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BUDAPEST, Hungary (AP) — A countrywide billboard campaign that flooded the streets of Hungary this week takes aim at European Commission President Ursula von der Leyen, the start of an election campaign that marks an escalation of tensions between the country's nationalist conservative government and the European Union. Hungarian Prime Minister Viktor Orbán has long taken an adversarial approach to the 27-nation bloc. He has accused Brussels of seeking to impose unwanted policies on Hungary, and compared membership in the EU to the 40 years of Soviet domination Hungary experienced in the 20th century. “This national consultation is by far the most anti-EU document that the government has released so far," Kreko said. But after more than two years and little apparent progress, the anti-EU campaign may show that Orbán has given up on unblocking them, said Dorka Takacsy, a research fellow at the Centre for Euro-Atlantic Integration and Democracy.

Persons: Ursula von der Leyen, von der Leyen, Alex Soros, George Soros, “, Viktor Orbán, von, Leyen, Peter Kreko, Kreko, Dorka Takacsy, ” Takacsy, ” It’s, Soros, Jean, Claude Juncker, ”, Orbán, Eric Mamer, ” Mamer Organizations: European Union, Ukraine, EU, Centre, Integration, Democracy, European, Kreko, Huxit, Fidesz, Orbán Locations: BUDAPEST, Hungary, American, Hungarian, Brussels, EU, Budapest, ”, European, Europe

☆ Turn to this high-quality income play for the new year, Wells Fargo Investment Institute says
▼ + stars: | 2023-11-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors who hope to generate portfolio income while recession fears ramp higher can seek some safety in municipal bonds. Wells Fargo Investment Institute recently issued its fixed income guidance for 2024, forecasting "higher for longer" rates across the yield curve as the Federal Reserve remains vigilant to bring down inflation. Municipal bonds offer a combination of characteristics that appeal to investors: General obligation bonds are backed by the revenue of the municipality issuing them. "Going into a slowdown, you anticipate rates to fall," said Brian Rehling, head of global fixed income strategy at Wells Fargo Investment Institute. The top marginal income tax rate is 13.3% in California and well over 10% in New York and New Jersey.

Persons: Brian Rehling, Jennifer Johnston, Franklin Templeton, Johnston Organizations: Wells, Wells Fargo Investment Institute, Federal Reserve, Fargo Investment Institute, AAA, Muni Bond ETF, Vanguard, Bond, Fed, New York Life Investments, Investors, York State, Metropolitan Transportation Authority Locations: Wells Fargo, Fargo, New, California, New York, New Jersey, York

☆ Want to Understand Your Neighbors? Go to a Municipal Meeting.
▼ + stars: | 2023-11-22 | by ( Jessica Stolzberg | ) www.nytimes.com time to read: +2 min

I didn’t know where to stand, where I would find the sign-up sheet or quite where to look when I spoke into the small microphone. But it doesn’t take long to fall in line with the rhythms of a municipal meeting. What first took me here was a collective effort to convince the Town Council to prohibit the use of gas-powered leaf blowers. Once, when a contentious meeting went late, someone, perhaps anticipating the rancor, passed out homemade cookies. In ours, the curved dais is the grounding structure of a stage for different players with different roles in making this town work (and not work).

Persons: It’s, —, I’ve Organizations: Town, Planning, Historic Preservation Commission, Education, YouTube

COLUMBIA, S.C. (AP) — The historic South Carolina city of Charleston has elected its first Republican mayor since the Reconstruction Era. William Cogswell, formerly a Republican state lawmaker, defeated incumbent Democratic Mayor John Tecklenburg by about 2 percentage points in Tuesday's runoff, according to the South Carolina Election Commission. Political Cartoons View All 1262 ImagesCharleston last elected a Republican mayor in the 1870s, according to historical records from the city and other municipal areas. “We can confidently say that I’m going to be the next mayor,” Cogswell said Tuesday night, as final results came in. "When Mayor Cogswell succeeds, Charleston succeeds, and that's something we're all in favor of.”The City of Charleston has become the second reliably blue area in South Carolina — where Republicans dominate congressional and statewide politics — to choose a Republican mayor in recent years.

