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☆ UN chief urges Russia to return to Black Sea deal
▼ + stars: | 2023-07-24 | by ( Michelle Nichols | ) www.reuters.com time to read: +2 min

Russia quit the agreement a week ago, saying that demands to improve its own food and fertilizer exports had not been met, and that not enough Ukraine grain had reached the poorest countries under the Black Sea deal. "With the termination of the Black Sea Initiative, the most vulnerable will pay the highest price," Guterres told the U.N. Food Systems summit in Rome on Monday. Since Russia quit the deal and began attacking Ukrainian food-exporting ports on the Black Sea and Danube river, global wheat and corn futures have risen sharply. "I call on the Russian Federation to return to the implementation of the Black Sea Initiative, in line with my latest proposal," Guterres said. The Black Sea grain deal was brokered by the U.N. and Turkey a year ago to combat a global food crisis worsened by Russia's February 2022 invasion of Ukraine.

Persons: Antonio Guterres, Vladimir Putin, Guterres, Putin, SWIFT, Russia's, Michelle Nichols, Philippa Fletcher Organizations: UNITED NATIONS, United Nations, Black Sea Initiative, . Food Systems, Russia's Agricultural Bank, Russian Federation, Thomson Locations: Russia, Rome, Ukrainian, Ukraine, Moscow, Turkey

☆ 'Many may die' warns UN after end of Black Sea grain deal
▼ + stars: | 2023-07-21 | by ( Michelle Nichols | ) www.reuters.com time to read: +5 min

Russia quit the Black Sea grain deal on Monday, saying that demands to improve its own food and fertilizer exports had not been met, and that not enough Ukrainian grain had reached the poorest countries. The Black Sea grain deal was brokered a year ago by the United Nations and Turkey to combat a global food crisis worsened by Russia's invasion. The impact of the grain deal in terms of provisions of Ukrainian grain to global markets is "essentially not very significant," he said. Before Russia withdrew from the Black Sea deal on Monday, the U.N. had "brokered a concrete proposal" with the European Commission to connect a Rosselkhozbank subsidiary to SWIFT. "We remain open to explore solutions with the U.N. that would contribute to the resumption of the grain deal," EU envoy to the U.N. Olof Skoog told the council.

Persons: Martin Griffiths, Mikhail Khan, Sergei Vershinin, Rosemary DiCarlo, Tayyip Erdogan, Vladimir Putin, Linda Thomas, Greenfield, Thomas, Dmitry Polyanskiy, Olof Skoog, Michelle Nichols, Sybille de La, Doina Chiacu, Conor Humphries Organizations: UNITED NATIONS, United Nations, Security, United, Security Council, U.S, Russia's Agricultural Bank, SWIFT, European Union, Russia, European Commission, Thomson Locations: Russia, Ukraine, U.S, Chicago, United Nations, Turkey, Afghanistan, Djibouti Ethiopia, Kenya, Somalia, Sudan, Yemen, Moscow, Crimea, Russia's, Paris

☆ As Russia Strikes on Ukraine's Ports, White House Warns Ships May Be Next
▼ + stars: | 2023-07-20 | by ( Safak Timur | ) www.nytimes.com time to read: +7 min

Russia’s moves have profound implications for the export of Ukraine’s grain, a commodity vital for its own economy and world grain markets. How have Russia’s attacks on Ukrainian ports affected the situation? Since Monday’s announcement, Russia has launched a series of nightly aerial attacks on Ukrainian ports, killing and wounding civilians. Six nations have a Black Sea coastline and it is a main conduit for Russia’s grain exports. Last summer, the European Union took steps to smooth a path for Ukraine’s overland grain exports, given the Russian Black Sea blockade.

