DIRS.INFO The most relevant business & tech news

REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsWASHINGTON, Aug 21 (Reuters) - PayPal's (PYPL.O) stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years. "From a policy perspective, there is a seismic difference between Facebook's Libra and PayPal's stablecoin," said Isaac Boltansky, director of policy research for brokerage BTIG. Dan Dolev, a senior analyst at Mizuho, said PayPal USD is not a game-changer for PayPal investors. When Facebook unveiled Libra, a stablecoin whose operations were based in Switzerland and which was pegged to a basket of currencies, executives made no secret of their ambitions. Facebook rebranded Libra, scaled it back and moved the project to the United States, in a bid to win U.S. regulatory approval.

Persons: Fabrizio Bensch, stablecoin, Facebook's, Christopher Giancarlo, PayPal's, Isaac Boltansky, Dan Schulman, Dan Dolev, Maxine Waters, Joe Biden's, Janet Yellen, Yellen, TerraUSD, stablecoins, There's, Jack Fletcher, Patrick McHenry, Hannah Lang, Andrea Shalal, Pete Schroeder, Niket, Michelle Price, Matthew Lewis Organizations: PayPal, REUTERS, Rights, U.S ., Facebook, U.S . Commodity Futures Trading Commission, Federal Reserve, Meta, Paxos Trust, New York State Department of Financial Services, Mizuho, Financial Services, Treasury, Congress, prudential, Republican, Thomson Locations: Berlin, Germany, Washington, U.S, Switzerland, United States, transact, stablecoins, Bengaluru

"What we have seen over the last couple of months is a breathtaking kind of diplomacy, that has been led by courageous leaders in both Japan and South Korea," said Kurt Campbell, Biden's coordinator for Indo-Pacific affairs. CHINA VIEWS SUMMIT WARILYNo specific action by the trio in Camp David is expected to sharply increase tensions with China, though Beijing has warned that U.S. efforts to strengthen ties with South Korea and Japan could "increase tension and confrontation in the region." While South Korea, Japan and the United States want to avoid provoking Beijing, China believes Washington is trying to isolate it diplomatically and encircle it militarily. South Korea has legislative elections next year and Japan must hold one before October 2025, and what analysts see as a still fragile rapprochement between the two nations remains controversial among the countries' voters. The White House, conscious of the electoral clock, wants to make the progress between South Korea and Japan hard to reverse, including by establishing routine cooperation on military exercises, ballistic missile defense, the economy, and scientific and technological research.

Persons: Joe Biden, Fumio Kishida, Yoon Suk, Jonathan Ernst, David, Joe Biden's, Biden, Yoon Suk Yeol, Kurt Campbell, Campbell, Camp David, Donald Trump, Trevor Hunnicutt, David Brunnstrom, Andrea Shalal, Don Durfee, Grant McCool Organizations: Japan’s, Grand Prince Hotel, REUTERS, U.S, South, Biden, Republican, Thomson Locations: Hiroshima, Japan, HAGERSTOWN , Maryland, United States, South Korea, U.S, Seoul, Tokyo, Korean, CHINA, China, Beijing, Washington, North Korea, Russia, South China, Philippines, Philippine, Hagerstown , Maryland

☆ Yellen's Las Vegas stop shows Bidenomics can be a tough sell
▼ + stars: | 2023-08-15 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

REUTERS/Leah Millis/File Photo Acquire Licensing RightsLAS VEGAS, Aug 15 (Reuters) - Daemein Hargrove, 21, recently dropped plans for a four-year college degree to sign up for an apprenticeship program in Las Vegas that he says has given him higher pay, good medical benefits and a pension. But he's also shouldering gas costs of $500 a month as he commutes to a massive solar site 45 minutes outside of Las Vegas. Treasury Secretary Janet Yellen's visit Monday to the Las Vegas training center where Hargrove and nearly 700 other apprentices are being paid to work and learn new skills raises some questions about Biden's approach. Yellen's trip to Las Vegas won praise from union leaders, but drew scant public or local media attention. Casey Harrison, a political reporter at the Las Vegas Sun, said the coverage reflected a lack of demand but also inadequate preparation by the administration.

