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☆ Accessing Capital to Drive Growth
▼ + stars: | 2023-08-02 | by ( Kate Rogers | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAccessing Capital to Drive GrowthDespite continued economic uncertainty, growth opportunities do currently exist for small businesses. But growth often requires capital, which has become a major focus of the Small Business Administration. We'll discuss the agency's programs that offer financial assistance, and access, for US-based small business owners, and what the govt is doing to elevate businesses from historically marginalized groups. This interview was a part of CNBC's Small Business Playbook event on August 2nd, 2023.

Persons: We'll Organizations: Small Business Administration, US, CNBC's

☆ Lynas Rare Earths signs updated contract with US govt for Texas facility, shares rise
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Lynas Rare Earths (LYC.AX) said on Tuesday it had signed an updated contract with the U.S. Department of Defense (DoD) for the construction of the heavy rare-earths component of its rare-earths processing facility in Texas. Lynas, the world's largest producer of rare-earths outside of China, said the updated contract follows detailed design work and cost updates for the project. Lynas' Texas facility will serve both the DoD and commercial customers, and is targeted to be operational in the financial year 2026. Feedstock for the facility will be sourced from the company's Mt Weld deposit and Kalgoorlie facility in Western Australia, the miner added. Reporting by Himanshi Akhand in Bengaluru; Editing by Maju Samuel, Sherry Jacob-Phillips and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Lynas, Amanda Lacaze, Himanshi, Maju Samuel, Sherry Jacob, Phillips, Rashmi Organizations: U.S . Department of Defense, U.S, DoD, Thomson Locations: Texas, China, Lynas ' Texas, Mt Weld, Kalgoorlie, Western Australia, Bengaluru

☆ Australian lawmakers recommend potential WeChat ban on govt devices
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Aug 1 (Reuters) - A senate committee investigating how foreign powers use social media to interfere in Australia has recommended a swathe of rules and restrictions for social media platforms, including potentially banning Chinese messaging service WeChat on government devices. Tuesday's report contains 17 recommendations including new transparency rules enforceable by fines, expanding an existing TikTok ban on government devices to contractors and investigating a ban on WeChat on government devices. "Platforms like TikTok and WeChat that are subject to the control of authoritarian regimes illustrate the broader cyber security risk to sensitive government information," he said in a statement. The committee also recommended that Australia helps developing countries in the Indo-Pacific resist "malicious information operations" by authoritarian states. While many recommendations singled out Chinese social media platforms, a set of 11 transparency rules would require all large social media platforms to label state affiliated media accounts, and disclose when governments direct content moderation and actions against accounts of elected officials.

Persons: WeChat, Paterson, James Paterson, Lewis Jackson, Ed Osmond Organizations: SYDNEY, HK, Liberal, Labor, Home Affairs, Thomson Locations: Australia, China

☆ Lynas Rare Earths signs updated contract with US govt for Texas facility
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Lynas Rare Earths (LYC.AX) said on Tuesday it had signed an updated contract with the U.S. Department of Defense for the construction of the heavy rare-earths component of its rare-earths processing facility in Texas. Under the contract, a contribution of about $258 million by the U.S. government is currently allocated to the project, higher than the $120 million contribution announced last year, Lynas said. Lynas, the world's largest producer of rare-earths outside of China, said the updated contract follows detailed design work and cost updates for the project. Lynas' Texas facility will serve both the DoD and commercial customers, and is targeted to be operational in the financial year 2026. Feedstock for the facility will be sourced from the company's Mt Weld deposit and Kalgoorlie facility in Western Australia, the miner added.

Persons: Lynas, Himanshi, Maju Samuel, Sherry Jacob, Phillips Organizations: U.S . Department of Defense, U.S, DoD, Thomson Locations: Texas, China, Lynas ' Texas, Mt Weld, Kalgoorlie, Western Australia, Bengaluru

☆ Niger coup leaders dissolve govt, declare Tiani head of state
▼ + stars: | 2023-07-28 | by ( Moussa Aksar | ) www.reuters.com time to read: +4 min

NIAMEY, July 28 (Reuters) - Leaders of the coup in Niger declared General Abdourahamane Tiani as the new head of state on Friday, and said they had suspended the constitution and dissolved all former institutions after overthrowing President Mohamed Bazoum. He represents the state of Niger in international relations," an officer said, reading out a statement. African countries, Western powers, regional and international organizations have reacted with alarm to the coup in Niger, insisting that Bazoum be freed and constitutional order restored. Niger borders three countries - Mali, Burkina Faso and Chad - that have also experienced military coups in the last two years. Niger so far has held them off better than Mali and Burkina Faso, where violence has only worsened since the military coups.

