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☆ Argentina used Chinese yuan for part of its payment to the IMF as US dollars remain scarce
▼ + stars: | 2023-11-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Argentina leaned on its $18 billion currency swap line with China to cover part of an IMF payment, sources told Reuters. This isn't the first time yuan was used to help meet IMF debt requirements. Argentina had 1.4 billion in SDR available last month, and used Chinese yuan to help close the gap, according to Reuters. Between June and July, $2.8 billion worth of yuan was used to help meet IMF obligations. And as Argentina taps Chinese yuan to repay the IMF, it's also using IMF money to repay China.

Persons: —, it's, Javier Milei, Sergio Massa Organizations: Reuters, Service, International Monetary Fund, IMF, People's Bank of, Development Bank of Latin Locations: Argentina, China, Buenos Aires, American, People's Bank of China, Qatar, Development Bank of Latin America, Argentine

☆ Congested Bogota Secures $415 Million IDB Credit for Second Metro Line
▼ + stars: | 2023-11-01 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BOGOTA (Reuters) - The board of directors of the Inter-American Development Bank (IDB) on Wednesday approved a $415 million credit line, with an initial disbursement of $50 million, to finance Bogota's second metro line, the Colombian capital's mayor said. The underground Line 2 will connect to the city's west, said Mayor Claudia Lopez, who finishes her term this year after overseeing initial construction on Bogota's long-awaited first metro line. At a price tag of 34.9 trillion Colombian pesos ($8.5 billion), Line 2 is expected to benefit nearly 2.5 million inhabitants and stretch 15.5 kilometers (9.63 miles) connecting 11 stations. Line 1, currently being constructed by Chinese companies Harbor Engineering Company and Xi'an Metro Co., extends 23.9 kilometers overground - despite opposition by President Gustavo Petro, who wanted part of the line to be constructed underground. The metro is considered critical to reducing the chaotic traffic in the capital of more than eight million residents and will complement the existing TransMilenio bus system.

Persons: Claudia Lopez, Lopez, Gustavo Petro, Luis Jaime Acosta, Sandra Maler Organizations: Inter, American Development Bank, Colombian capital's, European Investment Bank, Development Bank of Latin America, Harbor Engineering Company, Xi'an Metro Co Locations: BOGOTA, Colombian, Bogota, Xi'an

U.S. Secretary of State Antony Blinken speaks during a press conference, in Tel Aviv, Israel October 12, 2023. The question of Iranian access to the funds has been in the spotlight since Iran-backed Palestinian Hamas militants attacked Israel on Saturday, killing more than 1,300 people and taking scores of hostages back to the Palestinian Gaza Strip. "Iran will not be able to access the funds for the foreseeable future," a senior U.S. official, speaking on condition of anonymity, told Reuters. Several U.S. media outlets reported on Thursday that the United States and Qatar had agreed to stop Iran from accessing the money. It did not respond to a request for comment on whether Iran had yet tried to access the funds.

Persons: Antony Blinken, Jacquelyn Martin, Blinken, Ayatollah Ali Khamenei, Iran's U.N, Donald Trump, John Kirby, Kirby, Parisa Hafezi, Andrew Mills, Michelle Nichols, Howard Goller Organizations: REUTERS Acquire, TEL, United, Washington, Reuters, U.S, U.S . Treasury, U.S ., Government, United Nations, Qatar's, Media, White House, Thomson Locations: Tel Aviv, Israel, TEL AVIV, WASHINGTON, United States, Iran, Qatar, Palestinian, U.S, Tehran, South Korea, Seoul after Washington, Islamic Republic of Iran, New York, Qatari

“This process is not behind schedule.”The July agreement included a pledge of 105 million euros ($110 million) earmarked for migration. As arrivals increased last month, the European Commission announced it would send an initial 127 million euros ($133 million) to Tunisia. Apart from migration, the bulk of the funds are contingent on Tunisia reaching agreement with the International Monetary Fund on stalled loan negotiations. In April, he called the terms “diktats from abroad.”Supporters, including Italian Premier Giorgia Meloni, have hailed Europe's agreement with Tunisia as a regional model. Since taking power in 2019, Saied has repeatedly characterized sub-Saharan African migrants as violent and a threat to Tunisia.

