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☆ Morning Bid: AI buzzes but market shrugs at Nvidia beat
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +5 min

A trader works on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020. Remarkably, Nvidia managed to vault the sky-high bar for quarterly earnings, revenue and projections yet again in its latest update overnight. Bond volatility (.MOVE) has also fallen to two-month lows, while currency market 'vol' (.DBCVIX) is plumbing 20-month lows. CONCERN OVER HOME SALES, HOLIDAY SEASON SALESNews of a drop in U.S. existing home sales last month to a 13-year low was perhaps as important as the Fed minutes - as was warnings from more major U.S. retailers, this time Best Buy and Nordstrom, about sticky holiday season sales and the need for discounting. The dollar (.DXY) was a touch higher on Wednesday, meantime, with most overseas stock markets firmer too.

Persons: Lucas Jackson, Mike Dolan, thrall, OpenAI, Sam Altman, Changpeng Zhao, October's, Jeremy Hunt's, underperformed, Jeremy Hunt, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, U.S, Nvidia, Federal, Nordstrom, University of Michigan, Bank of Canada, Treasury, Deere, Reuters Graphics Reuters, Thomson, Reuters Locations: New York, U.S, Gaza, China, yearend, York, Beijing

☆ British tax cut spells trouble in store for next government
▼ + stars: | 2023-11-22 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

UK Parliament/Jessica Taylor/Handout via REUTERS Acquire Licensing RightsLONDON, Nov 22 (Reuters) - British finance minister Jeremy Hunt's big tax cut surprise could help the ruling Conservatives recover some favour among voters, but it threatens to store up budget problems for whichever party wins power after the expected 2024 election. Combined with his decision to make permanent the incentives for business investment announced earlier this year, Hunt's package of tax cuts would be worth about 20 billion pounds ($25 billion)a year by the 2028/29 tax year. "The giveaways announced today are funded by handing whoever wins the next election implausibly large spending cuts," Torsten Bell, chief executive of the Resolution Foundation, said. Hunt is likely to remain under pressure from within his party to go further with more tax cuts in a final pre-election budget statement expected in March. "There's a material risk that those plans prove undeliverable and today's tax cuts will not prove to be sustainable," Johnson said.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Jeremy Hunt's, Hunt, Liz, Rishi Sunak, Labour Party's, Rachel Reeves, Torsten Bell, Investec, David Jones, Paul Johnson, Johnson, William Schomberg, Elizabeth Piper, Alexander Smith Organizations: REUTERS Acquire, Wednesday, Labour, Conservative, Bank of England, Institute for Fiscal Studies, Thomson Locations: London, Britain, British

Their options include drawing up a supplementary budget for 2023 and suspending Germany's self-imposed debt brake before reinstating it for next year. "Our goal is to discuss the budget quickly but with due care," said a joint statement of ruling party lawmakers. The delay has heightened uncertainty about spending in all areas of the German economy and meant the 2024 budget might not be concluded before the end of the year. "I firmly assume that the commitments for Intel and TSMC will remain," a government source said, adding: "This is very important to the chancellor, as well as to the economy minister." This will happen in the course of next early 2024 and we will see how far hydrogen is available," CEO Miguel Lopez said.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Olaf Scholz's, Scholz's, Siegfried Russwurm, TSMC, Scholz, Miguel Lopez, Holger Hansen, Christian Kraemer, Victoria Waldersee, Andreas Rinke, Madeline Chambers, Matthias Williams, Miranda Murray, Alex Richardson, Christina Fincher Organizations: Finance, Climate, Government, Ukraine Industry, Intel, TSMC, Wednesday, Social Democrat, Greens, Free Democrats, Fund, Eurasia Group, U.S, BMW, Volkswagen, Thomson Locations: TSMC BERLIN, Germany's, Ukraine, EU, Saxony, Anhalt, Berlin, Germany

☆ Britain's Hunt broadens push to unlock pension pots for growth
▼ + stars: | 2023-11-22 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

