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Russia's February 2022 invasion and blockade of Ukraine's Black Sea ports sent global grain prices soaring. The United Nations has argued that the arrangement has benefited those states by helping lower food prices more than 20% globally. Russia has agreed three times in the past year to extend the Black Sea deal, but also briefly suspended its participation at the end of October in response to a drone attack on its fleet in Crimea. To convince Russia to agree to the Black Sea deal, a three-year deal was also struck in July 2022 under which U.N. officials agreed to help Russia get its food and fertilizer exports to foreign markets. U.N. Secretary-General Antonio Guterres made a final effort on Tuesday to convince Russian President Vladimir Putin to extend the Black Sea grain deal for several months in exchange for the EU connecting a subsidiary of Rosselkhozbank to SWIFT for grain and fertilizer transactions, sources said.
Persons: Russia's, Sergei Lavrov, James, Antonio Guterres, Vladimir Putin, Guterres, Putin, Michelle Nichols, Will Dunham Organizations: UNITED NATIONS, United, United Nations, . Security, British, Food, Russian Agricultural Bank, SWIFT, European Union, EU, JPMorgan Chase &, reassurances, U.S ., The United Nations, African Export, Import Bank, Reuters, Thomson Locations: Ukraine, Russia, United Nations, Turkey, Ukraine's, Britain, Afghanistan, Sudan, Djibouti, Ethiopia, Kenya, Somalia, Yemen, Asia, Western Europe, Africa, Eastern Europe, Crimea, Moscow, SWIFT, Rosselkhozbank
Armenia says the proposed peace treaty should provide special rights for them and guarantee their security. As a matter of priority, violence and harsh rhetoric should stop in order to provide the proper environment for peace and normalisation talks," Michel said. He told reporters: "The population on the ground needs reassurances, first and foremost regarding their rights and security." Besides the EU, the United States has also been pushing the sides to reach a peace deal. This could be followed up with a Moscow summit to sign a peace treaty, the Foreign Ministry said in a statement.
Persons: Charles Michel, Ilham Aliyev, Nikol Pashinyan, Jeyhun Bayramov, normalisation, Michel, Aliyev, Pashinyan, Nailia Bagirova, Philip Blenkinsop, Mark Trevelyan, Frances Kerry Organizations: European Union, EU, Armenian, Azberbaijani, Reuters, Foreign Ministry, Thomson Locations: BRUSSELS, Azerbaijan, Armenia, Russia, Brussels, Soviet Union, Nagorno, Karabakh, United States, Ukraine, Moscow
But there's no clarity on what the final decision would be," said one of the sources on the chance of a policy shift in July. Lately, however, BOJ policymakers been dropping signs that inflation is being increasingly driven by improving consumer demand. CREDIBILITY ON LINEThere is no consensus within the BOJ on how soon it should start dialing back stimulus. Proponents of early action point to the rising cost of YCC, such as market distortions caused by the BOJ's huge bond buying. "A July policy tweak would contradict the logic the BOJ had been using to justify keeping easy policy," said Naomi Muguruma, senior market economist at Mitsubishi UFJ Morgan Stanley Securities.
Persons: Kazuo Ueda's reassurances, Ueda, Naomi Muguruma, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Leika Kihara, Kim Coghill Organizations: Bank of, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, Tokyo, Thomson Locations: TOKYO, Bank of Japan
[1/2] Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. The central bank will step up "countercyclical adjustments" to support the economic recovery, PBOC Deputy Governor Liu Guoqiang told the press conference. Analysts polled by Reuters expect the central bank to cut the RRR by 25 basis points in the third quarter. But Liu said China has not seen deflation and there were no deflationary risks for the second half. "As for the specific policy tools, we will use them reasonably according to the needs of the situation."
Persons: Tingshu Wang, Zou Lan, Zou, Liu Guoqiang, Liu, Liangping Gao, Ellen Zhang, Shri Navaratnam, William Mallard Organizations: People's Bank of China, REUTERS, Reuters, Securities Times, Thomson Locations: Beijing, China, BEIJING
A Kremlin spokesman later said that Russia had not taken a final decision on whether to exit the grain deal. The European Commission's priority is to ensure that Ukrainian grain can reach the world market and it calls on all parties to extend the Black Sea deal, a European Union spokesperson in Brussels said on Thursday. Russia has threatened to ditch the Black Sea grain deal because several demands to dispatch its own grain and fertilizer abroad have not been met. The last ship traveling under the Black Sea agreement is currently loading its cargo at the Ukrainian port of Odesa ahead of the Monday deadline. Britain has also "worked very closely with the City of London to enable a very complex payment system" for Russian grain, Britain's U.N. ambassador, Barbara Woodward, has said.
