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☆ Idalia is expected to rapidly intensify in the extremely warm Gulf of Mexico. Here’s what that means
▼ + stars: | 2023-08-28 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +17 min

Mike Lang/USA Today Network Workers and residents clear debris from a destroyed bar in Fort Myers on Saturday, October 1. Thomas Cordy/The Palm Beach Post/USA Today Network This aerial photo shows damaged homes and debris in Fort Myers Beach on Thursday. Wilfredo Lee/AP Jake Moses and Heather Jones explore a section of destroyed businesses in Fort Myers Beach, Florida, on Thursday. Alexandre Meneghini/Reuters Frederic and Mary Herodet board up their Gulf Bistro restaurant in St. Pete Beach, Florida, on Tuesday. Martha Asencio-Rhine/Tampa Bay Times via ZUMA Press Wire Sarah Peterson fills sandbags in Fort Myers Beach on September 24.

Persons: Ian —, Idalia, ” Brian McNoldy, Allison Wing, Florida State University . Hurricane Franklin, ”, Wing, ” McNoldy, Andrew Kruczkiewicz, Kruczkiewicz, Ricardo Arduengo, Joe Biden, Jill Biden, Hurricane, Evan Vucci, Greg Guidi, Thomas Bostic, Joe Raedle, Win McNamee, Stephanie Fopiano, Kenya Taylor, Mike Lang, Giorgio Viera, Jonathan Drake, Candy Miller, Ana Kapel, Amy Beth Bennett, Meg Kinnard, Shannon Stapleton, Steve Helber, Joe Burbank, Orlando Sentintel, Alex Brandon, Jim Watson, Eva Marie Uzcategui, Bob Levitt, Thomas Cordy, Wilfredo Lee, Jake Moses, Heather Jones, Douglas R, Clifford, Tom, Jonathan Strong, Kylie Dodd, Brenda Brennan, Sean Rayford, John Raoux, Stefanie Karas, ZUMA, Ian, Marco Bello, Ben Hendren, Pedro, Reuters Melvin Phillips, Crystal Vander, Bryan R, Smith, Hurricane Ian, Greg Lovett, Stephen M, Dowell, Zuram Rodriguez, Joe Cavaretta, Crews, Ramon Espinosa, Yamil Lage, Chris O'Meara, Maria Llonch, Willie J, Allen Jr, Alexandre Meneghini, Reuters Frederic, Mary Herodet, Pete, Adalberto Roque, Phelan M, Ryan Copenhaver, Siesta, Gregg Newton, Cathie Perkins, Martha Asencio, Sarah Peterson, Andrew West, ” Kruczkiewicz, McNoldy, you’re Organizations: CNN, National Hurricane Center, University of Miami, “, National Oceanic, Atmospheric Administration, Florida State University . Hurricane, Columbia Climate School, Columbia University, Getty, Fort Myers, Venice High, USA Today Network Workers, Reuters, South Florida Sun, AP, US Army National Guard, AP University of Central, Bloomberg, Texas, Force, USA, Tampa Bay Times, Zuma Workers, Orange County Government, An, AP Vehicles, NOAA, NASA, City, Naples Police, Anadolu Agency, Punta Gorda, El, El Nuevo Herald, TNS, Officials, Orlando Sentinel, AP Highways, Wednesday, Sentinel, AP People, Southwest, Tampa International Airport, Bistro, Vehicle, Kennedy Space Center, International, Costco, ZUMA Press, Hurricanes Locations: Gulf of Mexico, Florida, Matlacha , Florida, AFP, Fort Myers , Florida, Island , Florida, Fort, Fort Myers Beach, Kenya, North Port, Venice , Florida, Fort Myers, Myrtle Beach , South Carolina, South Florida, Quarterman, North Charleston , South Carolina, North Port , Florida, Sanibel, AP University of Central Florida, Orlando , Florida, Orlando, Charleston , South Carolina, New Smyrna Beach , Florida, Cape Coral , Florida, Palm Beach County , Florida, Fort Myers Beach , Florida, Naples , Florida, Orange County , Florida, Orange County, Punta Gorda , Florida, Punta Gorda, Port Charlotte , Florida, Captiva, Port Charlotte, Iona , Florida, Bonita Springs , Florida, An Orlando, Sanibel , Florida, Tampa , Florida, Punta, Tampa, Roberts, El Nuevo, Stuart , Florida, Tampa Bay, Delray Beach , Florida, The, Hurricane, Pembroke Pines , Florida, Davie , Florida, Havana, Cuba, Batabano, Pinar del Rio, St, Pete Beach , Florida, Cape Canaveral , Florida, Cuban, Fanguito, Sarasota , Florida, Havana Bay, Kissimmee, Pinellas County , Florida, Augusta , Georgia, Columbia, South Carolina

