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☆ Centeno says outgoing Portugal PM only invited him to ponder on premiership
▼ + stars: | 2023-11-13 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

LISBON, Nov 13 (Reuters) - Bank of Portugal Governor Mario Centeno, who is under fire from the opposition over an invitation by the outgoing prime minister to replace him as premier, said on Monday he never accepted the offer but was just asked to ponder on the matter. Portuguese opposition parties on Friday argued that such an invitation compromised the political independence of a central bank governor. The Bank of Portugal's ethics committee is expected to meet on Monday to evaluate his conduct. Prime Minister Antonio Costa stepped down on Tuesday over an investigation into alleged illegalities in his government's handling of lithium and hydrogen projects and a large-scale data centre. Centeno announced his departure from the finance ministry in June 2020, during Costa's second term, and was nominated to head the bank a month later.

Persons: Mario Centeno, Antonio Costa, illegalities, Costa, Marcelo Rebelo de Sousa, Centeno, Rebelo de Sousa, Olli Rehn, Balazs Koranyi, Francesco Canepa, Andrei Khalip, Bernadette Baum Organizations: Bank of Portugal, Socialist, European Central Bank policymaker, Bank of, ECB, Thomson Locations: LISBON, Portuguese, Bank of Portugal, ECB's, Finland, Frankfurt

☆ Portuguese Central Bank to Assess Governor's Conduct - Local Media
▼ + stars: | 2023-11-11 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

LISBON (Reuters) - The Bank of Portugal's ethics committee will meet on Monday to evaluate the conduct of governor Mario Centeno, whose independence came into question after the departing prime minister proposed him as a potential replacement, local media said. Local media reported that Centeno had agreed to let his name go forward, raising concerns that his links to the PS remained strong and calling into question his independence if he remained central bank governor. Rebelo de Sousa rejected Costa's proposal and called the election instead. Centeno's quick move from the finance ministry to the central bank in July 2020, during Costa's second term, had previously raised eyebrows. A central bank spokesperson said it was up to the committee to comment on the matter.

Persons: Mario Centeno, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Costa, Rebelo de Sousa, Centeno, Costa's, Joaquim Miranda Sarmento, Negocios, Catarina Demony, Sergio Goncalves, Kevin Liffey Organizations: Bank, Socialist, European Central Bank policymaker, Local, Social Democrats, Eco, Jornal Locations: LISBON

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. First Quantum on Tuesday reaffirmed its commitment to the rule of law with the objective of benefiting Panama. First Quantum and its local unit Minera Panama declined to comment further. A decision to cancel the Cobre Panama mine's contract could slow Panama's GDP growth from an anticipated 6% in 2023 to just 1% without the mine in operation on an annualized basis. The odds of Panama losing its investment-grade rating would rise significantly if the contract is revoked, J.P Morgan warned on Tuesday.

Persons: Laurentino, J.P Morgan, Adriana Linares, Jackie Przybylowski, Michael Camacho, Frank De Lima, Juan Diego Vasquez, Edison Broce, Divya Rajagopal, Valentine Hilaire, Elida Moreno, Steve Scherer, Denny Thomas, Rod Nickel Organizations: Minerals, REUTERS, Aris, Quantum Minerals, Panama, Canada's Global Affairs, Reuters, Bank of Montreal, Finance, Economy, Independent, Thomson Locations: Panama, Donoso, Vancouver, Canada, Toronto

Amid the economic turmoil of the pandemic, his government racked up Canada's highest ever deficit. Failing to curb spending now risks "the market dictating to you what you have to do with fiscal policy," said Doug Porter, chief economist at BMO Capital Markets. "I do think they have to trim the sails a bit," he added. "It's going to be easier to get inflation down if monetary and fiscal policy are rowing in the same direction," Macklem said. Fitch Ratings stripped Canada of its triple-A credit rating in June 2020, citing pandemic spending.

