DIRS.INFO The most relevant business & tech news

☆ 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

☆ Storms, Rising Seas and Salty Drinking Water Threaten Lower Louisiana
▼ + stars: | 2023-11-15 | by ( Jacey Fortin | ) www.nytimes.com time to read: +1 min

But the reprieve to New Orleans meant little to those who live south of the sill. The corps shipped fresh water to treatment plants in lower Plaquemines, and parish officials used booster pumps to pull water from upstream. In mid-October, they told residents that the water was finally safe. Ironton’s water is piped from upstream, and like New Orleans, the salt did not reach it this fall. But residents say that after decades of neglect, they avoid drinking the water anyway.

Persons: “, Ms, LeFort, “ I’m, Ike, Isaac, Ida, Wilkie Declouet, Declouet Organizations: Hurricanes, Deepwater Locations: New Orleans, Ironton

The U.S. Supreme Court building is seen on the day that Justices Clarence Thomas and Samuel Alito released their delayed financial disclosure reports and the reports were made public in Washington, U.S., August 31, 2023. The court released its code "to set out succinctly and gather in one place the ethics rules and principles that guide the conduct of the members of the court," according to a brief introductory statement. Unlike other members of the federal judiciary, the Supreme Court's life-tenured justices had long acted with no binding ethics code. Most of the ethics revelations in recent months involved Justice Clarence Thomas, one of the court's most conservative members. The issue had become an political flashpoint, with Democrats in Congress calling on the court to adopt an ethics code, while many Republicans viewed the ethics narrative involving the court as cooked up by liberals upset at its rightward leanings.

Persons: Clarence Thomas, Samuel Alito, Kevin Wurm, Thomas, Harlan Crow, ProPublica, Koch, Anthony Welters, Andrew Chung, Will Dunham Organizations: U.S, Supreme, REUTERS, Rights, Republicans, Democrats, Thomson Locations: Washington , U.S, Texas, New York

☆ Kentucky Governor Election Results
▼ + stars: | 2023-11-07 | by ( ) www.nytimes.com time to read: 1 min

Andy Beshear, a Democrat, is seeking re-election after an inaugural term buffeted by the coronavirus pandemic and a series of tragic natural disasters across the state. He faces Daniel Cameron, the state attorney general and a Republican widely viewed as a rising star for the party.

Persons: Andy Beshear, Daniel Cameron Organizations: Democrat, Republican

☆ Kentucky Election Results
▼ + stars: | 2023-11-07 | by ( ) www.nytimes.com time to read: 1 min

GovernorGov. Andy Beshear, a Democrat, is seeking re-election after an inaugural term buffeted by the coronavirus pandemic and a series of tragic natural disasters across the state. He faces Daniel Cameron, the state attorney general and a Republican widely viewed as a rising star for the party.

Persons: Andy Beshear, Daniel Cameron Organizations: Democrat, Republican

☆ CNN Poll: Trump narrowly leads Biden in hypothetical rematch
▼ + stars: | 2023-11-07 | by ( Douglas Wood | Jennifer Agiesta | ) edition.cnn.com time to read: +12 min

CNN —One year out from Election Day 2024, former President Donald Trump narrowly leads President Joe Biden, 49% to 45% among registered voters, in a hypothetical rematch in the latest CNN poll conducted by SSRS. And among voters of color generally, women divide 63% Biden to 31% Trump, while men split about evenly, 49% Trump to 46% Biden. Only about half of Democrats (51%) say Biden has the sharpness and stamina to serve, compared with 90% of Republicans who say Trump does. Primary matchups for both parties suggest a Biden vs. Trump election is the most likely scenario as of now. Likewise, the 18% of registered voters who have unfavorable views of both Biden and Trump split 44% Trump, 35% Biden and 17% for someone else.

