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☆ Analysis: Russian economy holding up but the road back to prosperity may be long
▼ + stars: | 2023-02-23 | by ( Alexander Marrow | ) www.reuters.com time to read: +6 min

"The Russian economy and system of governance proved to be much stronger than the West supposed," President Vladimir Putin told Russia's political, military and business elite this week. 'GUNS NOT BUTTER'He also argued for sustainable domestic development and a self-sufficient economy, recalling a criticism levelled against Soviet leaders so focused on military spending they ignored people's welfare. But Russia is ramping up military spending, and diverting funds from hospitals and schools will ultimately hamper the development of civilian economic infrastructure. Prokopenko, who also highlighted the opportunity cost to the economy, said Russia's financial leadership had become used to navigating crises. Putin can be proud of his 'Fortress Russia' that his financial leadership built for him," she said.

☆ Permitted share of China's yuan in Russian wealth fund doubled to 60% -finmin
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

The ministry said the permitted share of gold in the NWF would also be doubled, to 40%. "The Russian finance ministry is continuing its consistent reduction of the share of currencies of 'unfriendly' states in the structure of the National Wealth Fund's assets," the ministry said in a statement. "In order to hedge exchange rate risks, we have always (replenished the NWF) in foreign currency," Siluanov said earlier this week. "From among the currencies of 'friendly' countries, the yuan has the characteristics of a reserve currency to the greatest extent, as well as sufficient liquidity in our domestic foreign exchange market," he added. The Moscow Exchange, Russia's largest bourse, said yuan-rouble trading volumes would surpass dollar-rouble trading volumes next year as financial links between Moscow and Beijing continue to intensify.

☆ Hungary government raises the capital of state-owned energy company
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Dec 23 (Reuters) - The government of Hungary decided to raise the capital of state-owned energy company MVM Zrt by 41 billion forint ($108.79 million) to 849.4 billion forints, the company said on Friday in a statement on the stock exchange's website. Hungary is highly dependent on Russian oil and gas imports, and soaring energy prices caused the budget and current account deficit to balloon this year, posing a challenge to Prime Minister Viktor Orban's government. Hungary will likely have to pay 17 to 20 billion euros for its energy bill next year, Orban said on Wednesday, adding that his government would raise the necessary financing in the market. The deal allows MVM to pay for the gas over the coming three years if prices surge. High energy prices also forced the government to end a decade-long policy and scrap an energy price cap for high-usage households from August.

☆ Fitch affirms United Kingdom rating at 'AA-'
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Peter NichollsDec 9 (Reuters) - Rating agency Fitch maintained United Kingdom's sovereign debt rating at "AA-" on Friday, citing Prime Minister Rishi Sunak's macroeconomic policy framework, deep capital markets and the sterling's international reserve currency status. The agency affirmed its outlook for the country at "negative", due to high public and external debt, as well as rising energy prices. Despite concerns about a potential recession, investors have pinned hopes that the new government leadership will reinstill confidence in the country's fiscal health. "The new fiscal strategy has contributed to improved financial markets confidence," Fitch said. The agency also affirmed Bank of England's rating at "AA-", with a negative outlook.

☆ Moody's sees 'very high' foreign exchange risk for banks in Ukraine, Turkey
▼ + stars: | 2022-12-05 | by ( Seher Dareen | ) www.reuters.com time to read: +2 min

LONDON, Dec 5 (Reuters) - Banks in countries such as Ukraine and Turkey face a "very high" risk from restrictions on capital flows, weak international reserves and a high level of foreign currency debt, Moody's Investors Service said in a report on Monday. "The banks become vulnerable to an increase in defaults on foreign currency loans granted to unhedged borrowers which hurts the banks' profitability, while their liquidity and capital can also come under pressure." MSCI's index of emerging market currencies (.MIEM00000CUS) is on course for its sharpest drop since 2015. "Altogether 20 banking systems face high or very high foreign-currency risk," the report added. Foreign exchange risk is at the lowest in emerging markets such as Chile, Ivory Coast and Indonesia.

