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☆ Britain yet to make the case for a digital pound, lawmakers say
▼ + stars: | 2023-12-02 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

People and businesses could use a digital pound to make payments, with the BoE suggesting a limit of up to 20,000 pounds for digital wallets provided by banks, far higher than the 3,000 euros discussed by the European Central Bank for a digital euro. The committee's "The digital pound: still a solution in search of a problem?" The prospect of a digital pound, now in the design phase, has raised concerns that it would allow the authorities to spy on what people spend on, and that it could spell the end of cash. "We recommend that any primary legislation used to introduce a digital pound does not allow the Government or Bank of England to use the data from a digital pound for any purposes beyond those already permitted for law enforcement," the report said. The BoE has said interest should not be payable on digital pound deposits, but the committee said this position should be reviewed.

Persons: Susannah Ireland, BoE, Harriett Baldwin, Huw Jones, Alison Williams Organizations: of, Bank of England, REUTERS, Treasury, European Central Bank, Government, Thomson Locations: of England, London, Britain

A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. Finance executives, consultants and headhunters interviewed by Reuters predict subdued deal flows, modest bonuses for most and heavy job cuts in 2024. "2023 will ultimately be one of the lowest corporate finance fee pools in modern history," said Fabrizio Campelli, head of Corporate Bank and Investment Bank at Deutsche Bank. JOB CUTSBanks have already turned to cost cuts to try to weather the downturn, which in a people-intensive business means job losses. And although some bankers expect a tough 2024, others sense an opportunity for European banks from the Basel Endgame.

Persons: Hollie Adams, Fabrizio Campelli, Banks, Ronan O'Kelly, Oliver Wyman, O'Kelly, Dominic Hook, Goldman Sachs, Vis Raghavan, JP Morgan, Morgan McKinley's, Stephane Rambosson, headhunter, Rambosson, Ana Botin, Morgan's Raghavan, there's, Oliver Wyman's O'Kelly, Deutsche's Campelli, Anousha Sakoui, Carolyn Cohn, Jesus Aguado, Alexander Smith Organizations: REUTERS, LONDON, Finance, Reuters, Corporate Bank, Investment Bank, Deutsche Bank, Organisation for Economic Cooperation, Development, Barclays, Lloyds, Challenger Metro Bank, UBS UBSG.S, Citi, Workers, Global Investment Banking, Employment, European Union, Santander, Global, Basel, Thomson Locations: City, London, Britain, Europe, Middle East, Africa, Ukraine, West, China, United States, India, Madrid

☆ The secret history of Japan’s best sweets
▼ + stars: | 2023-12-01 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

Many of Japan’s present-day favorite wagashi – sweets – have their origins on Kyushu. Castella (kasutera in Japanese) also makes an appearance in another popular Japanese sweet, dorayaki. Here, the castella cake is thinner and made into a pancake with a layer of sweet red bean paste inside. Europe meets Japan, Japan meets EuropeAnother European sweet that got the Japanese treatment is macarons. For him, it’s a way of honoring Japan’s small producers, in addition to introducing these flavors to the hotel’s guests.

Persons: Joyi Chang, It’s, ”, Michele Abbatemarco, there’s, Margaret, Emperor, –, Miyamoto Shoko, it’s Organizations: CNN, Japan CNN Locations: Kyushu, Japan, Macao, Nagasaki, Portuguese, Japan’s, Portugal, Fukusaya, Fukuoka, Fukusaya’s, Hakata Station, Europe, Otemachi, Saga City, Tokyo, Spain, Netherlands, England

Even including the sale of Heathrow, this year is the slowest for airport transactions in the past decade, totalling $5.9 billion globally to date, according to Dealogic data. They have hired Mediobanca (MDBI.MI) and Credit Agricole (CAGR.PA) to find a buyer for a sale of their 49% stake in the company, the people said. Heathrow's sale valued the airport at 14.3 times EBITDA, according to JP Morgan analysis published on Wednesday. UK's Esken (ESKN.L), owner of regional Southend Airport, said in June it had started a process for the sale of the airport. On Thursday, Hungary's state-owned Corvinus and Vinci Airports notified the European Commission of a proposed joint takeover of Budapest's airport, according to a document posted on the EU website.