☆ This Ugandan earns a bonus for each person he gets to sign up for Sam Altman's eyeball-scanning crypto project
▼ + stars: | 2023-08-24 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

The business-to-business software firm, which has a market cap of $11.5 billion, gave users the option of logging in with their World ID beginning in June. Social media app Discord also uses World ID for verification. But ultimately, the foundation envisions a future where a World ID could be used to facilitate nationwide votes, among other use cases involving banking and e-commerce. Ava Labs president John Wu tells CNBC that the self-custody feature of the Worldcoin ID is also critical. Despite his concerns, Mwangi ultimately chose to enroll in the project because he believed in the wider mission of the World ID.

Persons: Keneth Byarugaba, Byarugaba, Namureba Abel, Abel, Muvya Muthama, Muthama, Sam Altman, Peter Mwangi, I'm, Mwangi, They're, Worldcoin, John Wu, Wu, Ricardo Macieira, Annegret Hilse, hasn't, Byarugaba indoctrinates, it's, isn't, CNBC's Jordan Smith Organizations: Worldcoin, CNBC, cryptocurrency, Social, FBI, Reuters Locations: Uganda, Kampala, Nairobi, Kenya, web3, Chile, Europe, Berlin

☆ Opinion: Young Colombians had high hopes for their first leftist president. It didn’t last
▼ + stars: | 2023-08-23 | by ( Opinion Kristina Foltz | ) edition.cnn.com time to read: +9 min

Before Petro, Colombia had been governed for decades by liberal and conservative parties forming part of the broader Colombian political right. A demonstrator holds a tainted image of Colombian President Gustavo Petro (left) during an anti-government protest in the capital on August 16. Luisa Gonzalez/ReutersBut what about young Colombians, who, like me, are worried about the direction Petro is taking the country? Ivan says he was drawn to Petro because, “he always had a message about generating free quality education for young people. His successor, President Nicolas Maduro, continued Chavismo policies that have destroyed the Venezuelan economy.

Persons: Kristina Foltz, Read, — Gustavo Petro —, I’m, — Nicolas Petro —, Nicolas ’, Petro, Gustavo Petro, Luisa Gonzalez, Ivan Oros, “, ”, Ivan, —, Ivan’s, Juan Manuel Santos, Ivan Duque’s ‘, he’s, Nicolas —, Ariel Ricardo Armel, Juan Valdez, ” Ariel, Hugo Chavez, Nicolas Maduro, Ariel, Armando Duarte Galan, governability, it’s Organizations: Rotary Ambassador, CNN, Petro, Reuters, La Primavera, Revolutionary Armed Forces, Colombian, University of Pamplona, Social Communications, Colombian Organization, Students, El, SISBEN, WHO, US, Twitter, Facebook, Plaza Bolivar Locations: Bogotá, Colombian, Latin America, Colombia, Venezuela, Venezuelan

☆ Opinion | What Can Replace China as a Global Economic Engine?
▼ + stars: | 2023-08-23 | by ( David Wallace-Wells | ) www.nytimes.com time to read: +4 min

To an extent that few Americans genuinely appreciate, global growth has been powered by the so-called Chinese miracle for almost half a century now. grew by 30 percent and China’s by 263 percent — China accounted for more than 40 percent of all global growth. If you excluded China from the data, global G.D.P. In 1992, China’s G.D.P. Quite likely not somewhere great, even if the world’s great powers manage to avoid direct conflict.

Persons: —, China’s, David Oks, Henry Williams, Ricardo Hausmann, Tim Sahay, Narendra Modi Organizations: World Bank, Harvard Kennedy School Locations: China, Asia, United States, India

The London Metal Exchange (LME) three-month copper price has been oscillating in a $7,800-8,870 per metric ton range since May as old and new price drivers compete. The gyration in net positioning is partly a reflection of copper's own choppy range-trading with many black box funds configured to react to changes in directional momentum. Money managers have lifted outright short positions on CME copper to 69,707 contracts, the largest collective bear bet on lower prices since early 2020. The net short position of 18,127 contracts is a sign the bears are in the ascendancy. The key takeaway from speculative positioning on both U.S. and London markets is that fund players are betting bigger on copper.