Persons: Kais Saied, ” Saied, Saied, Marcus Cornaro, Saied's, “ We're, ”, Giorgia, ___ Sam Metz Organizations: —, Monday, European Union, TAP, EU, UNHCR, European Commission, International Monetary Fund, World Bank Locations: TUNIS, Tunisia, — Tunisia, Europe, Rome, Tunisian, Italy, North Africa, Italian, Germany, Europe’s, Rabat, Morocco, Georgia

☆ Meloni’s Italian job is a lesson for EU’s right
▼ + stars: | 2023-09-26 | by ( Lisa Jucca | ) www.reuters.com time to read: +7 min

This is particularly true of Meloni’s surprise decision in August to tax what she called “unjust profits” by domestic banks. Ill-fated tax credits for building renovations introduced by a previous executive are expected to balloon to up to 150 billion euros, UniCredit analysts reckon. That’s 30 billion euros higher than what the current government predicted in April, or around 1.5% of GDP. That’s Meloni’s biggest Italian lesson for parties like Vox and AfD. CONTEXT NEWSThe Italian Treasury will present new economic targets on Sept. 28, which will be the framework for the country’s 2024 budget.

Persons: Spain’s, Benito Mussolini’s “, Rome ”, Ursula von der Leyen, Meloni, Vladimir Putin, –, Silvio Berlusconi, Matteo Salvini – Meloni, ”, Mario Draghi’s, it’s, Giancarlo Giorgetti, Liz Truss, Meloni’s, Vox, Giorgia Meloni, Francesco Guerrera, Oliver Taslic Organizations: Reuters, NATO, European Union, EU, Commission, Economy, Italian Treasury, Thomson Locations: Rome, Italy, Ukraine, Kyiv, China, Greece, Brussels, British, Italian

☆ Thailand's new prime minister boosts optimism, but his populist policies pose fiscal risks
▼ + stars: | 2023-09-25 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +6 min

Srettha Thavisin, Thailand's prime minister, arrives at the Thai Parliament in Bangkok, Thailand, on Monday, Sept. 11, 2023. Srettha, Pheu Thai's choice for leader, was appointed prime minister on Aug. 22 — the same day that former prime minister and Pheu Thai founder Thaksin Shinawatra returned to Thailand after 15 years of self-exile. watch nowThe prime minister also pledged to relieve the country's debt problems. "PM Srettha will slowly implement Pheu Thai's populist economic policies as he has to meet public expectations," said Dusadeeisariyakul. Other experts warned against overthinking the fiscal damage since many of Pheu Thai's populist pledges may not materialize.

Persons: Srettha, Valeria Mongelli, Srettha Thavisin, Pheu, Thaksin Shinawatra, Thaksin's, Pimrapaat Dusadeeisariyakul, Friedrich Naumann, Thaksin, Stratfor, Fitch, Teerasak Siripant Organizations: Thai, Bloomberg, Getty, Pracharat Party, United Thai Nation Party, Bhumjathai Party, Friedrich, Friedrich Naumann Foundation, Fitch, Bower Group Locations: Bangkok, Thailand, Thai

☆ Student-loan payments are resuming the same day the government could shut down. Here's what that means for borrowers.
▼ + stars: | 2023-09-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

A shutdown would coincide with the first day federal student-loan payments are set to resume. If not, Americans will face a government shutdown on October 1, which also happens to be the same day federal student-loan payments resume. All that could be much worse if the Education Department shuts down at the same time payments are supposed to start up. AdvertisementAdvertisementAfter over three years on pause, federal borrowers will start footing an extra monthly bill as early as October 1. AdvertisementAdvertisementThe Education Department has said it remains in frequent contact with servicers to ensure a smooth transition back into repayment.

