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☆ Taiwan welcomes large Czech delegation after Honduras shifts allegiance to China
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

The roughly 150-person Czech delegation arrived in Taipei on Saturday, led by the speaker of the lower chamber of the Czech parliament, Marketa Pekarova Adamova. "This visit of the delegation to Taiwan certainly represents that Taiwan is in a democratic alliance," she said. Pekarova Adamova, who is due to meet Taiwan President Tsai Ing-wen later on Monday, told the business forum that Taiwan was a crucial investment partner for her country. "Taiwan is not only an important economic partner but also a friendly and democratic partner and deserves our attention and support." Newly elected Czech president Petr Pavel drew a sharp rebuke from Beijing in January after taking a call from Tsai, a clear shift from his predecessor's attempts to win Chinese business.

☆ Economic asphyxiation puts Russia in China’s orbit
▼ + stars: | 2023-03-20 | by ( Pierre Briancon | ) www.reuters.com time to read: +7 min

Cut off from foreign markets by sanctions, Vladimir Putin’s government is at pains to finance budget deficits that would have been manageable in peacetime. The financial difficulties are pushing Russia further into the sphere of influence of China’s President Xi Jinping, who visits Moscow this week. Dipping into the fund, though, will push Moscow further into China’s financial orbit, Russian economist Alexandra Prokopenko has noted. In the short term, financial hope for Russia can only come from a significant increase in oil and gas prices. Trade between China and Russia increased by 34% last year as Chinese imports of oil and gas jumped 50%.

[1/4] China's newly-elected Premier Li Qiang takes an oath after being elected during the fourth plenary session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China on March 11, 2023. Previously the Communist Party chief in Shanghai, Li was confirmed as premier during the National People's Congress, charged with managing the world's second largest economy. "Officials know that Li Qiang is Xi Jinping's guy," he said. "He clearly thinks that Li Qiang is a very competent person and he has put him in this position because he trusts him and he expects a lot of him." American author Robert Lawrence Kuhn, who met Li and Xi together in 2005 and 2006, said the two shared an easy rapport.

Previously the Communist Party chief in Shanghai, Li is poised to be confirmed as premier on Saturday during the ongoing National People's Congress, charged with managing the world's second largest economy. Trey McArver, co-founder of consultancy Trivium China, said Li is likely to be much more powerful than his predecessor. "Officials know that Li Qiang is Xi Jinping's guy," he said. "He clearly thinks that Li Qiang is a very competent person and he has put him in this position because he trusts him and he expects a lot of him." American author Robert Lawrence Kuhn, who met Li and Xi together in 2005 and 2006, said the two shared an easy rapport.

[1/4] A worker walks across a construction site in the Central Business District, ahead of the opening of the National People's Congress (NPC) in Beijing, China, February 28, 2023. Nearly 3,000 delegates will gather in the Great Hall of the People west of Tiananmen Square for the first National People's Congress (NPC) of the post-zero-COVID era, although some precautions remain including testing and quarantine for journalists. It will also discuss Xi's plans for an "intensive" and "wide-ranging" re-organisation of state and Communist Party entities, state media reported on Tuesday, after a three-day meeting of the party's central committee. China's economy grew just 3% last year, one of its worst showings in nearly half a century. "We will strive to spur growth and have policy tools to do that, mainly by channelling money into big projects," Xu Hongcai, deputy director of the economic policy commission at the state-backed China Association of Policy Science, told Reuters.

☆ Hungary must bolster judiciary 'very soon' to recover billions from EU, official says
▼ + stars: | 2023-02-18 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

BRUSSELS, Feb 18 (Reuters) - Hungary must bolster the independence of its judiciary "very soon" to stand a realistic chance of getting any of the 15.4 billion euros envisaged for Budapest from the European Union's COVID recovery stimulus, said a top official in the bloc. Hungary can get some 5.8 billion euros ($6.20 billion) in free grants and another 9.6 billion euros in cheap loans from the EU but the bloc has suspended any payments until Budapest implements reforms to improve judicial independence and tackle corruption. NO TRUSTThe EU Commission has put an end-year deadline on accessing the COVID funds, though several countries have already said they need more time to spend the large emergency aid package. "Those supermilestones for the judiciary have to be done soon" for that to be realistic, said Jourova. The bloc has also long frowned at what international watchdogs say is Orban channelling EU funds to associates to entrench himself in power.

The trade also provides a way to get Russian oil to market and bring much-needed export earnings to Moscow. "We've been looking at Russian fuel oil since December. China's total fuel oil imports surged to about 1.76 million tonnes in December, highest since September 2021, official customs data showed. Fuel oil imports from blending hubs trend higher"The deep discounts offered are driving the trend as independent refiners are price sensitive. Asia will continue to soak up cheaper Russian (fuel oil) barrels on top of crude," Jamil said.

