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☆ US not seeking permanent base in Papua New Guinea, defense secretary says
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

July 27 (Reuters) - U.S. Secretary of Defense Lloyd Austin said on Thursday during a visit to Papua New Guinea that Washington was not seeking a permanent base in the Pacific Islands nation under a new defence agreement. Papua New Guinea (PNG) and the United States signed a defence cooperation agreement in May that sets a framework for the U.S. to refurbish PNG ports and airports for military and civilian use. read moreAustin met with PNG's Prime Minister James Marape on a visit to discuss the deepening defence ties. "I just want to be clear, we are not seeking a permanent base in PNG," Austin told a news conference in the Papua New Guinea capital Port Moresby. He said the two nations were deepening an existing defence relationship, and would modernise PNG's defence force and boost interoperability.

Persons: Defense Lloyd Austin, Austin, James Marape, Marape, Kirsty Needham, Alasdair Pal, Tom Hogue, Michael Perry Organizations: Defense, United, PNG's, Beijing, Solomon Islands, China, Thomson Locations: Papua New Guinea, Washington, United States, U.S, Australia, Port Moresby, PNG's, Pacific, China, Taiwan, Solomon, Marape, Philippines, Korea, Sydney

☆ Panasonic considering providing EV batteries to Subaru -Nikkei
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: 1 min

TOKYO, July 28 (Reuters) - Panasonic Holdings (6752.T) has started considering providing electric vehicle batteries to Subaru (7270.T), the Nikkei reported on Friday. The two companies are soon expected to announce the plan to ink a basic supply agreement of EV batteries, the report said. The energy unit of Panasonic Holdings and Mazda Motor 7261.T announced in June they also would start talks to set up a battery supply partnership for electric vehicles (EVs). Panasonic, which supplies almost all of its EV batteries to Tesla (TSLA.O), is seeking to increase global market as Chinese and South Korean competitors grow their presence, the Nikkei said. Reporting by Kaori Kaneko; Edit by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Kaori Kaneko, Tom Hogue Organizations: Panasonic Holdings, Subaru, Nikkei, EV, Mazda, Panasonic, Thomson Locations: TOKYO

☆ Russia hits port infrastructure in Ukraine's Odesa region - governor
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

KYIV, July 27 (Reuters) - Russian forces struck port infrastructure in Ukraine's Odesa region in an overnight missile attack, killing a security guard and damaging a cargo terminal, the region's governor said on Thursday. Before the latest attack, Ukrainian Deputy Prime minister Oleksandr Kubrakov said Russian air strikes had damaged 26 port infrastructure facilities and five civilian vessels in the previous nine days. Odesa Governor Oleh Kiper said Russia fired Kalibr missiles at an unspecified port from a submarine in the Black Sea in the overnight attack. Natalia Humeniuk, spokesperson for Ukraine's southern military command, said an overnight thunderstorm had helped Russia in the overnight attack on the Odesa region. Reporting by Max Hunder; Editing by Tom Hogue, Kim Coghill and Timothy HeritageOur Standards: The Thomson Reuters Trust Principles.

Persons: Oleksandr Kubrakov, Oleh Kiper, Natalia Humeniuk, Humeniuk, Max Hunder, Tom Hogue, Kim Coghill, Timothy Organizations: Timothy Heritage, Thomson Locations: Ukraine's Odesa, Moscow, Ukrainian, Russia, Ukraine

"Chinese Exim bank rolled over principal amounts totalling $2.4 bln which are due in next 2 fiscal years," he said in a post on messaging platform X, formerly known as Twitter. "Pakistan will make interest payments only over the next two years," Dar said, meaning the wavier is only for the principal loan amount. "In principle, China and Pakistan have close cooperation in economic and financial sectors, and we will continue to advance cooperation with Pakistan to support the country in achieving stability and development," Chinese Foreign Ministry spokesperson Mao Ning said. The IMF team this month met the leadership of all political parties, including former Prime Minister Imran Khan, to seek a continuation of its bailout objectives irrespective of who comes to power. Reporting by Asif Shahzad; Additional Reporting by Andrew Hayley in Beijing; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Ishaq Dar, Dar, Mao Ning, Shehbaz Sharif, Imran Khan, Asif Shahzad, Andrew Hayley, Tom Hogue, Christopher Cushing Organizations: Pakistan Finance, Reuters, Foreign Ministry, Longtime, Beijing, Initiative, International Monetary Fund, United, United Arab Emirates, IMF, Thomson Locations: Islamabad, Pakistan, ISLAMABAD, China, Saudi Arabia, United Arab, Beijing

