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☆ Paris Club creditors give assurances to back IMF bailout for Sri Lanka
▼ + stars: | 2023-02-07 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

[1/3] A woman buys vegetables from a vendor at a market in the rampant food inflation, amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 30 , 2022. REUTERS/Kim Kyung-HoonFeb 7 (Reuters) - The Paris Club of creditors has given financing assurances to support the International Monetary Fund's approval of an extended fund facility for Sri Lanka, the Sri Lankan president's office said on Tuesday. The financing assurances from the Paris Club, which includes Japan - Sri Lanka's second biggest bilateral lender - was previously reported by Reuters. "Members further expressed appreciation for the specific and credible financing assurances issued by India on Jan. 16, 2023 and its coordination with the Paris Club," the group's statement added. Sri Lanka has to restructure debt payments of about $13 billion on 11 international bonds.

☆ EU considers ban on 'forever chemicals', urges search for alternatives
▼ + stars: | 2023-02-07 | by ( Ludwig Burger | ) www.reuters.com time to read: +5 min

"A ban on PFAS would reduce quantities of PFAS in the environment over the long term. Once the ban is in force, companies will be given between 18 months and 12 years to introduce alternatives to the more than 10,000 PFAS affected, depending on the availability of alternatives, according to the draft proposal. The FPP4EU group of 14 companies that make and use PFAS has said that finding alternatives is a long and difficult process. Within the European Chemicals Agency (ECHA), two scientific committees for Risk Assessment and for Socio-Economic Analysis will now review whether the proposal to ban PFAS conforms with wider EU regulation of chemicals known as REACH, followed by a scientific evaluation and consultation with the industry. In August, the United States government said it will propose designating certain forever chemicals as hazardous substances under the U.S. Superfund programme.

☆ Istanbul bourse trading halted for second time with benchmark index down 7%
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Trading on the Istanbul stock market was halted for a second time on Tuesday as a market-wide circuit breaker kicked in following heavy losses in the wake of Monday's devastating earthquake in Turkey and neighbouring Syria. The second circuit-breaker was issued at 1004 GMT, with the benchmark BIST-100 index (.XU100) down 7.01% and the banking index down 6.41%. The stock market said trading was due to resume at 1034 GMT. The magnitude 7.8 quake that hit Turkey and Syria early on Monday toppled thousands of buildings and left thousands of people injured or homeless. ($1 = 18.8285 liras)Reporting by Gdansk newsroom; Editing by Susan Fenton and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Hedge funds caught in bigger squeeze than 2021 meme stock frenzy - Goldman Sachs note
▼ + stars: | 2023-02-06 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

LONDON, Feb 6 (Reuters) - Hedge funds betting against stocks globally abandoned those trades last week at the fastest pace since 2015, surpassing the speed of their exodus from the meme stock frenzy two years ago, according to a Goldman Sachs research note. The largest short positions held by hedge funds were in industrials and information technology companies, the Goldman note said. It added that hedge funds also exited many long positions in Asian developing markets and Chinese equities. Meanwhile, after stuttering recoveries during a volatile two years, AMC and GME are now trading above their price levels of Jan. 15, 2021 just before the meme stock frenzy began. Resurgent risk appetite among some investors has also fuelled rallies in the shares of so-called meme stocks since the start of this year, though many analysts are sceptical the recent moves will last.

☆ Meta can be sued in Kenya by ex-content moderator, the country's court rules
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Stringer/File PhotoNAIROBI, Feb 6 (Reuters) - A labour court in Kenya ruled on Monday that Meta (META.O), the parent company of Facebook, can be sued in the East African country after a former content moderator filed a lawsuit against it alleging poor working conditions. The lawsuit was filed by one person on behalf of a group and was also filed against Meta's local outsourcing company Sama. The decision from Kenya's employment and labour relations court could have implications for how Meta works with content moderators globally. The U.S. company works with thousands of moderators around the world, tasked with reviewing graphic content posted on its platform. Meta is also facing another lawsuit in Kenya.

☆ EU agrees on price caps on Russian refined oil products
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Feb 3 (Reuters) - European Union countries agreed to set price caps on Russian refined oil products to limit Moscow's funds for its invasion of Ukraine, the Swedish presidency of the EU said on Friday. The price caps, together with an EU ban on Russian oil product imports, are part of a broader agreement among the Group of Seven (G7) countries. Both caps prohibit Western insurance, shipping and other companies from financing, insuring, trading, brokering or carrying cargoes of Russian crude and oil products unless they were bought at or below the set price caps. There will be a 55-day transition period for sea-borne Russian oil products bought and loaded before Sunday. For crude, regular reviews will set a price cap at least 5% below the average market price for Russian oil.

