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How India Profits From Its Neutrality in the Ukraine War The Gulf of Kutch in India is home to the world’s largest oil refinery. After Russia invaded Ukraine, tankers laden with Russian oil are an increasingly common sight along this inlet of northwestern India. China and India are buying so much Russian oil now that Moscow is selling more crude than it was before it invaded Ukraine. Russian crude shipments in the Gulf of Kutch this year Total barrels shipped between through May 2023. In December, S. Jaishankar, India’s foreign minister, was asked in Parliament about India’s decision to buy Russian crude.

Persons: Narendra Modi, Modi, Biden, Ukraine Price, —, Mukesh Ambani, India’s, Copernicus, ” Organizations: New York Times, Western, Ukraine, International Energy Agency, European Union, Argus Media, Jamnagar, Reliance Industries, Nayara Energy, Rosneft, Port, Southeast, Center, Research, Energy, Clean, United Arab Emirates, Modi government’s Locations: India, Ukraine, Kutch, Russia, SynMax, United States, Europe, Moscow, West, India China, China, Kpler, East, Jamnagar, Gujarat State, Russian, Gulf, Pipeline, Panipat, Mundra, Vadinar, Jamnagar Port Vadinar Refinery Jamnagar, Port, Nayara, Southeast Asia, Africa, Finland, Turkey, Singapore, Sikka, Asia Europe

☆ Bank of England hikes interest rates to 5%, stoking fears of a ‘mortgage bomb’
▼ + stars: | 2023-06-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation. Many mortgage holders due to refinance their loans this year and next bought their homes when interest rates were much lower and mortgage rates were closer to 1% or 2%. Capital Economics is forecasting a 12% decline in house prices between their August 2022 peak and 2024. If interest rates must stay higher for longer to tame inflation, house prices could fall more sharply. “If mortgage rates were to stay at 6% for several years, a house price fall of 25% would be likely,” Wishart said.

Persons: we’ve, Andrew Bailey, ”, Jake Berry, Rishi Sunak, ” Simon Pittaway, Tom Bill, Knight Frank, Bill, Banks, ” Bill, “, There’s, Andrew Wishart, ” Wishart Organizations: London CNN —, Bank of England, ” Bank of England, ” Financial, “, Institute for Fiscal Studies, UK Finance, CNN, Savings, Capital Economics Locations: United Kingdom, United States, Europe, —

☆ Australia's central bank hiked rates for fear inflation was becoming entrenched
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, June 20 (Reuters) - Australia's central bank's decision to hike interest rates in June was "finely balanced" but judged necessary to ensure high inflation did not become embedded in wage and price expectations. "Members recognised the strength of both sets of arguments, concluding that the arguments were finely balanced," the minutes showed. Low productivity and rising wages was a particular worry, with the board noting that a recent national award for low-paid workers had been higher than expected. "Members discussed the possibility of implicit indexation of wages to past high inflation and the potential for this to become widespread," the minutes showed. This behaviour raised the risk that inflation would not return to the RBA's 2-3% target band in a "reasonable timeframe", the minutes showed.

Persons: Wayne Cole Organizations: SYDNEY, Reserve Bank of Australia, Thomson

☆ Polish LGBTQ crowds march to demand equal rights as election looms
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +3 min

[1/8] People take selfie on the day of an annual LGBT Equality Parade in Warsaw, Poland June 17, 2023. With an election in October or November looking tight, activists expect PiS to use issues like gay marriage or teaching about LGBTQ issues in schools to mobilise socially conservative voters. It also says that teaching about LGBTQ issues in schools results in children being sexualised. "We want to celebrate but also fight for more rights [for the LGBTQ community] in Poland," Gora told Reuters. While thousands celebrated marching to the sounds of music, a group of anti-LGBTQ activists from the Foundation for Life and Family burned rainbow flags, the symbol of the LGBTQ community.

