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Russia improves Q1 GDP assessment to contraction of 0.7% y/y
  + stars: | 2021-06-15 | by ( Reuters Staff | ) sentiment -0.72   time to read: +1 min
MOSCOW, June 15 (Reuters) - Russia on Tuesday revised up its first-quarter gross domestic product (GDP) assessment to a contraction of 0.7% year-on-year from a 1% decline, adding weight to assertions that the economy is close to returning to pre-crisis levels. The figures published on Tuesday by the Federal Statistics Service Rosstat showed a marked improvement on the 1.8% year-on-year drop in the final quarter of 2020. The central bank expects the economy to return to its pre-crisis level this quarter. Governor Elvira Nabiullina on Tuesday said the central bank, which hiked its key interest rate to 5.5% on Friday, will continue raising interest rates in response to rising inflation and does not expect this to hinder economic growth. Rosstat said the improvement in the GDP figure was down to slight improvements in industrial output and wholesale trade turnover, and obtaining extra data from companies and the central bank.
Persons: Federal Statistics Service Rosstat, Elvira Nabiullina, Rosstat, Elena Fabrichnaya, Alexander Marrow, Alex Richardson Organizations: Federal Statistics Service Locations: MOSCOW, Russia
A photo claiming to show a diver in front of a massive underwater flag located at a Pearl Harbor Memorial site in Hawaii is miscaptioned. The Pearl Harbor National Memorial site (here) is home to the USS Arizona, USS Oklahoma, and the USS Utah memorials. The USS Arizona (here) and the USS Utah ( have remained submerged since the attack on Pearl Harbor. Oil still leaks from the Arizona and is visible in photos from the National Park Service here and here . According to a spokesperson for the National Park Service, the underwater flag photo was not taken at the Pearl Harbor site.
Persons: Emily Pruitt, Hoyt S, Vandenberg, vandenberg, Joseph Weatherby, Weatherby, USNS Vandenberg, Read Organizations: Pearl, Pearl Harbor, USS, Smithsonian, National Park Service, Service, US Navy, CBC Radio, CBS, Florida Keys National, National Oceanic, Atmospheric, Vandenberg, World Trade, USNS, Reuters Locations: Hawaii, States, Pearl, USS Arizona, USS Oklahoma, USS Utah, Pearl Harbor, Arizona, Miami, Florida
Economists polled by Reuters had forecast retail sales declining 0.8%. May’s decline in retail sales was also due to a drop in receipts at auto dealerships. Excluding automobiles, gasoline, building materials and food services, retail sales fell 0.7% last month after a revised 0.4% decrease in April. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Retail sales account for the goods component of consumer spending, with services such as healthcare, education, travel and hotel accommodation making up the other portion.
Persons: Shannon Stapleton, , Rubeela Farooqi, Michael Pearce, Jerome Powell, Powell, Michael Feroli Organizations: WASHINGTON, REUTERS, , Commerce Department, Data, Reuters, Retail, Consumers, Treasury, Consumer, Capital Economics, Labor Department, PPI, Federal, JPMorgan Locations: Westbury , New York, U.S, White Plains , New York, New York
Despite last month’s decline reported by the Commerce Department on Tuesday, the trend in retail sales remains strong. Economists polled by Reuters had forecast retail sales declining 0.8%. The retail sales report mostly capture spending on goods, with restaurants and bars the only services category included. REUTERS/Shannon Stapleton/File PhotoExcluding automobiles, gasoline, building materials and food services, retail sales dropped 0.7% after a revised 0.4% fall in April. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.
Persons: , grandpa, , Tim Quinlan, Shannon Stapleton, Jerome Powell, Bill Adams, Stephen Juneau Organizations: WASHINGTON, Commerce Department, Reuters, Retail, Consumers, REUTERS, Services, Treasury, Labor Department, PPI, Federal, PNC Financial, Bank of America Securities Locations: Wells, Charlotte , North Carolina, Westbury , New York, U.S, Pittsburgh , Pennsylvania, New York
But under the merciless sun, Laguna, 51, worries about the fate of the river and its impact on the Cucapá, her Indigenous people. “We cling to the river and fight because it gives us water so that the fish can arrive and we can earn our livelihood. But it is a fight that seems that we will never win," she said, disheartened. According to meteorologists, three quarters of the country suffers from drought; in 16 of the 32 states, it affects their entire territory. "Over the past 70 years, the temperature in Mexico has a clear and conclusive increasing trend.