Persons: Abdourahamane Tiani, Mohamed Bazoum, Tiani, Bazoum, Josep Borrell, Kamala Harris, Boris Pistorius, Bate Felix, Anait, Nellie Peyton, John Stonestreet, Angus MacSwan, Nick Macfie Organizations: National Council, Bazoum, REUTERS, Islamic, West African States, European Union, United, European, EU, German, Spiegel, Thomson Locations: NIAMEY, Niger, Mali, Burkina Faso, Chad, France, Niamey, al Qaeda, Islamic State, West Africa's, Nigeria, Guinea, United States, Africa, EU, Germany, Italy

The remarks came amid simmering market speculation that creeping inflation and robust wage growth will prod the Bank of Japan (BOJ) to tweak its yield control policy at a two-day rate review ending on Friday. Under the joint agreement with the government signed in 2013 and re-confirmed by the current administration, the BOJ pledges to achieve 2% inflation at the earliest date possible. The remarks differ in tone from those made earlier on Monday by top currency diplomat Masato Kanda, who said recent inflation and wage rises were overshooting expectations. On Friday, Kanda told Reuters that "various expectations and speculations are spreading about the possibility of some kind of tweak to monetary policy." Sources have told Reuters the BOJ is leaning toward keeping its yield control policy steady this week, though there is no consensus within the bank.

Persons: BOJ, Kanda, Yoshihiko Isozaki, Isozaki, Isozaki's, Masato Kanda, It's, Kazuo Ueda, Leika Kihara, Kantaro Komiya, Kim Coghill, Lincoln Organizations: Bank of Japan, Reuters, Thomson Locations: TOKYO

CNN —A graphic video emerged on social media Wednesday from Manipur amidst ongoing ethnic violence in the northeastern Indian state. The video, which is going viral on social media, depicts an incident from May 4, according to the Indigenous Tribal Leaders’ Forum (ITLF) showing two women being forced to walk naked through a crowd of fully clothed men. The distressing video, that has been seen by CNN, shows the terrified victims surrounded by a mob of men, many brandishing long canes or sticks as weapons. Among other things, tribal status would enable the Meitei to buy land and provide more opportunities for government jobs. “After taking a Suo-moto cognisance of the incident immediately after the video surfaced, the Manipur Police swung to action and made the first arrest this morning.

Persons: Narendra Modi, ” Modi, Biju Boro, ”, Mallikarjun Kharge, Modi, –, Biren Singh Organizations: CNN, Indigenous Tribal, ’, Indian, ”, Getty, Modi Govt, BJP, State, Manipur Police, Twitter Locations: Manipur, Indian, Guwahati, reconvening, Phainom, Kangpokpi district, Imphal, Kuki, India’s, Modi, India, Thoubal District

TOKYO, July 19 (Reuters) - Japan needs to rapidly expand computing power as it vies to become a global leader in artificial intelligence, said Hideki Murai, a special AI adviser to Prime Minister Fumio Kishida. "The government's key priority is computing power. We feel a real sense of crisis about that," Murai, a ruling Liberal Democratic Party lawmaker who heads the government's AI strategy team, told Reuters in an interview on Tuesday. Japan, the world's third-largest economy, has been slow to invest in the field, and lags the United States in AI computer infrastructure. Some 3,000 companies in Japan have access to a supercomputer at the government's National Institute of Advanced Industrial Science and Technology (AIST) offering 0.8 exaflops of computing power.

Persons: Hideki Murai, Fumio Kishida, OpenAI, Murai, Shohei Ohtani, Tim Kelly, Sam Nussey, Miho Uranaka, Sam Holmes Organizations: Liberal Democratic, Reuters, government's National Institute of Advanced Industrial Science, Technology, Microsoft, Japan's Ministry of Economy Trade, Industry, SoftBank Corp, AIs, Japan, Major League, European Union, Thomson Locations: TOKYO, Japan, United States, AIST, European

ISLAMABAD, July 19 (Reuters) - Pakistan will open criminal proceedings against former prime minister Imran Khan on charges of exposing official secrets, Interior Minister Rana Sanaullah said on Wednesday, the latest in a string of cases the former premier has been facing. The case is related to diplomatic correspondence between Washington and Islamabad, which Khan said early last year was part of a U.S. conspiracy to topple his government. Sanaullah said the principal secretary also testified that Khan told him he had lost the copy of the letter when he was asked for its return. "It is a crime to expose an official secret," the interior minister said, adding the state will be filing the charges in the court against Khan. The secrecy charge is the latest in a multitude of charges Khan has faced since his ouster, including graft, murder and sedition.

