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☆ Janet Yellen: It’s still too hard to be a working parent in America
▼ + stars: | 2024-01-24 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

There’s much more the President and I would like to do to support the middle class,” Yellen plans to say during the speech at the Economic Club of Chicago. Treasury officials have billed the speech as one of the most significant Yellen plans to deliver this year and an effort to set the tone for her domestic agenda during 2024. We need to get American families access to affordable child care and other support for their children,” Yellen is set to say, according to the excerpts. “This story of the middle class is not separate from the state of the economy. “Though some forecasters thought a recession last year was inevitable, President Biden and I did not,” Yellen will say.

Persons: Janet Yellen, ”, Yellen, Biden, “, Joe Biden, ” Biden, Biden’s Organizations: New, New York CNN, CNN, Economic, of Chicago, Treasury, ”, University of Michigan Locations: New York, Chicago, Covid, North Carolina

☆ UK needs new plan to reverse hit to living standards, researchers say
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

People walk alongside the City of London financial district in London, Britain, October 25, 2023. REUTERS/ Susannah Ireland/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - Britain needs a new economic strategy to reverse 15 years of falling living standards and worsening inequality, a leading think tank and an academic research centre said on Monday. "There is no excuse for fatalism," Torsten Bell, chief executive of the Resolution Foundation, said. "Closing the gap with peers like Australia, France and Germany would deliver huge living standards gains, with typical households over 8,000 pounds better off." ($1 = 0.7881 pounds)Writing by William Schomberg; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Susannah Ireland, Jeremy Hunt, Keir Starmer, Torsten Bell, William Schomberg, Daniel Wallis Organizations: City, REUTERS, Foundation, London School of Economics, Centre for Economic, Labour Party, Conservative Party, Starmer's Labour, Thomson Locations: London, Britain, Australia, France, Germany, Birmingham, Manchester

“President Biden this coming week will be doing a lot more than just meeting with President Xi,” White House national security adviser Jake Sullivan told reporters in Washington on Monday. White House officials say they are cognizant that fellow APEC nations want to see better dialogue between the U.S. and China because it reduces the risk of regional conflict. Biden on Monday welcomed Indonesian President Joko Widodo, a fellow APEC leader, to the White House for talks before both travel to San Francisco. Israel's retaliatory operations in Gaza have killed more than 11,000, sparking outrage from a slew of world leaders. The stopgap measure excludes the roughly $106 billion funding requested by Biden for Israel, Ukraine and the U.S. border with Mexico.

Persons: Joe Biden, Xi Jinping, Xi, what's, Biden, Russia's, “, Jake Sullivan, Donald Trump, Obama, ”, Neils Graham, Joshua Kurlantzick, TPP, Trump, Joko Widodo, “ We’re, Matt Murray, Fumio Kishida, Yoon Suk Yeol, Ferdinand Marcos, Jr, Mike Johnson, Sullivan, ” Sullivan, ___ Long, Josh Boak, Chris Megerian, Darlene Superville, Zeke Miller Organizations: FRANCISCO, Economic Cooperation, U.S, Republican, House, White, APEC, Economic Forum, Pacific Partnership, Atlantic Council GeoEconomics, Southeast, Council, Foreign Relations, Biden, Administration, Indonesian, The, Office, Georgetown University, Hamas, Associated Press Locations: Asia, Pacific, United States, San Francisco, China, Israel, Washington, Beijing, U.S, Southeast Asia, Japan, South Korea, Gaza, Indonesian, Ukraine, Japanese, South, Philippine, Philippines, South China, Mexico

And tensions between the countries heightened earlier this year when a Chinese surveillance balloon was spotted traveling over sensitive U.S. airspace. The U.S. military shot down the balloon off the Carolina coast after it traversed sensitive military sites across North America. With all of the tensions, the two nations have worked to smooth economic ties. Xi similarly met with Blinken in June when the secretary of state traveled to Beijing for talks with Wang. In January, she had her first face-to-face meeting with former Vice Premier Liu He in Zurich.