Persons: Laguna, Jorge Zavala Hidalgo Organizations: NASA, National Meteorological Service Locations: MEXICALI, Mexico, Colorado, Laguna, Villa Victoria
LSE calls on EU not to be protectionist over euro clearing
  + stars: | 2021-06-15 | by ( ) + 0.97   time to read: +1 min
CEO of London Stock Exchange Group David Schwimmer speaks during an event to launch the private finance agenda for the 2020 United Nations Climate Change Conference (COP26) at Guildhall in London, Britain, February 27, 2020. Tolga Akmen/Pool via REUTERS//File PhotoThe European Union should allow its banks to continue clearing euro derivatives in London and avoid being "protectionist" in financial markets, London Stock Exchange Chief Executive David Schwimmer said on Tuesday. Britain's full departure from the EU has largely severed the City of London's ties with the bloc, and EU permission for the London Stock Exchange to keep clearing euro derivatives for EU customers expires in June next year. "I think it's critically important for the EU to remain open and to resist the protectionist temptation," Schwimmer told a European Financial Services conference. EU firms should be able to access the same liquidity, services, data and technology capabilities as their peers in respect to clearing, Schwimmer said.
Persons: David Schwimmer, Tolga, Britain's, Schwimmer Organizations: London Stock Exchange, Change, Guildhall, REUTERS, EU, Deutsche, European Financial Services, Thomson Locations: London, Britain, Frankfurt
Britain urges EU to 'expedite' financial services talks
  + stars: | 2021-06-15 | by ( Huw Jones | ) + 0.00   time to read: +3 min
Tolga Akmen/Pool via REUTERS//File PhotoBritain's finance ministry has called on the European Union to open talks on financial services after the London Stock Exchange urged the bloc to avoid a retreat into protectionism. Britain left the EU in December, largely cutting off the City of London's financial services centre from the bloc. A pressing issue for Britain is that EU permission for the London Stock Exchange to keep clearing euro derivatives for EU customers expires in June next year, potentially fragmenting a major market. The EU wants to directly supervise euro clearing and bolster its "strategic autonomy" to avoid reliance on the City in financial services. "I think it's critically important for the EU to remain open and to resist the protectionist temptation," London Stock Exchange Chief Executive David Schwimmer told a separate European Financial Services conference.
Persons: David Schwimmer, Tolga, Banks, Katharine Braddick, Schwimmer, Braddick Organizations: London Stock Exchange, Change, Guildhall, REUTERS, European Union, EU, European Commission, Britain, Deutsche, City, Financial Services, Thomson Locations: London, Britain, Europe, Frankfurt
The currency notched its strongest level against the greenback since July 2020 last week, according to Reuters data. The dollar dipped to below 72 against the Russian currency to an intraday low of 71.5, as the price of oil notched a 26-month high and Russian inflation surged in May, raising interest rate expectations further. Meanwhile Russian bond yields rose last week even as U.S. yields retreated. "There's likely to be more room for further gains in the ruble in the near term as oil prices and local bond yields rise further," said Emerging Markets Economist Liam Peach. A "carry" trade involves using a high-yielding currency to fund a trade with a low-yielding one, attempting to pocket the difference between the interest rates.
Persons: Vladimir Putin, Joe Biden, Biden, Putin, Liam Peach Organizations: Bloomberg, Getty, Central Bank of Russia, U.S, Kremlin, White, Congressional Research Service, JPMorgan Locations: Switzerland, Washington, Russian, Ukraine, Moscow, U.S, Russia, North Korea, Syria, Venezuela
The Quiet Strength of an Old-Growth Forest
  + stars: | 2021-06-15 | by ( Lauren Sloss | ) + 1.00   time to read: +2 min
While efforts have been made to replant trees, research in recent decades has sought to show the importance of the diversity found within old-growth forests around the world, versus the near-monoculture of replanted stands of trees. Old-growth forests, particularly redwood forests, are critical actors removing and storing carbon from the atmosphere. Now, less than 10 percent of old-growth forest remains in the United States. The Forest Service, an agency of the Agriculture Department, could not comment on the status of plans to log other mature forests throughout the West. Dr. Simard believes that understanding the complex connections within the forest is essential for both the trees’ survival and our own.