☆ Czech president-elect to speak to Taiwan president in diplomatic breakthrough
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

PRAGUE, Jan 30 (Reuters) - Czech President-elect Petr Pavel is due to speak with Taiwan's President Tsai Ing-wen on Monday, Pavel's spokeswoman said, a highly unusual move given the lack of formal ties and a diplomatic coup for Taipei that is likely to anger China. Most countries' leaders avoid high-level public interactions with Taiwan and its president, not wishing to provoke China, the world's second largest economy. In 2016, U.S. President-elect Donald Trump spoke by telephone with Tsai shortly after winning the election, setting off a storm of protest from Beijing. Pavel's spokeswoman said he and Tsai were expected to speak at 1000 GMT. The Czech Republic, like most countries, has no official diplomatic relations with Chinese-claimed Taiwan, but the two sides have moved closer together as Taipei seeks new friends in Eastern and Central Europe.

☆ U.S. climate envoy Kerry outlines carbon offset initiative for developing nations
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +2 min

ABU DHABI, Jan 15 (Reuters) - U.S. climate envoy John Kerry on Sunday outlined core principles for a "high-integrity" carbon offset plan meant to help developing nations speed their energy transition, and next steps including establishing a consultative group. The Energy Transition Accelerator (ETA), first announced at last year's COP27 climate conference, is being developed by the United States with the Bezos Earth Fund and the Rockefeller Foundation to mobilise private capital. "We believe you can have high-integrity, accountable, transparent credit which will help us to be able to put some money on the table," he said, acknowledging widespread criticism of voluntary carbon offset schemes. He said ETA principles also called for a near-term, inclusive and comprehensive approach to deliver on broader sustainable development goals and support power sector-wide energy transition. Reporting by Rachna Uppal and Ghaida Ghantous; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Zelenskyy, BlackRock CEO Fink agree to coordinate Ukraine investment
▼ + stars: | 2022-12-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Volodymyr Zelenskiy, Ukraine's president, meets with US President Joe Biden in the Oval Office of the White House in Washington, DC, US, on Wednesday, Dec. 21, 2022. Ukrainian President Volodymyr Zelenskyy and BlackRock CEO Larry Fink agreed to coordinate investment in rebuilding Ukraine, Kyiv announced on Wednesday following a meeting between the two men. BlackRock Financial Markets Advisory and the Ukrainian Ministry of Economy signed a memorandum of understanding in November, after Fink and Zelenskyy met in September to discuss driving public and private investments into Ukraine to rebuild the country after Russia's highly destructive invasion. A spokesperson for BlackRock was not immediately available for comment. Zelenskyy last week visited Washington D.C. to meet with U.S. President Joe Biden and deliver an address to Congress, as the U.S. House of Representatives gave final approval on Friday to a $45 billion aid package for Ukraine.

☆ REVIEW Soccer-Whatever the ending, Qatar World Cup duly delivered
▼ + stars: | 2022-12-17 | by ( Martyn Herman | ) www.reuters.com time to read: +5 min

Both scenarios would be an appropriate final act to the first World Cup staged in an Arab country. But for a month the so-called beautiful game did, in the words of FIFA president Gianni Infantino, spread some joy. The marquee names of Messi, Kylian Mbappe, Neymar and Cristiano Ronaldo delivered storylines. In five second-half minutes Saleh Al-Shehri and Salem Al-Dawsari wrote themselves into Saudi sporting folklore by scoring the goals to overturn a Messi penalty and seal the biggest statistical shock in World Cup history. Messi, channelling his inner-Maradona, inspired Argentina to beat Croatia and few would begrudge the diminutive number 10's record-breaking 26th World Cup appearance ending with him holding aloft the gleaming trophy.

LISBON, Nov 16 (Reuters) - Portugal expects economic growth of at least 6.7% this year, beating its 6.5% forecast on the back of domestic demand and tourism, helping the country further slash one of Europe's heaviest public debt burdens, its finance minister told Reuters. "Even if (quarter-on-quarter) growth is zero in the fourth quarter, we're going to have a growth rate of 6.7% in 2022, one of the highest in Europe," Medina said. Growth accelerated to 0.4% in the third quarter from the previous quarter's 0.1% as private consumption unexpectedly rose despite inflation at three-decade highs. Despite a worrying fast rise in rates, Medina expects Portugal to avoid a spike in bad loans of households thanks to measures such as a recent decree ordering banks to renegotiate mortgages of up to 300,000 euros for vulnerable families. ($1 = 0.9626 euros)Reporting by Sergio Goncalves and Aislinn Laing, editing by Andrei Khalip and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Don’t dump on U.S. coal plan. Make it better!
▼ + stars: | 2022-11-11 | by ( Hugo Dixon | ) www.reuters.com time to read: +4 min

SHARM EL-SHEIKH, Egypt, Nov 11 (Reuters Breakingviews) - Sceptics fear an American plan to use voluntary carbon markets to accelerate the energy transition in poor countries could amount to greenwashing. Many critics think rich countries should just fork out the cash themselves to close coal plants – or tax fossil fuel companies to get the money. This “jurisdictional” approach is designed to prevent new coal plants springing up where old ones have been closed. Why not hitch itself to the high standards already being developed by the Voluntary Carbon Markets Integrity Initiative? Another concern is that the ETA is planning to use cash not just to close coal plants but also to ramp up renewable energy.

