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The country nationalised its copper sector in 1971, provoking international outrage, particularly in the United States. President Gabriel Boric's lithium "nationalisation" is a more benign version, using an even earlier copper model. THE COPPER MODEL - GOOD AND BADIf President Boric's lithium policy is an echo of past copper policy, the comparison is with the "Chileanisation" programme of the Eduardo Frei Montalva administration in the late 1960s. Even the neo-liberals of the Augusto Pinochet regime kept the national jewel in the crown as they opened the rest of the country's' copper sector up to the private sector. It is now Codelco that is tasked with taking control of the country's lithium sector.

☆ Russia’s Technocrats Embraced the West, Then Enabled Putin’s War
▼ + stars: | 2023-04-22 | by ( Anatoly Kurmanaev | ) www.nytimes.com time to read: 1 min

Soon after his airplane took off from Moscow last fall, a Russian energy official who had just resigned took his phone and typed up the emotions he had kept bottled inside since the invasion of Ukraine. “I am tired of feeling constant fear for myself, for my loved ones, for the future of my country and of my own,” Arseny Pogosyan wrote on his social media page as he flew into a hurried exile. “I am against this inhumane war.”The outburst in September did not receive much attention, gathering eight likes and one brief comment. After all, Mr. Pogosyan, 30, was among the hundreds of thousands of young Russian men fleeing the mobilization announced days earlier by President Vladimir V. Putin to replenish his battered military. But among his colleagues in the energy ministry, where he worked as a press officer, his decision to leave his job was rare.

But based on Friday's figures, Russia posted a surplus in March of 181 billion roubles, improving on deficits of 821 billion roubles in February and 1.76 trillion roubles in January. Spending accelerated 34% in the quarter to 8.1 trillion roubles, the preliminary data showed. Overall government income was down 20.8% in the quarter compared with 2022 at 5.7 trillion roubles, led by a 45% dive in energy revenues to 1.64 trillion roubles, the data showed. "The large budget deficit...increases nervousness on the market in relation to the price that geopolitical tensions are costing, and requires efforts directed at improving budget revenues," she said. The central bank has repeatedly warned that the budget deficit poses inflationary risks and may compel it to raise interest rates from the current 7.5%.

☆ AUKUS needs to pool tech resources as US edge erodes -Australian intelligence chief
▼ + stars: | 2023-04-04 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

Andrew Shearer, the director-general of the Office of National Intelligence, said the balance of power in the Indo-Pacific region was starting to "shift away from the United States and its allies, undermining deterrence". "We are seeing our longstanding technological edge start to erode, and in some cases that edge is totally gone," he added. Schmidt, who has advised United States Department of Defense on artificial intelligence, said China is organised around drones, hypersonic and automation technology, and this should influence Australia's military spending decisions. Although it was likely there would be decoupling between China and Western allies in critical technology, China was not an enemy and the could work together in other areas, he added. He criticised the U.S. government for restricting Chinese researchers from moving to the United States to work on technologies like quantum computing.

Last week's official data showed annual industrial output decline slowed in February, largely thanks to the defence sector, offsetting some of the damage wrought mainly by sanctions on Russia's key energy exports. Russian industrial output fell 1.7% year-on-year in February after a 2.4% drop in January, data from the federal statistics service Rosstat showed. Polevoy estimated that non-defence industrial production shrank about 8% year-on-year, while output of sectors with a high share of state defence orders jumped 36%. The decline in energy revenues has pushed Russia's budget deficit to $34 billion in January-February, compared with a surplus of $4 billion in 2022. LONG-TERM DECLINEAn independent study last month suggested Russia's middle class will shrink as social inequality grows, even if sanctions get relaxed.

☆ Li Qiang: China's new premier tries to reassure private sector amid widespread concerns about future
▼ + stars: | 2023-03-13 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —China’s new premier has tried to reassure the private sector in his debut press conference, as concerns grew about the country’s future policy direction with the introduction of a new cabinet loyal to leader Xi Jinping. Li Qiang, a long-time aide to Xi, officially succeeded Li Keqiang as premier over the weekend. Li Qiang speaks during his first press conference as premier at the Great Hall of the People in Beijing on March 13, 2023. As a group of Xi’s close associates stepped into office, some Western-educated, reform-minded officials departed – including former Premier Li Keqiang and former Vice Premier Liu He. Analysts are worried that Xi’s preference for personal loyalty over technocratic competence signals a more ideology-driven policy direction that could further dent private sector growth and worsen Beijing’s ties with Washington.

