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SINGAPORE, Nov 19 (Reuters) - The first known COVID-19 case was a market vendor in the Chinese city of Wuhan, not an accountant who appeared to have no link to the market but whose case contributed to speculation the virus could have leaked from a lab, according to a U.S. study. The origin of the SARS-CoV-2 virus that causes COVID-19 remains a mystery and a major source of tension between China and the United States. 1/2 A worker in a protective suit is seen at the closed seafood market in Wuhan, Hubei province, China January 10, 2020. "His symptom onset came after multiple cases in workers at Huanan Market, making a female seafood vendor there the earliest known case, with illness onset 11 December," the study said. Register now for FREE unlimited access to reuters.com RegisterReporting by Miyoung Kim Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.
Persons: Stringer, Read, Michael Worobey, Miyoung Kim, Robert Birsel Organizations: World Health Organization, WHO, REUTERS, University of Arizona, Thomson Locations: SINGAPORE, Wuhan, U.S, China, United States, Hubei province
A representation of the virtual cryptocurrency bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su/File PhotoHONG KONG/SINGAPORE, Nov 17 (Reuters) - Bitcoin and ether, the world's two largest cryptocurrencies, stayed weak on Wednesday and near critical levels that analysts believe could spell further weakness if breached. Ether and Bitcoin YTDIn the past week, traders have become less willing to pay to hold long positions in bitcoin futures. Funding rates represent sentiment in the perpetual swaps market, a major part of the bitcoin derivatives world. We expect BTC (bitcoin) to be stuck around 60,000 given the strike gravity.
Persons: Edgar Su, Bitcoin, Craig Erlam, Oanda, Erlam, Exchange Commission's, Chris Weston, Arcane, CoinShares, We’ve, Robert Birsel Organizations: REUTERS, Bitcoin, Twitter, U.S . Securities, Exchange, VanEck, QCP, BTC, Thomson Locations: HONG KONG, SINGAPORE, cryptocurrencies, U.S, Melbourne, Singapore, ETH, altcoins
PRECIOUS-Gold firms as inflation risks persist
  + stars: | 2021-11-17 | by ( Arundhati Sarkar | ) www.reuters.com   time to read: +2 min
Spot gold rose 0.6% to $1,860.21 per ounce by 0912 GMT. Rate increases remain a potential risk for gold and only a clear break above $1,875 may drive further gains, De Casa added. Higher interest rates raise the opportunity cost of holding non-interest bearing gold. St Louis Fed President James Bullard urged a quicker end to asset purchases to put the Fed in position to raise rates as soon as the spring. Spot silver rose 1.13% to $25.08 per ounce, platinum gained 0.8% to $1,069.33, and palladium was up 0.1% at $2,161.68.
Persons: , Carlo Alberto De Casa, Casa, ” Ajay Kedia, , Harshal Barot, St Louis, James Bullard, Christine Lagarde, Arundhati Sarkar, Nakul Iyer, Robert Birsel Organizations: , U.S ., Kedia Commodities, The U.S . Federal Reserve, South Asia, Metals, St, St Louis Fed Locations: Mumbai, The, Bengaluru
The company logo of China’s Sinopec Corp is displayed at a news conference in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/File PhotoSINGAPORE, Nov 17 (Reuters) - China's Sinopec Corp said on Wednesday it completed a successful trial processing crude oil directly into olefin, making the top Asian refiner one of the world's few companies that have applied the technology at an industrial scale. With a yield of close to 50%, the manufacturing process cuts significantly production cost as well as carbon dioxide emission, compared with the traditional approach of refining crude into intermediate fuels which are further processed into olefin, Sinopec said. Olefin - mainly ethylene and propylene - is the key building block for making petrochemicals such as plastics and synthetic fibre. ExxonMobil (XOM.N) is another firm equipped with such technology, Sinopec added.
