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MoneyWatch August 3, 2022 / 12:19 PM / MoneyWatch What to do with your 401(k) in bear market Amid recession fears in bear market, experts say 401(k) investors should think long term 04:58 A virtually unknown Hong Kong company has become the latest "meme stock," joining companies like GameStop and AMC Entertainment in winning the hearts and dollars of online traders. Shares in AMTD Digital have soared a staggering 21,000% since the financial technology company went public in the U.S. last month, with its market value now topping bellwethers like Coca-Cola, Costco and McDonald's.AMTD first offered shares to American investors in July, when it sold American depositary receipts (ADRs) at $7.80 each. That gave the company a market value of $1.4 billion, making it the first Hong Kong "unicorn" — or a company worth at least $1 billion — to list on the New York Stock Exchange. While that represents a successful IPO, it's a far cry from what happened just days later. By July 29, the stock had surged to $400, while on Tuesday the ADRs closed at $1,679 each — giving it a market value of $310 billion, according to FactSet.  Nothing to see here?AMTD acknowledged the unusual activity on Tuesday, thanking investors for their support while saying in a statement that "To our knowledge, there are no material circumstances, events nor other matters relating to our Company's business and operating activities since the IPO date."Driving that meteoric rise is a collective interest from retail investors hoping to score big from a run-up in AMTD shares. It's not as if these traders expect the digital financial services company to suddenly produce massive profits and start paying rich dividends to shareholders. After all, AMTD had just $25 million in revenue in its most recent fiscal year, compared with $37 billion for Coca-Cola.  Instead, traders on forums such as WallStreetBets and social media are urging others to buy into the stock, convincing even more investors to jump on the bandwagon, causing a major upswing in the stock's valuation."If you missed out on this monster run, $AMTD just started a monster run as well already up 300% and climbing, has way more liquidity than HKD this will be a multi day runner to $30-40. Thank me later," one trader wrote on Twitter on Tuesday.The love for AMTD Digital is also rubbing off on its parent, AMTD Idea Group, whose shares have surged about 500% since late July. On Wednesday, AMTD Idea Group was the fourth most heavily traded stock among Fidelity investors, according to the firm's data. The surge is reminiscent of the mania for GameStop and so-called meme stocks, which have lost their sheen since amateur investors flocked to the companies last year. GameStop's stock is down 1.6% this year, while AMC and Blackberry — which also saw their shares spike last year after being embraced by retail investors — have plunged 33% and 30%, respectively. MoneyWatch: How "meme stocks" are changing the way some large investors factor in social media's power to move financial markets 03:14 Worries about inflation and the Federal Reserves's interest rate hikes have caused some investors to cool on meme stocks, and trading in general. Popular trading app Robinhood on Tuesday said it is slashing 23% of its workforce after it lost half of its trading revenue. For now, however, AMTD's swift rise is convincing more traders to jump in, while also sparking concerns of a bubble and irrational trading among seasoned professionals and skeptics. Short-seller Jim Chanos, who tweets under the handle Diogenes, pointed out the "$400B meme stock in the room" on Twitter. "We literally had Congressional hearings over the $30B runs of $GME and $AMC, but just [crickets] today. Lol, ok," Chanos wrote, referring to the tickers for GameStop and AMC Entertainment. But as experienced investors know, past performance is no guarantee of future results: On Wednesday, shares of AMTD Digital sank $586 to $1,092.  In: Stock Market Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

AMTD Digital's stock surged 21,000% in a matter of days. Now it's worth more than Coca-Cola.

CNBC's Jim Cramer on Wednesday said that Congress's two behemoth spending bills have him worried about inflation's trajectory."I'm still a bull — I've felt bullish since June when I saw commodities were going in the right direction. And I'd be very confident about wage inflation, too, if not for Congress," the "Mad Money" host said."If the re-branded stimulus bill doesn't pass, we've got nothing to worry about, but if it does, we can only hope that it takes years and years for the government to put that money to work," he added, referring to the Inflation Reduction Act of 2022.The bill represents a move from Democrats to reform the tax code, battle climate change and reduce health care costs. The bill, which is a revival of President Joe Biden's Build Back Better bill, will invest over $400 billion and reduce the deficit by $300 billion over a decade-long period.Cramer said that he's also worried about how the CHIPS and Science Act of 2022 could heighten inflation, stating that its higher-than-expected price tag raises concerns about the Fed's next moves.Congress passed the bill, aimed to boost domestic production and research of chips, in late July. While the star of the show is the $52 billion in subsidies for U.S. companies producing computer chips, the package in total costs $280 million.Complicating Cramer's concerns about inflation are hawkish comments on inflation from Fed leaders on Wednesday, suggesting that the central bank needs to continue taking aggressive action to slow down the economy."I don't want others to lose their jobs or their homes. … I have no idea how [Fed Chair] Jay Powell can stop the trillions of dollars in spending just when we have the lowest unemployment rate in decades," Cramer said.

Jim Cramer says Congress’s spending bills could worsen inflation, but he’s remaining bullish.

A view of the flags of Finland, NATO and Sweden during a ceremony to mark Sweden's and Finland's application for membership in Brussels, Belgium, May 18, 2022. REUTERS/Johanna Geron/PoolRegister now for FREE unlimited access to Reuters.comWASHINGTON, Aug 3 (Reuters) - More than two-thirds of the U.S. Senate approved on Wednesday Finland and Sweden's accession to NATO, the most significant expansion of the 30-member alliance since the 1990s as it faces the fallout from Russia's invasion of Ukraine.As voting continued, the tally was 74 to 1, easily surpassing the two-thirds majority of 67 votes required to support ratification of the two countries' accession documents.Register now for FREE unlimited access to Reuters.comReporting by Patricia Zengerle; additional reporting by Rose Horowitch; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Two-thirds majority of U.S. Senate backs Finland and Sweden's joining NATO.

CNBC's Jim Cramer on Wednesday told investors that gold is poised to rally, making now an optimal time for investors to pounce."The charts, as interpreted by the legendary Larry Williams, suggest that the general public's giving up on gold en masse and he thinks that that makes it the perfect entry time to do some buying," the "Mad Money" host said.Gold futures fell on Wednesday, facing pressure from a stronger U.S. dollar and Treasury yields after Federal Reserve leaders' hawkish comments on inflation the day before took metals lower.Gold is considered a safe investment and often attracts investors during periods of economic and geopolitical turmoil.Cramer began his explanation of Williams' analysis by examining the weekly action of gold going back to 2014, paired with the Commodity Futures Trading Commission's Commitments of Traders report data.The CFTC tracks futures positions of small speculators, large speculators like money managers and commercial hedgers that include companies that work with the commodity.When small speculators get too bullish on gold, it's often a sign that it's about to peak, according to Williams. Conversely, gold tends to be near a bottom when small speculators get too bearish.The Commitments of Traders data, at the bottom of the chart, reveals that small speculators are in their smallest long position since May 2019 – right before there was a major gold rally. Also worth noting is that small speculators were in their largest net long position in four years during gold's recent peak in March.While this doesn't mean investors should always do the opposite of what small speculators are doing, this is a sign that gold could gain soon, according to Cramer."That would be too glib, but he points out that in the last 9 years, whenever their net long position in gold has been this low, the actual metal has rallied. And the best-selling points all came at moments when they had large long positions," Cramer said.For more analysis, watch Cramer's full explanation in the video below.

Charts suggest now is the perfect time to buy gold, Jim Cramer says.

Children are seen walking to school, on the first day of lifting the indoor mask mandate for DOE schools between K through 12, in Brooklyn, New York City, New York, U.S. March 7, 2022. REUTERS/Brendan McDermidRegister now for FREE unlimited access to Reuters.comAug 3 (Reuters) - The U.S. Centers for Disease Control and Prevention (CDC) is expected to ease its guidelines to control the spread of COVID-19, including in schools as soon as this week, CNN reported on Wednesday, citing sources familiar with the plan.The updated guidelines are expected to ease quarantine requirements for people exposed to the virus and would no longer recommend maintaining a six-feet distance at schools, according to the report.Currently, the agency requires people exposed to COVID and those not up to date on their vaccinations to stay at home and quarantine for at least five full days.Register now for FREE unlimited access to Reuters.comThe new guidelines would not require them to stay at home but instead to wear a mask and test at least five days after exposure, according to the CNN report.The agency would also remove a recommendation called 'test to stay' the report said. Test to stay involves frequent testing after close contact with a COVID-19 patient and allows for some students and teachers who do not test positive for COVID to continue in-person learning.The CDC is always evaluating its guidance "as science changes and will update the public as it occurs," a spokesperson for the agency told Reuters.Register now for FREE unlimited access to Reuters.comReporting by Amruta Khandekar; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

U.S. CDC expected to ease COVID-19 guidelines for schools this week - CNN.

Test tubes labelled "Monkeypox virus positive" are seen in this illustration taken May 23, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoRegister now for FREE unlimited access to Reuters.comCHICAGO, Aug 3 (Reuters) - As U.S. monkeypox cases rise, U.S. health agencies in a medical journal article published on Wednesday defended their decision to require human trial data to show that SIGA Technologies' (SIGA.O) experimental drug TPOXX is safe and effective to treat the virus.U.S. agencies have been under pressure to ease access to the drug, which is being distributed by the U.S. Centers for Disease Control and Prevention (CDC) under a special "compassionate use" access that requires doctors to request it from the agency or their health department and enroll each patient in a study.As of July 22, 223 people have been treated with the drug, compared with more than 6,000 known cases in the United States.Register now for FREE unlimited access to Reuters.comThe FDA approved TPOXX in 2018 for smallpox in adults and children based on studies of animals infected with monkeypox and rabbitpox, as well as safety data in healthy people. It can only be sold to the U.S. Strategic National Stockpile.Authors of the article in the New England Journal of Medicine from the Food and Drug Administration, the CDC and the National Institutes of Health (NIH) said the latter is planning a U.S.-based randomized clinical trial.Data from that study will be used to determine whether the drug gains U.S. approval for monkeypox.The drug, also known as tecovirimat, is approved for both smallpox and monkeypox in the UK and Europe. The European Union approved it under an "exceptional circumstances" pathway that allows for marketing approval when data cannot be obtained even after authorization.Although TPOXX was only tested in healthy people, the European Medicines Agency said it expects side effects to be similar in infected people, and deemed the drug's benefits to be greater than its risks.Dr. Jay Varma, director of the Cornell Center for Pandemic Prevention and Response who has advocated for broader access to the drug, said the FDA's standards ensure U.S. drugs are safe and set a high bar for the world, but in some circumstances, "those strict standards are harming us."There were 1.7 million doses of the treatment in the U.S. Strategic National Stockpile at the start of the current outbreak in May.On July 21, the CDC and the FDA began allowing doctors to prescribe the drug before the trial paperwork is completed, but still requires approval of a hospital's institutional review board for each dose."It's definitely better. It's still very burdensome," said Dr. Karen Krueger, an infectious disease expert at Northwestern Medicine in Chicago, who said there is additional paperwork after the patient visit and for several follow-up visits."It's doable but certainly a lot more challenging than how we normally prescribe drugs."Neither the FDA nor the CDC immediately responded to a request for comment.Northwestern has treated at least 20 monkeypox patients with TPOXX and will be one of the sites for the NIH trial.To win approval, SIGA Chief Scientific Officer Dennis Hruby estimates it will likely take a 500-patient, placebo-controlled clinical trial in the United States.If cases remain high, the trial could be fully enrolled within a few months. "It's not a terribly long trial," he said.SIGA Chief Executive Phillip Gomez said the company is working to launch trials in the UK, Canada, the United States and Europe.If the United States declares monkeypox a national emergency, Gomez said the drug could be granted an emergency use authorization. However, because the FDA has been "very clear" they want full, placebo-controlled trials, that could still take time, he said.Register now for FREE unlimited access to Reuters.comReporting by Julie Steenhuysen in Chicago; additional reporting by Natalie Grover in London; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

U.S. regulators defend requiring more data on monkeypox drug.

Baby Emma, David or Elizabeth? Not for American parents Caitlin and Luke McNeal.Rather than naming their children after grandparents, biblical figures or the British monarchy, the couple chose the names of places that hold meaningful travel memories for them."Kinsale was when we lived in Ireland, and we vacationed in Kinsale and fell in love with it," said Caitlin. "Keeneland is from Kentucky, the first place we ever vacationed together to watch the horse races."And lastly there's Sabi — "from the Sabi Sands in South Africa, where we went on our first solo vacay without Kinsale."  The McNeals are part of a growing trend of choosing baby names based on travel destinations.The McNeal family — Keeneland, Luke, Sabi, Caitlin and Kinsale.Source: Caitlin McNealThe popularity of "travel-inspired" names increased 14% between 2000 and 2020, according a study by the luggage storage app Bounce. The company compared a short list of destination names and travel-related words with data from the U.S. Census Bureau and the U.K.'s Office for National Statistics, it said.The results show overlap in baby name choices in both countries. However, the trend of naming children after countries and cities is more pronounced in the United States than the United Kingdom, even after accounting for differences in population sizes, the study shows.Most popular 'travel-related' baby namesPreston, Israel, Phoenix and Orlando appear on both lists, yet Preston — which means priest's town — is the most popular overall.  The baby website The Bump calls the name "old-fashioned and rather quirky ... Though some may see it as a reserved title for the wealthy, Preston is the name place of a Northern English town once known for its role in the industrial revolution."American parents of baby boys tended to prefer domestic city names, while British parents showed a proclivity to look abroad, with names like Milan, Orlando and Rome topping their list.Sydney made the "top 10" lists for baby girl names in both the U.S. and the U.K., but is far more popular with American parents. It's the only name to have been chosen more than 100,000 times in the 20-year period analyzed in the study.However, Sydney's popularity is dwindling in the United States. After peaking in 2002, the name fell from the 23rd most popular name that year to 249th place in 2021, according to the U.S. Social Security Administration.Historically, baby names have been inspired by literary characters, biblical figures and the British monarchy. Now, there's a growing trend to add travel destinations to the list.Source: Ria HobanLondon also made the top 10 lists for American baby names — for both boys and girls — but may be a bit too close to home for British parents. It was chosen only 220 times in the U.K. from 2000 to 2020, compared with 44,556 times in the U.S., according to the study.Of all names in the study, Atlas rose the most in popularity, according to Cody Candee, CEO of Bounce. There were only eight babies named Atlas in 2000, but nearly 2,175 in 2020 — an increase of more than 27,000%, he said."This may be due to parents favoring more unique and meaningful names, with Atlas originating from Greek mythology and meaning 'to endure,'" he said."On the other hand, there are a few names that have decreased in popularity," he added. "In fact, there were 11 that disappeared completely, the biggest of which was Montreal which went from 23 to 0."Baby names that match country namesRia and Connor Hoban with their children, (from left) Bruno, Joaquin, Bode and India.Source: Ria Hoban"Indus is female for river," said Ria Hoban. "I had my elements read by chance during a night out when I found out I was pregnant, and I was told that I was a water element.""In addition, Connor and I honeymooned in India — Delhi, north and south Goa, and Rajasthan, and I have always been mystified by the region. I've also always loved the regale of the name and [I'm] a fan of India Hick's design," she said, referencing the British designer and relative of the British royal family.In both the U.S. and the U.K., the trend of naming babies after countries is far more common for daughters. Except for Israel, Trinidad and Cuba, the names on both lists were either exclusively or far more popular choices for girls.Baby names that match city namesThough London, Kingston (the name of singers Gwen Stefani and Gavin Rossdale's oldest son) and Paris dominate the lists, one name is noticeably absent from this list: Brooklyn.That's because the study didn't include names of suburbs or boroughs, said Candee.The popularity of Brooklyn skyrocketed after Victoria and David Beckham chose it for their firstborn son in 1999, said Candee.If the name was included, Brooklyn would be the "second most popular travel-inspired name for girls in the USA, with 75,948 girls named Brooklyn over the last 20 years," he said. However, the name is less popular boys, he said — it was chosen just 1,412 times for boys in the U.S. during the same period.Candee also said that several names were excluded from the analysis for being too commonly used to be inspired by travel. These names include Jordan, Madison, Austin and Charlotte, he said.It's unknown to what extent other names were inspired by travel or some other association parents may have made with the names.One example is Hamilton. Though there are towns and cities named Hamilton in Canada, New Zealand, the U.K. and the U.S., the popular Broadway play "Hamilton" or the Formula One driver Lewis Hamilton may have inspired some parents to choose the name for their children.Similarly, it's unknown to what extent parents who named their babies Paris were inspired by the French capital, the Hilton socialite or Shakespeare's "Romeo and Juliet" — or something else entirely.

China, Cairo, Italy: The top ‘travel-inspired’ baby names in the U.S. and the UK.

FILE PHOTO - A Lucid Air electric vehicle is displayed at a shopping mall in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo JinRegister now for FREE unlimited access to Reuters.comAug 3 (Reuters) - Lucid Group (LCID.O) on Wednesday halved its production forecast for electric vehicles, blaming extraordinary supply chain and logistics challenges, sending its shares down 10% after the bell.The company now expects to produce between 6,000 and 7,000 luxury electric vehicles this year, down from 12,000 to 14,000 units it targeted in February.However, the company said it had 37,000 reservations for its vehicles which represented potential sales of about $3.5 billion, up from 30,000 pre-orders it reported in the first quarter.Register now for FREE unlimited access to Reuters.comEarlier in May, the company had raised prices for most models, citing soaring commodity costs. read more EV makers have been hit by a shortage of essential components including chips and soaring commodity prices for batteries exacerbated by the Russian invasion of Ukraine.Chief Executive Officer Peter Rawlinson said at a conference in May that he was concerned about chip supplies from China due to pandemic-related lockdowns. read more In September, Lucid said it was on track to hit its goal of producing 20,000 vehicles in 2022. read more Register now for FREE unlimited access to Reuters.comReporting by Akash Sriram in BengaluruOur Standards: The Thomson Reuters Trust Principles.

EV maker Lucid halves 2022 production forecast as supply chain snarls hit.

