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Zambia was the first African country to default in the COVID-19 era, in late 2020, but its restructuring process has been beset by delays. International bondholders also complained they were left out of the process, which started with drawn-out negotiations with bilateral creditors including China. Zambia's three international bonds rose sharply after the announcement, adding as much as 3.9 cents on the dollar, Tradeweb and MarketAxess data showed. The committee of bondholders owns or controls 40% of the outstanding bonds, Zambia's finance ministry added. Earlier this month, Zambia agreed a memorandum of understanding with its official creditors, including China and members of the Paris Club of creditor nations, to restructure about $6.3 billion of debt.

Persons: Situmbeko Musokotwane, Susana Vera, amortization, Rachel Savage, Karin Strohecker, Bhargav Acharya, David Holmes Organizations: Zambia's, International Monetary Fund, World Bank, REUTERS, IMF, Bondholder, Amia, Amundi, RBC BlueBay Asset Management, Farallon Capital Management, Greylock Capital Management, Paris Club, Thomson Locations: Marrakech, Morocco, JOHANNESBURG, Zambia, China, Rosario

☆ Japan finmin says he is watching yen moves with 'sense of urgency'
▼ + stars: | 2023-10-26 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +1 min

Japanese Finance Minister Shunichi Suzuki arrives for a news conference during the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera/File Photo Acquire Licensing RightsTOKYO, Oct 26 (Reuters) - Japanese finance minister Shunichi Suzuki maintained a warning to investors against selling the yen on Thursday, saying authorities were closely watching moves after the currency fell beyond 150 yen against the dollar. "I'm watching market moves with a sense of urgency, as before," Suzuki told reporters at his ministry, when asked about renewed weakness in the yen. The dollar rose to 150.32 yen, its highest since October last year when Japan last intervened in the market to support the local currency. Pressure is mounting on the Bank of Japan to change its bond yield control as global interest rates rise.

Persons: Shunichi Suzuki, Susana Vera, Suzuki, Tetsushi Kajimoto, Jamie Freed, Sam Holmes Organizations: International Monetary Fund, World Bank, REUTERS, Rights, greenback, Bank of Japan, Thomson Locations: Marrakech, Morocco, Japan

☆ Canada targets Airbnb, others to ease rental shortage
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Susana Vera/File photo Acquire Licensing RightsOTTAWA, Oct 17 (Reuters) - Canada will take steps in the coming weeks to ease a rental-unit shortage exacerbated by Airbnb (ABNB.O) and other short-term rental platforms, Finance Minister Chrystia Freeland said on Tuesday. Freeland said the government is examining options to ensure more short-term rentals become available as long-term rentals. Cities around the United States are more closely regulating short-term rentals, including by requiring hosts to obtain licenses and pay registration fees. In that province, there are 28,000 daily active short-term rental listings, up 20% from a year ago. Freeland's comments come a day after the banking regulator Office of the Superintendent of Financial Institutions shelved some planned mortgage rules related to tighter regulatory limits on debt-service coverage.

Persons: Finance Chrystia Freeland, Susana Vera, Chrystia Freeland, Freeland, Airbnb, David Ljunggren, Nivedita Balu, Alistair Bell, Rod Nickel Organizations: Finance, IMF, World Bank, REUTERS, Rights OTTAWA, British Columbia, Thomson Locations: Marrakech, Morocco, Canada, United States, Florence, Italy, Byron, British, Freeland, Toronto, Vancouver, Montreal, Ottawa

☆ IMF steering committee calls for new funds, share plan by June 2025
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +1 min

