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

Bankers see stable interest rates reviving Asia’s capital markets in second half

by Reuters June 19, 2023
By Reuters

By Scott Murdoch and Yantoultra Ngui

SYDNEY/SINGAPORE (Reuters) – Asia’s dealmakers are counting on a pause in rate hikes globally and an economic rebound in China to rekindle activity in the region’s equity capital markets, after volumes in the first half of the year sank to their lowest in four years.

First-half Asia Pacific equity capital markets volumes dropped 16% to $117.2 billion from the same period in 2022, including a 34% drop in initial public offerings (IPOs) to $34.3 billion, Refinitiv data showed.

Flatlining activity has prompted some banks like Goldman Sachs to start laying off staff across nearly all major investment banking divisions.

“For investor sentiment to return for IPOs we need to see a more stable interest rate environment in the U.S., more economic stimulus from China and an improving geopolitical backdrop,” said Cathy Zhang, head of Asia Pacific equity capital markets at Morgan Stanley.

On global league tables, China now holds the top two spots for IPOs. Companies listing on Shanghai’s STAR Market raised $10.1 billion in the first half, nearly double the proceeds of New York deals, while companies debuting on Shenzhen’s ChiNext market raised $8.1 billion.

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

Hong Kong, traditionally known as a major global listing venue, raised just $1.9 billion in the first half, while Indonesia emerged as a rare bright spot in the region with $1.6 billion in new share sales.

Despite the ongoing downturn, bankers are betting on stabilisation of interest rates globally and a Chinese economic rebound spurred by stimulus measures to boost deal activity in the next six months.

“We are hoping to see more IPO activity in the second half and starting to see some green shoots in the U.S. and Europe,” said Udhay Furtado, Citigroup’s co-head of Asia equity capital markets.

“Monetary policy is the number one (macro) driver (to support issuance conditions). It impacts sentiment, it impacts volatility and valuations. In aggregate that is the biggest factor.”

As bankers scan their pipeline of IPO candidates for the second half, larger transactions in the region are being favoured to help kick-start activity.

“The first IPOs that will attract broad global investor attention will be larger companies that have scale, strong earnings and will have a liquid after-market,” said Sunil Dhupelia, JPMorgan’s co-head of Asia equity capital markets ex-Japan, adding consumer, clean energy and sectors linked to China’s reopening deals would be a key focus.

In terms of potential big deals, China’s JD.com has filed to spin off units JD Industrial and JD Property, each to raise $1 billion in Hong Kong deals this year.

Similarly, Alibaba Group has said it would separate six business units that would also look to carry out IPOs or capital raisings to fund future growth.

A rush of IPOS in Indonesia worth $1.64 billion led that market to double its share of the global new listing volumes in the first half compared to the same time last year.

Most of the deals came from miners and state-owned enterprises. Bankers expect there will be more in the second half in Southeast Asia from the likes of Indonesia’s Pertamina Hulu Energi’s planned $1.4 billion IPO and Amman Mineral Internasional’s expected $880 million float.

“We understand there are still several potential listings in the works in the region which should bolster new issuances raised,” said Edmund Leong, Head of Group Investment Banking, UOB.

(Reporting by Scott Murdoch in Sydney and Yantoultra Ngui in Singapore; Additional Reporting by Vineet Sachdev in Bangalore; Editing by Sonali Paul)

tagreuters.com2023binary_LYNXMPEJ5I0NQ-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Biden criticizes U.S. senator’s hold on military nominations

by Reuters June 19, 2023
By Reuters

By Trevor Hunnicutt and Nandita Bose

(Reuters) – President Joe Biden on Monday criticized Republican U.S. Senator Tommy Tuberville for holding up some 200 Pentagon nominees over a Defense Department abortion policy.

“It’s just bizarre. I don’t remember it happening before, and I’ve been around,” Biden said of the actions of Tuberville at a fundraiser for wealthy donors in California’s Silicon Valley.

Tuberville, a former football coach from Alabama, began blocking confirmations to senior Pentagon posts in March to protest a Defense Department policy enacted last year that provides paid leave and reimburses costs for service members who travel to get an abortion.

The Alabama senator has called the policy a violation of the Hyde Amendment, which prohibits using federal taxpayer funds for abortion services.

Earlier this month, the White House slammed the lawmaker. Press secretary Karine Jean-Pierre called his actions “shameful” and accused him of endangering national security.

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

Jean-Pierre said the senator’s blockade on the nominees was hurting military families and risking “our military readiness by depriving our armed forces of leadership.”

The Alabama senator is blocking what is usually a speedy process to confirm Pentagon nominees. If he persists, the U.S. Senate would have to consider each nominee in a longer process that takes up valuable floor time.

Defense Secretary Lloyd Austin in May said the holdup as endangering national security and called the block “irresponsible.”

(Reporting by Trevor Hunnicutt in Los Gatos, California, and Nandita Bose in Washington; editing by Jonathan Oatis)

tagreuters.com2023binary_LYNXMPEJ5I0NK-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I0NI-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Japan regulator sounded out top domestic banks about China risks, sources say

by Reuters June 19, 2023
By Reuters

By Takaya Yamaguchi, Makiko Yamazaki and Paritosh Bansal

TOKYO (Reuters) -Japan’s financial regulator has sounded out top domestic banks about China risks and whether they have plans in place if Sino-Western tensions escalate, according to multiple sources with direct knowledge of the matter. 

The Financial Services Agency’s (FSA) request, which has not been previously reported, is to ensure Japan’s megabanks are thinking about the risks and are prepared to respond if the geopolitical situation worsens, including over the issue of Taiwan’s political status, said three of the sources.

Japanese megabanks Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMFG) and Mizuho Financial Group have a combined $6.5 trillion in assets, according to Refinitiv.

As of end-March, the three banks had total credit exposure of about $64 billion to China, or roughly 1% of their total assets, according to their financial statements. The number does not include all business unit of the banks.

A major risk for Japanese banks would involve U.S. sanctions on China, hobbling their ability to do business there similar to the bans on Russia dealings after the invasion of Ukraine, said one of the sources, who is a financial industry executive.

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

All the sources requested anonymity because of the sensitivity of the matter.

The FSA, MUFG and Mizuho declined to comment. SMFG said it declined to comment on anything related to dealings with regulators.

The FSA has not given the banks any specific directions for actions they need to take, one of the other sources said, adding the lenders were thinking about various eventualities and the regulator was hoping for their insights and information.

The FSA’s request to look into China-related geopolitical risk was made in May, said two other sources. At a meeting last month, one of the banks was asked by the FSA how it is assessing risk related to China operations, one of them said.

The watchdog’s move comes as tensions between China and Western allies have increased over the last 18 months amid a series of disputes involving the Russia-Ukraine war, Taiwan’s sovereignty, and technology access.   

    In particular, tensions have risen between the United States and China.

U.S. Secretary of State Antony Blinken met with China’s top diplomat Wang Yi on Monday at the start of the second and final day of a rare visit to Beijing aimed at ensuring that the many disagreements do not spiral into conflict.

CONTINGENCY PLANS   

    Japanese banks, like many multinational companies, find themselves faced with the prospect of being caught in the middle. 

Top Japanese financial firms, led by banks, are heavily exposed to China either via their onshore operations in the world’s second-largest economy or through their offshore business networks. They also do business in the West.   

    The regulator’s move underscores how far-reaching the impact of a geopolitical crisis, such as one involving Taiwan, would be for the global economy and businesses.

China claims democratically governed Taiwan as its territory and has never renounced the use of force to bring it under its control. Taiwan strongly objects to China’s sovereignty claims and says only the island’s people can decide their future.    China has over the past three years stepped up its pressure to try and force Taiwan to accept Beijing’s sovereignty, including staging war games around the island.

