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☆ No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

LONDON, April 13 (Reuters) - The latest bid by the world's leading institutions and creditors to speed up debt restructurings and get bankrupt countries back on their feet has been greeted by a mix of cautious optimism and weary scepticism by veteran crisis watchers. The somewhat loose framework around sovereign restructurings has seen Beijing seek to influence the traditional rules of engagement in these processes. The Common Framework platform introduced by leading G20 nations in 2020 aimed to bring all creditors, including China, together and streamline negotiations. Anna Ashton, director of China research at Eurasia Group, said this week’s developments underscored the benefits for China to give some ground on some of its concerns. "China is a difficult partner to talk to but we need China at the table for the solution of debt problems, because otherwise we won't see any progress," Lindner said.

☆ Brent oil prices slip under $72 per barrel amid banking turmoil
▼ + stars: | 2023-03-20 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Brent oil prices logged losses Monday, dropping below $72 per barrel in intraday trade amid turmoil in the banking sector. The Brent contract with May delivery was trading at $71.64 per barrel at 11:00 London time, down by $1.33 per barrel from the Friday close. The front-month April WTI Nymex was at $65.52 per barrel, lower by $1.22 per barrel from the previous settlement. It added that the options market is now intensifying the decline in oil prices through delta-hedging plays. Questions linger over the potential demand boost from a reopening China — the world's largest importer of crude oil, whose buying was reined in for much of last year by Covid-19 restrictions.

"Sterling markets will continue to digest yesterday’s Budget delivered by Chancellor Jeremy Hunt as well as the broader global environment. Markets remain ambivalent whether the Bank of England will raise interest rates next week," said Hann-Ju Ho, senior Economist, Commercial Banking at Lloyds Bank. The European Central Bank (ECB), meanwhile, is a little behind the BoE in its quest to fight inflation. Traders attach a 60% chance of the ECB raising rates by 50 bps on Thursday, with a 40% chance of 25 bps. Money markets show investors expect ECB rates to peak around 3% later this year, compared with a peak of 4% just over a week ago.

Yields on Treasury bonds, meanwhile, increased as investors discounted the likelihood that the Fed would shy away from further rate increases. The Fed's preferred measure of inflation is running at almost three times the central bank's target. Important aspects of both reports, however, moved in the favor of a more tempered Fed policy. Wage growth continued to slow in February, and much of the jump in prices last month was driven by the cost of shelter, an area where Fed officials feel inflation will soon prove to be slowing. "The Fed can support liquidity in the banking system and tighten monetary policy at the same time," Sweet said.

☆ Don't act on new activist push for board seats at Salesforce before earnings, Benioff reaction
▼ + stars: | 2023-03-01 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +8 min

Hedge fund Elliott Management's decision to nominate candidates for Salesforce 's (CRM) board represents an escalation of the activist agitation at the Club holding. The Club generally believes activists' wishes for cost-cutting at Salesforce are positive, as long as Benioff remains at the helm. It's unclear whether Elliott is nominating two or three candidates for Salesforce's board, according to CNBC's David Faber, who broke the story Wednesday morning . Benioff is chairman of Salesforce's board. However, we don't want the activist pressure at Salesforce to cause Benioff to depart the company.

[1/4] People gather for a funeral in a large graveyard, in the aftermath of the deadly earthquake outside Kahramanmaras, Turkey February 17, 2023. The scene in Pazarcik, epicentre of the quake that struck in the dead of night on Feb. 6, captured the struggle facing people trying to find and bury their dead since the disaster, which has killed more than 43,000 in Turkey and neighbouring Syria. Tents had been erected to perform Islamic burial rituals, and to wrap the bodies in a shroud. Ghassals - who prepare bodies for burial in accordance with Islamic rituals - had been working "in rotation as hundreds of bodies piled up at once", he added. On Friday, thousands across Turkey participated in symbolic funerals for the dead who were still under the rubble.