Persons: Sal Gilbertie, Oleksandr Gimanov, Volodymyr Zelensky, António Guterres, Chris Mcgrath, Vladimir V, Putin, Recep Tayyip Erdogan, Reni, Benoît Fayaud, Arif Husain, ”, Maciek, Mateusz Morawiecki, ” Monika Pronczuk Organizations: Ministry of Defense, Initiative, World Food, ., Agence France, United Nations, Getty, Strategie, European Union, The New York Times Ministers Locations: Kushuhum, Ukraine’s, Zaporizhzhia, Russia, Moscow, Ukraine, U.S, Chornomorsk, Odesa, Turkey, Istanbul, China, Poland, Izmail, Romanian, Constanta, Russian, Bulgaria, Hungary, Romania, Slovakia

☆ Black Sea grain deal to expire Monday if Russia quits
▼ + stars: | 2023-07-17 | by ( Michelle Nichols | ) www.reuters.com time to read: +4 min

Russia's February 2022 invasion and blockade of Ukraine's Black Sea ports sent global grain prices soaring. The United Nations has argued that the arrangement has benefited those states by helping lower food prices more than 20% globally. Russia has agreed three times in the past year to extend the Black Sea deal, but also briefly suspended its participation at the end of October in response to a drone attack on its fleet in Crimea. To convince Russia to agree to the Black Sea deal, a three-year deal was also struck in July 2022 under which U.N. officials agreed to help Russia get its food and fertilizer exports to foreign markets. U.N. Secretary-General Antonio Guterres made a final effort on Tuesday to convince Russian President Vladimir Putin to extend the Black Sea grain deal for several months in exchange for the EU connecting a subsidiary of Rosselkhozbank to SWIFT for grain and fertilizer transactions, sources said.

Persons: Russia's, Sergei Lavrov, James, Antonio Guterres, Vladimir Putin, Guterres, Putin, Michelle Nichols, Will Dunham Organizations: UNITED NATIONS, United, United Nations, . Security, British, Food, Russian Agricultural Bank, SWIFT, European Union, EU, JPMorgan Chase &, reassurances, U.S ., The United Nations, African Export, Import Bank, Reuters, Thomson Locations: Ukraine, Russia, United Nations, Turkey, Ukraine's, Britain, Afghanistan, Sudan, Djibouti, Ethiopia, Kenya, Somalia, Yemen, Asia, Western Europe, Africa, Eastern Europe, Crimea, Moscow, SWIFT, Rosselkhozbank

Talks over the renewal of a deal that allows Ukraine to export its grain across the Black Sea in wartime were set to go down to the wire again, as the United Nations waited on Sunday for a response from Russia on a proposal that could revive the agreement and help keep global grain prices stable. The Black Sea Grain Initiative, brokered by the United Nations and Turkey, is one of the very few areas of wartime cooperation between Ukraine and Russia. It was first agreed in summer last year, allowing Ukraine to restart the export of millions of tons of grain from its ports on the Black Sea despite Russia’s full-scale invasion, which began in February. But Russia has repeatedly threatened to pull out of the agreement, which has only been renewed for short periods. The latest deadline for expiry is midnight Monday.

Persons: António Guterres, Vladimir V, Putin Organizations: United Nations, Initiative, United Locations: Ukraine, Russia, United Nations, Turkey

☆ A landmark agricultural deal that guarantees food security for tens of millions is set to expire on Monday as Russia debates its renewal
▼ + stars: | 2023-07-15 | by ( Amanda Macias | ) www.cnbc.com time to read: +4 min

The Black Sea deal has allowed Ukraine to ship more than 30 million tons of produce from three major ports, helping to bring down global food prices down after they spiked following Russia's invasion. Last week, Secretary-General Antonio Guterres sent a letter to Russian President Vladimir Putin outlining proposals to salvage the deal. REUTERS/Nacho Doce Nacho Doce | ReutersBefore Russian troops poured over Ukraine's borders in late February 2022, Kyiv and Moscow accounted for almost a quarter of global grain exports. Those agricultural shipments came to a halt for nearly six months until representatives from Ukraine, Russia, the U.N. and Turkey agreed to establish a humanitarian sea corridor under the Black Sea Grain Initiative. One of Moscow's top demands though is for the Russian Agricultural Bank, or Rosselkhozbank, to return to the SWIFT banking system.

