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Presenting the new forecasts, Erdogan said that tight monetary policy would lower inflation to single digits, adding Turkey will not compromise on economic expansion as policies are adjusted. It trimmed GDP growth forecasts to 4.4% this year and 4% next year, which is still higher than most economists expect, from 5% and 5.5% previously. The economy is expected to slow through year-end - and ahead of nationwide municipal elections set for March next year - as stimulus tied to the May elections fades and as the policy rate hikes, to 25% from 8.5%, start to weigh. A Reuters poll last month showed expectations of 2.9% full-year growth, lower than trend in the emerging market economy that seeks to reverse a years-long exodus of foreign investors. Inflation will "be very high for an extended period of time, which will trigger second-round effects such as wage settlements."
Persons: Tayyip Erdogan, Vladimir Putin, Mikhail Klimentyev, Erdogan, Tatha Ghose, Huseyin Hayatsever, Jonathan Spicer, Peter Graff, Alexandra Hudson Organizations: Sputnik, REUTERS Acquire, Reuters, AK, Ece Toksabay, Alexandra Hudson Our, Thomson Locations: Sochi, Russia, Kremlin, ANKARA, Turkey, Istanbul, Ankara
London CNN —Birmingham — the biggest British city after London — is in dire financial straits. “Local government is facing a perfect storm,” Sharon Thompson, Birmingham City Council’s deputy leader, said in remarks broadcast Tuesday. How Birmingham went bustThompson blamed Birmingham’s financial troubles partly on an outstanding £760 million ($950 million) legal bill pertaining to the equal pay claims, which resulted from a Supreme Court ruling in 2012. The original case was brought by 174 former council employees, all except four of whom were women. They argued that this breached the equality clauses of their employment contracts under the Equal Pay Act of 1970 — and the court agreed.
Persons: London —, ” Sharon Thompson, Thompson, , Shaun Davies, Rishi Sunak, England —, Organizations: London CNN — Birmingham, Birmingham City Council’s, Birmingham City, National Audit Office, Local Government Association, UK, Special, Municipal Authorities Locations: London, United Kingdom, , Birmingham, England, , West Midlands, Yorkshire, Croydon, Woking
The City Council bought about 17,000 acres of farmland 60 miles to the north, near Fort Collins, along with the associated water rights. Today, almost 40 years later, the water Mr. Ethredge secured for his city remains out of reach. The city purchased 17,000 acres of farmland 60 miles north, near Fort Collins, decades ago. The Thornton water treatment plant. ; Thornton Water Project By Leanne AbrahamBack when Mr. Ethredge secured the water rights up north, Thornton planners figured they would need that water by 2000.
Persons: Jack Ethredge, Ethredge, Thornton, Ethredge’s, Mr, , , Jeni Arndt, Thornton’s, Brett Henry, “ We’ve, we’ve, Denver Thornton, Colorado Adams Thornton, Leanne Abraham Back, Fort Collins, Barry Feldman, Feldman, Gary Wockner, “ We’re, we’re, Henry, Barbara Cohen, Ted Leighty, “ Thornton, Maiker, Peter LiFari, Christina Ra, Roger Uthmann, Wockner, Uthmann, ” Thornton, ” Mr Organizations: City Council, Housing, San, Loveland Greeley, Weld County Colorado Larimer Boulder Longmont, Boulder Adams, Denver Thornton Colorado, Greeley Weld, Boulder, Denver, Colorado Adams, Colorado Adams Thornton Denver, Colorado Supreme, Thornton, Home Builders Association of Metro Denver, Maiker Housing Partners, Locations: Thornton, Colo, Denver, Fort Collins, , Rocky, Thornton’s, Colorado, San Luis Valley, Douglas County, In Texas, San Antonio, Collins, Loveland, Loveland Greeley Rocky, Weld County, Denver Thornton Colorado Denver, Greeley, Greeley Weld Larimer, Larimer County, Larimer, Thorton, Laporte
"Blue" bonds, securities focused on protecting bodies of water, are popping up with increased frequency with the help of nonprofits. Earlier this month, Denmark's renewable energy producer Ørsted said it would become the first energy company to issue blue bonds. But he said there likely won't be more options until there is wider demand for those blue bonds already available. Because of this, he recommends investors look beyond blue bonds to green bonds that have some focus on water issues. The primary investment thesis behind blue bonds, Atkinson said, is understanding the risk of ignoring the need for healthy oceans and clean water.
