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☆ Samsung going in 'right direction' in China market, mobile chief says
▼ + stars: | 2023-07-26 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

SEOUL, July 27 (Reuters) - Samsung Electronics' (005930.KS) mobile chief said Samsung is "going in the right direction" in China, the world's largest mobile market, as it seeks to raise its lagging market share by boosting premium offerings and ties with local content firms. Third-party data shows the world's largest smartphone maker is making small gains in its single-digit market share in China, said TM Roh, head of mobile experience at Samsung Electronics. "We are making efforts to reach Chinese consumers with products that fit the China market, through software optimisation that fits the China market, and I think the results are coming out little by little," Roh told reporters this week. But by March, Samsung had recovered a 1.1% market share, according to Counterpoint data. Samsung, the world's largest smartphone maker, announces full second-quarter earnings later on Thursday.

Persons: Samsung, Roh, Joyce Lee, Bernadette Baum Organizations: Samsung Electronics, Samsung, Apple, Thomson Locations: SEOUL, China, India

Deutsche Bank's emerging market carry strategy index had its best year on record in the 12 months to May. Reuters GraphicsOVERCROWDING FEARSInvestors, however, are becoming concerned the carry trade might be becoming too popular for its own good. "You have to be worried about some of these more crowded positions," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. "I think that is big enough to offset any carry trade income," said Yujiro Goto, head of FX strategy for Japan at Nomura. A hypothetical $50,000 invested in a short Norwegian crown, long dollar carry trade in the first three weeks of July would have lost $3,000, according to Refinitiv.

Persons: Refinitiv, Kamakshya Trivedi, Goldman Sachs, Stephen Gallo, Gallo, James Athey, Yujiro Goto, Oliver Brennan, Brennan, Robin Winkler, Goldman's Trivedi, Geoff Yu, BNY Mellon, Harry Robertson, Alun John, Ankur, Rae Wee, Bernadette Baum Organizations: LONDON, Bank of America, FX, Deutsche, Federal Reserve, European Central Bank and Bank of Japan, BMO Capital Markets, Nomura, BNP Paribas, Bank of England, Bank of Japan, Reuters Graphics, Federal, Deutsche Bank, Swiss, Reuters, Korean, BNY, Thomson Locations: SINGAPORE, Japan, European, U.S, America, Asia, London, Singapore

[1/5] Irish singer Sinead O'Connor performs on stage during the Carthage Jazz Festival in Tunis April 4, 2013. REUTERS/Zoubeir Souissi/File PhotoDUBLIN, July 26 (Reuters) - Sinead O'Connor, the Irish singer known for her stirring voice, 1990 chart-topping hit "Nothing Compares 2 U" and outspoken views, has died at the age of 56, Irish media quoted her family as saying on Wednesday. "It is with great sadness that we announce the passing of our beloved Sinead. 'PROTEST SINGER'Sinead Marie Bernadette O'Connor was born in the affluent Dublin suburb of Glenageary on December 8, 1966. O'Connor converted to Islam in 2018 and changed her name to Shuhada Sadaqat, though continued to perform under the name Sinead O'Connor.

Persons: Sinead O'Connor, Zoubeir, Brash, – O'Connor, Sinead, O'Connor, Prince, Pope John Paul II, Michael D, Higgins, Sinead Marie Bernadette O'Connor, Nua, Shuhada, Dave Fanning, Padraic Halpin, Graham Fahy, Suban Abdulla, Amanda Ferguson, Kylie MacLellan, Rosalba O'Brien Organizations: Carthage Jazz Festival, REUTERS, RTE, Church, Irish, Channel, Thomson Locations: Carthage, Tunis, Irish, Ireland, Dublin, Glenageary, London

PARIS, July 25 (Reuters) - France's Thales (TCFP.PA) said on Tuesday it would buy U.S. cybersecurity company Imperva in a deal worth $3.6 billion as it steps up expansion away from its historic defence business to the war against hacking. "This really changes our scale in civil cybersecurity," Thales Chief Executive Patrice Caine told analysts, adding that the deal represented a rare opportunity to become a premium player on a global scale in cybersecurity. Thales said the price of the deal implied an enterprise value of 17 times 2024 operating earnings. Thales said buying Imperva would generate around $110 million of pretax synergies, including $50 million of cost savings and $60 million linked to revenue opportunities. Thales said the deal would close in 2024 subject to approvals, and did not anticipate significant hurdles.