Persons: Donald Trump, Joe Biden, SSRS, Biden, Trump, –, Jimmy Carter, Kamala Harris, disapprovers, Nikki Haley, Haley, Robert F, Kennedy, Jr, Ron DeSantis, Dean Phillips ’, Marianne Williamson, likelier, Mike Johnson Organizations: CNN, Biden, Trump, Democratic, Carolina Gov, Biden –, GOP, Cornel, Florida Gov, Minnesota Rep, Independents, Republican, Voters, Republicans, Democrats, Democrat Locations: United States, Trump’s

☆ Low probability of a shutdown of the Strait of Hormuz, consultancy says
▼ + stars: | 2023-11-02 | 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 EmailLow probability of a shutdown of the Strait of Hormuz, consultancy saysAndy Lipow, president of Lipow Oil Associates, says the oil market will probably be "buffeted between the headlines we see out of the Middle East and the fear that there might be a supply disruption, and on the other hand, being counteracted by the Fed decision to keep interest rates … higher for a longer period of time."

Persons: Andy Lipow Organizations: Lipow Oil Associates Locations: Hormuz

☆ Orsted’s losing US bets need rethink of UK plans
▼ + stars: | 2023-11-01 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Turbulent news has buffeted the wind sector of late, from faulty turbines at Siemens Energy (ENR1n.DE) to Orsted’s own surprise impairments in August. After that surprise – largely caused by suppliers’ issues – Orsted’s stock price is just a fifth of its 2021 peak of 1,350 Danish crowns. That suggests investors are neither counting on future growth from its U.S. portfolio nor sufficiently factoring in Orsted’s earnings from operating projects. That’s a far cry from the annual average increase of 14% from 2023 onwards implied by Orsted’s EBITDA target of up to 55 billion Danish crowns in 2030. Hornsea Three would require capital investments of 48.5 billion Danish crowns, according to Bernstein.

Persons: Mads Nipper, Nipper, Orsted, Bernstein, Orsted’s, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Siemens Energy, Reuters Graphics Reuters, U.S ., Thomson Locations: SINGAPORE, United States, New Jersey, Danish, U.S . East Coast

☆ Trump’s Bad Week: Ex-Advisers Line Up Against Him
▼ + stars: | 2023-10-26 | by ( Sadie Gurman | Alex Leary | ) www.wsj.com time to read: +1 min

Jenna Ellis, a lawyer who advised Donald Trump during his efforts to overturn his 2020 election loss, pleaded guilty in the Georgia election interference case on Tuesday. Photo: John Bazemore/AFP/Getty ImagesWASHINGTON—Donald Trump has had a tough few days on the legal front, his defense effort buffeted by one blow after another from once-loyal aides. The former president was fined a second time on Wednesday for violating a gag order in a civil-fraud trial where his scorned ex-confidant Michael Cohen said Trump commanded him to “reverse engineer” estimates of his financial wealth. A day earlier it emerged that former White House chief of staff Mark Meadows , once one of Trump’s closest advisers, had been talking to federal prosecutors about the effort to overturn the 2020 election. And the same day a third Trump legal adviser, Jenna Ellis , pleaded guilty in Fulton County, Ga., where Trump is the prime defendant in a racketeering case on similar allegations.

Persons: Jenna Ellis, Donald Trump, John Bazemore, WASHINGTON — Donald Trump, Michael Cohen, Trump, Mark Meadows Organizations: Getty, WASHINGTON, White House, Trump Locations: Georgia, AFP, Fulton County ,

NEW YORK (AP) — Shares fell in Asia as investors braced Monday for an expected invasion by Israel in the Gaza Strip. On Friday, the price of a barrel of benchmark U.S. crude oil jumped $4.78 to settle at $87.69. Early Monday, U.S. crude oil was unchanged while Brent was up 3 cents at $90.92 a barrel. Worries about the war pulled Treasury yields lower, which often happens when investors head for safer investments during times of stress. The yield on the 10-year Treasury fell to 4.63% from 4.70% late Thursday.

