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☆ The 6 possible ways Rep. George Santos' situation gets resolved
▼ + stars: | 2023-01-12 | by ( Madison Hall | ) www.businessinsider.com time to read: +8 min

U.S. Rep. George Santos (R-NY) watches proceedings during the fourth day of elections for Speaker of the House at the U.S. Capitol Building on January 06, 2023 in Washington, DC. Anna Moneymaker/Getty ImagesRep. George Santos lied about his education, work history, and more while on the campaign trail. Additionally, fellow New York Rep. Anthony D'Esposito became the first Republican member of Congress to call for Santos to resign on Wednesday. Republican Rep. George Santos of New York in the House chamber on January 4, 2023. Needless to say, this is a rather unlikely outcome for the career of Rep. George Santos.

☆ Powell reiterates Fed is not going to become a 'climate policymaker'
▼ + stars: | 2023-01-10 | by ( Emma Newburger | ) www.cnbc.com time to read: +1 min

Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell participates in a panel during a Central Bank Symposium at the Grand Hotel in Stockholm, Sweden, January 10, 2023. Federal Reserve Chairman Jerome Powell on Tuesday said the central bank will not get involved in issues like climate change that are beyond its congressionally established mandate, and vowed the institution will not become a "climate policymaker." Powell has reinterred that climate change is not a main consideration for the Fed when developing monetary policy, noting that climate-related issues are more for the federal government than for his institution. "Decisions about policies to directly address climate change should be made by the elected branches of government and thus reflect the public's will as expressed through elections," Powell said on Tuesday. "Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals," Powell said.

REUTERS/Adriano MachadoSAO PAULO/LONDON, Jan 9 (Reuters) - Brazilian equities were higher in choppy trade on Monday, a day after thousands of supporters of former President Jair Bolsonaro stormed government buildings in the capital, echoing the Jan. 6, 2021, insurrection in Washington. On Friday, both had performed better after Lula said the economy may grow while government finances are kept in check. On Monday hundreds of Brazilian police in riot gear and some on horseback amassed at an encampment of Bolsonaro supporters near Brasilia's army headquarters. "I think the situation will quickly normalize," said Cristian Maggio, head of portfolio strategy at TD Securities in London. "Yet, it is an event worth keeping an eye on, as it may not be fully over just yet."

☆ Bond yields to climb 'for the wrong reasons' next year — and it will affect stocks, strategist says
▼ + stars: | 2022-12-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

watch nowLONDON — Government bond yields are likely to rise in 2023 "for the wrong reasons," according to Peter Toogood, chief investment officer at Embark Group, as central banks step up efforts to reduce their balance sheets. Bond yields move inversely to prices. I still think bond yields will shift higher for the wrong reasons ... Meanwhile, U.K. government bond yields jumped so aggressively that the Bank of England was forced to intervene to ensure the country's financial stability and prevent a widespread collapse of British final salary pension funds. "You notice bond yields, are they collapsing when the market falls 2-3%?

☆ Luxembourg authorises some frozen Russian assets to be unblocked
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

The general licence issue should allow non-sanctioned Russian investors to transfer assets from the NSD, Russia's domestic paying agent that was sanctioned by the European Union in June, to other locations. Analysts from Otkritie Investments wrote that Luxembourg appeared to have taken numerous appeals from Russian depositories and investors into account. "This is a clear and positive signal that gives grounds to expect a decision on the issue of unblocking securities of Russian private investors," Otkritie analysts said. The EU sanctions on the NSD, as well as other Western measures aimed at restricting Russia's access to global financial infrastructure, have blocked many Russian investors' access to securities held in jurisdictions outside Russia. "Comments and interpretations of the text will be given later, after consultation with the group's legal consultant," the NSD said.

☆ Polish PM and ruling party boss send mixed signals on court reform
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +3 min

However, on Saturday ruling party leader Jaroslaw Kaczynski, widely seen as Poland's de facto ruler, was quoted as saying the bill containing the amendments could be "extremely destructive". "The dispute with the European Commission must be ended, because the real conflict is taking place east of Poland today," Morawiecki wrote in a Facebook post. The comments by PiS leader Kaczynski added to uncertainty over the bill's passage. Judges would also not face disciplinary action for questioning the independence of colleagues appointed by organs that critics say are politicised. ($1 = 0.9450 euros)Reporting by Alan Charlish; Editing by Helen Popper and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of England calls for 'urgent' global action after near-collapse of UK pension funds
▼ + stars: | 2022-12-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON, February 03: Governor of the Bank of England Andrew Bailey leaves after a press conference at Bank of England on February 3, 2022 in London, England. LONDON — The Bank of England on Tuesday called for "urgent international action" from regulators on non-bank financial institutions after it was forced to rescue U.K. pension funds in September. A number of pension funds were hours from collapse when the central bank intervened in the long-dated bond market. It came after a series of massive moves in interest rates on U.K. government debt exposed vulnerabilities in liability-driven investment (LDI) funds, which are held by U.K. pension schemes. Its temporary emergency bond-buying program allowed LDI funds time to shore up their liquidity positions and ensure the country's financial stability.

