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☆ Indian Navy Rescues Crew After Attack on Ship off Coast of Yemen
▼ + stars: | 2024-01-18 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

The Houthi movement said its missiles had made a "direct hit" on the bulk carrier. U.S. officials said the move was aimed at cutting off funding and weapons the movement has used to attack or hijack ships. On Monday, Houthi forces had struck the U.S.-owned and operated dry bulk ship Gibraltar Eagle with an anti-ship ballistic missile. The alternative shipping route around South Africa's Cape of Good Hope can add 10-14 days to a journey compared to passage via the Red Sea and the Suez Canal. Freight rates have more than doubled since early December, according to maritime consultancy Drewry's world container index, while insurance sources say war risk premiums for shipments through the Red Sea are also rising.

Persons: Krishn Kaushik, Idrees Ali, Phil Stewart NEW, Yemen's, Houthi, Denmark's, Shivam Patel, Simon Lewis, Pavel Polityuk, James Davey, Terje Solsvik, Keith Weir, Catherine Evans Organizations: Indian Navy, U.S, U.S . Navy, Shipping, Genco, Wednesday, Pepco, Denmark's Maersk, Maersk Locations: Phil Stewart NEW DELHI, WASHINGTON, U.S, Gulf, Aden, Genco Picardy, Iran, Asia, Europe, Israel, Palestinian, Gaza, India, Picardy, States, Yemen, South Africa's, Suez, Ukraine, Africa

☆ Qatar Pauses Red Sea Tankers After Western Strikes on Houthis
▼ + stars: | 2024-01-15 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

In the latest shift by a major firm, state-owned QatarEnergy has held at least four LNG tankers back from the Red Sea, a senior source said, adding that production continues. On Monday, carmaker Suzuki said production would halt at its Esztergom plant in Hungary from Jan. 15-21 as the Red Sea attacks had delayed the arrival of Japanese-made engines. U.S. ally Britain said it had no desire to be involved in a Red Sea conflict but was committed to protecting the right of free navigation. The Al Rekayyat, which was sailing back to Qatar, stopped along its route on Jan. 13 in the Red Sea. "It is a pause to get security advice, if passing (through the) Red Sea remains unsafe we will go via the Cape," the source told Reuters on Monday about QatarEnergy.

Persons: Andrew Mills, Maha, Maha El Dahan, QatarEnergy, carmaker Suzuki, Britain, Grant Shapps, Qatar's Al Ghariya, Al Huwaila, Al, Ras Laffan, Al Rekayyat, Maha El, Emily Chow, Sachin Ravikumar, Chandni Shah, Andrew Cawthorne, Catherine Evans Organizations: Houthi, Reuters, Qatari Locations: Maha El, Maha El Dahan DOHA, WASHINGTON, Yemen, Gaza, Saudi, Israel, The U.S, U.S, Esztergom, Hungary, Ras, Suez, Oman, Jan, Qatar, Red, Europe, Asia, Aden, Djibouti, Davos, Singapore, Doha, London, Bengaluru

☆ ECB's Schnabel defends smaller balance sheet as debate heats up
▼ + stars: | 2023-12-05 | by ( Balazs Koranyi | ) www.reuters.com time to read: +4 min

She said her "demand-driven" approach fitted the euro zone, whose 20 countries vary in economic strength and have separate banking systems. "A demand-driven system is well-suited for a heterogeneous currency union that may be prone to fragmentation," Schnabel said in an interview. "Such a system also likely limits the size of the central bank balance sheet." She conceded, however, that "it could make sense to have a mix of different tools", suggesting policymakers may be looking for a compromise in this complex yet crucial debate for the euro zone financial system. Loans to banks or a structural bond portfolio would come on top of this.

Persons: Isabel Schnabel, Ralph Orlowski, Schnabel, Philip Lane, Schnabel's counterargument, Francesco Canepa, Catherine Evans Organizations: Frankfurt, Banking Congress, Old Opera, REUTERS, European Central Bank, ECB, Reuters, Federal Reserve, Bank of England, Thomson Locations: Frankfurt, Germany, FRANKFURT

☆ ECB hawk Schnabel scraps more rate hikes after 'remarkable' inflation drop
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +4 min

Euro zone inflation tumbled to 2.4% last month from above 10% a year earlier after a record string of rate hikes. Schnabel, who had insisted just a month ago that rate hikes must remain an option because the "last mile" of the inflation fight may be the toughest, said she had shifted stance after three unexpectedly benign inflation readings in a row. "The most recent inflation number has made a further rate increase rather unlikely." "The recent inflation print has given me more confidence that we will be able to come back to 2% no later than 2025." Schnabel said weak growth as a result of the ECB's rate hikes is helping the inflation fight but that a deep or prolonged recession is unlikely, with recent survey data supporting expectations for a recovery.

