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Summary FY2023/24 budget likely hit record amount for 11th yearGovt to curb new JGB issuanceTax revenue seen hitting record above 69 trln yenTOKYO, Dec 20 (Reuters) - Japan will issue around 35.5 trillion yen ($258.52 billion) in new government bonds for the fiscal 2023/24 annual budget, government sources told Reuters on Tuesday, adding to the industrial world's heaviest public debt. The new borrowing is less than the 36.9 trillion yen last year, marking the second straight year of declines as authorities seek to curb borrowing costs, the sources said. Still, Japan's overall budget proposal for the 2023-24 fiscal year would likely top 114 trillion yen ($831.27 billion) extending a record amount for the 11th straight year. Several rounds of heavy stimulus have bloated fiscal spending by 1.4 times the amount of an initial budget spending plan in the past three years. That has likely made it even more difficult to achieve a primary budget balance excluding new bond sales and debt servicing costs by the fiscal year through March 2026.

☆ U.S. Congress to advance $1.7 trillion govt funding bill
▼ + stars: | 2022-12-20 | by ( Richard Cowan | ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - Negotiators in the U.S. Congress unveiled a $1.7 trillion government funding bill on Monday, as lawmakers scrambled to pass the measure, which includes including record military spending, before temporary funding runs out at the week's end. The total funding proposed by the bill is up from the approximately $1.5 trillion appropriated the previous year. Included in the bill is $44.9 billion in additional emergency aid to Ukraine and NATO allies. This would be on top of the record $858 billion in military spending for the year, which is up from last year's $740 billion and also exceeds Biden's request. Democrats and Republicans alike had aimed to tuck as many legislative wish-list items as possible into the "omnibus" bill funding the government through the end of this fiscal year on Sept. 30, 2023, without derailing the whole package.

☆ Yen gains on potential Japan govt move for more flexible inflation target
▼ + stars: | 2022-12-19 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The yen was last 0.4% stronger at 136.19 per dollar, after jumping more than 0.5% to a high of 135.78 earlier in the session. The Japanese government will consider revising next year a joint statement it signed with the BOJ in 2013 that commits the central bank to meeting a 2% inflation target as soon as possible, sources told Reuters. That policy stance and the resulting interest rate differentials with the rest of the world have caused the yen to plunge more than 15% this year. A slew of central bank meetings last week saw the BoE, the U.S. Federal Reserve and the European Central Bank (ECB) each raising rates by 50 basis points, with the Fed and the ECB delivering hawkish messages and pledging more hikes ahead, even at the risk of hurting growth.

☆ Yen jumps on possible Japan govt move for more flexible inflation target
▼ + stars: | 2022-12-19 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The yen was last 0.34% stronger at 136.24 versus the dollar, after having jumped more than 0.5% to a high of 135.78 earlier in the session. The Japanese government will consider revising next year a joint statement it signed with the BOJ in 2013 that commits the central bank to meeting a 2% inflation target as soon as possible, sources told Reuters. That policy stance and the resulting interest rate differentials with the rest of the world have caused the yen to plunge more than 15% this year. A slew of central bank meetings last week saw the BoE, the U.S. Federal Reserve and the European Central Bank (ECB) each raising rates by 50 basis points, with the Fed and the ECB delivering hawkish messages and pledging more hikes ahead, even at the risk of hurting growth.

☆ Japan govt to consider revising joint statement with BOJ - sources
▼ + stars: | 2022-12-19 | by ( Tetsushi Kajimoto | Leika Kihara | ) www.reuters.com time to read: +4 min

TOKYO (Reuters) -The Japanese government will consider revising next year a joint statement it signed with the Bank of Japan (BOJ) in 2013 that commits the central bank to meeting a 2% inflation target as soon as possible, sources told Reuters. REUTERS/Kim Kyung-Hoon/File PhotoThe revision, if made, would be done after a new BOJ governor is appointed in April, they said, a move that may heighten the chance of a tweak to incumbent governor Haruhiko Kuroda’s ultra-loose monetary policy. There is no consensus within the government on what changes could be made, as much will depend on the views of the new BOJ governor, said four government and ruling party officials with knowledge of the matter. “Given we’ll have a new BOJ governor, there will likely be a new statement,” one of the government officials said. Kyodo news agency reported on Saturday that the government is set to revise the joint statement to make the BOJ’s inflation target a more flexible goal, with some leeway.

☆ Yen rises on report of Japan govt move for more flexible inflation target
▼ + stars: | 2022-12-19 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The yen was last 0.6% stronger at 135.91 per dollar, after having touched a high of 135.80 earlier in the session. Prime Minister Fumio Kishida is aiming to make the BOJ's 2% inflation target a more flexible goal by revising its decade-old joint statement with the central bank, Kyodo news agency reported on Saturday. The current statement commits the BOJ to achieving its inflation target "at the earliest date possible", and the BOJ has steadfastly stuck to its dovish monetary policy. A slew of central bank meetings last week saw the BoE, the Federal Reserve and the European Central Bank (ECB) each raising rates by 50 basis points, with the Fed and the ECB delivering hawkish messages and pledging more hikes ahead, even at the risk of hurting growth.

