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☆ Hungary to provide $195 mln in financial aid to Ukraine - govt decree
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Nov 24 (Reuters) - Hungary will provide 187 million euros ($195 million) in financial aid to Ukraine as its contribution to a planned EU support package worth up to 18 billion euros in 2023, according to a government decree published late on Wednesday. Prime Minister Viktor Orban's government has said that it was willing to pay its share of support for Ukraine but would rather pay it bilaterally than through the EU's joint borrowing. "The government continues to be committed to take part in financial support to war-gripped Ukraine," the government said in the decree. "So it calls on the finance minister to make sure to provide the 187 million euros that would be Hungary's share in the 18 billion euros EU loan to be granted to Ukraine." The decree, signed by Orban, also says that Hungarian Foreign Minister Peter Szijjarto should start talks with Ukraine to work out an agreement needed for the financial assistance.

Scottish First Minister Nicola Sturgeon, leader of the pro-independence Scottish National Party (SNP), announced earlier this year that she intended to hold an advisory independence vote on Oct. 19, 2023, but that it had to be lawful and internationally recognised. Polls suggest voters remain evenly split over whether or not they support independence and a vote would be too close to call. The Scottish government's most senior law officer had asked the UK Supreme Court whether the Scottish government could pass legislation paving the way for an advisory second referendum without the approval of the UK parliament. "The Scottish parliament does not have the power to legislate for a referendum on Scottish independence," said Robert Reed, the president of the UK Supreme Court. Under the 1998 Scotland Act, which created the Scottish parliament and devolved some powers from Westminster, all matters relating to the Union of the Kingdoms of Scotland and England are reserved to the UK parliament.

☆ El Salvador govt seeks Congress approval to issue bitcoin-backed bonds
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +2 min

SAN SALVADOR, Nov 23 (Reuters) - The government of El Salvador, the first country in the world to adopt bitcoin as legal tender, is seeking congressional approval to issue investment bonds in the cryptocurrency. El Salvador's government-controlled legislature announced late on Tuesday it had received a bill dubbed the "Digital Assets Issuance Law," aimed at regulating the offering of such bonds to local and foreign investors. The proposal comes a year after President Nayib Bukele announced he would launch so-called "volcano bonds" to raise $1 billion to finance his "Bitcoin City" project, which included building a town on the Salvadoran coast funded by bitcoin-backed bonds. Bukele later revealed the bonds were named after El Salvador's 170 volcanoes, which would provide geothermal energy to support bitcoin mining projects. Reporting by Gerardo Arbaiza; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Japan govt begins Unification Church probe amid anger over ties with ruling party
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 22 (Reuters) - Japan's government on Tuesday launched a probe into the Unification Church, the first step in a process that could strip the group of its legal status amid public anger over its links to Prime Minister Fumio Kishida's ruling party. The government will give the church until Dec. 9 to answer questions about its finances and organisation, Minister of Education, Culture, Sports, Science and Technology Keiko Nagaoka told a regular news conference. Once the government investigation is over it will be up to a court to decide whether to remove the Unification Church's legal standing and with it the tax exemptions that registered religious organisations enjoy in Japan. Widespread links between the church and lawmakers in the ruling Liberal Democratic Party (LDP) came to light after former premier Shinzo Abe was shot and killed during an election campaign in July. Reporting by Tim Kelly and Kaori Kaneko; Editing by Chang-Ran Kim and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil transition team asks Bolsonaro govt to halt Petrobras asset sales
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Companies Petroleo Brasileiro SA Petrobras FollowNov 22 (Reuters) - The transition team for Brazil's President-elect Luiz Inacio Lula da Silva asked the current administration to halt ongoing asset sales by state-run oil giant Petrobras (PETR4.SA) until a new Mines and Energy Minister is appointed, a member of the group said on Tuesday. The remarks by Professor Mauricio Tolmasquim, tapped last week to participate in the mining and energy group of the transition process, came after a meeting in Brasilia. A second member of the team, Senator Jean Paul Prates, said that Lula was expected to make decision on who would be Petrobras' next chief executive by early December. Lula is set to take office from incumbent President Jair Bolsonaro on Jan. 1. Reporting by Roberto Samora in Sao Paulo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Italy govt officials to discuss plans for Telecom Italia on Tuesday
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

ROME, Nov 22 (Reuters) - Government officials will discuss plans for Telecom Italia (TIM) (TLIT.MI) later on Tuesday, Italy's economy minister said, responding to a question about the former phone monopoly's landline grid. Giorgetti was asked whether the new right-wing government backed Italian state lender CDP's plans to submit an offer for TIM's landline grid by the end of the month. CDP's multi-billion euro preliminary offer for TIM's landline grid is part of a plan to combine it with its broadband unit Open Fiber. The long awaited offer is expected to value TIM's landline grid and submarine cable unit Sparkle at between 15 and 18 billion euros including some 12 billion euros in debt, sources have previously said. Negotiations have been complicated by divergences on valuation, with TIM's top investor, French media conglomerate Vivendi (VIV.PA) demanding 31 billion euros to back a sale.

