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[1/2] British Foreign Secretary James Cleverly and Chinese Vice President Han Zheng attend a meeting at the Great Hall of the People in Beijing, China August 30, 2023. "We are clear-eyed about the areas where we have fundamental disagreements with China and we raise those issues when we meet," he told broadcasters. China Vice President Han Zheng told Cleverly at their meeting that he hoped the two countries could make new advances in their relations. Cleverly's visit to China comes as other countries in the West also try to improve their relations with the country. U.S. Commerce Secretary Gina Raimondo is on a four-day visit in China but warned that U.S. companies have complained to her that China has become "uninvestible".
Persons: James, Han Zheng, Florence Lo, Wang Yi, Liz Truss, Conservative Alicia Kearns, Gina Raimondo, Han, Sarah Young, Laurie Chen, Kate Holton, Elizabeth Piper, Conor Humphries Organizations: of, People, REUTERS, Rights, Conservative Party, China, British, Conservative, . Commerce, Thomson Locations: Beijing, China, Rights BEIJING, London, British, CHINA, Taiwan, Taipei, West
The new requirement would bring large regional banks more in line with the largest global banks, which already have their own debt requirement. The proposal follows a tumultuous spring for regional banks, which saw three collapse, forcing regulators to backstop deposits to stave off a broader panic. The proposal would mean banks have to raise their long-term debt issuance by roughly 25%, or $70 billion, according to the FDIC. “These banks will have to go into the market issuing capital to meet the capital proposal and then issuing long-term debt to meet the long-term debt proposal," said Matthew Bisanz, a partner at Mayer Brown. The proposed rules were approved by the FDIC at a meeting Tuesday, giving the industry the opportunity to critique the approach.
Persons: Brian Snyder, Martin Gruenberg, Matthew Bisanz, Mayer Brown, Gruenberg, JPMorgan Chase, Ian Katz, ” Rob Nichols, Pete Schroeder, Megan Davies, Philippa Fletcher, Andrea Ricci Organizations: First Republic Bank, REUTERS, Rights, U.S, Federal Deposit Insurance Corporation, FDIC, Financial Services Group Inc, Fifth Third Bancorp, Citizens Financial, Silicon Valley Bank, JPMorgan, FDIC's, Insurance Fund, Capital Alpha Partners, Federal Reserve, American Bankers Association, Thomson Locations: Boston , Massachusetts, U.S, Silicon
REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Aug 29 (Reuters) - A top U.S. banking regulator is set on Tuesday to propose heightened rules to ensure regional banks can be safely dissolved in times of stress. Now, regulators are looking to toughen their rules, particularly for regional banks like PNC Financial Services Group Inc and Citizens Financial Group Inc."The failure of three large regional banks this spring...demonstrated clearly the risk to financial stability that large regional banks can pose," said FDIC Chairman Martin Gruenberg in a speech earlier this month previewing the proposals. The regulator is also set to propose an overhaul to "living will" rules for banks, which require firms to detail how they could be safely taken apart after failing. As banks failed last spring, the FDIC was unable to find immediate buyers for some firms, such as Silicon Valley Bank. The banking industry is already pushing back against the upcoming proposal and similar efforts, calling them unjustified and economically harmful.
Persons: Martin Gruenberg, Kevin Lamarque, Gruenberg, JPMorgan Chase, Ian Katz, , Rob Nichols, Pete Schroeder, Megan Davies, Andrea Ricci Organizations: Deposit Insurance, Financial, Valley Bank, Signature Bank, Capitol, REUTERS, Rights, Federal Deposit Insurance Corporation, Financial Services Group Inc, Citizens Financial, Inc, FDIC, Silicon Valley Bank, First Republic Bank, JPMorgan, FDIC’s, Insurance Fund, Capital Alpha Partners, American Bankers Association, Thomson Locations: Washington , U.S, Silicon
South Korea has been cracking down on technology leaks in recent months, as the country seeks to maintain its dwindling lead in memory chips and displays against competitors. South Korea's Sentencing Commission, overseen by the Supreme Court of Korea, decided this month to toughen punishments and lengthen jail times for leaking South Korean technology, the industry ministry said in a statement on Monday. The industry ministry did not say which country it is targeting, but analysts said China is the suspected destination of the bulk of South Korean technology leaks. This led to acquittal in 30% and suspended sentences in 54% of such cases before South Korean courts, it said. South Korean police said in June they had arrested 77 people in 35 cases of suspected industrial espionage in a nationwide investigation over the past four months.