☆ Eco-friendly Nigerian artist turns plastic flip-flops into portraits
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

[1/4] Nigerian artist Eugene Komboye creates artworks using discarded plastic flip-flop sandals in his studio in Abeokuta, Ogun state, Nigeria, January 21, 2023. REUTERS/Seun SanniABEOKUTA, Nigeria, Feb 3 (Reuters) - Eugene Komboye, a Nigerian artist, is turning discarded plastic flip-flop sandals into colourful portraits in an effort to help clean up the environment in a country where plastic pollution is prevalent. Flip-flops are the footwear of choice for many Nigerians andKomboye, 30, sources his material mostly from dump sites, landfills and river banks. Some customers come to his studio with photographs which he will use to create a personalised portrait. Reporting by Seun Sanni, writing by MacDonald Dzirutwe, editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Combined gas inventories in the European Union and the United Kingdom were equivalent to 807 terawatt-hours (TWh) on Feb. 1, according to data from Gas Infrastructure Europe. Stocks are projected to deplete to a post-winter low of 606 TWh (with a range from 468 TWh to 705 TWh), slightly down from a projection of 617 TWh (487-733 TWh) on Jan. 22. Chartbook: Europe gas stocks and pricesNorthwest Europe is more than 60% of the way through the heating season so there is increasing visibility about the likely carryout. But overall Europe’s gas inventories remain exceptionally high for the time of year, which has kept a lid on prices and spreads despite the drop in temperatures. Europe’s gas stocks at seasonal record high(Reuters, January 17, 2023)- Europe's gas prices slump to moderate storage build (Reuters, January 4, 2023)John Kemp is a Reuters market analyst.

[1/3] A biker rides his Harley-Davidson during a parade at the "Hamburg Harley Days" in Hamburg, Germany, June 24, 2018. Shares in the U.S. company rose 8.3%. Harley-Davidson said it expects revenue from its motorcycle business to grow in 2023. Global motorcycle shipments rose to 34,000 from 28,900 a year ago. The company's net profit rose to $39.7 million, or $0.28 cents per share, in the quarter ended Dec. 31, outpacing forecasts of 6 cents per share.

☆ Euro zone January business activity returns to growth - PMI
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +3 min

S&P Global's flash Composite Purchasing Managers' Index (PMI), seen as a good gauge of overall economic health, climbed to 50.2 this month from 49.3 in December. The PMI covering the bloc's dominant services index also surprised to the upside, coming in at a six-month high of 50.7. The manufacturing PMI rose to 48.8 this month from 47.8, ahead of the 48.5 Reuters poll forecast. An index measuring output which feeds into the composite PMI bounced to a seven-month high of 49.0 from 47.8. Like in the services PMI, the input prices index fell but firms raised their charges at a faster rate.

☆ Pressures ease though German economy still shy of growth -flash PMI
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

S&P Global's flash composite Purchasing Managers' Index (PMI), which tracks both the manufacturing and services sectors that together account for more than two-thirds of Germany's economy, rose to 49.7 in January from 49.0 in December. January marked the seventh consecutive month in which the indicator lagged below the 50 level, which separates growth from contraction. However, the services component marked slight growth for the first time since June. "Alongside easing supply-chain strains, January's preliminary survey also pointed to a continued slowdown in rates of inflation," he added. The services index however improved to 50.4, indicating slight growth in activity, and up from a final reading of 49.2 in December, beating the consensus forecast for 49.6.

☆ Life's no longer rosy at Senegal's Pink Lake after floods
▼ + stars: | 2023-01-24 | by ( Ngouda Dione | ) www.reuters.com time to read: +3 min

[1/6] A general view of the submerged tourism businesses at the Pink Lake (Lac Rose), officially known as Lake Retba, after extreme floods washed away salt mounts and contaminated the lake and turned its famous waters from pink to green, in Niaga, near Dakar, Senegal, January 17, 2023. REUTERS/ Zohra BensemraNIAGA, Senegal, Jan 24 (Reuters) - On the shore of Senegal's Pink Lake, salt farmer Pape Sira Ba has raked in what he fears may be his last harvest. Nearby, the new wide channel spewed brownish-green water into the lake whose shore was dotted with dead fish. The flooding destroyed 7,000 tonnes of salt worth around 420 million CFA francs ($696,000), according to the Lake Retba salt extractors association. "The over-salinisation of the water also allowed visitors to float on top of the lake like in the Dead Sea.

☆ Euro zone business activity back to growth in January -PMI
▼ + stars: | 2023-01-24 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

LONDON, Jan 24 (Reuters) - Euro zone business activity made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared and that the currency union may escape recession, a survey showed. S&P Global's flash Composite Purchasing Managers' Index (PMI), seen as a good gauge of overall economic health, climbed to 50.2 this month from 49.3 in December. In France, the bloc's second biggest economy, output fell slightly overall again in January, its PMI showed, but manufacturing activity improved for the first time since August. British private-sector economic activity, however, fell at its fastest rate in two years in January, another PMI showed, as businesses blamed higher Bank of England interest rates, strikes and weak consumer demand for the slowdown. IMPROVED SERVICESIn a sign they are growing more optimistic, firms in the euro zone increased headcount at a faster rate this month.