Persons: —, Israel, Brent, Korea's Kospi, Australia's, Wells, JPMorgan Chase, Jamie Dimon, Todd Vasos Organizations: Economics, Markets, Nikkei, Nasdaq, Dow, Treasury, United Nations, Federal Reserve, JPMorgan Chase, JPMorgan, UnitedHealth, Wall, Dollar, U.S . Locations: Asia, Israel, Gaza, U.S, Hong Kong, Shanghai, Wells Fargo

☆ Wall Street prepares to dish economic dirt on US
▼ + stars: | 2023-10-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

They are also among the handful of banks which can buy Treasury debt straight from the central bank. That puts leaders like JPMorgan chief Jamie Dimon at the center of the global financial spiderweb. To be sure, the financial statements that the banks will start to release on Friday will be backward-looking. Interest income will reflect the sharp and continued rise of central bank rates, which drag up the price banks must pay for customer deposits and what they charge for loans. It’s a big economic question, since plastic-related debt in the United States hit a record $1 trillion in August.

Persons: Jamie Dimon, Marco Bello, Brian Moynihan’s, Jane Fraser, Wells Fargo, Dimon, Dean Athanasia, Banks, Wells, Peter Thal Larsen, Sharon Lam Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan, Bank of America, Citigroup, of America, Treasury, Citi, Fraser, Reuters Graphics Reuters, Federal Reserve, Federal, Bank of, Reuters Graphics Reuters Graphics Bank, Alpha, Thomson Locations: Miami , Florida, U.S, Wells Fargo, Wells, United States

"The discussion about where the tax burden should fall I think is one that we need to take, not now, but in a little bit (of) time," Gove told Sky News. "I would like to see the tax burden reduced before the next election," he said, adding that workers should be the focus of any such reductions. "Rishi Sunak is desperate for people to think he’s in charge," said Jon Ashworth, a member of leader Keir Starmer's team. Liz Truss, Sunak's predecessor, and other senior Conservative lawmakers signed a letter on Saturday saying they would not support "any new taxes that increase the overall tax burden". "We're not in a position to talk about tax cuts at all."

Persons: Michael Gove, Phil Noble, Gove, Sunak, Rishi Sunak, Opinium, Labour's, Jon Ashworth, Keir Starmer's, Liz Truss, Jeremy Hunt, We're, Elizabeth Piper, Alistair Smout, Andrew MacAskill, Kirsten Donovan, Hugh Lawson Organizations: Britain’s, REUTERS, Conservatives, Labour Party, Sky News, Conservative, Labour, for Fiscal Studies, Thomson Locations: Manchester, Britain, MANCHESTER, England

☆ Officials Urge Moldova to Seize Opportunity for EU Membership
▼ + stars: | 2023-09-30 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

By Alexander TanasCHISINAU (Reuters) - Moldova launched a nationwide discussion on securing European Union membership, with senior officials and academics urging their compatriots to seize every opportunity to join the bloc or run the risk of being left behind or sinking into chaos. Foreign Minister Nicu Popescu launched the discussion on EU membership on Friday, saying that public participation "has a critical meaning in building a more prosperous future within the framework of the community of Europe". The Moscow-sympathetic opposition, thrown out of power by Sandu's landslide 2020 election victory, is sceptical about EU membership. Moldovans, their country wedged between Ukraine and EU member Romania, have proved enthusiastic. Sandu and other officials have suggested that Moldova should forge ahead with its EU membership bid and ignore separatist Transdniestria, much like Cyprus was allowed to join despite the Turkish occupation of its northern regions since the 1970s.

Persons: Alexander Tanas CHISINAU, Maia Sandu, Nicu Popescu, Vlad Culminschi, Transdniestria, Sandu, Ron Popeski, Leslie Adler Organizations: European Union, Moscow's, Institute of Strategic Initiatives Locations: Moldova, Soviet Moldova, Ukraine, Sandu, Russian, Transdniestria, Europe, Moscow, Romania, Cyprus, Soviet Union

☆ Supreme Court ethics concerns aren't going away
▼ + stars: | 2023-09-27 | by ( Andrew Chung | ) www.reuters.com time to read: +5 min

The ethics concerns are not going away, according to legal experts, even as the court in its new term takes up cases that could further expand gun rights and curtail the regulatory authority of federal agencies. Some conservatives view the ethics narrative involving the court as cooked up by liberals upset at its rightward leanings. Supreme Court justices decide for themselves whether to disqualify themselves from cases due to a conflict of interest. Thomas, Alito and lawyers involved in the two cases did not respond to requests for comment. The lack of an ethics code, Fogel added, "will continue to fuel doubts, fairly or unfairly, about the court's integrity."