☆ Hungary govt caps interest rates on large commercial bank deposits
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

Marton Nagy, a former central bank deputy governor, told state news agency MTI that the step was aimed at investors who took advantage of high central bank rates by investing their money in central bank deposits through commercial banks. These investors made use of high central bank rate and "they realized a risk-free interest rate of up to 18% that was, in the end, paid by the state," Nagy said. The central bank did not immediately respond to questions from Reuters on the new regulation. There will be a segment of the economy where high interest rates will not apply as some market participants will not be able to access them," Peter Virovacz, senior economist at ING said. The government has already introduced regulation on interest rates on certain loans.

☆ Malaysia's Anwar 'optimistic' of forming govt after talks with potential partners
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

KUALA LUMPUR, Nov 21 (Reuters) - Malaysia's opposition leader Anwar Ibrahim said he was "very optimistic" of forming a government after holding talks with the incumbent ruling coalition to get the required majority. Anwar said he met with the some leaders of the Barisan Nasional coalition for their support and was "very pleased" with the talks. No final decision has been made, he said. Reporting by Rozanna Latiff and Mei Mei Chu, writing by A. Ananthalakshmi; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: What to expect as Malaysia's split election leaves scramble to form govt
▼ + stars: | 2022-11-20 | by ( Mei Mei Chu | ) www.reuters.com time to read: +4 min

[1/3] The logo of Malaysia's election commission is pictured at its headquarters in Putrajaya, Malaysia, October 20, 2022. REUTERS/Hasnoor HussainKUALA LUMPUR, Nov 20 (Reuters) - Malaysia's political leaders were scrambling to form a coalition government on Sunday after an election produced an unprecedented hung parliament, with no group able to claim a majority. Longtime opposition leader Anwar Ibrahim and former Prime Minister Muhyiddin Yassin each said they could form a government with support from other parties, whom they did not identify. It made inroads in strongholds of Barisan, whose United Malays National Organisation (UMNO) - long Malaysia's dominant political force - made its worst showing ever. KING'S ROLEKing Al-Sultan Abdullah could potentially pick the next prime minister.

☆ Japan Oct CPI up 3.6% year/year, fastest since 1982 -govt
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Nov 18 (Reuters) - Japan's core consumer prices rose 3.6% in October from a year earlier, the fastest pace since 1982, the government said on Friday. The rise in the core consumer price index, which excludes fresh food but includes oil products, would mark the fastest gain since February 1982, and compared with rises of 3.0% in the prior month and 3.5% forecast by economists. The so-called core-core inflation index, which excludes fresh food and energy prices, rose 2.5% in the year to October. For the full tables, go to the ministry's website at: http://www.stat.go.jp/english/data/cpi/index.htmReporting by Tetsushi Kajimoto Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ South Korean households' quarterly income falls for first time since Q2 2021 - govt data
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Nov 17 (Reuters) - South Korean households' quarterly income declined on the year for the first time since the second quarter of 2021, government data showed on Thursday, amid cooling economic growth and surging inflation. Disposable income for households nationwide fell 3.6% in real terms in the third quarter from the same period a year earlier, according to the Statistics Korea data. The decline came just after a record-high 8.3% rise in the second quarter. In the third quarter, South Korea's economic growth fell to its slowest in a year, as poor net exports offset pent-up spending, while consumer prices jumped 5.9% over a year earlier, the fastest in nearly 24 years. Reporting by Jihoon Lee; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Italy govt wants Telecom Italia network under state control
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

ROME, Nov 14 (Reuters) - Italy’s new government wants Telecom Italia's (TLIT.MI) network to be under state control to speed up the digitalization of the economy, Industry Minister Adolfo Urso said on Monday. "We need the network to be under public control", Urso said at a business conference in Rome. Reporting by Elvira Pollina and Giuseppe Fonte, editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

☆ Malaysia court dismisses govt bid to forfeit millions in assets linked to ex-PM Najib
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, Nov 14 (Reuters) - A Malaysian court on Monday struck down a government bid to forfeit millions of dollars in luxury goods seized from jailed ex-premier Najib Razak, finding insufficient evidence linking the assets to unlawful activities, a lawyer for Najib said. Najib was voted out in 2018 amid public anger over his alleged involvement in a multibillion-dollar scandal at state fund 1Malaysia Development Berhad (1MDB). Following his election loss, police seized cash and assets including handbags and jewellery worth nearly $300 million in raids on several properties linked to Najib. Some 114 million ringgit ($24.86 million) was returned to Najib last year after the court dismissed a separate forfeiture bid on the seized cash. The alliance made its way back into power last year under Prime Minister Ismail Sabri Yaakob, after two previous administrations collapsed amid political turmoil.