Persons: Kacper, Joyce Lee, Tom Hogue Organizations: REUTERS, Rights, Samsung, South, Thomson Locations: Rights SEOUL, South Korea, Korea, China, South Korean, Korean
Big Business Gets Bigger
  + stars: | 2023-07-21 | by ( German Lopez | More About German Lopez | ) www.nytimes.com   time to read: +1 min
Courts push backThe Biden administration released guidelines this week that seek to toughen antitrust law, which restricts anticompetitive practices. Under Khan, the F.T.C. has also pushed courts to effectively lower the burden of proof required to show that a merger is anticompetitive. “But it often seems that courts will not let plaintiffs win an antitrust case based on circumstantial evidence.”The F.T.C. The last major shift in antitrust law, in the 1970s, came after decades of work by conservatives to push the law and courts in their direction.
Persons: Biden, Khan, , Douglas Melamed, Organizations: Stanford Law School, Microsoft, Activision Locations: Europe
NEW YORK, July 13 (Reuters) - Large companies are spreading out their counterparty risk and increasing screening of their banking partners in response to the recent banking crisis that has been a "wake-up call", according to an industry survey to be released on Thursday. Multinational companies and those with sales overseas use banks, or counterparties to the transactions, to trade foreign exchange and hedge currency risk. "All of a sudden there's a wake-up call," said Eric Huttman, CEO at MillTechFX, the specialist currency arm of Millennium Global. Huttman said his firm has added dozens of clients since the banking crisis and all of them have spent more time asking about its counterparty selection process. "The broad questions that companies are asking are, is my banking partner sound and will they be there when I need them," said Dhargalkar.
Persons: Eric Huttman, Huttman, Amol Dhargalkar, Banks, Laura Matthews, Megan Davies, Muralikumar Organizations: YORK, MillTechFX, Millennium, UBS, Credit Suisse, Chatham Financial, Thomson Locations: North America, Europe, Swiss
Sabalenka looks to toughen up mentally after Jabeur defeat
  + stars: | 2023-07-13 | by ( ) www.reuters.com   time to read: +2 min
I just lost it a little bit in the second set, and it's just gone. Having had the match by the scruff of the neck in the second set, the Belarusian said it had an emotional impact on her when Jabeur eased her grip on the contest. "I think in these key moments, I didn't play the way I was supposed to play. She was just going for some crazy shots, which I would say normally she wouldn't put it in. I didn't serve my best today.
Persons: Sabalenka, Czech Marketa Vondrousova, it's, Roland Garros, Jabeur, didn't, Toby Davis, Ken Ferris Organizations: Wimbledon, Tunisian, Czech, Thomson Locations: Belarusian, Sabalenka, Jabeur
While we've been keeping tabs on the best Prime Day deals, we're seeing a handful of exceptions where rarely discounted products are dropping to incredible prices. The 12 best rare Prime Day deals ending soonDeal icon An icon in the shape of a lightning bolt. It rarely sees price drops, but right now it's down to only $17 in a rare deal for Prime Day. Help keep your pup cool anywhere with this dog bath that's 20% off during the second day of Prime Day. Prime Day officially lasts from July 11 to 12 — that means most of these deals will end tonight at 11:59 p.m. PT.