Persons: Alicja Herda, PiS, Jaroslaw Kaczynski, Rafal Trzaskowski, Krzysztof Gora, Gora, Sabrina, Agnieszka Pikulicka, Alan Charlish, Nick Macfie, Mike Harrison Organizations: Equality Parade, REUTERS, Law and Justice, Warsaw, Reuters, Foundation for Life, Thomson Locations: Warsaw, Poland, WARSAW, Europe, London

☆ Polish LGBTQ march seeks to show strength as election looms
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +2 min

[1/8] People take selfie on the day of an annual LGBT Equality Parade in Warsaw, Poland June 17, 2023. It also says that teaching about LGBTQ issues in schools results in children being sexualised. This view, which is regularly featured in state-run media, strikes a chord with many voters in the predominantly Catholic country. For Herda, the fears some conservatives have regarding LGBTQ rights are unfounded. In her view, education about LGBTQ issues is beneficial.

Persons: Poland's, Alicja Herda, PiS, Jaroslaw Kaczynski, Alan Charlish, Nick Macfie Organizations: Equality Parade, REUTERS, Law and Justice, Thomson Locations: Warsaw, Poland, WARSAW

The reshoring trend is bringing manufacturing back into the U.S., putting the need for robots and automation at the forefront of the building boom. But with a tight labor market, companies are incorporating more automation and robotics into these brand new factories. Another robotics company Daryanani picked was Azenta . Sakraida said it could see upside as it gradually exposes itself more to the reshoring trend. It's working toward becoming a pure-play automation company," Sakraida said.

Persons: Jonathan Sakraida, reshoring, Carol Schleif, BMO's, Amit Daryanani, Daryanani, chipmakers, Morgan Stanley, industrials, Jonathan Coleman, Janus Henderson, Sakraida, Chris Snyder, Rockwell, — CNBC's Michael Bloom Organizations: UBS, Labor, BMO Family, HP, Janus Henderson Investors, Lincoln Electric, Rockwell Automation, ROK, Emerson Electric, Emerson Locations: U.S

☆ Daniel Ellsberg, Pentagon Papers leaker and anti-war activist, dies at 92
▼ + stars: | 2023-06-16 | by ( Kaanita Iyer | ) edition.cnn.com time to read: +7 min

Washington CNN —Daniel Ellsberg, a former military analyst and anti-war activist whose disclosure of the so-called Pentagon Papers revealed systemic US government deception about the Vietnam War, has died, his family announced in a statement. As part of his work with RAND, Ellsberg had access to classified documents that demonstrated how the US government had systemically lied to the public about the war, and Ellsberg felt compelled to reveal the information. In a letter to his friends that he shared on social media in March, Ellsberg reflected on his decision to leak the Pentagon Papers. “It was a fate I would gladly have accepted if it meant hastening the end of the Vietnam War, unlikely as that seemed (and was). “No organization really wants to show how the sausage is made or legislation is made, and they prefer to be the only voice on policy to the public,” Ellsberg told NPR.

Persons: Washington CNN — Daniel Ellsberg, Ellsberg, ”, “, ” Ellsberg, “ Daniel, systemically, Truman, Eisenhower, Kennedy, Johnson, Robert McNamara, Lyndon B, John F, Ngo Dinh Diem –, Nixon, CNN’s Christiane Amanpour, “ It’s, Chelsea Manning, Roe, Wade, Patricia, Robert, Mary, Michael Organizations: Washington CNN, New York Times, Press Foundation, RAND Corporation, RAND, The New York Times, Times, Washington Post, Pentagon, Committee, University of Massachusetts Amherst, Harvard University, Marine Corps, Harvard, International Security Affairs, State Department, White House, WikiLeaks, NPR Locations: Vietnam, Kensington , California, Chicago, Detroit, United Kingdom, Amherst, Iraq

PGA TOUR logo is seen during the second round of the Farmers Insurance Open at Torrey Pines South on January 29, 2021 in San Diego, California. The Justice Department's Antitrust Division has informed the PGA Tour it will review the organization's proposed merger with Saudi-funded LIV Golf, a source told NBC News on Thursday. The Justice Department and LIV Golf declined to comment. The PGA Tour policy board will have to approve the agreement, Monahan told players in a memo. The PGA Tour revealed Tuesday that Monahan is currently recovering from an unspecified medical matter and is taking a leave of absence.