Persons: Janet Yellen, Joe Biden, Xi Jinping, Nicholas Szechenyi, ”, Biden, Shou Zi Chew, Wang Yi, Antony Blinken, Jake Sullivan, Xi, Wang, Yellen, Liu, “, Colleen Long, Aamer Madhani Organizations: WASHINGTON, —, Economic Cooperation, Center for Strategic, International Studies, APEC, Chinese Foreign, White, U.S, White House, Blinken, U.S . Treasury Department, China’s Ministry of Finance, Associated Press Locations: San Francisco, Asia, United States, China, U.S, Carolina, North America, Washington, Beijing, Zurich

☆ 5 takeaways from new polls that reveal Biden’s challenges and Trump’s potential victory path
▼ + stars: | 2023-11-08 | by ( Stephen Collinson | ) edition.cnn.com time to read: +14 min

The CNN poll finds that 25% of voters believe Biden has the stamina and sharpness to serve effectively, while 53% say Trump does. The CNN poll encapsulates this potential dilemma for voters. And given his national approval rating in the CNN poll of only 39%, any economic downturn next year would be disastrous for him. Voters see Trump as a stronger leader, suggesting that bluster and threats are more convincing than Biden’s nuanced approach. Latino voters favor Biden over Trump by only four points compared to 33 points in the 2020 election.

Persons: Joe Biden, Biden, Donald Trump, Trump’s, Andy Beshear, Glenn Youngkin, let’s, ” Biden, Trump, demonization ”, ”, hasn’t, he’s, MAGA, there’s, trimmer, Will, abate, Tim Ryan, CNN’s Wolf Blitzer, it’s, “, …, Bacon, –, doesn’t, Bill Clinton, Barack Obama’s, Jimmy Carter, Obama, Clinton Organizations: CNN, Democrats Tuesday, Biden, GOP, Democratic, New York Times, Siena College, Trump, Democratic Gov, GOP Gov, Republican, “, Former Democratic, Hamas, Voters, Black Locations: Ohio, Kentucky, Virginia, America, New York, Ukraine, Israel, Nevada, Georgia, Arizona, Michigan, American, Gaza

☆ Janet Yellen to deliver major speech detailing US economic strategy toward Indo-Pacific
▼ + stars: | 2023-10-30 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —At a moment of elevated geopolitical danger, Treasury Secretary Janet Yellen plans to deliver a major speech on Thursday mapping out the Biden administration’s economic gameplan toward the increasingly volatile Indo-Pacific region, CNN has learned. The speech will mark the first time the Biden administration has outlined its economic approach toward the region in such detail. Recently, China and the Philippines accused each other of causing collisions in a disputed area of the South China Sea. Beyond the high-profile trip to China, Yellen has visited the Indo-Pacific multiple times during the Biden administration, including four trips to India, two trips each to Japan and Indonesia and visits to Vietnam and Korea. On Friday, the White House announced Biden will travel to San Francisco on November 14 to host representatives from the 21 APEC member economies for APEC Economic Leaders’ Week.

Persons: Janet Yellen, Biden, Joe Biden, Xi Jinping, Yellen, “ That’s, ” Biden, Antony Blinken, Xi Organizations: New, New York CNN, Biden, CNN, Economic Cooperation, Treasury, Asia Society, APEC, Investors, Democratic, White House Locations: New York, Asia, San Francisco, Beijing, China, Philippines, South China, Japan, South Korea, India, Vietnam, Indonesia, Korea, Washington, United States, Bali .

☆ Opinion | Older Americans Are Winning the Economic War of the Generations
▼ + stars: | 2023-10-27 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

If there is a war of the generations, we older Americans are winning it. As evidence, I present two remarkable charts, which are my versions of charts made by the Center on the Economics and Demography of Aging at the University of California, Berkeley. The charts show a big increase since 1960 in the consumption of goods and services by people over 60, with the biggest increase among people 75 and older. The charts show average consumption per individual, not total consumption by the (growing) cohort of the old. Rightly or wrongly, Congress is choosing spending on the old over spending on the young.

