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☆ China's industrial profits plunge at fastest pace since the pandemic
▼ + stars: | 2024-10-28 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

China's industrial profits in September dropped at its fastest pace since the pandemic, data from the National Bureau of Statistics showed, as the country tussles with an economy plagued by slow growth, lack of demand and a property crisis. After a 17.8% fall in August, industrial profits declined 27.1% in September from a year ago, marking the steepest plunge since March 2020, when it dropped by 34.9%, according to data kept by Wind Information. In the first nine months, industrial profits fell by 3.5% from a year ago. NBS statistician Yu Weining said "insufficient demand and a sharp decline in producer prices" weighed down the profitability of industrial firms. Gary Ng, senior economist at Natixis, said in an email to CNBC that "the weakness of industrial profits indicates China's greater need for demand-side policies."

Persons: Goldman Sachs, Hui Shan, Yu Weining, Gary Ng Organizations: National Bureau, Statistics, Information, People's, CNBC, Reuters, PMI Locations: Jiangxi Province, Shanghai, China, Beijing

☆ France's 'Olympics truce' ends, returning political tensions to the fore
▼ + stars: | 2024-08-14 | by ( Jenni Reid | ) www.cnbc.com time to read: +5 min

Tom Weller/voigt | Getty Images Sport | Getty ImagesTime is running out on the so-called "Olympic political truce" declared by French President Emmanuel Macron in late July, pushing the country's rocky political landscape back into focus. The left-wing New Popular Front alliance won the highest number of seats and prevented a much-discussed victory for the far-right National Rally. Meanwhile, Macron's own politics and allied government have been "widely rejected by the French," Massoc added, and no party will form an alliance with far-right National Rally. Even within the leftist grouping, parties are divided and some will refuse any sort of alliance with centrists, she said. Under the French political system, the parliament has relatively little power and between 2017 and 2022, 65% of texts adopted were laws proposed by the government rather than parliament, Massoc noted.

Persons: Emmanuel Macron, Tom Weller, voigt, Macron, —, tussles, Gabriel Attal, Lucie Castets, Elsa Clara Massoc, Gallen, Castets, Massoc, Les, Renaud Foucart Organizations: Stade de France, Olympic Games, Getty, Paris, Front, New Popular, National Assembly, University of St, CNBC, centrists, CAC, Lancaster University Locations: France, Paris, —

☆ Forget Uber and Airbnb: Some people are going back to doing things the old-fashioned way to save money
▼ + stars: | 2024-08-03 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +9 min

"If I was using rideshares and the delivery apps and everything the way I was, I would run out of money each month," she said. For some, like Manley, it means going back to the old-fashioned way of doing certain things: shopping around for hotel deals, taking public transit more, and working out at home with fitness classes on video. AdvertisementGrant Plotkin, 26, is a Gen Zer who experienced the pre-2020 millennial subsidy as a young adult. The next iteration of the millennial subsidy might be gamifying surge pricing for groceries or a side of fries. AdvertisementHas the loss of the millennial subsidy affected your finances or lifestyle?

Persons: Sarah Manley, Manley, She's, they'd, Millennials, YipitData, Grant Plotkin, Zer, he's, Plotkin, Ubers, Brett House, that's, Bilal Baydoun, Baydoun Organizations: Service, Business, Bloomberg, Netflix, Columbia Business School, Dollar, Aldi, Big Tech, American Locations: Baltimore, it's

☆ Nigel Farage: The US-style migration debate taking over Britain’s election
▼ + stars: | 2024-06-16 | by ( Rob Picheta | ) edition.cnn.com time to read: +14 min

“It’s a bit like God’s waiting room.”But Clacton is the front line of Britain’s migration debate. The Reform leader uses divisive language on migration, warning supporters of what he calls an "invasion" of asylum seekers. Despite years of tough rhetoric and policies aimed at deterring the arrival of asylum seekers – devised largely to placate Farage’s supporters – Britain’s asylum system is creaking. Laws prevent most asylum seekers from working, so while taxpayers fund their accommodation, they cannot contribute formally to the economy. That could widen even further the chasm in understanding between his voters and Britain’s asylum seekers, experts fear.

