DIRS.INFO The most relevant business & tech news

☆ Guest view: Bank balance sheets hide climate risks
▼ + stars: | 2023-09-15 | by ( Natasha Landell-Mills | ) www.reuters.com time to read: +7 min

First, banks’ financial statements appear to be ignoring climate risks, which means financial institutions are probably also leaving those dangers out of their capital calculations. Second, a regulatory regime that understates the expected consequences of climate change is allowing the banks’ blind spot to persist. The few banks that refer to climate risks in their accounts tend to conclude that it is not material. Second, banks need to take a prudent view of climate risks in their financial statements. The sooner the banking sector internalises climate risks in its accounting, the better the chance of building a sustainable future.

Persons: Wells Fargo’s, Banks, Natasha Landell, Mills, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, HSBC, HK, “ Management, prudential, The, Greening, Central, Institute, Faculty of Actuaries, University of Exeter, Institutional, Sarasin, Partners, Thomson

☆ Oil slips as China sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. In a surprise move, China's central bank marginally cut key interest rates on Tuesday, after a broad array of data highlighted intensifying pressure on the economy, mainly from the property sector. There are concerns China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus. On Tuesday, Barclays cut its forecast for China's 2023 gross domestic product growth to 4.5%, citing a faster-than-expected deterioration in the housing market. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely, Tomasz Janowski Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, Tuesday, Barclays, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, OPEC

☆ Oil steadies as China data sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/Stringer /File PhotoCompanies Country Garden Holdings Co Ltd FollowLONDON, Aug 15 (Reuters) - Oil prices stabilised on Tuesday as sluggish Chinese economic figures were countered by Beijing unexpectedly cutting key policy rates for the second time in three months. China's industrial output and retail sales data on Tuesday showed the economy slowed further last month, intensifying pressure on already faltering growth and prompting authorities to cut key policy rates to shore up activity. In an effort to shore up support, the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, Robert Carnell, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, People's Bank of China, ING Bank, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Saudi Arabia, Russia, OPEC, Asia Pacific

☆ Polish opposition supporters, seeking change, mark 1989 Solidarity win
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +3 min

[1/2] People wait for a march organised by main opposition party the Civic Platform (PO) on the 34th anniversary of the first democratic elections in postwar Poland, in Warsaw, Poland, June 4, 2023. On Sunday, hundreds of buses were arriving in Warsaw to bring opposition supporters from across the country. Some said they were motivated by a row over legislation proposed by PiS to weed out undue Russian influence from the country. The opposition sees the legislation as a government attempt to launch a witchhunt against political opponents. "It's beyond comprehension," said Andrzej Majewski, 48, from Slupca in western Poland who was in Warsaw to join Sunday's protest march.

Persons: Mateusz Morawiecki, Donald Tusk, Tusk, Andrzej Duda, Andrzej Majewski, Marek Strzelecki, Nick Macfie, Susan Fenton Organizations: REUTERS, Law and Justice, Kremlin, European Union council, Solidarity, U.S . State Department, European Commission, Thomson Locations: Poland, Warsaw, WARSAW, Ukraine, Europe, Slupca

☆ Polish opposition supporters mark 1989 Solidarity win
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +4 min

[1/8] People carry Polish and European Union flags as they take part in a march on the 34th anniversary of the first democratic elections in postwar Poland, in Warsaw, Poland, June 4, 2023. Crowds stretching for at least a mile marched with banners reading "Free, European Poland", "European Union yes, PiS no", referring to the governing Law and Justice (PiS) party. Donald Tusk, head of the Civic Platform grouping and a former European Union council chief, welcomed supporters saying that the voice of Poles could not be silenced. On Sunday, hundreds of buses arrived in Warsaw to bring opposition supporters from across the country. The opposition sees the legislation as a government attempt to launch a witchhunt against political opponents.

