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☆ Japan govt asks insurers to retain marine war insurance for LNG shippers in Russian waters
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Dec 27 (Reuters) - The Japanese government has requested insures to take on additional risks to continue providing marine war insurance for liquefied natural gas (LNG) shippers in Russian waters, a senior official at the industry ministry said. The Financial Services Agency and Agency for Natural Resources and Energy made the request in a letter to the country's general insurance association. Tokyo wants to ensure Japan will continue to import LNG from the Sakhalin-2 project in Russia, the official told Reuters. Three Japanese insurance companies that are set to halt marine coverage of risks related to the war in Ukraine starting next month are in talks with reinsurers to resume those operations, they said on Monday. read moreReporting by Yuka Obayashi Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Japan PM Kishida to replace embattled reconstruction minister Akiba - NHK
▼ + stars: | 2022-12-26 | by ( Sakura Murakami | ) www.reuters.com time to read: +2 min

TOKYO, Dec 26 (Reuters) - Japanese Prime Minister Fumio Kishida, who is battling low approval ratings, will replace a government minister for the fourth time since he created his current cabinet in August, public broadcaster NHK reported on Monday. Discussions on a replacement for Kenya Akiba, minister responsible for overseeing the reconstruction of areas hit by Japan's massive earthquake and tsunami in 2011, are still underway, the broadcaster said. NHK initially reported that Akiba will be replaced by former financial services agency minister Tatsuya Ito, but later corrected that report to say a successor has not been picked. That's all I can say," Kishida said on Monday when asked whether he planned to replace Akiba. Kishida also plans to replace Mio Sugita, his Parliamentary Vice-Minister for Internal Affairs, Kyodo reported on Monday citing multiple unidentified government sources.

☆ Japan PM Kishida to replace reconstruction minister Akiba - NHK
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Dec 26 (Reuters) - Japanese Prime Minister Fumio Kishida will replace reconstruction minister Kenya Akiba with former financial services agency minister Tatsuya Ito, public broadcaster NHK reported on Monday. Akiba would be the fourth minister to be let go from the cabinet of Kishida, whose approval ratings have remained low after the killing of former premier Shinzo Abe revealed close connections between ruling Liberal Democratic Party lawmakers and the church, which critics say is a cult. Reporting by Rocky Swift Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

As the storm took shape over the Great Lakes on Thursday, a weather phenomenon known as a bomb cyclone was likely to develop from a "rapidly deepening low-pressure" system, the National Weather Service (NWS) said. The cyclone could spawn snowfalls of a half inch (1.25 cm) per hour and howling winds from the Upper Midwest to the interior Northeast, producing near-zero visibility, the weather service said. "It's dangerous and threatening," President Joe Biden said at the White House, urging Americans with travel plans to not delay and to set off on Thursday. Hundreds of Texans died in February 2021 after the state's power grid failed amid wintry storms, leaving millions without electricity. Greg Carbin, chief of forecast operations at the NWS Weather Prediction Center in Maryland, said freezing or below-freezing cold would bisect central Florida, with temperatures about 25 degrees below normal.

Tokyo aims to achieve a primary budget surplus, excluding new bond sales and debt servicing costs, by the fiscal year ending March 2026. The budget's size at 114.4 trillion yen marks a big jump from the current fiscal year's initial figures at 107.6 trillion yen. For fiscal 2023, the defence spending amounts to 6.8 trillion yen, up 1.4 trillion yen from this year. The government would also set aside 3.4 trillion yen to help finance its five-year defence build-up plan. On the brighter side, tax revenue is seen hitting a record 69.4 trillion thanks in part to recovery in corporate profits, allowing the government to reduce new bond sales by 1.3 trillion yen to 35.6 trillion yen.

☆ Dollar solidly bid on Fed view, economic resilience; yen eyes weekly gain
▼ + stars: | 2022-12-23 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Sterling was just a touch higher at $1.2038 having slumped to a three-week low of $1.1993 overnight. The number of Americans filing new claims for unemployment benefits increased less than expected last week, pointing to a still-tight labour market, data released on Thursday showed. BOJ SURPRISEThe yen was marginally lower at 132.39 per dollar on Friday, but was on track for its third largest weekly gain this year of more than 3%. "Japan's inflation figures will be closely scrutinised from here on," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. Elsewhere in Asia, the Chinese offshore yuan rose slightly to 7.0038 per dollar.

