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☆ Philips settles one category of U.S. claims over respirator recall
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Companies Koninklijke Philips NV FollowAMSTERDAM, Sept 7 (Reuters) - Philips (PHG.AS) said on Thursday it has reached a settlement to resolve one category of legal claims against it following a major recall of the Dutch medical equipment maker's sleep apnea and respiratory devices. The company had taken a 575 million euro ($615.48 million) provision in the first quarter of 2023 against estimated costs for economic loss claims. The company still faces other legal actions over the recall, including personal injury claims, as well as an investigation by the U.S. Department of Justice. However, the lawyers said in a joint statement they would continue to pursue personal injury and other claims against the company. "We are confident in these claims and we look forward to holding Philips accountable for the physical harm they caused patients," they said.

Persons: Philips, Steve Klink, Toby Sterling, Tassilo Hummel, Sudip Kar, Gupta, Susan Fenton, David Evans Organizations: Koninklijke Philips NV, Philips, U.S . Department of Justice, U.S . Food, Drugs Administration, Thomson Locations: AMSTERDAM

☆ Morning Bid: Transatlantic surprise gap opens up again
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +5 min

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. And the gap between those two gauges, which had halved from July peaks, is starting to yawn wider yet again. Although the steep annual drop in Chinese exports and imports last month was marginally better than forecast, the ongoing funk in activity remains stark and threatens Beijing's overall economic growth target of about 5%. At least six senior Fed officials are in speaking engagements later on Thursday - including Fed board member Michelle Bowman and New York Fed chief John Williams. Events to watch for on Thursday:* U.S. weekly jobless claims, Q2 labor cost and productivity revisions* Federal Reserve Board Governor Michelle Bowman, New York Fed President John Williams, Chicago Fed chief Austan Goolsbee, Philadelphia Fed chief Patrick Harker, Atlanta Fed chief Raphael Bostic and Dallas Fed chief Lorie Logan all speak.

Persons: Sarah Silbiger, Mike Dolan, Andrew Bailey, Michelle Bowman, John Williams, bourses steadied, Austan Goolsbee, Patrick Harker, Raphael Bostic, Lorie Logan, Joe Biden, Susan Fenton Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, U.S, Federal, Treasury, Bank of England, Bank of Canada, Fed, New York Fed, Apple, Beijing, Federal Reserve, Michelle Bowman , New York Fed, Chicago Fed, Philadelphia Fed, Atlanta Fed, Dallas Fed, PMI Reuters Graphics Reuters, Thomson Locations: Washington ,, U.S, United States, Europe, China, Brent, Saudi Arabia, Russia, Japan, Asia, Michelle Bowman , New, Atlanta, India, New Delhi

REUTERS/Angelika Warmuth Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - Mercedes-Benz (MBGn.DE) does not expect its sales in Europe to be all-electric by 2030 but will have its line-up ready, Chief Executive Ola Kaellenius said in an interview at the Munich car show. The premium carmaker has long said it is targeting all-electric sales by 2030 "where markets allow", saying customers will ultimately decide what product they want and pointing to the need for infrastructure to support the transition to electric vehicles (EV). Europe's EV market had grown significantly in recent years but likely wouldn't be ready for all-electric sales by 2030, Kaellenius said on the sidelines of the Munich show. "It's not going to be 100% in 2030, obviously... from the whole European market, but probably from the Mercedes side as well," he said. EV sales in Europe grew nearly 55% in the first seven months of 2023, to about 820,000 vehicles, making up about 13% of all car sales.

Persons: Mercedes, Angelika Warmuth, Ola Kaellenius, Kaellenius, It's, Oliver Zipse, Oliver Blume, Victoria Waldersee, Miranda Murray, Susan Fenton Organizations: Benz, REUTERS, Rights, Mercedes, BMW, Volkswagen, Victoria, Thomson Locations: Munich, Germany, Europe, China

A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. Barclays distributed a presentation on its domestic merchant acquiring unit to potential bidders - mainly specialist payments providers - over the summer, two of the people said, but plans may still be altered or dropped entirely. Our businesses continue to perform well and growing our global payments business is a priority for us." The group drafted in consultants to prepare separate financials for its domestic merchant acquiring operation in an initiative known internally as Project Hyperion, one of the people said. Barclays is also gauging interest in its German consumer finance operations, known as Barclaycard Germany.