Persons: Andras Kranicz, GIP, Australia's Macquarie, Spain's, Ferrovial, Agata Lyznik, Mediobanca, Gianni, Origoni, Nico Torrisi, Morgan, UK's, France's Vinci, Vinci, Corvinus, Emma, Victoria Farr, Andres Gonzalez, Elisa Anzolin, Joanna Plucinska, Mathieu Rosemain, Anousha Sakoui, Elaine Hardcastle Organizations: LONDON, Heathrow, BNP, Global Infrastructure Partners, AGS Airports, Southampton, Australia's, International, ACI, Airports, Macquarie, Credit Agricole Assurance, 2i, Credit, SAC, Gatwick, Southend Airport, Global Infrastructure Fund, Vinci Airports, European Commission, EU, Thomson Locations: Edinburgh, Italy, FRANKFURT, Spanish, Europe, Aberdeen, Glasgow, Heathrow, France, Hungary's, Budapest's

☆ Central banks of India, England resolve trade settlement stand-off
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO: A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas//o/File Photo Acquire Licensing RightsMUMBAI, Dec 1 (Reuters) - The central banks of India and England on Friday signed an agreement on information exchange for settlement of bond trades, the Reserve Bank of India (RBI) said. In India, bonds are settled through the Clearing Corporation of India (CCIL). The two central banks have also established a framework for the BoE to rely on the Indian central bank's regulatory and supervisory activities, while safeguarding the United Kingdom's financial stability, the RBI said. This meant that European banks had to settle their India-based trades through banks based in other jurisdictions.

Persons: Francis Mascarenhas, BoE, CCIL, Siddhi Nayak, Jayshree, Nivedita Bhattacharjee, Sohini Organizations: Bank of India, REUTERS, Rights, Reserve Bank of India, Clearing Corporation of India, Bank of England, United, European Securities and Markets Authority, Siddhi, Thomson Locations: Mumbai, India, England

☆ ECB raises minimum capital requirements for Spanish banks
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Acquire Licensing RightsMADRID, Dec 1 (Reuters) - The European Central Bank has raised the minimum capital requirements for Spanish lenders BBVA (BBVA.MC), Caixabank (CABK.MC), Sabadell (SABE.MC) and Bankinter (BKT.MC) as part of a supervisory review and evaluation process (SREP). The process provides an overall assessment of the challenges that face significant institutions, together with the corresponding solvency requirements and other supervisory measures that banks are expected to comply with for the year ahead. BBVA's capital threshold was also raised to 9.09% for next year from 8.72%. For Unicaja (UNI.MC), the supervisor however maintained its solvency threshold for 2024 unchanged at 8.27% compared to 2023.

Persons: Heiko Becker, Caixabank, Jesús, Emma Pinedo, Sharon Singleton Organizations: European Central Bank, REUTERS, Rights, BBVA, ECB, Spain's Santander, Thomson Locations: Frankfurt, Germany, Sabadell

☆ Allianz economist explains why ECB cuts will not come until late 2024
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAllianz economist explains why ECB cuts will not come until late 2024Ludovic Subran, chief economist at Allianz, shares his projections on the outlook for the European economy and the ECB's monetary policy path.

Persons: Ludovic Subran Organizations: Allianz

Signify's shares rose 5.6% to 28.16 euros at 1110 GMT on Friday, among top performers on Europe's benchmark STOXX 600 index (.STOXX). Signify did not disclose how many people would be affected by the revamp, but reiterated its aim to keep non-manufacturing costs within 25%-29% of sales. In the third quarter, its adjusted indirect costs as a percentage of sales increased by 160 basis points to 30.2%. "The new segment structure will also improve the disclosure and bring Signify closer to the customers, " it added. Signify's nominal sales fell by 13.8% in the third quarter hit by slow demand across its geographies, it said in October.

