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☆ Kuroda departs BOJ after inflation fails to fly like 'Peter Pan'
▼ + stars: | 2023-04-07 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

The 78-year-old gives his press conference at 0630GMT, the Bank of Japan (BOJ) said. Kuroda was not the first BOJ chief to attempt to influence public perceptions with monetary easing. In 2015, he alluded to the Peter Pan fairy tale in explaining that to fire up inflation, the BOJ needed to have the public believe in its monetary magic with massive stimulus. When allusions to Peter Pan and spacecraft failed, the BOJ shifted to a defensive, long-term approach in 2016 with the introduction of yield curve control (YCC). "The BOJ's failure to change public expectations raises a lot of questions about the effectiveness of unconventional monetary policy."

☆ Take Five: An uneasy calm
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +5 min

Kazuo Ueda takes over the helm at the Bank of Japan while U.S. bank earnings kick off and Switzerland's parliament debates the UBS-Credit Suisse tie up. 1/ BANKS' BOTTOM LINESThe uneasy calm that has settled over the U.S. banking sector after the collapse of Silicon Valley Bank will be tested as U.S. financials kick off their earnings season. S&P 500 earnings are predicted to fall 5.0%, I/B/E/S data from Refinitiv showed. Reuters Graphics5/ SPRING MEETINGSPolicymakers and investors head to Washington for the World Bank and International Monetary Fund Spring meetings starting on Monday. It will be the first meeting for Ajay Banga, U.S. nominee to run the World Bank and sole contender for the job.

☆ Analysis: New BOJ chief to slowly unwind Kuroda's policy experiment
▼ + stars: | 2023-04-06 | by ( Leika Kihara | ) www.reuters.com time to read: +5 min

In a sign he will be in no rush to shift policy, Ueda told a parliamentary confirmation hearing in February that he will "spend time and engage in thorough discussions" with BOJ board members on how to address the side-effects of prolonged easing. But a closer look at his past, more candid remarks as a private-sector economist, and as a BOJ board member during Japan's battle with deflation in the late 1990s, offers a glimpse of his policy and communication style. Removing YCC altogether will deprive the BOJ tools to combat an unwelcome spike in bond yields, says former board member Takahide Kiuchi. Accounts of his days as BOJ board member also suggest Ueda is no fan of heavy money printing. Both in the confirmation hearings and in past remarks as board member, he has stressed the importance of using communication to enhance the effects of monetary policy.

☆ US World Bank nominee Banga endorses lending expansion, pledges more
▼ + stars: | 2023-04-05 | by ( David Lawder | ) www.reuters.com time to read: +3 min

"That's good, we should do it," Banga said of the $5 billion lending expansion plan proposed by departing World Bank President David Malpass. But he said that to raise the trillions of dollars needed annually to reach 2030 and 2050 global emissions reduction goals, the World Bank needs to help catalyze private capital. The World Bank cannot do this alone," he said. Banga is now in the final stages of the World Bank executive board's selection process after emerging from a March nomination period as the sole candidate. He is expected to be confirmed as World Bank president by early May.

Biden was continuing a strategy his White House has honed on Trump over two years - silence is golden. As president, Biden has lambasted the former president's "Make America Great Again" (MAGA) allies and policies, but rarely Trump himself. "They've been smart to stay out of it," Democratic strategist Lis Smith said of the White House strategy on Trump. The split screen of President Biden focused on doing his job well versus Trump and the Republican Party in chaos will only help him." The White House has said it will not comment on Trump because his actions are being investigated by Biden's own Justice Department, which the president has pledged to leave independent.

Biden was continuing a strategy his White House has honed on Trump over two years - silence is golden. Now that Trump has been indicted in a New York hush money case, White House officials indicate they plan to follow the same "keep quiet and carry on" playbook. As president, Biden has lambasted the former president's "Make America Great Again" (MAGA) allies and policies, but rarely Trump himself. "They've been smart to stay out of it," Democratic strategist Lis Smith said of the White House strategy on Trump. The split screen of President Biden focused on doing his job well versus Trump and the Republican Party in chaos will only help him."

