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☆ Half a world apart, Biden counters Russia by touting the alliances that Trump mocks
▼ + stars: | 2022-11-16 | by ( Peter Nicholas | Peter Nicholas Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +7 min

Attending a summit meeting in Bali when the missile hit Poland, Biden quickly arranged the meeting with the leaders of France, Germany, Canada and other allies. Most of the leaders in attendance have agreed to sign on, a Biden administration official said. “We, of course, are ready to stand with our NATO allies and partners,” Vedant Patel, a State Department spokesman, told reporters. NATO, and the mutual defense obligation that underlies it, was nearly a casualty of the Trump administration. They’re still looking for him.” Left unsaid was that as president, Trump skipped summit meetings with Asian leaders in 2018, sending Vice President Mike Pence in his place.

☆ Deglobalization is not an option for any one of us, German Chancellor Olaf Scholz says
▼ + stars: | 2022-11-15 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +5 min

Picture Alliance | Picture Alliance | Getty ImagesGerman Chancellor Olaf Scholz and Singapore Deputy Prime Minister Lawrence Wong have taken a united stance on continuing to work with China, but also remain committed to diversification. Scholz said Germany is keen to deepen economic ties with Asia-Pacific, not just China, in line with the pursuit of trade diversification. Olaf Scholz German chancellor"Often these are nothing but protectionism in disguise," Scholz said. Picture Alliance | Picture Alliance | Getty ImagesSingapore's Wong said the U.S. and China both have broad interests across Asia and must find a way to coexist, compete and cooperate peacefully. Picture Alliance | Picture Alliance | Getty Images"And within ASEAN, no country wants to be in a position to have the two sides between China or the U.S.

☆ Exclusive: Kamala Harris to visit Philippine island at edge of South China Sea dispute
▼ + stars: | 2022-11-15 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

The visit, scheduled for next Tuesday, will make Harris the highest-ranking American official to visit the island chain adjacent to the Spratly Islands. Beijing claims some territories in the waters off Palawan and much of the South China Sea as part of China, citing domestic historical maps. Harris' trip marks her second to Asia in three months and follows Biden's week-long trip to the region. The Harris trip also includes a stop in Thailand for the Asia-Pacific Economic Cooperation leaders meeting. During her last trip to the region, Harris accused China of actions to "coerce and intimidate" neighbors.

☆ How Catherine Cortez Masto clinched the Nevada seat — and the Senate
▼ + stars: | 2022-11-13 | by ( Natasha Korecki | Natasha Korecki Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +5 min

The campaign's internal data moving into the fall showed that a significant number of Nevadans still didn't know Laxalt's stance on abortion, said an adviser to Cortez Masto. Cortez Masto clinched Nevada, and that clinched control of the Senate for Democrats, overcoming historical trends that punish the party in the White House. Gas and inflation should have spelled disaster for Cortez Masto, as it did for Nevada Gov. Of those who did vote, 62% backed Cortez Masto. Laxalt did dominate the state's 15 rural counties, but there just weren't enough votes to overcome Cortez Masto in Clark and Washoe counties.

☆ India, Mexico and Southeast Asia will benefit from 'the great diversification,' Australia's Kevin Rudd says
▼ + stars: | 2022-11-13 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +2 min

Former Prime Minister to the Commonwealth of Australia and President of the Asia Society Policy Institute Kevin RuddFor businesses seeking diversification into new markets — especially given the geopolitical risks surrounding China — India, southeast Asia and Mexico are top contenders, former Australian Prime Minister Kevin Rudd said Sunday. "One is Southeast Asia, where we are now, the second is India ... And certainly from the North American perspective, it's Mexico, obviously benefiting from the Nafta, or the Nafta-plus economic arrangements." "As someone who's dealt with India for the last 20 years, for the first time, I became convinced that they are about to attempt a significant policy shift," Rudd told the conference. "If they can pull that off, it can turn India into the next China in terms of a large scale consumer market, and also a reliable, global factory," he added. India, in particular, could potentially provide exporters not just with opportunities to diversify supply chains, but also new end-markets.