Persons: William Cogswell, John Tecklenburg, Cogswell, Tecklenburg, Joe Biden, Sen Tim Scott, Drew McKissick, Russell Fry, ” Cogswell, Teckleburg, “, ”, —, Daniel Rickenmann, ___ Meg Kinnard Organizations: COLUMBIA, Republican, Democratic, South, GOP, Charleston, U.S . Rep, Republicans Locations: South Carolina, Charleston, Tuesday's, Charleston's, South, City, South Carolina —, South Carolina’s, Columbia

☆ Shanghai Industrial Investment: Another executive in China being investigated by corruption watchdog
▼ + stars: | 2023-11-21 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Another business leader in China is being probed by the country’s anti-graft watchdog, in a sign of an ongoing crackdown in the world’s second largest economy. Zhou Jun, president of state-owned Shanghai Industrial Investment, is under investigation by the Shanghai Municipal Commission for Discipline Inspection, a branch of the Central Commission for Discipline Inspection (CCDI), according to a CCDI statement Monday. Shanghai Industrial Investment’s business spans infrastructure, property and pharmaceuticals. Just this month, the CCDI said it was investigating Zhang Hongli, a former senior executive vice president at the Industrial and Commercial Bank of China. That was followed by a report by Chinese state-owned media outlet Cover News that tech entrepreneur Chen Shaojie had become unreachable, citing unconfirmed reports that he was being investigated.

Persons: Zhou Jun, CCDI, Zhou, ”, Zhang Hongli, Chen Shaojie, Chen, Tencent, Fred Hu Organizations: Hong Kong CNN, Shanghai Industrial Investment, Shanghai Municipal Commission, Central Commission, Shanghai Industrial, Industrial, Commercial Bank of China, CNN, International, Bloomberg, Primavera Capital Locations: China, Hong Kong, Shanghai

☆ Canada tax rule curbs Airbnb deductions to ease rental shortage
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTORONTO, Nov 21 (Reuters) - Canada introduced tax measures on Tuesday to ease a severe rental housing shortage by limiting income tax deductions on short-term rentals on services such as Airbnb Inc (ABNB.O) and VRBO, joining many countries that are enacting similar laws. The new rules apply as of Jan. 1 in provinces and municipalities that bar short-term rentals, and affect deductions such as interest expenses, the federal government said in its fall economic statement. In Montréal, Toronto and Vancouver alone, an estimated 18,900 homes were being used as short-term rental properties in 2020, the report added, noting that the number "has almost surely increased in recent years." Starting in 2024, the government will spend C$50 million ($36 million) over three years to enable municipal enforcement of restrictions on short-term rentals. Gabriel Giguère, public policy analyst at Montreal Economic Institute, criticized the government's decision to modify the tax treatment of the expenses of owners of short-term rental apartments.

Persons: Dado Ruvic, Nathan Rotman, Gabriel Giguère, Giguère, Nivedita Balu, Richard Chang, Leslie Adler Organizations: REUTERS, Rights TORONTO, Inc, Canada, Montreal Economic Institute, British Columbia, Thomson Locations: Canada, Montréal, Toronto, Vancouver, Montreal, Australia, Italy, Canadian, U.S, Florence, Byron, British

☆ Highlights of Canada's fall economic statement
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

Canada's Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland walk holding the 2023-24 budget, on Parliament Hill in Ottawa, Ontario, Canada, March 28, 2023. REUTERS/Patrick Doyle/File Photo Acquire Licensing RightsOTTAWA, Nov 21 (Reuters) - Following are some of the commitments the Canadian government made in its Fall Economic Statement released on Tuesday. *invest an additional C$15 billion in new loan funding, starting in 2025-26, for the Apartment Construction Loan Program, for a total of more than C$40 billion in loan funding. This investment will support more than 30,000 additional new homes, bringing the contribution to more than 101,000 new homes supported by 2031-32. *propose to spend C$50 million over three years, starting in 2024-25, to support municipal enforcement of restrictions on short-term rentals.

