DIRS.INFO The most relevant business & tech news

☆ Pakistan PM urges parliament to act against ex-premier Khan
▼ + stars: | 2023-03-28 | by ( Asif Shahzad | ) www.reuters.com time to read: +2 min

[1/2] Pakistan's Prime Minister Shehbaz Sharif attends a summit on climate resilience in Pakistan, months after deadly floods in the country, at the United Nations, in Geneva, Switzerland, January 9, 2023. The clashes occurred earlier this month after Khan's supporters prevented police and paramilitary forces from detaining him over allegations he unlawfully sold state gifts during his 2018-22 tenure as premier. Last week Interior Minister Rana Sanaullah asked for a parliamentary ruling to empower authorities to crack down on Khan's party and his supporters. Sharif did not spell out what action he wanted the parliament to take against Khan. Some of Sharif's ministers have called for a ban on Khan's Pakistan Tehreek-e-Insaf (PTI) party, but it was not clear whether the government was seeking this from parliament.

☆ Wall Street ends volatile week higher as Fed officials ease bank fears
▼ + stars: | 2023-03-24 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"Wall Street is taking its cues from Washington and other capitals as it relates to interest rates and banking regulations." "The Fed may be jaw-boning a bit as it says more rate increases may be coming this year," JPMorgan's Carter added. Worries over potential contagion beyond regional banks threatening to spread to their larger peers was sparked by a sell-off of European bank shares. While the S&P Bank index (.SPXBK) ended modestly lower, the KBW Regional Bank index (.KRX) jumped 2.9%. Regional lenders PacWest Bancorp , Western Alliance Bancorp (WAL.N) jumped 3.2% and 5.8%, respectively, while First Republic Bank (FRC.N) dropped 1.4%.

☆ First Republic's marginal gains keep stock close to record-low levels
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Shares of First Republic Bank (FRC.N) rose 5% on Thursday as they drew the attention of bargain-hunting retail investors, but still hovered near record-low levels on lingering fears about the future of the U.S. regional lender. The stock was the second most traded by retail punters in Wednesday's session and the fifth most popular trade by 10:00 a.m. First Republic's shares have lost nearly 90% of their value this month, the worst performing stock among the members of S&P 1500 regional banks index (.SPCOMBNKS), which has fallen 30.2% during the same period. Treasury Secretary Janet Yellen on Wednesday dashed all hopes that U.S. regulators would insure all consumer deposits through the end of the banking crisis, sending First Republic's stock down 15% on the day. Reporting by Medha Singh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Some Israeli army reservists rule out call-up if judiciary weakened
▼ + stars: | 2023-03-23 | by ( Emily Rose | ) www.reuters.com time to read: +6 min

"I've told the army that if the judicial reform passes (in parliament) I won't continue to come," Colonel N told Reuters, asking not to be further identified. Most Israelis are conscripted into the military for 2-3 years, and some continue as reservists into middle age. While reservists have helped Israel prevail in a string of wars, the army has relied recently on standing forces. 'HUGE DAMAGE'Experts warn the Israeli military could be weakened by reservists rejecting call-ups. "This definitely inflicts huge damage on the capability and capacity of the Israeli forces," Israel Ziv, a former head of army operations, told Reuters.

☆ France pension reform protests turn violent following national day of action
▼ + stars: | 2023-03-23 | by ( Aurore Laborie Dalal Mawad Oliver Briscoe Allegra Goodwin Pierre Bairin Helen Regan | Aurore Laborie | Dalal Mawad | ) edition.cnn.com time to read: +4 min

Paris CNN —More than a million people took to the streets across France on Thursday with protests turning violent in some areas as demonstrators voiced their fury at proposed pension reforms. At least 80 people were arrested and 123 police officers injured in France on Thursday during the nationwide protests, French Interior Minister Gerald Darmanin said. The gate of the Bordeaux city hall after it was set on fire during a demonstration on a national day of action, on March 23 in Bordeaux, southwestern France. French riot police apprehend a protester amid clashes during a demonstration against pension reform in Paris on March 23, 2023. It rammed the legislation through the French National Assembly last week using a constitutional clause that allows the government to bypass a vote.