Persons: Antonio Guterres, Vladimir Putin, SWIFT, Guterres, Putin, Ursula von der Leyen, Putin's, U.N, Barbara Woodward, Woodward, Michelle Nichols, Foo Yun Chee, Angus MacSwan, Leslie Adler Organizations: UNITED NATIONS, European Commission, United, Black, European Union, Russian Agricultural Bank, Reuters, United Nations, Kremlin, JPMorgan Chase &, reassurances, U.S ., The United Nations, African Export, Import Bank, City, Thomson Locations: United Nations, Turkey, Ukraine, Russia, Ukrainian, EU, U.N, Moscow, Brussels, Russian, Odesa, Africa, Britain, London
Russia has threatened to ditch the grain deal, which expires on Monday, because several demands to dispatch its own grain and fertilizer abroad have not been met. The last two ships traveling under the Black Sea agreement are currently loading cargoes at the Ukrainian port of Odesa ahead of the deadline. A key demand by Moscow is the reconnection of the Russian agricultural bank Rosselkhozbank to the SWIFT international payment network. Guterres has proposed to Putin that Russia allow the Black Sea grain deal to continue for several months, giving the EU time to connect a Rosselkhozbank subsidiary to SWIFT, two of those sources familiar with discussions told Reuters. The United Nations and Turkey brokered the Black Sea Grain Initiative with Russia and Ukraine in July 2022 to help alleviate a global food crisis worsened by Moscow's invasion and blockade of Ukrainian ports.
Persons: Antonio Guterres, Vladimir Putin, Guterres, Putin, SWIFT, U.N, Stephane Dujarric, JPM.N, Michelle Nichols, Kanishka Singh, Mark Heinrich, Diane Craft Organizations: UNITED NATIONS, Reuters, European Union, European Commission, EU, Russian Agricultural Bank, Russian Federation, Kremlin, United, JPMorgan Chase, reassurances, U.S ., The United Nations, African Export, Import Bank, Thomson Locations: Russian, Ukraine, Russia, Odesa, Moscow, EU, SWIFT, Rosselkhozbank, United Nations, Turkey, Ukrainian, Africa
BEIJING, June 29 (Reuters) - The value of Chinese debt relief decreased by over 50% between 2021 and 2022, a report from Rhodium Group showed, with Angola alone receiving two thirds of deferrals despite China backing multilateral efforts to standardise support for poor countries. As the world's largest bilateral creditor, China is central to talks on making tangible progress in providing debt relief to emerging and frontier markets through the Group of 20-led "Common Framework" as well as the World Bank and International Monetary Fund (IMF). And although debtor countries did secure a large volume of deferrals in 2021 - the year the World Bank's Debt Service Suspension Initiative (DSSI) morphed into the G20's Common Framework - that fails to explain fully the sharp drop in the value of Chinese debt relief since. China's most visible action on debt relief was writing off zero-interest loans, the report added, while warning that fewer such loans will be available for China to write off in the coming years. Reporting by Joe Cash; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.
Persons: Joe Cash, Chizu Organizations: World Bank, International Monetary Fund, IMF, Thomson Locations: BEIJING, Angola, deferrals, China, Pakistan, Kenya, Republic of Congo, Zambia, Chad, Ethiopia, Ghana
The furore has also exposed deep levels of public distrust in Chinese local governments, whose attempts to cover up negative news have often backfired. “This is duck meat, duck meat,” the staffer insisted. It said the student had invited classmates to look at the object and confirmed it was duck neck, and had submitted a written clarification. “I found out it was not a rat head but a duck neck, so I would like to clarify,” the student said in the video. Instead, it fueled even more anger online, with users accusing the school and local officials of lying and pressuring the student to change his stance.
