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☆ CNBC's Inside India newsletter: The tax with potential side effects
▼ + stars: | 2024-07-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Despite its progressive intentions, the tax failed to raise sufficient revenue for the monarch, as people boarded up their windows to lower their tax liability. Window tax was a property tax based on the number of windows in a house. In addition, the minister also lifted capital gains for stock market investors who cash in within a year from 15% to 20%. While the tax raises more than £3 billion ($3.9 billion) annually, it has given birth to far riskier forms of speculation while simultaneously hurting the stock market. However, given the lofty valuations that Indian stock markets currently trade, the tax to skim the excesses might be a positive development over the longer term.

Persons: Nirmala Sitharaman, Ajay Aggarwal, King William III of, Mike Kemp, Upasana Chachra, Morgan Stanley, Siddhartha Khemka, Motilal Oswal, Michael Langham, Abrdn, it's, JPMorgan's Jahangir Aziz, Aziz, Raghuram Rajan, Suman Bery, Bery Organizations: Union Finance, Budget Press Conference, National Media Centre, Hindustan Times, Getty Images, Getty, Budget, Motilal, Institute for Fiscal Studies, Reuters, CNBC, Health, Reserve Bank of India Locations: DELHI, INDIA, New Delhi, India, Mayfair, London, United Kingdom, England, Britain, Kerala, Malaysia, Nipah

☆ How a global seafood giant broke Red Lobster
▼ + stars: | 2024-05-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +15 min

Former Red Lobster employees say that while the pandemic, inflation and rent costs impacted Red Lobster, Thai Union’s ineptitude was the pivotal factor in Red Lobster’s decline. Kenny criticized Red Lobster employees at meetings and made derogatory comments about them, according to former Red Lobster leaders who worked closely with Kenny. Red Lobster’s annual customer count has dropped by 30% since 2019, Red Lobster said in its bankruptcy filing. Red Lobster employees say they were pressured by Thai Union representatives to buy more seafood from Thai Union. Thai Union representatives also began sitting in on meetings between Red Lobster and seafood suppliers, said one of the former Red Lobster employees who witnessed these conversations.

Persons: “, Ludovic Garnier, Jorge Silva, Red Lobster’s, ”, Les Foreman, Red, Thiraphong Chansiri, Angel, Feng shui, Chansiri, Amanda Mustard, Paul Kenny, Kenny, ’, Kenny’s, Bill Darden, General Mills, Darden, Kelli Valade, Valade, Trin, Tapanya, Kevin Lamarque, Barry Fulghum, Lobster, Leah Millis Organizations: New, New York CNN, Thai Union Group, Red, Lobster, Thai Union, CNN, Red Lobster, John West Foods, longtime, Reuters, Thai, West Coast, Lobster’s, Bloomberg, Getty, Minor, Thai Union —, Union, Darden, Gate, Golden, Capital, Facebook, Thai Union . Thai Union, ” Thai Union Locations: New York, Thai, Thailand, Thai Union, United States, Orlando, Australian, Dallas, America, United, Texas, Spring , Maryland

☆ Fiscal rules revamp may threaten calm in euro zone's fragile bond markets
▼ + stars: | 2023-12-04 | by ( Stefano Rebaudo | ) www.reuters.com time to read: +5 min

Analysts believe Germany's budget crisis will mean tougher fiscal policy in the largest euro zone economy in 2024, which could add to pressure on less wealthy members of the bloc to keep a tighter grip on their finances. Italian 10-year bonds currently yield around 173 basis points more than German debt , 38 bps less than a year ago, while the gap between Portuguese and German yields has narrowed by 34 basis points. French bonds meanwhile yield 58 bps more than German, 5 bps more than a year ago. Analysts argued the German public may be unwilling to accept a tightening of domestic fiscal policy without a blanket approach across Europe - meaning a tougher scenario for the periphery. Bondholders are meanwhile banking on the European Central Bank cutting interest rates in a few months, which should support euro zone peripheral debt.