☆ Singapore's deputy prime minister calls FTX loss 'disappointing,' pledges to improve the process
▼ + stars: | 2022-11-30 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Lawrence Wong, Singapore's finance minister, speaks during the Bloomberg New Economy Forum in Singapore, on Thursday, Nov. 17, 2022. Bryan van der Beek | Bloomberg | Getty ImagesTemasek's investment loss of $275 million in the collapse of cryptocurrency exchange FTX was "disappointing" and damaging for Singapore, said Deputy Prime Minister and Finance Minister Lawrence Wong. What happened with FTX therefore has not only caused financial loss to Temasek, but also reputational damage. "What happened with FTX therefore has not only caused financial loss to Temasek, but also reputational damage," Wong said. The FTX loss will also not impact the net investment returns of Singapore's reserves, which are "tied to the overall expected long term returns of our investment entities and not to individual investments."

☆ Big Czech crown interventions less likely, central banker says
▼ + stars: | 2022-11-13 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

Czech Crown coins and notes are seen in this picture illustration taken April 1, 2017. In July, the Czech National Bank (CNB) used 10 billion euros ($10.35 billion) of its massive international reserves to support the crown. Intervention amounts eased to 2.6 billion euros in September, according to bank data. Interventions have kept the crown in a tight range and on the strong side of 24.78 since they started. The CNB’s reserves dropped to 131.6 billion euros at the end of October, or about 48% of expected 2022 gross domestic product, from 160.4 billion euros seen in April.

For the second time in less than three years, the Bank of England has made an emergency intervention in the market for UK government bonds. Investors rushed to liquidate assets, including money market funds which held UK government bonds. The latest intervention was triggered by excessive leverage in UK pension funds, which had borrowed to boost returns using a strategy known as liability-driven investing (LDI). To prevent future blow-ups, regulators could cap money market funds’ exposure to less liquid assets, reducing the risk of a run by investors. Financial market regulators in European fund centres like Ireland and Luxembourg have stepped up surveillance of LDI strategies used by UK pension funds, the Financial Times reported on Oct. 28.

☆ Breakingviews: Bank of Japan fiddles while bond market burns
▼ + stars: | 2022-10-31 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

HONG KONG, Oct 31 (Reuters Breakingviews) - Bank of Japan (8301.T) Governor Haruhiko Kuroda is playing with forex fire. With consumer costs spiking in Western economies, the Federal Reserve has been hiking borrowing rates, but in Japan inflation remains relatively tepid and growth anemic. Annual consumer inflation, at 3%, is subdued by global standards, but it is not the kind of demand- and wage-driven price rises the Bank of Japan has been trying to deliver. The central bank already owns roughly half of the total sovereign market; its holdings of long-term government bonds have risen to 560 trillion yen ($3.8 trillion) in 2022 from 40 trillion yen in 2008. Japan’s annual consumer inflation rate was 3% in September.

☆ Bank of Japan fiddles while bond market burns
▼ + stars: | 2022-10-31 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

☆ Kenya's drought wipes out 2% of the world's rarest zebras
▼ + stars: | 2022-10-05 | by ( Nimi Princewill | ) edition.cnn.com time to read: +5 min

The Grevy Zebra, the world’s rarest of the zebra species, has been the worst hit species by the drought. “If the approaching rainy season fails, Grevy’s zebra face a very serious threat of starvation,” she said. “Since June, we have lost 58 Grevy’s zebra and mortality cases are rising as the drought intensifies.”Even the most drought-resistant animals are impacted. The Grevy’s Zebra Trust says it is helping endangered species survive the drought through supplementary feeding. The Grevy's Zebra Trust provides supplementary hay to help endangered Grevy's zebra survive the drought crisis in Northern Kenya.

