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☆ JPMorgan estimates Turkey direct quake damage at $25 bln, expects rate cut
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 16 (Reuters) - Direct costs from the destruction of physical structures in Turkey from the devastating earthquake on Feb. 6 could amount to 2.5% of growth domestic product or $25 billion, JPMorgan said on Thursday. "The political leadership signalled further rate cuts even before the earthquake," he said. "We do not rule out more rate cuts ahead of the elections originally scheduled for June 18. Yet, we believe that the policy rate is less relevant now as the monetary policy transmission mechanism is broken in Turkey." (This story has been corrected in the headline to say $25 bln, not $2.5 bln, and to fix dropped words in paragraph 1)Reporting by Karin Strohecker; Editing by Jorgelina do RosarioOur Standards: The Thomson Reuters Trust Principles.

☆ Sticky inflation prompts EBRD to trim 2023 growth outlook for its region
▼ + stars: | 2023-02-16 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

The EBRD reduced the region's growth estimates to 2.1% from 3% for this year, even lower than the 2.4% forecast for 2022. "Also, there is still uncertainty associated with the war in Ukraine, particularly for countries that are in geographic proximity," EBRD chief economist Beata Javorcik told Reuters. Growth for Turkey, the single biggest recipient of EBRD funds, has been revised down to 3% from 3.5% for 2023, without considering the impact of the earthquake in the estimates. The EBRD estimates Ukraine's economy to grow 1% this year after a 30% contraction in 2022. "Unless there is a significant strategic change on the ground, growth in Ukraine's GDP in 2024 is likely to be sluggish, but positive at least," EBRD said.

☆ In Argentina's drought-hit fields, billion dollar losses and farmers going under
▼ + stars: | 2023-02-16 | by ( Lucila Sigal | ) www.reuters.com time to read: +4 min

[1/5] Dried sunflowers are seen on a farm, amid Argentina's worst drought in sixty years, in Tostado, northern Santa Fe Argentina February 8, 2023. The wheat harvest was already slashed in half by drought. Like many farmers, Giailevra - who has experienced bad droughts before - has seen his livelihood hammered over the last year. Many farmers in the area say they have lost early-sown corn, wheat and soy, so to rake back income they have planted fields with more drought-resistant cotton. The government has rolled out some tax relief measures for farmers, though with depleted state coffers has limited firepower.

☆ Adani Group hires banks to hold bond investor calls after market rout
▼ + stars: | 2023-02-15 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 15 (Reuters) - India's Adani Group and two of its main subsidiaries caught up in a short-selling storm in recent weeks are to hold calls with bond investors on Feb. 16 and Feb. 21, according to a document seen by Reuters. The planned calls follow a long-awaited credit report issued by the Indian conglomerate earlier this week that said its companies faced no material refinancing risk, or near-term liquidity issues. According to the document sent to investors the call on Thursday for Adani Group will be attended by its Chief Financial Officer (CFO) Jugeshinder Singh and head of Group Corporate Finance Anupam Misra. An Adani Green Energy call also on Thursday will involve its CFO Phuntsok Wangyal, and an Adani Transmission call next week will be attended by its CFO Rohit Soni and CFO of Adani Electricity Kunjal Mehta. Rating agencies S&P Global and Moody's this month revised their outlooks to negative from stable for some of the group's companies, while index provider MSCI said it would cut the weightings of some Adani companies in its stock indexes.

☆ Ghana says domestic debt swap closed with over 80% participation
▼ + stars: | 2023-02-14 | by ( Christian Akorlie | ) www.reuters.com time to read: +2 min

ACCRA, Feb 14 (Reuters) - The Ghanaian finance ministry said its domestic debt exchange programme (DDEP) had closed on Tuesday with more than 80% participation of eligible bonds, taking it a step closer to securing a $3 billion International Monetary Fund bailout. Ghana is fighting its way out of a generational economic crisis by hiking interest rates at record speed, cutting spending, and restructuring debt to secure IMF funds. "Attention will now turn to the eurobonds, where restructuring talks are at a much earlier stage, and which could be even more complicated," Culverhouse said. Ghana became early this year the fourth nation to apply to the common framework platform, an initiative of Group of 20 major economies launched in 2020 to streamline debt restructuring efforts for poorer countries. Its bilateral lenders are discussing the formation of an official creditor committee, a first step needed to engage in debt relief talks, sources told Reuters on Monday.