Persons: LIV, LIV Golf, Democratic Sens, Elizabeth Warren of, Ron Wyden, Sen, Richard Blumenthal, Conn, Wyden, Saudi Arabia's Crown Prince Mohammed bin Salman, LIV dangled, Donald Trump, Jay Monahan, Monahan Organizations: Farmers Insurance, Torrey Pines, Department's Antitrust, PGA, Saudi, NBC, Justice, LIV, CNBC, PGA Tour, Democratic, Oregon, DOJ, Investment Fund, Saudi Arabia's Crown, Tour Locations: San Diego , California, Elizabeth Warren of Massachusetts, New Jersey

☆ The stock rally will end soon, recession will hit, and the Fed won't hike interest rates again, markets guru Jeremy Siegel predicts
▼ + stars: | 2023-06-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jeremy Siegel is wary of stocks, expecting a recession, and predicting the Fed won't hike again. The retired Wharton professor doubts the stock market will keep surging or hit a new low. Siegel sees a mild recession and the Fed ending its war on inflation to minimize job losses. While the Fed is widely expected to lift rates next month, Siegel suggested it might refrain fom tightening its monetary policy anymore. The markets guru also suggested the Fed might raise its inflation target from 2% to 3% once the current threat fades.

Persons: Jeremy Siegel, Wharton, Siegel, —, WisdomTree Organizations: Service, Federal, Federal Reserve

The package, which Kishida is likely to explain at a press conference, may help his party appeal to the public with promises of payouts. Kishida has said he hopes to double child care spending, now about 4.7 trillion yen ($33.7 billion), by the early 2030s. Under the plan, the government is likely to earmark about 3.5 trillion yen annually for the next three years for child care allowances and support for those taking child care leave. Analysts, however, doubt whether the package will do much to stem a chronic decline in the birthrate and Japan's rapidly ageing population. ($1=139.4600 yen)Reporting by Takaya Yamaguchi and Tetsushi Kajimoto; Editing by Leika Kihara and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Fumio Kishida, Kishida, Toru Suehiro, Japan's birthrate, Takaya Yamaguchi, Leika Kihara, Clarence Fernandez Organizations: Reuters, Analysts, Daiwa Securities, Thomson Locations: TOKYO

☆ Dutch intelligence warned CIA about alleged Ukrainian plot to attack Nord Stream pipelines, Netherlands’ public broadcaster reports
▼ + stars: | 2023-06-13 | by ( Mick Krever Alex Marquardt Sarah Dean Sugam Pokharel | Mick Krever | Alex Marquardt | ) edition.cnn.com time to read: +2 min

CNN —Dutch military intelligence warned the American intelligence service, CIA, last year about an alleged Ukrainian plan to blow up the Nord Stream pipelines three months before they were hit, Dutch public broadcaster NOS reported on Tuesday without specifying a source. The United States received intelligence from a European ally last year that the Ukrainian military was planning an attack on the Nord Stream natural gas pipelines, CNN reported last week based on information from three US officials. The Wall Street Journal (WSJ) reported on Tuesday that the CIA warned Ukraine last year to not attack the Nord Stream gas pipelines after receiving information about an alleged Ukrainian plan, citing officials familiar with the exchange. The CIA received the tip from Dutch military intelligence, the officials told the WSJ. Netherlands’s public broadcaster in its report said that the Dutch military intelligence service, MIVD, was able at an early stage to gather detailed information about alleged Ukrainian plot to blow up the pipelines.

