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☆ U.S. to expand solar panel tariffs after probe finds Chinese evasion
▼ + stars: | 2022-12-02 | by ( Nichola Groom | ) www.reuters.com time to read: +3 min

The announcement was welcomed by Auxin Solar, a small U.S. solar panel maker that requested the Commerce investigation in February. Producers including New East Solar, Hanwha Q CELLS, Jinko Solar (JKS.N) and Boviet Solar were found not to be dodging the tariffs, Commerce said. "The only good news here is that Commerce didn't target all imports from the subject countries," Abigail Ross Hopper, president of solar trade group the Solar Energy Industries Association (SEIA), said in an emailed statement. Buyers of solar panels for both large utility projects and residential rooftops say new tariffs will worsen what is already a difficult market for accessing solar energy equipment. The mere threat of new tariffs on solar imports also contributed to a slowdown in project development this year, the industry has said.

☆ UK public sector pay won't keep up with inflation: transport minister
▼ + stars: | 2022-11-27 | by ( David Milliken | ) www.reuters.com time to read: +3 min

REUTERS/Dylan MartinezLONDON, Nov 27 (Reuters) - British public-sector pay will not be able to keep up with soaring inflation, transport minister Mark Harper said on Sunday, as the country faces a wave of industrial disputes. British consumer price inflation hit a 41-year high of 11.1% in October, but the latest official wage data, for July-September, showed public sector pay rose by an annual 2.4%, while average private sector wages increased by 6.8%. "We want to try and give all the workers in the public sector who work very hard decent pay rises. We haven't seen those in the private sector either," Harper told Sky News. Harper said he wanted changes to employment practices in the rail sector - where Sunday working is optional - before agreeing more public funding.

☆ Investors look for clues on consumer health as holiday shopping kicks off
▼ + stars: | 2022-11-25 | by ( David Randall | ) www.reuters.com time to read: +4 min

NEW YORK, Nov 25 (Reuters) - Investors are closely watching U.S. retail stocks as a barometer of consumer confidence as inflation bites, as the most important shopping season of the year begins on Friday. That would come in below both the 13.5% jump reported last year, and the 9.3% gain in 2020. Expectations for purchasing long-lasting manufactured goods fell 21% due to high interest rates and high prices, the survey found. Shares of Walmart are up 7.5% for the month to date, while shares of Target are down 1.2%. Kohl's, meanwhile, withdrew its forecast as it faces weakening demand due to rising prices.

☆ Morning Bid: COVID vs RRR
▼ + stars: | 2022-11-24 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY, Nov 24 (Reuters) - A look at the day ahead in European and global markets from Stella Qiu:Another central bank pivots. This has aided the risk-on mood in the market, with Asian shares mostly advancing and U.S. dollar broadly weaker. The minutes of the Fed's November policy meeting showed a "substantial majority" of policymakers reckon it will "likely soon be appropriate" to slow the pace of rate hikes. China's COVID infections hit a record high, with Beijing, which has the strictest rules, failing to contain the spreading virus. "In our view, ending zero COVID as soon as possible is the key to raising credit demand and bolstering growth."

☆ At November Fed meeting, officials flagged market resilience amid volatile conditions
▼ + stars: | 2022-11-23 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Those concerns were aired in meeting minutes for the rate-setting Federal Open Market Committee’s Nov. 1-2 policy meeting, released Wednesday. Thus far, the Treasury market, which serves as the backbone of the world’s credit system, has held together, although there has been ample concern about low liquidity that’s made trading difficult. Fed officials have thus far described the market as resilient. Fed staff briefing officials concurred,The minutes flagged recent events in Britain as a point of concern. The Fed's top financial stability official, Vice Chair for Supervision Michael Barr, last week told Congress he was worried about "blowback" to the wider financial system from crypto-related failures.

☆ EXCLUSIVE Carlyle seeks to line up bid for urgent care provider Heritage -sources
▼ + stars: | 2022-11-15 | by ( David Carnevali | ) www.reuters.com time to read: +3 min

Carlyle, a Washington, D.C.-based buyout firm, has been in discussions with other private equity firms about assembling a consortium that would make an offer to acquire HPN, the sources said. HPN generates annual cash flow of around $600 million, according to the sources. Merkin grew the Los Angeles-based company into a managed care powerhouse in the Californian market, where it serves nearly 700,000 individuals. Earlier this month, primary care provider VillageMD, which is backed by Walgreens Boots Alliance Inc (WBA.O), said it would acquire private equity-owned urgent care provider Summit Health in a deal valued at $9 billion. Amazon agreed in July to buy primary care provider One Medical for $3.49 billion, while CVS inked a deal in September to acquire Signify Health for $8 billion.