☆ Ghana bilateral lenders in talks to form official creditor committee
▼ + stars: | 2023-02-13 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +2 min

LONDON, Feb 13 (Reuters) - Ghana's bilateral lenders are discussing the formation of an official creditor committee, a first step needed to engage in debt relief talks for the crisis-hit country, according to two sources with direct knowledge of the matter. The Paris Club of creditor nations has contacted other bilateral creditors, such as China, to engage on forming the committee and deciding who would chair it, one of the sources said. China is Ghana's single biggest bilateral creditor with $1.7 billion of debt, while Ghana owes $1.9 billion to Paris Club members, according to data from the International Institute of Finance. COMMON FRAMEWORK TALKSAn official creditor committee is a key step for Ghana to formally seek financing assurances from bilateral creditors stating they are willing to enter a debt rework process. Ghana has said it hopes for a rapid debt overhaul, though other countries undergoing common framework treatment have faced slow progress.

☆ How Budweiser Tackled a Beer-Free World Cup
▼ + stars: | 2023-02-09 | by ( Katie Deighton | ) www.wsj.com time to read: +9 min

In the end, the brewer found a way to navigate the World Cup beer-free and roll with the media attention that the alcohol ban generated. Soccer’s 2022 FIFA World Cup in Qatar ran from Nov. 20 to Dec. 18. World Cup sponsors Kia and Adidas similarly maintained their reputational scores, according to the Morning Consult data. Budweiser doesn’t pay a reported $75 million for the official beer sponsorship of the World Cup just to serve beer at stadiums. But the ban on alcoholic Budweiser undermined the impetus for being at the World Cup, Mr. Marcondes said.

[1/5] A few of the more than 200 freed political prisoners from Nicaragua disembark from a bus after they arrived in the United States at Dulles International Airport in Virginia near Washington, U.S., February 9, 2023. A Nicaraguan judge denounced the 222 prisoners released as "traitors" in a televised statement, and said they had been "deported." The released prisoners will be allowed to enter the United States on emergency humanitarian grounds, the administration of President Joe Biden said in a note to Congress. She added: "This sovereign decision of the Nicaraguan state has been taken in the supreme interest of our country, to live in harmony." In addition to the 222 individuals who went to the United States, two others were freed but chose not to travel, the State Department said.

USDA’s views of Argentina’s corn and soybean crops landed below trade guesses by more than 1 million tonnes each. Applying those losses to 2023 would yield 34 million tonnes, still much below the current forecast. Rosario also reduced its corn crop outlook to 42.5 million tonnes from 45 million, and USDA made a 10% cut to 47 million from 52 million. Ukraine’s corn exports also increased 2 million tonnes to 22.5 million, well above the grim sub-10 million ideas from mid-last year. USDA took Argentina’s corn exports down with the smaller crop, but it does not ship corn to China.

☆ Paris Club creditors give assurances to back IMF bailout for Sri Lanka
▼ + stars: | 2023-02-07 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

[1/3] A woman buys vegetables from a vendor at a market in the rampant food inflation, amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 30 , 2022. REUTERS/Kim Kyung-HoonFeb 7 (Reuters) - The Paris Club of creditors has given financing assurances to support the International Monetary Fund's approval of an extended fund facility for Sri Lanka, the Sri Lankan president's office said on Tuesday. The financing assurances from the Paris Club, which includes Japan - Sri Lanka's second biggest bilateral lender - was previously reported by Reuters. "Members further expressed appreciation for the specific and credible financing assurances issued by India on Jan. 16, 2023 and its coordination with the Paris Club," the group's statement added. Sri Lanka has to restructure debt payments of about $13 billion on 11 international bonds.

☆ A Colombian judge used ChatGPT to help rule on a case about the medical rights of a child with autism, reports say
▼ + stars: | 2023-02-03 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

A Colombian judge used ChatGPT in ruling on a case about the medical rights of a child with autism. The case was about whether the child's insurance should cover the bills for his medical treatments. Padilla asked the chatbot a series of questions about the case, with court documents containing the questions subsequently published on Blu Radio's website. Padilla used ChatGPT in accordance with Law 2213 of 2022 in Colombia, which says that virtual tools can be used to aid a case on some occasions. The case has divided people across the country over the ethics of using ChatGPT in a legal setting.

☆ Exclusive: Paris Club to give Sri Lanka financing assurances amid IMF debt talks - sources
▼ + stars: | 2023-02-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +2 min

[1/4] A vendor of a stall exchanges money with a customer at a main market in Colombo, Sri Lanka November 30, 2016. REUTERS/Dinuka LiyanawatteLONDON, Feb 2 (Reuters) - The Paris Club of creditor nations is ready to provide financing assurances to Sri Lanka, a key step needed to unlock a $2.9 billion bailout by the International Monetary Fund (IMF), two sources with direct knowledge of the matter told Reuters. But it needs financing assurances from key bilateral lenders before the fund's executive board approves the programme. Another source said the informal group is currently reaching out to other non-Paris Club besides China on financing assurances, but did not provide any further details. We need to see credible and specific assurances that they will meet the IMF standard of debt relief," U.S.

