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☆ UniCredit CEO expects ECB to take 'balanced approach' on rate hikes
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: 1 min

MILAN, April 6 (Reuters) - The head of Italy's UniCredit (CRDI.MI) expects the European Central Bank (ECB) to take a 'balanced approach' on interest rate hikes, acting on the basis of economic data as they become available given the high level of uncertainty. "I believe that in the end the (European) Central Bank will take a balanced approach, probably raising rates by more than what 'doves' would like, but by less than what 'hawks' would," CEO Andrea Orcel was quoted as saying by Il Messaggero daily on Thursday. Orcel added he expected the ECB's deposit rate could peak in the summer. Reporting by Federico Maccioni, editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

April 6 (Reuters) - There will be no Asia Morning Bid on Friday, April 7. Chinese services PMI and Australian trade figures are also on the docket Thursday, while remarks from Reserve Bank of Australia governor Philip Lowe on could shed further light on the RBA's outlook following Tuesday's policy decision. chartIt's a difficult one to call, and after the Reserve Bank of New Zealand's hawkish surprise on Wednesday, investors would do well to be humble in their predictions. Wall Street is finally buckling, rates markets are now gunning for almost 100 basis points of Fed rate cuts this year and the dollar is sagging. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

The EU has slapped 10 rounds of sanctions on Russia since it invaded Ukraine in February 2022, but hundreds of millions of euros worth of trade with Russia's nuclear energy industry has not been directly affected. All EU countries must agree for the bloc to impose sanctions and Budapest - where Rosatom is to expand the Paks nuclear power plant - has vowed to oppose any curbs on the Russian nuclear energy industry. It was not clear when the EU would impose any new sanctions on Russia. EU nuclear agency Euratom said Russia provided a fifth of the uranium used by EU utilities in 2021, the latest data available, as well as a fourth of conversion and a third of enrichment services. “The future dependence on Russia in the nuclear fuel cycle depends on investment in the ‘global West’,” Euratom told Reuters.

☆ New EU debt rules have way to avoid past mistakes
▼ + stars: | 2023-04-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

BRUSSELS, April 4 (Reuters Breakingviews) - The European Union’s new set of fiscal rules need to answer two simple questions: will they help the bloc’s economy grow? The fiscal rules are at the crossroads of the EU’s monetary union and budgetary sovereignty. Past rounds of budget rules have carried the threat of top-level sanctions but the enforcers could not follow through. EU countries need to encourage scale-up financing and allow more cross-border cooperation. New rules need to put the future ahead of philosophy to have a chance to work.

☆ NBA roundup: Knicks get by Wizards, clinch playoff berth
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +10 min

[1/4] Apr 2, 2023; New York, New York, USA; New York Knicks guard Quentin Grimes (6) dribbles against Washington Wizards forward Corey Kispert (24) during the second half at Madison Square Garden. New York led by no fewer than eight and by as many as 20 the rest of the way. Atlanta got 25 points from Dejounte Murray, 18 points and 10 rebounds from John Collins and 14 points and 11 boards from Clint Capela. Dallas also got 22 points, seven rebounds and seven assists from Doncic and 18 points from Wood. The Rockets' starting backcourt of Kevin Porter Jr. and Jalen Green combined for 44 points with Green adding seven assists.

☆ Factbox: EU keeps on doing business with Russia despite sanctions
▼ + stars: | 2023-03-29 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +5 min

Here is a list of areas where the EU keeps on doing business with Russia. TRADE FLOWSIn 2021, Russia was the EU's fifth-largest trading partner with goods exchange worth 258 billion euros, according to the EU executive European Commission. Since the invasion in 2022, the value of EU imports from Russia fell by a half to around 10 billion euros last December. Gas is not covered by EU sanctions, but Moscow slashed pipeline deliveries to Europe since the invasion. The EU imported 2.1 billion euros worth of nickel in 2021, up to 3.2 billion euros last year, according to Eurostat.

☆ Josh Hawley splits Senate GOP over 'duplicative' idea to create a new office tracking US aid to Ukraine
▼ + stars: | 2023-03-28 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +6 min

The Senate rejected a bill from Josh Hawley to establish a new office to oversee Ukraine aid. Many Republicans said they were confident in the Biden administration's aid tracking efforts. "We already have a very extensive operation to oversee spending in Ukraine," said Sen. Mitt Romney of Utah. Hawley's bill did win over at least one Republican who's a vocal supporter of aiding Ukraine: Sen. Lindsey Graham of South Carolina. The underlying AUMF repeal bill, which is backed by a large bipartisan majority of senators and has been endorsed by the White House, is expected to pass the Senate on Wednesday.

☆ NBA roundup: Nuggets belt Bucks in matchup of titans
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +4 min

Antetokounmpo was aggressive from the start, with 13 points in the first quarter and 24 at halftime. But the Bucks went 4:10 without a point in the fourth period as the Nuggets built a 20-point lead. Booker led six Suns scoring at least 13 points. Biyombo also grabbed a game-high 13 rebounds. Tyrese Haliburton added 19 points and 13 assists.