Register now for FREE unlimited access to Reuters.comAug 3 (Reuters) - Jurors in the Alex Jones defamation trial began deliberations on Wednesday after a lawyer for a child killed in the Sandy Hook massacre said they should "end this nightmare" and force the U.S. conspiracy theorist to pay them $150 million for falsely claiming the shooting was a hoax.Jones, founder of the Infowars radio show and webcast, is on trial in Texas to determine how much he and his company, Free Speech Systems LLC, must pay for spreading falsehoods about the killing of 20 children and six staff at Sandy Hook Elementary School in Newtown, Connecticut, on Dec. 14, 2012.Neil Heslin and Scarlett Lewis, the parents of slain six-year-old Jesse Lewis, testified during the two-week trial in Austin that Jones’ followers have harassed and sent them death threats for years in the false belief that they were lying about their son’s death.Register now for FREE unlimited access to Reuters.comDuring closing arguments on Wednesday, their attorney, Kyle Farrar, urged jurors to end their nightmare and hold Jones accountable for profiting off their son’s death."He was making money off of it by spreading misinformation and spreading lies," Farrar said.Federico Reynal, an attorney for Jones, conceded during his closing argument that Jones and Infowars reported “irresponsibly” on Sandy Hook but said his client was not responsible for the harassment.“We live in a community where some people just are unbalanced and are going to take action on their own,” Reynal said.Jones on Wednesday sought to distance himself from previous falsehoods that the shooting was a hoax, saying it was “crazy” of him to repeatedly make this claim.Alex Jones walks into the courtroom in front of Scarlett Lewis and Neil Heslin, the parents of 6-year-old Sand Hook shooting victim Jesse Lewis, at the Travis County Courthouse in Austin, Texas, U.S. July 28, 2022. Briana Sanchez/Pool via REUTERSJones, who has previously acknowledged the shooting took place, told jurors that the shooting was “100% real.”In a surprise development, Mark Bankston, another lawyer for the parents, said during cross-examination on Wednesday that Jones’ legal team had "messed up" and inadvertently sent the plaintiffs' legal team a file containing trial strategy notes and years of texts.Bankston said the records undercut Jones' testimony that he didn't have any texts about Sandy Hook.Bankston also accused Jones of approaching the trial in bad faith, citing broadcasts where Jones said the trial was rigged against him and that the jury pool was full of people who "don't know what planet they're on."The lawyer on Wednesday showed jurors an image from Jones's show that Bankston said depicted Judge Maya Guerra Gamble, who is overseeing the case, on fire. Jones responded that the image showed Lady Justice on fire, not Gamble.Judge Gamble admonished Jones on Tuesday for not telling the truth under oath after he falsely told the jury he was bankrupt and had complied with plaintiffs' requests for information."It seems absurd to instruct you again that you must tell the truth while you testify," she said. "Yet here I am."Free Speech Systems declared bankruptcy last week. Jones said during a Monday broadcast that the filing will help the company stay on the air while it appeals.The Sandy Hook gunman, Adam Lanza, 20, used a Remington Bushmaster rifle to carry out the massacre. It ended when Lanza killed himself with the approaching sound of police sirens.Register now for FREE unlimited access to Reuters.comReporting by Jack Queen; Editing by Amy Stevens, Noeleen Walder and Howard GollerOur Standards: The Thomson Reuters Trust Principles.

'End this nightmare,' Sandy Hook parents' lawyer tells jurors in Alex Jones defamation trial.

Rep. Jackie Walorski (R-IN) speaks as U.S. Secretary of Health and Human Services Alex Azar testifies to the House Select Subcommittee on the coronavirus disease (COVID-19) crisis, on Capitol Hill in Washington, U.S., October 2, 2020. J. Scott Applewhite/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comWASHINGTON, Aug 3 (Reuters) - U.S. Congresswoman Jackie Walorski and two members of her staff died on Wednesday when the vehicle they were traveling in collided head-on with a car that veered into their lane, police in Indiana and her office said.Walorski, 58, a Republican who represented Indiana's 2nd congressional district in the U.S. House of Representatives, was mourned by President Joe Biden and her colleagues in Congress as an honorable public servant who strived to work across party lines to deliver for her constituents. The White House said it would fly flags at half-staff in her memory.The congresswoman had been traveling down an Indiana road on Wednesday afternoon with her communications chief, Emma Thomson, 28, and one of her district directors, Zachery Potts, 27, the Elkhart County Sheriff's Office said.Register now for FREE unlimited access to Reuters.com"A northbound passenger car traveled left of center and collided head on" with Walorski's vehicle, killing all three occupants, the sheriff's office said. The driver of the other car, 56-year-old Edith Schmucker, was pronounced dead at the scene, near the northern Indiana town of Nappanee, it added.Confirming her death in a statement shared on Twitter by House Republican leader Kevin McCarthy, Walorski's office said: "Dean Swihart, Jackie's husband, was just informed by the Elkhart County Sheriff's office that Jackie was killed in a car accident this afternoon."It added: "Please keep her family in your thoughts and prayers. We will have no further comment at this time."Walorski was a lifelong resident of Indiana, according to her official biography. She served on the House Ways and Means Committee and was the top Republican on the subcommittee on worker and family support.Prior to her election in 2012 to the House, Walorski served three terms in the Indiana legislature, spent four years as a missionary in Romania along with her husband and worked as a television news reporter in South Bend, according to a biography posted on her congressional website.President Joe Biden, a Democrat, said he and Walorski "may have represented different parties and disagreed on many issues, but she was respected by members of both parties for her work on the House Ways and Means Committee on which she served."Nancy Pelosi, the Democratic speaker of the House, said in a statement that Walorski "passionately brought the voices of her north Indiana constituents to the Congress, and she was admired by colleagues on both sides of the aisle for her personal kindness."Register now for FREE unlimited access to Reuters.comReporting by Rami Ayyub, Eric Beech, Dan Whitcomb, Costas Pitas and Frank McGurty; Editing by Leslie Adler and David GregorioOur Standards: The Thomson Reuters Trust Principles.

U.S. lawmaker Walorski, two staffers die in Indiana car crash.

Register now for FREE unlimited access to Reuters.comSummaryCompaniesThis content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Aug 2 (Reuters) - A long queue of Russians snaked through a Moscow shopping centre on Tuesday, waiting to get into H&M (HMb.ST) as the fashion retailer flung open its doors for a final time to sell inventory before making a full exit from the Russian market.Scores of consumer brands suspended operations in Russia after Moscow sent tens of thousands of troops into Ukraine on Feb. 24, with H&M, IKEA and Nike (NKE.N) among the companies to have announced plans for a permanent exit."Well, it is closing, that's why we are standing here," one customer, Irina, told Reuters. "I'm going to buy whatever there is."Register now for FREE unlimited access to Reuters.comPeople line up to enter an H&M store, which was reopened to sell the remaining stock before the company exits the Russian market, in Moscow, Russia August 2, 2022. REUTERS/Maxim Shemetov"Sadly, the reason why all this is happening is awful," another customer, Ekaterina said. "Everything else is meaningless, like how we are going to manage (without H&M)."Furniture giant IKEA has reopened for an online-only sale, but H&M opted to allow customers back in person. Exiting Russia, H&M's sixth-biggest market, is expected to cost the company almost $200 million and affect 6,000 staff. read more [nL8N2YZ15F]H&M did not immediately respond to a request for comment on Tuesday.A company spokesperson in July said H&M would temporarily reopen physical stores in August to sell the remaining inventory in Russia. H&M, the world's second-biggest fashion retailer, rents its 170 physical stores in the country and operates them directly.Register now for FREE unlimited access to Reuters.comReporting by Reuters; editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Russians flock to H&M as fashion retailer opens stores to sell inventory.

CBS Mornings August 3, 2022 / 12:55 PM / CBS News Houston restaurant Bludorn is often mentioned as one of the city's best, serving French-inspired cuisine — but you wouldn't know it by some of the one-star reviews posted recently on Google. According to co-owner and Chef Aaron Bludorn, all the bad reviews appeared at the same time."Someone was, you know, taking something that we worked so hard for — which were plenty of four-star, five-star reviews and a good rating on Google — and they knocked us down," Bludorn told CBS News' Janet Shamlian.Bludorn and co-owner Cherif Mbodji said before this, they rarely received negative feedback. Both Mbodji and Bludorn were concerned about the damage the bad reviews could bring. "A reputation for a restaurant is everything," Mbodji said.It wasn't long before they learned the reviews were part of a scam after the restaurant received an untraceable email asking for a $75 Google Play gift card to have them taken down.  Bludorn said paying the $75 was never an option."I didn't consider ever paying that ransom because to me that meant they would have, you know, won — and been able to. I  also didn't know where it would end," said Bludorn. The note said that bad reviews will continue to be left unless the ransomers received what they wanted. Restaurants across the country are reporting similar extortion threats — a barrage of bad reviews and a demand for money, in the form of a gift card, to stop them.Michelle Korsmo of the National Restaurant Association says federal agents are now involved in cases similar to Bludorn's. She encourages more awareness among diners when reading Google reviews. "Consumers should really read reviews with a critical eye to see if they make sense with what others have said about the restaurant. Don't let a swindler scam you out of a great restaurant experience," Korsmo said.Bludorn says it reached out to Google, which initially said the one-star reviews didn't violate policy because there were no comments included. The restaurant then posted the blackmail attempt on its social media to explain what happened and was overwhelmed when more than 100 customers submitted their own positive Google reviews.A Google spokesperson tells CBS News the company's teams are working around the clock to thwart these attacks, remove fraudulent reviews and put protections on business profiles that may have been affected.Later, Google did remove reviews associated with Bludorn, but they removed both good and bad ones. Bludorn says the restaurant never lost customers but the incident happened at a challenging time as the restaurant deals with inflation."We can't really raise prices because we want to stay competitive, so every guest counts right now," Bludorn said.

"A reputation for a restaurant is everything": Scammers demand restaurants pay up or get hit with one-star reviews.

U.S. August 3, 2022 / 7:15 PM / CBS News Amtrak train hits flatbed truck in Maryland Amtrak train hits flatbed truck in Maryland 00:21 An Amtrak train struck a tractor trailer that was sitting on the tracks in Maryland on Wednesday afternoon, the company said in a statement. Only one person was injured in the incident, according to local fire officials. Amtrak Capitol Limited train 29 was en route to Chicago from Washington, D.C., when it struck the trailer in Rockville, Maryland, at about 5:20 p.m. local time, Amtrak said. A traffic backup in the area had left the trailer stuck on the tracks, Frederick County Fire and Rescue said. With nowhere to go, the train hit the trailer, sending it into a passenger truck. That truck then went into a nearby building. An Amtrak train struck a tractor trailer in Rockville, Maryland, on Wednesday, August 3, 2022. The driver of the passenger truck, identified by fire officials as an adult male, was taken to the hospital with non-life-threatening injuries. None of the 142 passengers and crew onboard the train at the time of the crash were hurt, Amtrak said. The driver of the tractor trailer and the passenger in the second truck were also unharmed, fire officials said.The train is back in service, with a delay of just over an hour, Amtrak Alerts tweeted around 6:30 p.m. Amtrak said it is working with officials to investigate the incident. The Federal Railroad Administration said it is not currently investigating the incident. In: Amtrak Train Accident Sophie Reardon Sophie Reardon is a News Editor at CBS News. Reach her at [email protected] Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Amtrak train hits tractor trailer in Maryland; 1 injured, fire officials say.

A view of the flags of Finland, NATO and Sweden during a ceremony to mark Sweden's and Finland's application for membership in Brussels, Belgium, May 18, 2022. REUTERS/Johanna Geron/PoolRegister now for FREE unlimited access to Reuters.comWASHINGTON, Aug 3 (Reuters) - The U.S. Senate approved on Wednesday Finland and Sweden's accession to NATO, the most significant expansion of the 30-member alliance since the 1990s as it responds to Russia's invasion of Ukraine.The Senate voted 95 to 1 to support ratification of the two countries' accession documents, easily surpassing the two-thirds majority of 67 votes required to support ratification of the two countries' accession documents.Sweden and Finland applied for NATO membership in response to the invasion of Ukraine by Russia, which has repeatedly warned both against joining the alliance.Register now for FREE unlimited access to Reuters.comNATO's 30 allies signed the accession protocol for them last month, allowing them to join the U.S.-led nuclear-armed alliance once its members ratify the decision. read more At that point, Helsinki and Stockholm were able to participate in NATO meetings and have greater access to intelligence, but were not protected by Article Five, the NATO defense clause stating that an attack on one ally is an attack against all.The accession must be ratified by the parliaments of all 30 North Atlantic Treaty Organization members before Finland and Sweden can be protected by the defense clause.Ratification could take up to a year, although it has already been approved by a few countries, including Canada, Germany and Italy.Senators from both parties strongly endorsed membership for the two countries, describing them as important allies whose modern militaries already worked closely with NATO."The qualifications of these two prosperous, democratic nations are outstanding and will serve to strengthen the NATO alliance," said Democratic Senator Bob Menendez, chairman of the Foreign Relations Committee, urging support before the vote.Senate Majority Leader Chuck Schumer invited the ambassadors and other diplomats from Finland and Sweden to the Senate to watch the vote.Republican Senator Josh Hawley was the lone no vote. Republican Senator Rand Paul voted present.Register now for FREE unlimited access to Reuters.comReporting by Patricia Zengerle; additional reporting by Rose Horowitch; Editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

With eye on Russia, U.S. Senate backs Finland and Sweden's joining NATO.

Alex Jones attempts to answer questions about his emails asked by Mark Bankston, lawyer for Neil Heslin and Scarlett Lewis, during trial at the Travis County Courthouse, Austin, Texas, U.S., August 3, 2022. Briana Sanchez/Pool via REUTERS/File PhotoRegister now for FREE unlimited access to Reuters.comAug 3 (Reuters) - Parents of children killed in the 2012 Sandy Hook school massacre urged a U.S. bankruptcy judge on Wednesday not to allow the parent company of far-right website InfoWars to send any money to its founder, conspiracy theorist Alex Jones, or his companies until they have an opportunity to get to the bottom of InfoWars' finances.As a jury deliberates in Austin, Texas, over how much Jones must pay two parents for his false claims that the deadly shooting was a hoax, families of Sandy Hook victims who have sued Jones for defamation in that trial and others who have sued in Connecticut warned a bankruptcy judge in Houston that Jones might continue to pull assets from InfoWars parent company Free Speech Systems LLC while using its bankruptcy case to avoid paying court judgments in the defamation cases.Marty Brimmage, an attorney for the Sandy Hook parents, told U.S. Bankruptcy Judge Christopher Lopez in Houston on Wednesday that Jones had told his audience that the bankruptcy would "tie up" any defamation judgment for years.Register now for FREE unlimited access to Reuters.comJudges in the Texas and Connecticut cases have already found Jones liable for defamation. The parents in the Texas trial are seeking a judgment of $150 million.Jones testified Wednesday in Austin, admitting that the Sandy Hook shooting was real and that it was "crazy" of him to call it a hoax. read more The jury has begun deliberations.The company's attorneys told the bankruptcy judge on Wednesday that they were only making a "boring" request for permission to make routine payments on debts during the first weeks of its Chapter 11. The company filed for bankruptcy last Friday. read more But the Sandy Hook families said the company could not be trusted to make accurate statements about its finances. They also allege that Jones took $62 million from the company while burdening it with $65 million in "fabricated" debt owed to PQPR Holdings, a company owned by Jones and his parents.Lopez approved a two-week budget that would allow the company to pay its bills, but he limited the amount it could pay Jones and the company's consultants during that period.Register now for FREE unlimited access to Reuters.comReporting by Dietrich Knauth, Editing by Alexia GaramfalviOur Standards: The Thomson Reuters Trust Principles.

Sandy Hook parents seek to stop InfoWars bankruptcy payments to Alex Jones.

A student walks on the University of California Los Angeles (UCLA) campus in Los Angeles, September 18, 2009. REUTERS/Lucy NicholsonRegister now for FREE unlimited access to Reuters.comSummaryUCLA Law is tracking proposed restrictions on the teaching of critical race theory(Reuters) - Efforts to ban the teaching of critical race theory in public schools and universities have been proposed or adopted in 49 U.S. states, according to a new analysis by the University of California at Los Angeles School of Law.The law school’s CRT Forward Tracking Project has identified nearly 500 jurisdictions where critical race theory restrictions have been proposed in the past year by state and federal lawmakers, local school boards and other public officials. The school released its findings Tuesday.Florida, Virginia and Missouri had the most proposed restrictions, the researchers found. They also identified 29 bills introduced by U.S. lawmakers that try to restrict critical race theory at the federal level, though none have passed.Register now for FREE unlimited access to Reuters.comCritical race theory, which emerged out of law schools in the 1980s, argues that racism and prejudice, whether intentional or not, are embedded within U.S. laws and institutions.UCLA Law in 2000 was the first law school to establish a program dedicated to critical race theory, which supports legal scholarship in the area.Professor Kimberlé Crenshaw, who helped to advance and define critical race theory, is on the school's faculty.Critical race theory has become a political flashpoint in recent years. Conservative politicians, parents and right-wing media have deployed the term to denounce discussions of racism, "white privilege" or diversity initiatives in U.S. schools.According to UCLA's tracker, 20% of the anti-critical race theory proposals from the past year were made at the local school board level. California, North Carolina, Florida, Pennsylvania and Virginia saw the most board-level measures.In Democrat-controlled California, five of the eight proposals made by school boards to restrict the teaching of critical race theory were adopted, researchers found.In September 2020, the U.S. Office of Management and Budget banned critical race theory training within the federal government at former President Donald Trump's behest. President Joe Biden later reversed that ban.Among the measures tracked by UCLA, 94% involve restricting the teaching of critical race theory in K-12 schools or at colleges and universities.The most common form of enforcement among those proposals is withholding funding or issuing fines against individual teachers, administrators, schools or districts that violate the restrictions, researchers found.Read more:Law school association: Banning critical race theory is censorshipCritical race theory pioneer to receive legal education’s top honorRegister now for FREE unlimited access to Reuters.comOur Standards: The Thomson Reuters Trust Principles.Karen SloanThomson ReutersKaren Sloan reports on law firms, law schools, and the business of law. Reach her at [email protected]

UCLA Law project catalogs hundreds of anti-critical race theory measures.

The first trial run with a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos Jasso/File PhotoRegister now for FREE unlimited access to Reuters.comPANAMA CITY, Aug 3 (Reuters) - The Panama Canal has seen a 30% fall in the traffic of vessels carrying liquefied natural gas (LNG), driven by Asia's weak demand for U.S. LNG and limited exports from the U.S. Gulf Coast since a terminal explosion in June, the waterway's authority told Reuters this week.Second-largest U.S. exporter Freeport LNG's Texas plant continues shut since an explosion in early June and its partial restart is not expected until October, curtailing the U.S. export capacity, even amid buoyant demand in Europe.Before the incident, the Panama Canal - the main waterway for North America's energy exports to Asian destinations - had already seen a reduction in LNG vessel transit as U.S. producers focused on supplying European customers to replace Russian gas.Register now for FREE unlimited access to Reuters.com"We have had a 30%-reduction in transit in the last nine months," said the Panama Canal Authority's deputy administrator, Ilya Espino de Marotta in an interview, referring to LNG tankers. "Much of LNG from the U.S. Gulf Coast traditionally going to Asia is being diverted to Europe."Warmer temperatures in Asia have driven down demand for LNG, especially cargoes coming from far destinations, which pay higher freight rates.Tonnage onboard Neopanamax container ships also fell, but increased in smaller vessels, she added.Port congestion forcing maritime transportation in smaller ships also took a toll on the Canal's performance, which plans to become carbon neutral by 2030, according to Espino.But the fewer LNG vessels requesting passage through the Canal have been offset by more transit of other type of vessels, including liquefied petroleum gas (LPG) tankers and cruise ships, whose activity is recovering after the pandemic.At the end of its fiscal year in September, the Panama Canal expects to have moved 520 million tonnes of goods, above the record of 516 million tonnes of the previous fiscal year, but below the Authority's goal of 535 million tonnes, Espino said.For the fiscal year starting in October, the Panama Canal expects a recovery in LNG tanker passages through the waterway, and a high percentage of vessels reserving passage slots, which is actually at around 90%.Register now for FREE unlimited access to Reuters.comReporting by Elida Moreno in Panama City; Writing by Marianna Parraga; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Less U.S. gas to Asia, Freeport explosion reduce LNG vessel transit through Panama.

