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☆ Analysis: Method or madness? Berlusconi's Russia stance hurts Meloni and Italy
▼ + stars: | 2022-10-20 | by ( Angelo Amante | ) www.reuters.com time to read: +4 min

Meloni, leader of the nationalist Brothers of Italy party, has strongly defended Ukraine since Russia launched its invasion in February and has supported Western sanctions against Moscow. Berlusconi's pro-Putin remarks came in front of dozens of Forza Italia lawmakers and Napoli believed the risk of information being leaked to the press was obviously high. Some analysts believe there is no clear strategy behind Berlusconi's comments and that they could backfire and even jeopardise Tajani's chances of becoming foreign minister. Giovanni Orsina, a politics professor at Rome's Luiss university said Berlusconi has demolished his own argument that Forza Italia can be a moderating influence on the government. "It is hard to imagine that this is rational because Berlusconi and his party are the first to be damaged ...

☆ Prescient or traitor? Rishi Sunak is the favourite to be next UK PM
▼ + stars: | 2022-10-20 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

LONDON, Oct 20 (Reuters) - To some Conservatives, Rishi Sunak is the minister who got Britain through the COVID pandemic, to others the traitor who knifed Boris Johnson or the rival to Liz Truss who presciently warned her tax plans would bring chaos. Now he has to weigh up whether he can convince Britain's governing party he is the man to save it from chaos. With the Conservatives in turmoil, many in his party think he is the only one who can solve the party's woes. Betting firms have again made Sunak the front-runner to win the new contest although he was also the favourite in the race that Truss eventually won. In 2020, aged 39, Sunak was named finance minister just before the coronavirus pandemic hit Britain.

The customs authority says Pernod did so to evade full payment of import taxes. Pernod has been "a habitual litigant and always attempts to abuse the due process of law," the filing added, referring to some previous tax demands Pernod challenged in India. It declined further comment due to ongoing litigation and because the filing by the customs authority wasn't public. To compensate for the undervalued imports, Pernod paid "hefty" dividends to the group's holding company, Pernod Ricard in France, which also owns Chivas Brothers, the investigation found. Last week, Pernod said its India CEO, Thibault Cuny, had stepped down due to health reasons.

☆ Japan's Kishida, Australia's Albanese to meet in Perth -Japan govt
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 19 (Reuters) - Japanese Prime Minister Fumio Kishida will visit Perth from Oct. 21-23 and will meet counterpart Anthony Albanese during his trip, Chief Cabinet Secretary Hirokazu Matsuno said on Wednesday. Japan aims to further develop ties between the two nations over security, defence and the economy, including cooperation over a free and open Indo-Pacific, Matsuno said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kaori Kaneko Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

"I think it is a shambles and a disgrace," he said, in a video that a couple of other Conservative lawmakers tweeted in agreement. "I have made a mistake, I accept responsibility, I resign," she said in a letter to the prime minister. As a replacement, Truss appointed former minister Grant Shapps, who said recently that Truss faced a massive battle to survive. He also failed to offer a ringing endorsement of the prime minister. "I have been very clear that I am sorry, and I have made mistakes," Truss told jeering opposition lawmakers in parliament.

Leader of Brothers of Italy party Giorgia Meloni attends the fourth voting session to elect the new speaker, at the lower house of parliament, in Rome, Italy, October 14, 2022. Giorgetti, the industry minister in Mario Draghi's outgoing government, is considered to be one of the League's most moderate and pro-European figures. Coalition sources said energy-related matters are likely to remain in the hands of the ecological transition ministry. The frontrunner to succeed technocrat Roberto Cingolani in the job is Gilberto Pichetto Fratin, a coalition source said. Brothers of Italy's Adolfo Urso, previously head of the parliamentary committee on security, is the frontrunner for the position, one source said.