Persons: Ricardo Moreno, San Pedro de Barva, Juan Carlos Ulate, Long, Copper, David Evans Organizations: REUTERS, London Metal Exchange, CME, Zhongrong International, Co, Fund, Thomson, Reuters Locations: San Pedro, Costa Rica, China, Beijing, London, United States, Europe

☆ Southwest passenger's video shows plane's engine spitting out flames mid-flight
▼ + stars: | 2023-08-18 | by ( Sawdah Bhaimiya | Rebecca Cohen | ) www.businessinsider.com time to read: +3 min

A Southwest Airlines plane left a trail of flames in the sky after taking off from Houston, Texas. One passenger said he could see "fireballs shooting out" of the engine from his window. A Southwest Airlines plane was seen on fire in the sky shortly after takeoff from Houston, Texas, video shows. "Southwest Flight #307 from Houston Hobby (HOU) to Cancun (CUN) returned to the airport on Tuesday night after experiencing a mechanical issue shortly after takeoff," a spokesperson for Southwest Airlines told Insider in a statement. Kalisek and his girlfriend were shaken by the incident and decided not to take the other flight to Cancun, KHOU reported.

Persons: Ricardo Garcia, Andrew Sandino, HOU, Coale Kalisek, Kalisek, … I've, KHOU, I'm, It's Organizations: Southwest Airlines, Houston's Hobby, Twitter, NBC News, Houston Hobby Locations: Houston , Texas, Cancun, CUN, San Antonio, KHOU

Brazil's former President Jair Bolsonaro talks with media upon his arrival at Brasilia International Airport, Brazil June 30, 2023. A congressional inquiry surrounding those riots, along with police investigations overseen by the Supreme Court, have steadily deepened Bolsonaro's legal exposure since he begrudgingly left office. The Supreme Court declined to comment. The police access to the Bolsonaros' phone and bank records capped a day of setbacks for the former president. Later on Thursday, news magazine Veja reported that Bolsonaro's former right-hand man Mauro Cid planned to confess his involvement in crimes related to the alleged sale of jewelry gifted by foreign governments.

Persons: Jair Bolsonaro, Ueslei Marcelino, mulled, Bolsonaro, Luiz Inacio Lula da Silva, begrudgingly, Justive Alexandre de Moraes, Michelle Bolsonaro, It's, Walter Delgatti, Mauro Cid, Cezar Bitencourt, Bitencourt, Veja's, Paulo, Cid, Ricardo Brito, Anthony Boadle, Gabriel Stargardter, Brad Haynes, David Gregorio Our Organizations: Brasilia International, REUTERS, Rights, Supreme, Defense Ministry, Estado, Estado de S, Thomson Locations: Brazil, Rights BRASILIA, Brazilia, Estado de

☆ Rapid intensification, explained
▼ + stars: | 2023-08-17 | by ( Jennifer Gray | ) edition.cnn.com time to read: +14 min

So as the climate crisis forces up ocean temperatures, rapid intensification becomes more likely, pushing storms to explode at a rapid pace into deadly hurricanes, scientists say. Mike Lang/USA Today Network Workers and residents clear debris from a destroyed bar in Fort Myers on Saturday, October 1. Thomas Cordy/The Palm Beach Post/USA Today Network This aerial photo shows damaged homes and debris in Fort Myers Beach on Thursday. Wilfredo Lee/AP Jake Moses and Heather Jones explore a section of destroyed businesses in Fort Myers Beach, Florida, on Thursday. Martha Asencio-Rhine/Tampa Bay Times via ZUMA Press Wire Sarah Peterson fills sandbags in Fort Myers Beach on September 24.