Persons: Bobby Yip, Sinopec, Chen Aizhu, Robert Birsel Organizations: REUTERS, Sinopec Corp, ExxonMobil, Thomson Locations: Hong Kong, China, SINGAPORE, Tianjin, U.S
Staples Center in Los Angeles to be renamed Crypto.com Arena
  + stars: | 2021-11-17 | by ( ) www.reuters.com   time to read: +1 min
Nov 15, 2021; Los Angeles, California, USA; A general overall view of the Staples Center exterior. Mandatory Credit: Kirby Lee-USA TODAY SportsNov 17 (Reuters) - The Staples Center sports and entertainment arena in downtown Los Angeles will be renamed the Crypto.com Arena under a naming rights agreement, the venue's operator said. The 20-year agreement for the AEG-owned and operated venue, which is home to the NBA's Los Angeles Lakers and LA Clippers, the NHL's LA Kings and the WNBA's Los Angeles Sparks, will be effective from Christmas Day, AEG said. The Los Angeles Times, citing unidentified sources, reported that the Singapore-based Crypto.com platform paid more than $700 million for the naming rights. In a joint statement published on the Staples Center's website, the parties said that the deal would make Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.
Persons: Kirby Lee, Sparks, Crypto.com, Taylor Swift, Ed Sheeran, Cryptocurrencies, Lionel Messi's, Matt Damon, Maria Ponnezhath, Robert Birsel Organizations: USA, Staples Center, Crypto.com, AEG, Los Angeles Lakers, LA Clippers, LA, Los Angeles Times, Staples, Paris St Germain, Thomson Locations: Los Angeles , California, USA, Los Angeles, Singapore, Bengaluru
U.S. President Joe Biden speaks during a ceremony to sign the "Infrastructure Investment and Jobs Act", on the South Lawn at the White House in Washington, U.S., November 15, 2021. Biden and his Democratic Party are betting that bipartisan progress and popular policies like investing in infrastructure and creating jobs can win over voters. The opposition Republican party remains divided over former President Donald Trump, his supporters' Jan. 6 attack on the Capitol, and whether to cooperate with Biden on regular governance. The entire congressional delegation, all Democrats, are now underwater on job approval, the poll showed. Reporting By Jarrett Renshaw; Editing by Heather Timmons, Robert Birsel and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.
Persons: Joe Biden, Jonathan Ernst, Biden, Donald Trump, Jan, Kamala Harris, Neil Levesque, Levesque, Maggie Hassan, Chris Sununu, Hassan, Jarrett Renshaw, Heather Timmons, Robert Birsel, Andrea Ricci Organizations: Investment, Jobs, White, REUTERS, Democratic Party, Republican, Capitol, Republicans, Senate, Democrats, New Hampshire Institute, Politics, Saint Anselm College, Democrat, Reuters, Thomson Locations: Washington , U.S, U.S, New Hampshire, Detroit, Columbus , Ohio, Virginia, New Jersey
All three major Wall Street indices moved higher in midday trading, as Walmart upped its holiday forecast and the Commerce Department reported October retail sales activity that beat economist expectations. "Today's retail sales number supports that." The retail data added to a more buoyant mood after U.S. President Joe Biden and Chinese leader Xi Jinping held more than three hours of virtual talks Monday. read moreOil prices also moved upward in Tuesday's trading. read moreMarket optimism elsewhere weighed down safe-haven gold, as spot gold prices fell 0.60% to $1,851.32 an ounce.