Persons: Kris Atkinson, Nomura, Ørsted, Fidelity's Atkinson, Atkinson, Aya Kawamoto, Morgan Stanley, Simon Waever, Waever, Green, Kawamoto, We're, Michael Bloom Organizations: The World Bank, Fidelity International, Nature Conservancy, United Nations, AXA, Inter, American Development Bank, Life Insurance, Conservancy, Treasury Locations: Seychelles, Fiji, Portugal, Europe, East, Africa, Barbados, Belize, Gabon
"There is a significant risk in the short term of financial crisis or other degree of economic crisis that would carry very substantial social and political costs for the Chinese government. By the time the global financial crisis hit in 2008-09, it had already met most of its investment needs for its level of development, economists say. To keep growth high, China in the 2010s doubled down on infrastructure and property investment, at the expense of household consumption. China has since backed away from major financial market liberalisation while plans to rein in state behemoths and introduce universal social welfare never quite materialised. "But at the same time there's a great fear of the short-term political and social risk, especially of provoking an economic crisis."
Persons: Xi Jinping's, William Hurst, Chong Hua, there's, Max Zenglein, We're, Logan Wright, Alicia Garcia Herrero, Hurst, Liangping Gao, Kevin Yao, Kripa Jayaram, Marius Zaharia, Sam Holmes Organizations: Development, University of Cambridge, International Monetary Fund, Asia Pacific, China's, Reuters Graphics, Thomson Locations: BEIJING, China, Japan, Beijing, Natixis
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investing/municipal-bonds-tax-free-price-74d4bbcf
Persons: Dow Jones
[1/3] A police officer walks past the apartment block where a deadly fire broke out, in Johannesburg, South Africa, September 1, 2023. "Local government has to enforce the laws," Ramaphosa said at a governing African National Congress party event. Municipal officials have said efforts to evict residents in illegally occupied buildings are often hamstrung by court orders stopping the evictions. Ramaphosa said he has asked government ministers to look into ways of enforcing laws without violating people's rights. Ramaphosa said he collected his passbook at the building about 50 years ago, when he worked in the city.
Persons: Siphiwe, Cyril Ramaphosa, Ramaphosa, Carien du, Olivia Kumwenda, Ros Russell Organizations: REUTERS, Rights, Saturday, African National Congress, Government, Black, Thomson Locations: Johannesburg, South Africa, Rights JOHANNESBURG, Africa, Carien du Plessis
REUTERS/Thomas Peter/File Photo Acquire Licensing RightsHONG KONG, Sept 1 (Reuters) - China's economic growth is slowing down as policymakers try to fix a property market downturn, with troubles at major developer Country Garden in focus. Concerns are mounting over whether the world's second-largest economy is coming closer to a crunch point:WHAT IS CAUSING CHINA’S ECONOMIC SLOWDOWN? THERE HAVE BEEN MAJOR CONCERNS OVER CHINA'S ECONOMY BEFORE. China's household spending as a proportion of GDP lags that of most other countries. WILL CHINA’S ECONOMIC SLOWDOWN GET WORSE?