☆ Mexican probe into missing students beset by delays and failure, watchdog says
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +3 min

The Interdisciplinary Group of Independent Experts (GIEI), human rights experts who have tracked the investigation, on Friday urged the military to cooperate with informational requests, and for prosecutors to issue more arrest orders. "We have insisted on the need for verifying and carrying out these arrest orders," she told a news conference. Prosecutors last year called for the arrests of 83 military, police and government officials, among others, with 21 of the arrest orders later withdrawn. Buitrago said the GIEI has now sent evidence to prosecutors supporting the arrest orders that were dropped. The rights experts said the military had told them that certain documents and records did not exist even after the GIEI had obtained some of those same records.

☆ Biden shoots down multiple questions about his predecessor's indictment: 'I have no comment on Trump'
▼ + stars: | 2023-03-31 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +3 min

Biden was asked multiple times Friday morning about the historic indictment of Donald Trump. Democrats have told Insider that Biden, for many reasons, needs to be quiet about it. I — I'm not going to talk about the Trump indictment," he said, when asked if he's worried about possible protests. But Democrats have told Insider that Biden, for many reasons, needs to be quiet about it. A White House aide on Thursday night told Insider that the White House would not have a comment on the indictment.

It suspended its probe in November 2021 at the request of the Philippines after Manila said it was carrying out its own investigations. The ICC investigation was reopened in January 2023 and on March 27 the ICC rejected Manila's request to suspend it pending an appeal questioning the court's jurisdiction and authority. It is not clear even among some government officials what cutting contact meant or whether the Philippines will completely drop its appeal against the ICC investigation. Police say they killed 6,200 suspects during anti-drug operations that ended in shootouts but reject accusations by human rights groups of systematic executions and cover-ups. There doesn't seem to be any political will within the Philippine government to seriously investigate," Phil Robertson, deputy Asia director at Human Rights Watch, told CNN Philippines.

☆ Canada's plugging its labor shortage with 1 million people moving to the country last year, while Biden is maintaining Trump-like policies that keep immigrants out
▼ + stars: | 2023-03-29 | by ( Jason Lalljee | Madison Hoff | ) www.businessinsider.com time to read: +7 min

It's part of an effort to address the country's labor shortage, Canada's immigration minister said. The US could solve its labor shortage too, experts told Insider, but Biden would have to be bolder. President Joe Biden's current course of action could mean that the labor shortage in the US is never really solved. Biden is replacing Trump-like anti-immigration policies with his ownThat's a major reason why the persisting labor shortage will likely never resolve. It's in direct opposition to the kind of policy changes that Peri said the US needs to make to address the labor shortage.

☆ Czech parliament speaker, in Taiwan, says we'll always stand with you
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

[1/3] The Speaker of the Chamber of the Deputies of Czech Republic Marketa Pekarova Adamova makes a speech at the Parliament in Taipei, Taiwan March 28, 2023. REUTERS/Ann WangTAIPEI, March 28 (Reuters) - The speaker of the lower chamber of the Czech parliament told Taiwanese lawmakers on Tuesday that her country and Taiwan are bound together by freedom and democracy, pledging to always stand with the island's people. Addressing Taiwan's parliament, Marketa Pekarova Adamova said Taiwan and the Czech Republic share the same story. Although the Czech Republic does not have diplomatic relations with Taiwan, Pekarova Adamova is visiting with a delegation of some 150, mostly businesspeople. Pekarova Adamova's trip to Taiwan follows one by Senate speaker Milos Vystrcil in 2020.

☆ Philippines' Marcos to shut out ICC after losing drugs war appeal
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

MANILA, March 28 (Reuters) - Philippines President Ferdinand Marcos Jr on Tuesday said he would cut off contact with the International Criminal Court (ICC) after it rejected an appeal asking it to stop investigating his predecessor's lethal war on drugs. The ICC is a court of last resort that can exercise jurisdiction if states are unable or unwilling to investigate crimes. The treaty stipulates the ICC can investigate crimes that took place while a country was a member. He has said he is willing to go on trial over his drugs war, but only in a Philippine court. His daughter, Sara Duterte, is currently vice president and was the running mate of Marcos.

