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☆ BOJ jolts markets in surprise change to yield curve policy
▼ + stars: | 2022-12-20 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

Shares tanked, while the yen and bond yields spiked following the decision, which caught offguard investors who had expected the BOJ to make no changes to its yield curve control (YCC) until Governor Haruhiko Kuroda steps down in April. But the central bank kept its yield target unchanged and said it will sharply increase bond buying, a sign the move was a fine-tuning of existing ultra-loose monetary policy rather than a withdrawal of stimulus. Reuters GraphicsAs widely expected, the BOJ kept unchanged its YCC targets, set at -0.1% for short-term interest rates and around zero for the 10-year bond yield, at a two-day policy meeting that ended on Tuesday. The 10-year Japanese government bond (JGB) yield briefly spiked to 0.460%, close to the BOJ's newly set implicit cap. Kuroda has repeatedly said he saw no need for the BOJ to tweak YCC, including taking immediate steps to address the side-effects such as the distortion it was creating in the bond market.

☆ Bank of Japan makes surprise policy tweak
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +8 min

ATUSHI TAKEDA, CHIEF ECONOMIST, ITOCHU ECONOMIC RESEARCH, TOKYO:"Today's move reflects the BOJ's determination not to alter its yield cure control policy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023. "The tweak may seem modest but is significant for a central bank that has held dovish for a long time.

☆ Yen soars to 4-month peak after surprise BOJ policy tweak
▼ + stars: | 2022-12-20 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The dollar tumbled as much as 2.78% to 133.11 yen , a level last seen on Aug. 16, before last trading 2.62% weaker at 133.345. It had been slightly stronger at about 137.40 yen ahead of the policy announcement. Eyes will now be trained on BOJ Governor Haruhiko Kuroda's media briefing later in the day for additional hints about a pivot away from ultra-easy policy. Most BOJ watchers had expected no changes until his 10-year term finishes at the end of March. "Unease over China's haphazard COVID policy changes also seems to be keeping a lid on AUD/USD," Callow added.

☆ Bank of Japan reviews yield-curve control policy
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +4 min

Dec 20 (Reuters) - The Bank of Japan has slightly loosened the shackles on its 10-year yield target and said it will review its yield-curve control policy, surprising financial markets and sending the yen sharply higher. However, it is only a first step and yield-curve control (YCC) remains in place, as does negative rate strategy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023.

☆ BOJ changes yield curve control, jolts markets with surprise monetary policy
▼ + stars: | 2022-12-20 | by ( ) edition.cnn.com time to read: +3 min

The Bank of Japan shocked markets Tuesday with a surprise tweak to its bond yield controls that allows long-term interest rates to rise more, a move aimed at easing some of the costs of prolonged monetary stimulus. Shares tanked, while the yen and bond yields spiked following the decision, which caught offguard investors who had expected the BOJ to make no changes to its yield curve control (YCC) until Governor Haruhiko Kuroda steps down in April. But the central bank kept its yield target unchanged and said it will sharply increase bond buying, a sign the move was a fine-tuning of existing ultra-loose monetary policy rather than a withdrawal of stimulus. The 10-year Japanese government bond (JGB) yield briefly spiked to 0.460%, close to the BOJ’s newly set implicit cap. Kuroda has repeatedly said he saw no need for the BOJ to tweak YCC, including taking immediate steps to address the side-effects such as the distortion it was creating in the bond market.

☆ EU and Iran to continue working on nuclear deal, Borrell says
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: 1 min

Dec 20 (Reuters) - EU foreign 7policy chief Josep Borrell on Tuesday condemned Iran's support for Russia in its war in Ukraine and the ongoing repression of opposition in the country, but said the EU would continue to work with Iran on restoring the 2015 Iran nuclear deal. "Necessary meeting with Iranian Foreign Minister Hossein Amirabdollahian in Jordan amidst deteriorating Iran-EU relations," Borrell tweeted ahead of a regional conference being hosted by Jordan. "Stressed need to immediately stop military support to Russia and internal repression in Iran. Agreed we must keep communication open and restore JCPOA on basis of Vienna negotiations." Reporting Bart Meijer, Editing by Charlotte Van CampenhoutOur Standards: The Thomson Reuters Trust Principles.

☆ EU warns Meta over Facebook Marketplace antitrust breach
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +3 min

European Union's antitrust chief Margrethe Vestager said in a statement that she is concerned that Meta ties its dominant social network Facebook to its online classified ad services, which is called Facebook Marketplace. "This means Facebook users have no choice but to have access to Facebook Marketplace," she said. Facebook Marketplace was launched in 2016 and is used in 70 countries to buy and sell items. The Commission said on Monday that it was concerned that Meta is imposing "unfair trading conditions" on competitors of its own classified ads service, Facebook Marketplace, that want to advertise on its social networks Facebook or Instagram. The EU competition enforcer launched an investigation into Facebook in June last year, focusing on whether the social network unfairly uses advertisers' data to compete with them in the online classified ads sector.