Persons: Kim Kyung, buoying, Marc Chandler, James Bullard, Joe Biden, Xi Jinping, Brent, Julien Ponthus, Alun John, Pete Schroeder, Sam Holmes, Shri Navaratnam, Robert Birsel, Timothy Heritage, Barbara Lewis, Marguerita Choy Organizations: REUTERS, U.S, Treasury, Global, Walmart, Commerce Department, Dow Jones, Nasdaq, Reserve, Bannockburn Global Forex, Federal Reserve, Louis Federal Reserve, Thomson Locations: Japan, Tokyo, WASHINGTON, U.S, Bannockburn, London, Washington
REUTERS/Kim Kyung-HoonSummary Wall Street climbs after retail sales beat expectationsU.S. dollar gains after hitting 16-month highLONDON/WASHINGTON, Nov 16 (Reuters) - Wall Street opened higher on Tuesday as the dollar extended gains and strong U.S. retail sales data tempered concerns about the global economy. On Tuesday, the Commerce Department reported that U.S. retail sales increased more than expected in October as shoppers kicked off the holiday-buying season, rising 1.7%, ahead of economist expectations. "With the robust retail sales read and solid start to retail earnings, it’s crystal clear that inflation isn’t standing in the way of consumers," said Mike Loewengart, managing director of investment strategy at E*Trade Financial. The retail data added to a more buoyant mood after after U.S. President Joe Biden and Chinese leader Xi Jinping held more than three hours of virtual talks. The dollar index (.DXY), which tracks the greenback versus a basket of six currencies, rose 0.31% to 95.701. read moreU.S. Treasury yields also ticked up following the retail data.
Persons: Kim Kyung, Mike Loewengart, Joe Biden, Xi Jinping, Stephane Ekolo, Brent, Julien Ponthus, Alun John, Pete Schroeder, Sam Holmes, Shri Navaratnam, Robert Birsel, Timothy Heritage, Barbara Lewis Organizations: REUTERS, U.S, Commerce Department, Dow Jones, Nasdaq, Walmart, Trade, Biden, U.S ., Treasury, Oil, Thomson Locations: Japan, Tokyo, WASHINGTON, United States, China, London, Washington
U.S. President Joe Biden speaks during a ceremony to sign the "Infrastructure Investment and Jobs Act", on the South Lawn at the White House in Washington, U.S., November 15, 2021. Biden and his Democratic Party are betting that bipartisan progress and popular policies like investing in infrastructure and creating jobs can win over voters. The opposition Republican party remains divided over former President Donald Trump, his supporters' Jan. 6 attack on the Capitol, and whether to cooperate with Biden on regular governance. Neil Levesque, the executive director at the New Hampshire Institute of Politics at Saint Anselm College, said it's no secret that Biden is coming to New Hampshire to help stem the bleeding ahead of 2022. In February, soon after Biden took office, 55% did, his poll shows.
Persons: Joe Biden, Jonathan Ernst, Biden, Donald Trump, Jan, Kamala Harris, Jen Psaki, Neil Levesque, Levesque, Maggie Hassan, Chris Sununu, Hassan, Jarrett Renshaw, Heather Timmons, Robert Birsel Organizations: Investment, Jobs, White, REUTERS, Democratic Party, Republican, Capitol, Senate, New Hampshire Institute, Politics, Saint Anselm College, Democrat, Reuters, Congressional, Thomson Locations: Washington , U.S, U.S, New Hampshire, Woodstock , New Hampshire, Detroit, Columbus , Ohio, Virginia, New Jersey
COLOMBO, Nov 16 (Reuters) - Sri Lanka has temporarily shut its only oil refinery as part of efforts to manage dwindling foreign exchange reserves, the energy minister said on Tuesday, triggering long queues at petrol stations. Sri Lanka has very limited foreign exchange reserves at the moment and we need it more for essentials like food and medicine,” he said. “Cabinet members discussed at length the pros and cons of Sri Lanka going to the International Monetary Fund for support at Monday’s meeting but no final decision has been reached,” he said. During the first nine months of 2021, Sri Lanka spent US$692 million on fuel imports, its highest import expenditure. In August, President Gotabaya Rajapaksa declared a food emergency to contain soaring prices and tackle shortages of staples as the foreign exchange crisis deepened.