Persons: Justin Trudeau, Chrystia Freeland, Patrick Doyle, Steve Scherer, David Ljunggren Organizations: Canada's, Finance, REUTERS, Rights OTTAWA, Affordable Housing Fund, Canadian Mortgage Charter, Canadian Radio, Telecommunications Commission, Canadian Transportation Agency, Canada Mortgage, Thomson Locations: Ottawa , Ontario, Canada

Gunjan BanerjiGunjan Banerji is the lead writer for The Wall Street Journal's live markets coverage. Her articles and videos have covered the biggest stories in financial markets of the past decade, spanning stocks, bonds and derivatives. Gunjan helped lead the Journal’s award-winning coverage of retail investing and the meme stock mania that swept markets in 2021. She continues to explore how individual investors are navigating the financial markets and where they are putting their money. In her spare time, Gunjan can be found practicing Classical Indian Dance or playing with her bernedoodle Todd.

Persons: Gunjan, Gerald Loeb, Todd Organizations: CNBC, New York Press, Newswomen’s, of New, GameStop, Netflix, Journal, New York University, Columbia University’s Graduate School of Journalism, NYU Locations: of New York, New York

RIO DE JANEIRO (AP) — The deaths of two people, muggings and a dangerous heat wave left legions of Taylor Swift's Brazilian fans angry and disappointed in the three-day Rio de Janeiro leg of the pop superstar's Eras Tour, which concludes Monday night. It was the second death of a Swift fan in four days. Fans also reported fainting from extreme heat, being mugged or getting caught up in a police raid. Inside the stadium, concertgoers complained of unbearable heat and some said they had difficulty getting access to water. “Come on stage, I want to see you!”The postponement was followed by chaos outside the stadium.

Persons: Taylor Swift's, Gabriel Mongenot Santana Milhomem Santos, Swift, Rio's, Ana Clara Benevides Machado, Benevides, ”, concertgoers, Kléssia Menezes, “, Julia Alvarenga, Alvarenga, “ We’re, Hely Olivares Organizations: RIO DE, Rio’s Municipal Health Department, Forensic Medical Institute, Nilton Santos Olympic, Twitter Locations: RIO DE JANEIRO, Rio de Janeiro, Rio’s, Rio ., Rio, Burger, Brazil, Panama

The cities say they buy tickets only for migrants who want to travel and they do not coerce people to leave. The vast majority were bus tickets, but Denver also purchased about 340 tickets for flights and 200 for train rides. Ewing gave a similar message regarding El Paso’s busing of migrants to Denver, saying the two cities have been in communication. New York City and Chicago also are limiting migrants' shelter stays. “We have other Democratic cities, Denver, California, L.A., sending their people to Chicago, New York.

Persons: Mario Russell, ” Russell, Staff Mary Krinock, we’re, ” Jon Ewing, ”, Yoli Casas, “ There’s, We’re, Russell, Jared Polis, Lori Lightfoot, Eric Adams, Polis, “, Joe Biden, Chicago Mayor Brandon Johnson, Ewing, El, ” Ewing, ” El, Greg Abbott, Abbott, Andrew Mahaleris, Ron DeSantis, Maura Healey, ’ ” Alderman Anthony Beale, Sophia Tareen, ___ Organizations: DENVER, Democratic, Center for Migration Studies of New, Catholic Charities, Archdiocese of, Staff, Denver Human Service, Vive Wellness, Denver, Center for Migration Studies, Colorado Democratic Gov, Chicago, New York City, Washington , D.C, Chicago Mayor, Democrat, Texas Gov, Democratic Gov, Chicago City, Associated Press, America Statehouse News Initiative, America Locations: Denver, U.S, Mexico, El Paso , Texas, New York, Illinois, Texas, Florida, Center for Migration Studies of New York, Chicago, Venezuela, Archdiocese of Chicago, . Texas, New, Cities, Denver , New York, Houston, Los Angeles, Washington ,, ” El Paso's, Philadelphia, San Antonio, Massachusetts, New York City, Denver , California, L.A, Chicago , New York

☆ Analysis-In Mexico, Gender Balance Push Puts Political Parties in Unfamiliar Bind
▼ + stars: | 2023-11-18 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +5 min

Since 2018, Congress has been split 50-50, and nine of 31 state governors are now women - up from only one woman state governor five years ago. SET IN STONEThe push that also saw Lopez Obrador opt for gender parity in his first cabinet has ushered in a broader shift that looks very likely to yield Mexico's first woman president next year. Carla Humphrey, an INE commissioner who has helped lead the charge for equal representation, said the watershed dates back to gender parity recommendations enshrined in law in the 1990s. They were buttressed by 2012 changes that meant parties could have candidates disqualified if the rules were not met. Since 2019, Mexico's constitution requires gender parity in all elected positions.