International Monetary and Financial Committee (IMFC) chair Nadia Calvino leaves after a press conference during the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 14, 2023. A statement issued by the Fund's steering committee chair, Spanish economy minister Nadia Calvino, also called for proposals to change the Fund's shareholding formula by June 2025. The statement did not specify any funding amounts but left the door open to a potential near-term funding increase without changes in near-term shareholding. "In order to maintain the Fund’s current resource envelope until a quota increase becomes effective, we call on the Executive Board to propose transitional arrangements," the statement said. Reporting by David Lawder; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Nadia Calvino, Susana Vera, David Lawder, Diane Craft Organizations: Monetary, Financial, International Monetary Fund, World Bank, REUTERS, Rights, Monetary Fund, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH

Zambia will pay about $750 million in the next decade compared to almost $6 billion that was due to official creditors before the debt restructuring. "The next step is to secure a comparable agreement with our private creditors," Zambia's finance minister, Situmbeko Musokotwane, said. Zambia is committed to remaining in arrears to its commercial external creditors, the ministry said, until it secures a debt deal with comparable terms to the official creditor agreement. It is unclear how long the signing of the agreements between Zambia and each bilateral creditor is going to take. On Thursday, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Zambia had signed the MoU with official creditors, which was later walked back by Zambia's finance minister and the IMF.

Persons: Situmbeko Musokotwane, Susana Vera, Musokotwane, Kristalina Georgieva, Rachel Savage, Jorgelina, Giles Elgood Organizations: Zambia's, IMF, World Bank, REUTERS, Rights, Paris Club, OCC, Monetary Fund, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Zambia, China, France, Africa, Rosario

REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Oct 14 (Reuters) - Ukraine is finding it harder to secure financial support as the attention of officials in key donor countries shifts to upcoming elections and geopolitical tensions heighten, Finance Minister Serhiy Marchenko told Reuters on Saturday. As the war with Russia rages on, Ukraine needs to secure Western financial support to cover a $43 billion budget gap in 2024. Marchenko said "a geopolitical shift and internal political context in different countries" was dampening governments' appetite to support Ukraine, mentioning elections scheduled in the U.S. and the European Union next year. Marchenko said Ukraine is seeking 18 billion euros of that in 2024, matching the package received for this year. Ukraine's economy is set to grow 5% in 2024, Marchenko told the meetings earlier this week, and sufficient gas storage for the winter should buttress the economy from a potential rise in prices, he told Reuters.

Persons: Finance Serhiy Marchenko, Susana Vera, Serhiy Marchenko, Marchenko, Jorgelina, Rosario, Elisa Martinuzzi, Helen Popper Our Organizations: Finance, Reuters, International Monetary Fund, World Bank, REUTERS, Rights, Bank, European Union, IMF, EU, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Ukraine, Russia, Israel, U.S, Japan, United Kingdom, United States

☆ Yellen, UK's Hunt discussed 'joint actions to deny Russia revenue' -US State Dept
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +1 min

U.S. Secretary of Treasury Janet Yellen visits a school that has housed students from the last month's deadly earthquake stricken area to continue their education, on the second day of the International Monetary Fund and World Bank annual meeting, in Marrakech, Morocco, October 10, 2023. REUTERS/Susana Vera/File Photo Acquire Licensing RightsOct 13 (Reuters) - U.S. Treasury Secretary Janet Yellen met with U.K Chancellor of the Exchequer Jeremy Hunt on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco on Friday, the U.S. State Department said. Yellen and Hunt discussed "joint actions to deny Russia revenue to fund its brutal war and highlighted the importance of collectively supporting Ukraine’s economic assistance needs," the State Department said. Reporting by Dan Whitcomb Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Susana Vera, Jeremy Hunt, Yellen, Hunt, Dan Whitcomb, Chris Reese Organizations: International Monetary Fund, Bank, REUTERS, . Treasury, World Bank, U.S . State Department, State Department, Thomson Locations: Marrakech, Morocco, Russia

☆ Key takeaways from the IMF-World Bank meetings
▼ + stars: | 2023-10-14 | by ( ) www.cnbc.com time to read: +4 min