☆ The Fed is about to deliver a momentous policy decision. It'll be a choice between keeping the focus on inflation or stemming the banking chaos.
▼ + stars: | 2023-03-22 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

Powell and the Fed may acknowledge that monetary policy has caused some pain, and even add that more may be coming. What's your prediction for today's Fed decision and what Powell might say about the recent banking tumult? A market analyst says investors need to have some key questions answered by the Fed today. Market watchers should pay attention over whether the central bank sees the SVB collapse and resulting crisis as deflationary. The governor of Florida has proposed legislation to ban a central bank digital currency and has called on like-minded states to do the same.

☆ Mexican state seeks to punish Pemex for emissions from refinery
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, March 19 (Reuters) - Mexico's northern state Nuevo Leon on Sunday warned that it would seek penalties for state oil company Pemex after a dramatic increase in visible emissions from its Cadereyta refinery earlier in the day. Pemex (PEMX.UL) said in a statement that it had "safely halted" operations in one of the plants at the Cadereyta refinery in the afternoon; the company added there was no risk to the population and the emissions were under control. Nuevo Leon's environment ministry, however, said in a statement that it had repeatedly detected "intensified" emissions from the refinery, particularly at night, and that the refinery was responsible for 90% of sulfur dioxide emissions in the metropolitan area of Monterrey city, the state's capital. The ministry said that state environmental law gave it the right, if necessary, to halt operations at the refinery. Reporting by Jackie Botts; Editing by Stefanie EschenbacherOur Standards: The Thomson Reuters Trust Principles.

LONDON, March 17 (Reuters) - Hedge funds are watching growing U.S.-Chinese geopolitical tensions and have spotted ways to trade them. Taking a short position on investment grade bonds would make up for losses on long positions elsewhere, he said. If tensions were resolved, being caught with a negative view on Chinese stocks would not be beneficial, and therefore she would not short Chinese AI firms but invest in U.S. ones instead. "The most sensitive commodity to a break down in trade between China and Russia and the West is graphite," he added. "Supply chains are already shifting to Penang, and they are receiving investment from both China and the U.S.

☆ 'Big Short' investor Steve Eisman says it'll be bad news for stocks if the banking crisis causes the Fed to pause: 'You should be scared'
▼ + stars: | 2023-03-16 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Investors should be worried if the Federal Reserve doesn't raise interest rates next week, according to Steve Eisman. "If the Fed is scared, you should be scared," the "Big Short" investor told CNBC. Traders upped their bets on a Fed pause after the US's regional banking crisis rocked markets. "If the Fed doesn't raise rates … maybe it'll be positive for a couple hours or a couple of weeks," he added. The central bank is in a difficult position because inflation could flare up again if it does stop tightening, according to Eisman.

"This is part of the process of the knob being turned to tighten financial conditions to make sure that we are on our way to normalising a higher interest rate world," Pick said. Shockwaves from the collapse of SVB put fresh pressure on bank stocks across Asia and Europe on Tuesday as worries about potential contagion to other lenders deepened. Morgan Stanley's Pick said the events of the last week may give the Federal Reserve pause for thought on its own rate plans. He was speaking ahead of closely-watched U.S. inflation data later in the day. Analysts at Goldman Sachs said in a note on Monday that U.S. banking stresses could spread directly to European banks.

☆ EU hopeful that Kosovo and Serbia will reach deal this month
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

PRISTINA, March 9 (Reuters) - The European Union expects former wartime foes Kosovo and Serbia to reach a final deal next week on normalising relations after both endorsed a peace plan, the bloc's envoy said on Thursday. The nations' leaders are due to meet on March 18 in North Macedonia to discuss implementation of an 11-point EU plan after agreeing last month that its contents needed no further talks. Kosovo declared independence in 2008, almost a decade after a guerrilla uprising brought an end to repressive Serbian rule. The EU plan does not commit Serbia to acknowledging an independent Kosovo but it would recognise documents such as passports, diplomas and licence plates. He was to travel next to Serbia for talks with President Aleksandar Vucic.

☆ The life and times of Pope Francis as he marks his 10th anniversary as pontiff
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +9 min

[1/3] Pope Francis greets people as he attends the weekly general audience in St. Peter's square at the Vatican, March 8, 2023. REUTERS/Guglielmo MangiapaneVATICAN CITY, March 8 (Reuters) - Following are some of the major events of the life and ministry of Pope Francis, who marks the 10th anniversary of his election as pontiff on March 13. 2017Jan. 2 - Pope Francis says in a letter bishops must show zero tolerance to clergy who sexually abuse children. May 18 - In unprecedented move, all Chile's bishops offer to resign after attending crisis meeting with Pope Francis. In March 2022, he introduces a reform saying Catholic women could in future take charge of most departments.