☆ Star Entertainment dives on NSW govt's proposal to reform casino tax rates
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

Dec 19 (Reuters) - Shares in Australia's Star Entertainment Group tumbled nearly 12% on Monday, after the New South Wales (NSW) government proposed to raise taxes on casino poker machine operators in the state from July next year. The NSW Treasurer Matt Kean said on Saturday the money raised will be used to help fund vital services like helping communities recover from impacts of COVID-19, bushfires and floods. The move comes amid increased efforts to reform Australia's gambling industry which has been roiled in damning reports of sidestepping anti-money-laundering rules, dysfunctional governance and poor corporate culture. Star Entertainment Group said in a statement on Monday it had not been consulted by the NSW government on the matter, adding it is "seeking to urgently engage with the NSW government as to the sustainability of the proposed tax changes and the impact on The Star's business". ($1 = 1.4941 Australian dollars)Reporting by Savyata Mishra in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Japan govt to revise accord with BOJ to make price target flexible -Kyodo
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 17 (Reuters) - Japan's government is set to revise a decade-old accord with the Bank of Japan (BOJ) stating the central bank will aim to achieve its 2% inflation target "at the earliest possible time", Kyodo news agency reported on Saturday, citing government sources. In the first review of the 2013 joint agreement, the government will make the price goal more flexible, Kyodo said. Prime Minister Fumio Kishida is expected to work out details with the next BOJ governor, who will succeed Haruhiko Kuroda in April, Kyodo said. The revision could lead the BOJ to tweak its monetary easing as the side effects of its ultra-low interest rate policy - most notably the yen's sharp depreciation against other major currencies - have become more evident and pose a challenge for the Kishida administration, Kyodo said. Reporting by Yuka Obayashi; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Exports, which constitute about 22% of the industry, have fallen for five months in a row - declining over 15% year-on-year in November to $3.1 billion. Domestic sales are sluggish despite strong growth in the overall economy because of high costs and cheap imported garments, manufacturers say. Reuters GraphicsIn the textile industry, manufacturers say higher domestic cotton prices and other costs have hit profit margins, while overseas orders for next summer are down by about one-third and domestic demand remains weak. "The government needs to scrap the 11% import duty on cotton so local textile mills can have a level playing field," Ganatra said. Reuters GraphicsFEAR OF JOB CUTSMany textile manufacturers, who have frozen hiring of workers, have warned of jobs cuts if the government fails to provide relief soon.

☆ 'What a tragic day': British nurses strike in bitter pay dispute
▼ + stars: | 2022-12-15 | by ( Farouq Suleiman | ) www.reuters.com time to read: +4 min

[1/6] NHS nurses take part in a strike, during a dispute with the government over pay, outside St Thomas' Hospital in London, Britain December 15, 2022. An estimated 100,000 nurses will strike at 76 hospitals and health centres, cancelling an estimated 70,000 appointments, procedures and surgeries in Britain's state-funded NHS. "What a tragic day. This is a tragic day for nursing, it is a tragic day for patients, patients in hospitals like this, and it is a tragic day for people of this society and for our NHS," Pat Cullen, the head of the Royal College of Nursing (RCN) union, said to the BBC on a picket line on Thursday. Polling ahead of the nursing strike showed that a majority of Britons support the action, but once the walk-outs are underway politicians will be closely monitoring public opinion.

☆ Brazil's Petrobras reaches deal with regulator on govt stake in oilfield
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowSAO PAULO, Dec 15 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) has reached a deal with oil regulator ANP to pay 780 million reais ($146.38 million) regarding the government's stake in its Jubarte oilfield, ANP said on Thursday. The deal will now be put up for public consultation and may end a legal battle between the two parties. ($1 = 5.3287 reais)Reporting by Marta Nogueira; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

NEW DELHI, Dec 9 (Reuters) - Indian Prime Minister Narendra Modi and Russian President Vladimir Putin will not hold an annual in-person summit this year, an Indian government source said on Friday, after the two held discussions on the sidelines of an event in September. Bloomberg News reported earlier in the day that the decision to cancel the summit was taken after veiled threats by Putin to use nuclear weapons in the Ukraine war. The government source, who declined to be named citing the sensitivity of the matter, said the decision not to hold a summit was taken much earlier and that the nuclear angle was not a factor. Putin visited New Delhi in December last year for the 21st India–Russia annual summit. A Russian official told Bloomberg that India’s decision not to hold a summit was clear at the Shanghai Cooperation Organization summit in Uzbekistan, where Modi told Putin that this was "not an era of war".