Starlink will continue to fund the satellite network providing battlefield communications for the Ukrainian military during the war with Russia, according to SpaceX CEO Elon Musk. "The hell with it … even though Starlink is still losing money & other companies are getting billions of taxpayer $, we’ll just keep funding Ukraine govt for free," Musk tweeted on Saturday. This comes after Musk asked the U.S. Defense Department to take over funding the Starlink satellite network on Friday, a U.S. official told NBC News. Musk’s Starlink is a low-orbit satellite constellation operated by SpaceX that provides internet service and has been crucial in Ukraine since the Russian invasion in February. NBC News has reached out to SpaceX for comment.

☆ Elon Musk says SpaceX will keep funding Starlink in Ukraine despite losing money
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +1 min

Oct 15 (Reuters) - Elon Musk said on Saturday that his rocket company SpaceX would continue to fund its Starlink internet service in Ukraine, a day after he said it could no longer afford to do so. Musk tweeted: "the hell with it … even though starlink is still losing money & other companies are getting billions of taxpayer $, we'll just keep funding ukraine govt for free". Musk said on Friday that SpaceX could not indefinitely fund Starlink in Ukraine. He made his remark after a media report that SpaceX had asked the Pentagon to pay for the donations of Starlink. The billionaire has been in online fights with Ukrainian officials over a peace plan he put forward which Ukraine says is too generous to Russia.

☆ 'The hell with it': Elon Musk tweets SpaceX will 'keep funding Ukraine govt for free' amid Starlink controversy
▼ + stars: | 2022-10-15 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Elon Musk said in a tweet Saturday that his company SpaceX would continue to fund Starlink satellite internet terminals for the Ukrainian government as it battles invading Russian forces. "The hell with it," the billionaire tweeted, "even though Starlink is still losing money & other companies are getting billions of taxpayer $, we'll just keep funding Ukraine govt for free." Responding to another tweet saying that Musk had already paid taxes that are funding Ukraine's defense, he said, "Fate loves irony." The tweets follow a statement from Musk on Friday in which he said that SpaceX cannot continue fund Starlink terminals in Ukraine "indefinitely," after a report suggested his space company had asked the Pentagon to cover the costs. SpaceX's donated Starlink internet terminals have been crucial in keeping Ukraine's military online during the war against Russia, even as communication infrastructure gets destroyed.

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☆ Hungary government expands scheme that caps mortgage rates - govt decree
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: 1 min

BUDAPEST, Oct 15 (Reuters) - Hungary's government has expanded its existing scheme that caps mortgage rates effective Nov. 1 to include mortgages carrying fixed interest rates up to 5 years, it said in a decree published late on Friday. Hungary's freeze on retail mortgage rates imposed this year on variable-rate loans has been part of the government's efforts to shield borrowers from rising interest rates. The new measure comes after the central bank's emergency rate hike on Friday aimed to shore up the sliding forint currency. Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina ThanOur Standards: The Thomson Reuters Trust Principles.

☆ UK finance minister Hunt to set out govt's fiscal plan on Oct. 31
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

New Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street in London, Britain, October 14, 2022. REUTERS/Henry NichollsLONDON, Oct 14 (Reuters) - New British finance minister Jeremy Hunt will set out the government's medium-term fiscal plan on Oct. 31, the Treasury said in a statement on Friday, sticking to the date his predecessor had announced. The Treasury said Hunt, who was appointed on Friday after his predecessor Kwasi Kwarteng was fired by Prime Minister Liz Truss, would set out how the government would get debt falling as a percentage of GDP over the medium term. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan; Editing by Alistair SmoutOur Standards: The Thomson Reuters Trust Principles.

"The chancellor will come to the despatch box," he said when asked by Sky News whether the corporation tax plan would definitely stay. Newspapers reported that some lawmakers who never wanted Truss to replace Boris Johnson as leader in the first place already wanted her out. "I think that changing the leadership would be a disastrously bad idea, not just politically but also economically, and we are absolutely going to stay focused on growing the economy," Cleverly said of Truss. But a fire-sale in the government bond market has driven up borrowing costs and mortgage rates and forced the Bank of England to intervene to protect pension funds. read moreMeanwhile, as Truss battled with the turmoil, she met King Charles for a weekly audience at Buckingham Palace between monarch and prime minister on Wednesday.

