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☆ War in Ukraine Loosens Russia’s Grip on Its Own Backyard
▼ + stars: | 2023-11-03 | by ( Yaroslav Trofimov | ) www.wsj.com time to read: 1 min

French President Emmanuel Macron, right, visiting Astana, Kazakhstan, on Wednesday for talks with President Kassym-Jomart Tokayev. Photo: Press Service of the President of Kazakhstan/ReutersWhen domestic turmoil engulfed Kazakhstan in January last year, Russian airborne troops quickly swooped in to help restore order. Moscow’s sway in much of the former Soviet Union—areas that Russians refer to as “near-abroad”—seemed to be at its peak. The invasion of Ukraine, launched the following month, bared the stark limits of Russian power in what Moscow considered its own backyard. Spooked by the bloodshed in Ukraine and by the international sanctions imposed on Russia, its neighbors and allies now are busy diversifying their relationships, hedging against Moscow by deepening ties with China and the West.

Persons: Emmanuel Macron, Kassym, Tokayev, ” — Organizations: Press Service, Reuters, Soviet Locations: Astana, Kazakhstan, Russian, Soviet Union, Ukraine, Moscow, Russia, China

Taylor talked with The Associated Press about where her business is headed, the resurgence in travel, and rental prices. Vehicle supply is down, but we are in a much better place. And so we feel really good about vehicle supply coming into the back half of the year. But they've stayed high in part because of lack of supply coming from rental car companies returning vehicles to the market. It’s very important to keep the residual value high for the manufacturers, making sure that the customer is getting a well-maintained and great vehicle.

Persons: Chrissy Taylor, Taylor, they’ve, we’ve, they've, we’re Organizations: DETROIT, Enterprise, Enterprise Mobility, Associated Press, Detroit Locations: Louis, Europe, Detroit

Senate Majority Leader Charles Schumer, D-N.Y., conducts a news conference after the senate luncheons in the U.S. Capitol on Wednesday, June 21, 2023. Senate Majority Leader Chuck Schumer, D-N.Y., has quietly made changes to the Senate's informal dress code to allow senators to wear whatever they want on the floor, one person with direct knowledge told NBC News. The change would let Sen. John Fetterman, D-Pa., who is often seen wearing a hoodie and baseball shorts, wear his casual attire on the Senate floor whenever he wants. Fetterman, who was elected during last year's midterm elections, was seen wearing a suit and tie during his swearing-in in January. However, the senator has worn his casual clothes after he returned to the Senate following treatment for clinical depression earlier this year.

Persons: Charles Schumer, Chuck Schumer, Sen, John Fetterman, Fetterman Organizations: U.S, Capitol, NBC News

☆ The Fed could still kill off more zombie companies even after bankruptcies have spiked 54% since last year
▼ + stars: | 2023-09-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

US bankruptcies soared 54% year-over-year in August. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. In effect, they were saying that companies feel pain in times of policy tightening, especially those with weaker balance sheets. In any case, easy money measures have "kept so many zombie companies on life support," in Societe Generale's view. "[T]he recent sharp rise in rates really could cause a shocking rise in bankruptcies, beyond all fears."

Persons: Albert Edwards, Edwards, Ander Perez, Orive, Yannick Timmer, loosens Organizations: Societe Generale, Service, Reserve, Federal Reserve, Generale Locations: Wall, Silicon

☆ Australia July jobs take a surprise fall as market loosens
▼ + stars: | 2023-08-17 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

A worker pushes a trolley loaded with goods past a construction site in the central business district (CBD) of Sydney in Australia, March 15, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Aug 17 (Reuters) - Australia employment unexpectedly fell in July to end two months of very strong growth, while the jobless rate ticked higher in a sign the drum-tight labour market might finally be loosening. "Even so, the deterioration in the labour market has a long way to run before the RBA can completely relax." The labour market has proved remarkably resilient with 399,000 net jobs added in the 12 months to July even as interest rates have climbed 400 basis points to a decade-high of 4.1%. "It is getting harder to argue for a sustained lift in wage inflation momentum," said Justin Smirk, a senior economist at Westpac.

