resilience

Britain must not damage financial sector resilience, says BoE’s Woods

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By Huw Jones LONDON (Reuters) – Easing rules to boost the post-Brexit global competitiveness of Britain’s financial sector can only be done while maintaining a resilient financial system, Bank of England Deputy Governor Sam Woods said on Tuesday. The Bank of England was given a new secondary objective in August to facilitate medium to long-term international competitiveness and growth, subject to aligning with global regulatory standards. With Britain no longer required to apply European Union financial rules, the banking sector hopes the new objective, also given to the Financial Conduct Authority, will put pressure on regulators to cut “red tape”

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Marketmind: Autoworkers’ walkout to test resilience of US economy

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A look at the day ahead in U.S. and global markets from Dhara Ranasinghe Brewing industrial action looks set to test the resilience of the U.S. economy, and especially jobs markets, that have taken policymakers and markets by surprise given the scale of interest rate rises over the past year. The United Auto Workers union launched simultaneous strikes at three factories owned by General Motors, Ford and Chrysler parent Stellantis early on Friday, kicking off the most ambitious U.S. industrial labor action in decades. The walkout by more than 12,000 autoworkers could slow an outperforming U.S. economy should it drag

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Australia’s household spending rebounds in Aug in consumer resilience -CBA data

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SYDNEY (Reuters) – Australia’s household spending rebounded in August, led by gains in the education, transport and recreation categories, data from the Commonwealth Bank of Australia showed on Wednesday, a sign of consumer resilience that bodes well for the economy. The CommBank Household Spending Insights (HSI) index rose 0.7% to 137.0 in August from July when it was flat. The annual rate of increases, however, remained subdued, up just 2.3% and a world away from its peak of 18% last year. A surge in international students helped education spending grow at a solid pace of 2.8% for the month, while

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Female Student Athletes in Toms River Talk Resilience and Inclusion

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Toms River, NJ – Angela Teeple, founder of the apparel company All In, spoke to a packed auditorium of female student athletes at High School North in Toms River. The event was organized by Ted Gillen, Toms River Regional Schools Athletic Director, and included female athletes from all three district high schools. Teeple shared her personal journey, discussing obstacles she overcame, including battling addiction within her family, a rare medical condition requiring frequent surgeries, and experiences of being bullied and underestimated. Her talk emphasized the value of mental resilience, in addition to physical athleticism. She spoke about her career in

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U.S. stocks may start to question economic resilience, says Morgan Stanley

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(Reuters) – The S&P 500 will likely struggle to make more headway after rallying almost 14% so far this year as investors start to question the sustainability of the U.S. economy’s resilience, Morgan Stanley equity strategists said. One reason is that a “sell-the news” mentality has taken hold following second-quarter earnings, potentially slowing price momentum, said Morgan Stanley strategists, led by Michael Wilson. “We find it very difficult to be bullish on the (S&P 500) index.” The index has fallen over 5% from this year’s highs hit last month, with investors unnerved by a recent surge in bonds yields. The

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Yellen to tout U.S. economy’s resilience, jobs recovery in major speech

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By Andrea Shalal WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen will highlight the U.S. economy’s continuing resilience in a major speech in Las Vegas on Monday, touting the creation of 13 million new jobs and progress in driving down inflation, a Treasury official said. Yellen will speak at a training center operated by the International Brotherhood of Electrical Workers (IBEW) union after touring its cutting-edge clean energy training programs where workers learn how to install solar panels. The remarks in Nevada, likely to be a key battleground state in the 2024 presidential election, are part of a monthlong travel

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Treasury’s Yellen notes US economic resilience in meeting with IMF’s Georgieva

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WASHINGTON (Reuters) – Treasury Secretary Janet Yellen spoke about the U.S. economy’s resilience in the face of global headwinds in a meeting Friday with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, according to a Treasury Department statement. Yellen and Georgieva also discussed recent banking sector stress, the outlook for the U.S. economy as well as the Ukraine war, according to the statement. (Reporting by Ismail Shakil; Editing by Doina Chiacu)

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Black mothers in the US speak of challenges and resilience

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By Joy Malone TOMS RIVER, New Jersey (Reuters) – Ciara Clark, a Black doula, labored for more than nine hours at home before making a last-minute switch to go to the hospital to give birth. With her own Black doula and mother by her side, Clark had hoped to have her baby at home with no medical assistance at all. She wanted to have a “wild” pregnancy – one that is medically unassisted. “I wanted to go through this birth without having any medical intervention,” said Clark, 34. After four cesarean sections with her previous pregnancies, Clark said she feared

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BOJ chief upbeat on Asia’s economy, points to bank resilience

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By Leika Kihara INCHEON, South Korea (Reuters) – Bank of Japan Governor Kazuo Ueda said on Tuesday the downside risks to Asia’s economy were smaller than those to other parts of the world, partly due to the region’s resilience to U.S. and European banking sector woes. His remarks underscore optimism over the outlook for Asia’s economy, which has a big influence on Japan’s fragile recovery due to its proximity and huge market size. “The risks Asia faces are smaller than those for other regions,” Ueda told a briefing after attending a meeting of finance leaders from the ASEAN+3 – which