Persons: —, servicers Organizations: Education Department, Service, Sunday, Republicans, Management, Federal Student, Education, Department Locations: Wall, Silicon

☆ IMF's Argentina predicament: Seek reforms and tango on or kill the music
▼ + stars: | 2023-09-15 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +7 min

But that programme failed to put South America's second-largest economy back on its feet. Even if he wins the Oct. 22 election and takes power in December, Milei would need alliances in Congress to push through reforms and a new IMF programme - Argentina's 23rd. That effort paved the way for the $57 billion programme, which ultimately failed and was replaced by the current one. Reuters Graphics Reuters GraphicsPREFERENTIAL TREATMENTThe current programme could end before its expiration in September 2024, but Argentina will still require funds. Without mentioning Argentina, the U.S. - holding the largest voting power in the Fund - recently raised its concerns.

Persons: Javier Milei, Agustin Marcarian, Mauricio Macri's, Mark Sobel, Milei, Sobel, Sergio Massa, Martin Muehleisen, Muehleisen, Nestor Kirchner, Stephen Nelson, Nelson, Walter Stoeppelwerth, Simon Quijano, Evans, Gemcorp Capital, Jay Shambaugh, Jorgelina, Karin Strohecker, Paul Simao Organizations: Argentine, La Libertad Avanza, REUTERS, IMF, International Monetary Fund, South, Peronist, Analysts, Graphics, Review Department, U.S ., Northwestern University, Reuters Graphics Reuters, Gletir SA, Gemcorp, Thomson Locations: La Plata, Buenos Aires, Argentina, Washington, U.S, Chicago, Zambia, Sri Lanka, Ghana, Egypt, Burundi, Saharan Africa, Rosario

☆ How to Pay Off Your Student Loans Fast
▼ + stars: | 2023-09-10 | by ( Rebecca Safier | ) www.wsj.com time to read: +11 min

5 strategies to pay off your student loans ahead of scheduleMore than half of students take out student loans to pay for college, with the average debt load upon graduation totaling nearly $30,000. Be cautious about refinancing federal student loans: Doing so means sacrificing federal repayment plans and other protections. Pay off interest during school and your grace periodInterest starts accruing on most student loans, such as federal unsubsidized loans and private student loans, from the day they are paid out (known as the disbursement date), usually at the beginning of each semester. Pursue student loan forgiveness and assistanceIf you’re open to switching jobs, consider pursuing a role that would make you eligible for student loan forgiveness or assistance. If you have federal student loans, you may need to set up autopay again before the payment pause ends in October.

Persons: Rebecca Safier, you’d, “, ”, Karen McCarthy, Let’s, you’ll, Biden, Michael Lux, Joe DePaulo, McCarthy, autopay, forbearance, It’s, you’ve, Jan Miller Organizations: National Association of Student Financial, Public, Student Loan Sherpa, College Ave

The payout includes the approximately $8.4 billion of damages Burford sought plus about $7.6 billion of 8% prejudgment interest running from May 3, 2012, about 2-1/2 weeks after the seizure. Argentina, which is in dire financial straits including a scarcity of foreign exchange reserves, pledged an immediate appeal. Shareholders' $8.43 billion damages estimate was based on Argentina's seizure of the YPF shares on April 16, 2012, which they said transferred "control." But the judge found it "telling" that Argentine officials treated April 16 as the seizure date, which stripped Repsol of its power to run YPF and distribute capital. The judge also called 8% interest "appropriate and equitable," and "well within the range" imposed by Argentine courts.

Persons: Loretta Preska, Burford, Preska, Axel Kicillof, Gabriela Cerruti, Cerruti, Nate Raymond, Jonathan Stempel, Adam Jourdan, Rodrigo Campos, Mark Porter, Will Dunham, Richard Chang Organizations: YPF, U.S, District, Burford Capital, Petersen Energia Inversora, Eton Park Capital, Jefferies, Petersen, Eton Park, Argentina, International Monetary Fund, IMF, Argentine, Thomson Locations: Argentina, U.S, Manhattan, Burford, London, New York, Buenos Aires, Qatar, China, Boston

☆ Why student-loan borrowers could face a 'perfect storm' of obstacles once payments resume next month
▼ + stars: | 2023-09-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Experts told Insider lack of broad debt relief and high inflation could contribute to the challenges. After more than three years, President Joe Biden officially ended the pandemic pause on federal student-loan payments, with waived interest, on Friday. "Before the pandemic, borrowers were already choosing between meeting their own basic needs and making their student-loan payments. "The more resource-strapped a servicer is and the more resource-strapped FSA is, the heightened concerns we have for that treatment of borrowers and just for the accuracy on the part of servicers giving information to borrowers," Hall said. In the meantime, the department recommends borrowers make their payments and wait for Biden's new plan for broad debt relief.

