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☆ Miners grow anxious as Canada tightens foreign investment rules
▼ + stars: | 2023-03-05 | by ( Divya Rajagopal | ) www.reuters.com time to read: +3 min

Ottawa last fall proposed bolstering its Investment Canada Act (ICA) to give government ministers power to block or unwind critical minerals investments if they believe such deals threaten national security. Nearly half of the world's mining companies are listed in Toronto and the city has long been a premier destination for junior mining companies to raise funds, above even rival exchanges in Sydney, New York and London. Canadian officials last fall ordered Chinese companies to sell stakes in three Toronto-listed lithium companies, two of which are developing mines outside Canada. Canada's Industry Ministry, which is spearheading the rules change, called critical minerals "key to the future prosperity of our country." However, the government's crackdown could rebound and hurt Canada as the mining industry underpins a large part of the country's economy, investors and analysts say.

☆ Indonesia's inflation to stay above 5% in first half of 2023, central bank chief says
▼ + stars: | 2023-03-05 | by ( ) www.cnbc.com time to read: +1 min

The country's inflation has held above 5%, driven by high food prices. Indonesia's inflation will remain above 5% in the first half of 2023 and below 4% in the second half, mainly due to high food prices, central bank governor Perry Warjiyo said on Sunday, warning that the fight to control inflation must continue. "The game is not over, let us together anticipate inflation mainly food inflation," Perry said at an event on Makassar, in South Sulawesi, where he urged local authorities to work with the central government to reduce inflationary pressures. "We must control inflation because it relates to people's prosperity and welfare," he said. "Let's strengthen synergy amongst stakeholders to control inflation."

☆ South Sudan president fires defence and interior ministers
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

JUBA, March 4 (Reuters) - South Sudan President Salva Kiir has sacked two top security ministers, violating the terms of a peace agreement with opposition party leader First Vice President Riek Machar. Implementation of the deal, known as the Revitalized Peace Agreement for South Sudan, has been slow and the opposing forces have clashed frequently over disagreements about how to share power. In exchange, the president gave Machar's party the interior ministry. "The switch... is unilateral and a new cycle of violating the revitalized agreement," said Puok Both Baluang, Machar's spokesperson. Edmond Yakani, a leading civil rights activist and signatory of the peace agreement, said in a statement he urged the presidency to explain "why there is an exchange of information that demonstrates the violation of the peace agreement."

☆ Take Five: A manic March
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +5 min

Another dose of hot job growth after January's payrolls increase of 517,000 trounced estimates could stoke fears of more hawkish Fed action. Powell has said the January jobs report showed why the battle against inflation will "take quite a bit of time". Powell's comments and the jobs data could help settle what the Fed does later this month. The RBA hinted at further tightening at its meeting last month, but data since then has pointed the other way. After a red-hot January rally, bonds and equities retreated in February as strong data sparked concerns about more rate hikes.

☆ UK PM Sunak congratulates Nigeria's Tinubu on election victory
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

LONDON, March 1 (Reuters) - British Prime Minister Rishi Sunak on Wednesday congratulated Nigeria's new president-elect, Bola Tinubu, on his victory in an election which has been disputed by opposition parties there. "The UK-Nigeria relationship remains strong. I look forward to working together to grow our security and trade ties, opening up opportunities for businesses and creating prosperity in both our countries," Sunak said on Twitter. Reporting by Kylie MacLellan; editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's war on Ukraine latest: Russians press battle for Bakhmut
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +4 min

[1/2] Ukrainian service members ride a self-propelled howitzer, as Russia's attack on Ukraine continues, near the frontline city of Bakhmut, Ukraine February 27, 2023. * The Kremlin repeated its position that Russia was open to negotiations to end the Ukraine conflict, but that new "territorial realities" could not be ignored. * Foreign ministers from around the world meet in New Delhi this week in the shadow of the war and U.S.-China tensions. * External backers pour billions into Ukraine* How has China stood by 'no limits' partner Russia? * A year into war, older refugees running out of hope* Life and death in Mariupol - a survivor's tale of war* Family mourns Bucha victim who became symbol of warPODCASTLearn more about the Ukraine war.

☆ Boomers Greed Ruined Economy for Gen Z, Millennials
▼ + stars: | 2023-03-01 | by ( Alex Yablon | ) www.businessinsider.com time to read: +14 min

The boomers' economy is brittle, stingy, and built on undersupply. While inflation may be cooling a bit, future prosperity for millennials, Gen Zers, and beyond depends on reversing this economywide bottleneck created by boomers. Boomers shrank the labor force they need nowThe baby boomers ensured the labor market of the generations after them would be inadequate in a few major ways. The boomer ethos on housing, which views homes not as places to live but as financial assets, is mirrored in the rest of the economy boomers made. They make loans, investment, and housing more expensive — putting the economy on a diet instead of growing the pie.

