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U.S. Trade Representative Katherine Tai addresses the Geneva Graduate Institute on the role of the World Trade Organization (WTO) in the global economy and U.S. policy priorities ahead of the 12th Ministerial Conference in Geneva, Switzerland October 14, 2021. The cancellation also clouds U.S. demands for a WTO intellectual property waiver for COVID-19 vaccines and curbs to fishery subsidies. "My vision for WTO reform is that WTO members come to Geneva or wherever it is that they might convene and bring their honest selves," Tai said. Members should "be prepared to fight for the vision of the WTO that" they want. In the fishery subsidies negotiations, Tai is pushing a U.S. proposal to ban subsidies for fishing fleets that use forced labor, including an explicit recognition that it is a problem.
Persons: Katherine Tai, Denis Balibouse WASHINGTON, Tai, Ngozi, Donald Trump, Trump, Biden, She's, Wendy Cutler, Joe Biden, Jamieson Greer, Greer, Iweala, David Lawder, Emma Farge, Philip Blenkinsop, Andrea Shalal, Paul Simao, Leslie Adler Organizations: Trade, Geneva, Institute, World Trade Organization, Conference, REUTERS, . Trade, WTO, U.S, Asia Society Policy Institute, May, Biden, King & Spalding, European Union, Thomson Locations: Geneva, Switzerland, United States, Washington, U.S, India, South Africa, Britain
Stocks tumble on new coronavirus variant fear
  + stars: | 2021-11-27 | by ( Chuck Mikolajczak | )   time to read: +4 min
The NYSE Arca Airline index fell 6.45% in its biggest one-day percentage decline since September 2020. The domestically focused Russell 2000 small-cap index fell 3.67%. Both the S&P 500 and small cap Russell index posted their biggest one-day percentage drops since Feb. 25. The S&P 500 banks index dropped 3.87% as investors dialed back expectations of faster U.S. interest rate hikes. The S&P 500 posted seven new 52-week highs and 23 new lows; the Nasdaq Composite recorded 18 new highs and 334 new lows.
Persons: Keith Buchanan, Andrew Kelly Read, Russell, Jerome Powell, Joe Biden, Stocks, advancers, Medha Singh, Devik Jain, Mayur, Sruthi Shankar, Maju Samuel Organizations: Pfizer, Dow, Nasdaq, Authorities, European Union, Carnival Corp, Royal Caribbean Cruises, Cruise, Delta Air Lines, American Airlines, NYSE,, Pfizer Inc, Moderna Inc, Global Investments, Wall, New York Stock Exchange, REUTERS, Dow Jones, Netflix Inc, Video Communications, Thomson Locations: South Africa, United Airlines, Atlanta, Manhattan , New York City, U.S, Bengaluru
As a new Covid variant first identified in southern Africa raised alarms among global health officials Friday, global vaccination data shows the massive gap in vaccination rates between Africa and wealthier regions of the world. The United States has donated more than 230 million vaccines as of Friday, according to data from the Kaiser Family Foundation. “The United States has already donated more vaccines to other countries than every other country combined,” Biden said. After news of the variant was announced, the Dow Jones industrial average dropped more than 900 points Friday. All of the countries have vaccination rates below 40 percent.
Persons: Joe Biden, ” Biden Organizations: World Health Organization, United, Kaiser Family Foundation, Dow, European Union Locations: Africa, North America, Europe, United States, South Africa, Botswana, Eswatini, Namibia, Lesotho, Malawi, Mozambique, Zimbabwe
The U.S. will restrict travel from South Africa and seven other countries, effective Monday — a response to the emerging and newly-named "Omicron" variant of Covid-19, according to a senior administration official. U.S. stocks fell Friday, with the Dow Jones Industrial Average closing its worst day of the year as news of the variant — first detected in South Africa, with cases also identified in Asia and Europe — prompted concerns about prolonged pandemic troubles. The World Health Organization convened for an emergency meeting, and the United Kingdom, the European Union and other countries announced they were restricting travel from the African continent. “What we do know is that this variant has a large number of mutations. The concern is that when you have so many mutations it can have an impact on how the virus behaves.”
