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☆ Morning Bid: China adds fuel to global equity rally
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 29, 2023. Signs that the recent flurry of support measures from Beijing are working to stabilise the economy showed up in August retail sales and factory production data released this morning. The dollar remains king, with the euro swooning in the course of a very eventful few days. That sets the stage for another pivotal week ahead, featuring policy decisions from not just the Fed, but the Bank of England and the Bank of Japan. There will be plenty of opportunity to hear from ECB officials today, with the Eurogroup convening in Spain.

Persons: Kevin Buckland, Moody's, Boss Christine Lagarde, Fabio Panetta, Edmund Klamann Organizations: REUTERS, Staff, Graphics, Bank of England, Bank of Japan, ECB, Bank of Italy, Sweden CPI, France CPI, NY Fed, Thomson Locations: Frankfurt, Germany, China, Beijing, Spain, Sweden, France, Italy, Michigan, NY

☆ No decision on European Investment Bank presidency expected this week, German finance minister says
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

German Finance Minister Christian Lindner speaks during a plenum session of the lower house of parliament, Bundestag, to present the 2024 budget and financial planning of the Federal Government, in Berlin, Germany September 5, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Sept 15 (Reuters) - German Finance Minister Christian Lindner said at the informal EU finance ministers meeting on Friday that a decision is not expected this week on who will become European Investment Bank (EIB) president. "There are several well-qualified candidates, for example our host today, Nadia Calvino," Lindner said before the meeting of euro zone finance ministers. Lindner said the German government hasn't made a decision yet on which candidate to back, "but we have a clear picture of how the EIB should develop." Lindner said the bank should keep its AAA rating: "Sound banking is essential for us."

Persons: Christian Lindner, Annegret, Nadia Calvino, " Lindner, Lindner, hasn't, Maria Martinez, Miranda Murray Organizations: Bundestag, Federal Government, REUTERS, SANTIAGO DE, German Finance, European Investment Bank, AAA, Thomson Locations: Berlin, Germany, SANTIAGO, SANTIAGO DE COMPOSTELA

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Spain, Sept 15 (Reuters) - The European Union on Friday threw its weight behind a plan to protect the Amazon rainforest, pledging to coordinate financial contributions from EU members and making sure the money was spent as intended under its Global Gateway investment scheme. On top of that, the EU will add an undisclosed amount to protect the forest from logging from the EU's Global Gateway scheme of investment in Latin America, where Amazon rainforest protection is one of the flagship projects. More than half of global destruction of old-growth tropical rainforests has taken place in the Amazon and bordering forests since 2002. Rainforests, in particular the Amazon, absorb vast amounts of carbon dioxide and are key in shaping the Earth's climate, making them vital to prevent climate change.

Persons: Bruno Kelly, Belén Carreño, Jan Strupczewski, Mark Potter Organizations: REUTERS, SANTIAGO DE, European Union, Friday, EU, Global, Team Europe, European Investment Bank, Inter, American Development Bank, Santiago de, Thomson Locations: Manaus, Amazonas State, Brazil, SANTIAGO, SANTIAGO DE COMPOSTELA, Spain, Italy, Sweden, France, Germany, Netherlands, Latin America, America, Santiago de Compostela, Santiago

☆ Japan Finance Minister: Expect BOJ to pursue inflation target with appropriate policies
▼ + stars: | 2023-09-12 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +1 min

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. "Specific monetary policy conduct is up to the BOJ to decide," Suzuki said. "I expect the BOJ to continue to liaise with the government closely and conduct monetary policy appropriately, while taking the economy, prices and financial conditions into account, to achieve its price stability target in a stable and sustainable way." Japanese long-term rates spiked on Monday to their highest in nine years and eight months on expectation that the BOJ could shift away from its negative rate policy, following Ueda's remarks in an interview with the Yomiuri Shimbun. The yen also rose sharply against the dollar on Monday after Ueda said on Saturday the central bank could end its negative interest rate policy when achievement of its 2% inflation target is in sight, signaling possible interest rate hikes.