U.S. August 3, 2022 / 8:08 PM / AP A group of protesters broke through an eight-foot chain fence erected Wednesday around Berkeley's historic People's Park and faced off with police officers standing guard as a construction crew began work on a controversial student housing project. The work was halted for safety reasons. The park was cleared overnight Tuesday and the fencing was put up the following day after an Alameda County Superior Court judge on Friday ruled that the University of California, Berkeley — the site's owner — could move forward with its housing plan despite local groups suing to stop it. Protesters and California Highway Patrol officers clash at People's Park in Berkeley, California, on Aug. 3, 2022.  David Paul Morris/Bloomberg/Getty Images By the early afternoon, parts of the fence had been cut down by protesters, prompting small celebrations of vindication inside the park. Some of the protesters remained on site after the university said it decided to stop construction for the day "due to the destruction of construction materials, unlawful protest activity, and violence on the part of some protesters." Some of the protesters climbed onto the bulldozers that remained near a basketball court in the park. In a statement, the university said it plans to assess the situation during the next few days to determine the best way to proceed with "urgently needed student housing project." The university plans to build a complex that would accommodate about 1,100 students as well as 125 formerly homeless people. Part of the park will be set aside to commemorate its historic significance in the civil rights movement. The protests harked back to the spring of 1969 when community organizers banded together to turn a site that the state and university seized under eminent domain, and turned into a gathering space now known as People's Park. After the university erected a fence around the park, protesters sought to reclaim it, triggering bloody battles that resulted in police shooting and killing one man and wounding dozens of others. That May 15, 1969 uprising, known as "Bloody Thursday," triggered even more protests and then-California Gov. Ronald Reagan summoned the National Guard to occupy Berkeley, located about 12 miles east of San Francisco. "It certainly does bring memories about the arrogance of the university and its unwillingness to consider the concerns of the community," said Dan Siegel, who was a student at the law school in 1969 who was arrested on Bloody Thursday after giving a speech at a campus rally that he ended by imploring the crowd to "go down there and take the park." The Associated Press reached Siegel, now a lawyer specializing in labor law, on Wednesday afternoon after the People's Park construction was stopped. Protesters remove fencing at People's Park in Berkeley, California, on Aug. 3, 2022.  (David Paul Morris/Bloomberg/Getty Images) After the fences were put up again early Wednesday morning, about 100 police officers, some in riot gear, were at the park as the crew began cutting down trees to the derision of onlookers who were mostly kept outside barricades. The police looked stoically at the onlookers amid period chants of "power to the people!" before the majority of the protesters marched away in unison after the university stopped construction. UC Berkeley police said in a statement that protesters threw rocks, bottles, and glass at crews working at the park, which is considered aggravated assault. The department didn't say if anyone was arrested. Two or three homeless people who were still at the park Wednesday were offered shelter, transportation and storage for their belongings. The university didn't say whether they accepted the offer. Another 46 homeless people who used to live at the park previously accepted offers for shelter at a motel that is being paid for by the city of Berkeley, the university said. Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Protesters halt construction on controversial UC Berkeley housing project after tense police standoff.

Commonwealth Games - Athletics - Women's 100m - Final - Alexander Stadium, Birmingham, Britain - August 3, 2022 Jamaica's Elaine Thompson-Herah celebrates after winning gold REUTERS/John SibleyRegister now for FREE unlimited access to Reuters.comBIRMINGHAM, England, Aug 3 (Reuters) - Elaine Thompson-Herah, the only one of Jamaica's "Big Three" women to show up at the Commonwealth Games, was rewarded with the 100 metres gold medal on Wednesday, while Kenya's Ferdinand Omanyala powered to the men's title.Thompson-Herah, twice the 100/200m sprint champion at the Olympics, finished third in last month's World Championship 100 final behind Shericka Jackson and Shelly-Ann Fraser-Pryce. She was originally only a reserve for the Commonwealths but when Fraser-Pryce opted out, she stepped in.With Dina-Asher Smith, fourth in Eugene, also absent through injury, Thompson-Herah was the clear favourite for her first individual Commonwealth title.Register now for FREE unlimited access to Reuters.comShe had looked a little tired in her semi-final but grabbed the early lead in the final and ran her usual smooth race to finish a comfortable winner in 10.95 seconds."Feeling good, I didn't have the best execution but nevertheless I had to dig for that one but I am still grateful to win my first Commonwealth Games," she said."I started in 2014 in the 4x100m. Then in 2018 in the 200m I came fourth and now I upgraded to a gold."Saint Lucia’s Julien Alfred was on her shoulder throughout for silver in 11.01 while England’s Daryll Neita recovered well from a terrible start to grab bronze in 11.07.Omanyala, who set an African record of 9.77 seconds last year, served a 14 month doping ban four years ago. He failed to make the final at last month's World Championships after arriving in the United States hours before the heats due to visa problems.Impressive in the semi-final he looked the favourite on Wednesday and duly controlled the final from gun to tape, flying out of the blocks and surging clear and looking more like a barrelling rugby prop than a sprinter to win in 10.02 seconds.He is the second Kenyan to take the title after Seraphino Antao in 1962, when the event was still run over 100 yards.South Africa's defending champion Akani Simbine took silver in 10.13 with Yupun Abeykoon from Sri Lanka getting the bronze in 10.14.Register now for FREE unlimited access to Reuters.comReporting by Mitch Phillips, editing by Pritha SarkarOur Standards: The Thomson Reuters Trust Principles.

Thompson-Herah and Omanyala take 100 metre golds.

Taiwan Semiconductor Manufacturing Company (TSMC) is the biggest contract chipmaker in the world. But it has been thrust in the middle of U.S.-China geopolitical tensions. logo displayed on the screen.Rafael Henrique | Sopa Images | Lightrocket | Getty ImagesU.S. House Speaker Nancy Pelosi may have left Taiwan but the visit has cast a spotlight once again on the island's critical role in the global chip supply chain and in particular on the world's biggest chipmaker, Taiwan Semiconductor Manufacturing Co., or TSMC.The controversial visit, which angered Beijing, saw Pelosi meet with TSMC Chairman Mark Liu, in a sign of how critically important semiconductors are to U.S. national security and the integral role that the company plays in making the most advanced chips.Semiconductors, which go into everything from our smartphones to cars and refrigerators, have become a key part of the U.S. and China's rivalry over technology in the past few years. More recently, a shortage of semiconductors has spurred the U.S. to try to catch up with Asia and maintain a lead over China in the industry."Taiwan's unresolved diplomatic status will remain a source of intense geopolitical uncertainty. Even Pelosi's trip underlines how important Taiwan is for both countries," Reema Bhattacharya, head of Asia research at Verisk Maplecroft, told CNBC's "Street Signs Europe" on Wednesday."The obvious reason being its crucial strategic importance as a chip manufacturer and in the global semiconductor supply chain."Pelosi's visit to Taiwan and meeting with TSMC show the U.S. can't do it alone and will require collaboration with Asian companies that dominate the most cutting-edge chips.TSMC's crucial roleTSMC is a foundry. That means it manufactures chips that other companies design. TSMC has a long list of clients from Apple to Nvidia, some of the world's biggest technology companies.As the U.S. fell behind in chip manufacturing over the last 15 years or so, companies like TSMC and Samsung Electronics in South Korea, pushed ahead with cutting-edge chipmaking techniques. While they still rely on tools and technology from the U.S., Europe and elsewhere, TSMC in particular, managed to cement its place as the world's top chipmaker.TSMC accounts for 54% of the global foundry market, according to Counterpoint Research. Taiwan as a country accounts for about two-thirds of the global foundry market alone when considering TSMC alongside other players like UMC and Vanguard. That highlights the importance of Taiwan in the world's semiconductor market.When you add Samsung into the mix, which has 15% of the global foundry market share, then Asia really dominates the chipmaking sphere.That's why Pelosi made it a point to meet with TSMC's chairman.Taiwan invasion fearsChina views democratically, self-ruled Taiwan as a renegade province that needs to be reunified with the mainland. Beijing spent weeks telling Pelosi not to come to Taiwan.During her visit, China ratcheted up tensions by carrying out military drills.There is a concern that any kind of invasion of Taiwan by China could massively affect the power structure of the global chip market, giving Beijing control of technology it had not previously had. On top of that, there is a fear that an invasion could choke off the supply of cutting-edge chips to the rest of the world."Most likely, the Chinese would 'nationalize it,' (TSMC) and begin integrating the company, and its technology, into its own semiconductor industry," Abishur Prakash, co-founder of advisory firm the Center for Innovating the Future, told CNBC via email.What is the U.S. doing?How does China stack up?SMIC is crucial to China's ambitions, but sanctions have cut it off from the key tools it requires to make the most cutting-edge chips as TSMC does. SMIC remains years behind its rivals. And China's semiconductor industry still relies heavily on foreign technology.TSMC does have two chipmaking plants in China but they are producing less sophisticated semiconductors unlike the manufacturing facility in Arizona.Chipmaking alliancesThe U.S. has been looking to form partnerships on semiconductors with allies in Asia including Japan and South Korea as a way to secure supply of the crucial components and maintain a lead over China.TSMC meanwhile is caught in the middle of the U.S.-China rivalry and could be forced to pick sides, according to Prakash. Its commitment to an advanced semiconductor plant in the U.S. could already be a sign of which country it is siding with."In fact, a company like TSMC has already 'picked sides.' It's investing in the U.S. to support American chip making, and has said it wants to work with 'democracies,' like the EU, on chip making," Prakash said."Increasingly, companies are striking an ideological tone in who they work with. The question is, as tensions between Taiwan and China increase, will TSMC be able to maintain its position (aligning with the West), or will it be forced to recalibrate its geopolitical strategy."

Pelosi’s Taiwan trip puts the world's biggest chipmaker back in the spotlight of U.S.-China rivalry.

CBS Evening News August 3, 2022 / 7:40 PM / CBS News Kentucky uncovers devastation as floodwaters recede Kentucky uncovers devastation as floodwaters recede 02:06 In the small town of Neon, Kentucky, devastation and destruction can be found everywhere. After flood waters receded, as much as two feet of mud covered nearly every street and building, including the only pharmacy in town, The Weather Channel's Justin Michaels reported in partnership with CBS News. Now everyone is pitching in trying to clean up.  "We're used to some flooding and some water up in the street, and we can deal with that. But when it gets 10 or 12 feet in the street, and takes out every single business, it has impacted everybody's life," resident Sam Quillen said. Business owner Tom King said he doesn't see the area getting "back to the stage that they were before this disaster happened."  King has lived in Neon his entire life. His auto collision shop has been in the family for 66 years. It was destroyed in the flooding after it was buried under nearly 10 feet of water. "Honestly, I don't know where to start," he said. "I don't know, I've lost everything I had. My whole livelihood is gone." Many roads and bridges are still impassible, but residents in McRoberts, Kentucky, took matters into their own hands, banding together to build a makeshift bridge — the only lifeline to get in or out of town. "I thought it was going to be months before I could even get out of here," resident Rodney Rose said. "Our community came together and we got it done."  There is concern the makeshift bridge could wash away if too much rain falls in the coming days, but residents said they'll just build it again. As the cleanup and rebuilding slowly begins, Gov. Andy Beshear says the threat isn't over as dangerous heat is expected this week. "The biggest concern for today and tomorrow is the weather. It is very, very hot," Beshear said Wednesday.  In: Kentucky Flooding Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Kentucky residents begin cleanup after devastating floods: "I thought it was going to be months before I could even get out of here".

Ukrainian President Volodymyr Zelensky gives a press conference at the end of an EU-Ukraine Summit at the European Council in Brussels, Belgium, October 6, 2020. Stephanie Lecocq/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comAug 4 (Reuters) - Ukraine is seeking an opportunity to speak "directly" with Chinese leader Xi Jinping to help end its war with Russia, President Volodymyr Zelensky said, the South China Morning Post reported on Thursday.In an interview with SCMP, the Ukrainian leader urged China to use its outsize political and economic influence over Russia to bring an end to the fighting."It's a very powerful state. It's a powerful economy … So (it) can politically, economically influence Russia. And China is [also a] permanent member of the UN Security Council," the report quoted Zelenskiy as saying.Register now for FREE unlimited access to Reuters.comReporting by Jahnavi Nidumolu in Bengaluru Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Zelenskiy seeking 'direct talks' with China's Xi to help end Ukraine war- SCMP.

Register now for FREE unlimited access to Reuters.comWASHINGTON, Aug 3 (Reuters) - President Joe Biden said on Wednesday the Supreme Court and Republicans are clueless about the power of American women as he signed a second executive order aimed at protecting abortion rights.The order asks the federal health department to consider allowing Medicaid funds to be used to help facilitate out of state travel for abortions. Like Biden's first order signed in July, it is meant to address the recent Supreme Court decision to end the nationwide constitutional right to abortion.It is expected to have limited impact, as Republicans in U.S. states push a wave of laws restricting abortion, access to medication and funding for such services.Register now for FREE unlimited access to Reuters.comThe president's actions come a day after Kansas voters rejected one such effort, to remove abortion protections from the state's constitution. The vote was a resounding win for the abortion rights movement in the first statewide electoral test since the Supreme Court ruling. read more "I don't think the court has any notion for that matter or the Republican party for that matter...how women are going to respond. They don't have a clue about the power of American women," Biden said. "Last night in Kansas they found out."He called the Kansas result a "decisive victory" and said voters in the state sent a "powerful signal" that makes clear politicians should not interfere with the fundamental rights of women."This fight is not over and we saw that last night in Kansas," Biden said. The Supreme Court "practically dared women in this country go to the ballot box and restore the right to choose," that it had just stripped away, Biden said.Last month, Biden said the Supreme Court, which is weighted 6-3 with conservative judges, was "out of control" after ruling in June to overturn Roe v Wade, ending a half-century of protections for women's reproductive rights. His first order in early July directed the federal government's health department to expand access to medication abortion and ensure that women who travel for abortions are protected. read more The latest action builds on those measures. But like the first one it remains vague about how those goals can be achieved. It asks the Health and Human Services Department to consider using funds including Medicaid, the federal and state funded insurance program it oversees, to support low-income women traveling out-of-state for abortion services, a senior administration official said.It calls on Health and Human Services Secretary Xavier Becerra to consider inviting states to apply for Medicaid waivers when treating patients who cross state lines for reproductive health services, the official said, without giving additional details.U.S. White House staff watch U.S. President Joe Biden following the signing second executive order securing access to reproductive and other health care services at the first meeting of the interagency Task Force on Reproductive Healthcare Access, in Washington, U.S., August 3, 2022. REUTERS/Evelyn HocksteinThe Hyde Amendment, a Congressional measure, states that Medicaid will not pay for an abortion unless the woman's life is in danger or the pregnancy resulted from rape or incest, making the effectiveness of the order uncertain.It also directs the department to ensure health-care providers comply with federal non-discrimination laws when offering such services and orders it to collect data to measure the impact of the ruling on maternal health, the official added.The president signed the order at the first meeting of the interagency task force on reproductive healthcare access, which was formed in July. Vice President Kamala Harris, who has traveled to six different states to convene state legislators about protecting reproductive health care in recent weeks, joined Biden for the meeting and called the abortion issue a "healthcare crisis in America."Senate Democrats rejected Biden's call to lift the chamber's "filibuster" rule requiring 60 of the 100 senators to agree on most legislation to allow them to pass a law establishing a national right to abortion.In the evenly divided Senate, U.S. Vice President Kamala Harris can cast a tie-breaking vote.Since then Biden has pivoted to urging voters to elect more Democrats to Congress in the Nov. 8 midterm elections, when Republicans are favored to win back a majority in the House of Representatives and perhaps also the Senate. He reiterated his appeal to voters on Wednesday.Democrats hope the issue may help drive voters to the polls in November.Protecting abortion rights is a top issue for women Democrats, Reuters polling shows. More than 70% of Americans think the issue should be left to a woman and her doctor.On Tuesday, Biden's Justice Department sued Idaho to block a state law that it said imposes a "near-absolute ban" on abortion, marking its first legal challenge to state abortion laws since the Supreme Court ruling. read more Attorney General Merrick Garland on Wednesday said the Justice Department will file a motion to dismiss a Texas lawsuit against the Biden administration's requirement that doctors nationwide provide lifesaving abortions in emergency situations or risk the loss of their Medicare funding.Register now for FREE unlimited access to Reuters.comReporting by Nandita Bose, Jeff Mason and Alexandra Alper in Washington; Editing by Scott Malone, Leslie Adler and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Biden signs abortion order, says Republicans clueless about women's power.

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File PhotoRegister now for FREE unlimited access to Reuters.comNEW YORK, Aug 3 (Reuters) - The shrinking discount of U.S. crude to Brent and rising Canadian oil imports this month will send more barrels to the top U.S. oil storage hub, continuing a recent supply build, oil dealers and traders said.Rising storage levels at Cushing, Oklahoma, the delivery point for U.S. crude oil futures , are putting pressure on futures prices, which could help ease U.S. inflation. After running up to $122.11 per barrel, U.S. oil futures on Wednesday settled at $90.66, down more than 25% in the last two months.The end of Canadian oil sands maintenance is among the main factors pushing inventories higher, one trader said. U.S. oil exports, after hitting new records last month, shrank sharply last week as buyers pulled back amid recession fears.Register now for FREE unlimited access to Reuters.comWTI futures sank by more than $3 a barrel on Wednesday after government data showed a 926,000 barrel build at the storage hub and declining exports last week.Meanwhile, the spread between WTI and Brent futures , called the arb, shrank to minus $7 a barrel from roughly minus $11 on Friday, discouraging foreign buyers of U.S. barrels."If the arb gets back to minus $10, then we should see more exports, but I have not seen or heard of any big export deals," one U.S. broker said on the condition of anonymity, adding that rising tanker rates also limited exports.Falling exports helped push October U.S. crude contracts to a three-month low of 84 cents above September prices, Refinitiv Eikon data show.That easing backwardation, when current prices are higher than prices farther down the line, could accelerate storage builds, said Robert Yawger, energy futures strategist with Mizuho in New York."Once the spread trades below $1, producers and storage operators are not shy about stuffing barrels in storage," Yawger said.Register now for FREE unlimited access to Reuters.comEditing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.Stephanie KellyThomson ReutersA New-York-based correspondent covering the U.S. crude market and member of the energy team since 2018 covering the oil and fuel markets as well as federal policy around renewable fuels.

Shrinking U.S. exports likely to build oil stocks at Cushing storage hub.