Persons: Akos Stiller, Antonio Guterres, Vladimir Putin, U.N, Stephane Dujarric, Putin, Sergei Lavrov, Sean Gallup, Sergey Lavrov, Lavrov, That's, SWIFT Organizations: Bloomberg, Getty Images WASHINGTON, Kremlin, REUTERS, Reuters, Russian, Food, Sea Initiative, Russian Agricultural Bank, Society, Worldwide Interbank Financial Telecommunication Locations: Bicske, Hungary, Ukraine, Russia, Moscow, Ukrainian, UN, Turkey, Odesa, Kyiv, Ukraine's, Afghanistan, Ethiopia, Somalia, Sudan, Yemen, Yuzhny, Moscow's

☆ UN waits for Russian answer as Black Sea grain deal deadline looms
▼ + stars: | 2023-07-14 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

Guterres wrote to Putin on Tuesday asking him to extend the Black Sea deal in return for connecting a subsidiary of Russia's Agricultural Bank (Rosselkhozbank) to the international payment system SWIFT, sources told Reuters. The last ship traveling under the Black Sea deal is loading its cargo at Ukraine's Odesa port. U.S. Secretary of State Antony Blinken on Friday pushed for Russia to extend and expand the Black Sea deal, accusing Russia of using the agreement "as a weapon" by threatening to end it. To convince Russia to agree to the Black Sea deal, a three-year memorandum of understanding was struck in July 2022 under which U.N. officials agreed to help Russia get its food and fertilizer exports to foreign markets. The EU is considering connecting a Rosselkhozbank subsidiary to SWIFT to allow for grain and fertilizer transactions, sources familiar with discussions said on Wednesday.

Persons: Antonio Guterres, Vladimir Putin, Guterres, Putin, SWIFT, We're, U.N, Stephane Dujarric, Tayyip Erdogan, Antony Blinken, Blinken, Michelle Nichols, Will Dunham Organizations: UNITED NATIONS, United Nations, Russia's Agricultural Bank, Reuters, Kremlin, TASS, U.S, Ukraine, EU, SWIFT, Thomson Locations: Ukraine, Russia, Moscow, Turkey, Jakarta, EU

July 13 (Reuters) - Qingdao city in China's debt-laden Shandong province has set up a company to bail out its cash-strapped local government financing vehicles (LGFVs), sources said, as regional governments rush to reduce debt risks in a wobbly economy. The government of Qingdao and the China Development Bank did not reply to Reuters' requests for comment. While no LGFV in China has defaulted in the public markets, cases of delinquencies in the private debt market are increasing, worrying Beijing. Tianjin LGFV bonds yield more than 514 bps over government bonds, compared with 200 bps for Shandong bonds, reflecting the elevated risks. Fund manager Zhou said although he is bullish on LGFV bonds, "the first priority is to be absolutely diversified in investment.

Persons: Qingdao's, Xi Jinping, LGFVs, Goldman Sachs, Zhai Jianye, Zhai, It's, Zhou Tingzuo, Ning Yong, Zhou, Samuel Shen, Jason Xue, Tom Westbrook, Vidya Ranganathan Organizations: Dongdin Industrial Group, China Development Bank, Southwest Securities, Agricultural Bank of China, China Construction Bank, Commercial Bank of China, SS, Shoupu Fund Management Co, Ning Yong Fu Fund Management, Thomson Locations: Qingdao, China's, Shandong, China, Shandong LGFVs, Beijing, Big, Jinan, Weifang, Liaoning, Hunan, Shanghai, Tianjin, Singapore