Persons: We’ve, Clinton, Biden, Trump, Suzanne Simard, Dr, Simard, Organizations: Forest Service, Agriculture Department, University of British Locations: United States, Alaska, West, University of British Columbia
Russian mercenaries, supported by at least one combat helicopter, attacked the neighborhood as they hunted for rebels known as the Seleka. One 20-year-old man, Abdoulaye, told CNN that he came out with several others, hands in the air. CNN and The Sentry obtained confidential UN documents that support the accusations against the Russian mercenaries made by witnesses and victims. Late in December, Russian mercenaries opened fire on a truck that failed to stop at a checkpoint. One man alleged that Russian mercenaries carried out summary executions of suspected rebels in a village near gold and diamond deposits.
Persons: Fatouma, George Clooney, John Prendergast, Abdoulaye, FACA, Djibrila, Sorcha MacLeod, MacLeod, UNWG, Valery Zakharov, Faustin, Vladimir Putin, Yevgeny Prigozhin, Ange Kazagui, Ivan Mechetin, Malik, MINUSCA, he'd, Nimery, Mankeur Ndiaye, President Touadera, Ndiaye, Jean, Pierre Lacroix, Prigozhin, Wagner, Midas, Touadera, Emmanuel Macron, Dmitri Polansky Organizations: Central African Republic, CNN, CAR, Central African, Sentry, UN, Mercenaries, FACA, Rights, University of Copenhagen, Rwandan, UN Human, Medecins San Frontieres, MSF, MINUSCA, Central African Armed Forces, Human, Sewa Services, Wagner PMC, Lobaye Invest, Ministry of Mines, The Locations: Bambari, Central African Republic, al Taqwa, Libya, Russia, Russian, Bossangoa, Bria, MINUSCA, Bangassou, Moscow, Bangui, Canadian, Ndassima, Central Africa, Russians, Berengo, France
SPACs could stage a summer comeback
  + stars: | 2021-06-15 | by ( Julia Horowitz | Cnn Business | ) + 0.00   time to read: +7 min
A version of this story first appeared in CNN Business' Before the Bell newsletter. You can sign up right hereLondon (CNN Business) Special-purpose acquisition companies, or SPACs, were one of the stock market's hottest trends in early 2021, drawing in billionaires, celebrities and athletes. Nine new SPACs raised $1.4 billion last week, according to Bill Smith of Renaissance Capital, making it the busiest week since March. So far this quarter, just 50 new SPACs have listed globally, raising $10.9 billion, according to Dealogic data provided to CNN Business. The success of these arrangements may dictate whether other SPACs searching for companies to take public can do so with ease.
Persons: , Maxine Waters, Bill Smith, Dave, Bill Ackman's SPAC, execs, It's, Lordstown, Tesla, Lauren Gunn, Will Pearson, Pearson, Shoei Kisen, CNN Business they've, Rhodes, Price Organizations: CNN Business, Bell, CNN, Financial Services, Renaissance, Bank of America, Oaks, Corp, Aerospace, New, Victory, Universal Music Group, Lordstown Motors, GM, Lenovo, Pearson, Snuggy, Suez Canal Authority, Federal Reserve Locations: London, Washington, New York, Suez, Greece
So US military planners sought to divide Iraqi forces with an attack from the south and a feint from the north. As the defender, the Iraqis had the advantage, so US planners sought to divide Iraqi forces with a feint from the north, which meant working with the semi-autonomous Kurds. They didn't know it at the time, but some of these CIA officers would stay on the ground for close to a year. As March 19, 2003 — d-day for the invasion — approached, Green Berets from the 10th Special Forces Group joined the CIA officers. The CIA paramilitary officers, Green Berets, and Delta Force operators showcased the strategic utility that special-operations forces can have, even in a conventional conflict.