☆ Facebook parent Meta warned by EU of breaking antitrust laws
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Dec 19 (Reuters) - The European Commission on Monday said it has warned Facebook parent company Meta (META.O) that it is breaching EU antitrust laws by distorting competition in markets for online classified advertising and abusing its dominant position. "The claims made by the European Commission are without foundation," Meta spokesperson Tim Lamb said in a statement. "We will continue to work with regulatory authorities to demonstrate that our product innovation is pro-consumer and pro-competitive," Lamb added. The Commission said on Monday that it was concerned that Meta is imposing "unfair trading conditions" on competitors of its own classified ads service, Facebook Marketplace, that want to advertise on its social networks Facebook or Instagram. The EU competition enforcer launched an investigation into Facebook in June last year, focusing on whether the social network unfairly uses advertisers' data to compete with them in the online classified ads sector.

☆ Netherlands PM Rutte apologises for role of Dutch state in slavery
▼ + stars: | 2022-12-19 | by ( Tosterling Ank Kuipers | Ank Kuipers | ) www.reuters.com time to read: +5 min

[1/8] Dutch Prime Minister Mark Rutte responds to recommendations from a panel of experts to accept the role of the Netherlands in the history of slavery and its current consequences in The Hague, Netherlands December 19, 2022. "Today I apologise," Rutte said in a nationally televised speech at the Dutch National Archives. "For centuries the Dutch state and its representatives have enabled and stimulated slavery and have profited from it," he added. "It is true that nobody alive today bears any personal guilt for slavery...(however) the Dutch state bears responsibility for the immense suffering that has been done to those that were enslaved and their descendants." The panel said that Dutch participation in slavery had amounted to crimes against humanity and in 2021 recommended an apology and reparations.

Poland withdrew last-minute objections to a global minimum corporate tax, unblocking a whole package of linked agreements that includes the loan to Ukraine, invaded by Russia almost 10 months ago. "The next six months will demand even greater efforts from us," Ukrainian President Volodymyr Zelenskiy told the 27 EU leaders gathered in Brussels, asking them for more support from air defences to energy equipment. EU leaders also agreed a ninth package of sanctions against Russia for waging the war against Ukraine, diplomats said. The decision, which requires unanimity, came after EU Russia hawks Poland and Lithuania had warned that proposed exceptions for food security might in fact benefit Russian oligarchs in the fertilizer business. Poorer EU countries want a coordinated response and warned richer member states like Germany against supporting their industries without showing solidarity with the rest of the bloc.

☆ ICE warns it could relocate gas trading out of EU if bloc caps price
▼ + stars: | 2022-12-15 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 15 (Reuters) - The Intercontinental Exchange has warned it will consider relocating its gas trading hub to outside of the European Union, if Brussels agrees a plan to cap gas prices. The European Commission, which drafts EU policies, has termed the gas price cap a "market correction mechanism". "It is the responsibility of ICE as the market operator to consider all options if this mechanism is agreed, up to and including whether an effective market in the Netherlands is still viable," ICE said. The TTF is the most liquid gas futures market in Europe, attracting a wide range of gas suppliers, wholesalers and speculators. The European Commission did not immediately respond to a request for comment on ICE's statement.

☆ EU's Borrell: European Parliament corruption probe is "very worrisome"
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 12 (Reuters) - A Belgian investigation into alleged corruption at the European Parliament is "very worrisome", European Union foreign policy chief Josep Borrell said on Monday after raids and arrests linked to alleged money and gifts from Qatar. The European Parliament said at the weekend it had suspended the powers and duties of one of its vice presidents, Greek socialist Eva Kaili, in light of the Belgian investigation. "Certainly the news is very worrisome," Borrell told reporters as he arrived at a meeting of EU foreign ministers. "We are facing some events, some facts that certainly worries me as a former president of the European Parliament, also." The European Parliament was due to vote this week on a proposal to extend visa-free travel to the EU for Kuwait, Qatar, Oman and Ecuador.

