.

According to the police report, a 37-year-old male was walking at the intersection of Aqueduct Avenue and West 183 Street when an unidentified person approached him.

The assailant brandished a baseball bat and struck the victim on the head before fleeing the scene. The victim suffered a laceration to his head along with bruising. Emergency Medical Services responded and transported the injured man to St. Barnabas Hospital, where he is currently in serious but stable condition.

Authorities are urging anyone with information about the assault or the identity of the suspect to contact the NYPD’s Crime Stoppers Hotline at 1-800-577-TIPS (8477).

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

UBS shelves plan for new China fund unit, takes over Credit Suisse joint venture – sources

by Reuters July 11, 2023
By Reuters

By Selena Li and Samuel Shen

HONG KONG (Reuters) – UBS has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said.

UBS has decided to indefinitely suspend works in preparation to set up a wholly-owned mutual fund business in China, the people said, pausing plans it formed as early as 2021 when the bank was keen to expand in China’s fast-growing $3.9 trillion fund market.

Suspending its original plan was mainly due to China’s regulation that stipulates any company can own no more than two fund management firms in the market, the people said.

UBS already owns 49% of fund firm UBS SDIC Fund Management in China, while its emergency takeover of rival Credit Suisse in mid-June left the bank with a 20% stake in ICBC Credit Suisse Asset Management – a joint venture with the world’s largest lender Industrial and Commercial Bank of China (ICBC).

UBS recently decided to keep the ownership and remain in partnership with ICBC, the two people said, asking not to be identified due to the sensitivity of the matter.

Credit Suisse, UBS and ICBC Credit Suisse declined to comment.

The Swiss banking behemoth factored in lucrative income that the joint venture brings in, according to one of the people and a third source with knowledge of the matter.

Beijing-headquartered ICBC Credit Suisse, which had 1.72 trillion yuan ($238.96 billion) in assets under management as of end-2022, booked close to 2.7 billion yuan in net profit last year, according to an ICBC disclosure.

It may take more than one year for UBS to give a final verdict on the fate of the newly planned fund unit, leaving the staff of close to 60 people facing great uncertainty, one of the first two people said.

UBS’s decision to keep two joint ventures in China was first reported on Monday by Ignites Asia.

($1 = 7.1979 Chinese yuan)

(Reporting by Selena Li in Hong Kong and Samuel Shen in Shanghai; Editing by Devika Syamnath)

tagreuters.com2023binary_LYNXMPEJ6A096-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

ASEAN chair urges unity as top diplomats meet amid Myanmar discord

by Reuters July 11, 2023
By Reuters

By Kate Lamb and Stanley Widianto

JAKARTA (Reuters) – ASEAN chair Indonesia on Tuesday stressed the importance of the regional bloc’s unity in remaining credible, as its foreign ministers started talks expected to touch on the thorny issue of engaging Myanmar’s ostracised ruling generals.

The meeting of the Association of Southeast Asian Nations in Jakarta comes as doubts grow over ASEAN’s effectiveness, with some disagreement over how to approach a bloody conflict in Myanmar and the junta’s failure to implement an agreed ASEAN peace plan.

Indonesia’s Foreign Minister Retno Marsudi made no direct mention of Myanmar in her opening remarks at Tuesday’s plenary session, but said ASEAN “can only matter if it has credibility”.

“So we have no choice but to show that ASEAN can navigate the regional and global dynamics and continue to instil the paradigm of collaboration,” she said.

“We can only achieve this if we maintain ASEAN unity and centrality.”

Myanmar has been gripped by fighting since the military seized power in early 2021 before unleashing a fierce crackdown on pro-democracy opponents, which saw the formation of an armed resistance movement and an intensification of conflict.

ASEAN has barred the junta from its high-level meetings for not honouring its commitment to a “five-point consensus” agreed two years ago, which includes ending hostilities.

Indonesia has been trying to initiate a peace process behind the scenes by engaging key stakeholders, but those efforts were dealt a blow last month when Thailand called its own meeting to discuss re-engaging with the generals, a move widely criticised as undermining Jakarta’s work.