Persons: Thoma, Patrice Caine, Thales, Jefferies, Chloe Lemarie, Caine, Morgan Stanley, Sudip Kar, Muralikumar Anantharaman, Kim Coghill, Bernadette Baum Organizations: Thales, Thoma Bravo, PwC, Cobham Aerospace Communications, Thomson Locations: cybersecurity, France, Paris, Europe

MANILA, July 24 (Reuters) - Philippines President Ferdinand Marcos Jr on Monday touted his administration's successes over the past year, including battling inflation and steering the economy back on track, but said a number of economic challenges lie ahead. After more than a year in office, buffeted by soaring inflation that has dented economic growth, the government is now "stabilising the prices of all critical commodities", Marcos said. "Inflation rate is moving in the right direction," he said in his second state of the nation address. Developing the long-neglected farm sector, which contributes 10% of the country's economic output, is a priority for Marcos, who also helms the agriculture ministry. The Philippines remains vulnerable to global price shocks because it buys a sizeable portion of its rice overseas, and relies on imports for most of its fuel requirements.

Persons: Ferdinand Marcos Jr, Marcos, helms, Michael Ricafort, Enrico dela Cruz, Eloisa Lopez, Bernadette Baum, Mark Potter Organizations: Rizal Commercial Banking Corp, Asia's, Thomson Locations: MANILA, Philippines, Philippine, Rizal, China, Manila, United States

☆ Mexico's inflation eases to lowest in two years
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Mexico's headline inflation eased in the first half of July to its lowest level in more than two years, the national statistics agency said on Monday. In Latin America's second largest economy, 12-month headline inflation reached 4.79% in the first half of July, the lowest since March 2021, slowing further but still above the central bank's official target of 3%. INEGI data showed that annual core inflation, which strips out some volatile food and energy prices, slid to 6.76% in the first two weeks of July. Last month, Mexico's central bank board members made the unanimous decision to keep its benchmark interest rate at 11.25% for the second time, and said might need to maintain rates at current levels for an extended period to bring inflation down to target. Banxico first paused its rate hikes in May after a nearly two-year hiking cycle that began in June 2021.

Persons: Natalia Siniawski, Bernadette Baum Organizations: Reuters, Thomson

☆ Wildfires kill 15 in Algeria as heatwave hits north Africa
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

ALGIERS, July 24 (Reuters) - Wildfires killed 15 people in the mountainous Bejaia and Bouira regions of Algeria on Monday, the interior ministry said, as a heatwave spreads across north Africa and southern Europe. Some 7,500 firefighters wee battling to bring the flames under control, authorities said. Firefighters were alsoat work in the Boumerdes, Tizi Ouzou, Jijel and Skikda regions. A major heatwave has hit North African countries, with temperatures reaching 49 Celsius (120 F) in some Tunisian cities. Reporting by Lamine Chiki and Nayera Abdalla; Writing by Tarek Amara Editing by Bernadette Baum and Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

Persons: Tizi, Lamine Chiki, Tarek Amara, Bernadette Baum, Nick Macfie Organizations: Firefighters, Thomson Locations: ALGIERS, Algeria, Africa, Europe

☆ Russia's FSB says traces of explosives found on foreign grain ship
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Russia's Federal Security Service (FSB) said on Monday that it had found traces of explosives on a ship travelling from Turkey to the port of Rostov-on-Don in Russia to pick up grain. The FSB said the ship had been docked in the Ukrainian port of Kiliia in May, and that it may have been used to deliver explosives to Ukraine. It said the ship had changed its name while in the Turkish port of Tuzla earlier this month and replaced its crew, which had consisted of 12 Ukrainian nationals. "These circumstances may indicate the possibility of using the foreign civilian ship to deliver explosives to the territory of Ukraine," it said. It came one week after Russia pulled out of an agreement that had enabled Ukraine to export grain from its Black Sea ports, with ships undergoing security inspections.