By 2030, the majority of workplace DC savers will have their pension pots managed in schemes of over 30 billion pounds, and by 2040, all local government pension funds will be invested in pools of 200 billion pounds or more," Hunt told parliament. Hunt said such changes could help unlock an extra 75 billion pounds ($93.46 billion) of financing for high growth companies by 2030, and improve returns for pensioners. The British Business Bank will set up a new growth fund for schemes to invest in growth companies, and there will be a consultation on giving the Pension Protection Fund a new role to help consolidate direct benefit schemes, he said. The government also wants to allow certain portions of shares - fractional shares - within ISAs. ($1 = 0.8025 pounds)Reporting by Huw Jones Editing by Frances Kerry and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeremy Hunt, Hannah McKay, Hunt, PIMFA, William Wright, Huw Jones, Frances Kerry, Bernadette Baum Organizations: REUTERS, British, London Stock Exchange's, Aquis Exchange, DC, British Business Bank, Local, ISA, Labour Party, Labour, New, Thomson Locations: London, Britain, New York, ISAs

Investors cautioned that tax breaks would not be sufficient to raise business investment while UK interest rates stayed high. But Wednesday, equity markets focused on Hunt's business boosts, such as a move to make full expensing on investment permanent. UK stock markets have underperformed their European and U.S. peers in 2023. The FTSE 100 index 12-month forward price-to-earnings ratio is around 10.7, about half that of U.S. stocks, with Hunt's budget unlikely to move the dial too far. Reuters GraphicsSTERLING SOGGYThe pound struggled to gain any traction on the back of Hunt's budget.

Persons: Dado Ruvic, Kwasi Kwarteng, Leigh Himsworth, Simon Harvey, Philip Shaw, Thomas McGarrity, Fuller, Smith, Turner, Oli Creasey, It's, BoE, GILTS, Craig Erlam, Goldman Sachs, Naomi Rovnick, Samuel Indyk, Lucy Raitano, Amanda Cooper, Harry Robertson, Angus MacSwan Organizations: REUTERS, Wednesday, Traders, Investors, Fidelity International, Reuters Graphics, Bank of England, BT, Investec, RBC Wealth Management, Reuters, BREWERS, Debt Management, Reuters Graphics STERLING, Thomson Locations: U.S, Cheviot, gilts, London

☆ UK's Jeremy Hunt to announce tax cuts aimed at reviving stagnant economy
▼ + stars: | 2023-11-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.K. Finance Minister Jeremy Hunt will deliver his Autumn Statement budget announcement on Wednesday, facing pressure from within the ruling Conservative Party to implement tax cuts as the country's economy stagnates. Hunt will have more money at his disposal than a year ago and is under pressure from the right of his party to enact tax cuts. He is expected to announce reductions in National Insurance and business tax, while one Treasury minister has suggested that personal taxes could also be coming down. While Hunt has not ruled out tax cuts, he has emphasized the fragile state of the economy and reiterated that reducing living costs is the government's priority. The U.K. Treasury last week announced £4.5 billion ($5.6 billion) in funding for British manufacturing to boost investment in eight sectors across the U.K., available for a five-year period from 2025.

Persons: Jeremy Hunt, Rishi Sunak's, Liz Truss, Hunt, Sunak Organizations: Finance, Conservative Party, Bank of England's, National Insurance, Treasury, Labour Party Locations: U.K

NatWest Group bank logo and decreasing stock graph are seen in this illustration taken March 12, 2023. "I will explore options for a NatWest retail share offer in the next 12 months subject to supportive market conditions and achieving value for money," Hunt said on Wednesday. NatWest shares dipped on Hunt's comments and were last down 1.1% at 204.7 pence, compared with a 0.2% fall in the FTSE 100 (.FTSE) index. The stock is the worst performing FTSE 100 British bank stock this year, down more than a fifth, according to Eikon data. That investment turned sour for many and shares in the renamed holding company International Distributions Service (IDSI.L) are now worth 25% less than its 330 pence offer price.

