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☆ ECB's Kazaks sees rate hikes past July even as economy softens
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +3 min

SINTRA, Portugal, June 27 (Reuters) - The European Central Bank will likely keep raising interest rates after its next meeting even as the economy slows because inflation remains too high, ECB policymaker Martins Kazaks said on Tuesday. But Kazaks, the Latvian central bank governor, said he expected the euro zone economy to simply slow or stagnate, rather than contract, and this should not stop the ECB in its fight against high inflation. "I think rates will need to be raised past July but when and by how much will be data dependent." But Kazaks pushed back against market bets on rate cuts by the ECB in the first half of next year. "And not at the end of the forecast period but towards the middle of the forecast period."

Persons: ECB policymaker Martins Kazaks, Kazaks, we’ll, Francesco Canepa, Shri Navaratnam Organizations: European Central Bank, ECB policymaker, ECB, Reuters, Thomson Locations: SINTRA, Portugal, Germany, Latvian, ECB's

☆ Petrobras wins appeal in multi-billion dollar labor case
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

Companies Petroleo Brasileiro SA Petrobras FollowBRASILIA, June 26 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA) has won its appeal in the Supreme Court against a 2018 labor conviction, avoiding billions of dollars in payments. Petrobras was charged in 2018 by Brazil's top labor court for divergences in the minimum salary remuneration agreed between the company and its employees, known as RMNR. The company was then liable to pay at least 17 billion reais ($3.57 billion) in salary corrections. The final decision to annul the case comes more than a year after supreme court Justice Rosa Weber asked for its temporary suspension. In a statement, Petrobras said it was awaiting the full written judgment "to provide information to the market about the decision."

Persons: Rosa Weber, Ricardo Brito, Carolina Pulice, Isabel Woodford Organizations: Petroleo Brasileiro SA Petrobras Follow, Petrobras, PETR4, Thomson Locations: Petroleo Brasileiro SA Petrobras Follow BRASILIA

☆ Russia conducts tactical fighter jet drills over Baltic Sea
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: 1 min

June 27 (Reuters) - Russia's defence ministry said early on Tuesday that it was conducting tactical fighter jet exercises over the Baltic Sea with the main goal of testing readiness to perform combat and special tasks operations. "The crews of the Su-27 (fighter jets) of the Baltic Fleet fired from airborne weapons at cruise missiles and mock enemy aircraft," the ministry said on the Telegram messaging app. "The main goal of the exercise is to test the readiness of the flight crew to perform combat and special tasks as intended." The ministry said that in addition to improving skills, the fighter jets crews are on "round-the-clock combat duty" guarding the air space of Russia's Kaliningrad exclave. Reporting by Lidia Kelly in Melbourne; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Lidia Kelly, Shri Navaratnam Organizations: Baltic Fleet, Thomson Locations: Baltic, Russia's Kaliningrad, Melbourne

☆ Presidents Cup to return to Melbourne's Sandbelt in 2028
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, June 27 (Reuters) - The Presidents Cup, the biennial team event which pitches the United States against the rest of the world barring Europe, will return to Melbourne for a fourth time in 2028. The United States team, who have won all but two of the 14 editions of the event, will take on the Internationals at Kingston Heath Golf Club in the Melbourne Sandbelt. All three previous Presidents Cups in Australia have been at The Royal Melbourne Golf Club some seven kilometres down the road from Kingston Heath in the southeast of the city. Next year's Presidents Cup will take place at The Royal Montreal Golf Club in Canada, while the U.S. will host the 2026 edition at Medinah Country Club in Chicago. Under an agreement with the local tourist board, Melbourne will also host the event in 2040.

Persons: Matt Rapp, Nick Mulvenney, Shri Navaratnam Organizations: SYDNEY, United States, Kingston Heath Golf Club, Melbourne Sandbelt, Royal Melbourne Golf Club, Kingston Heath, The Royal Montreal Golf Club, Country Club, Thomson Locations: United States, Europe, Melbourne, Australia, Kingston Heath, Kingston, Canada, U.S, Chicago

It was the first time the BOJ summary showed a board member explicitly mentioning the need for an early debate of a tweak to YCC, which contrasts with Governor Kazuo Ueda's remarks ruling out any imminent change in policy. Under YCC, the BOJ guides short-term interest rates at -0.1% and the 10-year bond yield around zero as part of efforts to sustainably achieve its 2% inflation target. Some market players bet the central bank could tweak YCC, such as by widening the allowance band set around the 10-year yield target, as early as July to address market distortions caused by its huge bond buying. FRESH YEN WORRIESYCC is also blamed by some analysts for causing an unwelcome yen fall that pushes up raw material import costs. However, Kanda stopped short of saying Japan was ready to take "decisive action" - language he used shortly before Japan stepped into the currency market last year.

