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☆ Morning Bid: 'Soft landing' or 'no landing'?
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +5 min

As U.S. Federal Reserve's Federal Open Market Committee kicks off its two-day policymaking meeting, the economic news from around the world brightened considerably. China's economic activity swung back to growth in January after three months of contraction, according to official business surveys released on Tuesday. The euro zone economy confounded forecasts for a quarterly contraction of gross domestic product in the final three months of 2022. Eurostat estimated GDP in the bloc rose 0.1% in Q4 despite consensus expectations for a fall of 0.1%. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Egypt's soaring prices drive home economic pain
▼ + stars: | 2023-01-19 | by ( Mariam Rizk | ) www.reuters.com time to read: +6 min

Over recent months accelerating inflation has pummelled the spending power of Egyptians, who had already endured repeated economic shocks and years of austerity. The government says it is doing what it can to tamp down prices and expand social spending, often blaming current pressures on external factors linked to the war in Ukraine. While many countries are struggling to contain rampant inflation, Egypt, with a population of 104 million, is among the hardest hit. Reuters GraphicsStill, more economic turmoil in the shorter term complicates Egypt's plans to try to turn things round after the political and economic turbulence that followed its 2011 Arab Spring uprising. The agreement also provides for increasing social spending to protect the vulnerable.

☆ Ukraine faces 'significant' power shortages after Russian attacks
▼ + stars: | 2022-12-08 | by ( Pavel Polityuk | ) www.reuters.com time to read: +2 min

REUTERS/Serhii Smolientsev/File PhotoKYIV, Dec 8 (Reuters) - Ukraine enforced new emergency power cuts on Thursday as it tried to repair energy infrastructure damaged in Russian air strikes which the national grid operator said had caused significant supply shortages. Russia pummelled power facilities across Ukraine in the latest big wave of attacks on Monday at a time of the year when energy consumption usually rises because winter is setting in. DTEK, Ukraine's largest private power producer, said there were now emergency power cuts in the capital Kyiv and the Kyiv region, in the southern region of Odesa and in Dnipro in central Ukraine. Russia, which invaded Ukraine in February, has increased attacks on energy facilities in recent weeks, saying strikes on vital infrastructure are militarily legitimate. Kyiv Mayor Vitali Klitschko warned of an "apocalypse" scenario for the capital this winter if Russian air strikes on infrastructure continue.

☆ Shocks aplenty but Asia again unrepresented at business end
▼ + stars: | 2022-12-06 | by ( Nick Mulvenney | ) www.reuters.com time to read: +4 min

DOHA, Dec 6 (Reuters) - Asia will again be unrepresented in the World Cup quarter-finals but several upset wins and vibrant displays have many in the continent feeling that the gap to the best teams is closing. Japan, South Korea and Australia made it out of the group stage for a record representation in the last 16 but none were able emulate the 2002 Taegeuk Warriors and the North Korean side of 1966 by making the quarter-finals. All the people that are involved in the football in Asia as well as Japan I think can share our happiness." Of all the success for the Asian confederation sides, Australia's progressing to the last 16 was perhaps the most surprising given they had scraped into the tournament via two playoffs. "I do believe that Asian football is getting stronger and stronger and stronger, and we're catching up quickly."

☆ Japan depart with big wins but quarter-final dream unfulfilled
▼ + stars: | 2022-12-05 | by ( Nick Mulvenney | ) www.reuters.com time to read: +3 min

Moriyasu transformed the game with five substitutions and was rewarded with late goals from Ritsu Doan and Takuma Asano for what was probably Japan's greatest victory on a football pitch. His confidence in his players was rewarded as lightning struck twice in their final group match against 2010 champions Spain. As group winners, they went through to face a streetwise Croatian team in the last 16 with the golden uplands of the quarter-finals within their grasp. It was difficult to lose but Japanese soccer is without a doubt making progress." Reporting by Nick Mulvenney, editing by Pritha SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine promises shelters for its people as harsh winter looms
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +4 min

[1/8] People wait in line to get food, water and aid after Russia's military retreat from Kherson, outside the Church of Christ the Savior in Kherson, Ukraine November 22, 2022. Russian attacks have knocked out power for long periods for up to 10 million consumers at a time. The Donetsk region was the scene of fierce attacks and constant shelling over the last 24 hours, Zelenskiy said on Tuesday. Moscow says it is carrying out a "special military operation" to rid Ukraine of nationalists and protect Russian-speaking communities. Ukraine and the West describe Russia's actions as an unprovoked, imperialist land grab in the neighbouring state it once dominated within the former Soviet Union.

☆ Younger Chinese are spurning factory jobs that power the economy
▼ + stars: | 2022-11-21 | by ( David Kirton | ) www.reuters.com time to read: +8 min

For his father's generation, factory work was a lifeline out of rural poverty. For Zhu, and millions of other younger Chinese, the low pay, long hours of drudgery and the risk of injuries are no longer sacrifices worth making. Factory bosses say they would produce more, and faster, with younger blood replacing their ageing workforce. But offering the higher wages and better working conditions that younger Chinese want would risk eroding their competitive advantage. Yet young workers are vital to keep production moving.

