DIRS.INFO The most relevant business & tech news

SEOUL/SHANGHAI, July 31 (Reuters) - Chinese battery materials firms are ramping up investment in South Korea, announcing projects worth at least $4.4 billion this year to try to meet U.S. electric vehicle (EV) tax credit rules aimed at lowering reliance on China's supply chains. The IRA, designed to wean the U.S. off the Chinese supply chain for electric vehicles (EVs), will also eventually bar tax credits if any EV battery components were manufactured by a "foreign entity of concern", a provision aimed at China. South Korea has a free-trade agreement with the United States that would likely make batteries manufactured in the North Asian nation and later installed in U.S.-manufactured electric cars eligible for the federal tax credits. SK On and its supplier EcoPro Co (086520.KQ) also announced a joint venture with China's Green Eco Manufacture to make battery precursors in South Korea. POSCO Holdings (005490.KS) said last month it would cooperate with China's CNGR Advanced Material (300919.SZ) on nickel refining and precursor production in South Korea.

Persons: Kang Dong, hasn't, China's, 1,274.0000, Heekyong Yang, Zoey Zhang, Miyoung Kim, Tom Hogue Organizations: SK, U.S, Hyundai Motor Securities, China JV, U.S . Treasury Department, South, New Energy Technology, Reuters, Zhejiang, LG Chem, LG Energy, EcoPro, China's, POSCO Holdings, LG, Samsung SDI, EV, Thomson Locations: SEOUL, SHANGHAI, South Korea, United States, China, U.S, Korea, Ningbo, Seoul, South Korean, Korean, KS, Shanghai

☆ U.S. will not invite sanctioned Hong Kong leader to APEC in November
▼ + stars: | 2023-07-29 | by ( ) www.cnbc.com time to read: +2 min

Hong Kong Chief Executive John Lee, who faces sanctions in the U.S., will not be invited to San Francisco during November's Asia-Pacific Economic Cooperation summit. The U.S. is set to host this year's gathering of leaders of APEC, of which Hong Kong is a member. Hong Kong's top official John Lee was placed under U.S. sanctions in 2020 because of his role in implementing what Washington deems a "draconian" Hong Kong national security law when he was the city's security secretary. A State Department spokesperson, asked about the decision, said the participation of all delegations in APEC events will be "in accordance with U.S. laws and regulations and on the basis of the spirit and principles of APEC." "We will work with Hong Kong, China to ensure appropriate participation in San Francisco," the spokesperson said, adding without giving details that U.S. President Joe Biden had begun sending invitations for the event.

Persons: John Lee, Hong, Hong Kong's, Marco Rubio, Lee, Rubio, Hong Kongers, " Rubio, Joe Biden, Liu Pengyu, Biden, Xi Jinping Organizations: San, Economic Cooperation, APEC, Washington, Hong, Reuters, Republican, U.S . State Department, U.S, The Washington, State Department, U.S . Treasury Department, China's Locations: Hong Kong, U.S, San Francisco, November's Asia, United States, China, Washington

☆ Auction sizes set to increase at US Treasury refunding
▼ + stars: | 2023-07-28 | by ( Karen Brettell | ) www.reuters.com time to read: +4 min

The Treasury earlier this month posted a $228 billion budget deficit for June, up 156% from a year earlier. "They have to grow coupon auction sizes - not just at the August refunding, not just at the November refunding, but also at the February refunding as well, because they are ultimately trying to balance this supply picture between bills vs coupons and this growing financing need," Swiber said. The Treasury Borrowing Advisory Committee (TBAC) recommends that bills make up 15-20% of the total marketable debt. The Treasury will release its quarterly borrowing requirement Monday afternoon, and its refunding news comes Wednesday at 0830 ET/1230 GMT. The Treasury surveyed dealers about their opinion on how some details of the program should work ahead of the August refunding.