Persons: ” Danny Botterell, Nigel Farage, BEN STANSALL, Donald Trump, Nigel, ” Botterell, “, Farage, ” Farage, –, Rob Picheta, CNN Britain’s, Rishi Sunak’s, ” Zoe Gardner, “ Farage, “ They’ll, ”, Louise Brockwell, Danny Botterell, David Cameron –, Europe –, Sunak, Cameron, Farage’s, ted Britain’s, France –, ” Gardner, Masood, they’re, ” Masood, Brexit, Douglas Carswell, ” Carswell, ” “ There’s, Carswell, Bob Brace, Farage's, hasn’t, Jack, can’t, you’re, Bridget Tyril, Roy Whitehead, Keir Starmer, “ It’s, they’ve, Karen French, “ I’ve, He’s, James Johnson, Theresa May’s, pollster, Queen Elizabeth II, restauranter Dean Coles, Jehosh, Gardner Organizations: England CNN —, Seagulls, CNN, Getty, Clacton, Labour, Brexit Party, Tories, Jays, Sky News, Times, Home Office, Conservative, UKIP, EU, Brexit, Mississippi Center for Public, John, People, Trump, Downing, Partners, “, Conservatives Locations: Clacton, England, Clacton Pier, Europe, ”, London, “, AFP, United States, Britain, Westminster, India, France, Bibby Stockholm, Kent, Afghanistan, UAE, Essex, Jaywick, It’s France, Netherlands, Germany

☆ How Deep Change Happens - The New York Times
▼ + stars: | 2024-05-09 | by ( David Brooks | ) www.nytimes.com time to read: +1 min

In 2020 Joe Biden ran on the theme of saving the soul of America. American society, at every economic level, is still plagued by enmity, distrust, isolation, willful misunderstanding, ungraciousness and just plain meanness. So how can we create a society in which it is easier to be decent to one another? More broadly, how is it possible to strengthen the spiritual and social foundation of society so that people will recognize one another’s full dignity amid the normal tussles of life? These are germane questions today, when so many — on the left and right — feel that society has pushed them against the wall.

Persons: Joe Biden, Howard Thurman’s, Jesus, ” Thurman, Martin Luther King Sr, Martin Luther King Jr, Thurman Organizations: Morehouse Locations: America

☆ Solicitor General Elizabeth Prelogar again in the spotlight fighting the conservative Supreme Court on abortion
▼ + stars: | 2024-04-24 | by ( Tierney Sneed | ) edition.cnn.com time to read: +8 min

CNN —For the fourth time since she became the federal government’s top Supreme Court advocate, Solicitor General Elizabeth Prelogar is arguing an abortion-related case. When Prelogar argues before the Supreme Court, she is arguing in front of several alumni of the US Office of the Solicitor General. She also clerked for her current boss, Attorney General Merrick Garland, when he was a DC Circuit judge, before her Supreme Court clerkships. She went on to litigate Supreme Court cases for private firms and worked on special counsel Robert Mueller’s investigation. Likewise, the abortion case Prelogar argued last month could have significant consequences for federal power.