Persons: ”, Phil Klotzbach, Klotzbach, ” Klotzbach, Ricardo Arduengo, Joe Biden, Jill Biden, Hurricane, Evan Vucci, Greg Guidi, Thomas Bostic, Joe Raedle, Win McNamee, Stephanie Fopiano, Kenya Taylor, Mike Lang, Giorgio Viera, Jonathan Drake, Candy Miller, Ana Kapel, Amy Beth Bennett, Meg Kinnard, Shannon Stapleton, Steve Helber, Joe Burbank, Orlando Sentintel, Alex Brandon, Jim Watson, Eva Marie Uzcategui, Bob Levitt, Thomas Cordy, Wilfredo Lee, Jake Moses, Heather Jones, Douglas R, Clifford, Tom, Jonathan Strong, Kylie Dodd, Brenda Brennan, Sean Rayford, John Raoux, Stefanie Karas, ZUMA, Ian, Marco Bello, Ben Hendren, Pedro, Reuters Melvin Phillips, Crystal Vander, Bryan R, Smith, Hurricane Ian, Greg Lovett, Stephen M, Dowell, Zuram Rodriguez, Joe Cavaretta, Crews, Ramon Espinosa, Yamil Lage, Chris O'Meara, Maria Llonch, Willie J, Allen Jr, Alexandre Meneghini, Reuters Frederic, Mary Herodet, Pete, Adalberto Roque, Phelan M, Ryan Copenhaver, Siesta, Gregg Newton, Cathie Perkins, Martha Asencio, Sarah Peterson, Andrew West, Ida, Laura, Hurricane Dorian Organizations: CNN, of Atmospheric Science, Colorado State University, North Atlantic, Getty, Fort Myers, Venice High, USA Today Network Workers, Reuters, South Florida Sun, AP, US Army National Guard, AP University of Central, Bloomberg, Texas, Force, USA, Tampa Bay Times, Zuma Workers, Orange County Government, An, AP Vehicles, NOAA, NASA, City, Naples Police, Anadolu Agency, Punta Gorda, El, El Nuevo Herald, TNS, Officials, Orlando Sentinel, AP Highways, Wednesday, Sentinel, AP People, Southwest, Tampa International Airport, Bistro, Vehicle, Kennedy Space Center, International, Costco, ZUMA Press, Louisiana, Simpson Locations: North, Matlacha , Florida, AFP, Fort Myers , Florida, Island , Florida, Fort, Fort Myers Beach, Kenya, North Port, Venice , Florida, Fort Myers, Myrtle Beach , South Carolina, South Florida, Quarterman, North Charleston , South Carolina, North Port , Florida, Sanibel, Florida, AP University of Central Florida, Orlando , Florida, Orlando, Charleston , South Carolina, New Smyrna Beach , Florida, Cape Coral , Florida, Palm Beach County , Florida, Fort Myers Beach , Florida, Naples , Florida, Orange County , Florida, Orange County, Punta Gorda , Florida, Punta Gorda, Port Charlotte , Florida, Captiva, Port Charlotte, Iona , Florida, Bonita Springs , Florida, An Orlando, Sanibel , Florida, Tampa , Florida, Punta, Tampa, Roberts, El Nuevo, Stuart , Florida, Tampa Bay, Delray Beach , Florida, The, Hurricane, Pembroke Pines , Florida, Davie , Florida, Havana, Cuba, Batabano, Pinar del Rio, St, Pete Beach , Florida, Cape Canaveral , Florida, Cuban, Fanguito, Sarasota , Florida, Havana Bay, Kissimmee, Pinellas County , Florida, Bahamas

☆ Brazil's Lula discussed with Biden climate change, job creation initiative
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

Brazil's President Luiz Inacio Lula da Silva speaks during the launch ceremony of Growth Acceleration Program (PAC) at Rio de Janeiro's Municipal Theater, Brazil, August 11, 2023. REUTERS/Ricardo Moraes/File Photo Acquire Licensing RightsBRASILIA, Aug 16 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Wednesday he discussed with U.S. President Joe Biden efforts to fight climate change, as well as the outcome of a summit of rainforest nations held in Brazil last week. In a post on social media platform X, formerly known as Twitter, Lula said he and Biden spoke by phone and also discussed a joint initiative between the countries to create jobs that should be launched soon. The presidents discussed "ongoing efforts to help mobilize up to $1 billion to support the restoration of degraded lands in Brazil and the Amazon region." Reporting by Lisandra Paraguassu; Writing by Peter Frontini; Editing by Chris Reese and Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Ricardo Moraes, Joe Biden, Lula, Biden, Lisandra Paraguassu, Peter Frontini, Chris Reese, Brendan O'Boyle Organizations: Rio de, REUTERS, Rights, U.S, Twitter, White House, U.S ., Amazon Fund, Thomson Locations: Rio, Brazil, Rights BRASILIA, Venezuela, Haiti

