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☆ UK finance chiefs are banging the drum for one major reform to boost economic growth
▼ + stars: | 2024-09-26 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Ian Forsyth | Getty Images News | Getty ImagesLiverpool, ENGLAND — U.K. finance chiefs are banging the drum for pension reforms to boost anaemic investment and growth in the country. William Vereker, chairman of Santander U.K., cited pension reform as one of three paths to economic growth, alongside skills and education, and regulation. "If we do not have domestic capital investing in domestic businesses, we will not see the growth that this government is so rightly focused on," he added. "For me, pension reform is the way to unlock growth in the U.K.," Lee told "Squawk Box Europe." UK pensions reviewU.K. Finance Minister Rachel Reeves in July announced a landmark pensions review as part of a "big bang" of reforms to unlock growth.

Persons: Ian Forsyth, —, William Vereker, Vereker, Muirinn O'Neill, we're, Tiina Lee, Lee, it's, Rachel Reeves, Tulip Siddiq Organizations: Labour Party Conference, ACC Liverpool, Getty, Labour, Santander U.K, Citi U.K, CNBC, Finance, Treasury Locations: Liverpool, England, ENGLAND, City, London

☆ Fearful of the 'middle-income trap,' Indonesia pushes for major policy reform
▼ + stars: | 2024-09-26 | by ( Shafi Musaddique | ) www.cnbc.com time to read: +4 min

Incoming President Subianto has promised to continue the charge toward making Indonesia a high-income economy. Economic reforms passed through by the outgoing president will make the achieving Indonesia's grand vision easier. "Widodo put in place a bunch of economic reforms, the most noticeable being making it easier to hire and fire new workers. Indrawati hopes to avoid "the middle-income trap" — an economic development situation where growing economies stagnate at middle-income levels and are unable to advance to the ranks of high-income countries. Major policy reforms, she believes, will help Indonesia sidestep that.

Persons: Sri Mulyani Indrawati, CNBC's, Joko Widodo, Prabowo Subianto, Subianto, Widodo, Gareth Leather, Indrawati Organizations: Afp, Getty, country's Finance, International Monetary Fund, Defense, Capital Economics, CNBC, Lowy Institute Locations: Jakarta, Indonesia, Washington, Australian, China, Asia

☆ Russia says it's the bigger person for not cutting Europe's natural gas supply — but that's not all there is to it
▼ + stars: | 2024-09-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

But Moscow doesn't appear ready to acknowledge that it's not in a financial position to cut Europe off from its natural gas exports completely. Russia's oil and gas revenues hit 8.82 trillion rubles, or $94.6 billion, in 2023. That's 24% lower than the 11.6 trillion rubles it recorded in 2022, when revenues jumped due to oil price volatility. In 2021, Russia's oil and gas sales revenue stood at 9 trillion rubles. To be sure, other geopolitical factors could also be playing into Russia's decision to keep natural gas exports moving into Europe.

Persons: —, it's, Sergey Lavrov, Lavrov, It's, There's, Naftogaz Organizations: Service, Sky News Arabia, Russian, Business, West, P, Oxford Institute for Energy Studies, Bloomberg Locations: Moscow, Russia, Europe, United States, Ukraine, Nord, Ukraine's

☆ Op-ed: The UK's budget problems date back to the 2008 financial crisis
▼ + stars: | 2024-09-24 | by ( Kevin Klowden | Chief Global Strategist At The Milken Institute | ) www.cnbc.com time to read: +2 min

Over the past few weeks, economic news from the U.K. has heavily focused on the state of British national finances and how they might impact both the British public and the prospects for economic growth. Regardless of how the U.K. fiscal situation stands now, it is clear that the current shortfalls are both years in the making and run the risk of having consequences that could last for years to come. The ultimate dilemma facing Labour now is that the country cannot produce enough revenue to close systemic shortfalls without sustained economic growth, but it also cannot create economic growth without real investment, both from the public and private sectors. In many ways, the current fiscal situation dates back to the financial crisis of 2008 and the fact that the country's economy was unable to snap back readily to close the budget shortfalls that occurred then. Borrowing in the financial year to August stood at £64.1 billion ($85 billion), with the country's debt hitting 100% of GDP.