Leaders from the Group of Seven nations as well as Spain and the Netherlands, who are all on the Indonesian island of Bali for the G20 summit, held an emergency meeting in response to the missile strike in Poland. The G20 leaders' meeting on Wednesday will be important to raise their awareness of the war in Ukraine, French President Emmanuel Macron's office said on Tuesday after reports of the blasts in Poland. G20 leaders were due to visit a site in Bali to plant mangroves on Wednesday morning, although the schedule of the meeting hosted by Indonesia has not always run to plan. As at other recent international forums, the United States and its allies were seeking a statement from the G20 summit against Moscow's military actions. A 16-page draft declaration seen by Reuters, which diplomats said was yet to be adopted by leaders, acknowledged the rift over the Ukraine war.

As at other recent international forums, the United States and its allies were seeking a statement from the two-day G20 summit against Moscow's military actions. But Russia, whose forces pounded cities and energy facilities across Ukraine even as the G20 met, said "politicization" of the summit was unfair. [1/12] Leaders gather during the G20 leaders summit in Nusa Dua, Bali, Indonesia, Tuesday, Nov. 15, 2022. China and Russia are close, but Beijing has been careful not to provide any direct material support for the Ukraine war that could trigger Western sanctions against it. Cambodian Prime Minister Hun Sen expressed concern for the health of other world leaders - including Biden - after a positive COVID-19 test forced him to return home early.

☆ BOJ's Kuroda lays out framework for future exit from easy policy
▼ + stars: | 2022-11-10 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

Kuroda brushed aside the chance of a near-term interest rate hike, stressing that the BOJ must continue to underpin a fragile economic recovery with loose monetary policy. But one major factor of debate will be the pace of increase in the BOJ's short-term policy rate, now set at -0.1%," Kuroda told parliament. "We discussed the need for the government and the BOJ to work closely together, and guide policy flexibly to structurally raise wages," said Kuroda. "It's extremely important for the BOJ to underpin the economy with ultra-loose monetary policy and ensure the necessary environment falls into place for companies to hike wages," Kuroda said. Kuroda said recent "rapid and one-sided" yen declines were undesirable as they make it difficult for firms to set business plans.

☆ China's factory gate prices suffer first drop since Dec 2020 as COVID curbs take toll
▼ + stars: | 2022-11-09 | by ( Anant Chandak | Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

The consumer inflation also moderated from a 29-month high in September, and underlying price pressures remained much more modest with core inflation rising 0.6% in October, unchanged from September. "However, the worsening of global growth is denting external demand." Reuters Graphics Reuters GraphicsPOLICY CHALLENGEThe consumer price index climbed 2.1% from a year earlier, easing from a 29-month high of a 2.8% increase in September, mainly driven by falling food prices. Food prices rose 7.0% in annual terms, slowing from 8.8% rise in the previous month, with fresh vegetable prices off 8.1% from a 12.1% rise in September. However, Pork prices - a key driver of the CPI - rose 51.8% year-on-year in October, faster than 36% growth in September.

☆ China's factory gate prices drop for first time since Dec 2020 as COVID curbs take toll
▼ + stars: | 2022-11-09 | by ( Anant Chandak | Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

☆ China's factory gate prices fall for first time since Dec 2020 as COVID curbs bite
▼ + stars: | 2022-11-09 | by ( Anant Chandak | Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

The deflationary impulse in the producer price gauge partly reflected the sharply higher year-ago levels and falling commodity prices, according to an accompanying NBS statement. The consumer price index (CPI) climbed 2.1% from a year earlier, easing from a 29-month high of a 2.8% increase in September, mainly driven by falling food prices. read moreAlmost three years into the pandemic, China has pledged to press on with its strict COVID-19 containment strategy. China's yuan currency has already been pummelled this year by the global tightening trend and a buoyant U.S. dollar. read moreReporting by Liangping Gao and Liz Lee Editing by Shri NavaratnamaOur Standards: The Thomson Reuters Trust Principles.

☆ China's super-rich see fortunes plunge as economy slows
▼ + stars: | 2022-11-08 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - China's super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing's zero-COVID measures and falling mainland and Hong Kong stock markets pummelled fortunes, an annual rich list said on Tuesday. The Hurun Rich list, which ranks China's wealthiest people with a minimum net worth of 5 billion yuan ($692 million), said only 1,305 people made the mark this year, down 11% from last year. "This year has seen the biggest fall in the Hurun China Rich List of the last 24 years," said Rupert Hoogewerf, chairman and chief researcher of research firm Hurun Report which compiles the list. The founder of TikTok owner ByteDance, Zhang Yiming, took second place, but saw his wealth fall 28% to $35 billion due to a drop in ByteDance's valuation. Tencent founder Pony Ma posted the second largest drop in wealth of $14.6 billion amid sliding tech stock prices, to take fifth place on the list.

