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☆ Davos 2023: Brazil lacking world aid to fight climate change, Silva says
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

She said Brazil has regained the trust of the European Parliament with regards to resistance to the EU trade deal with South America's Mercosur bloc. Speaking at the World Economic Forum (WEF), Silva said Brazil's new government that took office on Jan. 1, was rebuilding Brazil's environmental agencies and policies that were "completely dismantled" by the previous administration. Silva said President Luiz Inacio Lula da Silva had offered to hold the COP30 climate summit in the Amazon region in 2025 to show its commitment towards curbing in climate change. Silva and Finance Minister Fernando Haddad represented Brazil at the WEF and discussed the country's economic, social and environmental roadmap in a panel. Reporting by Alessandra Galloni in Davos, Anthony Boadle and Eduardo Simoes in Brazil; Editing by Andrew Heavens and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Britain vows new law to ban conversion therapy for LGBT people
▼ + stars: | 2023-01-17 | by ( Sachin Ravikumar | ) www.reuters.com time to read: +2 min

LONDON, Jan 17 (Reuters) - Britain will seek to ban conversion therapy targeting lesbian, gay, bisexual and transgender people, cracking down on so-called treatments that claim to change a person's sexual orientation or gender identity. Culture minister Michelle Donelan said on Tuesday the government would publish draft legislation soon, setting out proposals to ban conversion practices in England and Wales. "The Bill will protect everyone, including those targeted on the basis of their sexuality, or being transgender," Donelan said in a statement. A 2017 national LGBT survey people found that 5% of respondents had been offered conversion therapy and 2% had undergone it, with over half of it done by religious groups. Many campaigners have long called for a ban on conversion therapy, but others have argued that any ban should not outlaw conversations with clinicians or therapists helping people with gender issues.

☆ Indonesia close to EV deals with BYD Group and Tesla - minister
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Jan 17 (Reuters) - Indonesia is finalising agreements with China's automaker BYD Group and U.S. carmaker Tesla (TSLA.O) to invest in electric vehicle (EV) production facilities in the Southeast Asian country, a senior cabinet minister said on Tuesday. Indonesia is aggressively promoting investment into batteries and EVs at home to take advantage of its rich nickel resources. BYD Group, the number one in the world, Tesla, the number two, Hyundai and so on, they are all finalising deals with Indonesia," coordinating minister Luhut Pandjaitan said in a meeting with provincial governments. BYD Group and Tesla did not immediately respond to requests for comment. SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd, General Motors Co (GM.N) and Wuling Motors Holdings (0305.HK), has built assembly facilities in Indonesia.

REUTERS/Shelby Tauber/File PhotoWASHINGTON/DAVOS, Switzerland, Jan 16 (Reuters) - U.S. Treasury Secretary Janet Yellen will meet Chinese Vice Premier Liu He in Switzerland on Wednesday to exchange views on economic developments and deepen communication between the world's two largest economies, a Treasury official said. Yellen and Liu will also discuss global challenges like the possibility of a world recession, the corresponding risks, and how to enhance cooperation, the official said. Yellen does not plan to attend the World Economic Forum. Yellen has met virtually three times with Liu since taking office, and met in Bali, Indonesia with Chinese central bank governor Yi Gang. Liu will step down this year as part of an overhaul of China's economic leadership disclosed in September.

☆ France to push for 'Made in Europe' strategy at Feb EU summit
▼ + stars: | 2023-01-16 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Jan 16 (Reuters) - France wants the European Union to adopt a "Made in Europe" industrial strategy in response to the U.S. scheme of subsidies for green investment, to keep industrial firms from leaving Europe and reduce members' dependence on outside suppliers. "The implementation of an ambitious and robust European industrial policy is therefore essential today. The French authorities propose that it take the form of a 'Made in Europe' strategy," France said in a paper seen by Reuters. The French paper called for urgent measures in particular to retain Europe companies involved in solar panels, batteries, hydrogen and critical raw materials, noting the "Made in Europe" strategy should be based on four pillars. The third pillar should be EU funding for sensitive sectors, which would help equalise the uneven fiscal power for supporting industries among EU countries.