Persons: Keir Starmer, John Healey, George Robertson, Rachel Reeves, Jeremy Hunt Organizations: British, Defence, Downing, Labour, Conservative Locations: London, England, British, United States, China, Japan

☆ UK Prime Minister Keir Starmer says tough times are needed to spark national renewal
▼ + stars: | 2024-09-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

Prime Minister Sir Keir Starmer during an 'In Conversation' event with Debbie Weinstein, managing Director Goole UK&I during the Labour Party Conference at the ACC Liverpool. Liverpool, ENGLAND — U.K. Prime Minister Keir Starmer insisted on Tuesday that tough decisions taken now will spark a new era for Britain, as he sought to shake a fog of pessimism that has clouded his new premiership. "Change must mean nothing less than national renewal," he told a crowd of Labour Party delegates Tuesday. Wes Streeting, minister for health and social care, said that promised improvements to the U.K.'s National Health Service (NHS) would take time to implement. We need to rebuild the economy, rebuild public services and rebuild trust in politics," he said at the conference Monday.

Persons: Sir Keir Starmer, Debbie Weinstein, Keir Starmer, Starmer, Jeremy Corbyn, Rachel Reeves, Reeves, Wes Streeting, Tulip Siddiq Organizations: Goole, Labour Party Conference, ACC Liverpool, Labour Party, Conservative, Wealth Fund, Finance, National Health Service, Treasury, Labour, CNBC, Conservative Party Locations: Liverpool, ENGLAND, Britain, England

☆ UK Finance Minister Reeves vows no austerity despite tough budget
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: +1 min

Britain's Finance Minister Rachel Reeves has pledged to make the "necessary", "urgent" and "incredibly tough" choices to restore the country's economic stability. Finance minister Rachel Reeves will promise Britain on Monday there will be no return to "austerity" or widespread spending cuts despite previous warnings of a tough budget aimed at fixing the foundations of the economy. "There will be no return to austerity. Conservative austerity was a destructive choice for our public services - and for investment and growth too," Reeves will say, according to extracts from her speech. "We must deal with the Tory (Conservative) legacy and that means tough decisions.

Persons: Rachel Reeves, Reeves Organizations: Britain's, Labour, Labour Party, Tory Locations: English, Liverpool

☆ Britain's finance minister calls for spending discipline but no return to austerity
▼ + stars: | 2024-09-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Britain's Chancellor of the Exchequer Rachel Reeves speaks on the second day of the annual Labour Party conference in Liverpool, north-west England, on September 23, 2024. Liverpool, ENGLAND — U.K. Finance Minister Rachel Reeves vowed on Monday that Britain will not return to austerity, but said she would make hard choices as she lays out budget proposals next month. "It will be a budget with real ambition ... a budget to deliver the change we promised. A budget to rebuild Britain," she told a crowd of Labour party delegates Monday. Reeves has suggested that taxes are likely to rise at her upcoming Oct. 30 Autumn budget after discovering a £22 billion ($29 billion) "black hole" in the public finances.

Persons: Rachel Reeves, heckles, Keir Starmer, Reeves, Jeremy Hunt Organizations: Labour Party, Finance, Labour, Conservative Party, Conservatives Locations: Liverpool, England, ENGLAND, Britain

☆ Japan top currency diplomat says watching for any build-up of yen carry trades: report
▼ + stars: | 2024-09-21 | by ( ) www.cnbc.com time to read: +1 min

Sheets of newly-designed Japanese 10,000 yen banknotes move through a machine at the National Printing Bureau Tokyo plant in Tokyo, Japan, on Wednesday, June 19, 2024. Persistent weakness in the yen is raising concerns about the potential for a resurgence in cost-push inflation, likely weighing on private consumption. Japan's top currency diplomat Atsushi Mimura said authorities are "always watching markets" as a renewed build-up of yen carry trades could heighten market volatility, public broadcaster NHK quoted him as saying in an interview that ran on Friday. Mimura said yen carry trades built up in the past are likely to have been mostly unwound, according to NHK. We are always watching markets to ensure that does not happen," Mimura was quoted as saying.