☆ How conflict minerals make it into our phones
▼ + stars: | 2023-02-15 | by ( Katie Brigham | ) www.cnbc.com time to read: +2 min

All of these minerals are found in our electronics and all are considered conflict minerals, due to their potential origin in the Democratic Republic of Congo. In a smartphone, for example, tin is used to solder metal components together, while tantalum is used in capacitors, which store electrical energy. Tungsten is used in the components that make a phone vibrate, and gold is used in circuit board connectors. But consumers still can't be sure if the minerals in their electronics are fully conflict-free, or if the mines where they originated are dangerous, environmentally destructive, or use child labor. So while companies like Apple, Microsoft, Intel and Tesla put out extensive reports on conflict minerals every year, usually stating that there is no reason to believe the minerals they source help to support armed groups, corruption and instability at mine sites means there are no guarantees.

☆ Stock Futures Drop as Investors Eye Fed Meeting
▼ + stars: | 2023-01-30 | by ( Will Horner | ) www.wsj.com time to read: 1 min

U.S. stock futures fell Monday, putting indexes on course to reverse some of their recent gains, as investors grew cautious at the start of a bumper week of central bank meetings and corporate earnings. Global bond yields rose, in turn pressuring valuations for high-growth technology companies, as a surprisingly strong inflation reading from Spain muddied the outlook for interest rates in the eurozone.

☆ Investors wait to hear from Fed Chair Powell at central banking forum
▼ + stars: | 2023-01-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

Powell is set to participate in a panel discussion on central bank independence at an event hosted by Sweden’s central bank, the Sveriges Riksbank. It will also be attended by Bank of England Governor Andrew Bailey and European Central Bank member Isabel Schnabel, among others. That has enabled the Fed to start easing back on the size of its historically high rate hikes meant to cool the economy and fight rising prices. These three central banks are fighting in different conditions, but they share a similar battle strategy: Keep tightening. Thursday’s Consumer Price Index for December — which will be the new year’s first check on inflation — will also provide helpful clues to investors about whether US price hikes are sufficiently cooling.

What people do to their bodies is their own business, but the ubiquity of injections, fillers and surgery in Hollywood creates a trickle-down problem. The longer you stare at your own face, the more you see how you don’t look like your favorite actor — or influencer. In another catch-22, stars also risk backlash if they do get cosmetic surgery — or if fans believe they have. Bullock, like Kidman, has previously denied getting plastic surgery (although she has talked about using something called Epidermal Growth Factor). Steroids have the same pernicious impact in Hollywood as cosmetic surgery, artificially elevating physical expectations and increasing peer pressure to keep up with the new standards.

Incoming House Democratic Leader Hakeem Jeffries told reporters on Tuesday that the long-awaited legislation ought to clear the House in coming days. The bill, which passed the U.S. Senate last week, was designed as a backstop to the 2015 Supreme Court ruling that legalized same-sex marriage nationwide, known as Obergefell v. Hodges. He attributed the shift partly to the fact that such marriages had ceased to be unusual in the United States since the Supreme Court legalized them. "The sky didn't fall because same-sex marriage began happening," said Raushenbush, who is in a same-sex marriage himself. The amendment's support from various religious groups that are theologically opposed to same-sex marriage reflects the fact that attitudes have changed, said Tim Schultz, the president of the 1st Amendment Partnership, which advocates for religious liberty.

REUTERS/Joshua Roberts/File PhotoWASHINGTON, Dec 6 (Reuters) - Passage of a bill protecting federal recognition of same-sex marriages that has the support of both LGBT advocates and religious groups, has been delayed in the U.S. House of Representatives. The bill, which passed the U.S. Senate last week, was designed as a backstop to the 2015 Supreme Court ruling that legalized same-sex marriage nationwide, known as Obergefell v. Hodges. The bill, which was spearheaded by a group of Democratic and Republican senators, gained the backing of several national religious groups. "The sky didn't fall because same-sex marriage began happening," said Raushenbush, who is in a same-sex marriage himself. Other religious groups, such as the Southern Baptist Convention, strongly opposed the legislation even after the religious freedom protections were added.

The Respect for Marriage Act, which passed the U.S. Senate last week, was designed as a backstop to the 2015 Supreme Court ruling that legalized same-sex marriage nationwide, known as Obergefell v. Hodges. The bill, which was spearheaded by a group of Democratic and Republican senators, gained the backing of several national religious groups. He attributed the shift partly to the fact that such marriages had ceased to be unusual in the United States since the Supreme Court legalized them. "The sky didn't fall because same-sex marriage began happening," said Raushenbush, who is in a same-sex marriage himself. Other religious groups, such as the Southern Baptist Convention, strongly opposed the legislation even after the religious freedom protections were added.