Persons: Thomas Peter, Marius Zaharia, Robert Birsel, Neil Fullick Organizations: REUTERS, Communist Party, Thomson Locations: Beijing, China, HONG KONG, West, United States, Japan, outflows
[1/5] The remains of a 4.5-kilometer wall, separating luxurious estates from a neighboring community living in poverty, are pictured as it is being torn down, in Lima, Peru August 31, 2023. REUTERS/Sebastian Castaneda Acquire Licensing RightsLIMA, Sept 1 (Reuters) - A 4.5-kilometer "wall of shame" separating luxurious estates in Peru's capital Lima from neighboring communities living in poverty is being torn down after some four decades, though divisions remain strong. The group was largely destroyed in the 1990s, but the wall dividing La Molina and the poorer Villa Maria del Triunfo remained and has grown in size. Francisco Dumler, the municipal manager of the La Molina, said residents would comply with the ruling but the demolition could take time due to unforeseen costs. La Molina boasts lush parks and large residences that can cost several millions of dollars.
Persons: Sebastian Castaneda, Gustavo Gutierrez, La Molina, Villa Maria del Triunfo, Francisco Dumler, Molina, Anthony Marina, Carlos Valdez, Marco Aquino, Sarah Morland, Nick Zieminski Organizations: REUTERS, Rights, La, Villa Maria, Thomson Locations: Lima , Peru, Peru's, Lima, La
Why is China's economy slowing down and could it get worse?
  + stars: | 2023-09-01 | by ( ) www.reuters.com   time to read: +6 min
REUTERS/Thomas Peter/File Photo Acquire Licensing RightsHONG KONG, Sept 1 (Reuters) - China's economic growth is slowing down as policymakers try to fix a property market downturn, with troubles at major developer Country Garden in focus. Concerns are mounting over whether the world's second-largest economy is coming closer to a crunch point:WHAT IS CAUSING CHINA’S ECONOMIC SLOWDOWN? THERE HAVE BEEN MAJOR CONCERNS OVER CHINA'S ECONOMY BEFORE. China's household spending as a proportion of GDP lags that of most other countries. WILL CHINA’S ECONOMIC SLOWDOWN GET WORSE?
Persons: Thomas Peter, Marius Zaharia, Robert Birsel, Neil Fullick Organizations: REUTERS, Communist Party, Thomson Locations: Beijing, China, HONG KONG, West, United States, Japan, outflows
Enter the langur – or at least, cardboard cutouts of langurs – and men trained to sound like the bigger primates. “Monkeys cannot be displaced, harmed or hit.”Men walk past monkeys on a street in New Delhi on August 30 ahead of the G20 Summit. Arun Sankar/AFP/Getty ImagesUpadhyay added they have also deployed between 30 and 40 men who can mimic the sounds of langurs to trick the rhesus monkeys into thinking they are nearby. The council has also left food for the monkeys in forested areas to encourage them to remain there, he added. Much of central New Delhi will come to a halt for the G20 with a huge operation to keep global leaders moving freely between the hotels and meeting venues.
Persons: jetting, Joe Biden, , ” Satish Upadhyay, Arun Sankar, Narendra Modi’s Organizations: CNN, Authorities, New, New Delhi Municipal Council, Getty, Commonwealth Games, Reuters Locations: India, New Delhi, New
On the menu at New York City’s 11 public hospitals is pasta with Bolognese sauce, without the meat. NYC Health + Hospitals, the country’s largest municipal health system, has made plant-based food the default for inpatient meals. That means the food contains no meat, dairy or eggs. Now, a year after it made those sweeping changes, the hospital system has reduced its food-related carbon emissions by 36 percent, according to the mayor’s office. And, jokes about hospital food aside, the changes seem to be a hit with patients.
Persons: cornbread, Samantha Morgenstern Organizations: New York City’s Locations: New, American, Sodexo
CNN —A Mexican citizen was shot and wounded in the leg “while in Mexican territory” Saturday by a Texas National Guard member who was in the El Paso area, a news release from Mexico’s Foreign Ministry said. The National Guard member who discharged a weapon during a “border-related incident” was assigned to Gov. It’s the second incident involving a Texas National Guard member assigned to Operation Lone Star firing their weapon and injuring someone. In January, a guard member shot a migrant during a struggle. The Texas Rangers, a division of the Texas Department of Public Safety, is investigating Saturday’s shooting, said Ericka Miller, a spokesperson for the department.