Persons: Elizabeth Prelogar, Prelogar, Department’s, Biden, ”, Stephanie Toti, she’s, Ruth Bader Ginsburg, Elena Kagan, Kagan, Obama, John Roberts, George H.W, Samuel Alito, Neil Gorsuch, Brett Kavanaugh, Roe, ” Prelogar, General Merrick Garland, Robert Mueller’s, Beth Brinkmann, Clinton, Brinkmann, Prelogar’s, Court’s Roe, Wade, –, Roberts, Gorsuch, Amy Coney Barrett, ” Toti, “ That’s Organizations: CNN, Miss Idaho, NPR, Emory University, Harvard Law School, DC Circuit, litigate, The Justice Department, Idaho, Labor, Center for Reproductive Rights, Food and Drug Administration, Justice Department, Republican Locations: Bush, Texas, ” An Idaho, Idaho

☆ Ron DeSantis' campaign was over when he decided to have a popularity contest against Mickey Mouse
▼ + stars: | 2024-01-21 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Before entering the 2024 presidential race, Ron DeSantis proudly touted his conservative record. The governor's fights with Disney didn't endear him to GOP primary voters in the way he had hoped. For decades, tourists have come to the state from all over the world to visit Walt Disney World. But while many GOP voters had a positive opinion of DeSantis, it didn't translate into many votes, no matter what he had done while tussling with Disney. AdvertisementBut in the end, it was DeSantis' fight with Mickey Mouse that stunted his campaign, and he never recovered.

Persons: Ron DeSantis, Disney didn't, —, Donald Trump, DeSantis, Carolyn Kaster, Blaine Harrington III, Getty, Terri Peters, Saint Anselm, Trump, Mickey Mouse Organizations: Disney, GOP, Service, AP, Walt Disney, Florida's, Improvement, Magic, Republican, Trump, state's Republicans, Saint, Saint Anselm College Locations: Florida, Iowa, New Hampshire, American

☆ The Strange $55 Million Saga of a Netflix Series You’ll Never See
▼ + stars: | 2023-11-22 | by ( John Carreyrou | More About John Carreyrou | ) www.nytimes.com time to read: +1 min

He had directed only one movie, “47 Ronin.” It was a commercial and critical dud, and Mr. Rinsch’s tussles with its producers had raised eyebrows, even in an industry where such conflicts are the norm. Amid the feeding frenzy, the project that Mr. Rinsch was pitching — a science-fiction series about artificial humans — became a hot property. After a competitive auction, Mr. Rinsch and his representatives reached an informal eight-figure agreement with Amazon. The project with Mr. Rinsch has turned into a costly fiasco, a microcosm of the era of profligate spending that Hollywood studios now are scrambling to end. Netflix burned more than $55 million on Mr. Rinsch’s show and gave him near-total budgetary and creative latitude but never received a single finished episode.

Persons: Carl Erik Rinsch, Rinsch’s, Rinsch, Cindy Holland Organizations: Disney, Apple, Amazon, Netflix, Hollywood Locations: Hollywood

☆ Haley Tussles With DeSantis, Aiming to Prove Herself in Iowa
▼ + stars: | 2023-11-16 | by ( Jazmine Ulloa | Nicholas Nehamas | ) www.nytimes.com time to read: +1 min

For most of the 2024 presidential cycle, Nikki Haley has ceded ground in Iowa to Donald J. Trump, who dominates its polls, and to Gov. Ron DeSantis of Florida, who has made the state central to his hopes of besting the Republican front-runner. But Ms. Haley, who has focused more energy on the primaries in New Hampshire and her home state of South Carolina where she served as governor, is sending strong signals that she still intends to make it a fight. With just two months to go before the critical first-in-the-nation caucuses, Ms. Haley, the former ambassador to the United Nations, is starting a series of campaign events Thursday as her battle with Mr. DeSantis to become Mr. Trump’s nearest rival reaches a fever pitch. “She is peaking at the right time,” said Chris Cournoyer, a state senator and Ms. Haley’s Iowa state chairwoman.