Persons: Isabel Schnabel, Jim Urquhart, Schnabel, John Maynard Keynes, Christine Lagarde, Francois Villeroy de, Yannis Stournaras, Joachim Nagel, Balazs Koranyi, Catherine Evans Organizations: European Central Bank, Teton, Jackson, REUTERS, Rights, ECB, Reuters, Bank of Greece, Thomson Locations: Jackson , Wyoming, U.S, French, Francois Villeroy de Galhau

☆ Fiscal rules revamp may threaten calm in euro zone's fragile bond markets
▼ + stars: | 2023-12-04 | by ( Stefano Rebaudo | ) www.reuters.com time to read: +5 min

Analysts believe Germany's budget crisis will mean tougher fiscal policy in the largest euro zone economy in 2024, which could add to pressure on less wealthy members of the bloc to keep a tighter grip on their finances. Italian 10-year bonds currently yield around 173 basis points more than German debt , 38 bps less than a year ago, while the gap between Portuguese and German yields has narrowed by 34 basis points. French bonds meanwhile yield 58 bps more than German, 5 bps more than a year ago. Analysts argued the German public may be unwilling to accept a tightening of domestic fiscal policy without a blanket approach across Europe - meaning a tougher scenario for the periphery. Bondholders are meanwhile banking on the European Central Bank cutting interest rates in a few months, which should support euro zone peripheral debt.

Persons: Giorgia Meloni, Olaf Scholz, Fabrizio Bensch, Ruben Segura, BofA's Segura, Cayuela, Felix Hubner, Massimiliano Maxia, Stefano Rebaudo, Catherine Evans Organizations: Italian, REUTERS, Germany, Union, Northern, European Commission, UBS, Analysts, European Central Bank, JPMorgan, ECB, Allianz Global Investors, bps, Thomson Locations: Berlin, Germany, Italy, Cayuela, European, Greece, Spain, Europe

☆ Euro zone inflation tumble pits ECB against markets
▼ + stars: | 2023-11-30 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

Inflation has dropped quickly towards the ECB's 2% target from levels above 10% just a year ago but policymakers have cautioned against excessive optimism. The rapid inflation slowdown puts the euro zone central bank and investors on a collision course as the two appear to see greatly different paths ahead, both for consumer prices and ECB interest rates. "And if the recent trends in inflation and growth continue then 2024 will be the year when the ECB implements a pirouette in monetary policy." "The market is therefore right to start looking at rate cuts for 2024. Some economists argue that modelling current inflation is exceptionally difficult because corporate profits are the main driver, not wages as in normal bouts of rapid inflation.

Persons: Sarah Meyssonnier, Kamil Kovar, Yannis Stournaras, Fabio Panetta, Panetta, Christine Lagarde's, Bert Colijn, Balazs Koranyi, Catherine Evans Organizations: REUTERS, ECB, Moody's, Bank of Italy, ING, Thomson Locations: Paris, France, FRANKFURT

For much of this year central banks have successfully pushed back against rate cut bets. "I believe the Fed will act rationally and begin to cut rates by the end of next year, but we can't rule out the scenario that the Fed is not going to cut rates and just let the ramifications of recession do what they do." Reuters GraphicsSHIFT NEARINGMarkets now fully price in a 25 basis point U.S. rate cut in May, having seen a 65% chance earlier this week. "There are now committee members in all three (banks) willing to talk about rate cuts next year," said Chris Jeffery, head of rates and inflation strategy at LGIM. "The ECB should begin to ease policy as soon as April 2024, with risks that a more sinister downturn in growth could warrant a rate cut as soon as March," he said.