Foreign ministers of key ASEAN members stayed away, however, with only those of Thailand, Myanmar and Laos attending and some countries sending junior representation.

Sources familiar with Indonesia’s peace effort say it is being complicated by pre-conditions made by all sides to start even informal talks.

Retno last week said any “zero-sum approach” would mean durable peace “will never be achieved”.

Human rights groups and some United Nations experts have accused Myanmar’s military of committing widespread atrocities against civilians. It says it is fighting “terrorists”.

The U.N. human rights chief, Volker Turk, recently urged the U.N. Security Council to refer the escalating violence to the International Criminal Court, and for countries to stop supplying weapons to the junta.

Tuesday’s meetings come ahead of the East Asia Summit and the ASEAN Regional Forum later this week, with U.S. Secretary of State Antony Blinken and Russia’s Foreign Minister Sergei Lavrov both slated to attend.

China on Tuesday confirmed its foreign minister Qin Gang would not attend due to health reasons. It said top diplomat Wang Yi would join instead, confirming a Reuters report citing sources familiar with the matter.

(Editing by Martin Petty and Kanupriya Kapoor)

tagreuters.com2023binary_LYNXMPEJ6A02V-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ6A039-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ6A03A-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ6A037-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ6A02W-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

More than $2 billion committed at UK-US climate finance forum

by Reuters July 11, 2023
By Reuters

LONDON (Reuters) -Finance leaders, companies and philanthropists have committed more than $2 billion to help finance efforts to reduce carbon emissions and boost climate resilience across Africa, Asia and Latin America, a joint UK-U.S. statement said on Tuesday.

The statement, by Britain’s Energy Security and Net Zero Secretary Grant Shapps and U.S. Special Presidential Envoy on Climate John Kerry, followed a Climate Finance Mobilisation Forum held at Windsor Castle, England, with the aim of bolstering private capital flows to emerging economies.

“Recognizing the scale and urgency of the climate crisis, the gathering emphasized the importance of partnership across governments, philanthropies, and investors – given that no single actor can mobilize finance at the scale required by acting alone,” the statement said.

“The scale of this transition requires trillions in private investment in addition to the public funds we are spending. It is also one of the biggest investment opportunities in history.”

Commitments included a new venture from Builders Vision, which describes itself as an “impact platform”, Japanese trader Mitsui & Co and asset manager Renewable Resources Group Partnership to address the impacts of climate change across critical supply chains in agriculture, natural resources development and energy, the statement said.

These firms will identify at least $1 billion of initial projects in emerging markets using nature-based solutions, such as regenerative farming and sustainable water management, alongside technology to develop products and systems that reduce negative environmental impacts.

Other new announcements included Builders Vision committing $100 million in oceans-related investments and grants for developing economies, and the Tony Elumelu Foundation (TEF) launching a $500 million “Coalition for African Entrepreneurs”.

Sustainability-focused asset manager LeapFrog Investments also announced a plan to invest $500 million in companies addressing climate change in Asia and Africa, with projects that it hopes will reach up to 50 million low-income people.

The Sustainable Market Initiative (SMI), which was launched by Britain’s King Charles in 2020, announced a new fund – the Terra Carta Accelerator Fund – with a target of 100 million pounds ($128.83 million) that will focus on natural capital projects and supply chains across industries in emerging and developing markets.

The Forum brought together a number of major figures in the financial world, among them the heads of BlackRock, Standard Chartered and Allianz.

Other pledges listed in the statement were announced earlier.

($1 = 0.7762 pounds)

(Reporting by Kylie MacLellan and Tommy Reggiori Wilkes; Editing by Sachin Ravikumar and Devika Syamnath)

tagreuters.com2023binary_LYNXMPEJ6A08D-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

S.Korea state-run banks join liquidity support effort for credit union

by Reuters July 11, 2023
By Reuters

By Jihoon Lee

SEOUL (Reuters) -South Korean state-run banks are providing at least two trillion won ($1.54 billion) of liquidity support to a credit union hit by customer withdrawals, joining commercial banks also offering financing to reduce risks of a crunch in the local money market.