Register now for FREE unlimited access to Reuters.comSummaryUkraine dismisses Schroeder comment on 'negotiated solution'Schroeder 'voice of Russian royal court', Zelenskiy aide saysFirst Ukrainian grain ship in wartime on way to LebanonRussian military active in east, northeast, south -UkraineKYIV/ISTANBUL, Aug 3 (Reuters) - Ukraine on Wednesday dismissed comments by former German Chancellor Gerhard Schroeder that Russia wanted a "negotiated solution" to the war and said any dialogue would be contingent on a Russian ceasefire and withdrawal of its troops.Schroeder, a friend of Russian President Vladimir Putin and increasingly derided in Germany for his pro-Russia stance, said last month's agreement on grain shipments from Ukraine, aimed at easing a global food crisis, might offer a way forward. read more The first grain ship since the war began more than five months ago passed through the Bosphorus Strait on Wednesday en route to Lebanon. read more Register now for FREE unlimited access to Reuters.com"The good news is that the Kremlin wants a negotiated solution," Schroeder told Stern weekly and broadcasters RTL/ntv, adding he had met Putin in Moscow last week. "A first success is the grain deal, perhaps that can be slowly expanded to a ceasefire."In response, Ukrainian presidential adviser Mykhailo Podolyak described Schroeder as a "voice of the Russian royal court" and made clear that the grain agreement would not lead to broader negotiations."If Moscow wants dialogue, the ball is in its court. First — a cease-fire and withdrawal of troops, then — constructive (dialogue)," Podolyak wrote on Twitter.In a video address on Wednesday night, Ukrainian President Volodymr Zelenskiy also responded bitterly to the notion of talks with Russia."It is simply disgusting when former leaders of major states with European values work for Russia, which is at war against these values," Zelenskiy said.Tentative attempts at peace talks in March went nowhere.Russia is engaged in considerable military activity in the east, northeast and south of Ukraine, a statement by the General Staff of the Armed forces said on Wednesday night.In the northeastern region of Kharkiv, where Ukrainian forces have had success in expelling Russian troops, Russian forces shelled a dozen towns with tank fire and launched air strikes, the statement said.Shelling was also carried out near the central town of Kramatorsk, which Russian forces hope to capture as they move south, the military said. There was shelling in about eight towns and villages, it said.Reuters was not able to immediately verify battlefield reports.Russia has started creating a military strike force aimed at Zelenskiy's hometown of Kryvyi Rih in central Ukraine, the Ukrainian military said earlier. read more BREAD BASKETUkrainian servicemen fire with a BM21 Grad multiple launch rocket system in a frontline in Kharkiv region, as Russia's attack on Ukraine continues, Ukraine August 2, 2022. REUTERS/Sofiia GatilovaThe grain agreement, brokered by the United Nations and Turkey, has been hailed as a rare diplomatic success in the war, which Russia describes as a "special military operation" to rid Ukraine of fascists, an assertion the Kyiv government and its Western allies said was a baseless pretext for an unprovoked conflict.Zelenskiy played down the importance of the grain deal on Wednesday, saying the shipment was a fraction of the crop Kyiv must sell to help salvage its shattered economy.The ship, Razoni, left Odesa on the Black Sea early on Monday carrying 26,527 tonnes of corn to the Lebanese port of Tripoli.Zelenskiy, speaking via video to students in Australia, said through an interpreter that more time was needed to see whether other grain shipments would follow.He said Ukraine, one of the world's top grain producers before the war and known as Europe's bread basket, had to export a minimum 10 million tonnes to urgently help bring down its budget deficit which was running at $5 billion a month.A senior Turkish official said three ships could leave Ukrainian ports daily following the Razoni's departure, while Ukraine's infrastructure minister said 17 more ships had been loaded with agricultural produce and were waiting to set sail.Ukraine's forecast for its 2022 harvest has increased to 65 million-67 million tonnes of grain from 60 million tonnes, Prime Minister Denys Shmygal said.In a Telegram message, he praised farmers for pressing ahead with the harvest, even in areas where shelling continues."The war ... is almost killing the economy. It's in a coma," Zelenskiy said. "Russia's blocking of the ports is a great loss for the economy."Zelenskiy has repeatedly said Moscow may try to obstruct exports despite signing up to the deal.Russia, which blockaded the ports after the Feb. 24 invasion, has said it wants to see more done about the exports of its own grain and fertilisers.It has denied responsibility for the food crisis, saying sanctions by the West have slowed its exports.One of the companies affected by the sanctions, U.S. oil producer Exxon Mobil, is making progress exiting its stake in the Sakhalin-1 oil and gas development in the Russian Far East, a company spokesperson said. read more Ukraine and Russia have traded accusations over a missile strike or explosion on Friday that appeared to have killed dozens of Ukrainian prisoners of war in the eastern frontline town of Olenivka, held by Moscow-backed separatists.A fact-finding mission will begin into the deaths, U.N. Secretary-General Antonio Guterres said on Wednesday. It had been requested by both sides, he said. read more Register now for FREE unlimited access to Reuters.comReporting by Reuters bureaux; Writing by Andrew Osborn, Nick Macfie and Grant McCool; Editing by Andrew Cawthorne, Angus MacSwan and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Russian ceasefire and troop pullout must precede any talks, says Ukraine.

Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File PhotoRegister now for FREE unlimited access to Reuters.comHOUSTON, Aug 3 (Reuters) - Occidental Petroleum Corp (OXY.N) plans to use the bonanza from high oil and gas prices to accelerate debt payments and cash distribution to shareholders but will not raise oil production, Chief Executive Vicki Hollub said on Wednesday.White House officials have been urging oil producers to invest in more oil production to bring fuel prices down to consumers. The top oil producers in the U.S. and Europe posted record earnings in the second quarter, but kept a check on investments. read more Occidental on Tuesday posted higher than expected earnings in the second quarter, but cut its 2022 output outlook for the main unconventional basin in the United States, knocking its shares down more than 6% to close at $60.99. read more Register now for FREE unlimited access to Reuters.comThe company also said it resumed a buyback program after reaching its short-term debt reduction goals in the second quarter. With a cleaner balance sheet, the U.S. oil producer said it can now slightly raise dividends and sustain stock repurchases "over the next few years".Occidental also said it wants to accelerate a three-year target to bring debt down to $15 billion, from more than $21 billion now. Investment targets were unchanged."We don't feel the need to grow production until we get beyond that point," Hollub told analysts on a webcast to discuss second quarter earnings. "Because we feel like one of the best values right now is investment in our own stock."United Nations Secretary-General Antonio Guterres on Wednesday slammed the "grotesque greed" of oil companies, urging governments globally to "tax these excessive profits" to support the most vulnerable people. read more The Permian basin this year should deliver around 521,000 barrels of oil equivalent per day (boed) for the company, from around 532,000 boed projected in May, it said.The reduction follows third party processing issues and a partial Permian production transfer to Colombian oil producer Ecopetrol, with whom Occidental signed a joint venture.Total 2022 production outlook was kept stable at around 1.55 million boed, with higher production in the Rockies and the Gulf of Mexico basins offsetting losses in the Permian.Register now for FREE unlimited access to Reuters.comReporting by Sabrina Valle; Editing by Jonathan Oatis, Alexander Smith and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Occidental to cut debt and distribute cash, won't raise oil output.

Crime August 3, 2022 / 12:07 PM / CBS/AP Woman demands change after nightclub spiking Woman demands change after "strange" spiking at U.K. nightclub 02:06 Police in Spain are investigating about 50 reported cases of women getting pricked with medical needles while at nightclubs or parties, a trend that previously came to the attention of authorities in other European countries.So far, Spanish police have not confirmed any cases of sexual assault or robbery related to the mysterious jabs. Police said that 23 of the recently reported needle attacks were in northeast Spain's Catalonia region, which borders France.Waves of needle pricks at nightclubs and musical events also have confounded authorities in France, Britain, Belgium and the Netherlands. French police have tallied over 400 reports in recent months, and said the motive of the jabs was unclear. In many cases, it also wasn't clear if the victims were injected with a substance. Spanish police so far have found evidence of drugs in one victim, a 13-year-old girl in the northern city of Gijón who had the party drug ecstasy in her system. Local media reported that the girl was quickly taken to hospital by her parents, who were near her when she felt a prick with something sharp.In an interview with national public broadcaster TVE that aired Wednesday, Spanish Justice Minister Pilar Llop urged everyone who thinks they received a shot without their consent to go to the police, since being stabbed with a needle "is a serious act of violence against women." Spanish health authorities said they were updating their protocols to improve the ability to detect any substances that were possibly injected into victims. The toxicological screening protocols call for blood or urine tests within 12 hours of a suspected attack, Llop said.The guidelines advise victims to immediately call emergency services and go to a health center as soon as possible.In southwest France, a spate of needle attacks were reported during the Bayonne Festival, which about 1.2 million people attended last week in the city near Spain's border.Bayonne Deputy Prosecutor Caroline Parizel said 124 people received medical examinations after they reported potential needle attacks. They included both women and men. Eleven filed legal complaints. Last month, French prosecutors charged a 20-year-old man in southern France in connection with a spate of needle attacks. A rash of needle spiking cases was reported in Britain in 2021. In November, 19-year-old British student Sarah Buckle told CBS News she was out clubbing with her friends when something went terribly wrong."Apparently I started screaming and then throwing up and going unconscious and coming back around, and it was just this horrible cycle," Buckle told CBS News. "My friends, at this point, could tell: 'No, something's really, really wrong… She's not had too much to drink. This is something completely different,'" Buckle said.Her friends took her to the hospital, where she woke up the next morning with no memory of what had happened the night before. Her hand was throbbing, and a bruise was developing with what looked like a needle prick in the middle."When I spoke to police, they also found it very strange, and a scientist who works with the police had a look and said, 'Well, that definitely looks like a needle prick.'"  A bruise on Sarah Buckle's hand that police told her looked like a needle prick. Sarah Buckle Haley Ott contributed to this report. In: Spain Thanks for reading CBS NEWS. Create your free account or log in for more features. Please enter email address to continue Please enter valid email address to continue

Spain is latest nation with reports of mysterious needle pricks at nightclubs: "A serious act of violence against women".

A sign is pictured outside an Eli Lilly and Company pharmaceutical manufacturing plant at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. Picture taken March 5, 2021. REUTERS/Mike SegarRegister now for FREE unlimited access to Reuters.comAug 3 (Reuters) - Eli Lilly and Co (LLY.N) said on Wednesday it plans to make its COVID-19 antibody drug commercially available to U.S. states as well as hospitals and other healthcare providers from August.The drug, bebtelovimab, had received authorization in the United States in February for the treatment of mild-to-moderate COVID-19 among adults and children.Eli Lilly entered an agreement in June to supply an additional 150,000 doses of the drug to the U.S. government.Register now for FREE unlimited access to Reuters.comThe U.S. government will exhaust their supply of bebtelovimab as early as the week of August 22 and, without congressional appropriations, does not have the funds to purchase more, Lilly told Reuters.Lilly would make bebtelovimab commercially available through a sole distributor beginning the week of Aug. 15, the company said.This will be done under the existing emergency use authorization, Lilly said, adding that it currently does not plan to pursue full approval for bebtelovimab.Register now for FREE unlimited access to Reuters.comReporting by Amruta Khandekar; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Eli Lilly to make COVID-19 antibody drug commercially available from August.

A billboard advertising the film "Joker" is pictured in Los Angeles, California, U.S., October 2, 2019. REUTERS/Mario AnzuoniRegister now for FREE unlimited access to Reuters.comLOS ANGELES, Aug 3 (Reuters) - A motion picture sequel to the Oscar-winning psychological thriller "Joker," based on one of the world's best known comic book villains, is set for release in theaters on Oct. 4, 2024, a spokesperson for film distributor Warner Bros said on Wednesday."Joker: Folie a Deux," will star Joaquin Phoenix reprising his role as the title character, which earned him the Academy Award as best actor in the original 2019 film depicting an origin story for the arch enemy of DC Comics' superhero Batman, according to the studio spokesperson.The 2019 film, which was Oscar-nominated in the best film category and won for best original score as well as for best lead actor, was directed and produced by Todd Phillips, who co-wrote the script with Scott Silver.Register now for FREE unlimited access to Reuters.comThe story charted the psychological descent of the film's protagonist, a failed party clown and wannabe comedian Arthur Fleck, and the social forces that transformed him from a dejected loner into a cold-blooded killer who inspires a wave of violence in the fictional metropolis of Gotham City.No further details about the sequel were immediately made available by Warner Bros. But Hollywood trade publication Variety has reported that the new production will be a musical with Lady Gaga expected to play Joker's co-conspirator, Harley Quinn.Phoenix, 47, known for playing brooding or emotionally troubled characters, was widely acclaimed for one many critics hailed as one of the most chilling and disturbing performances in modern film.He was the second performer to earn an Academy Award for playing the Joker, following in the footsteps of Heath Ledger, who posthumously won the Oscar for best supporting actor for his 2008 rendition of the character in "The Dark Knight."Register now for FREE unlimited access to Reuters.comReporting by Lisa Richwine and Steve Gorman in Los Angeles; Editing by Chris Reese and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Joaquin Phoenix to return to big screen as Joker in 2024 sequel.

The entrance of Ecopetrol's Castilla oil rig platform is seen in Castilla La Nueva, Colombia June 26, 2018. REUTERS/Luisa Gonzalez/File PhotoRegister now for FREE unlimited access to Reuters.comBOGOTA/MEXICO CITY, Aug 3 (Reuters) - Colombia's majority state-owned oil company Ecopetrol reported record net profit for both the second quarter and the first half of 2022 on Wednesday after earnings benefited from soaring prices and increased production.Ecopetrol's net profit for the three months to June 30 stood at 10.5 trillion pesos ($2.4 billion), the company said, while first-half net profit leapt to 17 trillion pesos, versus 6.8 trillion pesos in the year-earlier period."In these first six months of 2022, Ecopetrol is reporting a record profit. This profit, for these first six months, is already greater than the profit reported for the 12 months of 2021," Chief Executive Felipe Bayon said in a virtual press conference.Register now for FREE unlimited access to Reuters.comThe company reported net profit of 16.7 trillion pesos for 2021. read more Ecopetrol's results follow positive earnings reports from regional peers, Mexico's Petroleos Mexicanos, known as Pemex, and Brazilian counterpart Petroleo Brasileiro, which is referred to as Petrobras.The Brazilian company posted a quarterly net income of $10.5 billion, beating analysts' expectations, while Pemex reported its net profit soared more than ninefold to $6.5 billion, helped by surging prices. read more Ecopetrol's total sales jumped 125% in the second quarter to 43.9 trillion pesos, pushed by the rise in oil and gas prices and a positive exchange rate, the company said.The company's earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter also rose 135.6% to 22.2 trillion pesos.The results were boosted by increased production, which rose 6.6% in the second quarter of the year to 704,600 barrels of oil equivalent per day (boed), up from 660,900 boed in the second quarter of 2021.($1 = 4,313.30 Colombian pesos)Register now for FREE unlimited access to Reuters.comReporting by Valentine Hilaire and Noe Torres in Mexico city and Oliver Griffin in Bogota, Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Colombia's Ecopetrol hits record profit for half-year, second quarter.

FILE PHOTO - A PetroChina worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China June 27, 2018. REUTERS/Stringer ATRegister now for FREE unlimited access to Reuters.comAug 4 (Reuters) - Oil prices rose in early Asian trade on Thursday, bouncing off multi-month lows in the previous session caused by data signalling weak U.S. fuel demand.Brent crude futures rose 53 cents, or 0.6%, at $97.31 a barrel by 0020 GMT while West Texas Intermediate (WTI) crude futures rose 55 cents, also a 0.6% gain, to $91.21. Both benchmark fell to their weakest levels since February in the previous session.U.S. crude oil inventories rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said. read more Register now for FREE unlimited access to Reuters.comOn the supply side, ministers for the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to a small increase in the group's output target, equal to about 0.1% of global oil demand. read more While the United States has asked the group to boost output, spare capacity is limited and Saudi Arabia may be reluctant to beef up production at the expense of Russia, hit by sanctions over the Ukraine invasion that Moscow calls "a special operation".Ahead of the meeting, OPEC+ trimmed its forecast for the oil market surplus this year by 200,000 barrels per day (bpd) to 800,000 bpd, three delegates told Reuters.Supporting prices, the Caspian Pipeline Consortium (CPC), which connects Kazakh oil fields with the Russian Black Sea port of Novorossiisk, said that supplies were significantly down, without providing figures. read more Register now for FREE unlimited access to Reuters.comReporting by Laura Sanicola; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.Laura SanicolaThomson ReutersReports on oil and energy, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.

Oil prices rebound after dropping to lowest in months on weak U.S. demand.

Register now for FREE unlimited access to Reuters.comWASHINGTON, Aug 3 (Reuters) - A U.S. Senate panel on Wednesday took up proposals to reform federal election law, aiming to avoid a repeat of the violence of Jan. 6, 2021, when Donald Trump supporters stormed the Capitol in an effort to overturn his election defeat.The Senate Rules Committee is reviewing two legislative proposals to craft a bill to reform the 1887 Electoral Count Act, which the former president and his allies sought to use to overturn his 2020 election loss to President Joe Biden."It's our job to make sure this never happens again, no matter who's in charge," Democratic Senator Amy Klobuchar, the committee's chair, said at a hearing.Register now for FREE unlimited access to Reuters.comTrump supporters stormed the Capitol in a failed effort to pressure then-Vice President Mike Pence to stop Congress from certifying the results.A bipartisan group of senators led by Democrat Joe Manchin and Republican Susan Collins proposed legislation last month that would among other things, clarify that the vice president plays only a ceremonial role during certification of presidential election results.Similar legislation has been put forward by Klobuchar, Democratic Senator Richard Durbin and independent Senator Angus King. House of Representatives Democrats are also pursuing legislation.A view shows the U.S. Capitol dome from the Cannon House Office Building on Capitol Hill in Washington, U.S., July 14, 2022. REUTERS/Elizabeth Frantz/File PhotoCalling the Electoral Count Act "archaic and ambiguous," Collins said lawmakers from both parties have abused weaknesses in the law by raising frivolous objections in four of the last six presidential elections."It took the violent breach of the Capitol on Jan. 6 to really shine a spotlight on how urgent the need for reform was," said Collins, one of seven Senate Republicans to vote to convict Trump on a charge of inciting insurrection at his subsequent impeachment trial."Nothing is more essential to the survival of a democracy than the orderly transfer of power. And there is nothing more essential to the orderly transfer of power than clear rules for effecting it," she added.Lawmakers hope to pass reforms this year, while the House and Senate are under Democratic control.The legislation that emerges from the committee is expected to make it harder for members of Congress to raise objections to election results by requiring a vote by as much as 20% of the House and Senate. Current law allows objections with support from only one lawmaker from each chamber.Such legislation would also tighten the procedure for handling slates of electors and specify a path for challenging election results in court.Register now for FREE unlimited access to Reuters.comReporting by Rose Horowitch and David Morgan; Editing by Scott Malone and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

U.S. Senate panel seeks legislative path to avoid repeat of Jan. 6 violence.

FILE PHOTO - The logo of Argentine online marketplace MercadoLibre is seen in this undated handout illustration distributed to Reuters on July 27, 2022. Mercado Libre/Handout via REUTERS Register now for FREE unlimited access to Reuters.comSAO PAULO, Aug 3 (Reuters) - South American e-commerce giant MercadoLibre Inc (MELI.O) reported on Wednesday that its second-quarter net income rose 79.8% year-on-year, beating earnings forecasts.The company, present in 18 countries including Brazil, Mexico and Colombia, reported a net income for the three-month period of $123 million, beating a Refinitiv forecast of $98.9 million.After the results, MercadoLibre's senior strategy vice president Andre Chaves said the company has plans to grow in Latin America, but "there is nothing in sight at the moment in terms of acquisitions."Register now for FREE unlimited access to Reuters.com"If so, it will be something small," Chaves said.Brazil, which represented 56% of the group's net revenue in the quarter, remains the company's main focus, Chaves added.In March, the group announced an investment in Brazil of 17 billion reais through this year, part of which would be used to open four logistics centers and double its delivery capacity.Furthermore, the company said during a call with analysts it sees Mexico's potential to be a larger and more profitable market in the longer term, adding this has been their first profitable quarter in the country in the last five years.Shares of MercadoLibre were up 12% at 6:00 pm Eastern time (2200 GMT) in extended trade Wednesday.The company's net revenue rose 56.5% in constant currency and 52.5% in dollars to $2.6 billion as it registered growth in revenues from its commerce and fintech sectors.The group's financial arm, Mercado Pago, saw net revenue soar 112.5% ​​in dollars year-on-year to $1.2 billion, as it expanded its lines of business such as insurance and investment tools.Mercado Pago reported an 83.9% jump in total payment volume in constant currency to $30.2 billion. Its credit portfolio reached $2.7 billion in the quarter, a 12.5% increase in comparison to the previous quarter.Register now for FREE unlimited access to Reuters.comReporting by Aluisio Alves and Aida Pelaez-Fernandez; Writing by Carolina Pulice; Editing by Brendan O'Boyle, Cynthia Osterman and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Latam's MercadoLibre profits soar, company plans growth.