Persons: Clarence Thomas, Samuel Alito, Jeremy Fogel, drumbeat, John Malcolm, Malcolm, Thomas, Harlan Crow, ProPublica, Koch, Alito, Paul Singer, Singer's, Neil Gorsuch, Sonia Sotomayor, Geoffrey Stone, Fogel, Andrew Chung, John Kruzel, Will Dunham 私たち Organizations: U.S, Supreme, hobnobbing, Judicial, University of California, Berkeley School of Law, Reuters, Heritage Foundation, Singer, Singer's Elliott Investment Management, Windstream, University of Chicago Law Locations: U.S, Texas, Alaska, Chicago, New York, Washington

☆ Yellen says U.S. 'soft landing' can weather strike, govt shutdown, student loan risks
▼ + stars: | 2023-09-19 | by ( David Lawder | ) www.reuters.com time to read: +5 min

U.S. Treasury Secretary Janet Yellen speaks during an interview in New York City, U.S., September 18, 2023. President Joe Biden's administration is working to encourage both sides to resolve the strike quickly, Yellen said. The U.S. Treasury market "continues to function pretty well" despite higher rates and some volatility, she said. But nothing that is really out of line with what you would expect given the volatility in the underlying market," Yellen added. CHINA "DE-RISKING"She said China's economic slowdown would have a limited impact on U.S. growth, echoing recent comments from Deputy Treasury Secretary Wally Adeyemo.

Persons: Janet Yellen, Shannon Stapleton, Yellen, Joe Biden's, Biden, Kevin McCarthy, Wally Adeyemo, Gina Raimondo's, David Lawder, Chizu Organizations: Treasury, REUTERS, . Treasury, Reuters, United Auto Workers, Federal Reserve, UAW, Detroit automakers, Republicans, U.S . Senate, U.S . Treasury, Thomson Locations: New York City, U.S, Detroit, United States, CHINA, China

☆ Amazon devices unit morale wanes amid cuts, weak development pipeline
▼ + stars: | 2023-09-19 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +8 min

Amazon hopes consumers will install Alexa-enabled devices in more rooms of their homes and become accustomed to using the system throughout the day, the sources said. Amazon has said its devices and services business is not profitable, without providing figures. Amazon is set to name as successor Microsoft's Panos Panay who oversaw development of the Surface, according to Bloomberg. Alexa employees were included in rounds of layoffs beginning last year resulting in 27,000 job cuts across Amazon. For years, Amazon has said it can sell devices for close to production cost and see a profit through services offered on them.

Persons: Jeff Bezos, Dave Limp, Alexa, Kinley Pearsall, Amazon, hasn’t, “, ”, Avi Greengart, Limp, Microsoft's Panos Panay, Gregg Zehr, Tom Taylor, Ken Washington, Andy Jassy, Siri, That’s, Bruno Borges, I‘m, Greg Bensinger, Ken Li, Claudia Parsons Organizations: FRANCISCO, Reuters, Alexa, Amazon, Devices, Google, Microsoft, Echo, “, Bloomberg, Astro, Medtronic, Intelligence, Amazon.com, Lightform, Thomson Locations: Amazon’s, Lab126, Alphabet’s, Vancouver, Canada

☆ What China's potential iPhone ban could mean for Club name Apple
▼ + stars: | 2023-09-06 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

AAPL YTD mountain Apple (AAPL) year-to-date performance Beijing's new rules, as reported by the Journal, come weeks before Apple's highly-anticipated launch event for the nascent iPhone 15 on Sept. 12. China accounts for about 40 million to 50 million iPhone units for Apple, according to Bank of America. The firm estimated Wednesday that the reported new Chinese ban could result in a 5 million to 10 million-unit headwind for Apple. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Customers try out new iPhones at an Apple store as iPhone 14 series go on sale on September 16, 2022 in Shanghai, China.