☆ Dollar gives back gains, strong wage growth complicates Fed policy
▼ + stars: | 2022-12-02 | by ( ) www.cnbc.com time to read: +3 min

"Stronger-than-expected hiring can buy the Fed more time to stay aggressive," Joe Manimbo, senior market analyst at Convera in Washington, said. But the dollar gave back gains as investors took profits before the weekend and as Fed officials spoke on the outlook. The dollar index was last down 0.13% on the day against a basket of currencies at 104.49, and the euro gained 0.10% to $1.0533. In the 12 months through October, the PCE price index increased 6.0% after advancing 6.3% in September. The next major U.S. economic indicator will be consumer price inflation data due on Dec. 13, one day before the Fed concludes its two-day meeting.

☆ 3 steps that would help 'cure the disease' of the student-debt crisis after Biden's one-time relief, according to experts
▼ + stars: | 2022-11-24 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

"We really need to figure out a way to cure the disease and fix the problem," Levine said. "The rising cost of college can put valuable options out of reach for students who need them the most. Grants, when based on financial need, are a key step toward a more equitable system." Biden noted his plan was a "one-time" relief measure and borrowers would not see another broad loan forgiveness action during his term. While its implications are significant — the relief would wipe out the entire balances for 20 million borrowers — it's currently blocked.

☆ 'The Wonder': Florence Pugh's performance makes eerie drama essential viewing
▼ + stars: | 2022-11-16 | by ( Review Thomas Page | ) edition.cnn.com time to read: +5 min

But when she finds herself in a film that can match her talents, as she does in Sebastián Lelio’s “The Wonder,” she’s a marvel. In “The Wonder,” a film of considerable emotional depth that asks much of its actors, the result is perhaps her finest work to date. Left to right: Kíla Lord Cassidy, Tom Burke and Florence Pugh in "The Wonder." Florence Pugh as Lib Wright and Kíla Lord Cassidy as Anna O'Donnell in "The Wonder." “The Wonder” is available in select cinemas on November 2 and available on Netflix November 16.

☆ Where the economy is showing signs of a slowdown near recession levels
▼ + stars: | 2022-11-06 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

The Net Rising Index (NRI) for sales — the percentage of survey respondents reporting rising sales minus the percentage reporting falling sales — peaked at 74% of firms in April 2021. Zoom In Icon Arrows pointing outwardsThe NABE data has both good and bad news for the Fed and companies. "They are still raising wages and still trying to pass along the higher costs," Coronado said. Sixty-nine percent of respondents to the NABE survey indicated all or some costs are being passed on. … You don't just keep raising rates until the economy cracks," Coronado said of the NABE data.

☆ Mexico's missing students' investigation in 'crisis,' group warns
▼ + stars: | 2022-11-01 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

A government Truth Commission report in August muddied the waters by presenting questionable screen captures of message exchanges as evidence, according to the Interdisciplinary Group of Independent Experts. On Sept. 26, 2014, local police took the students off buses they had commandeered in Iguala, Guerrero. The students’ bodies have never been found, though fragments of burned bone have been matched to three of the students. The experts group said that a forensic analysis of screen captures of messages allegedly sent between people participating in the abduction and disappearance of the students could not be confirmed as authentic and displayed a number of inconsistencies. They also stressed the importance of maintaining the independence of the special prosecutor.

☆ Ukrainian mortar crew wrestles with ammo shortage, dud shells
▼ + stars: | 2022-10-28 | by ( Jonathan Landay | ) www.reuters.com time to read: +4 min

"We look for the smoke or if something burns," said Yevhen when asked how the crew knew if they had hit their mark. NOT ENOUGH SHELLS[1/4] A Ukrainian serviceman fires with a mortar toward Russian positions, amid Russia's attack on Ukraine, in a frontline in Mykolaiv region, Ukraine October 28, 2022. REUTERS/Valentyn Ogirenko TPX IMAGES OF THE DAY 1 2 3 4Last month, many Ukrainian units, including the mortar crew, dug into vast trench networks in adjacent Mykolaiv province as other Ukrainian forces pressed the drive from northeastern portions of the front. Ukrainian gunners avoid hitting the silo, the highest structure for kilometres around, because of its importance to the region's farmers, he said. "My friends replied, ‘We know because we have a Russian radio intercept in which they said one of their drones detected two little boxes coming into the village,'" Zelinskyi added.