Analysts have gradually raised their forecasts for where the key rate will end this year, to 7.5% from 7.13% in the previous poll. "High budget spending is the key issue," said Anton Tabakh, Chief Economist at RA Expert, who expected the upsurge in inflation at the beginning of the year due to higher budget spending to be contained. "But at the same time, there will be a preventative rate increase and, accordingly, we see the key rate at 7.5% in December, from 8%-8.25% in the middle of the year." Tabakh also said that all risks were higher and the level of uncertainty elevated. Inflation expectations, an indicator to which the central bank pays close attention ahead of meetings, rose to 12.2% in February.

☆ Thailand hosts thousands of US troops for annual 'Cobra Gold' drills
▼ + stars: | 2023-02-28 | by ( Kwang Jirapornkuhakan | ) www.reuters.com time to read: +2 min

RAYONG, Thailand, Feb 28 (Reuters) - Thailand and the United States kicked off on Tuesday military exercises involving more than 7,000 personnel and forces from 30 countries, with the annual drills including a component focused on space exercises for the first time. "Cobra Gold", launched in 1982, is one of the world's longest-running multilateral military exercises and the biggest in Southeast Asia, serving as a key platform for Washington to shore up alliances in Asia at a time of increasing competition with China. After the drills were scaled back during the pandemic, nearly 6,000 U.S. troops will take part this year, Admiral John Aquilino, Commander of the United States Indo-Pacific Command, said, the highest number in a decade. Tensions have increased in the region between the United States and China over Beijing's growing assertiveness in the South China Sea and over self-ruled Taiwan. Military and civilian space agencies from Thailand, the United States and Japan will take part, it said.

☆ Factbox: Want billions to make US chips? Here is how to get them
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +4 min

[1/3] CMOS chips, are shown at the manufacturing facility of VAS, an electronics manufacturer in San Diego, California April 14, 2009. Chip giant Intel Corp (INTC.O) moved ahead with the ground breaking of a $20 billion chip factory in Ohio after the chips bill passed. The CHIPS Program Office will give "strong preference" to projects that are largely funded with private capital. The department also said that the workers hired to build plants or chips should be able to join unions. The CHIPS Program Office will require any company given more than $150 million to return money if it makes more than they projected.

☆ Ayanna Pressley says it's not time for a student-debt relief backup plan yet, as a conservative-majority Supreme Court decides whether Biden's plan is legal
▼ + stars: | 2023-02-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Ayanna Pressley told Insider it's not the time for a backup plan on student-debt relief. The Supreme Court concluded oral arguments on the cases challenging Biden's debt relief on Tuesday. The Supreme Court needs to apply the letter of the law, and we need to get this done." Pressley was among a group of Democratic lawmakers who voiced support for student-debt relief outside the Supreme Court on Tuesday morning. "Even this far-right Supreme Court should be able to recognize that these claims against student debt relief are baseless and politically-motivated.

☆ How the Supreme Court may approach Biden's student-loan forgiveness plan
▼ + stars: | 2023-02-28 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +7 min

The Supreme Court will hear oral arguments on Tuesday on Biden's student-loan relief plan. Supporters say the relief is lawful, while opponents say Biden's policy is unconstitutional. The states claim that MOHELA will lose revenue from servicing loans because of Biden's relief. Concerning the constitutionality of Biden's plan, advocates on both sides say they feel confident their respective views will prevail at the Supreme Court. The Supreme Court is expected to hand down its decisions by June.

☆ Abu Dhabi's IPIC and Aabar to pay Malaysia $1.8 bln to settle 1MDB dispute
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, Feb 27 (Reuters) - Abu Dhabi's International Petroleum Investment Co (IPIC) and its unit Aabar Investments PJS have agreed to pay $1.8 billion to settle a legal dispute over the scandal at Malaysian state fund 1MDB, Malaysia's finance ministry said on Monday. Malaysia in 2018 had filed a challenge in a London court against a settlement agreement between 1MDB and IPIC that had been negotiated a year earlier during the premiership of former leader Najib Razak. Najib was sentenced to 12 years in jail last year after being found guilty in a 1MDB-related corruption case. In its challenge, Malaysia had argued that the 2017 settlement was procured by fraud. Malaysia's 1MDB is the subject of corruption and money-laundering investigations in at least six countries.

