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☆ UK set to dodge recession, but big problems remain: CBI
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 12 (Reuters) - Britain's economy now looks likely to sidestep recession entirely this year but deep-rooted problems like weak business investment will persist, the Confederation of British Industry trade body said on Monday. Falling energy prices, the reopening of China's economy from COVID-19 restrictions and easing supply chain disruptions were the main reasons for the upgrade, the CBI said. "It's also concerning that the UK is underperforming on many of the areas crucial to our long-term prosperity, such as business investment and trade intensity," he said. The CBI does not expect business investment - a weak spot for Britain's economy since the Brexit vote of 2016 - to return to its pre-pandemic level before the end of next year. "Making our business environment more attractive to firms at home and abroad must be front of mind in the months ahead," Paleja said.

Persons: Alpesh Paleja, It's, Paleja, Andy Bruce, David Milliken Organizations: of British Industry, CBI, Organisation for Economic Co, Development, International Monetary Fund, Britain, Bank of England, Thomson Locations: COVID

☆ Saudi's crown prince promised pain for the US if it retaliated against oil cuts, report says. His threat seems to have paid off.
▼ + stars: | 2023-06-09 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Saudi Arabian Crown Prince Mohammed bin Salman threatened the US amid an oil price dispute, leaks say. The crown prince is seeking to assert a more independent path from the US. In turn, Crown Prince Mohammed has mocked Biden behind his back, reported The Wall St. Journal, and believes he can secure nuclear technology from the US by playing rival powers off against each other. But Cafiero told Insider that despite marked differences and apparent personal antipathy between Biden and Crown Prince Mohammed, the Saudis remain committed to working with the US. "While the crown prince wants to work with Washington, he doesn't want anyone in the US to view Saudi Arabia as America's puppet state," he remarked.

Persons: Saudi Arabian Crown Prince Mohammed bin Salman, —, State Anthony Blinken, Saudi Arabia's Crown Prince Mohammed bin Salman, Joe Biden, Biden's, it's, Biden, Giorgio Cafiero, Mohammed bin Salman, Cafiero, Jamal Khashoggi, Prince Mohammed Organizations: Saudi, Saudi Arabian Crown, Service, State, Saudi Arabia's Crown, State Department, CNN, The Washington Post, US, Washington , D.C, White House, White, Analytics, Biden, Washington Post, ., Washington Locations: Saudi Arabian, Riyadh, Saudi, Russia, Washington ,, China, Washington, Gulf, Saudi Arabia, Kingdom, America

☆ UK to remove Chinese-made surveillance equipment from sensitive government sites
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 7 (Reuters) - Britain has committed to the removal of Chinese-made surveillance equipment from sensitive government sites as part of its latest plans to address national security concerns related to China. Under Prime Minister Rishi Sunak, who has cast China as the world's greatest challenge to security and prosperity, the government told its departments last year to stop installing Chinese-linked surveillance cameras at sensitive buildings. In an announcement setting out a proposed tightening of procurement rules, the government said:"We will also commit to publish a timeline for the removal of surveillance equipment produced by companies subject to China’s National Intelligence Law from sensitive central government sites. Beijing has said it "firmly opposes" overstretching the concept of national security to suppress Chinese enterprises. Some U.S. states have banned vendors and products from several Chinese technology companies.

Persons: Rishi Sunak, Hikvision, Muvija Organizations: China’s National Intelligence, Government, Huawei, Thomson Locations: Britain, China, Beijing, U.S

☆ Marc Andreessen says that even though AI isn't sentient, it's more empathetic than humans, and will 'make the world warmer and nicer'
▼ + stars: | 2023-06-07 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

AI "will make the world warmer and nicer," according to A16z's Marc Andreessen. Andreessen also warned against "full-blown moral panic" from cultish "AI risk doomers." Marc Andreessen says that artificial intelligence is more empathetic than humans and "will make the world warmer and nicer." "Rather than making the world harsher and more mechanistic, infinitely patient and sympathetic AI will make the world warmer and nicer." Andreessen said that there was "full-blown moral panic about AI," in part fueled by "AI risk doomers" whom he described as a "cult."

