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The world's third-biggest economy has struggled to make a solid post-COVID recovery, undermined by lacklustre household consumption and a global slowdown. Slowing shipments to China, which fell for a third straight month, have also shattered policymakers' hopes for a quick rebound from the pandemic doldrums. Exports to China, Japan's largest trading partner fell 10.9% year-on-year in February, registering a second straight month of double-digit decline, as demand weakened for cars, auto parts and display-making equipment. Japan has now posted a trade deficit for 19 straight months. "Chances are 50-50 that Japan may slide into recession," said Takeshi Minami, chief economist at Norinchukin Research Institute.

☆ A convicted kidnapper who fought for Wagner in Ukraine said it was 'utter hell' and he saw fellow fighters 'cry' and 'vomit' as fear took over in the trenches
▼ + stars: | 2023-03-16 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +3 min

An ex-convict who fought for Wagner in Ukraine said the front line was "utter hell," Reuters reported. Wagner recruited thousands of convicts to help address Russia's manpower issues in the war. In the face of these personnel problems, Russia turned to the infamous Wagner mercenary group for help. Wagner recruited thousands of prisoners for the fight, promising them pardons in exchange for their service. Yevgeny Prigozhin, the founder of the Wagner Group, argued in a statement to Reuters that Wagner was "probably the most experienced army that exists in the world today."

☆ Fact Check-Dinosaurs existed and were documented before the term ‘dinosauria’ was coined in the early 1840s
▼ + stars: | 2023-03-15 | by ( Reuters Fact Check | ) www.reuters.com time to read: +4 min

Dinosaurs existed long before the word ‘dinosauria’ was coined by paleontologist Sir Richard Owen in the 19th century, paleontology experts and a spokesperson for Britain’s Royal Society told Reuters, rejecting a claim to the contrary spreading online. They were invented by the Royal Society in 1841,” the individual says, referring to the academic organisation which is Britain’s national academy of sciences. However, three experts and a spokesperson for the Royal Society told Reuters separately that these claims are false. They say Sir Richard Owen first used the term ‘Dinosauria’ in the early 1840s but that dinosaurs and their fossils existed and were documented long before. Dinosaurs existed and were documented long before they were given a universal name in 1841, paleontologists and Britain’s Royal Society say.

Commodity Futures Trading Commission (CFTC) data published on Tuesday shows that speculators held the largest net short position in three-month 'SOFR' rate futures since September, and the biggest net short 10-year Treasuries futures position since 2018. While they trimmed their net short 2-year Treasuries futures position, it was only a reduction of around 5% from the record short a couple of weeks earlier. They trimmed their two-year futures net short to 656,575 contracts - two weeks prior they were net short 696,686 contracts, a record. chartA short position is essentially a wager that an asset's price will fall, and a long position is a bet it will rise. In bonds and interest rates, yields and implied rates fall when prices rise, and move up when prices fall.

☆ Myanmar team in Bangladesh camps for Rohingya repatriation pilot project
▼ + stars: | 2023-03-15 | by ( Ruma Paul | ) www.reuters.com time to read: +3 min

DHAKA, March 15 (Reuters) - A Myanmar delegation is visiting Rohingya refugee camps in Bangladesh this week to verify a few hundred potential returnees for a pilot repatriation project, though a Bangladeshi official said it was unclear when they would be going home. Nearly one million Rohingya Muslim refugees are living in camps in the border district of Cox's Bazar in Bangladesh, most having fled a military-led crackdown in Myanmar in 2017. "The international community are playing ping pong with the Rohingya," Tun Khin, president of Burmese Rohingya Organisation UK, told Reuters. "Rohingya refugees face an impossible choice. Stay in terrible conditions in refugee camps where rations are being cut, or return to their home country where genocidal policies continue.

[1/5] A concept model of the Global Combat Air Programme (GCAP)'s fighter jet is displayed at the DSEI Japan defense show at Makuhari Messe in Chiba, east of Tokyo, Japan March 15, 2023. REUTERS/Kim Kyung-HoonTOKYO, March 15 (Reuters) - Britain and Japan are set to dominate a three-nation project with Italy to build an advanced jet fighter, with Rome set to pay around only a fifth of the overall development cost, two sources said. "The cost of the project will likely be around 40% each for Japan and Britain," one of the people with knowledge of discussions told Reuters. Japan's defence ministry said that discussions were ongoing and declined to comment on the cost sharing ratios. Details of which companies will build what components are being hammered out in regular talks between more junior government officials and contractors in Britain, Japan and Italy, the sources said.