U.S. Secretary of Treasury Janet Yellen arrives for a bilateral meeting on the third day of the International Monetary Fund and World Bank annual meeting, in Marrakech, Morocco, October 11, 2023. Susana Vera | ReutersOvershadowed by fresh Middle East violence and hosted by a country still recovering from an earthquake, the week-long annual meetings of the International Monetary Fund and World Bank wrapped up on Saturday. Global inflation is seen dropping from 6.9% this year to a still-high 5.8% next. Italian central bank governor Ignazio Visco said there was an impression markets were "reevaluating the term premium" as investors become more nervous about holding longer-term debt. One debt restructuring deal emerged: Zambia finally agreed a debt rework memorandum of understanding with creditors including China and France.

Persons: Janet Yellen, Susana Vera, Pierre, Olivier Gourinchas, Italy —, Ignazio Visco, Joyce Chang, Vitor Gaspar, Mehmet Simsek, Murat Ulgen Organizations: International Monetary Fund, Bank, Reuters, Emerging, Research, HSBC, Export, Import Bank of Locations: Marrakech, Morocco, Moroccan, Israel, Central, United States, China, Italy, Italian, Turkey, Kenya, Zambia, France, Sri Lanka, Import Bank of China

☆ Colombia eyes two rate cuts before year-end, finance minister says
▼ + stars: | 2023-10-14 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +2 min

"The expectation is for another cut in December," Bonilla told Reuters on the sidelines of the World Bank and International Monetary Fund meetings in Marrakech. "The message of reducing the key rate is for all the banks, because today the rate is an obstacle for economic recovery," he added. The central bank held the key rate steady at 13.25% in September for the third time in a row, citing stubborn inflation. That was down from highs in 2022, but still more than double the central bank's long-term target of 3%. The central bank's technical team expects Colombia's economy to grow 0.9% this year, compared with an expansion of 7.3% in 2022.

Persons: Ricardo Bonilla, Susana Vera, Bonilla, Gustavo Petro, Jorgelina, Julia Symmes Cobb, Mark Potter, Helen Popper Our Organizations: Colombia's, Reuters, International Monetary Fund, World Bank, REUTERS, Rights, Colombian Finance, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Israel, Hamas, Rosario

☆ Yellen: met with S.Korean finance minister, looking forward to trilateral with Japan
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

U.S. Secretary of Treasury Janet Yellen attends a Multilateral Development Bank (MDB) roundtable at the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday said she met with South Korean Finance Minister Choo Kyung-ho, and looked forward to a trilateral meeting with Japan's finance minister. Yellen, in a posting on X, formerly known as Twitter, said she met with Choo on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco and they discussed recent macroeconomic developments and security issues. It was not immediately clear when the U.S., Japanese and South Korean finance ministers would meet for a trilateral engagement. Reporting by Andrea Shalal, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Susana Vera, South Korean Finance Minister Choo Kyung, Yellen, Choo, Andrea Shalal, Franklin Paul Organizations: Development Bank, International Monetary Fund, World Bank, REUTERS, Rights, . Treasury, South Korean Finance Minister, Twitter, Franklin Paul Our, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, U.S, Korean

☆ Yellen: met with South Korean finance minister, looking forward to trilateral with Japan
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

☆ Yellen, China's top central banker talk about debt, economic developments -US Treasury
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

U.S. Secretary of Treasury Janet Yellen and People’s Bank of China Governor Pan Gongsheng pose before holding a bilateral meeting on the fifth day of the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - U.S. Treasury Secretary Janet Yellen and People's Bank of China Governor Pan Gongsheng on Friday held a "substantive and productive" meeting that covered debt, financial architecture and future economic communications, a Treasury spokesperson said. "During the substantive and productive meeting, Secretary Yellen and Governor Pan exchanged views on macroeconomic and financial developments," the spokesperson said in an emailed statement after the meeting on the sidelines of International Monetary Fund and World Bank meetings in Morocco. "They also discussed the international financial architecture and debt issues, as well as how to make the Financial Working Group co-chaired by Treasury and the PBOC substantive and productive," the spokesperson said, referring to one of two new U.S.-China economic communications groups launched in September. Reporting by David Lawder; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Pan Gongsheng, Susana Vera, Yellen, Pan, David Lawder, Alex Richardson Organizations: People’s Bank of China, International Monetary Fund, World Bank, REUTERS, Rights, . Treasury, People's Bank of China, Treasury, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, China

