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☆ Big government will drive the next market cycle
▼ + stars: | 2023-10-31 | by ( Francesco Guerrera | ) www.reuters.com time to read: +8 min

Growth picked up while quiescent inflation permitted interest rates to fall. Bereft of government support, central banks tried to stimulate their economies by pushing interest rates to new lows. That means interest rates will struggle to return to the ultra-low levels seen after 2008. The first takeaway is that higher debt levels, inflation and interest rates should be bad for bonds. Vincent Deluard of StoneX has proposed a division between intangible and tangible companies.

Persons: Kevin Lamarque, ” Ronald Reagan’s, Milton Friedman –, Britain’s Margaret Thatcher –, Reaganomics ”, Réka Juhász, Nathan J, Lane, Dani Rodrik, government’s, Vincent Deluard, StoneX, Lockheed Martin, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Republicans, Capitol, REUTERS, Reuters, Bank, Asset, Monetary Fund, Treasury, Capital Economics, Reuters Graphics Reuters Graphics, Capital, Facebook, Meta, Lockheed, Micron Technology, U.S, Congress, Nasdaq, Energy, Exxon Mobil, Labour Party, Thomson Locations: Washington , U.S, “, Ukraine, Covid, Europe, United States, United Kingdom, Germany, Japan

☆ BOJ chooses slow path out of zero-rate limbo
▼ + stars: | 2023-10-31 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

REUTERS/Susana Vera Acquire Licensing RightsHONG KONG, Oct 31 (Reuters Breakingviews) - The Bank of Japan (8301.T) is taking the long road out of zero-interest rate limbo. On the face of it, BOJ Governor Kazuo Ueda and his colleagues made few policy changes at their latest meeting. The short-term interest rate remains negative, while the official yield target for 10-year Japanese government bonds is unchanged at 0%. However, the real challenge for Ueda is when to end the era of negative short-term interest rates. The BOJ’s nine-member board maintained its target for short-term interest rates of -0.1%.

Persons: Kazuo Ueda, Susana Vera, Haruhiko Kuroda, Ueda, “, Antony Currie, Thomas Shum Organizations: Japan, International Monetary Fund, World Bank, REUTERS, Reuters, Bank of Japan, U.S, Thomson Locations: Marrakech, Morocco, HONG KONG, Japan

☆ Israel war tests US appeal to global swing states
▼ + stars: | 2023-10-30 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

FOURNI, Greece, Oct 30 (Reuters Breakingviews) - Joe Biden has sought to portray the United States as a superpower that cares about the rule of law. What’s more, swing states – which back neither the United States nor China – have more power than they did during the old Cold War between the West and the Soviet Union. Such pressure may convince some countries that the United States is pursuing a principles-based foreign policy in the Gaza conflict. The Israeli war may last a long time and its aftermath may be tortuous. But it could also have an important impact on the United States’ influence with swing states and its struggle with China.

Persons: Joe Biden, Vladimir Putin’s, Xi Jinping’s, Barack Obama, Republic –, Biden, Queen Rania, Jordan, Israel, Jake Sullivan, Israel –, Tayyip Erdogan, Benjamin Netanyahu, Mustafa Kamal Kazi, Netanyahu, What’s, Jonathan Cohen, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Russian, U.S, Israel, United Nations General, Washington, UN Security Council, Security Council, Soviet Union, Members, United, Reuters Graphics Reuters, U.S . National Security, U.S ., West Bank, Thomson Locations: FOURNI, Greece, United States, Russia, China, Ukraine, Taiwan, Gaza, Israel, Republic, Saudi Arabia, Indonesia, U.S, Moscow, Soviet, India, Brazil, wean, Turkey, NATO, South Africa, Afghanistan, Iraq, Pakistani, Egypt, Israeli