Persons: Janet Yellen, Leah Millis, Daemein Hargrove, Joe Biden's, Hargrove, They're, he's, He's, Biden, Republican Donald Trump, Janet Yellen's, Casey Harrison, Harrison, it's, we've, Gina Raimondo, Deb Haaland, Yellen, what's, Barack Obama's, Rachelle Warren, Warren, It's, Andrea Shalal, Heather Timmons, Alistair Bell Organizations: Treasury, Development Finance, Strategic, International Studies, REUTERS, LAS VEGAS, U.S, International Brotherhood of Electrical Workers, Republican, Democrats, Las Vegas, NBC, Las, Sun, U.S . Treasury, Reuters, Biden, Thomson Locations: Washington , U.S, Las Vegas, United States, Vegas, Nevada

☆ Yellen upbeat on US economy, says Bidenomics is driving investment, job growth
▼ + stars: | 2023-08-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. embassy in Beijing, China, July 9, 2023. Yellen said China's slowing growth, Russia's war in Ukraine and climate change could still pose risks to the U.S. economy and did not rule out a recession, but she felt upbeat. "I feel very good about U.S. prospects overall," Yellen told reporters, noting that inflation and the unemployment rate had both dropped below 4%, and that the U.S. economy was continuing to expand. "These are real Americans back at work – able to put food on the table, support their families, and save for retirement." Reporting by Andrea Shalal in Las Vegas; Editing by Diane Craft, Matthew Lewis and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Thomas Peter, Joe Biden's, Yellen, Biden, Andrea Shalal, Diane Craft, Matthew Lewis, Sonali Paul Organizations: Treasury, U.S, REUTERS, Thomas, Thomas Peter Companies Ipsos, LAS, International Brotherhood of Electrical Workers, National Conference of State Legislators, Workers, International Energy Agency, Thomson Locations: Beijing, China, Nevada, Vegas, United States, Ukraine, U.S, Las Vegas

☆ In the Market: Funds fret over the fallout of Biden's China order
▼ + stars: | 2023-08-14 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

The executive order along with anti-China moves by lawmakers and agencies means the overall policy is unclear and riddled with landmines. "It will be very important to monitor how this executive order is being received in Congress." The executive order affects venture funds and private equity firms that invest in Chinese companies in semiconductors and microelectronics, quantum information technologies and artificial intelligence. MORE RESTRICTIONSSome of the investors said the administration's approach in framing the executive order had been more consultative. U.S. Representative Maxine Waters, Biden's fellow Democrat, said on Friday the executive order and rulemaking on outbound investment must be "broadened and strengthened."

Persons: Florence Lo, Biden, Anthony Rapa, Blank, Blackrock, MSCI, Maxine Waters, Paritosh Bansal, Andrea Shalal, Laura Matthews, Anna Driver Organizations: REUTERS, Fund, Investors, Blackrock, U.S, Chinese Communist Party, The, Vanguard, Morningstar, Blackrock's, Reuters Graphics Reuters, Thomson Locations: China, U.S, Beijing, Washington, MSCI, New York

☆ Yellen warns of risks of over-concentration of clean energy supply chains
▼ + stars: | 2023-08-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

"As we move away from fossil fuels, we remain concerned about the risks of over-concentration in clean energy supply chains," she said in excerpts of the speech obtained by Reuters. "Today, the production of critical clean energy inputs – from batteries to solar panels to critical minerals – is concentrated in a handful of countries." "The IRA is helping re-shore some of the production that is critical to our clean energy economy," she said. "Accelerating these transitions can mean greater demand for U.S. clean energy technologies produced by American workers. It can also bolster global clean energy supply chains.”Yellen will speak at a training center operated by the International Brotherhood of Electrical Workers (IBEW) union.

Persons: Janet Yellen, Thomas Peter, laud, Yellen, Joe Biden, Biden, Andrea Shalal, Diane Craft Organizations: Treasury, U.S, REUTERS, Thomas, Thomas Peter Companies Ipsos, LAS, Reuters, International Energy Agency, Democratic, International Brotherhood of Electrical Workers, Thomson Locations: Beijing, China, United States, U.S, Las Vegas, Democratic Republic of Congo, Indonesia, Australia, Chile, Nevada

☆ They had a teenage summer romance. Here’s what happened when they reunited years later
▼ + stars: | 2023-08-12 | by ( Francesca Street | ) edition.cnn.com time to read: +20 min

The summer Andrea first crossed paths with Lewis Kelly. He seemed aloof, “a loner,” as Andrea thought back then. When Andrea didn’t hear from him, she assumed he’d forgotten about her. “We’re so cute.”Then, as the date of his arrival got ever closer, Andrea started doubting herself. “I just want to make it work and be with you.”At this, Andrea started crying.