☆ Charles 'The Serpent' Sobhraj freed from Nepal prison
▼ + stars: | 2022-12-23 | by ( Gopal Sharma | ) www.reuters.com time to read: +4 min

[1/2] Police officers escort Charles Sobhraj, a French national known as 'the Serpent', accused of killing over 20 young Western backpackers across Asia, to the Department of Immigration after he was released from prison, following an order of Nepal's Supreme Court, in Kathmandu, Nepal December 23, 2022. REUTERS/Chandra Bahadur AleKATHMANDU, Dec 23 (Reuters) - Charles Sobhraj, a convicted killer who police say is responsible for a string of murders in the 1970s and 1980s, was released from a Nepal prison on Friday after nearly two decades behind bars. Sobhraj was driven out of Central Jail in Kathmandu by a cavalcade of police cars a little after midday, Ishwari Prasad Pandey, a jailor at the Central Jail, told Reuters. Sobhraj escaped from India's Tihar jail in 1986 after drugging prison guards with cookies and cakes laced with sleeping pills. "Jail authorities will hand him over to the department of immigration today," Sobhraj's lawyer, Chintan told Reuters earlier on Friday.

☆ Carmaker Renault issues 210 bln yen bond
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, Dec 22 (Reuters) - French carmaker Renault (RENA.PA) has issued a 210 billion yen ($1.6 billion) bond that will mature in December 2026 and carry a coupon of 2.80%, it said on Thursday, adding this highlighted its appeal to Japanese investors. "The final orderbook amounted to close to 300 billion yen, underlying the high confidence of Japanese retail investors in the Renault Group strategy as well as its ongoing transformation," Renault said. Earlier this month, Renault Chairman Jean-Dominique Senard, said he remained confident about the outcome of talks with its Japanese partner Nissan (7201.T). Renault wants Nissan to invest in a new electric-vehicle unit it plans to spin off as part of a major overhaul. Nissan wants Renault to sell some of its roughly 43% in the Japanese company to put the two carmakers on more equal footing, Reuters has previously reported.

☆ Toshiba's preferred bidder to seal $10.6 bln loan deal this week -Yomiuri
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 22 (Reuters) - Japan Industrial Partners (JIP), the preferred bidder to buy out Toshiba Corp (6502.T), is set to sign a loan agreement of about 1.4 trillion yen ($10.6 billion) with lenders this week, the Yomiuri newspaper reported on Thursday. The loans include a commitment line of 200 billion yen, the paper said. Sumitomo Mitsui Banking Corp (8316.T) and Mizuho Bank (8411.T) would provide about 400 billion yen to 500 billion yen each, it said. The deal is expected to value the industrial conglomerate at around 2.2 trillion yen, although the Nikkei business daily reported at the weekend that JIP could lower it to below 2 trillion yen. Sumitomo Mitsui Banking and Mizuho Bank both declined to comment on the Yomiuri report.

☆ Prosecutors charge two top executives in connection with FTX collapse
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 21 (Reuters) - Federal prosecutors on Wednesday said they have charged Caroline Ellison, the former CEO of Alameda Research, and Zixiao (Gary) Wang, the former Chief Technology Officer of FTX Trading Ltd. (FTX) with defrauding investors in the crypto trading platform. U.S. Attorney Damian Williams said in a video statement that both Wang and Ellison have pleaded guilty to the charges and have agreed to cooperate with prosecutors. He said that Sam Bankman-Fried, founder of FTX, is now in FBI custody and is on his way to the United States. Williams also gave a stark warning in the video: "If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it. Reporting by Chris Prentice and Luc Cohen; Editing by Megan Davies & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

"On my way to the United States to strengthen resilience and defence capabilities of Ukraine," Zelenskiy said on his Twitter account early on Wednesday. Russia calls its invasion in Ukraine a "special military operation" to denazify and demilitarise its neighbour. His wife, Olena Zelenska, travelled to Washington in July to address Congress and has made several other international trips pleading for Ukraine, as have his aides and ministers. In contrast, his Russian counterpart, President Vladimir Putin, has spent much of his time inside the halls of the Kremlin. Reporting in Kyiv by Pavel Polityuk; Writing in Melbourne by Lidia Kelly Editing by Shri Navaratnam, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. lawmakers include ban on TikTok on government devices in spending proposal
▼ + stars: | 2022-12-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 20 (Reuters) - U.S. lawmakers early Tuesday included a proposal to bar federal government employees from using Chinese app TikTok on government-owned devices in a key spending bill. It was the latest action by U.S. lawmakers to crack down on Chinese companies amid national security fears. The proposal last week won the backing of House Speaker Nancy Pelosi and House Republican Leader Kevin McCarthy. The legislation would not impact the more than 100 million Americans who use TikTok on private or company-owned devices. Many federal agencies, including the White House and the Defense, Homeland Security and State departments, already ban TikTok from government-owned devices.

