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☆ The Next Frontier in Farming? The Ocean.
▼ + stars: | 2023-03-15 | by ( Somini Sengupta | ) www.nytimes.com time to read: +10 min

For centuries, it’s been treasured in kitchens in Asia and neglected almost everywhere else: Those glistening ribbons of seaweed that bend and bloom in cold ocean waves. Far beyond South Korea, new farms have cropped up in Maine, the Faroe Islands, Australia, even the North Sea. But even as its champions see it as a miracle crop for a hotter planet, others worry that the zeal to farm the ocean could replicate some of the same damages of farming on land. “Seaweed is not going to replace all plastic, but seaweed combined with other things can tackle single use plastic,” he said. Seaweed farms are a far cry from the rows of corn and wheat that make up monoculture farming on land.

☆ Brazil development bank aims to pay out sums totaling 2% of GDP by 2026
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

RIO DE JANEIRO, March 14 (Reuters) - An executive at Brazilian state development bank BNDES said on Tuesday the bank aims to pay out the equivalent of 2% of the country's Gross Domestic Product (GDP) by 2026. According to Brazil's government statistics agency, the country's 2022 GDP amounted to 9.9 trillion reais ($1.88 trillion). The comments follow the bank's 2022 earnings, in which it said it reported 46% jump year-on-year in its annual recurring net profit, reaching 12.5 billion reais. The bank posted a net profit of 41.7 billion reais, boosted by factors such as dividend income from state-run oil company Petrobras' (PETR4.SA), among others. ($1 = 5.2534 reais)Reporting by Rodrigo Viga; Writing by Carolina Pulice; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

March 14 (Reuters) - Australia's economic health will be its central bank's compass for plotting the course of rate hikes, as stringent regulation insulates its banking sector from the collapse of Silicon Valley Bank (SVB) (SIVB.O), analysts at top domestic banks said. Analysts at three of the top four lenders - Commonwealth Bank of Australia (CBA.AX), National Australia Bank (NAB.AX), and ANZ Group Holdings (ANZ.AX) - continue to expect the RBA to deliver its 11th consecutive rate hike next month. 0#RBAWATCH"The Australian domestic fundamentals remain consistent with further tightening from the RBA," Adelaide Timbrell, senior economist at ANZ Research said. Australian banking sector, while not immune to the collapse of SVB, is in a "more insulated" position, Rodrigo Catril, senior FX strategist at NAB said. Globally, banking stocks have taken a hit from the collapse of SVB despite of assurances from U.S. authorities, prompting a reassessment of interest rate expectations.

☆ FOREX Dollar sags as US banks' collapse has markets wagering on no Fed hike
▼ + stars: | 2023-03-14 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The fallout sent traders scaling back their bets on how much further the Fed would continue raising interest rates, sparking a sharp rally in Fed funds futures and sending the U.S. dollar tumbling. The greenback was nursing deep losses from the previous session in early Asia trade, and was last marginally higher against the Japanese yen at 133.42, having slid 1.4% on Monday. Similarly, sterling edged 0.19% lower to $1.2159, though it remained near its one-month peak of $1.2200 hit in the previous session. The Fed's rate hikes and expectations of how much higher U.S. rates would go have been a huge driver of the dollar's rally. The Aussie fell 0.29% to $0.6648, reversing some of its 1.3% jump in the previous session, while the kiwi shed 0.18% to stand at $0.6209, having similarly surged 1.4% on Monday.

☆ Dollar sags as U.S. banks' collapse has markets wagering on no Fed hike
▼ + stars: | 2023-03-14 | by ( ) www.cnbc.com time to read: +3 min

☆ Brazil's Bolsonaro will be subpoenaed in jewelry scandal, says minister
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

[1/3] The jewelry with diamonds gifted to Bolsonaro and former first lady Michelle Bolsonaro by the Saudi government which was seized by customs officials, is seen at Sao Paulo-Guarulhos International Airport, in Guarulhos, Brazil, March 14, 2023. "We have enquiries in progress, hearings taking place, and at some point, the former president will be subpoenaed," Dino told reporters after an event in Rio de Janeiro. Luxury jewelry gifted to the then-president and his wife Michelle Bolsonaro by the Saudi government was seized by customs officials in October 2021 after it was found in the backpack of a government aide. Several officials from the Bolsonaro administration unsuccessfully tried to recover the jewelry from customs, according to local media. According to the minister, police will conclude the investigation into whether or not Bolsonaro attends a hearing.

