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☆ French government to spend $216 million to destroy excess wine as younger consumers drink less alcohol
▼ + stars: | 2023-08-26 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +2 min

The French government hopes to shore up the country's wine industry by purchasing excess wine. The excess wine will be turned into industrial alcohol used in hand sanitizer or cleaning products. France's wine industry has seen a change in consumption habits, with less people drinking red wine. The impacts of COVID and the high cost of living have contributed to the country's wine industry woes. Between 2005 and 2021, France has seen wine consumption decrease from 33.5 million hectoliters to 25.2 million hectoliters — about a 25% decrease, according to Statista.

Persons: Food Marc Fesneau, Susie Goldspink Organizations: Service, French, of Agriculture, Food, EU, Agence France, Bloomberg, European Commission, Guardian Locations: Wall, Silicon, Presse, Europe, Italy, Spain, Germany, Portugal, France, AFP

☆ France and EU to spend $215 million shoring up struggling wine producers
▼ + stars: | 2023-08-26 | by ( Joshua Berlinger | ) edition.cnn.com time to read: +2 min

Paris CNN —The French government and the European Union will spend 200 million euros ($215 million) to help the country’s wine producers, who are struggling to cope with falling prices and waning demand. High demand for the voluntary buyback program, which was announced in June, prompted authorities to stretch its budget to $200 million, the Agriculture Ministry said in a statement Friday. France was, as of 2020, the world’s second-biggest wine producer and its biggest wine exporter. EU wine exports from January to April this year are also 8.5% lower than last. The French government is also encouraging wine growers to look to alternative crops to cope with climate change and changing market forces.

Persons: rosés Organizations: Paris CNN, European Union, French Ministry of Agriculture, distillers, Agriculture Ministry Locations: France, Europe, EU, Italy, Spain, Germany, Portugal

Markets await hints on the outlook for interest rates when Federal Reserve officials and policy makers from the European Central Bank, the Bank of England and the Bank of Japan head to Jackson Hole, Wyoming, for an annual meeting later this week. Earlier on Wednesday, Japan posted shrinking factory activity for a third straight month in August, and the euro zone, France, Germany, Britain and the United States are set to release their own purchasing managers' index (PMI) data later in the day. Crucial to shoring up oil demand over the rest of the year is China, the world's second-largest economy. Crude stocks in the United States continued to fall, dropping by about 2.4 million barrels in the week ended Aug. 18, according to market sources citing American Petroleum Institute figures on Tuesday. That was a slightly smaller draw than a drop of 2.9 million barrels analysts expected in a Reuters poll.

Persons: Jackson, Brent, Hiroyuki Kikukawa, John Evans, Paul Carsten, Yuka Obayashi, Andrew Hayley, Clarence Fernandez, Mark Potter Organizations: Danang Petroleum Machinery Technology JSC, U.S, West Texas, Federal Reserve, European Central Bank, Bank of England, Bank of Japan, U.S . Federal, NS, Nissan Securities, PVM, Organization of, Petroleum, American Petroleum Institute, Energy Information Administration, Thomson Locations: Danang, United States, Jackson Hole , Wyoming, Japan, France, Germany, Britain, China, Saudi Arabia, Russia, U.S, London, Tokyo, Beijing

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsBEIJING, Aug 23 (Reuters) - Oil prices ticked up in Asian trade on Wednesday, as markets weighed weak demand indicators from top importer China and the prospect of further U.S. rate hikes against potential supply tightness. "Concerns over higher interest rates and sluggish demand in China are expected to outweigh tightening supply from OPEC+ in the short term." China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. That was a slightly smaller draw than a drop of 2.9 million barrels analysts expected in a Reuters poll. "Following the massive draw of 6.2 million barrels a week earlier, overall supplies conditions still lean on the tighter end," said Jun Rong Yeap, a market strategist at IG in Singapore.

