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☆ Europe wants China in its corner on Ukraine. But their relations are a tricky balancing act
▼ + stars: | 2023-08-12 | by ( Luke Mcgee | ) edition.cnn.com time to read: +10 min

CNN —European officials took some small comfort when China attended a summit in Jeddah, Saudi Arabia, last weekend. The only downside is how it makes others think about China.”It’s no secret that China’s relationship with Europe has become tetchy. Multiple officials explained to CNN that the relationship with China is in a sort of stasis that tries to balance what Europe needs versus what Europe wants. Europe still imports vastly more from China than it exports, a reflection of the level of dependency it has on China. In 2023, European officials know that China represents a major security concern and that becoming overly dependent on China is a risk.

Persons: it’s, Vladimir Putin, “, ”, Wang Yi, Sergey Lavrov, Putin, China’s Xi Jinping, It’s, Russia –, Moscow’s, ” Alicja, €, Ursula von der Leyen, Xi Jinping, Emmanuel Macron, Jacques Witt, they’re, Sam Goodman, Goodman, Charles Parton Organizations: CNN, EU, “, Russia, Saudi Press Agency, Reuters, European Council, Foreign Relations, Europe, Investment, Beijing, European Commission, East, Risks Institute, Putin’s, Huawei Locations: China, Jeddah, Saudi Arabia, Ukraine, Beijing, Russia, Russian, Alaska, Europe, Washington, Brussels, Eurasia, Taiwan, France, Germany, Spain, Guandong, Guangzhou, Reuters Brussels, West, Putin’s Moscow, America

☆ Biden in Utah to mark anniversary of toxic burn pit legislation
▼ + stars: | 2023-08-10 | by ( Nandita Bose | ) www.reuters.com time to read: +2 min

SALT LAKE CITY (Reuters) - President Joe Biden will visit a Utah veterans’ medical center on Thursday to mark the one-year anniversary of the signing of legislation providing aid to veterans sickened by gases from military toxic burn pits. 1st Class Heath Robinson, stand by in the East Room of the White House, in Washington, U.S., August 10, 2022. The U.S. military used burn pits to dispose of waste on foreign bases until the mid-2010s. Under the law, certain cancers and ailments, including hypertension, are presumed to be connected to the burn pits and the need for veterans to prove they were connected was eliminated. Biden has said he believes there may have been a connection between the brain cancer that killed his son Beau Biden at age 46 and the burn pits that Beau was exposed to during his military service.

Persons: Joe Biden, Heath Robinson, Danielle, Brielle Robinson, Kevin Lamarque, Biden, invigorate, George E, Beau Biden, Beau Organizations: LAKE CITY, White, REUTERS, Wahlen Department of Veterans Affairs Medical, Reuters Locations: Utah, Washington , U.S, American, Salt Lake City, U.S

☆ Biden marks anniversary of toxic burn pit legislation during Utah trip
▼ + stars: | 2023-08-10 | by ( Nandita Bose | ) www.reuters.com time to read: +3 min

SALT LAKE CITY (Reuters) - President Joe Biden visited a U.S. veterans’ medical center in Utah on Thursday to mark the one-year anniversary of the signing of legislation that provides aid to veterans sickened by gases from military toxic burn pits. 1st Class Heath Robinson, stand by in the East Room of the White House, in Washington, U.S., August 10, 2022. The U.S. military used burn pits to dispose of waste on foreign bases until the mid-2010s. Under the law, certain cancers and ailments, including hypertension, are presumed to be connected to the burn pits and the need for veterans to prove they were connected was eliminated. “The PACT Act means today’s veterans and their families won’t suffer the same painful frustrating delays and denials,” Biden said.

Persons: Joe Biden, Heath Robinson, Danielle, Brielle Robinson, Kevin Lamarque, Biden, invigorate, George E, Orange, ” Biden, “, ”, Beau Biden, Beau Organizations: LAKE CITY, White, REUTERS, Wahlen Department of Veterans Affairs Medical, Reuters Locations: U.S, Utah, Washington , U.S, American, Salt Lake City, Vietnam

☆ Biden highlights economic transformation at New Mexico wind tower plant
▼ + stars: | 2023-08-09 | by ( Nandita Bose | ) www.reuters.com time to read: +2 min

[1/4] U.S. President Joe Biden delivers remarks on the economy at Arcosa, a wind tower manufacturing facility, in Belen, New Mexico, U.S., August 9, 2023. REUTERS/Jonathan ErnstBELEN, New Mexico, Aug 9 (Reuters) - U.S. President Joe Biden took his economic pitch to New Mexico on Wednesday to boast how his signature legislation helped turn a previously shuttered facility into a wind tower manufacturing facility. Biden said previous administrations promised to invest in U.S. manufacturing, only to see jobs and capital move abroad. Antonio Carrillo, CEO of Arcosa (ACA.N), said his company and the wind power industry were struggling before the infusion of new funds from Washington. After the IRA passed, he said he received its biggest order for wind towers.