Persons: Stefan Wermuth, Sanpaolo, Amy, Jo Crowley, Pablo Mayo, Milana, Lawrence White, Elisa Martinuzzi, Susan Fenton Organizations: Barclays, REUTERS, Barclays Plc, Reuters, Chief, CS Venkatakrishnan, Spain's Banco Sabadell, Italy's, Pablo Mayo Cerqueiro, Thomson Locations: London, Britain, Germany, New York

☆ Novo Nordisk launches weight-loss drug Wegovy in Britain
▼ + stars: | 2023-09-04 | by ( Maggie Fick | ) www.reuters.com time to read: +4 min

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. The Danish drugmaker said in a statement that Wegovy would be available in the United Kingdom "through a controlled and limited launch". Surging demand for the drug, and Novo's highly effective diabetes drug Ozempic, have sent the company's shares and earnings to record highs. Novo did not say how much supply it would make available in Britain or how much Wegovy would cost in either of the two treatment scenarios it mentioned. It was not immediately clear what the implications would be of the drug being available through private healthcare professionals.

Persons: Victoria Klesty, United Kingdom Novo, Danish drugmaker, LVMH, Novo, Maggie Fick, Susan Fenton, Emelia Organizations: REUTERS, Novo, Novo Nordisk, Wegovy, Reuters, National Health, NICE, NHS, Thomson Locations: Oslo, Norway, Victoria, United Kingdom, Britain, Europe, Danish, United States, Denmark, Germany, England, Wegovy

☆ Hundreds of millions pledged for African carbon credits at inaugural climate summit
▼ + stars: | 2023-09-04 | by ( Duncan Miriri | ) www.reuters.com time to read: +5 min

Companies Climate FollowVitol SA FollowNAIROBI, Sept 4 (Reuters) - An initiative to boost Africa's carbon credit production 19-fold by 2030 drew hundreds of millions of dollars of pledges on Monday as Kenyan President William Ruto opened the continent's first climate summit. In one of the most anticipated deals, the United Arab Emirates (UAE) committed to buying $450 million of carbon credits from the Africa Carbon Markets Initiative (ACMI). "There hasn't been any success for an African country in attracting climate finance," said Bogolo Kenewendo, a United Nations climate adviser and former trade minister in Botswana. Many African campaigners have opposed the summit's approach to climate finance, and about 500 people marched in downtown Nairobi on Monday to protest. They say carbon credits are a pretext for continued pollution by wealthier countries and corporations, who should instead pay their "climate debt" through direct compensation and debt relief.

Persons: William Ruto, Ruto, Bogolo Kenewendo, Bogolo, Kevin Kariuki, Patricia Scotland, Esa Alexander, we've, Hassan Ghazali, Britain, Sultan Al Jaber, COP28, Duncan Miriri, Simon Jessop, Jefferson Kahinju, Aaron Ross, Hereward Holland, Angus MacSwan, Susan Fenton Organizations: United Arab Emirates, Africa Carbon Markets, United, African Development Bank, Reuters, International Monetary Fund, REUTERS, Climate Asset Management, HSBC Asset Management, Debt, Green, Thomson Locations: NAIROBI, UAE, Nairobi, Africa, United Nations, Botswana, Muloza, Mozambique, Blantyre, Malawi, Liberia, Tanzania, Germany, Kenya

Italian Economy Minister Giancarlo Giorgetti gestures during a confidence vote over the 2023 budget at the lower house of the parliament, in Rome, Italy December 23, 2022. "The government plans to maintain the forecasts of 1% in 2023, but inevitable external variables are radically changing the picture," Giorgetti said, speaking at The European House-Ambrosetti economic forum. The total cost of the so-called Superbonus originally introduced in 2020 is approaching 100 billion euros ($107.73 billion), the source added. With interest rate hikes by the European Central Bank to curb inflation dampening economic activity, Rome's growth target of 1.5% next year is increasingly at risk, economists say. As Italy is preparing a difficult 2024 budget, Giorgetti reiterated the commitment to keeping the deficit on a downward trend, leaving little leeway for stimulus.