☆ Aussie tycoon doubles down as lithium spoiler
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Oct 30 (Reuters Breakingviews) - Lithium M&A is becoming a dangerous sport Down Under. On Friday, Hancock Prospecting, owned by Australia’s richest person Gina Rinehart, revealed it had snapped up an 18.3% stake in Azure Minerals (AZS.AX). Unlike Albemarle, it has not tied its hands by declaring the Azure bid to be its best and final offer. But SQM boss Ricardo Ramos can switch to an off-market offer and try to buy other investors’ stakes first. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Hancock, Gina Rinehart, Chile’s, Rinehart, Albemarle, SQM, Ricardo Ramos, Antony Currie, Peter Thal Larsen, Thomas Shum Organizations: MELBOURNE, Reuters, Australia’s, Minerals, Australian, Liontown Resources, Canaccord, X, Thomson Locations: Western Australia, Liontown

☆ HSBC’s profit resilience may face sterner tests
▼ + stars: | 2023-10-30 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

SINGAPORE, Oct 30 (Reuters Breakingviews) - HSBC’s (HSBA.L), (0005.HK) resilient bottom line may face some stiffer challenges. HSBC also flagged that the same exercise would produce another $400 million loss in the final three months of the year. The bank’s net interest margin slipped to 1.7% in the latest quarter, from 1.72% in the previous three months. HSBC shares trade at around 0.9 times the bank’s tangible book value at the end of September. The bank’s London-listed shares were up 0.9% at 606 pence by 0900 GMT on Oct. 30.

Persons: It’s, Noel Quinn’s, Quinn, undemanding, it’s, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, HK, Chartered, HSBC, Thomson Locations: SINGAPORE, China, London

☆ The case for a career in bond investing
▼ + stars: | 2023-10-27 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

I sensed familiarity with the recent fate of fixed income benchmarks such as Austria’s hundred-year government bond. For this reason, when bond yields are low, the sensitivity of capital prices to inflation and interest rate shocks is high, and vice versa. The appreciating greenback has been a drag on much of the global fixed income universe for the past decade. The real reason to go into fixed income investing, I explained, is that you get to tell governments what to do. Now that the end of monetary anaesthesia has awoken fixed income from its 15-year coma, I told the MBA students, you’ve got your chance.

Persons: Bonds, That’s, Torsten Slok, GMO’s, Liz Truss, ”, Bill Clinton’s, James Carville, you’ve, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, Treasury, Reuters Graphics Reuters, Apollo Global Management, U.S ., JPMorgan, Economist, UK, Thomson Locations: U.S, Venezuela

☆ Wall Street’s glum rainmakers deserve more love
▼ + stars: | 2023-10-26 | by ( John Foley | ) www.reuters.com time to read: +7 min

Morgan Stanley’s (MS.N) investment banking revenue in the third quarter was its worst since 2009, at just over $1 billion. The rapid rise in interest rates, which makes traditional lending more lucrative for so-called universal banks, adds to the glum aura around investment banking. Reuters Graphics Reuters GraphicsInvestment banking isn’t the biggest part of any bulge-bracket firm’s revenue, but it’s disproportionately profitable. Goldman made nearly $8 billion more from investment banking in 2021 than in the last four quarters. Declining volatility in markets is great for deals, but it’s nowhere near as good for banks’ trading desks, which tend to thrive on choppy conditions.

Persons: Caitlin Ochs, Goldman Sachs, Morgan Stanley’s, Goldman, Morgan Stanley, James Gorman, Jane Fraser, David Solomon, they’re, Peter Thal Larsen, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, Reuters, Exxon Mobil, Chevron, JPMorgan, Citigroup, Reuters Graphics Reuters Graphics Investment, Hamas, Goldman, Bank of America, Barclays, Citi, Thomson Locations: New York City, New York, U.S, catnip, Israel, China

☆ New-look Unilever retains its old-style opacity
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

Unilever logo is displayed on Dove soap boxes in this illustration taken on January 17, 2022. Back in 2017 Unilever fought off a Kraft Heinz (KHC.O) takeover approach by pledging a 20% operating margin; now there just isn’t a target. But it leaves a question mark over Unilever’s long-term direction. And it might leave long-term critics like fund manager Terry Smith still griping about opacity. In January Smith complained that Unilever had revealed the price tag on only three of 27 acquisitions in its Beauty and Wellbeing division over eight years.