Persons: Shunichi Suzuki, Shuji, Suzuki, Kazuo Ueda, Ueda, Tetsushi Kajimoto, Simon Cameron, Moore Organizations: Toki, Rights, Japanese Finance, Bank of Japan, Yomiuri Shimbun, Thomson Locations: Niigata, Japan

U.S. President Joe Biden, Indian Prime Minister Narendra Modi and President of the European Union Ursula von der Leyen attend the G20 summit in New Delhi, India, September 9, 2023. The summit declaration avoided condemning Russia for the war in Ukraine but highlighted the human suffering the conflict had caused and called on all states not to use force to grab territory. A failure to agree on a summit declaration would have signalled that the G20 was split, perhaps irrevocably, between the West on one side and China and Russia on the other, analysts said. Diplomats have said negotiators from India, Indonesia, Brazil and South Africa drove the consensus in the summit document. Despite the lack of concrete progress, Harsh Vardhan Shringla, India's chief G20 coordinator, said the meeting did take the group forward.

Persons: Joe Biden, Narendra Modi, Ursula von der Leyen, Evelyn Hockstein, Michael Froman, Svetlana Lukash, Lukash, Patryk Kugiel, ” Kugiel, Sergei Lavrov, Vladimir Putin, India's, Xi Jinping, Li Qiang, Vardhan, ”, Michel Rose, Aftab Ahmed, Raju Gopalakrishnan Organizations: Indian, European, REUTERS, Diplomats, African Union, India, Foreign Relations, Shanghai Cooperation Organisation, Russian G20, Polish Institute of International Affairs, Xinhua, Reuters, Thomson Locations: New Delhi, India, DELHI, Ukraine, Russia, York, U.S, China, Beijing, Russian, Warsaw, Delhi, Indonesia, Brazil, South Africa, Germany, Britain

The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Also interested are the politically non-affiliated Italian central banker Daniele Franco, Poland's right-wing former Finance Minister and current EIB Vice President Teresa Czerwinska, and Sweden's socialist former Energy Minister and also current EIB Vice President Thomas Ostros. "We can say we are really spoilt for choice because all the candidates are excellent," German Finance Minister Christian Lindner told reporters on Thursday. The EIB is the lending arm of the EU and is active in 160 countries offering loans, guarantees, equity investments and advisory services. Germany's Deputy Central Bank Governor Claudia Buch and her Spanish counterpart Margarita Delgado are both in the running.

Persons: Eric Vidal, Vincent van Peteghem, Germany's Werner Hoyer, Margrethe Vestager, Nadia Calvino, Daniele Franco, Poland's, Teresa Czerwinska, Thomas Ostros, Christian Lindner, Central Bank Governor Claudia Buch, Margarita Delgado, Buch, Vestager, Emmanuel Macron, Richard Chang Organizations: European Investment Bank, Reuters, Rights, Belgian, Union, European Commission, Finance, Energy, European Central Bank, Germany's, Central Bank Governor, SSM, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Spanish, EU, Paris, Spain

☆ IMF urges pact to boost its resource quota, strengthen world economy
▼ + stars: | 2023-09-10 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

Kristalina Georgieva, Managing Director of the International Monetary Fund, arrives to attend a G20 Finance Ministers' and Central Bank governors' meeting at Gandhinagar, India, July 18, 2023. "To make the global economy stronger and more resilient in a more shock-prone world, it is vital to reach an agreement to increase the IMF's quota resources before the end of the year," she said. Such a pact would secure resources needed for the Fund's interest-free support to the poorest countries through the Poverty Reduction and Growth Trust, she added. The G20 summit also pledged to strengthen and reform multilateral development banks, while accepting a proposal to regulate cryptocurrencies more tightly worldwide. Reporting by Swati Bhat; Editing by Sudipto Ganguly and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristalina Georgieva, Amit Dave, Georgieva, Swati Bhat, Sudipto Ganguly, Clarence Fernandez Organizations: International Monetary Fund, Ministers, Central Bank governors, REUTERS, Growth Trust, Thomson Locations: Gandhinagar, India, DELHI, New Delhi

☆ G20: Highlights from the first day of the Delhi summit
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +3 min