Entities rated by MSCI ESG Research include Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission and Adani Enterprises, according to the statement. This week, MSCI ESG Research flagged all its covered Adani Group entities for the metric of accounting investigations, while some were flagged for the securities valuations metric, it said. "Across various Adani Group entities, MSCI ESG Research has identified issues relating to governance, board independence, related party transactions, and controlling shareholders," the company said. Since the short-seller report release, MSCI ESG Research has added "Bribery and Fraud" and "Governance Structures" controversy cases to all Adani Group companies in its coverage, it said. Sustainability ratings company Sustainalytics downgraded corporate governance-related scores for some Adani Group companies last month.

☆ Vinyl sales surpassed CDs for the first time in 35 years as records make 'remarkable resurgence'
▼ + stars: | 2023-03-09 | by ( Bethany Biron | ) www.businessinsider.com time to read: +3 min

Vinyl sales beat out CDs for the first time since 1987, according to the Recording Industry Association of America. While streaming still reigns supreme, physical music sales are making a "remarkable resurgence," RIAA said. Taylor Swift, Harry Styles, and Olivia Rodrigo topped vinyl sales this year, per Luminate. Not since 1987 has vinyl led physical music sales, after the rise of the compact disc revolutionized the way Americans consumed music. Still, vinyl sales are on the rise even as supply issues and bottlenecks plague the industry and companies struggle to meet demand.

☆ Frontier countries to suffer most if Fed rate gets to 6% - analysts
▼ + stars: | 2023-03-09 | by ( Rodrigo Campos | ) www.reuters.com time to read: +5 min

"This mix is generally a net negative for emerging markets." A recent Barclays analysis showed a 50 basis point Fed rate hike would increase interest rate volatility, which "would be more destabilizing initially, as it typically comes with EM FX underperformance, which could trigger a further leg up in EM rates." Analysts at JPMorgan expect the dollar to weaken once the terminal rate stabilizes, but a 50-basis point Fed hike "would be a regime-shift in favor of outsized USD-strength." A 6% Fed rate environment alongside still-hot inflation does make short-term rates in Chile and India as well as Poland, the Czech Republic and Hungary most vulnerable, UBS found. Chinese equities could provide a safe haven in a 6% fed funds rate scenario, UBS said.

☆ Asian stocks tumble, dollar gains after hawkish Powell comments
▼ + stars: | 2023-03-08 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The hawkish comments from Powell sent U.S. stocks sharply lower, with the risk-off mood continuing in Asian trade. Eurostoxx 50 futures were down 0.19%, German DAX futures fell 0.27% and FTSE futures were down 0.27%. After a series of jumbo hikes last year, the Fed raised rates by 25 basis points in its last two meetings. "Powell has essentially opened the door to 50 basis point hike," said Chris Weston, head of research at Pepperstone. Citi strategists said even as-expected payrolls and inflation data could keep the chance of a 50 basis point hike high.

☆ Asian stocks tumble after hawkish Powell comments
▼ + stars: | 2023-03-08 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, March 8 (Reuters) - Asian shares fell sharply on Wednesday, while the dollar advanced after hawkish comments from Federal Reserve Chair Jerome Powell raised the possibility of the U.S. central bank returning to large rate hikes to tackle sticky inflation. The Fed will likely need to raise interest rates more than expected in response to recent strong data, Powell said on the first day of his semi-annual, two-day monetary policy testimony before Congress. The hawkish comments from Powell sent U.S. stocks sharply lower, with the risk-off mood continuing in Asian trade. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 1.45% lower, while Australia's S&P/ASX 200 index (.AXJO) fell 0.70%. "Powell has essentially opened the door to 50 basis point hike," said Chris Weston, head of research at Pepperstone.

☆ Son retracts tweet announcing Bolsonaro's return to Brazil
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

RIO DE JANEIRO, March 7 (Reuters) - Senator Flavio Bolsonaro, son of former Brazilian President Jair Bolsonaro, on Tuesday wrote on Twitter his father would return to Brazil next week but deleted the post a few minutes later, saying the date was not confirmed. "I'm sorry for the previous post, I might be missing him a lot," Flavio said, adding the March 15 date he had previously announced for the former president's return was "likely but still unconfirmed". Bolsonaro has been in self-imposed exile in the United States since late December, having flown to Florida 48 hours before his opponent and successor Luiz Inacio Lula da Silva was sworn in. Reporting by Rodrigo Viga Gaier; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines to deploy underwater vehicle to pinpoint location of stricken tanker
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +3 min

[1/2] A view of an oil spill at a beach in Caluya, Philippines March 4, 2023 in this still image obtained from social media video. A remotely operated autonomous vehicle would be deployed to help determine the exact location of the tanker, it said. Authorities want to know how much oil is inside and how to pump the remainder out and stop any leaks, experts said. The tanker's owner has contracted local agencies, Harbor Star Shipping Services and Malayan Towage and Salvage Corp., for the cleanup. If sea conditions are bad, it is also unsafe for our contractors to work," Rodrigo Bella, vice president of Harbor Star, told the media briefing.