Persons: Steven Zeng, Meghan Swiber, Swiber, Ben Jeffery, Karen Brettell, Davide Barbuscia, Gertrude Chavez, Dreyfuss, Hugh Lawson Organizations: U.S . Treasury Department, Treasury, COVID, Deutsche Bank, Bank of America, BMO Capital Markets, Thomson Locations: U.S

U.S. financial authorities last week barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, Iraqi central bank officials have said. Iraqi central bank (CBI) Governor Ali al-Allaq said on Wednesday the institution was following up on the issue and he had no indication the U.S. would sanction more Iraqi banks. He also noted that other banks were able to cover the market's needs for dollar transactions, with the 14 sanctioned banks representing just 8% of external transfers. The 14 banks have been banned from undertaking dollar transactions but can continue to use Iraqi dinars and other foreign currencies. The latest U.S. sanctions, along with previous ones on eight banks, have left nearly a third of Iraq's 72 banks blacklisted, two Iraqi central bank officials said.

Persons: Ali al, Allaq, Haider al, Shamma, Ahmed Rasheed, Timour, Richard Chang Organizations: U.S . Treasury Department, New York Fed, CBI, U.S ., Thomson Locations: BAGHDAD, Iraqi, United States, Iran, U.S, Tehran, Iraq's, Baghdad

U.S. financial authorities last week barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, Iraqi central bank officials have said. U.S. State Department deputy spokesperson Vedant Patel said the measures were not sanctions, as they have been referred to by Iraq's Central Bank governor. Iraqi central bank (CBI) Governor Ali al-Allaq said on Wednesday the institution was following up on the issue and he had no indication the U.S. would impose "sanctions" on more Iraqi banks. The 14 banks have been banned from undertaking dollar transactions but can continue to use Iraqi dinars and other foreign currencies. The latest U.S. measures, along with previous curbs on eight banks, have left nearly a third of Iraq's 72 banks blacklisted, two Iraqi central bank officials said.

Persons: Vedant Patel, Patel, Ali al, Allaq, Haider al, Shamma, Ahmed Rasheed, Timour, Richard Chang, Daniel Wallis Organizations: . State Department, Iraq's Central Bank, Treasury Department, Federal Reserve Bank of New, Central Bank of, U.S . Treasury Department, New York Fed, CBI, U.S ., Thomson Locations: BAGHDAD, Iraqi, United States, Iran, Federal Reserve Bank of New York, U.S, Tehran, Iraq's, Baghdad

There is no suggestion the trades break sanctions, although they may make it difficult for sanctions enforcement agencies in Europe and the United States to track Russian oil transactions and prices. The new trading network and practices raise financial risks for Russian oil companies dealing with unknown entities with limited credit history. "We recognise that (sanctions on Russia are) going to change the shape and structure of the Russian oil markets," the official told reporters. In May, Russian seaborne oil supplies to India, which was a rare buyer of Russian oil before the war, reached a record of 1.95 million bpd while China imported 2.29 million bpd. A source with one major Russian oil company said his company was prepared to deal with higher credit risks from buyers for the sake of having stable and rising oil exports.

Persons: Russia's, Rosneft, Everest, Coral, Washington, Lukoil, Dmitry Zhdannikov, Nidhi Verma, Timothy Gardner, Laura Sanicola, Simon Webb, Frank Jack Daniel Our Organizations: NEW, Liberian, Reuters, Shell, Group, European Union, Bellatrix Energy, Leopard, Guron, SEA, Coral Energy, Everest Energy, U.S . Treasury, EU, UK, Treasury, UAE dirham, Shipping, Hindustan Petroleum, Gazprom Neft, Covart Energy, Orion Energy, Media, Rosneft, Nidhi, Thomson Locations: Russia, Ukraine MOSCOW, NEW DELHI, Russia's Ust, Hong Kong, India, Moscow, Asia, Ukraine, Refinitiv, Europe, United States, Australia, China, U.S, UAE, Dubai, Visakhapatnam, Surgutneftegaz, Russian, Geneva, Singapore, Rosneft, Venezuela, MOSCOW, LONDON, Washington, New York