Persons: Saddam Hussein, Saddam, JOSEPH BARRAK, Sam Faddis, , Ansar al, Al Qaeda, Patrick Barth, Ansar, Pete Blaber, Task Force Viking, Valor — Organizations: CIA, Green Berets, Delta Force, Boat Service, SBS, Task Force Viking, Republican Guard, Getty, 10th Special Forces Group, Green, Special Forces, Iraqi, US Army Green Berets, US Army Special, Command, 4th Infantry Division, US Army Special Operations Command, US, British SBS, Delta, Task Force, Force Viking, Valor Locations: Iraq, Bagdad, Kurdish, al, AFP, Kurdistan, Al, Ansar, Turkey, NATO, Romania, British, Kirkuk, Mosul, Tikrit
Retail sales fell 1.3 percent in May, a sign of a bumpy economic recovery.
  + stars: | 2021-06-15 | by ( Michael Corkery | ) sentiment -0.99   time to read: +1 min
“Consumer spending growth is shifting from goods to services as the economy reopens,” said Gus Faucher, chief economist at PNC Financial Services Group. Mr. Faucher had forecast that retail sales would rise less than 1 percent last month, with a large jump in restaurant spending being offset by a decline in auto sales brought on by a shortage of inventory. Retail sales have been a closely watched barometer of the economic recovery during the pandemic. Retail sales, which experienced a record drop at the start of the pandemic, have returned to prepandemic levels, though at times haltingly. Michelle Meyer, U.S. economist at Bank of America, said last month’s retail sales, if anything, “understate consumer strength.” She tracked credit card spending during the Memorial Day holiday, which was the final weekend of May.
Persons: , Gus Faucher, Faucher, , Michelle Meyer Organizations: PNC Financial Services Group, Bank of America
The unmanned delivery vehicle, Nuro, is seen during the Kroger annual shareholders meeting in Cincinnati, Ohio, U.S., June 28, 2018. Courtesy of Kroger/Handout via REUTERS/File PhotoFedEx Corp (FDX.N) and robotics company Nuro on Tuesday announced a multi-year agreement to test self-driving vehicles in the package delivery company's network, starting with a pilot program in Houston. Nuro vehicles are already making deliveries for U.S. supermarket operator Kroger Co (KR.N) and Domino's Pizza Inc (DPZ.N) in the Houston area. Nuro continues to test its technology in Arizona. Rival United Parcel Service Inc (UPS.N) is centering its unmanned delivery efforts on drones.
Persons: Cosimo Leipold, Rebecca Yeung, Yeung Organizations: Kroger, Handout, REUTERS, FedEx Corp, Reuters, FedEx, Research, Development, Rival United Parcel Service Inc, UPS, Thomson Locations: Cincinnati , Ohio, U.S, Houston, Arizona, Plano , Texas
Macrometa used this pitch deck to raise a $20 million Series A, only eight months after its seed round. Cofounder Chetan Venkatesh told Insider Macrometa is now aiming to be the "fourth cloud titan." But it needs to work with Amazon, Microsoft, and Google's clouds in order to make that happen. You can read the pitch deck Macrometa used for investors to raise its Series A round, as well as a deck sent to existing investors at the time of the raise, below. Read the pitch deck that Macrometa used to raise its $20 million Series A round, as well as the update deck it gave investors at the time of the raise, as shared with Insider:
Persons: Macrometa, Chetan Venkatesh, Venkatesh, Durga Gokina, Venktaesh, IDC's Patrick Filkins, Filkins, We've Organizations: Amazon, Microsoft, Palo, Amazon Web Services, Google, Pelion Venture Partners, DNX Ventures, Benhamou Global Ventures, Partech Partners, Fusion Fund, Sway Ventures, Shasta Ventures, Big Locations: Palo Alto
Payments service providers are building an array of financial services to compete with financial institutions (FIs). Payments service providers are building an array of financial services to compete with financial institutions (FIs). Two trends are powering service providers' pushes into financial services: one from their own industry and another from banks and fintechs. The emergence of new digital distribution models for financial solutions has armed service providers with the tools to offer their clients financial services. And since those relationships are influenced by their established nonfinancial services offerings, their past operations may be just as important to their financial services pushes as their financial services themselves.
