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☆ This is the world's next major election. The winner has to fix chronic hyperinflation and halt a 6th recession in 10 years.
▼ + stars: | 2023-11-11 | by ( George Glover | ) www.businessinsider.com time to read: +9 min

AdvertisementAdvertisementArgentina is getting ready to choose its next president — and the country's economy is a mess. Triple-digit inflationSoaring prices are perhaps the best-known problem plaguing Argentina's economy, but far from the only issue that policymakers are battling. The currency is managed by Argentina's central bank. If, or more likely when, Argentina's economy slips into another recession, it'll be the sixth such occurrence in the past decade. His proposed policies include abolishing Argentina's central bank altogether and adopting the dollar, which economists have warned could end up pushing the country even closer to a default.

Persons: —, Sergio Massa, Javier Milei, Manuel Cortina, Lucila Bonilla, Bonilla, they've, Kimberley Sperrfechter, There's, there's, Massa, Cristina Sille, Donald Trump, Bolsonaro, they'll, Sperrfechter Organizations: Service, Union, Homeland, Triple, Consumer, National Institute of Statistics, Argentinian, Oxford Economics, The Central Bank of, International Monetary Fund, Reuters, World Bank, FX, Central Bank of, Peronist Locations: Argentina, American, Buenos Aires, Central Bank of Argentina

☆ Fed's Mary Daly says it's ‘too early to declare victory’ on inflation
▼ + stars: | 2023-11-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Tighter monetary policy is helping bring down the pace of inflation but not to a level where policymakers should feel too comfortable, San Francisco Federal Reserve President Mary Daly said Friday. "All of that said, it is far too early to declare victory." Daly compared the Fed's job to get policy to the "sufficiently restrictive" benchmark to someone riding a horse and trying to know whether the bridle has been pulled back far enough to stop. "You don't know if the horse is feeling that bridle enough to be sufficiently restrictive to stop," she said. "We're going to be very forward-looking here, and so that's why it's too early to declare victory.

Persons: Mary Daly, Jerome Powell, Daly, it's Organizations: Federal Reserve Bank of San, San Francisco Federal, Federal, CNBC PRO Locations: Federal Reserve Bank of San Francisco, Idaho Falls , Idaho

☆ Fed reverse repos fall under $1 trillion for first time since August 2021
▼ + stars: | 2023-11-09 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Cash from money market funds and other eligible firms flowing into the Fed's reverse repo facility stood at $993.3 billion on Thursday, which was the first time flows fell under the $1 trillion mark since Aug. 10, 2021. Until fairly recently, Fed efforts to pull liquidity out has had only a modest impact on the reverse repo inflows, which had held above $2 trillion per day until mid-June. J.P. Morgan economists said Thursday that reverse repo balances "should decline further" given what's happening with Treasury debt offerings. The accelerating decline of the reverse repo facility has fueled questions about how far the Fed has left to go on shrinking the size of its balance sheet. They project reverse repo levels will stand at $700 billion at that point.

Persons: Cash, Morgan, Michael S, Daniel Wallis, Andrea Ricci Organizations: Fed, Thomson

REUTERS/Ken Cedeno/Pool/File Photo Acquire Licensing RightsDUBLIN Nov 8 (Reuters) - A rise in geopolitical tensions across the world could aggravate already subdued growth in Europe and China and the spillover may alter the path of the U.S. economy, Federal Reserve Governor Lisa Cook said on Wednesday. "We are not only watching subdued growth, we're watching the geopolitical tensions that we're all talking about, and that could change the outlook both in the United States and the global economy." Cook added that geopolitical tensions may in particular destabilize commodity markets and access to credit in the current higher interest rate environment. "Any shock could make the situation worse that we're already (in)... and could be destabilizing to commodity markets, could be destabilizing to the system of credit," Cook said. "More broadly, escalation of geopolitical tensions could lead to lower economic activity and increased fragmentation of global trade flows and financial intermediation, raising financing and production costs and contributing to more sustained supply chain challenges and inflationary pressures," Cook said.