Persons: it’s, Melissa Kearney, Luke Pardue Organizations: Center, University of California, Social, Aspen Economic Locations: Berkeley, United States

☆ BMW says diversifying risks does not mean it is leaving China
▼ + stars: | 2023-10-26 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

WUHAN, CHINA - MAY 25: (CHINA OUT) Attendees wear protective masks as they look around the at BMW Ix3 during 2023 Central China International Auto Show on May 25, 2023 in Wuhan, Hubei province, China. More than 80 brands took part in the 2023 Central China International Auto Show which started on Thursday. (Photo by Getty Images)German automaker BMW Group said that diversifying its supply chains away from China does not mean it is leaving the country completely. "Especially the BMW Vision Neue Klasse, it will not be a small volume. BMW is not leaving China, he said, adding that free trade is "fundamental to our business model."

Persons: Oliver Zipse, CNBC's Martin Soong, Annalena Baerbock Organizations: BMW Ix3, China International, Getty Images, BMW Group, BMW, Neue, Japan, Neue Klasse, Tesla Locations: WUHAN, CHINA, Wuhan, Hubei province, China, Germany

☆ Longer Commutes, Shorter Lives: The Costs of Not Investing in America
▼ + stars: | 2023-10-17 | by ( David Leonhardt | More About David Leonhardt | ) www.nytimes.com time to read: +3 min

The stagnation of investment does not stem only from the size of government. But the United States has effectively starved programs focused on the future at the expense of those focused on the present. For decades, incomes and wealth have grown more slowly than the economy for every group other than the very rich. Net worth for the typical family shrank during the first two decades of the 21st century, after adjusting for inflation. The trends in many noneconomic measures of well-being are even worse: In 1980, life expectancy in the United States was typical for an industrialized country.

Persons: Eugene Steuerle, “, —, Biden, Eisenhower Organizations: Republicans, Democrats, Social Security, Urban Institute, Democrat, Republican, Republican Party Locations: United States, Washington, Canada, Japan, South Korea, Australia, Britain, France, Germany, Italy, Slovenia, Greece, China

☆ Businessman Noboa to face economic, security hurdles as Ecuador president
▼ + stars: | 2023-10-16 | by ( Alexandra Valencia | ) www.reuters.com time to read: +4 min

"We do not anticipate the Noboa administration will be in the position to carry out deep structural reforms." Noboa is set to take office in December and complete the current administration's term through May 2025. Noboa will need to ensure some quick security wins during his first 90 days in office to appease social and political pressures, JPMorgan added. Noboa, Ecuador's youngest president in recent history, would be able to run again in the regularly scheduled 2025 contest. Noboa made a special point to woo young people, with some supporters touting his victory as a fresh start for the country's politics.

Persons: Daniel Noboa, Noboa, Luisa Gonzalez, Rafael Correa, Ecuadorean, Goldman Sachs, Fernando Villavicencio, Alvaro, Guillermo Lasso, Lasso, Alexandra Valencia, Rodrigo Campos, Julia Symmes Cobb, Gerry Doyle, Jonathan Oatis Organizations: Wall Street, JPMorgan, El, National Democratic Action, Thomson Locations: QUITO, American, Ecuador, Quito, Ecuador's

☆ With eye on China, EU maps out de-risking, economic security strategies
▼ + stars: | 2023-10-05 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +4 min

EU also relied on China during the COVID pandemic for protective equipment and now for medicines and pharmaceutical raw materials. ECONOMIC SECURITY STRATEGYA reassessment of risk due to rising geopolitical tensions is also a key part of the European Economic Security Strategy unveiled in June. The strategy focuses on risks to supply chain resilience, physical and cyber security of critical infrastructure, technology security and leakage and weaponisation of economic dependencies or economic coercion. However, while the economic strategy does not name China, it talks of partnering with link-minded countries and de-risking, its policy of reducing reliance on China. The Commission, which oversees EU trade policy, has said the strategy, including the assessments, will be carried out with EU governments.