Persons: Justin Trudeau, Doug Porter, Chrystia Freeland, Katherine Cuplinskas, Trudeau, Macklem, Desjardins, Randall Bartlett, Simon Deeley, Robert Asselin, DBRS Morningstar, Julia Smith, Steve Scherer, Fergal Smith, Denny Thomas, Josie Kao Organizations: OTTAWA, Trudeau's Liberal, BMO Capital Markets, Finance, International Monetary Fund, of Canada's, BoC, UK, RBC Dominion Securities Inc, New, Business Council of Canada, Fitch, Moody's Investors, Canada, Thomson Locations: Canada, FES, Germany, High, Ottawa, Toronto

☆ Mexico President's Former Finance Minister Backs Opposition Rival
▼ + stars: | 2023-10-24 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador's former finance minister is backing the main opposition alliance in next year's presidential election, the opposition's candidate said on Tuesday. "Welcome to this team," Galvez wrote on X, sharing a picture of herself and Urzua, who was finance minister from 2018 to 2019 at the start of Lopez Obrador's presidency. A respected economist, Urzua from 2000 to 2003 was Lopez Obrador's top finance official when he was Mexico City mayor. However, he remains a popular president, and MORENA's candidate to succeed him, former Mexico City Mayor Claudia Sheinbaum, has a commanding lead over Galvez in opinion polls. Galvez heads the main opposition alliance comprising three parties ranging from the center-right to the center-left.

Persons: Andres Manuel Lopez Obrador's, Xochitl Galvez, Carlos Urzua, Lopez, Galvez, Urzua, Lopez Obrador's, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Stefanie Eschenbacher, Dave Graham, Cynthia Osterman Organizations: MEXICO CITY, Regeneration, Lopez Obrador's, Mexico City, Mexico City Mayor, ' Movement Locations: MEXICO, Mexico

☆ Austrian ex-chancellor Kurz goes on trial for perjury
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +3 min

Former Austrian Chancellor Sebastian Kurz speaks to media as he arrives at the Austrian People's Party (OeVP) conference in Graz, Austria May 14, 2022. REUTERS/Lisa Leutner/File Photo Acquire Licensing RightsVIENNA, Oct 18 (Reuters) - Austria's conservative former chancellor Sebastian Kurz went on trial for perjury on Wednesday in a case separate from the corruption investigation that forced him from office but which could still influence his ruling party's electoral fate. Kurz, who denies all the allegations made against him, has quit politics yet the ruling coalition he formed with the left-wing Greens in 2020 remains in power. Kurz's People's Party (OVP) is currently neck-and-neck with the opposition Social Democrats in opinion polls, well behind the far-right Freedom Party on around 30%. As chancellor, Kurz was one of Europe's youngest leaders and a household name in German-speaking countries known for his hard line on immigration.

Persons: Sebastian Kurz, Lisa Leutner, Kurz, Kurz's, Gernot Bluemel, Chancellor Karl Nehammer, Francois Murphy, Alexandra Schwarz, Christina Fincher Organizations: Austrian, Austrian People's Party, REUTERS, Rights, Greens, Kurz's People's Party, Social, Party, OVP, Thomson Locations: Graz, Austria, Vienna

☆ Mozambique seeks $3 billion from Privinvest in 'tuna bonds' scandal
▼ + stars: | 2023-10-17 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Traditional fishing boats sail as Mozambique's tuna fleet sits in dock beneath Maputo's skyline, in this picture taken August 15, 2015. REUTERS/Grant Lee Neuenburg/File Photo Acquire Licensing RightsLONDON, Oct 17 (Reuters) - Mozambique is seeking more than $3 billion in damages from Emirati-Lebanese shipbuilder Privinvest over the decade-old "tuna bond" scandal, London's High Court heard on Tuesday. The case centres on deals struck by state-owned companies with Privinvest for loans and bonds from banks including Credit Suisse in 2013 and 2014 for fishing boats and maritime security. Mozambique alleged Privinvest paid bribes on an "industrial scale", involving the "grand corruption" of officials including Mozambique's former Finance Minister Manuel Chang, court filings showed. Chang was extradited to the U.S., where in July he pleaded not guilty to fraud and money laundering charges related to the tuna bonds scandal.