Persons: Lucy Nicholson, Brent, Jackson, Hiroyuki Kikukawa, Rong Yeap, Yuka Obayashi, Andrew Hayley, Sonali Paul, Clarence Fernandez Organizations: REUTERS, Rights, China, West Texas, Federal Reserve, European Central Bank, Bank of England, Bank of Japan, U.S . Federal, NS, Nissan Securities, Organization of, Petroleum, American Petroleum Institute, IG, Energy Information Administration, Thomson Locations: Bakersfield , California, Rights BEIJING, Jackson Hole , Wyoming, China, Saudi Arabia, Russia, OPEC, United States, Singapore, U.S, Tokyo, Beijing

☆ EVs are running out of customers — and some dealers don't want them anymore
▼ + stars: | 2023-08-23 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +5 min

AdvertisementAdvertisementMore electric vehicles are being pumped out of car factories than ever before – but some dealers don't want them. Electric car inventory has been piling up on dealership lots this year as companies up their EV production, leading some dealers to say enough is enough. Some are telling automakers they don't want any more until they can sell what's sitting, several dealers told Insider. AdvertisementAdvertisementIn the EV plateau, dealers are left in the lurchIn this round of growing pains for the electric car market, dealers are set up for the most trouble . "Dealers know in real time with real-time feedback what the market is doing," Karl Brauer, an automotive analyst for iSeeCars, previously told Insider.

Persons: Scott Kunes, Kunes, It's, Sam Fiorani, Fiorani, EVs, Tesla, Adam Lee, he's, Lee, Karl Brauer Organizations: Morning, Kunes, RV Group, Nissan, Mitsubishi, AutoForecast Solutions, Coast Ford, Midwest, Hyundai, Lee Auto, iSeeCars Locations: Detroit, West Coast, Maine

☆ Oil prices ease on concerns over rate hikes, China gloom
▼ + stars: | 2023-08-23 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased in early trade on Wednesday, weighed down by fears U.S. interest rates could stay higher for longer and economic growth could slow further in top crude importer China and hurt fuel demand. "Concerns over higher interest rates and sluggish demand in China are expected to outweigh tightening supply from OPEC+ in the short term," he said. China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. That was a slightly smaller draw than the 2.9 million barrels drop analysts expected in a Reuters poll. The weekly report from the Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due at 1430 GMT on Wednesday.

Persons: Jackson, Hiroyuki Kikukawa Organizations: Brent, West Texas, Federal Reserve, European Central Bank, Bank of England, Bank of Japan, U.S . Federal, NS, Nissan Securities, Organization of, Petroleum, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy Locations: China, Jackson Hole , Wyoming, Saudi Arabia, Russia, OPEC, U.S

Brent crude was down 36 cents at $84.10 a barrel by 11:45 a.m. EDT (1545 GMT). China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Amplifying demand concerns, U.S. central bank officials have not ruled out further interest rate hikes to contain inflation. A preliminary Reuters poll showed that crude oil and gasoline inventories were expected to have fallen last week, with data from American Petroleum Institute due later on Tuesday. Separately on Monday, Shell (SHEL.L) said it was investigating a possible leak on the 180,000 bpd Trans Niger oil pipeline, though no force majeure has been declared.

Persons: Lucy Nicholson, Brent, Jim Ritterbusch, majeure, Natalie Grover, Paul Carsten, Muyu Xu, Katya Golubkova, Tomasz Janowski, David Evans, David Goodman, David Gregorio Our Organizations: REUTERS, Companies Shell, West Texas Intermediate, Saudi, Ritterbusch, Associates, American Petroleum Institute, of Commerce, Shell, Thomson Locations: Bakersfield , California, China, Russian, Galena , Illinois, U.S, Iraqi, Turkey, Iraq, Saudi, Niger, London, Singapore, Tokyo

☆ New Biden student loan plan cuts payments for millions, White House says
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

President Joe Biden is pursuing sweeping student debt relief actions through various approaches even as U.S. courts have blocked certain pieces of his plan. Student loan payments were paused during the COVID-19 pandemic as shutdowns and other fallout from the spreading virus upended the U.S. economy, but have since resumed. "We are continuing to pursue an alternative path to deliver student debt relief to as many Americans as possible as quickly as possible," the White House said in a statement. On average, the plan will cut total lifetime payments in half for Black, Hispanic, American Indian and Alaska Native borrowers, the White House added. Data released this month showed student loan balances declined by $35 billion to $1.57 trillion in the second quarter.