☆ UK recruiters plan record pay rises but real wages lag inflation, survey shows
▼ + stars: | 2022-11-14 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, Nov 14 (Reuters) - British employers are planning the biggest pay hikes in a decade to fill roles but real-term wages will still grow more slowly than inflation, a survey showed on Monday. "Pay awards are expected to rise by the highest amount we've seen in our survey for 10 years but it's being outpaced by rising prices," CIPD labour market economist Jon Boys said. "Rather than feeling the benefit of higher pay, most will face a real-terms pay cut." Britain's jobs boom has yet to peak, with 69% of employers planning to hire in the next quarter, the CIPD said. "Organisations are looking at how they can support their people while also battling rising operational costs and a tight labour market," Boys said.

☆ Much of biopharma industry yet to set any climate impact targets - report
▼ + stars: | 2022-11-09 | by ( Natalie Grover | ) www.reuters.com time to read: +4 min

The report, authored by My Green Lab in collaboration with with Urgentem, an independent provider of emissions data, examined direct and indirect carbon emissions created by hundreds of companies in the biopharma industry from publicly available and inferred data. Reporting of scope 3 emissions remains imperfect, there is no standardisation on how this data is gathered and measured, said Connelly. "So some companies do have significantly higher carbon emissions for scope 3, while others are significantly lower, or it may just be that they are reporting quite differently from their peers." Executives from companies big and small told Reuters they were optimistic about strides being made towards cutting carbon output in the industry. The report was supported by the United Nation's High Level Climate Champions team.

☆ Bank of England wants more transparency for 'non banks' after gilts turmoil
▼ + stars: | 2022-11-07 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

[1/3] Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. It shone a light on the less regulated global $200 trillion 'non-bank' sector which is made up of pension funds, insurers and different types of investment funds, and spans borders. The onus for building resilience in the non-bank system sits first and foremost with the firms themselves," Breeden added. Banks and non-banks also need to improve stress-testing for risks, she added. Toks Oyebode, executive director for regulatory affairs at JPMorgan bank, said steps outlined by Breeden and other regulators, such as regarding margining, were timely.

☆ More transparency needed for 'non banks' after gilts turmoil, says Bank of England
▼ + stars: | 2022-11-07 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

It shone a light on the sprawling and less regulated 'non-bank' financial sector which is made up of pension funds, insurers and different types of investment funds, and spans borders. The onus for building resilience in the non-bank system sits first and foremost with the firms themselves," Breeden added. "Beyond improving transparency, regulators will need to consider how best to ensure leverage is well managed. Banks and non-banks also need to improve stress-testing for risks, she added. Reporting by Huw Jones Editing by Gareth Jones and Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ More transparency in 'non banks' a first step after gilts turmoil, says Bank of England
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 7 (Reuters) - Improving transparency of 'non-banks' such as pension funds is a first step in applying lessons from recent turmoil in Britain's government bond market, Bank of England executive director Sarah Breeden said on Monday. It shone a light on the sprawling and less regulated 'non-bank' financial sector made up of pension funds, insurers and different types of investment funds. Breeden said the LDI issues were a reminder of the "systemic risks" posed by poorly-managed leverage in the non-bank financial system where there is "all too often" excessive risk taking alongside improper liquidity risk management. "Transparency is an important first step. Reporting by Huw Jones Editing by Gareth Jones and Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, Nov 1 (Reuters Breakingviews) - Hong Kong’s third-quarter GDP plunged 4.5% from a year earlier as consumers and companies slashed spending. The government is trying to rally enthusiasm for its finance sector - as signaled by the flagship Fintech Week and Global Financial Leaders Investment Summit events happening this week. Beijing's commitment to stamping out Covid-19 infections on the mainland has halted vital flows of tourists and business people to Hong Kong. Moreover, Hong Kong's currency peg to the U.S. dollar means it must follow the U.S. Federal Reserve's rate hikes even though its inflation rate is less than half that in the United States. "Looking ahead, the markedly deteriorating external environment will continue to pose immense pressure on Hong Kong's export performance in the remainder of the year," the city government said.