Persons: de, Eric Rondolat, Rondolat, Morgan, Diana Mandiá, Milla Nissi, Jane Merriman Organizations: REUTERS, Philips, Reuters, Thomson Locations: Eindhoven, Netherlands, China, Gdansk

☆ Exclusive: EU nuclear agency sees some Russia imports up again in 2023 from before Ukraine war
▼ + stars: | 2023-12-01 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +5 min

Its overall imports from Russia's nuclear energy industry held steady last year despite rising demand for nuclear power driven by high energy costs and a push to cut carbon emissions. The trend highlights challenges EU faces in reaching its long-term goal of achieving VVER fuel self-sufficiency. EU imports of natural uranium from Russia fell 16% last year from 2021, a drop compensated by increase in deliveries from Kazakhstan and Uzbekistan, ESA said. In 2022, the EU's Russian nuclear energy imports were worth around 750 million euros ($823 mln), or 1% of the bloc's Russian gas imports, according the European Commission. Sources said, however, that the proposal - which is not public - does not include sanctions on Russia's nuclear energy industry.

Persons: Radovan Stoklasa, ESA's, Stefano Ciccarello, Ciccarello, Finland's, Gabriela Baczynska, Anne Kauranen, Timothy Gardner, Tomasz Janowski Organizations: REUTERS, Union, Euratom Supply Agency, ESA, Reuters, U.S, Westinghouse, Commission, U.S ., Thomson Locations: Mochovce, Slovakia, Russia, BRUSSELS, Russian, Moscow, Ukraine, Bulgaria, Czech Republic, Finland, Hungary, France, Sweden, Belgium, Kazakhstan, Uzbekistan, Europe, United States, Brussels, Helsinki, Washington, Budapest

☆ Trump’s avalanche of dishonesty: Fact-checking 102 of his false claims from this fall
▼ + stars: | 2023-12-01 | by ( Daniel Dale | ) edition.cnn.com time to read: +111 min

Below is a fact check of 102 of Trump’s false claims from the 12 speeches. But contrary to Trump’s claim, it’s not true that people had been attempting for decades to create such an initiative. Trump’s aid to farmersIn speech after speech, Trump claimed that he had given US farmers $28 billion from China. Even if the poll result is off, it’s clear that Trump’s claim that “nobody wants them” is not true. He said he was an airline pilot.”Facts First: Trump made a false claim while mocking Biden for making false claims.

