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☆ Walmart and Target are slashing prices. What does that mean for inflation?
▼ + stars: | 2024-05-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

That doesn’t mean the battle against inflation is won. Walmart saw first-quarter sales at stores open at least a year climb 3.8% from the prior year, in part thanks to its ability to keep prices low even as inflation remains sticky. “Our combination of everyday low prices plus a large number of rollbacks is resonating” with consumers, Walmart CEO Doug McMillon said on a call with analysts. Investors will get more inflation data next week from the Personal Consumption Expenditures index for April. Without that discount, the combined fine would have topped £88 million ($112 million).

Persons: Doug McMillon, Price, we’re, ”, Preston Caldwell, Scarlett Johansson, Will Scarlett Johansson, OpenAI, Johansson, OpenAI’s, Sam Altman, Brian Fung, OpenAI didn’t, Anna Cooban, “ Organizations: CNN Business, Bell, New York CNN, Walmart, Ikea, Aldi, Morningstar Research Services, Bureau of Labor Statistics, Investors, Citi, Citigroup, Financial Conduct Authority, Bank of England’s Prudential, Authority, CNN Locations: New York, United States

☆ Citigroup fined for almost dumping $189 billion into European markets by accident
▼ + stars: | 2024-05-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

London CNN —UK regulators slapped a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets. Without that discount, the combined fine would have topped £88 million ($112 million). The Bank of England highlighted an incident in May 2022 when one of the bank’s “experienced” traders sold $1.4 billion worth of stocks on European exchanges in error. Citigroup’s systems blocked $255 billion of that, meaning that $189 billion was sent to its trading platform for sale “over the rest of the day.” In total, $1.4 billion worth of stocks was sold before the trader canceled the transaction. Following the incident, Citigroup has taken steps to “improve and strengthen” the security of its trading systems, the central bank said.

Persons: ”, Sam Woods Organizations: London CNN —, Citigroup, Financial Conduct Authority, Bank of England’s Prudential, Authority, Bank of England, FCA, “ Locations: ”

☆ Citi fined $79 million by British regulators over fat-finger trading and control errors
▼ + stars: | 2024-05-22 | by ( Matt Clinch | ) www.cnbc.com time to read: +2 min

LONDON — British regulators on Wednesday dished out a combined £61.6 million ($79 million) in fines to U.S. investment bank Citi for failings in its trading systems and controls. "Firms involved in trading must have effective controls in place in order to manage the risks involved. The regulators said that certain system and control issues persisted during the probe period and led to trading incidents, such as so-called fat-finger trading blunders. "Deficiencies in CGML's trading controls contributed to this incident, in particular the absence of certain preventative hard blocks and the inappropriate calibration of other controls," the statement read. "We immediately took steps to strengthen our systems and controls, and remain committed to ensuring full regulatory compliance."

Persons: Sam Woods Organizations: CitiBank, LONDON, Citi, Prudential, Authority, Financial, Citigroup Global Markets, prudential, CNBC Locations: Manhattan, New York City

☆ Fintech Griffin just secured full regulatory approval. Here's the 12-slide pitch deck it used to raise $24 million as a fully-fledged bank.
▼ + stars: | 2024-03-11 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

British banking-as-a-service fintech Griffin has raised new funding after receiving regulatory approval to be a fully operational bank. The market is god awful, so not having to do a down-round, with outside investors coming in, is the best outcome." Griffin has raised £19.1 million, around $24 million, in a funding round led by MassMutual Ventures, NordicNinja, and Breega, with participation from Notion Capital, EQT Ventures, DG Daiwa and CircleRock. "We are hiring, but unlike earlier rounds, we aren't going on a hiring blitz, as we did the hiring for this round before the round closed. We were about to be a fully operational bank, so we needed operations roles," Jarvis added.