    Many global businesses worry an escalation of tensions could result in the U.S. imposing sanctions on China, as it did with Russia in the aftermath of the Ukraine war. They are taking steps such as drafting contingency plans and inquiring about manufacturing capacity outside Taiwan.    Almost half of the companies surveyed by the American Chamber of Commerce in Taiwan are revising or plan to revise their business continuity plans amid tensions with China, Reuters reported in February.

For Japanese banks with large exposure to the United States, the impact of any Western sanctions against China is likely a greater concern than the fallout of their direct exposure to Taiwan, the financial industry executive said.

Dealing with China sanctions would be extremely complex, the executive added.

(Reporting by Takaya Yamaguchi and Makiko Yamazaki in Tokyo and Paritosh Bansal in New York; Editing by Sumeet Chatterjee and Jamie Freed)

tagreuters.com2023binary_LYNXMPEJ5I05X-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Biden: US-China relations on the ‘right trail’

by Reuters June 19, 2023
By Reuters

PALO ALTO, California (Reuters) – U.S. President Joe Biden said on Monday he thinks relations between the United States and China are on the “right trail” and suggested progress was made during a rare trip to Beijing by Secretary of State Antony Blinken.

“We’re on the right trail here,” Biden said of U.S.-China relations. Asked by reporters whether he felt progress had been made, he replied, “It’s been made.”

Biden also praised Blinken and said “he did a hell of a job.”

China and the United States agreed on Monday to stabilize their intense rivalry so it doesn’t veer into conflict but failed to produce any major breakthrough.

(This story has been corrected to show Biden suggested progress was made)

(Reporting by Trevor Hunnicutt in California and Nandita Bose in Washington; editing by Jonathan Oatis)

tagreuters.com2023binary_LYNXMPEJ5I0MI-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Xi, Blinken agree to stabilize US-China relations in Beijing talks

by Reuters June 19, 2023
By Reuters

By Humeyra Pamuk

BEIJING (Reuters) -China and the United States agreed on Monday to stabilize their intense rivalry so it does not veer into conflict, but failed to produce any major breakthrough during a rare visit to Beijing by U.S. Secretary of State Antony Blinken.

Chinese President Xi Jinping welcomed “progress” after shaking hands with Blinken at the Great Hall of the People, a grand venue usually reserved for greeting heads of state.

The top U.S. diplomat and Xi both stressed the importance of having a more stable relationship, as any conflict between the world’s two largest economies would create global disruption.

China refused to entertain Washington’s bid to resume military-to-military communication channels, citing U.S. sanctions as the obstacle. The two sides appeared entrenched in their positions over everything from Taiwan to trade, including U.S. actions toward China’s chip industry, human rights and Russia’s war against Ukraine.

U.S. President Joe Biden said later on Monday he thinks relations between the two countries are on the right path, and indicated that progress was made during Blinken’s trip.

“We’re on the right trail here,” Biden said of U.S.-China relations. Asked by reporters during a trip to California whether he felt progress had been made, he replied, “I don’t feel,” he said. “You know it’s been made.”

Biden said of Blinken: “He did a hell of a job.”

At one of the most significant U.S.-China exchanges since Biden took office, it was not clear how the countries would overcome their differences. The sides agreed to continue diplomatic engagement with more visits in the coming weeks and months.

ACHIEVED OBJECTIVES

At a news conference concluding his two-day trip to Beijing, the first by a U.S. secretary of state since 2018, Blinken said Washington had achieved its objectives for the trip, including raising concerns directly, trying to set up channels for dialogue and exploring areas of cooperation. The trip was postponed in February after a suspected Chinese spy balloon flew through U.S. airspace.

But he said progress was not straightforward.

“The relationship was at a point of instability, and both sides recognized the need to work to stabilize it,” Blinken said before leaving China.

“But progress is hard. It takes time. And it’s not the product of one visit, one trip, one conversation. My hope and expectation is: we will have better communications, better engagement going forward.”

U.S. officials had been playing down the prospect of a major breakthrough, but hoped Blinken’s visit would pave the way for more bilateral meetings, including possible trips by Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo.

It had been hoped that it would even pave the way for a summit between Xi and Biden later in the year.

Biden and Xi last met on the sidelines of the G20 summit in Indonesia in November, pledging more frequent communication, although ties have since deteriorated.

“The two sides have also made progress and reached the agreement on some specific issues. This is very good,” Xi told Blinken on Monday across a long table adorned with pink flowers.

Blinken responded by saying the two countries have a responsibility to manage their relationship.

His meetings in Beijing, including talks with China’s top diplomat Wang Yi and foreign minister Qin Gang, had been “candid and constructive,” Blinken added.

It was not clear from Xi’s remarks what progress he was referring to, although he told Blinken that China “hopes to see a sound and steady China-U.S. relationship” and believes that the countries “can overcome various difficulties,” according to a Chinese readout of the talks.

Xi also urged Washington not to “hurt China’s legitimate rights and interests,” a signal of potential flashpoints such as Taiwan, the democratic island Beijing claims as its own.

Blinken said he made clear the United States needs much greater cooperation from China on stemming the flow of fentanyl and the sides agreed to set up a working group on the matter.

TAIWAN CORE ISSUE

The lack of open communication channels between the two countries has prompted international jitters, and Beijing’s reluctance to engage in regular military-to-military talks with Washington has alarmed China’s neighbors.

Speaking to reporters after the talks, senior foreign ministry official Yang Tao said U.S. sanctions were blocking progress on improving military-to-military communications.

Chinese defense minister Li Shangfu has been sanctioned since 2018 over the purchase of combat aircraft and equipment from Russia’s main arms exporter, Rosoboronexport.

Asked what specific progress the two sides had made, Yang said they had agreed to prevent a downward spiral in relations. The official added that Chinese foreign minister Qin had accepted Blinken’s request to visit the United States.

Xi’s comments, and the diplomatic choreography of the visit, appeared to signal a will to make progress, analysts said.

“China’s messaging has been pretty positive,” said Wu Xinbo, a professor and director at the Center for American Studies at Fudan University in Shanghai.

“China showed that it still hopes to work with the U.S. to stabilize and improve relations. I think that while China is not optimistic about Sino-U.S. relations, it has not given up hope either.”

Beijing’s tone on Taiwan was particularly pointed throughout Blinken’s visit.

“China has no room for compromise or concessions,” said Wang, according to the Chinese readout.

The United States has long stuck to a policy of “strategic ambiguity” over whether it would respond militarily to an attack on Taiwan, which Beijing has refused to rule out.

(Reporting by Humeyra Pamuk in Beijing; Additional reporting by Jason Xue in Shanghai, Sophie Yu, Yew Lun Tian, Dominique Patton, Joe Cash in Beijing, Jeanny Kao and Ben Blanchard in Taipei; Writing by Humeyra Pamuk, John Geddie, Doina Chiacu and Patricia Zengerle; Editing by Simon Cameron-Moore, Andrew Heavens and Lisa Shumaker)

tagreuters.com2023binary_LYNXMPEJ5I07H-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5H07H-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

US urges ‘orderly, responsible’ drawdown of UN peacekeepers from Mali

by Reuters June 19, 2023
By Reuters

(Reuters) – The United States regrets a decision by Mali’s interim military authorities to ask a United Nations peacekeeping force to leave the country, the State Department said on Monday, calling for an “orderly and responsible” drawdown of the mission.