Speaking to parliament, Scholz also said Germany had freed itself from dependence on Russian gas and was working to bring energy prices down, but warned that the EU imposing a gas price cap risked back-firing. "We will not let Moscow's latest escalation go unanswered ... Scorched earth tactics will not help Russia win the war. The 27 are expected to back an alternative price benchmark for liquefied natural gas and joint gas buying. But they remain split on whether and how to cap gas prices to stem high inflation and stave off recession, after Russia cut gas flows following its invasion of Ukraine. Scholz said that a politically imposed gas price gap risked driving producers to sell their gas elsewhere, meaning the EU could receive less gas as a result.

BERLIN/PARIS, Oct 19 (Reuters) - The French and German governments have postponed a meeting planned for next week until January, officials said on Wednesday, after what sources told Reuters were divisions including over energy policy and defence. French officials have expressed frustration with what they say has been a series of unilateral decisions by Germany, including a 200 billion euro energy package unveiled by Berlin without advanced warning to Paris. A French presidency official echoed Berlin's comments saying the two sides needed "more time" to reach agreements on issues including energy policy and defence cooperation. But others say they feel Germany is throwing its weight around and taking decisions that are sometimes against French interests. But French officials say they worry that the 200 billion euro German plan could distort the European market because other countries do not have the same means to protect their citizens.

"Russia understood that Ukraine has a powerful energy system, and therefore ... attacked distribution substations, which connected (different) regions," Podolyak said. He also ruled out retaliatory strikes on Russian energy infrastructure. Power has been restored to more than 4,000 towns and villages since the strikes, Shmyhal said, but warned of difficult times ahead. "We are planning to make more candles and order more materials because of these blackouts," she said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Stefaniia Bern, Max Hunder, Jonathan Landay; writing by Matthias Williams.

However, it remained far from clear who might be behind any foul play, if proven, on the Nord Stream pipelines that Russia and European partners spent billions of dollars building. Poland's prime minister blamed sabotage for the leaks, without citing evidence, while the Danish premier said it could not be ruled out. Operator Nord Stream said the damage was "unprecedented". CUTTING SUPPLIESRussia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.

"The destruction that occurred on the same day simultaneously on three strings of the offshore gas pipelines of the Nord Stream system is unprecedented," said network operator Nord Stream AG. Gazprom (GAZP.MM), the Kremlin-controlled company with a monopoly on Russian gas exports by pipeline, declined to comment. Danish Defence Command/Handout via REUTERS Read MoreRussia slashed gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations. European gas prices rose on the news of the leaks, with the benchmark October Dutch price up almost 10% on Tuesday.

Security walks in front of the landfall facility of the Baltic Sea gas pipeline Nord Stream 2 in Lubmin, Germany, September 19, 2022. "Yesterday, a leak was detected on one of the two gas pipelines between Russia and Denmark - Nord Stream 2. Russia slashed gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. 'EXTRA WATCH'"There are two leaks on Nord Stream 1 - one in Swedish economic zone and one in Danish economic zone. It said the gas leak would only affect the environment locally, which means that only the area where the gas plume in the water column is located would be affected.

An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London, in this March 25, 2008 file photograph. Yet the rapid rise in yields investors now receive for owning UK bonds hasn't helped sterling much. Pound slumps and UK borrowing costs surgePredicting the short-term direction of currencies is notoriously hard. Against the euro the pound is only at two-year lows, although it is down 3% since Friday. "People will look at the UK and think that that's not a market that is stable," said Payne at Janus Henderson.

A pressure gauge is seen at the landfall facility of the Baltic Sea gas pipeline Nord Stream 2 in Lubmin, Germany, September 19, 2022. "Overnight the Nord Stream 2 landfall dispatcher registered a rapid gas pressure drop on Line A of the Nord Stream 2 natural gas pipeline," Nord Stream 2's operator said in a statement. European countries have resisted Russian calls to allow the Nord Stream 2 pipeline to operate and accused Moscow of using energy as a weapon. Gazprom (GAZP.MM) referred questions about the incident to the Nord Stream 2 operator. Russia has cut off gas supplies to several countries and also halted flows through the Nord Stream 1 pipeline, blaming Western sanctions for hindering operations.

☆ Explainer: Why Japan is divided over Shinzo Abe's state funeral
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: +4 min

Japan's last fully state-funded funeral for a prime minister was for Shigeru Yoshida in 1967. Prime Minister Fumio Kishida announced his intention to host the state funeral six days after Abe was slain. But as evidence of links between the LDP and the Unification Church mounted and the estimated costs of the funeral rose, opinion shifted. He has acknowledged the funeral lacks overwhelming public support but has repeatedly sought to justify his decision. He has praised Abe's domestic and diplomatic contributions as well as his legacy of his lengthy tenure as reasons why a state funeral is warranted.

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