☆ Swiss govt to track corporate ownership in bid to curb money laundering
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

The cabinet asked the finance ministry to draft specific proposals by mid-2023 that could increase transparency by making it easier to identify corporate owners. But it has faced international pressure to shed more light onto the shadowy world of corporate ownership, where many companies cloak the identity of the real beneficiaries. The aim is to find a solution that is as effective and efficient as possible," it said in a statement. It asked the finance ministry to also consider steps to tighten anti-money-laundering rules, for example by widening their scope to include the legal professions, it said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Michael Shields Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ SK Hynix secures one-year waiver from U.S. govt on chip equipment for its facilities in China
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Oct 12 (Reuters) - South Korea's SK Hynix Inc (000660.KS) said on Wednesday it has received authorization from the U.S. Department of Commerce to receive chip equipment needed for its chip production facilities in China for one year, without seeking additional licensing requirements. Register now for FREE unlimited access to Reuters.com RegisterReporting by Heekyong Yang and Jane Lanhee Lee; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

The RBI's Monetary Policy Committee (MPC), established in 2016, is mandated to keep inflation within 2 percentage points on either side of its 4% target. Reuters GraphicsGarima Kapoor, an economist at Elara Capital, said retail inflation was likely to ease to an average of 6% only by January-March. "We expect the Monetary Policy Committee (MPC) to hike policy repo rate by another 40-50 bps this financial year," she said, and higher inflation could mean further rate hikes. Annual retail inflation (INCPIY=ECI) in September was higher than the 7.3% forecast by economists in a Reuters poll, and above 7% the previous month, data released by the National Statistics Office on Wednesday showed. Food inflation, which accounts for nearly 40% of the CPI basket, rose 8.60% in September, compared to 7.62% in August.

☆ Vietnam economy seen growing 8% in 2022, beating official target - govt
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

HANOI, Oct 11 (Reuters) - Vietnam's economy is expected to grow 8% this year, beating an official target for an expansion of 6.0%-6.5%, the government said on Tuesday. Vietnam, a regional manufacturing hub, has seen its economy rebounding from the pandemic, with gross domestic product in the third quarter growing 13.67% from a year earlier. The government said it will pursue "a flexible and prudent" monetary policy during the rest of the year to ensure macroeconomic stability. Vietnam will aim for a growth of 6.5% and will consider an inflation target of 4.5% next year, the government said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Khanh Vu; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Final Trades: KR, WBA, XLF and GOVT
▼ + stars: | 2022-10-10 | by ( ) 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: KR, WBA, XLF and GOVTCNBC's Melissa Lee and the Fast Money traders, Guy Adami, Dan Nathan, Karen Finerman, and Courtney Garcia share their final trades.

☆ German annual inflation rate at 10% in September - Business Insider, citing govt sources
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Sept 29 (Reuters) - German consumer prices rose by 10% year-on-year in September, Business Insider reported on Thursday, citing government sources. The report did not specify whether the rate had been harmonised to make it comparable with inflation data from other European Union countries. Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary cannot support any new EU energy sanctions against Russia - govt
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Sept 29 (Reuters) - Hungary cannot support the European Union's planned eighth round of sanctions against Russia over its invasion of Ukraine if those contain energy sanctions, Prime Minister Viktor Orban's chief of staff said on Thursday. The EU executive proposed on Wednesday fresh sanctions against Russia, including tighter trade restrictions, more individual blacklistings and an oil price cap for third countries. The proposed sanctions fall short of harder-hitting measures, including a ban on importing Russian diamonds, sought by Russia hawks Poland and the three Baltic countries. "Hungary has done a lot already to maintain European unity but if there are energy sanctions in the package, then we cannot and will not support it," Gergely Gulyas told a briefing. Hungary cannot support energy sanctions."