The new market-based pricing system will also encourage distributors like ENN and China Gas that are expanding into global gas trading to look at importing LNG. "The policy will help the whole (gas) distribution sector and restore utilities' profitability," said Tan Yuwei, general manager of capital management at China Gas Holdings. Shares for listed gas utility companies briefly reversed this year's trend downwards after the policy was announced, but they remain under pressure from lacklustre industrial demand and China's struggling economy. China in recent years has liberalized natural gas prices by allowing distributors to pass costs on to industrial and commercial customers, although Beijing maintained tight control over household prices to avoid a consumer backlash. "This policy reform will result in more reasonable downstream gas prices in China, which will encourage city gas utilities to increase purchases from upstream importers," said Yi Cui, an analyst with consultancy Rystad Energy, referring to Chinese national oil companies.

Persons: COVID, Tan Yuwei, Tan, Yi Cui, Chen Aizhu, Emily Chow, Andrew Hayley, Tom Hogue Organizations: ENN Energy Holdings, HK, China Gas Holdings, China Resources Gas, Shanghai Gas, Chongqing Gas, Changchun Gas, China Gas, National Development, Reform Commission, China Gas Association, Rystad Energy, Beijing, Thomson Locations: SINGAPORE, BEIJING, China, Changchun, Qingdao, Nanjing, Shijiangzhuang, Lanzhou, Hubei, Guizhou, Shaanxi, Beijing, Hebei, Singapore

☆ Australia fines Facebook owner Meta $14 mln for undisclosed data collection
▼ + stars: | 2023-07-26 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

SYDNEY, July 26 (Reuters) - An Australian court ordered Facebook owner Meta Platforms (META.O) to pay fines totalling A$20 million ($14 million) for collecting user data through a smartphone application advertised as a way to protect privacy without disclosing its actions. Australia's Federal Court also ordered Meta, through its subsidiaries Facebook Israel and the now-discontinued app, Onavo, to pay A$400,000 in legal costs to the Australian Competition and Consumer Commission (ACCC), which brought the civil lawsuit. Meta still faces a civil court action by Australia's Office of the Information Commissioner over its dealings with Cambridge Analytica in Australia. However, Facebook used Onavo to collect users' location, time and frequency using other smartphone apps, and websites they visited for its own advertising purposes, the judge Wendy Abraham said in a written judgment. ($1 = 1.4736 Australian dollars)Reporting by Byron Kaye; Editing by Tom Hogue and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Meta, Wendy Abraham, Abraham, Byron Kaye, Tom Hogue Organizations: SYDNEY, Meta, Facebook Israel, Australian Competition, Consumer Commission, Cambridge, Australia's Office, Cambridge Analytica, Facebook, Thomson Locations: Australia, Lincoln

☆ Australia court fines Facebook owner Meta $14 mln for undisclosed data collection
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: 1 min

Persons: Byron Kaye, Tom Hogue Organizations: SYDNEY, Meta, Facebook Israel, Australian Competition, Consumer Commission, Thomson

☆ Microsoft to supply AI tech to Japan government -Nikkei
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: 1 min

TOKYO, July 27 (Reuters) - Microsoft Corp (MSFT.O) will provide artificial intelligence technology to the Japanese government after enhancing the processing power of its data centres located within the country, the Nikkei newspaper reported on Thursday. Japan's Digital Agency will make the technology developed by Microsoft-backed startup OpenAI available on a trial basis from the autumn for tasks such as preparing minutes and analysing government statistics, Nikkei said. The roll-out would be the first such overseas deployment for Microsoft's technology outside of Europe, Nikkei said. Reporting by Sam Nussey; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Nussey, Tom Hogue Organizations: Microsoft Corp, Nikkei, Japan's Digital Agency, Microsoft, Thomson Locations: TOKYO, Europe

LG Display expects "a rise in demand for panels" as stockpiles of display panels have fallen during the first half of the year, CFO Sung-hyun Kim said. The second-quarter result was in line with a forecast of an 889 billion won loss from 16 analysts polled by Refinitiv SmartEstimate, weighted toward analysts that are more consistently accurate. Factory run-rates for organic light-emitting diode (OLED) displays used in high-end televisions remained relatively low due to weak sales in Europe, resulting in the poor performance in the second quarter, analysts said. Mobile display panel orders are concentrated in the second half of the year, ahead of the holiday season. However, the initial supply volume is unlikely to significantly impact the company's financials in the third quarter, analysts said.