Persons: Donald Trump, –, Trump, Joe Biden, Biden, Ron DeSantis, Nikki Haley, “, ”, Mexico’s, ‘ Trump, Defense Department –, ” Theresa Cardinal Brown, CNN’s Priscilla Alvarez, ” Trump, I’ve, Todd Harrison, Harrison, It’s, Trump’s, ” Ben Cahill, Nobody, Jimmy Carter’s, Barack Obama, isn’t, El Salvador –, Obama, we’d, Obama’s, Webster, Covid, Wuhan ”, They’d, they’d, you’d, Scott Gottlieb, ” Gottlieb, Trump Trump, it’s, Abraham, Aaron David Miller, Miller, Dana El Kurd, Qasem Soleimani, they’ve, we’re, We’re, ’, Iran haven’t, ” Matt Smith, Biden’s, Smith, Ali Vaez, Kpler, Biden Trump, Iran “, Democrats ”, that’s, Jimmy Carter, Carter “, Carter, ‘, Hillary Clinton, Kari Lake, Bill Gates, Gates, ” Chris Wallace, Chris Wallace, Hunter Biden, “ Chris Wallace, ‘ He’s, ‘ ” Trump, Wallace, “ you’re, “ Biden, ‘ You’re, Wallace interjected, Rather, you’ve, ’ ” Pavel Molchanov, Raymond James &, ” Molchanov, Tim Woody, Woody, autoworkers, CNN’s Ella Nilsen, Joe Biden’s, Erin Mellon, Gavin Newsom, Mellon, ” Vonette Fontaine, Biden “, CNN’s Matt Egan, Egan, ” Biden, Europe Trump, United Kingdom “, Brent, Pavel Molchanov, Raymond James, Patrick De Haan, GasBuddy, De Haan, Matt Smith, Matt Egan, Afghanistan Trump, we’ve, Krista Wiegand, Wiegand, ” Netanyahu, Benjamin Netanyahu, Israel, Qasem, Bibi, Netanyahu, Soleimani, Asad, Mark Milley, Hezbollah Trump, Steven Cheung, John Kirby, Cheung, Kirby, Iran’s, ” Ali Vaez, Joseph Amon, Washington –, Faiq Zidan, Zidan’s, Zidan, Abu Mahdi al, China Trump, Ukraine Trump, Letitia James, James, Attorney Alvin Bragg, Matthew Colangelo, You’re, Bragg, Colangelo, Tanya Chutkan, I’m, Jack Smith, Bill Clinton, That’s, everybody’s, Letitia James –, Al Capone’s, Al Capone, Capone, Brad Schwartz, CNN couldn’t, Schwartz, Eliot Ness, MAGA, “ MAGA, …, White, CNN’s Fareed Zakaria, Inflation Trump, Bacon, Joe, PolitiFact, Trump . Howard Gleckman Organizations: Washington CNN —, CNN, Republican, Trump Trump, Republican Jewish Coalition, Department, ISIS, Trump’s, Democratic, Congress, Defense Department, former Defense Department, Center, US Customs, Trump, American Enterprise Institute, Air Force, Army, Navy, Marine Corps, Strategic Petroleum Reserve, Energy Security, Center for Strategic, International Studies, US, IHS, Islamic, The State Department, Customs Enforcement, Policy Institute, ICE, El Salvador, ”, Merriam, The New York Times, Food and Drug Administration, FDA, Abraham Accords, United Arab Emirates, West Bank, Hezbollah, State Department, Carnegie Endowment, International, Arab Center Washington DC, Islamic Revolutionary Guards Corps Quds Force, Obama, US International Trade Commission, Washington Post, U.S . International Trade Commission, New England lobstermen, England lobstermen, Americas, Crisis, government’s Energy, Administration, Washington Free Beacon, Energy Information Administration, Democrats, Biden, Electoral, Georgia, Michigan, Carter, Democrats can’t, Republicans, Alabama, Arizona, Fox News, ” Energy, Oceanic, Atmospheric Administration, NOAA, Wildlife, Alaska Industrial Development, Export Authority, Raymond James & Associates, Wilderness Society, Cox Automotive, Pew Research Center, New York Times, National Oceanic, California Gov, California, American Petroleum Institute, Union, West, Energy, American Automobile Association, AAA, GasBuddy, New Hampshire, Houston, Keystone XL, Obama administration’s State Department, –, Foreign, Military, DoD, Afghan, Defense, Policy, Taiwan News, “, University of Tennessee’s Center for National Security, Foreign Affairs, Israeli, NBC, Jerusalem Post, Yahoo, Pentagon, ” CNN, Joint Chiefs, Staff, Post, National Security, Group, US government’s Defense Intelligence Agency, Narcotics Bureau, Global Health, Drexel University Dornsife School of Public Health, Justice Department, Washington, Judicial, Popular Mobilization Forces, Customs and, Middle East, Customs, Protection, CBP, Border Protection, Kiel Institute, European Union, New York, New, ExxonMobil, Trump University, Trump Foundation, Manhattan, Attorney, federal Justice Department, Department of Justice, Washington DC, Presidential Records, Presidential, Mar, Biden White, MAGA Republicans, Inflation, Heritage Foundation, Trump ., Brookings Tax, Urban Institute Locations: New Hampshire, New York City, Saudi, Florida, al Qaeda, New York, Texas, Iowa, Mexico, “, U.S, Houston, Iraq, Israel, Tel Aviv, Jerusalem, Nord, Germany, Russian, Trump’s, Russia, Ukraine, Europe, Guatemala, Honduras, El Salvador, El, Washington, ”, ” In Texas, Covid, China, Wuhan, Italy, France, Abraham, Bahrain, Morocco, Sudan, Gaza, Lebanon, Syria, Iran, Yemen, Libya, Palestine, Afghanistan, Somalia, Pakistan, New England, England, Kpler, Malaysia, Oregon, Alabama, Maricopa County, Arizona, Arizona’s, Moscow, Alaska, East, South Carolina, California, “ California, West Virginia, Virginia, United Kingdom, West Texas, “ U.S, Los Angeles, Venezuela, Mississippi , Louisiana, Canada, United States, Paris, Taiwan, “ China, Iranian, that’s, –, Singapore, Iraqi, San Diego, Kiel, York, Manhattan, York’s, Chicago, Philadelphia, Georgia, Qaeda