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EU sees urgency in bolstering bank resilience after turmoil

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By Jan Strupczewski and Balazs Koranyi STOCKHOLM (Reuters) – Last month’s turmoil in the banking sector barely affected European Union lenders but there remains an urgent need to make the sector even more resilient given how fast social media-created runs can sink banks, top EU officials said on Friday. EU finance ministers were briefed by heads of the EU’s Single Supervisory Mechanism and the Single Resolution Board on lessons that could be drawn from the collapse of U.S. lenders Silicon Valley Bank and Signature Bank, and the forced takeover of Credit Suisse by UBS in the bloc’s neighbour Switzerland. “The

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IMF’s Georgieva says 44 countries interested in new resilience trust loans

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By David Lawder WASHINGTON (Reuters) – International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Monday that 44 countries have expressed interest in borrowing from its $40 billion Resilience and Sustainability Trust after an initial five had arranged loans. The facility was created last year to help channel excess IMF Special Drawing Rights reserves from wealthier countries to poor and vulnerable middle-income countries to provide long-term concessional financing for needs such as climate change adaptation and transitioning to cleaner energy sources. Georgieva told a Bretton Woods Committee event at the start of IMF and World Bank spring meeting week

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US regulators say deposits into First Republic Bank show system’s resilience

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WASHINGTON (Reuters) – Federal regulators and the Treasury Department on Thursday welcomed a decision by 11 larger banks to deposit $30 billion into regional bank First Republic Bank and said it showed the resilience of the U.S. banking system. JPMorgan Chase & Co, Citigroup Inc, Bank of America Corp, Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley and others were involved in the rescue, the banks said on Thursday. Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome Powell, Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, and Acting Comptroller of the Currency Michael Hsu hailed the

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ECB to test banks for cyber resilience, Enria says

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FRANKFURT (Reuters) – The European Central Bank plans to test the cyber resilience of the euro zone’s top banks after a sharp rise in cyberattacks, including after Russia’s invasion of Ukraine, ECB supervisory chief Andrea Enria told a Lithuanian newspaper. “Next year we are launching a thematic stress test on cyber resilience, which will try to test how banks are able to respond to and recover from a successful cyberattack,” Enria told Verslo žinios. The ECB has long been warning banks to be alert for cyberattacks from Russia after the European Union passed a long series of sanctions against Moscow

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U.S. economic resilience could add luster to semiconductor shares

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By Lewis Krauskopf NEW YORK (Reuters) – Signs of a resilient U.S. economy are boosting the appeal of semiconductor stocks, even as worries over the Federal Reserve’s monetary policy tightening weigh on the sector along with the broader market. The Philadelphia SE Semiconductor index is up about 16% so far this year, dwarfing the 3% year-to-date gain for the S&P 500 and the Nasdaq Composite’s 8.5% rise. Semiconductors were among the worst hit areas in last year’s market rout, which saw the SOX index lose 36%, fueled by worries of an imminent recession. They have been standouts in the market’s

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Yellen calls for urgent action to improve food security, climate resilience in Africa

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By Andrea Shalal MWALUMINA VILLAGE, Chongwe District, Zambia (Reuters) – U.S. Treasury Secretary Janet Yellen on Tuesday called for urgent action to improve long-term food security in Africa and around the world, while adapting agricultural practices and technology to the changing climate. Yellen spoke after hearing from a woman beekeeper and other farmers whose work was supported by a U.S.-backed project in a rural Zambian village. Part of the broader Green Climate Fund, the project helps small-scale farmers in 155 villages in Zambia produce more food and manage the impacts of climate change. “This project shows how our countries can

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Zelenskiy: Resilience of our forces in Soledar has helped Ukraine win time

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(Reuters) – President Volodymyr Zelenskiy on Monday said the resilience of Ukraine’s forces fighting off waves of attacks in the eastern region of Donbas had helped the country win time and gain strength. “Thanks to the resilience of our soldiers in Soledar, we have won for Ukraine additional time and additional strength for Ukraine,” Zelenskiy said in his nightly video address. Ukrainian military reports say the country’s troops are withstanding heavy attacks by Russian forces redeployed in Soledar after failing to take the larger nearby town of Bakhmut. Zelenskiy did not spell out what he meant by gaining time and

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At November Fed meeting, officials flagged market resilience amid volatile conditions

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By Michael S. Derby NEW YORK (Reuters) – When Federal Reserve officials met at the start of the month to weigh another rate increase, some of them were thinking about what the central bank might have to do should the Treasury market run into trouble. Those concerns were aired in meeting minutes for the rate-setting Federal Open Market Committee’s Nov. 1-2 policy meeting, released Wednesday. Then, officials pressed forward with aggressive rate increases that are part of a campaign to lower the highest levels of inflation seen in 40 years. The speed of Fed rate hikes, which have also been

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Treasury market shows resilience in face of aggressive Fed rate hikes