☆ Thousands of Indonesian workers protest against president's job decree
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +2 min

The Constitutional Court had ruled the 2020 Jobs Creation Law was flawed, saying there had been insufficient public consultation before the law was passed. "Job creation should be in line with workers' welfare improvement, but this decree runs counter to it. Protesters held a banner saying "Say no to outsourcing", while others had signs reading, "Refuse job creation emergency decree because there is no emergency situation". "We don't want the state to become only an agent for dirty entrepreneurs to weaken workers' welfare," Said told reporters. The Jobs Creation Law, revising more than 70 other laws, had been welcomed by foreign investors for cutting red tape.

Indonesia, producer of more than half of global palm oil supplies, also tightened trade rules this year, allowing exporters to ship just six times their domestic palm oil sales volume, less than a fourth-quarter 2022 ratio of eight times. "Indonesian palm oil export definitely will drop, as output will decline, domestic consumption will increase," Fadhil Hasan, an Indonesian Palm Oil Association (GAPKI) official, told Reuters. Indonesia produced 51.3 million tonnes of palm oil in 2022 and exported 33.7 million tonnes, GAPKI estimated. In 2023, palm oil output is expected at 50.82 million tonnes and exports at 26.42 million tonnes, it said. "But India's strong demand for palm oil will continue as it is still the cheapest edible oil."

☆ Ericsson's provision for U.S. probe hints of smaller fine, shares jump
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

Ericsson had in 2019 settled bribery allegations with U.S. authorities and agreed to be under review for three years. But it failed to fully disclose results of an internal investigation about potential payments to the Islamic State militant group in Iraq, leading to more regulatory scrutiny. Ericsson's announcement indicates that a resolution is nearer than the market expected, which removes much of the overhang to the investment case, Rosendal said. The Swedish telecom equipment maker said it believes its provision was based on a sufficiently reliable estimate of the financial penalty associated with any potential breach resolution. "The Company's internal investigation and its cooperation with authorities in relation to the allegations in the 2019 Iraq-related internal investigation report remain open and ongoing," Ericsson said.

☆ Indonesia says investment talks with Tesla still ongoing
▼ + stars: | 2023-01-12 | by ( Bernadette Christina | ) www.reuters.com time to read: +3 min

Luhut Pandjaitan, who has been leading the talks with Tesla, declined to disclose further details, citing a non-disclosure agreement. Bloomberg News also reported that the Indonesia talks include plans for production facilities and to facilitate the company's supply chain, citing people familiar with the matter. "I can't comment, we're still talking," Luhut told Reuters, adding that he had just recently held another round of talks with Tesla. Tesla currently makes its electric cars in China's Shanghai, Germany's Berlin, and Austin and Fremont in the United States. Indonesian authorities have said Japanese firms Toyota Motor Corp (7203.T) and Mitsubishi Motors Corp (7211.T) have pledged investments in EV production.

☆ Audi Mexico and union avert strike in deal for 9.4% pay rise
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowMEXICO CITY, Jan 11 (Reuters) - Carmaker Audi's Mexico unit and worker representatives have agreed to 9.4% salary raises for 2023, forestalling a strike in reaching a deal for one of the highest automaker wage hikes in Mexico in recent years. The Independent Union of Audi Mexico Workers (SITAUDI) and Audi previously negotiated two options to raise wages for the plant's 4,000 unionized employees in the central state of Puebla, but workers in December rejected both. The 9.4% increase tops a recent deal at Volkswagen in Mexico for 9% wage raises this year, which also followed worker rejections of earlier proposals. The revamped deal "gives certainty and stability to the workers and their families," SITAUDI said in a statement. Audi said Tuesday evening that it had managed to avert a strike slated for Wednesday, and that the company prioritized the financial stability of workers.