Persons: Dado Ruvic, Jeremy Hunt, Hunt, Sid, Alasdair Haynes, Nigel Farage, Alison Rose, Iain Withers, Sinead Cruise, David Milliken, Sarah Young, William James, Elaine Hardcastle, Alexandra Hudson Organizations: NatWest Group, REUTERS, Companies, NatWest, Aquis, Royal Mail, Distributions Service, Alexandra Hudson Our, Thomson

☆ Morning Bid: Nvidia shares take bumpy ride after hours
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022. Courtesy NVIDIA/Handout via REUTERS/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Wayne Cole. The early focus was on Nvidia (NVDA.O), which in AI tech terms is the only company selling shovels during a gold rush. Volumes were so large and orders so backlogged that the price was - unusually - still moving erratically hours into the Asian day. A Reuters poll showed 10 of 19 economists looked for a rise, while market pricing is leaning against a move.

Persons: Wayne Cole, Changpeng Zhao, Zhao, didn't, Hunt, ECB's Centeno, Elderson, Mester, Macklem, Edmund Klamann Organizations: NVIDIA, Handout, REUTERS, Nvidia, Treasury, Fed Bank of Cleveland, Bank of Canada, Thomson Locations: Santa Clara , California, Wayne, China, Sweden's

☆ Pressure mounts on German government to find way out of budget hole
▼ + stars: | 2023-11-22 | by ( Holger Hansen | ) www.reuters.com time to read: +4 min

The court ruled the budget manoeuvre was incompatible with the debt restrictions enshrined in Germany's constitution. The pressure is even more intense as talks for next year's budget are on the final stretch. Highlighting the gravity of the situation, the government has already imposed a freeze on most new spending commitments on ministries. "German industry is looking at the current political situation with the greatest concern," said Siegfried Russwurm, president of the BDI industry association. One obstacle to reforming the debt brake, which restricts Germany's structural budget deficit to the equivalent of 0.35% of gross domestic product, has been Finance Minister Christian Lindner.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Chancellor Olaf Scholz's, Siegfried Russwurm, Holger Hansen, Christian Kraemer, Andreas Rinke, Madeline Chambers, Miranda Murray, Alex Richardson Organizations: Finance, Climate, Europe's, Social Democrat, Greens, Free Democrats, Fund, Reuters, Ukraine, Greens Economy, U.S, Intel, European, Thomson Locations: BERLIN, reallocating, Berlin, Ukraine

☆ Highlights of Canada's fall economic statement
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

Canada's Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland walk holding the 2023-24 budget, on Parliament Hill in Ottawa, Ontario, Canada, March 28, 2023. REUTERS/Patrick Doyle/File Photo Acquire Licensing RightsOTTAWA, Nov 21 (Reuters) - Following are some of the commitments the Canadian government made in its Fall Economic Statement released on Tuesday. *invest an additional C$15 billion in new loan funding, starting in 2025-26, for the Apartment Construction Loan Program, for a total of more than C$40 billion in loan funding. This investment will support more than 30,000 additional new homes, bringing the contribution to more than 101,000 new homes supported by 2031-32. *propose to spend C$50 million over three years, starting in 2024-25, to support municipal enforcement of restrictions on short-term rentals.

Persons: Justin Trudeau, Chrystia Freeland, Patrick Doyle, Steve Scherer, David Ljunggren Organizations: Canada's, Finance, REUTERS, Rights OTTAWA, Affordable Housing Fund, Canadian Mortgage Charter, Canadian Radio, Telecommunications Commission, Canadian Transportation Agency, Canada Mortgage, Thomson Locations: Ottawa , Ontario, Canada

☆ Britain to raise minimum wage by 9.8% to 11.44 pounds an hour
▼ + stars: | 2023-11-21 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, Nov 21 (Reuters) - Britain's minimum wage will increase by 9.8% to 11.44 pounds ($14.26) an hour from April 2024, making it one of the highest as a share of average earnings of any advanced economy. "The National Living Wage has helped halve the number of people on low pay since 2010," Hunt said on Tuesday. In 2022, the OECD estimated Britain's minimum wage was equivalent to 58% of full-time earnings, the third-highest in western Europe after Portugal and France. The Low Pay Commission, an expert panel which advises the government on minimum wage increases, said the arguments around the upcoming increase were "finely balanced". "As last year, businesses felt pressured to pass National Living Wage increases onto consumers.