Persons: Imran Khan, Rana Sanaullah, Khan, Azam Khan, Sanaullah, Washington, Asif Shahzad, Andrew Heavens, Tomasz Janowski, Alexandra Hudson Organizations: Washington, Alexandra Hudson Our, Thomson Locations: ISLAMABAD, Pakistan, Washington, Islamabad, U.S, Moscow, Russia, Ukraine

July 18 (Reuters) - Johnson & Johnson (JNJ.N) sued the U.S. government on Tuesday, becoming the latest drugmaker seeking to block enforcement of a program that gives Medicare the power to negotiate drug prices. The pharmaceutical industry says the drug price negotiation program that is part of President Joe Biden's signature Inflation Reduction Act (IRA) will curtail profits and compel them to pull back on developing groundbreaking new treatments. U.S. drugmakers Bristol Myers Squibb (BMY.N), Merck & Co (MRK.N) and the U.S. Chamber of Commerce as well as industry lobbies Pharmaceutical Research and Manufacturers of America have also sued the government over the plan. The Biden administration hopes to save $25 billion annually by 2031 by having Medicare, the government health plan for people 65 and over, negotiate prices for some of its costliest medicines. Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Johnson, Joe Biden's, Biden, Bhanvi, Krishna Chandra Organizations: Johnson, U.S, drugmakers Bristol Myers Squibb, Merck & Co, U.S . Chamber of Commerce, Pharmaceutical Research, Manufacturers of America, Thomson Locations: Bengaluru

☆ India's Vedanta says it's awaiting govt nod for semiconductor plant in Gujarat
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 18 (Reuters) - India's Vedanta is awaiting government approval for incentives under a modified semiconductor production plan to begin construction of a plant in the country's western state of Gujarat, for which its has tapped technology and equity partners, a top executive said on Tuesday. The group already has a partnership with Taiwan's Innolux for display fab manufacturing, he added. After Foxconn pulled out, Vedanta said it had lined up partners for the venture, without giving details. Separately, Gujarat is holding talks with Foxconn over a semiconductor plant, while the Taiwanese company had said it intends to apply for incentives under India's semiconductor production plan. Reporting by Sethuraman NR and Aleef Jahan in Bengaluru; Editing by Savio D'Souza and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Taiwan's, Anil Agarwal, Taiwan's Foxconn, Foxconn, Vedanta, Foxconn's pullout, Aleef, Savio D'Souza, Maju Samuel Organizations: Vedanta Semiconductors, Reuters, Sethuraman, Thomson Locations: BENGALURU, Gujarat, Bengaluru

☆ Tesla's Cybertruck is finally starting production, 2 years behind schedule. Here are 6 other projects Elon Musk promised to deliver by now.
▼ + stars: | 2023-07-17 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +6 min

Tesla's Cybertruck is finally beginning production two years behind schedule. Tesla CEO Elon Musk has been known to make lofty promises that go undelivered for years at a time. In 2017, Inverse reported, Musk expanded the promise, assuring buyers that it would be just two more years before self-driving Teslas could be used to travel cross-country while passengers sleep. An 'everything' social media app, XIn late 2022, Musk tweeted that his purchase of Twitter was an "accelerant" to the creation of 'X,' the "everything app." According to the same CNBC article, in its most productive year, 2022, Tesla only installed an average of 21 solar system installations per week.

Persons: Elon Musk, —, Tesla, Musk, Musk's, Will Organizations: Tesla, CNBC, Boring Company, SpaceX, Twitter, University of Cincinnati Locations: Giga , Texas, New York, Philadelphia, Baltimore, Washington, DC, Los Angeles, Southern California

☆ Saudi inflation rate ticks down in June - govt data
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: 1 min

DUBAI, July 16 (Reuters) - Saudi Arabia's annual inflation rate eased to 2.7% in June from 2.8% the previous month, government data showed on Sunday. Prices for housing, water, electricity, gas and other fuels rose by 9.1% overall in June compared with the same month last year, while restaurant and hotel prices were up by 4.3% and education up by 3%, the kingdom's General Authority for Statistics data said. On the other hand, prices for clothing and shoes fell 2.9%, communication costs were down by 0.7%, and miscellaneous personal goods and services by 0.1%. Inflation in Saudi Arabia has been on a downward trend since starting the year at a rate of 3.4% in January. Reporting by Hadeel Al Sayegh; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Hadeel Al Sayegh, Hugh Lawson Organizations: Saudi, Authority, Statistics, Thomson Locations: DUBAI, Saudi Arabia