Persons: fintech Griffin, Griffin, David Jarvis, Allen Rohner, Jarvis, We've Organizations: Business, Prudential, Authority, Financial, MassMutual Ventures, NordicNinja, Notion, EQT Ventures, DG Locations: London

Two idled reactors at Shika nuclear power plant on the Noto Peninsula in Ishikawa suffered power outages because of damage to transformers. All Japanese nuclear power plants were temporarily shut down after the 2011 Fukushima nuclear disaster for safety checks under stricter standards. They are asking officials to freeze the screening process while damage at the Shika nuclear plant is fully examined and safety measures are implemented. Nuclear safety officials have noted that the extensive damage suffered by houses and roads in the area of the Shika plant make current evacuation plans largely unworkable. Hundreds of other residents of towns hosting nuclear plants submitted similar requests to regulators and Prime Minister Fumio Kishida earlier this week.

Persons: Susumu Kitano, Fumio Organizations: TOKYO, Hokuriku, Co, Nuclear, Authority Locations: Ishikawa, Noto, Tokyo, Kanazawa, Fukui prefecture, Niigata prefecture

☆ HSBC fined $73 million for 'serious failings' in UK deposit protection
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: +1 min

HSBC has been fined 57.4 million pounds ($73 million) for "serious failings" in protecting some depositors over several years, in the first penalty of its kind under British rules designed to protect customers if banks fail. This is the second largest fine ever imposed by the PRA, topped only by an 87 million pound penalty on Credit Suisse in July 2023. "The serious failings in this case go to the heart of the PRA's safety and soundness objective," said Sam Woods, deputy governor of the Bank of England and CEO of the PRA. Globally systemically important banks -- such as HSBC and UBS -- are required to plan for resolution, which should allow regulators to unwind them without triggering broader systemic consequences. Britain's deposit protection rules require lenders to ensure critical information is held in order for the FSCS to compensate customers if a firm fails.

Persons: Sam Woods, BoE Organizations: HSBC, of England's Prudential, Authority, Britain's Financial, Credit Suisse, Bank of England, UBS

☆ UK pension transfer boom continues as deals worth $11 bln struck
▼ + stars: | 2023-11-24 | by ( Lawrence White | ) www.reuters.com time to read: +2 min

The logo of Legal & General insurance company is seen at their office in central London March 17, 2008. Legal & General (LGEN.L) said it had agreed a so-called full buy-in to the Boots Pension Scheme worth 4.8 billion pounds, in what it said was the largest such deal in Britain by premium size. The market has been running at around 30 billion pounds a year in Britain, but consultants expect 2023 to top that. Rising funding ratios for pension schemes are driving unprecedented demand, Legal & General (L&G) said, as funds scramble to protect schemes against the vagaries of market movements amid rising interest rates worldwide. L&G has written a total of 13.4 billion pounds worth of pension risk transfer deals this year globally, up from 9.5 billion pounds last year.

Persons: Alessia, Eva Mathews, Lawrence White, Sharon Singleton, Mark Potter Organizations: General, REUTERS, Legal, Co, Regulators, Bank of England's Prudential, Authority, Health, Thomson Locations: London, BRITAIN, Britain, Rothesay, Bengaluru

☆ Law firm Allen & Overy hit by 'data incident'
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kacper Pempel/Files Acquire Licensing RightsLONDON, Nov 9 (Reuters) - Allen & Overy has suffered a "data incident", the London-founded law firm said on Thursday, after social media posts suggested it had been hacked by the Lockbit cybercrime gang. An Allen & Overy spokesperson said the firm had "experienced a data incident impacting a small number of storage servers", but its email and document management system had not been affected. The spokesperson also said Allen & Overy has suffered "some disruption", but that it continued to operate normally. Lockbit took credit for the hack and gave a deadline of Nov. 28 for Allen & Overy to negotiate, according to the criminal group's website on the dark web. The cyber attack on Allen & Overy follows last month's confirmation of its merger with U.S. law firm Shearman & Sterling, to create one of the world's largest legal practices.