Persons: Jeremy Hunt, Hunt, Muvija, William James Our Organizations: Conservative Party, Bank of England, OECD, Pay Commission, Thomson Locations: Europe, Portugal, France

☆ EU fiscal pact ignores green elephant in the room
▼ + stars: | 2023-11-21 | by ( Lisa Jucca | ) www.reuters.com time to read: +8 min

REUTERS/Henry Nicholls Acquire Licensing RightsMILAN, Nov 21 (Reuters Breakingviews) - The European Union’s troubled fiscal pact, once branded as "stupid" by former European Commission President Romano Prodi, has reached its sell-by date. Average EU debt has been consistently above the 60% target. NEW COURSEThe proposed revamp of the fiscal pact, now under discussion, is an improvement. BRAVE NEW DEBT WORLDFor all of Brussels’ reforming zeal, Europe’s future debt rules ignore a giant elephant in the room: climate change. Another option is to remove green investments from the fiscal rules’ deficit calculations.

Persons: Henry Nicholls, Romano Prodi, Christian Lindner, Giorgia Meloni, Breakingviews, Bruno Le Maire, Olaf Scholz’s, Mario Draghi, Francesco Guerrera, Thomas Shum Organizations: Trust, REUTERS, Reuters, European, Reuters Graphics Reuters, European Commission, French Finance, EU, Intel, European Central Bank, Italian, Union, Thomson Locations: Green Park, London, Britain, Maastricht Treaty, Germany, it's, Italy, Greece, Brussels, EU, United States, Spain, Europe

☆ Germany freezes new spending commitments as budget woes deepen
▼ + stars: | 2023-11-21 | by ( Holger Hansen | ) www.reuters.com time to read: +3 min

Chancellor Olaf Scholz speaks next to Finance Minister Christian Lindner and Economy and Climate Minister Robert Habeck during a hearing at Germany’s lower house of parliament Bundestag in Berlin, Germany, November 15, 2023. The finance ministry has frozen future spending pledges across almost the entire federal budget, a letter by the budget state secretary showed, in a sign of how seriously it was taking the potential fallout to its finances. "The step reflects the necessity of the situation," an economy ministry spokesperson said about the budget freeze. That could include planned chip factories, the expansion of the battery supply chain and the decarbonisation of steel, government sources said on Monday. ($1 = 0.9168 euros)Additional reporting by Andreas Rinke; writing by Matthias Williams and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Freeze, Olaf Scholz's, Kevin Kuehnert, that's, Kuehnert, Volker Wissing, Wissing, Andreas Rinke, Matthias Williams, Sharon Singleton Organizations: Finance, Climate, REUTERS, BERLIN, Free Democrats, Democrats, CDU, Scholz's Social Democrats, Greens, Digital, Thomson Locations: Berlin, Germany, Ukraine

☆ European markets head for mixed open as sentiment falters
▼ + stars: | 2023-11-21 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Jeremy Hunt on the second day of the Conservative Party Conference on Oct. 2, 2023, in Manchester, England. U.K. public sector net borrowing excluding banks was £14.9 billion ($18.68 billion) in October, the second-highest level of borrowing for the month since records began in 1993. It was also higher than consensus forecasts and a March forecast by the independent Office for Budget Responsibility of £13.7 billion. Tax receipts were £2.7 billion higher year on year at £57.9 billion. It comes ahead of a government budget update Wednesday in which Finance Minister Jeremy Hunt may announce tax cuts as he seeks to prioritize growth, according to the BBC.

Persons: Jeremy Hunt, Ruth Gregory, Hunt, Gregory said, Gregory, Lindsay James, — Jenni Reid Organizations: Conservative Party Conference, Capital Economics, Quilter Investors Locations: Manchester, England

☆ Canada to add spending for housing amid slow growth and high debt payments
▼ + stars: | 2023-11-21 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland attends the Canada-CARICOM Summit in Ottawa, Ontario, Canada October 18, 2023. Housing Minister Sean Fraser on Monday confirmed the government is considering such a measure. Many Canadians are dealing with higher living costs and housing affordability has emerged as the main criticism against the government. Freeland has promised to use the FES to try to boost housing supply and to help Canadians struggling with inflation. The Bank of Canada hiked rates to a 22-year high of 5.00% between March of last year and July of this year.