Persons: Atsushi Mimura, Mimura, Masato Kanda, Yen Organizations: National Printing Bureau, NHK, Bank of Japan Locations: National Printing Bureau Tokyo, Tokyo, Japan

☆ Britain's ultra-wealthy are threatening to exit en masse ahead of proposed tax changes
▼ + stars: | 2024-09-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +9 min

They're just a few of the destinations trying to lure away the U.K.'s uber wealthy ahead of proposed changes to the country's divisive non-dom tax regime. They will also be prevented from avoiding inheritance tax on assets held in trust. The majority (83%) cited inheritance tax on their worldwide assets as their key motivator for leaving, while 65% also referenced changes to income and capital gains tax. Where the wealthy are movingIt comes as other countries are shaking up their tax regimes to incentivize wealthy investors. Ultra-wealthy U.K. citizens, who are typically highly active in the super-prime market, are also in "wait and see" mode ahead of possible changes to capital gains and inheritance tax.

Persons: Keir Starmer, Rachel Reeves, Macleod, Miller, they'll, Leslie Macleod, Helena Moyas de Forton, Moyas de Forton, Labour's, Alexander Spatari, I'm, Marcus Meijer, Mark, CNBC's, it's, James Myers, Oliver James, Myers, Knight Frank, Stuart Bailey, Knight Frank's, they're, Bailey Organizations: Old Bond, Pawel, Bank, Getty, Labour, Oxford Economics, Conservative, Investors, Britain, CNBC, Treasury, EMEA, Christie's, Estate, Henley & Partners, Monaco, London, Istock Locations: Old, Mayfair, London, United Kingdom, Monaco, Italy, Switzerland, Dubai, They're, Britain, Greece, Malta, Caribbean, Bahamas, Monte Carlo, Gibraltar, South Kensington, England

☆ Indonesia's finance minister discusses aim of becoming a high-income country
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndonesia's finance minister discusses aim of becoming a high-income countrySri Mulyani Indrawati, Indonesia's finance minister, outlines the sectors the country is investing in.

Persons: Mulyani

☆ Brazil recently hit a record high. Why further gains may be harder to come by
▼ + stars: | 2024-09-15 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Brazilian stocks have been on a tear, but stubborn inflation could grind the recent rally to a stop. It's a work in progress, and most likely will require further rate hikes by the central bank." BCA Research's Arthur Budaghyan agreed that the Brazilian central bank is unlikely to hike rates for very long. Against this backdrop, Budaghyan advises clients steer clear of Brazilian stocks in the near term. U.S. investors who want exposure to the Brazilian stock market can obtain it through the iShares MSCI Brazil ETF (EWZ) .

Persons: Bovespa, Fernando Haddad, Goldman Sachs, Alberto Ramos, Ramos, Arthur Budaghyan, Budaghyan Organizations: U.S . Federal, CNBC, U.S, Fed, BCA, Banco, MRB Partners Locations: Lower U.S, overcompensate, America, Banco Central, Brazil, U.S

☆ UK economy flatlines again in July, below expectations
▼ + stars: | 2024-09-11 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

LONDON — The U.K. economy continued to flatline in July on a month-on-month basis, flash figures published from the Office for National Statistics showed Wednesday. Britain's economic growth was up 0.5% in the three month to July, slightly below economist expectations and the 0.6% recorded in the second quarter ending in June. The U.K. economy had recorded modest but steady expansion almost every month so far this year, having emerged from a shallow recession at the start of the year. Finance Minister Rachel Reeves said the print left her "under no illusion" of the challenges faced by the U.K. economy. But she added that further movement in interest rates anticipated from the Bank of England could help ease wider growth pressures.