Persons: Bernadette Baum Organizations: Federal Security Service, Don, Reuters, Thomson Locations: Turkey, Rostov, Russia, Ukrainian, Kiliia, Ukraine, Turkish, Tuzla, Kerch

☆ Russia accuses Ukraine of 'terrorism' after drone strike near Moscow army HQ
▼ + stars: | 2023-07-24 | by ( Andrew Osborn | ) www.reuters.com time to read: +4 min

The drone attack, though not serious in terms of its human cost or damage, was the most high-profile of its kind since two drones reached the Kremlin in May. [1/5]A member of the security services investigates the damaged building following a reported drone attack in Moscow, Russia, July 24. Russian Foreign Ministry spokeswoman Maria Zakharova told the RTVI TV channel Ukraine was guilty of what she called "an act of international terrorism." Citing emergency services, Russian state news agencies reported that drone fragments had been found near a building on Komsomolsky Avenue, which runs through Moscow. After May's drone attack on the Kremlin, U.S. drone experts concluded they might have been launched from inside Russia.

Persons: Nobody, Volodymyr Zelenskiy, Maxim Shemetov, Mykhailo Fedorov, Fedorov, Maria Zakharova, Sergei Sobyanin, Andrew Osborn, Lidia Kelly, Simon Cameron, Moore, David Holmes, Bernadette Baum Organizations: Defence Ministry, Defence, Russian, Reuters, Kremlin, Russian Defence Ministry, Odesa, REUTERS, ACT, Foreign Ministry, Moscow, Thomson Locations: Russia, Moscow, Ukraine, MOSCOW, Crimea, Russian, Ukrainian, U.S, Melbourne

☆ 62 arrested in Europol-Interpol human trafficking crackdown
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 24 (Reuters) - Law enforcement from five countries have disrupted an intercontinental criminal network that was smuggling migrants from Cuba to the European Union, with the move leading to the arrest of 62 people, Europol and Interpol, who coordinated the international investigation, said on Monday. A Europol statement said the criminal network focused on Cubans in vulnerable situations, and that for 9,000 euros ($9,969.30), it would organise their journey to Europe and provide false documentation. In total, it is suspected that the criminal network successfully smuggled around 5,000 Cuban nationals into the EU. Besides the arrests, police also seized 18 pieces of real estate, 33 vehicles, and 144 bank accounts, alongside vast sums of cash in various currencies. ($1 = 0.9028 euros)Reporting by Charlotte Van Campenhout Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Charlotte Van Campenhout, Bernadette Baum Organizations: European Union, Interpol, Thomson Locations: AMSTERDAM, Cuba, Europe

☆ Malaysia halts music festival after same-sex kiss by UK band The 1975
▼ + stars: | 2023-07-22 | by ( Rozanna Latiff | ) www.reuters.com time to read: +4 min

The 1975 have also been banned from performing in Malaysia, said a government committee that oversees filming and performances by foreigners. "I don't see the fucking point ... of inviting The 1975 to a country and then telling us who we can have sex with." Festival organiser Future Sound Asia apologised for the cancellation of the show following Healy's "controversial conduct and remarks". Communications Minister Fahmi said Malaysia was committed to supporting the development of creative industries and freedom of expression. The Jakarta festival's organisers did not immediately respond to requests for comment on whether the band would play.