☆ Universal Music CEO Grainge decries spam music on streaming platforms
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Jan 11 (Reuters) - Universal Music Group (UMG.AS) CEO Lucian Grainge on Wednesday lamented the increasing use of short, low-quality music clips on streaming music platforms, saying they undermine the experience of fans and are aimed at evading royalty payments to artists. In a New Year's note to staff, Grainge said platforms use popular music to entice customers, but algorithms guide them to cheaper "lower-quality functional content that in some cases can barely pass for 'music'." He said Spotify's pioneering launch of a subscription model in 2011 had proved a boon for the industry, but that that was more than a decade ago. "As technology advances and platforms evolve, it’s not surprising that there’s also a need for business model innovation," he said. "We need an updated model... (that rewards) artists, fans, and labels alike."

☆ Zelenskiy mocks Russia's claims over Soledar, says fighting continues
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

Jan 11 (Reuters) - Ukrainian President Volodymyr Zelenskiy on Wednesday mocked Russian claims to have taken over parts of the eastern city of Soledar, saying that fighting was still going on. Russian mercenary group Wagner on Tuesday claimed it had taken full control of Soledar but that fighting continued in the city centre. Soledar is a salt-mining town near the city of Bakhmut, which has been the focus of a Russian assault aimed at capturing the entire Donbas region of eastern Ukraine. "The terrorist state and its propagandists are trying to pretend that part of our town of Soledar ... is some sort of a Russian possession," Zelenskiy said in a video address. Reporting by David Ljunggren and Ron Popeski Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Bed Bath & Beyond did not take questions from analysts on its Tuesday conference call "in light of the ongoing review of strategic alternatives," said Susie Kim, head of investor relations. "It's definitely a cause for concern," said bankruptcy lawyer Daniel Gielchinsky, who does not represent Bed Bath & Beyond. Bed Bath & Beyond said it started cost reductions of about $80 million to $100 million across the business. Morningstar analyst Jaime Katz expects a Bed Bath & Beyond bankruptcy filing in the first half of 2023. The retailer reported a non-GAAP loss of $3.65 per share, wider than Wall Street's estimate of a loss of $2.23 per share.

☆ Airbus maintains jetmaker top spot despite missing goal
▼ + stars: | 2023-01-10 | by ( Tim Hepher | ) www.reuters.com time to read: +2 min

The France-based company said it had delivered 663 jets or a net total of 661 after allowing for two Aeroflot jets previously caught up in Western sanctions against Russia. It won 1,078 jet orders during 2022, or a net total of 820 after allowing for cancellations. Reuters reported last week that Airbus had provisionally delivered as many as 663 aircraft in 2022. Airbus last month abandoned a target of "around 700" deliveries for the year, saying the final outcome would not be materially below this. Airbus Chief Executive Guillaume Faury blamed the shortfall on the "complexity of the operating environment" but said Airbus would continue to ramp up production.

☆ World Bank warns global economy could tip into recession in 2023
▼ + stars: | 2023-01-10 | by ( David Lawder | ) www.reuters.com time to read: +4 min

REUTERS/Andrew KellyWASHINGTON, Jan 10 (Reuters) - The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter. The development lender said it expected global GDP growth of 1.7% in 2023, the slowest pace outside the 2009 and 2020 recessions since 1993. In its previous Global Economic Prospects report in June 2022, the bank had forecast 2023 global growth at 3.0%. It forecast global growth in 2024 to pick up to 2.7% -- below the 2.9% estimate for 2022 -- and said average growth for the 2020-2024 period would be under 2% -- the slowest five-year pace since 1960. China's growth in 2022 slumped to 2.7%, its second slowest pace since the mid-1970s after 2020, as zero-COVID restrictions, property market turmoil and drought hit consumption, production and investment, the World Bank report said.