☆ Yellen to seek clarity from China on COVID, property -officials
▼ + stars: | 2022-11-13 | by ( David Lawder | ) www.reuters.com time to read: +2 min

NUSA DUA, Indonesia, Nov 13 (Reuters) - U.S. Treasury Secretary Janet Yellen will seek clarity on China's plans to ease its COVID-19 restrictions and deal with problems in its property sector when she meets on Monday with China's central bank chief, Treasury officials said on Sunday. Yellen is prepared to discuss with Peoples Bank of China Governor Yi Gang the outlook for U.S. inflation and growth, but will likely leave monetary policy plans to the Federal Reserve, the officials said. The Treasury officials said they do not plan to offer advice to China on its COVID restrictions or its property sector woes, but to understand Chinese officials' approach so they can better interpret the impact of policy changes. Yellen also will also meet with French Finance Minister Bruno Le Maire and new Italian Minister of Economy and Finance Giancarlo Giorgetti. Yellen also will urge her European counterparts to keep up strong fiscal support for Ukraine in a transparent and predictable way, the officials said.

☆ India, U.S. are natural allies - Yellen
▼ + stars: | 2022-11-11 | by ( David Lawder | ) www.reuters.com time to read: +2 min

[1/2] U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan ErnstNOIDA, India, Nov 11 (Reuters) - The United States and India are natural allies that can show the rest of the world that democracies can deliver for their citizens, despite volatility and war, U.S. Treasury Secretary Janet Yellen said on Friday. Yellen, in a speech highlighting the Biden administration's desire to deepen economic ties with India, said that both the global economy and the democratic idea were at inflection points. "The U.S. and India are 'natural allies,' in the words of a former Indian prime minister," Yellen said, adding that both countries waged similar fights for independence to attain freedom and dignity." The United States was working to strengthen India's "friend-shoring" role as a trusted, reliable supplier.

☆ Yellen to India: ending Russia's war in Ukraine is a 'moral imperative'
▼ + stars: | 2022-11-10 | by ( David Lawder | ) www.reuters.com time to read: +3 min

NEW DELHI, Nov 10 (Reuters) - U.S. Treasury Secretary Janet Yellen will tell India on Friday that ending Russia's war in Ukraine is a "moral imperative," but that economic challenges from the conflict and supply strains were drawing India and the United States closer together. "Prime Minister Modi was correct when he said that this 'is not an era of war,'" Yellen said in the excerpts released by the Treasury. "I believe that ending Russia's war is a moral imperative. Treasury officials have said they are not seeking to persuade India to stop buying Russian oil but want to strengthen U.S. ties to India through trade and financial integration. "The United States will continue to deepen our business and commercial ties with India as we pursue our friend-shoring agenda," Yellen said.

☆ Treasury Chief Janet Yellen Heads to India as U.S. Seeks to Deepen Ties
▼ + stars: | 2022-11-08 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

Treasury Secretary Janet Yellen is expected to discuss the concept of ‘friend-shoring,’ a term used to describe shifting supply chains to more closely allied partners. Treasury Secretary Janet Yellen ’s trip to India this week will be the latest attempt by the Biden administration to look past the emerging power’s longstanding ties to Russia and deepen a relationship that it hopes will serve as a counterweight to China. The U.S. has shifted its approach to India since the invasion of Ukraine began, at first calling out its ties to Russia and warning the country against massively increasing its purchases of cheap Russian oil. Now, the Biden administration is encouraging India to purchase Russian oil under a price determined by the U.S. and its allies, while more broadly tolerating the country’s relationship with Russia, analysts and administration officials say.