☆ Taiwan welcomes large Czech delegation after Honduras shifts allegiance to China
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

The roughly 150-person Czech delegation arrived in Taipei on Saturday, led by the speaker of the lower chamber of the Czech parliament, Marketa Pekarova Adamova. "This visit of the delegation to Taiwan certainly represents that Taiwan is in a democratic alliance," she said. Pekarova Adamova, who is due to meet Taiwan President Tsai Ing-wen later on Monday, told the business forum that Taiwan was a crucial investment partner for her country. "Taiwan is not only an important economic partner but also a friendly and democratic partner and deserves our attention and support." Newly elected Czech president Petr Pavel drew a sharp rebuke from Beijing in January after taking a call from Tsai, a clear shift from his predecessor's attempts to win Chinese business.

☆ Take Five: And let there be calm
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +5 min

LONDON, March 23 (Reuters) - At the incredible end to the first quarter for financial markets, rattled by bank turmoil, some stability will be much hoped for in coming days. SNB chief Thomas Jordan reckons the next two weeks will be vital to securing UBS's Credit Suisse takeover. Market cap of US regional banks included in the S&P 500 regional bank index3/ DID YOU SAY AT1? Potential legal action is also possible after Swiss authorities ruled that holders of Credit Suisse AT1 bonds would get nothing in the deal. And U.S. and European banks turmoil show how quickly a crisis can surface, giving Ueda even more reason for caution.

☆ Next Bank of Japan chief is unlikely to change his predecessor's policies 'for a while': Professor
▼ + stars: | 2023-03-10 | 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 EmailNext Bank of Japan chief is unlikely to change his predecessor's policies 'for a while': ProfessorSayuri Shirai of Keio University, who served as a member of the Policy Board of the Bank of Japan from 2011 to 2016, explains why it would be "contradictory to his commitment" if upcoming Bank of Japan Governor Kazuo Ueda does "anything more toward normalization."

[1/2] Turkey's main opposition Republican People's Party (CHP) leader Kemal Kilicdaroglu, accompanied by IYI Party leader Meral Aksener and Felicity Party leader Temel Karamollaoglu, talks to media following a meeting of the opposition alliance in Ankara, Turkey March 6, 2023. A cost-of-living crisis amid rampant inflation and years of economic turmoil have eroded Erdogan's support, giving Kilicdaroglu another advantage. Recent polling showed Erdogan's support had edged up since last summer thanks to measures including a raise in the minimum wage. The following year, he was elected unopposed as CHP leader after his predecessor's resignation in the wake of scandal. His election fuelled party hopes of a new start, but support for CHP has since failed to surpass about 25%.

☆ Instant view: Incoming BOJ chief Ueda says current low rates appropriate
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +6 min

Feb 24 (Reuters) - Incoming Bank of Japan (BOJ) Governor Kazuo Ueda said on Friday it was appropriate to maintain ultra-loose monetary policy as inflation has yet to sustainably and steadily meet the central bank's 2% target. "I think he's intentionally doing that, so that the market will calm down a little bit about policy change expectations." "I don't think Ueda has the same stance as (Haruhiko) Kuroda but it is not clear whether Ueda would tweak the BOJ policy as the market expected." CHARU CHANANA, MARKET STRATEGIST, SAXO MARKETS, SINGAPORE"No surprises there, we expected Ueda to take it slow and he's starting off echoing Kuroda's views. He has been out of touch with the BOJ policy making since 2005 and will take time even if he was to consider policy normalisation at some stage."

☆ Malaysia's Anwar eyes smaller deficit in first budget, tightens spending
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +3 min

Anwar, in the report, said he will launch measures to strengthen the governance of public finances, and gradually reduce Malaysia's debt. Malaysia had earlier forecast 2023 growth at 4%-5%. Government expenditure this year is expected to total 386.1 billion ringgit ($87.11 billion), lower than last year's preliminary spending estimate of 395.2 billion ringgit. Revenue is expected to drop to 291.5 billion ringgit from 294.4 billion ringgit. State oil company Petronas (PETR.UL) is expected to pay the government a dividend of 40 billion ringgit, higher than the previous government's projection of 35 billion ringgit.