Persons: Udaya Gammanpila, , , ” Gammanpila, Dullas Allahaperuma, Gotabaya Rajapaksa, Uditha Jayasinghe, Alasdair Pal, Robert Birsel Organizations: Sapugaskanda, Media, Sri, International Monetary Fund, Consumers Locations: COLOMBO, Sri Lanka, India, Colombo
(Adds detail)HONG KONG, Nov 16 (Reuters) - Hong Kong’s banking sector has contracts worth HK$200 billion ($25.68 billion) referencing settings of the Libor benchmark that will cease to exist at the end of 2021 and which must be dealt with in the next 45 days, the financial hub’s regulator said. “Even though we are making good progress I hope the banks will work their utmost to reach out to all the clients (with these contracts),” Raymond Chan, Hong Kong Monetary Authority (HKMA) executive director (Banking Supervision), told reporters on Tuesday. Certain US dollar Libor permutations will continue to mid-2023. Most of these are linked to dollar Libor permutations that will continue to 2023 but 14%, worth HK$200 billion, reference Libor settings that will cease to exist at the end of this year. ($1 = 7.7877 Hong Kong dollars) (Reporting by Alun John; Editing by Kirsten Donovan, Robert Birsel)
Persons: ” Raymond Chan, Alun John, Kirsten Donovan, Robert Birsel Organizations: HK, Hong Kong Monetary Authority, London, U.S . Federal Locations: HONG KONG, Hong Kong, Libor
MADRID, Nov 15 (Reuters) - International travel to Spain will likely recover some two thirds of its pre-pandemic levels in the fourth quarter of this year, Tourism Minister Reyes Maroto said on Monday, suggesting a post-summer revival in visits will be sustained. “Our forecast for the last quarter of the year is to recover 66% of all international tourist flows that we had in 2019, which as you know was a record year,” the minister said at an event in Madrid. Maroto said the resumption of travel between the EU and the United States would contribute to the recovery of the number of foreign visitors. She has said she expects tourism to fully regain those levels in 2022, up from less than 20% in 2020. (Reporting by Corina Pons and Nathan Allen, editing by Inti Landauro, Robert Birsel)
Persons: Reyes Maroto, Maroto, Corina Pons, Nathan Allen, Inti Landauro, Robert Birsel Organizations: Tourism, EU Locations: MADRID, Spain, Madrid, Foreign, United States
Protesters rally against coronavirus disease (COVID-19) restrictions and vaccine mandates in Wellington, New Zealand, November 9, 2021. REUTERS/Praveen MenonWELLINGTON, Nov 15 (Reuters) - A Māori tribe that claims New Zealand's most famous haka as its heritage on Monday told anti-vaccine protesters to stop using the traditional performance to promote their message. Vaccine protesters have performed the "Ka Mate", a Māori haka composed in about 1820 by Te Rauparaha, war leader of the Ngāti Toa tribe, at their rallies over the past few weeks against vaccine mandates and pandemic restrictions. "Our message to protesters who wish to use Ka Mate is to use a different haka. We do not endorse the use of Ka Mate for this purpose."
Persons: Praveen Menon WELLINGTON, Te Rauparaha, Jacinda Ardern, Ardern, I've, Praveen Menon, Robert Birsel Organizations: REUTERS, Blacks, TVNZ, Authorities, New, Thomson Locations: Wellington , New Zealand, Toa, Māori, New Zealand
Lin-Manuel Miranda attends a premiere screening for "Tick, Tick... Boom" during the opening night of AFI Fest at TCL Chinese theatre in Los Angeles, California, U.S. November 10, 2021. REUTERS/Mario AnzuoniLOS ANGELES, Nov 10 (Reuters) - "Hamilton" writer Lin-Manuel Miranda opened the American Film Institute's festival on Wednesday with the premiere of his directorial debut, "Tick, Tick... Although the original "Tick, Tick... "I look calm but I'm freaking out," Miranda told Reuters at the premiere, paying tribute to Larson. "Tick, Tick... BOOM" will play in cinemas from Nov. 12 before streaming on Netflix from Nov. 19.