☆ UK announces major overhaul of its financial sector in attempt to spur growth
▼ + stars: | 2022-12-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

The U.K. government on Friday announced extensive reforms to financial regulation that it says will overhaul EU laws that "choke off growth." Finance Minister Jeremy Hunt said he wanted to ensure the U.K.'s status as "one of the most open, dynamic and competitive financial services hubs in the world." "And we will go further – delivering reform of burdensome EU laws that choke off growth in other industries such as digital technology and life sciences." Researchers at the London School of Economics said earlier this year that financial services will be among the sectors worst hit by Brexit. Another proposed reform would see regulators' remit increased to include facilitating the competitiveness of the U.K. economy, particularly the financial services sector.

☆ Canadian regulator raises banks' domestic stability buffer to 3%
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Dec 8 (Reuters) - The amount of capital that Canada's biggest lenders must hold as a stability buffer will rise to 3.00% from 2.50% of risk-weighted assets on Feb.1 in response to increased economic uncertainty, the country's financial regulator said on Thursday. The Office of the Superintendent of Financial Institutions (OSFI) said persistent inflation and rising interest rates along with political tensions had exacerbated vulnerabilities. "Systemic vulnerabilities remain elevated – with some, namely Canadian household indebtedness and asset imbalances, edging upwards – as well as the results of recent stress tests," it said in a statement. An OSFI review had shown that the buffer continued to serve to ensure "both systemic stability and the resiliency of D-SIBs (domestic systemically important banks)," OSFI's Chief Risk and Strategy Officer Angie Radiskovic said in the statement. Reporting by Ismail Shakil in OttawaOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Peru markets take in political drama as investors focus on fundamentals
▼ + stars: | 2022-12-07 | by ( Rodrigo Campos | ) www.reuters.com time to read: +3 min

The Peruvian sol currency and dollar bond prices recovered early losses after President Pedro Castillo was removed in an impeachment trial following his attempt to dissolve Congress. The sol remains one of the few emerging market currencies with gains against the U.S. dollar so far this year. "So much political uncertainty is never welcome, yet the reason why markets have historically shrugged off political developments in Peru has to do with the fact that the country's fundamentals are decently strong." The sol fell over 2% against the dollar at its session low of 3.8898 before recovering slightly to trade down 1.4% at 3.8625 per dollar in early afternoon trading. Vice President Dina Boluarte was sworn as president through 2026 and the first woman to lead the Andean nation.

His children's school expenses are mostly covered by a charity and a portion of his medicine is subsidised by the state. Before, we used to plan for a month or a year or two ... now, we've lost that ability," he said. The government says it remains committed to implementing reforms that would pave the way for an IMF deal. While Lebanon had long relied on remittances, the flow has increased as some 200,000 people had emigrated since 2019, he said. Meanwhile, basic state functions are increasingly propped up by international donors seeking to prevent total state failure.

☆ German financial system under strain but property correction not seen: Bundesbank
▼ + stars: | 2022-11-24 | by ( Cynthia Kim | Jihoon Lee | ) www.reuters.com time to read: +2 min

FRANKFURT, Nov 24 (Reuters) - Risks in the German financial system are building as the economy heads for a recession and struggles with rising interest rates and sky-high energy prices, but a correction in the housing market is not imminent, the Bundesbank said on Thursday. "The macro-financial environment has deteriorated substantially," the Bundesbank said in a Financial Stability Review. Still, the Bundesbank did not expect a significant correction in house prices, which were in the past seen 15% to 40% overvalued. "A worsening energy crisis, a sharp economic slump and abruptly rising market interest rates could put the German financial system under considerable pressure," the bank added. Extreme volatility in energy prices sharply increased the collateral requirements of central counterparties in derivatives trading but government measures cushioned the liquidity shortage and the overall supply of credit "has worked well", it said.

☆ UK consumer morale edges higher, but still very low: GfK
▼ + stars: | 2022-11-18 | by ( Andy Bruce | ) www.reuters.com time to read: +1 min

[1/3] A person browses items for sale at the Petticoat Lane Market, with the City of London financial district seen in the distance, in London, Britain, October 3, 2022. REUTERS/Henry NichollsLONDON, Nov 18 (Reuters) - British consumer confidence ticked higher this month but remained close to record-low levels, with soaring inflation and the spectre of recession making a sustained improvement unlikely, market research firm GfK said on Friday. All five of GfK's gauges of household economic and financial confidence improved in November, but it said the big picture of a cost-of-living crisis and weak economy was unchanged. British inflation was 11.1% in October, a 41-year high. GfK conducted its poll of 2,000 people from Nov. 1 to Nov. 11.