☆ Australia govt appoints Michele Bullock as next central bank governor
▼ + stars: | 2023-07-14 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

SYDNEY, July 14 (Reuters) - Australian Treasurer Jim Chalmers on Friday said he would not reappoint the country's central bank chief to another term, instead replacing him with his deputy Michele Bullock. Chalmers and Prime Minister Anthony Albanese said Reserve Bank of Australia (RBA) Governor Philip Lowe would leave the bank after finishing his current seven-year term on Sept. 17, marking the end of his 43-year career. "Michele Bullock will become the first woman to ever lead the Reserve Bank in this country." The central bank has since lifted rates 12 times to a decade-high of 4.1%, adding hundreds of dollars to monthly mortgage repayments at a time when a cost of living crisis is already stretching household budgets. His two predecessors, again both career central bankers, were reappointed to second terms and each served 10 years in total.

Persons: Jim Chalmers, Michele Bullock, Chalmers, Anthony Albanese, Philip Lowe, Bullock, Lowe, Wayne Cole, Renju Jose, Leslie Adler, Jamie Freed Organizations: SYDNEY, Bank of Australia, Reserve Bank, Thomson Locations: Sydney, Lincoln

☆ Brazil govt eyes sending income tax reform proposal to Congress
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, July 10 (Reuters) - President Luiz Inacio Lula da Silva's government will not wait for Brazil's Congress to finish voting on a tax reform related to consumption before submitting its proposal for an income tax reform, Finance Minister Fernando Haddad said on Monday. "I will need Congress to consider this second phase (of tax reform) along with the budget bill," said Haddad, referring to the budget proposal that, by law, the government must submit by the end of August. The measure still requires final passage in the Senate, with no date yet set for a vote. According to Haddad, a carbon credit bill is set to be presented to Congress in August. Additionally, the government has scheduled an official presentation to attract companies interested in making products labeled as "clean energy," Haddad said.

Persons: Luiz Inacio Lula da Silva's, Fernando Haddad, Haddad, Brazil's, Lula, Marcela Ayres, Mark Porter, Will Dunham Organizations: Finance, Workers ' Party, Thomson Locations: BRASILIA

☆ A 'Frankenfish' that can live without water for days and officials instruct to kill on sight was spotted deep in Missouri, worrying conservationists
▼ + stars: | 2023-07-07 | by ( Emily Swaim | ) www.businessinsider.com time to read: +6 min

"They're in the Mississippi River already, so that is a huge highway for the species," Knuth said. Dave Knuth, Duck Creek Conservation AreaWhile northern snakeheads normally avoid humans, they are very protective of their young. In 2019, researchers looked at how the Blackwater River watershed changed before and after northern snakeheads invaded. Dave Knuth, Duck Creek Conservation AreaIf you happen to spot a northern snakehead, the US government recommends killing it right away. If you find and kill a northern snakehead, you can report the capture to your local fish and game agency.

Persons: Dave Knuth, Knuth, White Organizations: Service, Conservation, Missouri Department of Conservation, DC, Washington Post, Fish Commission, Conservation Area, Conservation Center Locations: Missouri, Midwest, Wall, Silicon, Duck, Conservation Area, Asia, Africa, Crofton , Maryland, East, Maryland, Virginia, Arkansas, Northern, Mississippi, Blackwater, North America

☆ Australia markets in the dark as clock ticks down on govt choice of RBA chief
▼ + stars: | 2023-07-05 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Markets are still in the dark whether Treasurer Jim Chalmers will reappoint Reserve Bank of Australia (RBA) Governor Philip Lowe or bow to public pressure for a new pair of hands at an institution that stumbled over its policy messaging during the pandemic. "Markets would be more concerned if there wasn't that list," noted Shane Oliver, chief economist at AMP Capital. They are among the front runners in part because there is much pressure for Chalmers to appoint the first female head of the RBA. One dark horse also being mentioned is Guy Debelle, a former RBA deputy governor who resigned last year to join the green energy business of mining billionaire Andrew Forrest. It is possible Chalmers could reappoint Lowe for a shorter period to see out the RBA's current tightening cycle and planned changes in its operation and structure.