Persons: Philip Blenkinsop, Nick Macfie Organizations: European Union, EU, European Economic Security, European Commission, Commission, The, Thomson Locations: BRUSSELS, China, Ukraine, U.S, Russia, EU, Moscow, Brussels

Dombrovskis, who is also the bloc's trade commissioner, is on a four-day visit to China seeking more balanced economic ties with the EU. Citing the bloc's trade deficit as an example, he added "the EU also needs to protect itself in situations when its openness is abused." LITMUS TESTThe EU blames its 400 billion euro trade deficit partly on Chinese restrictions on European companies. A "thousand" barriers to market access have propelled the trade deficit to its "highest in the history of mankind", EU Ambassador to China Jorge Toledo lamented at a forum in Beijing on Thursday. One with whom the EU wishes to work towards a more balanced trade and investment relationship."

Persons: Valdis Dombrovskis, Jason Xue, Dombrovskis, China Jorge Toledo, Lifeng, Moscow, Brenda Goh, Albee Zhang, Shri Navaratnam, William Mallard Organizations: European Commission, Reuters, REUTERS, Rights, European Union, Bund Summit, EU, Global Times, Thomson Locations: Shanghai, China, Moscow, Russian, Ukraine, Beijing, Dombrovskis

[1/3] Brett Isaac, founder and co-CEO of Navajo Power, attends the first annual Tribal Energy Equity Summit in Saint Paul, Minnesota, U.S., May 22, 2023. Tribes cannot access key incentives for larger clean energy projects until they secure an agreement to connect to the regional electrical grid. That could jeopardize a "once in a lifetime opportunity,” according to Cheri Smith, president of the Alliance for Tribal Clean Energy, a nonprofit that is helping tribes develop clean energy. The Standing Rock Sioux have so far spent $3 million on technical studies and fees to remain in the queue, with no guarantee of approval. A NEW DAYThe Standing Rock Sioux tribe's development authority, called SAGE, proposed the 235MW wind farm three years ago.

Persons: Brett Isaac, Sarah Arnoff Yeoman, Cheri Smith, Smith, Joe McNeil, McNeil, Eileen Briggs, Greg Anderson, Alliance's Smith, Jeremiah Baumann ,, Willie Phillips, Alliance’s Smith, Celeste Miller, It’s, ”, Valerie Volcovici, Richard Valdmanis, Suzanne Goldenberg Organizations: Navajo Power, Tribal Energy Equity Summit, REUTERS, Alliance for Tribal Clean Energy, Reuters, National Renewable Energy Laboratory, Energy Information Administration, SAGE, Dakota, Interior Department, Southwest, Sierra Club Foundation, Wallace Global Fund, Bush Foundation, Moapa, Tesla, Federal Energy Regulatory Commission, Energy, Interior, Infrastructure, DOE, FERC, Thomson Locations: Navajo, Saint Paul , Minnesota, U.S, Sioux, North, South Dakota, United States, Phoenix, Bismarck , North Dakota, philanthropies, Paiute, Nevada, Las Vegas, St, Paul , Minnesota

☆ Australia to Host ASEAN Leaders in Melbourne Next March
▼ + stars: | 2023-09-06 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

By Lewis JacksonSYDNEY (Reuters) - Australia will host leaders from Southeast Asia's ASEAN bloc in Melbourne next March for a special summit to commemorate 50 years of relations, Prime Minister Anthony Albanese said on Wednesday as he announced a new investment strategy for the region. Albanese told reporters in Jakarta he had written to all the bloc's leaders inviting them to the "significant event", set to run from 4 March to 6 March. Albanese has travelled to Jakarta for the Association of Southeast Asian Nations (ASEAN) summit at a time when Australia is strengthening relations across Asia in a bid to build economic and diplomatic alternatives to China. ASEAN was vital to Australia's future, Albanese said in a speech to the summit. The strategy comes with 75 recommendations including using government agencies to help underwrite infrastructure investment in the region.

