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☆ Canadian Senate passes bill to compel local content on streaming giants
▼ + stars: | 2023-04-27 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

OTTAWA, April 27 (Reuters) - Canada's Senate on Thursday passed the government's online streaming legislation after a 10-month debate over a law that will force firms like Netflix (NFLX.O) and Alphabet Inc-owned (GOOGL.O) YouTube to offer more Canadian content. Bill C-11, or the Online Streaming Act, cleared the unelected upper chamber of the Canadian parliament with 52 votes to 16 and one abstention. The government says the legislation will ensure that online streaming services promote Canadian music and stories, and support Canadian jobs. YouTube has said it does not oppose the bill in its entirety, but has raised concerns over its impact to user-generated content. The video platform says the law would force it to recommend Canadian content on its homepage, rather than videos tailored to a user's specific interests.

☆ ECB says Hungary government decree has impaired central bank independence
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

BUDAPEST, April 26 (Reuters) - Hungary's government has infringed the National Bank of Hungary's (NBH) independence with a decree restricting access to the bank's discount bill and by extending a cap on large commercial bank deposits until end-June, the European Central Bank said on Wednesday. Hungary's government last month extended a cap on large commercial bank deposits until the end of June and imposed restrictions on the transfer of central bank discount bills to curb "unjust" income earned on central bank facilities. "The decree, including the interest rate cap, interferes with the independence of the (NBH), since it impedes the (NBH) from independently choosing the necessary means and instruments to conduct an efficient monetary policy," the ECB said. "Therefore, the decree infringes the independence of the (NBH) under Article 130 of the Treaty." Prime Minister Viktor Orban's government announced a cap on large commercial bank deposits after the NBH launched a quick deposit facility with an 18% interest rate last October to stem falls in the forint.

☆ The steps that could help address biodiversity loss could also help fix the climate crisis
▼ + stars: | 2023-04-24 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

Biodiversity loss doesn't always get as much attention as the climate but the crises are linked. The animal, named Sudan, was the last male northern white rhino. The loss of biodiversity doesn't always get as much attention as the climate crisis but the two challenges are linked. "Anybody who's working with these issues — biodiversity, climate change, and the underlying drivers of it — realize the interconnectedness of it," Chomba said. Nachmany said some parts of the financial world are recognizing that biodiversity loss and the climate crisis are two parts of the same problem.

Buarque was awarded in 2019 the Camoes Prize, which every year recognises an author from a Portuguese-speaking nation. The prize, named after Portuguese poet Luis de Camoes, was created by Portugal and Brazil in 1988. When Buarque won, Bolsonaro refused to sign the award diploma, delaying the ceremony. Buarque was also an opponent of the two decade-long military dictatorship in Brazil that began in 1964. "It is for me a satisfaction to correct one of the biggest mistakes ... committed against Brazilian culture in recent times," Lula said.

They are among the discordant calls made by Spanish and EU bureaucrats as Spain's drive to hand out 77 billion euros ($84 billion) in grants from EU pandemic recovery funds becomes mired in complexity, according to interviews with business associations, government officials, companies and consultants. Spain is the EU pilot project for disbursing grants from the largest stimulus package in the bloc's history, an overall pot of 724 billion euros, including loans. A year into the disbursement process, about 23.5 billion euros had been awarded as of December last year, according to the latest figures published by the government last month. That's a sluggish pace, given the EU and Spain have set a deadline of the end of this year to award all 77 billion euros. Meanwhile, only about 9 billion euros have actually reached the businesses awarded funds, according to calculations by the Esade Centre for Economic Policy, a Madrid-based think-tank that tracks the pandemic recovery cash.

☆ China's economy grew 4.5% in the first quarter, the fastest pace in a year
▼ + stars: | 2023-04-18 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

The economy grew 3% in 2022, less than Beijing's official target of around 5.5% set in March last year. For 2023, the government last month set a modest growth target of "around 5%." On pace to exceed targetGoldman Sachs said China's first-quarter growth of 4.5% supports the firm's full-year outlook for the economy to grow 6%. "Today's data are in line with our full-year bullish view for China growth," Goldman Sachs' chief China economist Hui Shan told CNBC. We keep the full-year GDP forecast at 5% as external demand should be a concern for the year," Pang wrote.

SYDNEY, April 19 (Reuters) - Australia said on Wednesday it would introduce new standards targeting vehicle emissions to boost the uptake of electric cars, as it looks to catch up with other developed economies. "Fuel-efficient and electric vehicles are cleaner and cheaper to run - today's announcement is a win-win for motorists," Bowen said in a statement. "Fuel efficiency standards would require more affordable electric vehicles to be sent to Australia," he said. Transport is the third largest source of carbon emissions in Australia - one of the world's biggest emitters on a per capita basis. Australia's centre-left Labor government last year flagged it had plans to introduce new regulations targeting vehicle carbon emissions to increase sales of electric cars.