Persons: A16z's Marc Andreessen, Andreessen, Marc Andreessen, it's

☆ Marc Andreessen says AI will 'make the world warmer and nicer,' because even though it isn't sentient, it's more empathetic than humans
▼ + stars: | 2023-06-07 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Persons: A16z's Marc Andreessen, Andreessen, Marc Andreessen, it's

☆ What Turkey’s new cabinet says about where the country is headed
▼ + stars: | 2023-06-07 | by ( Gul Tuysuz | ) edition.cnn.com time to read: +8 min

The cabinet appointments hint at a return to orthodox economic policy while holding course on foreign policy as the president heads into his third decade in power. Erdogan’s unorthodox economic policies over the past few years have led to a cost-of-living crisis and a plummeting Turkish lira. Shadow diplomatThe new foreign minister is a well-known figure to Turks and international players who have negotiated with Turkey of late. Hakan Fidan, who had served as head of Turkish Intelligence Agency (MIT) since 2010, has been in every room and every discussion that has been pivotal to Turkish foreign policy over the last few years. He’s been ever-present but rarely heard – a shadow diplomat in Erdogan’s foreign policy arsenal who has charted rough waters in Syria, Libya and beyond.

Persons: Recep Tayyip Erdogan, Mehmet Simsek, –, Nureddin Nebati, ” Simsek, Erdogan, Simsek, Mehmet Celik, Cevdet Yilmaz, Omer Bolat, ” Celik, Hakan Fidan, He’s, Fidan, Ibrahim Kalin, “, ” Fidan, ”, Suleyman Soylu, Istanbul Ali Yerlikaya, Hulusi Akar, Mevlut Cavusoglu, They’ve Organizations: Istanbul CNN —, Reuters, Daily, Trade, CNN, NATO, Turkish Intelligence Agency, MIT, Kurdistan Workers ’ Party, EU, Defense, Development Party, AK Party Locations: Istanbul, Turkish Republic, Turkish, “ Turkey, Daily Sabah, Turkey, Syria, Libya, Greece, West, Celik, Damascus, Ankara, Sweden, Yerlikaya

☆ China's top investment bank CITIC cuts base salary by up to 15% -sources
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

HONG KONG/BEIJING, June 5 (Reuters) - China's CITIC Securities is cutting pay across its investment banking division, lowering base salaries by up to 15%, two sources said, in a rare move in the country's financial sector as Beijing pushes to bridge income disparity. The country's top investment bank by market value has also yet to pay bonuses to bankers for work done last year, the two sources close to the matter said. China's well-heeled financial dealmakers over the past year have been getting a crash course in austerity with pay cuts and perks reined in as their state-owned employers respond to the "common prosperity" drive. CITIC Securities' domestic rival China International Capital Corp (CICC) (3908.HK) last month cut this year's bonuses for investment bankers by 30%-50% from a year earlier, said two separate sources with knowledge of the matter. Besides remuneration cuts, some investment banks have asked staff to avoid displays of wealth such as uploading photographs to social media of expensive meals or overseas trips, industry sources have said.

Persons: China's, CICC, Julie Zhu, Selena Li, Roxanne Liu, Louise Heavens, Kirsten Donovan Organizations: CITIC Securities, China International Capital Corp, HK, Reuters, China's, Thomson Locations: HONG KONG, BEIJING, Beijing, China, CICC, Hong Kong

REUTERS/Tyrone SiuHONG KONG, June 5 (Reuters) - The United Nations said on Monday it was "alarmed" by detentions in Hong Kong linked to the 34th anniversary of the Tiananmen Square crackdown, while China said the financial hub was moving from "chaos" to prosperity. China's Foreign Ministry said in a statement late on Sunday that "today's Hong Kong is moving from chaos to stability and prosperity along the right track of "one country, two systems". "External forces" including the United States should uphold international law and stop "futile political manipulation" over Hong Kong to contain China, a ministry spokesperson said. The Canadian consulate said on its Facebook that it joined the people of Hong Kong and others around the world in "remembering the violent crackdown against unarmed and peaceful citizens" on June 4, 1989. Hong Kong public broadcaster RTHK said that all 23 people detained on Sunday for breaching peace and public order offences were not arrested and were later released.