☆ Warren Buffett touts his iconic Coca-Cola and American Express bets in his annual letter - and trashes managers who manipulate earnings
▼ + stars: | 2023-02-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Warren Buffett published his famous annual letter to Berkshire Hathaway shareholders on Saturday. The billionaire investor touted his lucrative, decades-long bets on Coca-Cola and American Express. The billionaire executive pointed to Berkshire's stakes in Coca-Cola and American Express, two cornerstones of his roughly $300 billion stock portfolio. Moreover, Berkshire received $704 million in yearly dividends from Coca-Cola last year, and $302 million from American Express, Buffett noted. In his letter, Buffett underlined the fact that Berkshire has contributed about 0.1% of the $32 trillion in taxes collected by the US Treasury in the decade to 2021.

☆ Germany's Scholz committed for Free Trade deal between India, EU
▼ + stars: | 2023-02-25 | by ( ) www.cnbc.com time to read: +2 min

German Chancellor Olaf Scholz spoke at the World Economic Forum in Davos, the only G-7 leader to do so. German Chancellor Olaf Scholz said on Saturday that he and India's Prime Minister Narendra Modi were committed to sealing a free trade deal between India and the European Union (EU). The EU and India revived negotiations to forge a free trade agreement last year with the aim of completing talks by the end of 2023. For the EU, a free trade agreement with India would fit its strategy of increasing engagement with the Indo-Pacific region, where the bloc is targeting bilateral deals to take advantage of expected higher economic growth. Modi said India and Germany were committed to realizing their untapped potential in sectors such as security and defense cooperation.

☆ Germany's Scholz says want to deepen relations with India, meets Modi
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Adnan AbidiNEW DELHI/BERLIN, Feb 25 (Reuters) - German Chancellor Olaf Scholz said on Saturday said he wanted to deepen his nation's relationship with India ahead of his meeting with Prime Minister Narendra Modi in New Delhi. "India and Germany have very good relations and want to deepen them. That will be the topic of our talks and, importantly, peace in the world," Scholz said on Twitter. India has also sharply raised its purchases of oil from Russia, its biggest supplier of defence hardware, although prices have fallen. Scholz is travelling with a business delegation in a hope of growing that number, with a focus on investment in green technology.

☆ Pacific islands tap Taiwan ally Nauru for next top diplomat
▼ + stars: | 2023-02-24 | by ( Kirsty Needham | ) www.reuters.com time to read: +2 min

SYDNEY, Feb 24 (Reuters) - The top Pacific islands diplomatic post will pass to Taiwan ally Nauru next year, the 18-member regional bloc agreed Friday, as it resolved to face climate change and superpower rivalry as a united "family". The Pacific Islands Forum, meeting in Fiji, also said it would hold more talks with Japanese scientists and the International Atomic Energy Agency over Japan's plan to release treated water from the destroyed Fukushima nuclear plant into the sea. Some Pacific islands fear the water release could contaminate fish stocks but Tokyo has said it does not pose a risk, and the meeting agreed that "science and data" should guide political decisions on the issue. Nauru has diplomatic ties with Taiwan and not China, and Waqa has previously clashed with Chinese diplomats. The leaders agreed to consider establishing a special envoy's office in the United States, which has pledged to triple aid to the region.

☆ Analysis: Russian economy holding up but the road back to prosperity may be long
▼ + stars: | 2023-02-23 | by ( Alexander Marrow | ) www.reuters.com time to read: +6 min

"The Russian economy and system of governance proved to be much stronger than the West supposed," President Vladimir Putin told Russia's political, military and business elite this week. 'GUNS NOT BUTTER'He also argued for sustainable domestic development and a self-sufficient economy, recalling a criticism levelled against Soviet leaders so focused on military spending they ignored people's welfare. But Russia is ramping up military spending, and diverting funds from hospitals and schools will ultimately hamper the development of civilian economic infrastructure. Prokopenko, who also highlighted the opportunity cost to the economy, said Russia's financial leadership had become used to navigating crises. Putin can be proud of his 'Fortress Russia' that his financial leadership built for him," she said.

☆ Biden nominates former MasterCard CEO Ajay Banga to head World Bank
▼ + stars: | 2023-02-23 | by ( ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden on Thursday nominated former MasterCard CEO Ajay Banga to become president of the World Bank, hailing his business experience in his native India and his commitment to mobilizing private funds to expand financial inclusion and help developing countries grapple with climate change. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," Biden said in a statement. "Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity." Biden singled Banga's decades of experience building global companies and building public-private partnerships to tackle urgent challenges such as climate change, and said he had a proven track record working with global leaders. "He can really be a force for change," Moreno said, noting that Banga enjoyed the trust of financial markets whose support was urgently needed to help raise the trillions of dollars needed to deal with global challenges.