☆ Australia unveils roadmap to boost uptake of electric vehicles
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, April 19 (Reuters) - Australia on Wednesday released its first national electric vehicle strategy, aimed at ensuring the country has a better choice of electric vehicles and improved affordability in a bid to boost the uptake of cleaner vehicles. Apart from Russia, Australia was the only developed country to either not have or be developing fuel efficiency standards, which encourage manufacturers to supply more electric and no-emission vehicles. Transport is the third largest source of carbon emissions in Australia - one of the world's biggest emitters on a per capita basis. Australia's centre-left Labor government last year flagged it had plans to introduce new regulations targeting vehicle carbon emissions to increase sales of electric cars, as it looks to catch up with other developed economies. "Fuel-efficient and electric vehicles are cleaner and cheaper to run - today's announcement is a win-win for motorists," Bowen said in a statement.

☆ US labor market gradually losing steam; producer inflation cooling
▼ + stars: | 2023-04-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Still, the labor market and inflation are likely not cooling fast enough to stop the Federal Reserve from raising interest rates one more time next month. Claims, however, remain below the 270,000 level, a breach of which economists say would signal a deterioration in the labor market. "The upcoming labor market downturn will be modest since the drop in demand is expected to be fairly modest." InflationThe annual PPI rate is subsiding as last year's large increases drop out of the calculation. In the 12 months through March, the core PPI advanced 3.6% after increasing 4.5% in February.

☆ U.S. weekly jobless claims increase as labor market slows
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

Initial claims for state unemployment benefits rose 11,000 to a seasonally adjusted 239,000 for the week ended April 8. Economists polled by Reuters had forecast 232,000 claims for the latest week. Claims however remain below the 270,000 level, a breach of which economists say would signal a deterioration in the labor market. Last Friday's employment report showed a solid pace of job growth in March and the unemployment rate falling back to 3.5%, while wage gains remained moderate. It has hiked its policy rate by 475 basis points since last March from the near-zero level to the current 4.75%-5.00% range.

☆ Yellen says vigilant to downside economic risks, but don't 'overdo the negativism'
▼ + stars: | 2023-04-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

REUTERS/Elizabeth FrantzWASHINGTON, April 11 (Reuters) - U.S. Treasury Secretary Janet Yellen on Tuesday said she remained vigilant to downside risks facing the global economy, given Russia's ongoing war against Ukraine and banking pressures, but the overall outlook was "reasonably bright." Yellen, speaking at a news conference, pushed back against warnings by the International Monetary Fund of bigger risks associated with severe financial tensions. "I wouldn't overdo the negativism about the global economy," Yellen said, when asked about a slightly trimmed IMF global growth forecast for 2023 which warned that a flare-up of financial system turmoil could slash output to near recessionary levels. She said the U.S. banking system remained sound, with strong capital and liquidity positions, and the global financial system is resilient due to the significant reforms enacted after the 2008 financial crisis. Yellen told reporters the global economy was in a better place than projected last fall, with energy and food prices having stabilized and supply chain pressures continuing to ease.

☆ Yellen says vigilant to downside risks given war in Ukraine, banking pressures
▼ + stars: | 2023-04-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, April 11 (Reuters) - U.S. Treasury Secretary Janet Yellen said she remained vigilant to downside risks facing the global economy, given the negative economic consequences of Russia's war against Ukraine and recent pressures on banking systems in the United States and elsewhere. A price cap on Russian oil was helping to stabilize global energy markets while reducing Russia’s primary source of revenue, she added. The U.S. banking system remains sound, with strong capital and liquidity positions, and the global financial system is resilient due to the significant reforms enacted after the 2008 financial crisis, she said. DEBT OVERHANGYellen said high debt burdens posed a "significant economic headwind for too many countries," with more than half of all low-income countries near or in debt distress, and called for steps to improve the international debt restructuring process. Yellen also called for completion of a debt treatment for Zambia and the rapid establishment of a creditor committee for Ghana.