Persons: Nikki Haley, Donald J, Trump, Ron DeSantis, Haley, DeSantis, Trump’s, ”, Chris Cournoyer, “ Organizations: Gov, Republican, United Locations: Iowa, Florida, New Hampshire, South Carolina, United Nations, Haley’s Iowa

12 Arizona at its famously hostile arena on Friday night — the kind of marquee matchup that's getting trickier for coaches to schedule with lengthy conference slates, NCAA Tournament bids and even coaches' job security on the line. “I know you always hear people, fans of college basketball saying, ‘We need this.’ It's hard, it's really hard. It's become big business.”The game at Cameron Indoor Stadium opens a home-and-home series, with the Blue Devils visiting Tucson in 2024. By the time Duke returns the trip next year, Arizona will have left the Pac-12 for the Big 12. He won an NCAA title as a Duke player in 2010 and an assistant in 2015 and worked under Coach K for nine seasons.

Persons: — Jon Scheyer, Tommy Lloyd, Lloyd, ” Lloyd, “, Duke, there's, Scheyer, “ Tommy, It'll, it'll, ”, —, ” Scheyer, of Famer Mike Krzyzewski, Mark Few’s, John Marshall, ___ Organizations: Duke, Cameron, Blue Devils, CBS, North, UCLA, Ohio State, Atlantic Coast Conference, Michigan State, ACC, SEC, of Famer, Arizona, NCAA Locations: DURHAM, N.C, Arizona, Tucson, North Carolina, Kansas, Kentucky, Hill, Lexington, that's, Arkansas

☆ Mike Johnson is the first Republican House speaker from the South since Newt Gingrich, putting the region back in the driver's seat of GOP politics
▼ + stars: | 2023-10-29 | by ( John L. Dorman | ) www.businessinsider.com time to read: +6 min

Rep. Mike Johnson's ascent to the House speakership last week took most in the GOP by surprise. He's now the first House speaker from the South since Newt Gingrich held the gavel in the 1990s. "This happened sort of suddenly," the Louisiana Republican said last Wednesday after succeeding Rep. Kevin McCarthy of California as speaker and as the new leader of the House GOP conference. Rep. Mike Johnson takes the oath of office to become the next House speaker on October 25, 2023. Challenges to Republican-drawn congressional districts across the South could give Democrats a significant opening to flip the House in 2024.

Persons: Mike Johnson's, He's, Newt Gingrich, —, couldn't, Kevin McCarthy of, Johnson, Bill Clinton, Sen, Mitch McConnell, Joe Biden, Mike Johnson, Alex Brandon Cue McConnell, Steve Scalise, Gingrich —, Drew Angerer, Gingrich, Donald Trump, Kim Chandler, McCarthy Organizations: GOP, Service, Louisiana Republican, Southern Republican, Republican, White House, House Republicans, AP, Democratic, Kentucky Locations: Washington, Louisiana, Kevin McCarthy of California, Georgia, Kentucky, Southern, Ukraine, New York, Chicago, Denver, Johnson's, Kim Chandler In Alabama, Black, Alabama's, Florida, Arkansas, South Carolina , Tennessee

France, where Ryanair serves cities such as Marseille and Bordeaux, has floated proposals for a minimum ticket price in an effort to reduce pollution from aviation. The French price proposal, which EU officials said has drawn some support from the Netherlands and Belgium, got short shrift from senior Ryanair executive Eddie Wilson. Having established a strong position in large parts of Western Europe, Ryanair is now looking east to countries such as Poland for further growth. Europe's main airlines lobby group expressed relief and called on more European coordination to support the sector. Lufthansa CEO Carsten Spohr has said a stronger ITA will reinvigorate competition in the Italian market but Ryanair's Wilson is unperturbed, describing ITA as a sideshow.