Persons: Kacper, Overy, Lockbit, Allen, Wales –, Shearman, Sam Tobin, James Pearson, Sarah Young, Tomasz Janowski Organizations: Allen, Financial Times, Overy, Overy's, Boeing, Royal, Authority, Wales, U.S, Sterling, Thomson Locations: Warsaw, London, United States, Britain, England

☆ Bonus cap axed for UK bankers means unlimited payouts again
▼ + stars: | 2023-10-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The UK has abandoned a cap on bankers’ bonuses, in its latest push to boost the competitiveness of London’s financial industry following Brexit. “A bonus cap is not routinely imposed in other leading international financial centers outside the EU,” the regulator added, noting that the cap had been identified as “a factor in limiting labor mobility.”The UK government has long been opposed to the cap and believes that lifting it will help shore up London’s position as an international financial hub. Brexit made access to Europe’s vast market for financial services more difficult and costly for UK-based banks, and London has lost some business to cities such as Paris, Frankfurt and Amsterdam. Britain’s financial regulators have since echoed these concerns and the PRA said Tuesday that scrapping the cap would better align pay with performance. The UK government has come under increasing pressure to deliver post-Brexit benefits for London, the center of Britain’s hugely important financial services sector.

Persons: “, “ We’re, — Organizations: London CNN, European Union, Prudential, Authority, EU, UK Finance, London, ARM Locations: London, Paris, Frankfurt, Amsterdam, ”, New York

[1/2] Chairman Anthony Thomson (L) and Vice Chairman Vernon Hill pose with a dog outside the first branch of Metro Bank in Holborn in central London July 29, 2010. Metro declined to comment on Tuesday. A Starling spokesperson said the lender was making inroads into the big banks' market dominance. Metro is not the only smaller bank to have faced problems. One option is for smaller banks to gain scale through mergers and acquisitions.

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Jaime Gilinski, Dorita, Gilinski, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Nelson Bocanegra, Alexander Smith, Jonathan Oatis Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Harvard, Forbes, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, BOGOTA, Starling, Colombian, Latin America, Metro, Bogota

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Jaime Gilinski, Dorita, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Alexander Smith Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, Starling, Metro, Colombian

☆ Metro Bank shares jump after deal to bolster finances
▼ + stars: | 2023-10-09 | by ( Iain Withers | ) www.reuters.com time to read: +3 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsSummaryCompanies Metro Bank shares up as much as 26%Colombian billionaire Jaime Gilinski to take majority controlMetro backers face 'very painful rescue' - analystLONDON, Oct 9 (Reuters) - Shares in Metro Bank (MTRO.L) jumped in early trading on Monday, after the embattled British lender struck a fundraising deal overnight to bolster its balance sheet following urgent weekend talks in the wake of volatile trading. Metro Bank shares were up 26% at 56.9 pence by 0800 GMT. As part of the deal, Metro has agreed to a capital raise comprising 150 million pounds of new equity and a 175-million-pound issuance of bail-in debt known as "MREL". Metro shares remain around 97% down from when it first listed on the London stock exchange in 2016 at 20 pounds a share.

Persons: Hannah McKay, Jaime Gilinski, Gary Greenwood, John Cronin, Iain Withers, Louise Heavens, Clarence Fernandez Organizations: Metro Bank, REUTERS, Metro, Shore Capital, Bank of England's Prudential, Authority, Lloyds, HSBC, Metro's, Spaldy Investments, Thomson Locations: London, Britain

LONDON, Oct 8 (Reuters) - Embattled British bank Metro (MTRO.L) announced a 325 million pound ($396.5 million) capital raise and 600 million pound debt refinancing on Sunday, after a weekend of urgent talks to bolster its balance sheet after a volatile week of trading. Metro Bank had sought to shore up its finances after a string of setbacks in recent years, including accounting errors, leadership departures and delayed regulatory approval for key capital reliefs. The equity raise was led by Metro's largest shareholder, Gilinski-owned Spaldy Investments, which contributed 102 million pounds. The Bank of England's Prudential Regulation Authority said in a statement: "The Prudential Regulation Authority welcomes the steps taken by Metro Bank to strengthen its capital position." Reuters reported on Friday that Metro Bank was set to discuss funding options with its shareholders over the weekend, after a proposal from bondholders earlier in the week was seen as handing over too much control.