☆ Harrison Ford gets a new snake species named for him
▼ + stars: | 2023-08-16 | by ( Jackie Wattles | ) edition.cnn.com time to read: +6 min

But the highlight of the trip to South America was discovering a species of snake new to science, which the team named for action icon Harrison Ford — a moment of levity in an otherwise dramatic excursion, noted Dr. Edgar Lehr, the lead author of a scientific paper describing the snake species. At the time, Lehr, who is a professor of biology at Illinois Wesleyan University, thought: “Wouldn’t this be cool to dedicate this new species to Harrison Ford? The national park is near “the VRAEM (Valley of Rivers Apurímac, Ene, Mantaro) area, which is the center of Peru‘s coca production and narco-trafficking,” according to the study. Otishi is considered “Peru‘s least scientifically surveyed national park,” according to the study. “This is very important (work), because we can only protect what is known,” Lehr said of documenting species new to scientists.

Persons: Harrison Ford —, Edgar Lehr, Lehr, Harrison Ford, Indiana Jones ’, Harrison, — Juan Carlos Cusi, Ricardo Vera, Maura Fernandez, Otishi, ” Lehr, “, ”, Ford, Indiana Jones, Tachymenoides, ” Ford Organizations: CNN, Illinois Wesleyan University, Historia, US Department of State, Embassy, Conservation, “ Locations: South America, Peruvian, Peru, Lima —, Peru’s Junín, Cusco, Rivers Apurímac, Mantaro, Embassy of Peru, Washington , DC

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. The official FX rate will be fixed at 350 pesos per dollar until the October elections, the central bank said. The country's sovereign dollar bonds fell as much as 2 cents on the dollar, with the 2038 note leading the slide, according to MarketAxess data. Latin America's third-largest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, William Jackson, overvalued, Sunday's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Rodrigo Campos, Jorge Otaola, Medha Singh, Adam Jourdan, Bernadette Baum, John Stonestreet, Andrew Cawthorne Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Capital Economics, Investment, JPMorgan, Gross, Milei, Peronist, Economy, Analytica, Reuters Graphics Reuters, International Monetary Fund, IMF, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, MERV, Argentine, refinance, Washington, Rosario

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. REUTERS/Agustin MarcarianBUENOS AIRES/LONDON, Aug 14 (Reuters) - Argentina's markets face an election hangover on Monday after a shock primary vote win for far-right libertarian Javier Milei - who wants to axe the central bank and dollarize the economy - shook up the race towards presidential elections in October. Rock-singing, wild-haired economist and lawmaker Milei far outperformed forecasts to win some 30% of the vote, the largest share with over 90% of ballots counted. Latin America's third-biggest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, Milei, Diego Pereira, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Jorge Otaola, Adam Jourdan, Stephen Coates, Bernadette Baum Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Investment, JPMorgan, Reuters Graphics Reuters, Gross, Peronist, Economy, Analytica, International Monetary Fund, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, U.S, Argentine, refinance, Washington, Rosario

☆ Argentina markets face election hangover after far-right primary bombshell
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +2 min

Argentina's markets face an election hangover on Monday after a shock primary election win for far-right libertarian Javier Milei, who wants to axe the central bank and dollarize the economy, shook up the race towards general elections in October. The primary to elect party candidates acts as a dress rehearsal for the general election in two months time. Markets had hoped for a strong performance by more moderate candidates, who had a bad night. After a similar primary election shock result in 2019, bonds and the currency crashed and remain in distressed territory, with the peso now held in check by capital controls the government has been unable to unwind. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Javier Milei, Milei, Dante Sica, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado Organizations: Markets, Peronist Locations: Argentine

[1/5] Cattle run in front of Juan Carlos Ardohain, 49, on a farm he rents in San Vicente, on the outskirts of Buenos Aires, Argentina August 10, 2023. REUTERS/Tomas CuestaSAN VICENTE, Argentina, Aug 12 (Reuters) - In Argentina's grains fields and cattle ranches, farmers are hoping upcoming elections will bring political change and an end to years of economic uncertainty, ushering in freer markets with fewer currency controls and export limits. "I think Larreta could be a good candidate for what he's promising," said Juan Carlos Ardohain in a field he rents in San Vicente for cattle. Argentina's currency controls, which tightly limit access to dollars, have stoked a flourishing black market for foreign currency where greenbacks command over twice the official price, distorting import and export markets. Reporting by Maximilian Heath and Miguel Lo Bianco; Editing by Adam Jourdan and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Juan Carlos Ardohain, Tomas Cuesta, It's, Horacio Deciancio, Horacio Larreta, Patricia Bullrich, Sergio Massa, Mauricio Macri, Ricardo Firpo, Massa, Deciancio, Maximilian Heath, Miguel Lo Bianco, Adam Jourdan, Rosalba O'Brien Organizations: REUTERS, VICENTE, Peronist, Reuters, Argentine Rural Society, Thomson Locations: San Vicente, Buenos Aires, Argentina, breadbasket, Santa Fe, Ukraine