Persons: , Greg Abbott’s, César Omar Muñoz Morales, , It’s, Ericka Miller Organizations: CNN, Texas National Guard, Mexico’s Foreign, National Guard, Gov, Lone Star, Texas Military Department, Ciudad, Texas Department of Public Safety, Texas Rangers, Operation Lone Star, The Texas Rangers, Texas Department of Public, Ministry Locations: El Paso, Ciudad Juarez, El Paso ., Rio Grande Valley, South Texas, Texas
South African firefighters and South African Police Service officers work at the sceen of a fire in Johannesburg on August 31, 2023At least 63 people were killed and 43 injured on Thursday in a fire in the central business district of South Africa's biggest city of Johannesburg, the municipal government said. Search and rescue efforts were going on, the city administration said on the platform X, formerly known as Twitter. "The City of Johannesburg Emergency Management Services can confirm that the number of fatalities has gone up to 63," it said. Firefighters and emergency vehicles were at the scene, while bodies lay covered in emergency blankets on a street near the site of the early morning blaze, Reuters photographs showed. Media said the fire engulfed a five-storey building that had been abandoned at one stage but where people had been living.
Organizations: South African Police Service, Johannesburg Emergency Management Services, Firefighters, Media Locations: Johannesburg, South Africa's, City
A firefighter works at the scene of a deadly fire which occurred in the early hours of the morning in Johannesburg, South Africa, August 31, 2023. REUTERS/Shiraaz Mohamed Acquire Licensing RightsJOHANNESBURG, Aug 31 (Reuters) - More than 70 people were killed overnight when fire raged through a five-storey Johannesburg apartment block that may have been rented out illegally, known as a "hijacked building":WHAT ARE HIJACKED BUILDINGS AND WHEN DID THE ISSUE BEGIN? In some instances, the syndicates occupied buildings with fraudulent title deeds, said Angela Rivers, general manager at Johannesburg Property Owners and Managers Association. Rivers said she was aware of 57 known hijacked buildings in the Central Business District alone, mostly owned by the city or the provincial government. Lebogang Isaac Maile, the head of the Human Settlements department for Gauteng province, said 23 hijacked buildings had been identified in Johannesburg as in need of development.
Persons: Shiraaz Mohamed, Angela Rivers, Rivers, Kabelo Gwamanda, Edward Molopi, Lebogang Isaac Maile, Bhargav Acharya, Catherine Schenck, Tim Cocks, Nick Macfie Organizations: REUTERS, Rights, Association, Central Business District, Economic Rights Institute, Thomson Locations: Johannesburg, South Africa, Rights JOHANNESBURG, South Africa's, Gauteng
After months of mostly working behind the scenes, a force of municipal, business and labor leaders in New York has begun a public campaign to highlight how they believe Washington has failed to adequately address the migrant crisis that has overwhelmed the city in recent months. As part of that effort, Mayor Eric Adams staged a rally just outside the Thurgood Marshall U.S. Courthouse on Thursday and called on federal officials to expedite work authorization for asylum seekers. Kathy Hochul met with White House officials to push the Biden administration for more support, days after she shifted tactics and began to publicly call on Mr. Biden to speed work authorizations. She emerged from the meeting in Washington hopeful but still dissatisfied that the help offered was “not enough to fully address this crisis.”
Persons: Eric Adams, , , ” Mr, Adams, Kathy Hochul, Biden Organizations: Thurgood Marshall U.S, Gov, White Locations: New York, Washington
A cut-out of a langur is tied to a fence alongside a road to scare away monkeys, ahead of the G20 Summit in New Delhi, India, August 30, 2023. In addition, the authority has started providing food to monkeys in forested areas to ensure they do not wander beyond the boundaries. "We started placing these cutouts in the city over the last one week and are already seeing a positive impact. This is not the first time New Delhi has turned to langurs to resolve its monkey problem during a major international event. Live langurs were rented and put on duty when the Commonwealth Games were held in the city in 2010.