Persons: Jaime Gilinski, Gilinski, Iain Withers, Anousha, Huw Jones, Pablo Mayo Cerquerio, Londo, Lavanya, Lisa Shumaker Organizations: Metro, Metro Bank, Metro's, Spaldy Investments, of England's Prudential, Authority, Prudential, HSBC, Lloyds, Reuters, Thomson Locations: Colombian, London, Bengaluru

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsLONDON, Oct 8 (Reuters) - British specialist lender Shawbrook made an offer for rival Co-op Bank and is weighing a fresh bid for embattled Metro Bank (MTRO.L), people familiar with the matter told Reuters on Sunday. Separately, Shawbrook is considering a potential new bid for London-listed Metro Bank after several failed approaches earlier in the year, the sources said. Shawbrook, Pollen Street and Co-op Bank declined to comment. Britain's Prudential Regulation Authority (PRA) is sounding out buyers over the weekend in hopes of finding a solution for ailing Metro Bank before markets open on Monday morning.

Persons: Hannah McKay, Shawbrook, Pablo Mayo Cerqueiro, Amy, Jo Crowley, Iain Whithers, Ros Russell Organizations: Metro Bank, REUTERS, Bank, Reuters, BC Partners, Pollen, London, Partners, Prudential, Authority, Thomson Locations: London, Britain, British

☆ Bank of England approached UK lenders to gauge interest in troubled Metro Bank, Financial Times reports
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsOct 8 (Reuters) - The Bank of England's Prudential Regulation Authority approached a number of big UK lenders this week to see if they had any interest in taking over British lender Metro Bank (MTRO.L), the Financial Times reported on Sunday. JPMorgan and Metro Bank did not immediately respond to Reuters' requests for comment. Metro Bank has recently rejected a series of takeover approaches from specialist business lender Shawbrook and on Saturday held talks with bondholders about an equity injection alongside a debt restructuring, media reports said. Metro Bank said on Thursday its options included a combination of equity and debt issuance, as well as refinancing and asset sales.

Persons: Hannah McKay, Kanjyik Ghosh, Hugh Lawson Organizations: Metro Bank, REUTERS, Bank of England's Prudential, Authority, Financial Times, Sunday, JPMorgan, HSBC, Metro, The Bank of England, Saturday, Reuters, Metro Bank's, Thomson Locations: London, Britain, Bengaluru

Shawbrook is considering a potential new bid for London-listed Metro Bank after several failed approaches earlier in the year, people familiar with the matter also told Reuters. Metro Bank, Lloyds and Santander did not immediately respond to a request for comment. Metro Bank has seen its shares tumble after news emerged that it had hired advisers to shore up its balance sheet after failing to gain key capital relief from banking regulators. Metro Bank said on Thursday its options included a combination of equity and debt issuance, as well as refinancing and asset sales. While Metro Bank's customer deposits, like those of other UK banks, are backed by a government guarantee up to 85,000 pounds, the regulator is keen for concerns not to spread.

Persons: Shawbrook, Robey Warshaw, Elisa Martinuzzi, Pablo Mayo Cerquerio, Iain Withers, Amy, Jo Crowley, Bernadette Baum, Ros Russell Organizations: Prudential, Authority, Metro Bank, HSBC, Lloyds, London, Reuters, The Financial Times, JPMorgan, Metro, Sky News, Santander, Shawbrook, Thomson

Metro Bank and the Bank of England declined to comment. Metro Bank's largest shareholder is Colombian billionaire Jaime Gilinski, who owns around a 9% stake through his investment vehicle Spaldy Investments. Metro Bank's customer deposits, like those of other UK banks, are backed by a government guarantee up to 85,000 pounds. Metro Bank said on Thursday its options included a combination of equity and debt issuance, as well as refinancing and asset sales. The news wiped a quarter off Metro Bank's share value on Thursday as its shares hit a record low.