Persons: Grant Lee Neuenburg, Privinvest, Jonathan Adkin, Iskandar Safa, Safa, Manuel Chang, Chang, Adkin, Sam Tobin, Kirstin Ridley, Cynthia Osterman Organizations: REUTERS, Privinvest, UBS, Credit Suisse, International Monetary Fund, Thomson Locations: Maputo's, Mozambique, Safa, U.S, London's

☆ Would-Be EU Climate Policy Chief Seeks Green Light From Lawmakers
▼ + stars: | 2023-10-02 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +2 min

But lawmakers want to test him - particularly those from left-leaning groups that have recently clashed with centre-right lawmakers seeking to weaken some green policies. "We must ensure that the Commission sticks to its commitments on the Green Deal and avoids backsliding as right-wing politicians up their attacks on climate policies," Green lawmaker Philippe Lamberts said. Some lawmakers have questioned whether his previous roles equip him to lead climate policy. It is not uncommon, however, for EU commissioners to take on new portfolios and work with the EU civil service to master them. "I've met with him on the areas that I work on, and I've been very impressed," one EU official said.

Persons: Kate Abnett BRUSSELS, Wopke Hoekstra, Hoekstra, Ursula von der, Philippe Lamberts, I've, Kate Abnett, Kevin Liffey Organizations: European Commission, Green, Shell, EU Locations: Dutch, Europe, China, United States, Netherlands

For his manager, Barrie Chapman, the overtime he now gets is a huge boost once unheard of in the hospitality sector. At its "Alcampo Lounge" venue in Brighton, staff can get a free meal per shift, flexible hours, bonuses, and overtime for salaried employees. "There's been a trend in hospitality to work staff hard, to not treat them very well, because there was always another person that would come in," said head chef Chris Lloyd-Rogers. "That's why people leave work, and it's what brings people back," Wilson said. Recruitment website Indeed said its regular survey of job seekers showed that the most highly valued benefits were flexible working and sick pay.

Persons: Josh Hughes, Davies, Barrie Chapman, Jen Eaton, Nick Collins, Eaton, Chapman, Hughes, Spencer, Britain's, Loungers, There's, Chris Lloyd, Rogers, Tony Wilson, Wilson, Sarah Findlater, Fiona Walters, Amit Puntambekar, Puntambekar, James Davey, Kate Holton, David Milliken, David Clarke 私 Organizations: Reuters, Amazon, Tesco, Global, Office, National Statistics, Britain, EU, Institute for Employment Studies, Organisation for Economic Co, IES Locations: BRIGHTON, England, Brighton, Britain, Cambridge, London

☆ GameStop names billionaire Ryan Cohen as CEO in turnaround push
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Traders work under signage for GameStop Corp. (NYSE: GME) on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 8, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 28 (Reuters) - GameStop (GME.N) on Thursday named billionaire Ryan Cohen as its CEO and chairman on Thursday, tightening the activist investor's grip on the ailing brick-and-mortar videogame retailer that he intends to turn around. Gamestop said he will relinquish that title and will not receive any compensation for his new roles. Cohen arrived at GameStop after building online pet products retailer Chewy into a powerhouse that he sold for $3.5 billion in 2017. The billionaire had initially tried to steer GameStop aggressively toward a more online-focused model as the chain, dependent on physical stores, looked to revive its business.

Persons: Andrew Kelly, Ryan Cohen, Cohen, Matt Furlong, Jenna Owens, Michael Recupero, Furlong, Aditya Soni, Arun Koyyur Organizations: GameStop Corp, New York Stock Exchange, REUTERS, GameStop, Gamestop, Bed, Nordstrom Locations: Manhattan , New York City, U.S, Bengaluru

☆ The de-dollarization drive is spreading wider - Indonesia is the latest nation to join the anti-buck movement
▼ + stars: | 2023-09-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Indonesia appears to be the latest country to jump on the de-dollarization bandwagon. The island nation has launched a National Task Force to promote local-currency transactions. The move is expected to help make the rupiah more stable, and support local financial markets, Bank Indonesia said. The island nation has announced it's formed a National Task Force to widen the use of local currency transactions (LCT) with partner countries, according to Indonesia's central bank. While some experts perceive de-dollarization efforts as a threat to the greenback, others have dismissed the movement as a nothingburger.