Persons: Jaroslaw Kaczynski, I've, Jacek Gwozdz, Mateusz Morawiecki's, Donald Tusk, Tusk, I'm, Andrzej Duda, Andrzej Majewski, Marek Strzelecki, Nick Macfie, Susan Fenton, Angus MacSwan Organizations: REUTERS, Justice, Police, Law and Justice, Kremlin, European Union council, Solidarity, European Commission, Thomson Locations: Poland, Warsaw, WARSAW, Nowy Sacz, Ukraine, Europe, it's, United States, Slupca

It would see the IMF and other MDBs "cut the excessive macro-risk premia on developing countries with $100 billion per year of foreign exchange guarantees", for financing in more volatile domestic currencies rather than the dollar or euro. A report by the World Bank and other big multilateral lenders said they gave $51 billion in 2021 alongside $13 billion from private finance. Outlines of the proposals have been sent to the key groups preparing the discussions over the last couple of weeks. "This is a call to arms" the source said, referring to the document and its intention to galvanise more concrete action from the IMF and multilateral lenders. The proposals put forward in the April document, which also include redistributing other IMF money, are likely to form a key part of the negotiating position of developing countries at the next round of annual climate talks in Dubai later this year.

☆ Analysis: Qatar takes diplomatic back seat as Saudi flexes political muscle
▼ + stars: | 2023-05-18 | by ( Andrew Mills | ) www.reuters.com time to read: +6 min

Qatar has been steadily mending ties with Saudi Arabia, Egypt, the United Arab Emirates and Bahrain. Qatar cast the Syrian National Coalition as a government-in-exile, handing them Syria's Arab League seat and opening the Doha mission in a villa nearby other embassies. Several Gulf states including Qatar, Saudi Arabia and the United Arab Emirates began backing rebel groups fighting to oust Assad from power. As Syria's anti-Assad movement lost ground, "Saudi Arabia and the UAE shifted their policy most dramatically but Qatar has not," Kamrava said. Qatar initially opposed efforts this spring by Saudi Arabia to galvanise support to readmit Syria to the Arab League following its 2011 suspension.

☆ Arsenal hopes crushed by Brighton as Man City on the brink of title
▼ + stars: | 2023-05-14 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

With relentless Manchester City winning at Everton in the earlier kickoff to move four points clear, long-time league leaders Arsenal knew only a victory would suffice. The result also moved Brighton up to sixth place with games in hand on the teams around them. City could even secure it before that if Arsenal lose against Nottingham Forest on Saturday. I don't think City are going to do too many mistakes now," Arsenal captain Martin Odegaard said. And there was a lethargy about Arsenal's play as Brighton sucked the life out of them with their measured passing game.

☆ Ukraine says coveted F-16s 'four or five times' better than its Soviet jets
▼ + stars: | 2023-04-06 | by ( Max Hunder | ) www.reuters.com time to read: +2 min

KYIV, April 6 (Reuters) - A top Ukrainian air commander said Ukraine was in dire need of F-16 fighter jets, which he described on Thursday as "four or five times" more effective than the Soviet-era planes currently used by Ukraine. Serhiy Holubtsov, one of the most senior commanders in the Air Force, said that while donations of Soviet-era MiG-29 fighter jets by allies were an "important step," the planes did not fully meet Ukraine's battlefield requirements. NATO members Poland and Slovakia recently began to hand over MiG-29 fighter jets to Ukraine, as Kyiv prepares for a much-vaunted counter-offensive to retake territory occupied by Russia. Washington has ruled out sending F-16 jets to Ukraine for now, and U.S. officials have estimated the most expeditious time needed for training and delivery at 18 months. Holubtsov said there was a possibility of having foreign pilots fly Ukrainian jets, but that they would only be useful when flying aircraft which they have already been trained on.

☆ Zelenskiy says Poland will help form coalition to supply warplanes to Ukraine
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] Poland's President Andrzej Duda and first lady Agata Kornhauser-Duda with Ukrainian President Volodymyr Zelenskiy and first lady Olena Zelenska stand at the Royal Castle courtyard during a visit in Warsaw, Poland, April 5, 2023. REUTERS/Kacper PempelKYIV, April 5 (Reuters) - Ukrainian President Volodymyr Zelenskiy said during a trip to Warsaw on Wednesday that Poland would help form a coalition of Western powers to supply warplanes to Ukraine, as it did with battle tanks earlier this year. "Just as your (Polish) leadership proved itself in the tank coalition, I believe that it will manifest itself in the planes coalition," Zelenskiy said in a speech on a square in Warsaw. The Ukrainian leader said Russia would not defeat Europe while Ukraine and Poland were working closely together. "Poland with you, shoulder to shoulder, we will establish freedom in Europe forever, tyranny will lose in history when it loses in Ukraine," he said.