Persons: David Alire Garcia, Clara Brugada, Omar Garcia Harfuch, Andres Manuel Lopez, Brugada, Garcia Harfuch, Violeta Vazquez, Rojas, " Vazquez, MORENA, Olga Sanchez Cordero, Lopez, Carla Humphrey, We've, Humphrey, Margo Glantz, Sor Juana Ines de la Cruz, Evelyn Salgado, Glantz, Salgado, Hurricane Otis, Dave Graham Organizations: David Alire Garcia MEXICO CITY, Mexico City mayoral, Regeneration, Mexico City, Senate Locations: Mexico, MORENA, Mexican, Oaxaca, America, Caribbean, Guerrero, Hurricane, Acapulco

☆ At a Gaza hospital, a midwife brings life and volunteers tend the dead
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +10 min

She travelled to Khan Younis from the Jabalia refugee camp in northern Gaza. The Khan Younis vegetable market is still open but prices have doubled. Though Khan Younis is south of Israel’s “evacuation line,” it has not escaped daily raids by Israeli warplanes or missiles. A total of 1,300 people have been killed in the Khan Younis area since October 7, local health officials say. Nasser Hospital, the main hospital in Khan Younis and the biggest in southern Gaza, uses the same term on its Facebook page where it lists the daily “martyrs” in this war.

Persons: Younis Khan Younis, Khan Younis, Israel, Abla Awad, Awad, “, ”, Younis, Suzan, “ They’re, Jan Egeland, Benjamin Netanyahu, NBC’s “, Relatives, Saeed Al, Shorbaji, Shaheed Organizations: United Nations, Program, –, Islamic, Israel, Norwegian Refugee Council, Reuters, Nasser Hospital, Al Locations: Israel, Gaza, Khan, Hulayqat, Israel’s, Islamic Jihad, Egypt, Cairo, ”, Al Aqsa, Old City, Islam, Nasser, Al Jazeera

☆ Ukraine's troops work to advance on Russian-held side of key river after gaining footholds
▼ + stars: | 2023-11-18 | by ( ) www.cnbc.com time to read: +2 min

Ukraine's establishment of footholds on the Russian-held bank of the Dnieper represents a small but potentially significant strategic advance in the midst of a war largely at a standstill. The General Staff of Ukraine's armed forces said its troops there had repelled 12 attacks by the Russian army between Friday and Saturday. In response, the Russian military used "tactical aviation," including Iranian-made Shahed exploding drones, to try to pin down Ukraine's troops, Humeniuk said. Elsewhere, air defenses shot down 29 out of 38 Shahed drones launched against Ukraine, military officials reported. "The first priority of our budget — local budgets and the central budget — should be the army."

Persons: Natalia Humeniuk, Humeniuk, Maria Barbash Organizations: 123rd Territorial Defense Brigade, General, Southern Operational Command, Armed Forces Locations: Kherson, Ukraine, footholds, Russian, Russia, Crimea, Kyiv

Tayyip Erdogan's first visit to Germany since 2020 comes ahead of municipal elections at which he hopes to win back the cities of Ankara and Istanbul. Erdogan will also need Chancellor Olaf Scholz's blessing if he is to buy the 40 Eurofighter Typhoon warplanes Turkey said on Thursday it wanted. In a sign of the visit's importance, Scholz took pains not to respond directly to Erdogan's loud condemnation of Israel's war against Hamas, in which many thousands of Palestinians have been killed. The response was decidedly mild given the fierce condemnation that far more muted criticisms of Israel typically draw in Germany, traditionally one of Israel's closest allies. Germany has expressed strong solidarity with Israel, while urging a focus on limiting the impact of the war on Gaza's civilians.

