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TOKYO, June 7 (Reuters) - Japan is committed to mobilise all policy options available while putting the economy before fiscal reform, according to a draft of the government's mid-year policy framework reviewed by Reuters on Wednesday, signalling its will to keep the fiscal spigot wide open before looming elections. Kishida, who is seen as a fiscal hawk, also hopes to strike a delicate balance between fiscal stimulus and the unwinding of it, with the framework calling for normalisation from crisis-mode fiscal largesse. "We have not abandoned the flag of fiscal reform," the framework said, in a tacit reference to Kishida's aim of bringing a primary budget surplus, excluding new bond sales and debt servicing costs, by the fiscal year ending in March 2026. The target was originally set to be met in the early 2010s but has pushed back four times. Reporting by Tetsushi Kajimoto; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Fumio, Kishida, Tetsushi Kajimoto, Christian Schmollinger Organizations: Reuters, Liberal Democratic Party, Thomson Locations: TOKYO, Japan, Ukraine

These comments represent just one of the contradictions in the current oil market. The desire for a stable oil market is extremely difficult to reconcile with being unpredictable. But the risk is that the increase isn't sustained, largely as a result of another oil market contradiction. It's another contradiction for the oil market to resolve as those three exporters are all under some form of Western sanctions. It may well be the case that the second half of this year sees a huge pick-up in crude oil demand.

Persons: Prince Abdulaziz bin, Brent, Sonali Paul Organizations: Organization of, Petroleum, Saudi Energy, Brent, International Energy Agency, SECOND, Saudi Aramco, Aramco, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi, OPEC, Vienna, Russia, China, India, Saudi Arabia

☆ Even People With Good Jobs Get Exploited - The New York Times
▼ + stars: | 2023-06-05 | by ( Simone Stolzoff | ) www.nytimes.com time to read: +2 min

Indeed, creative, mission-driven and prestigious jobs often take advantage of employees’ love for what they do. This stems from bosses’ tacit assumptions that their employees would do the work even if they weren’t paid. The idea that employees work for something other than money is also pervasive in industries that are geared toward helping people, such as education. “Teaching is a calling,” tweeted Mayor Eric Adams of New York City a few weeks ago. When a workplace is seen as virtuous, she claimed, it’s easier for workers to be exploited.

Persons: ”, Charles Rogers, Eric Adams, Adams, Ettarh Organizations: ” Employers, New, New York Locations: Los Angeles, New York City

☆ Opinion | If You’re Reading This, You’re Probably ‘WEIRD’
▼ + stars: | 2023-05-26 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +83 min

You’re probably very weird, and not just for all the obvious reasons you’re thinking of. Because, obviously, there’s going to be some overlap in the curve here. How you’re going to behave with your professor is quite different than how you’re going to behave with your friends. But it’s really kind of faceless, and you’re not really helping anybody you know. I think things are dynamic, and directions are changing, and that sort of thing.

And an increase in underlying core inflation to 4.7%, up from a 4.6% pace in March, underscored the less-than-steady progress on the Fed's inflation fight. In March Mester had already expected the Fed to raise the policy rate beyond its current 5.00%-5.25% range. Fed policymakers also say they are watching credit conditions closely, though Mester on Friday said that so far she's not seeing worrisome "extra" tightening from the recent regional bank failures. Odds in futures markets are running three to one in favor of a rate hike by then. Other Fed policymakers have echoed that hawkish call.

WASHINGTON — House Speaker Kevin McCarthy said Wednesday that negotiations over raising the U.S. debt limit were progressing toward a deal despite disagreements over spending, with only eight days before the government could face an unprecedented default. Fitch Ratings, one of the big three ratings agencies, placed the United States' triple-A status on "rating watch negative." The warning came after McCarthy projected hope that negotiators would reach a deal in time to avoid default. The decision to let members fly home for the week is a tacit acknowledgment by House leadership that a deal to raise the debt ceiling does not appear to be imminent. Debt ceiling-related stress was affecting Treasury markets in particular, Yellen said at a Wall Street Journal event.