Persons: disparages, Fahmi Fadzil, Healy, Ross MacDonald, we've, Regrettably, Fahmi, Matt Healy, Carmen Rose, Anwar Ibrahim's, Rozanna Latiff, Bernadette Christina, William Mallard, Robert Birsel Organizations: Communications, Rights, United Arab Emirates, Sound, Twitter, Malay, Thomson Locations: KUALA LUMPUR, Kuala Lumpur, Malaysia, Malaysian, Jakarta, Indonesia

☆ Indonesia launches new crypto bourse, clearing house
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration//JAKARTA, July 21 (Reuters) - Indonesia has launched a national crypto asset bourse to provide regulators with transaction records and better protect crypto investors, the government announced this week. The launch of the exchange and clearing house is also intended to strengthen monitoring of the booming sector amid a transition in regulatory oversight, according to the Commodity Futures Trading Regulatory Agency (Bappebti). Rising global interest rates have, however, dampened demand for crypto assets in recent months. The new bourse will list existing licensed crypto companies, such as Binance's Tokocrypto, Indodax and others as traders. PT Bursa Komoditi Nusantara will run the bourse and PT Kliring Berjangka Indonesia will clear transactions there, Bappebti chief Didid Noordiantmoko said in a statement.

Persons: Dado Ruvic, Didid Noordiantmoko, Bernadette Christina Munthe, Gayatri Suroyo, Kanupriya Kapoor Organizations: REUTERS, Commodity, Trading Regulatory Agency, Bursa Komoditi Nusantara, bourse, Kliring Berjangka, Tennet Depository Indonesia, Financial Services, Thomson Locations: JAKARTA, Indonesia, Indodax, Bursa, Kliring Berjangka Indonesia, Bappebti

☆ (OFFICIAL) Spanish court starts new probe against Shakira for alleged tax fraud
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 20 (Reuters) - A Spanish court said on Thursday it has started a new investigation against Colombian singer Shakira linked to alleged fraud on income and wealth tax in 2018. The court in the northeastern town of Esplugues de Llobregat, near Barcelona, did not provide further details in its statement. In that case, the prosecutor is seeking up to an eight-year prison term against the star, whose full name is Shakira Isabel Mebarak. The prosecutor did not immediately respond to a request for comment on the new case. Reporting by Emma Pinedo, editing by Inti Landauro; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Shakira, Shakira Isabel Mebarak, Emma Pinedo, Inti Landauro, Bernadette Baum Organizations: Colombian, Thomson Locations: MADRID, Esplugues de Llobregat, Barcelona

☆ Bail extended for Indian wrestling federation chief in sexual harassment case - ANI
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 20 (Reuters) - A New Delhi court on Thursday extended the bail granted to the chief of India’s wrestling federation who has been accused of sexually harassing female wrestlers, Reuters' TV partner ANI reported. Brij Bhushan Singh, chief of Wrestling Federation of India, who is also a federal lawmaker from Prime Minister Narendra Modi’s Bharatiya Janata Party, was granted interim bail for two days on Tuesday, which has now been converted to regular bail. "The court imposed several conditions while granting bail," ANI reported, including that the accused will not "directly or indirectly" induce complainants or witnesses, and will not leave the country without the court's permission. The next hearing in the case will take place on July 28, ANI reported. Six female wrestlers lodged a complaint against Singh for alleged sexual harassment and intimidation during training camps and international competitions.

Persons: Brij Bhushan Singh, Narendra Modi’s, Singh, Sakshi Dayal, Bernadette Baum Organizations: Reuters, Wrestling Federation of India, Narendra Modi’s Bharatiya Janata Party, Thomson Locations: DELHI, Delhi

At least 300 people were arrested, including several senior opposition leaders, and several people were reported shot, some possibly fatally, in clashes with police on Wednesday. The demonstrations, planned for Wednesday to Friday, are the third round of protests that the opposition has called this month. Protests this year have cost the economy more than $20 million per day, according to a private sector lobby group. Veteran opposition leader Raila Odinga did not make a public appearance on Wednesday or Thursday as he did during previous protests. A Kenyan court froze the tax hikes late last month, pending a ruling by senior judges.