The G20 logo is shown ahead of G20 Summit, in New Delhi, India, September 8, 2023. REUTERS/Anushree Fadnavis Acquire Licensing RightsSept 9 (Reuters) - The G20 has adopted a consensus declaration on issues facing the bloc, Indian Prime Minister Narendra Modi announced on Saturday during a summit, signalling that negotiators had resolved deep differences over the wording on the war in Ukraine. Following are excerpts from the declaration. UKRAINE- Concerning war in Ukraine, all states must act in a manner consistent with purposes and principles of UN charter in its entirety- On war in Ukraine, all states must refrain from threat or use of force to seek territorial acquisition against territorial integrity and sovereignty or political independence of any state- On war in Ukraine, use or threat of use of nuclear weapons is inadmissible- On Ukraine crisis, "there were different views and assessments of the situation"- Peaceful resolution of conflicts, and efforts to address crises as well as diplomacy and dialogue are critical- "Today’s era must not be of war." GRAIN/FOOD/ENERGY SECURITY- Call on Russia and Ukraine to ensure immediate and unimpeded deliveries of grain, foodstuffs, and fertilizers/inputs from Russia and Ukraine- Emphasizing importance of sustaining food and energy security, called for cessation of military destruction or other attacks on relevant infrastructure- Potential for high levels of volatility in food and energy markets remainsECONOMIES AND FINANCIAL MARKETS- "Will protect the vulnerable, through promoting equitable growth and enhancing macroeconomic and financial stability"- Reaffirm April 2021 exchange rate commitment made by our finance ministers and cenbank governors- We endorse financial stability board’s high-level recommendations for regulation, supervision and oversight of crypto-assets, activities- Our finance ministers, central bank governors will discuss taking forward the cryptocurrency roadmap at their meeting in October- Renew our commitment to ensure a level-playing field and fair competition by discouraging protectionism, market distorting practicesCLIMATE CHANGE- Need to accelerate efforts to phasedown unabated coal power, in line with national circumstances- Will work towards facilitating low-cost financing for developing countries to support their transition to low carbon/emissions- Will pursue and encourage efforts to triple renewable energy capacity globally through existing targets and policies, in line with national circumstances by 2030- Reiterate our commitment to take action to scale up sustainable finance- Recognise need for increased global investments to meet our climate goals of the Paris agreement- Note need of $5.8-5.9 trln in pre-2030 period required for developing countries, in particular for their needs to implement their emission targetsCompiled by Kim Coghill, Global News Desk, SingaporeOur Standards: The Thomson Reuters Trust Principles.

Persons: Anushree, Narendra Modi, Kim Coghill Organizations: G20, REUTERS, Indian, UN, Global, Thomson Locations: New Delhi, India, Ukraine, UKRAINE, Russia, Paris, Singapore

☆ IMF, World Bank to step up cooperation on climate, debt, digital transition
▼ + stars: | 2023-09-07 | by ( David Lawder | ) www.reuters.com time to read: +4 min

REUTERS/Amit Dave/File photo Acquire Licensing RightsCompanies International Monetary Fund FollowWASHINGTON, Sept 7 (Reuters) - The International Monetary Fund and World Bank on Thursday issued a rare joint statement pledging to step up their cooperation to address climate change, debt vulnerabilities and countries' digital transitions. The IMF and World Bank were established in 1944 at a meeting in Bretton Woods, New Hampshire. DEBT VULNERABILITIESThe two institutions also said they will incorporate climate considerations into their work on debt sustainability for low-income countries. The IMF and World Bank have worked closely on debt sustainability issues, both pushing for improved restructuring frameworks. On the digital transition, the two institutions said they would collaborate to help countries to connect their citizens to online services and reduce barriers to digital inclusion.

Persons: Ajay Banga, Amit Dave, Kristalina Georgieva, Joe Biden, Banga, David Lawder, Paul Simao Organizations: Ministers, Central Bank governors, REUTERS, International Monetary, Monetary Fund, World Bank, Woods, IMF, Bank, Advisory Group, Sustainability Trust, Thomson Locations: Gandhinagar, India, Bretton Woods , New Hampshire, Banga, U.S

☆ Exclusive: New rules would give Europe more scope for military spending post-Ukraine invasion
▼ + stars: | 2023-09-07 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +4 min

EU fiscal rules underpin the euro currency used in 20 nations by limiting government borrowing. Currently only nine EU members meet a NATO alliance defence spending goal of 2% of national output, with four - Finland, Romania, Hungary and the Slovak Republic - above that only in 2023. After Moscow's invasion of Ukraine in early 2022, many European countries neighbouring Russia called for military spending to be excluded outright from EU deficit calculations. 'NOT HEARD A NO'Opposition to a full exemption from EU calculations stemmed from concern that military spending could be a very broad category that could help hide a lot of ordinary expenses. By stipulating that military spending would only be a "relevant factor" that could help avoid disciplinary action, the new rules would leave it to the Commission's judgement what spending would be eligible.