Persons: Andrea Camila, Andrea, Lewis Kelly, Lewis, –, She’d, ” Andrea, Niall, ’, Direction’s Niall Horan, ”, daydreaming, “, ” Lewis, “ Andrea, wasn’t, Andrea giggled, ’ ”, he’d, she’d, Imani Lee, Andrea didn’t, Lewis “, I’m, wouldn’t, It’s, hadn’t, We’re, ’ ” Andrea, Lewis didn’t, they’d messaged, Andrea messaged, they’d, They’d, it’s, he’s, sobs, “ We’re, Lewis wasn’t, “ They’d, didn’t, let’s, Andrea welled, “ It’s, Lewis Kelly “ Organizations: CNN, Sunshine State, CNN Travel, Facebook, Skype, Dublin City University, YouTube, Imani Lee Creative Locations: Clearwater Beach , Florida, Florida, Puerto Rico, Ireland, Europe, TikTok, Mexican

[1/2] A general view of the sun rising behind the White House in Washington, U.S. January 22, 2021. REUTERS/Jonathan Ernst/File PhotoWASHINGTON, Aug 11 (Reuters) - President Joe Biden's comment about China being a "ticking time bomb" referred to internal economic and social tensions that could have an effect on how Beijing interacts with the world, a White House official said Friday. Kirby defended the funding request, saying, "Yes, this is an urgent need for us to be able to provide an alternative." Biden told donors: "China is a ticking time bomb ... China is in trouble. Liu said China's GDP growth continued to provide an important support for the development of the global economy.

Persons: Jonathan Ernst, Joe Biden's, John Kirby, Kirby, Liu Pengyu, Biden, Liu, We've, Xi Jinping, Andrea Shalal, Michael Martina, Chris Reese, David Gregorio Our Organizations: White, REUTERS, Reuters, China's National Bureau, Statistics, Thomson Locations: Washington , U.S, China, Beijing, Utah, Washington, United States, India

The order is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine U.S. national security. China said on Thursday it is "gravely concerned" about the order and that it reserves the right to take measures. The White House said Biden consulted allies on the plan and incorporated feedback from Group of Seven nations. "Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement." Last year, total U.S.-based venture-capital investment in China plummeted to $9.7 billion from $32.9 billion in 2021, according to PitchBook data.

Persons: Joe Biden, Elizabeth Frantz, Biden's, Biden, Chuck Schumer, Marco Rubio, Emily Benson, David Shepardson, Andrea Shalal, Stephen Nellis, Max Cherney, Krystal Hu, Karen Freifeld, Idrees Ali, Liz Lee, Lincoln, Jonathan Oatis, Cynthia Osterman, Michael Perry Organizations: White, REUTERS, Wednesday, U.S, Treasury, Biden, Chinese Commerce Ministry, Seven, Democratic, Republicans, REPUBLICAN, The Semiconductor Industry Association, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, U.S, Japan, Netherlands, United States, Washington, Beijing

The order is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine U.S. national security. The White House said Biden consulted allies on the plan and incorporated feedback from Group of Seven nations. "Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement." Last year, total U.S.-based venture-capital investment in China plummeted to $9.7 billion from $32.9 billion in 2021, according to PitchBook data. The restrictions will hurt both Chinese and American businesses, interfere with normal cooperation and reduce investor confidence in the U.S., he said.

Persons: Joe Biden, Elizabeth Frantz, Biden, Chuck Schumer, Marco Rubio, Emily Benson, David Shepardson, Andrea Shalal, Stephen Nellis, Max Cherney, Krystal Hu, Karen Freifeld, Idrees Ali, Lincoln, Jonathan Oatis, Cynthia Osterman Organizations: White, REUTERS, Wednesday, U.S, Treasury, Biden, Seven, Democratic, Republicans, REPUBLICAN, The Semiconductor Industry Association, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, U.S, Japan, Netherlands, United States, Washington