Persons: David Gray, Ben Udy, Justin Smirk, Wayne Cole, Jacqueline Wong, Sam Holmes Organizations: REUTERS, Rights, Bank of Australia, Australian Bureau of Statistics, ABS, Oxford Economics Australia, Westpac, Thomson Locations: Sydney, Australia

☆ China loosens its pandemic-era ban on citizens joining group tours abroad
▼ + stars: | 2023-08-11 | by ( ) edition.cnn.com time to read: +4 min

CNN —China has lifted pandemic-era restrictions on group tours for more countries, including key markets such as the United States, Japan, South Korea and Australia, in a potential boon for their tourism industries. Prior to the pandemic, mainland Chinese tourists spent more than any other country’s tourists when abroad, clocking up a combined $255 billion in 2019 with group tours estimated to account for roughly 60% of that. Just how much outbound Chinese tourism will bounce back for the latest group of countries remains to be seen. “The opening of group travel from China to the U.S. is a significant milestone,” said Adam Burke, head of the Los Angeles Tourism and Convention Board. China has never publicly acknowledged limiting group tours to South Korea.

Persons: Gina Raimondo, –, Fumio Kishida, ”, Don Farrell, Steve Saxon, Adam Burke, “ Organizations: CNN, US Commerce Department, Japanese, Trade, Tourism, Weibo, McKinsey & Co, “, Los Angeles Tourism, Reuters Locations: China, United States, Japan, South Korea, Australia, Germany, Canada, Thailand, Russia, Cuba, Argentina, Nepal, France, Portugal, Brazil, Xinjiang, Los Angeles, U.S

☆ Cindy Crawford recreates her iconic Pepsi ad in ‘One Margarita’ music video
▼ + stars: | 2023-08-01 | by ( Scottie Andrew | ) edition.cnn.com time to read: +3 min

CNN —TikTok’s song of the summer, the ecstatically explicit “One Margarita,” just got a raucous new music video — with a cameo from none other than supermodel Cindy Crawford. In the music video, Crawford recreates her famous 1992 Pepsi Super Bowl ad, in which she visited a dusty vending machine at a general store to grab and gulp a cold Pepsi while young boys ogled her. With one margarita, Moore raps, she’ll “open her legs.” By the time she’s had five margaritas, well, even her partner is feeling open to experimentation. From Giant Music“One Margarita (The Margarita Song)” was originally improvised by Moore on the spot in May. The original 1992 Pepsi ad featured Cindy Crawford gulping down the soda in sweltering heat.

Persons: CNN —, Margarita, ”, Cindy Crawford, Chick Angel, Crawford, margarita, Rande Gerber, Angel Laketa Moore, Moore, she’ll, she’s, she'll, Kevin Fredericks, Cindy, tickled Moore, Fredericks, Casa, Steve Terrell, Carl Dixon, —, Saucy Santana, Cindy Crawford gulping, James Corden Organizations: CNN, Pepsi, Louisiana State University, Children’s Locations: Mexican, Madison , Wisconsin

☆ Bank of Japan Loosens Grip on Market, Lets Yields Jump to 9-Year High
▼ + stars: | 2023-07-28 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Locations: japan

☆ Japan’s Central Bank Loosens Its Grip on Easy Money Policy
▼ + stars: | 2023-07-28 | by ( Ben Dooley | More About Ben Dooley | ) www.nytimes.com time to read: 1 min

No country in the world holds as much debt as Japan, which has well over $1 trillion in U.S. government treasuries alone. Even the slightest shift to Japan’s low interest rates reverberates well beyond its borders, with the potential to drive up rates globally. So, when the Bank of Japan on Friday slightly loosened its grip on a benchmark government bond, it was big news for world markets. The move was the latest signal that the country may revise its longstanding commitment to cheap money, meant to spur Japan’s laggard economic growth, as rising interest rates abroad have driven up inflation and weakened the yen. In an announcement following a two-day policy meeting, the bank said it would take a more flexible approach to controlling yields on 10-year government bonds, effectively allowing them to slip above the current ceiling of 0.5 percent.