☆ EU helping UN, Turkey in bid to extend Black Sea grain deal
▼ + stars: | 2023-07-13 | by ( Michelle Nichols | ) www.reuters.com time to read: +5 min

A Kremlin spokesman later said that Russia had not taken a final decision on whether to exit the grain deal. The European Commission's priority is to ensure that Ukrainian grain can reach the world market and it calls on all parties to extend the Black Sea deal, a European Union spokesperson in Brussels said on Thursday. Russia has threatened to ditch the Black Sea grain deal because several demands to dispatch its own grain and fertilizer abroad have not been met. The last ship traveling under the Black Sea agreement is currently loading its cargo at the Ukrainian port of Odesa ahead of the Monday deadline. Britain has also "worked very closely with the City of London to enable a very complex payment system" for Russian grain, Britain's U.N. ambassador, Barbara Woodward, has said.

Persons: Antonio Guterres, Vladimir Putin, SWIFT, Guterres, Putin, Ursula von der Leyen, Putin's, U.N, Barbara Woodward, Woodward, Michelle Nichols, Foo Yun Chee, Angus MacSwan, Leslie Adler Organizations: UNITED NATIONS, European Commission, United, Black, European Union, Russian Agricultural Bank, Reuters, United Nations, Kremlin, JPMorgan Chase &, reassurances, U.S ., The United Nations, African Export, Import Bank, City, Thomson Locations: United Nations, Turkey, Ukraine, Russia, Ukrainian, EU, U.N, Moscow, Brussels, Russian, Odesa, Africa, Britain, London

☆ China regulator asks banks to respond to bearish Goldman report -Bloomberg News
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - China's financial regulator has asked banks to respond to a Goldman Sachs report published last week that downgraded ratings on some Chinese banks and raised questions over the whole sector, Bloomberg News reported on Wednesday. Goldman said in a report last week it had downgraded Agricultural Bank of China (601288.SS), Industrial and Commercial Bank of China and Industrial Bank(601166.SS), sending Chinese banking stocks tumbling. The Wall Street bank said Chinese banks could not maintain a good balance of provisions, capital and dividends at the same time as their earnings have been squeezed. The National Administration of Financial Regulation communicated with several of the largest Chinese banks and told them to respond appropriately without giving specific guidance, Bloomberg News reported citing sources. Last Friday, China's state-backed Securities Times said in an editorial the Goldman Sachs downgrade of lenders to "Sell" ratings was based on "pessimistic assumptions".

Persons: Goldman Sachs, Goldman, Gursimran Kaur, Sonali Paul Organizations: Bloomberg, Agricultural Bank of China, Commercial Bank of China, Industrial Bank, National Administration of Financial, Securities Times, Thomson Locations: China's, Bengaluru

☆ UN asks Putin to extend Black Sea grain deal in return for SWIFT access -sources
▼ + stars: | 2023-07-12 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

Russia has threatened to ditch the grain deal, which expires on Monday, because several demands to dispatch its own grain and fertilizer abroad have not been met. The last two ships traveling under the Black Sea agreement are currently loading cargoes at the Ukrainian port of Odesa ahead of the deadline. A key demand by Moscow is the reconnection of the Russian agricultural bank Rosselkhozbank to the SWIFT international payment network. Guterres has proposed to Putin that Russia allow the Black Sea grain deal to continue for several months, giving the EU time to connect a Rosselkhozbank subsidiary to SWIFT, two of those sources familiar with discussions told Reuters. The United Nations and Turkey brokered the Black Sea Grain Initiative with Russia and Ukraine in July 2022 to help alleviate a global food crisis worsened by Moscow's invasion and blockade of Ukrainian ports.