Persons: Eddie Wilson, Wilson, Andrea Giuricin, Giorgia, Giuseppe Cocuzza, Ourania Georgoutsakou, Carsten Spohr, Ryanair's Wilson, Rome Fiumicino, Sacbo, Angelo Amante, Keith Weir, Joanna Plucinska, Emelia Sithole Organizations: Ryanair, Europe's, European Union, Ryanair DAC, Alitalia, TRA Consulting, European Commission, Airlines for, ITA, Lufthansa, Cortina d'Ampezzo, Thomson Locations: Italy, ROME, France, Marseille, Bordeaux, Sicily, Sardinia, Netherlands, Belgium, Europe, Western Europe, Poland, Rome, Catania, Airlines for Europe, Bergamo, Milan, Malpensa, Brescia, London

Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin. So far, shareholders profited as the share price more than doubled since early 2021 when activist investors publicly pushed for changes. Big Oil is responsible for the bulk of human-induced greenhouse gas emissions and pressure for action is building. "Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal. Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.

Persons: Olaf Scholz, Exxon Mobil's, Jim Rossman, that's, Andrew Logan, tussles, Mark van Baal, Charlie Penner, Ceres, Logan, Marguerita Choy Organizations: Environmental, Exxon, Republique, New Global Financial, Big Oil, Energy, Natural Resources, Pioneer, Barclays, Oil, Public, International Energy Agency, Investors, Ancora, Holdings, Algonquin Power & Utilities, Elliott Investment Management, NRG Energy, Smart, Thomson Locations: Paris, France, BOSTON, Ukraine

☆ Doja Cat Looks to the Past to Make Her Own Moment on ‘Scarlet’
▼ + stars: | 2023-09-25 | by ( Jon Caramanica | More About Jon Caramanica | ) www.nytimes.com time to read: +2 min

She does so not in an especially nostalgic or imitative fashion, but more as a decoration. Doja Cat also varies her rapping technique in ways that recall these bygone eras. “Love Life” nods to the mid-90s proto neo-soul of Groove Theory, and Doja Cat matches it with a percussive flow that recalls Ladybug Mecca of Digable Planets. Lyrically, “Scarlet” has two primary topics: Doja Cat’s dominance and her lust. And her songs about sex, like “Agora Hills” and “Often,” are bawdy and lighthearted.

Persons: ”, Diamond, Doja, Ladybug Mecca, She’s, “, Versace Organizations: York, Theory

Ahead of a White House welcome for the leaders, Biden announced U.S. diplomatic recognition of two more Pacific islands nations, the Cook Islands and Niue. The White House said this year it would focus on priorities including climate change, economic growth, sustainable development, public health and countering illegal fishing. In Baltimore on Sunday, Pacific island leaders visited a Coast Guard cutter in the harbor and were briefed on combating illegal fishing by the Commandant of the Coast Guard, an official said. The White House in 2022 said the U.S. would invest more than $810 million in expanded programs to aid the Pacific islands. She added that Pacific island countries "welcome the U.S. re-engagement with the region, but don't want geopolitical tussles to result in an escalation of militarization."

Persons: Joe Biden, Walter E, Elizabeth Frantz, Biden, Manasseh Sogavare, Washington, Sogavare, Meg Keen, Sato Kilman, Kilman, Ishmael Kalsakau, David Brunnstrom, Trevor Hunnicutt, Kirsty Needham, Don Durfee, Grant McCool Organizations: Congressional Black Caucus Foundation, Washington Convention Center, REUTERS, Rights, Pacific, NFL, White, U.S ., Niue, Sunday, Coast Guard, Sunday's National Football League, Baltimore Ravens, Indianapolis Colts, Solomon, Biden, Australia's Lowy Institute, USAID, Vanuatu, Reuters, Thomson Locations: Washington , U.S, Washington, Cook Islands, Niue, The U.S, Papua New Guinea, U.S, Asia, Cook, Baltimore, Pacific, China, Beijing, Congress, Australia, Vanuatu, Fiji, Kiribati, Hawaii, Palau, Micronesia, Marshall, Sydney

During the three-day meeting, the U.S. will announce diplomatic recognition for two Pacific islands, promise new money for infrastructure, including to improve Internet connectivity via undersea cables, and honor regional leaders at an NFL game. SOME SKIP SUMMITSolomon Islands Prime Minister Manasseh Sogavare, who has deepened his country's ties with China, will skip the summit. The White House in 2022 said the U.S. would invest more than $810 million in expanded programs to aid the Pacific islands. She added that Pacific island countries "welcome the U.S. re-engagement with the region, but don't want geopolitical tussles to result in an escalation of militarization. "Vanuatu Prime Minister Sato Kilman will also not attend the summit, his office told Reuters.