Mugabe’s successor, Emmerson Mnangagwa, had promised sweeping political, economic and social reforms. Several opposition activists, journalists and human rights activists have been arrested over the last year, including Job Sikhala, a Parliament member and senior official with the CCC. Obey Shava, a prominent Zimbabwean human rights lawyer who has represented various opposition party supporters facing questionable charges, was violently attacked earlier this month. Human rights group Amnesty International called it a “brutal assault on civic space.”At the same time, government corruption remains a problem in Zimbabwe. Mnangagwa has blamed Western sanctions for the current economic crisis in Zimbabwe, where the annual inflation rate reached 175% in June.

Persons: Robert Mugabe, Zimbabwe’s, Mugabe’s, Emmerson Mnangagwa, “, ”, Joe Biden, ” Biden, Nelson Chamisa, Job Sikhala, Obey, Bill –, Bill, Al Jazee, Mugabe, Morgan Tsvangirai, Mnangagwa, Macky Sall, Felix Tshisekedi, Stephen Chan, ” Chan, Ruben Mbofana, –, Mbofana, Leonard Koni, Kudakwashe Regimond Tagwirei, Emmerson Mnangagwa Jr, ” Koni Organizations: U.S . Congress, “, ZANU, Citizens Coalition, Amnesty, Movement, Democratic, Mugabe, U.S, Congress, Zimbabwe Democracy, ., U.S . Treasury, Union, Reuters, SOAS University of London Locations: MUTARE, Zimbabwe, Mutare, Rhodesia, U.S, United Kingdom, Canada, Australia, Senegal

REUTERS/Jonathan Bachman/File PhotoHOUSTON, July 21 (Reuters) - A U.S. court set Oct. 23 as the start date for a long-expected auction of shares in Venezuela-owned refiner Citgo Petroleum's parent to pay creditors with judgments against the South American nation. U.S. Judge Leonard Stark in Delaware this week accepted a recommendation by a court official in charge of organizing the auction. Proceeds from any sale of PDV Holding shares would be used to pay off creditors previously cleared by the court. Any sale of Citgo without the participation of Venezuela would be "hurtful," Pedro Tellechea, Venezuela's oil minister, said on Friday. "It's not a PDVSA asset.

Persons: Jonathan Bachman, Judge Leonard Stark, PDV, Pedro Tellechea, Horacio Medina, Stark, Venezuela's, Hugo Chavez, PDVSA, Marianna Parraga, Gary McWilliams, Richard Chang, Grant McCool Organizations: Citgo Petroleum, REUTERS, South, Petróleos, PDV, U.S . Treasury Department, PDVSA, Crystallex, ConocoPhillips, Siemens Energy, Tree Investments, Inc, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, Thomson Locations: U.S, Stowell , Texas, Venezuela, South American, PDV, Delaware

A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela's state oil firm Petroleos de Venezuela (PDVSA.UL), which is controlled by President Nicolas Maduro. Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.

Persons: Nicolas Maduro, Horacio Medina, Citgo, PDVSA's, PDVSA, Katherine Polk Failla, Marianna Parraga, Gary McWilliams, Matthew Lewis Organizations: U.S . Treasury Department, Treasury, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, New, Thomson Locations: Venezuela, Petroleum, U.S, Houston, Petroleos, Delaware, New York, Manhattan

☆ SEC punts on whether syndicated loans are securities, in closely watched appeal
▼ + stars: | 2023-07-19 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Law firm alerts have gone so far as to call the appeal an “existential threat” to the entire syndicated loan market. The SEC later added to the suspense by requesting two more extensions from the 2nd Circuit, noting the complexity of the issue. On the other hand, any remaining uncertainty will be resolved as soon as the 2nd Circuit issues a ruling. But it’s a good bet that the trustee's lawyers from McKool will urge the 2nd Circuit to read the SEC’s silence as proof of the complexity of the issue. An earlier version incorrectly reported that Judge Michael Park was part of the 2nd Circuit panel that heard oral argument.)

