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LONDON (AP) — Prime Minister Rishi Sunak announced Wednesday that he’s delaying by five years a ban on new gas and diesel cars that had been due to take effect in 2030, watering down climate goals that he said imposed “unacceptable costs” on ordinary people. U.K. greenhouse gas emissions have fallen by 46% from 1990 levels, mainly because of the almost complete removal of coal from electricity generation. The government had pledged to reduce emissions by 68% of 1990 levels by 2030 and to reach net zero by 2050. Automakers, who have invested heavily in the switch to electric vehicles, expressed frustration at the government’s change of plan. Ford U.K. head Lisa Brankin said the company had invested 430 million pounds ($530 million) to build electric cars in Britain.

Persons: Rishi Sunak, Sunak, ”, Boris Johnson, backtrack, Prince William —, Will McCallum, Lisa Brankin, Richard Burge, Tara, Hargreaves Lansdown, Clee, Sadiq Khan, Alok Sharma, Peter Cox Organizations: —, Conservative Party, Former, United Nations General Assembly, Greenpeace, Ford, London Chamber of Commerce and Industry, Britain’s Conservatives, Labour, London’s Labour, BBC, Global Systems Institute, University of Exeter Locations: New York, Britain, London Uxbridge, Glasgow

LONDON (AP) — Prime Minister Rishi Sunak is preparing to water down some of Britain's environmental commitments on Wednesday, saying the country must fight climate change without penalizing workers and consumers. “For too many years, politicians in governments of all stripes have not been honest about costs and trade-offs," Sunak said. U.K. greenhouse gas emissions have fallen by 46% from 1990 levels, mainly because of the almost complete removal of coal from electricity generation. The government had pledged to reduce emissions by 68% of 1990 levels by 2030 and to reach net zero greenhouse gas emissions by 2050. Automakers, who have invested heavily in the switch to electric vehicles, expressed frustration at the government's apparent change of plan.

Persons: Rishi Sunak, Sunak, backtrack, Prince William —, Doug Parr, ”, Parr, Mike Hawes, Lisa Brankin, Tara, Hargreaves Lansdown, ” Copp, Sadiq Khan, “ We’re, Suella Braverman, Alok Sharma Organizations: —, Conservative Party, United Nations General Assembly, Greenpeace, Society of Motor Manufacturers, Traders, Ford, ” Britain's, Labour, London’s Labour, BBC Locations: Britain, New York, London Uxbridge, Glasgow

☆ Rising US gas prices are both good news and bad
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 13 (Reuters Breakingviews) - Ignore the glowing signs at U.S. gas stations, and the country's inflation fight is going well. The bad news about costlier refueling is also the good news. Transportation costs jumped 2%, but that was likely linked to the price of energy. He said in July that tumbling gas prices weren’t enough to declare victory over inflation, and that the core gauge was still worryingly high. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jerome Powell, Ben Winck, BoE, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, of Labor Statistics, Federal Reserve, X, Treasury, UBS, Warner Bros Discovery, Thomson Locations: Asia

CNN —One year after catastrophic floods devastated swathes of Pakistan, some 4 million children in the South Asian nation remain without access to safe water, the United Nations children’s agency has warned. “Vulnerable children living in flood-affected areas have endured a horrific year,” Abdullah Fadil, UNICEF Representative in Pakistan, said in the statement. “The climate-related disaster deepened pre-existing inequities for children and families in affected districts,” UNICEF said in the statement. Children pick vegetables from water at a flooded market after heavy rainfall in Lahore on June 26, 2023. Fadil from UNICEF said the agency has called on the government of Pakistan and its partners to “increase and sustain investment in basic social services for children and families.”He added: “We cannot forget the children of Pakistan.