A woman passes ASEAN Summit flags at Suntec Convention Centre in Singapore, November 11, 2018. REUTERS/Edgar SuRegister now for FREE unlimited access to Reuters.comPHNOM PENH, Aug 4 (Reuters) - Southeast Asia's regional bloc ASEAN warned on Thursday that an increase in international and regional volatility could lead to "miscalculation, serious confrontation, open conflicts and unpredictable consequences among major powers".The Association of Southeast Asian Nations made the remarks in a statement from foreign ministers after the bloc's chair Cambodia had called on all sides to de-escalate tensions over Taiwan.Register now for FREE unlimited access to Reuters.comReporting by Narin Sun; Writing by Ed Davies; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

ASEAN concerned over regional volatility, risk of miscalculations over Taiwan.

Register now for FREE unlimited access to Reuters.comBAKU, Aug 3 (Reuters) - Azerbaijan said its forces had crushed an Armenian attack near the disputed enclave of Nagorno-Karabakh on Wednesday, prompting international calls for an end to fighting in a region that has been a flashpoint for 30 years.Nagorno-Karabakh broke away from Azerbaijan with Armenian support after a bloody post-Soviet ethnic conflict in the early 1990s. In 2020, Azerbaijan successfully won back part of the territory controlled by the separatists.Under the terms of a subsequent ceasefire, Russian peacekeepers were deployed to protect the remainder of the separatist-held territory. Both sides though accuse each other of breaches and in recent days violence has flared.Register now for FREE unlimited access to Reuters.comThe Azeri defence ministry said Armenia had grossly violated the ceasefire by committing an act of sabotage that killed one soldier. In addition, Baku said its forces had beaten back an Armenian attempt to capture a hill in an area controlled by the Russian peacekeepers."As a result, those fighting for the illegal Armenian armed formations were killed and injured," it said in a statement, demanding all Armenian troops pull out of the area and promising "crushing" countermeasures if necessary.In response, Armenia's foreign ministry said Azerbaijan had violated the ceasefire by launching an attack in areas controlled by the peacekeepers. In a statement, it said Yerevan wanted the international community "to undertake measures toward halting the aggressive behaviour and actions of Azerbaijan".The European Union called for an immediate end to hostilities and said both sides should respect the ceasefire, a call echoed by the Polish chairman of the Organization for Security and Co-operation in Europe."The United States is deeply concerned by and closely following reports of intensive fighting around Nagorno-Karabakh, including casualties and the loss of life," U.S. State Department spokesman Ned Price said. "We urge immediate steps to reduce tensions and avoid further escalation."Earlier, separatist authorities in the ethnically Armenian enclave declared a partial mobilisation.Russia said the situation in the areas controlled by its peacekeepers was getting more tense and reported at least one violation of the ceasefire by Azeri forces, Interfax said.Register now for FREE unlimited access to Reuters.comReporting by Nailia Bagirova Additional reporting by Dan Whitcomb; writing by David Ljunggren; editing by Bernadette Baum, Alistair Bell and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Azerbaijan says it crushed Armenia attack near enclave, EU wants end to fighting.

A rescue worker works in the aftermath of shelling, as Russia's invasion of Ukraine continues, at Mykolaiv Regional Skin and Venereal Diseases Dispensary, in Mykolaiv, Ukraine, in this handout image released August 1, 2022. State Emergency Service of Ukraine in the Mykolaiv region/Handout via REUTERS Register now for FREE unlimited access to Reuters.comSummaryUkraine warns of new Russian southern offensiveStrike force aimed at president's hometown, says UkraineU.S., Italy approve Finland, Sweden accession to NATOUkraine calls on China to help end war, says SCMPKYIV/WASHINGTON, Aug 4 (Reuters) - Ukraine said Russia had started creating a military strike force aimed at President Volodymyr Zelenskiy's hometown of Kryvyi Rih, as NATO moved closer to the most significant expansion of the alliance in decades as it responds to the invasion of Ukraine.The U.S. Senate and the Italian parliament both approved on Wednesday Finland and Sweden's accession to the 30-member North Atlantic Treaty Organisation (NATO). Under NATO membership, which must be ratified by all 30 member states, an attack on one member is an attack against all. read more "This historic vote sends an important signal of the sustained, bipartisan U.S. commitment to NATO, and to ensuring our Alliance is prepared to meet the challenges of today and tomorrow," U.S. President Joe Biden said in a statement.Register now for FREE unlimited access to Reuters.comRussia, which invaded Ukraine on Feb. 24, has repeatedly warned Finland and Sweden against joining NATO.NATO's 30 allies signed the accession protocol last month, allowing them to join the U.S.-led nuclear-armed alliance once its members ratify the decision. read more Ratification could take up to a year.Ukraine on Wednesday dismissed suggestions by former German Chancellor Gerhard Schroeder that Russia wanted a "negotiated solution" to the five-month war and said any dialogue would be contingent on a Russian ceasefire and withdrawal of its troops.Tentative attempts at peace talks in March went nowhere.The South China Morning Post (SCMP) reported on Thursday that Ukraine was seeking an opportunity to speak "directly" with Chinese leader Xi Jinping to help end the war.In an interview with SCMP, Zelenskiy urged China to use its political and economic influence over Russia to bring an end to the fighting."It's a very powerful state. It's a powerful economy … So (it) can politically, economically influence Russia. And China is (also a) permanent member of the U.N. Security Council," the report quoted Zelenskiy as saying.NEW SOUTHERN OFFENSIVEUkraine on Wednesday night said Russia was engaged in considerable military activity in the east, northeast and south of the country and warned that Moscow could be preparing new offensive operations in southern Ukraine. read more Dmytro Zhyvytsky, governor of Sumy region on the border with Russia, said three towns had been shelled by Russian forces on Wednesday, with a total of 55 missiles fired. There were no injuries, but homes and commercial premises were damaged.He said eight artillery shells hit residential parts of Krasnopilska community.Reuters was not able to verify battlefield reports.Russia denies it targets civilians, but many towns and cities have been destroyed and thousands of civilians killed in the biggest conflict in Europe since World War Two. Ukraine and its Western allies accuse Russian forces of war crimes.Russian President Vladimir Putin sent troops in Ukraine in what he said was a "special military operation" to rid the country of fascists. Ukraine and the West said Putin launched an unprovoked "imperial" land grab.The war has sparked a global energy and food crisis. Russia and Ukraine produce about one third of global wheat and Russia is the main energy supplier to Europe.An agreement between Moscow and Kyiv, brokered by the United Nations and Turkey, to allow safe passage of grain ships from Ukraine has been hailed as a rare diplomatic success in the war.The first ship carrying Ukrainian grain since the war started passed through the Bosphorus Strait on Wednesday.The ship, Razoni, left Odesa on the Black Sea early on Monday carrying 26,527 tonnes of corn to the Lebanese port of Tripoli. read more A senior Turkish official said three ships could leave Ukrainian ports daily following the Razoni's departure, while Ukraine's infrastructure minister said 17 more ships had been loaded with agricultural produce and were waiting to set sail.Register now for FREE unlimited access to Reuters.comReporting by Reuters bureaux; Writing by Michael Perry; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Ukraine warns of new Russian offensive; Sweden, Finland move closer to joining NATO.

Register now for FREE unlimited access to Reuters.comAug 3 (Reuters) - Parents of children killed in the 2012 Sandy Hook school massacre urged a U.S. bankruptcy judge on Wednesday not to allow the parent company of far-right website InfoWars to send any money to its founder, conspiracy theorist Alex Jones, or his companies until they have an opportunity to get to the bottom of InfoWars' finances.As a jury deliberates in Austin, Texas, over how much Jones must pay two parents for his false claims that the deadly shooting was a hoax, families of Sandy Hook victims who have sued Jones for defamation in that trial and others who have sued in Connecticut warned a bankruptcy judge in Houston that Jones might continue to pull assets from InfoWars parent company Free Speech Systems LLC while using its bankruptcy case to avoid paying court judgments in the defamation cases.Marty Brimmage, an attorney for the Sandy Hook parents, told U.S. Bankruptcy Judge Christopher Lopez in Houston on Wednesday that Jones had told his audience that the bankruptcy would "tie up" any defamation judgment for years.Register now for FREE unlimited access to Reuters.comJudges in the Texas and Connecticut cases have already found Jones liable for defamation. The parents in the Texas trial are seeking a judgment of $150 million.Alex Jones attempts to answer questions about his emails asked by Mark Bankston, lawyer for Neil Heslin and Scarlett Lewis, during trial at the Travis County Courthouse, Austin, Texas, U.S., August 3, 2022. Briana Sanchez/Pool via REUTERS/File PhotoJones testified Wednesday in Austin, admitting that the Sandy Hook shooting was real and that it was "crazy" of him to call it a hoax. read more The jury has begun deliberations.The company's attorneys told the bankruptcy judge on Wednesday that they were only making a "boring" request for permission to make routine payments on debts during the first weeks of its Chapter 11. The company filed for bankruptcy last Friday. read more But the Sandy Hook families said the company could not be trusted to make accurate statements about its finances. They also allege that Jones took $62 million from the company while burdening it with $65 million in "fabricated" debt owed to PQPR Holdings, a company owned by Jones and his parents.Lopez approved a two-week budget that would allow the company to pay its bills, but he limited the amount it could pay Jones and the company's consultants during that period.Register now for FREE unlimited access to Reuters.comReporting by Dietrich Knauth, Editing by Alexia GaramfalviOur Standards: The Thomson Reuters Trust Principles.

Sandy Hook parents seek to stop InfoWars bankruptcy payments to Alex Jones.

A 3D printed natural gas pipeline is placed in front of displayed Gazprom logo and Russian flag in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoRegister now for FREE unlimited access to Reuters.comAug 4 (Reuters) - Gazprom (GAZP.MM) will receive 50% of a new Russian entity replacing the Sakhalin Energy liquefied natural gas (LNG) project, Russian news agencies reported on Wednesday, citing a government decree.Interfax said the new entity will be registered in the city of Yuzhno-Sakhalinsk on the Russian Pacific island of Sakhalin. The Sakhalin-2 LNG plant is located 60 km (37 miles) south of Yuzhno-Sakhalinsk.Japanese trading houses Mitsui & Co (8031.T) and Mitsubishi Corp (8058.T) on Tuesday cut the value of their stakes in the Sakhalin-2 LNG project by 217.7 billion yen ($1.62 billion) after Moscow's move to seize control of it. read more Register now for FREE unlimited access to Reuters.comWestern countries and their allies, including Japan, imposed tough sanctions on Russia after it sent troops into Ukraine in late February. Moscow retaliated by putting obstacles on western businesses and investors leaving Russia, including in some rare cases by seizing assets.Interfax reported that Gazprom will get just over a 50% stake and the remaining 49.99% will be held by the new company itself until after existing Sakhalin-2 shareholders apply for a stake which they should do within a month.If foreign shareholders, which also include Royal Dutch Shell with a 27.5% stake, do not apply for a share in the new entity, it will be evaluated and sold by the government to a Russian entity, Interfax said, citing an Aug. 2 decree.After the reports, Japan's government reiterated its intention to have the Japanese companies retain their stakes in the project."The Sakhalin-2 project is extremely important for stable energy supply to Japan, and we will basically continue to maintain the stakes," Japanese industry minister Koichi Hagiuda told reporters on Thursday. The government is looking into details of the new entity, he said.Mitsui and Mitsubishi, which hold a combined 22.5% stake in the project, said separately that they are examining details of the new entity, and they plan to respond by cooperating with the Japanese government and with each other.The Japanese government has said it planned to support the trading companies in their attempts to stay in the Sakhalin-2 project. Japan imports about 10% of its LNG from Russia, mainly from Sakhalin-2. read more ($1 = 134.0900 yen)Register now for FREE unlimited access to Reuters.comReporting by Reuters; Editing by David Goodman, Alexander Smith and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

Russia's Gazprom to get 50% of Sakhalin-2 LNG project replacement entity -reports.

A woman takes a test for the coronavirus disease (COVID-19) at a testing centre in Sydney, Australia, January 5, 2022. REUTERS/Jaimi JoyRegister now for FREE unlimited access to Reuters.comSYDNEY, Aug 4 (Reuters) - Australia's COVID-19 winter outbreak fuelled by the new Omicron sub-variants BA.4/5 may have peaked early, Health Minister Mark Butler said on Thursday, as hospitals reported a steady fall in admissions over the past week.Australia is battling one of its worst flare-ups of the coronavirus driven by the fast-moving new Omicron sub-variants, putting severe strain on hospitals and retirement homes. But Health Minister Mark Butler flagged the worst could be over."That is what I'm hearing but we're not calling it yet," Butler told Nine News. "We are quietly hoping that we have reached the peak earlier than we expected to."Register now for FREE unlimited access to Reuters.comHealth officials predicted the latest wave could peak only later this month, with some states expecting the spike in infection rates and hospital admissions to ease by late August."It does seem clear cases are starting to peak and maybe drop off in some states and very pleasingly, hospital numbers have dropped off," Butler said.Hospital admissions from COVID-19 hovered near the 5,000 level on Thursday but have fallen from the record 5,571 reached a week ago, official data showed.Butler said influenza infections had passed their peak, relieving pressure on the health system.Australia has endured a tough winter with COVID-19 and the flu virus circulating. Many frontline workers in hospitals are also sick or in isolation, worsening the healthcare crisis.Data also showed a lag in people taking booster shots, with only about 71% getting their third dose versus 96% who have had two doses, raising concerns of a surge in hospital cases.The government said on Wednesday it would offer from September Moderna's (MRNA.O) coronavirus vaccine for children aged 6 months to below 5 years who are at higher risk of developing severe illness.Australia has reported just over 9.5 million cases and 12,072 deaths since the pandemic began, far lower than many countries helped by world-beating vaccination numbers and strict restrictions earlier in the pandemic.Register now for FREE unlimited access to Reuters.comReporting by Renju Jose; editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Australia's winter COVID wave may have peaked early, health minister says.

U.S. basketball player Brittney Griner, who was detained at Moscow's Sheremetyevo airport and later charged with illegal possession of cannabis, is escorted before a court hearing in Khimki outside Moscow, Russia August 2, 2022. Natalia Kolesnikova/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comSummaryGriner faces 10 years in prisonCase comes amid fraught Russia-U.S. relationsU.S. has made Russia a swap offerLawyer says swap legally possible after verdictThis content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.KHIMKI, Russia, Aug 4 (Reuters) - U.S. basketball star Brittney Griner returns to a Russian court on Thursday as her drugs trial grinds towards a finale that could end with a 10-year prison sentenceand a U.S.-Russia prisoner swap for one of the world's most notorious arms dealers.Griner, a two-time Olympic gold medallist and a Women's National Basketball Association (WNBA) star, was detained at Moscow's Sheremetyevo airport on Feb. 17 with vape cartridges containing hashish oil in her luggage.Cannabis is illegal in Russia for both medicinal and recreational purposes.Register now for FREE unlimited access to Reuters.comThe cartridges threw the 31-year-old Texan athlete into the geopolitical maelstrom triggered when President Vladimir Putin sent troops into Ukraine on Feb. 24.During the most strained U.S.-Russian relations since the 1962 Cuban missile crisis, U.S. President Joe Biden is under pressure to intervene on behalf of detained Americans - including Griner.The United States has said Griner was wrongfully detained and made what Secretary of State Antony Blinken called a "substantial offer" to Moscow to exchange Russian prisoners for American citizens held in Russia, including Griner and former Marine Paul Whelan.One source familiar with the situation said that Washington was willing to exchange convicted arms trafficker Viktor Bout, whose life helped inspire the 2005 Hollywood film "Lord of War", starring Nicholas Cage.Russian officials have said a deal has not been reached. They argue that Griner violated the country's laws and should be judged accordingly.The Kremlin has also repeatedly warned Washington against resorting to megaphone diplomacy, or negotiations conducted through press releases.They say this strategy could derail the swap.Griner's lawyer said on Tuesday that the trial should end very soon and that once the court renders a verdict, a swap between Russia and the United States would become legally possible.Griner, who pleaded guilty but denied intending to break Russian laws, has shown little emotion in court. Her lawyer said on Tuesday that Griner was both nervous and focused as the trial neared its end.Wearing round-rimmed glasses and athletic clothing at every hearing, Griner listened to the proceedings via a translator and spoke quietly to her lawyers through the bars of the defendant's cage at the Khimki District Court outside Moscow.Before taking a seat, Griner held up personal photographs, including many of her wife Cherelle, whom Biden called last month to assure that Washington was working to secure Griner's release.Griner had flown to Russia to join her team, UMMC Ekaterinburg, for the playoffs after spending time at home in the United States. Griner played in the Russian Women's Basketball Premier League during the WNBA offseason.In her testimony last week, Griner expressed puzzlement as to how the vape cartridges had ended up in her luggage."I still don't understand to this day how they ended up in my bag," she told the court on July 27. "If I had to guess on how they ended up in my bags, I was in a rush packing."Griner had been prescribed medical marijuana in the United States for chronic injury pain, a treatment method that is common among elite athletes because it has fewer side effects than some painkillers.(The story corrects spelling of Griner's name in paragraph 13)Register now for FREE unlimited access to Reuters.comReporting by Reuters; editing by Guy Faulconbridge and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Basketball star Brittney Griner awaits fate in Russia drugs trial.