☆ Putin’s Secret Weapon on Energy: an Ex-Morgan Stanley Banker
▼ + stars: | 2023-03-02 | by ( Benoit Faucon | ) www.wsj.com time to read: 1 min

Russia urgently needs to develop new markets for its oil and gas companies, with Western sanctions cutting into the backbone of its economy. It’s relying on a 37-year-old former Morgan Stanley banker to keep profits flowing. Pavel Sorokin , Russia’s deputy energy minister, is part of a cadre of young technocrats with deep knowledge of the West, fast-tracked by Vladmir Putin to the upper echelons of power. Mr. Sorokin, who studied finance in London, has negotiated deals in Africa and the Middle East. He played an early role in the development of OPEC+, the partnership between Russia’s oil industry and the Saudi-led Organization of the Petroleum Exporting Countries.

☆ Xi's planned revival of Chinese financial watchdog exerts more party control
▼ + stars: | 2023-03-01 | by ( Joe Cash | ) www.reuters.com time to read: +4 min

BEIJING, March 1 (Reuters) - Plans by China's Communist Party to revive a high-level economic watchdog after two decades signal President Xi Jinping push to increase oversight of the financial sector, analysts say, part of a wider tightening of control by Xi and the party. "Through the CFWC, Xi and his allies could more rapidly roll out a reshuffle to replace the remaining legacy technocrats with people more loyal to them," he said. China's financial sector is overseen by the People's Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, with the cabinet's Financial Stability and Development Committee at the top. Under the new proposed structure, the party would take on a direction-setting role for the economy and regulatory bodies. "But this could also lead to policies replacing some market forces, which may not be ideal for financial liberalisation", she said.

☆ Bola Tinubu: From godfather of Lagos to Nigeria's president-elect
▼ + stars: | 2023-03-01 | by ( Tim Cocks | ) www.reuters.com time to read: +4 min

And since he bowed out as Lagos governor in 2007, Tinubu has picked every subsequent winning candidate to run Africa's biggest city. That power will now be tested as Tinubu attempts to tackle Nigeria's crises and improve on Buhari's lacklustre record. Many of these problems worsened under Buhari, on whose party ticket Tinubu ran. A spokesman for Tinubu's campaign did not respond to repeated requests for comment. A biography on his campaign website says Tinubu was born in Lagos in 1952, to a Muslim family from the Yoruba ethnic group, the majority in southwest Nigeria.

Kazuo Ueda, a 71-year-old university professor who has kept a low profile despite strong credentials as a monetary policy expert, ticked some important boxes. While he was not even on the list of dark horse candidates floated by the media, Ueda was well known in global central bank circles. The bank's preferred choices were incumbent deputy governor Amamiya, as well as former deputies Hiroshi Nakaso and Hirohide Yamaguchi, given their deep knowledge on monetary policy. Matsuno said he hoped the BOJ works closely with the government and guides monetary policy flexibly, when asked whether Ueda's appointment could lead to a retreat from Abenomics. While he warned of the rising cost of the BOJ's yield control policy, Ueda has called for the need to keep monetary policy loose to ensure Japan stably achieves the bank's 2% inflation target.

☆ Crime, inflation hammer support for Chile's Boric in tough first year
▼ + stars: | 2023-01-23 | by ( Natalia A. Ramos Miranda | ) www.reuters.com time to read: +4 min

"I wanted to give a chance to a young person, without the problems of the older politicians," she said. Recent pardons of 12 protesters convicted for crimes such as looting and robbery during 2019 riots went down badly amid rising crime statistics. The president's spokespeople did not respond to a request for comment, but Boric has repeatedly acknowledged that his administration has made mistakes. During a news conference announcing the justice minister's resignation, Boric said the government was determined to "strengthen political management." "Sometimes it seems that he is ruling just so that the right does not get angry," said 46-year-old designer and Boric voter Gaston Gomez.

☆ Expansionist dreams threaten ECB digital euro plan
▼ + stars: | 2023-01-17 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

The idea of a digital euro with the same reserve backing as its physical equivalent is thus partly about Frankfurt controlling the process. At best, a digital euro could bring more citizens into the banking system, particularly those who don’t have enough money for traditional financial services products. That jars with central bankers’ preference to limit the digital euro to the EU at first. The euro does not need a digital currency, but its members have signalled they want one. Reuters GraphicsFollow @rebeccawire on TwitterCONTEXT NEWSEuro area finance ministers issued a statement on the so-called digital euro on Jan. 16, calling for political oversight and an international approach of a European central bank digital currency (CBDC).