REUTERS/Alyssa PointerFeb 1 (Reuters) - As soon as next week, the Memphis City Council will consider a raft of reforms aimed at curtailing police violence after the brutal beating of Tyre Nichols by five officers following a traffic stop. But after Nichols' beating and subsequent death made Memphis the latest emblem of police brutality against Black Americans, city leaders are facing more pressure than ever to shore up police accountability and hiring standards. "We cannot allow this moment to pass us by when activism coupled with concern from the community is at its peak," Memphis City Councilman J.B. Smiley Jr. said. Memphis activist LJ Abraham said she hopes Nichols’ case will persuade the council to take demands for bolder reforms more seriously. In recent years, city leaders have sought to boost the department's officer ranks, which dwindled as violent crime spiked.

☆ Officers fired after Tyre Nichols's death were 'directly responsible' for his abuse, police chief says
▼ + stars: | 2023-01-26 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +3 min

In a video statement, Memphis Police Chief C.J. The five officers terminated last week "were found to be directly responsible for the physical abuse of Mr. Nichols," Davis said. “I expect you to feel what the Nichols family feels,” she said. Authorities have provided few details about the stop that led to Nichols’ death. A forensic pathologist hired by Nichols' family found he “suffered extensive bleeding caused by a severe beating,” a lawyer for his family said Tuesday.

South Africa has been struggling for years to overhaul its state-power company which is plagued by corruption and mismanagement and reeling under a 400 billion rand ($23.3 billion) debt pile. Finance Minister Enoch Godongwana told Reuters last week he was "sharpening his pencil" to provide details, so far scarce, for taking on between one- and two-thirds of Eskom's debt in his Feb. 22 budget presentation. Eskom's debt pile is not just big, it is also complex. Another 15% is international bonds, held by global asset managers such as PIMCO, BlackRock and Fidelity, according to recent filings. Eskom's international bonds could rally if the government takes on two-thirds of the debt, Wolman said, while limiting that to one third or carrying out the debt transfer over a long period of time could be negative.

[1/2] A woman takes pictures of the China Development Bank booth at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. Commitments made to 100 developing nations by the Export-Import Bank of China (China EximBank) and the China Development Bank (CDB) have fallen every year since hitting a record in 2016 as the lenders scaled back financing even before the COVID-19 pandemic hit in 2020. "We expect an overall shift toward lower volume, higher quality investment from China," Kevin Gallagher, director of the university's Global Development Policy Center, told Reuters. Reuters GraphicsWORLD BANK STEPS INWhile Chinese lending has been waning, World Bank lending has ramped up, the study found. Overall, China's commitments were 83% of the $601 billion lent by the World Bank from 2008-2021.

As Africa struggles with economic headwinds caused by the COVID-19 pandemic, the war in Ukraine and, notably, Washington's own monetary policy, Africans are asking for proof the United States will stay the course this time. African countries have become collateral victims of this year's rate hikes by the U.S. Federal Reserve, aimed at curbing inflation at home. African countries are also finding it harder to access capital markets to meet their fiscal needs and refinance maturing debt. The United States, meanwhile, has largely failed to offer viable alternatives to cheap Chinese credit, officials said. One senior U.S. Treasury official said the United States had long been engaged in Africa, funding anti-HIV work and working on other health issues.

Family members of Tyre Nichols are set to meet with officials Monday to view footage of the traffic stop that led to his death, three days after he was hospitalized in critical condition. Nichols' family scheduled a press conference to follow their viewing of the video of the traffic stop. Family members and local activists hold a rally for Tyre Nichols at the National Civil Rights Museum in Memphis, Tenn., on Jan. 16, 2023. Tyre Nichols. Courtesy familyNichols' case is being investigated by the Tennessee Bureau of Investigations and the Department of Justice, which announced it was launching a civil rights inquiry into the traffic stop.

☆ 5 Memphis police officers fired after traffic stop leads to hospitalization, death of Tyre Nichols
▼ + stars: | 2023-01-21 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +3 min

Five Memphis police officers were fired Friday after the chief said they violated department policies during a traffic stop in Tennessee this month that ended with the hospitalization and death of a 29-year-old man. “The Memphis Police Department is committed to protecting and defending the rights of every citizen in our city,” Davis said. In an emailed statement, Memphis Police Association President Lt. Essica Cage-Rosario cited an ongoing criminal investigation into Nichols’ death and declined to comment on the officers’ firing. Courtesy familyIn a statement, lawyers for the family said the officers' firing was a first step toward justice for Nichols and his family. A "confrontation" followed, the department said at the time, and officers pursued Nichols when he fled on foot.