Persons: treasuries Organizations: Bank of Japan Locations: Japan

☆ As Concerns About China Grow, Germany Loosens Its Embrace
▼ + stars: | 2023-07-13 | by ( Bertrand Benoit | Sha Hua | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/as-concerns-about-china-grow-germany-loosens-its-embrace-22662f97

Persons: Dow Jones Locations: germany

☆ Officine Generale loosens classic styles at Paris Fashion Week
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

[1/5] Designer Pierre Maheo gestures next to models who present his creations for the fashion brand Officine Generale as part of its Menswear ready-to-wear Spring/Summer 2024 collection show during Men's Fashion Week in Paris, France, June 23, 2023. REUTERS/Gonzalo FuentesPARIS, June 23 (Reuters) - French fashion label Officine Generale showed a breezy lineup of relaxed tailoring on the runway on Friday as part of Paris Fashion Week. "The goal was to really manage to work on looser, more supple shapes for suit jackets," the label's founder and designer, Pierre Maheo, said. The collection, which included looks for men and women, featured slouchy trousers and dressy jackets, lightweight overcoats and cotton trousers with elastic waists. Paris Fashion week's menswear shows, which wind up on June 25, feature dozens of labels ranging from some of the biggest fashion names like LVMH-owned Louis Vuitton and Dior, as well as Hermes, to smaller, emerging brands.

Persons: Pierre Maheo, Gonzalo Fuentes PARIS, Louis, Mimosa Spencer, Sandra Maler Organizations: Generale, REUTERS, Monnaie, Left Bank, Paris, Louis Vuitton, Dior, Thomson Locations: Paris, France, United States, New York

Can that real wage growth persist if the jobs market now loosens with a lag from the swingeing five percentage points of rate hikes in just 15 months? What's more, other surveys have yet to show inflation expectations falling so sharply or lifting confidence. The possibility of a disinflation spur to demand at this juncture may complicate that picture considerably. Importantly, the slower fall in inflation in both Britain and the euro zone means real wage growth remains negative - unlike the latest twist stateside. Bank of America chart on investor survey growth outlookReuters GraphicsThe opinions expressed here are those of the author, a columnist for Reutersby Mike Dolan, Twitter: @reutersMikeD.

Persons: it's, Goldman Sachs, Dom Wilson, Mike Dolan, Alexander Smith Organizations: University of, U.S . Federal Reserve, Bank of America, Bank of, UBS Global Wealth Management, Fed, Reuters, Twitter, Thomson Locations: Michigan, Europe, Britain

☆ China central bank seen cutting medium-term policy rate: Reuters poll
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/SINGAPORE, June 14 (Reuters) - China's central bank is widely expected to cut the borrowing cost of medium-term policy loans for the first time in 10 months on Thursday, after it lowered two key short-term policy rates, a Reuters poll showed. China remains an outlier among global central banks as it loosens monetary policy to shore up a stalling recovery but further rate cuts will widen the yield gap with U.S. assets and risk greater outflows. The MLF rate serves as a guide to the benchmark loan prime rate (LPR), and markets usually use the medium-term rate as a precursor to any changes to the lending benchmark. Looking ahead, we expect another 10bp cut in the MLF rate in 3Q23." The PBOC last cut the MLF rate in August 2022 to prop up the broad economy disrupted by stringent zero-COVID measures.

Persons: Ting Lu, Larry Hu, Wu Fang, Winni Zhou, Tom Westbrook, Jacqueline Wong Organizations: People's Bank of China, Nomura, Macquarie, Thomson Locations: SHANGHAI, SINGAPORE, China, lockstep

"The central bank's rate cut decision was not a complete surprise to the market," said Ken Cheung, chief Asian FX strategist at Mizuho Bank. Further interest rate cuts in China would only widen the yield gap with the United States, even if the Fed pauses this week, sending the yuan lower and accelerating capital outflows. Tuesday's rate cut suggests policymakers are increasingly worried about the health of China's recovery, traders and analysts said. Bloomberg reported on Tuesday, citing unnamed sources, that China was considering at least a dozen stimulus measures including cuts to interest rates to support areas such as real estate and domestic demand. "There could be another RRR or policy interest rate cut in Q4, depending on the economic outcome over the next several months."