The Industrial Bank of Korea and the Korea Development Bank said on Tuesday they had signed repurchase agreements with MG Community Credit Cooperatives (MGCCC) for 1.5 trillion won and an amount between 0.5 to 2.0 trillion won, respectively.

Customer withdrawals from MGCCC accelerated after media reports on its debt delinquency rates.

“MGCCC is not yet in need of all the funds, it seems, but the government is preparing a back-up tool in advance as it cannot leave the credit union continuing to sell bonds,” said Kim Sang-man, a credit analyst at Hana Securities.

South Korea’s financial services regulator has also asked major commercial banks to prepare around 5 trillion won in financing to support the credit union, Reuters reported on Monday.

A MGCCC spokesperson said the repo agreements were not because of an “excessive shortage” of liquidity and that financial markets should not be overly concerned about the situation.

In a statement last week, MGCCC said that its debt delinquency rate was manageable and it would work with the Interior Ministry to improve its financial soundness.

There have not been any indications so far that the situation at MGCCC is affecting South Korea’s major commercial banks. Credit default swap (CDS) premiums at the lenders were little changed this month after a spike late last year.

CDS are derivatives that offer insurance against the risk of a bond issuer not paying their creditors.

The five-year Woori Bank CDS was quoted at 45.33 on Tuesday, according to Refinitiv data, compared with 45.29 at the end of June and a five-year high of 75.17 in early November. Kookmin Bank’s CDS was quoted at 51.59, compared with 75.18 last November.

In November, a missed bond payment by a state-backed theme park sparked worries about real-estate projects, triggering a credit crunch in domestic money markets. The situation later stabilised after authorities introduced various liquidity support programmes.

($1 = 1,297.7400 won)

(Reporting by Jihoon Lee; Editing by Ed Davies & Simon Cameron-Moore)

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

China’s foreign minister to miss ASEAN meeting for health reason

by Reuters July 11, 2023
By Reuters

By Yew Lun Tian and Karen Lema

(Reuters) – China’s foreign minister Qin Gang will not attend a diplomatic gathering in Indonesia this week for health reasons, a spokesman for his ministry said on Tuesday.

Top diplomat Wang Yi would represent China at the meetings in Jakarta instead, the spokesman, Wang Wenbin, told a regular briefing, confirming a Reuters report citing sources familiar with the matter saying Wang would attend on Qin’s behalf.

Foreign ministers of the Association of Southeast Asian Nations (ASEAN) and China are scheduled to meet on Thursday, before Friday’s East Asia Summit and ASEAN Regional Forum.

“State Councillor and Foreign Minister Qin Gang cannot attend this ASEAN ministerial meeting because of health reasons,” spokesman Wang Wenbin said. He did not elaborate.

Qin, 57, took over from Wang as foreign minister in December and was last seen in public on June 25 in Beijing after meeting officials from Sri Lanka, Russia and Vietnam.

His absence had not gone unnoticed.

The foreign ministry spokesperson, asked last Friday about an article in U.S. political news website Politico that cited speculation that health issues may be behind Qin’s absence, said he had “not heard about” the report.

Qin was supposed to meet European Union foreign policy chief Josep Borrell last week in Beijing but the meeting was pushed back after China informed the EU that the dates were “no longer possible”, an EU spokesperson said.

The EU was informed of the postponement just two days before Borrell’s scheduled arrival on July 5, according to a source familiar with the plans.

U.S. Secretary of State Antony Blinken is also due to attend the meetings in Jakarta this week, presenting another opportunity for talks with China as Washington seeks to put a floor under souring relations between the big powers.

Blinken met Qin and Wang Yi in Beijing last month, the first visit to China by a U.S. secretary of state in five years.

Wang Yi, who is the foreign policy chief for the Chinese Communist Party, ranks above Qin, who as the foreign minister is the government’s foreign policy chief.