☆ Bed Bath & Beyond reports quarterly loss, bankruptcy threat looms
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

Jan 10 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Tuesday reported a quarterly loss of about $393 million after a tough holiday season that it hoped would provide a financial cushion to its months-long cash burn. The company did not say if it would file for bankruptcy after saying last week it was working with outside advisers to look at various options after years of weakening sales. Bed Bath & Beyond also said it started cost reductions of about $80 million to $100 million across the business, including overhead expenses and headcount. The big-box retailer is considering skipping its debt payments due on Feb. 1 in an effort to conserve cash ahead of a possible bankruptcy filing, Reuters reported earlier. Bed Bath & Beyond reported a $3.65 non-GAAP loss per share, missing Wall Street's estimates for a loss per share of $2.23.

☆ Iran executions are 'state sanctioned killing' - UN rights chief
▼ + stars: | 2023-01-10 | by ( Emma Farge | ) www.reuters.com time to read: +3 min

Summary Warns that more executions are imminentMeeting between Turk, Iranian authorities plannedUN-appointed body to probe Iran's crackdownGENEVA, Jan 10 (Reuters) - The U.N. human rights chief said that the death penalty was being weaponised by Iran's government to strike fear into the population and stamp out dissent, saying the executions amounted to "state sanctioned killing". "The weaponization of criminal procedures to punish people for exercising their basic rights – such as those participating in or organizing demonstrations - amounts to state sanctioned killing," U.N. High Commissioner for Human Rights Volker Turk said, adding the executions violated international human rights law. The U.N. Human Rights office has received information that two further executions are imminent, the statement said, while up to 100 face charges for capital crimes. The Geneva-based Human Rights Council voted in November to set up a three-member independent fact-finding mission into Iran's crackdown on protests. The start of executions, which have been condemned by a growing number of countries, has coincided with a slowdown in the protests.

☆ Hackers hit websites of Danish central bank, other banks
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Jan 10 (Reuters) - Hackers have disrupted access to the websites of Denmark's central bank and seven private banks in the country this week, according to the central bank and an IT firm that serves the industry. The websites of the central bank and Bankdata, a company that develops IT solutions for the financial industry, were hit by so-called distributed denials of service (DDoS), which direct traffic towards targeted servers in a bid to knock them offline. A spokesperson for the central bank said its website was working normally on Tuesday afternoon and the attack did not impact the bank's other systems or day-to-day operations. Access to the websites of seven private banks was briefly restricted on Tuesday after the DDoS attack on Bankdata, a company spokesperson said. The banks included two of Denmark's largest, Jyske Bank (JYSK.CO) and Sydbank (SYDB.CO), he said.

☆ German police clash with activists in showdown over coal mine expansion
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +4 min

Many Greens oppose the mine's expansion, but Economy Minister Robert Habeck of the Greens party has fronted the government's decision. Some activists dumped 250 kg (551 lb) worth of coal blocks in front of a local Greens party headquarters, German media reported. Some of the activists have built treehouses in Luetzerath, believing these would make it harder for police to force them to leave. The move echoes a similar protest in 2013 in the Hambach forest, which delayed an RWE coal mining project for years and became a symbol of anti-coal demonstrations. Those include firing up mothballed coal power plants and extending the lifespan of nuclear power stations after Russia cut gas deliveries to Europe in an energy standoff that sent prices soaring.

☆ More heavy rains, damaging winds torment California
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

Jan 10 (Reuters) - The latest Pacific storm unleashed torrential downpours and damaging winds in California on Tuesday, a day after heightened flood and mudslide risks prompted thousands of evacuations and caused widespread power outages. Rainfall throughout the day was expected to be "heavy to excessive" across the state, especially in southern California, as winds gusts were clocked at more than 40 miles (64 km) an hour in many places, the National Weather Service said. The high winds wreaked havoc on the power grid, knocking out electricity to tens of thousands of Californians. [1/2] A view of flood waters in Morro Bay, California, U.S., January 9, 2023 in this picture obtained from social media. The torrential rains, along with heavy snow in mountain areas, are the product of yet another "atmospheric river" of dense moisture funneled into California from the tropical Pacific, powered by sprawling low-pressure systems churning offshore.

