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☆ 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.

☆ Credit Suisse obtains key approval to launch wealth business in China
▼ + stars: | 2023-03-08 | by ( Selena Li | ) www.reuters.com time to read: +2 min

HONG KONG, March 8 (Reuters) - Credit Suisse (CSGN.S) has received regulatory green light from China after years of waiting to launch a full-fledged wealth management business in the world's second-biggest economy, according to a company memo reviewed by Reuters. The expansion comes after the lender suffered worse-than-expected global wealth outflows of 92.7 billion Swiss francs ($98.29 billion) in the fourth quarter. Credit Suisse Securities (China), the company's China joint venture, recently obtained an investment consultancy license, which allows it to create and distribute equity research products onshore and to engage in investment advisory services, according to the memo. Credit Suisse "plans to double the number of relationship managers in China in 2023," said Benjamin Cavalli, the company's head of wealth management for Asia Pacific, without providing details on how many relationship managers it currently has. Total assets at Credit Suisse's wealth division fell to 540.5 billion Swiss francs by the end of last year from 742.6 billion francs a year earlier.

☆ Ukraine is vowing to defend 'fortress' Bakhmut as Russian forces surround it: Here are 3 reasons why
▼ + stars: | 2023-03-08 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +9 min

Ukrainian infantrymen with the 28th Brigade view damaged buildings while driving to a frontline position facing Russian troops on March 05, 2023 outside of Bakhmut, Ukraine. Russian forces appear to be tightening the noose around the city in Donetsk. "The fall of Bakhmut won't necessarily mean that the Russians have changed the tide of this fight," he added, noting that he would not predict when Bakhmut might fall to Russian forces. Ukrainian military vehicles drive along a road outside of the strategic city of Bakhmut on January 18, 2023 in Bakhmut, Ukraine. On Tuesday, Zelenskyy warned that Russian troops will have "open road" to key cities in eastern Ukraine if they seize Bakhmut.

☆ Silvergate shutting down operations and liquidating bank
▼ + stars: | 2023-03-08 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Silvergate Capital announced on Wednesday that it will wind down operations and liquidate Silvergate Bank. The other is the New York-based Signature Bank which has more than $114 billion dollars in total assets. "In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward," the company said in a statement. After the market close on March 3, Silvergate suspended its payments platform known as the Silvergate Exchange Network, or SEN, which was considered to be one of its core offerings. Crypto companies like Coinbase and Galaxy Digital raced to cut ties with Silvergate last week after the bank warned that it was unsure whether it had the ability to stay in business.

Among methods that produce what is known as green hydrogen are electrolysis to split water into hydrogen and oxygen using power from renewables. The technology for shipping hydrogen is still in early stages of development, said Chevron's vice president of hydrogen Austin Knight. About 30-35% of the total energy system will need hydrogen to decarbonize, he said. NextEra is working with the U.S. Treasury on rules that govern what can be considered green hydrogen, he said. The process is complicated by the variability of renewable power supply from wind and solar, he said.

SEOUL, March 8 (Reuters) - South Korea's government approved export licenses for Poland last year to provide Ukraine with Krab howitzers, which are built with South Korean components, a defence acquisition official in Seoul told Reuters on Wednesday. The comments are the first confirmation that South Korea officially acquiesced to at least indirectly providing weapons components to Ukraine for its war against Russia. Seoul officials have previously declined to comment on the Krabs, fuelling speculation over whether South Korea had formally agreed or was simply looking the other way. South Korean President Yoon Suk Yeol said at the time that South Korea, a U.S. ally, had not provided any weapons. Kim said Poland would need further South Korean permission to provide any of those new weapons to Ukraine.

☆ Russia and Ukraine's deadliest battle is starting to look like Stalingrad 'without the importance,' expert says
▼ + stars: | 2023-03-07 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

Russia and Ukraine both say Bakhmut, a city in Ukraine, is the site of their deadliest fighting. An expert on Russia's military likened it to Stalingrad, but without the same level of significance. But at least Stalingrad was an industrial city, a major inland port on the Volga River that was a vital transportation artery for Soviet war production and home to a half-million people. Western experts are struggling to understand why both sides are pouring enormous resources — and prestige — into the Battle of Bakhmut. "It's like becoming like a Stalingrad except for without the importance of Stalingrad."