☆ Drop in business activity flags UK recession risk - flash PMI
▼ + stars: | 2023-01-24 | by ( David Milliken | ) www.reuters.com time to read: +3 min

The fall contrasted with a slight rise in business activity in the euro zone. "Weaker-than-expected PMI numbers in January underscore the risk of the UK slipping into recession," S&P Global's Chief Business Economist, Chris Williamson, said. However, a widely expected fall in output this year will weigh on the BoE's Monetary Policy Committee (MPC) as it considers how much further to raise interest rates on Feb. 2. Tuesday's PMI data showed that prices charged by businesses rose at the slowest rate since August 2021, although the increase was still steep by historic standards. Businesses cut a small number of jobs, in contrast to the rapid hiring through much of 2021 and 2022.

☆ Debt ceiling 'game of chicken' will terrify markets -Bain Capital's Lavine
▼ + stars: | 2023-01-24 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

LONDON, Jan 24 (Reuters) - If the U.S. Congress becomes mired in an argument on whether to raise the debt ceiling, this will hurt the U.S. economy and rattle financial markets, a top executive at private equity firm Bain Capital said on Tuesday. "The debt ceiling is a real risk that will come to a point where it will terrify markets, because it is a wild game of chicken," Jonathan Lavine, co-managing partner at Bain Capital, which manages $160 billion in assets globally, told an event. House Republicans want to use that critical deadline to force spending cuts, while the White House has said there should be no negotiations over lifting the debt limit. Expectation of a recession has made markets more sensitive to unanticipated risks, Lavine told attendees at a London School of Economics (LSE) conference. Reporting by Nell Mackenzie; additional reporting Jason Lange; editing by Yoruk Bahceli and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ UK employers urge Sunak to act urgently on growth reforms
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Confederation of British Industry Director-General Tony Danker praised Sunak for defusing the mini-budget crisis of former leader Liz Truss last year but said he was not matching the growth reforms of the United States and the European Union. Finance minister Jeremy Hunt is expected to announce pro-growth measures in a budget statement in March. But Danker feared the government might temper its reforms as an election, expected in 2024, approaches. Those reforms should include big changes to welfare and childcare to get people back into work, even if they put further strain on Britain's already stretched public finances. Writing by William Schomberg; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Russia ramps up January oil exports, India remains top buyer
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Around 70% of January cargoes of Urals oil are heading to India, according to traders' data and Reuters calculations. India has been a top buyer of the Russian grade for several months now, filling the void left by EU buyers. In December India's oil imports jumped to a five-month record amid active buying of the Russian oil. Russia loaded 4.7 million tonnes of Urals and KEBCO from Baltic ports in December, traders said and Refinitiv data showed. Last year Kazakhstan changed the name of the oil it exports via Russian sea ports, from Urals to Kazakhstan Export Blend Crude Oil (KEBCO), dissociating it from oil originating in Russia to avoid sanction risks and issues with financing.

☆ At least five injured after blast at mayor's office in Mogadishu
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +2 min

[1/5] Somali policemen prepare to take their positions near the mayor's office following a blast in Mogadishu, Somalia January 22, 2023. REUTERS/Feisal OmarMOGADISHU, Jan 22 (Reuters) - At least five people were injured in a blast on Sunday at the gates of the mayor's office in Somalia's capital Mogadishu and gunfire continued to sound, a member of the ambulance service and a witness said. Abdikadir Abdirahman, director of Aamin Ambulance Services, told Reuters that ambulance staff had so far evacuated five injured people from the scene of the blast. "We were in the office and we were deafened by a blast, we ran out, gunfire followed," Farah Abdullahi, who works in the mayor's office, told Reuters. The mayor's office is located in the local government headquarters building in a well guarded area of Mogadishu.

☆ Turkish elections to be held on May 14 -Erdogan
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Jan 22 (Reuters) - President Tayyip Erdogan said Turkey would hold elections on May 14, a month earlier than scheduled, setting up a tight test of his leadership after two decades in power. The president's office released video footage on Sunday of Erdogan announcing the date during a meeting with young voters in the northwestern province of Bursa late on Saturday. "I am grateful to god that we will be walking side by side with you, our first-time voting youth, in the elections that will be held on May 14," Erdogan told the group. Opinion polls show the parliamentary and presidential elections will be tight, and will mark Erdogan's biggest test in his two decades at the reins of the regional military power, NATO member and major emerging market economy. Turkey's presidential and parliamentary elections were scheduled to be held on June 18 but President Erdogan previously signalled that the vote could be brought forward.