Persons: Tayyip Erdogan's, Erdogan, Olaf Scholz's, Scholz, Israel's, Israel, Aydin Yasar, It's, Thomas Escritt, Alexandra Hudson Organizations: Trade, European Union, Eurofighter Typhoon, Airbus, Hamas, German, SWP, NATO, Alexandra Hudson Our, Thomson Locations: Germany, Turkey, Gaza, BERLIN, Moscow, Ukraine, Berlin, Ankara, Istanbul, Israel, Turkish, Stockholm, Greece, Europe

The quake struck off Mindanao island at a depth of 60 km (37.3 miles), according to the German Research Center for Geosciences (GFZ). PHIVOLCS director Teresito Bacolcol told DZRH radio the earthquake's intensity was "destructive, so we would expect damage". The earthquake lasted several seconds, he said, advising residents to be on alert for aftershocks as strong as magnitude 6.2. Radio announcer Leny Aranego in General Santos city, close to Glan, said the quake shook buildings and desks. Michael Ricafort, an economist at the lender RCBC, said in a Facebook post passengers at General Santos City airport were evacuated to the tarmac.

Persons: Angel Dugaduga, Amor Mio, Mio, Teresito Bacolcol, Leny Aranego, Michael Ricafort, Shubhendu Deshmukh, Neil Jerome Morales, Mikhail Flores, Kanupriya Kapoor, Andrew Cawthorne Organizations: Fire, German Research Center, Geosciences, General Santos, Thomson Locations: Philippines, Fire MANILA, Mindanao, Glan, Earthquakes, Philippine, Koronadal, General Santos, Bengaluru, Manila

The request for documents and communications was made Thursday by the Central Florida Tourism Oversight District, now controlled by DeSantis appointees. The district wants all Disney communications about DeSantis, as well as communications dealing with laws passed by the Republican-dominated Florida Legislature that switched control of the district from Disney supporters to the governors’ appointees and nullified deals the company made with the Disney-controlled district before the state takeover. Before control of the district changed hands from Disney allies to DeSantis appointees, the Disney supporters on its board signed agreements with Disney shifting control over design and construction at Disney World to the company. The new DeSantis appointees claimed the “eleventh-hour deals” neutered their powers, and the district sued the company in state court to have the contracts voided. Political Cartoons View All 1253 ImagesDisney has filed counterclaims which include asking the state court to declare the agreements valid and enforceable.

Persons: Ron DeSantis ’, “, ”, DeSantis, Mike Schneider Organizations: —, — Florida Gov, Disney, Walt Disney World, Central, Republican, Florida Legislature, The Central, Improvement Locations: ORLANDO, Fla, — Florida, Central Florida, Florida, The Central Florida, Tallahassee

☆ How to lock in bond funds returning up to 12% to beat next year's 'hard-ish' landing, according to a chief strategist with $415 billion in fixed income
▼ + stars: | 2023-11-16 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

Last month, bond yields made a comeback and the 10-year Treasury note hit roughly 5%, the highest since 2007. On the other end, bond risk comes from the borrower's ability to pay back their obligation. For investors who want higher income, Bory recommends considering a mutual fund or a commingled fund that provides that diversification. Popular examples of corporate bond funds include the MainStay MacKay High Yield Corporate Bond Fund (MHCAX), Goldman Sachs High Yield Fund (GSHIX), and High Yield Spectrum Fund (PHSIX). Below is a list of Morningstar analysts' favorite high-yield bond funds that have the highest "Gold Medalist" rating.

Persons: George Bory, Bory, MacKay, Goldman Sachs, Allspring, It's, Acct, Rowe Price Organizations: Business, Allspring, Investments, Fed, AAA, BBB, Bond Fund, Fund, Morningstar, PIA Locations: Allspring, US

☆ Pedro Sanchez secures another term as Spain's prime minister, set to form government
▼ + stars: | 2023-11-16 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Spanish acting Prime Minister Pedro Sanchez during the investiture debate at the Spanish Parliament on Nov. 15, 2023 in Madrid, Spain. Spain's parliament has empowered acting Prime Minister Pedro Sanchez to assemble a government, following two failed investiture attempts from right-wing opposition leader Alberto Núñez Feijóo. Sanchez, who helms the Spanish Socialist Workers' Party (PSOE), won 179 votes in favor, with 171 against and no abstentions. It ends a four-month political deadlock following inconclusive general elections in July, when Feijóo's People's Party won a 136 majority of seats, while the Socialists clinched 121. Sanchez himself had called for the vote after his party hemorrhaged losses in regional and municipal elections in late May.