Persons: Liz McKeown, Keir Starmer's, Rachel Reeves, Reeves, Jeremy Hunt, Lindsay James, James Organizations: Office, National Statistics, Gross, Reuters, Labour, Conservative, Quilter Investors, Treasury, Bank of England Locations: flatline, U.K

☆ Japan nominates ex-currency diplomat Kanda to head Asian Development Bank
▼ + stars: | 2024-09-10 | by ( ) www.cnbc.com time to read: 1 min

Masato Kanda, vice-minister of finance for international affairs at Japan's Ministry of Finance, during a press conference after the Group of 20 (G-20) finance ministers and central bank governors meeting. Japan will nominate Masato Kanda, the country's former top currency diplomat, as its candidate to become next head of the Asian Development Bank, Finance Minister Shunichi Suzuki said on Tuesday. Since the ADB was founded in 1966, its top post has always been filled by someone from Japan which, along with the United States, is the bank's biggest shareholder. That makes Kanda a strong candidate to take up the post. "(Kanda) is most appropriate to lead the ADB as he is well-versed in Asia-Pacific affairs and has built deep networks with executives from various countries and international institutions," Suzuki said at a regular press conference.

Persons: Masato Kanda, Shunichi Suzuki, Suzuki Organizations: Japan's Ministry of Finance, Asian Development Bank, Finance, ADB Locations: Japan, United States, Asia, Pacific

☆ India's Modi expected to usher in new era of bilateral agreements in Singapore visit
▼ + stars: | 2024-09-04 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +4 min

Indian Prime Minister Narendra Modi during the launch of BJP membership campaign on Sept. 2, 2024 in New Delhi, India. Modi will also be meeting Singapore President Tharman Shanmugaratnam, Senior Minister and former Prime Minister Lee Hsien Loong, and Emeritus Senior Minister Goh Chok Tong during his two-day visit. Dean Kassim | Afp | Getty ImagesEarlier this week, the Indian prime minister made his inaugural trip to Brunei where he met Sultan Hassanal Bolkiah. Modi is India's first prime minister that has made a bilateral visit to the oil-rich country. The Indian prime minister had also visited Italy for the G7 summit, Russia, Ukraine and Poland in the last three months since his reelection.

Persons: Narendra Modi, Lawrence Wong, Modi, Tharman Shanmugaratnam, Lee Hsien Loong, Goh Chok Tong, Anit Mukherjee, Mukherjee, Dean Kassim, Sultan Hassanal Bolkiah, Omar Ali Saifuddien, Nirmala Sitharaman, Jaishankar, Wong, Vivian Balakrishnan, Balakrishnan Organizations: Indian, Hindustan Times, Getty, Singapore, Senior, King's College London, CNBC, Imports, Brunei International, Afp, High Commission of, Institute of South Asian Studies, Finance, Foreign Locations: New Delhi, India, Singapore, Asia, Bandar Seri Begawan, Brunei, High Commission of India, Italy, Russia, Ukraine, Poland, Lion City

☆ Hamas leader Sinwar wants a ceasefire deal, mediators say, but Netanyahu’s stance unclear
▼ + stars: | 2024-08-11 | by ( Jeremy Diamond | ) edition.cnn.com time to read: +5 min

“Nobody knows what Bibi wants,” one Israeli source said, referring to Netanyahu by his nickname. The Hostage and Missing Families Forum, a powerful voice in Israel, has also called on Israel and Hamas to finalize a hostage and ceasefire deal. At the same time, Netanyahu’s coalition partners have made it clear they do not want Israel to strike a deal with Hamas. Israeli Finance Minister Bezalel Smotrich called the proposed ceasefire deal a “surrender deal” on Friday. But negotiations are already underway with technical delegations working “around the clock” through key details ahead of Thursday’s meeting, the Israeli source said.