Persons: policymaker, Kazuo Ueda's, Ueda, Daisaku Ueno, MItsubishi UFJ, MItsubishi UFJ Morgan Stanley, YCC, Masato Kanda, Kanda, Shunichi Suzuki, Japan's, Leika Kihara, Shri Navaratnam, Sam Holmes Organizations: Bank of Japan, MItsubishi, MItsubishi UFJ Morgan, MItsubishi UFJ Morgan Stanley Securities, Finance, Thomson Locations: TOKYO, Japan, Asia

☆ Bank of Japan member called for early revision of YCC at June meeting
▼ + stars: | 2023-06-26 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

TOKYO, June 26 (Reuters) - The Bank of Japan should discuss revising its yield curve control (YCC) policy at an early stage, a board member was quoted as saying at a June policy meeting, a summary of opinions at the rate review released on Monday. While the central bank should keep overall monetary policy ultra-loose, it should debate tweaking YCC to improve market function and mitigate its "high cost," the member was quoted as saying. It was the first time the BOJ summary showed a board member explicitly mentioning the need for an early debate of a tweak to YCC. "The Bank should maintain the overall framework of monetary easing for the time being," the member said. At the June meeting, the BOJ maintained ultra-easy monetary policy including its YCC targets - set at -0.1% for short-term interest rates and around 0% for the 10-year bond yield.

Persons: Naoki Tamura, Kazuo Ueda, Leika, Shri Navaratnam, Sam Holmes Organizations: Bank of Japan, Thomson Locations: TOKYO

☆ Indonesia's Pertamina, Malaysia's Petronas aim to take over Shell's Masela stake
▼ + stars: | 2023-06-26 | by ( Emily Chow | ) www.reuters.com time to read: 1 min

KUALA LUMPUR, June 26 (Reuters) - Indonesia's state energy company Pertamina and Malaysia's Petroliam Nasional (Petronas) plan to jointly take over Shell's participating interest in the Masela gas project, Indonesia's energy minister said on Monday. Shell currently has 35% of the shares in the project and authorities are keen for the companies to complete the deal to move the project forward after years of delay. "They are both doing the negotiation," the minister, Arifin Tasrif, told Reuters, referring to Pertamina and Petronas. "They have to finalise what kind of joint scheme they are preparing," he said on the sidelines of an Energy Asia conference. Reporting by Emily Chow, Writing by Fransiska Nangoy Editing by Shri Navaratnam, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Shell, Arifin Tasrif, Emily Chow, Fransiska, Shri Navaratnam, Robert Birsel Organizations: Petronas, Reuters, Energy, Thomson Locations: KUALA LUMPUR, Petroliam Nasional, Energy Asia

☆ Chinese authorities focus on fire hazards following restaurant blast
▼ + stars: | 2023-06-23 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +1 min

SHANGHAI, June 23 (Reuters) - China's State Council Security Committee and municipal and provincial governments have held emergency video conferences and issued warnings about fire hazards and safety in the wake of a blast in China's northwest that killed 31 on Wednesday. Wednesday's explosion at a BBQ restaurant prompted President Xi Jinping to order a safety overhaul across China, calling on all regions to rectify safety risks. Following a hastily convened video conference on Thursday, Beijing mayor Yin Yong stressed that close attention should be paid to investigating and rectifying fire hazards. Beijing's municipal government, as well as the provincial governments of Sichuan, Guizhou and Hainan have all called attention to fire dangers and the safe handling of liquefied gas. Sichuan's Governor Huang Qiang said his province would immediately carry out an investigation and treatment of gas safety hazards.