The economy would likely grow above the government's 6.5%-7.5% growth target for 2022, Economic Planning Secretary Arsenio Balisacan told a media briefing. On a quarterly basis, gross domestic product (GDP) rose 2.9% versus a 0.1% contraction in April-June and an expected 1% rise, the data showed. "While these developments are remarkable, I want to underscore that our nation still faces a considerable burden in the form of high inflation," Balisacan said. Balisacan said the government remained committed to fighting inflation to protect people's purchasing power, including by tightening monetary policy. "In the face of surging prices, that's a big upside surprise," said ING economist Nicholas Mapa.

☆ Germany's economic 'wise ones' less pessimistic than govt on looming recession -source
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 8 (Reuters) - Germany will not face as severe a recession next year as currently predicted by the government, according to the so-called five "wise ones" who advise Berlin on economic policy. The advisors see Germany's economy shrinking by 0.2% in 2023, versus the official forecast of a 0.4% contraction, a person familiar with their annual report told Reuters on Tuesday. The economic advisory council is also slightly more optimistic about 2022 in its annual report, set to be released on Wednesday and first reported by Spiegel weekly. The top income tax rate should be raised or an energy solidarity tax imposed on high earners, the advisors said in their annual report, according to the Sueddeutsche Zeitung. Such measures would "increase the accuracy of the overall package and signal that the energy crisis must be overcome with solidarity", Sueddeutsche Zeitung quoted the annual report as saying.

☆ Germany's economic council less pessimistic than govt on looming recession -Source
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

The five-member economic advisory council sees Germany's economy shrinking by 0.2% in 2023, versus the official forecast of a 0.4% contraction, a person familiar with their annual report told Reuters on Tuesday. The council is also slightly more optimistic about 2022 in its annual report, set to be released on Wednesday and first reported by Spiegel weekly. The Sueddeutsche Zeitung daily said the panel of advisers envisaged inflation of 7.4% next year. The top income tax rate should be raised or an energy solidarity tax imposed on high earners, the advisers said in their annual report, according to Sueddeutsche Zeitung. Such measures would "increase the accuracy of the overall package and signal that the energy crisis must be overcome with solidarity," Sueddeutsche Zeitung quoted the annual report as saying.

[1/5] Former Malaysian Prime Minister Mahathir Mohamad speaks during an interview with Reuters in Putrajaya, Malaysia November 8, 2022. In what he said would likely be his final election foray, Mahathir vowed to fight "against bad Malays, criminal Malays… against the Malays who had destroyed this country." "We don't agree that any one person should, even before the results come in, claim that he is the candidate for prime minister," Mahathir said. He was pardoned in 2018 after the election win that removed UMNO from power for the first time in Malaysia's post-colonial history. The nonagenarian said he had no desire to be prime minister but would do so if asked to serve again.

☆ Telecom Italia CEO sticks to turnaround plan as govt weighs alternatives
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

Unveiled in July, TIM Chief Executive Pietro Labriola's plan is mostly based on a potential multi-billion euro sale of its fixed network infrastructure to state lender CDP. Alessio Butti, responsible for telecoms policies in Meloni's Brothers of Italy party, has criticized TIM's plan to sell its landline grid. Sponsored by the previous government of Prime Minister Mario Draghi, the single network project is now being reviewed by the centre-right government that took office last month. Newly-appointed cabinet undersecretary Butti on Saturday said he would start talks with state lender CDP, TIM and other stakeholders over his plan, reigniting speculation of a government-sponsored takeover. Under the Minerva project, TIM would retain the network while hiving off its services operations and its Brazil-listed unit.

☆ Palantir sees upbeat fourth-quarter revenue on U.S. govt business strength
▼ + stars: | 2022-11-07 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Palantir Technologies Inc (PLTR.N) on Monday posted a 22% rise in its quarterly revenue and forecast a better-than-expected fourth-quarter revenue due to renewal and expansion of U.S. government contracts and a growing commercial business. For the third quarter, Palantir's revenue rose 22% to $477.9 million, its slowest growth since it went public in 2020. The company has been diversifying into commercial business to reduce its dependence on uncertain government contracts, with its U.S. commercial business growing 53% in the quarter ended Sept. 30. Excluding a $5 million forex hit, the company now expects fourth-quarter revenue to be between $508 million and $510 million. For fiscal 2022, Palantir said it expects revenue between $1.906 billion to $1.908 billion excluding foreign exchange impact.