Persons: Antonio Guterres, Vladimir Putin, Guterres, Putin, SWIFT, U.N, Stephane Dujarric, JPM.N, Michelle Nichols, Kanishka Singh, Mark Heinrich, Diane Craft Organizations: UNITED NATIONS, Reuters, European Union, European Commission, EU, Russian Agricultural Bank, Russian Federation, Kremlin, United, JPMorgan Chase, reassurances, U.S ., The United Nations, African Export, Import Bank, Thomson Locations: Russian, Ukraine, Russia, Odesa, Moscow, EU, SWIFT, Rosselkhozbank, United Nations, Turkey, Ukrainian, Africa

☆ Goldman's China banks downgrade based on 'pessimistic assumptions' - state media
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 7 (Reuters) - Goldman Sachs' (GS.N) downgrade of some major Chinese lenders to "Sell" ratings is based on "pessimistic assumptions," state-backed Securities Times said in an editorial on Friday, as worries over the banking sector deepen amid a rocky economy. "It is not advisable to be bearish on the fundamentals of Chinese banks based on pessimistic assumptions, and to a large extent there is a misinterpretation," the newspaper said. Chinese bank shares listed in Hong Kong tumbled after the report was released. Investors are concerned about Chinese banks' exposure to local government debt, earnings risks stemming from such debt, and diverging fortunes among individual banks, Goldman said in the report. Chinese policymakers are stepping up efforts to boost infrastructure investment and are tackling hidden local government debts, the Securities Times said.

Persons: Goldman Sachs, Goldman, Ella Cao, Bernard Orr, Ziyi Tang, Jamie Freed Organizations: Securities Times, Agricultural Bank of China, Commercial Bank of China, Industrial Bank, Investors, Thomson Locations: BEIJING, Hong Kong

☆ UN aid chief to Russia: Don't 'chuck away' Black Sea grain deal
▼ + stars: | 2023-07-07 | by ( Michelle Nichols | ) www.reuters.com time to read: +5 min

"The world has seen the value of the Black Sea Initiative ... this isn't something you chuck away," the U.N.'s Martin Griffiths told reporters. Zelenskiy said the Black Sea deal was important to help the world fight hunger. Russia has described the Black Sea deal and the agreement to facilitate its own exports as a single package. The Black Sea deal allows for ammonia exports - a key ingredient in nitrate fertilizer - but none has shipped. As the expiration date looms, the Black Sea grain deal is grinding to a halt.

Persons: Martin Griffiths, Volodymyr Zelenskiy, Tayyip Erdogan, Erdogan, Zelenskiy, Griffiths, Michelle Nichols, Elaine Monaghan, Oleksandr Kozhukhar, Doina Chiacu, Grant McCool Organizations: UNITED NATIONS, U.N, United Nations, Black Sea Initiative, United, Zelenskiy, Russian Federation, Russian Agricultural Bank, International Energy Agency, Sezer, Thomson Locations: Russia, Moscow, Odesa, United Nations, Turkey, Ukraine, Ukrainian, Istanbul, Russian, United, United States, European Union, Britain, Togliatti, Washington, Kyiv

☆ Hong Kong stocks slump on worries about Chinese banks, US interest rates
▼ + stars: | 2023-07-06 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Hong Kong stocks on Thursday recorded their worst day in four months, after Goldman Sachs downgraded major Chinese banks on local government debt risks and the US Federal Reserve gave a hawkish outlook. Financial shares led the sell-off, after Goldman Sachs downgraded several Chinese banks. The Hang Seng Mainland Banks Index, which tracks mainland Chinese banks listed in Hong Kong, plummeted 6.5%. These banks face earnings risks stemming from their exposure to China’s local government debt, the Wall Street firm said. Sentiment in Hong Kong markets was also affected by the Fed’s hawkish rate outlook.