Persons: , , Mickey Mouse, Donald Duck, ’ ” Organizations: Hong Kong CNN, Jiangxi Industry Polytechnic College, Jiangxi Radio, Television Station, CNN, Disney, Communist Party Locations: China, Hong Kong, Jiangxi, Qin, Weibo
There, under his calming gaze and soft-spoken reassurances, Sudanese refugees and returning South Sudanese wait as aid workers and local women ladle through steel pots filled with lentils and porridge. Kueaa Darhok fled Khartoum with his family when fighting broke out and is now a community leader at the Renk transit camp near the South Sudan border. CNNSet up a week into the fighting in Sudan, when desperate families arrived seeking shelter, the Renk transit camp near the border of South Sudan and Sudan was not supposed to hold more than 3,000 people. Now at least 800,000 South Sudanese have been driven back by the fighting in Sudan. CNNUN appeal for aidTo respond to the Sudan crisis, the UN needs $253 million, with the South Sudan response alone in need of $96 million.
Persons: Kueaa Darhok, Chinua Achebe, instil, ” Darhok, Darhok, Charlotte Hallqvist, Hallqvist, it’s Organizations: South Sudan CNN, South Sudanese, CNN, Sudanese, CNN Fighting, UN, Sudan’s Armed Forces, Rapid Support Forces, United Nations Refugee Agency, UNHCR, CNN UN, Sudan, United Nations, African Union, European Union Locations: South Sudan, Sudan, Darhok, Khartoum, Republic of Sudan, Renk, Arab Republic of Egypt, Federal Republic of Germany, State, Qatar, Kingdom of Saudi Arabia
There were three important deaths recently: Ted Kaczynski, Silvio Berlusconi, Cormac McCarthy. Or maybe not so strangely assorted; maybe the three men were variations on a theme — that theme being alienation, and specifically masculine alienation, from the patterns and rules of late-modern civilization, and the different rebellions that alienation might inspire. In a phrase, when we talk about traditional modes of manhood, we’re often talking about mastery through physical strength and the capacity for violence. That kind of mastery will always have some value, but it had more value in 1370 than 1870, and more in 1870 than it does today. And the excess, the superfluity, must therefore be repressed, tamed or somehow educated away.
Persons: Ted Kaczynski, Silvio Berlusconi, Cormac McCarthy, we’re
Putin said he would discuss the future of the grain deal with visiting African leaders on Saturday. THE PACKAGE DEALThe United Nations and Turkey brokered the Black Sea Grain Initiative last July to help tackle a global food crisis worsened by Moscow's invasion of Ukraine and blockade of its Black Sea ports. Under the Black Sea grain deal, more than 625,000 tonnes of grain has so far been shipped by the WFP for aid operations in Afghanistan, Ethiopia, Kenya, Somalia and Yemen. Until the ammonia pipeline is restarted, Moscow has said it will limit the number of vessels allowed to travel to Pivdennyi port under the Black Sea grain deal. RUSSIAN GRAIN, FERTILIZER EXPORTSWhile exports of Russian wheat and some fertilisers have risen since the war, exports of Russian ammonia and potassium-based fertilizers have plummeted.
Persons: Vladimir Putin, Putin, Stephane Dujarric, Linda Thomas, Greenfield, JPM.N, Daniel Wallis Organizations: United, United Nations, Food Programme, The United Nations, Democratic, Agricultural Bank, European Union, EU, JPMorgan Chase, reassurances, U.S ., African Export, Import Bank, Reuters, U.S . Department of Agriculture, Thomson Locations: Russia, Moscow, United Nations, Turkey, Ukraine, Africa, Lebanon, Syria, Yemen, Somalia, Democratic Republic of Congo, Afghanistan, Ethiopia, Kenya, United States, America, SWIFT, Russia's Togliatti, Ukraine's, Ukrainian, Ukraine's Kharkiv, East
Explainer: Why is UK food inflation so stubbornly high?
  + stars: | 2023-06-16 | by ( James Davey | ) www.reuters.com   time to read: +4 min
While market leader Tesco (TSCO.L) said on Friday there were "encouraging early signs" that food inflation was starting to ease across the market, it remains stubbornly high, running at over 19% in April, according to the most recent official data. Below are possible reasons why:NOT ALL COMMODITY PRICES ARE FALLINGSome global commodity prices have fallen enabling supermarkets to pass on reductions in areas such as milk, bread, butter, pasta and oils. Generally speaking, food retailers and their suppliers operate with long-term contracts. Having eventually secured better prices, suppliers are reluctant to give up those hard won gains. Some politicians and trade unions have raised concerns about profiteering by food retailers, saying they have kept prices high despite falls in commodity, energy and shipping costs.