Summary FY2023/24 budget likely hit record amount for 11th yearGovt to curb new JGB issuanceTax revenue seen hitting record above 69 trln yenTOKYO, Dec 20 (Reuters) - Japan will issue around 35.5 trillion yen ($258.52 billion) in new government bonds for the fiscal 2023/24 annual budget, government sources told Reuters on Tuesday, adding to the industrial world's heaviest public debt. The new borrowing is less than the 36.9 trillion yen last year, marking the second straight year of declines as authorities seek to curb borrowing costs, the sources said. Still, Japan's overall budget proposal for the 2023-24 fiscal year would likely top 114 trillion yen ($831.27 billion) extending a record amount for the 11th straight year. Several rounds of heavy stimulus have bloated fiscal spending by 1.4 times the amount of an initial budget spending plan in the past three years. That has likely made it even more difficult to achieve a primary budget balance excluding new bond sales and debt servicing costs by the fiscal year through March 2026.

TOKYO, Dec 20 (Reuters) - Japan is arranging the issue of new government bonds of around 35.5 trillion yen ($258.52 billion) for the fiscal 2023/24 annual budget, sources told Reuters on Tuesday, adding to the industrial world's heaviest public debt. Japan's budget spending plan for the fiscal year starting from April could be as high as 114 trillion yen, largely financed with bond issuance and record tax revenues, the Nikkei newspaper reported earlier on Tuesday. Japan is saddled with a debt burden of more than twice the size of its $5 trillion economy, the world's third largest. Several rounds of coronavirus stimulus spending measures have bloated fiscal spending by 1.4 times the amount of an initial budget spending plan. That has jeopardised the goal of achieving a primary budget balance excluding new bond sales and debt servicing by the fiscal year through March 2026.

☆ IMF approves program for Ukraine to help promote donor financing
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 19 (Reuters) - The International Monetary Fund said on Monday it has approved a four-month program for Ukraine aimed at maintaining economic stability following Russia's invasion of the country, and helping promote donor financing. Gavin Gray, the IMF's mission chief for Ukraine, said the IMF estimates the country will need between $40 billion and $57 billion in external financing in 2023. The IMF will not make any loans itself but hopes the PMB will help boost confidence among donor nations to support Ukraine. As part of the program, Ukraine has committed to taking measures to strengthen its tax revenues, revive the domestic debt market, and make financial sector reforms. "Strong implementation of the PMB should help pave the way toward a possible full-fledged IMF-supported program."

Dec 19 (Reuters) - President Vladimir Putin on Monday ordered the Federal Security Services to step up surveillance of Russian society and the country's borders to prevent risks from abroad and traitors at home. Speaking ahead of Tuesday's Security Services Day - widely celebrated in Russia - Putin said the "emergence of new threats" increases the need for greater intelligence activity. "Work must be intensified through the border services and the Federal Security Service (FSB)," Putin said. Putin instructed the FSB to maximise their "use of the operational, technical and personnel potential" to tighten control of the society. "It is necessary to severely suppress the actions of foreign special services, quickly identify traitors, spies and saboteurs."

KYIV, Dec 19 (Reuters) - Nine Iranian-made Shahed drones were shot down early on Monday in Kyiv's airspace in the latest attack by Russia on the city, the capital's military administration said on the Telegram messaging app. Several blasts were heard in the city and in the region surrounding the capital, Reuters witnesses reported. "The enemy is attacking the capital with 'Shahed' barrage ammunition," the administration said on the Telegram messaging app. A Reuters witness reported that there was a fire as a result of the attack in Kyiv's central - and often targeted - Shevchenkivskyi district. Reporting by Gleb Garanich and Valentyn Origienko; Writing in Melbourne by Lidia Kelly; Editing by Christopher Cushing & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

SYDNEY, Dec 19 (Reuters) - Australian Foreign Minister Penny Wong will visit China this week, Prime Minister Anthony Albanese said on Monday, signalling an improvement in diplomatic relations between Beijing and Canberra. Wong will meet Chinese Foreign Minister Wang Yi and hold the sixth Australia–China Foreign and Strategic Dialogue, coinciding with the 50th anniversary of diplomatic relations between the two countries on Wednesday. It will be the first visit to China by an Australian minister since 2019, and the first formal talks in Beijing between the two nations' top diplomats since 2018. The significance of it is that it's a meeting not in a conference, but a physical meeting in Beijing. read moreAustralian diplomats have previously said Canberra's moves to improve ties with Beijing would not bring a shift in defence policy.