Persons: Sung, Kim, Refinitiv SmartEstimate, Joyce Lee, Tom Hogue Organizations: LG, Apple Inc, Revenue, LG Display, Apple, Samsung Electronics, Reuters, Thomson Locations: SEOUL, KS, Europe

☆ One dead in cargo ship fire, electric car suspected source - Dutch coastguard
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

The Panama-registered Fremantle Highway was transporting 2,857 cars from Germany to Egypt, 25 of them electric. An electric car was the suspected source of the blaze, a coastguard spokesperson said, adding that the ship was still burning. The crew had tried, but failed, to extinguish the fire, the coastguard statement said. The injured crew were taken by helicopter to medical facilities on the mainland. A fire destroyed thousands of luxury cars on a ship off the coast of Portugal's Azores islands in February last year.

Persons: Shoei Kisen, Charlotte Van Campenhout, Rishabh, Anthony Deutsch, Edmund Klamann, Tom Hogue, Michael Perry, Alison Williams Organizations: Dutch coastguard, Fremantle Highway, coastguard, NOS, Thomson Locations: AMSTERDAM, Netherlands, Panama, Germany, Egypt, Bermenhaven, Dutch, Ameland, Jersey, Portugal's Azores

☆ Oil rally takes a breather ahead of Fed, ECB rate hikes
▼ + stars: | 2023-07-24 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, July 24 (Reuters) - Oil prices eased on Monday as traders await more rate hike cues from U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel. Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grains exports. Investors have priced in quarter-point hikes from the Federal Reserve and European Central Bank this week so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate hikes. Market participants also expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No. Last week, U.S. energy firms made their deepest oil rig cut since early June, with operating units down by seven to 530, energy services firm Baker Hughes said on Friday.

Persons: Brent, Jerome Powell, Christine Lagarde, Suhail, Mazrouei, Baker Hughes, Florence Tan, Tom Hogue Organizations: Brent, . West Texas, National Australian Bank, Federal Reserve, European Central Bank, United Arab Emirates Energy, Thomson Locations: SINGAPORE, Ukraine, Russia, China, Beijing

☆ Oil prices rise as tight supply counters expected rate hikes
▼ + stars: | 2023-07-24 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, July 24 (Reuters) - Oil prices rose on Monday as tightening supply and hopes for Chinese stimulus underpinned Brent at well above $80 a barrel, even as traders expected more rate hikes from U.S. and European central banks. Brent crude futures rose 44 cents, or 0.6%, to $81.51 a barrel by 11 GMT. The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gains, as supply is expected to tighten following OPEC+ cuts. Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grain exports. Market participants expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No.

Persons: Brent, Jerome Powell, Christine Lagarde, Florence Tan, Emily Chow, Tom Hogue, Sharon Singleton, Louise Heavens Organizations: . West Texas, Citi Research, National Australian Bank, Federal Reserve, European Central Bank, Thomson Locations: Ukraine, Russia, China, Beijing

☆ Danske Bank hikes guidance, resumes dividends
▼ + stars: | 2023-07-21 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +2 min

COPENHAGEN, July 21 (Reuters) - Danske Bank (DANSKE.CO) on Friday raised its full-year profit guidance and said it would resume paying dividends to its shareholders after posting forecast-beating earnings in the second quarter. Denmark's largest lender now expects net profit for 2023 to land in the range of 18.5 billion to 20.5 billion Danish crowns ($2.77 billion-$3.06 billion), up from an earlier estimate of between 16.5 billion and 18.5 billion crowns. Danske's net profit for the April-June quarter rose to 5 billion Danish crowns from 1.7 billion a year earlier, above analysts' expectations in a company-compiled poll of around 4.6 billion crowns. The better-than-expected results mirror those of rival Nordic banks Nordea (NDAFI.HE), SEB, DNB (DNB.OL) and Swedbank (SWEDa.ST), which beat analysts expectations when they published second-quarter results earlier this week. "The losses are lower than expected, and 1.5 billion crowns in loan loss provisions for the whole year acts as a built-in buffer for a further positive guidance change," Nordnet analyst Per Hansen said in a note.