Persons: Ken Cheung, Yi Gang, Cheung, Marco Sun, Frances Cheung, Goldman Sachs, Winni Zhou, Tom Westbrook, Sam Holmes, Jacqueline Wong Organizations: People's Bank of China, Mizuho Bank, MUFG Bank, Bloomberg, OCBC Bank, Thomson Locations: SHANGHAI, SINGAPORE, China, United States, outflows

☆ China cuts short-term borrowing costs as economy slows
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +4 min

SummarySummary Companies PBOC lowers 7-day reverse repo to 1.9% vs. 2.0% prev. The People's Bank of China (PBOC) cut its seven-day reverse repo rate by 10 basis points to 1.90% from 2.00% on Tuesday, when it injected 2 billion yuan ($279.97 million) through the short-term bond instrument. "The central bank's rate cut decision was not a complete surprise to the market," said Ken Cheung, chief Asian FX strategist at Mizuho Bank. Tuesday's rate cut suggests policymakers are increasingly worried about the health of China's recovery, traders and analysts said. "However, the market is expecting the PBOC to cut the policy rate further.

Persons: 10bp, Ken Cheung, Yi Gang, Cheung, Marco Sun, Frances Cheung, Julian Evans, Pritchard, Winni Zhou, Tom Westbrook, Kim Coghill, Sam Holmes Organizations: People's Bank of China, Mizuho Bank, MUFG Bank, OCBC Bank, Capital Economics, Thomson Locations: SHANGHAI, SINGAPORE, China, United States, outflows

The currency later recouped some of its losses, standing at 23.33 against the dollar by 0542 GMT, after touching a record low of 23.39 overnight during illiquid trading hours. "There is no air of panic in the markets as in previous times when there were such high losses. The central bank's net forex reserves hit an all-time low of negative $4.4 billion last month as demand surged through the elections. Investors are now awaiting the appointment of a new central bank governor to succeed Sahap Kavcioglu, who has spearheaded Erdogan's rate-slashing drive since 2021. Erdogan is considering appointing Hafize Gaye Erkan, a U.S.-based senior finance executive, as central bank governor, Reuters reported on Monday.

Persons: Tayyip Erdogan's, Erdogan, Mehmet Simsek, Simsek, Erik Meyersson, SEB, Meyersson, Sahap Kavcioglu, Hafize Gaye Erkan, Ali Kucukgocmen, Jonathan Spicer, Gareth Jones Organizations: Lira, Reuters, Thomson Locations: ISTANBUL, Ankara, U.S

☆ ‘Greedflation’ loosens its grip on food retailers
▼ + stars: | 2023-05-24 | by ( Aimee Donnellan | ) www.reuters.com time to read: +4 min

Big food manufacturers like Kraft Heinz (KHC.O) and Unilever (ULVR.L) are ratcheting down the price rises they have been inflicting onto supermarket chains. If food retailers can convince cash-strapped customers to skimp less and pay more, their profit margins will finally start growing. Last week, the country’s food retailers opened negotiations on prices with manufacturers like Coca-Cola (KO.N) and Unilever as food inflation surged to over 15% in March. Food manufacturers can certainly do more. Meanwhile, food inflation remained high at 19.1% in April versus 19.2% in March.

☆ Markets are ignoring recession signals because a downturn might actually ease a handful of problems facing stocks
▼ + stars: | 2023-04-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Today we're diving into how a recession could affect the stock market — and why it may not be all bad in the eyes of investors. Traders gather on the floor of the New York Stock Exchange, Friday, March 18, 2016. Markets so far this year haven't acted like they're too concerned about a recession, and that's no accident, according to DataTrek Research. : Sticky, high prices have weighed on stocks, but a slowdown would alleviate this. Falling productivity in the labor market: A recession could stop companies from hoarding workers, which could improve profit margins.