☆ Japan tells G20 it may need to act in FX market
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

The remarks came as the yen renewed its declines against the dollar, and underscored Tokyo's resolve to keep markets on edge over the chance of exchange-rate intervention to prop up the Japanese currency. "I told the G20 meeting we need to be mindful of the risk that market volatility could heighten, including in the currency market, as monetary tightening continues globally," Suzuki told a news conference after attending a meeting of Group of 20 (G20) finance ministers and central bank governors. "I also said excess volatility in the currency market was undesirable, and that we may need to take appropriate action depending on developments," Suzuki said. The official said Tokyo stood ready to act in the currency market if market moves become too volatile. Japan last intervened in the currency market to prop up the yen in September and October last year.

Persons: Shunichi Suzuki, Susana Vera, Suzuki, Kazuo Ueda, Leika Kihara, Cynthia Osterman, David Gregorio, Marguerita Choy Organizations: International Monetary Fund, World Bank, REUTERS, Japanese Finance, . Federal Reserve, Bank of Japan, Group, Thomson Locations: Marrakech, Morocco, Tokyo, MARRAKECH, Japan

REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - The International Monetary Fund's engagement with El Salvador has been "very productive" following a recent visit from a negotiating team, but an agreement is "not there yet" for a new financing program, an IMF official said on Friday. "The engagement with El Salvador has been very productive," Rodrigo Valdes, director of the IMF's Western Hemisphere Department, told Reuters. "We just had a mission there, a negotiating mission, but we knew that it would be a first step," he said. The IMF said in late September that it was working with El Salvador on "technical issues" and on minimizing the risks from the country's adoption of bitcoin as legal tender. "In other countries fragmentation, low popularity, are constraints for policy actions and here they have a very valuable opportunity," the IMF official said.

Persons: Western Hemisphere Department Rodrigo Valdes, Susana Vera, El Salvador, Rodrigo Valdes, Valdes, we're, Nayib Bukele, El, Bukele, Jorgelina, Rodrigo Campos, Nelson Renteria, Paul Simao Organizations: International Monetary Fund, Western Hemisphere Department, Reuters, IMF, World Bank, REUTERS, Rights, Monetary, El, Salvadoran, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, El Salvador, Salvadoran, Rosario, New York, San Salvador

☆ Israel-Hamas conflict is 'new cloud' darkening economic outlook - IMF chief
▼ + stars: | 2023-10-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 12 (Reuters) - International Monetary Fund managing director Kristalina Georgieva said on Thursday the "heartbreaking" Israel-Hamas conflict threatened to darken an already murky global economic outlook. "We are closely monitoring how the situation evolves, how it is affecting, especially oil markets," Georgieva said. There had been some fluctuations in oil prices and reactions in markets but it was too early to predict the economic impact, she added. "It's heartbreaking to see innocent civilians dying," an emotional Georgieva told reporters. French Finance Minister Bruno Le Maire told reporters any regional expansion of the conflict would lead to "problematic economic consequences" for energy prices and global growth.