Persons: Giancarlo Giorgetti, Remo Casilli, Giorgetti, Giuseppe Fonte, Giancarlo Navach, Giselda Vagnoni, Susan Fenton Organizations: REUTERS, European Central Bank, European Union, Thomson Locations: Rome, Italy, CERNOBBIO, Cernobbio, Ukraine

☆ South Africa says inquiry found no evidence of arms shipment to Russia
▼ + stars: | 2023-09-03 | by ( Olivia Kumwenda-Mtambo | ) www.reuters.com time to read: +2 min

South Africa's President Cyril Ramaphosa speaks, as China's President Xi Jinping listens, at the Union Buildings ahead of the opening remarks of the BRICS emerging economies meeting, in Pretoria, South Africa August 22, 2023. The U.S. accusations raised questions over South Africa's professed stance of non-alignment and neutrality over Russia's war in Ukraine and concerns of possible Western sanctions. "The panel found that there was no evidence to support the claim that the ship transported weapons from South Africa destined for Russia," Ramaphosa said. He said he could not reveal details of the equipment offloaded because that could compromise important military operations and put South African soldiers' lives at risk. When the accusations were made, South African officials were quick to reject the claims, and Ramaphosa launched the independent inquiry led by a retired judge.

Persons: Cyril Ramaphosa, Xi Jinping, Alet Pretorius, Reuben Brigety, R, South Africa's, Ramaphosa, Olivia Kumwenda, Andrew Cawthorne, Ros Russell, Susan Fenton Organizations: REUTERS, Rights, South, South African National Defence Force, Thomson Locations: Pretoria, South Africa, Rights JOHANNESBURG, Russian, Russia, U.S, Cape Town, Ukraine, South

☆ Mining magnate Steinmetz held in Cyprus on Romanian warrant
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +1 min

Israeli billionaire Beny Steinmetz leaves the courthouse after a verdict on corruption charges, in Geneva, Switzerland January 22, 2021. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsJERUSALEM, Sept 3 (Reuters) - Israeli mining magnate Beny Steinmetz has been detained in Cyprus on a Romanian-issued arrest warrant, a spokesperson for Steinmetz said on Sunday. Steinmetz is at the centre of a case dating back several years relating to his involvement in a group that allegedly tried to illegally secure land rights in Romania. He has already faced arrest in some other European countries on the Romania-issued warrant but was cleared. Steinmetz was detained on Thursday "during his arrival at Larnaca airport, due to a European Arrest Warrant (EAW) issued by the Romanian authorities, which has already been cancelled in various European countries, among them Greece and Italy," his spokesperson said.

Persons: Beny Steinmetz, Denis Balibouse, Steinmetz, Steven Scheer, Ari Rabinovitch, Michele Kambas, Susan Fenton Organizations: REUTERS, Rights, Cyprus police, State, Thomson Locations: Geneva, Switzerland, Cyprus, Romanian, Romania, Larnaca, Greece, Italy, Guinea

That implies a potential $2.5 billion investment will be equivalent to a 2.5% stake in the company. "Several marquee global strategic and financial investors have shown strong interest in Reliance Retail. Ambani said in 2019 that the group planned to list the retail business in five years. Reliance Retail has more than 18,000 retail outlets, but also a growing e-commerce operation where it competes with the likes of Amazon (AMZN.O) and Walmart's (WMT.N) Flipkart. Reliance Retail reported a consolidated net profit of 91.81 billion Indian rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Ambani, Mukesh Ambani's, Reliance, Morgan Stanley, QIA, Ambani's, Isha Ambani, Aditya Kalra, Scott Murdoch, Sriram, Munsif Vengattil, Susan Fenton Organizations: Retail Ventures, Reuters, Qatar Investment Authority, India's, Burberry, Reliance, Reliance Retail, KKR, Saudi Public Investment Fund, General Atlantic, United Arab, Unilever, Thomson Locations: SYDNEY, Qatar, U.S, China, United Arab Emirates, New Delhi, Sydney, Mumbai

Mercedes will also offer a lithium-iron-phosphate, or LFP, battery in the new CLA model lineup due to hit showrooms in early 2025, a first for any Mercedes EV, the CEO said in an interview. Mercedes will preview the future electric CLA with a prototype to be unveiled at the IAA auto show in Munich, Germany on Sunday. Getting more driving range using less energy from the battery is the key target for the German automaker's future EV development, Kaellenius said. Driving range remains a critical competitive benchmark in the EV market. Mercedes engineers have been testing ways to improve EV efficiency using long road trips in a prototype vehicle called the Vision EQXX.