☆ In southern Ethiopia, drought kills livestock amid fears of what comes next
▼ + stars: | 2023-04-06 | by ( Dawit Endeshaw | ) www.reuters.com time to read: +4 min

[1/5] Roba Galgalo, 26, walks next to his emaciated cows at Kura Kalicha camp for the people internally displaced by drought near Das town, Oromiya region, Ethiopia March 7, 2023. REUTERS/Tiksa NegeriKURA KALICHA, Ethiopia, April 6 (Reuters) - After three years of failed rains, the animals in the southern Ethiopian village of Kura Kalicha are dying. Like its neighbours Somalia and Kenya, southern Ethiopia is enduring the Horn of Africa's worst drought in decades. “Collectively, as communities they have run out of coping mechanisms,” said Kate Maldonado from international aid agency Mercy Corps, who recently visited southern Ethiopia's Somali region. The population across much of southern Ethiopia's lowlands relies overwhelmingly on its livestock, with diets supplemented by basic crops like maize.

[1/3] Yunupingu, an influential Australian Indigenous leader, is seen with Australian Prime Minister Anthony Albanese in this July 29, 2022 handout photo in Australia. Prime Minister Anthony Albanese called Yunupingu a "national treasure" who worked to unite Australia's leaders with its Indigenous community. Born in 1948 in Australia's remote Northern Territories, Yunupingu also worked with successive prime ministers to draft legislation on Indigenous rights. The Australian government last week took the first formal step towards holding a referendum to recognise Indigenous people in the constitution and set up an Indigenous "Voice to Parliament" to advise lawmakers on matters that impact their lives. Opposition leader Peter Dutton, whose Liberal party is yet to clarify its position on the referendum, called Yunupingu "one of our greatest Australians".

WASHINGTON, March 31 (Reuters) - The U.S. government announced on Friday a lower than expected 1.1% average cut of 2024 reimbursement rates for health insurers that offer coverage through the Medicare Advantage program, boosting shares of the market's largest players. Health insurers who operate Medicare Advantage plans have come under pressure after the government last month proposed new rules for an audit program to avoid overpaying them. The companies are among the largest players in the Medicare Advantage market in which private insurers are paid a set rate by the government to manage member healthcare. Medicare Advantage covers nearly half of the 65 million people enrolled in the government's Medicare program for people aged 65 and older or disabled. The agency pegged the spending increase in the traditional Medicare program, which in previous years was the main factor determining how much the agency pays Medicare Advantage insurers, at 2.3%, up from 2.1% in its initial proposal.

☆ India keeps domestic gas prices on hold for now
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, March 31 (Reuters) - India will provisionally keep the price of locally produced gas from old fields at $8.57 per million metric British thermal units (mmBtu), the government said on Friday, while it considers a potential change to the pricing formula. Keeping gas prices at the current level could hit the earnings of producers such as government-run Oil and Natural Gas Corp. (ONGC) (ONGC.NS) and Oil India Ltd (OILI.NS). Over 80% of India's yearly gas output of 91 billion cubic metres comes from old fields owned by ONGC and Oil India. India currently links prices of locally produced gas from old fields to a formula tied to global benchmarks, including Henry Hub, Alberta gas, NBP and Russian gas. However, it added it had lowered the ceiling price of domestic natural gas from difficult fields for April-September to $12.12 per mmBtu from $12.46 per mmBtu.

☆ King Charles' visit to France postponed after wave of protests
▼ + stars: | 2023-03-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

French gendarmes react near burning garbage bins amid clashes with protesters during a demonstration as part of the ninth day of nationwide strikes and protests against French government's pension reform, in Paris, France, March 23, 2023. King Charles III's visit to France has been postponed, as protests continue over the Paris government's pension system reforms. Unions on Thursday called for a national day of action involving strikes and protests on March 28. The decision to cancel the visit was taken by the French and British governments after a phone call between French President Emmanuel Macron and King Charles, according to an official statement from the Élysée Palace. King Charles was due to visit Paris and Bordeaux, both of which have experienced tense protests.

☆ Greta Thunberg, climate activists get court nod to sue Swedish state
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, March 21 (Reuters) - A Swedish court gave Greta Thunberg and hundreds of other climate activists the go-ahead on Tuesday to proceed with a class action lawsuit against the Swedish state for "insufficient climate policy". On Tuesday, Nacka District Court said the lawsuit could go ahead after the group made adjustments to the claim. "The district court has today issued a summons in a high-profile class action lawsuit," the court said in a statement. "In the case, demands have been made for the district court to determine that the state has an obligation to take certain specified measures to limit climate change." The Swedish state has three months to respond to the lawsuit before the case could be heard or settled in writing, the district court said, adding it could not say when the suit might be decided.