Persons: Carsten Egeriis, Egeriis, SEB, Per Hansen, Nikolaj Skydsgaard, Tom Hogue Organizations: Danske Bank, Thomson Locations: COPENHAGEN, U.S, Denmark

☆ British Prime Minister Sunak avoids wipeout in key elections
▼ + stars: | 2023-07-21 | by ( Andrew Macaskill | ) www.reuters.com time to read: +3 min

LONDON, July 21 (Reuters) - British Prime Minister Rishi Sunak's governing Conservatives lost two strategically important parliamentary seats on Friday but unexpectedly retained Boris Johnson's old constituency in a setback for the main opposition Labour Party. The Conservatives retained Johnson's former seat by fewer than 500 votes in a huge relief for Sunak who narrowly avoided becoming the first British leader to lose three by-elections on a single day in more than half a century ago. Labour won the constituency of Selby and Ainsty from the Conservatives by 4,000 votes after an ally of Johnson resigned in solidarity. The party said overturning the majority of 20,137 from the last general election marks the biggest majority the party has overturned at a by-election since World War Two. The two main "political party leaders have been left with something to think about in the wake of these results", he said.

Persons: Rishi Sunak's, Boris Johnson's, Sunak, Boris Johnson, Liz Truss, Steve Tuckwell, Johnson, John Curtice, Britain's, Curtice, Andrew MacAskill, Tom Hogue, Robert Birsel Organizations: British, Conservatives, Labour Party, Conservative Party, Labour, Liberal Democrats, Conservative, Thomson Locations: Uxbridge, South Ruislip, Downing, England, Selby, Ainsty, Somerton, Frome

"That doesn't get them completely out of the woods," said one Country Garden bondholder, who declined to be identified, adding that the developer was facing a further batch of bonds payments in coming months. "If sales don't improve people will worry about the repayment ability for developers like Country Garden who have large exposure in smaller cities," Cheng said. "Country Garden is a top developer in terms of sales. It has been another week of unsettling news in the property market in China. Other efforts are needed to boost buyers’ sentiment about the long-term trajectory of the property market," they added.

Persons: Raymond Cheng, Cheng, Friday's, Wanda, China's, Wang Jianlin, DWCM, selloff, Yao Yu, Wanda Commercial's, Ankur Banerjee, Jason Xue, Clare Jim, Xie Yu, Marc Jones, Tom Hogue, Robert Birsel, Sharon Singleton, Frances Kerry Organizations: HK, CGS, CIMB Securities, Dalian Wanda Group, ANZ, Dalian Wanda Commercial Management, P, JPMorgan, Reuters Graphics, Thomson Locations: SINGAPORE, HONG KONG, Hong Kong, China, Beijing, Greenland, Dalian, Singapore, Shanghai, London

☆ North Korea threatens nuclear retaliation over US displays of military force
▼ + stars: | 2023-07-20 | by ( Hyunsu Yim | ) www.reuters.com time to read: +3 min

[1/2] U.S. and North Korean national flags are seen at the Capella Hotel on Sentosa island in Singapore June 12, 2018. The comments raise the stakes as each side steps up displays of military force in a standoff over the isolated country's nuclear weapons and ballistic missile programmes. The KCNA report came after a U.S. soldier crossed the border into North Korea on Tuesday at a time of heightened tension between the two Koreas and the United States. North Korea has yet to comment on the incident involving the U.S. soldier. Last year, the reclusive state codified a new, expansive nuclear law declaring its status as a nuclear-armed state "irreversible".

Persons: Jonathan Ernst, Kang Sun Nam, Ankit, Panda, Hyunsu Yim, Josh Smith, Bernadette Baum, Mike Harrison, Tom Hogue Organizations: North Korean, Capella, REUTERS, U.S, Nuclear Consultative, DPRK, Democratic People's, South Korea's Ministry of National Defense, USS, Korean, U.S ., Carnegie Endowment, International, South, Thomson Locations: Sentosa, Singapore, SEOUL, North Korea, South Korea, United States, Democratic People's Republic of Korea, Ohio, Busan, USS Kentucky, Korea, U.S, Washington

☆ Taiwan detects 22 Chinese military aircraft around the island
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, July 20 (Reuters) - Taiwan detected 22 Chinese military aircraft around the island nation on Thursday, its defence ministry said. Reporting by Ben Blanchard; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Ben Blanchard, Tom Hogue Organizations: Thomson Locations: TAIPEI, Taiwan

☆ US seeks soldier's return as trilateral talks over North Korea start
▼ + stars: | 2023-07-20 | by ( Sakura Murakami | ) www.reuters.com time to read: +1 min

TOKYO, July 20 (Reuters) - The United States is actively engaged in ensuring the return of an American soldier who had crossed into North Korea, a U.S. official said on Thursday, ahead of a trilateral meeting with Japan and South Korea on countering North Korean threats. The U.S. is working hard to ascertain information on Private Travis King's wellbeing and engaged in "ensuring his safety and return," U.S. Special Envoy for North Korea Sung Kim said at the opening of the meeting. On Tuesday, King made an unauthorised crossing into North Korea, the same day a U.S. nuclear-armed ballistic missile submarine visited South Korea for the first time since the 1980s. [1/3]U.S. Army soldier Travis King appears in this unknown location, undated photo obtained by REUTERS/File PhotoNorth Korea test launched two ballistic missiles into the sea early on Wednesday. South Korean government representative Kim Gunn condemned the missile launches and spoke of the strengthening of ties between the three countries.