Persons: Lisa DeNell Cook, Ken Cedeno, Lisa Cook, Cook, We're, Padraic Halpin, Conor Humphries, Ann Saphir, Lindsay Dunsmuir, Leslie Adler, Mark Potter Organizations: Governors, Federal Reserve System, Banking, Housing, Urban, Capitol, Washington , D.C, REUTERS, DUBLIN, Federal, Central Bank of Ireland, Thomson Locations: Michigan, Washington ,, Europe, China, U.S, Dublin, United States, Ukraine, Russia, East, San Francisco

☆ Chinese leaders defend state of economy at global finance summit in Hong Kong
▼ + stars: | 2023-11-07 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Senior Chinese officials have defended the state of the world’s second largest economy at a conference in Hong Kong, telling global financiers not to worry about prospects in China despite an uneven recovery and ailing property market. “Since the beginning of the year, China’s economy has been picking up in general,” He said Tuesday at the Global Financial Leaders’ Investment Summit, which was organized by the Hong Kong Monetary Authority, the city’s de facto central bank. “Global investors have some concerns about China’s economy, including the pace of economic recovery, problems with property markets, and local government debt. “The potential of the Chinese economy remains promising,” he told the audience, which included the heads of Goldman Sachs, Citi and Morgan Stanley. A discussion on China at the Global Financial Leaders' Investment Summit in Hong Kong on Tuesday.

Persons: Lifeng, ”, Zhang Qingsong, ’ ”, “, Zhang, Goldman Sachs, Morgan Stanley, Peter Parks, ” Wang Jianjun, Wang Organizations: Hong Kong CNN — Senior, Global, ’ Investment, Hong Kong Monetary Authority, People’s Bank of China, “ Global, Citi, Monetary Fund, Global Financial, Investment, Getty, China Securities Regulatory Commission, Stock Connect Locations: China, Hong Kong, AFP

☆ Treasury yields little changed as investors consider monetary policy outlook
▼ + stars: | 2023-10-26 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

U.S. Treasurys held steady on Thursday as investors considered the outlook for Federal Reserve monetary policy ahead of the central bank's meeting next week and awaited key data due before then. Investors considered what could be on the horizon for monetary policy as they looked to economic data for hints about the state of the economy. They are widely expected to keep rates unchanged, but investors are hoping for hints about whether rates could be hiked again later. Various economic reports that could affect the outlook for monetary policy are expected before then. Also on Thursday, weekly initial jobless claims and September's durable goods orders and pending home sales data are expected.

Persons: Treasurys, Dow Jones, Jerome Powell Organizations: Treasury, Federal Reserve, Investors, Fed, European Central Bank Locations: Turkey

☆ European stocks open lower as earnings roll in; Standard Chartered plunges 10%; ECB set to hold rates
▼ + stars: | 2023-10-26 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Auto stocks plunged 3.45% as results disappointed, while travel stocks traded 1.7% lower. European stock markets opened sharply lower Thursday as attention remains on third-quarter earnings and government bond yields. Results are out from a slew of companies including Standard Chartered, BNP Paribas, TotalEnergies, Volvo Cars, Novozymes, Volkswagen, Carrefour, Saab and Wacker Chemie. Meanwhile, monetary policy decisions are due from the European Central Bank — for which markets have priced in a more than 98% likelihood of a hold in interest rates — and the central bank of Turkey, from which economists polled by Reuters anticipate a 500 basis point hike to 35%. The benchmark 10-year Japanese government bond yield hit a fresh 10-year high ahead of a central bank meeting next week, according to Reuters data.