Persons: Valentyn, Deal, Jan Strupczewski, Mark John, Andrew Cawthorne Organizations: Union, NATO, REUTERS, European, Thomson Locations: Ukraine, Kyiv, BRUSSELS, EU, Finland, Romania, Hungary, Slovak Republic, France, Germany, Italy, NATO, Russia, U.S

☆ New boss will be EIB’s chance to stay relevant
▼ + stars: | 2023-09-07 | by ( Rebecca Christie | ) www.reuters.com time to read: +5 min

Flags are seen behind the logo of the European Investment Bank in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal Acquire Licensing RightsBRUSSELS, Sept 7 (Reuters Breakingviews) - The European Investment Bank has a chance to remake itself when it gains a new leader next year. The EIB has been making infrastructure loans since 1958, and now channels some 65 billion euros in annual financing to the economy. To do that, the next EIB chief will need to let the bank shoulder more risk, as suggested by Vestager on Thursday. By comparison, the World Bank has $240 billion loans outstanding.

Persons: Eric Vidal, Werner Hoyer, Nadia Calviño, Denmark’s Margrethe Vestager, Daniele Franco, Teresa Czerwińska, Thomas Östros, Vestager, Margrethe Vestager, Spain’s Nadia Calviño, Poland’s Teresa Czerwińska, Italy’s Daniele Franco, Sweden’s Thomas Östros, Denmark’s Vestager, Neil Unmack, Streisand Neto Organizations: European Investment Bank, Reuters, Rights, Spanish, World Bank, AAA, European Union, Financial Times, European Investment, Union, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Europe, Ukraine, France, Spain

☆ India central-bank chief urges fintech firms to form a self-regulatory body
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Reserve Bank of India (RBI) Governor Shaktikanta Das speaks during a press conference after a G20 Finance Ministers' and Central Bank governors' meeting at Gandhinagar, India, July 18, 2023. "I would like to use this opportunity to urge and encourage the fintechs to establish a self-regulatory organisation or SRO themselves. From the Reserve Bank, we are willing to engage with you," Das said while delivering the keynote address at the Global FinTech Fest 2023 (GFF). The other advantage is that all the aspects of regulation will not be burdened on the Reserve Bank." Reporting by Siddhi Nayak and Swati Bhat; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Shaktikanta Das, Amit Dave, Das, T, Rabi Sankar, Siddhi Nayak, Swati Bhat, Dhanya Ann Thoppil Organizations: Bank of India, Ministers, Central Bank governors, REUTERS, Rights, Financial, Reserve Bank of India, Reserve Bank, Global, Siddhi, Thomson Locations: Gandhinagar, India, Rights MUMBAI

WASHINGTON (AP) — Treasury Secretary Janet Yellen is facing growing skepticism from some leading rich and developing nations as the residual impact of sanctions against Russia is deepening divisions among the Group of 20 countries. Russia and China, meanwhile, have declared a “no limits” partnership of their own. And the economic bloc of Brazil, Russia, India, China and South Africa — known as BRICS — is trying to increase its use of local currencies instead of the U.S. dollar. Russia is hoping it can use its power over Ukraine’s Black Sea exports as a bargaining chip to reduce Western sanctions. That may be difficult as G20 nations increasingly gravitate into blocs and with some leaders, including Chinese President Xi Jinping, opting to skip the summit.

Persons: Janet Yellen, —, Joe Biden, Yellen, Vladimir Putin, Putin, Rachel Ziemba, ”, Xi Jinping, Josh Lipsky, Lipsky, Xi, Mark Sobel, ” Sobel, Ziemba Organizations: WASHINGTON, —, U.S ., West, Center, New, New American Security, Treasury Department, International Fund for Agricultural Development, GeoEconomics, Fund, Center for Strategic, International Studies, U.S, New Development Bank, Monetary Fund, World Bank, ”, European Union Locations: Russia, India, U.S, Moscow, Ukraine, United States, China, Brazil, South Africa, New Delhi, New American, Argentina, Australia, Britain, Canada, France, Germany, Indonesia, Italy, Japan, Mexico, Saudi Arabia, South Korea, Turkey

☆ Australia concerned about China economy, monitoring 'very closely'
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave Acquire Licensing RightsSYDNEY, Aug 27 (Reuters) - Australian Treasurer Jim Chalmers said on Sunday the government was closely watching China amid "concerning" signs of economic weakness that could weigh on Australia's economy. "I share the pretty substantial concerns that people have voiced about the Chinese economy," Chalmers told Sky News television. "Our concerns for China in particular is something that we're monitoring very closely." Australia's growth "will be substantially weaker" due to China's slowdown and Australian interest rates rises, he said. Australia's economy grew 0.2% in the first quarter, its slowest in 1-1/2 years as high prices and rising interest rates sapped consumer spending.