REUTERS/Jonathan Ernst/File PhotoWASHINGTON, Aug 10 (Reuters) - U.S. President Joe Biden asked Congress to approve about $40 billion in additional spending on Thursday, including $24 billion for Ukraine and other international needs, $4 billion related to border security and $12 billion for disaster relief. Trump, the front-runner in the race to be the Republican presidential nominee in 2024, has been sharply critical of U.S. support for Ukraine in the war. FIRST UKRAINE REQUEST SINCE REPUBLICANS TOOK HOUSERepublicans narrowly control the House, where Speaker Kevin McCarthy signaled in June that any request for more assistance for Ukraine would face an uphill path through Congress. The House and Senate last approved aid for the Kyiv government - $48 billion - in December, before Republicans took control of the House. The request includes $13.1 billion for the Department of Defense, including $9.5 billion for equipment for Ukraine and replenishment of U.S. equipment stocks already sent to Kyiv.

Persons: Joe Biden, George E, Jonathan Ernst, Donald Trump, pare, Chuck Schumer, Biden, America’s, Vladimir Putin, Schumer, Mitch McConnell, McConnell, Kevin McCarthy, McCarthy, Shalanda Young, Russia's Wagner, Yevgeny Prigozhin, Andrea Shalal, Patricia Zengerle, David Shepardson, Doina Chiacu, Jonathan Oatis Organizations: George, Wahlen Department of Veterans Affairs Medical, REUTERS, White, Washington, Trump, Republican, Ukraine, Democratic, FIRST, HOUSE, Kyiv, Republicans, World Bank, Department of Defense, Department of State, U.S . Agency for International Development, Department of Homeland Security, DHS, Thomson Locations: Salt Lake City , Utah, U.S, Ukraine, Kyiv, Russian, United States, Russia, China, FIRST UKRAINE, Niger

☆ Yellen to tout U.S. economy's resilience, jobs recovery in major speech
▼ + stars: | 2023-08-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, Aug 10 (Reuters) - U.S. Treasury Secretary Janet Yellen will highlight the U.S. economy's continuing resilience in a major speech in Las Vegas on Monday, touting the creation of 13 million new jobs and progress in driving down inflation, a Treasury official said. Yellen will speak at a training center operated by the International Brotherhood of Electrical Workers (IBEW) union after touring its cutting-edge clean energy training programs where workers learn how to install solar panels. The Treasury official said Yellen will say the U.S. economy is on the right track toward stable growth, while underscoring the need to remain vigilant on potential challenges. She will note that the resilience of the U.S. economy - which she hailed in a major speech last July - has lasted over the past year despite many naysayers, who warned it could not last, the official added. Yellen will argue that the IRA is making the U.S. less vulnerable to fossil fuel price shocks and strengthening clean energy supply chains, while creating good-paying jobs, the official said.

Persons: Janet Yellen, Yellen, Joe Biden, Biden, Andrea Shalal, Jonathan Oatis Organizations: . Treasury, Treasury, International Brotherhood of Electrical Workers, Reuters, U.S, Thomson Locations: Las Vegas, Nevada, U.S

REUTERS/Elizabeth Frantz/File PhotoNEW YORK/WASHINGTON, Aug 9 (Reuters) - President Joe Biden on Wednesday signed an executive order that will narrowly prohibit certain U.S. investments in sensitive technology in China and require government notification of funding in other tech sectors. The long-awaited order authorizes the U.S. Treasury secretary to prohibit or restrict certain U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies, and certain artificial intelligence systems. Senate Democratic Leader Chuck Schumer praised Biden's order, saying "for too long, American money has helped fuel the Chinese military’s rise. Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement." Most investments captured by the order will require the government be notified about them.

Persons: Joe Biden, Elizabeth Frantz, Biden, Chuck Schumer, Biden's, Emily Benson, Benson, David Shepardson, Andrea Shalal, Karen Freifeld, Idrees Ali, Lincoln, Jonathan Oatis Organizations: White, REUTERS, Wednesday, U.S, Treasury, Democratic, Embassy, Reuters, Group, U.S . Department of Commerce, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, United States, U.S, Washington, States

A central processing unit (CPU) semiconductor chip is displayed among flags of China and U.S., in this illustration picture taken February 17, 2023. Following are some key details:'COUNTRIES OF CONCERN'The order lays out the intention to regulate investments in certain "countries of concern," with a separate annex naming China, Hong Kong and Macau, as the initial targets. Administration officials insisted the proposed rule would require notification of many investments while prohibiting a few. The rules will not be retroactive, applying only to future investments, an administration official said. RULEMAKING PROCESSBiden's executive order authorizes the U.S. Treasury Department to regulate certain U.S. investments.