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/couture-fendi-dolce-gabbana-dior-chanel-valentino-ec26f7a0

[1/5] Locals in the Chiradzulu district look at the damage on a road after mudslides and rockfalls in the area caused by the aftermath of Cyclone Freddy in Blantyre, Malawi, March 15, 2023. Most people heeded the warnings, knowing from bitter experience the damage such storms could inflict: 600 people had died in Cyclone Idai in 2019. The storm was far more deadly in neighbouring Malawi, where at least 447 were killed as Freddy tore through the country's southern tip and inundated the main commercial hub of Blantyre. Mozambique and Malawi are among the poorest 8% of countries in the world, according to United Nations data. In the case of Freddy, this extra energy allowed the storm to pick up strength again and circle back to strike again.

☆ Blackouts, currency dives and corruption: Pakistan's economy is on the brink of collapse
▼ + stars: | 2023-02-03 | by ( Natasha Turak | ) www.cnbc.com time to read: +7 min

Sajjad Qayyum | Afp | Getty ImagesPakistan's economy is on a cliff-edge. These are just the latest shocks amid months of crisis as endemic government corruption, depleted foreign reserves and crippling debt have sent Pakistan's economy spiraling. More than 30% of Pakistan's total foreign debt is owed to China, according to the IMF. An aerial view of the commercial district of Pakistan's port city of Karachi on January 27, 2023. Asif Hassan | Afp | Getty Images

☆ How a Personal Trainer Plans His Workouts
▼ + stars: | 2023-01-26 | by ( Hannah Seo | ) www.nytimes.com time to read: 1 min

The biggest hurdle is psychological. Mr. Howell has been obsessed with fitness since he was a 12-year-old boy in Trinidad, perusing fitness magazines at the local barbershop and lifting dumbbells in his garage. But cardio is his least favorite type of exercise. Knowing that, he intentionally starts each workout with cardio and does the longest and hardest runs early on. As the week continues, he loosens up and rewards himself with “the fun stuff”: lifting and strength training.

☆ Elon Musk is a prolific Twitter replier. From population collapse to laughing emojis, here are his top replies.
▼ + stars: | 2023-01-25 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +2 min

Out of everyone to helm Twitter as CEO, Elon Musk is by far the most active on the platform. Musk engages with users on a daily basis, even replying to tweets from accounts with few followers. These are some common phrases and themes found in his replies. And most CEOs active on Twitter largely use the platform to distribute sterile, PR-crafted statements regarding company news. In using Twitter, Musk is unusual among major leaders in another way: He often tweets in response to regular users who don't have very many followers.

☆ Former Indian central bank governor says a soft landing will be 'very hard' for the Fed
▼ + stars: | 2023-01-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Rajan Raghuram at Jackson Hole, Wyoming August 24, 2018. David A. Grogan | CNBCThe U.S. Federal Reserve will find it "very hard" to engineer an economic soft landing after its cycle of aggressive interest rate hikes, according to former Reserve Bank of India Governor Raghuram Rajan. After a string of promising data releases indicated softening inflation, markets believe that the central bank is ready to ease its foot off the brake. Fed officials have emphasized that the fight to bring inflation back towards the FOMC's 2% target is not over. "As they celebrate, it does the opposite of what the Fed wants, it loosens financial conditions quite a bit.

☆ Procter & Gamble revenue and profit fall as company looks to higher prices to offset declining sales
▼ + stars: | 2023-01-19 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Procter & Gamble reported year-over-year declines in revenue and profit on Thursday, as higher prices struggled to offset declining sales volumes. All of the company's divisions reported declining sales volume in the quarter, despite seeing increases in organic sales as a result of higher pricing. P&G executives noted in a call with media that consumer demand is responsible for at least half the 6% sales volume decrease. But it warned those headwinds would continue to squeeze P&G's gross margins, which saw a 160-basis-point decrease during the second quarter versus a year ago. P&G is doubling down on its price hiking strategy even as shrinking consumer demand continues to erode sales volume.

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