Persons: it's, Perry Warjiyo, Vladimir Putin Organizations: Force, Bank, Service, Bank Indonesia Locations: Indonesia, Bank Indonesia, Wall, Silicon, China, Russia, India, dollarization, Beijing, New Delhi, Zimbabwe

The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Also interested are the politically non-affiliated Italian central banker Daniele Franco, Poland's right-wing former Finance Minister and current EIB Vice President Teresa Czerwinska, and Sweden's socialist former Energy Minister and also current EIB Vice President Thomas Ostros. "We can say we are really spoilt for choice because all the candidates are excellent," German Finance Minister Christian Lindner told reporters on Thursday. The EIB is the lending arm of the EU and is active in 160 countries offering loans, guarantees, equity investments and advisory services. Germany's Deputy Central Bank Governor Claudia Buch and her Spanish counterpart Margarita Delgado are both in the running.

Persons: Eric Vidal, Vincent van Peteghem, Germany's Werner Hoyer, Margrethe Vestager, Nadia Calvino, Daniele Franco, Poland's, Teresa Czerwinska, Thomas Ostros, Christian Lindner, Central Bank Governor Claudia Buch, Margarita Delgado, Buch, Vestager, Emmanuel Macron, Richard Chang Organizations: European Investment Bank, Reuters, Rights, Belgian, Union, European Commission, Finance, Energy, European Central Bank, Germany's, Central Bank Governor, SSM, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Spanish, EU, Paris, Spain

On Sunday, Evergrande reported losses of 33 billion yuan ($4.53 billion) for the first half of the year, versus a 66.4 billion yuan loss in the same period a year earlier. The Chinese property sector’s worsening debt crisis poses a significant challenge for President Xi Jinping and his policy makers, with the country’s economy already reeling from weaker domestic and overseas demand. China’s State Council Information Office, which handles media queries on behalf of the government, declined to comment on the property market and Evergrande’s fate. He sold the first complex the following year for 80 million yuan, according to Evergrande’s website. The committee investigated the matter after banks seized 13.4 billion yuan ($1.84 billion)of deposits held by the property-services unit in 2021.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Suppliers haven’t, ”, Anne Stevenson, Yang, Evergrande’s, Xi Jinping, Reuters wasn’t, Kelly Richmond Pope, ” Hui, “ Evergrande, Stevenson, Engen Tham, Julie Zhu, Clare Jim, Cassell Bryan Organizations: China Evergrande Group, REUTERS, Rights, China Evergrande, HK, Reuters, Suppliers, J Capital Research, Information Office, Political, Conference, Guangzhou Evergrande, soccer’s, Hong, Forbes, HengTen Networks, Management, Chicago’s DePaul University, Evergrande, Financial, Communist Party, “, China, Shanghai, Cassell, Low, Thomson Locations: China, Shenzhen, Guangdong province, Rights SHANGHAI, HONG KONG, United States, U.S, China’s, Henan province, Beijing, Hong Kong, Guangzhou, Evergrande, HengTen, Evergrande’s Hong Kong, Shanghai

☆ Former Kremlin official blames the ruble's crash on Russia's stockpile of rupees that's stranded in India
▼ + stars: | 2023-08-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Mikhail Zadornov, Russia's former minister of finance, attributed the ruble's recent crash to the Kremlin's stockpile of rupees that are stuck in India. In his view, the ruble's current 95-per-dollar level is in part the result of Russia's inability to convert rupees it earned via exports into its own currency, leaving the rupees stranded. It's state-run Tass agency said Russia's Energy Ministry denied he statements that stranded rupees weakened the ruble. Russia and India previously suspended negotiations over using rupees for trade between the two countries. Russia and India remain deadlocked in a currency dispute that has also frozen weapons sales between the two countries.