Persons: Goldman Sachs, Xi Jinping’s, ” “, ”, Stephen Innes, Janet Yellen, Biden, Korea’s Kospi Organizations: Hong Kong CNN, US Federal Reserve, Asia Pacific . Financial, Mainland Banks Index, Commerical Bank of China, Industrial Bank, Bank of China, Bank of Communications, Huaxia Bank, US, Nikkei Locations: Hong Kong, Asia, Mainland, “, China, Beijing, Shanghai

☆ China bank shares slump in Hong Kong after Goldman downgrades
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 5 (Reuters) - Chinese banking shares listed in Hong Kong tumbled on Wednesday after Goldman Sachs downgraded top lenders including Agricultural Bank of China (AgBank) in a report that raised questions over the sector's financial health. Meanwhile, Industrial and Commercial Bank of China (ICBC) and Industrial Bank (601166.SS) were both downgraded from "Buy" to "Sell". Agbank shares fell roughly 3% in Hong Kong, on track for their biggest one-day loss in nearly two months. In its report, Goldman said it expects Chinese banks' dividend yields would come in at 4-6% this year, two percentage points lower than before the adjustment. The bank also revised down pre-provision operating profit estimates for large Chinese banks by 5-6% this year and next.

Persons: Goldman Sachs, Goldman, Agbank, Himani Sarkar, Kim Coghill Organizations: Agricultural Bank of China, Mainland Banks Index, Industrial, Commercial Bank of China, Industrial Bank, Shanghai, Thomson Locations: SHANGHAI, Hong Kong, Mainland, ICBC's Hong Kong, China

The People's Bank of China, which typically issues guidance on dollar deposit rates to state banks, did not immediately comment on the matter. The lenders - Industrial and Commercial Bank of China (601398.SS), , Bank of China (601988.SS), , Agricultural Bank of China (601288.SS), , China Construction Bank (601939.SS), and Bank of Communications (601328.SS), - did not immediately respond to requests for comment. The lower rates could both discourage households from putting savings into higher-yielding dollar deposits and nudge Chinese firms, especially exporters, to settle foreign exchange receipts in yuan. The latest cut in dollar deposit rates was the second in barely a month. Some currency traders also said the cuts in dollar deposit rates would ease pressure on commercial lenders' net interest margin, as banks' dollar deposit rates had risen above lending rates before the recent adjustments.

Persons: Ken Cheung, Banks, PBOC, Winni Zhou, Samuel Shen, Jindong Zhang, Rong Ma, Ryan Woo, John Geddie, Edmund Klamann Organizations: People's Bank of China, Industrial, Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Traders, U.S, Mizuho Bank, Reuters, Thomson Locations: SHANGHAI, BEIJING, China, United States, China's, Shanghai, Beijing, Tokyo

☆ Russia rejects bank compromise as Black Sea grain expiry looms
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

With 13 days remaining until expiry of the deal that has allowed Ukraine to export grain from its Black Sea ports despite Russia's invasion, Moscow said there had been no progress on any of its key demands, including the banking issue. She also rejected a U.N. attempt to create an alternative payment channel between Rosselkhozbank and U.S. bank JP Morgan (JPM.N). Russia says the severing of the bank's access to SWIFT is one of the obstacles facing its own exports of food and fertiliser, and that it cannot keep renewing the Black Sea deal unless those issues are addressed. The United Nations says the deal has so far allowed the export of more than 32 million metric tons of food from three Ukrainian Black Sea ports to 45 countries on three continents. Its foreign ministry said the Black Sea initiative had delivered Ukrainian grain to "well-fed" countries but failed to help those that needed it most in Africa, Asia and Latin America.