☆ Constantine, the former and last king of Greece, dies at 82
▼ + stars: | 2023-01-10 | by ( The Associated Press | ) www.nbcnews.com time to read: +9 min

ATHENS, Greece — Constantine, the former and last king of Greece, who won an Olympic gold medal before becoming entangled in his country’s volatile politics in the 1960s as king and spent decades in exile, has died. Prince Constantine on his sailboat at the Olympics in 1960. With minimal nostalgia for the monarchy in Greece, Constantine became a relatively uncontroversial figure. Crown Prince Constantine, left, arrives at the Raiding Forces' Headquarters on July 5, 1956. Prince Charles and King Constantine II of Greece attend Sunday service at the Church of St Mary Magdalene on the Sandringham estate in King's Lynn, England, on Dec. 9, 2007.

[1/5] Italian Prime Minister Giorgia Meloni speaks during a news conference to present her government's first budget in Rome, Italy, November 22, 2022. Meloni, a fiery conviction politician, has often spoken out against Italy's reliance on technocrats to solve its economic problems and lambasted alleged interference from "high international finance" and "Brussels bureaucrats". During the election campaign Meloni called in vain for her predecessor Mario Draghi to freeze the sale of a majority stake in ITA. PUSHBACKDeputy Economy and Finance Minister Maurizio Leo, an adviser to Meloni, had proposed splitting his ministry by hiving off the finance department responsible for tax matters. The head of the finance department, Fabrizia Lapecorella, has asked to move to another ministry, two sources said.

SHARM EL-SHEIKH, Nov 21 (Reuters) - Beyond the headlines from the annual U.N. climate conference, progress in advancing the global climate agenda relies on the behind-the-scenes efforts of technocrats over years. Offsets allow countries or companies to pay others to cut greenhouse gas emissions to make up for their own. But discussions on how to curb those emissions are relatively new within U.N. climate negotiations. The work also deals with food security and the economic impacts of global warming. As the initial mandate expired, countries at COP27 authorised the KJWA work to continue for another four years.

☆ Asia stocks struggle as Xi's leadership team spooks markets
▼ + stars: | 2022-10-25 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) fell to the lowest since April 2020 before an attempted rebound in beaten-down Hong Kong tech shares dragged it back to flat. "A short-term technical rebound is the main factor for today's rise," said Kenny Ng, a strategist at China Everbright Securities in Hong Kong. "(The) cumulative decline of Hong Kong stocks is deep." CHINA FLIGHTChinese markets remained volatile and jittery following Monday's withering selloff in Hong Kong. Xi Jinping's new leadership team has raised worries that China will increasingly prioritise the state at the cost of the private sector.

☆ Ding Xuexiang: from Xi staff chief to ruling elite
▼ + stars: | 2022-10-23 | by ( Brenda Goh | ) www.reuters.com time to read: +3 min

SHANGHAI, Oct 23 (Reuters) - Chinese President Xi Jinping on Sunday made his chief of staff, Ding Xuexiang, one of the most powerful men in China, in a move party watchers say underscores the importance Xi puts on trust and loyalty. "Ding is effectively Xi's chief-of-staff and is almost always by his side. It is clear that Xi has trusted Ding's loyalty and ability," he said. It is possible that Ding has influenced Xi to promote more technocrats to leadership positions at the ministerial and vice-ministerial level," Thomas said. In speeches this year Ding repeatedly urged party cadres to demonstrate loyalty and unity as well as rectify problems to ensure the smooth execution of the Party Congress.

☆ Far-right leader Giorgia Meloni sworn in as Italy's first female prime minister
▼ + stars: | 2022-10-22 | by ( ) www.nbcnews.com time to read: +1 min

Giorgia Meloni was sworn in as Italy’s first woman prime minister on Saturday alongside her cabinet team, giving the country its most right-wing government since World War II. Meloni, head of the nationalist Brothers of Italy, swept to victory in an election last month as part of a coalition that included Forza Italia, led by former premier Silvio Berlusconi, and Matteo Salvini’s League. “I swear to be faithful to the republic,” the 45-year-old Meloni said under the crystal chandeliers of a frescoed chamber, before shaking hands with President Sergio Mattarella. Her government, the 12th this century, replaces a national unity administration led by former European Central Bank chief Mario Draghi. After days of often tense, behind-the-scenes talks, Meloni unveiled her team on Friday, giving five ministries each to her junior partners, the League and Forza Italia, while reserving nine cabinet posts for her own party.