Persons: Lewis Jackson SYDNEY, Anthony Albanese, Albanese, Kamala Harris, Li Qiang, Lewis Jackson, Christopher Cushing Organizations: ASEAN, Association of Southeast Asian Nations, U.S Locations: Australia, Southeast, Melbourne, Jakarta, Asia, China, Japan, South Korea, India

☆ Venezuela's bolivar weakens against the U.S. dollar as inflation rages
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

CARACAS, Aug 3 (Reuters) - The Venezuelan bolivar weakened to 30 units per dollar, the central bank said on Thursday, marking the latest descent for the beleaguered local currency as the economy suffers one of the world's highest inflation rates. Over the past seven months, the bolivar has depreciated by a third compared with the U.S. dollar, according to analysts consulted by Reuters. They have also tried to make foreign currency more readily available to local banks, but the strategies have not tamed the country's galloping inflation rate. Since early this year, the central bank has offered local banks about $1 billion, according to local firm Sintesis Financieras. Meanwhile, U.S.-based oil major Chevron (CVX.N), which operates in the country, has posted foreign currency sales of around $400 million from February to July.

Persons: Venezuelan bolivar, bolivar, Nicolas Maduro, Maduro's, Sintesis, Maduro, Mayela Armas, Carolina Pulice, David Alire Garcia, Leslie Adler Organizations: U.S ., Reuters, Thomson Locations: CARACAS, Venezuelan, U.S, Chevron

☆ Trailing Trump, DeSantis Unveils Economic Plan Slamming ‘Failed Elites’
▼ + stars: | 2023-07-31 | by ( Nicholas Nehamas | More About Nicholas Nehamas | ) www.nytimes.com time to read: +2 min

And his proposals to further reduce America’s economic links with China echo the plans of an emerging populist wing of Republican candidates, including Mr. Trump. Mr. DeSantis has already reshaped the tactics of his campaign in the past week, opening himself up to more questions from voters and the media; holding smaller, less formal events; and condensing his lengthy stump speech. Mr. DeSantis has already unveiled proposals on immigration and the military. But Mr. DeSantis, who prides himself as a policy expert, has a tendency to delve deep into details and to use a sometimes bewildering series of acronyms in his stump speeches. His allies say that getting into kitchen-table issues like the economy is a necessary shift.

Persons: DeSantis’s, Trump, DeSantis Organizations: Republican Locations: China, Florida

The White House has said Biden was never in business with his son. "Republicans may have to find something else to criticize me for now that inflation is coming down. "Workers who have been left behind for decades aren't just finding jobs, more jobs, they're finding better jobs, with higher pay," Biden said. Biden detailed decades of job loss in Maine, as the state's historical industries, including textiles and paper, shut factories for lower-cost destinations. Several Democratic members of the U.S. House of Representatives met at the White House on Friday to discuss implementing the $1 trillion infrastructure bill that Biden has signed into law.

Persons: Joe Biden, Kevin McCarthy, Biden, Hunter Biden, David Weiss of, Jonathan Ernst Biden's, Donald Trump, Ronald Reagan, Steny Hoyer, Jarrett Renshaw, Trevor Hunnicutt, Steve Holland, Leslie Adler, Heather Timmons, Deepa Babington Organizations: Republican, Republicans, U.S, Trump, White, Workers, Auburn Manufacturing Inc, FOCUS, Auburn Manufacturing, REUTERS, Federal Reserve, Auburn, Democratic, U.S . House, Thomson Locations: AUBURN, Maine, Washington, David Weiss of Delaware, U.S, Auburn , Maine, Auburn, Maine’s, New England