Persons: Dado Ruvic, Hein Schumacher’s, Kraft Heinz, Alan Jope, Terry Smith, Smith, Schumacher, George Hay, Peter Thal Larsen, Oliver Taslic Organizations: Unilever, REUTERS, Reuters, Kraft, X, Thomson

☆ Time is ripe for another push on carbon pricing
▼ + stars: | 2023-10-24 | by ( Hugo Dixon | ) www.reuters.com time to read: +8 min

Other technologies, such as green hydrogen and carbon capture, are still a long way from maturity. Around 50 countries have some form of carbon price, double the number 10 years ago, and another 23 countries are planning to introduce one. The snag is that China’s carbon price is low and the United States doesn’t have a federal levy. Others argue that governments should combine carbon pricing with financial support for the most vulnerable and targeted subsidies for fledgling technologies. To hit climate targets, the carbon price would need to be $135 a tonne in advanced economies and $45 a tonne in large emerging ones by 2030.

Persons: Jin Mao, Aly, Joe Biden’s, There’s, Rishi Sunak, Michael Jacobs, it’s, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Financial, REUTERS, Reuters, International Energy Agency, European Union, Global, International Monetary Fund, Reuters Graphics Reuters, British, Pew Research, University of Sheffield, IMF, Africa Climate, United, European, Climate Leadership Council, Thomson Locations: Shanghai, Pudong, China, United States, Paris, Africa, European Union, U.S

☆ Roche's $7 bln deal is pricey and partial cure
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Roche tablets are seen positioned in front of a displayed Roche logo in this photo illustration shot January 22, 2016. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Oct 23 (Reuters Breakingviews) - Roche (ROG.S) has taken a small step towards curing its drug pipeline problem. JPMorgan analysts estimate that the drug’s U.S. sales could peak at 2.4 billion Swiss francs ($2.7 billion), but will take until 2037 to get there, assuming a 2028 launch. Analysts expect Roche’s pharmaceutical division to generate revenue of almost 45 billion Swiss francs this year, according to estimates compiled by LSEG. With expected free cash flow of around 16 billion Swiss francs this year and next, Roche can afford to buy a little more diversification.

Persons: Roche, Dado Ruvic, Thomas Schinecker, Peter Thal Larsen, Jean, Pierre Mustier, Atos, Jonathan Guilford, Aditya Sriwatsav Organizations: REUTERS, Reuters, Pfizer, U.S, New, JPMorgan, Merck, Prometheus Biosciences, Analysts, LSEG, X, News Corp, Thomson Locations: Swiss, U.S

☆ China’s leaders speed towards Japanisation
▼ + stars: | 2023-10-20 | by ( Edward Chancellor | ) www.reuters.com time to read: +8 min

LONDON, Oct 20 (Reuters Breakingviews) - China’s real estate market is in decline. The trouble is that China’s economic imbalances are far worse than Japan’s in 1990. Yet China’s GDP per capita has reached only half of Japan’s level in 1990. China’s economic misdirection is catalogued in Yasheng Huang’s “The Rise and Fall of the East”. After 1978 the authorities gave provincial governments substantial freedom to promote economic growth and rewarded them for meeting a growth target.