Persons: Florence Lo, Joe Biden, Janet Yellen, Andrea Shalal, Karen Freifeld, David Shepardson, Jonathan Oatis Organizations: REUTERS, Wednesday, U.S . Treasury Department, Reuters, Administration, China, Treasury, European Union, Thomson Locations: China, U.S, Hong Kong, Macau, Beijing, Britain

A central processing unit (CPU) semiconductor chip is displayed among flags of China and U.S., in this illustration picture taken February 17, 2023. Following are some key details:'COUNTRIES OF CONCERN'The order lays out plans to regulate investments in certain "countries of concern," with a separate annex naming China, Hong Kong and Macau as initial targets. The outbound investment program would require notification of many investments while prohibiting only a few. It was considering requiring notification for investments in firms working on the design, fabrication, and packaging of less advanced integrated circuits. U.S. investments in Chinese production of quantum computers, development of certain quantum sensors, and quantum networking and communication systems could also be banned.

Persons: Florence Lo, Joe Biden, Janet Yellen, Andrea Shalal, Karen Freifeld, David Shepardson, Jonathan Oatis, Matthew Lewis Organizations: REUTERS, Wednesday, U.S . Treasury Department, Reuters, China, United, Treasury, European Union, Thomson Locations: China, U.S, Hong Kong, Macau, United States, Beijing, Washington, Britain, New York

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. "Uganda's Anti-Homosexuality Act fundamentally contradicts the World Bank Group's values. World Bank President Ajay Banga, who took office in June after the Ugandan law was enacted, has come under pressure to respond to the Ugandan law. The existing portfolio will continue to disburse funds, even as new lending is put on hold, a World Bank source said. It said the IFC and MIGA would also implement additional measures to "ensure inclusion and non-discrimination as needed."

Persons: Johannes P, Ajay Banga, Banga, Kanishka Singh, Andrea Shalal, Leslie Adler, Jonathan Oatis, Richard Chang Organizations: Bank, International Monetary Fund, REUTERS, United Nations, World Bank, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, Reuters, IFC, Thomson Locations: Nusa Dua, Bali, Indonesia, Uganda, Washington

Six percent of Biden's 2020 voters picked Trump. Forty-two percent of Biden's 2020 voters in the poll said the economy was "worse" than it was in 2020, compared to 33% who said it was "better" and 24% who said it was "about the same." Most of Biden's 2020 voters in the poll - 78% - said they approved of his performance as president, well above his 40% approval rating among all respondents. But a critical division exists among Biden's 2020 voters. When poll respondents were asked to describe how much Biden and his administration have invested in the U.S. economy, 35% of Biden's 2020 voters selected the option "not enough."

Persons: Joe Biden, Jonathan Ernst, Biden, Donald Trump, Chris Jackson, Jackson, Jason Lange, Andrea Shalal, Scott Malone, Conor Humphries Organizations: Auburn Manufacturing, REUTERS, U.S, Reuters, Republican, Biden, Trump, Democratic, White, Thomson Locations: U.S, Auburn , Maine, Arizona, New Mexico, Utah

☆ US sees price cap on Russian oil working despite upturn in prices
▼ + stars: | 2023-08-03 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Aug 3 (Reuters) - The United States remains confident that the Group of Seven's price cap on Russian oil is working to squeeze Moscow's revenues and stabilize energy markets despite a recent upturn in prices, a senior U.S. Treasury official said on Thursday. Van Nostrand said Russian data showed federal government oil revenues were nearly 50% lower in the first half of 2023 than a year earlier, and Russian oil was trading at "a significant discount" to Brent oil. Van Nostrand said the average reported price for Russian Urals had hovered around $60, the level of the price cap, despite widespread expectations that the price would rise in the second half of 2023, and despite recent price increases. Van Nostrand said the cap was continuing to limit Russian revenues, while giving "non-coalition buyers additional leverage to negotiate prices down." Still, Van Nostrand said Washington understood that markets could change rapidly, and Russia would keep trying to evade the price cap.