Persons: Travis, North Korea Sung Kim, King, Travis King, Kim Gunn, Sakura Murakami, Tom Hogue Organizations: U.S, U.S . Army, REUTERS, . South, Thomson Locations: TOKYO, United States, American, North Korea, Japan, South Korea, U.S, Korea

Swedish news agency TT reported on Wednesday that Swedish police granted an application for a public meeting outside the Iraqi embassy in Stockholm on Thursday. "Yes, yes to the Koran," protesters chanted. [1/5]Protesters clash with security forces members as they gather near the Swedish embassy in Baghdad hours after the embassy was stormed and set on fire ahead of an expected Koran burning in Stockholm, in Baghdad, Iraq, July 20, 2023. Late last month, Sadr called for protests against Sweden and the expulsion of the Swedish ambassador after the Koran burning in Stockholm by an Iraqi man. Two major protests took place outside of the Swedish embassy in Baghdad in the aftermath of that Koran burning, with protesters breaching the embassy grounds on one occasion.

Persons: Muqtada Sadr, Baghdad's, Ahmed Saad, Sadr, Timour Azhari, Anna Ringstrom, Tom Hogue Organizations: Telegram, REUTERS, Sweden, United Arab, United, Thomson Locations: BAGHDAD, STOCKHOLM, Swedish, Baghdad, Sweden, Stockholm, Iraq, Iraqi, Turkey, United Arab Emirates, Jordan, Morocco, United States, Lincoln

☆ Magnitude 6.5 quake felt in Central America, no damage reported
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

SAN SALVADOR, July 18 (Reuters) - A magnitude 6.5 earthquake struck off El Salvador's Pacific coast at a depth of nearly 70 km (43 miles) on Tuesday evening, the United States Geological Survey (USGS) said, with reports indicating it was felt in several nations in Central America. There were no immediate reports of damage and the earthquake did not trigger a tsunami warning for El Salvador, El Salvador's environment ministry said. Salvadoran lawmaker Salvador Chacon said on Twitter that checks were being carried out in the coastal city of La Libertad, near the capital San Salvador, although there were no reports of damage from the municipality. The quake was also felt in Nicaragua, Honduras, Guatemala and Belize, according to local media and Reuters witnesses. Reporting by Nelson Renteria in San Salvador; Writing by Kylie Madry and Isabel Woodford; Editing by Anthony Esposito and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: El, Salvador Chacon, Nelson Renteria, Kylie Madry, Isabel Woodford, Anthony Esposito, Tom Hogue Organizations: SALVADOR, United States Geological Survey, Twitter, Thomson Locations: El, Central America, El Salvador, La Libertad, San Salvador, Nicaragua, Honduras, Guatemala, Belize

☆ ASML ups full-year sales forecast as China demand stays strong
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Ups full-year sales growth forecast to 30% from 25%Q2 net profit up 35% at 1.9 billion euros vs forecast 1.82 blnQ2 sales up 28% to 6.9 billion vs forecast 6.74 billionAMSTERDAM, July 19 (Reuters) - Dutch semiconductor equipment maker ASML (ASML.AS) reported second-quarter earnings that beat expectations on Wednesday and boosted its full-year sales outlook, citing strong demand from Chinese customers. "However, our strong (order) backlog of around 38 billion euros ($42.6 billion) provides us with a good basis to navigate these short-term uncertainties," Wennick said. Net profit was up 35% from a year ago to 1.9 billion euros on sales up 28% to 6.9 billion, beating average analyst expectations of 1.82 billion euros and 6.74 billion respectively, according to Refinitiv data. It is a supplier to almost every computer chip maker and is expanding production as it cannot keep up with customer demand. ASML has never sold EUV machines in China due to export control rules but it remains a key market.