Lisa Andrea launched a financial blog in 2021 and consistently books $8,000 in monthly revenue. Andrea outlines 9 of the easiest ways to earn passive income, including resale and blogging. She took her experience building passive income streams and teaching herself the fundamentals of financial literacy to launch the financial-advice blog The Financial Cookbook in February 2021. Andrea shared her own financial strategy, including the nine methods of passive income she encourages everyone to try. Julia CheskyAndrea said companies typically contact her about brand partnerships, but she encourages other entrepreneurs to be more proactive when looking for passive income avenues.

Courts blocked a prior bid by the Trump administration to ban the app in part on the grounds that such a move violated free speech protections. Courts struck down former President Donald Trump's bid to block TikTok in 2020 with an executive order that granted the Commerce Department similar authorities as the RESTRICT act. But the bill will likely provide no immediate solutions for those calling for a ban on the app. Some experts said using the new legal tools to ban TikTok could still invite First Amendment challenges. "And there will most likely be a legal challenge if its used to ban TikTok."

☆ NBA roundup: Paul George gets hurt in Clippers' loss
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +4 min

Kawhi Leonard scored 21 points and Paul George added 18 against his former team before departing with a knee injury. Derrick White added 20 points for the Celtics, and Marcus Smart scored 17. Day'Ron Sharpe scored 20 points to lead the Nets, who tied a season high with their fourth straight loss. Bogdan Bogdanovic started at guard in place of Dejounte Murray (illness) and scored 18 points. Sandro Mamukelashvili scored 20 points for the Spurs, who played without Keldon Johnson (neck), Devin Vassell (knee) and Zach Collins (rest).

☆ NBA roundup: Spurs overcome 24-point deficit, down Hawks
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +7 min

Dejounte Murray led the Hawks with 22 points in his return to San Antonio after being traded by the Spurs in the offseason. Onyeka Okongwu added 17 points, with Clint Capela racking up 15 points and 12 rebounds. Bam Adebayo supplied 22 points, 10 rebounds, five assists and three blocks for Miami. Tyler Herro had 19 points and six rebounds, Caleb Martin tossed in 13 points and Kevin Love added 12 points and eight rebounds. Fred VanVleet's 23 points led four Raptors scoring at least 18.

[1/2] A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. The ECB has hiked rates by 350 basis points since last July, lifting its benchmark refinancing rate to 3.5% on Thursday. Wunsch said the ECB had a "long way to go" if its baseline inflation forecast materialised. Credit Suisse was dealing with "a longstanding restructuring problem", he added. Asked about the future of Credit Suisse, Wunsch said he only saw a "very low" likelihood that the bank might go bankrupt.

☆ NBA roundup: 3-pointer at buzzer pushes Mavs past Lakers
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +6 min

Anthony Davis scored 26 points with 10 rebounds for the Lakers after missing Wednesday's defeat to the Houston Rockets because of load management. Austin Reaves scored 16 points and Dennis Schroder added 15 as Los Angeles played its 10th consecutive game without LeBron James (foot). Washington's 12 points and Kelly Oubre Jr.'s 11 points led Charlotte. Jalen Green paced Houston with 25 points while Kevin Porter Jr. added 20. Brandon Ingram led the Pelicans with 31 points and six assists, while Jonas Valanciunas had 22 points and 17 rebounds.

"I am very well aware of the delicacy of the situation ... but we are not yet at the finish line." Fellow hawk Simkus also told reporters in Vilnius he believed that Thursday's "was not the last rate hike". But neither policymaker made a case for a rate increase as soon as the next ECB meeting, and Kazimir said it was useless to speculate about the May 4 decision. French central bank governor Francois Villeroy de Galhau said the hike reflected the ECB's inflation-fighting priorities and signalled confidence in the solidity of European banks. "There are risks to inflation on both sides, but in my view, upward risks are much greater," he said.

☆ Dozens of Senate Republicans oppose overturning the law that made the disastrous 2003 Iraq invasion possible
▼ + stars: | 2023-03-16 | by ( Bryan Metzger | John Haltiwanger | ) www.businessinsider.com time to read: +7 min

The Senate began the process on Thursday to repeal the 1991 and 2002 Iraq War AUMFs. "It should be easy to remove," quipped Republican Sen. Rand Paul of Kentucky, a supporter of repeal. "I don't want to do anything that reduces the President's ability to kill somebody like Soleimani," said Republican Sen. Rick Scott of Florida. For Sen. Paul, repealing the Iraq War AUMFs — which he called "symbolic" — isn't going far enough. The 2001 AUMF opened the door for the invasion of Afghanistan, launching the longest war in US history.

☆ Explainer: How GOP is splitting apart on Ukraine
▼ + stars: | 2023-03-16 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsExplainer: How GOP is splitting apart on UkrainePostedSupport for Ukraine could become a central issue in the 2024 Republican presidential race, pitting the foreign policy 'hawks' against candidates with a more isolationist view. Caught in the middle are Republican voters, who are split on providing ongoing military support for Kyiv. This report produced by Trevor Koroll.