Persons: Kristalina, Susana Vera, Kristalina Georgieva, Georgieva, Israel, Bruno Le Maire, Andrea Shalal, David Lawder, Andrew Cawthorne, Andrew Heavens Organizations: International Monetary Fund, IMF, World Bank, REUTERS, Rights, Monetary Fund, Red, French Finance, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Israel, Gaza

☆ IMF's Georgieva says debt restructuring process making progress
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, addresses the media on the fourth day of the annual meeting of the IMF and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 12, 2023. REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 12 (Reuters) - International Monetary Fund Managing Director Kristalina Georgieva on Thursday said consensus was growing in sovereign debt restructuring discussions on issues such as the comparability of treatment of private and public creditors. Georgieva told a news conference that the Group of 20 Common Framework for debt restructuring had been slow to deliver results, but it was encouraging that the time for dealing with individual country cases was now growing shorter. Throwing out the Common Framework would put the world in a "much less predictable environment," she said, adding creative approaches were also needed, including moves to better align debt restructuring with the climate crisis. Reporting by Andrea Shalal; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristalina, Susana Vera, Kristalina Georgieva, Georgieva, Andrea Shalal, Sharon Singleton Organizations: International Monetary Fund, IMF, World Bank, REUTERS, Rights, Monetary Fund, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH

☆ IMF's chief economist urges Italy to toughen budget plans -media
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Susana Vera/File photo Acquire Licensing RightsROME, Oct 12 (Reuters) - The International Monetary Fund wants Italy to make its 2024 budget framework more stringent, as tax cut plans made the Fund "a bit worried", its chief economist, Pierre-Olivier Gourinchas, said in a newspaper interview on Thursday. Gourinchas told the Corriere della Sera daily that Italy's structural deficit, net of interest spending, was not seen as falling fast enough. The IMF was "a bit worried" by planned tax cuts that "don't necessarily seem to go in the right direction", he added. It would be "desirable" if Prime Minister Giorgia Meloni's government revised its fiscal plans to make them more stringent before they are approved by parliament, he said. Over the next month Italy's budget faces scrutiny from credit ratings agencies, with S&P Global, DBRS, Fitch and Moody's all reviewing their assessment of the euro zone's third largest economy.

Persons: Pierre, Olivier Gourinchas, Susana Vera, Gourinchas, Giorgia, DBRS, Fitch, Moody's, Gavin Jones, Clarence Fernandez Organizations: Research Department IMF, Reuters, International Monetary Fund, World Bank, REUTERS, Rights, Monetary Fund, della Sera, IMF, P, Thomson Locations: Marrakech, Morocco, Italy, Rome

☆ Exclusive: IMF sees support for funding increase, wants deadline on shareholding changes
▼ + stars: | 2023-10-10 | by ( David Lawder | ) www.reuters.com time to read: +3 min

REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 10 (Reuters) - The International Monetary Fund said on Tuesday that it is seeing "significant support" for a U.S.-backed increase in quota lending resources without changes to its shareholding structure at IMF and World Bank meetings in Morocco. "I think it would be a good thing to have a deadline on the formula, because without changing the formula, we are stuck." An IMF spokesperson confirmed that she was referring to a deadline for adjusting the shareholding structure. Georgieva said the decision on a realignment deadline was up to members. The IMF is scheduled to complete a long-delayed review of quota resources by Dec. 15.

Persons: Kristalina Georgieva, Susana Vera, Georgieva, David Lawder, Jonathan Oatis Organizations: International Monetary Fund, IMF, World Bank, REUTERS, Rights, Monetary Fund, Reuters, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, U.S, China, United States, Ukraine, India, Brazil

☆ IMF leaves global 2023 economic growth outlook unchanged
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] A worker carries a chair on his head on the first day of the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 9, 2023. REUTERS/Susana Vera Acquire Licensing RightsOct 10 (Reuters) - The International Monetary Fund on Tuesday left its global growth outlook unchanged for this year as the "remarkable strength" of the U.S. economy counterbalanced weaker forecasts for China and the euro area. Following is a summary of the estimates by selected countries and regions and the change from prior IMF forecasts. Notes:Figures in the annual estimates columns are annual percentage change in GDP. Figures in the change columns are the net difference in percentage points of October's forecast vs prior forecasts.