Persons: Cromwell, JPMorgan Chase, Marc Kirschner, Paul Gardephe, Manhattan, Gardephe, McKool Smith, Jose Cabranes, Joseph Bianco, Myrna Perez, ”, Malcolm Stewart, Christopher Johnson, McKool, SEC wouldn’t, Michael Park, Alison Frankel, Leigh Jones Organizations: Sullivan, U.S . Securities, Exchange Commission, U.S, Circuit, SEC, 2nd, JPMorgan, Millennium, U.S . Justice Department, District, Trading Association, Securities Industry, Financial Markets Association, Justice Department, U.S . Treasury Department, Thomson, Reuters Locations: U.S .

☆ U.S. sanctions 14 Iraqi banks in crackdown on Iran dollar trade- WSJ
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON/BAGHDAD July 19 (Reuters) - The United States has barred 14 Iraqi banks from conducting dollar transactions, the Wall Street Journal reported on Wednesday, citing U.S. officials. The United States uncovered information that the Iraqi banks engaged in money laundering and fraudulent transactions, some of which may have involved sanctioned individuals and raised concerns that Iran could benefit, the newspaper said. The Iraqi government, the U.S. Treasury Department and the New York Fed did not immediately respond to requests for comment. Iran has been unable to access billions of dollars in assets in several countries due to U.S. sanctions. The United States has insisted that oil-rich Iraq, the OPEC group's second-largest producer, moves towards self-sufficiency.

Persons: Washington, Kanishka Singh, Daphne Psaledakis, Timour, Michael S, Doina Organizations: United, Wall Street, U.S, Treasury Department, Federal Reserve Bank of New, U.S . Treasury Department, New York Fed, OPEC, Derby, Thomson Locations: WASHINGTON, BAGHDAD, United States, Federal Reserve Bank of New York, Iran, U.S, Iraq, Washington, Timour Azhari, Baghdad, New York, Bengaluru

☆ US Treasury surveys dealers on auctions, buyback program
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

July 14 (Reuters) - The U.S. Treasury Department is asking primary dealers their views on what specific bonds it should issue more of when it needs to raise more funds through the bond market, and for details around how a likely bond repurchase program would work. The Treasury noted that it may need to “modestly” increase the size of some of its coupon-bearing debt auctions as soon as August and asked banks which maturities they expect to see increased, and how size increases should be managed across the Treasury curve. It also queried dealers on whether it should increase sales of floating-rate notes and/or Treasury Inflation-Protected Securities (TIPS) as part of this process. The Treasury also asked banks their opinions on details around a bond repurchase program that it has previously indicated is likely to begin in 2024. The questions are being posed as part of its regular survey of dealers before each of its quarterly refunding announcements.

Persons: Karen Brettell, Chizu Organizations: U.S . Treasury, Treasury, Securities, Thomson

☆ U.S. Treasury posts sharply higher $228 billion June deficit
▼ + stars: | 2023-07-13 | by ( David Lawder | ) www.reuters.com time to read: +2 min

The deficit compares to a June 2022 budget gap of $89 billion. June receipts fell $42 billion, or 9% from a year ago, to $418 billion, while June outlays rose $96 billion, or 18%, to $646 billion. Year-to-date outlays rose $455 billion, or 10% from a year earlier to $4.805 trillion. Higher outlays for Social Security this year have been driven by cost-of-living adjustments, while the interest on the public debt so far this year has risen $131 billion, or 25%, to $652 billion due to higher interest rates. Also driving up outlays were $52 billion in Federal Deposit Insurance Corp costs to resolve failing banks, a Treasury official said.