Persons: ” Abdullah Fadil, “, Asim Hafeez, Dera Allah Yar, Fida Hussain, Imran Khan, Khan, ”, Stephen Innes, Arif Ali, Fadil Organizations: CNN, United Nations, UNICEF, UNICEF Representative, Bloomberg, Getty, International Monetary Fund, World Bank, Capital Economics, Analysts Locations: Pakistan, Karachi Division, Sindh province, Pakistan’s, Dera, Jaffarabad district, Balochistan, AFP, Asia, Lahore, South Asia, Afghanistan, India

A child plays the game "Honour of Kings" by Tencent at home in Dezhou, Shandong province, China July 2, 2017. REUTERS/Stringer Acquire Licensing RightsHONG KONG, Aug 17 (Reuters Breakingviews) - China's economic woes have gifted Tencent (0700.HK) an unexpected silver lining. Revenue rose a decent 11% to 149 billion yuan ($20.4 billion), but fell slightly short of the average analyst forecast compiled by Refinitiv. That compares to the 151.7 billion yuan average analyst forecast of 21 analysts compiled by Refinitiv. Adjusted net profit, after excluding certain one-time and non-cash items, rose 33% to 37.5 billion yuan.

Persons: Tencent, Stringer, HONG KONG, Refinitiv, James Mitchell, pare, Alibaba, Antony Currie, Thomas Shum Organizations: REUTERS, Reuters, HK, Revenue, Tencent, Citi, Refinitiv, Thomson Locations: Dezhou, Shandong province, China, HONG, Tencent, Hong Kong

And with China's post-COVID recovery running into the ground and suffering a deepening real estate bust, western investment curbs throw more sand in the wheels. A question now is whether a retreat of western money from emerging markets at least partly explains both their recent underperformance and that of western government bonds, in which emerging central banks and sovereign funds are heavily invested. The picture has not been much better in aggregate emerging bond indices, even if they have done marginally better than developed world counterparts, and worries over emerging high-yield and property linked bonds are rising. Have global investors high-tailed it from emerging markets already? If western money grows more wary and is increasingly warned off China and other selective emerging investments, will there be a mutual pullback of official emerging money from western bond markets?

Persons: Aly, Joe Biden, Morgan, Biden, crumb, Mike Dolan, Richard Chang Organizations: REUTERS, U.S, U.S ., Bank of, Institute for International Finance, Treasury, Reuters, Twitter, Thomson Locations: Shanghai, Shenzhen, China, Ukraine, Washington, Russia, United States, Beijing, Moscow, Taiwan, Brazil, India, South Africa, Hong Kong, Saudi Arabia, South Korea

Americans held over $1 trillion in credit card debt in the second quarter of 2023, a new record. The rise in credit card debt helped push total household debt to a record-high $17.06 trillion. For the last seven quarters, credit card balances have grown year over year amid strong consumer spending despite high prices. Despite these record-high credit card balances, there are some silver linings. Are you dealing with an untenable amount of credit card debt, or worried about student loan payments restarting?

Persons: Bankrate, Courtney Alev, Alev, Donald Trump, Joe Biden, Biden, Ted Rossman, Rossman Organizations: Federal Reserve Bank of New, Service, Privacy, New York Fed, Credit Karma, Fed, Consumer Financial, Bureau, Education Department, New, jkaplan Locations: Federal Reserve Bank of New York, Wall, Silicon, It's, York

☆ VIEW Bank of England raises rates for a 14th time
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +7 min

The BoE raised interest rates by 25 basis points to 5.25% and said high inflation meant it was unlikely to stop raising rates any time soon. However, with Thursday's decision, traders began to price in a lower peak in UK rates. MONEY MARKETS: Interest-rate derivatives showed traders believe UK rates will peak around 5.67% by March, compared with an expected peak of 5.73% in the run-up to the decision. Rising interest rates means higher borrowing costs, which will lead to larger monthly mortgage payments for many homeowners." The Bank of England remains committed to bringing inflation down, unfortunately raising interest rates is one of the only tools the Bank can use to sap demand out of the economy."