Persons: Xi, Xi Jinping, Huang, –, Xi’s, Beijing’s, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, Monetary Fund, South, Asian, IMF, Reuters Graphics Reuters, Bank for International, MIT Sloan School of Management, HK, Communist, Huawei, Washington, Thomson Locations: Marrakech, People’s Republic, China, South Korea, Japan, deflate, Tokyo, California, Beijing, Taiwan, Communist

☆ Saudi is wild card in Middle East’s new turmoil
▼ + stars: | 2023-10-18 | by ( George Hay | ) www.reuters.com time to read: +8 min

Saudi Crown Prince Mohammed bin Salman attends the 18th consultative meeting of the leaders of the GCC & the Gulf summit with the central Asian countries C5, in Jeddah, Saudi Arabia, July 19, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsLONDON, Oct 18 (Reuters Breakingviews) - Mohammed bin Salman is the wild card in the Middle East’s new conflict. Saudi Arabia also needs prices above $85 a barrel in order to balance its budget. Saudi Arabia also needs to consider the views of international investors, though. For now, Saudi Arabia can count on the support of global bankers and fund managers.

Persons: Prince Mohammed bin Salman, Mohammed bin Salman, Joe Biden, Benjamin Netanyahu, Israel’s, Biden, Netanyahu, International Energy Agency reckons, Jamal Khashoggi, nix, Larry Fink, JPMorgan’s, Jamie Dimon, Israel, Antony Blinken, Jordan, ” Blinken, ”, “, Hossein Amirabdollahian, Al Jazeera, Peter Thal Larsen, Oliver Taslic Organizations: GCC, Saudi Press Agency, Handout, REUTERS Acquire, Reuters, Hamas, Israel . U.S, MbS, United, Gaza, International Energy Agency, Reuters Graphics Reuters, Saudi, kingdom’s Public Investment Fund, U.S, PGA, Foreign Investment, Telefonica, STC, BlackRock’s, Future Investment, United States, Diplomats, don’t, Palestinian, Israeli, United Arab, Iran’s, Thomson Locations: Saudi, Jeddah, Saudi Arabia, Israel, Iran, Palestinian, Israel ., United States, Gaza, OPEC, Russia, Saudi Aramco, Riyadh, Palestine, United, Amman, Jordan, Bahrain, Qatar, United Arab Emirates, Egypt, Lebanon, America

☆ Banks’ wealth-management heyday may have passed
▼ + stars: | 2023-10-18 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

For wealth managers, that will make revenue growth much harder to come by, shifting the focus to controlling expenses. LOSING ITS SPARKLEIn Wall Street parlance, wealth management is a capital-light business. Little wonder Morgan Stanley boss James Gorman focused on wealth management after taking charge in 2010. The good news for UBS and Morgan Stanley is that they are better placed than most to handle these pressures. The bank’s wealth-management business generated a 35% ROTE, while the division that houses investment banking and trading managed just 8%.

Persons: UBS –, Morgan Stanley’s, Morgan Stanley, James Gorman, Sergio Ermotti, Goldman Sachs, Italy’s, Iqbal Khan, Morgan Stanley’s Andy Saperstein, Peter Thal Larsen, Sharon Lam, Oliver Taslic Organizations: Reuters, Wealth, UBS, Credit Suisse, HSBC, HK, Lloyds Banking Group, Revenue, Treasury, Big, Thomson Locations: Swiss, United States, Americas, Switzerland, Britain’s St, James’s

☆ The financial ramifications of US-China tensions: podcast
▼ + stars: | 2023-10-17 | by ( Peter Thal Larsen | ) www.reuters.com time to read: 1 min

LONDON, Oct 17 (Reuters Breakingviews) - The rivalry between the world’s two largest powers is having an impact on almost every aspect of global business and finance. In this episode of The Exchange podcast, Jared Cohen from Goldman Sachs discusses how investors should approach geopolitics, and the limits of decoupling. Listen to the podcastFollow @peter_tl on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jared Cohen, Goldman Sachs, Oliver Taslic Organizations: Reuters, Thomson

☆ Breakingviews: Globalization woes create new winners and losers
▼ + stars: | 2023-10-17 | by ( Francesco Guerrera | ) www.reuters.com time to read: +8 min

Over the past seven decades, the world economy has grown 14-fold, powered by a 45-fold expansion in global trade, according to the World Trade Organization. World trade as a percentage of GDP peaked at 61% in 2008. The first is rising geopolitical tensions between the United States and China. The retrenchment is probably going to be gradual: global trade was still worth 57% of world GDP last year. For 2024, the WTO said growth in goods trade would pick up to 3.3%, virtually unchanged from its April estimate of 3.2%.