Persons: outlays, David Lawder, Andrea Ricci Organizations: U.S, U.S . Treasury, Internal Revenue Service, Federal Reserve, Treasury, Social Security, Federal Deposit Insurance Corp, Thomson

☆ US slaps sanctions on Sinaloa Cartel fentanyl network
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, July 12 (Reuters) - The U.S. Treasury Department on Wednesday imposed sanctions on 10 Mexican nationals and one company in the country for their alleged involvement in the Sinaloa Cartel's vast illicit fentanyl trafficking network. The sons, known as "Los Chapitos," are accused of leading a faction of the Sinaloa Cartel after their father's 2016 capture and extradition to the U.S. a year later. The U.S. Treasury also sanctioned an import-export company, REI Compania Internacional, and its majority shareholder for allegedly receiving chemical shipments from China. Lopez Obrador added that his Security Minister Rosa Icela Rodriguez would meet this month with U.S. U.S. President Joe Biden's administration has been seeking increased cooperation from Mexico and China in stemming the flow of fentanyl and its precursor chemicals.

Persons: Noel Lopez Perez, Joaquin, El, Ricardo Paez Lopez, El Chapo's, Ovidio Guzman Lopez, Andres Manuel Lopez Obrador, Lopez Obrador, Rosa Icela Rodriguez, Elizabeth Sherwood, Randall, Joe Biden's, Kylie Madry, Stefanie Eschenbacher, Raul Cortes, Sarah Morland, Mark Heinrich, Josie Kao Organizations: MEXICO CITY, U.S . Treasury Department, Treasury, Foreign Assets, U.S . Treasury, REI Compania Internacional, U.S . Homeland Security, Thomson Locations: MEXICO, Sinaloa, U.S, United States, Mexico, China, Mexican

HOUSTON/CARACAS, July 7 (Reuters) - Venezuela's opposition is crafting a proposal for the country to redirect about 200,000 barrels per day of its oil exports to a trustee to pay creditors with claims on the nation's foreign assets. A negotiation team representing Venezuela in late 2022 began formal talks with some creditors, including miner Crystallex and oil producer ConocoPhillips (COP.N), to avoid the loss of Citgo. A license by the U.S. Treasury Department would be required and Venezuelan state oil company PDVSA would not have access to cash flow from those exports, Medina said. One of the opposition's arguments is that PDVSA is currently forced by U.S. sanctions to sell its oil in Asia at deep discounts. Energy analysts estimate the U.S. Gulf Coast has more room for processing Venezuela's heavy sour crude grades.

Persons: Horacio Medina, Nicolas Maduro, Medina, PDVSA, refiners Citgo, Marianna Parraga, Rosalba O'Brien Organizations: HOUSTON, Petroleum, ConocoPhillips, United Nations, Maduro, U.S . Treasury Department, Valero Energy, PBF Energy, Treasury Department, Chevron Corp, PDVSA, Chevron, . Energy, Gulf, Thomson Locations: CARACAS, Venezuela, Venezuelan, United States, China, Houston, Washington, American, Asia, Chevron, Caracas

WASHINGTON, June 27 (Reuters) - The United States on Tuesday imposed sanctions on companies in the United Arab Emirates, Central African Republic and Russia, accusing them of illicit gold dealings to fund Russia's Wagner Group mercenary force. "The Wagner Group funds its brutal operations in part by exploiting natural resources in countries like the Central African Republic and Mali. The Wagner Group did not immediately respond to the U.S. allegations. The U.S. State Department ahead of the announcement said that the action against Wagner was unrelated to an aborted mutiny last weekend. Reporting by Daphne Psaledakis, Humeyra Pamuk and Costas Pitas; editing by Jonathan Oatis and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Russia's, Yevgeny Prigozhin, Wagner, Brian Nelson, Vladimir Putin, Diamville, Andrey Nikolayevich Ivanov, Midas Ressources, Daphne Psaledakis, Humeyra Pamuk, Costas Pitas, Jonathan Oatis, Grant McCool Organizations: United Arab, Russia's Wagner Group, U.S . Treasury Department, Wagner Group, Central African, Terrorism, Financial Intelligence, U.S . State Department, Russia, Industrial, Trading, United, Wagner, Treasury, Industrial Resources, Thomson Locations: United States, United Arab Emirates, Central African Republic, Russia, U.S, Ukraine, Africa, Mali, Libya, Syria, Ukraine's Crimea, Donbas, African Republic, Dubai, Saharan Africa, Washington, Russian