Organizations: Chartered, Standard Chartered, BNP, TotalEnergies, Volvo, Volkswagen, Carrefour, Saab, Wacker Chemie, Investors, Facebook, Meta, European Central Bank —, Reuters, Treasury Locations: London, Turkey, Asia, Pacific

☆ Asia markets set to fall ahead of regional inflation readings and South Korea growth figures
▼ + stars: | 2023-10-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Cleveland Federal Reserve President Loretta Mester said Friday she expects that interest rates likely won't be raised much more from here, if at all. "Regardless of the decision made at our next meeting, if the economy evolves as anticipated, in my view, we are likely near or at a holding point on the funds rate as we accumulate more information on economic and financial developments and assess the effects of the tightening in financial conditions that has already occurred," Mester said in remarks delivered for a speech in New York. The central bank official added that she agrees with Federal Open Market Committee estimate in September that another rate hike could come before the end of 2023, but noted that handicapping such moves is difficult now. Mester is not a voting member of the FOMC this year but will vote in 2024.

Persons: Loretta Mester, Mester, — Jeff Cox Organizations: Cleveland Federal, Open Locations: New York

☆ Fed's Raphael Bostic doesn't foresee rate cuts coming until 'late 2024'
▼ + stars: | 2023-10-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Atlanta Federal Reserve President Raphael Bostic on Friday said he doesn't envision interest rate cuts happening until well into 2024. "I would say late 2024," Bostic replied when asked for a time frame when the first decrease could come. The Fed has raised its key borrowing rate 11 times since March 2022 for a total of 5.25 percentage points. My outlook says that inflation is going to come down but it's not going to like fall off a cliff," Bostic said during the "Squawk Box" interview. Bostic is not a voting member this year of the rate-setting Federal Open Market Committee, but will get a vote in 2024.

Persons: Raphael Bostic, there's, Bostic, it's Organizations: Atlanta Federal Reserve, CNBC, Fed, Market Locations: Atlanta

☆ Coinbase picks Ireland as its main EU regulatory hub as U.S. authorities go on the offensive
▼ + stars: | 2023-10-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

If and when it is approved, Coinbase will have a universal "MiCA license" in Ireland, which it can then use to "passport" its services into Germany, France, Italy, the Netherlands and other EU countries. The rules will allow crypto companies to use one license in one country to operate across all 27 EU member states. Currently, Coinbase has an electronic money institution license and virtual asset service provider registration in Ireland; a crypto license in Germany; and national registrations in other EU member states including Italy, the Netherlands and Spain. Paul Grewal, Coinbase's chief legal officer, said that progress has been "slower" than he'd like when it comes to achieving crypto regulation in the U.S. "We're now seeing in court cases real questions being asked about the U.S. approach to crypto regulation and in particular securities regulation," he said.

Persons: Coinbase, Nana Murugesan, we've, Murugesan, Paul Grewal, isn't, Grewal, CNBC's Arjun Kharpal — Organizations: Getty, European Union, CNBC, Central Bank of Ireland, EU, U.S . Securities, Exchange Commission, SEC Locations: Crypto, Dublin, Ireland, Germany, France, Italy, Netherlands, Spain, U.S, San Francisco, United States, Central, Northern, Western Europe, North America, Europe, headcount

☆ Energy prices are a major risk, Cyprus central bank governor says
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy prices are a major risk, Cyprus central bank governor saysConstantinos Herodotou, governor of the central bank of Cyprus, discusses the economic outlook for the euro zone and the prospect of a recession.

Persons: Constantinos Herodotou Organizations: Energy Locations: Cyprus

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

People walk past the main entrance of the Sri Lanka's Central Bank in Colombo, Sri Lanka March 24, 2017. The Central Bank of Sri Lanka (CBSL) lowered the standing deposit facility rate and the standing lending facility rate by 100 basis points each to 10% and 11%, respectively, it said in a statement. Sri Lanka, however, failed to reach an agreement with the IMF in its first review of the bailout package last month, due to a potential shortfall in government revenue. Even with policy loosening Sri Lanka could find it difficult to post (a 2% contraction) this year," said Udeeshan Jonas, chief strategist at equity research firm CAL Group. The central bank reiterated that it would like to see market interest rates come down further.