Persons: Jonathan Ernst, ramping, It's, Nate Thooft, Goldman, Christopher Waller, Huw Pill, Yannis Stournaras, Chris Jeffery, we'd, Dario Perkins, Simon Harvey, Yoruk, Naomi Rovnick, Harry Roberston, Davide Barbuscia, Ira Iosebasvili, Saqib Iqbal Ahmed, Dhara Ranasinghe, Catherine Evans Organizations: . Federal, REUTERS, ECB, U.S . Federal Reserve, European Central Bank, Manulife Investment Management, Treasury, Graphics, Bank of England, Deutsche, Lombard, Traders, Yoruk Bahceli, Thomson Locations: Washington, United States, Europe, Goldman Sachs, Greek, Amsterdam, London

A view of the sign of Signa Holding on their headquarters in Vienna, Austria, November 6, 2023. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsVIENNA/FRANKFURT, Nov 29 (Reuters) - Property and retail giant Signa declared insolvency on Wednesday after last-ditch attempts to secure fresh funding failed, the biggest casualty so far of Europe's property crash. Signa blamed its problems on external factors affecting its property business and pressure on high-street shopping. Fuelled by low interest rates, billions were funneled into property, which was viewed as stable and safe. Weakness in commercial real estate in the United States as offices remain empty after the pandemic and the struggles of major property developers in China have focused global attention on the sector.

Persons: Leonhard Foeger, Rene Benko, Signa, Switzerland's Julius Baer, Hannes Moesenbacher, Matthias Inverardi, Rachel More, Madeline Chambers, Catherine Evans Organizations: Signa, REUTERS, Rights, Chrysler, Austria's Raiffeisen Bank, Thomson Locations: Vienna, Austria, FRANKFURT, Germany, Switzerland, Hamburg, Bavaria, Hesse, Europe's, United States, China

☆ Global growth to slow but avoid a hard landing -OECD
▼ + stars: | 2023-11-29 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

Growth in advanced economies that make up the OECD's 38 members was seen headed for a soft landing, with the United States holding up better than expected so far. "Our central projections are for a soft landing, but that cannot be taken for granted," OECD chief economist Clare Lombardelli told a news conference. "Monetary policy needs careful calibration to bring inflation to targets while minimising the impact on growth. The OECD forecast U.S. growth would slow from 2.4% this year to 1.5% next year, revising up its estimates from September when it predicted U.S. growth of 2.2% in 2023 and 1.3% in 2024. Its growth was seen easing from 5.2% this year to 4.7% in 2024 - both marginally higher than expected in September - before slowing further in 2025 to 4.2%, the OECD forecast.

Persons: Vincent Alban, Clare Lombardelli, Lombardelli, Leigh Thomas, Christina Fincher, Catherine Evans Organizations: Shoppers, REUTERS, Rights, Organisation for Economic Cooperation, Development, OECD, Thomson Locations: Chicago , Illinois, U.S, Paris, United States, Germany, Japan

The full benefit for these Indian manufacturers will not be immediate, said Peter DeYoung, CEO of Piramal Pharma Solutions. Nimgaonkar said Indian CDMOs need to do more to ensure their reputation on quality standards matches Western and Chinese ones. The Indian CDMOs told Reuters that their facilities are routinely inspected by the FDA. Aragen counts seven of the 10 biggest pharma companies as clients, he said, declining to name them. "New biotechs are deciding to put eggs in both the Indian and China baskets from the start," Subramanian said.

Persons: Trump, Tommy Erdei, Ashish Nimgaonkar, Nimgaonkar, Sai, Peter DeYoung, Helen Chen, CDMOs, Piramal, DeYoung, Ramesh Subramanian, Subramanian, Maggie Fick, Andrew Silver, Michele Gershberg, Catherine Evans Organizations: Jefferies, Glyscend Therapeutics, Reuters, Sciences, Piramal Pharma, Sai Life Sciences, Western pharma, Piramal Pharma Solutions, L.E.K, Consulting, pharma, U.S . Food, Drug Administration, FDA, Thomson Locations: China, India, SHANGHAI, HYDERABAD, U.S, Shanghai, United States, London, Hyderabad