(Reporting by Yew Lun Tian in Beijing, Karen Lema in Manila and Stanley Widianto in Jakarta; Writing by Martin Petty and John Geddie; Editing by Robert Birsel)

tagreuters.com2023binary_LYNXMPEJ6A02S-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ6A02Q-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Mercedes sales rise in Q2 on top-end, electric vehicles

by Reuters July 11, 2023
By Reuters

BERLIN (Reuters) – Mercedes-Benz Group sales in the second quarter rose 6% year-on-year – a total of 515,700 vehicles – on the back of demand for all-electric and top-end vehicles, the German carmaker said on Tuesday.

Sales grew in all the carmaker’s main regions – Europe, Asia and North America – with deliveries in Germany up 23%, while China was up by 12% and the United States by 6%.

In the rest of the world, second-quarter sales fell 12% to 20,700 vehicles.

Electric vehicles conitnued to be the main growth driver in the quarter, with passenger cars sales growing 123%, to reach 56,300 units.

The top-end segment – which includes models such as AMG, Maybach and G-class – also posted solid growth of 12% for the period.

(Writing by Miranda Murray, Editing by Friederike Heine)

tagreuters.com2023binary_LYNXMPEJ6A074-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Australia court approves $300m money laundering fine for Blackstone’s Crown Resorts

by Reuters July 11, 2023
By Reuters

SYDNEY (Reuters) – An Australian court signed off on a A$450 million ($300 million) fine for Blackstone-owned owned casino operator Crown Resorts for breaking anti-money laundering laws, ending the darkest chapter in the company’s history.

The company, dominated by billionaire founder James Packer before he agreed to sell last year, agreed to the payment in May after allegations over wide-ranging governance problems sparked inquiries in all the states in which it operated, plus an investigation by the financial crime watchdog.

But the fine needed the sign-off of the federal court, which approved the penalty, Australia’s third-largest corporate fine, on Tuesday.

“The penal orders reflect the serious and unacceptable nature of the contraventions”, judge Michael Lee said in a ruling.

The fine was “appropriate to deter both repetition of contravening conduct by Crown or … by other reporting entities who may seek to prefer profit over proper risk management”.

Lee added.

Crown, which was bought by Blackstone after the events at the centre of the scandal took place, said in a statement that the court approval brings an end to the historical anti-money laundering and counter-terrorism financing “failures at Crown”.

Blackstone was not immediately available for comment.

The fine takes Crown’s total penalties to A$680 million since it was rocked by accusations of ignoring organised crime and employee safety in hearings since 2020.

($1 = 1.4959 Australian dollars)

(Reporting by Byron Kaye; Editing by Shri Navaratnam)

tagreuters.com2023binary_LYNXMPEJ6A06Y-BASEIMAGE

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
New Jersey News

Bucco Says Murphy Shouldn’t Circumvent Legislature When Implementing His Expensive and Extreme Green Energy Plan

by Press Release July 11, 2023
By Press Release

BPU Set to Advance Plan to Eliminate Natural Gas with Little Public Notice

Senate Republican Leader Anthony M. Bucco said Governor Phil Murphy is trying to circumvent the Legislature as he moves forward with implementing his expensive and extreme green energy plan, which includes an effort to phase out affordable natural gas that currently heats millions of New Jersey homes and businesses.

Bucco Says Murphy Shouldn’t Circumvent Legislature When Implementing His Expensive and Extreme Green Energy Plan

Sen. Anthony M. Bucco said Gov. Phil Murphy is trying to circumvent the Legislature as he moves forward with implementing his expensive and extreme green energy plan. (©iStock)

“Governor Murphy is quietly moving forward with an expensive plan to phase out natural gas and fully electrify homes and businesses that will cost hundreds of billions of dollars to implement,” said Bucco (R-25). “Instead of asking the Legislature to review and consider this major proposal in an open and transparent manner, he’s rushing it through the opaque regulatory process at the BPU to limit public input.”

The New Jersey Board of Public Utilities (BPU) issued a preliminary road map for electrifying all homes and businesses in the state on June 7.