Persons: Joe Biden, Jonathan Ernst BELEN, Biden, invigorate, ” Biden, Antonio Carrillo, Nandita Bose, Jeff Mason, Jarrett Renshaw, Simon Cameron, Moore, Jonathan Oatis Organizations: REUTERS, Democrat, Republican, Reuters, Thomson Locations: Arcosa, Belen , New Mexico, U.S, New Mexico, American, America, Washington

☆ Biden revs up economy pitch after week of silence on Trump
▼ + stars: | 2023-08-07 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

About half the respondents who voted for Biden in 2020 said they have heard little or nothing of his major policy initiatives to reduce inflation or boost spending on infrastructure. Biden and fellow Democrats pushed bills through Congress that put about $1.5 trillion toward new bridge, road, climate and manufacturing projects. Democratic strategist Jennifer Holdsworth said this week's trip would counter a message spread by the nation's right-wing media distorting the economy and Biden's legislative agenda. "As President Biden gets out there on the campaign trail, I think you'll see that trend start to change," she said. On Wednesday, Biden will be in New Mexico to tout the IRA's role in a clean-energy manufacturing boom, one year after the law was signed.

Persons: Joe Biden, Jonathan Ernst, Donald Trump, Biden, Jennifer Holdsworth, Kamala Harris, Jarrett Renshaw, Heather Timmons, Leslie Adler Organizations: Auburn Manufacturing, REUTERS, Republican, Reuters, Democratic, White House, Wednesday, Thomson Locations: U.S, Auburn , Maine, WILMINGTON, Del, Arizona , New Mexico and Utah, Delaware, Arizona, New Mexico, Utah

Six percent of Biden's 2020 voters picked Trump. Forty-two percent of Biden's 2020 voters in the poll said the economy was "worse" than it was in 2020, compared to 33% who said it was "better" and 24% who said it was "about the same." Most of Biden's 2020 voters in the poll - 78% - said they approved of his performance as president, well above his 40% approval rating among all respondents. But a critical division exists among Biden's 2020 voters. When poll respondents were asked to describe how much Biden and his administration have invested in the U.S. economy, 35% of Biden's 2020 voters selected the option "not enough."

Persons: Joe Biden, Jonathan Ernst, Biden, Donald Trump, Chris Jackson, Jackson, Jason Lange, Andrea Shalal, Scott Malone, Conor Humphries Organizations: Auburn Manufacturing, REUTERS, U.S, Reuters, Republican, Biden, Trump, Democratic, White, Thomson Locations: U.S, Auburn , Maine, Arizona, New Mexico, Utah

☆ Wells Fargo pledges $60 million for worker re-entry program
▼ + stars: | 2023-08-02 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File PhotoNEW YORK, Aug 2 (Reuters) - Wells Fargo (WFC.N) on Wednesday said it may commit $60 million to Concordance, a nonprofit organization that helps workers with criminal records re-enter the workforce. "We are generally focused on providing support for housing, financial literacy, sustainability, and this is outside our wheelhouse but it is an important issue and deserves attention," Daley said. JPMorgan Chase (JPM.N) runs a similar initiative, Second Chance, to sign up new employees with criminal records. Certain estimates suggest that about a quarter of the U.S. population is left out of the talent pool due to criminal records.

Persons: Wells, William Daley, Daley, JPMorgan Chase, Nupur Anand, Lananh Nguyen, Jonathan Oatis Organizations: REUTERS, JPMorgan, Companies, Initiative, Thomson Locations: Wells Fargo Bank, New York City, U.S, New York

The extreme heat is prompting violent typhoons in Asia and flash floods in the United States. But to the pragmatist, extreme heat is the new normal. The good news: Investors are spending big on climate projects. Global warming helps make periods of extreme heat more frequent, longer and more intense, and it will continue getting worse unless humans essentially stop adding carbon dioxide to the atmosphere, scientists say. “There’s been huge, huge progress” in developing green technologies and bringing down their costs, said Bella Tonkonogy, the U.S. director of Climate Policy Initiative whose funders include the Bloomberg Foundation and the German government.