☆ Chevron's $11.2 billion quarterly profit soars past estimates
▼ + stars: | 2022-10-28 | by ( ) www.cnbc.com time to read: +2 min

Chevron on Friday reported its second-highest quarterly profit ever, blasting past analysts' estimates, driven by soaring global demand for its oil and gas and rising production from its U.S. oilfields. Chevron posted a third-quarter net profit of $11.2 billion, or $5.78 per share - almost double the $6.1 billion from the same period last year, and well ahead of Wall Street's $4.86 estimate. Overall, oil and gas production was roughly flat last quarter factoring in the sale of some producing properties in Asia. Its oil and gas business posted an operating profit that surged 81% to $9.3 billion, while its oil refining business nearly doubled to $2.5 billion. Still, profit from refining cooled from the second quarter, keeping overall earnings below the company's all-time record of $11.6 billion.

☆ Chevron's $11.2 bln quarterly profit soars past estimates
▼ + stars: | 2022-10-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Chevron posted a third-quarter net profit of $11.2 billion, or $5.78 per share - almost double the $6.1 billion from the same period last year, and well ahead of Wall Street's $4.86 estimate. The results will back higher project spending and increased oil and gas production next year, Chief Financial Officer Pierre Breber told Reuters. The company's cash flow from operations soared to a record $15.3 billion, far higher than the previous quarter. Its oil and gas business posted an operating profit that surged 81% to $9.3 billion, while its oil refining business nearly doubled to $2.5 billion. Still, profit from refining cooled from the second quarter, keeping overall earnings below the company's all-time record of $11.6 billion.

☆ Big Tech tumbles as results sound alarm bells
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +3 min

Meta Platforms Inc (META.O), which is scheduled to report after markets close on Wednesday, was trading 4% lower. Amazon.com Inc (AMZN.O) and Apple Inc (AAPL.O), both due to report on Thursday, were down about 4% and 1%, respectively. While most Big Tech stocks have edged higher in the past few weeks, overall it has been a bleak year for the sector. Netflix, Meta, Amazon, Microsoft, Alphabet and Apple have already lost a combined $2.5 trillion in market value so far this year. read moreReporting by Yuvraj Malik and Akash Sriram in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ Russia has destroyed over a third of Ukraine's energy sector - President Zelenskiy
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

KYIV, Oct 25 (Reuters) - President Volodymyr Zelenskiy told a conference on Ukraine reconstruction on Tuesday that Russian rockets and Iran-made drones had destroyed more than a third of his contry's energy sector. Zelenskiy also told the conference in Berlin via video link that Ukraine had yet to receive "a single cent" towards a fast recovery plan worth a total $17 billion. "Russia is destroying everything so that it is harder for us to get through the winter," Zelenskiy told the conference, which was attended by German Chancellor Olaf Scholz, the head of the European Commission Ursula von der Leyen and other senior politicians and officials. Register now for FREE unlimited access to Reuters.com RegisterReporting by Max Hunder and Pavel Polityuk Writing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Truss resigns: What you need to know
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +3 min

She said she will remain as Prime Minister until a successor had been chosen within a week. Following are latest events, comments and context:Register now for FREE unlimited access to Reuters.com RegisterPOLITICS* The text of Truss' resignation speech at Downing Street. * Truss said the Conservative party she heads would hold a leadership election to be completed within a week. * Truss's resignation came after she lost her interior minister, Suella Braverman, less than a week after she fired her finance minister. Reuters GraphicsRegister now for FREE unlimited access to Reuters.com RegisterCompiled by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

POSITIONS FAR APART1/6 European Council President Charles Michel attends the European Union leaders' summit in Brussels, Belgium, October 20, 2022. REUTERS/Yves Herman Read MoreThe most contentious issue facing the leaders is whether and how to cap gas prices. The leaders will also discuss emergency spending to cushion their economies and 450 million citizens from the energy crunch. Given EU countries' diverse energy mix and interests, the meeting risks falling short on short-term action to tackle high energy prices ahead of winter. EU energy ministers meet again next week and aim to agree on joint crisis measures in November.

☆ Truss and UK market turmoil: What you need to know
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +4 min

Following are latest events, comments and context:POLITICS* Truss is meeting with Graham Brady, the head of the 1922 Committee of Conservative lawmakers, a source in Truss's Downing Street office said. The Guardian's political editor Pippa Crerar said on Twitter that Truss had called the meeting. * Conservative lawmaker Simon Hoare, in parliament for seven years, said Thursday and Friday were crunch days for the government. * Truss has promised disciplinary action against Conservative lawmakers who abstained or failed to support her party in a vote about fracking amid a total breakdown of unity and discipline. * Truss has lost her interior minister, Suella Braverman, who quit on Wednesday, less than a week after she fired her finance minister.