Persons: Ola Kaellenius, Mercedes, Tesla, Kaellenius, Joe White, Susan Fenton Organizations: DETROIT, Benz, Reuters, EV, Tesla, Sunday, VW, Consumers, Thomson Locations: China, Munich, Germany, Europe, United States

The logos of Swiss bank Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023. The powerful central bank, Swiss National Bank (SNB), said it disagreed with some of the suggestions, including on liquidity and on how the authorities work. It will change the landscape of banking in Switzerland, where branches of Credit Suisse and UBS are dotted everywhere, sometimes just metres apart. "(The) rescue of Credit Suisse isn't a perfect success but it's not a story of policy failure either. During the global financial crash of 2008, it was UBS, not Credit Suisse, that needed a state rescue.

Persons: Denis Balibouse, FINMA, Beat Wittmann, Nicolas Veron, it's, Oliver Hirt, John O'Donnell, Susan Fenton Organizations: Credit Suisse, UBS, REUTERS, Rights, UBS Group, Swiss, Swiss National Bank, –, Suisse, Social Democrat, Porta Advisors, Peterson Institute for International Economics, Thomson Locations: Geneva, Switzerland, Rights BERN, Swiss, Washington, Zurich

☆ Cybercrime to cost Germany 206 billion euros in 2023 -survey
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

The damage will surpass the 200 billion euro mark for the third consecutive year, according to a Bitkom survey of more than 1,000 companies. The boundaries between organised crime and state-controlled actors are blurred," Bitkom President Ralf Wintergerst said. Around three quarters of the companies surveyed suffered digital attacks in the past 12 months, falling from 84% of the companies in the previous year. When asked whether "cyber attacks threaten your business existence", for the first time more than half of the companies, or 52%, said "yes". Of the companies that suffered attacks, 70% have had sensitive data stolen - an increase of 7 percentage points on the previous year.

Persons: Bitkom, Ralf Wintergerst, Sinan Selen, Maria Martinez, Friederike Heine, Susan Fenton Organizations: U.S . National Security Agency, Federal Office, Thomson Locations: BERLIN, Germany, German

Country Garden is China's largest private developer. Country Garden has been in talks with onshore creditors to extend payments on the private bond and has proposed to repay in instalments over three years instead of meeting its obligations by the deadline on Saturday. "Country Garden may be able to extend its debts, but it does not mean the company and property sector are out of the woods unless home sales rebound." On Wednesday, creditors holding 10.5% of the outstanding principal, added a new proposal where they can vote to immediately call the company in default. The company's extension plan for the onshore private bond calls for payments in seven instalments ending in September 2026.

Persons: Matthew Pestronk, Goldman Sachs, Moody's, Kaven Tsang, Gary Ng, Ng, Xie Yu, Clare Jim, Li Gu, Matt Tracy, Sumeet Chatterjee, Anne Marie Roantree, Jacqueline Wong, Kim Coghill, Susan Fenton Organizations: HK, Post, People's Bank of China, Thursday, Asia Pacific, Thomson Locations: China, HONG KONG, SHANGHAI, Beijing, Hong Kong, Philadelphia, Guangzhou, Shenzhen, Caa1, Asia, Shanghai