Persons: we've, Bowser's Fury, Vera Bradley Microfiber, Vera, Collar Organizations: Razer, Deal, Belkin, Amazon, Nintendo, Walmart, Bands Locations: Cha Kyusu, Birch
Amid these concerns, one private jet owner has decided to scale back. In line with Prince’s thoughts, the Institute for Policy Studies report advocates for higher taxes on both private jet sales and fuel. They also call for the federal jet fuel tax to be doubled from $0.219 per gallon to $0.438 per gallon for the most frequent private jet users. We should have very high taxes, [usage] taxes and fuel taxes that discourage private jet owners.”Collins adds that the construction of private aviation infrastructure should stop altogether, as this form of transportation should be phased out. In April, Schiphol airport in Amsterdam announced it is considering banning private jets from its grounds altogether.
Persons: What’s, Stephen Prince, “ I’ve, It’s, I’m, , Joan Valls, Shutterstock There’s, he’s, who’s, , it’s, ” Prince, we’re, George Rose, Elon, ” Chuck Collins, ” Collins, That’s, Collins Organizations: CNN, US Institute for Policy Studies, Federal Aviation Administration, Patriotic, Cessna, Prince, TSA, Institute for Policy Studies, Locations: Nebraska, Boston, Europe, France, Ireland, Schiphol, Amsterdam
The MT Arman 114 was carrying 272,569 metric tons of light crude oil, valued at 4.6 trillion rupiah ($304 million), when it was seized last week, the Indonesian authorities said. The Very Large Crude Carrier (VLCC) was suspected of transferring oil to another vessel without a permit on Friday, the Southeast Asian nation's maritime security agency said. "MT Arman was spoofing their automatic identification system (AIS) to show its position was in the Red Sea but in reality it is here," Aan told reporters. Along with the Arman, authorities detained its Egyptian captain, 28 crew and 3 passengers, who were the family of a security officer on board, the agency said. A "shadow" fleet of tankers carrying oil from sanctioned Iran, Russia and Venezuela has been transferring cargoes in the Singapore Strait to avoid detection, a Reuters analysis showed this year.
Persons: Arman, Stefanno Sulaiman, Fransiska, Lincoln, Clarence Fernandez Organizations: Indonesia's Maritime Security Agency, AIS JAKARTA, Malaysian, Thomson Locations: Marore, Cameroon, Iranian, Indonesia's North Natuna, Iran, Russia, Venezuela, Singapore, Indonesia, Panamanian
If Mayor Sadiq Khan's plan goes ahead, London's Ultra Low Emission Zone (ULEZ) will become one of the world's largest to tackle air pollution, encompassing 5 million extra people in the capital's leafier and less-connected outer boroughs. London's transport authority says only one in 10 cars in outer London are not ULEZ-compliant. But Khan, who was diagnosed with asthma and wrote a book this year on air pollution and climate change, says he is determined to face down his critics. "But the further away from the city centre you go, the less you can improve air quality," Verbeek added. "It's absolutely critical that even in a cost-of-living crisis we do not kick the can of air pollution down the road and let more children grow up unhealthy and unwell," she said.
Persons: Toby Melville, Sadiq Khan's, Carl Cristina, Cristina, Khan, Thomas Verbeek, Verbeek, Jemima Hartshorn, Teresa O'Neill, I've, Gavin Jones, William James, Andrew Heavens Organizations: REUTERS, Reuters, Delft University of Technology, Thomson Locations: Marble, London, Britain, Europe, Rome, Netherlands
Russian army deserter sentenced to seven years in prison
  + stars: | 2023-07-03 | by ( ) www.reuters.com   time to read: +2 min
July 3 (Reuters) - A Russian soldier has been sentenced to seven years in prison for twice escaping from his army unit, a military court in the Siberian city of Tomsk said on Monday. Siberia.Realities, a local project of U.S. government-funded news outlet Radio Free Europe/Radio Liberty, identified the soldier as Ivan Klester. Last month a military court in Russia’s Far East sentenced a soldier to nine years for deserting three times. The man pleaded guilty, saying that he had to care for his sick wife, Russian newspaper Kommersant reported. President Vladimir Putin signed a law last September to toughen punishments for a host of crimes such as desertion, damage to military property and insubordination if they are committed during military mobilisation or combat situations.