☆ ‘All Quiet on the Western Front’ Review: History Muddied in the Trenches
▼ + stars: | 2022-10-27 | by ( John Anderson | ) www.wsj.com time to read: +1 min

Fully understanding the war—who does?—may not be necessary in appreciating the disturbing, moving and sometimes too-beautiful production. But that production certainly puts a Teutonic tweak on history, sometimes to outrageous effect. Can a concrete room filled with the corpses of innocent young German recruits—who have all just been gassed—suggest anything other than the death camps of World War II? These sequences sanctify the historical position that the onerous terms of the treaty are what led to Hitler and the Holocaust. Just for good measure, one of the concluding murders in the film is committed by a French farm boy, avenging a theft of duck eggs by two starving German soldiers.

The drills have presented a potential challenge to the United States and its allies. Putin has muddied the waters about his intentions after threatening to use nuclear weapons to defend Russia in its unraveling invasion of Ukraine. "We haven't seen anything to cause us to believe, at this point, that is some kind of cover activity," Austin said. Austin said declined to outline the kinds of potential responses that the United States and its allies would consider if Moscow took such a step. "I don't think this sends any message to Putin," Austin said.

In its earnings release Intel said it was focused on driving $3 billion in cost reductions in 2023. So driving efficiency in the factory network is way more important to our economics than people cost," Gelsinger told Reuters, adding that adjustments of flexible workforces can be "quite immediate". "We believe its data center share loss should also moderate going into next year." PC shipments fell 15.5% in the third quarter, data from Counterpoint Research showed. Chipmakers have also come under pressure from concerns that the threat of a global recession could prompt clients from the more lucrative data center market to wind down spending.

Oct 27 (Reuters) - Chipmaker Intel Corp (INTC.O) on Thursday cut its full-year profit and revenue forecast and warned it would lay off staff, but a stronger-than-expected performance at its personal computers segment helped send shares higher. Intel also cut its capital spending forecast for this fiscal year to $25 billion from a previous forecast of $27 billion. Intel has been losing market share in the data center market and Gelsinger said it lost market share again in the third quarter. But he said Intel gained "meaningful" market share improvement in the PC segment in the third quarter. Intel trimmed its full-year adjusted earnings per share forecast to $1.95 from $2.30.

☆ Russians dig in to defend key city of Kherson, Ukrainian forces say
▼ + stars: | 2022-10-26 | by ( Jonathan Landay | ) www.reuters.com time to read: +4 min

Kherson's capture could leave thousands of Russian troops trapped on the Dnipro's western bank unable to cross easily to the east. Expectations rose last week that Russian forces were girding to relinquish Kherson, when Moscow-appointed occupation authorities began evacuating tens of thousands of residents by ferries to the Dnipro's east bank. Kherson is the only regional capital Russian forces have taken in the "special military operation" Putin launched in February. But the commander of the Ukrainian unit visited by Reuters on Wednesday saw no sign of Russians leaving. Rusting hulks of Russian armored vehicles marked confrontations with Ukrainian troops who advanced last month some 20 km (12.4 miles) in two days to their current lines.

WASHINGTON, Oct 25 (Reuters) - Russia has notified the United States about its plans to carry out annual exercises of its nuclear forces, the U.S. government said on Tuesday, a move that Washington said lowers the risk of miscalculation at a time of "reckless" Russian nuclear rhetoric. The United States has said it expects Russia to carry out test launches of missiles during its annual "Grom" exercises of its strategic nuclear forces, noting in the past it has fired inter-continental ballistic missiles. Under the New START Treaty, Russia is obliged to provide advance notification of such missile launches, U.S. officials say. The drills present a potential challenge to the United States and its allies, as Russian President Vladimir Putin has muddied the waters about his intentions after openly threatening to use nuclear weapons to defend Russia in its unraveling invasion of Ukraine. "While Russia engages in unprovoked aggression and reckless nuclear rhetoric, these notification measures do ensure we're not taken by surprise and reduce the risks of misperception," Price said.

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