Jan 19 (Reuters) - Zambia needs "desperate debt relief" and agreements under a Group of 20 restructuring vehicle are proving difficult, the World Bank's managing director of operations said on Thursday. "In the last two years, we have seen the limitations of the common framework," Axel van Trotsenburg told a panel at the World Economic Forum's annual meeting in Davos, moderated by Reuters Editor-in-Chief Alessandra Galloni. Zambia has become a test case for the G20-led "Common Framework" restructuring vehicle launched during COVID-19 to streamline debt restructuring efforts as poorer countries buckle under the fallout from the pandemic hit. "Right now we have negotiations where there is not an established debt sustainability framework. What you see in the discussions is that different creditors are challenging all the underlying assumptions," van Trotsenburg added, without specifying which creditors he was referring to.

☆ Argentina to buy back $1 bln in foreign debt in signal to markets
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Jan 18 (Reuters) - Argentina will buy back foreign bonds equivalent to over $1 billion to improve the South American country's debt profile, economy minister Sergio Massa said on Wednesday, looking to send a positive signal to markets despite low reserves levels. The unusual move, which Massa said could help boost the country's access to capital markets, comes as Argentina battles to replenish foreign currency reserves, rein in rampant inflation and prop up a weakening local peso currency. "Undoubtedly over the next few months, by inviting the private sector to accompany the Argentine state in this job of improving its (debt) profile, we will carry out other measures like the one we are taking today," he added. Argentina's sovereign bonds languish in distressed territory despite major restructurings in recent years with private creditors and the International Monetary Fund (IMF), with which it struck a $44 billion deal last year to push back repayments. Reporting by Walter Bianchi and Jorgelina do Rosario; Writing by Adam Jourdan; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

"It's important for us to have clear agreement because this is what we have now to finance our development," he said. President Felix Tshisekedi's government has been revisiting a 2007 deal struck by his predecessor Joseph Kabila under which Sinohydro Corp (SINOH.UL) and China Railway Group Limited agreed to build roads and hospitals in exchange for a 68% stake in the Sicomines venture as well as a 2008 contract with CMOC. "We have already a framework, we have some key elements of change that we want to bring in that agreement," Kazadi said of Sicomines, though he declined to provide further details. "In only five days they have managed to burn and export 27 kilograms," Kazadi said, speaking of the joint venture that is owned 55% by the United Arab Emirates with the remainder owned by Kinshasa. Reporting by Karin Strohecker and Jorgelina do Rosario, editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Ghana extends domestic debt exchange deadline for third time
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

ACCRA, Jan 16 (Reuters) - Ghana has again extended the deadline to register for its domestic debt exchange, this time to Jan. 31, Finance Minister Ken Ofori-Atta said on Monday. The crisis-hit nation launched the debt swap plan at the start of December, days before clinching a staff-level agreement with the International Monetary Fund (IMF) for a $3 billion rescue package. "Building consensus is key to a successful economic recovery for Ghana," Ofori-Atta wrote on Twitter, adding that registration for the debt exchange would be extended "pending further stakeholder engagement". The IMF has said its board will approve the deal only if Ghana undergoes comprehensive debt restructuring. The deadline for the debt swap, initially set for Dec. 19, had previously been extended to Dec. 30 and then to Jan. 16.

☆ Analysis: Investors snap up record $39 bln emerging market sovereign bond splurge
▼ + stars: | 2023-01-13 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +5 min

The scale of borrowing dwarfs the previous record of $26 billion raised in the same period in 2018, data from Morgan Stanley shows. ROARING STARTWhile emerging bond markets are off to a roaring start, that might not translate into a bumper year overall. That is well above last year's multi-year low of $95 billion, but well short of 2020's record $233 billion. "The blessing for 2023 is that we haven't got a huge spike in Eurobonds maturities for the frontier," said Gregory Smith, emerging markets fund manager at M&G Investments, referring to what are perceived as the riskiest of emerging markets. "Kenya and Angola will need to tap the market, while South Africa is staying away completely this year," she said.

☆ Messi headlines shortlist for FIFA Best Men's Player award
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +3 min

Messi, along with his Paris St Germain team mate Kylian Mbappe and Manchester City's Erling Haaland, were among the 14 players shortlisted for The Best FIFA Men's Player award, the world governing body said on Thursday. Real Madrid's Karim Benzema, who won the 2022 Ballon d'Or award, is also in the shortlist. Sarina Wiegman, who led England to last year's European Championship title, is joined on The Best FIFA Women's Coach shortlist by Chelsea's Emma Hayes and Germany manager Martina Voss-Tecklenburg. Liverpool's Alisson Becker, Real Madrid's Thibaut Courtois and Aston Villa's Martinez are among the nominees for The Best FIFA Men's Goalkeeper award. FIFA also announced an 11-player shortlist for this year's Puskas Award for the "most beautiful" goal of the year, with Mbappe's spectacular volley against Argentina in the World Cup final among the nominees.

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