Persons: Ivan Klester, Vladimir Putin, Wagner, General Andrei Kartapolov, Lucy Papachristou, Mark Trevelyan Organizations: Radio Free, Radio Liberty, Russia’s Far, Kommersant, Ukrainian, TASS, Thomson Locations: Siberian, Tomsk, Siberia.Realities, U.S, Radio Free Europe, Russia’s, Russian
From toxic algal blooms in the Great Lakes to sewage pouring into Detroit basements to choking wildfire smoke that drifted south from Canada, Michigan has been contending with the fallout from climate change. Even the state’s famed cherry trees have been struggling against rising temperatures, forcing some farmers to abandon the crop. The centerpiece is based on a 58-page “MI Healthy Climate” plan offered by Gov. It would require Michigan to generate all of its electricity from solar, wind or other carbon-free sources by 2035, eliminating the state’s greenhouse pollution generated by coal- and gas-fired power plants. The package would also toughen energy efficiency requirements for electric utilities and require a phaseout of coal-fired plants in the state by 2030.
Persons: Gretchen Whitmer Organizations: Gov Locations: Great, Detroit, Canada , Michigan, Michigan
Britain tightens planned tech law to stop children viewing porn
  + stars: | 2023-06-29 | by ( ) www.reuters.com   time to read: +2 min
LONDON, June 30 (Reuters) - Britain said on Friday it had tightened protections in its Online Safety Bill that will prevent children from viewing pornography in an update to long-delayed legislation that is being closely watched by the tech industry. Britain, like the European Union and other countries, has been grappling over how to protect social media users, and in particular children, from harmful content without damaging free speech. "To prevent any further tragedy and build a better future for our children, we are acting robustly and with urgency to make the Online Safety Bill the global standard for protecting our children." The tech industry including firms like Apple (AAPL.O) have criticised sections of the Online Safety Bill, particularly provisions that could be used to make messaging services break end-to-end encryption in order scan for child abuse material. Reporting by Sachin Ravikumar; Editing by Alison Williams;Our Standards: The Thomson Reuters Trust Principles.
Persons: Paul Scully, Sachin Ravikumar, Alison Williams Organizations: European Union, Apple, Thomson Locations: Britain
John Macdougall | Afp | Getty ImagesEurope is charting a new way forward for its relations with China, but officials in the region say they are wary about the risk of retaliation if they get it wrong. There has been growing momentum behind the idea of de-risking from China. At a G7 meeting in late May, both the U.S. and Europe agreed to reduce their dependency on Beijing — rather than completely cut ties. Policymakers in Europe, meanwhile, have taken a more cautious approach — aware of how important the Chinese market is for its domestic companies. watch nowThe whole bloc is figuring out what de-risking from China means.
Persons: Li Qiang, Olaf Scholz, John Macdougall, Ursula von der Leyen Organizations: Afp, Getty, U.S, CNBC, EU, European Commission Locations: China, Europe, Beijing, U.S, EU, Brussels
[1/5] Participants react with Pride rainbow flags as they attend the Badilika festival to celebrate the LGBT rights in Nairobi, Kenya, June 11, 2023. Some regional lawmakers frame the issue as an almost existential battle to save African values and sovereignty, which they say have been battered by Western pressure to capitulate on gay rights. Spokespeople for the Kenyan presidency and government didn't respond to requests for comment about the proposed bill. Several called for legislation to strengthen penalties for same-sex acts, including the deputy majority leader, who said gay sex could be punished by hanging. President William Ruto, an evangelical Christian, has criticized a February supreme court decision allowing an LGBT rights group to register as a non-governmental organization.