Persons: Lin, Manuel Miranda, Mario, Hamilton, Jonathan Larson, Larson, Tony Awards, Miranda, I've, I'm, Andrew Garfield, Garfield, who's, Sandra Stojanovic, Rollo Ross, Karishma Singh, Robert Birsel Organizations: AFI Fest, REUTERS, Reuters, Netflix, Thomson Locations: Los Angeles , California, U.S, ANGELES
REUTERS/Thomas PeterBEIJING, Nov 10 (Reuters) - Some Chinese state-owned companies have told regulators to consider adjusting lending restrictions to property developers for borrowing related to mergers and acquisitions, Chinese media outlet Cailianshe said on Wednesday. Cailianshe, which cited unidentified sources, did not give details on the state-owned firms. China's property woes have rattled global markets in recent months after the debt-laden developers including Evergrande Group (3333.HK) and peer Kaisa Group (1638.HK) suffered a liquidity squeeze, leaving investors worrying about unfolding economic uncertainties. read moreSome local governments have been prodding government-owned firms and state-backed property developers to purchase some of Evergrande's assets to try to control the situation, Reuters reported, but lending curbs have been limiting them from more such deals. read moreReporting by Beijing Newsroom; Editing by Louise Heavens, Robert BirselOur Standards: The Thomson Reuters Trust Principles.
Persons: Thomas Peter BEIJING, Louise Heavens, Robert Birsel Organizations: Kaisa Group Holdings Ltd, REUTERS, Evergrande, HK, Kaisa, Reuters, Beijing, Thomson Locations: Beijing, China
A worker makes final checks at the serial production BMW i3 electric car in the BMW factory in Leipzig September 18, 2013. Auto firms Stellantis (STLA.MI) and BMW (BMWG.DE) say they do not see an imminent problem with supplies. Others in the sector say their inventories and magnesium already in transit will see them through to early 2022. "We cannot forecast right now if the shortage on magnesium, which will happen definitely according to planning, will be bigger than the semiconductor shortage," Volkswagen's Murat Aksel said. China has allowed some magnesium producers to resume output, but not by enough to significantly ease the shortage.
Persons: Fabrizio Bensch BERLIN, Volkswagen's Murat Aksel, Jonathan O'Riordan, Teresa Schad, Victoria Waldersee, Pratima Desai, Robert Birsel Organizations: BMW, REUTERS, Auto, Reuters, ZF, WV, Thomson Locations: Leipzig, LONDON, China
Spot gold was up 1% to $1,787.26 per ounce at 1241 GMT, after touching a three-week low on Wednesday. U.S. gold futures for December delivery jumped 1.3% to $1,787.00 per ounce. Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of gold, which pays no interest. Independent analyst Ross Norman said strong physical demand for gold was supporting market, as India’s Diwali festival generally boosts sales of the precious metal. Platinum gained 0.8% to $1,037.35 per ounce and palladium jumped 2.2% to $2,043.54 per ounce.
Persons: BoE, Ole Hansen, ” Hansen, Ross Norman, Amy Caren Daniel, Robert Birsel, Mark Potter Organizations: Federal Reserve, Bank of England, ” Saxo Bank Locations: ., U.S, Bengaluru
Israeli parliament approves 2021 national budget
  + stars: | 2021-11-04 | by ( ) www.reuters.com   time to read: +1 min
Israeli Prime Minister Naftali Bennett stands between Finance Minister Avigdor Lieberman and Justice Minister Gideon Saar at a news conference on economy in Jerusalem, July 6, 2021. Menahem Kahana/Pool via REUTERSJERUSALEM, Nov 4 (Reuters) - Israel's parliament approved the 2021 national budget on Thursday, with Prime Minister Naftali Bennett's government meeting a deadline for its passage and averting the threat of a new election. Parliament continued its overnight session and will hold a separate vote for a 2022 budget. The legislature voted 61-59 vote in favour of the 2021 budget in a test for Bennett's diverse coalition of right-wing, centrist, left-wing and Arab parties. Passage of the 2021 budget came nearly five months after Bennett's government took office, replacing the administration of long-time leader Benjamin Netanyahu following four inconclusive elections in two years.