☆ Germany urges companies to 'de-risk' from China, emphasizes it is not seeking a decoupling
▼ + stars: | 2023-07-14 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Germany said there is an urgent need for companies to de-risk from China, while "not pursuing a decoupling" of economies. "For Germany, China remains a partner, a competitor, a systemic rival. The minister was presenting the country's strategy on China and explaining how the country plans to protect its interests. "China's economic strategy aims to make it less dependent on other countries, while making international production chains more dependent on China," the foreign ministry said in a 64-page report published Thursday. "In terms of foreign policy, China is pursuing its own interests far more assertively and is attempting in various ways to reshape the existing rules‑ based international order.

Persons: Olaf Scholz, Li Qiang, Annalena Baerbock Organizations: Mercator Institute for China Studies Locations: Berlin, Germany, China, Europe

London/Berlin CNN —Germany announced Thursday that it would reduce its dependence on China in “critical sectors” including medicine, lithium batteries used in electric cars and elements essential to chipmaking. The government published its first ever “Strategy on China,” a 40-page document that highlights the tightrope Berlin must walk in managing its dependence on the world’s second-largest economy amid growing criticism of Beijing’s human rights record and attitude towards international law. China is Germany’s most important trading partner, with imports and exports between the two nations reaching nearly €300 billion ($335 billion) in 2022, according to the government. China is a crucial partner in tackling climate change, pandemics and sustainable development, the strategy paper added. China is a key market for several major German companies, including Volkswagen (VLKAF) and BMW, and the government said it planned to hold talks with firms “particularly exposed to China” with a view to “identifying concentration risks.”

Persons: Berlin CNN —, ”, Chancellor Olaf Scholz’s, ” Scholz, Olaf Scholz, Germany Heiko Becker Organizations: Berlin CNN, Siemens, Reuters, Volkswagen, BMW Locations: Berlin, China, ”, Beijing, Germany, overdependent, EU, Bavaria

☆ The US economy is defying expectations, says Biden’s top economic adviser
▼ + stars: | 2023-07-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —The resiliency of the US economy is defying expectations — and the odds of a “soft landing” are improving, said Lael Brainard, President Joe Biden’s top economic adviser, on Wednesday afternoon. “We’ve seen these repeated predictions that recession is right around the corner — and the data have instead delivered continued resilience in the economy,” said Brainard, formerly No. That’s the president’s economic theory that rejects the idea of “trickle-down” policies in favor of focusing on the middle class. These economic gains did not happen by chance, and they will not be sustained absent a deliberate strategy,” she said. “President Biden’s economic strategy aims to grow the economy from the middle out and bottom up — not the top down.”

Persons: Lael Brainard, Joe Biden’s, Biden, ”, Brainard, “, “ We’ve, Bidenomics Brainard Organizations: New, New York CNN, Labor Department, National Economic Council, Economic, of New, Federal Reserve Locations: New York, of New York

☆ Foxconn eyes India chipmaking incentives after quitting $19.5 billion JV
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Foxconn remains committed to chipmaking in IndiaFoxconn seeks new partner for India chipmaking - sourceTAIPEI/NEW DELHI, July 11 (Reuters) - Taiwan's Foxconn (2317.TW) said on Tuesday it plans to apply for incentives that India is offering under its semiconductor manufacturing policy, a day after the company parted ways with Vedanta (VDAN.NS) on a $19.5 billion chipmaking joint venture. Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. "Foxconn is working toward submitting an application," the company said in a statement. The Vedanta-Foxconn joint venture was among three applicants last year under the government's incentives plan. Explaining its breakup with Vedanta, Foxconn said on Tuesday "there was recognition from both sides that the project was not moving fast enough" and there were other "challenging gaps we were not able to smoothly overcome", without sharing more details.