Persons: Jim Chalmers, Amit Dave, Chalmers, they've, Sam McKeith, William Mallard Organizations: Central Bank governors, REUTERS, Rights, Sky News, Reserve Bank of, Thomson Locations: Gandhinagar, India, China, Australia, Canberra, Reserve Bank of Australia, Sydney

☆ Vietnam joins Southeast Asian effort on cross-border payments
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

People go past the State Bank building, near the offices of Vietcombank and the Bank for Investment and Development of Vietnam, in central Hanoi, Vietnam November 23, 2017. REUTERS/Kham Acquire Licensing RightsJAKARTA, Aug 25 (Reuters) - Vietnam's central bank signed an agreement on Friday to be part of an initiative by five other Southeast Asian countries to establish a cross-border payments mechanisms between them. Vietnam will join Indonesia, Malaysia, Thailand, the Philippines and Singapore in working to connect each of their payment systems, including using the QR (quick response) code system for retail transactions. The agreement was made at a meeting of the 10-member Association of Southeast Asian Nations (ASEAN) finance ministers and central bank governors in Jakarta. Furthermore, Indonesia, Malaysia and Thailand have agreed to later facilitate cross-border transactions for financial assets like equities and government bonds in local currencies.

Persons: Perry Warjiyo, Stefanno Sulaiman, Martin Petty Organizations: Bank, Bank for Investment, Development, REUTERS, Rights, QR, Association of Southeast Asian Nations, ASEAN, Bank Indonesia, Thomson Locations: Vietcombank, Vietnam, Hanoi, Rights JAKARTA, Indonesia, Malaysia, Thailand, Philippines, Singapore, Jakarta

☆ Morning Bid: Dollar rockets as Powell trumps AI
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

Fed Chair Jerome Powell is due to deliver a keynote address to the annual central banking symposium in Jackson Hole at 1405 GMT. And given increasingly contrasting fortunes of economies on either side of the Atlantic, Powell's words are expected to contain a different message to the one from European Central Bank President Christine Lagarde later in the day at 1900 GMT. Turkey's lira gave back only some of Thursday's gains after its central bank shocked with a 750 basis point interest rate to 25%. Events to watch for on Friday:* Federal Reserve Chair Jerome Powell gives keynote speech at annual Fed symposium in Jackson Hole. European Central Bank President Christine Lagarde also speaks at Jackson Hole.

Persons: Mike Segar, Mike Dolan, Jerome Powell, Christine Lagarde, Ifo, Jackson, Powell, Patrick Harker, Susan Collins, Collins, Harker, BoE, China's bourses, Christina Fincher Organizations: Wall, New York Stock Exchange, REUTERS, Federal Reserve, Nvidia, European Central Bank, Philadelphia Fed, Boston Fed, ECB, Bank of, Treasury, Reuters, Authorities, University of Michigan's, Marvell, Reuters Graphics Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, Jackson, Bank of England, Asia, Jackson Hole, Jakarta

JAKARTA, Aug 24 (Reuters) - Indonesia's talks with international partners on setting up a $20 billion fund for the country's transition from coal to cleaner energy have taken longer than anticipated and are complicated by rising borrowing costs, its finance minister said on Thursday. It was based on a similar $8.5 billion initiative in 2021 to help South Africa more quickly decarbonise its power sector. Another challenge is it will take time to hold public consultations with communities that could be affected by a project, such as the construction of a renewable power plant, the minister said. Indonesia has been pushing for coal power plant retirement financing to be seen as "acceptable" among global lenders and brought this up at a meeting of G20 finance ministers in July. The Association of Southeast Asian Nations (ASEAN) has included coal power plant retirement in its green taxonomy - a framework defining what investment is considered environmentally friendly.