Persons: Susana Vera, Dan Burns, Andrea Ricci Organizations: International Monetary Fund, World Bank, REUTERS, Monetary Fund, Thomson Locations: Marrakech, Morocco, U.S, China

More cuts are expected in the coming months, though Costa didn't provide any details on future decisions. Costa said the bank has already incorporated high interest rates from the U.S. Fed and other central banks from developed economies in its September report. "But we have to keep looking closely at U.S. rates," Costa said. Costa added the bank has also factored in weaker demand from China, one of Chile's largest copper consumers, but the impact was larger than expected. "The Chinese economy is going to develop with less force than expected, but there are other factors that hold up copper prices," Costa said.

Persons: Central Bank of Chile Rosanna Costa, Susana Vera, Rosanna Costa, Costa, Costa didn't, Jorgelina, Alexander Villegas, Chizu Organizations: Central Bank of, Reuters, International Monetary Fund, World Bank, REUTERS, U.S . Fed, Thomson Locations: Central Bank of Chile, Marrakech, Morocco, MARRAKECH, SANTIAGO, Chile, U.S, China, Rosario

LA PAZ, Oct 6 (Reuters) - Under a scorching sun, more than three hundred Bolivians on Friday marched to a dusty plain near the Incachaca dam that overlooks the city of La Paz, gathering to pray for rain and an end to a severe drought that has threatened their water supply. The ten reservoirs that supply La Paz - one of the country's largest cities with about 2.2 million inhabitants - only contain 135 days of water combined, Bolivia's state-owned water company EPSAS has warned. [1/5]Indigenous women pray for rain near the Incachaca dam, in Incachaca, on the outskirts of La Paz, Bolivia October 6, 2023. Only scarce rain is expected due to the weather phenomenon known as El Nino, the national meteorological agency has said. El Nino, a warming of water surface temperatures in the eastern and central Pacific Ocean, is linked to extreme weather conditions.

Persons: EPSAS, Susana Laruta, Claudia Morales, El, Bernardo Vedia, Santiago Limachi, Sergio Limachi, David Alire Garcia, Edwina Gibbs Organizations: LA, La Paz, REUTERS, El Nino, Thomson Locations: LA PAZ, La Paz, Incachaca, Bolivia

☆ We're upgrading this beer stock after an unwarranted post-earnings slide
▼ + stars: | 2023-10-05 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Net sales for the three months ended Aug. 31 climbed 7% year-over-year, to $2.84 billion, ahead of Wall Street's expectations of $2.82 billion, according to Refinitiv. Quarterly results Beer sales climbed 12% year-over-year, to $2.4 billion. Those factors more than offset tailwinds of sales growth, positive pricing dynamics and efficiency gains. Modelo Especial remains the top brand share gainer and leading brand "in the entire U.S. beer category in dollar sales." The company expects "net sales growth and operating income growth of that business to ramp up through the remainder" of fiscal year 2024.

Persons: —, Depletions, I'm, Bill Newlands, Newlands, Jim Cramer's, Jim Cramer, Jim, Susana Gonzalez Organizations: Constellation Brands, Constellation, Modelo Especial, Cinco de, Labor, Wall Street, Management, CNBC, Constellations Brands Inc, Grupo Modelo, Bloomberg, Getty Locations: Modelo, Corona, U.S, Cinco de Mayo, Zona Rosa, Mexico City

☆ Migrant crisis: They should be in elementary school, instead they speak like war veterans
▼ + stars: | 2023-10-01 | by ( David Culver | ) edition.cnn.com time to read: +8 min

Ciudad Hidalgo, Mexico CNN —The smell of burning wood and plastic hits us as we step out of the van. In the near distance, you can hear children splashing and playing in the Suchiate River, which separates Mexico – where we are – from Guatemala. Her attention shifts to the water, and she excitedly points out to the river and one of the many rafts. “We’re thinking about Philadelphia [or] Chicago,” Sofia tells me, when I ask where in the US they’d like to go. Sofia and Mathias want to be doctors, though Mathias might also want to be a lawyer, he tells me.