☆ Thai headline CPI rises 5.98% y/y in Oct, slightly below forecast
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Summary Headline CPI +5.98% vs poll forecast +6.0%Core CPI up 3.17% vs poll's 3.20%Govt support, stable prices to slow inflation - ministryBANGKOK, Nov 7 (Reuters) - Thailand's headline consumer price index (CPI) rose 5.98% in October from a year earlier, official data showed on Monday, slightly lower than forecast and the slowest pace in six months. The rise follows September's 6.41% increase and was just shy of the 6.0% forecast in a Reuters poll. The core CPI index, which strips out energy and fresh food prices, was up 3.17% in October from a year ago, versus a forecast rise of 3.20%, the commerce ministry said. Headline inflation forecast for the year is still seen at the 5.5% to 6.5% range, the commerce ministry said. Reporting by Kitiphong Thaichareon, Satawasin Staporncharnchai; Writing by Chayut Setboonsarng; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ India should allow gradual rupee weakening, use fx reserves 'judiciously' - govt adviser
▼ + stars: | 2022-11-07 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

NEW DELHI, Nov 7 (Reuters) - India's central bank should allow rupee to depreciate gradually and use foreign exchange reserves judiciously, the government's chief economic adviser V. Anantha Nageswaran on Monday. Nageswaran comment on the rupee and foreign exchange reserves is the first official government comment since concerns about dwindling currency reserves emerged earlier this year. India's foreign currency reserves have fallen from a peak of $642 billion to $531 billion partly due to dollar sales to support the rupee. “We should in the short-run allow the rupee to depreciate gradually and we should use forex exchange reserves judiciously,” Nageswaran said at an online event. “We should augment foreign exchange reserves and that will help with any contingencies,” he added.

She told reporters she would spend more than nine billion euros on an anti-inflation package in a decree next week. The government raised Italy's GDP growth forecast for this year to 3.7% from 3.3% on the back of stronger expected expansion in the third quarter, while leaving the 2023 forecast unchanged at 0.6%. RECORD INFLATIONThe Treasury's targets will form the framework for the 2023 budget that Meloni will present to parliament this month for approval by the end of the year. Public finances this year have gone better than forecast, with value added tax revenues and excise duties boosted by inflation and surging energy prices. Giorgetti said Italy's public debt, proportionally the highest in the euro zone after Greece's, will fall steadily from the 150.3% of GDP level registered in 2021 to 141.2% in 2025.

☆ China to make substantial changes to COVID policy soon- former govt expert
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

Zeng Guang, a former chief epidemiologist at the Chinese Centre for Disease Control and Prevention who has remained outspoken on China's COVID fight, said that the conditions for China opening up were "accumulating", citing new vaccines and progress the country had made in antiviral drug research. He has previously urged against using excessive measures to fight COVID that risk exhausting people, and in March said that China would look for a route to "flexible and controllable opening up". read moreWhile most of the world has largely done away with virus curbs, China has resolutely stuck to a zero-tolerance approach that reacts to even single cases with lockdowns and mass testing. China reported 3,871 new locally transmitted cases for Thursday, its highest since early May. Reporting by Beijing and Shanghai Newsrooms; Editing by Alex Richardson and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Final Trades: DIS, NEM, MLCO & GOVT
▼ + stars: | 2022-11-04 | by ( Melissa Lee | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: DIS, NEM, MLCO & GOVTThe final trades of the week. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Dan Nathan, Guy Adami and Jeff Mills.

☆ Germany shy of 2030 climate target at current CO2 reduction rate - govt advisors
▼ + stars: | 2022-11-04 | by ( Riham Alkousaa | Zofeen T. Ebrahim | ) www.reuters.com time to read: +2 min

Germany aims to become carbon-neutral by 2045 and cut 65% of emissions by 2030 compared with 1990, but current reduction rates are falling short, the first biennial report by the council showed. The energy sector contributed almost half of Germany's 27% CO2 reduction between 2000 and 2021, while the construction, transport and industry sectors, after a good start, have been sluggish to cut emissions in the past decade. The council said the transport and construction sector needed to be restructured to reverse the trend. A change in consumer behaviour was also necessary and the government should impose strict limits on emissions volumes for all sectors, it added. Nearly 200 countries will gather in Egypt next week for climate talks, as pressure for tougher action to tackle global warming grows.

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