☆ Time and money for love: China brainstorms ways to boost birth rate
▼ + stars: | 2023-03-15 | by ( Farah Master | ) www.reuters.com time to read: +3 min

China dug itself into a demographic hole largely through its one-child policy imposed between 1980 and 2015. Young people cite high childcare and education costs, low incomes, a feeble social safety net and gender inequalities, as discouraging factors. "But without any fertility encouragement policy then fertility will decline even further." China's birth rate last year fell to 6.77 births per 1,000 people, from 7.52 births in 2021, the lowest on record. Demographer Yi Fuxian remains sceptical whether any measures would have a significant impact by themselves, saying China needed a "paradigm revolution of its entire economy, society, politics and diplomacy to boost fertility."

☆ U.S. proposes limits for cancer-causing chemicals in drinking water
▼ + stars: | 2023-03-14 | by ( Valerie Volcovici | ) www.reuters.com time to read: +2 min

WASHINGTON, March 14 (Reuters) - The U.S. Environmental Protection Agency on Tuesday proposed the first-ever national drinking water standard for six cancer-causing chemicals known as polyfluoroalkyl substances (PFAS). Under the new standard, the agency will require public water systems to monitor for six PFAS chemicals, inform the public if PFAS levels exceed proposed standards in the drinking water supply, and take action to reduce PFAS levels. It is the first time since 1996 that drinking water standards have been proposed for a new chemical under the Safe Drinking Water Act. Environmental groups welcomed the new standards but said it was up to retailers and chemical companies to make a difference. "I’m looking forward to hearing from those who will be impacted by this announcement, including local water systems and ratepayers across the country, on how we can provide assistance for implementation," she said.

☆ Analysis: Door slams on Japan bank rally as focus turns to bond holdings in wake of SVB
▼ + stars: | 2023-03-14 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Losses in Silicon Valley Bank's bond portfolio have highlighted similar risks for Japanese lenders' gigantic foreign bond holdings, which are carrying over 4 trillion yen ($30 billion) in unrealised losses. Three days of selling has the Tokyo Stock Exchange banks index (.IBNKS.T) down 16% - its sharpest drop since the days after the 2011 earthquake and tsunami struck Japan. Reuters GraphicsBONDS GETTING HITMost of the time, bond losses aren't a problem for banks, which typically hold their investments to maturity. An annual Bank of Japan report published on Tuesday said Japanese financial institutions have sufficient capital buffers. "And maybe some concerns Japanese banks have exposures, and some profit taking," he said.

☆ India's top court rejects govt plea seeking more compensation for Bhopal gas disaster victims
▼ + stars: | 2023-03-14 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

[1/2] A view of the Indian Supreme Court building is seen in New Delhi December 7, 2010. REUTERS/B MathurNEW DELHI, March 14 (Reuters) - India's Supreme Court on Tuesday rejected the government's plea seeking more compensation from Union Carbide Corporation for victims of a gas leak in the central Indian city of Bhopal that resulted in one of the world's worst industrial disasters. Following the disaster, the government sued Union Carbide and the company agreed to pay an out-of-court settlement of $470 million in damages in 1989. The government approached the country's top court in 2010 seeking enhanced compensation for the victims. Dow Chemical, which now owns Union Carbide, denied liability, saying it bought the company a decade after Union Carbide settled its liabilities with the Indian government.

☆ 'No relation to SVB': India's SVC Bank acts to calm depositors amid brand name confusion
▼ + stars: | 2023-03-13 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

MUMBAI, March 13 (Reuters) - A little-known Indian bank moved to assure depositors their money is safe after the collapse of Silicon Valley Bank (SVB) in California caused confusion and concern due to a similarity in names. Over the weekend, India's SVC Co-operative Bank (SVC Bank), issued a statement and sent text messages in English and local Marathi language to its customers in Mumbai saying it has no relation to the U.S. lender. We are SVC Bank ... one of the leading & strongest cooperative banks in India with a legacy of 116 years." There were no scenes of panic at two SVC branches in Mumbai suburbs that Reuters visited on Monday, with account holders carrying on usual banking activities. "SVC Co-operative Bank Ltd. has no relation with Silicon Valley Bank in California," it stated.

Powering AI Dungeon's text-generation software was the GPT language technology offered by the Microsoft -backed AI research lab OpenAI. The high cost of training and "inference" — actually running — large language models is a structural cost that differs from previous computing booms. Many entrepreneurs see risks in relying on potentially subsidized AI models that they don't control and merely pay for on a per-use basis. Companies making the foundation models, semiconductor makers, and startups all see business opportunities in reducing the price of running AI software. "Latitude is going to continue to evaluate all AI models to be sure we have the best game out there."