[1/4] Traffic navigates around downed tree limbs along 19th Avenue after a new bout of rainstorms threatens to flood San Francisco, in California, U.S. January 4, 2023. Governor Gavin Newsom declared a state of emergency on Wednesday, and state officials urged Californians to avoid travel during the storm. Crews in San Francisco spent the night cleaning up debris from felled trees that blocked roadways. The area lies in the heart of the Sonoma Wine Country, a tourist magnet just north of San Francisco. Nearly 100 flights were canceled at San Francisco International Airport on Wednesday, and an additional 15 had already been canceled on Thursday.

☆ Credit Suisse seeing strong demand for new sterling-denominated bond
▼ + stars: | 2023-01-05 | by ( Chiara Elisei | ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - A new bond being sold by Credit Suisse on Thursday met with strong demand from investors, a lead memo seen by Reuters showed, in a positive sign for the embattled Swiss bank. The sterling-denominated bond is expected to be priced later on Thursday and follows the sale of two U.S. dollar-denominated Credit Suisse bonds on Wednesday. Credit Suisse sold a $1.25 billion two-year bond, with a 7.95% coupon and an 8.06% yield, and a $2.5 billion dollar five-year bond with a 7.50% coupon and a 7.551% yield. The high yields reflect the higher premium investors are demanding to hold Credit Suisse debt as the bank goes through a restructuring. Credit Suisse has been battered by mishaps, including a $5.5 billion loss on U.S. investment firm Archegos.

☆ Mercedes to launch vehicle-charging network, starting in North America
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Mercedes-Benz sign is seen on Mercedes-Benz EQE, an all-electric sedan, during International Motor Show Auto 2022 in Riga, Latvia April 30, 2022. REUTERS/Ints KalninsBERLIN, Jan 5 (Reuters) - Mercedes-Benz (MBGn.DE) is poised to invest billions of euros to build 10,000 fast-charging points in North America, Europe and China by 2030, the luxury carmaker said on Thursday. The carmaker will commence construction in North America this year, targeting 2,500 charging points at 400 locations across most U.S. states and Canada by 2027, it said at the CES car show in Las Vegas which runs from Jan. 5-8. The United States has around 140,000 public EV chargers, according to July 2022 data from the National Renewable Energy Laboratory. Still, the region requires at least 3.4 million charging points by 2030 to meet an expected rise in demand, the study said.

☆ India OKs $2 bln incentive plan for green hydrogen industry
▼ + stars: | 2023-01-04 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +3 min

Reuters reported last month about India's plans for a green hydrogen incentive programme. "Our aim is to establish India as a global hub of green hydrogen," Thakur said. India also plans to build electrolyser capacity of 60 gigawatts to 100 gigawatts to help produce green hydrogen, Thakur said. To promote the use of green hydrogen, Thakur said obligations - such as mandatory targets for green hydrogen consumption - would be required of fertiliser units, petroleum refineries and city gas distribution networks. The United States and the European Union have already approved incentives worth billions of dollars for green hydrogen projects.

☆ Iran frees actress Alidoosti, jailed over anti-government unrest
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Jan 4 (Reuters) - Iran has released top Iranian actress Taraneh Alidoosti on bail, state media reported on Wednesday, weeks after she was detained for criticizing a crackdown on anti-government protests that have rocked the Islamic Republic for months. The semi-official ILNA news agency, citing her lawyer, said "Alidoosti, who was arrested on December 17, was released today on bail", without giving further details. Her picture, taken in front of Tehran's notorious Evin prison, was widely shared on social media. The Islamic Republic has so far executed two people involved in mass protests. The Norway-based Iran Human Rights group has said that at least 100 detained protesters face possible death sentences.

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