☆ The ‘Hotel California’ Wealth Tax
▼ + stars: | 2023-03-06 | by ( Arthur Laffer | Stephen Moore | ) www.wsj.com time to read: 1 min

Lawmakers in California, Illinois, New York and Washington state have proposed new taxes on wealth, and higher income taxes for the rich are on the table in Connecticut, Maryland and Massachusetts. Residents of these seven blue states are already among the highest-taxed. California and New York impose income tax rates that can exceed 13%, but their budget deficits are mounting. Lawmakers in Sacramento and Albany think the answer is to soak the rich even more. Yet Florida, Tennessee and Texas impose no state income tax and all have sturdy surpluses.

☆ UK construction sector rebounds in February - PMI
▼ + stars: | 2023-03-06 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

The S&P Global/CIPS UK Purchasing Managers' Index (PMI) for the construction sector jumped to 54.6 in February, up from 48.4 in January, its highest since May 2022 and well above economists' average expectation of 49.1 in a Reuters poll. The sharp rebound mirrors a similar increase in Friday's services PMI, which grew at its fastest pace in June, easing many analysts' concerns that Britain's economy was slipping into recession. However, Tim Moore, economics director at S&P Global, said cutbacks in new house building projects remained a weak spot for activity in the construction sector. The house-building industry was the worst-performing construction sector as residential building work fell for the third month in a row. The wider all-sector PMI, which includes previously released services and manufacturing data, rose to its highest since last July at 53.2 for February, up from January's 48.5.

☆ China to guard against risks among property developers - Premier Li
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +3 min

Premier Li Keqiang made guarding against risks to top property developers one of the government's priorities this year, amid still cautious buyer sentiment, following through on the work done at a key economic meeting in December. "There are more potential risks in the real estate market and some small and medium-sized financial institutions are exposed to risks," Li said in the government's work report for 2023. "Only when consumer demand for housing is boosted can other real estate problems, including the problem of financial risks of leading housing companies, be truly resolved." Premier Li said the government would resolve housing issues for young people and support the needs of homebuyers. China will ensure developers deliver pre-sold properties and expand the supply of affordable rental housing, the planner said.

☆ China to guard against risks in property market - Premier Li
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 5 (Reuters) - Warning that risks remain in the property market, China's government said in a report released at parliament's annual opening on Sunday that it would promote the sector's stable development and prevent disorderly expansion by developers. "There are more potential risks in the real estate market and some small and medium-sized financial institutions are exposed to risks," Premier Li Keqiang said in the work report. Li made guarding against risks to top property developers this year one of the government's priorities this year, following through on the work done at a key economic meeting in December. China will also insist that "housing is for living, not for speculation," according to a separate report by the state economic planner, though Li did not mention it in the government 2023 work outlook. China will ensure developers deliver pre-sold properties and expand the supply of affordable rental housing, the planner said.

☆ Ex-Maryland Gov. Larry Hogan won't challenge Trump in 2024
▼ + stars: | 2023-03-05 | by ( ) www.cnbc.com time to read: +7 min

He was Maryland's second Republican governor ever to be reelected. Some Republicans had hoped that Hogan, emerging as the new best hope of a small group of "Never Trump Republicans," would challenge Trump in 2020. In his first year as governor, Hogan went right to work on pocketbook issues. Hogan has long been upfront about his distaste for Trump as president. "I did not go out of my way to criticize the president," Hogan said.

☆ China leans on coal amid energy security push
▼ + stars: | 2023-03-05 | by ( Andrew Hayley | ) www.reuters.com time to read: +4 min

Soaring global energy prices following Russia's invasion of Ukraine and domestic supply disruption have prompted Beijing to step up its focus on energy security in recent years. Fluctuating output from renewable plants, however, has led policymakers to lean on reliable and easily dispatchable coal power to shore up the country's baseload supply. "The energy security narrative is still going strong," said Greenpeace China policy advisor Li Shuo. Concerned about supply shortages amid high global prices, the planner pledged to "strictly control the expansion of projects to replace coal with natural gas". "(We shall) develop sound mechanisms to adjust urban end-user prices of natural gas in step with procurement costs," the report said.