Persons: hasn’t, Volodymyr Zelensky, ’ ” Mykhailo Podolyak Organizations: CNN, CIA, NOS, ARD, United, Street, European Union, Twitter Locations: United States, Western, Ukraine, Ukrainian, Nord, Russia, Baltic, Europe

☆ Futures rise as focus shifts to inflation data, Fed meet
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

Goldman Sachs on Friday raised its year-end price target for the benchmark S&P 500 (.SPX) to 4,500 from 4,000, citing the broadening of the market rally. The CBOE volatility index (.VIX) edged up after hitting pre-pandemic levels in the previous week, up 0.71 point to 14.5. Adobe (ADBE.O) shares gained 1.9% after Jefferies raised the Photoshop maker's price target to $530, the second highest on Wall Street. Oracle (ORCL.N) rose 4.1% as J.P. Morgan hiked its price target to $109, ahead of the cloud and enterprise software firm's fourth-quarter results later in the day. Nasdaq Inc (NDAQ.O) slid 7.5% after the exchange operator said it would buy Thoma Bravo-owned software firm Adenza for $10.5 billion.

Persons: Goldman Sachs, stoking, Jefferies, Morgan, Thoma, Shristi Achar, Vinay Dwivedi Organizations: Dow, Nasdaq, U.S, Labor, Traders, Dow e, FDA, . Oracle, HK, Nasdaq Inc, Thoma Bravo, Thomson Locations: megacap, Nio, Bengaluru

☆ Asia shares near month high ahead of central bank meetings
▼ + stars: | 2023-06-12 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, June 12 (Reuters) - Asian shares started tentatively on Monday as investors braced for central bank meetings from Europe, Japan and the United States this week, along with U.S. inflation data that will likely influence the Federal Reserve's monetary policy path. China stocks (.SSEC) eased 0.01%, while Hong Kong's Hang Seng Index (.HSI) opened up 0.3%. Markets are pricing for a 71% probability the U.S. central bank will stand pat when it meets on June 13-14, according to CME FedWatch tool. While doubts persist among investors which path the Fed will take this week, they are more certain the European Central Bank, which meets on Thursday, will raise rates and remain hawkish. The yen eased 0.01% to 139.39 per dollar ahead of the Bank of Japan's (BOJ) policy meeting on Friday.

Persons: Hong, HSI, Lagarde, Mohit Kumar, Kumar, Sterling, Brent, Jacqueline Wong Organizations: Federal, Japan's Nikkei, Reserve Bank of Australia, Bank of Canada, Citi, European Central Bank, Jefferies, ECB, Bank of Japan's, Reuters, Thomson Locations: SINGAPORE, Europe, Japan, United States, Asia, Pacific, China, Turkish

☆ Russia's central bank sounds alarms on the economy as the falling ruble and record labor shortage add inflationary pressures
▼ + stars: | 2023-06-10 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

Russia's central bank sounded alarms on inflation amid the falling ruble and a record labor shortage. Since then, the central bank has brought rates back down as inflation has cooled. Other data have shown Russia is suffering from a record labor shortage as Vladimir Putin's war on Ukraine delivered a major shock to the workforce. And the mass exodus of Russians to other countries to escape military service or economic hardship has made the labor shortage even worse. The labor shortage also contributed to a sharp drop last month in Russia's industrial production, which tumbled 5% from the prior month.

Persons: —, Elvira Nabiullina, Vladimir Putin's Organizations: Service, Reuters, Kremlin Locations: Ukraine, Russia

☆ ChatGPT can only tell 25 jokes, and can't come up with new ones, researchers find
▼ + stars: | 2023-06-10 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

ChatGPT is "fun, but not funny" and keeps telling users the same 25 jokes, according to researchers. In a paper published on arXiv, most of the 1,008 jokes ChatGPT told were variations of just 25. By asking the chatbot "do you know any good jokes?," the researchers got ChatGPT to generate 1,008 jokes. However, more than 90% were the same 25 jokes, the researchers found, with the remainder being variations. Insider asked ChatGPT to tell us 25 jokes to get an idea of what the researchers meant.