Persons: Sri Mulyani Indrawati, Sri Mulyani, Gayatri Suroyo, Stefanno Sulaiman, Susan Fenton Organizations: Reuters, International Partners, World Bank, Asian Development Bank, The Association of Southeast Asian Nations, Thomson Locations: JAKARTA, United States, Japan, Indonesia, South Africa, Jakarta

☆ Japan's Suzuki: Not targeting absolute levels on FX intervention
▼ + stars: | 2023-08-15 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

"It's important for the currency market to move stably reflecting fundamentals. "We're watching market moves with a strong sense of urgency. We'll respond appropriately to excessive moves." Japan will assess whether moves are speculative, volatile or based on fundamentals, rather than focusing on absolute levels, Suzuki added. Japan's top forex diplomat Masato Kanda said later on Tuesday that he would take appropriate steps against excessive currency moves, according to the Jiji news agency.

Persons: Shunichi Suzuki, Shuji, Suzuki, Japan's, Masato Kanda, Jiji, Tetsushi Kajimoto, Kantaro Komiya, Jacqueline Wong, Muralikumar Anantharaman, Sharon Singleton Organizations: Toki, Japanese Finance, U.S, Bank of, Thomson Locations: Niigata, Japan, TOKYO, U.S . Federal, Bank of Japan

Russian President Vladimir Putin speaks during the Second Summit Economic And Humanitarian Forum Russia Africa on July 27, 2023 in Saint Petersburg, Russia. Russian President Vladimir Putin is weighing whether to attend his first in-person meeting with Western leaders since his forces invaded Ukraine in 2022, a Kremlin source tells NBC News. In 2014, after Russia's annexation of Crimea, Putin was publicly shunned and sidelined during the G20 meeting in Australia. Next month's G20 summit is already set to be the most contentious in years and an important litmus test of many countries' true positions on Ukraine. "And some of the leaders, including President Biden, already decided to ignore President Putin and not take any picture with him."

Persons: Vladimir Putin, Putin, hasn't, Xi Jinping, Alexey Maslov, Maslov, Jonathan Eyal, Dmitry Peskov, Nirmala Sitharaman, Cyril Ramaphosa, Andrei Fedorov, Russia's, Putin's, Fedorov, Biden, Jamal Khashoggi, Modi, Eyal Organizations: Russia Africa, Summit ., Western, NBC News, Kremlin, Institute of, Studies, Moscow State University, Royal United Services Institute, International, ICC, United Nations, Washington Post, Mr Locations: Saint Petersburg, Russia, Ukraine, New Delhi, Russian, Belarus, China, Central, London, Crimea, Australia, Bali , Indonesia, France, Bali, Russia's, Johannesburg, Brazil, India, South Africa, Rome, United States, Saudi Arabia, Saudi

☆ India gives partial relief on tax to online gaming firms
▼ + stars: | 2023-08-02 | by ( Nikunj Ohri | ) www.reuters.com time to read: +1 min

NEW DELHI, Aug 2 (Reuters) - India has decided to levy taxes on online gaming companies on the total funds deposited to play online games and not on every bet, federal Finance Minister Nirmala Sitharaman said on Wednesday, offering some relief to the industry. Last month, India decided to impose a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking the nascent $1.5 billion industry which is backed by global investors. More than 100 gaming companies and top investors like Top Tiger Global and Peak XV, previously known as Sequoia Capital India, wrote to government asking it to reconsider the decision. Sitharaman said the government aims to impose the tax from Oct. 1 and a review of the decision would be undertaken in the next six months. Some industry watchers said the 28% tax is still higher for smaller players to survive.

Persons: Nirmala Sitharaman, Sitharaman, Sudipta Bhattacharjee, Nikunj Ohri, Jan Harvey, Kirsten Donovan Organizations: Top Tiger, Sequoia Capital, Goods, Services Tax Council, Sitharaman, Khaitan, Thomson Locations: DELHI, India, Sequoia Capital India

☆ India tax council to meet on Aug 2 to finalise online gaming tax - source
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 26 (Reuters) - India's Goods and Services Tax (GST) Council will meet on Aug. 2 to decide on a 28% tax on funds that online gaming companies and casinos collect from customers, and finalise other rules, a government official said on Wednesday. The official asked not to be named because he was not authorised to speak to the media. The Finance Ministry and GST Council Secretariat did not immediately respond to a Reuters request for comment. Since the government first announced its plan for the tax on July 11, the gaming industry and its investors have asked it to review the decision, which will increase the tax burden on both companies and consumers. This would be taken into account when a final decision is taken by the GST Council, Malhotra told NDTV.