Persons: Raila Odinga, Ruto, Odinga, William Ruto, Paul Ongili, Aaron Ross, George Obulutsa, Humphrey Malalo, Monicah Mwangi, Anne Mawathe, Joseph Akwiri, Alexander Winning, Emelia, Bernadette Baum, Mike Harrison, Conor Humphries Organizations: Kenya Alliance, REUTERS, NAIROBI, La, NTV Kenya, Kenyan, Civic, Thomson Locations: Nairobi, Kenya, Kibera, Mombasa, Kisumu, Isiolo, Ruto's

☆ Wildfires in Greece largely contained, new heatwave looms
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

[1/3] Men help a firefighter as they try to extinguish a wildfire burning near the village Vlyhada, near Athens, Greece, July 19, 2023. REUTERS/Stelios MisinasATHENS, July 20 (Reuters) - Wildfires across Greece were largely contained on Thursday after razing swathes of forest and dozens of homes for days, though a new heatwave loomed, threatening to stoke tinderbox conditions across the country. A fire west of Athens which prompted mass evacuations earlier in the week was contained, a fire brigade official said. Land and aerial firefighting forces will continue preventive patrolling in forests across Greece amid difficult conditions, authorities said late on Wednesday. Fires are common in Greece, but hotter, drier and windy summers have turned the Mediterranean into a wildfire hotspot in recent years.

Persons: Stelios Misinas, Angeliki, Bernadette Baum Organizations: REUTERS, Firefighters, Thomson Locations: Athens, Greece, Stelios Misinas ATHENS, stoke, Rhodes

☆ North Korea threatens nuclear retaliation over US displays of military force
▼ + stars: | 2023-07-20 | by ( Hyunsu Yim | ) www.reuters.com time to read: +3 min

[1/2] U.S. and North Korean national flags are seen at the Capella Hotel on Sentosa island in Singapore June 12, 2018. The comments raise the stakes as each side steps up displays of military force in a standoff over the isolated country's nuclear weapons and ballistic missile programmes. The KCNA report came after a U.S. soldier crossed the border into North Korea on Tuesday at a time of heightened tension between the two Koreas and the United States. North Korea has yet to comment on the incident involving the U.S. soldier. Last year, the reclusive state codified a new, expansive nuclear law declaring its status as a nuclear-armed state "irreversible".

Persons: Jonathan Ernst, Kang Sun Nam, Ankit, Panda, Hyunsu Yim, Josh Smith, Bernadette Baum, Mike Harrison, Tom Hogue Organizations: North Korean, Capella, REUTERS, U.S, Nuclear Consultative, DPRK, Democratic People's, South Korea's Ministry of National Defense, USS, Korean, U.S ., Carnegie Endowment, International, South, Thomson Locations: Sentosa, Singapore, SEOUL, North Korea, South Korea, United States, Democratic People's Republic of Korea, Ohio, Busan, USS Kentucky, Korea, U.S, Washington

[1/2] Miniatures of people with computers are seen in front of North Korea flag in this illustration taken July 19, 2023. North Korea has previously denied organizing digital currency heists, despite voluminous evidence - including U.N. reports - to the contrary. “North Korea in my opinion is really stepping up their game,” said Hegel, who works for U.S. firm SentinelOne. The cybersecurity-focused podcast Risky Business earlier this week cited two sources as saying that North Korea was a suspect in the intrusion. "I don't think this is the last we'll see of North Korean supply chain attacks this year," he said.

Persons: Dado Ruvic, ”, JumpCloud, CrowdStrike, Adam Meyers, Tom Hegel, wasn't, Hegel, cryptocurrency, Chainalysis, CrowdStrike's Meyers, Christopher Bing, Raphael Satter, James Pearson, Michelle Nichols, Anna Driver, Bernadette Baum Organizations: REUTERS, WASHINGTON, American IT, Reuters, CrowdStrike Holdings, North, United Nations, U.S, FBI, Thomson Locations: North Korea, Korean, American, Louisville , Colorado, North Korean, New York, Korea, “ North Korea, The U.S, Washington, London

☆ EU climate chief Timmermans to run in Dutch election
▼ + stars: | 2023-07-20 | by ( Tosterling Kate Abnett | Kate Abnett | ) www.reuters.com time to read: +2 min