Persons: missteps, Jim Chalmers, Philip Lowe, Chalmers, Lowe, Shane Oliver, Michele Bullock, Jenny Wilkinson, Guy Debelle, Andrew Forrest, reappoint Lowe, AMP's Oliver, Wayne Cole, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, Chalmers, Markets, AMP, Thomson

BENGALURU, June 30 (Reuters) - India's Karnataka High Court on Friday dismissed Twitter's plea challenging the federal government's orders to block tweets and accounts and imposed a fine of 5 million rupees ($60,943.65), a lawyer for Twitter told Reuters. The court on Friday ruled that Twitter was served notices, to which it did not comply, India's Deputy Minister for Information Technology Rajeev Chandrasekhar said in a tweet. The U.S.-based firm had last year asked the court to overturn some government orders to remove content from the social media platform. The country's IT act allows the government to block public access to content in the interest of national security, among other reasons. ($1 = 82.0430 Indian rupees)Reporting by Indranil Sarkar and Chris Thomas in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Twitter's, Jack Dorsey, Narendra Modi's, Information Technology Rajeev Chandrasekhar, Chandrasekhar, Twitter, Elon Musk, Indranil Sarkar, Chris Thomas, Dhanya Ann Thoppil Organizations: Twitter, Reuters, Information Technology, Elon, Thomson Locations: BENGALURU, Karnataka, U.S, Bengaluru

☆ How Jeffrey Epstein turned the US Virgin Islands into a pedophile's playground and helped elect a sitting member of Congress
▼ + stars: | 2023-06-27 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +21 min

Court filings show how Jeffrey Epstein exerted power in the US Virgin Islands, two of which he owned. A financier worth hundreds of millions of dollars, Epstein owned two islands in the US Virgin Islands (there are roughly 50 islands overall). He had donated generously to Democratic politicians from the US Virgin Islands for years. With the assistance of the US Virgin Islands' first lady, Epstein navigated the territory's political waters unscathed. The court records show that, at least in the US Virgin Islands, he exerted influence with little friction.

Persons: Jeffrey Epstein, Stacey Plaskett, —, Plaskett, Epstein, James, Lesley Groff, Scott Applewhite, Stacey, Thomas, didn't, Groff, maxed, Shawn, Michael Malone, Gabriel Lopez Albarran, Cecile de Jongh, John de Jongh Jr, de Jongh, Malone, De Jongh, Darren Indyke, Richard Kahn, Kahn, Groff didn't, Stuart McPhail, McPhail, Jeffrey Epstein's, Erika Kellerhals, Hi Jeffrey, Rick Friedman, Corbis, de, JPMorgan Chase, Ghislaine Maxwell, Epstein's, Maxwell, She's, Mary Erdoes, Jamie Dimon's, Jes Staley, Epstein's thrall, Jongh, Denise George, Albert Bryan Jr, Bryan, Jed Rakoff, Emily Michot, Bill Clinton, Donald Trump, Prince Andrew, Trump's, De, Epstein doled, John de Jongh's, Kenneth Mapp, John de Jongh, John, wasn't Organizations: Virgin Islands, Service, Democratic, US, Islands, Democratic Congressional, AP, Federal, Commission, Democratic Party, Virgin Islands Economic Development Authority, Southern Trust Co, de, Indyke, Democrat, Getty Images JPMorgan, US Virgin Islands, JPMorgan, Virgin, Hyperion, Barclays, Authorities, United States Virgin Islands, Virgin Islands Senate, Gov, New York Times, US Virgin, Deutsche Bank, U.S ., Miami Herald, Tribune, Getty, Federal Government, Mapp's PAC Locations: Virgin, Washington, Puerto Rico, Little St, Palm Beach , Florida, St, Croix, Manhattan, Islands, US Virgin, New York, U.S, U.S . Virgin Islands, Jongh, Tortola

SYDNEY, June 21 (Reuters) - The chair of an Australian senate committee looking into PricewaterhouseCoopers' leak of a confidential government tax plan has called for an international investigation into the matter. Earlier this month, PwC Australia listed in an unpublished letter to the senate committee at least 67 current and former staff who may have known of the 2015 leak of confidential government tax plans. Acting CEO Kristin Stubbins apologised for the leak on behalf of the firm in an open letter last month. The report also called on PwC to cooperate fully with a current Australian Federal Police investigation. ($1 = 1.4778 Australian dollars)Reporting by Lewis Jackson; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Richard Colbeck, PwC, Kristin Stubbins, Lewis Jackson, Edwina Gibbs Organizations: SYDNEY, PricewaterhouseCoopers, Australian Federal Police, Thomson Locations: Australia