☆ EU could face gas shortage next year, IEA warns
▼ + stars: | 2022-12-12 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 12 (Reuters) - The European Union has enough gas for the winter but could face a shortage next year if Russia cuts supplies further, the International Energy Agency (IEA) said on Monday, urging governments to act faster to save energy and expand renewables. Despite Russia slashing gas deliveries this year, Europe has averted a severe shortage and started the winter with brimming gas storage tanks - thanks in part to emergency EU measures to fill storage, plus a lucky spell of mild weather and high gas prices that dampened demand for the fuel. If Russia was to cut the small share of gas it still delivers to Europe, and Chinese gas demand rebounded from COVID-19 lockdown-induced lows, the EU could face a gas shortfall of 27 billion cubic metres (bcm) in 2023, the IEA said. Total EU gas consumption was 412 bcm in 2021, according to EU data. European Commission President Ursula von der Leyen said the bloc's gas supply was "safe for this winter" and the 27-country EU was preparing for the next one.

☆ Dollar holds firm on hawkish Fed bets, Aussie tad higher after RBA
▼ + stars: | 2022-12-06 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

It had dipped to 104.1 for the first time since June 28 as traders continued to rein in bets of aggressive Fed tightening. "The dollar really kicked butt across the board," said Bart Wakabayashi, branch manager at State Street in Tokyo. Investors had been on watch for signs of a pause in tightening after inflation unexpectedly cooled last month. "And with the RBA expecting inflation to continue higher and household spending remaining strong as ever, then the RBA may well hike by another 25 bps in February and March before reassessing." In recent days though, RBA policy has taken a back seat to optimism about an easing of strangling COVID-19 restrictions in China, a top trading partner.

It had dipped to 104.1 for the first time since June 28 as traders continued to rein in bets of aggressive Fed tightening. "The dollar really kicked butt across the board," said Bart Wakabayashi, branch manager at State Street in Tokyo. The Aussie dollar rose 0.21% to $0.6713, clawing back some of a 1.4% overnight tumble. In recent days though, RBA policy has taken a back seat to optimism about an easing of strangling COVID-19 restrictions in China, a top trading partner. "We expect the RBA to change its forward guidance in a subtle but significant way from 'expects to increase interest rates further' to 'likely to increase interest rates further' or 'willing to increase interest rates further,' (which) would indicate the RBA considers it is at or at least near the end of its tightening cycle," pushing the Aussie lower.

☆ 10 years ago they were fast food workers making roughly $8 an hour. 'Fight for 15' changed their lives.
▼ + stars: | 2022-12-04 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Ten years ago, fast food workers took to the streets of New York to strike for a $15 minimum wage. He was making $7.25, the minimum wage at the time. It was just like, oh no, raising the minimum wage, especially for fast workers, are you crazy? Since the launch of Fight for 15 ten years ago, the federal minimum wage hasn't budged. In California, where Perez works, the minimum wage is now $15 an hour for employers with 26 or more employees.

☆ Dutch prosecutors won't appeal in MH17 case, making verdicts final
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Dec 1 (Reuters) - Dutch prosecutors said on Thursday they would not file an appeal regarding the outcome in the trial over the 2014 downing of Flight MH17 in eastern Ukraine, making the verdicts final although the suspects remain at large. A Dutch court last month convicted three men and sentenced them to life in prison for the shooting-down of the Malaysian airliner as it flew over eastern Ukraine on its way from Amsterdam to Kuala Lumpur on July 17, 2014. The three convicted were former Russian intelligence agents Igor Girkin and Sergey Dubinskiy, and Leonid Kharchenko, a Ukrainian separatist leader. Prosecutors said on Thursday they were satisfied with the "clarity" the case had brought to relatives of the victims about what had happened to MH17. Reporting by Bart Meijer Editing by Mark Heinrich and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar heads for biggest monthly loss since 2010 ahead of Powell speech
▼ + stars: | 2022-11-30 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

LONDON, Nov 30 (Reuters) - The dollar eased from a one-week high on Wednesday ahead of a speech by Federal Reserve Chair Jerome Powell, while optimism over a possible loosening in China's COVID restrictions set it on course for its biggest monthly loss since late 2010. But after almost two years of near-relentless acceleration in inflation, markets could welcome any sign that the worst may be over. European assets got a lift on Tuesday after inflation in Spain and a number of major German states cooled. It has lost around 4.3% in November, marking its worst monthly performance since September 2010 , according to Refinitiv data. The offshore yuan gained ground against the dollar, which fell 1% to 7.0802.