Persons: ChatGPT, haven't, Sophie Jentzsch, Kristian Kersting, Bryan Caplan Organizations: Morning, Cornell University

☆ The Eurozone Slipped Into a Mild Recession Early in the Year
▼ + stars: | 2023-06-08 | by ( Liz Alderman | ) www.nytimes.com time to read: +3 min

Spending in the eurozone fell 0.3 percent in the first three months of this year after falling 1 percent in the previous quarter. Across Europe, countries swiftly stockpiled energy reserves, and a mild winter, together with mass conservation efforts, helped avoid the worst. The strategy has helped drive down the price of energy, and inflation in the eurozone’s biggest economies climbed down from record highs. In May, the annual rate of inflation was 6.1 percent, the eurozone’s lowest level in more than a year. The International Monetary Fund has warned that European policymakers’ main challenge this year would be to tame inflation without stoking a severe recession.

Persons: ” Claus Vistesen, “, ” Organizations: “, Pantheon, European Central Bank, Monetary Fund, ’, Analysts, ING Bank, Bank’s Locations: Germany, Spain, Italy, Portugal, Netherlands, France, Ukraine, Europe

OTTAWA, June 7 (Reuters) - The Bank of Canada on Wednesday hiked its overnight rate to a 22-year high of 4.75%, and markets and analysts immediately forecast yet another increase next month to ratchet down an overheating economy and stubbornly high inflation. Noting an uptick in inflation in April and the fact that three-month measures of core inflation remained high, the Bank of Canada (BoC) said that "concerns have increased that CPI inflation could get stuck materially above the 2% target." However, Canada Finance Minister Chrystia Freeland said the economic rebound from the COVID-19 pandemic and Russia's invasion of Ukraine has been stoking price increases. "To bring demand lower, which is the bank's goal to achieve their 2% inflation target, we just simply need more tightening." The BoC said it would continue to assess economic indicators going forward to see if they "are consistent with achieving the inflation target."

Persons: Derek Holt, Paul Beaudry, Canada's, Pierre Poilievre, Justin Trudeau, Chrystia Freeland, Andrew Kelvin, Steve Scherer, David Ljunggren, Fergal Smith, Divya Rajagopal, Nivedita Balu, Mark Porter Organizations: OTTAWA, Bank of Canada, Wednesday, Canadian, Scotiabank, BoC, Conservative Party, Liberal, Canada Finance, TD Securities, Thomson Locations: British Columbia, Ukraine, Canada, Toronto

[1/3] German parliamentary group co-leaders of Alternative for Germany (AfD) party Alice Weidel and Tino Chrupalla attend a plenary session of the lower house of parliament, Bundestag, in Berlin, Germany May 25, 2023. In France, the far-right has become a stronger rival at the ballot box, while in Italy and Sweden, they are now are in government. Germany's domestic spy agency has branded the AfD's youth wing "extremist", saying it propagated "a racial concept of society". Some AfD initiatives have won backing from mainstream voters on the more local level. Wolfgang Buechner, a Scholz government spokesman, said he was confident the coalition could whittle away at AfD support.

Persons: Alice Weidel, Tino Chrupalla, Chancellor Olaf Scholz's, Stefan Marschall, Michael Kretschmer, Friederich Merz, Nancy Faeser, Marc Debus, Matthias Grahl, Wolfgang Buechner, Scholz, whittle, Sarah Marsh, Andreas Rinke, Madeline Chambers, Edmund Blair Organizations: Bundestag, REUTERS, Government, Chancellor Olaf Scholz's Social, University of Duesseldorf, Christian Democratic Union, CDU, Greens, Scholz's, Mannheim University, Thomson Locations: Germany, Berlin, BERLIN, Scholz's, Europe, France, Italy, Sweden, Nazi, Russia, Ukraine, Germany's, Saxony, Thueringen, Brandenburg, Bautzen

