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☆ Explainer: US debt ceiling deal's winding road to passage in Congress
▼ + stars: | 2023-05-28 | by ( Richard Cowan | ) www.reuters.com time to read: +4 min

Then, McCarthy has vowed to give House members 72 hours to read it, and passage through the House and Senate will each take several more days. House Democrats have backed this idea but could not succeed unless enough of the Republican majority joined them. SENATE FOLLOWSIf passed by the House, the legislation goes to the Senate where Democrats hold a 51-49 majority over Republicans. If there were to be a 50-50 tie in the Senate, Vice President Kamala Harris can cast the vote to win 51-50 passage. Upon passage by the House and Senate, the deal would go to the White House for Biden to sign into law.

[1/3] U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. REUTERS/Leah MillisWASHINGTON, May 27 (Reuters) - U.S. President Joe Biden and House Republican Speaker Kevin McCarthy on Saturday reached an agreement in principle to lift the debt ceiling that would trim some U.S. federal spending. Here's what we know so far:A CAP ON DISCRETIONARY SPENDINGThe deal would suspend the $31.4 trillion debt ceiling until January of 2025, allowing the U.S. government to pay its bills. In exchange, non-defense discretionary spending would be capped at current year levels in 2024 and increased by only 1% in 2025. INCREASED DEFENSE SPENDINGThe deal is expected to boost defense spending to around $885 billion, in line with Biden's 2024 budget spending proposal.

☆ Djokovic owes growth of his career to 'biggest rival' Nadal
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +2 min

Both players are tied on a record 22 Grand Slam titles but Djokovic can inch ahead at Roland Garros where he had managed to beat Nadal only twice in 10 meetings. I don't like seeing him in the draw of Roland Garros," Djokovic told reporters with a laugh. "I have had not so much success against him in our head-to-head record in Roland Garros. "Definitely a great motivational factor for me to keep playing and keep competing and keep pushing each other - who's going achieve more, who's going to do better." "It made me wonder, it made me think about my career and how long I'm going to play," Djokovic said.

Jones had led Luton to automatic promotion from League Two and even a Championship playoff semi-final in two spells but left in November when they were ninth, leaving Luton in a predicament. The rest is history as Luton finished third in the Championship and qualified for the playoffs on the back of a 14-match unbeaten run. It's the best league with the best managers, the best players. With 367 appearances for Luton, the 29-year-old is now the first man to go from non-league to the Premier League with one club. "Here I am, a Premier League player."

☆ Top Indian wrestlers detained as protest against federation chief intensifies
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, May 28 (Reuters) - Several of India's top wrestlers, including Olympic medallists Bajrang Punia and Sakshi Malik, were detained by police on Sunday as they intensified their protest demanding the arrest of their federation chief over sexual harassment allegations. The wrestlers originally hit the street in January demanding action against Wrestling Federation of India (WFI) President Brij Bhushan Sharan Singh, who has denied allegations of sexually harassing several female athletes. The wrestlers resumed their protest on April 23 demanding Singh's arrest and have since been camping near the new parliament building which Modi inaugurated on Sunday. "They broke the barricades and didn't follow police directions," senior Delhi Police officer Dependra Pathak told local media. Malik, who won the women's 58kg freestyle bronze at the 2016 Rio Olympics, shared photos and video of the wrestlers being dragged away by the police.

☆ Air France flight turns back to Osaka after malfunction, Kyodo reports
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 28 (Reuters) - An Air France KLM SA (AIRF.PA) passenger plane flying from Osaka in western Japan to French capital Paris turned back on Sunday after weather radar and speed meters malfunctioned while flying over the Pacific Ocean, Kyodo news agency reported. None of the 324 passengers and crew were injured, but the aircraft's leading edge was damaged and the cause was being investigated, Kyodo said, citing the transport ministry's office at Kansai International Airport. Air France flight 291 took off from Kansai airport around 11:15 a.m. (0215 GMT). The Airbus SE (AIR.PA) A350 turned back about 35 minutes later and landed safely at the same airport at around 2:25 p.m. The Kansai airport office of the Ministry of Land, Infrastructure, Transport and Tourism did not answer telephone calls from Reuters seeking comment.