☆ Analysis: Central Europe's policymakers try to call time on rate hikes
▼ + stars: | 2022-09-27 | by ( Jason Hovet | ) www.reuters.com time to read: +5 min

Czech Crown coins are seen in front of a displayed logo of Czech central bank (CNB) in this picture illustration taken April 1, 2017. Whether it can do so will depend much on wage pressures subsiding and how much a weakening market mood will hurt its currencies. "In Hungary, I think there is still road ahead (for rate hikes)," Juraj Kotian, an economist with Erste Group Bank, said. read moreAnalysts, though, see further rate hikes even after Tuesday. In August, the inflation rate slowed to 17.2% - the first sign of a price peak in central Europe.

☆ Ireland to tap surplus, taxes on suppliers for any future energy measures -finance minister
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Sept 27 (Reuters) - Ireland will tap surplus funds not stashed away in its national reserve fund if consumers or businesses need further help with energy bills beyond March next year, Finance Minister Paschal Donohoe said on Tuesday. "The first port of call for that will be the surplus we still believe we will have," Donohoe told a news conference when asked if he would tap the planned 6 billion euro national reserve fund in the first instance. "The second port of call will be either our participation in the EU wide energy tax measure that may come in and if that is not forthcoming, the government has committed today to bringing forward our own domestic tax raising measure from the energy sector." Register now for FREE unlimited access to Reuters.com RegisterReporting by Padraic Halpin Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ IMF staff back $4 billion tranche for Argentina, praise 'decisive' steps
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Demonstrators sit near the National Congress as the senate debates the government's agreement with the International Monetary Fund (IMF), in Buenos Aires, Argentina March 17, 2022. REUTERS/Agustin MarcarianBUENOS AIRES, Sept 19 (Reuters) - The International Monetary Fund (IMF) has reached a staff-level agreement on Argentina's $44 billion extended fund facility arrangement,which should unlock nearly $4 billion in funds for the country, the lender said on Monday. Argentina, a major grains producer, struck a new IMF deal earlier this year to replace a huge failed program from 2018. "A subsequent period of FX and bond market volatility has been arrested following decisive policy steps to correct earlier setbacks and rebuild credibility." On Argentina's reserves, which have proven hard to rebuild, the IMF said that they should still rise by some $9.8 billion in the 2022-23 period, in line with program targets.

☆ Kenya: Drought and soaring grain prices fuel insecurity
▼ + stars: | 2022-08-02 | by ( Sam Kiley | ) edition.cnn.com time to read: +8 min

Just as in west Africa, Kenya's problems are being deepened by climate change. A malnourished child being measured in Ileret, northern Kenya. Members of Akuagok's tribe, the Daasanach, crowded around her shouting their own stories of loss -- loss of friends to illness perhaps caused by hunger, loss of animals, and how now, even when they make a very little cash, it's never enough to get by. A mother feeding her malnourished child in Ileret, northern Kenya. The combination of drought, soaring food and fuel prices due to a distant war, a burgeoning population, and civil wars on Kenya's doorstep is an incendiary mix.

☆ Father's Day: 5 animal dads worse than you
▼ + stars: | 2022-06-19 | by ( Kristen Rogers | ) edition.cnn.com time to read: +5 min

Glenn Boozan's "There Are Moms Way Worse Than You: Irrefutable Proof That You Are Indeed a Fantastic Parent" features a few "bad" animal fathers, too. Workman PublishingQuestionable animal fathers include grizzly bears that eat their young when food is scarce, and lions that primarily stand guard and look tough while female lions venture out to hunt and kill. Male pipefish that were less interested in the pipefish mothers were less nurturing toward their young, investing fewer resources in them. David Tipling/Education Images/Universal Images Group/Getty Images“Horses seem like super dads, but, eh, they’re not the best,” Boozan wrote. “Buying a specific swaddling blanket or a different kind of Binky isn’t going to make you a better or worse parent,” Boozan said.

Persons: Glenn Boozan’s, ” Priscilla Witte, Glenn Boozan's, ” Boozan, Pipefish, David Tipling, “ They’ll, Diamanto, can’t, Guenter Fischer, “, Boozan Organizations: CNN, Workman Publishing, M University, Royal Society B, Stallions, Diversity, University of Michigan’s Museum of Zoology Locations: Stigmatopora, Edithburgh, Yorke, South Australia, Texas, Camargue, Provence, France, Peru

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