Persons: Andrew Bailey, reassurances, Ken Murphy, Andrew Opie, Tesco's Murphy, James Davey, David Evans Organizations: Bank of England, Tesco, Food and Agriculture Organization, United Nations, British Retail Consortium, THE, Reuters, Brexit, London School of Economics, Supermarkets, Markets Authority, Thomson Locations: Britain, China, Japan, BREXIT, London, Brussels
[1/3] Italy's Prime Minister Silvio Berlusconi looks on during a news conference at Chigi Palace in Rome, Italy, August 4, 2011. As with his political party, so with his business empire, Berlusconi left no single heir apparent. After Barack Obama was elected the first African-American president of the United States, Berlusconi congratulated him for being "tall, handsome, and suntanned". Berlusconi himself had no regrets about his political career, although he clearly felt he was often betrayed. "But when I come to think about it, I cannot recall the name of a single friend in politics."
Persons: Silvio Berlusconi, Tony Gentile ROME, Brash, ebullient, Berlusconi, Donald Trump, Il Cavaliere, Bettino Craxi, Vladimir Putin, Alan Friedman, Nicolas Sarkozy, BUNGA, Karima El Mahroug, Hosni Mubarak, Veronica Lario, Marta Fascina, Barack Obama, Mark Heinrich, Andrew Heavens, Angus MacSwan Organizations: REUTERS, Chi, AC Milan soccer, Forza Italia, Senate, Roman, Socialist Party, Moroccan, Union, Thomson Locations: Rome, Italy, U.S, Milan, Ukraine, United States
Summary Describes Serbian president as 'drama king'Osmani says Serb voters in Kosovo could petition a new pollWants peacekeepers to remain in KosovoPRISTINA, Kosovo June 7 (Reuters) -Kosovo could trigger new elections in Serb-majority municipalities rocked by violent protests if 20% of voters sign a petition asking for them, the president told Reuters. In an exclusive interview in her office, President Vjosa Osmani said she believed a petition was the most "democratic way" to proceed to new elections. Violent protests erupted in four northern municipalities after Kosovo installed ethnic Albanian mayors who were elected into offices on a turnout of just 3.5%. As tensions between Serbia and Kosovo simmer, NATO has reinforced its peacekeeping forces in the north of the country. She described the Serbian president as "a drama king".
Persons: Osmani, Vjosa Osmani, Joe Biden, Albin Kurti, Aleksandar Vucic, Vucic, Emmanuel Macron, Olaf Scholz, Fatos Bytyci, Ivana Sekularac, Leela de Kretser, William Maclean Organizations: Reuters, Kosovo simmer, NATO, Kosovan, French, Thomson Locations: Kosovo, Kosovo PRISTINA, Kosovo's, Serbia, Belgrade, Serbian, Moldova, Pristina
... Read moreMay 15 (Reuters) - Shares of U.S. regional lenders gained on Monday led by a rebound in PacWest Bancorp (PACW.O), as investors tried to look past the crisis of confidence brought on by the collapse of three banks in a span of two months. PacWest rose 8.4%, while Western Alliance Bancorp (WAL.N), Fifth Third Bancorp (FITB.O), Comerica Inc (CMA.N) and KeyCorp (KEY.N) were up between 2% and 6%. The KBW Regional Banking Index (.KRX), which had lost 13.7% so far this month, rose 2%. Then in May First Republic collapsed, creating a vicious cycle that put pressure on regulators to intervene. However, investors have remained wary of any reassurances from analysts and regulators on the stability of the regional banks despite deposits rising.
[1/2] A screen displays the logo and trading info for Western Alliance Bancorporation on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 14, 2023. REUTERS/Brendan McDermidMay 3 (Reuters) - Western Alliance Bancorp (WAL.N) said on Wednesday it had not experienced unusual deposit outflows following the sale of collapsed lender First Republic Bank to JPMorgan Chase & Co (JPM.N), as the U.S. regional bank sought to reassure investors. Phoenix-based Western Alliance said its total deposits were $48.8 billion as of Tuesday, up from $48.2 billion as of Monday. The statement from Western Alliance came after reports that PacWest Bancorp (PACW.O) was exploring strategic options including a sale or capital raising. The news sent shares of several regional lenders tumbling in after-market trading, led by a 52% plunge at PacWest and 23% decline at Western Alliance.
“We have been expecting the second mobilization wave for a long time now, and this is the beginning,” Irina, a 51-year-old psychologist whose son is of mobilization age, told CNN from Moscow. ALEXANDER NEMENOV/AFP/Getty Images“I don’t believe a word of this,” Alexey, a 41-year-old lawyer from Moscow, told CNN. Currently, conscription documents in Russia must be hand-delivered by the local military enlistment office or through an employer. The prospect of leaving Russia has been a realistic one for many who oppose the war, and who have avoided or fear a call-up. Artem told CNN he is exploring the possibility, but sees few options and fears being unable to find work abroad.