Persons: Jaime Gilinski, Dorita, Iain Withers, Anousha, Kirsten Donovan, Chris Reese Organizations: Metro Bank, Metro, Bank of England's Prudential, Authority, Bank of England, Metro Bank's, Spaldy Investments, Reuters, Thomson Locations: Colombian

☆ Metro Bank: Shares in UK bank just plunged over 30%
▼ + stars: | 2023-10-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Shares in UK lender Metro Bank sank as much as 31% Thursday following a report that it was urgently seeking to raise funds to shore up its finances. Metro Bank opened in 2010 as the first challenger to Britain’s major main street banks — including Lloyds (LYG), Barclays (BCS) and HSBC (HSBC) — in more than 100 years. Metro Bank’s assurances did little to support its share price, which pared some of its earlier losses but was down by 31% again by late afternoon in London. The bank’s shares are down almost 66% since mid-September when UK regulators refused its request to change the way it calculates capital requirements on its residential mortgages book. A Metro Bank branch in the UK city of Sheffield, seen in April Mike Egerton/APThe ratings agency noted that Metro Bank had to refinance a £350 million ($425 million) bond by October 2024.

Persons: “, Fitch, ” Fitch, Mike Egerton, Chris Beauchamp, isn’t, ”, — Hanna Ziady Organizations: London CNN —, Metro Bank, Financial Times, Lloyds, Barclays, BCS, HSBC, —, Metro, Bank, UK Financial, Prudential Regulation Authority, Bank of England, IG, CNN, Financial, Metro Bank . CNN, Prudential, Banking Supervision, Valley Bank, Signature Bank, First Republic Bank, Credit Suisse — Locations: ”, London, Sheffield, United States, United Kingdom, Basel

☆ Metro Bank plunges on talk of big fundraising to fix finances
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. As of Wednesday's close, Metro Bank was valued at 87 million pounds. The fundraising could include more than 100 million pounds from selling shares to bolster capital, three sources familiar with the matter told Reuters on Wednesday. Metro Bank recently brought in Morgan Stanley as adviser, the people said. Metro Bank is subject to higher capital requirements set by the regulator if unable to use its own models, a concern that has been weighing on the stock.

Persons: Hannah McKay, Gary Greenwood, Morgan Stanley, Danilo Masoni, Iain Withers, Sinead Cruise, Mark Potter Organizations: Metro Bank, REUTERS, Reuters, Shore Capital, Bank of England's Prudential, Authority, Metro, Thomson Locations: London, Britain

☆ UK's Metro Bank shares suspended multiple times after plunging more than 25%
▼ + stars: | 2023-10-05 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — Shares of Britain's Metro Bank were briefly suspended from trading twice early Thursday, in a volatile session that saw the stock shed more than 29% from the Wednesday close. Investors traded more than 1.6 million shares immediately after the stock market opened Thursday, according to FactSet. Typically, less than 100,000 Metro Bank shares change hands every hour. Metro Bank was valued at £87 million as of the Wednesday close, according to Reuters. As such, the Metro Bank would be subject to higher capital requirements — a concern that has weighed on investors.

Persons: Keefe, Woods, — CNBC's Ganesh Rao Organizations: Britain's Metro Bank, London Stock Exchange, CNBC, Reuters, Metro Bank, Investors, Bank of, Prudential, Authority Locations: London

☆ The shadow banking sector 'is a worry,' says PRA CEO
▼ + stars: | 2023-09-19 | 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 EmailThe shadow banking sector 'is a worry,' says PRA CEOSam Woods, deputy governor of the Bank of England and CEO of the Prudential Regulation Authority, discusses the British banking sector.