Persons: Eric Van Nostrand, Van Nostrand, Washington, Andrea Shalal, Timothy Gardner, David Gregorio Our Organizations: Treasury, Economic, European Union, Russian, Russia's Finance Ministry, Thomson Locations: United States, U.S, Russia, Ukraine, Washington, Australia, Brent, Russian Urals, Saudi Arabia, OPEC, China

☆ Exclusive: Mongolia, US to sign 'Open Skies' deal ahead of talks -Harris, PM
▼ + stars: | 2023-08-02 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +4 min

REUTERS/Kevin WurmAug 2 (Reuters) - The United States and Mongolia will sign an "Open Skies" civil aviation agreement, Vice President Kamala Harris and Mongolian Prime Minister L. Oyun-Erdene said on Wednesday at the start of discussions focused on Russia, China and economic development. Washington has Open Skies civil aviation agreements with more than 130 countries. The Open Skies deal between the U.S. and Mongolia will build on a memorandum of understanding for an air transport agreement reached in January. Mongolia's national carrier, MIAT Mongolian Airlines, flies to Europe and Asia but not the United States at present. Although passenger demand may not merit nonstop flights between the Mongolian capital, Ulaanbaatar, and the U.S., the Open Skies deal would also provide easier options for cargo flights between the nations.

Persons: Kamala Harris, Oyun, Kevin Wurm, Erdene, Biden, Harris, Joe Biden, Tesla, Elon Musk, Antony Blinken, Trevor Hunnicutt, Andrea Shalal, Jamie Freed, Jonathan Oatis, Leslie Adler Organizations: U.S, Mongolia's, White, REUTERS, Mongolian, China, MIAT, MIAT Mongolian Airlines, SpaceX, Biden, Google, Thomson Locations: Washington , U.S, United States, Mongolia, Russia, China, Washington, Ukraine, Japan, South Korea, . Washington, MIAT Mongolian, Europe, Asia, Ulaanbaatar, U.S, Birmingham , Alabama

☆ Biden heads to Arizona, other Western states to tout his economic policies
▼ + stars: | 2023-07-31 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, July 31 (Reuters) - U.S. President Joe Biden will travel to the key battleground state of Arizona and two other Western states next week as part of a travel blitz by senior administration officials touting recent economic gains and the anniversaries of key legislation. Biden will also host an event at the White House on Aug. 16, the official added. The Biden administration has struggled to sell its message of economic progress to a skeptical American public and connect the dots from the legislation to future jobs and growth. Vice President Kamala Harris will travel to Wisconsin with Commerce Secretary Gina Raimondo to highlight broadband infrastructure investments made possible by the $1 trillion bipartisan infrastructure law signed into law 20 months ago. Other cabinet members will visit Maine, Maryland, Nevada, Michigan and California, the official said.

Persons: Joe Biden, Biden, Kamala Harris, Gina Raimondo, Tom Vilsack, Jennifer Granholm, Ali Zaidi, Pete Buttigieg, Andrea Shalal, Mark Potter Organizations: White, White House, Energy, Transportation, Houston Port, Thomson Locations: Arizona, New Mexico, Utah, Delaware, U.S, Wisconsin, Oregon, Washington, Puerto Rico, Illinois, Houston , Texas, Maine , Maryland , Nevada , Michigan, California

☆ Investors still see blue sky ahead for Europe travel stocks as boom abates
▼ + stars: | 2023-07-31 | by ( Danilo Masoni | ) www.reuters.com time to read: +4 min

"For many people, the pandemic is now over, and this is time now for travelling far from home," said Corinne Martin, fund manager at Ofi Invest in Paris. The point at which China announced the end of health restrictions in 2022 was probably the best moment to jump into travel stocks. They remain buyers, noting how at 11 times 2024 earnings, the stock displays an unjustified discount and prices no growth. "Now, vacation budget is no more a variable families adjust," said Jerome Schupp, fund manager at Prime Partners in Geneva. European travel and leisure earnings are seen rising 63% this year and 23% in 2024, according to Refinitiv Datastream.