Persons: Chris Helgren, Joe Biden, Xi Jinping “, ”, Caroline Freund, Aaditya Mattoo, Alen Mulabdic, Michele Ruta, Ursula von der Leyen, it’s, Laura Alfaro, Davin Chor, Dario Perkins, GlobalData’s Perkins, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Warehouse Union, REUTERS, Reuters, World Trade Organization, Economic, Reuters Graphics Reuters, HK, Amperex Technology, European Central Bank, GlobalData, Lombard, Companies, Bureau of Labor Statistics, ECB, Thomson Locations: Vancouver , British Columbia, Canada, Netherlands, United States, China, Beijing, Washington, U.S, Taiwan, Mexico, Vietnam, People’s Republic, Latin America, Chile, Brazil, Ukraine, Geneva

☆ Globalisation woes create new winners and losers
▼ + stars: | 2023-10-17 | by ( Francesco Guerrera | ) www.reuters.com time to read: +8 min

☆ US grand strategy can prop up the global order
▼ + stars: | 2023-10-16 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

But the United States can prevent the rules-based order from collapsing if it keeps steering a steady course with regards to Russia and China. If the United States holds firm on its grand strategy, any new geopolitical risks should be similarly contained. One explanation for the current outbreak of crises is that the United States is weaker and more internally divided than it was during the so-called “Pax Americana” era. It could easily drop down the United States’ list of priorities, says Michel Duclos, a former French diplomat who is a fellow at the Paris-based Institut Montaigne. He will struggle to unite the U.S.’s allies as he is not a champion of either the NATO military alliance or the rules-based global order.

Persons: Donald Trump, Joe Biden, Mike Segar, Vladimir Putin, –, Biden, David Hannay, Benjamin Netanyahu’s, ”, Jake Sullivan, Michel Duclos, Putin, ’, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Democratic, Belmont University, REUTERS, Reuters, U.S, Reuters Graphics Reuters, United Nations Charter, –, Montaigne, Kyiv, Trump, NATO, Thomson Locations: coronavirus, Nashville , Tennessee, U.S, Israel, Gaza, United States, Russia, China, Ukraine, Afghanistan, Korea, Vietnam, Soviet, Soviet Union, Iraq, Washington, China’s, Taiwan, Africa, Azerbaijan, Europe, Asia, India, Saudi Arabia, French, Paris, Beijing, Japan, South Korea

☆ Why an economic soft landing may prove elusive
▼ + stars: | 2023-10-13 | by ( Edward Chancellor | ) www.reuters.com time to read: +8 min

His latest book, “You Always Hurt the One You Love: Central Banks and the Murder of Capitalism”, won’t make him any friends in monetary policymaking circles. The Fed responded by reducing interest rates to zero and employing various tools to lower bond yields. These economic imbalances prevented central banks from returning interest rates to normal levels. Unless, that is, liberalising economic reforms are enacted that boost productivity and allow interest rates to rise. Bernard Conolly’s book, “You Always Hurt the One You Love: Central Banks and the Murder of Capitalism” was published in hardback in September.

Persons: Bernard Connolly, Connolly, won’t, they’ve, Michael Woodford, ”, Alan Greenspan, staved, Lehman, Edward Chancellor’s “, Bernard Conolly’s, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, European Monetary Union, European Commission, Banks, U.S . Federal, stoke, Lehman Brothers, Fed, Reuters Graphics, Treasury, Securities, Thomson Locations: U.S, United States, British, Europe, American, “, ”, disequilibrium, intertemporal, Central

☆ Wall Street prepares to dish economic dirt on US
▼ + stars: | 2023-10-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

They are also among the handful of banks which can buy Treasury debt straight from the central bank. That puts leaders like JPMorgan chief Jamie Dimon at the center of the global financial spiderweb. To be sure, the financial statements that the banks will start to release on Friday will be backward-looking. Interest income will reflect the sharp and continued rise of central bank rates, which drag up the price banks must pay for customer deposits and what they charge for loans. It’s a big economic question, since plastic-related debt in the United States hit a record $1 trillion in August.