☆ Pierre Cardin returns to Paris Fashion Week with space age lineup
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

PARIS, March 5 (Reuters) - French label Pierre Cardin returned to the official Paris fashion week schedule for the first time in decades, sending out a colorful, off-beat lineup of styles that recalled its space age heyday. Attendants flashed spotlights on models as they made their way down the temporary runway, set up in the label's empty flagship store that is undergoing renovations. Seeking to spark interest in the label among younger crowds, Basilicati Cardin said he set up competitions to bring on talent from other countries, like Mexico and South Korea, for stints at the label. "My goal is to manage the label and bring it on track," he said, speaking to journalists after the show as he greeted guests including French singer Mireille Mathieu. Reporting by Mimosa Spencer; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Sao Paulo govt to hire World Bank to study privatizing water utility
▼ + stars: | 2023-03-03 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +1 min

RIO DE JANEIRO, March 3 (Reuters) - Sao Paulo's state government will hire the World Bank's International Finance Corporation (IFC) in the next few days for studies on the possible privatization of state water utility Sabesp (SBSP3.SA), Governor Tarcisio de Freitas said on Friday. "The privatization of Sabesp is a very complex matter," Tarcisio told Reuters after attending an event in Rio de Janeiro. Freitas said utility would only be privatized "if we reach the conclusion that we are going to increase efficiency, have upsides, reduce tariffs." "I think that all these objectives are possible and I understand that studies will show this," he said. The board of directors of Sao Paulo's state privatization program had earlier this week authorized the body to commission studies on Sabesp's possible privatization.

☆ Russia repeated a battle tactic that failed miserably in Bucha and once again lost tanks critical to the war
▼ + stars: | 2023-03-03 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +6 min

Russia lost 130 tanks during three weeks of fighting near Vuhledar, per Ukrainian officials. But long before the staggering losses in Vuhledar, Russia's tank failures were evident just weeks into the war. Soldiers walk amid destroyed Russian tanks in Bucha, in the outskirts of Kyiv, Ukraine, April 3, 2022. Just like in Bucha, Russia failed to capture its intended target in Vuhledar, making the same mistake that already cost them scores of tanks a year ago. It's one of the more egregious errors in what Miles called the "half-baked" Russian offensive playing out in Vuhledar and Ukraine's east.

☆ Petrobras, Brazil govt mull fuel price cut to offset tax resumption
▼ + stars: | 2023-02-28 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +2 min

"It is one of the possibilities under discussion," the ministry said in a statement via its press office. "There is room for compensation within the import parity policy," one of the sources said, referring to Petrobras' official policy of tracking international rates such as global fuel prices and foreign exchange. A meeting attended by a government official and Petrobras executives was held at the company's headquarters in Rio de Janeiro on Monday. The price cut is seen as a temporary solution for the very short term, one of the sources said. The company, formally known as Petroleo Brasileiro SA, reiterated it was committed to "competitive prices in balance with market".

[1/2] Iranian military ship Iris Makran navigates on the coast of Rio de Janeiro as a Brazilian flag flutters in Copacabana Beach, Brazil, February 27, 2023. REUTERS/Ricardo MoraesRIO DE JANEIRO, Feb 27 (Reuters) - Two Iranian warships docked in Rio de Janeiro on Sunday after Brazilian President Luiz Inacio Lula da Silva's government granted permission despite pressure from the United States to bar them. "In the past, those ships facilitated illegal trade and terrorist activities, and have also been sanctioned by the United States. Brazil is a sovereign nation, but we firmly believe those ships should not dock anywhere," she said. He traveled to Tehran to meet then-President Mahmoud Ahmadinejad in 2010 as he sought to broker a nuclear deal between Iran and the United States.

☆ Dollar advances as traders consider higher-for-longer rates view
▼ + stars: | 2023-02-27 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8% last month, according to the Commerce Department. The market is now pricing U.S. interest rates to peak at 5.4% in July and remain above 5% through the end of the year. The Fed is expected to raise rates by 25 basis points at its March 21-22 meeting, though some analysts see the possibility of a 50 basis points hike if inflation stays high and growth remains strong. "We now believe it is a much closer call that officials hike by 50 basis points in March than our earlier 25 basis points assumption," said Kevin Cummins, chief economist at NatWest Markets. The Australian dollar rose 0.12% to $0.673, while the kiwi advanced 0.13% versus the greenback to $0.617.