Persons: Maria Zakharova, JP Morgan, SWIFT, Zakharova, Felix Light, Mark Trevelyan, David Goodman Organizations: Financial Times, European Union, Foreign Ministry, SWIFT, United Nations, Thomson Locations: Russia, Ukraine, Moscow, Rosselkhozbank, Africa, Asia, Latin America, Ethiopia, Yemen, Afghanistan, Sudan, Somalia

☆ The global food crisis is getting so bad that the EU now wants to reconnect a sanctioned Russian bank to the global financial system to keep the grain supply moving
▼ + stars: | 2023-07-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The EU wants to reconnect a sanctioned Russian bank to the global financial system. The bloc is trying to secure Putin's support to extend the Black Sea grain deal, which expires shortly. The concession wants to let the state-owned Russian Agricultural Bank handle payments related to grain exports. The news of the potential concession came just as Gennady Gatilov, Russia's envoy to the United Nations, told the pro-Kremlin Izvestia newspaper there are no grounds to maintain the "status quo" of the Black Sea grain deal. The European Commission and the Russian Agricultural Bank did not immediately respond to requests for comment from Insider.

Persons: —, SWIFT, Vladimir Putin's, Gennady Gatilov, Gatilov, Swift, Izvestia Organizations: Service, Financial Times, Russian Agricultural Bank, United Nations, Moscow, Kremlin Izvestia, UN Food and Agriculture Organization Food, European Commission Locations: Russian, Russia, Ukraine, Moscow

☆ Russia's envoy: No grounds to maintain grain deal status quo
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Russia's envoy to the United Nations in Geneva said there were no grounds to maintain the "status quo" of the Black Sea grain deal that is set to expire on July 18, the Russian news outlet Izvestia reported on Monday. In a wide ranging interview, envoy Gennady Gatilov told the outlet that the implementation of Russia's conditions for the extensions of the agreement was "stalling." "However, what we are seeing now does not give us grounds to agree to maintaining the status quo." Last week, the United Nations said it was concerned no new ships had been registered under the Black Sea deal since June 26 - despite applications being made by 29 vessels. The New Start Treaty, signed in 2010 is due to expire in 2026.

Persons: Gennady Gatilov, Gatilov, Izvestia, Vladimir Putin, Lidia Kelly, Lincoln Organizations: United Nations, Russian Agricultural Bank, United, Washington, Thomson Locations: Geneva, Russian, Russia, Ukraine, United Nations, Turkey, United States, Moscow, Washington, Izvestia Russia, Kyiv, Melbourne

☆ Kremlin: "Not too many hopes" for Black Sea grain deal
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 3 (Reuters) - Russia is pessimistic about the prospects of renewing the Black Sea grain deal because no progress has been made in implementing accompanying agreements that pertain to Russian exports, the Kremlin said on Monday. The deal, under which Russia has guaranteed the safety of grain ships heading to and from Ukrainian ports through waters it controls, is set to expire on July 18 and Kremlin spokesman Dmitry Peskov told a briefing there were "not too many hopes" it would be extended. To fulfil the memorandum, Russia says several conditions must be met, including the readmission of the Russian Agricultural Bank (Rosselkhozbank) to the Belgian-based international banking payment system, SWIFT. Asked to comment on the FT report, Peskov said: "So far we have nothing to report on the implementation of that part of the agreement that concerned the Russian side. Reporting by Reuters; Writing by Kevin Liffey Editing by Andrew OsbornOur Standards: The Thomson Reuters Trust Principles.

Persons: Dmitry Peskov, SWIFT, Peskov, Rosselkhozbank, Kevin Liffey, Andrew Osborn Organizations: Kremlin, Financial Times, European Union, Russian Agricultural Bank, Russia, United Nations, EU, Reuters, Thomson Locations: MOSCOW, Russia, Moscow, Ukrainian, Belgian, Russian

☆ EU weighs concession to Russian bank over Black Sea grain deal -FT
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday. With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets, the newspaper said. Russia last week said that it saw no reason to extend the grain deal beyond July 17 because the West had acted in an "outrageous" way over the agreement, though it assured poor countries that Russian grain exports would continue. Moscow's plan, proposed through U.N.-brokered talks, would let the bank unit handle payments related to grain exports, the paper said, citing unnamed sources. "On the one hand, any opportunities for agricultural exports are good.