Persons: Chong Mui, Tyrone Siu, Farah, Stephen Coates Organizations: Police, REUTERS, United Nations, Hong Kong, Human, Twitter, United States Consulate, RTHK, Thomson Locations: Hong Kong, China, Tyrone Siu HONG KONG, Hong, Beijing, United States, Taipei, London , New York, Berlin, Victoria Park, Canadian, Canada

☆ Turkish economy to return to 'rational ground', new finance minister says
▼ + stars: | 2023-06-04 | by ( Nevzat Devranoglu | ) www.reuters.com time to read: +2 min

ANKARA, June 4 (Reuters) - Turkey's newly appointed Finance Minister Mehmet Simsek said on Sunday that the country has no choice but to return to "rational ground" to ensure predictability in the economy. In a handover ceremony, Simsek said the main goal of the new government will be to increase social welfare. "Turkey has no other choice than to return to a rational ground. A rules-based, predictable Turkish economy will be the key to achieving the desired prosperity." Fiscal policies and structural reforms will support Turkey's central bank to help lowering inflation, Simsek also said.

Persons: Mehmet Simsek, Tayyip Erdogan, Simsek, Goldman Sachs, Huseyin Hayatsever, Hugh Lawson, Susan Fenton Organizations: Thomson Locations: ANKARA, Turkey

☆ Brazenly defending a Chinese warship buzzing an American destroyer in the Taiwan Strait, China's new defense minister tells the US: 'Mind your own business'
▼ + stars: | 2023-06-04 | by ( David Rising | Associated Press | ) www.businessinsider.com time to read: +8 min

A Chinese warship overtook an American destroyer and sailed across its bow on Saturday. China's defense minister Gen. Li Shangfu said, "In China we always say, 'Mind your own business.'" Chinese Defense Minister Gen. Li Shangfu delivers his speech on the last day of the 20th International Institute for Strategic Studies (IISS) Shangri-La Dialogue, Asia's annual defense and security forum, in Singapore, Sunday, June 4, 2023. He accused the US and others of "meddling in China's internal affairs" by providing Taiwan with defense support and training, and conducting high-level diplomatic visits. The sanctions, which broadly prevent Li from doing business in the United States, do not prevent him from holding official talks, American defense officials have said.

Persons: Lloyd Austin, Li Shangfu, —, Vincent Thian Li, Li, Austin, Roslan Rahman, Li scoffed, Vincent Thian Organizations: US, Service, Privacy Policy SINGAPORE, Washington, Pacific Command, US Air Force, Chinese Defense, 20th International, for Strategic Studies, AP, Getty, Russia, US Defense Department Locations: American, China, Taiwan, Singapore, Taiwan Strait, South, Canadian, Beijing, Chinese, South China, Austin, East, Ukraine, Moscow, United States, — China

U.S. Secretary of State Antony Blinken spoke in Finland Friday about peace talks in Ukraine. "The prerequisite for meaningful diplomacy and real peace is a stronger Ukraine," he said. Blinken described the Russian invasion of Ukraine as a catastrophic strategic failure for Moscow that had strengthened NATO, the European Union and Ukraine. Ukrainian officials acknowledged their forces were responsible and claimed Russian ships were evacuating the port. The U.K. Ministry of Defense said the incursions could be a Ukrainian strategy to disperse Russian forces before a counteroffensive.

Persons: Antony Blinken, —, Blinken, Potemkin, Grigory Potemkin, Vladimir Putin, Volodymyr Zelenskyy, Zelenskyy, Putin, Dmitry Peskov, Washington, Valerii Zaluzhnyi, Serhii Popko, Denis Pushilin, Vyacheslav Gladkov, Roman Starovoit, Alexander Bogomaz Organizations: Service, —, Kremlin, NATO, European Union, General's, Gov, Russia Legion, Air, Ministry of Defense Locations: Finland, Ukraine, United States, Russia, China, Moscow, Kyiv, Crimean, Sweden, Baltic, Beijing, Brazil, Western, Azov, Berdyansk, Russian, Zaporizhzhia, Ukrainian, Ukraine's, Donetsk province, Russia's Belgorod, Belgorod, Kursk, Russia's Bryansk, Russia's, Smolensk, Belarus

