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There is no suggestion the trades break sanctions, although they may make it difficult for sanctions enforcement agencies in Europe and the United States to track Russian oil transactions and prices. The new trading network and practices raise financial risks for Russian oil companies dealing with unknown entities with limited credit history. "We recognise that (sanctions on Russia are) going to change the shape and structure of the Russian oil markets," the official told reporters. In May, Russian seaborne oil supplies to India, which was a rare buyer of Russian oil before the war, reached a record of 1.95 million bpd while China imported 2.29 million bpd. A source with one major Russian oil company said his company was prepared to deal with higher credit risks from buyers for the sake of having stable and rising oil exports.
Persons: Russia's, Rosneft, Everest, Coral, Washington, Lukoil, Dmitry Zhdannikov, Nidhi Verma, Timothy Gardner, Laura Sanicola, Simon Webb, Frank Jack Daniel Our Organizations: NEW, Liberian, Reuters, Shell, Group, European Union, Bellatrix Energy, Leopard, Guron, SEA, Coral Energy, Everest Energy, U.S . Treasury, EU, UK, Treasury, UAE dirham, Shipping, Hindustan Petroleum, Gazprom Neft, Covart Energy, Orion Energy, Media, Rosneft, Nidhi, Thomson Locations: Russia, Ukraine MOSCOW, NEW DELHI, Russia's Ust, Hong Kong, India, Moscow, Asia, Ukraine, Refinitiv, Europe, United States, Australia, China, U.S, UAE, Dubai, Visakhapatnam, Surgutneftegaz, Russian, Geneva, Singapore, Rosneft, Venezuela, MOSCOW, LONDON, Washington, New York
The steady stream of Chinese shipments has served to plug supply gaps in Western markets and helped replenish depleted London Metal Exchange (LME) stocks. China's export impulse is keeping the local market tight, which appears to be attracting a lot of speculative attention to the Shanghai lead contract. The three top destinations over the first half of 2023 were Taiwan (17,500 metric tons), Vietnam (16,100 metric tons) and Bangladesh (10,300 metric tons). LME STOCKS REBUILDSome of China's outbound shipments have been trickling into the LME warehouse system. ShfFE lead price, MOI and stocksCHINA TIGHTNESSWhile LME stocks have been rising, ShFE inventory has been sliding.
Persons: It's, Emelia Sithole Organizations: London Metal Exchange, Shanghai Futures Exchange, China, Reuters, Thomson Locations: Shanghai, China, Europe, United States, Asia, Taiwan, Vietnam, Bangladesh, Kaohsiung, Singapore, Stolberg, MOI, CHINA, London
Morgan Stanley wants more partnerships with tech vendors focused on cloud, data, and AI. Two years before OpenAI ballooned into the artificial intelligence juggernaut it is today, Sean Manahan's team at Morgan Stanley met with what was then an up-and-coming research nonprofit. For its part, Morgan Stanley is capitalizing on its ties with OpenAI to supercharge the bank's lucrative wealth-management business. Morgan Stanley's tech strategy is about 80% buy to 20% building tech inhouse and the pipeline of tech vendors has exploded. Morgan Stanley, like every other finance firm on the Street, has also moved to the cloud.
Persons: Morgan Stanley, Sean Manahan, OpenAI, Sean Manahan's, OpenAI's ChatGPT, Manahan, he's, Morgan Stanley's, it's, fintechs, They're, VCs, Morgan Organizations: Stanford, Microsoft, Investors, Amazon Web Services, Google, Apple
Exports last year were 94 metric tonnes, up 25% on 2021. Last year's exports totaled 44 metric tonnes in both wrought and unwrought form. As of September 2022 the DLA was storing 14 metric tonnes of germanium metal and 6.9 metric tonnes of scrap. An outright ban could be counter-productive, as China found out when it halted exports of rare earths to Japan in 2010. China has no shortage of pressure points to push, from rare earths to cobalt to lithium and even electric vehicle batteries.