Persons: Giorgia Meloni, Olaf Scholz, Fabrizio Bensch, Ruben Segura, BofA's Segura, Cayuela, Felix Hubner, Massimiliano Maxia, Stefano Rebaudo, Catherine Evans Organizations: Italian, REUTERS, Germany, Union, Northern, European Commission, UBS, Analysts, European Central Bank, JPMorgan, ECB, Allianz Global Investors, bps, Thomson Locations: Berlin, Germany, Italy, Cayuela, European, Greece, Spain, Europe

☆ Morning Bid: Banks, Biden visit buoy markets
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Biden leaves later on Tuesday for a high stakes visit to Israel and Jordan and Washington said Israeli Prime Minister Benjamin Netanyahu had agreed to let humanitarian aid reach besieged Gazans. That reversed a pre-weekend 'safety bid' that emerged amid fears an Israeli ground invasion into Gaza could draw other regional countries and groups into the war. Before then, bond markets will have to negotiate tomorrow's 20-year Treasury auction. The relatively new 20-year tenor has often proved unpopular and will be watched closely after a poor reception for the latest 30-year bond last week.

Persons: Brendan McDermid, Mike Dolan, Joe Biden's, Biden, Washington, Benjamin Netanyahu, Wells, Goldman Sachs, Charles Schwab, Jerome Powell's, Vladimir Putin, Xi Jinping, Lockheed Martin, Johnson, JB Hunt, Michelle Bowman, John Williams, Neel Kashkari, Tom Barkin, Luis de Guindos, Joe Biden, Olaf Scholz Organizations: New York Stock Exchange, REUTERS, Treasury, JPMorgan, Citigroup, Bank of America, Bank of New York Mellon, Federal Reserve, HK, Bank of England, Lockheed, United Airlines, Michelle Bowman , New York Fed, Minneapolis Fed, Richmond Fed, European Central Bank, European Union, Luxembourg Retail, Reuters Graphics Reuters, EIA, Thomson Locations: New York City, U.S, Israel, Gaza, Jordan, Israeli, Gazans, Asia, Europe, Wells Fargo, China, Russian, Beijing, Ukraine, United, Canada, Michelle Bowman , New, Frankfurt, Luxembourg, Venezuela

EU fiscal rules underpin the value of the euro used by 20 countries and set a limit on budget deficits of 3% of GDP and a public debt limit of 60% of GDP. However, most EU countries exceed these limits as two years of the COVID-19 pandemic and the energy price crisis have both required massive government spending. The main clash is between Germany, which wants annual debt reduction benchmarks that are the same for all, and France, which believes individually negotiated debt reduction paths are the way to go and that one-size-fits-all policies do not work. She said 70% of the text of the new rules has been agreed in technical work over the summer. Reporting by Maria Martinez, Belen Carreno and Jan Strupczewski, writing by Jan Strupczewski; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Valdis Dombrovskis, Dombrovskis, James, Nadia Calvino, Calvino, Maria Martinez, Belen Carreno, Jan Strupczewski, Jason Neely Organizations: SANTIAGO DE, Union, Saturday, Spanish, Thomson Locations: SANTIAGO, SANTIAGO DE COMPOSTELA, Spain, Spanish, Santiago, Santiago de Compostela, Germany, France, Ukraine

☆ Morning Bid: Banks lob earnings into giddy markets
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +4 min

But there's likely to be a scattering of the herd in terms of performance during that three months. For universal banks such as JPMorgan and Wells Fargo that serve retail consumers and firms, earnings per share are expected to have jumped more than 40% over the previous year. Overall, the U.S. earnings season is expected to show S&P500 profits down 6.4% from the same period a year earlier - with revenue down a more modest 0.8%, according to Refinitiv research. Stock markets around the world and S&P500 futures held most of their outsize weekly gains, however, and were mostly flat into the open. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, Wells, behemoths Goldman Sachs, Morgan Stanley, Christopher Waller, that's, Toby Chopra Organizations: Federal Reserve, JPMorgan, Citigroup, Bank, Export, Stock, Nasdaq, Bank of Japan, University of Michigan, European Union, Brussels Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Wells Fargo, BlackRock, China, Brussels

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Growth came mostly from exports, the result of a revival in global trade as China re-opened for business after the pandemic. But national data showed price growth remained stubbornly high, probably leaving the ECB with no choice but to keep raising interest rates. Friday's inflation data showed progress was slow. IMF CALLS FOR MORE RATE HIKESMoney markets currently price in another 70 basis points of ECB rate hikes by October, possibly followed by cuts as early as the start of next year. It also said European Union finance ministers should tighten fiscal policy in concerted action to bring down high inflation, which would probably depress consumption further.