Organizations: FIs, Intelligence
Service management software firm UtilizeCore said Tuesday that it raised $5.3 million in funding. UtilizeCore, a tech platform that helps property managers and landlords manage services like plumbers and janitors, announced today that it raised a $5.3 million venture round. They have the opportunity to browse different service providers, whereas before they would have to rely on their own service manager's contact list. When service management companies switch over to UtilizeCore, they usually mandate that all of the service providers follow them. These service providers, which can be quite low-tech, are then able to manage their entire workflow through the mobile app.
Persons: UtilizeCore, Ryan Gottfried, Gottfried, Jason Kwait, Kwait, janitors, Johnny Zhu Organizations: Boldstart Ventures, VC, Service, UtilizeCore Locations: Saas, UtilizeCore
The Department of Justice is trying to convince advertisers to report ad fraud to law enforcement as it steps up its pursuit of cybercrimes. It's hard to quantify the cost of ad fraud — where advertisers pay for online ads that actually go unseen — but estimates ranging from $6.5 billion to $19 billion annually, according to eMarketer. Advertisers are often reluctant to report ad fraud. If a fraud event happens, advertisers should contact law enforcement, stop using affected systems, and record internal investigations so they can be handed off to law enforcement. The interest comes as ad fraud is likely to increase, with fraudsters finding new opportunities in mobile and connected TV.
Persons: adverstisers, Cybercrime, John Lynch ,, Lynch, Mike Zaneis, We're, Hydra, Aleksandr Zhukov, incarcerate Zhukov, it's Organizations: Justice, US Department of Justice, Department, TAG, FBI, Secret Service, DoJ, Microsoft, Google Locations: United States, Canada, Europe, Asia, Bulgaria
Telecom Italia and Cisco seal cloud business services partnership
  + stars: | 2021-06-15 | by ( ) sentiment -0.94   time to read: +1 min
A man passes under a Cisco sign at the Mobile World Congress in Barcelona, Spain, February 25, 2019. REUTERS/Sergio Perez/File PhotoMILAN, June 15 (Reuters) - Telecom Italia's (TLIT.MI) cloud business Noovle and U.S. technology firm Cisco (CSCO.O) have sealed a partnership to develop cloud services for companies and public administrations, they said in a statement on Tuesday. Italy wants to use cloud technology developed by big overseas firms, Italy's innovation minister said, while making sure the data is stored locally. It sealed a strategic partnership with Alphabet's (GOOGL.O) Google last year. ($1 = 0.8248 euros)Reporting by Elvira Pollina; Editing by David ClarkeOur Standards: The Thomson Reuters Trust Principles.
Persons: Sergio Perez, MILAN, Elvira Pollina, David Clarke Organizations: Cisco, Mobile, REUTERS, Telecom, European Union, Italy's, Alphabet's, Google, Thomson Locations: Barcelona, Spain, Italy
Two Democrats want to decriminalize drug possession and expunge all drug-related criminal records. The bill comes as Senate Democrats prepare to unveil a sweeping cannabis bill. Matt Sutton, a spokesman for the Drug Policy Alliance, an organization that helped draft the Drug Policy Reform Act, told Insider the group spoke with lawmakers about the issue starting last year. Some state laws also prevent people from voting, and federal laws against drugs prevent immigrants from becoming US citizens. The agency would have to publish a report about how to prevent the prosecution of drug possession and distribution within 180 days of the bill's enactment.
Persons: Joe Biden, wouldn't, Bonnie Watson Coleman, Cori Bush, Bush, Watson Coleman, Richard Nixon, Biden, It's, Chuck Schumer, Matt Sutton, Tom Williams Organizations: Democratic, New, Senate, Republicans, Drug Policy Alliance, New Jersey Democrat, of Health, Human Services Locations: New Jersey, Missouri, Oregon
Two law firms in Indiana have filed a lawsuit challenging the premature end of federal unemployment. Currently, Indiana is set to end its participation in federal unemployment benefits on June 19. Indiana is one of at least 25 states cutting off federal unemployment benefits ahead of their expiration in September, with the additional $300 in weekly benefits and federal relief programs set to wind down on June 19. In Indiana, the end of federal unemployment benefits will also bring about the end of all benefits for some. Everyone else will see their weekly benefits plummet by $300.