Persons: Kevin McCarthy, Fitch, McCarthy, Steve Scalise, Joe, Biden, Janet Yellen, Yellen Organizations: WASHINGTON, Fitch, Fox Business, White, Treasury, Republican, Democratic, Capitol Locations: United States, Washington, U.S

Prime Minister Benjamin Netanyahu alluded to Israel's calculations at work in dealing with Hamas in Gaza. "The gap between Hamas and Islamic Jihad is rooted in the fact that Hamas has a political programme and governing authority, whereas the Jihad has neither," he said. However, Israeli officials say Islamic Jihad would not be able to fire rockets without approval from Hamas. An Islamic Jihad official offered a similar line. "That's why they (Hamas) focus their attacks in the West Bank," the regional diplomat said.

☆ House Republicans Stall Effort to Kick George Santos Out of Congress
▼ + stars: | 2023-05-17 | by ( Michael Gold | ) www.nytimes.com time to read: +1 min

Republicans voted along party lines, 221 to 204, to refer the resolution to expel Mr. Santos to the House Ethics Committee, which has been investigating Mr. Santos’s finances and campaign activity for months. The measure to expel Mr. Santos, introduced by Representative Robert Garcia, a Democrat of California, was unlikely to succeed in the House, where it would have required a two-thirds supermajority to pass. Republicans hold a majority so thin that Mr. Santos’s vote remains crucial, reducing the political incentive for them to support his ouster. Indeed, by delaying the vote, House Republicans — including some who have called on Mr. Santos to resign — avoided having to commit to a firm position on his behavior. But their actions also may be construed as a tacit endorsement of Mr. Santos’s remaining in Congress as he faces ethical and legal inquiries.

☆ China's rising clout spotlighted at finance chief meetings before G7 summit
▼ + stars: | 2023-05-15 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

China is among the biggest markets for most G7 countries, particularly for export-reliant economies such as Japan and Germany. In a joint statement on Saturday, the G7 finance chiefs stressed the urgency of addressing debt vulnerabilities in low- and middle-income countries, mentioning Zambia, Ethiopia, Ghana and Sri Lanka. "There were talks about coercion" at the G7 finance leaders' meeting, the Japanese finance ministry official said. The G7 summit will most likely have a special session on China to debate Beijing's "economic coercion" against other countries, according to a Reuters report. "No matter how the G7 want to fence in the Global South, it's not easy," said Atsushi Takeda, chief economist at the Itochu Economic Research Institute.

☆ Instant View: Turkey faces runoff election as Erdogan survives first test but remains at risk
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] Turkish President Tayyip Erdogan greets his supporters as he leaves his residence in Istanbul, Turkey May 14, 2023. I would expect a significant crash in the Istanbul stock exchange and lots of fluctuations in the currency. Both sides will try to make a case for themselves but Erdogan will be in an advantage in a second round. GALIP DALAY, ASSOCIATE FELLOW AT CHATHAM HOUSE"If the current numbers are confirmed by the Supreme Election Board, the governing coalition will go to the second round with numeric and psychological advantages. It has the majority in the parliament and Erdogan is poised to go to the second round with a lead over his rival, Kemal Kilicdaroglu."

☆ High-skilled customer service workers given an AI assistant saw 'close to 0' boost in their productivity
▼ + stars: | 2023-05-04 | by ( Sindhu Sundar | Madison Hoff | ) www.businessinsider.com time to read: +4 min

The study found AI can help lower-skilled workers “communicate more like high-skill agents.”Morning Brew Insider recommends waking up with, a daily newsletter. New research may be showing insight into what generative AI could mean for workers at different skill levels. "But, as you can imagine, it doesn't help the high-skill workers that much, because that's the stuff that they already knew." "I think that we all are beginning to see that generative AI is different from some of the earlier waves," Brynjolfsson said. But he added that generative AI could be helpful for brainstorming ideas, or for creative purposes.

☆ Workers in a study got an AI assistant. They became happier, more productive, and less likely to quit.
▼ + stars: | 2023-05-03 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

Instead of looking at whether AI will replace workers, a study suggests it could improve work lives. A recent study by Erik Brynjolfsson, Danielle Li, and Lindsey R. Raymond shows that generative AI can actually boost productivity for workers. While their study was about generative AI and its impact on workers at a company, the researchers noted that the purpose of the study isn't to "shed light on the aggregate employment or wage effects of generative AI tools." The paper stated that the AI system used was "designed to augment, rather than replace, human agents." The AI system used by some of the workers in the study consisted of a GPT-based large language model along with machine learning algorithms.