Persons: BoE, Sterling, VIVEK PAUL, we’ll, STUART COLE, JEREMY BATSTONE, CARR, RAYMOND JAMES, MARCUS BROOKES, ” SEEMA SHAH, Rishi Sunak, GILES COGHLAN, THOMAS PUGH, JOHN LEIPER, Amanda Cooper, Samuel Indyk Organizations: Bank of England, FTSE, BLACKROCK, LONDON, TOM HOPKINS, Bank of, RSM, Bank, EMEA, Thomson Locations: LONDON, EUROPEAN, U.S

President Biden is heading into the 2024 presidential contest on firmer footing than a year ago, with his approval rating inching upward and once-doubtful Democrats falling into line behind his re-election bid, according to a New York Times/Siena College poll. Mr. Biden appears to have escaped the political danger zone he resided in last year, when nearly two-thirds of his party wanted a different nominee. Now, Democrats have broadly accepted him as their standard-bearer, even if half would prefer someone else. Perhaps most worryingly for Democrats, the poll found Mr. Biden in a neck-and-neck race with former President Donald J. Trump, who held a commanding lead among likely Republican primary voters even as he faces two criminal indictments and more potential charges on the horizon. Mr. Biden and Mr. Trump were tied at 43 percent apiece in a hypothetical rematch in 2024, according to the poll.

Persons: Biden, Mr, Donald J, Trump Organizations: New York Times, Siena, Democrats, Republican

☆ British workers keep getting pay raises — despite the Bank of England urging them not to ask for more money
▼ + stars: | 2023-07-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Both Bank of England Governor Andrew Bailey and U.K. Finance Minister Jeremy Hunt on Monday told an audience in the City of London that high wage settlements were harming their efforts to contain inflation. Much of the increase in pay has been driven by the private sector, with annual wage growth increasing to 7.6% in the three months to April. However, Bank of England Governor Bailey noted in his Mansion House speech on Monday that the British economy has proven unexpectedly resilient. Last summer saw a slew of strikes and protests as real wages, which reflect the power of a worker's pay after accounting for inflation, declined at a record rate. "No question about it, current nominal wage growth remains far too high relative to the sustainable rate of probably around 3.5-4.0% yoy.

Persons: Mark Kerrison, Andrew Bailey, Jeremy Hunt, Stuart Cole, BoE, Rishi Sunak, Danni Hewson, AJ Bell, Bank of England Governor Bailey, Sanjay Raja, Raja, Equiti's Cole, Bailey, Kallum Pickering, Pickering Organizations: National Education Union, Department for Education, Getty, LONDON, Bank of England, National Statistics, . Finance, City of, Equiti, Monetary, Deutsche Bank, MPC, Treasury, Bank, The, England's Locations: London, United Kingdom, City, City of London, Ukraine

☆ UK’s leaky water model faces a growing storm
▼ + stars: | 2023-07-05 | by ( Neil Unmack | ) www.reuters.com time to read: +8 min

The fallout raises two big questions: whether the regulatory regime works, and whether Britain’s water companies should still be privately owned. Average UK water bills are 448 pounds in the current year, versus 409 pounds in Scotland. One option would be to squeeze water companies – cutting allowed prices, and imposing bigger penalties on those that allow leaks. For the sector as a whole, Ofwat assumes equity comprises 45% of water companies’ 94 billion pound RCV, or 42 billion pounds. Reuters Graphics Reuters GraphicsFollow @Unmack1 on TwitterCONTEXT NEWSThames Water investors have become more “concerned” about the company’s turnaround, the chief executive of UK water regulator Ofwat David Black told a UK parliament committee on July 4.