☆ Ahead of COP27, researchers call for climate compensation fund
▼ + stars: | 2022-11-01 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Nov 1 (Reuters) - Channelling climate compensation payments through existing funds will not work for vulnerable communities, a team of international researchers said on Tuesday, arguing that a new fund be created. Representatives of the nearly 200 countries attending COP27 will be weighing whether to create some form of compensation fund - a central demand by developing countries worldwide. In a report on Tuesday, researchers at the Stockholm Environment Institute backed the case for a new fund. For example, most climate finance takes the form of loans, rather than the small grants the researchers said would support vulnerable communities without burdening them with debt. The researchers said that, in principle, those responsible for causing climate change should be on the hook for paying compensation - but acknowledged that the idea was politically contentious.

☆ Global jobs growth will 'deteriorate significantly' this quarter - ILO
▼ + stars: | 2022-10-31 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

Overall, there were 40 million fewer full-time jobs between July-September than in the fourth quarter of 2019, which is used as the benchmark level before the COVID pandemic, it added. "On current trends, global employment growth will deteriorate significantly in the fourth quarter of 2022," the ILO said in its report on the World of Work. The report also said that excessive policy tightening could cause "undue damage to jobs and incomes in both advanced and developing countries". The ILO warned of declining job vacancies ahead and rising unemployment in the final months of the year. There are already signs that the labour market has cooled considerably in advanced economies, with sharp declines in vacancy growth, it said.

The stakes are high as it potentially affects the future use and effectiveness of extraordinary monetary policies such as bond-buying 'quantitative easing' (QE) and questions the wider political independence of central bank policymaking. The European Central Bank, Bank of England and U.S. Federal Reserve are all - to differing degrees - now facing a backwash from years of policy-driven but lucrative balance sheet expansion. As they lift interest rates, that balance sheet burns a hole in their pockets - or more particularly the pockets of their governments long used to windfalls coming the other way. That will surely climb as the BoE is expected to at least double its policy rate, the rate paid on bank reserves, by May. G4 central bank balance sheetsThe easy-money era is overReuters Graphics Reuters GraphicsThe opinions expressed here are those of the author, a columnist for Reuters.

☆ China Q3 growth seen bouncing 3.4%, but 2022 set for worst performance in decades
▼ + stars: | 2022-10-14 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

Growth is expected to pick up to 3.8% in the fourth quarter, bringing the 2022 pace to 3.2%, far below the official target of around 5.5%. Investors will look for policy signals from a historic congress of the ruling Communist Party due to start on Sunday. The expected 2022 growth would be lower than 4.0% analysts had forecast in a Reuters poll in July and 5.0% in April's forecast. The government is due to release third-quarter GDP data, along with Sept. activity data, on October 18 at 0200 GMT. Economic growth is forecast to quicken to 5.0% in 2023.

Francois Savary, chief investment officer at Prime Partners SA, a Swiss wealth manager with around $4.1 billion of assets, says it is difficult for investors to avoid China exposure. Indus Capital Partners, a New York-based investment manager, started to reduce exposure in China in pan-Asian funds in 2021, but has since returned. Greater China exposure in its $1.37 billion long-only fund, Indus Select, has increased modestly. Some fund managers think Xi wants to quickly get back to the business of supporting the economy. "Investors are just in this 'wait and see' mode to get more clarity that stronger growth can be achieved," said St Clair.

☆ 'Athena': Incendiary new Netflix film wants to burn it all down
▼ + stars: | 2022-09-23 | by ( Review Thomas Page | ) edition.cnn.com time to read: +2 min

This month the spotlight is on French thriller "Athena," Senegalese action flick "Saloum" and Iranian drama "No Bears." (CNN) French writer-director Romain Gavras wants your attention, and like Karim, the fiery youth at the heart of his third feature "Athena," he's willing to go to extreme lengths to get it. "Athena" depicts social unrest after the death of a teenager through the eyes of his three brothers. Soon after the raid, police descend on Athena to face down the youths. The film questions their passivity while asking sympathy for them, as well as Jerome (Anthony Bajon), a frightened officer sent into the fray.

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