☆ What is the Wagner Group? A look at the mercenary group led by man accused of 'armed mutiny' in Russia
▼ + stars: | 2023-06-24 | by ( Phil Helsel | ) www.cnbc.com time to read: +5 min

Called by Russia a "private military company" the Wagner Group is called a proxy force by U.S. officials and others, while others label it a mercenary group. Worldwide effortsThe Wagner Group has also been involved in other parts of the world, including Africa. Senior Western diplomats have said that the Wagner Group took control of a gold mine there. Human Rights Watch said in a report that suspected Wagner Group forces have committed atrocities, including executing unarmed men. watch nowThe U.S. in January designated the Wagner Group a transnational criminal organization.

Persons: Maksim Konstantinov, Wagner, Yevgeny Prigozhin, general's, Vladimir Alekseev, RBK, Vladimir Putin, Dmitry Peskov, John Kirby, U.N, Kirby, Prigozhin Organizations: PMC, Private Military Company, PMC Wagner Center, Lightrocket, Wagner Group, Telegram, NBC, Wagner, Prigozhin, U.S . National Security, Strategic, International Studies, U.S . Department of Defense, Central African, Rights Watch, U.S . Treasury Department, U.S . National Security Council, Russian Defense Ministry Locations: St . Petersburg, Ukraine, Russia, U.S, Washington, Russian, Africa, Libya, Central African Republic, Senior

The president's son has worked as a lobbyist, lawyer, investment banker and artist, and has publicly detailed his struggles with substance abuse. Hunter Biden disclosed in December 2020 that Weiss's office was investigating his tax affairs. President Biden has long expressed support and pride in his son for overcoming his addiction. The corrupt Biden DOJ just cleared up hundreds of years of criminal liability by giving Hunter Biden a mere 'traffic ticket.' President Biden has two surviving children, Hunter Biden and daughter Ashley Biden.

Persons: Joe Biden's, Hunter Biden, David Weiss, Donald Trump, Trump, Christopher Clark, Hunter, Clark, " Hunter Biden, Biden, Ian Sams, Weiss, James Comer, Comer, Ashley Biden, Beau Biden, Naomi Biden, Aaron Crawford, Crawford, George H.W, Bush's, Neil, Richard Nixon's, Don, Howard Hughes, Sarah N, Lynch, Jeff Mason, Trevor Hunnicutt, Susan Heavey, Tom Hals, Moira Warburton, Doina Chiacu, Heather Timmons, Jonathan Oatis Organizations: Democratic, Republican, U.S . Navy Reserve, Reuters, . Treasury, Republicans, Biden DOJ, University of Tennessee, Thomson Locations: U.S, Delaware, Ukraine, China, Washington, Wilmington , Delaware

☆ Taiwan says will it keep talking to US on forex policies
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

TAIPEI, June 17 (Reuters) - Taiwan's central bank said on Saturday it has smooth communication channels with the U.S. Treasury Department and will keep talking with them about foreign exchange policies, after the United States kept the island on a monitoring list. In its semi-annual currency report, the department said Switzerland remains on a "monitoring list" for close attention to foreign exchange and economic policies, along with six other trading partners: China, Taiwan, South Korea, Germany, Malaysia and Singapore. Taiwan's central bank responded that its communication channels with the U.S. Treasury were "smooth". "In the future, the two sides will continue to communicate on issues such as overall economic and exchange rate policies on the basis of good interactions," it said. Reporting by Ben Blanchard; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Ben Blanchard, William Mallard Organizations: U.S . Treasury Department, U.S . Treasury, Thomson Locations: TAIPEI, United States, Switzerland, China, Taiwan, South Korea, Germany, Malaysia, Singapore, Taiwan's

