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☆ Philippines stoking regional tension with US bases pact, China envoy says
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

MANILA, April 14 (Reuters) - The Philippines is "stoking the fire" of regional tension by offering expanded military base access to the United States, whose goal is to interfere in China's affairs with Taiwan, Beijing's ambassador to Manila said on Friday. The U.S. embassy in Manila said the EDCA "is not about any other third country." The Philippines' foreign ministry did not immediately respond to requests for comment. EDCA, signed in 2014, underlines the strategic importance of the Philippines to its former colonial ruler the United States, coming at a time of concern over China's conduct in the South China Sea and tension over self-ruled Taiwan. "The Philippines is advised to unequivocally oppose 'Taiwan independence' rather than stoking the fire by offering the U.S. access to the military bases near the Taiwan Strait, if you care genuinely about the 150,000 OFWs," Huang said.

☆ Pakistan condemns India's decision to hold G20 meetings in Kashmir
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Danish Ismail/File PhotoISLAMABAD, April 11 (Reuters) - Pakistan on Tuesday condemned India's decision to hold Group of 20 meetings in the disputed Himalayan territory of Kashmir next month, calling the move "irresponsible". India currently holds the rotating year-long presidency of the G20 and is set to host a leaders' summit in New Delhi in early September. India's foreign ministry did not immediately respond to a Reuters request seeking comment on the statement from Pakistan. New Delhi has long accused Pakistan of stoking a decades-long separatist insurgency in Jammu and Kashmir, the only Muslim-majority region in India. Pakistan also accuses India of human rights violations in the parts of Kashmir under its control, a charge New Delhi rejects.

☆ China could cross a red line and start arming Russia if Ukraine pulls off a major counterattack, leaked Pentagon papers say
▼ + stars: | 2023-04-11 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Leaked US documents reveal what could prompt China to begin arming Russia, reports say. A Ukrainian attack on Russia using NATO weapons could be a red line for China, they say. The US Defense Department documents posted online appear to contain extensive discussion of the Ukraine conflict, and of China's military plans and capabilities. Since Russia invaded Ukraine in 2021, China has trodden a careful path, seeking to portray itself as neutral in the conflict. The leaked papers suggest that it is attacks within Russia itself that would draw China into the war.

☆ A top tip for central banks: talk less, smile more
▼ + stars: | 2023-04-11 | by ( Ben Winck | ) www.reuters.com time to read: +8 min

WASHINGTON, April 11 (Reuters Breakingviews) - Investors hang on central bankers’ every word, hoping to gain an edge for their next trade. But with consumer prices rising at the fastest pace in decades, central bankers can’t easily cut borrowing costs, either. Chatty central banks are a relatively new phenomenon. Investors are also more sensitive to central banks today than in years past. Still, being more careful about what’s said, and how it’s said, could help central banks better balance their priorities.

☆ Brazil inflation seen staying high in March on rising gasoline costs
▼ + stars: | 2023-04-10 | by ( Gabriel Burin | ) www.reuters.com time to read: +2 min

April 10 (Reuters) - Brazil's inflation likely stayed high in March on rising gasoline bills, reigniting cost of living problems in the country's stagnant economy and probably stoking more disagreement over policy, a Reuters poll showed. Consumer prices cooled in the second half of 2022 in reaction to an aggressive tightening campaign by the central bank. But inflation pressures reemerged after President Luiz Inacio Lula da Silva took office at the start of this year. This would stand very close to the 0.84% rate in February, which had been the quickest in 10 months. A 0.77% inflation rate in March would result in a cumulative 2.2% clip in the first quarter, well on course to surpass this year's goal of 3.25% with a margin of 1.5 percentage points.

☆ 'The credit crunch has started': Here's what tighter lending standards mean for American consumers and businesses as banks navigate the SVB wreckage
▼ + stars: | 2023-04-08 | by ( Carla Mozée | ) www.businessinsider.com time to read: +6 min

"Each bank is going to apply those credit standards differently," a source told Insider. Requiring higher minimum credit scores and minimum repayments and curbing credit limits were among tweaks banks were making. Lending to consumers dropped and credit standards and terms "continued to tighten sharply," with marked rises in loan pricing. A "dramatic worsening of firm and consumer access to bank credit," is how a 2014 paper on the Federal Reserve's website describes a credit crunch. Tighter lending standards may have a big impact on floating-rate loans versus fixed loans, CFRA equity analyst Alexander Yokum told Insider.