Persons: Peter Wennink, Wennink, Wennick, ASML, Toby Sterling, Tom Hogue, David Holmes Organizations: Samsung, Intel, Thomson Locations: AMSTERDAM, China, Washington, U.S

Swedish Foreign Minister Tobias Billstrom said staff at the Swedish embassy in Baghdad were safe but Iraqi authorities had failed in their responsibility to protect the embassy. Thursday's demonstration was called by supporters of Shi'ite cleric Muqtada al-Sadr to protest at the second planned Koran burning in Sweden in weeks, according to posts in a Telegram group linked to the influential cleric and other pro-Sadr media. He stood by the embassy storming on Thursday, telling a press conference the U.S. "has no right to condemn the burning of the Swedish embassy but should have condemned the burning of the Koran". "Yes, yes to the Koran," protesters chanted. Sweden has seen several Koran burnings in recent years, mostly by far-right and anti-Muslim activists.

Persons: Tobias Billstrom, Sayyed Hassan Nasrallah, Mohammed Shia Al, Billstrom, Muqtada al, Moqtada al, Read, Tayyip Erdogan, Ulf Kristersson, Timour Azhari, Anna Ringstrom, Supantha Mukherjee, Johan Ahlander, Marie, Louise Breusch Rasmussen, Ahmed Rasheed, Tom Hogue, Tom Perry, Lincoln, Bernadette Baum, William Maclean, Alison Williams, Cynthia Osterman Organizations: NATO, Sweden's Ericsson, State Department, Telegram, Turkish, Sweden's, Islam, Marie Mannes, Thomson Locations: Iraq, BAGHDAD, STOCKHOLM, Swedish, Stockholm, Baghdad, Iraqi, Sweden, Tehran, Turkey, Washington, Sadr, Copenhagen

☆ South Korea to hike minimum wage by 2.5% in 2024, smallest in three years
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: 1 min

SEOUL, July 19 (Reuters) - South Korea has decided to raise the minimum wage by a three-year low of 2.5% in 2024, its Minimum Wage Commission said on Wednesday, amid slowing growth and high inflation. The minimum hourly wage will be raised to 9,860 won ($7.80) next year, up from 9,620 won this year, the commission said. The figure was reached after 110 days of discussion, the most number of days it has ever taken reach an agreement. It will be the smallest increase since 2021, when the wage was raised by a record low of 1.5% amid the COVID-19 pandemic. ($1 = 1,263.9500 won)Reporting by Jihoon Lee; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: 1,263.9500, Jihoon Lee, Tom Hogue Organizations: Thomson Locations: SEOUL, South Korea

☆ Why Indian farmers worry despite 'average' monsoon rains
▼ + stars: | 2023-07-18 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +5 min

While average monsoon rains are ordinarily good for Indian farmers, uneven distribution this year has created new worries. ERRATIC DISTRIBUTIONSome northern and north-western states have received excessive rains, while southern and eastern regions have been unusually dry. Only a third of the country has received average rainfall so far this season, according to India Meteorological Department (IMD) data. Meanwhile, about 34% of India has received deficient rains and 32% excessive rainfall, the data shows. Heavy rainfall has damaged newly planted rice crops in northern states such as Punjab, Haryana, Himachal Pradesh and Uttar Pradesh, and many farmers may have to replant.

Persons: El, Rajendra Jadhav, Tony Munroe, Tom Hogue Organizations: India Meteorological Department, Reuters, Farmers, El Nino, Thomson Locations: MUMBAI, India, El Nino, Haryana, Punjab, Gujarat, Himachal Pradesh, Rajasthan, Jharkhand, Bihar, Telangana, Chhattisgarh, Kerala, Uttar Pradesh, Maharashtra, Andhra Pradesh, West Bengal, Karnataka, New Delhi, rapeseed

2 oil consumer, while Libya resumed production on the weekend. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "Apparent oil demand grew at a strong pace year on year, but the market seems focused on the headline (GDP) numbers," Patterson said. "They are stockpiling crude at low prices, and waiting for recession to hit the West before going full on with stimulus," Grasso said. Reporting by Florence Tan and Mohi Narayan; Editing by Tom Hogue and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: China's, Warren Patterson, ING's, Patterson, Stefano Grasso, Grasso, El, Vandana Hari, Hari, Florence Tan, Mohi Narayan, Tom Hogue, Sonali Paul Organizations: Brent, U.S . West Texas, National Bureau, Statistics, Shell, Vanda Insights, Thomson Locations: China, Libya, U.S, Beijing, 8VantEdge, Singapore, Nigerian, Russia, Moscow, Saudi Arabia

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