Persons: Anushree, spoilsport, Satish Upadhyay, Upadhyay, langurs, Sakshi Dayal, Raju Gopalakrishnan Organizations: REUTERS, DELHI, New, New Delhi Municipal Council, Commonwealth Games, Thomson Locations: New Delhi, India, Delhi
Sixteen people have died and over 150 have been hospitalized in southeastern Poland in an outbreak of Legionnaires’ disease, a severe strain of bacterial pneumonia, local health authorities said Wednesday. The outbreak has been concentrated in the southeastern city of Rzeszow, which lies about 60 miles from the border with neighboring Ukraine, although some cases have been registered elsewhere. The Polish health ministry said this week that the most likely source of infection was Rzeszow’s municipal water network. Once relatively quiet, Rzeszow has become an important hub for the international response to Russia’s invasion of Ukraine, hosting American soldiers and thousands of Ukrainian refugees. The deaths, which have occurred over the past week, sparked unfounded rumors in Poland of Russian responsibility for the outbreak that the authorities have tried to tamp down.
Persons: Stanislaw Zaryn, Locations: Poland, Rzeszow, Ukraine, Polish
The pressure is on for Luis Rubiales, the president of Spain’s national soccer federation, to quit. In an emergency meeting that went on late into Monday night, Spain’s regional soccer chiefs unanimously asked him to step down immediately. And in Madrid on Monday night, hundreds of people took to the streets, waving red cards and demanding Mr. Rubiales’s resignation. Mr. Rubiales, a former professional soccer player, had hoped to play a match with friends on Saturday evening at the town’s municipal stadium. Feminist groups threatened to protest outside the gates, and the town council ordered it canceled, saying it could not guarantee Mr. Rubiales’s safety.
Persons: Luis Rubiales, Jennifer Hermoso, Rubiales, Rubiales’s, , Organizations: Prosecutors, Spain, National Sports Council Locations: Madrid, Motril
[1/2] U.S. Commerce Secretary Gina Raimondo delivers her speech at a reception with U.S. Industry and Chinese Government Officials hosted by U.S. Ambassador to China Nick Burns, in Beijing, China, August 28, 2023. Below are details on some of the bigger hurdles for doing business in China in recent years. Counterespionage law:Chinese lawmakers passed a wide-ranging update to Beijing's anti-espionage legislation in April, banning the transfer of any information related to national security and broadening the definition of spying. The law does not define what falls under China's national security or interests.
Persons: Gina Raimondo, China Nick Burns, Andy Wong, Mintz, Raimondo, Chris Sanders, Jonathan Oatis Organizations: . Commerce, . Industry, Government, U.S, REUTERS Acquire, Rights, Bain, Capvision Partners, Beijing Municipal Bureau, Statistics, China's, Intel Corp, chipmaker Semiconductor, DuPont De Nemours Inc, Rogers Corp, Xinhua, chipmaker Micron Technology, Beijing, Thomson Locations: China, Beijing, Shanghai, United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy now is a great time to be in the muni market: Franklin Templeton's Jennifer JohnstonJennifer Johnston, Director of municipal bond research at Franklin Templeton, joins 'The Exchange' to discuss hunting for yield in muni bonds, how commercial real estate prices impact regions differently depending on property taxes and the delayed impact of revenue for municipal bonds.
Persons: Franklin Templeton's Jennifer Johnston Jennifer Johnston, Franklin Templeton Organizations: Franklin Locations: muni
Many economists have called on China to boost its social safety net to rebalance the economy. Yao was unswayed and would prefer consumer vouchers, which some local governments in China have issued, but in amounts too small to matter at a macro level. Local governments, while cash poor, are asset rich. Michael Pettis, senior fellow at Carnegie China, estimates that if Beijing forces local governments to transfer 1-1.5% of GDP to households, China could maintain current growth. "One of the really big conflicts is likely to be between Beijing and the local governments over how to allocate the various adjustment costs.