Mali’s Foreign Minister Abdoulaye Diop made the request during a U.N. Security Council meeting on Friday, citing a “crisis of confidence” between Malian authorities and the decade-long U.N. mission known as MINUSMA.

“The United States regrets the transition government of Mali’s decision to revoke its consent for MINUSMA,” State Department spokesperson Matthew Miller said. “MINUSMA’s drawdown must be orderly and responsible, prioritizing the safety and security of peacekeepers and Malians.”

“We are concerned about the effects this decision will have on the security and humanitarian crises impacting the Malian people,” he said in a statement.

Mali has struggled to stem an Islamist insurgency that took root following an uprising in 2012. MINUSMA was deployed by the U.N. Security Council in 2013 to support foreign and local efforts to restore stability.

Frustrations over the growing insecurity spurred two coups in 2020 and 2021, and the ruling junta has been increasingly at loggerheads with MINUSMA and other international allies, including France.

The junta has burned bridges with traditional Western allies and turned to Russia for help boosting its military capabilities.

The United States “will continue to work with our partners in West Africa to help them tackle the urgent security and governance challenges they face,” Miller said. “We welcome further consultations with regional leaders on additional steps to promote stability and prevent conflict.”

U.N. Security Council members had started to discuss a draft resolution to extend MINUSMA’s mandate, which expires on June 30. It was unclear what would happen now.

The U.N. special envoy to Mali, El-Ghassim Wane, said on Friday it would be “extremely challenging, if not impossible” to operate in a country without the government authorities’ consent.

(Reporting by Michelle Nichols and Daphne Psaledakis; Editing by Franklin Paul and Jonathan Oatis)

tagreuters.com2023binary_LYNXMPEJ5I0MR-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Ukraine prepares ‘biggest blow’ as it claims recapture of eight villages from Russia

by Reuters June 19, 2023
By Reuters

By Tom Balmforth and Pavel Polityuk

KYIV (Reuters) -Ukraine said on Monday it had driven Russian forces out of an eighth village in its two-week-old counteroffensive and a defence official vowed Kyiv’s “biggest blow” lay ahead despite tough resistance from Moscow’s troops.

Deputy Defence Minister Hanna Maliar said Ukrainian forces had retaken Piatykhatky, a settlement on a heavily fortified part of the front line near the most direct route to the country’s Azov Sea coast.

This was part of an advance by Kyiv of up to seven km (4.3 miles) into Russian lines in two weeks, capturing 113 square km (44 square miles) of land.

“The enemy will not easily give up their positions, and we must prepare ourselves for a tough duel,” Maliar said on the Telegram messaging app. The military “are moving as they should have been moving. And the biggest blow is yet to come.”

She said the fiercest fighting was in the east and south of Ukraine. Separately, she said Ukraine’s military was preventing a Russian advance in the east where it concentrated its units, including air assault troops.

President Volodymyr Zelenskiy said in his nightly video address that Kyiv’s military was moving forward in some sectors and defending against intensified attacks in others. But the net outcome was favourable for Ukraine, he said.

“We have no lost positions, only liberated ones. And they have only losses,” he said.

Two slick videos released on Telegram by the Ukrainian armed forces showed what they said were attacks and advances by their forces in recapturing the village of Piatykhatky, including several strikes on Russian positions and a convoy. The video shows thick smoke rising from the area. Columns of Ukrainian armoured vehicles are seen advancing down a country road.

The video concluded with soldiers of the 128th separate assault brigade standing in front of a colonnaded building with Ukrainian flags and saying they have liberated the village.

Reuters was able to confirm the location of the video but could not independently verify the date.

The General Staff of the Ukrainian Armed Forces wrote on Facebook that anti-aircraft units had shot down four cruise missiles and four Iranian-made drones in the last 24 hours.

It said Russia had shelled more than a dozen towns and villages in the Zaporizhzhia region, including Piatykhatky.

Reuters could not verify the battlefield claims.

INCREMENTAL GAINS

The reported capture of the villages reflects the incremental nature of the gains so far for Ukraine along lines Moscow has spent months strengthening.

Piatykhatky is significant, however, as it lies around 90 km from the coast.

Zelenskiy said he would continue talks with Western allies to get weapons and ammunition to them as soon as possible.

Russia, hoping to dent Western resolve, said it had repelled numerous assaults and it released a video showing what its troops say is captured Western equipment, in this case a French-made tank reportedly seized in the eastern Donetsk region. It did not mention Piatykhatky.

Ukraine has acknowledged attacks along several parts of the 1,000-km-long front line in its long-anticipated counteroffensive to retake the 18% of its territory occupied by Russia, but carefully controls information for security reasons. Analysts say the main phase of the counteroffensive is yet to begin.

Both sides appear to have taken heavy losses in recent fighting and both say the other side’s are greater.

Ukraine has prepared an array of new military units for the counteroffensive, while its established brigades weathered Russia’s winter offensive in the east.

Separately, Ukraine Deputy Minister for Strategic Industries Sergiy Boyev told Reuters at the Paris Airshow on Monday that Ukraine is in talks with Western arms manufacturers to boost output of weapons, including drones, and possibly even in Ukraine.

The conflict has killed thousands of civilians, destroyed towns and cities and driven millions of people from their homes while exacerbating global inflation and reshaping security arrangements.

Russia says it invaded Ukraine to “denazify” it, an argument Ukraine and its Western allies call a pretext for a land grab.

REDEPLOYMENT?

Officials from two NATO member states said Moscow was redeploying some of its forces as it seeks to predict where Ukraine will strike.

British and Estonian intelligence officials said that Russia had been moving some forces east along the front line from areas south of the Dnipro river flooded by the destruction of the huge Kakhovka hydroelectric dam on June 6.

Russia and Ukraine have blamed each other for the unleashing of the vast reservoir. Flooding has destroyed homes and farmland along both sides of the front line in Kherson region. The death toll has risen to 52, with more than 11,000 people evacuated.

(Additional reporting by Dan Peleschuk, Ron Popeski, Joanna Plucinska and Valerie Insinna; Writing by Philippa Fletcher, Hugh Lawson and Cynthia Osterman; Editing by Angus MacSwan, Alistair Bell and Sandra Maler)

tagreuters.com2023binary_LYNXMPEJ5I085-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Honduras anti-corruption activist says she left country after threats

by Reuters June 19, 2023
By Reuters

TEGUCIGALPA (Reuters) -One of Honduras’ leading anti-corruption advocates on Monday said she had left the Central American nation because of threats, weeks after accusing President Xiomara Castro’s government of nepotism.

Gabriela Castellanos, executive director of the National Anti-Corruption Council (CNA), which has investigated public corruption in Honduras for nearly a decade, left the country on Sunday with her family and traveled to the United States, she told local media.

“Given the situation of insecurity facing my family and myself, we decided to leave the country and (hope) these events that have occurred in recent weeks can be investigated,” Castellanos said on television channel 3.

Castellanos, who had been invited to attend an event organized by the Organization of American States (OAS), did not specify where the threats were coming from or what investigation they were related to, but said they began in the past three weeks.

On May 24, the CNA published the results of an investigation alleging that the Honduran government tapped Castro’s relatives for positions in the presidency, the Cabinet, Congress and the Supreme Court.

Castro denied the claims the next day and described them as false, accusing the CNA of keeping silent during corruption in the government of former President Juan Orlando Hernandez, who was extradited to the United States on drug trafficking charges last year.

Gerardo Torres, Castro’s deputy foreign minister, said the threats against Castellanos were not coming from within the government.

“I hope we can figure out where they’re coming from and that Ms. Castellanos can come back to the country,” he said in a press conference.