Persons: Mohamed Ali doesn't, Ali, Weeks, Bill, Yoweri Museveni, Annette Atieno, John Agany, Jacqueline Ngonyani, Ngonyani, Damas Ndumbaro, William Ruto, Peter Kaluma, Uganda's, Kaluma, U.S . State Department didn't, Stella Kachina, Marylize Biubwa, Lorna Dias, Dias, Nuzulack Dausen, Waakhe Simon Wudu, Daphne Psaledakis, Estelle Shirbon, Aaron Ross, Pravin Organizations: REUTERS, Reuters, Kenyan, National Gay, Human Rights Commission, U.S . State Department, East, NAIROBI PRIDE, Gay and Lesbian Coalition of, Thomson Locations: Nairobi, Kenya, Uganda, Tanzania, South Sudan, NAIROBI, East Africa, Juba, United, Africa, Entebbe, Gay and Lesbian Coalition of Kenya, Ruto, Dar es, Washington
When Jeffrey Vlk played running back in high school in the 1990s and then safety in college, he took and delivered countless tackles during full-contact football practices. So, starting in 2019, Vlk eliminated full-contact practices. Players wore shoulder pads once a week, on Wednesday, which he called contact day. That’s when they hit tackle bags and crash pads, and wrapped up teammates but did not throw them to the ground. Vlk said no starting player had been injured at his practices in four years.
Persons: Jeffrey Vlk, Vlk Organizations: Buffalo Grove High School Locations: Chicago
SYDNEY, June 15 (Reuters) - An Australian state on Thursday imposed a three-month ban on PricewaterhouseCoopers' (PwC) local unit from receiving new tax-related contracts - the latest repercussion to hit the firm after its misuse of confidential federal government tax plans. PwC has come under fire after a former tax partner in the firm who was advising the Australian federal government on laws to prevent corporate tax avoidance shared confidential drafts with colleagues that were used to pitch to companies for work. Last week, PwC named at least 67 current and former staff involved in the leak of government tax plans. The Australian Federal Police is investigating the misuse of confidential government documents and four major pension funds have paused work with the firm. Some private-sector clients and government agencies have also suspended or are reviewing their dealings with PwC.
Persons: PwC, Courtney Houssos, Houssos, Kristin Stubbins, Renju Jose, Edwina Gibbs Organizations: SYDNEY, PricewaterhouseCoopers, Australian Federal Police, PwC, Thomson Locations: Australian, New South Wales, Sydney
"This would be the nail in the coffin for Huawei in Europe," said Paolo Pescatore, an analyst at PP Foresight. China has asked for Huawei to be one of the main points on the agenda, one of the sources familiar with the matter said. Germany's China hawks expressed outrage in March when a Reuters story revealed that German state rail operator Deutsche Bahn was using Huawei gear to digitalise its operations. Berlin in 2021 passed a law setting high hurdles for makers of telecommunications equipment for the "critical components" of 5G networks. It is estimated it would cost billions of euros to rip out and replace Huawei equipment in European countries, potentially burdening telecom companies already sitting on huge debts.
Persons: Paolo Pescatore, Andrew Small, Mikko Huotari, Sweden's, Sarah Marsh, Andreas Rinke, Supantha Mukherjee, Foo Yun Chee, Sergio Goncalves, Mark Potter Organizations: European, Huawei, Deutsche Telekom, Foresight, Deutsche Bahn, Mercator Institute for China Studies, Telecom, Nokia, Sweden's Ericsson, Thomson Locations: BERLIN, STOCKHOLM, Germany, Brussels, Berlin, Beijing, Europe, China, China's, Denmark, Portugal, West, U.S, Stockholm, Lisbon
Global manufacturing is sputtering
  + stars: | 2023-06-11 | by ( Bryan Mena | ) edition.cnn.com   time to read: +8 min
S&P Global data showed that the US manufacturing sector fell into contraction territory in May. Business conditions in China’s manufacturing industry, the largest in the world, improved in May, according to the Caixin manufacturing Purchasing Managers’ Index. Globally, manufacturers’ optimism fell to its lowest level since December, according to the JPMorgan Global Manufacturing PMI. The possibility of China reinvigorating global economic growth is slipping. That could eventually lead to global manufacturers trimming their workforces if demand for goods continues to weaken and their backlogs shrink further.