Persons: They've, Eric Holcomb, Macey Swanson Hicks, Sauer, Andrew Stettner, Holcomb, Jon Laramore Organizations: Indiana Legal Services, Department of Labor, White Locations: Indiana, , Indiana, Stettner
Price outweighs pandemic fears as Americans look to book travel again
  + stars: | 2021-06-15 | by ( Kenneth Kiesnoski | ) sentiment -0.98   time to read: +1 min
Fifty-six percent of travelers told Discover they'll use contactless payment methods more often while on trips this year. Most news about travel may have focused on health and safety since the pandemic hit over a year ago. However, cost and booking flexibility are now even more top of mind for Americans looking to finally get away again, according to Discover Financial Services. Additionally, 87% of those surveyed said cost was an important factor in booking, and 86% cited flexibility of cancellation policies. The survey also addressed which Americans are traveling and why (see chart below).
Persons: Eager, Jacob Ayoub Organizations: Discover Financial Services, Finance Locations: Sun, U.S, Covid
Fireworks to sparkle over Washington sky on July 4 after pandemic pause
  + stars: | 2021-06-15 | by ( ) + 1.00   time to read: +2 min
People watch the fireworks at the Washington Monument during Independence Day celebrations in Washington, U.S., July 4, 2020. Masks will be required on all public transportation, the park service said, and people who are not vaccinated should continue to wear masks outdoors in crowded spaces. "Watching the Fourth of July fireworks from the National Mall against the backdrop of the monuments and memorials is one of the grandest traditions of our nation’s capital," said Jeff Reinbold, superintendent of National Mall and Memorial Parks. The park service said it would release more details on the event on its website later this month. New York City last week said its annual Macy's July 4th fireworks display will return this summer, after the pandemic led officials to opt for a series of smaller shows in 2020 to discourage crowds from gathering.
Persons: Joshua Roberts, Lincoln, Joe Biden, Jeff Reinbold, Doina Chiacu, Bernadette Baum Organizations: Monument, REUTERS, WASHINGTON, National Park Service, Independence, COVID, National Mall, Memorial Parks, New York City, Thomson Locations: Independence, Washington , U.S, United States, New York
Zscaler's CEO says companies are ready to embrace cloud security because COVID "shook off resistance to change." CEO Jay Chaudhry was born in a town without running water or electricity and is now worth $12 billion. The world is finally ready to dump on-premises security tools like firewalls, he told Insider: "COVID shook off resistance to change." Zscaler CEO Jay Chaudhry opens the company's conference on June 15, 2021. Ultimately, the research found 60,572 cybersecurity vulnerabilities in companies' public cloud security.
Persons: Jay Chaudhry, — Chaudhry, Chaudhry, COVID, Zscaler, George Kurtz, Todd McKinnon, cybersecurity, Nathan Howe, India Chaudhry, You've, , He's Organizations: Zenith, Edgewise, Microsoft Exchange, Colonial Pipeline, Amazon Web Services, Google, Forbes, University of Cincinnati, Secure Locations: San Jose, India, America, Ohio, Silicon Valley
The Amazon Air fleet also moves cargo for USPS, according to a recent Information report. We took a look inside one at the Paris Air Show, to see how Amazon gets your orders to you quickly. Amazon Air plans to continue to grow its footprint with a fleet of more than 85 planes, including 11 Boeing jets by the end of 2022. In 2019, Amazon began adding Boeing planes, which are older 737-800 planes that have been converted to carry cargo around the world. At the time, Insider took a look around a newly converted plane at the Paris Air Show, before it was delivered.
Organizations: Amazon, Amazon Air, USPS, Paris Air, US Postal Service, UPS, FedEx, Boeing Locations: Delta
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