☆ Australian officials warn of bushfire threat as heatwave grips Sydney
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

A total of 33 fires are burning across New South Wales (NSW), Australia's most populous state of which Sydney is the capital, with 12 not contained yet. Five public schools have been shut amid a total fire ban across large parts of the state. Two bushfires have been downgraded from emergency warning levels overnight, but officials said they could flare up again. Since late 2020, Australia's weather has been dominated by La Nina, which brings more rain and floods. Reporting by Renju Jose in Sydney, Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Washington, D.C., council pulls crime bill that Senate is poised to block
▼ + stars: | 2023-03-06 | by ( Katharine Jackson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 6 (Reuters) - The Democratic-controlled Washington city council on Monday withdrew a bill aimed at overhauling the city's criminal code, which Congress had been set to overturn in a move that President Joe Biden had vowed not to block. "The bill has been pulled back from Congress," council chair Phil Mendelson said at a news conference, adding that he had sent a letter to the U.S. Senate advising that the bill had been withdrawn. Biden said last week he would not veto Congress' move if the Senate approved overturning the city bill. "If the Senate votes to overturn what D.C. Council did, I'll sign it." Congressional oversight of Washington, D.C., is written in to the U.S. Constitution, and the city's 700,000 residents do not have voting representation in Congress.

☆ 13 times solar storms caused freak events on Earth, from detonating mines to crashing financial markets
▼ + stars: | 2023-03-06 | by ( Marianne Guenot | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +1 min

A solar storm shorted Quebec's power grid for 8 hours. NASA/SDOOn March 10, 1989, an enormous solar flare blew up on the sun with the power of thousands of nuclear bombs exploding at the same time. The particles created a strong current in the sky, and the Earth created electrical current in the ground to rectify this. This surged the Quebec power grid, which was out of commission for eight long hours on a weekday morning, affecting about 6 million people. And radio interference jammed signals from Radio Free Europe into Russia.

☆ Factbox: South Korea moves to resolve historical, legal disputes with Japan
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kim Hong-JiSEOUL, March 6 (Reuters) - South Korea on Monday proposed establishing a public foundation to compensate victims of wartime forced labour by Japan, to help resolve strained ties between the two countries. Efforts to overcome historical disputes between South Korea and Japan were renewed under South Korean President Yoon Suk Yeol, who took office in May, with both countries vowing to improve ties. Japan says the matter of any compensation for forced labour was settled under a 1965 treaty normalizing diplomatic ties and providing South Korea with economic assistance. - Relations deteriorated in 2019 when Japan restricted exports of high-tech material to South Korea. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on things like tracking ballistic missile launches from North Korea.

☆ Serbian nationalists march in protest against Kosovo talks
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

Many Serbs view Kosovo, home to the Serbian Orthodox faith's main churches and monasteries, as the heartland of the Serb nation. Serbian nationalists who also want closer ties with Russia, Serbia's longtime ally, criticise President Aleksandar Vucic for his role in talks over a Western-backed deal with Kosovo. "The people of Serbia which soiled this land with blood will not give away Serbian Kosovo, because Kosovo is sacred," said Zorica Mojsic from Belgrade as he walked with other marchers. The Serbian Orthodox Church organised its own prayers for Kosovo, set to last until Easter, but did not endorse the march and its clergy did not participate. On Friday, the Serbian Orthodox church's Patriarch Porfirije said in a sermon "no one should teach the church ... what is Kosovo... Liberating Kosovo with words is easy."

☆ Texas congressman who broke with GOP is censured
▼ + stars: | 2023-03-04 | by ( ) www.cnbc.com time to read: +3 min

That independent streak includes opposing a sweeping House GOP immigration proposal over the U.S.-Mexico border, which includes a large portion of his South Texas district. Gonzales was defiant before the vote and did not attend the meeting of Texas GOP leaders and activists in Austin. "The Republican Party of Texas would be wise to follow his lead and do some actual work." Last year, former Texas GOP Chairman Allen West stepped down from the job to mount a faint primary challenge against Republican Gov. The state party in 2018 also censured a former moderate Texas House speaker who opposed bathroom restrictions for transgender people.

He also declared he will not sign anything that recognises Kosovo "formally or informally" and would never agree to its membership of the United Nations. Kosovo declared independence in 2008, almost a decade after war brought an end to Serbian rule. While Vucic says he will not even "informally" recognise Kosovo, such a definition is ultimately a matter of interpretation. A senior EU official said an overall deal would be final only "when we also know exactly how it will be implemented - within what timelines, by whom". The official said the two sides had made significant progress but "the last mile is always the most difficult".