These include plans by ArcelorMittal , the world's second-largest steelmaker, to spend 2.5 billion euros to decarbonise its German steel mills, efforts that depend on now-uncertain government support. "What we're seeing here is devastating for Germany as a business location globally. Besides the 6 billion euros of steel investments, other sectors potentially affected by the court ruling include 4 billion euros in the area of microelectronics and 20 billion euros for battery cell production, according to an economy ministry paper seen by Reuters. Those have previously been estimated at 68 billion euros. "Important industries in Germany, such as chemicals or steel production, need economical energy prices," Oliver Blume, CEO of Europe's top carmaker Volkswagen (VOWG_p.DE), told Frankfurter Allgemeine Zeitung.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Reiner Blaschek, Chancellor Olaf Scholz, Stefan Rauber, Intel INTC.O, Taiwan's, Bernhard Osburg, Oliver Blume, Christoph Steitz, Tom Kaeckenhoff, Andreas Rinke, Catherine Evans Organizations: Climate, Finance, ArcelorMittal, SHS Stahl, Reuters, IMF, Intel, TW, Infineon, Steel, BASF, Wacker Chemie, Volkswagen, Frankfurter Allgemeine Zeitung, Thomson Locations: FRANKFURT, DUESSELDORF, Berlin, Germany, Asia, United States, U.S, USA, Steel Europe

[1/5] Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street for the House of Commons to deliver his autumn statement, in London, Britain, November 22, 2023. "After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track," Hunt told parliament on Wednesday in his Autumn Statement fiscal update. Hunt pointed to OBR forecasts showing the government would meet its targets for the public finances, leaving open the possibility of further pre-election giveaways to voters in his full budget statement expected in early 2024. Sunak this week promised "responsible" tax cuts, mindful of last year's "mini-budget" turmoil in financial markets triggered by his predecessor Liz Truss's plans for much bigger tax cuts. This time last year, the newly installed Sunak and Hunt raised taxes sharply to quell the bond market mayhem.

Persons: Jeremy Hunt, Stefan Rousseau, Hunt, Rishi Sunak's, Paul Johnson, we've, giveaways, Johnson, BoE, Philip Shaw, Liz Truss's, Muvija M, Paul Sandle, Sarah Young, William James, Elizabeth Piper, Alistair Smout, Andrew MacAskill, James Davey, Suban Abdulla, Farouq Suleiman, Kate Holton, Sumanta Sen, William Schomberg, Catherine Evans Organizations: REUTERS Acquire, Labour, Labour Party, Institute for Fiscal Studies, Gross, Reuters Graphics, Bank of England, Graphics, Thomson Locations: London, Britain, British

☆ Analysis-Scholz's Coalition Buckles but Unlikely to Break - for Now
▼ + stars: | 2023-11-21 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +6 min

The decision has increased tensions within Chancellor Olaf Scholz's coalition, in particular between junior partners the Greens and the Free Democrats (FDP). But Scholz is unlikely to call for new elections as they would not benefit any of the coalition partners. "Scholz definitely wants to keep the government together and believes this will work as none of the three coalition partners stand to benefit from a break," a source close to the chancellor said. "In reality, the chancellor should dismiss his coalition partners now." "And the strength of the AfD is also the reason why no actors - not even the conservatives - currently have any interest in new elections."

Persons: Sarah Marsh, Holger Hansen, Andreas Rinke BERLIN, Chancellor Olaf Scholz's, Philipp Tuermer, Scholz, Stefan Marschall, Ursula Muench, Frank Decker, Friedrich Merz, Markus Soeder, Decker, Andreas Rinke, Alexander Ratz, Catherine Evans Organizations: Greens, Free Democrats, Scholz's Social Democrats, Tagesspiegel, Bertelsmann Foundation, SPD, University of Duesseldorf, University of Tutzing, Bonn University, Eurasia Group Locations: Ukraine, Germany, Bavarian

And while the local government says Berlin has sufficient space to build over 100,000 apartments, there is no sign the housing crisis gripping the city will ease. But as Europe's largest economy teeters near recession, economists warn that high rents will feed inflation and reduce household consumption. In Berlin, local opposition has frustrated plans to build, while regulation creates a two-tier rental market that is cheap for some long-term tenants and expensive for new renters. Rising property demand saw private companies develop luxury apartments that offered a higher yield - in part, Buch said, because government permissioning for more affordable housing projects was so slow. OPPOSITIONSome building projects have since faced local opposition while a recent attempt to curb rent increases backfired.