☆ With Power Secure at Home, China’s Xi Jinping Looks to Project Strength Abroad
▼ + stars: | 2022-11-08 | by ( Austin Ramzy | ) www.wsj.com time to read: 1 min

HONG KONG— Xi Jinping emerged from a Communist Party congress with more power than any Chinese leader in a generation. Now, he’s turning his focus to shoring up foreign ties as he steels the country for heightened competition with the U.S. Leaders from Vietnam, Pakistan, Tanzania and Germany all traveled to Beijing last week to see Mr. Xi—resulting in more face-to-face meetings with foreign dignitaries than the Chinese leader has had in the nearly two years between the early days of the pandemic and the Beijing Winter Olympics in February.

☆ Yellen heads to India to draw surging economic power closer to U.S. orbit
▼ + stars: | 2022-11-08 | by ( David Lawder | ) www.reuters.com time to read: +4 min

On the contrary, the official told reporters that India will benefit from the cap's lower prices. TENSIONS, ALIGNMENTBut the economic relationship has challenges, including trade disputes over U.S. steel duties and India's retaliatory tariffs on Harley-Davidson (HOG.N) motorcycles. Differences over digital trade and India's data localization rules have dogged trade negotiations for years. "That's a message that's extremely appealing to India," said Richard Rossow, an India expert at the Center for Strategic and International Studies in Washington. The Treasury official said the two democracies were committed "to upholding the rules-based international order at a critical time for the cause of freedom."

☆ How Joe Biden can help save the planet at COP27
▼ + stars: | 2022-11-07 | by ( Hugo Dixon | Andre Cabette Fabio | ) www.reuters.com time to read: +7 min

States such as Pakistan will also complain that they are already suffering the consequences of climate change despite having done very little to cause it. PULL IT TOGETHERAmerica and other rich countries have a series of policies which could accelerate the just transition across the Global South. Developing and emerging economies, excluding China, need $1 trillion a year in investment, according to a new report from the Rockefeller Foundation. And they need help adapting to the ravages of climate change. If America and other rich countries negotiate a whole-economy transformation with India, they will kill two birds with one stone.

☆ In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
▼ + stars: | 2022-11-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +32 min

Others arrange clandestine meetings via Telegram to swap the stablecoin tether for U.S. dollars in order to buy groceries. In Jan., police raided a small crypto mining farm in the hydro-powered town of Jezzine, seizing and dismantling mining rigs in the process. But mining crypto tokens to earn a living is not for everybody. Younes tells CNBC that he initially moved 15% of his money into bitcoin, and he kept the remaining balance in cash. Lebanon has six bitcoin ATMs — one in Aamchit and five in Beirut, according to metrics offered by coinatmradar.com.

☆ Pentagon, U.S. arms makers to meet on labor and supply chain
▼ + stars: | 2022-11-04 | by ( Mike Stone | ) www.reuters.com time to read: +3 min

Prior meetings between Pentagon officials and top arms makers including Lockheed Martin Corp (LMT.N), Raytheon Technologies Corp (RTX.N) and General Dynamics Corp (GD.N) were focused on Ukraine and hypersonic weapon development. Pandemic related supply-chain issues are still hurting defense contractors because components and materials fail to arrive on time, which delays production and ultimately payment. read moreTHE LONGEST POLEIn the meantime, the defense industry is taking steps on its own to shore up supplies and labor. "If I had to boil it down to the longest pole in the tent, it's the labor issues that are pervasive throughout the supply chain," Raytheon Chief Financial Officer Neil Mitchill told Reuters. read moreReporting by Mike Stone in Washington; Editing by Alexandra Alper and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Fueled by a post-lockdown buying frenzy, the average UK house price hit a record £275,000 ($315,474) in December, a £27,000 increase on the previous year’s high. UK mortgage rates have been ticking upwards since spring, in line with rising interest rates. UK house prices fell 0.9% between September and October, the first decline in 15 months, according to data from Nationwide. A drop in buying power makes a significant drop in house prices inevitable, according to Andrew Wishart, a senior economist at Capital Economics. When house prices fall, homeowners feel less confident about their personal finances, causing them to cut back on spending and hold off on making additional investments.