☆ Tokyo plan likened to putting skyscrapers in Central Park
▼ + stars: | 2023-04-29 | by ( ) www.cnbc.com time to read: +4 min

People protest against the Tokyo metropolitan governments redevelopment project for the Meiji Jingu Gaien district in Tokyo on February 12, 2023. "This is like building skyscrapers in the middle of Central Park in New York," Professor Mikiko Ishikawa told the Associated Press. She studied landscape architecture and Central Park's history and said the park was an inspiration for the Japanese – as were European designs – when Jingu Gaien was completed in 1926. "Jingu Gaien is a public place, and you should think of it as a commons," she said. Koike addressed Jingu Gaien several months ago at news conference.

☆ These are the 9 least expensive states to start a business—none of them are in the northeast
▼ + stars: | 2023-04-12 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +4 min

Nevada tops this ranking as the least expensive U.S. state to start a small business, due to factors like an abundance of available commercial space and the state's lack of corporate income tax. Small business loans were also widely available in those two states in 2020, the most recent year with complete Small Business Administration data. Arkansas small businesses received nearly $43 million in loans per 100,000 residents that year, the sixth-highest of any state. Some states offer tax credits for businesses in specific industries, which could help some startups and not others. "For entrepreneurs who have the ability to pick and choose where they want to start their business, it's clear that certain states will allow you to save money," the ranking noted.

☆ Factbox: In Middle East, once improbable ententes set new tone
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +6 min

Some U.S. allies had concluded their interests are not best served by a highly polarised Middle East, he added. The agreement between leading Sunni Arab power Saudi Arabia and the Shi'ite Islamist government in Tehran could defuse tensions and conflicts such as the Yemen war. Saudi Arabia has turned to China at a time of strain in its historic alliance with the United States. Saudi Arabia took the lead in rebuilding ties in 2021, declaring an end to the boycott of Qatar. Sources say Syria and Saudi Arabia have agreed to reopen embassies.

TAIPEI, April 6 (Reuters) - Taiwan officials and defence analysts are bracing for intensifying pressure on the "median line" that has for decades helped keep the peace in the Taiwan Strait as China begins inspecting civilian shipping across the waterway. "As long as they are ships hoisting our country's flag they are all a part of our territory," he said. Taiwan's military will not allow China to "unilaterally" board Taiwanese ships, he said. A senior Taiwan official familiar with security planning said Taiwan would not allow China to board ships in the Taiwan Strait and that Taiwan's coast guard and military would jointly respond if China made a move to do so. Chinese state television broadcast live pictures of the Haixun 6 on patrol, including shaky footage of a Taiwanese coast guard ship shadowing it in the distance.

This brings the total pledged output cuts by the group to around 3.66 million bpd, around 3.7% of global demand, and these are expected to remain in place until the end of the year. Saudi Arabia, the world's leading oil exporter, said the additional reduction is precautionary and aimed at achieving stability in the global oil market. Contained within the decision to cut output is the tacit admission that the demand side of the crude equation may not be as bullish as had been forecast by virtually every major energy body and the analyst community. Most likely it would have been well below the $79.77 a barrel it ended at on March 31, which was the closing price before Sunday's shock move to further cut output. China has also been accumulating more oil than it is consuming, despite rising domestic demand and refinery processing rates.

☆ Bank relief and Alibaba plans nudge stocks higher
▼ + stars: | 2023-03-30 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained for a third day in a row, rising 0.3%. It is eyeing two consecutive quarters in the green for the first time since the middle of 2021. The yen last traded at 132.75 to the dollar. Two-year yields are down 30 basis points for the quarter, the first quarterly fall since March 2020. Investors are hoping the plans signal authorities' tacit approval for growth and profit ahead.