[1/2] The Credit Suisse logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 16, 2023. Credit Suisse AT1 bondholders get nothing under the UBS merger deal. A WisdomTree exchange traded fund that tracks a broad index of bank AT1s, has dropped 11% in the past fortnight. Credit Suisse AT1s made up less than 3% of the fund just before the Swiss bank's rescue, the asset manager disclosed. Deutsche Bank AT1 debt is trading at 74 cents on the dollar, off last week's lows around 67 cents but still below levels seen before the Credit Suisse writedown, Tradeweb data shows.
Ma is seen as a symbol of China’s tech industry and a barometer of the Chinese government’s support for private business. Alibaba’s restructuring is “part of [Beijing’s] strategy to shore up confidence in the private sector,” said Hong Hao, chief economist for Grow Investment Group. “[Alibaba’s restructuring plan] offers a way to limit monopoly power and platform sway,” Hong said. Unlocking valueInvestors and analysts have cheered Alibaba’s restructuring. Alibaba’s business will be split into six units: domestic e-commerce, international e-commerce, cloud computing, local services, logistics, and media and entertainment.
European stock markets are set to open lower on Friday as investors take stock of a week of central bank rate hikes and the latest news from the banking sector. The Bank of England hiked its base rate by 25 basis to 4.25% on Thursday in a move that was priced in by markets after U.K. inflation recorded a surprise jump. The Swiss central bank raised its own benchmark interest rate by 50 basis points. While U.S. stocks closed a choppy session higher after the Fed signaled there is just one more quarter percentage point hike to come this year, European stocks were lower through the session. Citigroup this week downgraded the European banking sector to "neutral" from "overweight," citing the effects of continued monetary policy tightening.
Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Wells Fargo (WFC.N) and Bank of America (BAC.N) dropped more than 2% in premarket trade. Shares of regional lenders First Republic Bank (FRC.N), PacWest Bancorp (PACW.O), Western Alliance Bancorp (WAL.N) and Truist Financial Corp (TFC.N) fell between 2.1% and 2.8%. European banks also came under pressure, with a report of a U.S. probe on Credit Suisse and UBS (UBS.N) further souring the mood. ET, Dow e-minis were down 304 points, or 0.94%, S&P 500 e-minis were down 31.5 points, or 0.79%, and Nasdaq 100 e-minis were down 59 points, or 0.46%. Reporting by Amruta Khandekar and Ankika Biswas; Editing by Sriraj Kalluvila and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
"The market as a whole is telling you is there are a lot of different ways to interpret all the things people are saying." Interest rate hikes by central banks around the world have stressed the banking sector, which became manifest with the recent failures of SVB Financial Group (SIVB.O) and Signature Bank (SBNY.O). Comments from the Bank of England that inflation will probably quickly fade also helped fuel hopes of light at the end of the central bank tightening tunnel. "Every central bank that was on path to raise rates raised them," GLOBALT's Martin added. Shares of First Republic Bank (FRC.N) dropped in volatile trading in the wake of Yellen's testimony.
CNBC Daily Open: Powell flipped the script
  + stars: | 2023-03-23 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
Jerome Powell, chairman of the US Federal Reserve, exits following a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, March 22, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The last few Federal Open Markets Committee meetings have followed a pattern. Subscribe here to get this report sent directly to your inbox each morning before markets open.
CNBC Daily Open: Jerome Powell flipped the script
  + stars: | 2023-03-23 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The last few Federal Open Markets Committee meetings have followed a pattern. Markets had expected a hike of 25 basis points, and that's what they got. Indeed, Quincy Krosby, chief global strategist of LPL Financial, noted "markets are responding well to the expected 25 basis points rate hike." Subscribe here to get this report sent directly to your inbox each morning before markets open.
While big banks have dominated headlines, the country's 4,258 community banks, which are more risk-averse, account for more than 90% of all chartered banks. Her comments marked a shift in emphasis to include community banks that were not mentioned in her earlier testimony. "The community banks in this country, we know, are strong and resilient. Yellen's shift to include community banks "was certainly better, it was an attempt for her to kind of restate what she was saying and acknowledging the importance of the community banks," Williams said. Community banks play an important political role.
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