Persons: Corinne Martin, Ofi's Martin, Martin, Goldman Sachs, Jerome Schupp, Schupp, Cristina Matti, Andrea Scauri, Lastminute, Refinitiv, Lucy Raitano, Conor Humphries Organizations: MILAN, Ofi Invest, Paris . Airlines, Royce, World Tourism Organization, China, Traders, Paris Olympics, UEFA European Football, Ryanair, Europe's, Prime Partners, Visa, Air, Thomson Locations: Paris, Europe, Germany, Geneva, Air France, Lemanik, London

☆ White House says there is no possibility Biden would pardon his son
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: 1 min

OTTAWA, July 27 (Reuters) - The White House said on Thursday there was no possibility President Joe Biden would pardon his son Hunter, who is facing charges of failing to pay taxes on more than $1.5 million in income in 2017 and 2018. Asked whether Biden might issue such a pardon, White House spokeswoman Karine Jean-Pierre told a briefing, "No." Reporting by Andrea Shalal, writing by David Ljunggren; Editing by Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Hunter, Biden, White, Karine Jean, Pierre, Andrea Shalal, David Ljunggren, Doina Organizations: OTTAWA, Thomson

☆ IMF urges BOJ to move away from yield control, prepare for future tightening
▼ + stars: | 2023-07-25 | by ( Leika Kihara | Andrea Shalal | ) www.reuters.com time to read: +3 min

TOKYO/WASHINGTON (Reuters) -The Bank of Japan should start preparing for future monetary tightening by moving away from its yield control policy, the International Monetary Fund’s chief economist Pierre-Olivier Gourinchas said on Tuesday. FILE PHOTO: A Japanese flag flutters on the Bank of Japan building in Tokyo, Japan, March 15, 2016. They have also said the BOJ was mindful of the cost of YCC such as market distortions caused by its heavy bond buying. Widening the allowance band around its 10-year yield target, a step it took last December, could be among options to mitigate the side-effects of YCC, analysts say. Growth in the world’s third-largest economy is expected to slow to 1.0% in 2024 as the effect of past stimulus measures dissipate, the IMF said.

Persons: Pierre, Olivier Gourinchas, Toru Hanai, ” Gourinchas, Gourinchas, Kazuo Ueda Organizations: Bank of Japan, Monetary Fund’s, REUTERS, Reuters Locations: TOKYO, WASHINGTON, Tokyo, Japan

☆ IMF edges 2023 global economic growth forecast higher, sees persistent challenges
▼ + stars: | 2023-07-25 | by ( Andrea Shalal | ) www.reuters.com time to read: +7 min

REUTERS/Ken Cedeno/File PhotoWASHINGTON, July 25 (Reuters) - The International Monetary Fund on Tuesday raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook. The 2023-2024 growth forecast remains weak by historical standards, well below the annual average of 3.8% seen in 2000-2019, largely due to weaker manufacturing in advanced economies, and it could stay at that level for years. This was also related to the aging of the global population, especially in countries like China, Germany and Japan, he said. The impact of higher interest rates was especially evident in poorer countries, driving debt costs higher and limiting room for priority investments. It left its forecast for growth in China, the world's second-largest economy, unchanged at 5.2% in 2023 and 4.5% in 2024.

Persons: Pierre, Olivier Gourinchas, Ken Cedeno, we're, Gourinchas, Andrea Shalal, Andrea Ricci Organizations: Research Department IMF, International Monetary Fund, REUTERS, WASHINGTON, Monetary Fund, IMF, Reuters, Health, El, U.S . Federal Reserve, Bank of England, Thomson Locations: Washington , U.S, China, Germany, Japan, United States, Ukraine

☆ US Treasury's Yellen sees Vietnam as key partner in 'friendshoring' supply chains
▼ + stars: | 2023-07-21 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

July 21 (Reuters) - The United States sees Vietnam as a key partner in expanding green energy sources and building more resilient supply chains, U.S. Treasury Secretary Janet Yellen said in a speech to be delivered in the country's capital of Hanoi on Friday. Yellen's visit is part of a push by the United States to upgrade its formal ties with Vietnam as it works to reduce dependence on Chinese supply chains by expanding manufacturing at home and boosting trade with trusted partners. But its efforts have met some resistance in Hanoi, over what experts see as concerns that China could view the move as hostile. The United States and Vietnam normalized relations in 1995, two decades after the end of the Vietnam War, and signed a bilateral trade agreement five years later. She underscored that Washington's "friendshoring" drive was not meant for "an exclusive club of countries.

Persons: Janet Yellen, Yellen, Washington, Andrea Shalal, Jamie Freed Organizations: Treasury, U.S ., ASEAN Business Council, Intel, Initiative, The, Vietnam's, Thomson Locations: United States, Vietnam, U.S, Hanoi, Asia, Washington, China, Arizona, Saigon, The United States

Search resuls for: "Andrea S"

25 mentions found