Persons: Dinuka, CBSL, Udeeshan Jonas, Thilina Panduwawala, Uditha Jayasinghe, Swati Bhat, Sam Holmes, Sudipto Ganguly Organizations: Sri, Central Bank, REUTERS, Rights, International Monetary Fund, Central Bank of Sri, IMF, CAL, Frontier Research, Bank Locations: Colombo, Sri Lanka, Lanka's, Central Bank of Sri Lanka, Sri, Lanka

☆ Fed's Neel Kashkari sees 40% chance of 'meaningfully higher' interest rates
▼ + stars: | 2023-09-26 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, attends an interview with Reuters in New York City, New York, U.S., May 22, 2023. Minneapolis Federal Reserve President Neel Kashkari thinks there's nearly a 50-50 chance that interest rates will need to move significantly higher to bring down inflation. In that instance, the inflation rate falls but stays above the Fed's 2% target, posing a challenge for policymakers. Noting that rate-sensitive areas such as housing and autos have held strong despite Fed tightening, Kashkari remarked, "These dynamics raise the question, How tight is policy right now? Services inflation, excluding the cost of renting shelter, has been coming down, but has otherwise remained elevated, raising longer-term concerns.

Persons: Neel Kashkari, there's, Kashkari Organizations: Federal Reserve Bank of Minneapolis, Reuters, Minneapolis Federal Locations: New York City , New York, U.S, Minneapolis

☆ The Fed will definitely be done tightening if there's a government shutdown, top Morgan Stanley economist says
▼ + stars: | 2023-09-25 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The Federal Reserve could be about to call time on its rate-hiking campaign, according to Morgan Stanley's top economist. That's because a government shutdown could rob the central bank of key economic data. "In monetary policy making, uncertainty tends to lead to policy paralysis," she told Bloomberg's "What Goes Up" podcast. "If it's a full government shutdown, then you don't really get any of the government data," Zentner added. Around 40% of traders expect the central bank to hike borrowing costs again before the end of this year, according to CME Group's Fedwatch tool.

Persons: Morgan Stanley's, ” Ellen Zentner, Ellen Zentner, Bloomberg's, Zentner Organizations: Federal, Service, Federal Reserve, Fed Locations: Wall, Silicon, Washington

☆ UBS says Zurich and Tokyo are the cities most at risk of being in a housing bubble. Here are the other 15 markets where they warn home prices are overvalued — and the 6 most vulnerable to declines.
▼ + stars: | 2023-09-24 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

This is driving up mortgage rates after years of lower-rate policies, crushing affordability and sinking home prices in some metropolitan areas. In the note, the pair released UBS's most reading of its Global Real Estate Bubble Index. Two cities — Zurich and Tokyo — top the list and are considered to be in "bubble risk" territory by being at least 1.5 standard deviations out of their index norm (Zurich at 1.71 and Tokyo at 1.65). UBS"Such high multiples come from an excessive appreciation of housing prices in the wake of previously low interest rates," Saputelli and Holzhey said. "House prices in all these cities remain vulnerable to corrections should interest rates remain elevated for longer or continue to rise further."

Persons: Claudio Saputelli, Matthias Holzhey, Holzhey Organizations: Federal Reserve, European Central Bank, Reserve Bank of India, Bank of England, Reserve Bank of Australia, Bank of, Central Bank of, Bank of Canada, UBS, Swiss, —, Tokyo —, Miami Locations: Bank of Korea, Central Bank of Brazil, — Zurich, Tokyo, Zurich, Munich, Frankfurt, Hong Kong, Toronto, Geneva, Los Angeles, London, Tel Aviv, Vancouver, Amsterdam, Stockholm, Paris, Sydney

☆ Storm-ravaged Libya faces a long road to recovery as humanitarian groups ask for $71 million in aid
▼ + stars: | 2023-09-18 | by ( Dalya Al Masri | ) www.cnbc.com time to read: +5 min