The current National Pension Scheme requires employees to contribute 10% of their basic salary and the government 14%. But, "we will not go back to the old pension system," said one senior government official. This compromise, the government believes, will assuage the concerns of states that went back to the old pension system and cover the whole country with one fiscally sustainable pension scheme, both the sources said. Recently, states including Rajasthan, Jharkhand, Chhattisgarh, Himachal Pradesh and Punjab have opted to move back to the old pension system. Reuters GraphicsThe government officials said that the amended pension scheme will not stress the budget math as much.

Persons: Narendra Modi, Modi, Aftab Ahmed, Nikunj, Savio D'Souza Organizations: Reuters, Pensions, Thomson Locations: DELHI, Rajasthan, Jharkhand, Chhattisgarh, Himachal Pradesh, Punjab

The delay in shipments from India could support global sugar prices , trading near multi-year highs. Last year, despite good monsoon rains, sugar production fell. At the start of the current sugar season to Sept. 30, 2023, the industry pegged this year's output at 36 million tonnes, which has been scaled down to 32.8 million tonnes. Due to the lower output, India allowed exports of 6.1 million tonnes for this season. The country exported more than 11 million tonnes in 2021/2022, an all-time high.

Persons: El, there's, Rajendra Jadhav, Mayank Bhardwaj, Jacqueline Wong Organizations: El, El Nino, Thomson Locations: MUMBAI, DELHI, India, New Delhi, Mumbai

The draft plan, which was presented at Kishida's top economic advisory panel on Wednesday, underscored the challenge for the leader, who is seen as a fiscal hawk, to strike a balance between economic growth and fiscal consolidation. The closely-watched policy framework will be approved by Kishida's cabinet this month, along with a separate action plan on his "new capitalism" agenda. "We will not abandon the flag of fiscal reform," Economy Minister Shigeyuki Goto told reporters after the panel's meeting. "There's no change to the government stance of striving to achieve a primary budget surplus in fiscal 2025," Goto added. The framework said the government will conduct a review of any progress of its fiscal reform in the fiscal year 2024 so as to create a medium-term economy and fiscal scheme.

Persons: Fumio Kishida's, Takahide Kiuchi, Shigeyuki Goto, Goto, largesse, Kishida Organizations: Nomura Research Institute, Liberal Democratic Party, LDP ₎, International Monetary Fund, Bank of Japan, Thomson Locations: TOKYO, Japan

☆ Japan central bank's ETF holdings under scrutiny as govt seeks revenue
▼ + stars: | 2023-06-07 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

Due to Japan's ageing population, people aged 60 years or more hold roughly 60% of total household financial assets. "The government must look into whether it's permissible to buy (the BOJ's ETF holdings) at book value for the purpose of securing sources of revenue," Finance Minister Shunichi Suzuki told parliament. The BOJ's ETF holdings as of March 2023 stood at 37 trillion yen ($265.75 billion) in book value, and 53 trillion yen in market value, according to the central bank's earnings data. BOJ Governor Kazuo Ueda told the same parliament session that it was premature to debate specifics on how the central bank could unload its ETF holdings. Ueda also said that in principle, the central bank plans to sell the ETFs at market value, instead of book value.

Persons: Fumio Kishida, Shunichi Suzuki, Kazuo Ueda, Ueda, Leika Kihara, Simon Cameron, Moore Organizations: Finance, Thomson Locations: TOKYO

☆ Ted Cruz is citing the Bible and preaching on Twitter in defense of the LGBT community, and it's quite something
▼ + stars: | 2023-06-06 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +3 min

Ted Cruz preached tolerance for the LGBT community during a Twitter spat with a pastor. "Let he that is without sin among you, let him first cast a stone at her," Cruz tweeted. The Texas senator then invoked another Bible verse to support his argument that gay people should not be persecuted. We are talking the laws of man, not the Old Testament laws of God,'" Cruz tweeted. Cruz also mentioned another Bible verse — "let he that is without sin among you, let him first cast a stone at her" — arguing that it is cruel and hypocritical to judge others for sinning.

Persons: Ted Cruz, Cruz, —, Sen, Tom Ascol, Jesus, Caesar, Ascol, Hodges, Roe, Wade Organizations: Service, Newsweek, The Texas Tribune Locations: Florida, Texas, Uganda

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