☆ Oil falls as weak U.S. economic data stokes recession fears
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: +2 min

Oil fell on Thursday as weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped. "Crude oil's rally paused as it battled the headwinds created by the weak economic data. The slew of soft economic data soured market sentiment, stoking fears of a recession and prompting investors to adopt risk aversion strategies. U.S. crude inventories fell 3.7 million barrels last week, about 1.5 million barrels more than forecast, government data showed. Gasoline and distillate stocks also fell more than expected, drawing down by 4.1 million barrels and 3.6 million barrels, respectively.

☆ Turkey's Erdogan condemns Israeli police raid on Al-Aqsa mosque
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, April 5 (Reuters) - Turkey's President Tayyip Erdogan on Wednesday condemned the Israeli police raid on Jerusalem's Al-Aqsa mosque, which led to clashes with worshippers, calling such acts in the mosque compound a "red line" for Turkey. The incident came during the Muslim holy month of Ramadan and on the eve of the Jewish Passover, stoking fears of further violence at the mosque compound, a flashpoint in the Israeli-Palestinian conflict. "The name of this is the politics of repression, the politics of blood, the politics of provocation. Turkey can never remain silent and unmoved in the face of these attacks," Erdogan said. "Putting a hand on al-Aqsa mosque and trampling on the sanctity of the Haram al-Sharif is a red line for us."

☆ North Korea says U.S.-South Korea drills push tension to 'brink of nuclear war'
▼ + stars: | 2023-04-05 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

Yonhap via REUTERS/File PhotoSEOUL, April 6 (Reuters) - North Korea on Thursday accused the U.S. and South Korea of escalating tensions to the brink of nuclear war through their joint military drills, vowing to respond with "offensive action," state media KCNA reported. KCNA released a commentary by Choe Ju Hyon, whom it called an international security analyst, criticising the exercises as "a trigger for driving the situation on the Korean peninsula to the point of explosion." "Now the international community unanimously hopes that the dark clouds of a nuclear war hanging over the Korean peninsula will be removed as early as possible," it added. "The drills have turned the Korean peninsula into a huge powder magazine which can be detonated any moment," it added. North Korea has reacted furiously to the exercises, calling them a rehearsal for invasion.

☆ New EU debt rules have way to avoid past mistakes
▼ + stars: | 2023-04-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

BRUSSELS, April 4 (Reuters Breakingviews) - The European Union’s new set of fiscal rules need to answer two simple questions: will they help the bloc’s economy grow? The fiscal rules are at the crossroads of the EU’s monetary union and budgetary sovereignty. Past rounds of budget rules have carried the threat of top-level sanctions but the enforcers could not follow through. EU countries need to encourage scale-up financing and allow more cross-border cooperation. New rules need to put the future ahead of philosophy to have a chance to work.

☆ Legal and finance jobs are among the most at risk from AI, while construction and trade jobs face minimal influence, studies suggest
▼ + stars: | 2023-04-04 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

While the studies predicted advances in AI tech could also improve labor productivity and create jobs, they said some industries would likely be more affected than others. The researchers used a benchmark that matched specific work tasks with AI capabilities to calculate the results. They estimated that about 46% of work tasks in the sector could be automated. FinanceBanks are already incorporating AI tech into their day-to-day business operations. The Goldman researchers estimated that about 29% of computing and mathematical tasks in the US and Europe could be automated.

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

Biden was continuing a strategy his White House has honed on Trump over two years - silence is golden. As president, Biden has lambasted the former president's "Make America Great Again" (MAGA) allies and policies, but rarely Trump himself. "They've been smart to stay out of it," Democratic strategist Lis Smith said of the White House strategy on Trump. The split screen of President Biden focused on doing his job well versus Trump and the Republican Party in chaos will only help him." The White House has said it will not comment on Trump because his actions are being investigated by Biden's own Justice Department, which the president has pledged to leave independent.

☆ These S&P 500 stocks crushed it in the first quarter. Here's where analysts see them going
▼ + stars: | 2023-04-02 | by ( Fred Imbert | ) www.cnbc.com time to read: +4 min

The S & P 500 just wrapped up a wild first quarter with surprisingly strong results. The tech and communication services sectors powered the S & P 500 higher, rising more than 20% each. Here are the 10 best S & P 500 stocks for the first quarter, and where analysts see them going based on the implied upside (or downside) to their average price targets. Nvidia led the way higher among S & P 500 stocks, surging 90.1%. As for Catalent, analysts see the stock rallying 24.5% after surging 46% in the first quarter.