Persons: Trofimtseva, SWIFT, Jahnavi, Pavel Polityuk, Kim Coghill, Clarence Fernandez, David Goodman Organizations: European, Russian Agricultural Bank, Financial Times, EU, Thomson Locations: European Union, Moscow, Ukraine, Russia, U.N, Bengaluru

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

☆ China plays it safe with new central bank chief
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 3 (Reuters Breakingviews) - The new boss of the People’s Bank of China (PBOC) is probably a relief to those anxiously watching the future of the most meritocratic regulator in the country. The ruling Communist Party on Saturday appointed Pan Gongsheng, who has been deputy governor for the past 11 years, as party secretary – the de facto boss that supervises the institution. The Wall Street Journal said that would be a prelude to Pan becoming governor next, citing unnamed sources. The appointment of Pan, who has since 2015 also run the State Administration of Foreign Exchange (SAFE), is a surprise. It’s unlikely Pan will deviate much from the current monetary policy trajectories, even if he helms both the party secretary and governor roles.

Persons: Pan Gongsheng, –, Pan, Yi Gang, helms, Yawen Chen, ’, George Hay, Pranav Kiran Organizations: Reuters, People’s Bank of China, Communist Party, Saturday, Street Journal, State Administration of Foreign Exchange, Committee, Cambridge, Harvard, Agricultural Bank of China, U.S ., Twitter, KKR, Thomson Locations: United States, Hong Kong, Shanghai, China

☆ Explainer: What is Russia's problem with the Black Sea grain deal?
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +7 min

Putin said he would discuss the future of the grain deal with visiting African leaders on Saturday. THE PACKAGE DEALThe United Nations and Turkey brokered the Black Sea Grain Initiative last July to help tackle a global food crisis worsened by Moscow's invasion of Ukraine and blockade of its Black Sea ports. Under the Black Sea grain deal, more than 625,000 tonnes of grain has so far been shipped by the WFP for aid operations in Afghanistan, Ethiopia, Kenya, Somalia and Yemen. Until the ammonia pipeline is restarted, Moscow has said it will limit the number of vessels allowed to travel to Pivdennyi port under the Black Sea grain deal. RUSSIAN GRAIN, FERTILIZER EXPORTSWhile exports of Russian wheat and some fertilisers have risen since the war, exports of Russian ammonia and potassium-based fertilizers have plummeted.

Persons: Vladimir Putin, Putin, Stephane Dujarric, Linda Thomas, Greenfield, JPM.N, Daniel Wallis Organizations: United, United Nations, Food Programme, The United Nations, Democratic, Agricultural Bank, European Union, EU, JPMorgan Chase, reassurances, U.S ., African Export, Import Bank, Reuters, U.S . Department of Agriculture, Thomson Locations: Russia, Moscow, United Nations, Turkey, Ukraine, Africa, Lebanon, Syria, Yemen, Somalia, Democratic Republic of Congo, Afghanistan, Ethiopia, Kenya, United States, America, SWIFT, Russia's Togliatti, Ukraine's, Ukrainian, Ukraine's Kharkiv, East

☆ China IPOs are uncoupling from Wall Street too
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

Increasingly it is detaching from Wall Street too. Nonetheless, the Shanghai Stock Exchange will hold a hearing for the deal on Friday, per Refinitiv’s IFR. Syngenta is a pillar in Beijing’s strategy to shore up food security and will use the deal to pay down debt. The landmark IPO coincides with signs that Wall Street’s small position in the market is shrinking further. Syngenta’s blockbuster IPO will be an awkward new milestone for Wall Street already facing life in China’s second tier.

Persons: Beijing’s, It’s, Dealogic, Xavier Niel, Pete Sweeney, Thomas Shum Organizations: Reuters, Agricultural Bank of, Shanghai Stock Exchange, HK, BOC, Citic Securities, Twitter, Brookfield, Thomson Locations: MUMBAI, Agricultural Bank of China’s, Hong Kong, China’s, Una

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