☆ Regulator suspends licence of FTX's Australian unit until mid-May
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] Representations of cryptocurrencies are seen in front of displayed FTX logo in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/IllustrationNov 16 (Reuters) - The Australian securities regulator has suspended the licence of the local arm of FTX until mid-May next year, it said on Wednesday, adding to the woes of the collapsed cryptocurrency exchange as it faces intense global regulatory scrutiny. The Australian Securities & Investments Commission (ASIC) in a statement said FTX Australia's financial services licence will be suspended until mid-May next year, taking back its permit to deal in derivative and foreign exchange contracts to retail and wholesale clients, along with provide general advice. "ASIC is monitoring this situation closely and speaking regularly with international regulators and the external administrators," the regulator said on Wednesday. It added FTX Australia could continue to provide limited financial services for terminating existing derivatives with clients until Dec. 19.

ATHENS, Nov 9 (Reuters) - Greek workers went on a day-long strike on Wednesday, demanding higher wages to cope with surging inflation, as Europe's soaring energy prices and living costs trigger industrial action and protests across the continent. In Athens, thousands of people marched in the second 24-hour walkout this year over rising inflation, some holding up banners that read, "No to layoffs, no to pay cuts." The General Confederation of Greek Workers union (GSEE), which represents private sector workers, said unions had called the strike in protest "against the inflation suffocating Greek households, the jungle-like conditions in the labour market," referring to labour laws. [1/5] Members of the communist-affiliated trade union PAME shout slogans as they demonstrate during a 24-hour general strike, in Athens, Greece, November 9, 2022. "Making it to the end of the month means your wages will last you until the last day of the month.

☆ Britain's new PM is a fan of crypto. There are hopes he'll give the industry a boost
▼ + stars: | 2022-11-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Dan Kitwood | Getty ImagesU.K. cryptocurrency firms and investors have high hopes that new prime minister Rishi Sunak could turn around Britain's fading crypto aspirations. Crypto isn't exactly high up on his priority list, but industry insiders say there's reason to be optimistic. Before Sunak's appointment as PM, confidence in the U.K.'s position in the global crypto market had been waning. In a survey of 300 British fintech founders, only 9% believe it's leading the way on crypto. Yet the U.K. is home to a fairly active crypto market.

☆ RBNZ says global financial stress will test New Zealand's financial resilience
▼ + stars: | 2022-11-01 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Nov 2 (Reuters) - The Reserve Bank of New Zealand said on Wednesday the country's financial system is as a whole resilient but global financial stress will test this. "The rising global interest rates necessary to curb inflation will test New Zealand's financial resilience," Governor Adrian Orr said in the bank's financial stability review, which is released twice a year. "While our financial system as a whole is resilient, some households and businesses will be challenged by the rising interest rate environment," Orr added. New Zealand's central bank has aggressively hiked interest rates as it has sought to get on top of a red-hot housing market and soaring inflation. The central bank, however, said house prices remain above their sustainable level, and that a further gradual decline would be positive for long-term financial stability.

☆ Suspension of oil exploration in Colombia would be high risk -fiscal paneld
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

BOGOTA, Oct 31 (Reuters) - Income derived from hydrocarbon exploration and production in Colombia is key to the country's financial stability and its trade balance, its fiscal rule committee said on Monday, and suspension of exploration would put fiscal sustainability at risk. Hydrocarbons represent nearly 40% of exports, 20% of foreign direct investment and between 10% and 20% of the national government's income, the Autonomous Fiscal Rule Committee (CARF), which oversees public finances, said in a statement. "Certainty about future income is indispensable to maintain financing sources and an adequate level of risk," it said. The high level of public debt is a fiscal risk and high interest rates, increased risk premiums and a deep depreciation of the peso currency will mean higher interest rates on the country's debt, CARF said. For that reason it is important that planning for the resources which come from the tax reform is done in concurrence with the fiscal rule and its objective to reduce net debt."