Foundation models like the one built by Microsoft (MSFT.O)-backed OpenAI are AI systems trained on large sets of data, with the ability to learn from new data to perform various tasks. In a meeting of the countries' economy ministers on Oct. 30 in Rome, France persuaded Italy and Germany to support a proposal, sources told Reuters. Until then, negotiations had gone smoothly, with lawmakers making compromises across several other conflict areas such as regulating high-risk AI, sources said. France-based AI company Mistral and Germany's Aleph Alpha have criticised the tiered approach to regulating foundation models, winning support from their respective countries. Other pending issues in the talks include definition of AI, fundamental rights impact assessment, law enforcement exceptions and national security exceptions, sources told Reuters.

Persons: Carlos Barria, Thierry Breton, Geoffrey Hinton, Alpha, Mistral, Mark Brakel, Supantha Mukherjee, Josephine Mason, Alexander Smith Organizations: Technology, Intelligence, REUTERS, Rights, Reuters, Foundation, Microsoft, European Commission, Mistral, Lawmakers, Life Institute, Thomson Locations: San Francisco, California, U.S, Rights STOCKHOLM, BRUSSELS, LONDON, France, Germany, Italy, Rome, Spain, Belgium, Stockholm

☆ Europe stocks head for higher open as rally continues into December
▼ + stars: | 2023-12-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

European markets are set to open higher Friday after closing out their best month since January amid a global rally in stocks and bonds. The Stoxx 600 index gained 6.45% in November, according to LSEG data, as equities pivoted from three straight monthly losses. Major bourses ended on an upbeat note after flash data estimated euro zone inflation has now fallen to 2.4%, down from 2.9% in October and significantly lower than expected. Cooling U.S. inflation and signs of continued economic resilience have also sent U.S. stocks and bonds on a tear. However, Saudi Arabia extended its 1 million barrel per day voluntary cut into the first quarter, and other members announced their own reductions.

Persons: Major bourses Organizations: European Central Bank, Cooling, Federal Reserve, Organization of, Petroleum Locations: OPEC, Saudi Arabia

☆ Meta Must Provide Details on Measures Against Child Sexual Abuse by Dec. 22, EU Says
▼ + stars: | 2023-12-01 | by ( Dec. | At A.M. | ) www.usnews.com time to read: 1 min

BRUSSELS (Reuters) - EU tech regulators on Friday ordered Meta Platforms to provide details on measures taken to tackle child sexual abuse material on Instagram by Dec. 22. "Information is also requested about Instagram's recommender system and amplification of potentially harmful content," the European Commission said in a statement. The request for information was done under the EU's Digital Services Act (DSA), new tech rules requiring Big Tech to do more to police illegal and harmful content on their platforms. (Reporting by Foo Yun Chee in Brussels and Charlotte Van Campenhout in Amsterdam)

Persons: Foo Yun Chee, Charlotte Van Campenhout Organizations: European Commission, EU's Digital Services, Big Tech Locations: BRUSSELS, EU, Brussels, Amsterdam

EU flag and TikTok logo are seen in this illustration taken, June 2, 2023. REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsBRUSSELS, Dec 1 (Reuters) - Chinese conglomerate ByteDance's TikTok has asked Europe's second highest court to suspend its designation as a gatekeeper under onerous new EU tech rules until judges rule on its challenge against the label. TikTok last month challenged the EU decision at the Luxembourg-based General Court, saying its designation risks undermining the DMA goal of protecting gatekeepers from newer competitors like itself. "We have applied for interim measures," a spokesperson said. The bar for the court to approve interim measures is very high.