☆ UK Labour leader Starmer: govt must recall parliament and abandon budget
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 28 (Reuters) - British opposition Labour leader Keir Starmer said on Wednesday the government should recall parliament and abandon plans set out last week to slash taxes and ramp up borrowing which have sent financial markets into turmoil. Parliament is currently in recess while the main British political parties hold their annual conferences. Other opposition parties have also called for parliament to return early. "The government has clearly lost control of the economy ... this is self-inflicted," Starmer told Sky News. "What the government needs to do now is recall parliament and abandon this budget before any more damage is done."

☆ Optus, Australian govt clash over cyber attack amid reports of hacker retreat
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +3 min

A woman uses her mobile phone as she walks past in front of an Optus shop in Sydney, Australia, February 8, 2018. Optus Chief Executive Kelly Bayer Rosmarin said there was lot of "misinformation out there". Rosmarin said Optus had briefed authorities after the government's initial review of the incident. Stolen data posted in an online forum has been deleted and hackers have apologised to Optus, the reports said. Australia's Council Of Financial Regulators, which includes the central bank, on Tuesday said its members have been working together in response to the cyber attack.

Index investors tend to favour international settlement platforms such as Euroclear but India has said it wants to settle bonds onshore, like China. GLOBAL AMBITIONIndia has sought to be included in global bond indexes since 2013, but that ambition has been held up by a number of factors over the years, and JP Morgan only began considering India's inclusion in its global bond index in 2021. If successful, India would be the last major emerging market to be added to the JP Morgan index. Its inclusion could result in additional flows of as much as $30 billion within 10 months into the Indian government bond market, Morgan Stanley estimated earlier this month. Most of JPMorgan's index investors are in favour of including India in the index, but think issues such as investor verification and settlement rules need to be ironed out first, three of the sources said.

"We are deeply concerned about recent rapid and one-sided market moves driven in part by speculative trading," Suzuki told the news conference. The remarks came after the government's decision on Thursday to intervene in the currency market to stem yen weakness by selling dollars and buying yen for the first time since 1998. read moreKuroda said the government's intervention was an appropriate move to deal with "rapid, one-sided" yen moves. "Monetary policy and currency policy have different goals and effects," he said. "It was a meaningful move that showed Japan's determination it won't leave unattended sharp market volatility," he said.

☆ FTSE slides as UK's mini budget fails to soothe recession worries
▼ + stars: | 2022-09-23 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. read moreThe internationally focussed FTSE 100 (.FTSE) extended losses, falling 1.6% to its lowest since July 15, while the domestically focussed FTSE 250 index (.FTMC) dropped 1.1% to hit near two-year lows. It is among UK's worst performing sectors this year as rising rates sparked worries about affordability. read moreOil (.FTNMX601010) and mining (.FTNMX551020) majors were the biggest drags on the FTSE 100 as commodity prices weakened against a strong dollar. read moreSmiths Group (SMIN.L) rose 4.1% after the industrial technology group provided upbeat full-year 2023 forecast.

☆ G7 countries agree on unity in Ukraine support -Japan govt
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: 1 min

Ukrainian service members wait in a trench at a position in a frontline, amid Russia’s attack on Ukraine, in Zaporizhzhia region, Ukraine September 21, 2022. REUTERS/Dmytro SmolienkoTOKYO, Sept 22 (Reuters) - Foreign ministers from the Group of Seven (G7) advanced economies confirmed in a meeting in New York on Wednesday their cooperation in extending support for Ukraine and responding to food and energy security, the Japanese Foreign Ministry said. The development came after President Vladimir Putin announced Russia's first wartime mobilisation since World War Two and moves to annex swaths of Ukrainian territory, and threatened to use nuclear weapons to defend Russia. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kiyoshi Takenaka; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

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