☆ With Migrant Flights, DeSantis Shows Stoking Outrage Is the Point
▼ + stars: | 2023-06-07 | by ( Shane Goldmacher | ) www.nytimes.com time to read: +1 min

For Mr. DeSantis, the flights illustrate the broader bet he has made that the animating energy in the Republican Party today has shifted from conservatism to confrontationalism. Mr. DeSantis has used this playbook before. He ordered up flights from the Texas border last year to the symbolically liberal hamlet of Martha’s Vineyard, a stunt that drew exactly the outrage he sought. Those flights are now a staple of his stump speech, usually to cheers from the crowd. His allies in the Florida Legislature earmarked $12 million of taxpayer money into the state budget this year for just this purpose.

Persons: Ron DeSantis’s, Gavin Newsom, DeSantis’s, Donald J, DeSantis Organizations: Democratic, Republican, Trump, Republican Party Locations: Mexico, California, Florida, Texas, Martha’s

☆ US received intel from European ally that Ukrainian military was planning attack on Nord Stream pipelines, officials say
▼ + stars: | 2023-06-06 | by ( Natasha Bertrand Alex Marquardt Haley Britzky | Natasha Bertrand | Alex Marquardt | ) edition.cnn.com time to read: +4 min

CNN —The US received intelligence from a European ally last year that the Ukrainian military was planning an attack on the Nord Stream natural gas pipelines three months before they were hit, three US officials told CNN. The attack on the pipelines last September has been condemned by US officials and Western allies alike as a sabotage on critical infrastructure. CNN has not seen the document but the three officials confirmed the US was told about the Ukrainian plans. But, the intelligence also said that Ukraine’s military operation was “put on hold.”CNN has reached out to the Ukrainian government for comment. “I think you know there are three countries conducting an investigation of the Nord Stream sabotage — and we called it sabotage at the moment — Germany, Sweden, and Denmark.

Persons: Jack Teixeira, “, Valerii, Volodymyr Zelensky, ”, John Kirby, ” Kirby, Magdalena Andersson, ’ ” Mykhailo Podolyak, CIA “ Organizations: CNN, The Washington Post, Air National, Washington Post, ” CNN, White, National Security, European Union, Twitter, Russia, Post, CIA Locations: Western, Ukraine, Germany, Sweden, Denmark, Nord, Russia, Baltic, Europe, Swedish, Danish, Ukrainian

The United States pressed Beijing on two fronts this weekend, warning both of the near-term risks of military mishaps and of the looming dangers of a nuclear arms rivalry, prompting a vehement accusation from a Chinese general that Washington was stoking confrontation. In speeches from President Biden’s national security adviser, Jake Sullivan, on Friday, and Defense Secretary Lloyd J. Austin III on Saturday in Singapore, the Biden administration sought to draw China toward talks on the rising military perils. Mr. Austin also indicated that the United States would keep operating military ships and planes in international seas and skies near China despite recent close calls with Chinese forces, and also keep providing support to Taiwan, the self-governing island that Beijing sees as its own territory. Both are sore points with China. “We won’t be deterred by dangerous operational behavior at sea or in international airspace,” Mr. Austin told a gathering of military officials and experts at the Shangri-La Dialogue, an annual meeting in Singapore.

Persons: Washington, Jake Sullivan, Lloyd J, Austin III, Biden, Austin, Mr Organizations: Biden’s, Defense Locations: States, Beijing, Singapore, China, United States, Taiwan

☆ Conservative boycotts against Target and Bud Light are working thanks to a 'perfect storm' of social media and culture wars, experts say
▼ + stars: | 2023-06-03 | by ( Avery Hartmans | Natalie Musumeci | ) www.businessinsider.com time to read: +7 min

Experts say the boycotts work thanks to the culture wars and panic-stoking online and in the media. Bud Light was the target of social-media outcry in April after it partnered with the trans influencer and TikTok star Dylan Mulvaney. Bud Light owner Anheuser-Busch said that several of its facilities had received threats following the weeks of backlash against its brands. Like Bud Light, Nike also partnered with Mulvaney, but that outrage cycle seemed to blow over quickly. "Well, you know what, the next company is gonna say, 'We don't want to be Bud Light or Target.