Persons: Joe Biden, she's, it's, Carolyn Fast, servicers, Biden, Stephanie Hall, Hall, Scott Buchanan, —, there's Organizations: Service, The Century Foundation, Education Department, An Education Department, Center for American Progress, Department, Student Loan, —, Management, Federal, Aid, Federal Student Aid Locations: Wall, Silicon

☆ Eighty years on, Italian victims of Nazi crimes finally to get compensation
▼ + stars: | 2023-09-03 | by ( Crispian Balmer | ) www.reuters.com time to read: +6 min

A study funded by the German government and published in 2016 estimated that 22,000 Italians were victims of Nazi war crimes, including up to 8,000 Jews deported to death camps. However, it did not offer reparations for war crimes. "They didn't look at war crimes and this was a mistake. In 1994, a cupboard was found in the offices of Rome's military prosecutors packed with files documenting hundreds of war crimes that had never been prosecuted. In 2012, the International Court of Justice backed Berlin, but Italian courts continued to hear compensation cases, saying no limit could be imposed on war crimes.

Persons: Crispian Balmer, Mauro Petrarca, Domenico Lancellotta, Giulio Disegni, Lucio Olivieri, Petrarca, Mario Draghi, Disegni, Fornelli, Giovanni Tedeschi, Alison Williams Organizations: REUTERS, Nazis, International Court of Justice, Union of Italian Jewish, Allied, Rome, Nazi, Berlin, PRIDE, Italian Treasury, Reuters, Treasury, Thomson Locations: Fornelli, Molise, Italy, Germany, Berlin, Rome

☆ Millions of student-loan borrowers' balances are now starting to grow again after over 3 years
▼ + stars: | 2023-09-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Interest started to grow on federal borrowers' student-loan balances again on Friday. This signified the end of the student-loan payment pause that began in March 2020. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAdvertisementAdvertisementAfter over three years of relief, student-loan borrowers' balances are once again starting to grow. On Friday, interest was turned back on for federal borrowers' accounts, marking the end of the student-loan payment pause that began in March 2020. First implemented by former President Donald Trump, the payment pause was intended to give borrowers financial relief during the pandemic.

Persons: Donald Trump, Joe Biden, Miguel Cardona, Biden Organizations: Service, Education Department, Student, Federal, Aid, Management, Higher Locations: Wall, Silicon, COVID

☆ Biden's asking Congress for a budget Band-Aid. It'll make student loan repayment easier, secure Social Security and food benefits — and avoid a government shutdown.
▼ + stars: | 2023-08-31 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Without the cash infusion, the admin says, Social Security could get bogged down. Without that temporary budget fix, Social Security could get bogged down, low-income babies and seniors might not receive their benefits, and student loan repayment could get even thornier. The agency noted that the Education Department requires $2.3 billion to ensure it can effectively disburse student aid. It would also allocate $1.8 billion for student aid administration, which is $265 million below its current level. Are you worried about losing WIC or other food assistance, or struggling to repay student loans?

Persons: Biden, Joe Biden, Chuck Schumer, Kevin McCarthy, Schumer Organizations: Biden, Social Security, Service, Security, Management, OMB, SNAP, Social Security Administration, Women, Federal Student Aid, Education Department, Federal, Aid, Labor, Republicans, MSNBC, Republican, jkaplan Locations: Wall, Silicon, Washington

☆ Student loan interest resumes Sept. 1. What that means for subsidized vs. unsubsidized debt
▼ + stars: | 2023-08-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Srdjanpav | E+ | Getty ImagesHow interest accrues on loansDirect Subsidized Loans are available to undergraduate students who demonstrate a financial need. Unlike that of subsidized loans, interest on unsubsidized loans starts accruing immediately upon disbursement and accrues even during deferments or grace periods, making this debt more expensive. The term Stafford Loan is an informal way of referring to Direct Subsidized Loans and Direct Unsubsidized Loans made via the Direct Loan Program. It also refers to subsidized or unsubsidized Federal Stafford Loans made via the Federal Family Education Loan, or FFEL, program. During that time, interest wasn't accruing on any loans — meaning unsubsidized loans essentially became subsidized debt for some borrowers.