Persons: Joe Biden, Fumio Kishida, Yoon Suk, Camp David, Evelyn Hockstein, Biden, Susan Heavey, Jonathan Oatis, Heather Timmons Organizations: Japanese, South, REUTERS, Rights, White, Department of Education, U.S, Supreme, Education Department, Thomson Locations: Camp, Thurmont , Maryland, U.S, American Indian, Alaska

☆ Coinbase’s stablecoin bet pegs to wishful thinking
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The crypto exchange will take a minority stake in Circle Internet Financial, issuer of stablecoin USDC. Such tokens, designed to track the U.S. dollar, haven’t delivered on promises of transforming finance. Coinbase already earns interest from reserves backing USDC through a partnership with Circle, and doesn’t expect any new major financial benefit. Meanwhile, U.S. legislation to regulate the tokens is stalled, and PayPal’s (PYPL.O) stablecoin launch last month drew criticism from Representative Maxine Waters, among others. Coinbase, meanwhile, is cozying up to pillars of traditional finance like BlackRock (BLK.N).

Persons: haven’t, Coinbase, Maxine Waters, Brian Armstrong, Anita Ramaswamy, EY’s loveless, Jonathan Guilford, Sharon Lam Organizations: Reuters, U.S ., Wall Street Journal, BlackRock, Twitter, TPG, Thomson

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. "Prices are likely to remain range-bound for now," Haworth said, adding that demand is in question for investors worried by the weak data from China. Higher borrowing costs can impede economic growth and in turn reduce overall demand for oil. Oil benchmarks were further depressed by seasonal demand weakness heading into the autumn, said Jay Hatfield, CEO of Infrastructure Capital Management. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.

Persons: Brent, Rob Haworth, Haworth, Jay Hatfield, Hatfield, WTI, Natalie Grover, Paul Carsten, Sudarshan, Shri Navaratnam, Jamie Freed, Conor Humphries, Jane Merriman, Barbara Lewis Organizations: REUTERS, U.S . West Texas, U.S, Bank Asset Management, U.S . Federal Reserve, Infrastructure Capital Management, Organization of, Petroleum, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, U.S, London, Singapore

☆ Opinion | Our Economy Thrives on Bad Feelings
▼ + stars: | 2023-08-18 | by ( Astra Taylor | ) www.nytimes.com time to read: +3 min

A kind of existential insecurity is indelible to being human. But existential insecurity is not my focus here. I call this “manufactured insecurity.” Where existential insecurity is an inherent feature of our being — and something I believe we need to accept and learn from — manufactured insecurity facilitates exploitation and profit by waging a near constant assault on our self-esteem and well-being. Only by reckoning with how deep manufactured insecurity runs will it become possible to envision something different. Manufactured insecurity is far from inevitable, and yet it is intensifying.

Persons: —, equanimity, can’t

After months of acrimony, administration officials have recently begun visiting Beijing in a bid to reestablish regular communication. “The most intense, the most focus that I’ve ever seen President Biden is in advance of these engagements with President Xi,” the official said. And the extent to which their personal relationship will impact US-China relations overall has yet to be determined. “This summit is formalizing and institutionalizing a major strategic shift of the region,” explained a third senior administration official. “The Biden administration has always been clear that talking is best, they will keep showing up, and communication is necessary.