Persons: Germany's, Wei Jianguo, Barbara Lewis Organizations: U.S, Chips, Export, United States Geological Survey, Alliance, Defense Logistics Agency, Teck Resources, Agency, Solutions, Democratic, Gecamines, World Trade Organization, China, Toyota, Honda, Audi, Commerce, China Daily, Reuters, Thomson Locations: U.S, China, United States, Teck, NYR.BR, Clarksville, Tennessee, New York, Australia, Europe, Democratic Republic of Congo's, Russia, Japan, Beijing, West
[1/4] Israeli Prime Minister Benjamin Netanyahu arrives for a briefing near the Salem military post between Israel and the West Bank, Tuesday, July 4, 2023. Marshoud was named by the militant Islamic Jihad group as one of four of its members killed on Monday during Israel's assault in Jenin refugee camp. At least 11 Palestinians have been killed during Israel's operation that began on Monday, one of its biggest in the West Bank in years. The Israeli military has said it had confirmation of nine Palestinians killed by its forces, saying all were combatants. U.N. aid agencies voiced alarm at the scale of the Israeli operation.
Persons: Benjamin Netanyahu, Shir, Marshoud, Marshoud's, Hussam, Israel, Jamal Hamdan, Jihad Hassan, Hassan, Ali Sawafta, Nidal, Mustafa Abu Ganeyeh, James Mackenzie, Tom Perry, Gareth Jones Organizations: West Bank, Islamic, Palestinian, Residents, Thomson Locations: Israel, JENIN, West, Jenin, Iran, Gaza, Palestinian, Jerusalem
The increase in Los Angeles mirrors trends playing out in cities across the country, including Phoenix, as a housing shortage has led to rising costs, squeezing families. In Los Angeles, volunteers fan out over a couple of nights each January to visually count people who appear to be living outdoors or in vehicles. Washington, D.C., has already reported an increase of 11 percent, while the Phoenix area said its homeless population was up 7 percent. Los Angeles is hardly the only American city to struggle with homelessness, but its homeless population is disproportionately large, and about 30 percent of the nation’s homeless population lives in California. As a result, Los Angeles is a kind of large-scale test case for which solutions work and which don’t.
Persons: Karen Bass, , Adams, Bass, ” Ms Organizations: University of California, Homeless, Washington , D.C Locations: Los Angeles, Phoenix, San Francisco, California, Washington ,, Chicago, New York, Los Angeles County
AI-only work is banned, but some music created with AI help may qualify in certain categories, the academy's updated rulebook reads. "A work that contains no human authorship is not eligible in any categories." Music creators must now contribute to at least 20% of an album to earn a nomination. WGA writers went on strike in early May and have yet to agree with studios on the use of AI, among other issues. Actors could go on strike as well if SAG-AFTRA cannot reach a deal over similar concerns.
Persons: OpenAI, Danielle Broadway, Richard Chang Organizations: Recording Academy, Microsoft Corp, Guild of America, Screen Actors Guild, WGA, SAG, Thomson
June 16 (Reuters) - "Only human creators are eligible" for the Grammy Awards, the Recording Academy declared on Friday, as the body that grants the world's most recognized music awards seeks to curb the use of artificial intelligence (AI) in the industry. AI-only work is banned, but some music created with AI help may qualify in certain categories, the academy's updated rulebook reads. Music creators must now contribute to at least 20% of an album to earn a nomination. The first Grammy Awards ceremony took place in 1959, to reward music creators from 1958. WGA writers went on strike in early May and have yet to agree with studios on the use of AI, among other issues.