Organizations: U.S . Department of Education, Stafford Loans, Department, Education Department, Program, Federal Stafford Loans, Federal Family Education Locations: disbursement, Stafford

☆ Exclusive: Argentina to use IMF money to pay back part of a currency swap with China -sources
▼ + stars: | 2023-08-23 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. The cash-strapped economy has used money from the Chinese swap line to pay for imports as well as repay IMF debt. The swap line that the PBOC signed in 2009 with Buenos Aires was the first agreed with a Latin American country. Neither China nor Argentina have released much detail of the swap arrangement or any borrowing under it, so little is known about the currency line signed more than a decade ago. "The funds that will be disbursed today go in part to Qatar, to CAF and will lower the level of how much has been used from the swap line.

Persons: Yuri Gripas, PBOC, Jorgelina, Jorge Otaola, Karin Strohecker, Sandra Maler Organizations: Monetary Fund, REUTERS, International Monetary Fund, People's Bank of China, Fund, Buenos Aires, Development Bank of Latin, CAF, Qatar, Thomson Locations: Washington , U.S, Argentina, China, Buenos Aires, Buenos, American, Development Bank of Latin America, Qatar, SDRs, U.S, Rosario

☆ Argentina's Massa expects IMF board OK for $7.5 bln payout
▼ + stars: | 2023-08-22 | by ( Jason Lange | ) www.reuters.com time to read: +2 min

Argentine Economy Minister Sergio Massa speaks to the media on the day of Argentina's primary elections, near a polling station in Tigre, on the outskirts of Buenos Aires, Argentina August 13, 2023. REUTERS/Mariana Nedelcu/File Photo Acquire Licensing RightsWASHINGTON, Aug 22 (Reuters) - Argentine Economy Minister Sergio Massa said on Tuesday that he expects the International Monetary Fund (IMF) board to approve the latest reviews of its huge loan program on Wednesday, unlocking $7.5 billion the embattled country desperately needs. The board green light would come after the South American nation reached a staff-level agreement with the IMF in July to unlock the funds and complete the combined fifth and sixth reviews of its struggling $44 billion loan program. "We are convinced that tomorrow the fifth and sixth reviews will be approved, which will allow us to access a disbursement for Argentina of $7.5 billion," he told reporters at an event in Washington. Reporting by Jason Lange; additional reporting by Rodrigo Campos; Writing by Adam Jourdan; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Mariana Nedelcu, Massa, Jason Lange, Rodrigo Campos, Adam Jourdan, Sandra Maler Organizations: Argentine, REUTERS, Rights, Argentine Economy, International Monetary Fund, IMF, Thomson Locations: Tigre, Buenos Aires, Argentina, Argentine, American, Washington

☆ Argentina's Milei pitched dollarization 'models' in IMF meet - sources
▼ + stars: | 2023-08-18 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

LONDON, Aug 18 (Reuters) - Argentina's surprise presidential front-runner, radical libertarian Javier Milei, pitched models of dollarizing the South American country's economy in a meeting with major lender the International Monetary Fund on Friday, two sources said. Milei, 52, outlined his economic proposals and told IMF representatives that his teams is working on "different models of dollarization," said two sources close to the candidate with direct knowledge of the meeting who asked not to be named. In the 80-minute meeting, he also told IMF officials that he does not intend to default to the fund or to bondholders, one of the sources added. The IMF was keen to learn further details on Milei's dollarization plans, one source said. IMF officials included the director of the Fund's Western Hemisphere Department Rodrigo Valdes and deputy director Luis Cubeddu.