Persons: David, Joe Biden, –, Xi Jinping Biden, ” Biden, “, ”, Xi, Biden, CNN’s Arlette Saenz, “ You’re, Hikariko Ono, Barack Obama, Donald Trump, “ Xi, Narendra Modi, ’ Biden, “ I’ve, “ That’s, we’re, “ Biden, Obama, Danny Russel, Camp David, Fumio Kishida, Yoon Suk, Antony Blinken, Janet Yellen, John Kerry Organizations: CNN, Korean, Democratic, Foreign Ministry, White House, Biden, State Department, Camp, Japanese, South, ” Locations: China, Utah, Beijing, Bali, US, Tokyo, Seoul, mending, Asia, Sunnylands, Palm, Taiwan, India, San Francisco, Japan, South Korea

☆ Bank of America breaks down the repercussions of Biden's Inflation Reduction Act a year after its contentious passage, and the 37 stocks that will see the biggest benefits in the years to come
▼ + stars: | 2023-08-16 | by ( Mark Reeth | ) www.businessinsider.com time to read: +6 min

It has been one year after President Biden's Inflation Reduction Act went into law. Passing the Inflation Reduction Act last August was anything but easy. One year to the day after President Biden's Inflation Reduction Act was passed seems like the perfect time to look back on its effects — and to look forward at which stocks could reap the benefits. Bank of America: The Inflation Reduction Act is WorkingIn mid-July, Bank of America ESG strategists Dimple Gosai and Megan Mantaro took a deep dive into the Inflation Reduction Act and the stocks that will feel the greatest impact from increased manufacturing spending. Within these themes, the strategists found 37 stocks that they believe will see the biggest benefits of the Inflation Reduction Act.

Persons: Biden's, Sen, Joe Manchin, Dimple Gosai, Megan Mantaro, Mantaro Organizations: Bank of America, GOP, Infrastructure Investment, Jobs, EVs, EV Locations: Georgia, South Carolina , Tennessee, Kentucky

[1/5] Paraguay's new President Santiago Pena wears the presidential sash and holds the baton of command as he greets people with the first lady Leticia Ocampos during his inauguration, in Asuncion, Paraguay August 15, 2023. REUTERS/Cesar Olmedo Acquire Licensing RightsASUNCION, Aug 15 (Reuters) - Santiago Pena was sworn in on Tuesday as Paraguay's new president, promising to "build alliances" and show "firm and ethical leadership" for the next five years after his April election victory. "We will build alliances and cooperation with a geostrategic vision," the president said in his inaugural speech, adding that Paraguay's relationship with Taiwan "is an example of this and of Paraguay's friendly and cooperative spirit with nations." Despite pressure from farmers who want to open up Chinese markets, he has pledged to stick with Paraguay's decades-long diplomatic ties with Taiwan. Pena faces the additional challenge of shoring up relations with the United States after the U.S. government accused his political mentor, former President Horacio Cartes, of corruption.

Persons: Santiago Pena, Leticia Ocampos, Cesar Olmedo, Pena, Spain, William Lai, Mario Abdo Benitez, Santi, Horacio Cartes, Cartes, Milda Rivarola, Rivarola, Daniela Desantis, Lucinda Elliott, Jonathan Oatis, Rosalba O'Brien Organizations: REUTERS, Rights, South, Taiwan's, Colorado Party, U.S, Ultima, Thomson Locations: Asuncion, Paraguay, Rights ASUNCION, William Lai . Paraguay, China, Taiwan, Paraguayan, United States

☆ China's economy is showing signs of serious trouble — and the problems are still mounting
▼ + stars: | 2023-08-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +9 min

Deflation — the trend of prices falling throughout the economy — presents a particularly dangerous trajectory for China, which carries a massive amount of debt. The main components of GDP on the demand side — consumption, investment, net exports — they all have serious problems right now." A shaky property marketMost of China's economic troubles tie directly into its property market. Roughly a quarter of China's population works in agriculture — well above the 3% mark in the US — and that presents its own productivity limitations. From an unstable, debt-ridden property market to anti-business policies and demographic issues, Beijing has plenty to tackle if it hopes to match the same growth as decades past.