LONDON, June 1 (Reuters) - Even if the U.S. dollar's singular dominance as global currency of choice is in fact ebbing, it may not automatically lead to a weaker dollar exchange rate - and could periodically mean the opposite. The big advantage of large dollar reserve holdings alongside wide commercial usage and trade in dollars overseas was clear. But the issue is typically read in markets as a reason to bet on a weakening dollar exchange rate - or even to pump alternatives such as gold or crypto tokens. Of course, that was a global economy riven with fixed dollar exchange rate pegs that supercharged the transmission of Fed policy, most of which have since been dismantled. That may be a world many countries prefer if they are sure of viable alternatives - but may not mean a weaker dollar.

Persons: chomping, Alan Greenspan's, Janet Yellen, Yellen, Mike Dolan, Kirsten Donovan Organizations: Federal, OASIS, Fed, Reuters Graphics Reuters, Reuters, Twitter, Thomson Locations: U.S, United States, Washington, China, Ukraine, Brazil, Russia, India, South Africa, Iran, Venezuela, outflows

Kinmen, Taiwan CNN —As the sun sets over Taiwan’s Kinmen islands, the neon lights of mainland China dazzle in the distance just 2.5 miles away. That lingering potential for invasion might make it seem like an unlikely place to construct a bridge to mainland China. Anti-invasion spikes along the coast of Taiwan's Kinmen islands. During a recent trip to Kinmen, Taiwan Vice President and DPP presidential candidate William Lai said he recognized the sacrifices of the islanders during decades of conflict. “The Taiwanese government looks at the Chinese military threat as something that cannot be accepted and we condemn it,” he added.

Persons: John Mees, Ko Wen, ”, Xi Jinping, Ho Chih, Sam Yeh, Kinmen, Yang Chien, ” Yang, “, Yang, Yang Pei, Huang Li, cheng, Tsai Ing, William Lai, Wu Chia, chiang, Nancy Pelosi, Kevin McCarthy, Joseph Wu, ” Wu, Maestro Wu Tseng, Maestro Wu Organizations: Taiwan CNN —, Communist, People’s Liberation Army, CNN, Democratic Progressive Party, Taiwan’s Presidential, Mainland Affairs Council, Chinese Communist Party, CCP, Mainland Affairs, Russo, Getty, Communist China's, Tourism Association, Communist Party, Xi, United States, Taiwan’s, Taiwan Locations: Kinmen, Taiwan, China, Beijing, Taipei, Taiwan’s, Xiamen –, Xiamen, Chinese, Ukrainian, Russia, Taiwan's, AFP, Jinsha, “, Fujian, California, Beijing’s

The logo of Russia’s state gas company Gazprom was emblazoned on the shirts of players at the soccer club Toennies chaired. In Germany, Toennies’ story is far from unique. At the centre of Gazprom’s influence campaign was Schalke 04, the soccer club Toennies chaired at the time and which Gazprom began sponsoring in 2006. Russian gas imports have dropped dramatically and Germany is supplying tanks and other weapons systems to Ukraine. In 2001 Toennies assumed another of his older brother’s roles – chairman of soccer club Schalke 04.

Persons: Clemens Toennies, Vladimir Putin, Toennies, Willy Brandt, ”, Putin, Sberbank, Angela Merkel, “, ” Merkel, Bernd, Clemens, Putin’s, Alexei Gromov, Gromov, Gerhard Schroeder, Schroeder Organizations: Gazprom, Toennies, Schalke, Gazprom’s, Reuters, Miele, Volkswagen, Deutsche Telekom, ” Schalke, Chelsea, Kremlin, Former Locations: WIEDENBRUECK, Germany, Russia, Russian, Moscow, Ukraine, Berlin, Russians, Crimea, Gazprom, Rheda, German, Europe, Nord Stream, Dresden

Economists expect such examples to become increasingly common in coming years, as a glut of university graduates and a shortage of factory labour due to an ageing workforce deepen China's job market imbalances. The industries most popular among fresh Chinese graduates, such as tech, education, real estate and finance, have all faced regulatory crackdowns in recent years. Reuters Graphics'ROLL UP YOUR SLEEVES'It is unclear exactly how many graduates are taking jobs below their skill level, but state media has acknowledged the trend. President Xi Jinping repeatedly exhorted young people to "seek hardships" in a recent state media article emphasising his suffering during the Cultural Revolution. China's education and human resources ministries did not immediately respond to requests for comment.