Persons: Macquarie’s, Severn, Ofwat, Jefferies, David Black, Iain Coucher, “, Black, George Hay, Oliver Taslic Organizations: Reuters, Conservative, Thames, Ofwat, Reuters Graphics Regulators, Yorkshire Water, United Utilities, Scottish, Dwr Cymru, Barclays, Reuters Graphics Reuters, Thames Water, Water, Sky News, Thomson Locations: Severn Trent, RCV, Water, Wales, Scotland, Germany, United States, Italy, Ireland, Britain

CNN —The Israeli military’s operation in the occupied West Bank city of Jenin is winding down but “not over” until the Israeli Defense Forces (IDF) say it is, a spokesperson told CNN, as the United Nations expressed deep concern over the violence in the city’s sprawling refugee camp. At least 12 people, ranging in ages from 16 to 23, have been killed and scores more injured after Israeli forces launched operations in the camp this week, Palestinian officials say. “We are now in the end of achieving our goals, inside Jenin, fighting the terror and dismantling the terror in the Jenin Camp,” Hagari said. The operation was carried out because the gunmen “posed a threat to the security forces exiting from the Jenin Camp,” the IDF added. Rudeineh said that “the Israeli army was attacking Palestinian citizens” and added, “What happened yesterday was completely dangerous.”

Persons: Israel, Daniel Hagari, ”, ” Hagari, “, Volker Türk, maiming, Türk, Pinchas Rosen, Benjamin Netanyahu, Sawafta, Nabil Abu Rudeineh, CNN’s Eleni Giokos, Eleni Giokos, Rudeineh Organizations: CNN, West, Israeli Defense Forces, United Nations, UNICEF, Hamas, West Bank, Israeli Security Forces, ISF, Israeli, Palestinian, IDF, Reuters, Palestinian Authority Locations: West Bank, Jenin, Tel Aviv, Israel, United States

☆ Analysis: Nigeria's Tinubu faces daunting hurdles after reform sprint
▼ + stars: | 2023-06-27 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +6 min

Nigeria today faces record debt, unemployment is worryingly high, and power shortages have contributed to years of anaemic growth. "The path to political power in Nigeria, over time, has always been through these vested interests," said Bismarck Rewane, CEO at Financial Derivatives Company in Lagos. ENTRENCHED NETWORKSTinubu's ambitions to build a $1 trillion economy in eight years could come unstuck in part due to chronic power shortages. Getting the lights on would be a major win, but to do so some say Tinubu must remove grid subsidies and cut red tape. Tinubu suspended the head of the financial and economic crimes agency, but has yet to outline an anti-graft plan.

Persons: Bola Tinubu, Jason Tuvey, Bismarck Rewane, Tinubu, Tunau Taiwo, Nnamdi Obasi, Prince Ojeabulu, Muhammadu Buhari, jihadists, beholden, Joe Bavier, Conor Humphries Organizations: New, Capital Economics, Financial Derivatives Company, International, Rensource Energy, Nigeria Delta, Observers, Thomson Locations: Nigeria, LAGOS, New Nigerian, Lagos

☆ Why killer whales won’t stop ramming boats in Spain
▼ + stars: | 2023-06-27 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +11 min

The reason why certain whales are taking such a forward interest in boats is still unclear, but experts have a couple of theories. A pod of killer whales (Orcinus orca) swims together in the Strait of Gibraltar in August. The encounter usually ends once the killer whales break the rudder or the boat comes to a complete stop. “The official recommendation is not to do anything at all, turn off the engine or lower the sails and be as uninteresting to the killer whales as possible. “But this very vulnerable little population of killer whales depends on our love for them.

Persons: Daniel Kriz, “, ”, Kriz, ” Kriz, Africa —, Skipper Daniel Kriz, Mónica, González, Champagne, ” González, Alfredo López Fernandez, López Fernandez, Gladis, Worryingly, we’ve, ” López Fernandez, Hanne Strager, Jorge Guerrero, it’s, Strager, ” Strager, “ I’ve, I’ve, “ they’ve, Don’t Organizations: CNN, National Oceanic, Atmospheric Administration, International Union for, Nature, University of Aveiro, Getty Locations: Gibraltar, Europe, Africa, orcas, Strait, Spain, Portugal, Barbate, AFP, “, Pacific Northwest

☆ Gold rises on weaker dollar; traders await data, cues from Fed
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: +2 min