☆ U.S. stocks extend rally, Treasury yields dip after solid earnings, economic data
▼ + stars: | 2022-10-18 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 17, 2022. REUTERS/Brendan McDermidNEW YORK, Oct 18 (Reuters) - Wall Street stocks closed higher and Treasury yields dipped on Tuesday as upbeat earnings and better-than-expected factory data stoked a risk-on rally. The pan-European STOXX 600 index (.STOXX) rose 0.34% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 1.13%. Emerging market stocks rose 1.50%. The dollar index rose 0.02%, with the euro up 0.17% to $0.9855.

☆ Inflation drives global firms eastward in Europe in search of cost savings
▼ + stars: | 2022-10-18 | by ( Michael Kahn | Anna Koper | ) www.reuters.com time to read: +5 min

PRAGUE/WARSAW (Reuters) - Central European companies that provide remote, lower-cost business services for multinationals are ramping up their expansion plans as high inflation drives global firms to push more work to the region to cut costs and bolster margins. “If we started out here as an experiment, the experiment is working.”INFLATION ATTRACTS NEW INVESTORSThe business services sector has grown from almost nothing 25 years ago to an industry employing nearly 800,000 workers across Central and Eastern Europe, an increasingly important engine for local economies. At Comdata, whose 1,500 workers in the Czech Republic and Hungary operate telephone service lines, rising inflation and costs from Western companies have kept business humming. “As more and more companies try to cut and to lower the labour costs they will be moving the services from western Europe,” Nedelnik told Reuters. “I see during the last two or three months the tenders are rapidly growing for German, French, Spanish and English-speaking roles.

☆ Britain's political and market turmoil
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

People walk through the City of London financial district during rush hour in London, Britain, October 3, 2022. Following is a snapshot of related events, comments and explanations:Register now for FREE unlimited access to Reuters.com RegisterWHAT'S BEHIND THE CRISIS? * The Bank of England was forced into emergency bond-buying to stem a sharp sell-off in Britain's 2.1 trillion pound ($2.3 trillion) government bond market that threatened to wreak havoc in the pension industry and increase recession risks. * The BoE interventions have highlighted a growing segment of Britain's pensions sector - liability-driven investment. MARKET REACTION* Long-dated British government bonds rallied on Monday.

As Truss spoke on Friday gains made in anticipation of the corporation tax U-turn faded. Ten-year gilt yields were 40 bps above session lows hit earlier on Friday, also pushed up by moves in bond yields globally. UNDERWHELMEDBritain's mini-budget three weeks ago triggered some of the biggest ever jumps in British bond yields, exposed vulnerabilities in the pensions sector -- undermining the country's financial stability. "How it impacts liquidity on the gilt market going forward is something we are monitoring closely." Rabobank's McGuire said pressure on UK assets could lead the BoE to re-intervene in the bond market or delay its quantitative tightening, bond-selling plans.

☆ Britain's bond market turmoil
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +3 min

The country's financial markets have been in turmoil since finance minister Kwasi Kwarteng last month unveiled tax cuts with no details of how they would be paid for. * The Bank of England has been forced into emergency bond-buying to stem a sharp sell-off in Britain's 2.1 trillion pound ($2.3 trillion) government bond market that threatens to wreak havoc in the pension industry and increase recession risks. * The BoE interventions have highlighted a growing segment of Britain's pensions sector - liability-driven investment. MAJOR PLAYERS* BoE governor Bailey said on Tuesday on the sidelines of an IMF meeting in Washington that BoE support for the pension funds would end as planned on Friday. MARKET REACTION* The 20- and 30-year UK government bond yields both hit their highest since 2002 at 5.195% and 5.1% respectively, passing above 5% for the first time since the BoE began buying bonds on Sept. 28 to calm the turmoil.

☆ China urges U.S. to stop hurting its chip sector - commerce ministry
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Oct 10 (Reuters) - China firmly opposes U.S. export controls on semiconductor chips and urges the country to stop immediately, the commerce ministry said in a statement on Monday. The decision by the United States not only hurts Chinese companies but also the commercial interests of U.S. exporters , according to the statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Beijing Newsroom, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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