Persons: Lisi Niesner, Rolf Buch, Buch, you've, Konstantin Kholodilin, Marwa, Monika Neugebauer, Goldman Sachs, Neugebauer, Gesa Crockford, Martin Pallgen, Anna Hohnrath, Hohnrath, Matthias Inverardi, Matthias Williams, Catherine Evans Organizations: Berlin, REUTERS, Rights, Vonovia, Reuters, DIVISION, International Union of Tenants, European, West, Foreigners, Thomson Locations: Berlin, Germany, San Francisco, California, City, Tempelhof, Valencia, Spain

[1/3] FILE PHOTO: German Chancellor Olaf Scholz looks on as he meets NATO's Secretary General Jens Stoltenberg in Berlin, Germany, November 9, 2023. Wednesday's decision by the constitutional court could also set a precedent for fiscal responses to future crises. "FAR-REACHING CONSEQUENCES""The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void.

Persons: Olaf Scholz, Jens Stoltenberg, Liesa, Chancellor Olaf Scholz's, Christian Lindner, Lindner, Scholz, Robert Habeck, Clemens Fuest, Ralph Solveen, Habeck, Friedrich Merz, Maria Martinez, Christian Kraemer, Ursula Knapp, Matthias Williams, Kirsti Knolle, Madeline Chambers, Susan Fenton, William Maclean, Catherine Evans Organizations: REUTERS, Rights, Finance, Union, Social Democrats, Free Democrats, Christian Democratic Union, Thomson Locations: Berlin, Germany, Ukraine

☆ Europe's problems are far bigger than a shallow recession
▼ + stars: | 2023-11-14 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

Deep structural problems mean Europe is bound to trail most other big economic areas for years to come. The labour market remains tight and the world economy is rebounding, so external demand is also likely to be healthier. Fearing it will be difficult to hire in future, firms are now hanging onto workers, creating even more labour market tightness, potentially fuelling wage growth and weakening productivity. The potential growth rate for Europe's largest economy is now below 1%. European Union governments are meanwhile struggling to reach consensus on bigger questions that will help shape the future.

Persons: Philip Lane, Erik Nielsen, Eric Gaillard, Europe's, There's, Lane, Reinhard Cluse, Mark John, Catherine Evans Organizations: Central Bank's, REUTERS, European Commission, UBS, European Union, Thomson Locations: FRANKFURT, Europe, Nice, France, United States, Germany

☆ LSEG says FX system briefly impacted by technical glitch, it is investigating
▼ + stars: | 2023-11-10 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

REUTERS/Francis Mascarenhas//o/File Photo Acquire Licensing RightsMUMBAI, Nov 10 (Reuters) - Financial technology and data provider LSEG said on Friday it had resolved a technical incident that affected its Indian foreign exchange trading platform earlier in the day and was investigating what had happened. Whether standard operating procedures were followed and a business continuity plan was put in place when the system went down". "They are keen to find out if the issue was due to a system failure or some human error," the source said. Six traders said there was a system outage for about 10 minutes on the spot dollar/rupee trading platform during which they had been unable to transact. LSEG said earlier on Friday that all indices compiled by FTSE Russell, which it also owns, were hit by a technical issue that prevented them being published for forty minutes.

Persons: Francis Mascarenhas, LSEG, Swati Bhat, Alun John, Jon Boyle, Catherine Evans Organizations: Bank of India, REUTERS, Rights, Reuters, Reserve Bank of India, FTSE Russell, London Stock Exchange Group, Thomson Reuters, Thomson Locations: Mumbai, India, Rights MUMBAI, LSEG, London

☆ Adidas sees Samba shoes driving more interest from retailers
▼ + stars: | 2023-11-08 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

Inventory levels were down 23% year-on-year at 4.85 billion euros ($5.18 billion), a little more than expected, Adidas said. Adidas' gross margin for the quarter was up 0.2 percentage points at 49.3%, helped by reduced freight costs and fewer discounts. "Adidas' competitive position compared to Nike is improving," said Robert Schramm-Fuchs, portfolio manager at Janus Henderson, which holds Adidas shares. "Adidas needs to earn back the shelf space, but I think they have the right product to do it," he said. Adidas' sales in Greater China grew by 5.7% in currency-adjusted terms, a slowdown after growth of 16.4% in the second quarter.