☆ Italy's Meloni sworn in at head of right-wing government
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

Italy's newly elected Prime Minister Giorgia Meloni reacts during the swearing-in ceremony at the Quirinale Presidential Palace, in Rome, Italy October 22, 2022. REUTERS/Guglielmo MangiapaneROME, Oct 22 (Reuters) - Giorgia Meloni was sworn in as Italy's first woman prime minister on Saturday alongside her cabinet team, giving the country its most right-wing government since World War Two. Meloni, head of the nationalist Brothers of Italy, swept to victory in an election last month as part of a coalition that included Forza Italia, led by former premier Silvio Berlusconi, and Matteo Salvini's League. "I swear to be faithful to the republic," the 45-year-old Meloni said under the crystal chandeliers of a frescoed chamber, before shaking hands with President Sergio Mattarella. Register now for FREE unlimited access to Reuters.com RegisterReporting by Crispian Balmer and Angelo Amante; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Ding Xuexiang: from Shanghai party cadre to Xi gatekeeper
▼ + stars: | 2022-10-11 | by ( Brenda Goh | ) www.reuters.com time to read: +4 min

Alongside China's top diplomats was Ding Xuexiang, who has risen from Communist Party cadre in Shanghai to become Xi's private secretary and gatekeeper. Ding, 60, is considered a leading candidate for promotion this month to the Politburo Standing Committee, the party's seven-member ruling echelon, despite lacking experience as a provincial-level party secretary or governor. He eventually succeeded the General Office's then-head, Li Zhanshu, who is currently China's top legislator and at 72 is expected to retire from the Standing Committee. Given the opacity of Chinese politics and Ding's roll as a background player, there is even less known about him than other leading Standing Committee prospects. In speeches this year Ding repeatedly urged party cadres to demonstrate loyalty and unity as well as rectify problems to ensure the smooth execution of the Party Congress.

☆ Blame Lockdowns on Silicon Valley
▼ + stars: | 2022-10-10 | by ( Andy Kessler | ) www.wsj.com time to read: +1 min

I blame Silicon Valley. Yet policy makers implemented lockdowns only because they could—because Silicon Valley provided the tools to lock people in their homes without completely imploding the economy. You couldn’t force lockdowns without laptops, Zoom, Amazon deliveries, cloud computing, Slack, QR codes or Netflix. Instead, we took the Faucian bargain of technology-enabled yearlong lockdowns because it was doable. Silicon Valley’s tools became shackles.

☆ Italy's conservative alliance in lockstep, ready to govern, says Meloni
▼ + stars: | 2022-09-20 | by ( Crispian Balmer | ) www.reuters.com time to read: +3 min

Meloni's party, Brothers of Italy, is widely expected to top the polls on Sunday, making her the frontrunner to be Italy's next prime minister. Opponents say her conservative alliance, which also includes Matteo Salvini's League and Silvio Berlusconi's Forza Italia, will struggle to stay united after divisions emerged during campaigning over energy and foreign policy. Amongst the major policies on which there was already a broad consensus were implementing tax cuts and preventing illegal immigration into Italy, Meloni said. Giorgia Meloni, leader of the far-right Brothers of Italy party, speaks during a rally in Duomo square ahead of the Sept. 25 snap election, in Milan, Italy, September 11, 2022. REUTERS/Flavio Lo Scalzo/Speaking in a separate interview, League leader Salvini said he thought it would take one-and-a-half months for the next government to take office, adding that, if the right won, its first priority would be to lower the pension age.

Fabio Panetta, director of international and European relations at the European Central Bank, attends the award ceremony for the Order of Merit of the Federal Republic of Germany at Bellevue Palace in Berlin, Germany, January 31, 2020. REUTERS/Annegret HilseROME, Sept 20 (Reuters) - ECB board member Fabio Panetta is resisting calls from Giorgia Meloni, the front-runner to be Italy's next prime minister, to take the job of economy minister should the rightist bloc win election on Sunday, two political sources told Reuters. Meloni, the leader of the Brothers of Italy party, wants Panetta to replace Daniele Franco at the helm of the Italian Treasury, but Panetta has made it clear he is not interested in the role, the sources said. Register now for FREE unlimited access to Reuters.com RegisterPanetta, 63, is a veteran of more than three decades at Italy's central bank and has sat on the Executive Board of the European Central Bank (ECB) since the start of 2020. A third, separate source close to the matter confirmed Panetta was the leading candidate to replace Visco.

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