Persons: Anthony Fauci, Joe Biden, Maria Van Kerkhove Organizations: U.S, Centers for Disease Control, Dow Jones, World Health Organization, European Union, WHO Locations: South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique, Malawi . U.S, Asia, Europe, United Kingdom
These acquisitions are gradually giving Beijing a potential stranglehold on global shipping — with profound military as well as commercial implications. Yet China, having accumulated this unprecedented stake in global shipping and commerce, and its power and profits present ominous possibilities for the future. Five years ago, China, through Cosco, purchased a controlling stake in the Port of Piraeus on Greece’s largest harbor — Europe’s seventh largest. In September, Cosco also took a major stake in the container operator at the port in Hamburg, Germany’s largest. The consequences of doing nothing as China continues to penetrate the world’s ports and shipping are potentially catastrophic.
Persons: Joe Biden, Xi Jinping, Jerry Brown, Los Angeles Mayor Antonio Villaraigosa, , Kostas Fragogiannis, Cosco Organizations: U.S, Washington, Naval, China’s Offshore Shipping Company, U.S . Naval, California Gov, Los Angeles Mayor, Pentagon, U.S . Africa Command, European Union, ASEAN, African Locations: America’s, China, Los Angeles, Miami, Houston, Seattle, Beijing, California, West, U.S, Cosco, Port, Piraeus, Greece’s, Europe, Asia, Hamburg, Germany’s, Djibouti, Horn of Africa
LONDON — Countries across the world rushed Friday to identify potential cases and halt travel from southern Africa where a new variant of Covid-19 emerged as a sudden source of global alarm. The World Health Organization (WHO) convened for an emergency meeting to assess the variant, currently identified as B.1.1.529. Maria Van Kerkhove, an infectious disease epidemiologist and Covid-19 technical lead at the World Health Organization said Thursday that if it was designated it would be given a Greek name. "We don't know very much about this yet, what we do know is that this variant has a large number of mutations," Van Kerkhove said in a video on Thursday. But Van Kerkhove said it was good that the mutations had been detected, as it meant that there was a system in place.
Persons: Ursula von der Leyen, , Jenny Harries, Waldo Swiegers, Naftali Bennett, Maria Van Kerkhove, Van Kerkhove Organizations: World Health Organization, WHO, European Union, Reuters, The, Health Security Agency, . Health Security Agency, , Bloomberg, Getty Locations: Africa, South Africa, Botswana, Lesotho, Eswatini, Zimbabwe, Namibia, Israel, Singapore, Japan, Croatia, South, Hong Kong, Malawi
ROME—France and Italy signed a cooperation treaty on Friday that its advocates hope could shift the balance of power in the European Union, matching Germany’s influence by deepening cooperation between the bloc’s second- and third-biggest members. The Franco-Italian treaty, which carries echoes of the 1963 treaty between France and Germany that put their partnership at the heart of the European project, is aimed at bolstering collaboration on areas such as foreign policy and defense, industrial policy and the EU’s fiscal rules.
Organizations: ROME —, European Union Locations: ROME, ROME — France, Italy, France, Germany
The U.S. said it would restrict travel from South Africa and seven other countries in southern Africa starting Monday, joining a handful of governments around the world seeking to stem the transmission of a new coronavirus variant identified in the region. The Biden administration will restrict non-U.S. citizens and residents from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique, and Malawi. It joins the European Union, the U.K., Singapore and Japan, among others, who moved late Thursday or Friday to ban flights and travelers from the region.
Persons: Biden Organizations: European Union Locations: South Africa, Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique, Malawi, Singapore, Japan
Gold set for worst week in 5 months on hawkish Fed view
  + stars: | 2021-11-26 | by ( )   time to read: +2 min
A five hundred gram gold bar, left, and a a one kilogram gold bar, produced by Swiss manufacturer Argor Hebaeus SA, in Budapest, Hungary, on Wednesday, July 20, 2016. Gold was set on Friday for its worst week in five months, as bullion prices were hammered by increasing bets that the U.S. Federal Reserve would accelerate the pace of stimulus tapering and raise interest rates sooner to curb rising inflation. Spot gold rose 0.2% to $1,792.62 per ounce by 0051 GMT. The metal has declined more than 2.8% this week, heading for its worst week since June 18. Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of gold, which pays no interest.