Persons: it’s, El Niño, Carl, Friedrich Schleussner, ” “, ”, DealBook, “ There’s, Bella Tonkonogy Organizations: Analytics, Global, Venture, Initiative, Biden, Bloomberg Foundation Locations: Asia, United States, Berlin, U.S

☆ China unveils sweeping foreign policy law as Xi consolidates power — and aims to counter the US
▼ + stars: | 2023-06-29 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —China has unveiled a sweeping foreign relations law enshrining its right to impose “countermeasures” against actions that it deems a threat – in Beijing’s latest bid to bolster its position amid strained relations with the West. “This is the first comprehensive foreign relations law … but it (reads) more like Xi Jinping’s foreign policy declaration,” Zhao said, adding that its release comes at a moment when Xi is focused on countering what it sees as US efforts to contain China. “The party, not the government, runs China’s foreign relations. The law also includes China’s pledge to promote “high-level opening-up” of its economy, development of foreign trade and and encouraging and legally protecting foreign investment. In recent months, a campaign against consulting and due diligence firms has unnerved foreign businesses in China.

Persons: enshrining, Antony Blinken, Jinping, –, Zhao Leji, “, Xi, Washington, Lockheed Martin, Suisheng Zhao, University of Denver’s Josef, ” Zhao, ”, China’s, Sung, Li Qiang, Zhao Organizations: Hong Kong CNN, West, Global Times, Lockheed, Raytheon, Communist Party, Center for, Cooperation, University of Denver’s, University of Denver’s Josef Korbel School of International Studies, Australian National University’s Taiwan Studies Locations: Hong Kong, China, Beijing’s, Beijing, China’s, United States, Ukraine, Taiwan, Center for China, Tianjin, Europe, Denver

☆ Economists weigh in on Mike Pence suggestion to eliminate the Fed’s employment mandate
▼ + stars: | 2023-06-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Mike Pence, who served as Donald Trump’s vice president and is vying to helm the White House, is campaigning on eliminating the Fed’s employment mandate. And what would change if the employment mandate is done away with, if anything? Lawmakers on Capitol Hill, with the sitting president’s approval, can simply amend the Federal Reserve Act to eliminate the employment mandate or even add another one. In CNN’s town hall with Pence earlier this month, the former vice president again floated the idea of eliminating the employment mandate. It seems clear that Democrats would take issue with any attempts to rid the Fed of its employment mandate.

Persons: Mike Pence, Donald Trump’s, Jerome Powell’s, Jimmy Carter, Powell, ”, Peter Ireland, Laurence Meyer, ” Adriana Kugler, Joe Biden, “, ” Meyer, Ben Bernanke, Pence, we’ve, ” Pence, Maxine Waters Organizations: DC CNN, Federal Reserve, Fed, CNN, Reserve, Boston College, Relief, Economic Security, Fed’s, of Governors, Committee, Lawmakers, Capitol, ”, Financial Locations: Washington, Ireland, CNN’s

☆ China is poised for a 'near-term rebound,' says Abrdn
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina is poised for a 'near-term rebound,' says AbrdnRay Sharma-Ong of the asset management firm explains why it likes China and discusses the "signposts" it's monitoring: geopolitical risks, macroeconomic growth turnaround, policy initiatives and earnings.

Persons: Abrdn Ray Sharma, Ong Organizations: China Locations: China

☆ China pledges new audit measures to curb risks and stabilize growth
▼ + stars: | 2023-05-24 | by ( Clement Tan | ) www.cnbc.com time to read: 1 min

China state broadcaster reported late Tuesday the Communist Party pledged to step up auditing work to ensure officials implement measures to stabilize economic growth. China has pledged to curb risks and stabilize economic growth by boosting auditing work to make sure the ruling party officials implement policy initiatives, state broadcaster CCTV reported late Tuesday. Audits should focus on ensuring support and financing for the real economy, CCTV said, citing a Tuesday meeting of the Communist Party audit committee chaired by China President Xi Jinping. Close attention should be paid to areas like local government debt, finance, property, food and energy in order to reduce systemic risks, the report said. This comes as China is experiencing a tepid economic recovery after belatedly emerging from its zero Covid policy late last year.

Persons: Xi Jinping Organizations: Communist Party, CCTV, China Locations: China

☆ Opinion | Two Decades of Prison Did Not Prepare Me for the Horrors of County Jail
▼ + stars: | 2023-05-16 | by ( Christopher Blackwell | ) www.nytimes.com time to read: +3 min

Conditions in county jails aren’t just bad for people suffering from mental illnesses. A small bag of freeze-dried coffee that costs $3.34 in state prison cost almost $13 in County. Phone calls to our loved ones, which cost just over a dollar for 20 minutes at a Washington State prison, cost nearly $4 from the county jail. We have to care about what’s happening in county jails if we are to make our communities safer. With positive changes, people confined in county jail could come out of their stays better equipped to thrive in their communities.