Persons: Jamie Dimon, Marco Bello, Brian Moynihan’s, Jane Fraser, Wells Fargo, Dimon, Dean Athanasia, Banks, Wells, Peter Thal Larsen, Sharon Lam Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan, Bank of America, Citigroup, of America, Treasury, Citi, Fraser, Reuters Graphics Reuters, Federal Reserve, Federal, Bank of, Reuters Graphics Reuters Graphics Bank, Alpha, Thomson Locations: Miami , Florida, U.S, Wells Fargo, Wells, United States

☆ Israel flashes geopolitical warning at shaky time
▼ + stars: | 2023-10-09 | by ( George Hay | ) www.reuters.com time to read: +4 min

The Kingdom’s rulers have historically supported Palestinian rights and opposed Israel, while waging proxy wars against Iran. Indeed, one motivation of the Hamas attacks may have been to provoke an Israeli response that derails those negotiations. At a time when the global economy needs inflationary geopolitical risks to simmer down, more are flashing red. In response, Israeli air strikes hit housing blocks, tunnels, a mosque and homes of Hamas officials in Gaza, killing more than 400 people, Reuters reported. President Joe Biden said on Saturday that Israel had the right to defend itself and issued a warning to Iran and other countries hostile to Israel not to exploit the attacks.

Persons: Benjamin Netanyahu’s, Joe Biden, Netanyahu, Saudi Crown Prince Mohammed bin Salman, Biden, toughening, Israel, Benjamin Netanyahu, “, Brent, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Hamas, Iran, Saudi Crown, Sunday, Thomson Locations: Ukraine, United States, China, Israel, Gaza, Iran, Jerusalem, Tehran, Saudi Arabia, U.S, Saudi, Germany, Italy, Britain

☆ The EU is stuck with its one-trick refugee policy
▼ + stars: | 2023-10-09 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Barring an influx of younger people from Africa and Asia, the EU will become increasingly old, weak and irrelevant. Instead, the EU is focussing on stopping irregular migrants crossing the Mediterranean. To be fair, each EU country has procedures for dealing with migrants who arrive through legal routes. That’s a long way short of the height of the Syrian crisis in 2015, when about 1.8 million refugees crossed EU borders. The hope is that the Mediterranean countries will then process asylum seekers when they arrive - and the EU’s internal borders will stay open.

Persons: Giorgia Meloni, Marine Le, Italy don’t, Martinez, Peter Thal Larsen, Katrina Hamlin, Thomas Shum Organizations: Reuters, Eurostat, EU, Reuters Graphics, Italian, Centre, European, Bank, Thomson Locations: Africa, Asia, EU, Spain, Europe, Turkey, Libya, Tunisia, Egypt, Lampedusa, Tunis, West Balkan, United Kingdom, That’s, Germany, Austria, Poland, Italy, Hungary, Saharan Africa, Latin America

☆ The Queen’s question returns with a vengeance
▼ + stars: | 2023-10-06 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

The world’s leading central banks had spent the previous two decades focusing on low inflation, neglecting risks to financial stability. Central bankers counter correctly that predictive accuracy is not the same as explanatory power. Yet it is far from clear how today’s independent central banks should respond to these overtly political struggles. In 2021, when the Phillips Curve was asleep at the wheel, the growth in the money supply was flashing red. The unfortunate truth is that there are many answers to the Queen’s question this time round – but no single magic solution.