Persons: Sam Woods Organizations: Bank of England, Prudential, Authority

☆ Bank of England deputy governor says impairments rising among UK lenders
▼ + stars: | 2023-09-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

In August, the Bank of England increased interest rates for the 14th time in a row. The British banking sector is seeing a rise in impairments amid rising inflation and ensuing interest rate hikes, according to Bank of England Deputy Governor Sam Woods. The economy has proven surprisingly resilient, but Woods, also CEO of the Prudential Regulation Authority, said regulators are closely monitoring potential stresses in the banking sector. "As we're looking at it now, we are actually seeing a pickup in impairments across the banking sector. "So it's going up but from a very low base, and we've got a close eye on it," he added.

Persons: Sam Woods, Woods, we've Organizations: Bank of England, Prudential, Authority, CNBC

☆ Metro Bank shares dip as mortgage risk model change drags
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Sept 12 (Reuters) - Britain's Metro Bank (MTRO.L) said on Tuesday that the Bank of England's Prudential Regulation Authority (PRA) would likely not approve its application to use internal credit risk models in its residential mortgages business this year. Shares in the lender fell 7% in early trading as stock-holders reacted to the news. Without permission to use its own risk models, Metro Bank remains subject to higher capital requirements set by the regulator, which have weighed on returns for its investors. "The board retains conviction in the merits of Metro Bank's customer-centric model and strongly believes that there is a significant opportunity set that the company can capitalise on, subject to renewed balance sheet strength," Metro said. "Larger scale is needed to absorb the high, branch-centric expense base which can be achieved only if current capital constraints ... are resolved," Peel Hunt said.

Persons: Peel Hunt, Radhika Anilkumar, Sinead Cruise, Savio D'Souza, Rashmi Aich, Iain Withers Organizations: Britain's Metro Bank, Bank of England's Prudential, Authority, Metro Bank, Metro, Peel, Thomson Locations: Bengaluru, London

TOKYO (AP) — Fishermen and residents of Fukushima and five other prefectures along Japan’s northeastern coast filed a lawsuit Friday demanding a halt to the ongoing release of treated radioactive wastewater from the wrecked Fukushima nuclear plant into the sea. Three reactors at the Fukushima Daiichi nuclear plant melted after a magnitude 9.0 earthquake and tsunami in 2011 destroyed its cooling systems. “The intentional release to the sea is an intentional harmful act that adds to the (nuclear plant) accident," said another lawyer, Hiroyuki Kawai. He said the ocean is a public resource and it is unethical for a company to discharge wastewater into it. China banned all imports of Japanese seafood in response to the release, while Hong Kong and Macau suspended imports from 10 prefectures including Fukushima.

Persons: Kenjiro Kitamura, Hiroyuki Kawai, Fumio, Kishida Organizations: TOKYO, —, Tokyo Electric Power Company Holdings, Nuclear, Authority, TEPCO, International Atomic Energy Agency, Groups Locations: Fukushima, Tokyo, China, Hong Kong, Macau, South Korea, Indonesia

☆ Japan to release Fukushima water into ocean starting this week
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +1 min

Fisherman Haruo Ono stands on one of his fishing boats at Tsurushihama Fishing Port, Shinchi-machi of Fukushima Prefecture, some 60 kms north of the crippled Fukushima Daiichi nuclear plant on August 21, 2023, ahead of a government's plan to begin releasing treated water from the plant into the Pacific Ocean. Philip Fong | Afp | Getty ImagesJapan said on Tuesday it will start releasing more than 1 million metric tonnes of treated radioactive water from the wrecked Fukushima nuclear power plant on Aug. 24, putting into motion a plan that has drawn strong criticism from China. Japan has said that the water release is safe. Still, some neighboring countries have expressed skepticism over the safety of the plan, with Beijing emerging as the biggest critic. Foreign ministry spokesman Wang Wenbin said in July that Japan had shown selfishness and arrogance, and had not fully consulted the international community about the water release.

Persons: Ono, Philip Fong, Fumio Kishida, Wang Wenbin Organizations: Afp, Getty, Japan, Tokyo Electric Power Company, Nuclear, Authority, International Atomic Energy Agency Locations: Shinchi, Fukushima Prefecture, China, Japan, Beijing

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