(Reporting by Gustavo Palencia; editing by Jonathan Oatis)

tagreuters.com2023binary_LYNXMPEJ5I0LF-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I0LE-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I0IU-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Marketmind: China to cut rates, but by how much?

by Reuters June 19, 2023
By Reuters

By Jamie McGeever

(Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.

The People’s Bank of China takes center stage on Tuesday with a near-certain interest rate cut, according to the expectations of investors, who are also trying to read the political tea leaves from U.S. Secretary of State Antony Blinken’s visit to Beijing.

Trading volume across the region should pick up after U.S. markets were closed Monday for the Juneteenth holiday, and Malaysian trade, Japanese industrial output, and Hong Kong inflation data could all move asset prices in these countries.

All eyes, however, are on Beijing.

All 32 market watchers in a Reuters poll said the PBOC will cut key lending benchmarks for the first time in 10 months, as authorities battle to shore up a slowing recovery in the world’s second-largest economy and ward off the threat of deflation.

The PBOC last week lowered short- and medium-term policy rates, paving the way for lower benchmark borrowing costs. Most poll participants expect the one-year loan prime rate to be cut by 10 basis points to 3.55%, and half said they forecast a deeper cut of at least 15 bps to the five-year LPR.

The weakness of recent economic data suggests the anticipated loosening of policy on Tuesday will be on the aggressive side and will be followed with further easing in the coming months.

Several major banks have cut their 2023 GDP growth forecasts for China to a 5.1% to 5.7% range from an earlier range of 5.5% to 6.3%.

Chinese stocks on Monday posted their biggest fall in two weeks, but the weakness was not confined to China. The MSCI World index came off last week’s 14-month high, Japan’s Nikkei lost 1%, and Hong Kong tech and the MSCI Asia ex-Japan index both had their biggest falls in three weeks.

That’s the economic and market backdrop to U.S. Secretary of State Blinken’s visit to Beijing, which ended on Monday with all the diplomatic courtesies and protocols one would expect, but with no major breakthrough for investors to cling to.

The two countries agreed to stabilize their rivalry so it doesn’t veer into conflict, hailed “progress” and stressed the importance of a more stable relationship. But they appeared entrenched in their positions over everything from Taiwan to trade, including U.S. actions toward China’s chip industry, human rights and Russia’s war against Ukraine.

The yuan remains under pressure, anchored near seven-month lows against the dollar, and sentiment toward the Chinese currency will not have been boosted by the auspicious start to yuan-denominated trading in certain Hong Kong stocks on Monday.

The 24 companies that debuted the yuan-denominated stock trading scheme attracted a small fraction of their stocks’ trading volume, as interest in using the new currency option was dwarfed by the Hong Kong dollar.

It is early days, of course, but perhaps another reminder that the yuan’s road to internationalization is a very long one.

Here are key developments that could provide more direction to markets on Tuesday:

– China interest rate decision

– Japan industrial production (April)

– Malaysia trade (May)

(By Jamie McGeever; Editing by Lisa Shumaker)

tagreuters.com2023binary_LYNXMPEJ5I0MM-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

EU countries fail to agree energy reforms after coal subsidy clash

by Reuters June 19, 2023
By Reuters

By Kate Abnett

LUXEMBOURG (Reuters) -European Union countries failed on Monday to agree on planned new rules for the bloc’s power market, having clashed over a proposal to extend subsidies for coal plants under the reform, and a push to expand state aid for other power plants.

EU energy ministers meeting in Luxembourg ended talks without a joint stance on the reforms that seek to avoid a repeat of last year’s energy crisis, when record-high gas prices left consumers with soaring energy bills.

The talks had been complicated by a late proposal by Sweden, which holds the EU’s rotating presidency, to allow countries to prolong capacity mechanism subsidies for coal power plants that pay generators to keep capacity on standby to avoid blackouts.

EU countries’ ambassadors will take up the negotiations, aiming for a deal this month.

Asked about the coal proposal, Swedish Energy Minister Ebba Busch said ensuring Poland, which borders Ukraine, had stable power generation could help it support Ukraine with back-up power.

Poland, which gets around 70% of its power from coal, could prolong its support scheme for coal plants, potentially until 2028, under the proposal.

Countries including Austria, Belgium, Germany and Luxembourg had objected, saying the move would undermine Europe’s goals to fight climate change.

The draft proposal, seen by Reuters, would allow existing capacity mechanisms to temporarily waive a CO2 emissions limit – enabling coal plants to participate – if they fail to attract enough lower-carbon generators, and if the European Commission approved the exemption.

“For some of us, security means capacity markets,” Polish Climate Minister Anna Moskwa said earlier on Monday.

Coal is the most CO2-emitting fossil fuel. Scientists say its use must plummet this decade if the world is to avoid the most severe impacts of climate change.

STATE AID

Ministers also struggled to agree rules governing state support for renewable and nuclear power plants, with Germany and France at odds over the issue.

Germany, Austria and the Netherlands had said letting countries offer fixed-price power contracts with the state to existing power plants, as well as new ones, could distort the EU’s single market.

“This could lead to market distortions as large parts of the markets could become inflexible, and also to a distortion of a level playing field concerning the prices in Europe,” German Economy and Climate Minister Robert Habeck said in the meeting.

EU diplomats said the concerns centred around the potential use of these subsidies for French nuclear plants.

French Energy Minister Agnes Pannier-Runacher opposed the call to restrict the use of such contracts, which she said “endangers the objective of security of supply and of protecting consumers”.

The proposed EU power market reform aims to make power prices more stable. Once they agree a common position, countries must negotiate the final law with the EU Parliament.

The latest proposal would also let countries introduce national schemes, until mid-2024, to recoup windfall revenues from some power plants if power prices spike – a move backed by countries including Greece and Spain.

(Reporting by Kate Abnett; additional reporting by Tassilo Hummel, Sudip Kar-Gupta; Editing by Giles Elgood, Emelia Sithole-Matarise, Barbara Lewis, Marguerita Choy and Jonathan Oatis)

tagreuters.com2023binary_LYNXMPEJ5I02H-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Israeli troops, backed by helicopter, kill 5 Palestinians in clash

by Reuters June 19, 2023
By Reuters

By Ali Sawafta

JENIN, West Bank (Reuters) -Israeli forces backed by the rare use of helicopter gunships killed five Palestinians including a teenager and wounded more than 90, as a West Bank raid led to an hours-long gunbattle with armed fighters, the military and health officials said.

Eight Israeli personnel were wounded after troops came under fire during an operation in the flashpoint city of Jenin to arrest two Palestinians suspected in attacks, the military said. At least three of the Palestinians killed in the fighting belonged to the armed Islamic Jihad group.

With U.S.-sponsored peacemaking stalled for almost a decade, Jenin and other areas of the northern West Bank have been a focus of months of stepped-up sweeps by Israel amid a spate of Palestinian street attacks in its cities.

As troops faced heavy fire and a rain of explosive devices from gunmen in the city, the army was forced to mount an extraction mission to pull out the wounded and a number of its vehicles blocked in the fighting, it said.

“So that’s why you saw also our forces in a very problematic area and we had to bring in a helicopter,” an army spokesman told reporters.

The unusual use of helicopter gunships in the operation underlined the intensity of the fighting in Jenin, where armed militant groups including Hamas and Islamic Jihad have long had a strong presence in the adjoining refugee camp.

Bezalel Smotrich, the head of one of the parties in Prime Minister Benjamin Netanyahu’s religious-nationalist coalition, said the government should launch a broad offensive operation “to restore deterrence” in Jenin, Nablus and other West Bank areas.

“It’s time for the gloves to come off,” he said.