Persons: Erin Yao, Juan Orts, Orts, Tokyo's, Yao, joblessness, Jens Eskelund, Wang Jiliu, Wang, Michael Pettis, Laurie Chen, Kripa Jayaram, Marius Zaharia, Sam Holmes Organizations: Fathom Consulting, Communist Party, Reuters Graphics, European Chamber of Commerce, Carnegie China, Thomson Locations: BEIJING, HONG KONG, China, Beijing, United States, Hainan
Sitting in a park in Zaragoza, a city in northeastern Spain, Jorge Jiménez, 41, was trying to enjoy a day off from his job as a municipal garbage collector. But the heat was making it difficult. “We get very hot these days,” Mr. Jiménez said. Large areas of southern Europe baked under extreme temperatures on Thursday, the latest in a string of heat waves that have scorched the continent over the summer and sent residents and tourists scrambling for cool shelter. Temperatures in some cities were not as high but still far above the norm for so late in the summer.
Persons: Jorge Jiménez, ” Mr, Jiménez, Locations: Zaragoza, Spain, Europe
Last fall, BlackRock filed to launch an ESG municipal bond exchange-traded fund. It is in essence an ESG version of its major $32 billion municipal bond fund. The delay for the world's largest ETF provider has puzzled some in the industry. This year Goldman Sachs launched its first municipal bond ETF, which takes into account social and environmental factors. BlackRock's ESG municipal bond ETF has another wrinkle.
Persons: Larry Fink, Wesley Gray, Matthew Tuttle, they've, Goldman Sachs, Fink, Salim Ramji, Tony Kelly Organizations: BlackRock, Securities and Exchange Commission, SEC, HIP Muni Bond ETF, Alpha, Republican, Tuttle Capital Management, Goldman, HIP Investor, HIP Locations: York, Arizona , Texas, South Carolina, BlackRock, Connecticut
China operates talent programs at various levels of government, targeting a mix of overseas Chinese and foreign experts. China has previously said its overseas recruitment through the TTP aimed to build an innovation-driven economy and promote talent mobility, while respecting intellectual property rights, according to the state-run Xinhua news agency. It said that anyone who recommends a candidate who is then selected for the talent programs would receive "diamonds, bags, cars, and houses". In some cases, these people said, those experts will be offered roles at Chinese chip companies' overseas operations. ($1 = 7.1475 Chinese yuan renminbi)Reporting by Julie Zhu, Fanny Potkin, Eduardo Baptista and Michael Martina; editing by David CrawshawOur Standards: The Thomson Reuters Trust Principles.
Persons: Florence Lo, Xi Jinping, Qiming, Dean Boyd, Nick Marro, Chen Biaohua, Chen, Ma Yuanxiao, Dawei Di, Di, Zhuji, Julie Zhu, Fanny Potkin, Eduardo Baptista, Michael Martina, David Crawshaw Organizations: REUTERS, Washington, Reuters, China, Ministry of Industry, Information Technology, U.S . Commerce Department, Xinhua, Ministry of Science, Technology, U.S, government's National Counterintelligence and Security Center, Economist Intelligence, China Center for Information Industry Development, China Semiconductor Industry Association, Qiming, Massachusetts Institute of Technology, Harvard, Stanford, HK, LinkedIn, Hangzhou Juqi Technology, Fortune, Beijing Institute of Technology, BIT's School of Integrated Circuits, Electronics, Britain's University of Nottingham, University of Hong, BIT, Communist Party's Organization Department, Zhejiang University, Communist Party, Thomson Locations: China, HONG KONG, SINGAPORE, WASHINGTON, U.S, China's, Qiming, Beijing, Hangzhou, ResearchGate, University of Hong Kong, Ma, Zhejiang, Wenzhou, Cambridge
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