AMSTERDAM/BRUSSELS, July 20 (Reuters) - EU climate chief Frans Timmermans on Thursday said he wants to become the next Dutch prime minister and will contest a parliamentary election in the Netherlands in November. The four-party coalition government of Dutch Prime Minister Mark Rutte resigned earlier this month after failing to reach an agreement on restricting immigration, triggering a vote on Nov. 22. Timmermans had been tipped as a top candidate to lead the Dutch parties following his campaign for European social democrats in the 2019 European election, which was widely regarded as a success. Timmermans, who speaks English, German, French, Italian and Russian in addition to his native Dutch, is known as a skilled negotiator during international climate negotiations and his departure from EU politics will cause shockwaves. How well he may perform in Dutch politics is an open question, but a poll published on Thursday indicated that 39% of Dutch voters said they trusted him to lead the next government.

Persons: Frans Timmermans, Mark Rutte, Timmermans, Rutte, Toby Sterling, Kate Abnett, Bart Meijer, Andrew Cawthorne, Bernadette Baum, Alex Richardson Organizations: Dutch, Labour, Green Left, Labour and Green Left, de Volkskrant, EU, Thomson Locations: AMSTERDAM, BRUSSELS, Netherlands, EU, Dutch, Timmermans, Rutte's, Limburg, Brussels

☆ Police hunt for escaped lion on southern edge of Berlin
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 20 (Reuters) - Police have warned the public to stay indoors on the south-western edge of Berlin while they search for a wild animal in the area believed to be an escaped lion. "We are currently working on the assumption that the animal is a lioness," the spokesperson told Reuters via telephone. The search area currently covers the Brandenburg municipalities of Kleinmachnow and Stahnsdorf. Earlier Thursday, Berlin police had tweeted that the area on high alert included the capital's southern edge. Asked where the wild animal may have come from, the police spokesperson said it was not clear.

Persons: Rachel More, Friederike Heine, Bernadette Baum Organizations: Police, Berlin, Thomson Locations: BERLIN, Berlin, Brandenburg, Kleinmachnow

☆ North Korea threatens nuclear retaliation over U.S. displays of military force
▼ + stars: | 2023-07-20 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

The comments raise the stakes as each side steps up displays of military force in a standoff over the isolated country's nuclear weapons and ballistic missile programmes. "The ever-increasing visibility of the deployment of the strategic nuclear submarine and other strategic assets may fall under the conditions of the use of nuclear weapons specified in the DPRK law," the statement said. The report comes after a U.S. soldier crossed the border into North Korea on Tuesday at a time of heightened tension between the two Koreas and the United States. North Korea has yet to comment on the incident involving the U.S. soldier. "The utmost significance of legislating nuclear weapons policy is to draw an irretrievable line so that there can be no bargaining over our nuclear weapons," North Korea's leader Kim Jong Un was quoted as saying at that time by KCNA.

Persons: Jonathan Ernst, Kang Sun Nam, Kim Jong Un, Hyunsu Yim, Bernadette Baum, Mike Harrison Organizations: North Korean, Capella, REUTERS, DPRK, Democratic People's, U.S, U.S ., KCNA, Thomson Locations: Sentosa, Singapore, SEOUL, North Korea, U.S, South Korea, United States, Democratic People's Republic of Korea, Ohio, Busan

☆ Wall Street on ice ahead of big tech earnings, UK shines
▼ + stars: | 2023-07-19 | by ( Naomi Rovnick | ) www.reuters.com time to read: +3 min

Tech stocks have been boosted by exuberance about artificial intelligence as well as hopes the Federal Reserve will soon end the aggressive interest rate rises that bludgeoned valuations of more speculative businesses in 2022. Owning big tech is also the "most crowded" trade in global markets, Bank of America strategist Michael Hartnett warned in a note to clients this week. This was just the latest downside surprise on prices for a major economy after more than 18 months of central banks cranking interest rates higher. Sterling lost 0.96% to trade at $1.291 as market bets that the Bank of England would raise interest rates as high as 6%, from the current 5%, faded out. London's blue-chip FTSE 100 (.FTSE) added 1.6% and the domestically focused FTSE 250 (.FTMC) rose 3.2%, on track for its best daily performance since February 2.