Persons: Pedro Sanchez, Alberto Núñez Feijóo, Sanchez, helms, Feijóo's, Vox, Junts, Carles Puigdemont Organizations: Spanish, Spanish Socialist Workers ' Party, PSOE, Feijóo's People's Party, Socialists, Catalan, Catalonian Locations: Madrid, Spain, Spain's, Catalonia, Galicia, Basque Country, Belgium

☆ Awkward Allies: Gaza Overshadows Erdogan's Germany Visit
▼ + stars: | 2023-11-16 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +4 min

Tayyip Erdogan's first visit to Germany since 2020 comes ahead of municipal elections at which he hopes to win back the cities of Ankara and Istanbul. In a sign of the visit's importance, Scholz took pains not to respond directly to Erdogan's loud condemnation of Israel's war against Hamas, in which many thousands of Palestinians have been killed. The response was decidedly mild given the fierce condemnation that far more muted criticisms of Israel typically draw in Germany, traditionally one of Israel's closest allies. Germany has expressed strong solidarity with Israel, while urging a focus on limiting the impact of the war on Gaza's civilians. With some three million people with Turkish roots in Germany such encounters are always fraught, but now the risk was judged too great.

Persons: Thomas Escritt BERLIN, Tayyip Erdogan's, Erdogan, Olaf Scholz's, Scholz, Israel's, Israel, Aydin Yasar, It's, Thomas Escritt, Alexandra Hudson Organizations: European Union, Eurofighter Typhoon, Airbus, Hamas, German, SWP, NATO Locations: Moscow, Ukraine, Germany, Berlin, Ankara, Istanbul, Turkey, Israel, Gaza, Turkish, Stockholm, Greece, Europe

☆ Watch for this 'phantom tax' before taking Affordable Care Act insurance subsidies, advisor says
▼ + stars: | 2023-11-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

d3sign | Moment | Getty ImagesAs millions of Americans compare health plans on the Affordable Care Act insurance marketplaces, experts say it's critical to run projections and rethink popular tax moves before enrolling in subsidies. The average enrollee is paying premiums of $124 per month after the subsidies, which were boosted through 2025 via the Inflation Reduction Act. If your actual income exceeds your estimates, you might be required to repay some or all of the subsidy. "If your actual income exceeds your estimates, you might be required to repay some or all of the subsidy." The subsidy eligibility calculation also considers your location, family size and whether you spouse has available coverage.

Persons: Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, Sean Lovison Organizations: Affordable, American, Center of Budget, Security, Philadelphia Locations: Orlando , Florida

☆ Exclusive: China orders local governments to cut exposure to public-private projects as debt risks rise, sources say
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +5 min

The guidelines were mentioned in a cabinet document that was circulated among local governments, policy banks and state lenders last month, said the two sources with knowledge of the matter. The move comes after numerous local governments' PPP expenditure hit the upper limit of the threshold in recent years. But the PPP boom has alarmed authorities who say some local governments have used public-private partnerships, government investment funds and government procurement services as "disguised channels" for raising debt. The State Council and the NAO did not immediately respond to Reuters requests for comments. A portion of the $12.6 trillion local government debt is linked to the PPP projects, as municipalities used these infrastructure-building initiatives as a conduit to raise capital.

Persons: Thomas Peter, NAO, Kevin Yao, Ziyi Tang, Sumeet Chatterjee Organizations: Central Business District, National People's Congress, REUTERS, Rights, International Monetary Fund, National Audit, State, State Council, Bank of, Reuters, National Development, Reform Commission, Thomson Locations: Beijing, China, Rights BEIJING, Bank of China

☆ Morning Bid: Murky US inflation picture
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +6 min

According to consensus forecasts at least, U.S. headline inflation is expected to have retreated sharply again in October back toward midyear lows around 3.3%. But underlying 'core' inflation is expected to stay stickier at an unchanged annual rate of 4.1% last month and still more than twice the Fed's target. But the Fed may want to hang tough long enough into a slowing economy to ensure that inflation is squeezed back to its 2% goal. And perhaps the negative tilt on October core inflation going into today's release leaves more room for a positive surprise. The International Energy Agency on Tuesday raised its oil demand growth forecasts for this year and next despite the weakening economic picture.