Persons: Xi Jinping, Yin Yong, Huang Qiang, Casey Hall, Shri Navaratnam Organizations: Security, China's Ministry of Culture, Tourism, Thomson Locations: SHANGHAI, China, Beijing, Sichuan, Guizhou, Hainan

☆ Construction halted on mansion of Brazilian soccer star Neymar
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

RIO DE JANEIRO, June 22 (Reuters) - Construction on a mansion belonging to Brazilian soccer player Neymar Jr was halted on Thursday due to environmental violations, officials said on Thursday, adding that the high-profile athlete could face a fine of at least $1 million. The residence is located in the coastal town of Mangaratiba on the south coast of Rio de Janeiro state. If the violations are proved, Neymar Jr could be forced to pay at least 5 million reais ($1.05 million) in fines, according to the statement. Officials said that during their visit to the property to stop construction, the athlete's father, Neymar da Silva Santos, insulted them. ($1 = 4.7729 reais)Reporting by Rodrigo Viga Gaier; Writing by Peter Frontini and Carolina Pulice Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Neymar Jr, Neymar, Neymar da Silva Santos, Rodrigo Viga Gaier, Peter Frontini, Shri Navaratnam Organizations: RIO DE, Carolina, Thomson Locations: RIO DE JANEIRO, Brazilian, Mangaratiba, Rio de Janeiro

☆ Australia to decide fate of central bank chief in July
▼ + stars: | 2023-06-22 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

[1/2] Governor of the Reserve Bank of Australia (RBA) Philip Lowe attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 16 July 2022. Treasurer Jim Chalmers told reporters on Thursday he would announce his decision on Reserve Bank of Australia (RBA) Governor Philip Lowe's future in coming weeks, but would not be drawn on whether Lowe would keep his job. The clamour of criticism, particularly in the media, led Chalmers to launch an independent review of the central bank which recommended sweeping changes in its operation and the way policy was formed. "Obviously, the Reserve Bank Governor needs to be well placed to implement the recommendations of the review and to take the Reserve Bank into the future," said Chalmers. Possible replacements being touted are the current deputy governor Michele Bullock, Treasury official Jenny Wilkinson and former Bank of Canada official Carolyn Wilkins, who also led the review into the RBA.

Persons: Philip Lowe, Jim Chalmers, Philip Lowe's, Lowe, I’m, we'd, Chalmers, Michele Bullock, Jenny Wilkinson, Carolyn Wilkins, Wayne Cole, Renju Jose, Leslie Adler Organizations: Reserve Bank of Australia, Ministers, Central Bank Governors, Reserve Bank Governor, Bank, Treasury, Bank of Canada, Thomson Locations: Nusa Dua, Bali, Indonesia

☆ Telecom Italia sounds out buyers for stake in enterprise unit -Bloomberg News
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Telecom Italia (TLIT.MI) is restarting its efforts to sell a minority stake in its enterprise unit, potentially valued at more than 6 billion euros ($6.6 billion), Bloomberg News reported on Thursday, citing people familiar with the matter. Telecom Italia did not immediately respond to a Reuters' request for comment. The company set out to launch a sale process for a minority stake in its enterprise service arm last year. The enterprise business unit combines the phone group's connectivity services as well as cloud, cybersecurity and internet of things (IoT)operations. The telecom company rejected a nonbinding bid by CVC Capital Partners last year for a stake of up to 49% in its enterprise business.

Persons: Pietro Labriola, Bloomberg, Akanksha, Jacqueline Wong Organizations: Telecom, Bloomberg, Telecom Italia, CVC Capital Partners, Thomson Locations: Bengaluru

WHAT IS THE COMMON FRAMEWORK? The Common Framework requires debtor countries to secure restructuring assurances from any bilateral lenders first and commercial and multilateral lenders second - to Beijing's dismay. "We call on multilateral financial institutions and commercial lenders, who are the main creditors for developing countries, to participate in developing countries' debt relief efforts," Mao said. In Paris, analysts expect China to continue to voice support for the Common Framework but for debt relief to be dispensed "case-by-case". The last time global policymakers met to discuss the Common Framework in Washington, China proposed the IMF should speed up and improve information sharing on debt sustainability analyses.

Persons: Li Qiang, acceding, Yi Gang, Mao Ning, Mao, Qin Gang, Sri, Wang Wenbin, Joe Cash, Ryan Woo, Shri Navaratnam Organizations: Paris Club, International Monetary Fund, Bank, IMF, World Bank, Foreign Ministry, China's, France, Thomson Locations: Paris, China, Zambia, Chad, Ethiopia, Ghana, United States, U.S, Beijing, Washington, CHINA, Addis Ababa, Japan, India, France, Sri Lanka's

Core consumer inflation has now stayed above the central bank's 2% target for 14 straight months, casting doubt on its view the recent cost-driven inflation will prove temporary. "As the pass-through of rising costs runs its course, core consumer inflation will peak around summer," said Ryosuke Katagi, market economist at Mizuho Securities. BOJ Governor Kazuo Ueda has stressed the need to keep loose policy until inflation is sustainably around 2% and accompanied by wage hikes. He has also said core consumer inflation will slow back below 2% by September or October, though sustained price rises have put that view into some doubt. In its last projections made in April, the BOJ expected core consumer inflation to hit 1.8% in the current fiscal year ending in March 2024.