Persons: Tingshu Wang, Bjorn Gulden, Kanye West, Ye, Spezial, Gulden, Robert Schramm, Fuchs, Janus Henderson, Schramm, Adam Cochrane, Miranda Murray, Helen Reid, Maria Sheahan, Sherry Jacob, Phillips, Catherine Evans Organizations: Adidas, REUTERS, Apparel, Nike, Deutsche Bank . Currency, Reuters Graphics, Thomson Locations: Beijing, China, United States, North America, Greater China, Berlin

☆ Bank of England set to keep rates at 15-year high despite slowdown signs
▼ + stars: | 2023-11-02 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

The BoE's Monetary Policy Committee is facing an inflation rate more than double that of the euro zone and almost twice the U.S. rate. It voted by only a narrow 5-4 margin in September to halt its run of increases in borrowing costs. But signs of a slowdown in much of the British economy have become clearer since then and some economists say a recession might already be under way. The central bank said in its last set of economic forecasts in August that inflation would only return to 2% in the second quarter of 2025. But Bailey and his MPC colleagues are likely to reiterate that they are ready to raise rates higher if needed.

Persons: BoE, Mike Riddell, Riddell, Andrew Bailey, Bailey, Rishi Sunak, Sunak, Jeremy Hunt, Hunt, William Schomberg, Catherine Evans Organizations: Bank of England, European Central Bank, U.S . Federal Reserve, Allianz Global Investors, BoE, MPC, Conservative Party, Thomson Locations: U.S

☆ Adidas and Puma eye chances in soccer's fashion moment
▼ + stars: | 2023-11-01 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +5 min

One Premiership team has hired a creative director to expand its apparel offering, while Adidas in September launched an "exclusively off-pitch" apparel collection for some of the big-name teams it sponsors. "The love-in between football and fashion is only just beginning," said Richard Busby, CEO at sponsorship consultancy BDS Sponsorship. In August, Crystal Palace hired Kenny Annan-Jonathan as creative director focused on apparel. "We are experiencing hype around football jerseys and general designs influenced by football culture across streetwear and fashion," said Puma's global creative director Heiko Desens. "There's a risk of tension with existing fans whenever you start moving beyond the core culture," said Athens Kallithea's president and creative director, Ted Philipakos.

Persons: Asanka Brendon Ratnayake, Kim Kardashian, Richard Busby, Mary Earps, Busby, Kardashian, Germain, Mia Regan, Kenny Annan, Jonathan, GlobalData, Heiko Desens, Puma, popstar, cleats, Pele, Rihanna, Graham Renwick, Prada, Ted Philipakos, Philipakos, Helen Reid, Catherine Evans Organizations: Soccer Football, FIFA, England, Soccer, LONDON, Adidas, Puma, Nike, Greek, Athens Kallithea, Paris Saint, Arsenal, Crystal Palace, Premier League club, FOOTBALL, Bayern Munich, Juventus, Manchester United, Real, Liverpool, Newcastle United, Italy's Venezia FC, Athens Kallithea's, Premier League, Bundesliga, Thomson Locations: New Zealand, Spain, Australia, Sydney, Brazilian, Real Madrid, Italian, Athens

☆ ECB breaks record streak of rate hikes as economy weakens
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Acquire Licensing RightsATHENS, Oct 26 (Reuters) - The European Central Bank broke the longest streak of interest rate hikes in its 25-year history on Thursday, saying the latest data continued to point to inflation slowly coming down to its 2% target. "The Governing Council’s past interest rate increases continue to be transmitted forcefully into financing conditions," the ECB said. This sharp policy tightening is leaving a mark on the economy, with data earlier this week showing weak credit creation and economic activity. ($1 = 0.9480 euros)Reporting By Leftheris Papadimas Writing by Francesco Canepa Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Heiko Becker, Christine Lagarde's, Francesco Canepa, Catherine Evans Organizations: European Central Bank, REUTERS, Rights, ECB, Thomson Locations: Frankfurt, Germany

But Russia's Accounts Chamber, which oversees budget execution, warned on Monday there were risks the Urals price would fall below $60 in 2024-2026. Russia's forecast sees economic growth of 2.3% in 2024, well above estimates of 1.1% from the International Monetary Fund and 0.5%-1.5% from the Bank of Russia. CHANGING TUNEAt Russia's flagship economic forum in St Petersburg in June, Siluanov said increasing expenditure was difficult, as budget spending had already increased by 1-1/2 times from 2019 to 2022. Now, even as the government outlines plans for spending to jump to 36.7 trillion roubles in 2024, he is more relaxed. Renaissance Capital's Donets and Melaschenko said Russia could create temporary taxes, permanently increase rates of VAT, or adjust Russia's budget rule to permit more spending of energy revenues.