A trader counts U.S. dollar banknotes at a currency exchange booth in Peshawar, Pakistan September 15, 2021. REUTERS/Fayaz Aziz/File PhotoRegister now for FREE unlimited access to Reuters.comSummaryhttps://tmsnrt.rs/3bpQncGBENGALURU, Aug 4 (Reuters) - The dollar's strength has yet to peak, according to a majority of currency strategists polled by Reuters who were however divided on when the currency's advance would come to an end.The greenback slipped from a decade high in mid-July but quickly snapped back when three Fed officials made it clear the central bank was "completely united" on increasing rates to a level that would put a dent in the highest U.S. inflation since the 1980s. read more With the Fed expected to stay ahead of its peers in the tightening cycle by some measure, and the global economy expected to slow significantly, a path for the dollar to weaken meaningfully or for most other currencies to stage a comeback is difficult to forge.Register now for FREE unlimited access to Reuters.comIn the Aug. 1-3 poll, a strong majority of more than 70% of strategists, or 40 of 56, who answered an additional question said the dollar's strength hasn't yet peaked.Asked when it would peak, 14 said within three months, 19 said within six months, another six said within a year and one said within two years. Only 16 said it already had."For the USD to weaken, the Fed has to be more concerned about growth than about inflation, and we are not there yet," said Michalis Rousakis, G10 FX strategist at Bank of America Securities.Reuters Poll - U.S. dollar outlookThe dollar - already up around 11% in 2022 - was expected to give up some of its gains over the coming 12 months. But few of the major currencies were forecast to regain all of their year-to-date losses over that period."In the very long run, let's say two or three or four years from now, the dollar will probably be considerably weaker. But in the 12-month timeframe we're looking at relatively small moves," said Brian Rose, senior economist at UBS Global Wealth Management.DETERIORATING OUTLOOKThe euro touched parity with the dollar last month, hitting a near two-decade low, and is down more than 10% in 2022. It was forecast to gain over 6% from current levels by next July and was expected to trade around $1.02, $1.05 and $1.08 in the next three, six and 12 months respectively.Those median forecasts, the lowest in a Reuters FX poll since 2017, showed a deteriorating outlook for the common currency.While only a handful of analysts expected the euro to trade at or below parity versus the dollar over the forecast horizon in a July poll, about one-third of the over 60 strategists now forecast it to revisit those levels in the next three months."In the short term we're looking for the dollar to maintain its strength, especially against the euro. So we think there's a chance the euro will drop below parity," Rose said.Despite its recent rally when U.S. Treasury yields tumbled, the safe-haven Japanese yen is down about 14% for the year, making it the biggest loser among its major peers.The carry trade currency was expected to claw back some of those losses and gain about 5% to trade around 127 per dollar in a year."I think the most relevant question with respect to the dollar is if you're going to sell the dollar, what else do you buy ... you're not going to buy shed loads of yen relative to the U.S. dollar when you're getting much higher yield in dollars," said Jane Foley, head of FX strategy at Rabobank.The yield advantage which dollar assets carry was also likely to hurt emerging market currencies, offering no respite to an already battered bunch.While China's tightly-controlled yuan and the Korean won were predicted to be range-bound over the next three to six months, the Indian rupee , South African rand , Russian rouble and Turkey's lira were expected to fall.Phoenix Kalen, head of emerging markets research at Societe Generale, gave a laundry list of worries for those currencies."For EM FX, we are less heartened by the pull-back in the market's pricing of FOMC rate hikes, and more focused on the underlying context of deteriorating global growth, tightening financial conditions, worsening geopolitics, continuing EM portfolio outflows, still-elevated inflation, and the potential for downside China surprises," Kalen said.(For other stories from the August Reuters foreign exchange poll:)Register now for FREE unlimited access to Reuters.comReporting by Hari Kishan; Additional Reporting by Vuyani Ndaba and Vivek Mishra; Polling by Aditi Verma and Susobhan Sarkar; Editing by Ross Finley and David HolmesOur Standards: The Thomson Reuters Trust Principles.

POLL FX markets haven't seen last of dollar strength yet - analysts.

LONDON — European stocks are expected to open higher on Thursday, building on gains made in the previous session.The U.K.'s FTSE index is seen 7 points higher at 7,411, Germany's DAX is expected to open 52 points higher at 13,634, France's CAC 40 up 8 points at 6,481 and Italy's FTSE MIB 38 points higher at 22,601, according to data from IG.The positive open for European stocks comes after gains on Wednesday on the back of strong U.S. economic data that tamed investor fears of a looming recession. The ISM non-manufacturing purchasing managers index showed a surprise rebound in July also prompting U.S. stocks to climb.There's a tepid start expected for the U.K.'s FTSE on Thursday with the market jittery ahead of the Bank of England's next monetary policy decision. The central bank is broadly expected to hike interest rates by 50 basis points, its largest single increase since 1995.Stock picks and investing trends from CNBC Pro:Elsewhere overnight, Asia-Pacific shares traded higher on Thursday following the rally on Wall Street yesterday and as investors move on from the tensions over U.S. House Speaker Nancy Pelosi's controversial visit to Taiwan.Meanwhile, U.S. stock futures inched downward Wednesday evening despite the major averages snapping a two-day slide earlier in the trading session.There are no major European data releases Thursday but earnings are expected from Credit Agricole, Adidas, Bayer, Lufthansa, Merck, Zalando, Rolls-Royce, Next, Glencore and Adecco Group.

European markets head for higher open; big Bank of England hike expected.

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo/File Photo/File PhotoRegister now for FREE unlimited access to Reuters.comAug 3 (Reuters) - U.S. oil producer APA Corp (APA.O) reported a second-quarter profit that nearly tripled on Wednesday, bolstered by surging crude prices.Houston, Texas based APA is the latest oil and gas producer to post sharply higher profits, benefiting from surging oil prices after demand rebounded to pre-pandemic levels and sanctions on major energy producer Russia dented global supply.APA also said it had purchased properties in the Texas Delaware portion of the Permian basin during the quarter for $505 million from an undisclosed buyer.Register now for FREE unlimited access to Reuters.comReuters reported earlier on Wednesday that APA was buying assets in Texas from privately owned Titus Oil & Gas. read more APA, the holding company for Apache Corp, reported quarterly production of 385,000 barrels of oil equivalent per day (boepd), slightly below the 395,000 boepd it produced a year ago.The company's net income attributable to common stock rose to $926 million, or $2.71 a share, in the three months ended June 30, from $316 million, or 82 cents per share, a year earlier.Register now for FREE unlimited access to Reuters.comReporting by Ruhi Soni in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Oil producer APA's second-quarter profit nearly triples.

DBS signages are seen as office workers work in Singapore Oct 8 2019. Picture taken Oct 8 2019. REUTERS/Feline Lim/File PhotoRegister now for FREE unlimited access to Reuters.comSINGAPORE, Aug 4 (Reuters) - Singapore's DBS Group (DBSM.SI) reported a 7% rise in quarterly net profit that came in slightly above market estimates and gave a robust outlook as Southeast Asia's largest lender gains from sharply higher interest rates.Singapore banks are also benefiting from a rebound in economic activity in the Asian financial hub after the government relaxed most of its COVID-19 restrictions in April.DBS shares were down 1.7% in early trade on Thursday while the broader market (.STI) was marginally higher.Register now for FREE unlimited access to Reuters.comDBS reported its net profit for April-June increased to S$1.82 billion ($1.30 billion) from S$1.7 billion a year earlier, compared with an average estimate of S$1.69 billion from five analysts compiled by Refinitiv."Net interest margin rose for the first time in three years and accelerated in the second quarter, while business momentum and asset quality were sustained," DBS CEO Piyush Gupta said in the results statement on Thursday."Our ongoing stress tests indicate that asset quality continues to be robust," he said.The results from DBS rounded up a strong reporting season for Singapore banks after local peers OCBC (OCBC.SI) beat estimates and United Overseas Bank (UOBH.SI) flagged further improvement in net interest margins.Singapore lenders were expected to report 10 basis points net interest margin expansion in April-June on a quarter-to-quarter basis, the highest over the last eight quarters, outperforming Asian peers, JPMorgan analysts said last month.DBS' net interest margin increased to 1.58% in the quarter from 1.45% a year earlier and it said the key profitability gauge topped 1.8% in July.The bank maintained its full-year loan growth forecast at mid-single digit percent.Net fee income fell 12% in the second quarter due to lower contributions from wealth management and investment banking that more than offset increases in other fee activities.($1 = 1.3801 Singapore dollars)Register now for FREE unlimited access to Reuters.comReporting by Anshuman Daga; Editing by Sam Holmes and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

DBS Q2 profit tops estimates as banks benefit from rising interest rates.

Soldiers exit from AAV7 amphibious assault vehicle run to position during an Amphibious landing drill as part of the Han Kuang military exercise in Pingtung, Taiwan, July 28, 2022. REUTERS/Ann WangRegister now for FREE unlimited access to Reuters.comTAIPEI, Aug 4 (Reuters) - Taiwan's defence ministry said on Thursday its military will continue to reinforce its alertness level and will react appropriately to the "enemy situation".China is carrying out targeted military drills in zones around Taiwan for several days this week in response to the visit of U.S. House Speaker Nancy Pelosi.Taiwan's military is closely monitoring the "enemy situation" in the Taiwan Strait and near Taiwan's outlying islands and all of its troops are carrying out daily training as usual, the Taiwan defence ministry statement added.Register now for FREE unlimited access to Reuters.comReporting by Yimou Lee; Writing by Martin Quin Pollard; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Taiwan defence ministry: Military will react appropriately to 'enemy situation'.

Broken Ethernet cable is seen in front of binary code and words "cyber attack" in this illustration taken March 8, 2022. REUTERS/Dado Ruvic/IllustrationRegister now for FREE unlimited access to Reuters.comTAIPEI, Aug 4 (Reuters) - Taiwan's government urged the island's companies on Thursday to enhance their cybersecurity in the coming days as authorities were seeing a record number of attacks on their websites amid escalating tensions with China.Register now for FREE unlimited access to Reuters.comReporting By Yimou Lee; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Taiwan urges its firms to boost cybersecurity as attacks jump amid China tensions.

The Toyota emblem is seen on the tyre rim of a vehicle during the media day of the 41st Bangkok International Motor Show after the Thai government eased measures to prevent the spread of the coronavirus disease (COVID-19) in Bangkok, Thailand July 14, 2020. REUTERS/Jorge SilvaRegister now for FREE unlimited access to Reuters.comTOKYO, Aug 4 (Reuters) - Toyota Motor Corp (7203.T) posted a worse-than-expected 42% hit to quarterly operating profit on Thursday as the Japanese automaker was squeezed by both supply constraints and rising costs.Operating profit for the three months ended June 30 sank to 578.66 billion yen ($4.3 billion) from 997.4 billion yen in the same period a year earlier, capping some difficult months for Toyota. It has repeatedly cut monthly production targets due to the global chip shortage and COVID-19 curbs on plants in China.But the size of the earnings decline was far beyond what investors had expected - analysts polled by Refinitiv had estimated a 15% drop - and appeared to catch the market by surprise: Toyota's shares extended losses and were down as much as 3% after the results.Register now for FREE unlimited access to Reuters.comDespite the grim quarter, the automaker stuck to both its forecast for full-year operating profit and its plan to produce 9.7 million vehicles this year.Profit in the fiscal first quarter was hit by constraints in supply, lower sales and a rise in materials costs, a Toyota spokesperson said.Like other auto manufacturers, Toyota is grappling with higher costs and fears that global inflation could put the brakes on consumer demand.But Toyota's current production woes mark a departure from its initial success in navigating supply chain problems in the early stages of the pandemic.The carmaker cut its monthly production targets three times during the April-June quarter, falling 10% behind its initial goals, due to shortages of semiconductors and the impact of COVID-19 lockdowns in China. read more Toyota shares, which were down 0.5% just before the release of the earnings, extended losses immediately after and were down 2.3% at 2,106 yen by 0450 GMT.($1 = 133.7200 yen)Register now for FREE unlimited access to Reuters.comReporting by Satoshi Sugiyama; Editing by Kenneth Maxwell and David DolanOur Standards: The Thomson Reuters Trust Principles.

Toyota Q1 profit tumbles, hit by double-whammy of supply constraints and costs.

U.S. Navy aircraft carrier USS Ronald Reagan is seen during its visit to Hong Kong, China November 21, 2018. REUTERS/Yuyang Wang/File PhotoRegister now for FREE unlimited access to Reuters.comTOKYO, Aug 4 (Reuters) - The U.S. Navy on Thursday said the USS Ronald Reagan aircraft carrier was conducting scheduled operations in the Philippine Sea in the Western Pacific, a 5.7 million square kilometre (2.2 million square mile) stretch of ocean that includes waters southeast of Taiwan."USS Ronald Reagan and her strike group are underway in the Philippine Sea continuing normal, scheduled operations as part of her routine patrol in support of a free and open Indo-Pacific," a U.S. Navy Seventh Fleet spokesperson said.Home-ported at Yokosuka naval base in Japan, the Reagan is the U.S. Navy's only forward deployed carrier.Register now for FREE unlimited access to Reuters.comReporting by Tim Kelly Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

U.S. Navy say carrier USS Ronald Reagan conducting operations in Philippine Sea.

FILE PHOTO - A PetroChina worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China June 27, 2018. REUTERS/Stringer ATRegister now for FREE unlimited access to Reuters.comAug 4 (Reuters) - Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand.Brent crude futures rose 42 cents, or 0.4%, at $97.20 a barrel by 0250 GMT, while West Texas Intermediate (WTI) crude futures was last up 49 cents, a 0.5% gain, at $91.15.Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day (bpd), equal to about 0.1% of global oil demand. read more Register now for FREE unlimited access to Reuters.comThe Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, have been previously increasing production but have struggled to meet targets as most members have already exhausted their output potential."OPEC+ agreed to increase production by 100,000 barrels per day in September, far lower than previous months' production. The global energy market still faces supply shortages," said Leon Li, an analyst at CMC Markets.He added that WTI oil prices are "likely to oscillate" between $90 and $100 a barrel.While the United States has asked the group to boost output, spare capacity is limited and Saudi Arabia may be reluctant to beef up production at the expense of Russia, hit by sanctions over the Ukraine invasion that Moscow calls "a special operation".Ahead of the meeting, OPEC+ had trimmed its forecast for the oil market surplus this year by 200,000 barrels per day (bpd) to 800,000 bpd, three delegates told Reuters."It looks like OPEC+ is resisting calls to boost output because the crude demand outlook continues to get slashed. The world is battling the ongoing global energy crisis and it won't be getting any help from OPEC+," Edward Moya, senior analyst with OANDA, said in a note."The oil market will remain tight over the short term and that means we should still have limited downside here. Crude prices should find strong support around the $90 level and eventually will rebound towards the $100 barrel level even as the global economic slowdown accelerates."Oil's demand outlook has been clouded by rising fears of an economic slump in the United States and Europe, debt distress in emerging market economies, and a strict zero COVID-19 policy in China, the world's largest oil importer.U.S. crude oil inventories had also rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said. read more Supporting prices on Thursday, however, the Caspian Pipeline Consortium (CPC), which connects Kazakh oil fields with the Russian Black Sea port of Novorossiisk, said that supplies were significantly down, without providing figures. read more Register now for FREE unlimited access to Reuters.comReporting by Laura Sanicola and Emily Chow; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.Laura SanicolaThomson ReutersReports on oil and energy, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.

Oil prices rebound on supply concerns after drop to near 6-month low.

A woman watches a TV broadcasting a news report on North Korea's launch of three missiles including one thought to be an intercontinental ballistic missile (ICBM), in Seoul, South Korea, May 25, 2022. REUTERS/Kim Hong-Ji Register now for FREE unlimited access to Reuters.comSEOUL, Aug 4 (Reuters) - North Korea warned it will "never tolerate" the United States' criticism of the isolated country's nuclear programme, calling Washington the "kingpin of nuclear proliferation" and saying it would not allow any encroachment of its sovereign rights.North Korea has conducted missile tests at an unprecedented pace this year and international experts believe it is readying its seventh nuclear test, the first since 2017.The North's permanent mission to the United Nations issued the statement on Wednesday as diplomats gathered in New York for a month-long U.N. conference to review the Treaty on the Non-Proliferation of Nuclear Weapons (NPT). read more Register now for FREE unlimited access to Reuters.comU.S. Secretary of State Antony Blinken said during the meeting the North "continues to expand its unlawful nuclear programme" and "is preparing to conduct its seventh nuclear test.""It is the peak of busy blaming that the United States alleges somebody's 'nuclear threats' given the fact that it is the kingpin of nuclear proliferation," North Korea said in the statement.The North also said it pulled out of the non-proliferation treaty a long time ago, so nobody had the right to impinge on the country's right to self-defence."We will never tolerate any attempt by the U.S. and its servile forces to groundlessly accuse our State and encroach upon our sovereign rights and national interests," the North said in its statement.Last week, North Korean leader Kim Jong Un said his country was ready to mobilise its nuclear war deterrent and counter any U.S. military clash. read more Register now for FREE unlimited access to Reuters.comReporting by Soo-hyang Choi; Editing by Lincoln Feast.Our Standards: The Thomson Reuters Trust Principles.

North Korea says will 'never tolerate' U.S. accusation of its nuclear programme.

Two thousand rupee notes on display with an Indian flag in the background.Manish Rajput | SOPA Images | LightRocket via Getty ImagesThe Indian rupee has come under intense selling pressure due to a perfect storm of global headwinds which analysts say will continue to pummel the currency in the months ahead.In recent weeks, the Indian currency tested record lows and breached the 80 rupees per U.S. dollar level at least twice in July, recovering only after the Reserve Bank of India (RBI) stepped in to stem the slide.The currency has since regained some ground and was around 79.06 to the dollar on Thursday.The recent sharp declines prompted a swift response from policymakers to assuage concerns about a rupee sell-off, which could drive prices even lower.Finance Minister Nirmala Sitharaman attributed the rupee's depreciation to external reasons, in a written statement to parliament in late July.  Global factors such as the ongoing Russia-Ukraine war, soaring crude oil prices and tightening of global financial conditions are among the key reasons for the weakening of the Indian rupee against the dollar, she said. Analysts agreed the currency is being buffeted from multiple fronts globally.Soaring energy prices India's exposure to high energy prices has had knock-on effects on the currency, with the rupee falling more than 5% against the dollar year-to-date.Soaring energy prices are especially challenging for India — the world's third largest oil importer — which typically buys oil in dollars. When the rupee weakens, its oil purchases become more expensive. According to Nomura analysts, for every $1 increase in the price of oil, India's import bill increases by $2.1 billion.There's been a "significant uptick" in Russian oil deliveries bound for India since March after Russia's invasion of Ukraine began — and New Delhi looks set to buy even more cheap oil from Moscow, industry observers say.Early data from June showed India's supply of Russian crude reached nearly 1 million barrels per day, up from 800,000 barrels per day in May, according to investment advisory firm Again Capital. "Usually, weaker currency acts as a pressure valve to restore external stability by making exports more competitive and reducing demand for imports by making them more expensive," said Adarsh Sinha, co-head for Asia-Pacific forex and rates strategy at the Bank of America Securities."Oil imports from Russia, if settled in rupee, would reduce dollar demand from oil importers. These rupees could be used to settle payment for Indian exports, and/ or invested into India – both could be beneficial," he told CNBC.Read more about energy from CNBC ProIn July, India's central bank put in place a mechanism for international trade settlements in Indian rupees. The measure allows traders to bill, pay and settle imports and exports using the Indian rupee, which will help a long-term goal to internationalize the Indian currency, analysts said."This move is constructive for the rupee in the medium-term as higher INR [Indian rupees] demand for settlements implies lower demand for forex for current account transactions," Radhika Rao, senior vice president and economist at DBS bank, said in a recent note.This will facilitate "trade with neighboring countries, with trading partners who are unable to access dollar funds and/are temporarily outside the international trading mechanism and those looking to broaden their pool of trade settlement currencies," she wrote.Remittances remain resilientWhile a weak rupee puts pressure on India's imports from other countries, it may help boost the country's remittances from abroad.Remittance flows to India grew by 8% to $89.4 billion in 2021, based on recovery in the United States, which accounts for a fifth of the country's remittances, according to World Bank data."Remittances could be determined by many factors but [a] weaker rupee helps increase domestic value of those remittances which would help offset inflationary pressures for the recipients," said Sinha from BofA Securities.Goldman Sachs also said in a recent note remittances to India "should remain resilient on the back of stable economic growth in the Middle East, benefiting from higher oil prices."Deficit problemsStill, India's widening current account deficit is expected to remain a continuing drag for the rupee, exacerbated by ongoing large capital outflows, analysts warned."India's external balances are deteriorating, driven by a terms-of-trade shock from elevated commodity prices, which is resulting in wider current account deficits," said Santanu Sengupta, India economist at Goldman Sachs.A current account deficit occurs when a country's imports exceed its exports.In a market environment that is not conducive for emerging market portfolio inflows, "we estimate a large balance of payments deficit. This has meant continued FX reserves drawdown across spot and forward books held by the RBI," he added.With global capital flows drying up in a Fed tightening cycle, US recession risks coming to the fore, and India's external balances becoming challenging, we are likely to see continued weakness in the INR going forward.Santanu SenguptaIndia economist, Goldman SachsAccording to Nomura's recent note, Indian equities have already experienced $28.9 billion of net foreign outflows year-to-date in July, the second most among Asian economies, excluding Japan. But India's large external buffers have "have provided confidence in RBI's ability to prevent tail risk scenarios from spilling over to domestic interest rates and impacting growth further when it is already going through a rough patch due to higher commodity prices and supply disruptions, along with tighter monetary policy," said Sinha."Our projection of balance of payment deficit indicates a shortfall of USD 30-50bn this year. RBI has adequate reserves to sustain intervention for at least another year," he added.In an attempt to defend the rupee, the central bank announced a slew of measures recently aimed at encouraging capital inflows. The measures include easing regulations on foreign deposits, relaxing norms for foreign investment flows into the debt market and for external commercial borrowing.'Taper tantrum'Despite the rupee's current underperformance, the currency's fall is still more contained today compared to the "taper tantrum" in 2013, analysts said, citing better fundamentals this time round.At that time, the Federal Reserve's decision to scale back its extraordinary monetary stimulus triggered a sell-off in bonds, which caused Treasury yields to surge and the U.S. dollar to strengthen. That led to an exodus of funds out of emerging markets."Much of [the Indian rupee's] depreciation pressure stems from sharp gains in the US dollar as the latter benefits from wide rate and policy differentials," said DBS's Rao in a recent note, explaining the high interest rate difference between the greenback and rupee as interest rates in the U.S. continue to rise.The pressure to defend the rupee's depreciation is not as high as back during the taper tantrum, she added. If pressures do intensify, the government has options such as deferring purchases of bulky defense items that would help to reduce the dollar demand, she wrote.Analysts also argued India's external balances, which is often cited as a source of vulnerability, has some inbuilt buffer against further rupee depreciation risks."Until now, even in the face of deteriorating external balances, the stock of FX reserves were limiting India's external sector vulnerability, and have allowed for a slow depreciation of the INR (vs. the USD)," said Sengupta from Goldman Sachs."Going forward, as FX reserves get depleted, and real rate differentials shrink, India's external vulnerability risks will increase — though they will likely compare better than the 'taper tantrum.'"Can rupee drop to 82 per dollar?As global conditions continue to remain in flux, the rupee will face further downside risks in the coming months, analysts said."With global capital flows drying up in a Fed tightening cycle, US recession risks coming to the fore, and India's external balances becoming challenging, we are likely to see continued weakness in the INR going forward," said Goldman Sachs' Sengupta.As a result, the bank forecasts the Indian currency could be around 80-81 rupees per dollar over the next 3 to 6 months, "with risks tilted towards even further weakness in the event of more acute dollar strength," he added.Other analysts even expect the rupee to test fresh new lows in the near term.Stock picks and investing trends from CNBC Pro:Craig Chan, Nomura's head of global FX strategy, said he does not believe the level "80 is sacrosanct.""We do not believe there is any particular market positioning factor that should lead to an accelerated move higher in USD/INR if 80 breaks – unlike in 2013," he added, referring to the "taper tantrum" period. "Our last call was INR [rupee] risks breaking the 80 to dollar level and overshoots to 82 by the end of August."Sinha from BofA Securities also expects the Indian currency to reach the 82 level by end-2022 due to continued volatility in the global environment."However, we see tails risks of larger depreciation contained by RBI's ample reserves buffer," he said.