☆ US slaps sanctions on Iranian, Chinese targets over Tehran's missile, military programs
▼ + stars: | 2023-06-06 | by ( Daphne Psaledakis | ) www.reuters.com time to read: +3 min

Iran's mission to the United Nations in New York and China's embassy in Washington did not immediately respond to requests for comment. China has been a major buyer of Iranian oil despite U.S. sanctions designed to choke off these exports. Washington targeted centrifuge sales to Parchin Chemical Industries (PCI), dual-use metals sales to its intermediary, P.B. Co., Ltd, which the Treasury accused of selling centrifuges and other equipment and services worth hundreds of thousands of dollars to PCI with P.B. Sadr and PCI, as well as the other companies, could not immediately be reached for comment.

Persons: Davoud Damghani, Brian Nelson, Sadr, Zhejiang Qingji, Daphne Psaledakis, Doina Chiacu, Susan Heavey, Arshad Mohammed, David Brunnstrom, Chizu Nomiyama, Mark Heinrich Our Organizations: . Treasury, Armed Forces Logistics, Terrorism, Financial Intelligence, United Nations, Parchin Chemical Industries, PCI, Zhejiang Qingji, P.B, Treasury, Hong, Hong Kong Ke.Do International Trade Co, Qingdao Zhongrongtong Trade, Co, Thomson Locations: United States, Iran, China, Hong Kong, Beijing, U.S, Washington, Tehran, New York, . Sadr, Zhejiang, Zhejiang Qingji Ind, Sadr, Qingdao

☆ US imposes sanctions on companies tied to Sudan forces as fighting rages
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +6 min

[1/2] Smoke rises above buildings after an aerial bombardment, during clashes between the paramilitary Rapid Support Forces and the army in Khartoum North, Sudan, May 1, 2023. Sudan's army and the RSF did not immediately respond to requests for comment. Saudi Arabia and the U.S. said late on Thursday they were suspending the talks, a day after Sudan's army announced it was halting its participation. They target Sudan's largest defence enterprise, Defence Industries System, which the Treasury said generates an estimated $2 billion in revenue and manufactures arms and other equipment for Sudan's army. The companies, all key to the business and procurement activities of both forces, could not immediately be reached for comment.

Persons: Mohamed Nureldin Abdallah, Nadir Ahmed, Joe Biden, Mohamed Hamdan Dagalo, Antony Blinken, Omar al, Bashir, El, Cindy McCain, Cameron Hudson, Hudson, Khalid Abdelaziz, Tala, Nafisa Eltahir, Simon Lewis, Rami Ayyub, Daphne Psaledakis, Gladwys, Aidan Lewis, Christina Fincher, Andrew Heavens Organizations: Rapid Support Forces, REUTERS, Darfur Saudi, U.S . Treasury Department, Residents, U.S, Defence Industries System, Treasury, Technology, United Nations, Food, Army, Centre, Strategic, International Studies, United Arab Emirates, Thomson Locations: Khartoum North, Sudan, Khartoum, Darfur, Jeddah, KHARTOUM, WASHINGTON, United States, U.S, Nile, Omdurman, Bahri, Thawra, Saudi Arabia, Washington, El, Zalingei, Port Sudan, El Obeid, Russia, Dubai, Nafisa, Cairo, Oslo

☆ Cost of insuring against US default contracts further on debt bill hopes
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 30 (Reuters) - The cost of insuring exposure to a U.S. debt default fell further on Tuesday, reflecting investor optimism over a tentative deal by U.S. lawmakers to raise the $31.4 trillion debt ceiling. Trading picked up on Tuesday after much of Europe and the United States were closed on Monday for holidays. U.S. five-year CDS fell to 41 bps from 56 bps at Monday's close, the data showed. Some investors though remained apprehensive about the debt limit agreement, as some of the proposed bill's provisions could undermine economic growth. "We suspect these fears are likely overdone," wrote Karl Schamotta, chief market strategist at Corpay in Toronto.