Persons: Gold, Goldman Sachs, Hong Kong Organizations: Argor Hebaeus SA, U.S . Federal, European Central Bank Locations: Swiss, Budapest, Hungary, Germany, Europe's, Hong
LONDON — European stocks are set to slide at the open on Friday with fears over a new variant of Covid-19 that reportedly has multiple mutations. The FTSE 100 is expected to open 120 points lower at 7,190, the German DAX is expected to open 268 points lower at 15,650 and the French CAC 40 is expected to open 116 points lower at 6,960, according to CMC Markets. But overnight, concerns over a new variant of Covid started to rise, with the U.K. temporarily suspending flights from six countries in southern Africa. The new Covid variant has more than 30 mutations spreads and the WHO is holding a special meeting Friday to discuss what the new variant may mean for vaccines and treatments. Futures for the Dow Jones Industrial Average fell more than 400 points on Friday morning amid the renewed Covid concerns.
Persons: DAX, Covid Organizations: CAC, CMC Markets, U.K, WHO, Dow Jones Locations: Germany, Africa
It's looking like a Black Friday
  + stars: | 2021-11-26 | by ( )   time to read: +2 min
Special discount on Black Friday sales is offered at a fashion store, as the spread of the coronavirus disease (COVID-19) continues, in Zurich, Switzerland November 27, 2020. REUTERS/Arnd Wiegmann/File PhotoNov 26 (Reuters) - A look at the day ahead from Dhara Ranasinghe. Register now for FREE unlimited access to RegisterThin liquidity following Thursday's U.S. Thanksgiving Day holiday likely exacerbates price moves for sure, but there's little doubt overnight headlines have taken markets by surprise on Friday. read moreThe news comes as Europe already battles a resurgent COVID-19 outbreak, triggering fresh restrictions that raise uncertainty over the near-term economic outlook. In emerging markets, the spotlight passes from Turkey to South Africa for now as the rand breaches the 16.00 level to the dollar for the first time this year.
Persons: Arnd, Christine Lagarde, BOE, Huw Pill, Didi, Dhara Ranasinghe, Karin Strohecker Organizations: Black, REUTERS, Treasury, U.S, European Central Bank, Bloomberg, Register, Thomson Locations: Zurich, Switzerland, Dhara, South Africa, Asia, Japan, Europe, U.S, Botswana, Hong Kong, Ukraine, Russia, China, Turkey
A new coronavirus variant — B.1.1.529 — is rapidly spreading in southern Africa. It's prompting the European Commission to consider a flight ban from the region. The UK restricted travel to and from six southern African countries on Thursday. —Ursula von der Leyen (@vonderleyen) November 26, 2021Von der Leyen did not say what countries a European flight ban might target. The coronavirus variant was initially identified in Botswana, and appears to be responsible for an uptick in coronavirus cases in South Africa.
Persons: Ursula von der Leyen, — Ursula von der Leyen, Von der Leyen Organizations: Commission, Service, European, EU, States Locations: Africa, European Union, Botswana, South Africa, Namibia, Lesotho, Eswatini, Zimbabwe
The headquarters of the European Central Bank (ECB) in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File PhotoLONDON, Nov 26 (Reuters) - Euro zone money markets on Friday scaled back bets on a rate hike from the European Central Bank next year as news of a new coronavirus variant spreading across South Africa cast a shadow over the short-term economic outlook. Money market futures were pricing in roughly a 50% chance of 10 basis point rate hike from the ECB in December 2022, having fully priced in such a move earlier this week . That move was reflected by a smiliar pull back in rate hike bets in the United States and Britain. Register now for FREE unlimited access to RegisterReporting by Dhara Ranasinghe Editing by Rachel ArmstrongOur Standards: The Thomson Reuters Trust Principles.
Persons: Kai Pfaffenbach, Dhara, Rachel Armstrong Organizations: European Central Bank, REUTERS, ECB, Thomson Locations: Frankfurt, Germany, South Africa, United States, Britain, Europe
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 23, 2021. UK's FTSE 100 (.FTSE) dropped 2.6%, while Germany's DAX (.GDAXI) fell 2.7% and Spain's IBEX (.IBEX) lost 3.4%. Cyclical-heavy European stock markets have already been under stress this week as a resurgence in COVID-19 cases prompted new restrictions in several countries. Shares in British Airways owner IAG (ICAG.L) and easyJet (EZJ.L), cruise operator Carnival (CCL.L) and travel company TUI fell between 9% and 10%. The virus scare prompted euro zone money markets to scale back bets of a rate hike from the European Central Bank next year.