☆ China developer Vanke sees pressure on profit amid market downturn
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Stringer/File Photo Acquire Licensing RightsHONG KONG, Aug 31 (Reuters) - Chinese state-backed property developer China Vanke said its profit would be under pressure in the short term amid a market correction, but that would not hurt its cashflow. Offshore, it said it has completed 15 billion yuan worth of offshore refinancing in the first half, and it is getting ready to repay its three bonds totalling 11 billion yuan maturing next year. Commenting on the broader market, company chairman Yu Liang China's property market has "overcorrected" as sentiment over-react to the negative news in the sector. As pressure mounts on the real estate market, more Chinese cities are easing mortgage curbs in hopes of reviving consumer demand for homes. ($1 = 7.2882 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, HONG KONG, China Vanke, Vanke, Yu Liang, Yu, Clare Jim, Susan Fenton Organizations: REUTERS, Thomson Locations: Dalian, Liaoning province, China, HONG, Shenzhen, Wuhan, Hubei, Guangzhou

☆ Wall St surges, Treasury yields retreat as data hints at potential Fed pause
▼ + stars: | 2023-08-29 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"Today's data indicates that consumers are being cautious," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. The pan-European STOXX 600 index (.STOXX) rose 0.97% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 1.38%. Emerging market stocks rose 1.09%. U.S. Treasury yields retreated after a sharp fall in U.S. job openings increased the likelihood of a Fed rate hike pause. Oil prices rose as Hurricane Idalia bore down on Florida's Gulf Coast, threatening supply in a tightening market.

Persons: Toby Melville, Peter Tuz, Tuz, payrolls, Brent, Stephen Culp, Susan Fenton, Mark Heinrich Our Organizations: London Stock Exchange, REUTERS, Treasury, Chase Investment, Commerce, Dow Jones, Nasdaq, Japan's Nikkei, U.S, Thomson Locations: Canary Wharf, London, Britain, U.S, Charlottesville , Virginia, Asia, Pacific, Japan, Gulf

☆ Morning Bid: Quietly absorbing one more Fed hike
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +5 min

A sign is seen outside the 11 Wall St. entrance of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2021. Early Tuesday, futures priced almost a two-thirds chance of that additional quarter-point move in November. And yet - perhaps with the uncertainty dissipating, the economy still robust and bond markets better priced - world markets appear to be taking the tighter odds in their stride. More impressively in the circumstances, restive bond markets calmed down and bond yields continued to dial back from their highest in over a decade last week. Asia bourses more widely and European indices were higher, while Wall St futures were flat ahead of the open.

Persons: Brendan McDermid, Mike Dolan, Jerome Powell's, Jackson, Gina Raimondo, China's, Idalia, Michael Barr, JM Smucker, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Atlanta, Overseas, U.S . Commerce, Garden Holdings, Wall, U.S, Dallas Fed, Federal, Treasury, HP, Reuters Graphics, Reuters Graphics Reuters, Thomson, Reuters Locations: New York, U.S, Washington, Beijing, China, HK, Asia, Florida's, Coast, Cuba

☆ Bayer says Parkinson's stem cell therapy improves symptoms in initial trial
▼ + stars: | 2023-08-28 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

FRANKFURT, Aug 28 (Reuters) - Bayer (BAYGn.DE) said an experimental stem cell therapy developed by its U.S. subsidiary BlueRock had shown signs of easing Parkinson’s disease symptoms in an early 12-patient trial. The German drugmaker announced the trial had succeeded in a brief summary in June, saying it was a first for a stem-cell Parkinson's therapy, but held back details for a medical conference. The five participants on a lower dose experienced 0.72 hours longer per day with well-controlled symptoms on average and the time of worsening symptoms was 0.75 hours shorter per day for them. For BlueRock's experimental therapy, the researchers took human pluripotent embryonic stem cells and transformed them into dopamine-producing nerve cells. Parkinson's, for which there is no cure and which affects more than 10 million people worldwide, causes progressive brain damage.