Persons: , Ariane Curtis, “ We’ve, Tom Garretson, Jerome Powell, hasn’t, won’t bode, Liu Young, Monish Patolawala Organizations: DC CNN — Manufacturers, Factories, P, Institute for Supply Management, Commerce Department, JPMorgan Global Manufacturing PMI, Capital Economics, International Monetary Fund, RBC Wealth Management, Credit Suisse, UBS, The Federal Reserve, European Central Bank, Fed, Apple, 3M, National Association of Manufacturers Locations: Washington, United States, Ireland, China, Europe, Germany, Europe’s
ANNECY, France, June 9 (Reuters) - Two toddlers gravely wounded by a knifeman in the French mountain town of Annecy were in a stable condition on Friday and doctors are optimistic for their recovery, President Emmanuel Macron said. Macron, who has called the attack an "act of absolute cowardice", visited the hospital in Grenoble where three of the four children are being treated before heading to nearby Annecy. "The doctors are very confident," Macron told the police and paramedics who responded to the aftermath of the attack. Among the children wounded in the attack were a British national and a Dutch national. One of the two pensioners caught up in the attack told Reuters he had been sitting on a park bench when the attacker approached on the run.
Persons: Emmanuel Macron, Macron, lunge, Henri, Denis Balibouse, Mag Capone, Mathis, Elisabeth Borne, Gerald Darmanin, Youssouf, Antony Paone, Geert de Clercq, Richard Lough, Andrew Heavens, Nick Macfie, Angus MacSwan Organizations: Reuters, REUTERS, Annecy Cathedral, Annecy Prosecutor, Police, Thomson Locations: ANNECY, France, Annecy, Grenoble, British, French, Sweden, Swedish, Schengen, Italy, Paris
Two of the children were in a critical but stable condition in hospital a day after the attack, Prime Minister Elisabeth Borne said. Among the children wounded in the attack where a British national and a Dutch national. France hailed the bravery of a young Catholic pilgrim who came face-to-face with the assailant and used his backpack as a shield as he sought to block the attack. A mass will be held in Annecy Cathedral in tribute to the victims and their families later on Friday, church authorities said. One of the two pensioners caught up in the attack told Reuters he had been sitting on a park bench when the attacker approached on the run.
Persons: Denis Balibouse, Elisabeth Borne, Emmanuel Macron, lunge, Henri, Mag Capone, Borne, Youssouf, Antony Paone, Geert de Clercq, Richard Lough, Andrew Heavens Organizations: REUTERS, Denis Balibouse Annecy, British, Reuters, Annecy Cathedral, Police, Thomson Locations: Annecy, French, France, Grenoble, Sweden, Swedish, Schengen, Italy, Paris
Opinion | The Welfare Debate Stalling the Debt Talks
  + stars: | 2023-05-22 | by ( Peter Coy | ) www.nytimes.com   time to read: +2 min
A bridge to independence, not a barrier.”Opponents of tough work requirements see things differently, of course. They would be subject to the work requirements until age 55, up from 49 currently. Work requirements for Temporary Assistance for Needy Families would also increase.) There’s been a lot of academic research on the effects of work requirements. My conclusion from reading some of it is that in certain cases, work requirements have increased employment, as congressional Republicans hope.
Mr. Zelensky, American and British officials say, seems to sense that when he shows up in person, he can both break through American resistance to sending more powerful weapons and pressure nations like India and Brazil that have stayed on the sidelines. Even before he arrived, Mr. Zelensky had won a significant victory. Mr. Biden met with the other leaders of the so-called Quad — Australia, India and Japan — on Saturday night. Mr. Zelensky will also meet with Prime Minister Fumio Kishida of Japan on Sunday, the Kyodo News agency reported. The G7 leaders have already pledged at the summit to toughen punishments on Moscow and redouble efforts to choke off funding for its war.
Image A photograph released by Saudi Arabian state media showing President Volodymyr Zelensky of Ukraine addressing the Arab League Summit on Friday. Mr. Biden said he was also prepared to let other countries give F-16s to Ukraine. In Hiroshima, Mr. Zelensky will almost certainly meet one on one with Mr. Biden. In Saudi Arabia, Mr. Zelensky appealed to Arab leaders meeting there not to bend to Russian influence. In his meetings with the leaders, Mr. Zelensky will have a chance to discuss the war with some of his staunchest backers: the U.S., Japan, Germany, Britain, France, Canada and Italy.
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