Spot gold rose 0.3% to $1,928.14 per ounce by 0402 GMT while U.S. gold futures were up 0.2% to $1,937.70. "If the dollar falls but yields edge up (softer Fed tone, neutral/upbeat data), gold may stumble but remain muted as silver, platinum and palladium rise," said Ilya Spivak, head of global macro at Tastylive. "Looking ahead, (gold) will continue to try reconciling signs of a deepening slowdown in global economic activity with this hawkish central bank turn." The dollar index edged down 0.1%, making greenback-priced bullion more attractive for overseas buyers. Economic data including China's Purchasing Managers' Index, and a key U.S. inflation gauge this week could provide a clearer picture on the macroeconomic situation.

Persons: Jerome Powell's, Ilya Spivak, Jerome Powell, Spivak Organizations: Federal, Benchmark, China's, European Central Bank, Investors Locations: China, United States, U.S, Sintra

☆ Bank of England surprises with 50 basis point rate hike to tackle persistent inflation
▼ + stars: | 2023-06-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. Hollie Adams | Bloomberg | Getty ImagesLONDON — The Bank of England on Thursday surprised markets with a 50 basis point hike to interest rates, its 13th consecutive increase as policymakers grapple with persistently high inflation. The Monetary Policy Committee voted 7-2 in favor of the half percentage point increase, which takes the bank's base rate to 5%. The move defied market expectations, which had priced in around a 60% chance of a 25 basis point hike. The MPC said that the high number of fixed-rate mortgages means that the full impact of the increase in the Bank Rate so far "will not be felt for some time."

Persons: BOE, Hollie Adams, Sterling, —, we've, Andrew Bailey, Joseph Little, Little Organizations: Bank of England, City of, Bloomberg, Getty, Monetary, MPC, Bank, HSBC Asset Management Locations: City, City of London

☆ Australian businesses, consumers at risk of sharp slowdown ahead
▼ + stars: | 2023-06-13 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

"There is a growing risk that the RBA's attempts to maintain an even keel 'run aground,'" said NAB Chief Economist Alan Oster. The survey, however, pointed to persistent price pressures, with the measure of labour costs and purchase costs accelerating, in a concern for the RBA. NAB on Tuesday raised its call on peak rates in the current cycle, adding two more quarter-point hikes to 4.6%. Markets are now pricing the risk of two more hikes, and see rates staying elevated for the remainder of the year. CONSUMERS UNDER THE PUMPData from Westpac and Commonwealth Bank of Australia (CBA) also points to the strains consumers are feeling as high living costs and surging mortgage rates erode spending power.

Persons: Alan Oster, Bill Evans, Belinda Allen, Stella Qiu, Kim Coghill, Jamie Freed Organizations: NAB, RBA Westpac, SYDNEY, National Australia Bank, Reserve Bank of Australia, Westpac, Commonwealth Bank of Australia, Melbourne Institute, CBA, Thomson

☆ Opinion: The Ukraine dam disaster demands accountability
▼ + stars: | 2023-06-08 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +7 min

Meanwhile, Kyiv and Moscow engaged in an intense round of finger pointing over responsibility for the unfolding environmental disaster. The dam’s collapse is not just devastating for those who reside in the immediate environs — it is a nationwide disaster for Ukraine that could reverberate across the globe. Stalin’s goal in the midst of World War II was to prevent Nazi armies from sweeping across Ukraine, which at the time was part of the Soviet Union. The dam collapsed as Ukraine stepped up operations in anticipation of a much-awaited counter-offensive. The broken walls of the Nova Kakhovka dam, and its destructive rushing waters, should strengthen the resolve of Ukraine’s backers.