Persons: India Foxconn, Foxconn, Narendra Modi's chipmaking, Modi, Vedanta, Yimou Lee, Ben Blanchard, Aditya Karla, Jacqueline Wong, Sonali Paul Organizations: India, Vedanta, Semiconductors, Vedanta Ltd, Thomson Locations: chipmaking, India, TAIPEI, DELHI, Taipei, Mumbai, New Delhi

☆ India's Vedanta slips after Foxconn pulls out of semiconductor JV
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 11 (Reuters) - India's Vedanta (VDAN.NS) fell over 2% on Tuesday, a day after Taiwan's Foxconn (2317.TW) said it withdrew from a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate. The companies partnered last year to set up semiconductor and display production plants in Gujarat state. S&P Global Ratings said that Vedanta's planned semiconductor business does not increase immediate liquidity pressure, adding that it believes there is no immediate sizable funding commitment for the semiconductor project, pending government approval. The Securities and Exchange Board of India (SEBI), the country's market regulator, had imposed a 3 million rupee($36,430.76) fine nearly two weeks ago on Vedanta for disclosure requirement violations regarding the Foxconn venture. Shares of Vedanta fell as much as 2.6% to 275 rupees apiece, after having already fallen over 24% as of last close, since the partnership was announced in February last year.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Varun Vyas, Dhanya Ann Thoppil, Sonia Cheema Organizations: Reuters, Indian, Securities, Exchange Board of India, Vedanta, Thomson Locations: BENGALURU, Gujarat, Bengaluru

TAIPEI/BENGALURU, July 10 (Reuters) - Taiwan's Foxconn said on Monday it has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. Foxconn, the world's largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in Modi's home state of Gujarat. "Foxconn (2354.TW) has determined it will not move forward on the joint venture with Vedanta," the electronics maker said in a statement, without elaborating on the reasons. India, which expects its semiconductor market to be worth $63 billion by 2026, last year received three applications to set up plants under a $10 billion incentive scheme. These were from the Vedanta-Foxconn joint venture, a global consortium ISMC which counts Tower Semiconductor (TSEM.TA) as a tech partner and from Singapore-based IGSS Ventures.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Vedanta, Foxconn, Modi, STMicro, IGSS, Munsif, Ben Blanchard, Aditya Kalra, Louise Heavens, Jason Neely, Alexander Smith Organizations: Vedanta, Apple, Reuters, IGSS Ventures, Intel, Thomson Locations: TAIPEI, BENGALURU, India, Gujarat, Singapore, Bengaluru, Taipei, New Delhi

Two shopping centers promptly sprang up to serve Russians looking for Western clothing, gifts, disposable diapers and alcohol. “It was a local, regional and national strategy to focus on turning toward Russia,” Mr. Roine said. More than 266,000 people from Russia crossed the nearby border station into Norway in 2019; last year, that number fell by more than 75 percent. For decades, the vast amounts of cod in the Barents Sea — home to one of the world’s last surviving stocks of the fish — have drawn people and businesses from both countries to this Arctic Circle community. Kirkenes’s most important industrial employer is Kimek, a shipbuilding company that has prospered by repairing commercial fishing boats known as trawlers, especially the Russian ones.

Persons: Russia ’, ” Mr, Roine Organizations: Arctic Council Locations: Russia, Soviet Union, Norway, Kirkenes

☆ 3 Takeaways From Janet Yellen’s Trip to Beijing
▼ + stars: | 2023-07-09 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

Ms. Yellen used softer language for America’s economic strategy toward China, disavowing a term that had caught on in Washington but offended Beijing. Yet even though more talks are a likely outcome of Ms. Yellen’s trip to China, neither she nor Chinese officials retreated from their policy positions. She forged ties with China’s economic leaders. The officials — including Ms. Yellen’s counterpart, Vice Premier He Lifeng — generally have less international experience than their predecessors and are less familiar to policymakers in the West. One of Ms. Yellen’s top goals was to meet China’s new team.

Persons: Janet L, Yellen, Xi Jinping, Lifeng Organizations: China’s Communist Party Locations: United States, China, Beijing, Washington, West . China

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