Persons: Finance Chrystia Freeland, Blair Gable, Chrystia Freeland, Justin Trudeau's, Freeland, Derek Holt, Holt, Sean Fraser, Trudeau, Pierre Poilievre, Steve Scherer, Matthew Lewis Organizations: Finance, Canada, CARICOM, REUTERS, OTTAWA, Canada Finance, Justin Trudeau's Liberal, Scotiabank, Canadian Broadcasting Corp, Toronto Star, Housing, Monday, Conservative, Bank of Canada, Reuters, Thomson Locations: Ottawa , Ontario, Canada, FES, United States, Ottawa

OTTAWA, Nov 21 (Reuters) - Canada's annual inflation rate eased more than expected to 3.1% in October and core inflation measures edged down to their lowest levels in about two years, data showed on Tuesday, likely closing the door to further rate hikes. The Bank of Canada (BoC) targets 2% annual inflation. "If the door wasn't already shut to additional rate hikes, it now should be." The bank projects inflation to hover around 3.5% until mid-2024, before trickling down to its 2% target in late 2025. Dragging the annual inflation rate in October was a 7.8% drop in gasoline prices, which benefited from comparison with a price surge in October 2022.

Persons: Royce Mendes, Simon Harvey, Chrystia Freeland, Justin Trudeau's, Ismail Shakil, Steve Scherer, Dale Smith, Fergal Smith, Divya Rajagopal, Chizu Organizations: OTTAWA, Reuters, Statistics, Bank of Canada, BoC, CPI, Desjardins Group, Canadian, Justin Trudeau's Liberal, Thomson Locations: Statistics Canada, Europe, Canada, Ottawa, Toronto

☆ Greek economy seen growing by 2.9% next year on strong investment
▼ + stars: | 2023-11-21 | by ( Lefteris Papadimas | ) www.reuters.com time to read: +2 min

The government expects economic output to rise 2.9% next year following a 2.4% expansion this year, partly with the help of European Union recovery funds. Investment is seen growing by about 15.1% in 2024 more than double compared with this year. Greece has recently regained investment grade status for its debt attracting investment as its economy strengthens after a decade-long economic crisis. Its strong economic performance is also reflected in higher than expected tax revenues. Athens also expects to raise 5.77 billion euros from state asset sales in 2024, the budget said.

Persons: Costas Baltas, Thanos Petralias, Lefteris Papadimas, Robert Birsel Organizations: REUTERS, Rights, Investment, Thomson Locations: Athens, Greece

☆ UK borrowing figures give Hunt some room for tax cuts
▼ + stars: | 2023-11-21 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

Government borrowing between April and October totalled 98.3 billion pounds ($122.49 billion), the Office for National Statistics (ONS) said on Tuesday. The data meant borrowing was running about 22 billion pounds higher than in the same period last year but almost 17 billion pounds less than the Office for Budget Responsibility (OBR) forecast in March, giving Hunt some fiscal room for manoeuvre. The ONS said that in October alone, public sector net borrowing, excluding state-owned banks, was 14.9 billion pounds last month. A Reuters poll of economists had pointed to public sector net borrowing, excluding state-owned banks, of 12 billion pounds in the month. The figure was also higher than the OBR's forecast for borrowing of 13.7 billion pounds in the month.

Persons: Jeremy Hunt, Laura Kuenssberg, Isabel Infantes, Hunt, Rishi Sunak, Sunak, Liz, Michal Stelmach, Stelmach, William Schomberg, Kate Holton, Jason Neely Organizations: BBC Broadcasting House, REUTERS, National Statistics, KPMG, Labour Party, ONS, Thomson Locations: London, Britain

☆ What do we know about China's new financial watchdog?
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Nov 21 (Reuters) - China's Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday and urged stronger supervision of risks in the financial sector as Beijing accelerates efforts to become a "major financial power". The CFC was set up for the top-level design, development and supervision of the financial sector, strengthening "unified leadership on financial work", according to a restructuring plan published by state media in March this year. The CFC has recruited many officials from the central bank and the finance ministry, financial news outlet Caixin reported earlier this month. The appointments indicate that both officials, who are close confidants of President Xi Jinping, will play important roles in shaping China's financial policies. He was also appointed as party chief of a separate Central Financial Work Commission (CFWC), which has been set up to strengthen the ideological and political role of the party in China's overall financial system.