Persons: David Dollar, Biden, Dexter Roberts, Roberts, Terry Group, it's, Xi Jinping Organizations: Service, China's National Bureau of Statistics, People's Bank of, Federal Reserve, Brookings, Bloomberg, JPMorgan, Financial Times, China's, Global, US Census Bureau, Atlantic Council, Communist Party, Garden Holdings, Beike Research Institute, Terry Locations: Beijing, Wall, Silicon, China, People's Bank of China, China's US, Western, Russia, Asia, Ukraine, Mexico, China cratered, Rocky

☆ Bob Iger is supposed to save Disney. It’s not going according to plan
▼ + stars: | 2023-08-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

“In some ways, the challenges are greater than I anticipated,” Iger told CNBC in a revealing interview last month. But under Iger 2.0, Disney has cultivated even more headaches for itself, including a morale crisis sparked by one surprisingly candid interview with CNBC on July 13. Naturally, the comments set off alarms within Disney General Entertainment Content, the division that operates Disney’s broadcast and cable networks. A few days after the Faber interview, Iger tried to smooth things over at an off-site meeting with senior managers. But Disney appears to be all-in on the boss, even though the sequel almost never lives up to the original.

Persons: Bob Iger, Dad ”, It’s, ” Iger, won’t, Mary Poppins, Iger, David Faber, Disney’s, David Paul Morris, Faber, CNN’s Oliver Darcy, can’t, Bob Chapek, Weeks, Chapek, Disney Organizations: New, New York CNN, Disney, CNBC, Hollywood, Rivals Comcast, Warner Bros ., Sun, ESPN, ABC, Disney Channel, Geographic, Allen & Co Media, Technology Conference, Bloomberg, Getty, Disney General Entertainment, Lucasfilm, Marvel Entertainment, Pixar Studios Locations: New York, Idaho, Sun Valley , Idaho

☆ Euro 2024 euphoria will come despite another World Cup shock exit, German FA president says
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

The Germans drew 1-1 with South Korea on Thursday, ending up third in their group at the tournament in Australia and New Zealand. Their shock exit comes just eight months after the men's team suffered a second consecutive World Cup group stage elimination with a disastrous run in Qatar. "I think the thrill of anticipation (for the Euro) will come," DFB president Neuendorf told German broadcaster ZDF on Friday. "I am confident that we will achieve this euphoria, that it will come," Neuendorf added. His team have won just one of their last five matches since their World Cup exit in December.

Persons: Lena Oberdorf, Nicole Anyomi, Alexandra Popp, Dan Peled BERLIN, Bernd Neuendorf, Neuendorf, Hansi Flick, Karolos, Christian Radnedge Organizations: Soccer Football, FIFA, Brisbane Football, World, FA, DFB, ZDF, Thomson Locations: New Zealand, South Korea, Germany, Brisbane, Australia, Qatar, German

☆ Gold gets a safety boost as Fitch U.S. downgrade shakes markets
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Spot gold was up 0.2% at $1,946.97 per ounce by 0312 GMT, while U.S. gold futures rose 0.3% to $1,984. Gold, which is priced in dollars, is a favored safe-haven investment in times of stress and economic uncertainty. Higher interest rates raise the cost of holding gold, which yields nothing and needs money to store and insure. In other metals, spot silver eased 0.2% to $24.29, platinum dropped 0.5% to $926.18, and palladium was down 0.1% at $1,238.59.

Persons: Gold, Fitch, Edward Meir Organizations: U.S ., United States, AAA, AA, Marex, U.S Locations: Moscow, Russia, U.S

The talks, announced with Kretinsky's EP Equity Investment (EPEI) vehicle, come on top of a 900 million-euro share-sale plan, aimed at further shoring up Atos' balance sheet, the company said. The expected sale would bring in 100 million euros in cash and cut 1.9 billion euros worth of liabilities from the tech company's balance sheet, Atos said. It gives an enterprise value of 2 billion euros to the sold division, named Tech Foundations. Tech Foundations, whose activities generated 4.5 billion euros of revenue last year, offers infrastructure management services. Following the sale of the tech unit, Atos will still rename as Eviden.