Persons: Yahya Sinwar, “, Bibi, Netanyahu, Bezalel Smotrich, ”, John Kirby, Smotrich’s, Itamar Ben Gvir, Fu’ad Shukr, Ismail Haniyeh, Sinwar, Haniyeh, Israel, Kamala Harris Organizations: CNN, Israeli, House, Smotrich, National Security, Hamas, Iranian Revolutionary Guards, Democratic Locations: United States, Israel, Cairo, Doha, Lebanon, Iran, Lebanese, Tehran, Gaza

“Some critics, like Mr. Smotrich, for example, have claimed that the hostage deal is a surrender to Hamas or that hostages should not be exchanged for prisoners,” Mr. Kirby said at the start of a briefing for reporters. Mr. Smotrich and Itamar Ben-Gvir, the national security minister and a far-right ally, have threatened to quit Mr. Netanyahu’s coalition if he signs a deal ending the war. But whether it could help Mr. Netanyahu to have the Americans weigh in on his domestic politics was not as clear. “The idea that he would support a deal that leaves Israel’s security at risk is just factually wrong,” Mr. Kirby said of the president. “He won’t allow extremists to blow things off course — including extremists in Israel making these ridiculous charges against the deal,” he said.

Persons: ”, Biden’s, John F, Kirby, Biden, Bezalel Smotrich, Smotrich, Mr, “ Smotrich, Benjamin Netanyahu, Israel, ” Mr, Itamar Ben, Gvir, Biden administration’s pushback, Netanyahu, “, he’s Organizations: White, Hamas, ISIS Locations: U.S, Israel, Egypt, Qatar, Iran

☆ UK riots: Rotherham residents despair after riot at hotel housing asylum seekers
▼ + stars: | 2024-08-06 | by ( Christian Edwards | ) edition.cnn.com time to read: +12 min

Ninzr said he had lived in the Rotherham hotel since he arrived, but was at another processing center when the riot broke out. Several passers-by referenced unfounded rumors that hotel residents have abused local women. CNN asked South Yorkshire police if they have received complaints about the behavior of the hotel residents, but have not yet received a response. With more demonstrations planned for this week, do the residents near the Rotherham hotel fear more violence? “After seeing our community come out today, no,” said the man who lived through the London riots.

Persons: “, ”, –, Keir Starmer, Starmer, ’, Conservative government’s, Ninzr, Danny Lawson, I’ve, Rachel Reeves, They’ve, they’ve, They’d, they’re, she’d, “ I’ve, Elliott Nuttall, ‘, you’re, CNN Ibrar, Javid, Henry Nicholls Organizations: Rotherham, England CNN, CNN, Reuters, AFP, Conservative, South, South Yorkshire police, Facebook, Stringer, National, Mosque, Downing, Southport, Police, Labour, PA Media Locations: England, Rotherham, British, London, Southport, Afghanistan, Herod, France, Rwanda, Birmingham, Rotherham , South Yorkshire, South Yorkshire, Sheffield

☆ Israeli minister says it may be ‘moral’ to starve 2 million Gazans, but ‘no one in the world would let us’
▼ + stars: | 2024-08-06 | by ( Dana Karni | ) edition.cnn.com time to read: +3 min

It’s his (Hamas’) money, it’s his fuel, it’s his civilian control of the Gaza Strip. Israel has control over aid that enters Gaza and aid groups are in charge of distributing it. While there have been some anecdotal reports from Gazans of Hamas stealing aid, it’s unclear how rampant it is. The conflict began after Hamas attacked Israel on October 7, killing around 1,200 people and taking more than 250 hostages, according to Israeli authorities. No need to unclog sewers, no need for education, no need for welfare.