Ahmed Elumami | ReutersStorm Daniel has left Libya, a country grappling with conflict and economic crisis for over a decade, in catastrophe. We need specialized and experienced rescue teams," Mohamed Elkwafi, a volunteer with the Eastern Libyan National Army Security Units in Derna, told CNBC. A man sits on a damaged car, after a powerful storm and heavy rainfall hit Libya, in Derna, Libya September 12, 2023. Libya's reconstructionThe Central Bank of Libya convened an emergency meeting last Thursday to discuss support for the impacted areas. General view of flood water covering the area as a powerful storm and heavy rainfall hit Al-Mukhaili, Libya September 11, 2023, in this handout picture.

Persons: Ahmed Elumami, Reuters Storm Daniel, Mohamed Elkwafi, Storm Daniel, Moammar Gadhafi, Esam Omran, Abdul Hamid Dbeibeh, Kristalina Georgieva Organizations: Reuters, UN, UNDP, CNBC, World Health Organization, International Organization for, Maxar Technologies, Eastern Libyan National Army Security, Government of National Unity, Fetori, Government of National, Central Bank of, Bank, Monetary Fund, IMF, surveilling Locations: Libya, Derna, Libyan, Soussa, Benghazi, Albayda, Greece, Turkey, Bulgaria, North Africa, Tripoli, Central Bank of Libya, Africa, surveilling Libya, Mukhaili

MOSCOW (AP) — The Central Bank of Russia raised its key lending rate by one percentage point to 13% on Friday, a month after imposing an even larger hike, as concerns about inflation persist and the ruble continues to struggle against the dollar. The increase comes as annualized inflation rose in September to 5.5% and the bank said it expected it would reach 6%-7% by the end of the year. "Therefore, it is required to additionally tighten monetary conditions.”The bank in August increased the lending rate to 12% — a jump of 3.5 percentage points — as the ruble fell to 100 against the dollar. Although the ruble's exchange rate improved mildly after the rate hike, it remains around 95 to the dollar, significantly weaker than a year ago when it was trading at around 60 to the U.S. currency. Importing more and exporting less means a smaller trade surplus, which typically weighs on a country’s currency.

Organizations: MOSCOW, Central Bank of Russia Locations: Russian, Russia

☆ Nigeria's Tinubu picks banker Cardoso as next central bank governor
▼ + stars: | 2023-09-15 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

ABUJA, Sept 15 (Reuters) - President Bola Tinubu has nominated the former head of Citibank in Nigeria, Olayemi Cardoso, to serve as the country's new central bank governor, days before its next interest rate meeting, a presidential spokesperson said on Friday. The central bank did not respond to a request for comment on whether Emefiele and his deputy governors had resigned. The central bank raised rates by a smaller-than-expected 25 basis points in July, contrary to analysts' expectations, under acting Governor Folashondun Shonubi, one of Emefiele's deputies. The central bank pursued unorthodox policies under Emefiele who kept the currency artificially strong, a policy backed by former President Muhammadu Buhari, which supported government borrowings on the international markets. He was a former commissioner for economic planning and budget in Lagos state when Tinubu was governor between 1999-2007.

Persons: Bola Tinubu, Olayemi Cardoso, Godwin Emefiele, Tinubu, Cardoso, Ajuri Ngelale, Ngelale, Folashondun Shonubi, Emefiele, Muhammadu Buhari, Camillus Eboh, Chijioke Ohuocha, MacDonald Dzirutwe, Richard Chang, Jane Merriman, Hugh Lawson Organizations: Citibank, Central Bank of Nigeria, Thomson Locations: ABUJA, Nigeria, Lagos

☆ U.S. Treasury official says Iraq must act to avoid further action on banks
▼ + stars: | 2023-09-14 | by ( Timour Azhari | ) www.reuters.com time to read: +6 min

Employees walk at the headquarters of the Central Bank of Iraq in Baghdad, Iraq August 15, 2023. Despite the crackdown, the senior U.S. Treasury official, who spoke on condition of anonymity, said there were still other Iraqi banks operating with risks "that must be remediated". Iraq's central bank governor has said Iraq is committed to implementing tighter financial regulations and combating the smuggling of dollars. The central bank did not immediately respond to a request for comment on Thursday. However, there were still "vested interests comfortable with the status quo that can create friction to driving change," the Treasury official said, without identifying who these were.