☆ NASA chief sees Russians and Americans together on space station through 2030
▼ + stars: | 2023-04-25 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

REUTERS/Joe SkipperOTTAWA, April 25 (Reuters) - NASA Administrator Bill Nelson on Tuesday condemned Russian President Vladimir Putin's invasion of Ukraine, but said in Ottawa that he expected Russians and Americans to work together on the International Space Station (ISS) until it is decommissioned. American-Russian space cooperation was put in doubt after the invasion of Ukraine in February 2022. Yuri Borisov, the director-general of Russia's space agency Roscosmos, surprised NASA by announcing in July 2022 that Moscow intended to withdraw from the space station partnership "after 2024." And I expect that to continue all the way through the end of the decade, when they we will then de-orbit the space station." The space station was born in part from a foreign policy initiative to improve American-Russian relations following the collapse of the Soviet Union and the Cold War hostility that spurred the original U.S.-Soviet space race.

Below are several charts setting out how ESG funds have held up so far this year. Reuters GraphicsTECH REBOUNDESG equity funds enjoyed a quarter of net inflows, even after the March withdrawals, beating non-ESG equity funds, which lost money. ESG funds have historically owned bank shares because of their relatively lower carbon emissions, Boakye said, although versus traditional funds their exposure to banks is generally lower. Across the quarter ESG bond funds managed to attract more cash than they lost. Reuters GraphicsOUTPERFORMINGThanks to the rebound in tech shares and other sectors shunned in 2022, ESG equity funds outperformed traditional funds during the quarter.

☆ Oil jumps $5 per barrel
▼ + stars: | 2023-04-02 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

SINGAPORE, April 3 (Reuters) - Oil prices jumped about $5 a barrel on Monday's open, jolted by a surprise announcement by OPEC+ to cut production further in an effort to support market stability. Brent crude hit the highest in nearly a month at the open, trading at $84.95 a barrel by 0039 GMT, up $5.06, or 6.3%. U.S. West Texas Intermediate crude touched its highest since late January and was at $80.47 a barrel, up $4.80, or 6.3%. Goldman estimated the output reduction could provide a 7% boost to oil prices, contributing to higher Saudi and OPEC+ oil revenues. Analysts at the National Australia Bank said the OPEC+ production cuts and demand recovery from top crude importer China could drive oil prices above $100 a barrel through third quarter.

☆ Airline, banking and rail oversight top U.S. progressives' wish list for Biden
▼ + stars: | 2023-03-30 | by ( Moira Warburton | ) www.reuters.com time to read: +3 min

REUTERS/Jim VondruskaWASHINGTON, March 30 (Reuters) - Liberal Democrats in the U.S. Congress called on President Joe Biden on Thursday to take executive action to crack down on misconduct in the banking, airline and rail transportation industries. The caucus, made up of 101 U.S. House Democrats and independent Senator Bernie Sanders, has grown in influence in recent years under Representative Pramila Jayapal's leadership. "These are actions that we believe the White House and federal agencies have the authority and the ability to take now," Jayapal told reporters on Thursday. With the House of Representatives narrowly controlled by Republicans and the Senate narrowly controlled by Democrats, progress on legislation is increasingly rare, leading presidents to rely more heavily on executive action. Biden's Democratic administration has taken the caucus's advice on multiple occasions, most notably on canceling student debt through executive action.

REUTERS/Florence Lo/File PhotoSummarySummary Companies Five big lenders post over 3.5% annual net profit growthNet interest margin shrank at all fiveNPL ratios steady or down for all fiveBEIJING, March 30 (Reuters) - China's Big Five lenders posted above 3.5% annual net profit growth this week, but warned that the foundations of the country's recovery were "not yet solid". China's Bank of Communications Co Ltd (BoCom) (601328.SS), and Bank of China (BoC) (601988.SS) both posted just over 5% annual net profit growth on Thursday. Even higher figures came from the Agricultural Bank of China Ltd (601288.SS) (AgBank) on Thursday and China Construction Bank Corp on Wednesday, which both posted over 7% annual net profit growth. Industrial and Commercial Bank of China (ICBC) (601398.SS), , the world's largest listed lender by assets, came in at 3.5% annual net profit growth. NPLsWhile all five lenders posted steady or falling non-performing loan ratios, they also logged shrinking net interest margins (NIM), a key gauge of bank profitability.