Persons: Bezalel Smotrich, Yad Binyamin, ”, Israel, David Satterfield, Biden, Benjamin Netanyahu, Yoav Gallant, Netanyahu, ” Israel, Smotrich Organizations: Jerusalem CNN — Israeli, Katif Conference, National, Israeli Locations: Jerusalem, Gaza, Yad, Israel, Gazans

☆ U.S. recession fears spark selloff in international markets
▼ + stars: | 2024-08-05 | by ( David Hodari | David Hodari Is A London-Based Editor. | ) www.nbcnews.com time to read: +2 min

LONDON — U.S. stocks are on course to open in the red Monday, with Japanese stocks suffering their worst day of trading since the 1980s and a global equities sell-off intensifying over fears of a U.S. economic slowdown. The Nikkei’s 12.4% fall marked the worst day for the Japanese index since 1987’s “Black Monday” — the sudden and unexpected stock market crash that raised fears of a depression. Noriko Hayashi / Bloomberg via Getty ImagesIn recent weeks, rising concerns around a potential U.S. recession have spooked investors. A rise in the value of the Japanese yen against the U.S. dollar — making Japanese assets more expensive for holders of other currencies — has also likely played a role in the selling. Even so, some investors put their money into U.S. Treasury bonds — so-called ‘haven’ assets that act as stores of wealth in volatile moments.

Persons: Noriko Hayashi, Japan’s, Shunichi Suzuki, “, ” Suzuki, ” Organizations: LONDON, Dow Jones, Nasdaq, Tokyo Stock Exchange, Bloomberg, Getty, Federal Reserve, Labor, U.S ., Treasury Locations: U.S, Europe

☆ Britain cancels $1.7 billion of computing projects in setback for global AI ambitions
▼ + stars: | 2024-08-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

(Photo by Rasid Necati Aslim/Anadolu via Getty Images)The U.K. government has canceled £1.3 billion ($1.7 billion) worth of computing infrastructure projects, in a big setback to the country's ambitions to become a world leader in artificial intelligence. A government spokesperson confirmed to CNBC that two major taxpayer-funded spending commitments, worth £500 million and £800 million, respectively, were being dropped in order to prioritize other fiscal plans. Earlier this week, British Finance Minister Rachel Reeves announced a raft of spending cuts after revealing Labour had inherited a projected £22 billion ($28 billion) of unfunded pledges from the center-right Conservatives. The Labour government was widely expected to announce the introduction of the first-ever U.K. AI Bill in a speech delivered by King Charles III last month. A DSIT spokesperson instead told CNBC the government would consult on plans to regulate AI in due course.

Persons: Rasid Necati, Rishi Sunak's, Rachel Reeves, unfunded, codebreakers, Keir Starmer's, King Charles III Organizations: Artificial Intelligence, Getty, CNBC, Research, University of Edinburgh, Labour, Department for Science, Innovation, Technology, British Locations: London, United Kingdom, Anadolu, Bletchley, Nazi Germany

☆ 'Internal battle' in Modi's BJP on whether India needs Chinese investments, Natixis chief Asia economist says
▼ + stars: | 2024-08-01 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +5 min

Supporters of Bharatiya Janata Party (BJP) hold party flags as they celebrate Narendra Modi's swearing-in ceremony on June 9, 2024. Sopa Images | Lightrocket | Getty ImagesThere is an "internal battle" happening within India's ruling Bharatiya Janata Party over inviting Chinese investments, as the country strives to become Asia's manufacturing powerhouse, Alicia Garcia-Herrero, chief Asia Pacific economist at Natixis said. This proposal was shot down by Trade Minister Piyush Goyal on Tuesday who said that there was "no rethinking at present" on allowing Chinese investments into India, Reuters reported. Experts told CNBC that Chinese investments are needed in India's solar panel and battery manufacturing sectors — two areas that a report, citing Indian government sources last week, mentioned could see easing restrictions on Chinese investments. India increased scrutiny on Chinese investments into the country, and also blocked several Chinese mobile apps including TikTok following the incident.