Persons: —, Bud Light, Dylan Mulvaney, Disney, Ron DeSantis, Joe Raedle, Lawrence Glickman, Glickman, Bud, Busch, Brian Cornell, Scott Olson, Vanitha Swaminathan, Republican Sen, Ted Cruz, Cruz, Ari Drennen, Drennen Organizations: Service, Target, Florida Gov, American Studies, Cornell University, Consumer, Bud Light, Anheuser, Survey, Carey School of Business, Arizona State University, Cornell, Nike, Mulvaney, Katz, Branding, University of, Republican, Disney, Media Matters Locations: Target, America, Patagonia

☆ California's electricity bills could soon be based on how much you make — and some people are furious
▼ + stars: | 2023-06-03 | by ( Brad Davis | ) www.businessinsider.com time to read: +4 min

A California law would set a sliding scale for electricity bills based on a household's income. It doesn't totally take out of the equation how much power each household uses: Part of each bill will still be based on that. But each bill also will have "fixed charges" that will be set based on income. Cities like Los Angeles need to build out their electric system to deal with increased demand. "This makes it cheaper to use electricity to operate electric cars or appliances," the NRDC argues — something that could become key in stoking demand for EVs.

Persons: that's, —, you've, Erik Von Weber, That's, they've, it's Organizations: Service, Privacy, Washington Post, California Public Utilities Commission, Pacific Gas & Electric San Diego Gas & Electric Southern Cal, Edison, The Washington Post, Getty, Natural Resources Defense Council Locations: California, Los Angeles, San Diego, Eureka

☆ Australia hikes minimum wage as living costs surge
▼ + stars: | 2023-06-02 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

REUTERS/Steven Saphore/File PhotoSYDNEY, June 2 (Reuters) - Australia will raise the minimum wage by 5.75% from July 1 as families grapple with soaring living costs, a decision that businesses and some economists say risks further stoking inflation and interest rates. The independent Fair Work Commission (FWC) on Friday decided on a 5.75% pay rise for workers on awards with wages linked to movement in the minimum wage. It also made a technical reclassification for the national minimum wage, which the union says will take the increase to 8.6% for the lowest-paid employees, about 0.7% of the workforce. "Following several recent developments, including the outcome of today's minimum wage decision, we are adding a 25bp hike to our RBA profile in June and another 25bp in July." "Today's increase means these workers can keep their heads above water and not have to cut back even further."

Persons: Steven Saphore, Lin Ong, Philip Lowe, Taylor Nugent, Adam Hatcher, Hatcher, Andrew McKellar, Sally McManus, Stella Qiu, Shri Navaratnam Organizations: REUTERS, RBC Capital Markets, Reserve Bank of Australia, National Australia Bank, Australian Chamber of Commerce and Industry, Australian Council of Trade Unions, Thomson Locations: Sydney, Australia, Lincoln

LONDON/TOKYO, June 1 (Reuters) - Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. The Euro STOXX 600 index (.STOXX) rose 0.8% after closing at a two-month low in the previous session. The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, added 0.2%. Also bolstering the mood were U.S. Federal Reserve officials including governor and vice chair nominee Philip Jefferson pointing to a rate hike "skip" at the Fed's June 13-14 policy meeting. However, shortly after, the Fed's Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision.

Persons: Joe Biden, Ray Attrill, Philip Jefferson, Sandrine Perret, Jefferson, Patrick Harker, It's, it's, Tony Sycamore, Tom Wilson, Kevin Buckland, Simon Cameron, Moore, Lincoln, Emelia Organizations: U.S . House, Republicans, National Australia Bank, Federal, Fed, Philadelphia Fed, IG Markets, Treasury, Thomson Locations: TOKYO, U.S, Unigestion, Asia, London, Tokyo

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