Biden was continuing a strategy his White House has honed on Trump over two years - silence is golden. Now that Trump has been indicted in a New York hush money case, White House officials indicate they plan to follow the same "keep quiet and carry on" playbook. As president, Biden has lambasted the former president's "Make America Great Again" (MAGA) allies and policies, but rarely Trump himself. "They've been smart to stay out of it," Democratic strategist Lis Smith said of the White House strategy on Trump. The split screen of President Biden focused on doing his job well versus Trump and the Republican Party in chaos will only help him."

☆ Private bankruptcy filings are blowing past their COVID-era peaks as credit stress builds for small businesses
▼ + stars: | 2023-04-01 | by ( Carla Mozée | ) www.businessinsider.com time to read: +5 min

Private bankruptcy filings this year have surpassed a peak set in the early stage of the pandemic, UBS said. So far in 2023, private bankruptcy filings have outstripped a peak set in the early stage of the COVID pandemic by a wide margin. Bankruptcy hot spots include the real estate industry, which has led this year's increase in private bankruptcy filings. The UBS Evidence Lab Corporate Bankruptcy Monitor tracks US corporate chapter 7, 11, and 15 bankruptcy filings. After sifting through data, UBS outlined several takeaways, including that private bankruptcy filings are led by the real estate, chemicals, healthcare, and retail industries.

☆ For LSU and South Carolina, It’s the Final Four of Sideline Style
▼ + stars: | 2023-03-31 | by ( Rory Satran | ) www.wsj.com time to read: +1 min

When Louisiana State University women’s basketball coach Kim Mulkey strode from the court after yet another win last month, she peeled off her pink butterfly-bedazzled blazer. The move was more rock star than 60-year-old college coach, but it was in keeping with Ms. Mulkey’s razzle-dazzle. Ms. Mulkey, along with the University of South Carolina’s Dawn Staley, is leading the charge for a new wave of women’s college basketball coaches using fashion as a crucial part of their public image. Friday night, in the hotly anticipated Women’s Final Four, millions worldwide will be tuning in to watch the formidable face-offs of South Carolina vs. Iowa, and LSU vs. Virginia Tech. Many of them will also be paying close attention to what Ms. Staley and Ms. Mulkey, superstar, title-winning coaches who earn seven-figure salaries, are wearing.

"They've done nothing but harass this guy," said Gregg Hough, chair of the Republican party in Belknap County, New Hampshire, predicting the prosecution will boost Trump support "to the moon" if it fails to deliver a convincing conviction. In a statement on Thursday, Trump called the indictment "Political Persecution and Election Interference at the highest level in history," without providing evidence. John Feehery, a Republican strategist, described the Manhattan case as "silly" compared to the other probes hanging over Trump's campaign. At a campaign rally in Waco, Texas on Saturday, Trump likened the criminal investigations against him to a "Stalinist Russia horror show." Trump remains the front-runner in the 2024 Republican field, with the support of 44% of Republicans in a March Reuters/Ipsos, ahead of DeSantis' 30% support.

☆ Philippines, U.S. hold live-fire exercises focused on territorial defence
▼ + stars: | 2023-03-31 | by ( Adrian Portugal | ) www.reuters.com time to read: +2 min

[1/5] A High Mobility Artillery Rocket System (HIMARS) is fired during a live fire exercise with Philippine and U.S. troops at the three-week joint military drills "Salaknib" in Fort Magsaysay, Nueva Ecija, Philippines, March 31, 2023. REUTERS/Eloisa LopezFORT MAGSAYSAY, Philippines, March 31 (Reuters) - Philippine troops staged live-fire exercises with their U.S. counterparts in the Southeast Asian country's largest military camp as part of army-to-army drills aimed at enhancing Manila's defence capabilities against external threats. More than 3,000 Filipino and U.S. soldiers participated in the three-week long annual exercises called Salaknib, which on Friday featured anti-tank and small-arms live-fire exercises, and the firing of High Mobility Artillery Rocket System (Himars). "We are now transitioning from internal security operations to territorial defence operations," Philippine army training officer Lt. Col. Tara Cayton, said in a news conference. Fort Magsaysay will also host the biggest ever joint military drills between the Philippines and the United States next month, which highlight improved ties with the Western power under Marcos.