☆ Indonesia govt to create a mechanism for rollout of B35 biodiesel policy
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Dec 6 (Reuters) - Indonesia's president has asked the government to create a mechanism next year to ensure the rollout of B35 biodiesel, a senior minister said on Tuesday. B35 is a fuel containing a 35% mix of palm oil-based fuel. Indonesia, the world's top palm oil producer, currently has a mandatory 30% mix of palm oil fuel in biodiesel, known as B30. Southeast Asia's biggest economy is currently finalising trials on biodiesel containing 40% palm oil-based fuel known as B40. "We will monitor the global geopolitical environment, extreme weather and the scarring effects on inflation," Airlangga said.

☆ Blinken vows US support for Israel despite unease over govt
▼ + stars: | 2022-12-04 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

WASHINGTON — Secretary of State Antony Blinken said Sunday the U.S. will not shrink from its unwavering support for Israel despite stark differences with Prime Minister-elect Benjamin Netanyahu and concerns the Biden administration may have about potential members of his incoming right-wing government. Blinken said the Biden administration would engage with Netanyahu’s government based on its policies and not on personalities, including potential senior Cabinet ministers who have expressed vehement anti-Palestinian and anti-Arab views in the past. He said those would be detrimental to Israel’s long-term security or future as a Jewish democratic state. We will hold it to the mutual standards we have established in our relationship over the past seven decades,” Blinken said. He lauded the recent completion of a maritime border accord between Israel and Lebanon.

☆ Exclusive: Kazakh McDonald's shut outlets temporarily after halting supplies from Russia - sources
▼ + stars: | 2022-11-30 | by ( Mariya Gordeyeva | ) www.reuters.com time to read: +3 min

In a statement, the U.S.-based company said that its "licensee in Kazakhstan has temporarily closed all of its restaurants due to local supply issues. Food Solutions, the Kazakh licensee company, announced the closure on Nov. 17 and cited "local supply issues." After Russia invaded Ukraine in what Moscow calls a "special military operation", McDonald's exited Russia, selling all the restaurants it owned to a local licensee in May. It was unclear where the decision to ditch Russian suppliers originated. Marr Russia, one of the Kazakh company's Russian suppliers, said it never worked directly with McDonald's, dealing with its Kazakh logistics partner HAVI instead.

[1/2] Christel Heydemann, CEO of Orange, attends the MEDEF union summer forum "La Rencontre des Entrepreneurs de France, LaREF" at the Paris Longchamp Racecourse in Paris, France, August 30, 2022. 1 telecoms operator Orange (ORAN.PA) said on Wednesday, as the prospect of energy rationing looms amid the war in Ukraine. Executives said at the time there were not enough back-up systems in many European countries to handle widespread power cuts. "The operators put pressure so that we don't cut their antennas, there's a kind of arm wrestling," the source told Reuters. Only a few thousands mobile antennas would be completely shielded from potential power cuts at this stage, a telecoms industry source said, thus covering a fraction of the population and of the territory.

☆ India to sustain growth through more govt capital spending - finance minister
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Nov 30 (Reuters) - India will sustain its high growth rate through more government capital spending, the finance minister said in an interview at the Reuters NEXT conference on Wednesday, adding that she saw signs of a pick-up in private investments too. "We would continue to push capital expenditure, and that I’m saying even as I’m preparing for the next budget," Nirmala Sitharaman said. The states have shown extraordinary absorption capacity for taking the monies and spending on capital assets." She said the government sees the "capital expenditure route as one of those which can guarantee good growth". Reporting by Ira Duggal and Aftab Ahmed; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil central govt posts primary budget surplus of $5.8 billion in October
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: 1 min

BRASILIA, Nov 29 (Reuters) - Brazil's central government posted a primary budget surplus of 30.8 billion reais ($5.8 billion) in October, Treasury data showed on Tuesday, above the 25.7 billion reais surplus expected by economists polled by Reuters. In the 12 months to October, the central government recorded a primary surplus of 85.7 billion reais, equal to 1.02% of gross domestic product. ($1 = 5.2928 reais)Reporting by Marcela AyresOur Standards: The Thomson Reuters Trust Principles.