Persons: Naftali Bennett, Avigdor Lieberman, Gideon Saar, Menahem Kahana, Naftali Bennett's, Benjamin Netanyahu, " Bennett, Jeffrey Heller, Robert Birsel Organizations: REUTERS, State, Twitter, Israel, Thomson Locations: Jerusalem, REUTERS JERUSALEM, Israel
Swedish start-up Einride driverless electric truck is seen in Jonkoping, Sweden May 15, 2019. REUTERS/Ilze Filks/File PhotoLONDON, Nov 3 (Reuters) - Swedish electric self-driving truck start-up Einride said on Wednesday it has launched operations in the U.S. market and signed up GE Appliances, Swedish vegan milk maker and Oatly and tiremaker Bridgestone (5108.T) as customers. The company has already started operating a fleet of 20 Einride Pods - its electric self-driving truck without a driver cabin - at the Louisville headquarters of GE Appliances, a unit of Chinese home appliance maker Haier (600690.SS), which includes a sprawling manufacturing complex. The Swedish start-up has raised $150 million from investors, including a $110 million funding round announced in May. Einride also said it has hired its first remote truck driver who can take over control of the autonomous trucks in particular situations that require human interaction or human decision-making capabilities.
Persons: Ilze, Einride, Robert Falck, Nick Carey, Robert Birsel Organizations: REUTERS, GE Appliances, Bridgestone, Reuters, Cola, Thomson Locations: Jonkoping, Sweden, Swedish, U.S, Louisville, robotaxis, United States
Taylor Swift performs during the Rock and Roll Hall of Fame induction ceremony in Cleveland, Ohio, U.S. October 30, 2021. "Growing up we didn't think we could be inducted in the Rock & Roll Hall of Fame. The ceremony in Cleveland, Ohio, was packed with A-listers including Dr. Dre, Eminem, Jennifer Lopez, Lionel Richie and Keith Urban. McCartney said he and Grohl were both "ordinary kind of goofy" kids who had somehow fallen into rock and roll music. They are selected based on ballots sent by the Rock & Roll Hall of Fame to more than 1,200 artists, historians and members of the music industry.
Persons: Taylor Swift, Gaelen Morse, Carole King, Barack Obama, JAY, Paul McCartney, Tina Turner, Obama, Dave Chappelle, Swift, Jennifer Hudson, King, Carole King's, Dre, Eminem, Jennifer Lopez, Lionel Richie, Keith Urban, Christina Aguilera, Turner, Ike Turner, Dave Grohl, Gerry Goffin, Grohl, McCartney, LL, Billy Preston, Todd Rundgren, Rundgren, Jill Serjeant, Robert Birsel Organizations: Hall of Fame, REUTERS, Foo Fighters, Roll Hall of Fame, HBO, Thomson Locations: Cleveland , Ohio, U.S, Gaelen Morse CLEVELAND , Ohio, New York, Switzerland, American
Two-year yields rose 1.6 basis points (bps) to 0.5069% in Asia after zooming to an almost 20-month high of 0.5670% on Thursday. They are up 22.5 bps this month, the sharpest one-month rise since January 2018. Long-end yields, in contrast, have fallen because investors reckon surging inflation will bring on sooner but smaller rate increases. The gap between 10-year and 30-year yields has shrunk by more than 15 bps this month, the sharpest contraction since 2011. But they remain at lofty levels and when the Fed meets next week, traders are expecting it to begin whittling back asset purchases.