India’s currency is under pressure — and analysts say the rupee could test new lows.

U.S. House of Representatives Speaker Nancy Pelosi meets with South Korea?s National Assembly Speaker Kim Jin-pyo in Seoul, South Korea August 4, 2022. Kim Min-Hee/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comSEOUL, Aug 4 (Reuters) - U.S. House of Representatives Speaker Nancy Pelosi and her South Korean counterpart vowed on Thursday to support efforts to maintain a strong deterrence against North Korea and achieve its denuclearisation.A joint statement was issued after Pelosi met South Korea's National Assembly Speaker Kim Jin-pyo in Seoul, during which they expressed concerns over the North's evolving nuclear and missile threats.Pelosi arrived in South Korea late on Wednesday following a brief stop in Taiwan, and met U.S. embassy officials in Seoul earlier on Thursday before talks with Kim and other lawmakers.Later on Thursday, Pelosi plans to visit the Joint Security Area near the heavily fortified inter-Korean border, patrolled together by American-led U.N. Command and North Korea, a South Korean official said.She would be the highest-level U.S. official to visit the area after former President Donald Trump, who met North Korean leader Kim Jong Un there in 2019.Register now for FREE unlimited access to Reuters.comReporting by Hyonhee Shin, Joori Roh and Soo-hyang Choi; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Pelosi vows support to denuclearise N.Korea, plans to visit Korea border.

U.S. Deputy Secretary of State Wendy Sherman speaks during a panel with the Friends of Europe in Brussels, Belgium, April 21, 2022. REUTERS/Johanna Geron/File PhotoRegister now for FREE unlimited access to Reuters.comSYDNEY, Aug 4 (Reuters) - A senior U.S. diplomat will travel to Samoa on Thursday on a multi-leg trip to Pacific Island countries intended to demonstrate re-engagement by the United States with a region in which China has been extending its influence.Deputy Secretary of State Wendy Sherman will travel to Samoa and then Tonga, where she will be the most senior U.S. official to visit, before attending World War Two commemorations in the Solomon Islands.The United States is concerned about China's ambitions to extend its military presence in the Pacific, after it struck a security pact with the Solomon Islands this year.Register now for FREE unlimited access to Reuters.comTonga has external debt of $195 million or 35.9% of its gross domestic product, of which two-thirds is owed to China's Export-Import Bank, its budget shows. read more Sherman will discuss plans to open U.S. embassies in Tonga and the Solomon Islands and the return of the U.S. Peace Corps aid programme, the State Department said.A high-level U.S. delegation to the Solomon Islands to commemorate a major World War Two battle between the United States and Japan will proceed, despite disruptions to tourists caused by the sudden cancellation of many commercial flights, officials said on Thursday. read more The suspension of flights to Honiara by Fiji Airways for safety concerns will see dozens of U.S. tourists miss the commemoration on Saturday, a tourism official said. Fiji Airways is one of two airlines regularly servicing the Solomons.Sherman and U.S. Ambassador to Australia Caroline Kennedy, whose fathers served in the Solomon Islands, will attend the U.S. government ceremony for the 80th anniversary of the Battle of Guadalcanal.The anniversary was expected to bring a tourism boom to the Solomon Islands, which last month re-opened its borders after the COVID-19 pandemic. The loss of tourism income during border closures across the Pacific islands had a severe impact on the region's fragile economies.Fiji Airways said in a statement it had suspended its flights to the Solomon Islands because of worry about the condition of the runway.Solomon Islands tourism officials said the suspension was "a blow", and they were trying to re-route tourists booked to attend the World War Two events.Tourism Solomons head of sales Fiona Teama said the events would go ahead, although the tour group travelling from the United States would miss the U.S. government's commemoration on Saturday because they would not arrive in time.U.S. and Australian government aircraft carrying officials would continue to land at Honiara's Henderson Airport, she said.Sherman will also visit Australia and New Zealand.Register now for FREE unlimited access to Reuters.comReporting by Kirsty Needham; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Top U.S. diplomat to arrive in Pacific amid battle for influence with China.

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis MascarenhasRegister now for FREE unlimited access to Reuters.comBENGALURU, Aug 4 (Reuters) - India's rupee will trade near its historic low in the coming three months, despite a recent recovery, based on a widening trade deficit and global flows into safe-haven U.S. dollars, a Reuters poll of foreign exchange strategists found.After a month of trading near a nadir of 80.065 per dollar, the currency strengthened to a one-month high of 78.490 on Tuesday, providing relief for the Reserve Bank of India, which has been burning through foreign currency reserves defending 80 per dollar. read more But the revival is not likely to last. The median forecast in an Aug. 1-3 Reuters poll of 40 analysts showed it trading back near an all-time low by end-October.Register now for FREE unlimited access to Reuters.comNearly 50% of analysts, 18 of 40, expected the partially convertible rupee to have reached or breached the 80 per dollar mark in three months, compared with just 30% who said so in a July poll. Most saw it sinking to a new record low.Asked what would be the rupee's lowest point against the dollar over the course of the next three months, 16 analysts who answered an extra question gave a median of 80.50, with a range of 79.75-81.80/$.Much will depend on what the Reserve Bank of India decides to do with interest rates. In a separate Reuters poll, it was expected to raise the repo rate, currently at 4.90%, by a minimum of 35 basis points on Friday, but economists were split four ways on the size of the move.Sakshi Gupta, an economist from HDFC Bank said the focus is now on whether or not the U.S. Federal Reserve delivers a third consecutive 75 basis point interest rate hike at its September meeting."The RBI is not likely to be as aggressive...further depressing the rupee," she said.India's central bank, which only began raising rates in May, is relatively behind in its hiking campaign and is only due to deliver 110 basis points more in total.Gupta also said the latest U.S.-China tensions added to an already attractive environment for the safe-haven U.S. dollar."That suggests the recent rally is short-lived and there is a strong possibility of the rupee breaching the 80 mark," she said.But not everyone was convinced the rupee would weaken, as continued bouts of speculation the Fed may deliver fewer rate hikes and the recent slump in commodity prices may restrain the dollar from making further gains."The RBI may be required to intervene less to defend the rupee over the coming months than it has so far this year," noted Shilan Shah, senior India economist at Capital Economics, who argues most of the rise in the dollar is now over and commodity prices will also fall back in coming months.The latest poll showed the currency was expected to recover to 78.83 per dollar by end-July next year.(For other stories from the August Reuters foreign exchange polls:)Register now for FREE unlimited access to Reuters.comReporting by Arsh Tushar Mogre; Polling by Anant Chandak and Devayani Sathyan; Editing by Ross Finley and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Indian rupee set to trade near historic low in coming three months: Reuters poll.

A testing site for the coronavirus disease (COVID-19) is seen in Wellington, New Zealand, March 11, 2022. REUTERS/Lucy CraymerRegister now for FREE unlimited access to Reuters.comWELLINGTON, Aug 4 (Reuters) - New Zealand's health ministry sees strong signs that the country's latest COVID-19 wave has peaked, as new cases continue to trend lower.The number of people in hospitals with COVID is also down on late July."The case rates have continued to trend lower across all regions for the second week running," Andrew Old, head of the New Zealand Public Health Agency, told reporters on Thursday.Register now for FREE unlimited access to Reuters.comIn the past seven days there were on average 6,142 new cases daily of COVID, down from a seven-day rolling average of 7,776 new cases a week earlier, according to Health Ministry data released on Thursday.According to data issued on Thursday, 663 people are in hospital with COVID, well below levels seen in late July, when more than 800 people were in hospital with the virus.Australia is seeing signs of an unexpectedly early peak in its winter outbreak. Australian Health Minister Mark Butler told Nine News that the government was quietly hoping cases had begun falling. read more New Zealand's latest modelling showed case numbers were at the lower end of what had been expected. The decline "strongly suggests we've reached a peak," Old said.The Omicron BA.5 sub-variant is driving the current wave in New Zealand, which has 5.1 million people. There have been 44,776 active cases in the past seven days.Register now for FREE unlimited access to Reuters.comReporting by Lucy Craymer; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

New COVID case numbers in New Zealand trending lower, signs wave peaked.

A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Register now for FREE unlimited access to Reuters.comSHANGHAI, Aug 4 (Reuters) - Foreign investors continued to cut holdings in Chinese bonds in July and dumped equities for the first time in four months, according to a report by the Institute of International Finance (IIF).Emerging markets posted a fifth straight month of portfolio outflows, setting the longest such streak in records going back to 2005, as global recession risk, inflation and a strong dollar drew away cash, showed the report released on Wednesday. read more Chinese debt witnessed outflows of around $3 billion last month, while $6 billion exited other EM, IIF estimated.Register now for FREE unlimited access to Reuters.comIf confirmed by official data, it would be the sixth consecutive month of foreign outflows from China's $20 trillion bond market.During the same period, China's stock market witnessed $3.5 billion of foreign outflows, compared with marginal inflows of $2.5 billion in other EM markets, IIF added.The benchmark CSI 300 Index (.CSI300) dropped 7%, down every week in July, as domestic COVID-19 flare-ups, property woes and global recession risks weighed."China's A-shares saw a range-bound, generally weaker trend since July under both domestic and overseas influences," China International Capital Corporation (CICC) said in a note.Data showed the world's second-largest economy slowed sharply in the second quarter, missing market expectations with an only 0.4% increase from a year earlier.With impacts from the Ukraine war still not waned, Sino-U.S. tensions over Taiwan mounted as U.S. House of Representatives Speaker Nancy Pelosi visited the self-ruled island claimed by Beijing."For the coming months, several factors will influence flows dynamics, among these the timing of inflation peaking and the outlook for the Chinese economy will be in focus," IIF said.Overseas investors have been reducing holdings of Chinese bonds since February, as diverging monetary policies kept Chinese yields pinned below their U.S. counterparts.The People's Bank of China has been easing policy to aid a COVID-hit economy, while the U.S. Federal Reserve has been hiking rates to fight soaring inflation.Register now for FREE unlimited access to Reuters.comReporting by Jason Xue and Brenda Goh; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Foreigners cut China debt, dump equities in July - IIF.

Taliban fighters drive a car on a street following the killing of Al Qaeda leader Ayman al-Zawahiri in a U.S. strike over the weekend, in Kabul, Afghanistan, August 2, 2022. REUTERS/Ali Khara/File PhotoRegister now for FREE unlimited access to Reuters.comISLAMABAD, Aug 4 (Reuters) - The Taliban are investigating a U.S. "claim" that al Qaeda leader Ayman al-Zawahiri was killed in a U.S. drone strike in Kabul, a Taliban official said on Thursday, indicating the group's leadership were not aware of his presence there.The United States killed Zawahiri with a missile fired from a drone while he stood on a balcony at his Kabul hideout on Sunday, U.S. officials said, in the biggest blow to the militants since Osama bin Laden was shot dead more than a decade ago. read more "The government and the leadership wasn’t aware of what is being claimed, nor any trace there," Suhail Shaheen, the designated Taliban representative to the United Nations, who is based in Doha, told journalists in a message.Register now for FREE unlimited access to Reuters.com"Investigation is underway now to find out about the veracity of the claim," he said, adding that the results of the investigation would be shared publicly.Taliban leaders have remained largely tight-lipped about the Sunday drone strike and have not confirmed the presence or death of Zawahiri in Kabul.Top Taliban leaders have been holding lengthy discussions about how to respond to the U.S. drone strike, three sources in the group said. read more How the Taliban react could have significant repercussions as the group seeks international legitimacy and access to billions of dollars in frozen funds, following their defeat of a U.S.-backed government a year ago.Zawahiri, an Egyptian doctor, was closely involved in the Sept. 11, 2001, attacks on the United States and was one of the world's most wanted men. read more His death in Kabul raises questions about whether he received sanctuary from the Taliban, who had assured the United States as part of a 2020 agreement on the withdrawal of U.S.-led forces that they would not harbour other militant groups.Shaheen said the Islamic Emirate of Afghanistan - the name the Taliban use for the country and their government - was committed to the agreement, signed in the Qatari capital, Doha.U.S. Secretary of State Antony Blinken said the Taliban had "grossly violated" the agreement by hosting and sheltering Zawahiri.Register now for FREE unlimited access to Reuters.comReporting by Gibran Peshimam; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Taliban say investigating U.S. claim of killing al Qaeda leader.

A man wearing a protective mask walks past the headquarters of the Bank of Japan amid the coronavirus disease (COVID-19) outbreak in Tokyo, Japan, May 22, 2020.REUTERS/Kim Kyung-Hoon/File Photo/File PhotoRegister now for FREE unlimited access to Reuters.comSummaryCompaniesJGB market situation 'comfortable' thanks to BOJ - MOF's SaitoMust bear in mind BOJ's yield cap won't last forever - SaitoGovt must take steps to enhance JGB market liquidityRemarks show policymakers quietly preparing for future lift-offTOKYO, Aug 4 (Reuters) - Japan must prepare for the time the central bank abandons its 0% cap on long-term interest rates and when private investors become the dominant player in the government bond market, said a finance ministry executive overseeing debt issuance.While the Bank of Japan's (BOJ) massive bond buying may be reducing market liquidity, it has not caused any disruption to the government's fund raising, said Michio Saito, who heads the ministry's division charged with issuing Japanese government bonds (JGBs)."It's a comfortable situation for us in that we are able to stably issue JGBs at low interest rates, thanks in part to the effect of the BOJ's monetary policy," Saito told Reuters in an interview on Thursday.Register now for FREE unlimited access to Reuters.com"But we must bear in mind the BOJ's current policy won't last forever. Sometime in the future, it won't buy as much bonds as it does now, and will no longer peg interest rates at a set level," he said.The Ministry of Finance (MOF) must prepare for the time the central bank modifies ultra-low rates, such as by taking steps to enhance liquidity in the JGB market, said Saito, who became director-general of the ministry's financial bureau in June.Saito, known as "Mr. JGB" for his expertise in the market, said his division will work on developing market infrastructure for when private investors replace the BOJ as a major player in the JGB market.The remarks highlight how Japanese policymakers are quietly laying the groundwork for when the BOJ withdraws its massive stimulus, as its counterparts across the globe tighten monetary policy to deal with soaring inflation."We're working closely with the BOJ to ensure the JGB market's function does not deteriorate too much," Saito said.Under its yield curve control (YCC) policy, the BOJ caps the 10-year yield around 0% and offers to buy unlimited amount of JGBs to defend an implicit 0.25% cap around the target.BOJ Governor Haruhiko Kuroda has repeatedly brushed aside the chance of a near-term exit from ultra-low rates, stressing the need to focus on supporting a fragile economic recovery.But deputy governor Masayoshi Amamiya, considered a strong candidate to succeed Kuroda when his term ends next April, has said the BOJ must always think about the appropriate means for exiting ultra-easy policy. read more After years of massive buying to fire up inflation to its 2% target, the BOJ now owns half of outstanding JGBs in the market.Mounting upward pressure on yields forced the BOJ to buy a record monthly amount of JGBs in June to defend its yield cap, rolling back years of efforts to taper its huge buying and drawing criticism from investors for distorting market pricing.Register now for FREE unlimited access to Reuters.comReporting by Leika Kihara and Takaya Yamaguchi; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Japan must prepare for eventual end to BOJ's yield cap, says MOF executive.