Persons: Mikhail Zadornov, Zadornov Organizations: Service, Russia's Energy Ministry, RBC, Russian Central Bank, Kremlin Locations: Wall, Silicon, Russia, India, Moscow, It's

☆ Conservative UK lawmaker formally quits with scathing attack on PM Sunak
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 27 (Reuters) - UK member of parliament Nadine Dorries has delivered a scathing attack on her Conservative Party's leader Rishi Sunak in her formal resignation letter, accusing the prime minister of running a "zombie parliament" and lacking any political vision. "Since you took office a year ago, the country is run by a zombie parliament where nothing meaningful has happened. "You hold the office of prime minister unelected, without a single vote, not even from your own MPs. A former finance minister and investment banker, Sunak became prime minister in October last year after being the only candidate to be nominated in a party leadership contest. "In your impatience to become prime minister you put your personal ambition above the stability of the country and our economy," said Dorries.

Persons: Nadine Dorries, Rishi Sunak, Boris Johnson, Dorries, Sunak, Johnson, Liz Truss, Kylie MacLellan, Frances Kerry Organizations: Conservative, Labour Party, Conservatives, Labour, Sunak's Conservatives, Thomson Locations: Sunak

☆ BRICS expansion hopefuls seek to rebalance world order
▼ + stars: | 2023-08-21 | by ( Joe Bavier | ) www.reuters.com time to read: +6 min

[1/6] People walk past the Sandton Convention Centre, which will host the upcoming BRICS Summit, in Johannesburg, South Africa August 19, 2023. The wealthy West's domination of international bodies, such as the United Nations, the International Monetary Fund or the World Bank. DEVELOPING WORLD DISCONTENTWhile BRICS has not divulged a full list of expansion candidates, a number of governments have publicly stated their interest. Others want changes at the World Trade Organization, International Monetary Fund and World Bank. Its BRICS trade has indeed increased steadily since it joined, according to an analysis by the country's Industrial Development Corporation.

Persons: James Oatway, Rob Davies, South, bode, Vladimir Putin, Steven Gruzd, BRICS, Ramón Lobo, Gruzd, Lucinda Elliott, Deisy, Yousef Saba, Gustavo Palencia, Lamine Chikhi, Ahmed Eljechtimi, Tomasz Janowski Organizations: Sandton, REUTERS, United Nations, International Monetary Fund, World Bank, BRICS, Observers, South African Institute of International Affairs, U.S ., Reuters, United, Emirates, World Trade Organization, Argentine, New Development Bank, Russia, Industrial Development Corporation, South, Thomson Locations: Johannesburg, South Africa, JOHANNESBURG, Iran, Argentina, Brazil, Russia, India, China, Ukraine, Venezuela, Gulf, Saudi Arabia, Ethiopia, Nigeria, United Nations, United States, Montevideo, Caracas, Dubai, Tegucigalpa, Lamine, Algiers, Rabat

☆ British Museum sacks member of staff over missing and stolen items
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

A sign for the British Museum which houses the Parthenon sculptures is seen in London, Britain, January 25, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 16 (Reuters) - The British Museum said on Wednesday a member of staff had been dismissed after items from its collection, including gold jewellery and gems, had been found to be missing, stolen or damaged. None of the items had recently been on public display and were kept primarily for academic and research purposes, it added. I know I speak for all colleagues when I say that we take the safeguarding of all the items in our care extremely seriously," said Hartwig Fischer, Director of the British Museum. The museum's chair, former finance minister George Osborne, Chair of the British Museum, said the trustees were extremely concerned when they had learnt of the theft "earlier this year".

Persons: Toby Melville, Hartwig Fischer, George Osborne, Kylie MacLellan, Barbara Lewis Organizations: British, REUTERS, Metropolitan Police, British Museum, Thomson Locations: London, Britain

Nissan late last month upgraded its full-year operating profit forecast, raising it by 30 billion yen ($208 million) to 550 billion yen. About 20 billion yen of that came from the currency, CFO Stephen Ma told a briefing. At smaller Subaru (7270.T), a move of one yen against the dollar has a 20 billion yen impact on operating profit, CFO Katsuyuki Mizuma said earlier this month. On Wednesday, a Honda official said its April-June operating profit came in tens of billions of yen higher than expected, with the weak yen accounting for about half of that. It is unclear how long the weak yen will last.