☆ This startup seals your leaky home so you waste less energy and reduce your bill
▼ + stars: | 2022-11-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Leaky homes and buildings are some of the greatest climate offenders, but a Dayton, Ohio-based start-up is making big gains in shoring up the problem. Aeroseal, which seals both air ducts and building envelopes, is now available across America and in 29 countries. Leaky airducts and walls are the single largest reason for wasted energy in homes. Reducing that wasted energy not only lowers consumers' bills, but also reduces emissions associated with energy production, which are a significant contributor to climate change. Aeroseal has so far raised about $30 million in venture capital from the likes of Breakthrough Energy, Energy Impact Partners, Building Ventures and 2150.

☆ Miami building evacuated near site of deadly condo collapse
▼ + stars: | 2022-10-28 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

MIAMI — Residents of a Miami Beach building on the same street where a condominium collapse killed nearly 100 people were forced to evacuate on Thursday evening after officials determined the structure was unsafe and gave orders to leave. Miami Beach spokesperson Melissa Berthier said around 4 p.m. Thursday that the city planned to post an unsafe structure notice and order residents of the 14-story Port Royale building to vacate immediately. Around 5 p.m., the condo board sent residents a mandatory notice to vacate by 7 p.m., the Miami Herald reported. The site of the Champlain Towers South condo building in Surfside, Florida, that collapsed in June 2021 and killed 98 people is also on Collins Avenue, about 1.3 miles from the Port Royale. A number of buildings in Florida have been evacuated or partly evacuated since the partial collapse of the Champlain Towers South condominium building in Surfside on June 24.

☆ Prime Medicine dipped 10% in its public debut. We dug through the biotech's 283-page filing to find 5 key takeaways about the company's plan to commercialize gene editing.
▼ + stars: | 2022-10-20 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +8 min

The gene-editing biotech Prime Medicine went public on Thursday. From a key patent to an uncertain timeline, here are five takeaways from Prime's filing. Its goal is to advance prime editing, a twist on CRISPR gene editing that could allow for a wider range of edits to DNA. Prime editing, another version of next-generation gene editing, works like a word processor, "searching for the correct location and replacing or repairing a wide variety of target DNA," the filing said. Jessica Rinaldi/The Boston Globe via Getty ImagesDavid Liu, a Harvard gene-editing scientist who co-invented base editing and prime editing, is Prime's largest shareholder.

☆ Kevin McCarthy says it's 'not God's plan for me to be speaker' if Republicans win the House in November but reject his leadership bid: report
▼ + stars: | 2022-10-17 | by ( Warren Rojas | ) www.businessinsider.com time to read: +2 min

Kevin McCarthy's mission in life is to become speaker of the House. Regaining control of the chamber this fall would help him stake a claim for the leadership gavel. If GOP colleagues still deny him the speaker post next year, McCarthy says it wasn't meant to be, he told Punchbowl News. If dissatisfied colleagues still deny him the gavel after that, it's clearly "not God's plan for me to be speaker," the California Republican told Punchbowl News of the prospective political gut punch. "If I'm not going to be acceptable to the body having that scenario this time, no one's acceptable," McCarthy estimated.

☆ Analysis: IMF plugs financing gaps as riskier emerging markets face squeeze
▼ + stars: | 2022-10-14 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +6 min

Ghana, Egypt, Tunisia and Malawi are all in talks on some type of IMF financing. Countries' debt burdens have risen. Turning to the IMF for financing has been the traditional playbook for smaller, strained countries in times of crisis. A set of new IMF tools should also help funnel more funds to such countries in the short-term. "But IMF does act as an anchor and allows access to a broader set of funding, even if not from the market," said Alexandru-Chidesciuc.