Persons: Javier Milei, Milei, Carlos Rodriguez, Roque Fernandez, Dario Epstein, Western Hemisphere Department Rodrigo Valdes, Luis Cubeddu, Milei's, Jorgelina, Juan Bustamante, Hugh Lawson, Adam Jourdan, Alistair Bell Organizations: International Monetary Fund, Peronist, U.S ., IMF, Western Hemisphere Department, Thomson Locations: Argentina, Rosario

☆ SkyWater Technology CEO Thomas Sonderman on the semiconductor manufacturing workforce
▼ + stars: | 2023-08-08 | by ( Kristina Partsinevelos | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSkyWater Technology CEO Thomas Sonderman on the semiconductor manufacturing workforceCNBC's Kristina Partsinevelos speaks with Thomas Sonderman, president and CEO or SkyWater Technology, about the anniversary of the U.S. CHIPS Act, developing America's semiconductor workforce, addressing concerns about the delayed disbursement of funds from the U.S. CHIPS Act, and the time line for SkyWater's foundry development.

Persons: Thomas Sonderman, Kristina Partsinevelos Organizations: SkyWater Locations: U.S

"Chinese Exim bank rolled over principal amounts totalling $2.4 bln which are due in next 2 fiscal years," he said in a post on messaging platform X, formerly known as Twitter. "Pakistan will make interest payments only over the next two years," Dar said, meaning the wavier is only for the principal loan amount. "In principle, China and Pakistan have close cooperation in economic and financial sectors, and we will continue to advance cooperation with Pakistan to support the country in achieving stability and development," Chinese Foreign Ministry spokesperson Mao Ning said. The IMF team this month met the leadership of all political parties, including former Prime Minister Imran Khan, to seek a continuation of its bailout objectives irrespective of who comes to power. Reporting by Asif Shahzad; Additional Reporting by Andrew Hayley in Beijing; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Ishaq Dar, Dar, Mao Ning, Shehbaz Sharif, Imran Khan, Asif Shahzad, Andrew Hayley, Tom Hogue, Christopher Cushing Organizations: Pakistan Finance, Reuters, Foreign Ministry, Longtime, Beijing, Initiative, International Monetary Fund, United, United Arab Emirates, IMF, Thomson Locations: Islamabad, Pakistan, ISLAMABAD, China, Saudi Arabia, United Arab, Beijing

If it cannot secure fresh funds before an approaching deadline, Argentina risks defaulting on repayments to the IMF. Analysts say the central aim of these economic adjustments is to signal to the IMF that Buenos Aires is committed to the program. The left-wing administration has been locked in negotiations with the IMF for months over whether to front-load tranches of the $44 billion program. Both parties said on Sunday that an agreement on the fifth IMF review was close, but not yet finalized. Reporting by Lucinda Elliott in Montevideo, Anna-Catherine Brigida in Buenos Aires, Rodrigo Campos in New York.

Persons: Sergio Massa, Eduardo Levy Yeyati, Eyeing, Marina dal, EcoGo, Alejo Czerwonko, Yeyati, Lucinda Elliott, Catherine Brigida, Rodrigo Campos, Jorgelina de, Karin Strohecker, Catherine Evans Organizations: International Monetary Fund, Economy, Peronist, IMF, Reuters, Emerging, UBS, Analysts, Thomson Locations: BUENOS AIRES, Buenos Aires, Argentina, refinance, Washington, Beijing, Montevideo, Anna, New York, Jorgelina de Rosario, London

☆ IMF expects deal with Argentina in the coming days
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Miguel Lo Bianco/File PhotoBUENOS AIRES, July 23 (Reuters) - The International Monetary Fund (IMF) should in the coming days finalize the basis for a staff level agreement with Argentina over a review of the country's $44 billion loan with the IMF, the Washington-based fund said on Sunday. "The teams of the Economy Ministry and Central Bank of Argentina and the IMF staff have finished the core aspects of the technical work of the next review," the IMF said on Twitter. "The central objectives and parameters that will be the basis for a "staff level agreement" have been agreed, which is expected to be finalized in the next few days before moving towards the review of the Argentina program," it added. Argentina faces maturities with the IMF worth some $3.4 billion between July 31 and Aug. 1, at a time when the central bank's net reserves are about $6.5 billion in the red. An Economy Ministry source told Reuters the disbursement program for the second half of 2023 has already closed and that the staff level accord could be sealed on Wednesday or Thursday.