Persons: Manasseh Sogavare, James Marape, David Kabua, Fiame Naomi Mata'afa, Joe Biden, Biden, Washington, Sogavare, Meg Keen, Sato Kilman, Kilman, Ishmael Kalsakau, David Brunnstrom, Trevor Hunnicutt, Kirsty Needham, Don Durfee, David Gregorio Our Organizations: Solomon Islands, Guinea's, Samoa's, U.S ., NFL, White, Coast Guard, Baltimore Ravens, Indianapolis Colts, Solomon, Biden, Pacific, Australia's Lowy Institute, USAID, Vanuatu, Reuters, Thomson Locations: Solomon, Papua, Marshall, U.S, WASHINGTON, Washington, Papua New Guinea, Asia, United States, Cook, Niue, Baltimore, Pacific, China, Beijing, Congress, Australia, The U.S, Vanuatu, Fiji, Kiribati, Hawaii, Palau, Micronesia, Sydney

CO2 storage tanks are seen at a cement plant and carbon capture facility in Wuhu, Anhui province, China September 11, 2019. China's cement sector discharged 853 million tonnes of carbon dioxide in 2021, according to the Global Carbon Atlas, nearly six times more than the next largest cement producer, India. The cement sector accounts for roughly 12% of China's total carbon emissions, according to Fidelity International, and along with steel is one of the largest greenhouse gas emitters. China’s cement output hits multi-year seasonal lowsSome cement producers will likely look to boost exports in an effort to offset lower domestic sales, and in July China's total cement exports hit their highest since late 2019. And if that's the case, the sector's emissions will come down too, yielding a rare climate benefit to the ongoing property market disruption.

Persons: David Stanway, Gavin Maguire, Miral Organizations: REUTERS, World Cement Association, Global Carbon Atlas, Fidelity International, China Evergrande Group, Shanghai, China National Bureau, Vietnam National Cement Association, Reuters, Thomson Locations: Wuhu, Anhui province, China, LITTLETON , Colorado, China's, India, Beijing, Vietnam, Turkey, United Arab Emirates, Indonesia

☆ Georgia indicted Trump for trying to overturn the 2020 election. Why hasn't any other state?
▼ + stars: | 2023-09-10 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +13 min

Georgia is the only state to indict Donald Trump for trying to overturn the 2020 election. Donald Trump and his merry band of indicted lawyers and fake electors tried to overturn the 2020 election results in Pennsylvania, Wisconsin, Arizona, New Mexico, and Michigan. Trump went further in Georgia than in any other state to overturn the results of the election. REUTERS/Elijah NouvelageIn addition to bringing criminal charges against Trump personally, Smith is examining other modes of interference in the 2020 election. "Those who wish to avoid felony charges in Fulton County, Georgia — including violations of Georgia RICO law — should not commit felonies in Fulton County, Georgia," Willis wrote.

Persons: Donald Trump, Trump, Fani Willis, David Graham, plumb, Norm Eisen, Amy Lee Copeland, Jack Smith, haven't, Elijah Nouvelage, Smith, Kathy Boockvar, Joe Biden, Boockvar, it's, Dana Nessel, Nessel, Alex Brandon Wisconsin, Josh Kaul, Aaron Ford, Josh Shapiro, Willis, schoolteachers, John E, Floyd, Eisen, Brad Raffensperger, Ronald Carlson, Brad, Joe Raedle, Jim Jordan of, shouldn't, —, Jordan, Floyd — Organizations: Service, Peach State, The New York Times ., Trump, DOJ, Capitol, New Mexico —, Justice Department, Washington, Washington Post, Security, Republican, RICO, Office, Brookings Institution, Biden, University of Georgia School of Law, Trump Force, State Locations: Georgia, Michigan , Wisconsin , Pennsylvania, Wall, Silicon, Pennsylvania , Wisconsin , Arizona, New Mexico, Michigan, Fulton County, Atlanta, The, Arizona, Pennsylvania, Nevada , New Mexico, Wisconsin, Michigan , Wisconsin, Georgia , Michigan, Fulton, Jim Jordan of Ohio, Fulton County , Georgia