Persons: Evgenia, Anton Tabakh, Vladimir Putin, Anton Siluanov, Denis Popov, Yevgeny Suvorov, Suvorov, Sofya Donets, Andrei Melaschenko, Dmitry Polevoy, Siluanov, Melaschenko, Alexei Sazanov, Sazanov, Konstantin Sonin, It's, Sumanta Sen, Mark Trevelyan, Alexander Marrow, Catherine Evans Organizations: U.S ., Russian, REUTERS, Washington, Finance, International Monetary Fund, Bank of Russia, Capital, Reuters Graphics Russia, University of Chicago, Thomson Locations: Moscow, Russia, Ukraine, West, St Petersburg

[1/5] English sparkling wine, brand Coates and Seely, is pictured at the Tate Modern art gallery in London, Britain, October 6, 2023. But with vineyards now dotted across hills in southern England and sustainability concerns growing, local fizz is emerging as the drink of choice. Quality has improved, and English wine is no longer mocked by continental neighbours who once joked it tasted of rain. English sparkling and still wine feeds into that narrative," he said. In the UK market for sparkling wine, English fizz accounts for 3% of volumes compared to Champagne's 12%.

Persons: Coates, Seely, Susannah Ireland, Winston Churchill, Josh Donaghay, Henkell Freixenet, Geneva Guerin, Seely Brut, Hectarage, Ned Awty, Awty, Hamish Anderson, Anderson, Champagne Martin, Sarah Young, Catherine Evans Organizations: Tate, REUTERS, UK, Seely, Seely Brut Reserve, Tate Enterprises, Searcys, Thomson Locations: London, Britain, England, Champagne, Boxley, Kent Downs, Bolney, Hampshire

Research shows women in richer economies are more likely to have children if they work. Prime Minister Giorgia Meloni - Italy's first female premier - has said women are "an untapped resource" that lessens the need for immigrant labour. Yet her conservative government's 2024 budget, to be presented on Monday, is not expected to include measures to drive change. According to a government report relating to 2021, nearly one in five Italian women aged under 50 left their job after having their first child. SPANISH SUCCESSMeloni's government could learn from Spain, whose female activity rate lagged Italy's in the early 1990s but is now above the EU average.

Persons: Guzzo, Vittoria, Claudia Greco, Elena, Claudia Goldin, Giorgia Meloni, Claudia Olivetti, Enza Guzzo, Gian Carlo Blangiardo, Blangiardo, Giancarlo Giorgetti, Olivetti, Paola Profeta, Katharine Neiss, Valentina Za, Elisa Anzolin, Giuseppe Fonte, Catherine Evans Organizations: REUTERS, European Union, Reuters, Research, Dartmouth College, ISTAT, Bank of, EU, France's, Milan's Bocconi University, AXA Research, Treasury, Thomson Locations: Arese, Italy, MILAN, Bank of Italy, Rome, Barcelona, Spain, Milan

After many companies were wrongfooted by the speed and breadth of prohibitions on Russia, banks are drawing up contingency plans in case geopolitical tensions between the West and China escalate, seven finance industry sources said. The U.S. Treasury Department, which runs the Office of Financial Sanctions Implementation, Britain's Foreign Office and Barclays did not respond to requests for comment. Three senior London-based bankers, who declined to be named because they were not authorised to speak publicly, said their boards had discussed the possibility of stronger Western sanctions on China in future. Scenarios from major cyber-attacks through to a military intervention in Taiwan could potentially trigger further prohibitions on China, one lawyer who advises banks said. One of the bankers said sanctions on Russia had "removed naivety" among businesses and prompted the industry to think more deeply about China risks.

Persons: Neil Whiley, Whiley, Xi Jinping, Joe Biden, Leigh Hansson, Reed Smith, Banks, Biden, Sinead Cruise, Stefania Spezzati, Lawrence White, Michelle Price, Catherine Evans Organizations: Banking, UK Finance Bank, British, Reuters, UK Finance, HSBC, Barclays, JPMorgan, U.S . Treasury Department, Office, Communications, Standard Chartered, Standard, London underwriters, Thomson Locations: China, Western, Britain, U.S, Russia, West, Taiwan, Beijing, London, Ukraine, United States, British, Asia, Washington

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