☆ Indonesian President Jokowi's approval rating at all-time high, poll shows
▼ + stars: | 2023-01-22 | by ( Kate Lamb | ) www.reuters.com time to read: +2 min

JAKARTA, Jan 22 (Reuters) - Indonesian President Joko Widodo's approval rating has hit an all-time high after the government eased COVID-19 restrictions last month, a poll showed on Sunday. Figures released by pollster Lembaga Survei Indonesia (LSI) showed satisfaction with the president, widely known as Jokowi, had risen consistently over recent months to reach 76.2% at the start of 2023. The more than 10-point jump put Jokowi on his highest approval rating recorded by LSI during his current term which began in 2014. The LSI poll, conducted between Jan. 7-11 and covering more than 1,200 respondents, also comes months after the start of a high-profile trial against a former Indonesian police general. Jokowi's poll rating appears to have been unaffected by both the passing last month of a controversial new criminal code, and his issuing of an emergency regulation to replace the jobs law.

☆ Pope calls for end to violence in Peru, respect for human rights
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +2 min

[1/2] Pope Francis leads the Angelus prayer from his window at the Vatican, January 22, 2023. Vatican Media/Handout via REUTERSVATICAN CITY, Jan 22 (Reuters) - Pope Francis on Sunday called for an end to violence in Peru, where nearly 50 people have been killed during anti-government demonstrations in the past few weeks. Protests have flared in Peru since President Pedro Castillo was ousted in December after attempting to dissolve the legislature to prevent an impeachment vote. "I encourage all sides to take the path of dialogue among brothers of the same nation, in full respect of human rights and the rule of law," Francis said. Resistance movements, some armed, have emerged across the country, which the military has countered with lethal force.

☆ Thousands protest in Brussels demanding release of Belgian aid worker in Iran
▼ + stars: | 2023-01-22 | by ( Marine Strauss | ) www.reuters.com time to read: +1 min

[1/6] People hold pictures of Belgian aid worker Olivier Vandecasteele during a protest against his detention in Iran, as he was sentenced to 40 years in prison and 74 lashes on charges including spying, in Brussels, Belgium January 22, 2023. REUTERS/Yves HermanBRUSSELS, Jan 22 (Reuters) - Thousands of people took to the streets of Brussels on Sunday to protest against the detention in Iran of Belgian aid worker Olivier Vandecasteele, who was sentenced to 40 years in prison on charges including spying. "His life is in danger, contribute to his freedom," "#Free Olivier Vandecasteele," read banners held by protesters who included Vandecasteele's family, friends and colleagues. Belgium's constitutional court will next month hold a hearing on the legality of a Belgian prisoner exchange treaty with Iran. Reporting by Marine Strauss @StraussMarine, Clement Rossignol Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Thirteen killed after building collapses in Syria's Aleppo, state media report
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +1 min

AMMAN, Jan 22 (Reuters) - Thirteen people were killed when a residential building collapsed in the northern Syrian city of Aleppo on Sunday and rescue workers were searching for people believed still buried under the rubble, state media said. The five-storey building in the Sheikh Maksoud district of Syria's second largest city collapsed due to water leakages that weakened its foundation, government officials were quoted as saying by state media. Many displaced Syrians have been moved during the more than decade long conflict to damaged buildings as there has been no systematic reconstruction of residential areas and state services remain minimal, residents say. The opposition has accused President Bashar al-Assad of withholding services from districts where the rebellion against him flared, in order to punish residents. Work to renovate war-damaged buildings is in many cases done and paid for by local people, residents say.

☆ Davos 2023: UK Labour signals pragmatism over divergence on EU
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Britain's Labour leader Keir Starmer and the party's financial chief Rachel Reeves walk to a meeting during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 19, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 19 (Reuters) - Britain's opposition Labour party, ahead in polls with an election due in less than two years, said that in government it would favour pragmatism over divergence for its own sake in dealings with the European Union. Labour has ruled out seeking to re-enter the EU's single market. She added: "Having to certify things twice, once for the UK once for the EU, is another cost that frankly we could do without." Reporting by Mark John in Davos; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Airbus implements A350 design change amid Qatar Airways feud
▼ + stars: | 2023-01-19 | by ( Tim Hepher | ) www.reuters.com time to read: +4 min

[1/3] An undelivered Airbus A350 built for Qatar Airways is seen in storage at Chateauroux, France, September 3, 2022 as Airbus and the Gulf carrier remain locked in a contractual and safety dispute. Qatar Airways has blamed the damage on a possible design defect. European regulators say the jets are safe but Qatar Airways says this can't be guaranteed without more detailed analysis. Qatar Airways seeks access to raw modelling data that would allow its technical experts to simulate the impact of lightning. In a recurring theme of the preliminary hearings, Airbus and Qatar Airways argued about how many emails and other records should be shared ahead of the trial.

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