Persons: Dado Ruvic, TikTok, Europe's, Foo Yun Chee, Barbara Lewis Organizations: REUTERS, Rights, Markets, Google, Apple, Microsoft, EU, Companies, Commission, Thomson Locations: Luxembourg

☆ Meta must provide details on measures against child sexual abuse by Dec. 22, EU says
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: 1 min

EU flag and Meta logo are seen in this illustration taken, May 22, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBRUSSELS, Dec 1 (Reuters) - EU tech regulators on Friday ordered Meta Platforms (META.O) to provide details on measures taken to tackle child sexual abuse material on Instagram by Dec. 22. "Information is also requested about Instagram's recommender system and amplification of potentially harmful content," the European Commission said in a statement. The request for information was done under the EU's Digital Services Act (DSA), new tech rules requiring Big Tech to do more to police illegal and harmful content on their platforms. Reporting by Foo Yun Chee in Brussels and Charlotte Van Campenhout in Amsterdam;Our Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Foo Yun Chee, Charlotte Van Campenhout Organizations: REUTERS, Rights, European Commission, EU's Digital Services, Big Tech, Thomson Locations: EU, Brussels, Amsterdam

☆ Morning Bid: Markets wary Powell may undermine rate-cut bets
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

Federal Reserve Chair Jerome Powell answers a question during a press conference at the Federal Reserve in Washington, U.S., November 1, 2023. The disconnect between financial markets and central banks has only deepened as central banks push back against talk of rate cuts while markets take in the relatively more benign inflation data of recent weeks. That helped to embolden markets to take on rate-cut bets. Markets are now pricing in a 46% chance of the central bank cutting rates in March, the CME FedWatch tool showed. Speakers: Bank of England MPC member Megan Greene, ECB President Christine Lagarde, Fed Chair Jerome Powell.

Persons: Jerome Powell, Kevin Lamarque, Ankur Banerjee, Christopher Waller, Powell, Elon Musk, Megan Greene, Christine Lagarde, Edmund Klamann Organizations: Federal Reserve, REUTERS, Ankur, Fed, ECB, Reuters Graphics Reuters, Reuters, Bank of England, Thomson Locations: Washington , U.S, Europe, Asia, France, UK, Germany, Singapore

☆ Swiss have frozen $8.8 billion of Russian assets
▼ + stars: | 2023-12-01 | by ( John Revill | ) www.reuters.com time to read: +2 min

BERN, Dec 1 (Reuters) - Switzerland has frozen an estimated 7.7 billion Swiss francs ($8.81 billion) in financial assets belonging to Russians, the government said on Friday, under sanctions designed to punish Moscow for its invasion of Ukraine. The State Secretariat for Economic Affairs (SECO), the agency overseeing sanctions, said the 7.7 billion francs figure was only its latest estimate and was subject to change. Bern has also blocked the movement of 7.4 billion francs in foreign currency assets belonging to the Russian central bank. SECO declined to comment on which individuals have had their assets frozen. Still, the frozen assets are only a fraction of the total wealth held by Russians in Switzerland, with the country's banks holding 150 billion francs, according to estimates by the Swiss Bankers Association.

Persons: Alain Berset, John Revill, Gareth Jones, Alison Williams Organizations: Secretariat, Economic Affairs, Swiss Bankers Association, Ukraine, European, Thomson Locations: BERN, Switzerland, Moscow, Ukraine, European, Swiss, Bern, Russian

Yet labour markets are softening, the euro zone faces recession and China's property sector is in crisis. Here's what some closely-watched market indicators say about global recession risks:1/ AMERICAN EXCEPTIONALISM? Britain's economy avoided the start of a recession in the third quarter but still failed to grow. Economists broadly expect the global economy to slow next year but avoid a recession. If supply shocks resulting from the Israel-Hamas war become severe enough to push Brent crude to $150, a level it has never breached, a "mild and fleeting" global recession could result, Oxford Economics reckons.

Persons: Brendan McDermid, Guy Miller, COVID, Zurich Insurance's Miller, Torsten Slok, Austria's, David Katimbo, We've, Brent, Yoruk Bahceli, Dhara Ranasinghe, Naomi Rovnick, Alexandra Hudson Organizations: Wall, REUTERS, Zurich Insurance, Reuters, Traders, U.S . Federal Reserve, ECB, Apollo Global Management, P, Sweden's SBB, HK, Bank of England, Business insolvencies, EdenTree Investment Management, Oxford Economics reckons, Reuters Graphics Reuters, Alexandra Hudson Our, Thomson Locations: New York, U.S, China, Zurich, England, Wales, Europe, Israel