☆ AMERICAS Bank stress, bond volatility and disinflation
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +5 min

But the implications of this sudden bout of financial instability - and its potential economic and policy fallout - were most clearly seen in the interest rate and bond markets. Implied terminal rates for the European Central Bank and Bank of England have been dramatically scaled back too - though one or two further hikes are still priced for those central banks. But the Fed rethink has led to seismic action on the U.S. Treasury market, with the biggest drop in 2-year Treasury yields on Monday since the stock market crash of 1987. Credit spreads in the corporate bond markets have also widened sharply as investors fear an economy-wide tightening of borrowing standards and financial conditions. It would certainly think twice about tightening policy again into this level of financial stress and bond market upheaval.

☆ EU converges on principles of new debt rules, no deal yet on details
▼ + stars: | 2023-03-14 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

Draft conclusions of a meeting of the EU's 27 finance ministers on Tuesday showed EU countries support much of the European Commission's proposal presented last November, but its practical implementation is still a challenge. Governments with higher debt would negotiate with the Commission individual debt reduction paths linked to reforms and investments, departing from a one-size-fits-all rule of annual debt cuts of 1/20th of the excess above 60% of GDP. Since many EU countries have debt well above the EU limit, they would get between four and seven years to put it on a downward path that would be negotiated with the Commission on the basis of a Commission debt sustainability analysis. This would be an improvement on the unobservable and revision-prone structural deficit which is the focus now, and which finance ministers strongly dislike. TRICKY DETAILSWhile there is convergence among EU finance ministers on these points, there are equally many on which they disagree.

☆ Morning Bid: Bank stress, bond volatility and disinflation
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +5 min

☆ Lithuania may tax windfall bank profits, boost defence spending
▼ + stars: | 2023-02-06 | by ( Andrius Sytas | ) www.reuters.com time to read: +2 min

[1/2] Czech Finance Minister Zbynek Stanjura speaks with Lithuania's Finance Minister Gintare Skaiste at the European Union finance ministers meeting in Brussels, Belgium, July 12, 2022. "This is a critical situation, we are in an environment of high rates, so unexpected profits are appearing," central bank Governor Gediminas Simkus told a news conference. "The war in Ukraine and countries' reactions to it led to the high liquidity and high rates. The invasion also leads to more defence spending, so if we tax the windfall, the income would be used for defence", Skaiste told reporters. The neighbour of Russia had so far budgeted 2023 defence spending at 1.8 billion euros ($1.9 billion), or 2.52% of its gross domestic product.

☆ Hungary Blocks EU Plan to Raise Over $18 Billion in Funding for Ukraine
▼ + stars: | 2022-12-06 | by ( Laurence Norman | ) www.wsj.com time to read: 1 min

The government of Hungarian Prime Minister Viktor Orban has been embroiled in a spat with Brussels over funding. European Union finance ministers failed to agree Tuesday on providing more than $18 billion of vital economic assistance for Ukraine next year, with Hungarian Prime Minister Viktor Orban’s government stymying for now efforts to secure the loan through common EU debt issuance. The promised assistance of 18 billion euros, equivalent to $18.9 billion, is envisioned as a critical part of the West’s contribution to help Kyiv pay for basic services next year. It comes after the EU came under U.S. and Ukrainian pressure to increase its economic assistance for Ukraine and ensure the consistency of its help.

☆ Croatia, heading to enter euro zone, adopts first budget in euros
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

SARAJEVO, Nov 29 (Reuters) - Croatia, which will enter the euro zone on Jan. 1, passed its first budget in euros on Tuesday, targeting a general deficit of 2.3% of gross domestic product based on the projection of 0.7% economic growth for 2023. The budget was adopted with 77 votes in favour and 50 against in the 151-seat parliament. "This is Croatia's first budget denominated in the euro," Finance Minister Marko Primorac said as he presented the budgetary plans. The total budget revenue is forecast at 24.9 billion euros ($25.86 billion), up 9% from this year and fuelled primarily by direct and indirect taxes projected at 13.3 billion euros. Expenditures are set at 26.7 billion euros, up 2.1 billion euros from this year, due to an increase in government social and development programmes.

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