Persons: BlueRock, Christian Rommel, Bayer's, Britain's, Ludwig Burger, Susan Fenton Organizations: FRANKFURT, Bayer, U.S, drugmaker, International Congress, Cambridge University, South Korea's, CHA Hospital, Cyto Therapeutics, Chinese Academy of Sciences, Harvard University, Japan's Kyoto University Hospital, Thomson Locations: Copenhagen, Denmark, Australia, United States

☆ Franklin very powerful Category 4 hurricane -U.S. NHC
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

Aug 28 (Reuters) - Franklin is a very powerful category 4 hurricane that is causing life-threatening surf and rip currents along the coast of the southeast United States, the U.S. National Hurricane Center (NHC) said in its latest advisory on Monday. Franklin was located about 440 miles (710 km) west-southwest of Bermuda with maximum sustained winds nearing 150 mph (240 kph), the Miami-based center said. "Some additional strengthening is possible tonight, but gradual weakening is expected to begin late Tuesday," the NHC added. Reporting by Brijesh Patel and Ashitha Shivaprasad in Bengaluru; editing by Jason Neely, Susan Fenton and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Franklin, Brijesh Patel, Ashitha, Jason Neely, Susan Fenton, Leslie Adler Organizations: U.S, National Hurricane Center, NHC, Thomson Locations: United States, Bermuda, Miami, Bengaluru

REUTERS/Niharika Kulkarni/File Photo Acquire Licensing RightsMUMBAI, Aug 28 (Reuters) - Reliance Industries' retail unit is attracting "strong interest" from other top investors after raising $1 billion from Qatar Investment Authority, its billionaire chairman Mukesh Ambani said on Monday. "Several marquee global strategic and financial investors have shown strong interest in Reliance Retail," he said, adding he would share progress about them "in due course". Ambani said in 2019 that the group planned to list the retail business in five years. Reliance also said on Monday that Ambani's three children, including Isha Ambani, will join the board of parent Reliance Industries. Reliance Retail has invested more than $10 billion in the last two years and opened 3,300 new stores last year, Isha Ambani said.

Persons: Niharika Kulkarni, Mukesh Ambani, Ambani, Ambani's, Isha, Tiffany, Reliance, Isha Ambani, Sriram, Aditya Kalra, Susan Fenton Organizations: REUTERS, Rights, Reliance Industries, Qatar Investment Authority, Reliance Retail, KKR, Silver Lake, TPG, Reliance, Burberry, Unilever, PepsiCo, Thomson Locations: Mumbai, India, Asia, Africa

U.S. bond investors nonetheless dialled back their bets of a rate hike in November and December following Powell's remarks, though Treasury yields traded near break-even by late morning. The yield on 10-year Treasury notes was steady at 4.2314% and the two-year yield, which reflects interest rate expectations, rose to 5.0735%. "We've seen a back-off in ECB rate hike expectations. Boston Fed President Susan Collins said on Yahoo Finance's video channel that rates may be near or at a peak, "but certainly additional increments are possible." Tokyo consumer price data on Friday, which front-runs nationwide figures, showed inflation remained well above the Bank of Japan's target.

Persons: Toby Melville, Jerome Powell, Powell, David Sadkin, Dow Jones, Christine, Lagarde, Ben Laidler, Patrick Harker, Susan Collins, Shaun Osborne, Joseph Capurso, Kazuo Ueda, Jackson, Brent, Samuel Indyk, Kevin Buckland, Jacqueline Wong, Mark Potter, Chizu Nomiyama, Susan Fenton, Diane Craft, Cynthia Osterman Organizations: London Stock Exchange Group, City of, REUTERS, Federal Reserve, Bel Air Investment Advisors, Nasdaq, European Central Bank, ECB, Reuters, Philadelphia Fed, CNBC, Boston, Yahoo, U.S, Scotiabank, Bank of, Bank of Japan, CBA, West Texas, Thomson Locations: City, City of London, Britain, Jackson Hole , Wyoming, U.S, Asia, Tokyo

☆ Shares whipsaw as Fed weighs inflation risks, yields steady
▼ + stars: | 2023-08-25 | by ( Samuel Indyk | ) www.reuters.com time to read: +5 min

If you're a bear, you heard him say we're going to be restrictive, and we might hike rates," said David Sadkin, president at Bel Air Investment Advisors. U.S. rates investors nonetheless dialled back their bets of a rate hike in November and December following Powell's remarks, though Treasury yields traded near break-even by late morning. "We've seen a back off in ECB rate hike expectations. Boston Fed President Susan Collins said on Yahoo Finance's video channel that rates may be near or at a peak, "but certainly additional increments are possible." Tokyo consumer price data on Friday, which front-runs nationwide figures, showed inflation remained well above the Bank of Japan's target.