☆ Basketball Serbia and Germany in pursuit of first World Cup title
▼ + stars: | 2023-09-09 | by ( Neil Jerome Morales | ) www.reuters.com time to read: +2 min

MANILA, Sept 9 (Reuters) - A first-time winner will be crowned on Sunday when Serbia and Germany lock horns in the first all-European final at the FIBA World Cup since 2006. Reaching the final allowed Serbia and Germany to exorcise forgettable 2019 campaigns. Serbia were knocked out in the quarter-finals, while Germany finished a lowly 18th. "It is great to see two teams that have earned their way," Spain's Pau Gasol, the World Cup global ambassador, said in a talk show on Saturday. The Germans have won three of their five tussles against Serbia, including their last two meetings.

Persons: Nikola Milutinov, Spain's Pau, Germany's Andreas Obst, Nobody, it's, Serbia's Filip Petrusev, Nikola Jokic, Simanic, Neil Jerome Morales, Pritha Sarkar Organizations: FIBA, Spain's Pau Gasol, Reuters, Philadelphia 76ers, Canada, NBA, Thomson Locations: MANILA, Serbia, Germany, Spain, United States, Manila, Sudan

☆ Factbox: BRICS summit 2023: What's likely to be discussed?
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +4 min

Putin will participate in the summit virtually and will be represented in Johannesburg by Foreign Minister Sergei Lavrov. BRICS EXPANSIONThe leaders are divided over the expansion of the bloc by adding new members, including the admission criteria. BRICS BANKThe group is also expected to discuss how to boost local currency fundraising and lending within the New Development Bank (NDB), or so-called BRICS bank. While the NDB, which was established in 2015, is still looking at the potential use of alternative currencies, there will be no talk about a common BRICS currency during the summit, South Africa's senior BRICS diplomat said. 'FRIENDS OF BRICS'The last day of the summit is expected to focus on talks with leaders from other countries.

Persons: Aly, Cyril Ramaphosa, Xi Jinping, Luiz Inacio Lula da Silva, Narendra Modi, Vladimir Putin, Putin, Sergei Lavrov, Enoch Godongwana, BRICS, Naledi Pandor, Emmanuel Macron, Macron, Pandor, Anait Miridzhanian, Olivia Kumwenda, Tim Cocks, Nick Macfie Organizations: New Development Bank, REUTERS, Rights, Indian, International, Africa's Finance, Federal Reserve, United Arab, South African Foreign, Ukraine, Continental Free Trade Area, Thomson Locations: Shanghai, China, Rights JOHANNESBURG, Brazil, Russia, India, South Africa, Johannesburg, Ukraine, Saudi Arabia, Iran, United Arab Emirates, Argentina, Indonesia, Egypt, Ethiopia, BRICS, United States, South, Bangladesh, Uruguay, Algeria, Honduras, Zimbabwe, Africa, Latin America, Asia, Caribbean, France, Russian

☆ BRICS nations to meet in South Africa seeking to blunt Western dominance
▼ + stars: | 2023-08-17 | by ( Tim Cocks | ) www.reuters.com time to read: +4 min

An attendant is stands next to South African, Indian, Russian, Brazilian and Chinese flags during a plenary session of BRICS Summit, in Xiamen, China September 4, 2017. South Africa will host Chinese President Xi Jinping, Brazil's Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi for the BRICS summit from August 22 to 24. Russia needs friends to counter its diplomatic isolation over Ukraine, and so is keen to bring in new members, as is its most important African ally, South Africa. BRICS nations are keen to project themselves as alternative development partners to the West. Officials in Brazil, China and South Africa said climate change may come up but indicated it wouldn't be a priority.