Persons: Frida Ghitis, Joseph Stalin, Dmitry Peskov, Volodymyr Zelensky, Zelensky’s, Andriy Yermak, Ursula Von der Leyen, “, Antonio Guterres Organizations: CNN, Washington Post, Politics, Frida Ghitis CNN, Soviet Union, EU, ”, UN, UN Security Council, United Nations General Assembly, Human Rights, Twitter, NATO, Kyiv Locations: Ukraine’s, Dnipro, Ukraine, Kyiv, Moscow, Soviet, Russia, “ Russia, Geneva, Ukrainian, Vilnius, Lithuania, Baltic, Nova

☆ Vaping helps fuel huge rise in bad behavior on planes
▼ + stars: | 2023-06-05 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +3 min

CNN —There was the hope that when mask mandates on planes ended and people got used to traveling again, airplane passenger behavior might improve. Unruly passenger incidents were more than a third higher in 2022 than in 2021, a new global analysis by the International Air Transport Association (IATA) has revealed. Incidents of physical abuse remain thankfully rare but had a worryingly huge increase of 61% in 2022 over 2021. Zero tolerance“The increasing trend of unruly passenger incidents is worrying. IATA also wants to increase guidance, training and sharing of best practice when it comes to preventing and de-escalating incidents.

Persons: ”, Conrad Clifford, Said Clifford, “, Clifford Organizations: CNN, International Air Transport Association, US Federal Aviation Administration Locations: Paris, Canada, Montreal

☆ The next election can't handle a world powered by ChatGPT
▼ + stars: | 2023-05-18 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Even the man who runs ChatGPT-maker OpenAI worries about the influence of AI on 2024's election. The devastation caused by social media in America's recent political history could look like child's play by comparison to AI. Even Altman thinks AI will make humans stupidFor now, Altman said, humans understand that AI is in its infancy and are aware that bots like ChatGPT routinely make mistakes. Altman correctly (and self-interestedly) called during the session for AI to be regulated, including a suggestion that AI-generated content is clearly labeled. The same slowness just won't cut it in a world running to embrace ChatGPT.

☆ The Fed May Be Done Raising Rates. Here’s What It Means for CDs and Savings Accounts
▼ + stars: | 2023-05-03 | by ( ) www.wsj.com time to read: +5 min

So, if you don’t need immediate access to your savings, it may make sense to lock in current interest rates with a CD. And while the pace of price increases remains well above the Fed’s preferred level of 2%, the central bank fears that raising interest rates any more could tip the fragile economy into recession. The likely explanation is that banks expect interest rates to decrease and don’t want to be locked into paying higher rates for extended periods of time. It’s true that if CD rates are, say, 3% a couple of years from now, then a 4.5% yield will look very good. And because falling interest rates tend to drive up bond prices, that’s what they’d likely do.

☆ Financial stability concerns could be on the horizon in Europe, economist says
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancial stability concerns could be on the horizon in Europe, economist saysLudovic Subran, chief economist of Allianz, says food inflation is still worryingly high in Europe and the European Central Bank will announce at least another two interest rate hikes.

☆ Analysis: China's 'atypical' deflation cycle gives central bank a headache
▼ + stars: | 2023-04-19 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

China GDP"China is entering an 'atypical' deflation cycle, which means deflation amid economic recovery," said Jinyue Dong, senior economist at BBVA research. China's new bank lending hit an all-time high in the first quarter. The central bank cut lenders' reserve requirements ratio (RRR) for the first time this year in March. But analysts say that is largely due to last year's low base caused by COVID-19 curbs that hit consumers the hardest, rather than underlying household demand. Reuters GraphicsNew household loans, mainly mortgages and consumer loans, accounted for 16% of total new loans in the first quarter, despite a jump in mortgages in March, while corporate loans made up for the rest.

☆ Morning Bid: Shock and awe - or mayday?
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanMarkets are struggling with whether to be relieved by the sheer scale of Thursday's U.S. bank rescue or be terrified by it. But there was little confidence the rising financial stress would dissipate quickly from here. The discount window jump crashed through a prior record of $112 billion during the banking collapse of 2008. What's more, 75 basis points of Fed rate cuts are still priced between a peak of 5% in May to yearend. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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