☆ Meta Looks to Divest Kustomer Amid Efficiency Drive
▼ + stars: | 2023-03-11 | by ( Jeff Horwitz | Juliet Chung | ) www.wsj.com time to read: 1 min

Meta said it is exploring strategic alternatives for Kustomer, a business-software company it bought last year. Meta Platforms Inc. is planning to divest Kustomer, a business-software company it bought last year in one of its largest acquisitions, as the tech company looks to refocus on its core business, according to the company and people familiar with the planned deal. “In light of Meta’s efficiency efforts, we’ve made the decision to focus on our fastest growing business messaging offerings, including the monetization opportunity for WhatsApp,” said Ryan Moore, a spokesman for the company. “We are currently exploring strategic alternatives for Kustomer and will continue to support Kustomer’s product and customer base throughout this process.”

The yen weakened and Japanese government bond yields plunged after the Bank of Japan opted to keep stimulus settings steady at Governor Haruhiko Kuroda's last meeting in charge, as expected. The benchmark 10-year JGB yield, which the BOJ pins within 50 basis points either side of zero, pulled back sharply from that ceiling to last sit at 0.445%. The yen was last down about 0.4% at 136.615 per dollar after a knee-jerk drop of as much as 0.6%. Japan's Nikkei (.N225) pared declines to last be down around 1%, compared to a 1.23% loss prior to the central bank decision. S&P 500 futures were down 0.57%, following the cash index (.SPX) dropping 1.8% and falling below its 200-day moving average.

☆ Ukraine scorns Russian missile strikes on civilians, defence of Bakhmut holds
▼ + stars: | 2023-03-10 | by ( Pavel Polityuk | ) www.reuters.com time to read: +6 min

[1/7] Ukrainian servicemen walk along a muddy road near the frontline town of Bakhmut amid Russia’s attack on Ukraine, Donetsk region, Ukraine March 8, 2023. Kyiv says the air strikes have no military purpose and aim to harm and intimidate civilians, a war crime. Ukrainian military analyst Oleh Zhdanov said that the failure of Russian intelligence to identify military targets and led to a "Plan B - demoralising the population". HYPERSONIC MISSILESThe White House said that the barrage was "devastating" to see and Washington would continue to provide Ukraine with air defence capabilities. Moscow says Bakhmut is important as a step to securing the surrounding Donbas region, a major war aim.

☆ Versace reaches for new heights with starry LA rooftop show
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] Kendall Jenner walks the runway during the Versace Fall-Winter 2023 collection fashion show in Los Angeles, California, U.S. March 9, 2023. REUTERS/Mario AnzuoniLOS ANGELES, March 10 (Reuters) - Italian fashion house Versace made its Fall/Winter 2023 show a star-studded affair on Thursday, moving its catwalk from Milan to Los Angeles three days before this year's Oscars ceremony. Held on the roof-top of the Pacific Design Center in West Hollywood, the open-air show was brought forward by a day due to a heavy rain forecast. Gigi Hadid led models on the runway dressed in a black pencil skirt and power-shouldered blazer. Versace offered denim trousers and jackets for more casual options.

Silicon Valley Bank's stock price plummeted Tuesday after it announced it would sell fresh shares. Founders who bank with SVB say they're not yet worried and are calling for calm. As a meltdown unfolds at Silicon Valley Bank, startup founders who bank with the storied institution are calling for calm. "They are the go-to bank for Silicon Valley. In essence, a bank run -- Silicon Valley style.

☆ North Carolina lawmakers intervene to defend abortion pill restrictions in case testing FDA power
▼ + stars: | 2023-03-10 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

North Carolina has divided government. Stein told North Carolina lawmakers the FDA determined that restrictions like those in North Carolina unduly burden patients' access to a safe and effective drug. A federal judge on Friday allowed North Carolina lawmakers to defend restrictions on the abortion pill mifepristone, after the state attorney general declined to do so. The abortion pill has become the central flashpoint in the battle over abortion access since the Supreme Court overturned Roe. Democratic attorneys general have asked a federal judge in Washington state to declare the remaining FDA restrictions on mifepristone unconstitutional.