☆ Surging U.S. Oil Production Brings Down Prices and Raises Climate Fears
▼ + stars: | 2023-12-01 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com time to read: +1 min

“There is a foreign policy dividend in keeping a lid on oil prices,” said David Goldwyn, who was a leading energy diplomat in the Obama administration. Exxon Mobil was kicked out of the Dow Jones industrial average, and some European oil companies announced plans to pivot from fossil fuels to renewables more quickly. While he has supported green energy and battery-powered cars, he has also hectored oil companies to increase production in an effort to drive down prices for consumers. He has approved a large drilling project in Alaska over the objections of environmentalists and a small number of offshore oil and gas permits. Mr. Biden has been under pressure from some Democrats to trumpet gains in oil production as a way of reaching out to voters who are leery of high gas prices.

Persons: ”, David Goldwyn, Obama, Joe Biden, Biden Organizations: Investors, Exxon Mobil, Dow Locations: Alaska

☆ Hungary's Orban says EU should first sign strategic partnership accord with Ukraine
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

BUDAPEST, Dec 1 (Reuters) - The European Union should first sign a strategic partnership agreement with Ukraine instead of starting membership talks with the country, Hungary's Viktor Orban said on Friday, flagging a way to a possible compromise ahead of a crucial EU summit. Orban reiterated on Friday that several issues would need to be cleared before membership talks could start with Ukraine, saying the country, making it impossible to assess what consequences Ukraine's membership would have on the bloc. So I will represent the view that the EU should first sign a strategic partnership agreement with Ukraine," Orban said in an interview on state radio. "Let's give time for us to work together, and when we see that we can work together, then let's bring up the issue of membership." The Hungarian premier urged a ceasefire in Ukraine, and said if the EU wanted to give more money to Ukraine then it should set up a separate financial fund outside the EU budget based on an intergovernmental agreement.

Persons: Hungary's Viktor Orban, Orban, " Orban, let's, Krisztina, Sharon Singleton, Gerry Doyle Organizations: European Union, EU, Thomson Locations: BUDAPEST, Ukraine, Hungary, Hungarian, Brussels, Budapest, EU

☆ Russian court rules in favour of VTB Bank's $122 mln claim from former European subsidiary
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

SummaryCompanies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Dec 1 (Reuters) - A Russian court has ruled that state-owned lender VTB's (VTBR.MM) claim for 112.6 million euros ($122.1 million) from its former European subsidiary should be paid, court filings showed on Friday. VTB in September filed a lawsuit seeking to recover debt from the former subsidiary, now called OWH SE, and applied for interim measures that were granted in full, leading the Russian court to freeze securities owned by OWH. Frankfurt-based VTB Bank (Europe) SE, already ring-fenced by regulators due to sanctions and in liquidation since last year, has been renamed OWH SE, its Chief Executive Officer Frank Hellwig said last month. German regulator BaFin said the measures had resulted in a complete ring-fencing of the subsidiary from its parent. ($1 = 0.9222 euros)Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: VTB, Frank Hellwig, OWH, BaFin, Elena Fabrichnaya, Alexander Marrow, Kirsten Donovan Organizations: VTB's, OWH ., VTB Bank, Thomson Locations: Russia, Ukraine MOSCOW, OWH . Frankfurt, Europe, Ukraine, VTB

LONDON (AP) — Billionaire vacuum cleaner tycoon James Dyson lost a libel lawsuit Friday against the Daily Mirror for a column that suggested he was a hypocrite who “screwed” Britain by moving his company's headquarters to Singapore after supporting the U.K.'s breakup with the European Union. A High Court judge in London said the article was opinion and rejected Dyson's claims that it was a “vicious and vitriolic” personal attack that damaged his reputation and harmed his philanthropic work encouraging young people to become engineers. “Mr Reade was not attempting to offer a window into or shine a light on the claimant’s thought processes or motivation," Justice Robert Jay wrote. "Rather, the ‘screwed his country etc.’ remark was Mr. Reade’s ‘take’ on how people would or might envisage the claimant’s actions.”The judge said Reade hadn't accused Dyson of dishonesty and had wide latitude to offer honest comment “however wounding and unbalanced” it may have been. Mirror Group Newspapers welcomed the judgment for upholding "the rights of our columnists to share honestly held opinions, even about powerful or wealthy individuals.”A Dyson spokesperson issued a statement defending its commitments to the U.K., including the employment of 3,700 people, but making no mention of the lawsuit outcome.