☆ China says armed forces should boost combat preparedness
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 5 (Reuters) - China's armed forces should devote greater energy to training under combat conditions and boost combat preparedness, Premier Li Keqiang said on Sunday. "Our armed forces, with a focus on the goals for the centenary of the People's Liberation Army in 2027, should work to carry out military operations, boost combat preparedness, and enhance military capabilities," he said in his work report to the opening of the annual meeting of China's parliament. "The armed forces should intensify military training and preparedness across the board, develop new military strategic guidance, devote greater energy to training under combat conditions and make well-coordinated efforts to strengthen military work in all directions and domains," Li said. This year's defence budget has yet to be released but is likely to come out later on Sunday when the government releases its overall 2023 budget. Reporting by Yew Lun Tian; Writing by Ben Blanchard; Editing by William Mallard & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ China says should advance 'peaceful reunification' with Taiwan
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBEIJING, March 5 (Reuters) - Chinese Premier Li Keqiang said on Sunday the government should promote the peaceful development of relations with Taiwan and advance the process of China's "peaceful reunification" but also take resolute steps to oppose Taiwan independence. In August, China staged war games around Taiwan in response to a visit to Taipei by then-U.S. House Speaker Nancy Pelosi. Speaking at the opening of the annual meeting of China's parliament, Li said Beijing stands by the "one China" principle, which states that Taiwan is part of China. The government should implement our party's policy for "resolving the Taiwan question" and "take resolute steps to oppose Taiwan independence and promote reunification", he told the roughly 3,000 delegates at Beijing's enormous Great Hall of the People. "We should promote the peaceful development of cross-Strait relations and advance the process of China's peaceful reunification."

☆ US prepares new rules on investment in technology abroad- WSJ
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

The Biden administration's work on the new rules would in practice largely deal with U.S. investments in China though the report given to lawmakers did not identify any countries, the WSJ said. The new rules are expected to cover private-equity and venture-capital investments in advanced semiconductors, supercomputing and some forms of artificial intelligence, the WSJ reported quoting people familiar with the matter as saying. The Treasury and Commerce departments expected to finalize their policy in the near future, it added. Reuters reported last month that Biden administration was planning an outright ban on investments in some Chinese technology companies and increased scrutiny of others. Reporting by Jose Joseph and Anirudh Saligrama in Bengaluru; Editing by Himani Sarkar and Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Italy close to approve CDP, Macquarie bid for TIM's grid- Bloomberg News
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

March 4 (Reuters) - Italy is close to granting preliminary approval to a multibillion-euro offer by state lender CDP and Macquarie Group (MQG.AX) for Telecom Italia's (TLIT.MI) landline network, Bloomberg News reported on Saturday citing people familiar with the matter. Acceptance of the bid by CDP and Australia's Macquarie could be announced this month, the report said, adding that a final determination hasn't been made. The news comes after TIM said last month an offer for its network grid tabled by U.S fund KKR & Co Inc (KKR.N) "does not wholly reflect the value of the asset". Meloni's administration wants to secure public control of TIM's grid, but there is no common ground within the government on how to achieve this. CDP and Telecom Italia did not immediately respond to a Reuters' request for comment.

☆ Taiwan's TSMC to recruit 6,000 engineers in 2023
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

TAIPEI, March 4 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW), the world's largest contract chipmaker, will recruit more than 6,000 new staff in 2023, the company said in a statement on Saturday. The hiring drive comes despite a global downturn in the chip industry. According to TSMC, the company will seek young engineers with associates, bachelor's, masters's or doctorate degrees in electrical engineering or software-related fields, in cities all across Taiwan. The average overall salary of a new engineer with a master's degree is T$2 million ($65,578.07), the company added. Intel Corp (INTC.O) recently announced that it would cut payments to mid-level staff and executives from 5% to 25%.

☆ Djokovic happy with injury recovery despite semi-final exit in Dubai
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

World number one Djokovic suffered a three-centimetre hamstring tear en route to winning the Adelaide Open before claiming his 22nd Grand Slam title at the Australian Open to go level with Rafa Nadal. The 35-year-old Serbian had a solid run at the ATP 500 event in Dubai before he lost 6-4 6-4 to Medvedev. I know that I didn't play well in some decisive moments, but it was also due to his quality of tennis," Djokovic told reporters. If that's the case, I'll take some time off, I'll prepare," he said. Reporting by Manasi Pathak in Bengaluru; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong court convicts 3 members of Tiananmen vigil group for security offence
▼ + stars: | 2023-03-04 | by ( Jessie Pang | ) www.reuters.com time to read: +3 min