At the time, Bucco warned that “there wasn’t a single mention of the expected cost or of the mandates that are likely to be necessary to force the conversion of the 80% of New Jersey homes that currently rely on clean natural gas for heating, cooking, and hot water.”

The public comment period ended on June 27, and the BPU is set to adopt the proposal on July 12.

“This is yet another example of the Murphy administration’s penchant for quickly implementing major policy changes without giving people or their elected legislators a real chance to digest what they’re trying to do,” said Bucco. “If you’re constantly doing things in the dark of night, it’s probably because you know what you’re doing is wrong.”

Governor Murphy has never said how much his green energy plan will cost to fully implement, but an independent estimate pegs the cost to New Jerseyans at $1.4 trillion.

In February, Bucco introduced the “Energy Security and Affordability Act,” S-3684, to address the significant concerns with the governor’s extreme Energy Master Plan, including cost.

The legislation requires the BPU to consider energy security, diversity, and affordability and to perform an economic and ratepayer impact analysis of the governor’s green energy plans.

A Republican effort to bring the bill up for a vote by the full Senate was blocked by Democrats on June 21.

“Governor Murphy and Trenton Democrats blocked our Republican effort to lower energy bills while rubberstamping a $1 billion bailout for a foreign wind developer,” Bucco added. “They clearly don’t understand that New Jersey ratepayers can’t afford green energy at any cost,  and they’ll never understand if people don’t get a real chance to comment on these proposals in open and public legislative hearings.”

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
New Jersey News

Polistina Bill Authorizing Online Gaming Through 2028 Signed Into Law

by Press Release July 11, 2023
By Press Release

Legislation sponsored by Senator Vince Polistina that supports and extends casinos’ use of online gambling through 2028 was signed into law.

Polistina Bill Authorizing Online Gaming Through 2028 Signed Into Law

Sen. Vince Polistina’s bill that supports and extends casinos’ use of online gambling through 2028 was signed into law. (Pixabay)

“I am pleased that this legislation was signed into law to support the continued growth and success of casinos all throughout New Jersey. Extending casinos use of online gambling will allow New Jersey to remain at the forefront of an evolving gambling industry,” said Polistina (R-02). “The legalization of online gambling and sports betting revitalized casinos in places like Atlantic city and created a number of good paying jobs after the Great Recession. This authorization extends the use of online gaming services through 2028 to ensure stability in the gambling industry.”

Online casino gambling was legalized in 2013 and was initially authorized for a ten-year period, which was set to expire in November of this year. In the ten years since its legalization, online gambling contributed to significant economic growth, job creation, and the enjoyment of responsible gambling by New Jersey residents and tourists.

Senator Polistina’s bill, A-2190/S-3075, amended the existing authorization to extend it for an additional five-year period, now ending in 2028.

“Internet gaming is a strong economic driver for the industry. In the ten years since its legalization, online gaming has generated millions of dollars in tax revenues for the state,” Polistina added. “This extension supports the integral role that online gambling plays in shaping the current and future success of casinos in New Jersey.”

July 11, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Newer Posts
Older Posts
Prime Deals
Shore News Network
  • New Jersey
    • Jersey Shore News
    • South Jersey News
    • Philadelphia News
    • North Jersey News
    • Ocean County News
    • Monmouth County News
    • Cape May County News
    • Atlantic County News
    • Burlington County News
    • Mercer County News
    • Toms River News
    • Jackson Township News
    • Regional
  • New York
    • New York City News
  • MD
  • FL
  • PA
Shore News Network
  • DE
  • OH
  • D.C.
  • VA
  • Topics
    • Crime
      • Most Wanted
      • Fire
    • Weird
    • Politics
    • Weather
    • OMG!
    • Traffic
    • Lottery Results
    • Pets
    • US News
    • Politics
    • Weather Reports
    • Weird and Strange News
    • Good News
    • Viral Videos
    • Pets
    • Business News
    • Tech and Gaming
    • Entertainment
    • Food
    • Health and Wellness
    • Travel
    • Schools
    • Sports
    • Top 10 Lists
    • Viral News
    • The Buzz
    • Satire