Persons: OpenAI, Danielle Broadway, Richard Chang, David Gregorio Our Organizations: Recording Academy, Microsoft Corp, Writers Guild of America, Screen Actors Guild, WGA, SAG, Thomson
REUTERS/Blair GableOTTAWA, June 7 (Reuters) - Hundreds of uncontrolled forest fires blazed across Canada on Wednesday, threatening critical infrastructure, forcing evacuations and sending a blanket of smoky air wafting over U.S. cities. Quebec Premier Francois Legault earlier said the province was able to fight 40 fires at the same time. Canadian Prime Minister Justin Trudeau said he spoke with U.S. President Joe Biden by phone on Wednesday to thank him for "critical support" in tackling the blazes. These fires are affecting everyday routines, lives and livelihoods, and our air quality," Trudeau said in a statement on Twitter. We will be facing more and more extreme weather events that will cost us a lot more," Prime Minister Justin Trudeau told the briefing.
Persons: Blair Gable OTTAWA, Bill Blair, Blair, Quebec Premier Francois Legault, Justin Trudeau, Joe Biden, Trudeau, Legault, Ismail Shakil, David Ljunggren, Nia Williams, Deepa Babington, Diane Craft Organizations: REUTERS, Quebec Premier, Canadian, U.S, Twitter, Residents, Thomson Locations: Centennial, Township, Greater Madawaska , Ontario, Canada, Quebec, U.S, New Brunswick, France, United States, Portugal, Spain, Mexico, Chibougamau, Ontario, Canada's, Ottawa, Toronto, British Columbia
REUTERS/Maye-E WongOTTAWA, June 7 (Reuters) - Firefighters battled hundreds of forest blazes on Wednesday as Canada's worst-ever early season wildfires prompted the evacuation of thousands and a blanket of smoky air wafting over U.S. cities. There are fires in nearly all of Canada's provinces and territories, with the eastern province of Quebec among the worst affected. The province, Canada's second-most populous, has suffered four times its 10-year average of wildfires so far this year. In neighboring Ontario province, Canada's most populous, deteriorating air quality has been forecast this week in cities including Ottawa and Toronto due to smoke plumes. Wildfires are common in Canada's western provinces, but this year flames have mushroomed rapidly in the country's east.
Persons: Wong OTTAWA, Francois Legault, Legault, Ismail Shakil, David Ljunggren, Deepa Babington Organizations: REUTERS, Firefighters, Residents, Thomson Locations: Manhattan, Canada, New York City , New York, U.S, Quebec, Canada's, New York, New Brunswick, France, United States, Portugal, Spain, Mexico, Chibougamau, Ontario, Ottawa, Toronto
A super-charged two-year rally, which saw Chinese spot lithium carbonate prices rise by tenfold, went into brutal reverse over the first part of this year. The slump in China's spot price dragged down the whole lithium pricing chain from spodumene concentrate to hydroxide, albeit to highly varying degrees. But lithium's roller-coaster ride highlights the important role China's spot market and the Wuxi futures exchange play in the fast-growing industry's price discovery process. Many lithium buyers, in other words, will be paying higher prices this year whatever happens in the Chinese spot market. The collapse in China's spot price has far exceeded the decline in the price of Australian spodumene, another closely tracked market indicator.
Outright short positions have mushroomed by 68% to 58,157 contracts in the space of three weeks. Outright long positions have been scaled back to 41,987 contracts, almost half the level of the February peak when investors were betting on a full-throttle post-COVID recovery in China. Fund managers are now net short of CME copper to the tune of 16,170 contracts, the largest collective bear bet since August last year. Investment funds have slashed their net long positioning from 25,737 contracts on April 14 to just 4,813 contracts as of May 5. Investment funds slash LME copper long positions as mood turns bearishWEAK RECOVERYChina's recovery from the stringent zero-COVID policy of last year has so far fallen short of expectations from a metals perspective.
NEW DELHI, May 13 (Reuters) - The Securities and Exchange Board of India (SEBI) has proposed regulating all online platform that offer fractional ownership of real estate assets, in a bid to provide protection to small investors. Fractional ownership typically refers to small investment holdings of real estate assets. The minimum investment on these platforms typically range from 100,000 rupees to 250,000 rupees. The underlying real estate assets offered on these platforms are similar to the real estate or property defined under the REIT Regulations, said SEBI in the discussion paper. Globally such fractional ownership has been in existence since 2015 in markets such as the United States and United Arab Emirates.