WASHINGTON, March 2 (Reuters) - President Joe Biden said on Thursday he would sign a Republican-led bill that would overturn recent changes to Washington, D.C.'s laws which lowered penalties for some crimes, should it pass in the U.S. Senate. "I support D.C. statehood and home rule, but I don't support some of the changes D.C. Council put forward over the Mayor's objections, such as lowering penalties for carjackings," Biden said on Twitter after a meeting with Senate Democrats. "If the Senate votes to overturn what D.C. Council did, I'll sign it." A veto would run counter to Biden's longtime view that Washington should be a state that sets its own laws, free from interference from Congress. Congressional oversight of Washington, D.C. is written into the U.S. Constitution, and the city's 700,000 residents do not have voting representation in Congress.

☆ Mark Zuckerberg is turning Facebook into Instagram as part of his self-declared “year of efficiency.”
▼ + stars: | 2023-03-01 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

He chatted with a woman who was locked out of her Apple account minutes after her iPhone was stolen. CEO Mark Zuckerberg is structurally changing Facebook to mimic Instagram. The restructuring — which will likely include layoffs, as Insider reported — is part of Zuck's planned "year of efficiency." 8. iPhone users could soon send iMessages through PCs. These are the best MagSafe battery packs for iPhone users.

☆ Exclusive: Mexico's Pemex increased gas flaring at top field, despite pledge to stop
▼ + stars: | 2023-02-28 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +7 min

[1/3] Gas flare is seen at the state energy company Petroleos Mexicanos (Pemex) Papan plant, in Tierra Blanca, Veracruz state, Mexico February 18, 2023. The pledge to stop burning gas at the Ixachi field came after months of pressure over flaring from the hydrocarbon regulator, environmentalists and Mexico’s most important trade partner, the United States. But Pemex has repeatedly missed gas production targets, blaming it on missing infrastructure. Two senior company sources told Reuters last November Pemex would rather pay fines than deal with gas flaring problems. Pemex's updated business plan for 2023 to 2027, released in December, reiterated promises to reduce emissions but focused more on oil and gas production as well as refining.

Speaking after hosting talks in Brussels between Serbian President Aleksandar Vucic and Kosovo Prime Minister Albin Kurti, Borrell said the leaders agreed "no further discussions" are needed on the deal between the former wartime foes. But Serbia still regards Kosovo as a breakaway province and flare-ups between the Balkan neighbours have stoked fears of a return to conflict. Under the new deal, Serbia stops short of recognising Kosovo as an independent state but agrees to recognise official documents such as passports, diplomas and licence plates and not to block Kosovo's membership of any international organisation. Borrell said the annex was an "integral part" of the new deal but it had not yet been agreed. Vucic has insisted Kosovo establish an association of Serb-majority municipalities, as agreed by a previous Kosovo government.

☆ Another Stock Market Crash Coming, Wall Street's Top Investors Warn
▼ + stars: | 2023-02-22 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

This elation has lulled Wall Street into a false sense of security, according to the investing world's elite who I've spoken with over the past few weeks. It's like all the good little boys and girls on Wall Street asked for a rally for Christmas and got it. He added that nonprofessional retail investors' strong return to the market indicated an unsustainable rally. Anytime Wall Street has forgotten that over the past year, it has gotten punished. And that means Wall Street will eventually have to open its eyes, take its fingers out of its ears, and watch this bear-market rally fall apart.

☆ Cuba suffers third major blackout in a week
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

HAVANA, Cuba, Feb 21 (Reuters) - Cuba on Tuesday suffered its third major blackout in little more than a week, leaving a vast swath of the center and east of the island without power, energy officials said on state-run TV. The blackout Tuesday spanned 430 miles (700 km) from Cienfuegos province in south-central Cuba to Guantanamo, on the far southeastern tip, leaving more than half of the country´s population of 11 million without power. On Saturday, another blackout cut power for millions of people from Matanzas, east of Havana, to Guantanamo, an outage power officials attributed to a "human operation error." The Minister of Energy and Mines said last week that rolling blackouts would resume and last until May while the country overhauls decades-old oil-fired power plants ahead of the summer season. Cold War-era embargo on Cuba, which complicates financing and purchase of parts, fuel and capital investment.

Search resuls for: "Flare"

25 mentions found