Kazuo Ueda, a 71-year-old university professor who has kept a low profile despite strong credentials as a monetary policy expert, ticked some important boxes. While he was not even on the list of dark horse candidates floated by the media, Ueda was well known in global central bank circles. The bank's preferred choices were incumbent deputy governor Amamiya, as well as former deputies Hiroshi Nakaso and Hirohide Yamaguchi, given their deep knowledge on monetary policy. Matsuno said he hoped the BOJ works closely with the government and guides monetary policy flexibly, when asked whether Ueda's appointment could lead to a retreat from Abenomics. While he warned of the rising cost of the BOJ's yield control policy, Ueda has called for the need to keep monetary policy loose to ensure Japan stably achieves the bank's 2% inflation target.

☆ At BOJ's helm, MIT-educated Ueda to put theory into practice
▼ + stars: | 2023-02-14 | by ( Leika Kihara | ) www.reuters.com time to read: +5 min

At MIT, he studied economics under Stanley Fischer, whose students include former U.S. Federal Reserve chair Ben Bernanke and former European Central Bank President Mario Draghi. He is a good listener and a consensus-builder, rather than a leader with a strong view on the direction of monetary policy, they say. "His style is to discuss monetary policy based on facts and evidence," said Tetsuya Inoue, who was Ueda's staff secretary when he was a central bank board member. In a column published in July, Ueda warned against raising rates prematurely in response to cost-push inflation - a sign he would be in no rush to tighten monetary policy. Upon approval by parliament, Ueda will assume the top BOJ post on April 9 and chair his first policy-setting meeting on April 27-28.

☆ Lands' End almost lost its wealthy boomer customers when it tried to court millennials and Gen Z. Now it's going for Gen X.
▼ + stars: | 2023-01-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Lands' End's baby-boomer shoppers are among the most loyal of any brand, but they are aging. Sales fell when the company tried to attract millennials in 2015 with a move into party dresses and heels. In recent years Lands' End has made a concerted effort to reach oft-overlooked Gen X shoppers. Within just one year Lands' End swung from a $9.2 million profit to a $7.7 million loss and customers were abandoning the brand. "Seventy-five percent of them either never shopped at Lands' End, or are lapsed customers and haven't shopped at Lands' End for five years.

☆ Arizona throws out one of the first lawsuits seeking to block Biden's student-loan forgiveness
▼ + stars: | 2023-01-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Arizona's new Democratic attorney general dismissed a lawsuit seeking to block student-debt relief. It was the third lawsuit filed that attempted to block the relief, and on Friday, Arizona's new Democratic attorney general Kris Mayes dismissed the case. Mayes took office earlier this month, and she indicated that she would be reviewing whether to continue her predecessor's legal challenge to Biden's broad debt relief. Two other lawsuits succeeded in pausing the implementation of Biden's debt relief, and those cases are now headed to the Supreme Court, which will hear the oral arguments on February 28. One of the lawsuits was filed by six Republican-led states who sued because they argued the debt relief would hurt their states' tax revenues, along with that of student-loan company MOHELA.

The White House said some material was found in a locked garage at Biden's home and an adjacent room, and pledged to cooperate. "People know I take classified documents and classified material seriously," he added. Biden's attorneys said they have found fewer than a dozen classified documents and turned over the relevant papers after finding them. Trump resisted doing so until an August FBI search turned up about 100 classified documents, raising questions about whether Trump or his staff obstructed the investigation. "People know I take classified documents, classified material seriously," Biden told reporters on Thursday.

The White House on Monday disclosed that classified documents from his vice presidential days were discovered in November at a think tank in Washington. Garland said Robert Hur, a former U.S. attorney in Maryland, would serve as special counsel. Garland in November named a special counsel, Jack Smith, to oversee Justice Department investigations related to Donald Trump including the Republican former president's handling of classified documents and efforts to overturn the 2020 election. "As I said earlier this week, people know I take classified documents, classified material seriously. Biden in September called his predecessor's handling of classified documents "totally irresponsible."

U.S. concerns about counterterrorism will be among the subjects addressed, a State Department spokesperson said. "This type of dialogue enhances the national security of the United States through improved international law enforcement coordination, which enables the United States to better protect U.S. citizens and bring transnational criminals to justice," the State Department spokesperson said in a statement. A person in Washington familiar with the matter said the talks were expected to take place next week. The Biden administration last May kept Cuba on a short list of countries the United States says are "not cooperating fully" in its fight against terrorism. The State Department spokesperson said the coming talks "provides a forum to raise difficult matters and convey our concerns directly to the Cuban government."

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