☆ Washington and Tokyo vow closer chip cooperation
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Nishimura Yasutoshi, Minister of Economy, Trade and Industry (METI), talks during an interview with Reuters in Tokyo, Japan, April 5, 2023. In a joint statement, the two countries agreed to increase cooperation between their research and development hubs, as they map out future technology collaboration. The statement came after Japan's Minister of Economy, Trade and Industry Yasutoshi Nishimura met in Detroit with U.S. Secretary of Commerce Gina Raimondo. The two countries agreed to work together "to identify and resolve geographic concentrations of production undermining semiconductor supply chain resilience". Raimondo on Thursday met China's Minister of Commerce Wang Wentao in Washington where the pair exchanged views on trade, investment and export policies.

SEOUL, May 26 (Reuters) - South Korea's Hyundai Motor Group and LG Energy Solution Ltd (LGES) (373220.KS) on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits. Vehicles from Hyundai Motor Co (005380.KS) and sister automaker Kia Corp (000270.KS) are currently not eligible. [1/2] The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. LGES and Hyundai Motor Group, which houses Hyundai Motor, Kia and autoparts maker Hyundai Mobis Co Ltd (012330.KS), will each own 50% of the joint venture. In April, Hyundai Motor finalised a $5 billion EV battery joint venture in the United States with SK On, a battery unit of SK Innovation Co Ltd (096770.KS), boosting electrification efforts in its largest market.

☆ Messi to lead Argentina in friendly against Australia in China
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

BEIJING, May 22 (Reuters) - Argentina captain Lionel Messi will lead his side against Australia in a friendly in Beijing next month with his first visit to China in six years set to spark a mass scramble for tickets. The Argentina embassy in China said on Monday that the World Cup winners would play Australia on June 15, bringing Messi to the country for the first time since 2017. Messi has received a fervent welcome on each of his previous visits to China, which has a huge soccer fan base despite the struggles of the men's national team. Since his first China trip in 2005, Messi has played for Argentina or his former club Barcelona in friendlies. The Spanish side beat Beijing Guoan 3-0 in a friendly in 2010.

☆ Activist Oasis urges Hokuetsu shareholders to vote against president re-election
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

May 22 (Reuters) - Activist investor Oasis Management on Monday urged shareholders of Hokuetsu Corp (3865.T) to vote against the re-election of President Seiko Kishimoto at the Japanese paper manufacturer's upcoming annual general meeting. The "company's corporate governance system, controlled by Kishimoto, has failed to function... We believe true enhancement of the company's corporate value is not possible without his departure," the Asia-focused fund said in a statement. Kishimoto's departure will enhance the paper firm's corporate value over the long term, said Oasis, Hokuetsu's biggest shareholder with a stake of over 18%. Reporting by Urvi Dugar in Bengaluru; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ 'ESG' in US finance job titles comes with 20% pay premium
▼ + stars: | 2023-05-19 | by ( Isla Binnie | ) www.reuters.com time to read: +3 min

"Salaries of ESG and non-ESG personnel started to diverge in 2020, in line with the spike in hiring in ESG roles due to the increasing focus on ESG and sustainable investing in the finance sector," said Loujaina Abdelwahed, an economist at the company. Revelio Labs scraped online professional profiles for people with finance roles in commercial and investment banking and asset management and split them into those with ESG or sustainability in their job titles and those without. Reuters GraphicsSince 2019, the rate of base salary growth for ESG roles has been about 38 percentage points higher than non-ESG personnel, Abdelwahed said. ESG-tagged roles overtook non-ESG on a six-month moving average basis in June 2020 and in August 2021 surged to peak around $109,846, fully $20,000 higher than non-ESG. The gap shrank in the second half of 2021 but grew again into this year: in April 2023 average ESG salaries were $110,348 versus $90,283.

☆ Australian stock exchange says software overhaul won't involve blockchain
▼ + stars: | 2023-05-19 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

SYDNEY, May 19 (Reuters) - Australia's stock market operator said it will no longer attempt to rebuild its software platform with blockchain-based technology, one of the highest-profile repudiations of the once-feted concept best known for powering cryptocurrency. Until now, ASX has said it may resurrect the project using blockchain-based technology developed by New York-based contractor Digital Asset. Digital Asset, in which ASX bought a small stake after hiring it to rebuild its software in 2016, was not immediately available for comment. Whiteley told the meeting ASX was on track to decide a new strategy by year-end. Market participants had told ASX they did not want a risky, single-date changeover to new software, and "that feedback has been taken into the implementation planning", Whiteley said.