Persons: James Dyson, Dyson's, Brian Reade, Dyson, “, ” Dyson, Reade, “ Mr Reade, Robert Jay, Reade’s, ”, Reade hadn't Organizations: —, Daily, European Union, Sunday Times, Group Newspapers Locations: Singapore, London

☆ Bill Gates warns the world is likely to smash through a critical warming threshold
▼ + stars: | 2023-12-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Bill Gates arrives for a press conference to launch the Global Polio Eradication Initiative at the European Commission's Berlaymont headquarters in Brussels on October 11, 2023. Dubai, UNITED ARAB EMIRATES — Billionaire philanthropist Bill Gates on Friday said the world is likely to overshoot a critical temperature threshold that scientists have long warned could bring dangerous and potentially irreversible impacts on people, wildlife and ecosystems. However, the Microsoft co-founder said any headway in the climate fight would likely not be enough to prevent 2 degrees Celsius of global warming. His comments come as policymakers and business leaders convene in Dubai for the United Nations' biggest and most important annual climate summit. "There is not some binary cut-off where at a certain temperature everything is horrible," Gates said on Friday.

Persons: Bill Gates, CNBC's Tania Bryer, Gates, we've, we'll Organizations: UNITED, EMIRATES — Billionaire, United, United Arab Emirates, Microsoft, United Nations Locations: Brussels, Dubai, United Arab

☆ Ukraine war live updates: Zelenskyy calls for fortifications, U.S. helps with winter assault preparations
▼ + stars: | 2023-12-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Ukrainian servicemen of a drone hunting team stand next to an anti-aircraft twin-barreled autocannon that they use to target Russian launched drones, in the outskirts of Kyiv, on November 30, 2023, amid the Russian invasion of Ukraine. Ukrainian President Volodymyr Zelenskyy on Thursday called for quicker fortifications in key battlegrounds that face assaults from Russian forces, particularly in eastern Ukraine. Russia's navy reported early Friday morning that it destroyed a Ukrainian navy vessel without crew that was heading towards Crimea, which Russia annexed in 2014. Separately, Russia's presence at a European security meeting taking place Thursday caused a stir. Russian Foreign Minister Sergei Lavrov attended the annual meeting of the Organization for Security and Cooperation in Europe, with Baltic nations and Ukraine refusing to attend as a result.

Persons: Volodymyr Zelenskyy, Zelenskyy, John Kirby, Sergei Lavrov Organizations: . National Security, Russian, Organization for Security, Cooperation Locations: Kyiv, Ukraine, Russian, Ukrainian, Russia, Crimea, Washington, Europe, Baltic

☆ Moldova Denounces New Russian Ban on Fruit Imports
▼ + stars: | 2023-12-01 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +2 min

By Alexander TanasCHISINAU (Reuters) - Pro-European authorities in Moldova on Friday dismissed as groundless a ban imposed by Russia on imports of its fruit and vegetables, the latest display of deteriorating relations between Moscow and the ex-Soviet state. Russia's farm goods oversight agency, Rosselkhoznadzor, said on Thursday it was reinstating restrictions last imposed in 2022. It cited "continuous, systematic observation of elements subject to quarantine" and said Moldovan authorities had taken no action to right the situation. "The decision by the Russian authorities contradicts phytosanitary principles and is in no way grounded in real arguments," it said in a statement. We ship to 28 countries," Iurie Fala, Executive Director of the Moldovan Fruit Producers Association, told Reuters.

Persons: Alexander Tanas CHISINAU, ANSA, Maia Sandu, Sergei Lavrov, Lavrov, Fala, Alexander Tanas, Ronald Popeski, Sandra Maler Organizations: Moldovan, European Union, Moldovan Fruit Producers Association, Reuters Locations: Moldova, Russia, Moscow, Soviet, Ukraine, Romania, Russian

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