☆ German coalition government ends dispute after marathon negotiations
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +3 min

[1/2] A general view as German Chancellor Olaf Scholz holds a government statement during a plenary session of the lower house of parliament, Bundestag, in Berlin, Germany, March 16, 2023. REUTERS/Christian MangBERLIN, March 28 (Reuters) - Germany's ruling coalition government on Tuesday presented the results of 30-hour negotiations aimed at resolving a spat that has threatened to delay major policy initiatives in Europe's top economy. Scholz, whom critics have accused of not providing sufficient leadership, played down the differences among the parties by suggesting the coalition reached "some very good agreements" but did not give details. Earlier this month Finance Minister Christian Lindner of the FDP delayed his presentation of the draft budget due to coalition rifts. Notably, the FDP wants to rein in spending while the Greens want to invest more in the transition to a carbon neutral economy.

The Greens in particular, but also the SPD, want to invest more in the transition to a low-carbon economy. The FDP on other hand, seeks a return to solid public finances after signing off on hundreds of billions of euros of exceptional expenditure during the pandemic and energy crisis. German coalition disputes are also spilling over into European Union policymaking, sparking irritation among partners. Proportional representation, for example, means coalition governments are the norm, which can slow down decision-making. However singling out just one minister could could result in that minister's party exiting the coalition, he said.

☆ This real estate developer is happy that new home construction is falling
▼ + stars: | 2023-03-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Recent headlines point to a slumping US housing market — as mortgage rates average near 7%, an increasing number of potential homebuyers are finding it difficult to finance homes. David O’Reilly, CEO of the real estate developer Howard Hughes Corp., told CNN that he’s “cautiously optimistic” that the residential housing market is rebounding after a downturn in the second half of 2022. Recent data point to doom and gloom for the housing market. Are you having issues attracting new buyers because of higher mortgage rates? On Thursday, Challenger, Gray & Christmas is set to release its job cuts numbers for February, and Friday brings the main show — the US jobs report for February.

☆ Nigeria's Buhari grants 60-day extension to turn in old banknotes
▼ + stars: | 2023-02-16 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

Nigeria's central bank decided last year to start circulating newly designed 1,000 ($2.17) 500 and 200 naira notes. The deadline to turn in old notes has already been extended once to Feb. 10, after which they would no longer have been legal tender. Buhari said in a television broadcast that old 200 notes would continue to circulate in the economy alongside new 1,000, 500 and 200 notes until April 10. But the old 1,000 and 500 notes could only be swapped at the central bank and "designated points", he said. The comments contrasted with last week's Supreme Court interim ruling that said all old notes remain legal tender until it hears a challenge brought by some state governments.

☆ Recession 2023: Jerome Powell's Legacy Will Dictate Inflation, Stock Market, Economy
▼ + stars: | 2023-01-30 | by ( William Edwards | ) www.businessinsider.com time to read: +15 min

This obsession with controlling inflation — and potentially causing serious pain for average Americans — is driven by one major factor: legacy. High inflation eats away at consumers' purchasing power, and persistent inflation seeps into expectations for price and wage adjustments, which further fuel inflation. What's more, the full impact of the Fed's rate hikes have yet to hit. Legacy actsThere are signs that certain Fed officials are ready to dial back on the inflation fight. And navigating such a tricky economy — without throwing hundreds of thousands of Americans out of work — could cement Powell's legacy.

[1/3] George Bezdjian, whose daughter Jessica died in 2020 port explosion, holds her picture during a protest against steps taken this week to hamstring a probe into the 2020 port blast, in Beirut, Lebanon January 26, 2023. With friends and allies of Lebanon's most powerful factions, including Hezbollah, among those charged, the establishment struck back swiftly on Wednesday, when the prosecutor general charged Bitar with usurping powers. With deep fissures in the judiciary exposed, the tussle adds to the unravelling of a state accelerated by a three-year-long financial crisis, left to fester by the ruling elite. Attempts by a Lebanese judge to investigate Salameh have hit obstacles in Lebanon, where politicians have big sway over the judiciary. In opposing Bitar, Hezbollah has accused the United States of meddling in the investigation and Bitar of political bias.

One man carried out his attack with a gun banned by the state, while the other used a gun he legally owned, police said. Even in California, a state with some of the country's strictest gun laws, the limits can be sidestepped. The prospects for new federal gun laws are dim. The majority of guns used in mass shootings were obtained legally, according to the nonprofit Violence Project, which maintains a database of attacks. Chunli Zhao legally owned the gun used in the Half Moon Bay attack on Monday, police said.

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