Frederick Wassef, lawyer representing Brazil's President Jair Bolsonaro and Senator Flavio Bolsonaro, attends an inauguration ceremony at the Planalto Palace, in Brasilia, Brazil June 17, 2020. The search warrant issued by Supreme Court Justice Alexandre de Moraes followed police allegations that Bolsonaro's aides used government resources for their personal advantage. The decision by Moraes, seen by Reuters, said proceeds of the sales were delivered in cash to Bolsonaro via intermediaries. The raids follow an investigation into jewelry worth some $3 million given by the Saudi Arabian government as a presidential gift to Bolsonaro, which he failed to declare. The police investigation has established that Bolsonaro aides tried to recover the Saudi jewelry given to then-first lady Michelle Bolsonaro after it was seized in October 2021 in Sao Paulo by customs officials, who found the gems in an aide's backpack when he entered Brazil from Riyadh.

Persons: Frederick Wassef, Jair Bolsonaro, Flavio Bolsonaro, Adriano Machado, Alexandre de Moraes, Moraes, Mauro Cesar Cid, Bolsonaro's, Col Mauro Cid, Wassef, Mauro Cid, Cid, Bolsonaro, Michelle Bolsonaro, Ricardo Brito, Maria Carolina Marcelo, Rodrigo Viga Gaier, Carolina Pulice, Anthony Boadle, Brad Haynes, Rosalba O'Brien Organizations: REUTERS, RIO DE, Supreme, Federal Police, Reuters, Thomson Locations: Brasilia, Brazil, BRASILIA, RIO, RIO DE JANEIRO, Bahrain, Bolsonaro's, Saudi, Sao Paulo, Riyadh, Brasiia, Rio de Janeiro

☆ Brazil launches 'growth acceleration' plan set to invest $350 billion
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

A general view of the Copa Cabana beach during Independence Day celebrations, in Rio de Janeiro, Brazil September 7, 2022. But the government said its new version would be marked by a strong partnership between the public and private sectors, with more than 1.3 trillion reais estimated to be disbursed by 2026. According to a statement, 371 billion reais are set to be invested by the federal government, while state-owned firms such as oil giant Petrobras (PETR4.SA) would inject 343 billion. The private sector, it added, is seen investing a total 612 billion reais, added. Sao Paulo, the country's wealthiest and most populous state, comes second with an estimated 179.6 billion reais being invested in major infrastructure projects.

Persons: Ricardo Moraes, Luiz Inacio Lula da Silva, Lula, Dilma Rousseff, Sao, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan, Frances Kerry Organizations: Copa Cabana, REUTERS, Brazil's, Petrobras, PETR4, Sao Paulo, Paulo, Thomson Locations: Rio de Janeiro, Brazil, JANEIRO

☆ Brazil's Lula unveils $350 bln 'growth acceleration' plan
▼ + stars: | 2023-08-11 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +3 min

A general view of the Copa Cabana beach during Independence Day celebrations, in Rio de Janeiro, Brazil September 7, 2022. Critics say it incurred excessive spending, exacerbating Brazil's fiscal crisis, while failing to bring fundamental advances in infrastructure. The government did not immediately detail the fiscal impact of the initiative, or give a specific time frame for the plan. Yet Lula is under pressure to deliver much-needed growth to poor, under-developed regions and he wants Petrobras to be an engine of growth. "We'll accelerate growth in our country and help stop degradation of our planet," Haddad said in a speech.