☆ Newsmax Admits It Was All About Money
▼ + stars: | 2023-03-26 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Newsmax and DirecTV have settled their commercial dispute over licensing fees, and we’re happy to see Newsmax Media CEO Chris Ruddy ’s tacit admission that his political pressure campaign was really cover for a fight over money. On Wednesday Newsmax and DirecTV issued a joint press release announcing that they had reached a multi-year “mutually beneficial agreement” settling their carriage dispute. “Newsmax recognizes and appreciates that DIRECTV clearly supports diverse voices, including conservative ones,” said Mr. Ruddy.

☆ U.S. and China wage war beneath the waves – over internet cables
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +28 min

Three of China’s state-owned carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd (China Unicom) – had committed funding as members of the consortium, which also included U.S.-based Microsoft Corp and French telecom firm Orange SA, according to six people involved in the deal. China Telecom, China Mobile, China Unicom and Orange did not respond to requests for comment. China Telecom, China Mobile and China Unicom were resolutely behind HMN Tech, which had come in with a bid of around $500 million. China Telecom and China Mobile threatened to walk off the project, taking tens of millions of dollars of investment with them. Among them is China Telecom, which had previously won authorization to provide services in the United States.

However, further announcements are expected in coming weeks as China implements a reorganisation of its financial regulatory structure and other government bodies. "Opting for continuity in these critical economic roles suggests an emphasis on credibility and stability," said Mattie Bekink, China director at the Economist Intelligence Corporate Network. The U.S.-educated central bank chief Yi, appointed PBOC governor in 2018, had widely been expected to retire after being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October. "It shows China wants to at least have a dialogue with the United States on monetary policy and financial cooperation," he said. The parliamentary session will end on Monday, with Xi expected to give a speech and Li, the new premier, scheduled to hold a televised media conference afterwards.

☆ Florida is gearing up to pass tons of new laws over the next two months: 'It's the Ron DeSantis show'
▼ + stars: | 2023-03-06 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +6 min

Florida lawmakers are meeting over the next 60 days to pass new legislation. "It's the Ron DeSantis show," House Minority Leader Fentrice Driskell said. Ron DeSantis hasn't formally announced he's running for president — and that's in part because his business in Florida isn't finished yet. "Unfortunately, it's the Ron DeSantis show, we all know this," House Minority Leader Fentrice Driskell of Polk County told reporters Monday. Florida Republican Gov.

☆ Oman opens airspace, joining Saudi in Israeli airline corridor
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Feb 23 (Reuters) - Oman's Civil Aviation Authority (CAA) on Thursday said the Gulf Arab state's airspace will be open for all civilian carriers, a move that would enable Israeli airlines to utilise a Saudi-Oman corridor to cut flight times to Asia. Saudi Arabia, which like Oman does not have formal ties with Israel, last summer said it would open its airspace to all air carriers, but Israeli officials had said the corridor could not be implemented until Oman consented. Israeli Foreign Minister Eli Cohen on Thursday thanked Oman's ruler Sultan Haitham bin Tariq al-Said and described it as a "historic decision that will shorten the route to Asia, lower costs for Israelis and help Israeli airlines be more competitive". Israeli flag carrier El Al (ELAL.TA) said that beyond shortening current flight times, it would now examine opening new routes to Australia and restarting flights to India. Israel's foreign ministry said the corridor would shorten the flight route by more than two hours to some Asian destinations.

☆ Chechnya's Kadyrov: one day I plan my own mercenary group
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Feb 19 (Reuters) - Ramzan Kadyrov, the leader of Russia's Chechnya region, said on Sunday that he one day planned to set up his own private military company in the style of Yevgeny Prigozhin's Wagner Group of mercenaries. The rise of Wagner and other mercenary groups outside the traditional Russian and Soviet-era military command structures has raised concerns among diplomats that such groups could one day pose a threat to stability in Russia. In a post on Telegram, Kadyrov said that Wagner, which has been fighting alongside Russian troops in Ukraine, had achieved "impressive results" and said private military companies were a necessity. "When my service to the state is completed, I seriously plan to compete with our dear brother Yevgeny Prigozhin and create a private military company. I think it will all work out," said Kadyrov, who has served as head of the Chechen Republic since 2007.

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