Persons: Ahmed Saad, Farhad Alaadin, Alaadin, Saddam Hussein, Mohammed Shia Al, Timour Azhari, Alexander Smith Organizations: Central Bank of, REUTERS, Treasury, U.S, Reuters, Iraqi, U.S . Federal, Iraq, U.S . Treasury, Thomson Locations: Central Bank of Iraq, Baghdad, Iraq, Iran, BAGHDAD, U.S, United States, Iraqi, Iranian, Tehran, Iraq's

☆ China's central bank vows to support demand, price rebound
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +3 min

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 13 (Reuters) - China's central bank will boost demand and support a modest rebound in prices, the Financial News, a publication run by the People's Bank of China (PBOC) said on Wednesday, citing a unnamed senior central bank official. The central bank "will create an appropriate monetary and financial environment to promote effective demand in the real economy, support a moderate recovery in prices and enhance economic vitality," the official said. New bank loans beat expectations by nearly quadrupling in August from July, as the central bank sought to shore up economic growth amid soft demand at home and abroad. The central bank last cut the reserve requirement ratio (RRR) - the amount of cash that banks must hold as reserves - in March.

Persons: Jason Lee, Zhou Maohua, Kevin Yao, Liangping Gao, Tom Hogue, Sam Holmes, Miral Organizations: People's Bank of China, REUTERS, Rights, Financial, China Everbright Bank, Officials, Beijing Newsroom, Thomson Locations: Beijing, China, Rights BEIJING

The Iranian and U.S. flags are seen printed on paper in this illustration taken January 27, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Sept 11 (Reuters) - The United States waived sanctions to allow the transfer of $6 billion in Iranian funds from South Korea to Qatar, a step needed to carry out a previously announced U.S.-Iran prisoner swap, according to a U.S. document seen by Reuters on Monday. According to the State Department document seen by Reuters, Secretary of State Antony Blinken determined that waiving the sanctions was in the national security interests of the United States. The document said the transfer of funds would only provide "limited benefit to Iran" since the funds can only be used for humanitarian trade. The transfer of the $6 billion and the prisoner exchange could take place as early as next week, according to eight Iranian and other sources familiar with the negotiations.

Persons: Dado Ruvic, Antony Blinken, Adrienne Watson, Humeyra Pamuk, Jeff Mason, Arshad Mohammed, Jonathan Oatis, Sandra Maler, Deepa Babington, Gerry Doyle Organizations: Iranian, REUTERS, Rights, United, Reuters, State Department, United State, National Iranian Oil Company, Central Bank of, Thomson Locations: U.S, United States, South Korea, Qatar, Iran, Republic of Korea, Germany, Ireland, Switzerland, Central Bank of Iran

☆ Storm and floods kill at least 150 people in Libya-Red Crescent
▼ + stars: | 2023-09-11 | by ( Ayman Werfali | ) www.reuters.com time to read: +3 min

"People were asleep and woke up and found their homes surrounded by water," he told Reuters. Heavy floods washed away vehicles, footage broadcast by eastern Libya's Almostkbal TV showed. Qatar's Emir Sheikh Tamim bin Hamad al-Thani instructed the government to send aid to the affected area in eastern Libya, Qatar's state news agency reported. His administration holds little sway in eastern Libya, but Dbeibah said on Sunday he had directed all state agencies to “immediately deal” with the damage and floods in eastern cities. Dbeibah's government is recognised by the Central Bank of Libya, which disburses funds to government departments across the country.