Persons: Safran, Germany's DAX, COVID, Emma Wall, Hargreaves Lansdown, Sruthi Shankar, Bansari, Subhranshu Sahu, Arun Koyyur Organizations: REUTERS, Airbus, FTSE, Britain, British Airways, IAG, TUI, European Central Bank, U.S, Thomson Locations: Frankfurt, Germany, South Africa, Botswana, Hong Kong, Bengaluru
Uber has been ordered to stop offering its main ride-hailing service in the Belgian capital of Brussels from Friday evening. The Brussels Appeal Court ruled on Wednesday that a 2015 ban on private individuals offering taxi services also applies to professional drivers. "From this Friday, you won't be able to get an Uber ride in the EU capital," Uber wrote on Twitter Wednesday. Uber has been urging people to sign a petition to save the 2,000 professional drivers who use Uber in the city. It reportedly told two of the company's units to pay 150,000 euros each as it backed a complaint by Taxis Verts, a Brussels taxi firm.
Persons: Uber, We're, Niklas Oestberg, Rudi Vervoort, Taxis Organizations: Brussels Appeal, Twitter, European, European Union, Bloomberg Locations: Belgian, Brussels, Europe, London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurope's health agency is 'quite concerned' about new Covid variantPasi Penttinen, public health emergency response manager at the European Centre for Disease Prevention and Control, said: "It looks like this particular variant has a very concerning sets of mutations."
Organizations: European Centre for Disease Prevention
A top EU official said that news of a new coronavirus variant is "alarming" and admitted there could be implications for the region's economy. A handful of nations, notably South Africa and Botswana have identified cases of the new variant, known as B.1.1.529. "It is alarming what is emerging," Mairead McGuinness, the EU commissioner for financial stability, told CNBC's "Squawk Box Europe" Friday. The new variant comes at a time when different European nations are grappling with surging cases of the delta variant and have therefore announced social restrictions to contain the spread. This has meant that some countries, including Austria and the Czech Republic, have focused on the unvaccinated parts of their populations.
Persons: Mairead McGuinness, CNBC's Organizations: EU Locations: South Africa, Botswana, Austria, Czech Republic
European stocks plummet amid concerns over new Covid variant
  + stars: | 2021-11-26 | by ( Karen Tso | )   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEuropean stocks plummet amid concerns over new Covid variantCNBC's Karen Tso joins 'Squawk Box' to break down the latest market sell off in Europe as investors react to a new coronavirus variant, known as B.1.1.529.
Persons: Karen Tso Locations: Europe
Belgium seeks to curb social life to fight fourth COVID wave
  + stars: | 2021-11-26 | by ( )   time to read: +2 min
A shopper, wearing a protective face masks, looks at a poster for a coronavirus disease (COVID-19) vaccination centre installed inside a supermarket in Brussels, Belgium, August 30, 2021. REUTERS/Bart BiesemansBRUSSELS, Nov 26 (Reuters) - Belgium brought in new restrictions on Friday such as the closure of nightclubs and an earlier end for bars and restaurants to reduce social contact and curb a rapidly spreading fourth wave of COVID-19 infections. "If we did not have such a high rate of vaccination today, we would be in an absolutely drastic situation." The fatality rate though is just below the EU average, with 75% of the population vaccinated against COVID-19. Register now for FREE unlimited access to RegisterReporting by Marine Strauss @StraussMarine and Philip Blenkinsop Editing by John ChalmersOur Standards: The Thomson Reuters Trust Principles.
Persons: Bart Biesemans BRUSSELS, Alexander De Croo, Marine Strauss, StraussMarine, Philip Blenkinsop, John Chalmers Organizations: REUTERS, Belgian, European Union, NATO, European Centre for Disease Prevention, COVID, Marine, Thomson Locations: Brussels, Belgium, Europe, Austria, Slovakia, Belgian
Belgium recorded its first case of the new coronavirus variant seen spreading in southern Africa, its health minister said Friday. Previous cases had been restricted to South Africa, Botswana, and a single case in Hong Kong, which was imported by a traveler. The origin of the variant is unclear, but it is spreading in South Africa. —Tulio de Oliveira (@Tuliodna) November 25, 2021The UK restricted flights from Botswana, South Africa, and four other southern African nations on Thursday. Germany and Belgium imposed flight bans from southern African countries on Friday, while the European Union is considering a bloc-wide ban.
Persons: Frank Vandenbroucke, De Morgen, Vandenbroucke, Laatste Nieuws, 1.1.529, — Tulio de Oliveira Organizations: Delta, European Locations: Belgium, Africa, South Africa, Botswana, Hong Kong, country's, , Germany, European Union
A new coronavirus variant was detected in southern Africa. Fauci said that there is "no indication" the variant is currently in the US. Watch Fauci speak here:The variant, B.1.1.529, has been found primarily in South Africa and Botswana. The UK on Thursday instituted a flight ban South Africa, Botswana, and six southern African nations. The European Union is also considering a flight ban on unspecified southern African nations.