Investors had begun to doubt the ECB's commitment to another big rate hike this week after the collapse of Silicon Valley Bank (SVB) in the U.S. sent ripples through global financial markets. The source added that formal proposals for the meeting had not yet been distributed but policymakers had seen the new quarterly projections. They were likely to push back against committing to further rate increases and say instead that any new move would depend on incoming data. The ECB can push through decisions with a simple majority though President Lagarde has been known to seek the broadest possible consensus. Investors have sharply cut their bets on further rate rises since the SVB collapse, with the deposit rate now seen peaking at 3.65% in the autumn, compared with an outlook last week of more than 4%.

Once the party of foreign policy "hawks," Republicans have increasingly cooled on foreign entanglements and military support for allies, particularly after Trump took office in 2016. Republican senators Marco Rubio, who is from DeSantis' home state, and Lindsey Graham, both former presidential candidates, criticized isolationists within their party. "People care about foreign policy, but I think it's kind of mixed on Ukraine funding," said Trudy Caviness, a member of the Iowa Republican State Central Committee. By embracing Trump's hands-off brand of foreign policy, DeSantis risks turning off some of the white-collar Republicans that are most eager to move on from the former president. That will give the eventual winner of the Republican nomination significant power to shape the party's foreign policy preferences going forward.

☆ Don't buy a backyard chicken to combat inflation
▼ + stars: | 2023-03-14 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +8 min

More people are turning to backyard chickens, but experts warn it's not as easy or cheap as it seems. Earlier this year, The New York Times, Insider, and others wrote about people turning to backyard chickens to address inflation. Some people are buying backyard chickens to combat eggflation. Some think they are buying hens and end up with roostersAnother challenge with buying backyard chickens is that you may unintentionally end up with a rooster. She tries to discourage people from buying backyard chickens on a whim, to avoid having more roosters with nowhere they can go.

Markets have ramped up bets on further rate increases after the ECB has already tightened monetary policy by 3 percentage points since July. ECB President Christine Lagarde reckons a 50 basis points (bps) rate hike "is very, very likely". "The ECB is prioritising getting policy rates as high as needed and nothing else is as important," Pictet Wealth Management's head of macroeconomic research Frederik Ducrozet, said. Signs of economic resilience suggest ECB growth forecasts, also out on Thursday, could be revised upwards for 2023. Falling energy prices and a stronger euro, up around 6% in trade-weighted terms from August lows, suggest headline inflation forecasts could be revised lower.

REUTERS/Nathan Frandino//File PhotoNEW YORK/HOUSTON, March 10 (Reuters) - Corporations and investors have been pouring money into renewable energy projects, seeing an opportunity to grasp the Holy Grail of socially conscious investing: do good while doing well. But sharply higher interest rates have further stressed a model strained by soaring prices for steel and silicon, vital for wind turbines and solar panels. Higher costs have buyers and sellers of renewable power projects recalculating potential returns, hampering fundraising and mergers and acquisitions (M&A). A decade of low interest rates meant borrowers could raise cheap debt to build projects and juice returns. Financial investors traditionally took stakes in operating renewables projects to avoid risks of construction delays and ensure stable returns.

CASE FOR A SWIFT RETREAT1/ ENERGY PRICESTumbling energy prices are pulling down headline inflation. U.S. inflation rose 6.4% in January, the smallest rise since October 2021, from a 9.1% high last June. Instead, corporate profits have accounted for the lion's share of domestic euro zone price pressures since 2021, ECB data shows. A recent IMF study going back to the 1960s found that only in a small minority of cases where wages and inflation rose together for several quarters did sustained inflation result. The chief executive of Gunvor, a top oil trader, sees oil prices rising in the second half of 2023 on renewed Chinese demand.

☆ Italy's Visco raps ECB colleagues in widening hawk-dove divide
▼ + stars: | 2023-03-08 | by ( Gavin Jones | ) www.reuters.com time to read: +2 min

ROME, March 8 (Reuters) - European Central Bank governing council member Ignazio Visco on Wednesday criticized some fellow policymakers for comments on future interest rates that diverged from what had been agreed at ECB meetings. "For this reason I don't appreciate comments by my colleagues regarding future and prolonged increases in rates," Visco added, in unusually blunt remarks that highlight a widening rift at the Frankfurt-based ECB. Visco said that while the ECB had managed to stabilise inflation expectations, geopolitical uncertainties meant economic developments were hard to predict. Other governing council members, considered policy hawks who attach overriding importance to curbing inflation even if it means hurting growth and employment, have gone further. The ECB has no policy meeting in April.

☆ Analysis: Biden's focus on deficit in budget is targeted at Republicans
▼ + stars: | 2023-03-08 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

Biden's increasing emphasis on the deficit now doesn't mean the White House sees an imminent crisis looming from the nation's $32 trillion debt. Instead, the White House hopes to draw a sharp contrast with Republican threats to refuse to raise the debt limit without sharp spending cuts. Including this fiscal plan in Biden's agenda can help shore up his economic credibility before his expected 2024 re-election campaign, the White House believes. That doesn't mean that what the White House is proposing is going to happen, of course. Reuters GraphicsNearly six in ten people told Pew Research Center in January that reducing the deficit should be a top Biden administration priority.

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