Migrant surge expectedThe surge of migrants is expected because Title 42, the Trump-era policy that allowed the government to quickly turn away certain migrants at the border during the Covid-19 pandemic, is expiring. These deployments are not unprecedented in recent years, but this one is notable since it coincides with an expected surge of border encounters. Biden administration’s plan to discourage border crossingsThe administration has tried to discourage migrants from simply crossing the border and promised that people apprehended will be turned away and potentially barred from reentry. Anger from New York’s mayorTexas has been transporting thousands of migrants to cities like New York, Chicago and Washington, DC. “Governor Abbott sent asylum seekers to NY – Black mayor; to Washington – Black mayor; to Houston – Black mayor; to Los Angeles – Black mayor; to Denver – Black mayor.
June 2022*Oversight of compliance monitoring and testing*Sanctions country of interest risk managementMay 2022*Risk management program: Supervisors found that SVB's risk management program was not effective or comprehensive, and resulted in a reactive approach rather than a holistic approach to risk management and reporting to senior management and the board. *Board effectiveness: The board of SVB did not provide effective oversight of the bank's management, and did not hold senior management accountable for executing a sound risk management program. November 2021* Enhanced liquidity risk management project plan: Fed officials identified weaknesses in the bank's risk management plans and said addressing them "will likely require an accelerated effort." August 2021* Governance process for lending procedures: The Fed found a "critical gap" in underlying documents for SVB's management to implement high-level policy objectives. * Loan risk rating granularity: While the bank's risk ratings were deemed timely and accurate, the system was not "sufficiently granular" for a bank of its size.
Red flags galore: Fed officials cited SVB 31 times
  + stars: | 2023-04-28 | by ( ) www.reuters.com   time to read: +4 min
June 2022*Oversight of compliance monitoring and testing*Sanctions country of interest risk managementMay 2022*Risk management program: Supervisors found that SVB's risk management program was not effective or comprehensive, and resulted in a reactive approach rather than a holistic approach to risk management and reporting to senior management and the board. *Board effectiveness: The board of SVB did not provide effective oversight of the bank's management, and did not hold senior management accountable for executing a sound risk management program. November 2021* Enhanced liquidity risk management project plan: Fed officials identified weaknesses in the bank's risk management plans and said addressing them "will likely require an accelerated effort." August 2021* Governance process for lending procedures: The Fed found a "critical gap" in underlying documents for SVB's management to implement high-level policy objectives. * Loan risk rating granularity: While the bank's risk ratings were deemed timely and accurate, the system was not "sufficiently granular" for a bank of its size.
Collisions are more likely in such cases, raising the odds of a devastating oil spill. It’s also harder to tell whether the vessels with murky ownership comply with the strict rules governing oil transfers at sea, according to Kenney. Group of Seven nations have imposed a cap on the price of Russian oil and oil products, and a smaller pool of buyers can also negotiate greater discounts. China’s imports of Russian oil in the first quarter of the year rose 38% compared with a year prior, according to Kpler data. As trade of Russian oil has become more complex, many Western shippers have pulled back.
Getir, one of the biggest remaining grocery apps, has raised $500 million, per sources. But its valuation has been almost halved to around $6.5 billion, from $11.8 billion. Other existing shareholders added another $150 million to $200 million to the round, two further sources said. The deal is a 45% markdown on the $11.8 billion price tag that was placed on Getir during its last fundraise in March 2022. Getir could have been valued even lower but the deal came with a high liquidation preference, the sources added.