Persons: Storm Daniel, Al Bayda, Marj, Fhakeri, Saleh, Ahmed Mohamed, Ahmad Mismari, Khalifa, Witnesses, Qatar's Emir Sheikh Tamim bin Hamad, Thani, Abdulhamid, Ras Lanuf, Dbeibah, Ayman Werfali, Ahmed Elumami, Moaz Abd, Tarek Amara, Tom Perry, Nick Macfie, Andrew Heavens, William Maclean Organizations: Reuters, Libyan National Army, UNESCO, Authorities, Central Bank of Libya, United Nations, Thomson Locations: BENGHAZI, Libyan, Derna, Benghazi, Sousse, Al, Qatar's, Libya, Tripoli, Zueitina, Brega, Es Sidra, “, Tala, Dubai, Cairo, Tunis, Beirut

☆ Storm and floods kill at least 150 people in Libya, says Red Crescent
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: +3 min

A powerful storm and heavy floods have killed 150 people in the eastern Libyan city of Derna over the last two days and the death toll is expected to rise to 250, the head of the Red Crescent in Benghazi said on Monday. Qatar's Emir Sheikh Tamim bin Hamad al-Thani instructed the government to send aid to the affected area in eastern Libya, Qatar's state news agency reported. His administration holds little sway in eastern Libya, but Dbeibah said on Sunday he had directed all state agencies to "immediately deal" with the damage and floods in eastern cities. Dbeibah's government is recognized by the Central Bank of Libya, which disburses funds to government departments across the country. The United Nations in Libya said it was following the storm closely and would "provide urgent relief assistance in support of response efforts at local and national levels."

Persons: Storm Daniel, Al Bayda, Marj, Fhakeri, Saleh, Ahmed Mohamed, Ahmad Mismari, Khalifa, Witnesses, Qatar's Emir Sheikh Tamim bin Hamad, Thani, Abdulhamid, Ras Lanuf, Dbeibah Organizations: Reuters, Libyan National Army, UNESCO, Authorities, Central Bank of Libya, United Nations Locations: Misrata, Libya, Libyan, Derna, Benghazi, Sousse, Al, Qatar's, Tripoli, Zueitina, Brega, Es Sidra

☆ Iran, US on Verge of Prisoner Swap Under Qatar-Mediated Deal
▼ + stars: | 2023-09-10 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +9 min

"Iran initially wanted direct access to the funds but in the end agreed to having access via Qatar," said a senior diplomat. Reuters pieced together this account of previously unreported details about the extent of Qatari mediation of the secret talks, how the deal unfolded and the expediency that motivated both parties to clinch the prisoner swap deal. Ties between the U.S. and Iran have been at boiling point since Donald Trump quit a nuclear deal with Iran as U.S. president in 2018. Reaching another nuclear deal has gained little traction since then, as President Joe Biden prepares for the 2024 U.S. election. Then president Trump in 2018 reimposed the sanctions when he pulled Washington out of a deal under which Iran had restricted its nuclear program.

Persons: Parisa Hafezi, Andrew Mills, Antony Blinken, Siamak Namazi, Morad Tahbaz, hasn’t, Jin, Washington, Donald Trump, Joe Biden, Biden, Blinken, Iran’s, Trump, Iran Robert Malley, Abram Paley, Ali Bagheri Kani, Mehdi Safari, Foreign Ministry Mohammed Al, Khulaifi, Malley, Paley, Kani, Al Khulaifi, Laila Bassam, Samia Nakhoul, William Maclean Organizations: Reuters, U.S, British, Islamic, Washington, Doha, Iranian, State Department, Qatar’s Ministry of Foreign Affairs, The State Department, Democrat, Qatari, TRANSIT QATAR, Iran, The Central Bank of, U.S ., State, Foreign Ministry Locations: Andrew Mills DUBAI, DOHA, Qatar, Iran, U.S, Tehran’s, Emad Sharqi, Islamic Republic, Western, Gulf, South Korea, Washington, Switzerland, Tehran, Seoul, Doha, Iranian, The Central Bank of Iran, Beirut

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