☆ Renesas halts work at Beijing plant due to COVID spread
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 19 (Reuters) - Japanese chip maker Renesas Electronics Corp (6723.T) suspended work at its Beijing plant on Friday because of COVID-19 infections, and will keep the facility shut for several days, a spokesperson said on Monday. "There won't be much impact for a stoppage that lasts only several days," the spokesperson said. A recent surge in COVID cases in China has hit major urban centres throughout the nation. Renesas is closely watched by investors because it makes around a third of all the microcontroller chips used by the world's carmakers. Reporting by Mayu Sakoda and Tim Kelly; Writing by Elaine Lies; Editing by Edmund Klamann & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's war on Ukraine latest news: Putin cautions about challenges in Ukraine
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +3 min

* Speaking on Security Services Day, widely celebrated in Russia, Putin ordered the strengthening of Russia's borders as Moscow tries to regain momentum in its war against Ukraine. * Putin and his Belarusian counterpart President Alexander extolled the benefits of cooperation, but they hardly mentioned the Ukraine war at their joint news conference. [1/11] A local resident Mykola Kobzarenko inspects the remains of his garage, destroyed during a Russian drone strike, amid Russia's attack on Ukraine, in the village of Stari Bezradychi, in Kyiv region, Ukraine December 19, 2022. * Ukraine's atomic energy agency accused Russia of sending a "kamikaze" drone over part of the South Ukraine Nuclear Power Plant in the Mykolaiv region overnight. * Washington and its allies need do more to help Ukraine keep the power on, a senior U.S. diplomat said.

☆ Ohio workers vote to unionize GM, LG battery plant
▼ + stars: | 2022-12-09 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The Detroit Three automakers all have battery plants in the works with South Korean partners. The UAW petitioned in October to represent about 900 workers at the Ohio plant after a majority of employees signed cards authorizing the union to represent them. Production began in August at the Ohio plant, the first of at least four planned Ultium U.S. battery factories. GM and LG Energy are considering an Indiana site for a fourth U.S. battery plant. Last week, GM Chief Executive Mary Barra expressed support for unionizing the Ohio plant.

☆ China's Nov exports and imports shrink further, worse than forecasts
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 7 (Reuters) - China's exports in November contracted 8.7% from a year earlier, while imports tumbled 10.6%, both missing expectations by large margins, customs data showed on Wednesday. Analysts in a Reuters poll had expected exports to shrink 3.5% after a 0.3% loss in October due to cooling global demand. Imports were forecast to have contracted by an even larger 6.0% from a 0.7% fall in October, hurt by sluggish consumption at home amid widespread COVID-19 restrictions and a protracted property slump. China posted a trade surplus of $69.84 billion in November, compared with a forecast $78.1 billion surplus in the poll and a $85.15 billion surplus in October. Reporting by Ellen Zhang and Ryan Woo Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Reaction to China loosening COVID restrictions
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

Here's what people are saying about the latest moves to ease China's COVID curbs;FRANK BENZIMRA, HEAD OF ASIA EQUITY STRATEGY, SOCIETE GENERALE, HONG KONG"MSCI China has rebounded nicely, valuations have risen and can very gradually normalise. "The next checkpoint will be Chinese New Year; I think markets are looking for further relaxation to facilitate return to their hometowns by Chinese New Year." MITUL KOTECHA, HEAD OF EMERGING MARKETS STRATEGY, TD SECURITIES, SINGAPORE"These are significant steps, and the reality is the current policy had become very difficult to administer given how widespread COVID is in the country. SAKTIANDI SUPAAT, REGIONAL HEAD OF FX RESEARCH & STRATEGY, MAYBANK, SINGAPORE"I think markets have, in some ways, priced in that element (of further easing). I mean, it's better for China to deregulate its COVID restrictions but even if it's a booster for the Chinese economy and commodity prices, that will work negatively for a Fed pause because it tightens monetary conditions."

☆ Reaction to China relaxing COVID restrictions in major policy shift
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +6 min

REDMOND WONG, GREATER CHINA MARKET STRATEGIST, SAXO MARKETS, HONG KONG"The 10 new measures are underwhelming, given the high expectations. GARY NG, ECONOMIST, NATIXIS, HONG KONG"The latest announcements show China is determined to speed up its reopening due to economic pressure. It is likely to see upswings cyclically in business sentiment from suppressed demand, especially in sectors heavily affected by the covid restrictions. "The next checkpoint will be Chinese New Year; I think markets are looking for further relaxation to facilitate return to their hometowns by Chinese New Year." SAKTIANDI SUPAAT, REGIONAL HEAD OF FX RESEARCH & STRATEGY, MAYBANK, SINGAPORE"I think markets have, in some ways, priced in that element (of further easing).

☆ China's trade shrinks sharply as feeble demand, domestic COVID woes take toll
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

"Of much greater consequence will be the downturn in global demand for Chinese goods due to the reversal in pandemic-era demand and the coming global recession." Inbound shipments were down sharply by 10.6% from a 0.7% drop in October, weaker than a forecast 6.0% decline. But analysts remain sceptical the steps could achieve quick results, as Beijing has not announced a full reopening from COVID containment yet. China's economy grew just 3% in the first three quarters of this year, well below the annual target of around 5.5%. "As global demand weakens in 2023, China will have to rely more on domestic demand," he said.

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