But it serves to highlight the importance of one of the most inaccessible parts of southeast Asia to the global tin supply chain. Imports from Myanmar grew from 30,000 tonnes in 2012 to 89,000 tonnes in 2013 and mushroomed to almost 500,000 tonnes in 2016. CHINESE DEPENDENCEThe Myanmar tin boom occurred at the right time for China's tin smelters, many of which were struggling to bring on new mining capacity as Beijing steadily tightened environmental controls on the mining sector. However, the threat alone underscores the fragility of tin supply at a time when Indonesia, the largest exporter of the metal in refined form, is mulling an export ban to stimulate the build-out of downstream processing capacity. This is probably not going to be the last time tin gets spooked by unexpected news from Myanmar.
Uber Eats is taking thousands of online-only brands off its app this week out of concern that the platform is getting clogged by restaurants listing multiple delivery options with different names but the same menu. So-called virtual brands—delivery businesses without physical storefronts—mushroomed on delivery apps during the pandemic, becoming a lifeline for eateries who used their empty kitchens and idle staff to test new ideas and make up for lost sales.
Warren Buffett missed out on a monster return by not betting on Tesla early on, Elon Musk says. The famed investor and Berkshire Hathaway CEO could have achieved a similar result by simply betting on Tesla early on, Elon Musk says. He was commenting on a video clip showing how Berkshire's stock portfolio has changed over the last three decades or so. Buffett won't be kicking himself too hard, given Berkshire's stock portfolio ballooned in value by more than 20-fold between 1994 and the end of 2022. Buffett and Munger might have made more money on Tesla stock, but they were never likely to join the ranks of Musk's shareholders.
LONDON, March 27 (Reuters) - Funds have dumped their bets on higher copper prices as the turbulence triggered by the collapse of Silicon Valley Bank continues to roil financial markets. The investment community has turned net short of CME copper for the first time in five months, while funds have cut their long exposure on the London Metal Exchange (LME). Investors' negativity towards Doctor Copper contrasts with the bullish headlines generated by the FT Commodities Global Summit. Investment funds bought into copper in January, the net long position expanding from 11,830 to 32,397 contracts at the end of the month. Bulls such as Trafigura and Goldman Sachs contend it's a very thin inventory cushion if China rediscovers its copper mojo.
Since then, critics say those schemes have come back to bite the economy by ramping up competition for scarce housing - fuelling inflation and piling pressure particularly onto young, local, entry-level workers. Rents in Lisbon have jumped 65% since 2015 and sale prices have sky-rocketed 137%, figures from Confidencial Imobiliario, which collects data on housing, show. Locals struggled to keep up in a country where public housing only represents 2% of the property market, according to government data. The average rent for a one-bedroom flat in Lisbon is around 1,350 euros, a study by housing portal Imovirtual showed. "If housing stays this expensive or gets worse, (foreign) people ... will start moving back to their own countries."
That reverses a substantial portion of the balance sheet reduction accomplished since last summer. The bank lending facility is backstopped by $25 billion from the Treasury Department’s Exchange Stabilization Fund. Record discount window borrowing was somewhat unexpected as many analysts had thought banks would instead gravitate to the new lending facility. That said, some saw the discount window borrowing surge as a positive by itself. Reuters GraphicsBALANCE SHEET UPSWINGThe surge in emergency lending caused the Fed’s balance sheet to stop shrinking and grow notably larger.
Porn Zoom bomb forces cancellation of Fed’s Waller event
  + stars: | 2023-03-02 | by ( ) edition.cnn.com   time to read: +2 min
A virtual event with Federal Reserve Governor Christopher Waller was canceled on Thursday after the Zoom videoconference was “hijacked” by a participant who displayed pornographic images. It is an incident we deeply regret,” said Brent Tjarks, executive director of the Mid-Size Bank Coalition of America (MBCA), which hosted the event via a Zoom link. More than 220 participants were on the Zoom call at one point before it was terminated. It came under fire over privacy and security issues, including incidents of “Zoom bombing” in which uninvited users entered and disrupted meetings. In response to the disruptions, Zoom rolled out major upgrades, including end-to-end encryption for video calls.
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