Persons: Ryosuke, Stefan Angrick, Kazuo Ueda, Leika Kihara, Takahiko Wada, Jacqueline Wong Organizations: Mizuho Securities, Bank of Japan, Reuters, Moody's, Thomson Locations: TOKYO, Japan's, Tokyo

[1/2] U.S. President Joe Biden and first lady Jill Biden meet India?s Prime Minister Narendra Modi in Washington, U.S., June 21, 2023. In a rare gesture, Modi has agreed to take questions from reporters with Biden at the White House on Thursday. He has not conducted a news conference since becoming prime minister nine years ago. At the same time, Biden plans to raise human rights concerns with Modi amid worries about democratic backsliding in India. Biden is under pressure by his fellow Democrats to discuss human rights with Modi.

Persons: Joe Biden, Jill Biden, Narendra Modi, Biden, Modi, Modi's, Elon Musk, Musk, Steve Holland, Nandita Bose, Shri Navaratnam Organizations: India's Press, REUTERS, Indian, Washington, Oval Office, White, Senior Biden, United, General Electric Co, U.S . Navy, U.S ., U.S, chipmaker Micron, Modi . Rights, Wednesday, Tesla, Thomson Locations: Washington , U.S, REUTERS WASHINGTON, U.S, Washington, India, China, United States, Australia, Gujarata, backsliding, New York

[1/2] U.S. President Joe Biden and first lady Jill Biden meet India?s Prime Minister Narendra Modi in Washington, U.S., June 21, 2023. In a rare gesture, Modi has agreed to take questions from reporters with Biden at the White House on Thursday. Modi has not conducted a news conference since becoming prime minister nine years ago and his visit has drawn attention to concerns over human rights in India. Washington wants India to be a strategic counterweight to China and sees India as a critical partnership. Biden is under pressure from his fellow Democrats to discuss human rights with Modi.

Persons: Joe Biden, Jill Biden, Narendra Modi, Biden, Modi, Representatives Alexandria Ocasio, Ilhan Omar, Rashida, Cortez, Elon Musk, Musk, Steve Holland, Nandita Bose, Shri Navaratnam, Heather Timmons, Sharon Singleton Organizations: India's Press, REUTERS, Indian, Washington, Oval Office, White, Senior Biden, United, General Electric Co, GE, Hindustan Aeronautics Ltd, U.S . Navy, U.S ., U.S, chipmaker Micron, Representatives, Rights, Wednesday, Tesla, Thomson Locations: Washington , U.S, REUTERS WASHINGTON, U.S, India, Washington, China, United States, Australia, Gujarat, The U.S, backsliding, Cortez, New York

☆ BOJ's Adachi sees only small chance of July policy tweak
▼ + stars: | 2023-06-21 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

"If market conditions don't change much from now, the chance of us tweaking yield curve control in July to arrest any distortion in the yield curve will be small," he said. The remarks were the strongest yet from a BOJ policymaker ruling out the chance of a policy tweak at the next meeting scheduled on July 27-28. Adachi said the BOJ must look at consumer price data for July onward to judge whether inflation was overshooting its baseline scenario. But there's high uncertainty over our baseline inflation outlook, so it's premature to tweak monetary policy," he said in a speech to Kagoshima business leaders. "The BOJ must humbly monitor price and wage developments, and respond not too quickly, but also not too slowly" the second member said.

Persons: Seiji Adachi, Adachi, Kazuo Ueda, Leika, Shri Navaratnam, Sam Holmes Organizations: Bank of Japan, Thomson Locations: KAGOSHIMA, Japan, Kagoshima

☆ BOJ's Adachi says it's premature to tweak ultra-loose policy
▼ + stars: | 2023-06-21 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

KAGOSHIMA, Japan, June 21 (Reuters) - Bank of Japan board member Seiji Adachi said it was too early to phase out ultra-loose monetary policy due to uncertainty over the price outlook, brushing aside expectations of an early tweak to its controversial yield curve control policy. "Amid huge uncertainty over the price outlook, there are upside and downside risks. "When considering whether it's appropriate to change monetary policy, we must carefully take into account such risks," he said. Adachi said distortions in the shape of the yield curve have dissolved, arguing that there was no need to tweak YCC now. But there's high uncertainty over our baseline inflation outlook, so it's premature to tweak monetary policy," he said.