Egypt desperately needs the proceeds from privatisation after a series of economic shocks. STAKE SALE DRIVEEgypt set a target in 2022 of raising $10 billion annually over four years through private investment in state assets. Egypt has established its own sovereign fund to bring in private investors to develop state assets, but the move appears designed to attract capital without relinquishing control, said Sayigh. "They want others to help the state with its financial burden, but it's still the state that determines priorities and investments," he said. MILITARY TAX BREAKSFuture asset sales will be complicated by an expansion under Sisi of the military's often opaque economic role, analysts say.

So far the practical help for a project that will create around 1,000 jobs, has come from the Europe Union. It also says its panels are better and that 3Sun will be the European Union's largest producer of high performance bifacial solar panels by 2024. Eurostat figures show around three quarters of Europe's solar panels are sourced from China. The European Union as a whole aims to reach almost 600 gigawatts (GW) of solar energy by 2030 and the number of installations is increasing. Enel is not limiting its ambitions to Europe, although it says at least 50% of its Sicilian production will be for the continent.

☆ Malaysia's Anwar, Muhyiddin rush to meet deadline to form government
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Significant election gains by an Islamist party also added to investors' fears, notably over policies on gambling and alcohol consumption. Anwar's coalition entered negotiations with Barisan Nasional, the incumbent coalition and Anwar's longtime rival, on Monday to discuss a potential alliance. Anwar's multiethnic coalition won the most seats in the Saturday election with 82, while Muhyiddin's bloc won 73. It would be another astonishing turnaround in Malaysian politics if Anwar and Barisan forged an alliance: as opposition chief, Anwar has spent much of his career trying to oust Barisan. For the 2018 election, Anwar tied up with mentor-turned-foe Mahathir Mohamad to defeat Barisan.

"Let me make a decision soon," the king told reporters outside the national palace. The king had given political parties until 2 p.m. (0600 GMT) on Tuesday to put together alliances needed for a majority. Significant election gains by an Islamist party added to investors' fears, notably over policies on gambling and alcohol consumption. Its electoral gains have also raised fears in multicultural Malaysia, which has significant ethnic Chinese and ethnic Indian minorities following other faiths. Anwar's coalition won the most seats in the Saturday election with 82, while Muhyiddin's bloc won 73.

☆ Malaysia's Muhyiddin, Anwar race to form government as turmoil drags on
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +3 min

[1/2] Malaysian former Prime Minister and Perikatan Nasional Chairman Muhyiddin Yassin waves as he leaves after Malaysia's 15th general election in Shah Alam, Malaysia November 20, 2022. Anwar's multi-ethnic coalition won the most number of seats in the Saturday election with 82. King Al-Sultan Abdullah, whose largely ceremonial role includes the power to appoint as prime minister a lawmaker he believes will command a majority, could play a decisive role. Massive corruption, mostly related to the looting of billions of dollars from sovereign fund 1Malaysia Development Bhd (IMDB), for which former prime minister Najib Razak was jailed earlier this year, seriously wounded UMNO's image. During his time in opposition, Anwar spent a decade in jail on convictions for sodomy and corruption, which he says were politically motivated.

Significant election gains by an Islamist party also added to investors' fears, notably over policies toward gambling and alcohol consumption. Anwar said he met with some leaders from the incumbent Barisan Nasional coalition on Monday to discuss a potential alliance. "I am satisfied as this negotiation was on the need to form a stable government that's inclusive. Its 30 seats in parliament is key for both candidates to cross 112 seats needed to hold a majority. On Monday, Anwar's coalition partnered with Barisan to form regional governments in two states, which also saw inconclusive elections.

☆ Man City miss a trick as Arsenal just will not go away
▼ + stars: | 2022-10-17 | by ( Peter Hall | ) www.reuters.com time to read: +3 min

MANCHESTER, England, Oct 17 (Reuters) - Liverpool's recent jitters meant they were there for the taking by Manchester City on Sunday, but the unusually conservative champions missed a trick, falling further behind Premier League leaders Arsenal who must be taken seriously as title contenders. While champions City, chasing a fifth league title in six seasons, travelled to Anfield unbeaten, having plundered 33 goals in nine league games at the start of the new campaign, Liverpool trailed in their wake. Liverpool looked nervy in possession, giving the ball away with regularity, but a normally ruthless City could not capitalise. With a four-point league lead, and having won 12 of their 13 games this season in all competitions, a first Premier League title since 2004 could be a realistic prospect. Register now for FREE unlimited access to Reuters.com RegisterReporting by Peter Hall Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "galvanise"

17 mentions found