WASHINGTON, Oct 12 (Reuters) - U.S. Treasury Secretary Janet Yellen on Wednesday said the global economy was facing "significant headwinds" and the United States was working to shore up its supply chains and guard against "geopolitical coercion" by Russia, China and others. "We know the cost of Russia's weaponization of trade as a tool of geopolitical coercion, and we must mitigate similar vulnerabilities to countries like China," Yellen said, underscoring Washington's determination to hold Russia accountable for its invasion of Ukraine and its initial blockade of food and energy shipments from the country. "Friend-shoring is not meant to be a tiny handful of countries. It's something that's meant to (gain) diversity...but still get the benefits of trade," Yellen said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal and Dan Burns; Editing by Mark Porter and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk's trove of private text messages is a bad look for him — and another win for Twitter, experts say
▼ + stars: | 2022-09-30 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Hundreds of Elon Musk's texts could work against him in his court battle with Twitter, experts say. The messages appear to show Musk was aware of issues with bots ahead of offering to buy the company. The hundreds of texts between Musk and some of Silicon Valley's most powerful players offer fresh insight into Musk's plans for Twitter. But Musk's private texts appear to tell a story that is "in tension with his lead argument," Schettenhelm told Insider. "Purging fake users will make the numbers look terrible, so restructuring should be done as a private company," he texted Taylor, according to the cache of documents released Thursday.

☆ U.S. VP Harris to slam North Korea missile test, visit DMZ
▼ + stars: | 2022-09-28 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +3 min

Harris landed in the South Korean capital early on Thursday and will condemn North Korea's latest missile launch during planned talks with South Korean President Yoon Suk-yeol, a White House official said. But South Korean President Yoon Suk-yeol told CNN in an interview aired on Sunday that in a conflict over Taiwan, North Korea would be more likely to stage a provocation and that the alliance should focus on that concern first. The missile test is the second since Sunday and comes two days after South Korea and U.S. forces conducted a military drill in waters off South Korea's east coast involving an aircraft carrier. North Korea's Kim Jong Un has said it is developing nuclear weapons and missiles to defend against U.S. threats. Harris' visit to the DMZ is the first by a senior Biden administration official and is expected to follow a meeting with Yoon.

☆ Prime Medicine is gearing up for a $200 million IPO. We dug through the biotech's 282-page filing to find 5 key takeaways about the company's plan to commercialize gene editing.
▼ + stars: | 2022-09-28 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +8 min

From an uncertain timeline to the clinic to a key patent, here are 5 takeaways from Prime's filing. The company's goal is to advance prime editing, a twist on CRISPR gene editing that could allow for a wider range of edits to DNA. Prime editing is another version of next-generation gene editing. Prime's filing comes in a difficult market for biotechs, but particularly for companies that have yet to start human testing. Jessica Rinaldi/The Boston Globe via Getty ImagesDavid Liu, a Harvard gene-editing scientist who co-invented base editing and prime editing, is currently Prime's largest shareholder.

☆ Inflation is here to stay despite rising interest rates, Asian business leaders warn
▼ + stars: | 2022-09-27 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +4 min

Iya Forbes | Bloomberg | Getty ImagesInflation in consumer goods will persist as a "new normal" as the global economy undergoes structural changes, Asian business leaders warn. While rising interest rates might eventually temper asset prices, deglobalization and decarbonization could continue to drive up costs for everyday goods, said V. Shankar, chief executive of emerging markets investment manager Gateway Partners. "Despite helicopter money and zero interest rates, the reason why the price of goods stayed down for so long is because of a vast efficient manufacturing agent called China, and the integration of global supply chains." Ho Kwon Ping, executive chairman of Singapore's multinational hospitality group Banyan Tree Holdings agreed, saying higher interest rates are not the new normal, rather, zero or low interest rates were "abnormal." "The world is going, in my view, back to probably a long-term situation of low interest rates, and hopefully, low inflation, but zero inflation, zero interest rates, that's the abnormality, and not the future that we're looking at."

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