Persons: Li Qiang, Premier Li, Li, Lifeng, Xi Jinping, Wang Jiang, Xia Xiande, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Sumeet Chatterjee Organizations: Financial Commission, Communist Party, CFC, WHO, THE, Financial Work, China Everbright Group, Analysts, Reuters, National Financial Regulatory Administration, State Council, People's Bank of China, prudential, Thomson Locations: BEIJING, Beijing, China, Lincoln

☆ UK's Hunt to cut taxes to boost economy and election prospects
▼ + stars: | 2023-11-21 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

Buoyed by a fall in inflation, Hunt plans to use his Autumn Statement budget update speech to parliament to shift the government's focus to fixing the long-running weak growth problem of the world's sixth-biggest economy. The Times reported that Hunt would cut the headline rates of national insurance for around 28 million people and make tax incentives for business investment permanent. After the meltdown in British financial markets last year, triggered by the huge tax cut plans of former prime minister Liz Truss, Hunt and Sunak have promised to move carefully. Hunt and Sunak announced major tax-raising measures a year ago to assuage bond investors after Truss's mini-budget. Many analysts say that in the coming years whoever runs Britain will have to raise taxes further, not cut them.

Persons: Jeremy Hunt, Hunt, Rishi Sunak, Liz Truss, Sunak, William Schomberg, Mark Potter Organizations: Conservative, Labour Party, The Times, Bank of England, Institute for Fiscal Studies, Thomson Locations: Britain

[1/5] Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street for the House of Commons to deliver his autumn statement, in London, Britain, November 22, 2023. "After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track," Hunt told parliament on Wednesday in his Autumn Statement fiscal update. Hunt pointed to OBR forecasts showing the government would meet its targets for the public finances, leaving open the possibility of further pre-election giveaways to voters in his full budget statement expected in early 2024. Sunak this week promised "responsible" tax cuts, mindful of last year's "mini-budget" turmoil in financial markets triggered by his predecessor Liz Truss's plans for much bigger tax cuts. This time last year, the newly installed Sunak and Hunt raised taxes sharply to quell the bond market mayhem.

Persons: Jeremy Hunt, Stefan Rousseau, Hunt, Rishi Sunak's, Paul Johnson, we've, giveaways, Johnson, BoE, Philip Shaw, Liz Truss's, Muvija M, Paul Sandle, Sarah Young, William James, Elizabeth Piper, Alistair Smout, Andrew MacAskill, James Davey, Suban Abdulla, Farouq Suleiman, Kate Holton, Sumanta Sen, William Schomberg, Catherine Evans Organizations: REUTERS Acquire, Labour, Labour Party, Institute for Fiscal Studies, Gross, Reuters Graphics, Bank of England, Graphics, Thomson Locations: London, Britain, British

Climate Change Conference (COP 28) that opens on Nov. 30 in Dubai. Neither floods nor fires are new to Greece but with climate change, they are becoming a frequent disruptor to an economy dependent on tourism and farming. "We have to change our prediction methods," Skylakakis said, acknowledging the rapid pace of climate change. Mitsotakis has urged the EU to top up its solidarity fund and help countries tackle the impact of climate change. Adaptation measures worth 67 billion euros could reduce that loss to 510 billion euros, the country's leading economic think tank IOBE said in a February report.