Persons: Miguel Lo Bianco, Hernan Nessi, Nick Zieminski Organizations: IMF, REUTERS, Monetary Fund, Economy Ministry, Central Bank of, Twitter, Ministry, Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Washington, Central Bank of Argentina

☆ US Powerball jackpot hits $1 billion
▼ + stars: | 2023-07-18 | by ( Rachel Nostrant | ) www.reuters.com time to read: +2 min

July 18 (Reuters) - The U.S. Powerball jackpot has reached a whopping $1 billion for only the third time in the game's history after another Monday night drawing produced no winning ticket. The Monday drawing was the 38th in a row without someone winning the top prize, which increases every time the jackpot goes unclaimed. The odds of winning the jackpot are one in 292.2 million, according to the Powerball website. The last winning jackpot ticket was picked on April 19, for a grand prize of $252.6 million. The largest Powerball jackpot ever won was in November, when a California man drew the lucky numbers for $2.04 billion.

Persons: David Shanosky, Shanosky, Rachel Nostrant, Matthew Lewis Organizations: U.S, New, RLI Insurance, Powerball, of Columbia, U.S ., Thomson Locations: Arkansas , Georgia, Texas, Connecticut , Florida , Kentucky, New York, Pennsylvania, California, of Columbia , Puerto Rico, U.S, U.S . Virgin Islands

WASHINGTON, July 17 (Reuters) - U.S. chip company executives met with top Biden administration officials on Monday to discuss China policy, the State Department and sources said, as the most powerful semiconductor lobby group urged a halt to more curbs under consideration. Secretary of State Antony Blinken talked with chip company chief executives about the industry and supply chains after his recent trip to China, a department spokesperson told reporters. The chip industry is keen to protect its profits in China as the Biden administration considers another round of restrictions on chip exports to China. Last year, China accounted for $180 billion in semiconductor purchases, more than a third the worldwide total of $555.9 billion and the largest single market, according to Semiconductor Industry Association (SIA). The Biden administration is considering updating a sweeping set of rules imposed in October to hobble China's chip industry and a new executive order restricting some outbound investment.

Persons: Antony Blinken, Gina Raimondo, Lael Brainard, Jake Sullivan, Biden, Blinken, Matthew Miller, Commerce's Raimondo, Washington, hobble, Pat Gelsinger, David Shepardson, Andrea Shalal, Simon Lewis, Stephen Nellis, Chris Sanders, Susan Heavey, Matthew Lewis, Nick Zieminski Organizations: Biden, State Department, National Economic, National Security, Intel, Qualcomm, Nvidia, Reuters, Semiconductor Industry Association, SIA, Department, White, Commerce Department, Huawei Technology Co, San, Thomson Locations: China, U.S, Washington, San Francisco

With polls indicating a PP/Vox coalition government as the most likely outcome of next Sunday's national election, the reversal signals what could be a broader shift in Spain's climate change policy. "We are going to continue building bike lanes," he told Reuters. Vox has also pledged to repeal Spain's climate law, which establishes an obligation to create LEZs in cities. "Bike lanes have to be useful and not generate social alarm, so each municipality has to analyse the most appropriate location," a PP official told Reuters. Valladolid has been awarded 10.6 million euros to create an LEZ and about 4 million for bike lanes.

Persons: Teresa Ribera, Vox, Alberto Gutierrez, Miguel Diaz, Santiago Abascal, Pedro Sanchez, Sanchez, Cristina Monge, LEZs, Carmen Moriyon, Frans Timmermans, Belén Carreño, Pietro Lombardi, Andrei Khalip, Charlie Devereux, Angus MacSwan Organizations: People's Party, Elche, Vox, Reuters, United Nations, Socialist, University of Zaragoza, EU, Brussels, Cars, European Environment Agency, Thomson Locations: MADRID, VALLADOLID, Valladolid, Gijon, Castello, Europe, Spain

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