☆ Ukraine external financing needs could reach $5 bln a month, IMF's Georgieva says
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - Ukraine's external financing needs will be around $3 billion a month through 2023 in a best-case scenario, but could rise as high as $5 billion if Russian bombing becomes "even more dramatic," IMF Managing Director Kristalina Georgieva said. She said IMF staff had met with Ukrainian authorities in Vienna last week to discuss the country's financial needs and were working toward a fully-fledged IMF lending programme. Georgieva strongly endorsed Ukraine's calls for a mechanism to coordinate financial needs and support, a message echoed by Odile Renaud-Basso, president of the European Bank for Reconstruction and Development, and other speakers. We are going to be a part of the solution during this recovery phase," the IMF leader said. "And in a worst case scenario, if the bombing is even more dramatic ... it could go to $5 billion a month."

☆ South African financial regulator: crypto platforms must be licensed in 2023
▼ + stars: | 2022-10-20 | by ( Rachel Savage | ) www.reuters.com time to read: +2 min

A declaration on Wednesday that crypto assets are financial products does not mean that they are legal tender, Eugene Du Toit, head of the Financial Sector Conduct Authority's Regulatory Frameworks Department, said at a press conference. "We are not legitimising crypto assets," Du Toit said. "We are not giving credence to crypto assets." The FCSA deliberately referred to crypto assets rather than cryptocurrencies, as regulators do not believe the digital assets qualify as currencies, the regulator's head Unathi Kamlana said. Declaring that crypto assets are financial products will enable authorities to clamp down on scams and protect customers, whereas they previously had no power to do so, he said.

☆ Sri Lanka approves law to liberalize petroleum imports
▼ + stars: | 2022-10-18 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, Oct 18 (Reuters) - Sri Lanka approved legislation on Tuesday to let companies from oil-producing nations import and sell fuel as it attempts to cope with a steep oil bill that deepened its worst financial crisis in decades. "Due to the country's financial situation we cannot afford to purchase the fuel that we need. Sri Lanka is in the middle of a serious energy crisis." State-run banks have also struggled to repay about $751 million it owes to suppliers, the minister said. The new legislation will liberalize the petroleum industry allowing international companies to directly import and sell fuel in Sri Lanka and reduce reliance on the country's meagre dollar supplies.

☆ The Trump and COVID eras tanked immigration to the US. Reversing that could help ease a recession risk, sky-high inflation, and a labor crisis.
▼ + stars: | 2022-10-18 | by ( Ben Winck | Jason Lalljee | ) www.businessinsider.com time to read: +7 min

More than a third of Americans want less immigration, but more could actually help cool inflation. Letting more people move to and work in the US could close that gap and ease inflation without a severe recession. While many Americans view immigration as a threat to the country's financial well-being, data continually suggests that the opposite is true. There remain some 10.1 million job openings but only about 5.8 million workers available to fill them. Increased immigration, then, provides a rare chance to rebalance the labor market and drag inflation lower without driving millions of Americans out of work.

☆ UK's Kwarteng cuts short Washington trip, returns to London, sources say
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 13 (Reuters) - British finance minister Kwasi Kwarteng is cutting short his trip to Washington for this week's global finance minister meetings and returning to London to continue work on his government's medium-term fiscal plan, sources familiar with the matter said on Thursday. Kwarteng confirmed to reporters that he was flying back to London early without providing further details. Kwarteng is due to announce his medium-term budget plans on Oct. 31, alongside independent fiscal forecasts. Kwarteng had a "successful" two days at the International Monetary Fund and World Bank's annual meetings here, the sources said. Register now for FREE unlimited access to Reuters.com RegisterReporting By David Lawder; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

As Truss spoke on Friday gains made in anticipation of the corporation tax U-turn faded. Ten-year gilt yields were 40 bps above session lows hit earlier on Friday, also pushed up by moves in bond yields globally. UNDERWHELMEDBritain's mini-budget three weeks ago triggered some of the biggest ever jumps in British bond yields, exposed vulnerabilities in the pensions sector -- undermining the country's financial stability. "How it impacts liquidity on the gilt market going forward is something we are monitoring closely." Rabobank's McGuire said pressure on UK assets could lead the BoE to re-intervene in the bond market or delay its quantitative tightening, bond-selling plans.

☆ This exec helped raise $100 million to fund Latino-owned startups: It's 'a smart economic strategy'
▼ + stars: | 2022-10-14 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

As the U.S. slides closer to a potential recession, economists and business leaders are racking their brains for ways to improve the country's financial health. For Solomon "Sol" Trujillo, the answer is simple: Invest in Latino-owned businesses. In 2019, Trujillo, 70, founded L'Attitude Ventures, a venture capital (VC) firm that exclusively invests in Latino-owned businesses. Trujillo is a general partner at L'Attitude Ventures alongside former United Airlines CEO and chairman Oscar Munoz, Kennie Blanco, Laura Moreno Lucas and Gary Acosta, who is also a co-founder of the firm. "We want people to see that there are a lot of companies that can create growth and stimulate our country's GDP with the right support."

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