☆ Dollar, sterling underpinned by upbeat PMI surveys; kiwi jumps
▼ + stars: | 2023-02-22 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The dollar rose against most major currencies after the upbeat data save for sterling , which jumped 0.6% on Tuesday. The euro , however, failed to benefit from the data as it slid 0.36% in the previous session. Against the Japanese yen , the dollar rose to a two-month high of 135.23 in the previous session, and slipped marginally to 134.91 in early Asia trade on Wednesday. The two-year yields jumped to an over three-month high of 4.738% in the previous session, and last stood at 4.6933%. The kiwi rose 0.39% to $0.6238, after earlier jumping roughly 0.5% to an intra-day high of $0.6248 immediately after the RBNZ's cash rate decision.

☆ Exclusive: U.S. to vet human rights more closely before approving arms deals, officials say
▼ + stars: | 2023-02-22 | by ( Patricia Zengerle | ) www.reuters.com time to read: +4 min

Defense companies and activists scrutinize such policies for insight into the administration's posture as it balances commercial interests of exporters like Lockheed Martin Co (LMT.N) and Raytheon Technologies (RTX.N) against the country's stated commitment to human rights. One change is how the CAT policy addresses the possibility that arms from the United States could be used for major human rights violations, the officials said. Previous CAT policy had said such transfers would not be authorized only when Washington had "actual knowledge" that the arms would be used in such actions. "We are looking at a policy of prevention when there is a risk of violation of human rights," one of the officials said. For example, Senator Bob Menendez, Democratic chairman of the Senate Foreign Relations Committee, opposes the sale of Lockheed Martin F-16 aircraft to Turkey for reasons including disregard for human rights.

☆ Former Freepoint Commodities Trader Charged With Bribing Brazilian Officials
▼ + stars: | 2023-02-17 | by ( Dylan Tokar | ) www.wsj.com time to read: +2 min

A former employee of U.S. oil trader Freepoint Commodities LLC and its Brazilian agent were indicted Friday for their alleged role in a scheme to bribe Brazilian officials to win contracts with the country’s state-owned oil company, Petróleo Brasileiro SA. Mr. Innecco, who acted as a broker for the firm, remains at large, the spokesman said. A lawyer for Mr. Oztemel said his client denied the allegations. Mr. Oztemel began working for Stamford, Conn.-based Freepoint around 2012. A spokeswoman for Freepoint, which wasn’t named in the indictment, said Mr. Oztemel had retired from the company more than two years ago.

☆ Was the poet poisoned? Chile awaits new report on Neruda’s death
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

[1/4] A picture of Chilean poet and Nobel laureate Pablo Neruda is seen inside his museum house in the coastal sector of Isla Negra, Chile, April 26, 2016. REUTERS/Rodrigo GarridoFeb 15 (Reuters) - A third inquiry into the death of Chilean poet Pablo Neruda 50 years ago could shed new light on whether he was poisoned by political enemies, as alleged by some of his family. Rodolfo Reyes, a Neruda nephew, reiterated this week claims that his uncle - a member of the Communist party and the most important Chilean intellectual of the time - was poisoned. Previous tests have found no evidence Neruda, winner of the Nobel Prize for literature in 1971, was poisoned. Reporting by Fabian Andrés Cambero; Writing by Isabel Woodford; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks shrug off rates risk as U.S. consumers spend
▼ + stars: | 2023-02-16 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Equities - with the Nasdaq (.IXIC) up 15% so far this year - are clinging to the positives, while in interest rate markets investors are quickly ditching hopes for cuts later in 2023. Two-year Treasury yields , which also track short-term interest rate expectations, hit their highest since November at 4.703% overnight. S&P 500 futures rose 0.2%. Elsewhere the repricing of the interest rates outlook is putting an end to a couple months of selling of the dollar in currency markets. The U.S. dollar index is eying a third weekly gain in a row - the longest streak since September, when the index was galloping towards a 20-year high.

☆ January flows to emerging markets largest in two years - IIF
▼ + stars: | 2023-02-15 | by ( Rodrigo Campos | ) www.reuters.com time to read: +2 min

The January figure of $65.7 billion net inflows outpaced the $30.9 billion for all of last year according to IIF data. Debt securities outside of China raked in $44.6 billion, the largest monthly figure on IIF records back to 2018. Reuters GraphicsThe first week of the year saw a record of about $28 billion in issuance from emerging market sovereigns and companies. Flows to Chinese equities also posted a strong rebound last month, bringing in the largest inflow since December 2020. Regionally, Asia and Latin America saw the largest inflows last month with $34.4 billion and $15.9 billion respectively.

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