Persons: Toby Melville, Jerome Powell, Powell, David Sadkin, Dow Jones, Christine, Lagarde, Ben Laidler, Patrick Harker, Susan Collins, Shaun Osborne, Joseph Capurso, Kazuo Ueda, Jackson, Brent, Samuel Indyk, Kevin Buckland, Jacqueline Wong, Mark Potter, Chizu Nomiyama, Susan Fenton Organizations: London Stock Exchange Group, City of, REUTERS, Federal Reserve, Bel Air Investment Advisors, Nasdaq, European Central Bank, Reuters, ECB, Philadelphia Fed, CNBC, Boston, Yahoo, U.S, Scotiabank, Bank of, Bank of Japan, CBA, West Texas, Thomson Locations: City, City of London, Britain, Jackson Hole , Wyoming, U.S, Asia, Tokyo

☆ China approves guidelines to boost affordable housing amid property debt crisis
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

The Chinese property sector is in a deepening crisis with a rising risk of default among some developers as they struggle to sell apartments and raise funds. Separately, China's central bank announced guidance on relaxing residential housing loan rules, in a move aimed at boosting loan applications and house purchases. The central bank also said it would stick to the principle that houses are for living in and not vehicles for speculation. On Friday, the housing ministry, the central bank and the national financial regulator also jointly issued a notice easing mortgage policies to help revive the sector. China's housing market has over the past two years been grappling with a severe debt crisis - initially triggered by government moves to rein in ballooning debt.

Persons: Thomas Peter, Premier Li Qiang, Ellen Zhang, Ryan Woo, John Stonestreet, Susan Fenton, Hugh Lawson Organizations: REUTERS, Rights, Premier, Xinhua, People's Bank of, Ministry of Housing, Thomson Locations: Beijing, China, Rights BEIJING, People's Bank of China

Utility poles lead to downtown Dallas during a heat advisory due to scorching weather in Dallas, Texas, U.S. July 12, 2022. REUTERS/Shelby Tauber/File Photo Acquire Licensing RightsCompanies Texas Power Systems FollowAug 25 (Reuters) - Texas power prices hit a 30-month high with demand expected to reach record-breaking levels on Friary as homes and businesses crank up their air conditioners to escape a scorching heat wave. The state grid that supplies power to 26 million customers was operating normally Friday morning, but supplies are expected to tighten when the sun goes down and solar power drops, according to the Electric Reliability Council of Texas (ERCOT) grid operator's website. To reduce demand, the grid urged consumers to conserve energy for a second day in a row on Friday afternoon. The fragility of the Texas grid was highlighted in 2021 when a massive blackout killed dozens and left millions without power, water and heat for days as gas supply lines and power plants froze.

Persons: Shelby Tauber, ERCOT, Scott DiSavino, Rahul Paswan, Susan Fenton, Emelia, Marguerita Choy Organizations: REUTERS, Rights Companies Texas Power, Electric, of Texas, National Weather Service, Thomson Locations: Dallas, Dallas , Texas, U.S, Texas, Friary, Houston, New York

Total demand met hit a record 140 billion kilowatt-hours (kWh) in June, up from 134 billion kWh in June 2022. Chartbook: India's electricity systemGrid controllers have been able to call on much more generation from renewable sources and improved availability of fossil-fuel units. Generation from wind farms increased by 1.5 billion kWh (+16%) while solar output was up by 1.1 billion kWh (+14%) compared with the same month in 2022. Other generation, mostly from coal-fired units, also increased by 3.3 billion kWh (+3%) owing to improved fuel availability. Related columns:- India to extend time-of-use electricity tariffs (June 27, 2023)- India’s electricity supply improves in cooler pre-monsoon (May 26, 2023)- India’s grid strained by burgeoning power demand (March 29, 2023)- India’s low coal stocks threaten electricity supply (January 27, 2023)John Kemp is a Reuters market analyst.

Persons: India's, Sunil Kataria, John Kemp, Susan Fenton Organizations: REUTERS, Grid Controller, Thomson, Reuters Locations: Modhera, Gujarat, India

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