Persons: Seiji Adachi, Adachi, Leika, Shri Navaratnam, Sam Holmes Organizations: Bank of Japan, Thomson Locations: KAGOSHIMA, Japan, U.S, Kagoshima

☆ Rio Tinto reopens iron ore rail line in Western Australia after derailment
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

MELBOURNE, June 21 (Reuters) - The world's biggest iron ore miner Rio Tinto (RIO.AX) said on Wednesday that it had reopened a rail line at its Western Australian operations after a train carrying iron ore near the port of Dampier derailed at the weekend. The line will remain subject to speed restrictions while a clean up of the site is underway and an investigation into the cause of the derailment is ongoing, a Rio Tinto spokesman said via email. The incident on Saturday was the second such event in recent years after peer BHP Group (BHP.AX) derailed a runaway iron ore train in the same region in late 2018. The loaded train with some 30 wagons would have been carrying around 3,900 to 4,500 metric tons of iron ore, according to one estimate. Rio Tinto has not said what the impact on its customers would be, if any, and declined any further comment.

Persons: Rio, Melanie Burton, Shri Navaratnam, Jamie Freed Organizations: MELBOURNE, Rio Tinto, BHP Group, Tinto, Thomson Locations: Rio, Dampier

☆ Japan will 'aggressively' push for women's participation after gender gap report
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

TOKYO, June 21 (Reuters) - Japan plans to "aggressively" push for women's participation in society, especially in politics, top government spokesperson Hirokazu Matsuno said on Wednesday after an annual report showed the country was struggling to narrow the gender gap. The World Economic Forum report measuring gender parity ranked Japan 125th out of 146 countries this year, compared with 116th in last year's report. In economic participation and opportunity, a category that examines labour force participation, wage equality and income showed, Japan was 123th, the lowest among East Asian and the Pacific countries. Its gender parity in political empowerment was one of the lowest-ranked in the world, at 138th, behind China, Saudi Arabia and Turkey. The ruling Liberal Democratic Party this month compiled a plan to raise the percentage of its female lawmakers to 30%.

Persons: Hirokazu Matsuno, Fumio Kishida, Kishida, Satoshi Sugiyama, Pasit, Mariko Katsumura, Shri Navaratnam, Gerry Doyle Organizations: Economic, Japan, East, Investors, Norges Bank Investment Management, Nikkei, Liberal Democratic Party, Thomson Locations: TOKYO, Japan, China, Saudi Arabia, Turkey, Lower

☆ Senate confirms abortion rights lawyer to US appeals court
▼ + stars: | 2023-06-20 | by ( Andrew Goudsward | ) www.reuters.com time to read: +2 min

June 20 (Reuters) - A lawyer who argued on the losing side of the U.S. Supreme Court case that ended the national right to abortion won confirmation on Tuesday to a seat on a federal appeals court. The U.S. Senate confirmed Julie Rikelman, a top lawyer for the Center for Reproductive Rights, to the Boston-based 1st Circuit U.S. Court of Appeals by a vote of 51-43. Rikelman represented Mississippi's last remaining abortion clinic in urging the Supreme Court to reaffirm the constitutional right to abortion and strike down a state law that banned the procedure after 15 weeks of pregnancy. Rikelman's nomination drew opposition from Republicans, who questioned her abortion rights advocacy during a September 2022 Senate hearing and described her position on the issue as extreme. She is Biden’s third nominee to secure a seat on the court, whose active judges were all nominated by Democrats.

Persons: Julie Rikelman, Susan Collins of, Lisa Murkowski, Rikelman, Dobbs, Joe Biden, Biden, Rikelman's, Andrew Goudsward, David Bario Organizations: U.S, Supreme, U.S . Senate, Center for Reproductive, Circuit U.S, Jackson, Health Organization, Republicans, Center for Reproductive Rights, Thomson Locations: Boston, Susan Collins of Maine, Alaska, Mississippi's, New York

[1/5] People wait for bus near a billboard of JD.com advertisement for the "618" shopping festival, in Beijing, China June 12, 2023. Retail sales growth in May slowed from the previous month, missing forecasts. In 2022 China's online retail sales amounted to 13.8 trillion yuan ($1.93 trillion), according to Ministry of Commerce data. "Everyone's making excuses but at the end of the day, it's a super-soft retail market." Last year, JD.com posted 10% annual growth in total 618 sales, its slowest ever.