Persons: Aly, Satoru Aoyama, Stephen Ma, Katsuyuki Mizuma, Eisuke Sakakibara, Mizuma, Daniel Leussink, David Dolan, Toby Chopra Organizations: Auto, REUTERS, Toyota, Honda, Nissan, Fitch, Japan, U.S . Federal Reserve, Subaru, Lexus, Reuters, Thomson Locations: Auto Shanghai, Shanghai, China, Asia, Europe, CHINA

☆ As West African Leaders Meet on Niger Crisis, Few Options Are on the Table
▼ + stars: | 2023-08-10 | by ( Elian Peltier | More About Elian Peltier | ) www.nytimes.com time to read: +1 min

West African leaders gathered on Thursday for a critical summit to address the crisis in Niger, where the mutinous soldiers who seized power more than two weeks ago have shunned mediation efforts and ignored an ultimatum to relinquish power. Hopes for an end to the stalemate were already dim before the junta on Thursday replaced the cabinet of the ousted president, Mohamed Bazoum, with a new government made up of 21 officials led by Ali Lamine Zeine, an economist and former finance minister. The two highest-ranking officials after Mr. Zeine are both generals and coup leaders. As the military junta strengthened its grip on power, envoys from the Economic Community of West African States, the 15-nation regional bloc known as ECOWAS that had threatened military intervention if Mr. Bazoum was not reinstated, convened in Nigeria, but their options appeared to be limited. The deadline to return Mr. Bazoum to power passed on Sunday, with few consequences so far, and the prospect of a military intervention to remove the new government appeared unlikely, according to most observers.

Persons: Mohamed Bazoum, Ali Lamine Zeine, Zeine, Bazoum Organizations: Economic, West Locations: Niger, West African States, Nigeria

[1/2] The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Maksut Shadaev, the head of Russia's ministry of digital affairs, told parliament in December that around 100,000 IT specialists had left Russia in 2022. It is not yet clear whether Volozh's comments may have any bearing on how Russia decides to proceed with the company. One of the sources said "hawks" in state companies believed nothing at all should be paid to foreigners. Two sources said VTB had never been a serious option as a buyer, given sanctions on the state lender.

Persons: Yandex, Maksut Shadaev, Ramzan Kadyrov, Arkady Volozh, Andrei Kostin, VTB, Alexei Kudrin, Alexander Marrow, Polina Devitt, Mike Collett, White, Susan Fenton Organizations: REUTERS, nationalising Nasdaq, Reuters, Yandex NV, Yandex, U.S, Kremlin, Thomson Locations: Moscow, Russia, nationalising, Ukraine, Serbia, Yandex

☆ From $40 billion to 'going concern' — WeWork warns of possible bankruptcy
▼ + stars: | 2023-08-08 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

"Our losses and negative cash flows from operating activities raise substantial doubt about our ability to continue as a going concern," WeWork said in a filing with the SEC on Tuesday. The company had a net loss in the first half of the year of $700 million after losing $2.3 billion in 2022. WeWork said its revenue grew just 3.6% year over year in the second quarter and declined 4% in the U.S., where it gets 41% of its sales. In the second quarter, the company contributed $6 million of WeWork's revenue, down from $10 million in the second quarter of 2022, according to the filing. Key factors for whether WeWork can remain a going concern include limiting capital expenditures, increasing revenue and seeking capital through debt or equity issuance.

Persons: WeWork, Adam Neumann's, Masayoshi Son, Neumann, Daniel Hurwitz, Sandeep Mathrani, David Tolley Organizations: SEC, SoftBank, U.S, Intelsat, Apple Locations: Australia, Sydney, U.S

☆ Japan's 'Mr.Yen' Sakakibara expects no yen intervention
▼ + stars: | 2023-08-07 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

Japan's former currency czar Eisuke Sakakibara speaks at an interview with Reuters in Tokyo, Japan February 6, 2017. Sakakibara gained a reputation as a market mover in the 1990s after devising several currency interventions during his time as vice finance minister, earning him the nickname "Mr Yen". Sakakibara takes Bank of Japan head Kazuo Ueda at his word that easy policy will be retained for the time being. Japan's Ministry of Finance intervened in October when the yen slipped to 149.70 against the dollar, and speculation grew that the currency could tumble further. While the chance that the yen weakens further against the dollar can't be completely dismissed, Sakakibara believes the "tide has changed" for dollar-yen.