LAUNCESTON, Australia, May 19 (Reuters) - Chinese refiners dipped into crude oil inventories in April for the first time in 18 months, as high processing rates exceeded the volume of crude available from both imports and domestic output. The volume of crude available to refiners from imports and domestic output in April was 59.71 million tonnes, equivalent to 14.53 million bpd. For April, the total amount of crude available was 340,000 bpd below the volume processed by refiners, the first time since November 2021 that refiners have drawn on inventories. CRUDE IMPORTS RECOVEROn the crude import side the picture is more interesting, with April arrivals the lowest since January at 10.3 million bpd. For May, it seems likely that imports will recover, with Refinitiv Oil Research estimating arrivals of 11.83 million bpd, a jump of 1.53 million bpd from April's soft outcome.

☆ Toyota, partners to start selling electric micro-vans by March 2024
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

TOKYO, May 18 (Reuters) - Toyota Motor Corp (7203.T) and two allied automakers unveiled a micro-sized electric van targeted at Japan's delivery industry on the sidelines of the Group of Seven (G7) summit in Hiroshima on Thursday. The small electric commercial van will run on a battery electric vehicle (BEV) system that Toyota is jointly developing with minivehicle specialists Daihatsu and Suzuki Motor Corp (7269.T), the companies said in a joint statement. The roll-out by Toyota, which owns 4.89% of Suzuki, and its partners also comes as other automakers in Japan are expanding their lineups with electric mini-commercial vans. Honda Motor Co Ltd (7267.T) said in December it would start selling a micro-sized commercial electric van with a target cruising range of 200km in spring 2024, as part of its effort to electrify its vehicle lineup. Mitsubishi Motors Corp (7211.T) in November re-launched its own small commercial van, Minicab-MiEV, which has a shorter cruising range of 133 km.

☆ Griner, 'superteams' in focus as WNBA season kicks off
▼ + stars: | 2023-05-18 | by ( Amy Tennery | ) www.reuters.com time to read: +3 min

NEW YORK, May 17 (Reuters) - Brittney Griner is back in action for the Phoenix Mercury while the New York Liberty and defending champions Las Vegas Aces are expected to usher in the WNBA's "superteam" era when a new season tips off on Friday. "It was cool, and then at the same time, I was sitting there looking around, zoned out a little bit," said Griner, who will open her season on the road against the Sparks on Friday. I mean, these are some of the best players in the league," head coach Sandy Brondello told reporters this week. She will join reigning MVP A'ja Wilson and All-Star Kelsey Plum, along with two-time champion Alysha Clark, who also signed as a free agent. Reporting by Amy Tennery in New York; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ UK to ban Russian diamonds at G7 in fresh round of sanctions
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Britain's Prime Minister Rishi Sunak plans to announce a ban on Russian diamonds and imports of metals from Russia including copper, aluminium and nickel in support for Ukraine, his government said in a statement. Britain is also targeting an additional 86 people and companies from Russian President Vladimir Putin's military industrial complex, in addition those involved in energy, metals and shipping industries. They include those supporting the Kremlin to actively undermine the impact of existing sanctions, as Britain continues to work with G7 partners to tackle all forms of sanctions circumvention, the government said. Leaders of advanced democracies Japan, the United States, Germany, Britain, France, Canada and Italy start their Group of Seven (G7) summit on Friday in Hiroshima. The G7 countries are poised to use the summit to announce tightened sanctions on Russia and debate strategy on a more than year-long conflict that shows no sign of easing.

☆ Binance Australia says banking disrupted after payment provider cuts off service
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 18 (Reuters) - The Australian arm of Binance, the world's largest crypto-currency exchange, on Thursday said some local customers will be unable to deposit or withdraw money after a third-party payment provider cut off its service. Binance on social media said users are unable to make Australian dollar deposits by bank transfer with immediate effect. "We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users," Binance said in a statement. The Australian Financial Review reported the provider was Westpac Banking Corp (WBC.AX), the country's second-largest retail bank. Reporting by Lewis Jackson and Byron Kaye in Sydney; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ China's Tencent marks return to revenue growth in first quarter
▼ + stars: | 2023-05-17 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.98 billion yuan ($21.70 billion) for the three months ended March 31. Net profit rose 11% to 25.83 billion yuan, versus a 29.67 billion yuan average analyst estimate. Domestic gaming revenue gained 6% to 35.1 billion yuan while international gaming revenue rose 25% to 13.2 billion yuan. Tencent also saw revenue from online ads rose 17% to 21 billion yuan. Revenue from fintech and business services grew 14% to 48.7 billion yuan as the firm continued to expand in those areas.