Persons: Sterling, Michael Hartnett, Hartnett, BofA, Stuart Kaiser, Eren Osman, Arbuthnot Latham, BoE, Samuel Tombs, Kenneth Broux, Germany's, Tom Westbrook, Bernadette Baum, Kim Coghill, Chizu Organizations: Stock, Wall, Tesla, Netflix, Nasdaq, Tech, Reserve, Bank of America, Citi, Bank of England, Macroeconomics, Sterling, . Federal, Societe Generale, Thomson Locations: London, Sydney

Headline British consumer price inflation fell to 7.9% year-on-year in June, against expectations for 8.2%, in the latest downside surprise for a major economy after more than 18 months of central banks cranking interest rates higher. The BoE now had "the green light" for a 25 basis point (bps) rate rise next month, Pantheon Macroeconomics chief UK economist Samuel Tombs said, after markets had previously priced a further 50 bps hike. "Profit taking in sterling should not be a surprise," added Kenneth Broux, head of FX and rates corporate research at Societe Generale in London. The 10-year yield, a benchmark for debt costs in the Euro-zone, fell 5 bps to 2.35% . Futures trading indicated Wall Street's S&P 500 and Nasdaq 100 share indices would open steady later in the day.

Persons: Sterling, BoE, Samuel Tombs, Kenneth Broux, Germany's, Klaas, Chris Weston, Sam Holmes, Bernadette Baum Organizations: LONDON, Headline, Sterling, . Federal, Bank of England, Macroeconomics, Societe Generale, European Central Bank, ECB, Pepperstone, Nasdaq, Bank of, Thomson Locations: SYDNEY, London ., disinflation, Europe, Melbourne

☆ Turkey's Erdogan ends Gulf tour with Abu Dhabi visit
▼ + stars: | 2023-07-19 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

Abu Dhabi is Erdogan's last stop in a Gulf tour that included the Saudi Red Sea city of Jeddah and Doha. Reaping the benefits of his diplomatic efforts, Saudi Arabia agreed on Tuesday to buy Turkish drones in the biggest defence contract in Turkey's history. Turkey also sent troops to Doha when Saudi Arabia and the UAE imposed a blockade on Qatar in 2017. Abu Dhabi agreed last year to a $5-billion swap deal in local currencies with Ankara to help its struggling lira. Reporting by Rachna Uppal in Abu Dhabi and Yousef Saba in Dubai, writing by Aziz El Yaakoubi; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Abu Dhabi, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Rachna Uppal, Yousef Saba, Aziz El Yaakoubi, Bernadette Baum Organizations: United Arab Emirates, Turkish, Thomson Locations: ABU DHABI, Abu Dhabi, Saudi Red Sea, Jeddah, Doha, Saudi Arabia, Riyadh, Turkey, UAE, Qatar, Ankara, Nahyan, Gulf, Dubai

☆ Britain's banks slow in passing higher rates to savers -watchdog
▼ + stars: | 2023-07-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 19 (Reuters) - Britain's banks are not passing on higher interest rates to savers fast enough, though this is expected to accelerate in coming months as a new duty to provide good outcomes for consumers comes into force, UK financial regulators said on Wednesday. Interest rates in Britain have risen from record lows near zero percent during the COVID-19 pandemic to 5%, with more rises expected to quell inflation, sending borrowing costs higher. "The pace has simply not been fast enough," Financial Conduct Authority Chief Executive Nikhil Rathi told parliament's Treasury Select Committee. The duty comes into force on July 31 and Rathi told lawmakers it was the watchdog's most significant intervention across all types of firms in two decades. There is no need for a formal "savings charter" among banks on savings rates given the watchdog needed to be careful about coordinating pricing decisions in what is a "reasonably competitive market", Rathi said.

Persons: Nikhil Rathi, parliament's, Rathi, Ashley Alder, Alder, Huw Jones, Peter Graff, Bernadette Baum Organizations: FCA, Thomson Locations: Britain

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