Persons: Ricardo Moraes, Luiz Inacio Lula da Silva, Dilma Rousseff, Staff Rui Costa, Lula, Jair Bolsonaro, Fernando Haddad, Haddad, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan, Anthony Boadle, Kirsten Donovan Organizations: Copa Cabana, REUTERS, Staff, Petrobras, PETR4, Finance, Sao Paulo, Thomson Locations: Rio de Janeiro, Brazil, JANEIRO, Sao

☆ Analysis: ECB is on back foot and for once it's down to Germany
▼ + stars: | 2023-08-10 | by ( Francesco Canepa | ) www.reuters.com time to read: +6 min

The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. This is forcing a change of tune at the ECB -- from ruling out a pause in its steepest and longest streak of interest rate hikes to openly talking about one as soon as next month. Higher borrowing costs hurt manufacturers particularly hard because they depend on investment and no euro zone country has a larger industrial sector than Germany. "They've made a mistake in accentuating underlying inflation too much," said Carsten Brzeski, global head of macro for ING Research, said. And ECB board member Fabio Panetta then made the case for "persistence" in keeping rates high rather than raising them further.

Persons: Kai Pfaffenbach, Richard Portes, It's, Emperor Nicholas I of Russia, Ralph Solveen, Portes, They've, Carsten Brzeski, Ricardo Reis, Fabio Panetta, Francesco Canepa, Mark John, Christina Fincher Organizations: European Central Bank, REUTERS, ECB, London Business School, Berlin, ING Research, London School of Economics, ABN, AMRO, Thomson Locations: Frankfurt, Germany, FRANKFURT, Greece, Italy, China, Russia, United States, Portugal, Ireland, Spain, Cyprus, Europe, Ottoman Empire, Ukraine

☆ American price elasticity stretched to the limit
▼ + stars: | 2023-08-10 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

WASHINGTON, Aug 10 (Reuters Breakingviews) - The United States may be over the hump on inflation, but consumers aren’t acting like it. Lingering restraint will stretch the power of price elasticity to its limits. Similarly, PepsiCo’s (PEP.O) 14% increase in North American prices of Mountain Dew, Tropicana orange juice and other beverages cost it 4% in quarterly sales. Strong appetites for Oreos and Wheat Thins lifted Mondelez International’s (MDLZ.O) sales 2% in the United States, Canada and Mexico, even as prices climbed 10%. They have climbed 3.5% from a year earlier, surpassing the 3.2% annual increase in the Consumer Price Index.

Persons: Mondelez, Darden, Ricardo Cardenas, Laxman Narasimhan, Marriott, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: Reuters, of Michigan, U.S . Bureau of Labor Statistics, Capital, Procter & Gamble, Delta Air Lines, United Airlines, Reuters Graphics Reuters, U.S, of Labor Statistics, Thomson Locations: States, Dew, United States, Canada, Mexico, American

☆ ECB is on back foot and for once it's down to Germany
▼ + stars: | 2023-08-10 | by ( Francesco Canepa | ) www.reuters.com time to read: +6 min

☆ Dollar eases as China deflation lures investors into risk assets
▼ + stars: | 2023-08-09 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

LONDON, Aug 9 (Reuters) - The dollar eased on Wednesday after data showed the Chinese economy slipped into deflation last month, which upped the chances for the government to roll out extra stimulus measures and nudged investors into risk assets. Dollar selling by state-owned Chinese banks helped the yuan rally from a one-month low, dealers said. The Chinese central bank's stronger-than-expected exchange-rate fixing at 7.1588 per dollar before the open signalled its discomfort with the yuan's recent declines. The dollar index - which measures the performance of the U.S. currency against six others - eased 0.1%, paring some of Tuesday's 0.47% rise. "Chinese inflation data showed that consumer prices have barely moved in July, confirming that the world’s second-largest economy is stalling and may be moving into deflation," he said.

Persons: There's, Ray Attrill, Ricardo Evangelista, Chris Scicluna, Patrick Harker, Raphael Bostic, Michelle Bowman, Kevin Buckland, Brigid Riley, Simon Cameron, Moore, Kirsten Donovan Organizations: National Australia Bank, Federal Reserve, Daiwa Capital, ECB, Bank of England, Philadelphia Fed, Atlanta Fed, Fed, Thomson Locations: China, Tokyo

☆ Indomitable one-limbed Spaniard wins third track world, next target Paris
▼ + stars: | 2023-08-08 | by ( Martyn Herman | ) www.reuters.com time to read: +3 min

On Monday, at the age of 47, he won his third para track cycling world title, obliterating the rest of the field in the C1 scratch race, averaging 44kph over 60 circuits of the Chris Hoy Velodrome in Glasgow. Ten, who hails from Valencia, is writing a second chapter to a remarkable tale of sporting endeavour in the face of adversity. Before taking up cycling, he was already a three-time Paralympic gold medallist in swimming having made his debut at Atlanta in 1996 and owns three world titles in para swimming. You need to use different muscles but it didn't take much effort to swap from swimming pool to the bike." Ten, who took years to recover from his injuries, has used a specially designed bike since switching seven years ago.