Persons: Tingshu Wang, Josh Gardner, JD.com, Trudy Dai, Jason Yu, Kantar, Yu, Iris Zhang, Gardner, Data, Casey Hall, Sophie Yu, Marius Zaharia Organizations: REUTERS, HK, of Commerce, Kungfu, Burberry, Apple, Alibaba, Jefferies, Citi, Thomson Locations: Beijing, China, SHANGHAI, Tmall

Ministry of Finance data showed on Thursday that exports rose 0.6% year-on-year in May, for the 27th straight month of rises, led by 66% growth in car shipments. Reuters GraphicsThis year, domestic demand may temporarily outpace slumping exports as a key driver of growth, said Takeshi Minami, chief economist at Norinchukin Research Institute. Separate government machinery orders data, also released Thursday, underlined the struggles faced by manufacturers though the overall numbers suggested the services sector is providing some cushion to the economy. U.S.-bound exports, another key market for Japanese exports, grew 9.4% in the year to May on double-digit gain in car shipment. "For the outlook of Japanese exports, the U.S. Fed's rate-hike pause is a positive news that will further vitalise American private consumption", said Kazuma Kishikawa, economist at Daiwa Institute of Research.

Persons: Darren Tay, Takeshi Minami, Kazuma Kishikawa, Tetsushi Kajimoto, Riddhima Talwani, Shri Navaratnam Organizations: Ministry of Finance, Capital Economics, Reuters, Norinchukin Research, Bank of Japan, Daiwa Institute of Research, Thomson Locations: TOKYO, Taiwan, South Korea, Japan, China, U.S

☆ China's slower home price growth, deepening investment slump signal more easing
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +3 min

New home prices in May rose 0.1% month-on-month, slower than a 0.4% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Additional easing measures are needed to revive the industry, economists say, adding to expectations Beijing will deliver stimulus such as further easing home purchase curbs in first-tier cities. Beijing's broad-based stimulus measures to prop up the embattled property market since late last year had boosted sentiment in the wake of the abrupt end of COVID-19 curbs in December. In annual terms, prices rose slightly for the first time since April 2022, up 0.1% last month after a 0.2% drop in April. China's central bank cut the borrowing cost of its medium-term policy loans for the first time in 10 months on Thursday.

Persons: Yan Yuejin, Goldman Sachs, China's, Liangping Gao, Qiaoyi Li, Ryan Woo, Sam Holmes, Christopher Cushing Organizations: National Bureau of Statistics, China Research, Development Institution, Thomson Locations: BEIJING, Beijing, China, COVID

☆ China cuts medium-term loan rates as economy sputters, more easing expected
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +3 min

[1/2] Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. Activity data to be released later on Thursday morning was expected to point to further weakness. The cuts could also pave the way for reductions in China's benchmark lending rates when they are set next Tuesday. With 200 billion yuan ($27.93 billion) worth of MLF loans set to expire this month, Thursday's operation resulted in a net 37 billion yuan ($5.17 billion) of fresh fund injection into the banking system. The central bank also injected 2 billion yuan ($279.14 million) through seven-day reverse repos at 1.9%, it said in an online statement.

Persons: Tingshu Wang, skidding, Goldman Sachs, Li Gu, Tom Westbrook, Kim Coghill Organizations: People's Bank of China, REUTERS, BNP, Barclays, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, outflows, Shanghai, Singapore

☆ Indian police charge lawmaker with sexual harassment in case brought by female wrestlers
▼ + stars: | 2023-06-15 | by ( Rupam Jain | ) www.reuters.com time to read: +2 min

Public Prosecutor Atul Srivastav read out the charges at a court hearing in the capital New Delhi. A police source said last week more than 155 people have been questioned in the investigations against Brij Bhushan Sharan Singh, a member of parliament from Prime Minister Narendra Modi's party. The investigations followed months of complaints by the country's top wrestlers, including several Olympic and Asian Games medallists. Amid mounting outrage, the wrestlers suspended their protest after Sports Minister Anurag Thakur promised a June 15 deadline to conclude the probe into Singh. Reporting by Rupam Jain; Writing by Raju Gopalakrishnan; editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Brij Bhushan Sharan Singh, Narendra Modi's, Atul Srivastav, Singh, Amit Shah, Anurag Thakur, Rupam Jain, Raju Gopalakrishnan, Shri Navaratnam Organizations: Wrestling Federation of India, Indian, Bharatiya Janata Party, BJP, Games, Sports, Singh, Thomson Locations: Colonelgunj, DELHI, New Delhi

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