Persons: Tyrone Siu, S.Africa, Vladimir Putin, Xi Jinping, Brazil's Luiz Inacio Lula da Silva, Narendra Modi, Naledi Pandor, BRICS, Breton Woods, disbursing, Laurie Chen, Lisandra, David Stanway, Carien Du Plessis, Alexandra Hudson Organizations: BRICS, REUTERS, Tyrone, Global, Indian, New Development Bank, World Bank, Alexandra Hudson Our, Thomson Locations: Xiamen, China, India, Brazil, JOHANNESBURG, South Africa, Ukraine, . South Africa, United States, Saudi Arabia, Argentina, Egypt, AFRICA, BRICS, Russia, Africa, Beijing, Brasilia, Singapore, Johannesburg

☆ Hyundai Motor's unit to buy General Motors' India plant
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBENGALURU, Aug 16 (Reuters) - Hyundai Motor Co's (005380.KS) Indian unit will buy automaker General Motors' (GM.N) Talegaon plant in the western state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production. Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year, it said on Wednesday. The company had a production capacity of 820,000 units in the first half of this year. The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025. The plant currently has an annual production capacity of 130,000 units.

Persons: Wolfgang Rattay, Ashish Chandra, Sonia Cheema Organizations: Hyundai, REUTERS, Rights, General Motors, U.S, GM, Kia, Thomson Locations: Munich, Germany, KS, Maharashtra, Chennai, India, Bengaluru

The April meeting of G7 climate ministers eventually agreed, despite tussles between Japan and European nations, that gas investments "can be appropriate to help address potential market shortfalls" following Russia's invasion of Ukraine and the disruption it has caused in global energy markets. Saturday's G7 leaders statement at their summit in Japan's Hiroshima changed the language - eventually formulated by Germany, sources say - to include gas investments again, with the G7 saying it was "necessary to accelerate the phase-out of our dependency on Russian energy". DEFENDING THE STANCEGerman government officials rejected that criticism, saying investments are needed to get away from Russian gas and find a replacement. The G7 pledged to achieve a net-zero emissions goal by 2050 and to limit global warming to 1.5 degrees Celsius. Max Lawson, head of inequality policy at activist group Oxfam, said the G7 had maintained a loophole for new fossil gas investments using the Russian military conflict with Ukraine "as an excuse."

Japan's insistence on continuing to rely on gas may delay reaching global climate change goals, especially as its energy companies reap large profits from their investments in the sector, climate activists say. "But I think Japanese companies will generally hesitate to be involved in gas projects in the future, especially those with long lead times. Japan's support for gas clashes with findings that new investments in gas, which is mainly composed of the greenhouse gas methane and produces CO2 emissions when burned for energy, would undermine climate goals. But, gas investments have been lucrative for Japan's energy companies resulting in record profits. But, Japan's stated intention to lower its carbon emissions may mean these gas investments carry some risk.

A Reuters review of testimony, previously unreported public documents and interviews with elected leaders, lobbyists and attorneys detail mounting challenges to many pending anti-ESG bills. The tussles have financial implications for some of the largest investment firms that manage billions of dollars for state pension plans. Lauren Doroghazi, senior vice president at government relations consultant MultiState Associates, said the debates show lawmakers coming to terms with the anti-ESG bills' practical impact. Several public pension systems raised concerns about it, including the largest, the $182 billion Texas Teacher Retirement System (TRS). For instance, if federally-regulated local banks faced new national rules on an issue like climate change disclosures, banks would need special permissions from local officials to keep public business in Utah he said.

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