Persons: Daniel Kretinsky, Atos, Nathalie Senechault, Paul Saleh, Mathieu Rosemain, Sudip Kar, Edmund Klamann, Sharon Singleton Organizations: PARIS, Kretinsky's, Equity Investment, Tech Foundations, Tech, Casino, Thomson Locations: Czech, Paris, French, France

☆ Putin is forming mysterious private armies across Russia to protect himself from Wagner soldiers, report says
▼ + stars: | 2023-07-31 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Russian President Vladimir Putin is forming private militias across Russia. The plans for the private military companies, or "special enterprises," were noted in a new bill that raises the draft age for the Russian military. It comes weeks after the mutiny by Russia's Wagner mercenary group, which exposed gaps in Putin's defenses. According to the report, Putin's militias would be under the command of regional governors, operate at Putin's behest, and would be armed by the Russian Ministry of Defense. "They are a tool to enhance security [important given very active clandestine actions by Ukrainian military intelligence], and can, as necessary, help against any new mutiny," said Sokov.

Persons: Vladimir Putin, Yevgeny Prigozhin, Wagner, Andrey Kartapolov, Russia's Wagner, Putin, Nikolai Sokov Organizations: Service, Daily Beast, Fighters, Kremlin, Russian Ministry of Defense, Barents Observer, Daily Locations: Russia, Russian, Wall, Silicon, Rostov, Moscow, Norwegian, Ukraine

☆ DeSantis' Bud Light brawl marks his latest move in anti-corporate gambit
▼ + stars: | 2023-07-28 | by ( James Oliphant | ) www.reuters.com time to read: +6 min

DeSantis trails Republican front-runner Donald Trump by more than 20 points nationally in the 2024 primary race. But a Republican lobbyist in Washington who represents several Fortune 500 companies said DeSantis’ approach is sound for winning the Republican primary. “DeSantis is doing what he’s doing because it's good politics,” said the lobbyist, who asked to remain unidentified so as to not take sides in the presidential race. A company spokesman told Reuters that "Anheuser-Busch InBev takes our responsibility to our shareholders, employees, distributors and customers seriously." On the trail, DeSantis has accused the Food and Drug Administration of being “captured” by the pharmaceutical industry.

Persons: Ron DeSantis, DeSantis, Donald Trump, Alex Conant, ” Conant, “, ”, Bob Iger, Trump, Bud Light, influencer Dylan Mulvaney, Trump’s, Donald Trump Jr, Bud Light’s, Morningstar, James Oliphant, Colleen Jenkins, Alistair Bell Organizations: Bud Light, Republican, Republican Party, Disney, Republicans, Reuters, Fortune, Democratic Party, Anheuser, Busch InBev, and Drug Administration, Thomson Locations: Florida, Washington, America

☆ The Federal Reserve just hiked interest rates to their highest level in 22 years. Here's how Wall Street is reacting, where the pros think investors should be putting their money, and why inflation is
▼ + stars: | 2023-07-27 | by ( Mark Reeth | ) www.businessinsider.com time to read: +7 min

The Federal Reserve hiked rates in July, and it could be the final rate hike of the cycle. But while the latest rate hike was all but certain, there are still plenty of questions about what lies ahead. In a note from Wednesday evening, Goldman Sachs chief economist Jan Hatzius pointed out that Powell made it clear any further hikes will depend on inflation data. But Bank of America analysts led by US economist Michael Gapen remain unconvinced that the rate hike cycle is truly over. As for equities, Wall Street widely expected this week's rate hike, so there are no major changes to their second-half investing recommendations.