☆ Italy lawmakers call off vote on extending Ukraine arms supplies
▼ + stars: | 2022-11-29 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

In the wake of Russia's invasion of Ukraine, former Prime Minister Mario Draghi's administration introduced measures that made it possible to send weapons to Kyiv without seeking parliamentary authorisation for each shipment. Support for Ukraine has been a contentious topic within the ruling coalition, which includes Meloni's Brothers of Italy, Matteo Salvini's League and Silvio Berlusconi's Forza Italia parties. Earlier this month, a governing coalition official told Reuters that Italy was readying a sixth arms package for Ukraine, including air defence systems Kyiv had requested. The PD is also a supporter of Ukraine, while other leftist opposition forces want the government to shift focus from sending arms to stepping up diplomatic negotiations. Reporting by Angelo Amante, editing by Alvise Armellini, Alexandra Hudson and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Kazakh McDonald's shut outlets temporarily after halting supplies from Russia-sources
▼ + stars: | 2022-11-29 | by ( Mariya Gordeyeva | ) www.reuters.com time to read: +3 min

Joe LaPaille, a spokesperson for McDonald's Corporation based in the United States, said in an email: "Our McDonald's licensee in Kazakhstan has temporarily closed all of its restaurants due to local supply issues. Food Solutions, the Kazakh licensee company, announced the closure on Nov. 17 and cited "local supply issues." It was unclear where the decision to ditch Russian suppliers originated. Marr Russia, one of the Kazakh company's Russian suppliers, said it never worked directly with McDonald's, dealing with its Kazakh logistics partner HAVI instead. Miratorg said it was a supplier for Vkusno & Tochka, the Russian successor to McDonald's, and did not directly address the question of Kazakh sales.

☆ Forced Uyghur labor is being used in China's solar panel supply chain, researchers say
▼ + stars: | 2022-11-29 | by ( Aaron Mok | ) www.businessinsider.com time to read: +7 min

The world's biggest solar producers employ forced Uyghur labor, according to new research. The alleged use of forced Uyghur labor could threaten the growth of the global solar supply chain. The rest of the solar panel parts, like solar cells and solar panels, are assembled in other plants across China, the researchers wrote. China's dominance of the global solar supply chain could slow down the world's transition to clean energyMany countries, including the US, rely on Chinese imports for most of its panels, according to Bloomberg. China's dominance of the global solar market may expose the solar supply chain to a greater risk of disruptions from geopolitical disputes, extreme weather, and shifts in the economy, Seaver Wang, a researcher involved in the study, told Insider.

☆ Italy's govt has not clarified whether CDP will bid for TIM's grid - union official
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: 1 min

ROME, Nov 28 (Reuters) - Italy's government has not clarified with unions whether state lender Cassa Depositi e Presitit (CDP) would submit a preliminary offer for Telecom Italia's (TLIT.MI) landline grid by a Nov. 30 deadline, a union official said on Monday. Maurizio Landini, head of the Italian CGIL union, was speaking after a meeting with the head of staff of new right-wing Prime Minister Giorgia Meloni. Rome was on Monday reviewing optionsfor the future of the former phone monopoly as uncertainty grew about the planned CDP bid, part of a broader plan to combine TIM's network assets with those of smaller rival Open Fiber to create a unified broadband champion under CDP's control. Reporting by Giuseppe FonteOur Standards: The Thomson Reuters Trust Principles.

[1/4] A view of a construction site where concrete pouring work is suspended due to a nationwide strike by truckers in Seoul, South Korea November 25, 2022. "We need to establish a rule of law between labour and management," Yoon said on Monday, according to the presidential office. Yoon will personally preside over a cabinet meeting on Tuesday which will consider a 'work force order' demanding striking truckers return to their jobs, his office said. According to South Korean law, during a serious disruption to transport the government may issue an order to force transport workers back to their jobs. While stations secured inventory before the strike, about 80% of truckers for major refiners such as SK Innovation's (096770.KS) SK Energy and S-Oil Corp (010950.KS) are striking union members.

☆ Brazil's Lula to prioritize tax reform early in his govt, aide says
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, Nov 25 (Reuters) - Brazil's President-elect Luiz Inacio Lula da Silva will give "full priority" to kicking off a tax reform early in his administration, close aide and former Sao Paulo Mayor Fernando Haddad said on Friday. Haddad, who has recently emerged as the front-runner to be finance minister, also said at an event hosted by banking lobby Febraban that Lula would look into quickly resuming trade agreements that have been "sitting on the shelf," including Mercosur's deal with the European Union. Leftist Lula will take office from President Jair Bolsonaro on Jan. 1. Reporting by Andre Romani; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Japan says economy picking up moderately, while govt staying vigilant to risks
▼ + stars: | 2022-11-24 | by ( Cynthia Kim | Jihoon Lee | ) www.reuters.com time to read: +2 min

"The economy is picking up moderately," the government said on Thursday, using the same description it has in every monthly report since July. The government would stay vigilant to the risks ahead, saying the global slowdown from monetary tightening could hurt Japan's economy. Tokyo also kept its view unchanged on private consumption, which accounts for more than half of Japan's economy, saying it was "picking up moderately". The report said spending on services such as restaurant dining and accommodations was recovering, although rising prices were weighing on consumer sentiment. The government left its view unchanged that capital spending was recovering thanks to solid corporate earnings, while it said exports and imports were "almost flat".

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