Persons: Thomas Peter, Liang Huaxiao, Liang, Keyu Jin, Xi Jinping, today's, Chim Lee, Jobs, Han Zhaoxue, master's, Wang, Laurie Chen, Marius Zaharia Organizations: REUTERS, Economist Intelligence Unit, Thomson Locations: Beijing, China, BEIJING, Taiyuan, Shanghai, Jining

May 31 (Reuters) - Russia's unemployment rate dropped to a record low 3.3% in April, data showed on Wednesday, highlighting the labour shortage that is stifling economic growth, while other indicators painted a mixed picture. Retail sales, a key gauge of consumer demand, fell 0.1% compared with March and industrial output dropped 5.0%. Excluding seasonal factors, economic growth slowed to 0.2% in April, the ministry said. Russia's market has changed drastically since the sanctions war began, Tsukhlo said, with mass-market and expensive brands alike leaving the country. "(They) could have been replaced by Russian light industry products, but there is no one there to produce them," he said.

Persons: Sergei Tsukhlo, Tsukhlo, Alexander Marrow, Darya, Alison Williams Organizations: Russia's Gaidar, Thomson Locations: Russia, Ukraine, Moscow, Russian

☆ China Remains a Formidable Economic Foe - The New York Times
▼ + stars: | 2023-05-31 | by ( Steven Rattner | ) www.nytimes.com time to read: +1 min

On my first trip to China in more than three years, I awoke to an uncharacteristically brilliant blue Beijing sky. That, for me, proved to be a metaphor for at least part of my weeklong visit this spring. A robust pipeline of exciting start-ups suggested China will continue to be a leader in innovation. Yes, China has its share of economic challenges, particularly how much President Xi Jinping remains committed to maintaining the country’s progress toward a market economy. Yet while the Western press displays increasing skepticism, I believe China will continue to prosper.

Persons: Xi Jinping Locations: China, Beijing, South

☆ China can continue to outgrow the US economy, and Americans shouldn't delude themselves, former Treasury official says
▼ + stars: | 2023-05-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China has demonstrated its economy can continue outgrowing the US, Steven Rattner wrote. "Most important, we should not delude ourselves with the fantasy that China is going to fall under its own weight." The former counselor to the Treasury secretary during the Obama administration acknowledged that China's rebound following the end of China's strict COVID policies has fallen short of high expectations. In fact, fresh manufacturing data Wednesday added to fears over China's economy. "Most important, we should not delude ourselves with the fantasy that China is going to fall under its own weight," Rattner concluded.

Persons: Steven Rattner, That's, —, Obama, Rockefeller International's Ruchir Sharma, Rattner Organizations: Service, Privacy, China, The New York Times, Trump, Biden Locations: China, South, America

☆ Kosovo tensions: Why did ethnic Serbs attack NATO peacekeepers?
▼ + stars: | 2023-05-30 | by ( Christian Edwards | ) edition.cnn.com time to read: +8 min

CNN —Dozens of NATO peacekeepers were injured after they were attacked by ethnic Serbs in northern Kosovo, during protests over the installation of ethnically Albanian mayors. More than a decade on, these municipalities have not been created, leaving disputes over the degree of autonomy for Kosovo’s Serbs to fester. Valdrin Xhemaj/ReutersFearing potential violence, Kosovo’s central election commission changed plans to put voting booths in local schools, instead setting up mobile huts patrolled by NATO peacekeepers. Of these, more than 16,000 are ethnic Serbs – with only around 500 ethnic Albanians. The peacekeeping mission said that it had increased its presence in northern Kosovo after the newly elected ethnically Albanian mayors took office in majority Kosovo Serb areas.