☆ UBS says it was rushed into unwanted Credit Suisse rescue merger
▼ + stars: | 2023-05-17 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

The wave of deposit outflows and a major share-price drop prompted Switzerland's central bank on March 15 to offer Credit Suisse liquidity assistance. The next day, UBS and Credit Suisse signed a confidentiality agreement upon which the former began due diligence, the UBS filing showed. By then, Credit Suisse was experiencing deposit and net asset outflows at levels substantially exceeding rates of the July-September quarter, UBS said. In early December, UBS management undertook a preliminary assessment of the consequences of a Credit Suisse purchase, which it presented to the Strategy Committee on Dec. 19. From December to mid-January, Credit Suisse executives had also been discussing with the government about its options including a merger with UBS, the UBS filing showed.

☆ Morning Bid: Are we there yet? Market holds breath for debt ceiling deal
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Ankur BanerjeeNervousness in the market over the looming U.S. debt ceiling deadline prevailed through the Asian hours and will remain the main focus for investors as Europe wakes up. McCarthy, the speaker of the House of Representatives, told reporters the two sides remained far apart on an agreement. But he said, "It is possible to get a deal by the end of the week. European markets are set for a lower open, with traders waiting for April inflation data for the eurozone. Japan's economy emerged from recession and grew faster than expected in the first quarter as a post-pandemic consumption rebound offset global headwind.

An investigative committee of the U.S. Federal Circuit Court of Appeals rejected a request by Judge Pauline Newman, 95, to transfer the probe to another circuit. The Washington-based Federal Circuit said it will not comment on the order or other related documents it released on Tuesday. "Though it is difficult to say this, I believe Judge Newman is simply losing it mentally," one staffer told judicial investigators. The Federal Circuit disclosed the probe last month, citing concerns about Newman's ability to handle cases and her refusal to cooperate with the investigation. Newman was appointed by President Ronald Reagan in 1984 to the patent law-focused Federal Circuit, which often hears major cases involving technology and pharmaceutical companies.

☆ Rakuten shares slump 6% on expected $2.2 bln new share issuance
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

The Japanese e-commerce and fintech company's board could meet as early as this week to decide on the capital raising, which is expected to raise roughly 300 billion yen ($2.2 billion), sources told Reuters on Monday. Prospects of a share dilution led on Monday to the biggest one-day drop in three years. "Whenever there is a large sale of new equity, that is dilutive but it also forces decisions about whether to hold. Some will be upset and will sell," said analyst Travis Lundy of Quiddity Advisors, who publishes on Smartkarma. Rakuten said in a statement it was not true that any such decision had been made.

KYIV, May 16 (Reuters) - Russia launched a fresh wave of air attacks on the Ukrainian capital early on Tuesday and Ukrainian officials said defence systems had shot down objects over several districts of Kyiv. It was not immediately known how many objects were shot down over the city and if any of them managed to hit their target. Kyiv's military administration said falling debris was reported in the capital's Obolonskyi, Shevchenkivskyi, Solomyanskyi and Darnytskyi districts. After a weeks-long hiatus, Russia in late April resumed its tactic of long-range missile strikes and has launched a flurry of attacks in recent days, often targeting Kyiv. Reporting by Gleb Garanich and Sergiy Karazy in Kyiv; Writing Lidia Kelly in Melbourne; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Air defence systems repelling attacks on Ukraine early Tuesday - officials
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: 1 min

KYIV, May 16 (Reuters) - Air defence systems were repelling Russian air attacks on Kyiv and other places in Ukraine, Ukraine's officials said early on Tuesday. "Air defence is working on targets," the head of President Volodymyr Zelenskiy's office, Andriy Yermak, said in a post on the Telegram messaging app. Kyiv's military administration officials said on Telegram that air defence systems were repelling attacks on the capital. Reuters' witnesses in Kyiv reported several blasts that sounded like air defence systems destroying objects. Reporting by Gleb Garanich and Sergiy Karazy in Kyiv; Writing Lidia Kelly in Melbourne; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Many Rohingya Muslims killed after cyclone hit western Myanmar - residents, NGO
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: 1 min

[1/4] A satellite image shows a bridge after the landfall of Cyclone Mocha, in Sittwe, Myanmar May 15, 2023. Maxar Technologies/Handout via REUTERSMay 16 (Reuters) - Many Rohingya Muslims were killed in Western Myanmar when Cyclone Mocha struck at the weekend, residents, a relief group in the area and a local media report said on Tuesday. Two residents and local non-governmental organisation operating in Rakhine State, Partners, told Reuters the cyclone had caused major destruction with scores of casualties. Media outlet Myanmar Now said there were 22 deaths in Rohingya communities, citing residents. Reporting by Reuters Staff; Writing by Martin Petty; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

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