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By Michael S. Derby NEW YORK (Reuters) – Fears that aggressive Federal Reserve interest rate rises would break the Treasury bond market have failed to come to fruition so far, even as experts say this critical borrowing sector still needs structural reforms to be on its firmest footing. Treasury market liquidity has been hit by the U.S. central bank’s sharp move up from near-zero short-term rates in March. But volatile pricing and difficulty trading has not impaired the market’s fundamental functionality, which is critical, given the role U.S. government securities provide as a benchmark for borrowing around the world, market

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MENA, Central Asia economies show resilience but global headwinds loom -IMF

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DUBAI (Reuters) – Economic activity in the Middle East and Central Asia was resilient with recovery continuing in 2022 but the region must guard against growing global headwinds and push ahead with reforms, the International Monetary Fund said on Monday. While crude exporters benefit from an oil windfall projected to accrue a cumulative $1 trillion over 2022-2026, emerging market and middle-income states face deep terms-of-trade shock and curtailed access to market financing. Countries should be on alert as “headwinds are growing, vulnerabilities are growing” with a global economic slowdown, volatile food and energy prices and tightening financial conditions, IMF Middle

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Xi says China’s economy has high resilience, room for manoeuvre

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BEIJING (Reuters) – China’s economy has high resilience, sufficient potential and room for manoeuvre, President Xi Jinping said on Sunday, during a ceremony where China unveiled the new members of its highest political body, the Politburo Standing Committee. China will open its doors even wider, Xi also said to dozens of journalists packed into a room inside central Beijing’s Great Hall of the People. China’s development is inseparable from the world and the world also needs China, Xi added, according to state media. (Reporting by Yew Lun Tian, Writing by Martin Quin Pollard; Editing by Lincoln Feast.)

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U.S. Treasury’s Adeyemo heads to APEC meeting with focus on trade, ‘resilience’

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WASHINGTON (Reuters) – U.S. Deputy Treasury Secretary Wally Adeyemo will travel to Asia this week for a two-day meeting with finance ministers from the Asia-Pacific region and bilateral meetings in Thailand and Singapore, the U.S. Treasury Department said on Tuesday. Adeyemo, who has led work on U.S. sanctions over Russia’s invasion of Ukraine, will represent the United States when the Asian Economic Cooperation (APEC) finance ministers meet in Bangkok on Wednesday and Thursday, Treasury said. He will also meet with Thailand’s Finance Minister Arkhom Termpittayapaisith. In Singapore, he will meet with Finance Minister Lawrence Wong, Trade and Industry Minister Gan

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LVMH’s resilience gives luxury shares a boost amid economic gloom

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PARIS (Reuters) – Shares in luxury goods companies rose on Wednesday, as LVMH set an upbeat tone with robust third-quarter sales, showing that shoppers have not lost their appetite for high-end designer fashions in the face of a gloomy economic backdrop. The world’s biggest luxury group brushed off concerns that the industry’s post-pandemic boom could be cooling, with forecast-beating third quarter sales growth, as free-spending Americans took advantage of the dollar’s strength in Europe and business began to improve in China. “LVMH’s 3Q22 print will likely reassure on the health of the high-end consumer in the run-up to the festive

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French luxury groups to highlight sector’s resilience as demand holds up for now

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By Mimosa Spencer PARIS (Reuters) – French luxury groups LVMH, Gucci-owner Kering and Hermes are expected to post double-digit third-quarter sales growth as demand for high-end fashion from tourists and shoppers revamping post-pandemic wardrobes remains strong. The sector has sailed above stock market turbulence, lockdowns in China and soaring inflation in recent months, buoyed by its wealthy customer base even as retailers of cheaper clothing and accessories warn of weakening demand. After cheering a solid quarter, investors will be looking for any signs that appetite for leading fashion labels could also ease from the post-lockdown frenzy that has seen business

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Argentina mulls requesting IMF loan from resilience trust -source

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By Jorgelina do Rosario LONDON (Reuters) – Argentina is considering asking for an International Monetary Fund loan under its new Resilience and Sustainability Trust (RST), designed to help countries ensure sustainable growth, a source with direct knowledge told Reuters on Wednesday. The government could formally request funding from the RST as early as October, the source said on condition of anonymity, declining to give details of how much South America’s second-largest economy was planning to ask for. Under the trust’s rules, Argentina’s request would be capped at $1.3 billion. The IMF had no comment. Economy Minister Sergio Massa, appointed in

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U.S. power grid needs to focus on resilience as extreme weather events rise- NERC

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(Reuters) – The North American Electric Reliability Corp (NERC) on Wednesday said key entities of the U.S. power grid network were working to improve resilience of the power grid network as climate change drives more extreme weather. The NERC’s “2022 State of Reliability” report said efforts were being made to improve the linkage between outages and weather by the Enterprise Electric Reliability Organization (ERO). The ERO is made up of the NERC and six regional power entities. The U.S. power grid network is also implementing corrective action to avoid a repeat of widespread outages due to a cold snap last

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