☆ Dollar slips from one-week high on China hopes as Powell speech looms
▼ + stars: | 2022-11-30 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The risk-sensitive New Zealand and Aussie dollars rose, while the offshore Chinese yuan hovered near a one-week peak. "But there's a back and forth between dollar selling and dollar strength, because earlier in the week, all we could talk about was hawkish Fedspeak," he added. The euro ticked up 0.11% to $1.0339, lifting from a one-week low reached earlier on Wednesday at $1.0319. The New Zealand dollar strengthened 0.29% to $0.6218 while the Aussie adding 0.1% to $0.66935. "Expectations for an end to China's zero‑covid policy in coming months, combined with more targeted restrictions in the meantime, can provide support to CNH, AUD and NZD."

☆ EU seeks tribunal to probe possible Russian war crimes in Ukraine
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

"We are ready to start working with the international community to get the broadest international support possible for this specialised court," von der Leyen said. Ukraine has been pushing for the creation of a special tribunal to prosecute Russian military and political leaders it holds responsible for starting the war. The Hague-based International Criminal Court (ICC) launched its own investigation into alleged crimes against humanity and war crimes days after Moscow's Feb. 24 invasion, but it does not have jurisdiction to prosecute aggression in Ukraine. The G7 agreed on Tuesday to set up a network to coordinate investigations into war crimes as part of a push to prosecute suspected atrocities in Ukraine. There are several forms the special aggression tribunal could take but legal experts say the most likely is a so-called hybrid tribunal, operating under Ukrainian law with support from the international community.

☆ Experimental drug appears to slow progression of Alzheimer’s disease in clinical trial but raises safety concerns
▼ + stars: | 2022-11-29 | by ( Jacqueline Howard | ) edition.cnn.com time to read: +11 min

It involved 1,795 adults, ages 50 to 90, with mild cognitive impairment due to early Alzheimer’s disease or mild Alzheimer’s disease-related dementia. Such a score is consistent with early Alzheimer’s disease, with a higher number associated with more cognitive impairment. By 18 months, the CDR-SB score went up 1.21 points in the lecanemab group, compared with 1.66 in the placebo group. Overall, there were serious adverse events in 14% of the lecanemab group and 11.3% of the placebo group. The researchers also wrote that about 0.7% of participants in the lecanemab group and 0.8% of those in the placebo group died, corresponding to six deaths documented in the lecanemab group and seven in the placebo group.

☆ Black Friday faces green backlash in Belgium
▼ + stars: | 2022-11-25 | by ( Jakob Van Calster | ) www.reuters.com time to read: +3 min

That?s why today - on Black Friday - we are closed and we are giving nature a hand." REUTERS/Christian LevauxGHENT, Belgium, Nov 25 (Reuters) - Black Friday deals have prompted a backlash in Belgium where some businesses rejected promotions and chose to close for the day or even offered to repair used clothes for free. At the Xandres clothing store, in the Flemish city of Ghent, a sign on the window read "Green Friday - closed on November 25 - get your clothes repaired for free". On Friday company staff were fixing customers' clothes at the company's headquarters. In coming days, customers can collect their repaired clothing at the company's stores.

"We are talking with our allies about how to handle Poland's ... suggestion," a German government spokesperson told reporters in Berlin. Berlin offered Warsaw the Patriot system to help secure its airspace after a stray missile crashed and killed two people in Poland last week. Polish Defence Minister Mariusz Blaszczak later asked Germany to send the fire units to Ukraine instead. Stoltenberg's comments came after German Defence Minister Christine Lambrecht on Thursday said sharing Germany's Patriot units outside NATO territory would require prior discussions with NATO and the allies. Duda later said that Germany could send the Patriot units to Ukraine without NATO troops to operate them, something he says Kyiv has been asking for for a while.

☆ NATO will not back down but continue supporting Ukraine - Stoltenberg
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, Nov 25 (Reuters) - NATO will not let down in its support of Ukraine and also ramp up non-lethal aid for the country, Secretary-General Jens Stoltenberg said on Friday. "NATO will continue to stand with Ukraine for as long as it takes. We will not back down," he told reporters in Brussels ahead of a foreign ministers' meeting of the alliance in Bucharest next week. Reporting by Sabine Siebold and Bart MeijerOur Standards: The Thomson Reuters Trust Principles.

☆ Decision over sending Patriot air defence to Ukraine lies with nations - NATO
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, Nov 25 (Reuters) - The decision whether to send Patriot air defence units to Ukraine lies with the specific nations, NATO's chief said on Friday when asked about Polish demands for Germany to pass on Patriot units to Kyiv. The decisions over specific systems are national decisions, NATO Secretary-General Jens Stoltenberg told reporters, adding that end user agreements and other arrangements sometimes meant that consultations with other allies were required. Patriot is produced by the U.S. company Raytheon (RTX.N). Reporting by Sabine Siebold and Bart MeijerOur Standards: The Thomson Reuters Trust Principles.

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