The Palestinian Foreign Ministry said Israel’s operations in Jenin were “a dangerous escalation that will drag the region into more bloodshed” and called on the international community to “immediately and urgently intervene”.

Video filmed by a local resident and obtained by Reuters showed an explosion enveloping an armoured troop transport as shots ring out. Other clips showed a military helicopter launching a missile and releasing flares.

Israeli media said use of helicopter gunships was a 20-year first in the West Bank. The Israeli military did not immediately respond to a request for comment on when it had last used them there.

A military spokesperson said an Apache helicopter fired on an open area in order to drive back gunmen as casualties were extricated from the troop transport.

“We’re aware Palestinians are hit, quite a big number,” the spokesman said.

An Islamic Jihad official said the use of aircraft “will push our fighters to use tools that will surprise the enemy.”

An official from the Fatah party said fighters from the nearby cities of Nablus and Tulkarem had arrived in Jenin to support the local fighters.

NO COMPROMISES

The Palestinian health ministry said the five killed during the fighting included 15-year-old Ahmad Saqer. Islamic Jihad claimed three of the dead as members. Another 91 Palestinians were wounded, among then 23 people in critical condition, the ministry said.

Some Palestinian journalists said Israeli forces fired at them during Monday’s operation, even though they were wearing clearly identifiable blue body armour with Press markings. Video showed reporters taking cover on a rooftop as one said they were being targeted by Israeli snipers.

The head of the Red Crescent in Jenin, Mahmoud al-Saadi, told Reuters his medical teams also came under Israeli fire while transporting the wounded, damaging two ambulances.

The Israeli military said it was unaware of any fire at medics or journalists but was reviewing the incident.

“The IDF does not shoot at uninvolved individuals, and the use of live fire is made after all other options have been exhausted,” it said in a statement.

As well as Islamic Jihad, Hamas, the Islamist movement which rules the Gaza Strip, said a number of its fighters also took part in the clashes.

By late afternoon, the military said all its forces had left the city, where soldiers mounted a major operation in January that killed nine Palestinians and sparked a brief exchange of cross-border fire with Gaza.

The U.N. Special Coordinator for the Middle East Peace Process Tor Wennesland said that escalations like the one in Jenin risked plunging the region into a deadly crisis and said both sides should re-engage on a political path.

Defence Minister Yoav Gallant said Israel would employ whatever means it thought necessary.

“There are no compromises in the fight against terrorism, we will continue to take an offensive approach. We will use all the means at our disposal,” he said on Twitter.

The Palestinian Foreign Ministry said Palestinians will “continue to defend themselves” as “their homes are being bombed, lands stolen, and children killed”.

In a separate incident late on Monday, the Palestinian health ministry said 20-year-old Zakaria Zaoul was shot in the head by Israeli forces in the town of Husan near Bethlehem. At least two more Palestinians sustained gunshot wounds in clashes with Israeli forces in the area, the Palestinian WAFA news agency reported. There was no immediate statement from the military.

Earlier in the evening, the Israeli military said two assailants rammed their car into soldiers operating around a checkpoint in the northern West Bank. The soldiers fired at and hit the suspects and two soldiers were wounded in the incident, a statement from the military said.

The Palestinian health ministry said two people who were shot by Israeli forces arrived for treatment at a Jenin hospital, one in critical condition.

(Writing by Dan Williams, Nidal al-Mughrabi and James Mackenzie; Editing by Gareth Jones, Ed Osmond, Hugh Lawson, Peter Graff and Jonathan Oatis)

tagreuters.com2023binary_LYNXMPEJ5I047-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I048-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Paris air show takes off with historic plane order

by Reuters June 19, 2023
By Reuters

By Tim Hepher, Allison Lampert and Valerie Insinna

PARIS (Reuters) -Airbus announced a record 500-plane deal with Indian airline IndiGo on day one of the Paris Airshow on Monday, as strong demand for jets and air defences vied for attention with the industry’s supply chain problems.

The multibillion-dollar deal for single-aisle planes – the largest ever by number of aircraft – confirmed a Reuters report earlier this month, and eclipsed Air India’s provisional purchase of 470 Airbus and Boeing jets earlier this year.

The world’s largest air show, which alternates with Farnborough in Britain, is at Le Bourget for the first time in four years after the 2021 edition fell victim to the pandemic.

French President Emmanuel Macron flew in to the packed aerospace bazaar by helicopter and watched a flying demonstration including Airbus’s latest jet development, the A321XLR, and air power including the French Rafale fighter.

On the civilian side, planemakers arrived with growing demand expectations as airlines rush for capacity to meet demand and help reach industry goals of net zero emissions by 2050.

But they also face a challenge to meet that demand as suppliers struggle with rising costs, parts shortages and a scarcity of skilled labour in the wake of the pandemic.

Industry executives say as many as 2,000 jet orders are up for grabs worldwide in a resurgent commercial jet market, on top of those provisionally announced already, as airlines try to fill a void left by sharp falls in activity in the COVID crisis.

But only a portion of these potential fresh deals will be ready in time for this week’s air show, which could see a mixture of new and repeat announcements, they said.

“It is only when these appear in the year-end backlog that we have any idea of the strength of the market and the quality of the orders,” said Agency Partners analyst Sash Tusa.

UKRAINE ARMS TALKS

IndiGo’s deal highlights the growing importance of India, the world’s fastest-growing aviation market, serving the largest population, to planemakers.

“This is just the beginning, there’s more going forward. With the growth of India (and) the growth of the Indian aviation market … this is the right time for us to place this order,” IndiGo Chief Executive Pieter Elbers told a news conference.

In another key market, Airbus said Saudi budget airline flynas had firmed up an order for 30 of its A320neo-family narrowbody aircraft, confirming a Bloomberg report.

The air show is taking place under the shadow of the conflict in Ukraine, with no Russian presence in the chalets and exhibition halls in contrast to the last event four years ago.

A Ukrainian minister told Reuters that Kyiv is in talks with Western arms manufacturers to boost production of weapons, including drones, and could sign contracts in coming months.

Belgium said it would apply to join as an observer the potential successor to the Rafale and multinational Eurofighter, the Franco-German-Spanish FCAS fighter project, despite differences between industrial partners over whether to expand.

France’s Thales also announced a contract from Indonesia for 13 long-range air surveillance radars.

Looking ahead to the rest of the show, Air India may finalise its recent huge order, split between Airbus and Boeing, as Irish lessor Avolon finalises a deal with Boeing which is having a relatively quiet show after a string of recent orders.

Airbus is seen close to a potentially large deal with Mexico’s Viva Aerobus, but by Monday some sources were predicting the volume could be closer to 60 jets than the triple digits first reported, with no guarantee of a result this week.

And with increased bargaining power at their disposal from tight supplies, airline executives say planemakers are being tougher on price and more circumspect than in previous upcycles.

Engine makers are meanwhile sketching bets on fuel-saving technology that will influence how jets evolve next decade.

(Reporting by Tim Hepher, Joanna Plucinska, Allison Lampert and Valerie Insinna; Additional reporting by Aditi Shah, Julia Payne, Nandan Mandayam; Editing by Mark Potter and Jonathan Oatis)

tagreuters.com2023binary_LYNXMPEJ5I07A-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I07C-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

UK lawmakers vote to approve report that Boris Johnson misled parliament

by Reuters June 19, 2023
By Reuters

LONDON (Reuters) – British lawmakers on Monday voted to approve a report that recommended sanctioning former prime minister Boris Johnson for deliberately misleading parliament over rule-breaking parties held during the COVID-19 pandemic.