Persons: Elizabeth, Prince Andrew , Duke, York, Prince Philip , Duke of Edinburgh, Tom Nicholson, Queen Elizabeth, Ben Bernanke, don’t, Phillips, Isabella Weber, Guido Lorenzoni, Andrew Bailey, monetarism, Milton Friedman, Anna Schwartz, Winston Churchill, Bernanke, Peter Thal Larsen, Oliver Taslic, Thomas Shum 私, 「 Organizations: Westminster Abbey, REUTERS, Reuters, Bank of England, U.S . Federal, Phillips, University of Massachusetts Amherst, University of Chicago, MIT, United, 「 Reuters Locations: Westminster, London, Britain, British, Central, Ukraine, Paris, United States

☆ Dating apps can embrace gamification of hookups
▼ + stars: | 2023-10-06 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

The dating app Tinder is shown on a mobile phone in this picture illustration taken September 1, 2020. The dating app owned by Match (MTCH.O) said last week it’s rolling out a subscription tier called “Tinder Select” that will cost $500 a month. The $12 billion company could make even more money if it approached hookups the way computer games hook users. By contrast, if a hefty 1% of Tinder’s current subscribers sign up for Tinder Select, they will pay an extra $600 million. Follow @thereallsl on XCONTEXT NEWSMatch’s dating app Tinder is launching a premium service named “Tinder Select” for $499 a month.

Persons: Akhtar Soomro, Bernard Kim, Tinder, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Reuters, Match, Apps, Tinder, Reuters Graphics Reuters, Thomson Locations: Plenty

☆ Jeffrey Epstein leaves small mark on Wall Street
▼ + stars: | 2023-09-27 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +4 min

U.S. financier Jeffrey Epstein appears in a photograph taken for the New York State Division of Criminal Justice Services' sex offender registry March 28, 2017 and obtained by Reuters July 10, 2019. Acquire Licensing RightsNEW YORK, Sept 27 (Reuters Breakingviews) - Wall Street is getting ready to move on from the Jeffrey Epstein saga. It ultimately has cost JPMorgan some $365 million in settlements, including Tuesday’s proposed resolution, while Deutsche is paying out $75 million. Some financiers linked to Epstein, who killed himself while in jail awaiting trial in 2019, also paid a price. He also reached a $63 million deal with the U.S. Virgin Islands to avoid any legal claims linked to the investigations.

Persons: Jeffrey Epstein, Epstein’s, Tuesday’s, Epstein, Billionaire Leon Black, Jes Staley, JPMorgan’s, Wall, Peter Thal Larsen, Sharon Lam Organizations: New York State Division, Criminal, Services, Reuters, REUTERS, Acquire, JPMorgan, United States Virgin, Deutsche Bank, Deutsche, Billionaire, Apollo Global Management, U.S . Virgin, Barclays, Thomson Locations: United, United States Virgin Islands

☆ Western rival to Belt and Road has much to prove
▼ + stars: | 2023-09-25 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

LONDON, Sept 25 (Reuters Breakingviews) - Western countries have a window of opportunity to come up with a credible infrastructure plan for the developing world. U.S. President Joe Biden has been talking up the West’s so-called Partnership for Global Infrastructure and Investment (PGII). To be fair, the G7 is stepping up efforts to involve the private sector. These initiatives are running in parallel with efforts to get the World Bank to cooperate more with the private sector. For developing countries, it is good to have two rival infrastructure initiatives competing for their attention.

Persons: Joe Biden, PGII, marshall, It’s, Hung Tran, Janet Yellen, Antony Blinken, Jordan, Xi Jinping, Vladimir Putin, Peter Thal Larsen, Katrina Hamlin Organizations: Reuters, Initiative, Group, Democratic, Global Infrastructure, Investment, Atlantic Council, coy, Treasury, European, Bank, United Arab, China, Thomson Locations: Italy, Republic, India, Europe, Zambia, Angola, Democratic Republic of Congo, Indonesia, Vietnam, South Africa, Senegal, United States, China, East, New Delhi, Indonesian, New York, Saudi Arabia, United Arab Emirates, Beijing

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