Persons: Eisuke Sakakibara, Kim Kyung, Sakakibara, Mr Yen, Kazuo Ueda, Brigid Riley, Hiroko Hamada, Shri Navaratnam Organizations: Reuters, REUTERS, U.S, U.S . Federal Reserve, of Finance, Bank of Japan, Fed, Bank, Japan, Japan's Ministry of Finance, Thomson Locations: Tokyo, Japan, U.S, Japan's

☆ Pound's mini-budget dip made UK's Brexit bill dearer
▼ + stars: | 2023-08-01 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

In previous years, the Treasury's "reportable losses" have ranged between zero and a few million pounds. This 855 million-euro payment cost Britain 764 million pounds on a day when 1 pound would buy only 1.12 euros. Back in April 2022, when the EU updated Britain's payment schedule for June through September, it assumed an exchange rate of around 1.18 euros per pound - equating to monthly payments of 719 million pounds rather than 764 million pounds. Still, that small net gain represents a sharp drop from March 2022 when it stood at 91.2 million pounds - with the payment on Sept. 30 a conspicuous loss-maker. Economists put the broader costs of the mini-budget episode - stemming from loss of investor confidence and higher market interest rates - in the billions of pounds.

Persons: Dado Ruvic, Liz Truss's, James Murray, Kwasi Kwarteng, Mark Potter Organizations: REUTERS, European Union, Britain, Treasury, Labour Party, Reuters, Thomson

Often dubbed "Russia's Google", Yandex has struggled to balance domestic pressures with the interests of its Western investors since Russia sent troops into Ukraine in February 2022. Yandex's net income fell to 9.6 billion roubles ($106.8 million) while its adjusted earnings before income, tax, depreciation and amortisation (EBITDA) fell 4% to 24.7 billion roubles. Revenue continued to grow, however, gaining 55% to 182.5 billion roubles, Yandex said. Yandex's Dutch-registered holding company is advancing plans to divest ownership and control of most of Yandex Group with a corporate restructuring. U.S. sanctions imposed last week on Alexei Kudrin, the former finance minister now spearheading Yandex's restructuring efforts, could hamper those plans.

Persons: Yandex, Alphabet's, Alexei Kudrin, Gleb Stolyarov, Alexander Marrow, Jason Neely, Emma Rumney Organizations: Google, Yandex, Reuters, Thomson Locations: Russian, Ukraine, Russia, Yandex's, U.S

☆ British Prime Minister Sunak avoids wipeout in key elections
▼ + stars: | 2023-07-21 | by ( Andrew Macaskill | ) www.reuters.com time to read: +3 min

LONDON, July 21 (Reuters) - British Prime Minister Rishi Sunak's governing Conservatives lost two strategically important parliamentary seats on Friday but unexpectedly retained Boris Johnson's old constituency in a setback for the main opposition Labour Party. The Conservatives retained Johnson's former seat by fewer than 500 votes in a huge relief for Sunak who narrowly avoided becoming the first British leader to lose three by-elections on a single day in more than half a century ago. Labour won the constituency of Selby and Ainsty from the Conservatives by 4,000 votes after an ally of Johnson resigned in solidarity. The party said overturning the majority of 20,137 from the last general election marks the biggest majority the party has overturned at a by-election since World War Two. The two main "political party leaders have been left with something to think about in the wake of these results", he said.

Persons: Rishi Sunak's, Boris Johnson's, Sunak, Boris Johnson, Liz Truss, Steve Tuckwell, Johnson, John Curtice, Britain's, Curtice, Andrew MacAskill, Tom Hogue, Robert Birsel Organizations: British, Conservatives, Labour Party, Conservative Party, Labour, Liberal Democrats, Conservative, Thomson Locations: Uxbridge, South Ruislip, Downing, England, Selby, Ainsty, Somerton, Frome

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