Lawmakers in the House of Commons voted by 354 to 7 to endorse the privileges committee’s report, which concluded that the former leader should have his parliamentary pass revoked and had he not already quit, it would have recommended a 90-day suspension from parliament.

Johnson abruptly resigned from parliament 10 days ago after seeing an advance copy of the report, calling the inquiry a “witch hunt”.

(Reporting by Andrew MacAskill and Muvija M; Editing by Sandra Maler)

tagreuters.com2023binary_LYNXMPEJ5I0LO-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Greek migrant tragedy death toll rises, suspects detained

by Reuters June 19, 2023
By Reuters

By Karolina Tagaris

MALAKASA, Greece (Reuters) -The suspected smugglers of scores of migrants who drowned in a Mediterranean Sea shipwreck last week are expected to face manslaughter charges in a Greek court this week, while Pakistan detained a dozen suspects over the disaster.

Greece recovered three more bodies on Monday, bringing the confirmed toll to 81, after a fishing boat packed with hundreds of migrants sank of its south-west coast last week in a journey which started from Libya and was supposed to end in Italy.

Only 104 people are known to have survived.

Lawyers for nine suspected smugglers held by Greece, all from Egypt, sought and were granted a postponement of their arraignment hearing to Tuesday morning, the semi-official Athens News Agency said.

One of the lawyers said his client denied he was a smuggler, saying he was instead a victim who had paid to be taken to Italy.

“He left his country looking for a better life in Europe because of economic difficulties,” said the lawyer, Athanasios Iliopoulos.

Greece was still scouring the sea on Monday, though the chance of finding more survivors was seen as virtually nil. The boat sank in some of the deepest waters of the Mediterranean.

The victims are thought to be from Syria, Pakistan and Egypt. Hundreds more are feared dead.

Greece has come under increasing scrutiny over its response to the disaster, which occurred even though the boat had been shadowed by its coastguard for several hours.

Pakistan declared a national day of mourning on Monday, after counting at least 21 victims from the Koti district in the Pakistan-administered area of the Himalayan Kashmir region. It said an initial investigation suggested the boat was carrying around 800 people.

Other estimates have said at least 400 people were aboard.

Fourteen people in Pakistan have been arrested on suspicion of alleged trafficking.

ANGUISH FOR RELATIVES

The boat is thought to have set off with passengers from the Libyan coastal city of Tobruk on June 10.

Greek authorities say the vessel, which they had monitored for about 15 hours after being alerted by Italy, flipped and capsized about 25 minutes after its engine stalled in the early hours of June 14.

Authorities said the vessel repeatedly refused Greek help, saying it wanted to go to Italy.

Alarm Phone, an advocacy group that was in communication with the vessel, said that on at least two occasions people on board pleaded for help. The group said it alerted Greek authorities and aid agencies hours before the disaster unfolded.

Greek authorities also denied reports the vessel was stationary for hours, saying that it had sailed a distance of about 30 nautical miles from its detection to its sinking.

Over a 15-hour period, that would suggest the boat going at a crawl.

Relatives have been turning up outside a migrant facility north of Athens since survivors were brought there on Friday, showing photos of the missing through the camp gates, in the hopes someone might recognise them.

“I’m looking for my brother. I want to see where the boat sunk to try to find him,” said 54-year-old Mohamed El Sayed El-Dadamony Radwan, who travelled from Germany, after reuniting with a nephew who survived.

Radwan showed a photo of his missing brother on his phone.

“I want to look for him because I can’t find (his name), not in the hospital records of those who perished or in the list of those who survived,” he said.

On Sunday, there was an emotional reunion for Syrian teenager Mohammad Hadhoud, 18, who survived the wreck, and his elder brother Fadi, who had first spotted each other through a metal barricade in the coastal city of Kalamata on Friday.

At a migrant camp in Malakasa near Athens, Mohammad sprinted into his brother’s open arms as they both sobbed, holding each other for several moments. Fadi said their brother-in-law died in the shipwreck.

Others had yet to receive news of loved ones.

“My uncle was with me on the same boat, the boat that capsized. I am looking for my uncle but I can’t find him,” said 22-year-old Egyptian survivor Atia Al Said.

(Reporting by Karolina Tagaris; Additional reporting by Abu Arqam Naqash in Muzaffarabad; writing by Michele Kambas; Editing by Frank Jack Daniel and Cynthia Osterman)

tagreuters.com2023binary_LYNXMPEJ5I0LM-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I0BD-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I0B5-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I0BC-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I0LL-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

US lawmakers to urge automakers to cut reliance on China

by Reuters June 19, 2023
By Reuters

By David Shepardson

WASHINGTON (Reuters) -A bipartisan group of U.S. lawmakers will urge the CEOs of Ford Motor and General Motors to shrink reliance on China auto parts, particularly electric vehicle batteries, sources told Reuters on Monday.

Four lawmakers who are part of the House of Representatives China Select Committee will travel to Detroit Tuesday to meet with Ford’s Jim Farley and GM’s Mary Barra, the sources said.

Republicans Mike Gallagher and John Moolenaar and Democrats Raja Krishnamoorthi and Haley Stevens also plan to meet with executives from auto suppliers including BorgWarner, Continental, Bosch, Tenneco and battery startup Our Next Energy (ONE).

The focus on Chinese auto parts comes soon after U.S. Secretary of State Antony Blinken made a rare visit to Beijing and hours of meetings failed to produce any major breakthroughs.

Ford said Monday it “shares the committee’s goals of strengthening American competitiveness and establishing EV supply chains in the U.S., and in our meeting tomorrow we plan to share how we’re doing just that.”

GM declined to comment on the meeting.

Gallagher, who chairs the China committee, in April raised concerns about Tesla’s dependency on China, after the company revealed plans to open a Megapack battery factory in Shanghai.

The $430 billion Inflation Reduction Act (IRA) signed by President Joe Biden in August aims to wean U.S. EV production from Chinese supply chains by imposing new conditions on EV tax credits. The new tax credit rules restrict eligibility to only North American assembled vehicles and set battery sourcing rules.

Ford’s deal announced in February to use technology from Chinese battery company CATL as part of the automaker’s plan to spend $3.5 billion to build a battery plant in Michigan has drawn criticism from some lawmakers.

Republican Senator Marco Rubio has asked the Biden administration to block EV tax credits for batteries produced using Chinese technology.

Ford said previously “making those batteries here at home is much better than continuing to rely exclusively on foreign imports, like other auto companies do.”

Bloomberg News first reported the planned meetings.

(Reporting by David Shepardson and Kanishka Singh in Washington; Editing by Sandra Maler and Lisa Shumaker)

tagreuters.com2023binary_LYNXMPEJ5I0JV-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I0JU-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Russian spy chief flags ‘suspicious’ Ukrainian nuclear activity

by Reuters June 19, 2023
By Reuters

(Reuters) -One of Russia’s top spymasters said on Monday he hoped that the U.N. nuclear watchdog and the European Union would look into Ukrainian nuclear activity that he said might signal Kyiv was working on a “dirty bomb”.

Sergei Naryshkin, the head of Russia’s SVR foreign intelligence service, did not provide documentary evidence to back his assertions.

The International Atomic Energy Agency, the U.N.’s nuclear watchdog, discounted Naryshkin’s suggestion, saying all movements of nuclear material had been fully accounted for.

The Ukrainian defence ministry did not immediately respond to a request for comment. Kyiv has in the past said it takes its responsibilities for nuclear power very seriously while accusing Russia of recklessness when it comes to its control of the Zaporizhzhia nuclear plant in southern Ukraine.