Persons: Louisa Gouliamaki, Dimitris Kouretas, Kouretas, Theodore Skylakakis, Storm Daniel, Kostas Agorastos, Giorgos Stasinos, Kyriakos Mitsotakis, Sokratis Famellos, Skylakakis, Thanos Giannakakis, Nikos Papathanasis, Miltiadis Gkouzouris, Mitsotakis, Petros Varelidis, Lefteris Papadimas, Renee Maltezou, Michele Kambas, Daniel Flynn Organizations: Reuters, United Nations Environment Program, Mount Olympus, HVA, Chamber, European, Justice, EU, Water Management, Environment Ministry, Thomson Locations: Vlohos, Greece, Greece's, Thessaly, Europe, Dubai, Los Angeles, Dutch, Athens, Thessaly's, Mouzaki, Netherlands

☆ Morning Bid: Catching breath as Nvidia update due
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. The dollar (.DXY) continued to fall, however, with its DXY index down for the fourth day to its lowest since August. Dollar losses were broad based, but China's yuan appeared to lead the way to its strongest level since July 27. In Europe, sterling pushed higher ahead of expected tax cuts at Wednesday's budget speech from UK finance minister Jeremy Hunt. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Sam Altman, OpenAI, hoover, LSEG, Jeremy Hunt, Siena, Christine Lagarde, Isabel Schnabel, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Microsoft, Tech, Nvidia, St, Wall, Treasury, Reserve, Bank of, Monday, Philadelphia Federal, European Central Bank, ECB, Lowes, Autodesk, Devices, Jacobs Solutions Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Bank of China, China, St, Europe, Britain, Italy, Chicago, Canada

☆ UK PM Sunak reportedly said 'just let people die', COVID inquiry hears
▼ + stars: | 2023-11-20 | by ( Andrew Macaskill | ) www.reuters.com time to read: +2 min

[1/4] Britain's Chancellor of the Exchequer Rishi Sunak visits the pathology labs at Leeds General Infirmary, to show how yesterday's budget is supporting those affected by coronavirus (COVID-19), in Leeds, Britain March 12, 2020. Danny Lawson/Pool via REUTERS/File photo Acquire Licensing RightsLONDON, Nov 20 (Reuters) - Prime Minister Rishi Sunak was quoted as saying the government should "just let people die" during the COVID-19 pandemic rather than impose a second national lockdown, the inquiry into how Britain handled the crisis heard on Monday. Patrick Vallance, who was the government's chief scientific adviser during COVID, made a note in his diary on Oct. 25, 2020, about a meeting involving then Prime Minister Boris Johnson and Sunak, who was finance minister. Vallance quoted Cummings in his diary as saying: "Rishi thinks just let people die and that's okay. A spokesman for Sunak said the prime minister would set out his position when he gives evidence to the inquiry "rather than respond to each one in piecemeal".

Persons: Rishi Sunak, Danny Lawson, Patrick Vallance, Boris Johnson, Sunak, Dominic Cummings, Johnson's, Vallance, Cummings, Rishi, Johnson, Andrew MacAskill, Elizabeth Piper, Christina Fincher Organizations: Britain's, Leeds General Infirmary, Thomson Locations: Leeds, Britain

☆ Israel's far-right finance minister demands expanded war cabinet
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Israeli Finance Minister Bezalel Smotrich attends an inauguration event for Israel's new light rail line for the Tel Aviv metropolitan area, in Petah Tikva, Israel, August 17, 2023. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsJERUSALEM, Nov 20 (Reuters) - Israel's far-right finance minister, who has so far been excluded from Prime Minister Benjamin Netanyahu's war cabinet, called on Monday for lawmakers taking a harder line towards Hamas to be included in decisions about the war. "I think this grave mistake necessitates the expansion of the war cabinet," said Smotrich, arguing that letting in fuel gave Hamas a lifeline during the war. Smotrich, in a statement, said the war cabinet should include "opinions that until today have not been heard", including from those with a record of calling for Hamas to be eliminated. Reporting by Ari Rabinovitch and Steve Scheer Editing by Peter GraffOur Standards: The Thomson Reuters Trust Principles.

Persons: Bezalel Smotrich, Amir Cohen, Benjamin Netanyahu's, Netanyahu, Smotrich, Ari Rabinovitch, Steve Scheer, Peter Graff Organizations: Tel, REUTERS, Rights, Likud, Finance, Thomson Locations: Tel Aviv, Petah Tikva, Israel, Israel's, U.S, Gaza

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