☆ New Corporate Minimum Tax Could Ensnare Some Firms Over One-Time Moves
▼ + stars: | 2023-03-30 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

The IRS building in Washington. The 15% corporate minimum tax applies to companies that report income averaging at least $1 billion over three years. A new corporate minimum tax is stoking concern among some companies that one-time activities, such as the sale of a business unit, will push them over the threshold for the levy even though the companies wouldn’t otherwise qualify. The 15% corporate minimum tax that went into effect at the beginning of this year applies to U.S.-based companies that report income to shareholders averaging at least $1 billion over three years. What’s more, once a company is subject to the levy, it remains that way even if profits decline unless certain conditions are met, such as a determination from the government that a company shouldn’t be subject to the minimum tax.

☆ Nvidia's stock has climbed as Wall Street bets on A.I. Why investors say its promise is worth the premium
▼ + stars: | 2023-03-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

NVDA YTD mountain Nvidia shares so far this year Nvidia's stock' is trading at a forward price-to-earnings ratio of roughly 58 times. The focus on Nvidia's capabilities in this area have only grown since it unveiled new AI technologies at its GTC conference. On the heels of the conference, Goldman Sachs called the chipmaker a "key AI enabler," while Bank of America said Nvidia's AI dominance could "reshape the existing tech industry." That's in part because along with the hardware and software, Nvidia offers the engineers and relationships with both end-users and research organizations, which could stunt competitor plans from the get-go, Freund explained . Because so many engineers are already using Nvidia's software, some companies may face resistance if attempting to transition to a new language, explained Pieran Maru, an investment analyst at global asset management firm GAM Investments.

☆ 'It's not a pretty picture': Russia's support is growing in the developing world
▼ + stars: | 2023-03-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +8 min

Chinese President Xi Jinping met with Russian President Vladimir Putin in Moscow earlier this month and the two leaders vowed to deepen economic ties. watch nowWhile South Africa caused controversy in February by holding joint military drills with Russia and China on the anniversary of the invasion of Ukraine. The EIU said the number of neutral countries rose from 32 to 35, now representing almost 31% of the global population. However, this bloc also represents just under 68% of global GDP, highlighting an emerging disconnect between wealthy Western economies and the Global South. Countering organized Russian propaganda first requires acknowledging the problem, and building awareness about the aims and effectiveness of sanctions, she said.

China said it would retaliate if House Speaker Kevin McCarthy meets with Taiwanese President Tsai Ing-wen during her planned stop in California next week, further stoking tensions around a highly scrutinized visit that is poised to test strained ties between Beijing and Washington. Ms. Tsai is set to meet with Mr. McCarthy and other Republican members of Congress at the Ronald Reagan Library in Simi Valley on her way back from visits to Guatemala and Belize. It is the second of two planned stops in the U.S. bookending her trip to Central America.

China says it will retaliate if Kevin McCarthy, the House speaker, meets with Taiwanese leader Tsai Ing-wen. China said it would retaliate if House Speaker Kevin McCarthy meets with Taiwanese President Tsai Ing-wen during her planned stop in California next week, further stoking tensions around a highly scrutinized visit that is poised to test strained ties between Beijing and Washington. Ms. Tsai is set to meet with Mr. McCarthy and other Republican members of Congress at the Ronald Reagan Library in Simi Valley on her way back from visits to Guatemala and Belize. It is the second of two planned stops in the U.S. bookending her trip to Central America.

☆ Israel launches new spy satellite, overseen by Gallant
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, March 29 (Reuters) - Israel put a new version of its Ofek spy satellite into orbit on Wednesday, with the Defence Ministry saying it would enhance around-the-clock regional monitoring as the country braces for a possible showdown with Iran. The launch, planned months in advance, was overseen by Defence Minister Yoav Gallant - a signal he was staying in office despite Prime Minister Benjamin Netanyahu's announcement on Sunday that he would be fired amidst a constitutional crisis. The Ofek-13, manufactured by state-owned Israel Aerospace Industries (IAI) Ltd [RIC:RIC:ISRAI.UL], is the latest in a series of locally produced satellites first put into orbit in 1988. The next day, Netanyahu announced Gallant's dismissal - triggering a surge of anti-government protests and stoking U.S. concern for Israel's democratic health and military readiness. Writing by Dan Williams; Editing by Christian Schmollinger and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

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