Persons: Fauci, Anthony Fauci, CNN's Organizations: Service, European Locations: Africa, South Africa, Botswana, Hong Kong, Belgium
France-U.K. Acrimony Over Channel Crossings Deepens
  + stars: | 2021-11-26 | by ( Aurelien Breeden | )   time to read: +1 min
On Wednesday, about 30 migrants crammed onto a flimsy inflatable vessel were shipwrecked in the English Channel’s frigid waters, and most of them — men, women and children — drowned. So far this year, there have been 47,000 attempts to cross the Channel, and 7,800 migrants had been saved from shipwrecks, according to French officials. He called it “the single biggest step” the two countries could take to address the issue. In his letter, Mr. Johnson noted that countries like Russia and Belarus already have readmission agreements with the European Union and that any bilateral agreement between France and Britain would be temporary, pending a broader deal between the E.U. He also outlined other proposals, including better intelligence sharing, joint police patrols on French shores — which France has already rejected — and reciprocal maritime patrols in each country’s territorial waters.
Persons: , Macron, Johnson, Mr Organizations: Twitter, European Union Locations: France, England, Russia, Belarus, Britain,
Advice on how to protect yourself against the coronavirus can be seen on a poster standing in the market square in Brügge, Belgium. In the background, the town hall with the Belfry, an 80-metre-high tower, one of the city's landmarks. Belgium has confirmed a case of the new, heavily mutated variant of the virus that causes Covid-19, according to one of the country's leading virologists. Marc Van Ranst, who works with the Rega Institute, said a sample was confirmed as the novel B.1.1.529 variant in a traveler who returned from Egypt on Nov. 11. The variant was first detected in a small number of samples in South Africa, according to the World Health Organization.
Persons: Marc Van Ranst, Tulio de Oliveira Organizations: Rega Institute, European Union, World Health Organization, South African Department of Health Locations: Brügge, Belgium, Egypt, Brussels, South Africa, Israel, Hong Kong
Boeing and other travel stocks tumbled in premarket trading Friday after several European and Asian countries announced new travel restrictions from southern Africa because of a new Covid variant. The U.K. on Thursday said it would temporarily suspend flights from South Africa, Namibia, Lesotho, Eswatini, Zimbabwe and Botswana. The European Commission recommended a pause on travel between the EU and southern Africa. Boeing shares were down more than 6% in premarket trading, while Delta Air Lines was down 7% and United Airlines fell 8%. Though domestic travel had largely recovered from early pandemic lockdowns, international travel remained a missing piece in airlines' recovery.
Persons: Hilton, we're, Virgin Atlantic, didn't, Biden, Matt Clinch Organizations: London Heathrow Airport, Boeing, European Commission, Delta Air Lines, United Airlines, American Airlines, Health, British Airways, Virgin, State Department, White, U.S, Transportation Security Administration Locations: Africa, South Africa, Namibia, Lesotho, Eswatini, Zimbabwe, Botswana, France, Italy, Johannesburg, EU, Brazil, U.S
REUTERS/Elizabeth FrantzWASHINGTON, Nov 26 (Reuters) - Top U.S. infectious disease official Dr. Anthony Fauci said on Friday that a ban on flights from southern Africa was a possibility and the United States was rushing to gather data on the new COVID-19 variant. read moreRegister now for FREE unlimited access to RegisterThe World Health Organization (WHO), however, has cautioned against hasty measures and South Africa said a British ban on flights seemed rushed. "There is always the possibility of doing what the UK has done, namely block travel from South Africa and related countries," Fauci said in an interview on CNN. Fauci said U.S. scientists would speak with South African counterparts on Friday about the new variant, called B.1.1.529, which has raised concern about its transmissibility and whether it might evade immune responses. He added that there was no indication that the new variant was already in the United States.
Persons: Anthony Fauci, Elizabeth Frantz WASHINGTON, Fauci, Chris Gallagher, Brendan O'Brien, Timothy Heritage, Toby Chopra Organizations: White, Health, Education, Labor, REUTERS, Global, European Union, Health Organization, WHO, CNN, Thomson Locations: Washington , U.S, Africa, United States, South Africa
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