Persons: they’ve, “, ”, Mathias, gesturing, Sofia, David Culver, David von Blohn, CNN “, ” Mathias, Joandry, ” Sofia, corroborates, “ He’s, Susana, She’s, They’re, Venice –, CNN Sofia, They’ve, –, they’d, we’ve, ” Mathias ’ Organizations: Mexico CNN, campfires, CNN, Police, Sofia, ” Locations: Ciudad Hidalgo, Mexico, Guatemala, Venezuela, Colombia, Panama, United States, ”, Venice, Philadelphia, Chicago, New York, Florida

☆ The next United Nations Secretary General? This Caribbean climate leader makes diplomats 'jump' with excitement
▼ + stars: | 2023-09-29 | by ( Stephanie Fillion | ) edition.cnn.com time to read: +8 min

United Nations CNN —Asked last week if she will run to become the United Nations’ next Secretary General, Prime Minister Mia Mottley of Barbados gave a thumbs up, smiled, and walked away. Fighting for a woman at the helmThe UN’s next Secretary General would take office in January 2027. “There’s always lots of men that want to run,” said Ben Donaldson, head of campaigns at the United Nations Association of the United Kingdom. “It’s not so much about talking about a Julie or Anne, or Mary, it is more about talking about a Madame Secretary General as a general proposition, and then making sure that we pave the way to get there,” she said. “I believe that men should run next time around as I believe women should run in their numbers,” he said.

Persons: United Nations CNN —, Mia Mottley, Mottley, Juan Manuel Santos –, –, Santos, Rafael Grossi, António Guterres, Alicia Bárcena, Rebeca, Maria Fernanda Espinosa Garcés, “, Ralph Gonsalves, Saint Vincent, ”, Guterres, Obama, Richard Gowan, ” Elina Valtonen, ” Valtonen, it’s, Ben Donaldson, “ I’m, Susana Malcorra, It’s, Julie, Anne, Mary, Dennis Francis, doesn’t, ” Julia Maciel Organizations: United Nations CNN, United Nations ’, UN, United Nations, International Atomic Energy Agency, Assembly, CNN, International Monetary Fund, General, Chevron, European Union, Bridgetown Initiative, IMF, World Bank, Crisis, UN Security Council, Security Council, Security, United Nations Association of, Global, Madame Locations: Barbados, America, Caribbean, New York, Colombian, Costa Rica, Ecuador, Grenadines, Venezuela, Bridgetown, COP28, New York City, UN, Portuguese, United Kingdom, Trinidad and Tobago, Ukraine, Paraguay

☆ Spain's conservatives fail to form government, clearing way for socialists
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

[1/3] Spain's opposition People's Party leader Alberto Nunez Feijoo attends an investiture debate at the parliament in Madrid, Spain, September 29, 2023. REUTERS/Susana Vera Acquire Licensing RightsMADRID, Sept 29 (Reuters) - Spain's conservative leader Alberto Nunez Feijoo lost a vote to form a government on Friday, clearing the way for socialist premier Pedro Sanchez to seek a divisive deal with separatist parties to clinch a new term in office. Feijoo failed to get a straight majority in a second vote on his candidacy in the 350-seat house, with 177 legislators opposing him and 172 supporting him, with one nullified vote. Feijoo had told lawmakers in a fractious debate that he knew he would lose the second vote. "Today, I won't be able to give you a government, but I have given you assurance and hope," he added.

Persons: Alberto Nunez Feijoo, Susana Vera, Pedro Sanchez, Feijoo, Belén Carreño, Emma Pinedo, David Latona, Charlie Devereux, Andrei Khalip, Inti Landauro, Andrew Heavens Organizations: People's, REUTERS, Rights, Thomson Locations: Madrid, Spain, Rights MADRID

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