Naryshkin said in a statement that his service had information that a batch of “irradiated fuel” had secretly been sent from the Rivne nuclear plant in western Ukraine for disposal at a spent fuel storage facility in Chornobyl.

He said the action, which Reuters could not independently verify, was suspicious and could only be explained by Kyiv intending to create a “dirty bomb”, combining radioactive material with conventional explosives.

An IAEA statement said it had reported earlier this month on the transfer of spent fuel from Rivne to Chornobyl and taken full account of the material.

The agency said it had been notified of the transfer in advance and the material was tracked “up to its final destination at the centralized spent fuel storage at Chornobyl where it remains under IAEA safeguards”.

Russia has previously accused Ukraine, without providing evidence, of planning to use such a “dirty bomb”, amid fears on both sides that fighting around the Zaporizhzhia nuclear plant, which Russian forces seized a few days after invading Ukraine early last year in what Moscow calls its “special military operation”, could lead to a disaster.

(Reporting by Reuters; Editing by Andrew Osborn, Kevin Liffey, Francois Murphy and Cynthia Osterman)

tagreuters.com2023binary_LYNXMPEJ5I09E-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Oil falls on uncertainty about Chinese economic growth

by Reuters June 19, 2023
By Reuters

By Nia Williams

(Reuters) -Oil prices fell on Monday as questions over China’s economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States.

Brent crude settled down 48 cents, or 0.6%, to $76.13 a barrel while U.S. West Texas Intermediate (WTI) crude was down 49 cents, or 0.7%, to $71.29 at 1935 GMT. Trading volumes were thin due to a U.S. holiday.

Both contracts ended last week with gains of more than 2%.

A number of large banks have cut their forecasts for China’s 2023 growth in gross domestic product after May data last week showed the post-COVID recovery in the world’s second-largest economy was faltering.

China is widely expected to cut its benchmark loan rates on Tuesday after a similar reduction in medium-term policy loans last week to shore up a shaky economic recovery.

The oil market is watching for further signs of whether the global economy will pick up, said Jorge Leon, Rystad Energy’s senior vice president.

“Much will depend on China’s economic performance in the second half of this year and the effectiveness of the country’s recently announced stimulus measures, and on the ability of the U.S. and Europe to avoid an economic slowdown amid interest rates hikes,” Leon wrote in a research note.

However, China’s refinery throughput rose in May to its second-highest total on record, helping to boost last week’s gains, and U.S. energy firms cut the number of working oil and natural gas rigs for a seventh week in a row for the first time since July 2020.

Rising Iranian oil exports also weighed on prices. Iran’s crude exports and oil output have hit record highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source close to the matter, adding to global supply when other producers are limiting output.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia this month agreed on a new oil output deal and the group’s biggest producer, Saudi Arabia, also pledged to make a deep cut to its output in July.

“Sentiment-wise in the crude oil market, traders are fairly bearish,” said Daniel Ghali, a commodity strategist at TD Bank. “But from a broader perspective, the analyst community is still looking for pretty significant deficits in coming months.”

(Reporting by Nia Williams in British Columbia;Additional reporting by Ahmad Ghaddar in London, Katya Golubkova in Tokyo and Emily Chow in Singapore;Editing by David Goodman, Kirsten Donovan, Lisa Shumaker and Alison Williams)

tagreuters.com2023binary_LYNXMPEJ5I00K-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Kerry meets Pope Francis privately, says he’s in great form and spirits

by Reuters June 19, 2023
By Reuters

VATICAN CITY (Reuters) – U.S. climate envoy John Kerry met Pope Francis on Monday, the first official to have a private audience with him since his discharge from hospital, and told Reuters that he found the pontiff “in great spirits and in great form”.

Francis, 86, left Rome’s Gemelli hospital on Friday, nine days after surgery to repair an abdominal hernia.

“He was in great spirits and great form … I was really amazed. He embraced a lot of our conversation. It was a nice meeting,” said Kerry, who was the first person on the pope’s public schedule.

“I found the pope to be very much the pope that I have had the privilege of seeing several times over the last years. He was strong. He was clear. He seemed in very good form and good spirits,” Kerry, 79, said in an interview in front of St. Peter’s Square.

In 2015, Francis wrote a landmark encyclical, the highest form of papal writing, on the need to protect the environment, combat climate change and reduce use of fossil fuels.

Kerry is having a series of meetings ahead of COP28, the latest U.N. climate summit that is to be held at the end of this year in Dubai, in the United Arab Emirates.

(This story has been refiled to remove extraneous word ‘Friday’ from paragraph 1)

(Reporting by Philip Pullella; editing by Toby Chopra and Mark Heinrich)

tagreuters.com2023binary_LYNXMPEJ5I09N-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I09L-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I09M-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I09A-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Breaking NewsHealth and WellnessNew Jersey NewsOMG!Viral News

New Jersey lawmakers annnounce Menthol cigarette ban on Juneteenth

by Charlie Dwyer June 19, 2023
By Charlie Dwyer

TRENTON, NJ – A new law aimed at prohibiting the sale of menthol cigarettes in New Jersey has been advanced by the Senate Health, Human Services and Senior Citizens Committee. The bill, sponsored by committee Chair Joe Vitale, Senator Robert Singer, Senator Sandra Cunningham, and Senator Patrick Diegnan, seeks to update current state law to align with the federal ban on clove-flavored cigarettes and extend the prohibition to menthol-flavored cigarettes.

Senator Vitale highlighted the targeted marketing of menthol cigarettes by the tobacco industry, particularly towards Black and other communities of color, over several decades.

He emphasized the detrimental impact of these products, which have led to addiction, illness, and premature death among millions of individuals in New Jersey and across the nation.

Menthol cigarettes are known to provide a more comfortable smoking experience, leading smokers to inhale more frequently, deeply, and for longer durations. This increased lung exposure to tobacco smoke chemicals poses significant health risks. Additionally, studies have indicated that menthol smokers tend to become more dependent on nicotine and face greater challenges when attempting to quit compared to other smokers.

The bill, identified as S-299, received approval from the committee with a 6-2 vote. This legislative step reflects the growing recognition of the need to address the harms associated with menthol cigarettes and hold tobacco companies accountable for their actions.

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Breaking News

12-year-old girl reported missing in Somerville

by Jessica Woods June 19, 2023
By Jessica Woods

PITTSBURGH, PA – The Pittsburgh Bureau of Police is seeking the public’s assistance in locating 12-year-old Tyshaya Somerville, who went missing on June 18. Special Victims Unit detectives are actively working on the case and are urging anyone with information to come forward.

Tyshaya is described as being 5’4″ tall, weighing 115 pounds, with brown eyes and black hair. She was last seen at her cousin’s house located in the 300 block of Mathews Avenue in Knoxville around 2 p.m.

Detectives said she is considered to be in danger due to her age and the fact that she does not have her phone with her.

If you have any information regarding Tyshaya’s whereabouts or any details that could aid in the investigation, please immediately contact 9-1-1 or reach out to the Missing Persons department at 412-323-7141.

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Germany only has 20,000 high explosive artillery shells left – report

by Reuters June 19, 2023
By Reuters

BERLIN (Reuters) – Germany’s armed forces only have around 20,000 high explosive artillery shells left, magazine Der Spiegel wrote on Monday citing confidential defence ministry papers prepared to convince the budget committee of the need for urgent purchases.

Countries like Germany have rushed to send supplies of 155m artillery rounds used by howitzers to Ukraine in the wake of its invasion by Russia in February 2022, running down stocks for their own defence.

Germany’s military needs to build up an inventory of some 230,000 shells by 2031 to comply with NATO goals to have enough artillery to withstand 30 days of intensive combat, Der Spiegel wrote.