Persons: Apple's, iPhones, Jim Cramer's, Jim Cramer, Jim Organizations: Apple, Street, Huawei, Journal, Bank of America, CNBC, Visual China, Getty Locations: China, Beijing, U.S, India, Shanghai

☆ Morgan Stanley says China is 'overinvested,' but India's the opposite
▼ + stars: | 2023-09-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

CFOTO | Future Publishing | Getty ImagesChina is overinvested as its economy continues to get buffeted — but India has room for investment opportunities, said Morgan Stanley. And then it has this geopolitical cloud over it," said Jitania Kandhari, Morgan Stanley's deputy CIO for solutions & multi-asset and managing director. Jitania Kandhari Deputy CIO at Morgan StanleyKandhari added that India is undersupplied in terms of homes and property, whereas "China has so many excesses." "India's beginning a new cycle on the real estate side — made in India, work from India — with the global centers setting up there," she elaborated. That being said, Kandhari feels that some pockets of China are still investable, hinging on the improvement of the country's economic growth.

Persons: Morgan Stanley, It's, Jitania Kandhari, Morgan Stanley's, Kandhari, CNBC's, Jitania, Morgan Stanley Kandhari, — Organizations: Central, Getty, China Locations: Beijing, China, India, hinging

☆ Asia markets fall as Australia holds rates; investors assess inflation, business activity data
▼ + stars: | 2023-09-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

UBS is sticking by its view of a "softish" landing for the U.S. economy, saying inflation is moving closer to the Federal Reserve's target without a recession this year. "August was a tough month for investors," said Mark Haefele, global wealth management chief investment officer at UBS, noting that the S&P 500 ended last month down 1.6%. Last month's increase in core PCE came out well above the Fed's target, which could sustain the possibility of another rate hike, the analyst said. UBS is also watching for a potential rebound in savings rates and further cooling in the labor market. We expect US Treasury yields to fall by year-end as both US economic growth and inflation moderate," Haefele wrote.

Persons: Mark Haefele, Haefele, — Pia Singh Organizations: UBS, Fed Locations: U.S

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), the country's biggest lender, and Bank of China (BoC) (601988.SS) posted in exchange filings first half profit growth of 1.2% and 0.78%, respectively, from a year earlier. "There are some regional risks that have begun to emerge," Liu said, adding that asset quality has declined slightly but remains under control. BoC's NIM narrowed to 1.67% at end-June from 1.7% at end-March. "Chinese banks are likely to continue to face earnings pressure from margin compression," said Ming Tan, director at S&P Global Ratings.

Persons: Florence, Liu Jiandong, Liu, NIM, BoC's NIM, ICBC, Ming Tan, Tan, BoC's, Ziyi Tang, Engen Tham, Selena Li, Muralikumar Anantharaman, Mark Potter, Kirsten Donovan Organizations: Industrial, Commercial Bank of China, REUTERS, BoC, Commercial Bank of China Ltd, Bank of China, Thomson Locations: Beijing, China, BEIJING, SHANGHAI, HONG KONG, ICBC's

☆ Hawaii’s Big Utility Pushes Back on Blame for Deadly Wildfire
▼ + stars: | 2023-08-28 | by ( Ivan Penn | More About Ivan Penn | ) www.nytimes.com time to read: +1 min

Even before the inferno that engulfed the Maui resort of Lahaina is fully contained, local officials and Hawaii’s leading utility are at odds over a fundamental question: Did a single fire break out in the hills overlooking the town on the fateful day, or were there two? The answer may be crucial to establishing the cause of the disaster and the liability for it. The utility, Hawaiian Electric, acknowledged for the first time late Sunday that its power lines, buffeted by uncommonly high winds, fell and ignited a fire early on the morning of Aug. 8. But the company said that by 6:40 a.m. — minutes after the first reports of a fire — the windstorm had caused its lines in the area to shut off automatically. The cause of that fire, the utility said, “has not been determined.”