Persons: Nirmala Sitharaman, Narendra Modi, Sanjay Malhotra, Malhotra, Nikunj Ohri, Savio D'Souza Organizations: Goods, Services Tax, India's, Finance Ministry, Tiger, Steadview, NDTV, Thomson Locations: DELHI

GANDHINAGAR, India, July 17 (Reuters) - Debt restructuring talks made little progress during the third finance meeting of the G20 countries in India as the bloc was unable to overcome key differences and low attendance due to domestic issues adding to the roadblocks. The finance ministers of the G20 countries gathered in the western Indian state of Gujarat, hoping to push for agreements on debt restructuring for vulnerable countries, global minimum taxation and reforms on multilateral development banks. "We are not making much headway with the debt restructuring issue," a senior official, who is part of the meeting, told Reuters on Monday. Officials said several finance ministers were forced to skip the meetings due to domestic issues that were a "priority". Finance ministers from Japan, Australia, Canada, Indonesia, South Korea, Indonesia, South Africa, along with the United States and India were present.

Persons: Janet Yellen, Joachim Nagel, Aftab Ahmed, Chizu Organizations: Reuters, United, Treasury, Officials, Finance, Thomson Locations: GANDHINAGAR, India, Gujarat, Zambia, United States, New Delhi, Japan, Australia, Canada, Indonesia, South Korea, South Africa, Argentina, Brazil, France, Mexico, Germany's, Parisian, Germany

☆ Morning Bid: Bland China data leaves market hungry for stimulus
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

The Q2 GDP number of +0.8% q/q just pipped forecasts, but y/y undershot at 6.3% suggesting revisions somewhere to the past. The market reaction was disgruntled with Chinese shares down and the yuan easing. The data underlined the need for much more serious fiscal spending but Beijing seems in no hurry to satiate market wishes this time. The central bank left one-year rates unchanged on Monday, and analysts seem resigned to wait for a Politburo meeting later this month for fresh steps. Goldman Sachs says passive funds that track NDX will rebalance their portfolios but the 2011 special rebalance experience suggests the stock-level impact will be limited.

Persons: Wayne Cole, BofA, Goldman Sachs, Fabio Panetta, Christine Lagarde, Frank Elderson, Philip R, Jacqueline Wong Organizations: Investors, Aussie, Tesla, Nasdaq, Microsoft, Finance Ministers, Central Bank Governors, ECB, Federal Reserve Bank of New, Manufacturing Survey, Thomson Locations: Wayne, China, Beijing, 4ppt, Gandhinagar, India, Federal Reserve Bank of New York

But last week, Chinese state media slammed Goldman Sachs after the Wall Street firm recommended selling shares in local banks because of their exposure to risks in the domestic economy. Group of 20 central bankers and finance ministers are meeting this week in India, with this data adding to their worries about the state of the global economy. Some pessimists say the Chinese economy has peaked and a significant slowdown is coming. But, Mr. Pettis added, international investors need to look at China differently than they once did. “When China was growing at double-digit rates, even poor parts of the economy were growing,” he said.

Persons: ” George Magnus, DealBook, Xi, Goldman Sachs, Covid, Michael Pettis, Pettis, ”, “ Organizations: Oxford University’s China Center, UBS, West, Street, Peking University Locations: China, Beijing, India, Russia, Ukraine, Moscow, Kyiv

☆ Morning Bid: China falls short and oil ebbs but banks impress
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +4 min

Sub-forecast and sharply slowing retail sales growth for June likewise offset a more upbeat industrial output readout for the months. Even though falling import and export prices in June reinforced the disinflation picture, two-year Treasury yields recouped some of the week's steep declines. LUXURY FIRMSU.S. stock futures were little changed ahead of Monday's open, but two-year Treasury yields edged back lower to 4.72%. Elsewhere, shares of Richemont (CFR.S) dropped nearly 7% after the world's second-biggest luxury firm reported a miss in its sales and amid the China growth dampener. U.S. Treasury Secretary Janet Yellen said she was working with India on energy transition and "eager" to work with China on debt workouts.

Persons: Mike Dolan China's, Wells, Morgan Stanley, Janet Yellen, Mike Dolan, Alison Williams Organizations: Hong, Reserve, Nasdaq, Treasury, JPMorgan, Citi, Bank of America, Tesla, Netflix, York Federal, governor's, . Treasury, Reuters, Thomson Locations: U.S, China, Hong Kong, Tokyo, Asia, Shanghai, Wall, Richemont, India, Russia, China . U.S

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