Persons: Joe Biden, Kevin McCarthy, Karl Schamotta, Schamotta, Dhara Ranasinghe, Karin Strohecker Organizations: U.S, P Global Market Intelligence, Democratic, Republican, U.S . Treasury Department, Thomson Locations: U.S, Europe, United States, Monday's, ., Toronto

McCarthy called the bill the "most conservative deal we've ever had." The pair, Representatives Chip Roy and Ralph Norman, said they may vote against it if it is not changed to their liking. "I think it's important to keep in mind the debt limit bill itself does not spend money," he wrote on Twitter. A successful vote there would set up a vote by the full House on Wednesday. The debt-ceiling standoff prompted ratings agencies to warn that they might downgrade U.S. debt, which underpins the global financial system.

Persons: Joe Biden, Kevin McCarthy, Calif, Jacquelyn Martin, McCarthy, we've, Chip Roy, Ralph Norman, Roy, MASSIE, Thomas Massie, Biden, Hakeem Jeffries, Jeffries, Republican Mike Lee, White, Moira Warburton, David Morgan, Richard Cowan, Gram Slattery, Andy Sullivan, Scott Malone, Matthew Lewis, Mark Porter Organizations: Capitol, WASHINGTON, Republican, Democratic, U.S . Treasury Department, Republicans, Twitter, Top, Internal Revenue Service, Thomson Locations: Washington

Representative Stephanie Bice, a Republican vote counter, said she was confident it would pass. "I think it's important to keep in mind the debt limit bill itself does not spend money," he wrote on Twitter. At least one, Representative Mary Gay Scanlon, is a member of a moderate group that supports the deal. The debt-ceiling standoff prompted ratings agencies to warn they might downgrade U.S. debt, which underpins the global financial system. Reporting by Moira Warburton and Andy Sullivan; Editing by Kieran Murray and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Reflecting investor optimism about passage, the cost of insuring exposure to a U.S. debt default dropped on Tuesday, but some concerns remained because of the tight timeline and opposition from some lawmakers. Last week, credit rating agency Fitch placed its "AAA" rating of U.S. sovereign debt on watch for a possible downgrade, citing downside risks including political brinkmanship and a growing debt burden. In a previous debt ceiling crisis in 2011 rating agency Standard & Poor's cut the U.S. top 'AAA' rating by one notch a few days after a debt ceiling deal, citing political polarization and insufficient steps to right the nation's fiscal outlook. "Even if a U.S. default is averted, a ratings downgrade could still happen," Vishwanath Tirupattur, a strategist at Morgan Stanley, said in a research note on Sunday. Some also fear a debt ceiling resolution could only provide short-term relief to markets because the U.S. Treasury is expected to quickly refill its account with bond sales, sucking out hundreds of billions of dollars of cash from the market.

Persons: Joe Biden, Kevin McCarthy, Fitch, Raymond James, Ed Mills, Alex Anderson, Vishwanath Tirupattur, Morgan Stanley, Spokespeople, Blair Shwedo, Davide Barbuscia, Shankar Ramakrishnan, Pete Schroeder, Megan Davies, David Gregorio Our Organizations: YORK, Democratic, Republican, U.S . Treasury Department, BMO Capital Markets, AAA, Moody's, U.S . Treasury, Thomson Locations: U.S

Search resuls for: ". Treasury Department"

25 mentions found