Persons: Jerome Powell, Henry Allen, shouldn't, Allen, Goldman Sachs, Jan Hatzius, Powell, Hatzius, Gurpreet Gill, Gill, Peter Hooper, Michael Gapen, Gapen, Goldman's Gill, America's Gapen, Morgan Stanley, Mike Wilson Organizations: Federal, shouldn't, Deutsche Bank, Fed, Goldman Sachs Asset Management, Bank of America, Bank, America's Locations: Wall

☆ Israel judicial overhaul: protests mount against Benjamin Netanyahu after bill passed
▼ + stars: | 2023-07-25 | by ( Dan Williams | ) www.reuters.com time to read: +6 min

The bill curbing Supreme Court review of some government decisions passed in a stormy Knesset parliament on Monday after a walkout by lawmakers. Protest leaders said growing numbers of military reservists would no longer report for duty if the government continued with its plans. First elected to top office in 1996 and now in his sixth term, Netanyahu, 73, is facing his biggest domestic crisis. A Lebanese source familiar with the development said the men were members of a Hezbollah elite unit on a patrol that had nothing to do with Israel's domestic crisis. Hezbollah leader Hassan Nasrallah on Monday said Israel's domestic crisis showed it was on a "path of collapse and fragmentation".

Persons: Netanyahu, Benjamin Netanyahu, Yair Lapid, Zion Hagay, Kan, Corinna Kern, striding, Hassan Nasrallah, Bezalel Smotrich, Dan Williams, Ari Rabinovitch, Henriette Chacar, Andrew MacAskill, Laila Bassam, Tom Perry, Andrew Cawthorne, Nick Macfie Organizations: Israeli Democracy, Israel Bar Association, Israel Medical Association, Health Ministry, REUTERS, BANK, Orthodox Jewish, West Bank, Hamas, Hezbollah, Finance, Army Radio, Thomson Locations: JERUSALEM, Israel, Histadrut, United States, Britain, Jerusalem, Tel Aviv, Washington, Nablus, Palestinian, Lebanese, Iran, London, Beirut

☆ China's steps to boost sales of cars, electronics disappoint market
▼ + stars: | 2023-07-21 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO-People enter the SEG E-Market at Huaqiangbei electronics market in Shenzhen, Guangdong province, China June 8, 2023. REUTERS/David Kirton/File PhotoBEIJING (Reuters) -Chinese authorities announced measures on Friday intended to help boost sales of automobiles and electronics with the goal of shoring up a sluggish economy, but the steps failed to impress investors who have been clamouring for stronger stimulus. The Friday statement aimed at encouraging automobile consumption echoed this. “These supports will unlikely significantly boost consumption when people are still generally reluctant to spend as they lack confidence in the economic recovery,” UBS said in a note on Friday. Investors have said they are disappointed by China’s weak second quarter growth and want to see stronger stimulus, with some pinning their hopes on the Politburo meeting later this month.

Persons: David Kirton, Tesla, ”, China’s Organizations: SEG, REUTERS, National Development, Reform, ” UBS Locations: Shenzhen, Guangdong province, China, BEIJING

☆ China announces steps to boost sales of cars and electronics
▼ + stars: | 2023-07-21 | by ( ) www.cnbc.com time to read: +2 min

Employees work on the assembly line of new energy vehicles (NEVs) at a workshop of China FAW Group's Hongqi Fanrong Plant on July 5, 2023 in Changchun, Jilin Province of China. Chinese authorities announced measures on Friday intended to help boost sales of automobiles and electronics with the goal of shoring up a sluggish economy, but the steps failed to impress investors who have been clamoring for stronger stimulus. In June, they unexpectedly extended a purchase tax break on new energy vehicles until 2027. A separate statement on supporting sales of electronics products said authorities would encourage scientific research institutes and market entities to actively apply domestic artificial intelligence technology to improve intelligence levels of electronic products. Investors have said they are disappointed by China's weak second quarter growth and want to see stronger stimulus, with some pinning their hopes on the Politburo meeting later this month.

Persons: Tesla, China's Organizations: China FAW Group's Hongqi, National Development, Reform Locations: Changchun, Jilin Province, China

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