☆ New Zealand foreign minister to meet Chinese counterpart in Beijing
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

March 20 (Reuters) - New Zealand's foreign minister, Nanaia Mahuta, will travel to China on Tuesday to meet her counterpart Qin Gang on the first such visit by a New Zealand minister since 2019. "New Zealand's relationship with China is one of our most important, complex and wide ranging," she said in a statement. Prime Minister Chris Hipkins said New Zealand's position on China had not changed. Hipkins said he had not "certainly taken off the table" a trip to China this year. Reporting by Renju Jose in Sydney; Editing by Alasdair Pal and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Nepal’s Dahal set to face parliamentary confidence vote
▼ + stars: | 2023-03-20 | by ( Gopal Sharma | ) www.reuters.com time to read: +1 min

KATHMANDU, March 20 (Reuters) - Nepal’s Prime Minister Pushpa Kamal Dahal was set to face a vote of confidence in parliament on Monday after his old coalition allies pulled out of the government over the choice of a new president, one of his aides said. Paudel has since been elected as the third president of the republic of 30 million people nestled between China and India. It is mandatory for the prime minister to face a vote of confidence in parliament after any ally withdraws support. Manahari Timilsina, an aide to Dahal, said the leader had the support of 10 groups and was expected to win the vote in the 275-member parliament. Nepal has had 11 governments since it abolished its 239-year-old monarchy in 2008 and became a republic.

☆ Bank troubles roil markets and make Fed's decision next week more fraught
▼ + stars: | 2023-03-17 | by ( Patti Domm | In | ) www.cnbc.com time to read: +7 min

Even with Friday's sell-off, the S & P 500 and Nasdaq scored gains for the week. The S & P 500 rose 1.4%, compared to a tiny loss of 0.2% in the Dow . "If the U.S. economy is going into a recession, they're going to be buying less cloud service. On Friday, durable goods for February is reported, and there are releases of flash S & P Global PMI data for services and manufacturing. Durable goods 9:30 a.m. St. Louis Fed President James Bullard 9:45 a.m. S & P Global Manufacturing PMI 9:45 a.m. S & P Global Services PMI

SINGAPORE/HANOI, March 17 (Reuters) - Asian real estate giant CapitaLand Group is in talks to acquire assets worth roughly $1.5 billion from Vietnam's biggest listed property firm Vinhomes JSC (VHM.HM), two sources familiar with the matter told Reuters. A deal of that size would mark one of the largest real estate transactions in Southeast Asia in the last few years. The talks come as Vietnam's property sector is struggling with a cash crunch following an anti-graft campaign launched by the government last year. Vinhomes, Vietnam's biggest real estate developer by market capitalization, is part of Vingroup (VIC.HM), the country's largest conglomerate. Shares of Vinhomes have lost 10% so far this year, after tumbling 40% in 2022 as the property crisis deepened.

Relations between Russia and the U.S. have become more hostile since Moscow invaded Ukraine over a year ago, and Washington and its allies oppose Russian influence in West Africa. This has worried Western governments and the United Nations who say the move has led to a spike in violence. Mali, whose government took power in a 2021 military coup, has previously said Russian forces are not mercenaries but trainers helping local troops with equipment from Russia. The UK, Germany and other nations are pulling troops from a United Nations peacekeeping mission in Mali as security worsens. Armed groups have a foothold in coastal countries including Benin and Togo and threaten economic leaders Ivory Coast and Ghana.

☆ Analysis: Nuclear submarine plan aims to give Australia strategic edge to deter China
▼ + stars: | 2023-03-10 | by ( Kirsty Needham | ) www.reuters.com time to read: +6 min

Sooner than that, around 2027, U.S. nuclear submarines are expected to be deployed in Western Australia. It is vital that Australia has the same capability to deter - or, if necessary, fight - China as it expands its nuclear submarine fleet and ranges deeper into Australia's northern waters, he said. A U.S. Defense Department report last year said the People's Liberation Army Navy (PLAN) had a fighting force of 340 ships and submarines, including 12 nuclear submarines - six equipped with ballistic missiles - and 44 conventionally powered submarines. The report added that China would build a guided missile submarine by the middle of this decade. The U.S. has long wanted to base its nuclear submarines in Australia, and if that is the near-term solution under AUKUS, it is a significant shift, Gill said.

☆ Analysis: Biden's focus on deficit in budget is targeted at Republicans
▼ + stars: | 2023-03-08 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

Biden's increasing emphasis on the deficit now doesn't mean the White House sees an imminent crisis looming from the nation's $32 trillion debt. Instead, the White House hopes to draw a sharp contrast with Republican threats to refuse to raise the debt limit without sharp spending cuts. Including this fiscal plan in Biden's agenda can help shore up his economic credibility before his expected 2024 re-election campaign, the White House believes. That doesn't mean that what the White House is proposing is going to happen, of course. Reuters GraphicsNearly six in ten people told Pew Research Center in January that reducing the deficit should be a top Biden administration priority.

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