☆ Elon Musk meets China's foreign minister as Tesla boss touts expansion in the country
▼ + stars: | 2023-05-30 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Elon Musk met with China's Foreign Minister Qin Gang on Tuesday as Beijing pushed to show it is open to foreign business and the Tesla CEO reportedly signaled further expansion in China. According to the Chinese foreign ministry statement, Musk praised Chinese the Chinese people and China's achievements. Tesla did not immediately respond to a CNBC request to verify the Chinese foreign ministry's statement. The meeting between Musk and Qin comes at a time of continued tensions between the U.S. and China over technology. The Chinese foreign minister on Tuesday said that a "constructive" U.S. and China relationship is in the interest of both countries and the world.

☆ California Builds the Future, for Good and Bad. What’s Next?
▼ + stars: | 2023-05-30 | by ( Laila Lalami | ) www.nytimes.com time to read: +2 min

I remember my first glimpse into the future. In August 1992, when I arrived in California as a student, I discovered during orientation that the university required all incoming students to have something called an email account. To access it, I had to call up a text-based mail client on Unix, using a series of line commands. That fall, the incoming Clinton administration announced a plan to invest billions of dollars into civilian research and technology. Now I carry in my pocket a tiny device that, in addition to everything the Classic II did, can play movies, deliver the news, give directions, send money, book airline tickets and check my royalty statements.

☆ Uganda enacts harsh anti-LGBTQ law including death penalty
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +4 min

Same-sex relations were already illegal in Uganda, as in more than 30 African countries, but the new law goes much further. It imposes capital punishment for some behaviour including transmitting a terminal illness like HIV/AIDS through gay sex, and stipulates a 20-year sentence for "promoting" homosexuality. Uganda receives billions of dollars in foreign aid each year and could now face another round of sanctions. The bill's sponsor Asuman Basalirwa told reporters that parliament speaker Anita Among's U.S. visa was cancelled after the law was signed. "Our data shows that this law runs counter to the interests of economic progress and prosperity of all people in Uganda," he said.

☆ China's youth unemployment hits a record high, deepening its economic scars
▼ + stars: | 2023-05-29 | by ( Clement Tan | ) www.cnbc.com time to read: +6 min

In this article GSBDGS Follow your favorite stocks CREATE FREE ACCOUNTChina's young face the prospect of dimmer economic gains amid record youth unemployment in the world's second-largest economy. "The expansion of college education in the late 1990s created this huge influx of college graduates, but there is a misalignment between demand and supply of high skilled workers. "Increasingly, college graduates are taking up positions that are not commensurate with their training and credentials to avoid unemployment," Lu told CNBC. China's young face the prospect of dimmer economic gains amid record youth unemployment in the world's second-largest economy. "But the plan was for China's economy to transform from labor-intensive industry to more technological, with a strong service-oriented, knowledge economy," Yeung added.

But he fell just short of the 50% needed to avoid a runoff, in a race with profound consequences for Turkey itself and global geopolitics. His camp has struggled to regain momentum after the shock of trailing Erdogan in the first round. A closely-watched survey by pollster Konda for the runoff put support for Erdogan on 52.7% and Kilicdaroglu on 47.3% after distributing undecided voters. [1/5] Turkish President Tayyip Erdogan attends a rally, ahead of the May 28 presidential runoff vote, in Istanbul, Turkey May 27, 2023. Erdogan has fused religious and national pride, offering voters an aggressive anti-elitism," said Nicholas Danforth, Turkey historian and non-resident fellow at think tank ELIAMEP.

☆ Opinion | If You’re Reading This, You’re Probably ‘WEIRD’
▼ + stars: | 2023-05-26 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +83 min

You’re probably very weird, and not just for all the obvious reasons you’re thinking of. Because, obviously, there’s going to be some overlap in the curve here. How you’re going to behave with your professor is quite different than how you’re going to behave with your friends. But it’s really kind of faceless, and you’re not really helping anybody you know. I think things are dynamic, and directions are changing, and that sort of thing.

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