☆ Biden's funding wish list quickly runs into headwinds as Republicans slam it as 'completely unserious' and 'a roadmap to fiscal ruin'
▼ + stars: | 2023-03-09 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

President Joe Biden released his budget proposal for fiscal year 2024 on Thursday. The budget, which amounts to more of a wish list of priorities than viable policy, has already sparked pushback. "President Biden just delivered his budget to Congress, and it is completely unserious," he wrote on Twitter. "Let's be clear – the budget put forward by President Biden today will not be enacted," Capito said. "I want to make it clear, I'm willing to meet with the Speaker anytime, tomorrow if he has his budget," Biden said.

☆ Three Los Angeles police officers shot, suspect barricaded
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

[1/4] Police officers stand guard as the Lincoln Park neighborhood is cordoned off, as police look for a gunman who shot three police officers, in Los Angeles, California, U.S., March 08, 2023 REUTERS/David SwansonMarch 8 (Reuters) - Three Los Angeles police officers were shot on Wednesday evening and a suspect was barricaded inside a garage with an ongoing "tactical scene" unfolding, the chief of police said. The three officers who were shot are in stable condition at a hospital, Los Angeles Police chief Michel Moore wrote on social media. Officers in full tactical gear were seen near the site where the suspected gunman is holed up. A police helicopter hovered over the neighborhood, telling residents over a loudspeaker to remain inside their homes, the Los Angeles Times newspaper reported. The Times, citing unnamed police sources, said the officers who were shot are part of a canine unit and were seeking a suspect when they took fire.

☆ Rice into low-carbon plastic: bringing hope to a struggling Fukushima town
▼ + stars: | 2023-03-09 | by ( Elaine Lies | ) www.reuters.com time to read: +5 min

Last November, Tokyo-based firm Biomass Resin opened a factory in Namie to turn locally-grown rice into pellets. "Even now, we can't sell it as Fukushima rice. The same wave slammed into the nuclear plant, setting off meltdowns and explosions. "Namie was hit by four disasters - the quake, the tsunami, the reactor accident and then rumours about radiation danger," said Takemitsu Imazu, president of Biomass Resin Fukushima. The plastic isn't biodegradable, Imazu said, but using rice cuts the petroleum products involved - and growing more rice in Namie reduces overall atmospheric CO2.

☆ Russia strikes many Ukrainian regions, cutting off power
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

[1/6] Emergency workers extinguish fire in vehicles at the site of a Russian missile strike, amid Russia?s attack on Ukraine, in Kyiv, Ukraine March 9, 2023. REUTERS/Gleb GaranichMarch 9 (Reuters) - Russian strikes hit a series of Ukrainian regions early on Thursday, including the capital Kyiv, the Black Sea port of Odesa and the second-largest city Kharkiv, knocking out power to several areas, regional officials said. Power supply has been cut pre-emptively to about 15% of Kyiv residents, he said. Kharkiv region Governor Oleh Synehubov said the city and region had been hit by about 15 strikes. According to Ukrainian news outlet Obozrevatel.ua, two people were injured by a missile strike in Kharkiv which landed near their house.

Ahead of crucial U.S. jobs data on Friday, MSCI's broad index of global stocks (.MIWO00000PUS) fell 0.3%. This view has clashed with market repricing of interest rate expectations and bond market signals that aggressive monetary tightening raises recession risks. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," Powell said. U.S. Treasury yields continued an ascent on Wednesday, with the two-year yield, which tracks interest rate expectations, briefly touching 5.08% -- its highest level since 2007. After a series of jumbo hikes last year, the Fed raised rates by 25 basis points last month.

Higher rates benefit the dollar by improving its yield and as traders look for safety while global stockmarkets drop. The dollar hit a two-month high against the euro of $1.0524 , extending Tuesday's 1.2% jump. The Australian dollar has weakened for a similar reason as the Reserve Bank of Australia has softened its tone. Having dropped over 2% on Tuesday, the Australian dollar weakened a bit more to hit a four-month low of $0.6568 on Wednesday. China's yuan finished the domestic session at 6.9706 per dollar, the weakest such close since Dec. 29, 2022.

☆ Powell's warning on higher U.S. rates pushes dollar to 3-mth high
▼ + stars: | 2023-03-08 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Higher rates benefit the dollar by improving its yield and as traders look for safety while global stockmarkets drop. The dollar hit a two-month high of $1.0528 to the euro , extending Tuesday's 1.2% jump. The Australian dollar has weakened for a similar reason as the Reserve Bank of Australia has softened its tone. Futures imply U.S. rates peaking above 5.6% and holding higher than 5.5% through 2023. The U.S. dollar index rose 0.2% in Asia trade to a more than three-month high of 105.86.

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