Persons: Lucas Jackson, Mike Dolan, Goldman Sachs, Xi Jinping, Joe Biden, Biden, Xi, Shunichi Suzuki, Philip Jefferson, Loretta Mester, Austan Goolsbee, Michael Barr, Huw Pill, Christina Fincher Organizations: New York Stock Exchange, REUTERS, New, Bank of America's, Treasury, International Energy Agency, U.S, Economic Cooperation, Reuters, Bank of Japan, Japan's Finance, Home, Federal, Cleveland Fed, Chicago Fed, Banking, Housing, Urban Affairs, Bank of England, Thomson Locations: New York, U.S, California, San Francisco, Asia, China, Japan, Teck, United States

Biden sought to kickstart SAF production with a $1.25 per gallon production tax credit in the IRA. To be eligible for the credit, SAF producers must demonstrate their fuel is 50% lower in emissions than conventional jet fuel. The DOE spokesperson confirmed that ethanol producers must cut emissions of they want a long-term role in SAF production. Still, ethanol producers need carbon pipelines because many ethanol plants are not near geologically appropriate underground storage sites. Other options for reducing ethanol's carbon intensity include using renewable energy at ethanol plants, or climate-friendly farming practices for corn.

Persons: Tom Mihalek, Valero, Joe Biden's, Homer Bhullar, Biden, MARK, Barry Glickman, Nikita Pavlenko, Pavlenko, Leah Douglas, Laura Sanicola, David Gregorio Our Organizations: Eco Energy, REUTERS, Rights, SAF, U.S, Carbon Solutions, Valero Energy, U.S . Department of Energy, DOE, Honeywell, Biofuels, Growth Energy, Navigator, CCS, International Council, Clean Transportation, Thomson Locations: Philadelphia , Pennsylvania, U.S, Omaha, Iowa, Denver, Maine, North Dakota, South Dakota, Wolf's, Illinois

ORLANDO, Fla. (AP) — Disney on Tuesday released a study showing its economic impact in Florida at $40.3 billion as it battles Florida Gov. Disney accounted for 263,000 jobs in Florida, more than three times the actual workforce at Walt Disney World, according to the study conducted by Oxford Economics and commissioned by Disney, covering fiscal year 2022. The jobs include Disney employees as well as jobs supported by visitor spending off Disney World property. In central Florida, Disney directly accounts for 1 in 8 jobs, and for every direct job at Disney World, another 1.7 jobs are supported across Florida, Oxford Economics said. Before control of the district changed hands from Disney allies to DeSantis appointees, the Disney supporters on its board signed agreements with Disney shifting control over design and construction at Disney World to the company.

Persons: Disney, Ron DeSantis, DeSantis, “, Mike Schneider Organizations: Florida Gov, Disney, Walt Disney, Oxford Economics, Sunshine State, Central, Florida Legislature Locations: ORLANDO, Fla, Florida, Disney, Oxford, DeSantis, Southern California, Orlando , Florida, Central Florida, Orlando, Tallahassee

Lending data from China's central bank offers a glimpse of government priorities: as of the end of September, outstanding loans to the troubled property sector fell 0.2% year-on-year but lending to the manufacturing sector jumped 38.2%. This time, the government's focus is narrower, targeting high-tech and "advanced manufacturing", a goal laid out in 2021 in the 14th five-year plan. It grew 11.3% in the first nine months of 2023 year-on-year, compared with 6.3% for overall manufacturing investment, according to data from China's National Bureau of Statistics. For example, Guangdong province has increased lending to both high-tech and advanced manufacturing by about 45%, state media reported. During the first half of 2023, outstanding loans to the high-tech manufacturing sector in the eastern province of Shandong jumped 67%.

Persons: Jens Eskelund, Eskelund, Xi Jinping, Joe Biden, Frederic Neumann, Neumann, Tao Wang, Wang, Fu, Lu Zhengwei, Siyi Liu, Kripa Jayaram, Robert Birsel Organizations: Rights, European Chamber of Commerce, Asia Pacific Economic Cooperation, U.S, Reuters Graphics, overcapacity, HSBC, UBS, China's National Bureau of Statistics, Rystad Energy, EV, China Passenger Car Association, Bank, Industrial Bank, Thomson Locations: Suqian, Jiangsu province, China, CHINA, Rights BEIJING, Europe, Beijing, San Francisco, Xi, Asia, Guangdong province, Shandong, Dongguan, Shanghai

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