The defence ministry did not immediately reply to a request for comment.

The ministry aims to present the budget committee with nine contracts for the accelerated purchase of artillery and tank ammunition in coming months, Der Spiegel wrote.

(Reporting by Sabine Siebold and Sarah Marsh; Editing by Christina Fincher)

tagreuters.com2023binary_LYNXMPEJ5I0K7-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Breaking NewsD.C. NewsPolice Blotter

Teens Fatally Shot in Southeast, D.C

by Kristen Harrison-Oneal June 19, 2023
By Kristen Harrison-Oneal

WASHINGTON, D.C. – Two teens were shot Sunday evening in Southeast, D.C. They did not survive.

Officers from the Washington, D.C. Metro Police Department arrived at the 2700 Block of Langstone Place shortly before 9 pm to investigate a report of a shooting. At the location, police found the victims suffering from gunshot wounds. Both victims were taken to nearby hospitals for treatment and died later from their injuries.

15-year-old Demarcos Pinkney and 18-year-old Kevin Mason, both residents of Southeast, D.C., were identified as the victims.

Apartment windows in the area were shattered by the gunfire, as confirmed by the police. No other information regarding the circumstances of the shooting has been disclosed thus far.

If you have any information about the shooting, please take no action but call the police at (202) 727-9099 or text your tip to the Department’s TEXT TIP LINE at 50411.

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Mexican inflation seen at lowest level in more than two years-Reuters poll

by Reuters June 19, 2023
By Reuters

MEXICO CITY (Reuters) – Mexico’s headline inflation likely reached its lowest level in more than two years during the first half of June, but remained above the central bank’s target, a Reuters poll showed on Monday, reinforcing bets the bank will keep the key rate steady longer.

The median forecast of 11 analysts sees annual headline inflation at 5.30%, its lowest level since the second half of March 2021, although it would still be significantly higher than the official target of 3%, plus or minus a percentage point.

In its most recent monetary policy announcement, the Bank of Mexico kept its benchmark interest rate unchanged at 11.25%, ending a nearly two-year rate-hike cycle, and vowed to keep it at that level for an extended period of time for inflation to converge to the target.

The core index, which strips out volatile food and energy prices, is forecast to have slid to 7.02% year-on-year, its lowest level since March 2022.

In the first half of June, consumer prices were forecast to have risen 0.15% compared to the previous two-week period, while the core measure likely grew 0.22%.

Mexico’s statistics institute will release inflation data for the first half of June on Thursday.

(Reporting by Noe Torres; Additional reporting by Gabriel Burin in Buenos Aires; Editing by Sandra Maler)

tagreuters.com2023binary_LYNXMPEJ5I0JP-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
US and World News

Exclusive-Citing attack threat, France bans Iranian opposition rally -document

by Reuters June 19, 2023
By Reuters

By John Irish and Juliette Jabkhiro

PARIS (Reuters) – France has banned an upcoming Iranian opposition rally over the risk of an attack, according to a letter sent to the organisers and seen by Reuters, after the release of an Iranian diplomat convicted of masterminding a plot to bomb the group in 2018.

The ban comes as Western powers seek to defuse tensions with Iran and a few weeks after Tehran released several Europeans from prison, including two French nationals. French President Emmanuel Macron held a 90-minute call with Iranian President Ebrahim Raisi on June 10.

The Paris-based National Council of Resistance of Iran (NCRI), political arm of the People’s Mujahideen Organisation of Iran (PMOI), has held frequent rallies in the French capital over the years, often attended by high profile former U.S., European and Arab officials critical of the Islamic Republic.

In February, the NCRI attracted several thousand people to an event in central Paris, and plans its annual rally on July 1.

However, given a recent spate of mass anti-government protests in Iran over the death of a 22-year-old woman while in morality police custody, a “tense context” had developed posing “very significant security risks” to NCRI gatherings, said the document, a letter from Paris police chief Laurent Nunez.

Therefore, “this meeting, organised every year since 2008, cannot be held…” read the letter, sent to the NCRI rally’s organising committee.

In response to an inquiry, Paris police issued a statement to Reuters confirming that they had informed the committee of the decision to ban the rally as it could “generate disturbances to public order due to the geopolitical context”.

“Moreover, given the terrorist risk cannot be neglected, the holding of such an event would make its security but also the security of sensitive guests extremely complex,” said the statement.

A senior NCRI official condemned the decision when asked about it by Reuters, before the police confirmation.

“If French authorities take such a stance, it will represent a brazen disregard for democratic principles, caving in to the ruling religious tyranny’s blackmail and hostage-taking,” Shahin Gobadi, a member of the NCRI’s Foreign Affairs Committee, said.

FOREIGN SUPPORT FOR IRAN UNREST

Mahsa Amini’s death in custody sparked months of nationwide protests, prompting Tehran to accuse the United States, its Western allies and Israel of exploiting the unrest to try to destabilise the Islamic Republic.

Thousands of supportive rallies have been held around the world since her death September, although the nationwide unrest has subsided after Iranian security police clamped down on it.

To dampen rising tensions, the United States has been holding talks with Iran to sketch out steps that could limit the disputed Iranian nuclear programme, release some detained U.S. citizens and unfreeze some Iranian assets abroad, according to Iranian and Western officials.

ABORTIVE PLOT

Nunez’s letter put the July 1 NCRI rally in the context of the abortive plot led by Vienna-based Iranian diplomat Assadolah Assadi in October 2018 and three others.

Assadi, who French officials said was running an Iranian state intelligence network and was acting on orders from Tehran, was sentenced in Belgium to a 20-year prison term in 2021. He was exchanged in May for four Europeans held in Iran.

“This attempted attack, which underlines the operational capacities for attacking the PMOI, falls into a series of violent and lethal operations in France and Europe, in the form of assassinations and kidnappings of Iranian opposition figures,” the letter said, without providing details.

“Partner countries have in this regard recently mentioned many planned violent attacks, potentially targeting Iranian opposition figures.”

Nunez also said in his letter to the NCRI that given the group’s rally would attract several hundred important foreign dignitaries and PMOI members coming from overseas, “securing the event would be particularly complicated”.

There have been three attacks on an NCRI building in a Paris suburb since the end of May, the letter said, and these were under investigation. Two sources close to the investigation said gunshots, petrol bombs and other incendiary devices had been used to target the building. It was unclear who was responsible.

The letter said there was also an elevated risk of conflict between the NCRI and rival Iranian opposition groups at the rally, although there had been no incidents at past rallies.

Tehran has long called for a crackdown on NCRI activities in Paris, Washington and the Saudi capital Riyadh. The group, whose sources of funding and support are unclear, is regularly lambasted by Iranian state media.

(Reporting by John Irish; editing by Mark Heinrich)

tagreuters.com2023binary_LYNXMPEJ5I0JN-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I0JL-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ5I0JM-BASEIMAGE

June 19, 2023 0 comments
FacebookTwitterRedditWhatsappBluesky
Business News

Renault names Luca de Meo as new head of Ampere electric vehicle unit

by Reuters June 19, 2023
By Reuters

PARIS (Reuters) – French carmaker Renault appointed on Monday its group chief executive Luca de Meo as the future chairman and CEO of Ampere, the electric vehicle division which Renault is aiming to list on the stock market.

Renault added that its board of directors had also set up an ad-hoc committee, chaired by Jean-Dominique Senard, to oversee the envisaged initial public offering (IPO) of Ampere.

(Reporting by Sudip Kar-Gupta; Editing by Alison Williams)

tagreuters.com2023binary_LYNXMPEJ5I0J4-BASEIMAGE

June 19, 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