Persons: “, ” Organizations: Electric, Maui County Department of Fire Locations: Lahaina, Maui County, midafternoon

☆ BoE's Broadbent: Rates may have to stay high 'for some time yet'
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +3 min

The Bank of England's Deputy Governor, Monetary Policy, Ben Broadbent speaks at a press conference at the Bank of England, London, Britain, May 11, 2023. The BoE said earlier this month that borrowing costs were likely to stay high for some time as it raised rates for the 14th time in a row. Investors expect another increase in the BoE's Bank Rate to 5.5% from its current level of 5.25% on Sept. 21, after the next scheduled meeting of the Monetary Policy Committee. Broadbent said the BoE's stance on interest rates would respond to "the evidence on spare capacity, and to indicators of domestic inflation, as and when it comes through." The chair of the Federal Reserve, Jay Powell, told the Jackson Hole gathering of central bankers on Friday that the Fed may need to interest rates further.

Persons: Ben Broadbent, Henry Nicholls, JACKSON, Broadbent, BoE, Jay Powell, Jackson, William Schomberg, Paul Sandle, Christina Fincher Organizations: of England's, Monetary, Bank of England, REUTERS, Federal Reserve, Thomson Locations: London, Britain, , Wyoming, United States, Ukraine, BoE's, Russia

Hawaiian Electric CEO Shelee Kimura received a cash bonus in 2022 based on her performance against 10 measures including profit and customer satisfaction. Wildfire risk mitigation was not on the list, according to the utility’s pay disclosures. Wildfire risk had been a concern for several years before the blaze ripped through Lahaina, a historic resort town in Maui. Idacorp declined to comment on its pay practices and how they relate to wildfire mitigation. “You don’t want a wildfire disaster to be the catalyst for a change in public policy,” said Glazer, who supports linking executive pay to wildfire mitigation.

Persons: Mike Blake, ”, Alison Silverstein, Shelee Kimura, Kimura, “, Michael Cerasoli, Michael Underhill, Brian Buckham, ” Buckham, Idacorp, Larry Glazer, Glazer, Tim McLaughlin, Tom Hals, Peter Henderson, Noeleen Walder, Rich Valdmanis, Marguerita Choy Organizations: Workers, REUTERS, Hawaiian Electric, U.S . Federal Energy Regulatory, Electric, Hawaii Wildfire Management Organization, San Diego Gas &, Global Renewable Energy Income Fund, Reuters, Capital Innovations, SEC, Portland General Electric Co, Boston’s Mayflower Advisors, Thomson Locations: Lahaina, Maui, Hawaii, U.S, California, Honolulu, Maui ., Idaho , Oregon, Washington, Idaho

But signs of a slowdown are mounting, highlighting the BoE's dilemma as it continues to grapple with inflation. But the BoE looks set to keep on raising rates with inflation still more than three times its 2% target. Below are key readings of Britain's economy that the BoE will assess before its next scheduled announcement on interest rates on Sept. 21. But many analysts expect the lagged impact of the BoE's rate rises to hit spending soon, adding to the drag on the economy. Many economists think the delayed impact of higher interest rates and still elevated inflation will hit growth in the coming months.

Persons: Dado Ruvic, BoE, Andrew Bailey, GfK, Sumanta Sen, Devika Organizations: REUTERS, Bank, Bank of England, Brexit, P, CIPS, Nationwide, Halifax, Reuters Graphics LABOUR, Employers, European Union, Reuters, Reuters Graphics, Thomson Locations: Britain

China cut its one-year benchmark lending rate on Monday, which is set to further weigh on banks' NIM. Chinese commercial banks' NIM shrank sharply to 1.74% last quarter from 1.91% at the end of 2022, official data showed. Shares of China's biggest five banks have been sliding since early May amid concerns over the weakening economy. Debt-laden municipalities represent a major risk to China's economy and financial stability, after years of over-investment in infrastructure and plummeting returns from land sales. Still, there's really no getting around the fact that banks will need to sacrifice profitability to support the economy this year," Beddor added.

Persons: Florence, headwinds, Gary Ng, NIM, Christopher Beddor, there's, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Himani Organizations: Bank of Communications, Fair for Trade, Services, REUTERS, China Construction Bank, Corporate, Investment Banking, Industrial, Commercial Bank of China, Bank of Communications Co, Agricultural Bank of China, JPMorgan, Thomson Locations: Beijing, China, BEIJING

Search resuls for: "buffeted"

25 mentions found