☆ Biden nominates former MasterCard chief Banga to head World Bank
▼ + stars: | 2023-02-23 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

[1/2] Ajay Banga, CEO of MasterCard, speaks during the Women In The World Summit in the Manhattan borough of New York April 8, 2016. REUTERS/Lucas Jackson/File PhotoWASHINGTON, Feb 23 (Reuters) - U.S. President Joe Biden on Thursday nominated Indian-American business executive Ajay Banga to become president of the World Bank, lauding his experience forging public-private partnerships to address financial inclusion and climate change. “Ajay is uniquely equipped to lead the World Bank at this critical moment in history," Biden said in a statement. Banga's nomination is the first to be made public, but the bank will accept nominations from other member countries through March 29. That would enable the World Bank to serve "as a force multiplier for good" by catalyzing action from the wide range of players, she said, adding that the World Bank could not meet the massive needs of developing countries on its own.

☆ Biden nominates former MasterCard exec Ajay Banga to lead World Bank
▼ + stars: | 2023-02-23 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —President Joe Biden has announced that he’s nominating Ajay Banga, a former MasterCard executive, to serve as president of the World Bank. Notably, the White House highlighted Banga’s “extensive experience” in creating partnerships to address climate change and financial inclusion,” something Biden pledged would be an important qualification for the next World Bank President. “We’ve achieved many of the things I wanted to…I think it’s really important that institutions have energy, new energy, and this is a good time for the World Bank to do that,” he said. The World Bank, a group of 187 nations, lends money to developing countries to help reduce poverty. Former US President Donald Trump appointed Malpass as World Bank chief in 2019 for a five-year period.

Treasury said the government planned to take on 254 billion rand ($14 billion) of Eskom's 423 billion rand debt it said was at risk of default, to enable the utility to pay down the debt and interest obligations. South Africa has been struggling for years to overhaul Eskom, which is plagued by corruption and mismanagement and has received 263.4 billion rand in bailouts since 2008/09. Treasury said about 168 billion rand of Eskom’s debt relief will be in capital and 86 billion rand in interest payments over the next three years. Eskom's debt relief has strict conditions, Treasury said. A proposal to address the debt municipalities owe Eskom, at 56.3 billion rand as of end December 2022, was being finalised.

☆ Three Years Into Covid, We Still Don’t Know How to Talk About It
▼ + stars: | 2023-02-22 | by ( Jon Mooallem | Photographs Ashley Gilbertson | ) www.nytimes.com time to read: +53 min

It will play out and reverberate for years or decades, Hagen told me. “The pathological normal,” Hagen calls it: a patchwork of homespun, bespoke realities, each one invested in a different story about what exactly happened when Covid ruptured the story of our lives. garb.”More than once, life seemed to be attaining “an uncanny resemblance to normal life,” as one man put it. But because we don’t totally understand where that experience has delivered us, we don’t know the right gloss to give it. “The days are strange,” one public-school teacher told Milstein toward the end of his first interview, in May 2020.

Indonesia's Foreign Minister Retno Marsudi met with Chinese counterpart Qin Gang in Jakarta, ahead of a round of negotiations on the code starting in March. Qin added that China and ASEAN will jointly safeguard peace and stability in the strategic trade corridor, through which about $3.4 trillion of goods pass each year. China would work with ASEAN countries to accelerate consultations on the code, he said. Beijing claims much of the South China Sea and has built islands from which it is capable of deploying advanced weaponry. China and ASEAN countries agreed in 2002 to work towards creating a code of conduct and it was 15 years before moves were underway to create a framework for negotiations.

☆ Russia's war on Ukraine latest: Battle around Bakhmut goes on in the mud
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +4 min

[1/6] Ukrainian service members ride inside an infantry fighting vehicle near the frontline town of Bakhmut, amid Russia's attack on Ukraine, in Donetsk region, Ukraine February 25, 2023. * U.S. Treasury Secretary Janet Yellen paid a surprise visit to Kyiv to reaffirm U.S. support and economic aid to help Ukraine's war campaign. * China has "very clearly" taken Russia's side in the Ukraine war by providing diplomatic, political and economic support, the U.S. State Department said. FIGHTING* The military situation is becoming increasingly difficult around Bakhmut, the focal point of Russia's advances in eastern Ukraine, President Zelenskiy said. * A year into war, older refugees running out of hope* Life and death in Mariupol - a survivor's tale of war* Family mourns Bucha victim who became symbol of warPODCASTLearn more about the Ukraine war.

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