Persons: Treasuries, , Carol Kong, Tom Westbrook, Robert Birsel Organizations: Fed, Commonwealth Bank of Australia, Federal, European Central Bank, Bank of Canada, ECB, Bank of England, NatWest Markets Locations: SINGAPORE, Asia, Sydney, Europe
An abandoned house that is affected by seawater during high-tides stands next to a small lagoon near the village of Tangintebu on South Tarawa in the central Pacific island nation of Kiribati May 25, 2013. REUTERS/David GrayCANBERRA, Oct 29 (Reuters) - The world must unite and take significant action now to tackle climate change that is threatening the survival of Pacific island nations, the region's leaders said on Friday, as they prepared to travel to Scotland for a climate summit. The low-lying Pacific islands are widely seen as a main front line in the campaign against climate change as they struggle against rising sea levels. But Pacific Island leaders said they would demand immediate action, with an initial focus on G20 leaders, on sweeping changes. G20 leaders will meet on Friday in Rome before heading to Scotland for the U.N. climate summit, known as COP26, widely seen as critical in limiting global warming.
Persons: David Gray CANBERRA, Anote Tong, Tong, Henry Puna, Colin Packham, Robert Birsel Organizations: REUTERS, Reuters, Cook Islands, Pacific Islands Forum, Thomson Locations: Tangintebu, South, Pacific, Kiribati, Scotland, Rome, Puna
Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. "Cross-border online brokerages are driving in China without driver's license. Without identifying the firms, Sun said that 80% of accounts of a brokerage registered in the Cayman Islands were opened by mainland clients, while the ratio is 55% for another Hong Kong-registered brokerage. "Overseas institutions with only overseas licenses conducting business in mainland China is illegal financial activity." Futu said in its 2020 annual report that it primarily serves the emerging affluent Chinese population and a large number of its clients are mainland Chinese citizens.
Persons: Jason Lee SHANGHAI, Daily, PBOC's Sun, Sun, Futu, Samuel Shen, Andrew Galbraith, Robert Birsel Organizations: People's Bank of China, REUTERS, Fintech, Financial, Department, Nasdaq, Bund, Finance, Thomson Locations: Beijing, China, Futu, Shanghai, U.S, Hong Kong, Cayman Islands
(Adds detail, comment, background)MOSCOW, Oct 27 (Reuters) - Russia needs to toughen monetary policy to slow inflation and lower inflation expectations, Central Bank Deputy Governor Alexei Zabotkin said on Wednesday, days after the bank sharply raised the key rate to curb growing prices. Last Friday, the central bank, which targets inflation at 4%, raised rates for the sixth time this year to 7.5% - a level last seen in mid-2019. The central bank sees inflation next year at 4-4.5%. “For inflation and inflationary expectations to slow down from current elevated levels ... a tougher policy is needed,” Zabotkin said. Kirill Tremasov, a monetary policy department head at the central bank, said separately that inflation this year was likely to be closer to the upper end of the bank’s forecast of 7.4-7.9%.
Persons: Alexei Zabotkin, ” Zabotkin, Kirill Tremasov, Elena Fabrichnaya, Tom Balmforth, Katya Golubkova, Robert Birsel Organizations: Central Bank Locations: MOSCOW, Russia
(Adds inflation data, VTB comments)MOSCOW, Oct 27 (Reuters) - Russia needs to toughen monetary policy to slow inflation and lower inflation expectations, Central Bank Deputy Governor Alexei Zabotkin said on Wednesday, days after the bank sharply raised the key rate to curb growing prices. Last Friday, the central bank, which targets inflation at 4%, raised rates for the sixth time this year to 7.5% - a level last seen in mid-2019. The central bank sees inflation next year at 4-4.5%. “For inflation and inflationary expectations to slow down from current elevated levels ... a tougher policy is needed,” Zabotkin said. Kirill Tremasov, a monetary policy department head at the central bank, said separately that inflation this year was likely to be closer to the upper end of the bank’s forecast of 7.4-7.9%.
Persons: Alexei Zabotkin, ” Zabotkin, Kirill Tremasov, Dmitry Pianov, Elena Fabrichnaya, Darya, Tom Balmforth, Katya Golubkova, Robert Birsel Organizations: Central Bank Locations: MOSCOW, Russia
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