Persons: Spain's Ricardo Ten Argiles, Chris Hoy, Neil Fachie, Matt Rotherham, Thomas Ulbricht, Robert Forstemann, Martyn Herman, Christopher Cushing Organizations: GLASGOW, Chris Hoy Velodrome, Atlanta, Paralympic, Reuters, UCI, Thomson Locations: Glasgow, Valencia

BELEM, Brazil, Aug 8 (Reuters) - Eight Amazon nations agreed to a list of unified environmental policies and measures to bolster regional cooperation at a major rainforest summit in Brazil on Tuesday, but failed to agree on a common goal for ending deforestation. The failure of the eight Amazon countries to agree on a pact to protect their own forests points to the larger, global difficulties of forging an agreement to combat climate change. Bolivia and Venezuela are the only Amazon countries not to sign onto a 2021 agreement among more than 100 countries to work toward halting deforestation by 2030. But tensions emerged in the lead up to the summit around diverging positions on deforestation and oil development. Fellow Amazon countries also rebuffed Colombia's leftist President Gustavo Petro's ongoing campaign to end new oil development in the Amazon.

Persons: Luiz Inacio Lula da Silva, Marcio Astrini, Lula, Luis Arce, Mauro Vieira, Ricardo Stuckert, Gustavo Petro's, Petro, Alexandre Silveira, Silveira, Jake Spring, Steven Grattan, Brad Haynes, Rosalba O'Brien, Jason Neely, Peter Graff, Aurora Ellis, Richard Chang Organizations: Climate, Reuters, Bolivian, Brazil's, Amazon Cooperation Treaty Organization, REUTERS, Amazon, Brazil's Energy, United Nations, Thomson Locations: BELEM, Brazil, Brazilian, Belem, Bolivia, Colombia, Peru, Ecuador, Guyana, Suriname, Venezuela

☆ Colombia's central bank cuts 2023 forecasts for inflation, growth
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Luisa GonzalezBOGOTA, Aug 2 (Reuters) - The technical team of Colombia's central bank on Wednesday lowered its outlook for inflation in 2023 to 9%, from 9.5% previously, and cut its forecast growth for Latin America's fourth-largest economy to 0.9%. The technical team previously forecast Colombia's economic growth at 1% for this year. Colombia's 12-month inflation through June 30 hit 12.13%, slightly below the 12.2% expected by analysts who were consulted for a Reuters poll. The technical team forecast that inflation would end 2024 at 3.5%, close to the bank's long-term target of 3%, but above a previous forecast of 3.4%. The current economic context suggests the board should maintain a contractive stance on monetary policy to bring inflation towards the target, the report added.

Persons: Luisa Gonzalez BOGOTA, Ricardo Bonilla, Gustavo Petro, Nelson Bocanegra, Oliver Griffin, Leslie Adler, Christopher Cushing Organizations: REUTERS, Thomson Locations: Bogota, Colombia

☆ Colombia's central bank cuts 2023 inflation forecast to 9%
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Luisa GonzalezBOGOTA, Aug 2 (Reuters) - The technical team of Colombia's central bank on Wednesday lowered its outlook for inflation in 2023 to 9%, from 9.5% previously, citing a recent slowing of consumer price growth. The team also now expects Latin America's fourth largest economy to post growth of 0.9% this year, compared with a previous forecast of 1%. Colombia's 12-month inflation through June 30 hit 12.13%, slightly below the 12.2% expected by analysts who were consulted for a Reuters poll. The technical team forecast that inflation would end 2024 at 3.5%, close to the bank's long-term target of 3%, but above a previous forecast of 3.4%. Reporting by Oliver Griffin and Nelson Bocanegra; Editing by Sandra Maler and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Luisa Gonzalez BOGOTA, Ricardo Bonilla, Gustavo Petro, Oliver Griffin, Nelson Bocanegra, Sandra Maler, Leslie Adler Organizations: REUTERS, Thomson Locations: Bogota, Colombia

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