Persons: Narendra Modi's, Alicia Garcia, Herrero, Natixis, V Anantha, Piyush Goyal, Modi, Garcia, Rajesh Kumar Singh, Harsh, Pant, Tauseef Mustafa, Jaishankar, Punit Paranjpe Organizations: Bharatiya Janata Party, BJP, Asia, Trade, Reuters, CNBC, Department, Promotion of Industry, Internal, Bloomberg, ICT, Communication Technologies, New Delhi's Observer Research Foundation, Afp, Getty, India's Foreign, Adani Locations: Asia Pacific, China, India, Europe, loggerheads, Eastern Ladakh, Tokyo, U.S, Mundra

☆ Japan's new currency diplomat keeps intervention on table to stabilize yen
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +1 min

Japan will retain its basic approach on the yen with intervention remaining an option to tackle excessively volatile moves in the exchange rate, the country's new top currency diplomat Atsushi Mimura told Reuters. "It has been internationally agreed that measures including interventions are allowed when necessary," he added. Previously head of the ministry's international bureau, the 57-year-old became vice finance minister for international affairs on Wednesday — a post that oversees Japan's currency policy and coordinates economic policy with other countries. Mimura's appointment comes as the Japanese currency shows tentative signs of recovery from 38-year lows, as investors unwound their long-running bets against the currency ahead of a Bank of Japan meeting this week. While a weak yen gives exports a boost, it has become a source of concern for policymakers by pushing up the cost of imports and hurting consumption.

Persons: Atsushi Mimura, Mimura Organizations: Reuters, Bank of Japan Locations: Japan

☆ UK finance minister: Growing the economy is our number one priority
▼ + stars: | 2024-07-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK finance minister: Growing the economy is our number one priorityU.K. Finance Minister Rachel Reeves pledges to provide businesses with more certainty as the new government makes economic growth its "number one priority."

Persons: Rachel Reeves Organizations: Finance

☆ UK finance chief says public finances show $28 billion spending hole, cuts road and rail projects
▼ + stars: | 2024-07-29 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Britain's Finance Minister Rachel Reeves has pledged to make the "necessary", "urgent" and "incredibly tough" choices to restore the country's economic stability. Britain's Finance Minister Rachel Reeves on Monday announced a raft of project cuts after detailing how the newly elected Labour government has inherited a projected overspend of £22 billion ($28.2 billion) from the center-right Conservatives. The finance minister also said she had canceled plans to sell NatWest shares to the public, saying the proposal put forward by her predecessor Jeremy Hunt did not "represent value for money." Britain's finance chief has previously ruled out increases to income tax, national insurance, VAT or corporation tax — the main sources of government revenues. However, Reeves must orchestrate a delicate balance act given the pledges from her party to also boost national investment and public sector pay.

Persons: Rachel Reeves, Reeves, Boris Johnson, Jeremy Hunt Organizations: Britain's, Monday, Labour, Railways Fund, Conservative, NatWest

☆ Sde Teiman: Lawmakers breach Israeli detention base protesting abuse probe
▼ + stars: | 2024-07-29 | by ( Rob Picheta | ) edition.cnn.com time to read: +5 min

CNN —Far-right lawmakers and protesters breached the perimeter of a controversial Israeli detention facility for Palestinians on Monday, after the Israeli military confirmed it was investigating soldiers over the alleged abuse of a prisoner. Israeli Prime Minister Benjamin Netanyahu called for immediate calm at Sde Teiman and condemned the break-in at the base in a statement on Monday. Last month, Halevi said the military had launched a probe into allegations of mistreatment at Sde Teiman, as well as at Anatot and Ofer. As part of CNN’s investigation into Sde Teiman, three Israeli whistleblowers said that Palestinian detainees at the base were constantly blindfolded and held under extreme physical restraint. The account tallied with details of a letter authored by a doctor working at Sde Teiman published by Ha’aretz in April.

Persons: Zvi, Herzi Halevi, Yair Lapid, ”, Isaac Herzog, Teiman, Bezalel Smotrich, Benjamin Netanyahu, Netanyahu, Israel’s, Sde, Ofer, Halevi, Sde Teiman, Ha’aretz Organizations: CNN, Israel Defense Forces, Military Police, Investigation, General Staff, Zionism, West Bank, IDF Locations: Gaza, Israel, ”

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