HONG KONG, March 4 (Reuters) - Three former members of a Hong Kong group that organised annual vigils to mark China's 1989 Tiananmen Square crackdown, were found guilty on Saturday of not complying with a national security police request for information. Prominent Hong Kong pro-democracy activist and barrister Chow Hang-tung, 38, was among those convicted by the magistrate court. Chow is a former vice-chairperson of the Hong Kong Alliance in Support of Patriotic Democratic Movements in China. The national security law, which punishes acts including subversion and collusion with foreign forces has been criticised by some Western governments as a tool to crush dissent. Chinese and Hong Kong officials say the law is necessary to restore stability to the city after the city's protracted anti-China protests in 2019.

BATU PAHAT, Malaysia, March 4 (Reuters) - Flooding resulting from days of torrential rain has forced almost 40,000 people to flee their homes in Malaysia's southern Johor state, bordering Singapore, and at least four people have died during the past week, officials said on Saturday. Authorities have set up more than 200 relief shelters for people displaced by the floods, the national disaster management agency said. Floods in Malaysia are common during the annual monsoon season between October and March, but the downpour this week left many Johor residents scrambling to find shelter. While Johor was worst-hit, there was flooding in other states too that displaced hundreds of people. The meteorological department warned of more rain in coming days, mostly in the southern states.

☆ China's defence spending increases have been 'reasonable' - parliament spokesman
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 4 (Reuters) - China's defence spending as a share of gross domestic product has been kept basically stable for many years, with the increases "moderate" and "reasonable", the spokesman of the country's parliament said on Saturday. "The modernisation of China's military will not pose a threat to any country," Wang Chao, spokesman for the National People's Congress, told reporters. Wang was asked at a news conference by how much China's defence budget would increase this year, and whether any increase would be larger than in previous years. The spending figure will be officially unveiled in the national budget to be released on Sunday at the start of this year's annual meeting of parliament. China staged war games near Taiwan in August to express anger at the visit to Taipei of then-U.S. House Speaker Nancy Pelosi.

☆ International drug bust nets $677 mln of cocaine bound for Australia
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 4 (Reuters) - A joint U.S. and Australian law enforcement operation busted an international drug ring after intercepting 2.4 tonnes of cocaine aboard a vessel off the coast of South America that had been bound for Australia. Western Australian police substituted the cargo with identically packed fake cocaine and dropped it roughly 40 nautical miles west of state capital Perth on Dec. 28. Three suspected members of the "Australian arm of a drug syndicate" with 1.2 tonnes of fake cocaine were arrested on Dec. 30, after allegedly making three trips out through rough seas to collect the packages. Hailing the success of "Operation Beech" Western Australia police commissioner Col Blanch in a statement: "The operation sends a message to international drug traffickers – your deadly drugs are not welcome here." ($1 = 1.4775 Australian dollars)Reporting by Lewis Jackson; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Asian stocks gain as prospects of China recovery, and Fed caution
▼ + stars: | 2023-03-03 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

HONG KONG, March 3 (Reuters) - Asian shares rose on Friday on prospects for a steady economic recovery in China, and after Wall Street reversed losses overnight following remarks by the Atlanta Federal Reserve chief that signalled a measured approach raising U.S. interest rates. Global markets have been buffeted by a raft of strong U.S. data over recent weeks, including U.S. jobless claims overnight, that suggested the Fed would need to keep rates higher for longer. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.7%, on track for its first weekly rise in five. U.S. stocks rose on Thursday, reversing earlier losses, as Treasury yields pulled back from earlier highs, following the rates comments from Atlanta Fed President Bostic. The two-year yield , which rises with traders' expectations of higher Fed fund rates, rose to 4.8879%compared with a U.S. close of 4.904%.

In the past 24 hours Ukrainian forces have repelled more than 170 attacks in the five principal sectors of the front line, Ukrainian military analyst Oleh Zhdanov said on YouTube on Thursday night. Ukraine says the city has limited strategic value but wants to exhaust Russian forces. In nearby towns and villages, new trenches had been dug on the roadside 20-40 metres (65-130 feet) apart, a sign that Ukrainian forces were strengthening defensive positions. Russia says its "special military operation" aims to degrade the Ukrainian military and remove what it says is a threat to its own security. The Russian foreign ministry said Lavrov and Blinken spoke "on the move" for less than 10 minutes.

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