A woman passes ASEAN Summit flags at Suntec Convention Centre in Singapore, November 11, 2018. REUTERS/Edgar SuRegister now for FREE unlimited access to Reuters.comPHNOM PENH, Aug 4 (Reuters) - Southeast Asia's regional bloc ASEAN warned on Thursday of a risk that volatility caused by tensions in the Taiwan Strait could lead to "miscalculation, serious confrontation, open conflicts and unpredictable consequences among major powers".The Association of Southeast Asian Nations made the remarks in a statement from foreign ministers after its chair, Cambodia, had urged all sides to de-escalate tension over Taiwan.The meeting in Phnom Penh of the 10-nation bloc, which is being attended by a string of other countries including China and the United States, has been overshadowed by developments in Taiwan following the visit by the U.S. house speaker Nancy Pelosi.Register now for FREE unlimited access to Reuters.com"ASEAN stands ready to play a constructive role in facilitating peaceful dialogue between all parties," ASEAN said as it called for maximum restraint and for parties to refrain from provocative action. The Pelosi trip, the highest level U.S. visit to self-ruled Taiwan in 25 years, has sparked outrage in China, which has responded with a burst of military exercises and other activity in the area. read more Southeast Asian countries tend to tread a careful line in trying to balance their relations with China and the United States, wary of getting in between the super powers.U.S. Secretary of State Antony Blinken, in comments after talks with his Indian counterpart Subrahmanyam Jaishankar, said he had been able to compare notes with a close partner "as we head into these very important ASEAN meetings"."We have a shared vision together for a free and open Indo-Pacific," said Blinken, who is not expected to hold a meeting with Chinese Foreign Minister Wang Yi in Cambodia.Blinken, who is among 27 foreign ministers set to join an ASEAN Regional Forum security meeting on Friday, said his meeting with Jaishankar had covered "the situation in Sri Lanka, Burma, and a number of other hot spots".PUSHING MYANMARThe ASEAN talks had been expected to focus on the bloc's foundering diplomatic push to resolve the crisis in Myanmar, also known as Burma, which has been in turmoil since the military seized power in a coup last year.Cambodian Prime Minister Hun Sen said on Wednesday that ASEAN would be forced to reconsider a peace plan agreed with Myanmar if its military rulers executed more prisoners.ASEAN has pushed the Myanmar junta to follow a peace "consensus" agreed last year and has condemned its recent execution of four activists linked to a movement opposed to military rule, its first executions in decades.The Myanmar junta last week defended the executions as "justice for the people", brushing off a deluge of international condemnation. read more Myanmar is not represented at this week's ASEAN meetings after its military declined a proposal to send a non-junta representative. ASEAN has barred the generals until progress in the peace plan is demonstrated.Some members of ASEAN have been increasingly strident in their criticism of Myanmar.Singapore's foreign ministry said on Wednesday Myanmar had "disrespected" the peace effort, adding "without any progress on this front, further engagement with the Myanmar military authorities would be of limited value".Still, some analysts and diplomats question what other measures ASEAN, which has a tradition of non-interference in each other's internal affairs, will be prepared to take against fellow member Myanmar.Register now for FREE unlimited access to Reuters.comReporting by Narin Sun and David Brunnstrom in Phnom Penh; Writing by Ed Davies Editing by Muralikumar Anantharaman, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

ASEAN warns on risk of Taiwan 'miscalculation', ready to help dialogue.

The hometown of Ukraine's President Volodymyr Zelenskyy is looking increasingly vulnerable, coming under repeated attacks from Russian forces in recent days, with Ukraine's southern army unit saying Russia is building a military "strike force" to target Kryvyi Rih.Early Thursday, Ukraine's southern military command said the situation in its operational area — where fighting is intensifying around Zelenskyy's hometown of Kryvyi Rih as well as Zaporizhzhia to the east and Mykolaiv and Kherson to the south — is "tense and complex."Ukraine has warned that Russia is carrying out a "massive redeployment" of troops from the east to the south of Ukraine as it tries to defend its territorial gains against Ukraine's attempts to reclaim occupied Kherson and areas around Zaporizhzhia. The battle for eastern Ukraine is ongoing, however, with Zelenskyy describing the situation in the Donbas as hellish, adding that Russia still has the upper hand in the region.Kyiv has ordered the mandatory evacuation of residents in the Donbas amid intense fighting.Russian 'strike force' building to target Zelenskyy's hometown of Kryvyi RihKryvyi Rih, the hometown of Ukraine's President Volodymyr Zelenskyy, is looking increasingly vulnerable with Ukraine saying Russia is building a military "strike force" to target the industrial city in central-southern Ukraine.Early Thursday, Ukraine's southern military command saying the situation in its operational area — where fighting is intensifying around Kryvyi Rih as well as Zaporizhzhia to the east, and Mykolaiv and Kherson to the south — is "tense and complex.""The enemy continues to conduct hostilities on the occupied line of defense. In order to prevent the advance of our troops and restore the lost position, the composition of the group in the Kryvyi Rih direction is increasing due to the transfer of units of the 35th Army of the Eastern Military District," the unit said, saying that Russian aircraft were becoming "more active" and attacking the area south of Kryvyi Rih.Residential buildings and industrial plants across the city skyline in Kryvyi Rih, Ukraine, on Wednesday, June 29, 2022.Bloomberg | Bloomberg | Getty ImagesUkraine's southern military command said in a previous update on Wednesday that it believed Russia was creating a military "strike group in the Kryvyi Rih region" and that "it's also quite likely that the enemy is preparing a hostile counter-offensive with the subsequent plan of getting to the administrative boundary of Kherson region."Officials in Ukraine have repeatedly warned in recent days that Russia is redeploying a massive number of troops to the south of the country, where Ukraine has launched counteroffensives to try to regain lost territory, particularly the occupied city of Kherson.Ukrainian artillerymen in the military assembly center check the weapons and special equipment to make them ready before they go to their duties at the frontline in Kherson, Ukraine on July 15, 2022.Anadolu Agency | Anadolu Agency | Getty ImagesIn his nightly address on Sunday evening, Zelenskyy praised the bravery of residents in his hometown, as well as other cities under repeated attack as Russia looks to extend its territorial gains in east and southern Ukraine."I want to thank every resident of Mykolaiv for their indomitability, for protecting the city and the region. I also thank Nikopol, Kharkiv, Kryvyi Rih and the entire Dnipropetrovsk region, the strong people of Zaporozhzhia and the region, all Ukrainians of the Kherson region, everyone who defends the approaches to Odessa and the region ... Thank you for your courage." "Strategically, Russia has no chance of winning this war," he added.— Holly EllyattZelenskyy says he wants to speak with Chinese President Xi JinpingUkrainian President Volodymyr Zelensky is seen during a joint press conference with Swedish Prime Minister Magdalena Andersson on July 4, 2022 in Kyiv, Ukraine. Zelenskyy is seeking an opportunity for direct talks with Chinese leader Xi Jinping to help end Russia's unprovoked war in Ukraine, the South China Morning Post reported.Alexey Furman | Getty Images News | Getty ImagesUkrainian President Volodymyr Zelenskyy wants to speak directly with Xi Jinping in hopes China's president could use the country's influence to end Russia's unprovoked war in Ukraine.In an interview with the South China Morning Post, Zelenskyy said Ukraine has pursued talks with China since the beginning of the war. He told the newspaper that Russia would feel much more economically isolated without the Chinese market and could use that to pressure Russian President Vladimir Putin to stop the war.China has repeatedly said it supports a "peaceful resolution" to the situation in Ukraine, but has so far refused to call Russia's war an "invasion."— Natalie ThamU.S. Senate approves Finland and Sweden's membership to NATOSweden's Foreign Minister Ann Linde and Finland's Foreign Minister Pekka Haavisto attend a news conference with NATO Secretary General Jens Stoltenberg, after signing their countries' accession protocols at the alliance's headquarters in Brussels, Belgium July 5, 2022.Yves Herman | ReutersThe U.S. Senate voted 95 to 1 to ratify Finland and Sweden's entrance to the North Atlantic Treaty Organization, calling expansion of the Western defensive bloc a "slam-dunk" for U.S. national security and a day of reckoning for Russian President Vladimir Putin over his invasion of Ukraine.Senators invited the ambassadors of the two Nordic nations to witness the debate and the vote, a crucial step in opening a new era for the now 30-member North Atlantic Treaty Organization and its 73-year-old pact of mutual defense among the United States and democratic allies in Europe.President Joe Biden has sought quick entry for the two previously non-militarily aligned northern European nations. Their candidacies have won ratification from more than half of the NATO member nations in the roughly three months since the two applied, a purposely rapid pace meant to send a message to Russia over its six-month-old war against Ukraine's West-looking government."It sends a warning shot to tyrants around the world who believe free democracies are just up for grabs," Sen. Amy Klobuchar, D-Minn., said in the Senate debate ahead of the vote."Russia's unprovoked invasion has changed the way we think about world security," she added.— Associated PressUkraine nuclear plant is 'out of control,' UN nuclear chief saysInternational Atomic Energy Agency (IAEA) Director General Rafael Grossi attends a joint news conference after talks in Tokyo, Japan May 19, 2022.Issei Kato | ReutersThe U.N. nuclear chief warned that Europe's largest nuclear power plant in Ukraine "is completely out of control" and issued an urgent plea to Russia and Ukraine to quickly allow experts to visit the sprawling complex to stabilize the situation and avoid a nuclear accident.Rafael Grossi, director general of the International Atomic Energy Agency, said in an interview Tuesday with The Associated Press that the situation is getting more perilous every day at the Zaporizhzhia plant in the southeastern city of Enerhodar, which Russian troops seized in early March, soon after their Feb. 24. invasion of Ukraine."Every principle of nuclear safety has been violated" at the plant, he said. "What is at stake is extremely serious and extremely grave and dangerous."Grossi cited many violations of the plant's safety, adding that it is "in a place where active war is ongoing," near Russian-controlled territory.— Associated PressZelenskyy says 'global security architecture' is not working, cites tensions in the Balkans and TaiwanUkraine's President Volodymyr Zelenskyy attends a working session of G7 leaders via video link, as Russia's attack on Ukraine continues, in Kyiv, Ukraine June 27, 2022.Ukrainian Presidential Press Service | via ReutersUkrainian President Volodymyr Zelenskyy said the "global security architecture" is not working, and referenced tensions in the Balkans, Taiwan and in the Caucasus."If it worked, there wouldn't be all these conflicts," Zelenskyy said in his nightly address on the Telegram messaging app."And this is actually something that Ukraine has been paying attention to not only 161 days after the start of a full-scale war, but for years. Ever since Russia completely ignored international law, the interests of humanity as such," he added.— Amanda MaciasRead CNBC's previous live blog here:

Russian 'strike force' builds around Zelenskyy's hometown; fears grow for 'out of control' nuclear power plant.

Chinese Foreign Minister Wang Yi attends the ASEAN Foreign Ministers Meeting in Phnom Penh, Cambodia August 4, 2022. REUTERS/Soe Zeya TunRegister now for FREE unlimited access to Reuters.comBEIJING, Aug 4 (Reuters) - China's Foreign Minister Wang Yi on Thursday called U.S. House Speaker Nancy Pelosi's visit to Taiwan a "manic, irresponsible and highly irrational" action by the United States, state broadcaster CCTV reported.Wang, speaking at the ASEAN Foreign Ministers meeting in Phnom Penh, Cambodia, said China has made the utmost diplomatic effort to avert crisis, but will never allow its core interests to be hurt.China's current and future measures are necessary and timely defensive countermeasures, carefully considered and evaluated, aimed at safeguarding national sovereignty and security, in line with international and domestic law, CCTV cited Wang as saying.Register now for FREE unlimited access to Reuters.comReporting by Beijing Newsroom; Writing by Martin Quin Pollard; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

China foreign minister calls Pelosi's Taiwan visit 'manic', 'irrational'.

A TV screen shows that China's People's Liberation Army has begun military exercises including live firing on the waters and in the airspace surrounding the island of Taiwan, as reported by Chinese state television, in Hong Kong, China August 4, 2022. REUTERS/Tyrone SiuRegister now for FREE unlimited access to Reuters.comSummaryChinese military exercises, involving live-fire, beginSuspected drones fly over outlying Taiwanese islandsTaiwan says several government websites hackedChina says it's an internal affairTAIPEI, Aug 4 (Reuters) - China launched unprecedented live-fire military drills in six areas that ring Taiwan on Thursday, a day after a visit by U.S. House of Representatives Speaker Nancy Pelosi to the self-ruled island that Beijing regards as its sovereign territory.Soon after the scheduled start at 0400 GMT, China's state broadcaster CCTV said the drills had begun and would end at 0400 GMT on Sunday. They would include live firing on the waters and in the airspace surrounding Taiwan, it said. read more Taiwan officials have said the drills violate United Nations rules, invade Taiwan's territorial space and are a direct challenge to free air and sea navigation.Register now for FREE unlimited access to Reuters.comChina is conducting drills on the busiest international waterways and aviation routes and that is "irresponsible, illegitimate behaviour," Taiwan's ruling Democratic Progressive Party said.Map showing the six locations where China will conduct military drills.Taiwan's cabinet spokesman, expressing serious condemnation of the drills, said also that websites of the defence ministry, the foreign ministry and the presidential office were attacked by hackers.Chinese navy ships and military aircraft briefly crossed the Taiwan Strait median line several times on Thursday morning, a Taiwanese source briefed on the matter told Reuters. read more By midday on Thursday, military vessels from both sides remained in the area and in close proximity.Taiwan scrambled jets and deployed missile systems to track multiple Chinese aircraft crossing the line."They flew in and then flew out, again and again. They continue to harass us," the Taiwanese source said.On Wednesday night, just hours after Pelosi left for South Korea, unidentified aircraft, probably drones, flew above the area of Taiwan's outlying Kinmen islands near the mainland coast, Taiwan's defence ministry said. read more China, which claims Taiwan as its own territory and reserves the right to take it by force, said on Thursday its differences with the self-ruled island were an internal affair. read more "Our punishment of pro-Taiwan independence diehards, external forces is reasonable, lawful," China's Beijing-based Taiwan Affairs Office said.China's Foreign Minister Wang Yi called Pelosi's visit to Taiwan a "manic, irresponsible and highly irrational" act by the United States, state broadcaster CCTV reported.Wang, speaking at a meeting of Southeast Asian foreign ministers in Phnom Penh, Cambodia, said China had made the utmost diplomatic effort to avert crisis, but would never allow its core interests to be hurt.The foreign ministers in a statement had earlier warned that volatility caused by tensions in the Taiwan Strait could lead to "miscalculation, serious confrontation, open conflicts and unpredictable consequences among major powers". read more 'COMRADE PELOSI'Unusually, the drills in six areas around Taiwan were announced with a locator map circulated by China's official Xinhua news agency earlier this week - a factor that for some analysts and scholars shows the need to play to both domestic and foreign audiences. read more On Thursday, the top eight trending items on China's Twitter-like Weibo service were related to Taiwan, with most expressing support for the drills or fury at Pelosi."Let's reunite the motherland," several users wrote.In Beijing, security in the area around the U.S. Embassy remained unusually tight on Thursday as it has been throughout this week. There were no signs of significant protests or calls to boycott U.S. products."I think this (Pelosi's visit) is a good thing," said a man surnamed Zhao in the capital's central business district. "It gives us an opportunity to surround Taiwan, then to use this opportunity to take Taiwan by force. I think we should thank Comrade Pelosi."Pelosi, the highest-level U.S. visitor to Taiwan in 25 years, praised its democracy and pledged American solidarity during her brief stopover, adding that Chinese anger could not stop world leaders from travelling there.China summoned the U.S. ambassador in Beijing in protest against her visit and halted several agricultural imports from Taiwan."Our delegation came to Taiwan to make unequivocally clear that we will not abandon Taiwan," Pelosi told Taiwan's President Tsai Ing-wen, who Beijing suspects of pushing for formal independence - a red line for China. read more "Now, more than ever, America's solidarity with Taiwan is crucial, and that's the message we are bringing here today."The United States and the foreign ministers of the Group of Seven nations warned China against using Pelosi's visit as a pretext for military action against Taiwan.White House national security spokesman John Kirby said earlier in the week that Pelosi was within her rights to visit Taiwan, while stressing that the trip did not constitute a violation of Chinese sovereignty or America's longstanding "one-China" policy.The United States has no official diplomatic relations with Taiwan but is bound by American law to provide it with the means to defend itself.China views visits by U.S. officials to Taiwan as sending an encouraging signal to the pro-independence camp on the island. Taiwan rejects China's sovereignty claims, saying only the Taiwanese people can decide the island's future.Register now for FREE unlimited access to Reuters.comReporting by Yimou Lee and Sarah Wu; Additional reporting by Tony Munroe and Martin Quin Pollard in Beijing; Writing by Raju Gopalakrishnan; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Taiwan decries China's 'illegitimate, irresponsible' live-fire military drills.

The Adidas shoe Azteca Gold 1968 is displayed during celebrations for German sports apparel maker Adidas' 70th anniversary at the company's history exhibition in Herzogenaurach, Germany, August 9, 2019. REUTERS/Andreas GebertRegister now for FREE unlimited access to Reuters.comBERLIN, Aug 4 (Reuters) - Adidas (ADSGn.DE) on Thursday said operating profit fell by 28% in the second quarter to 392 million euros ($398.43 million), as results suffered from suspending business in Russia, higher supply chain costs and COVID-19 lockdowns in China and Vietnam.The German sportswear firm said currency-neutral sales rose 4% in the quarter but net income from continuing operations declined to 360 million euros from 387 million euros in the same period last year.The company had cut its 2022 outlook in July, citing slower than expected recovery in China, and now expecting currency-neutral revenues to grow at a mid- to high-single-digit rate this year. read more ($1 = 0.9839 euros)Register now for FREE unlimited access to Reuters.comReporting by Riham Alkousaa, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Adidas posts 28% decline in Q2 operating profit despite sales increase.

Ukrainian servicemen fire a M777 howitzer at a position on a front line, as Russia's attack on Ukraine continues, in Kharkiv region, Ukraine August 1, 2022. REUTERS/Sofiia GatilovaRegister now for FREE unlimited access to Reuters.comAug 4 (Reuters) - Ukraine's continued targeting of Russia military strongholds will highly likely impact Russia's logistical resupply and put pressure on Russian military combat support elements, the British military said on Thursday.Russian forces have almost certainly positioned pyramidal radar reflectors in the water near the recently damaged Antonivskiy Bridge and nearby rail bridge, Britain said in a defence update on Twitter."The radar reflectors are likely being used to hide the bridge from synthetic aperture radar imagery and possible missile targeting equipment. This highlights the threat Russia feels from the increased range and precision of Western-supplied systems," Britain said.Register now for FREE unlimited access to Reuters.comReporting by Nivedita Hazra in Bengaluru; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

UK says Ukraine's targeting of Russian strongholds pressures Russia's resupply logistics.

Jamalul Kiram III, a former Sultan of the Sulu region of the southern Philippines, answers questions as he sits surrounded by his followers, during a brief news conference in front of the Blue Mosque in Taguig city, south of Manila February 22, 2013. REUTERS/Romeo RanocoRegister now for FREE unlimited access to Reuters.comKUALA LUMPUR, Aug 4 (Reuters) - Malaysia is scrambling to protect its assets as the descendants of the last sultan of the remote Philippine region of Sulu look to enforce a $15 billion arbitration award in a dispute over a colonial-era land deal.In 1878, two European colonists signed a deal with the sultan for the use of his territory in present-day Malaysia – an agreement that independent Malaysia honoured until 2013, paying the monarch's descendants about $1,000 a year.Now, 144 years later after the original deal, Malaysia is on the hook for the second largest arbitration award on record for stopping the payments after a bloody incursion by supporters of Sultan Mohammed Jamalul Alam's heirs in which more than 50 people were killed.Register now for FREE unlimited access to Reuters.com"It is a fascinating and unusual case," said lawyer Paul Cohen, a lead co-counsel for the sultan's heirs from British law firm 4-5 Gray's Inn Square.For years, Malaysia largely dismissed the claims but in July, two Luxembourg-based subsidiaries of state energy firm Petronas were served with a seizure notice to enforce the award that the heirs won in February. read more The arbitration ruling in France followed an eight-year legal effort by the heirs and $20 million in funds raised for them from unidentified third-party investors, according to interviews with main figures in the case and legal documents seen by Reuters.Malaysia did not participate in nor recognise the arbitration - allowing the heirs to present their case without rebuttal - despite warnings that it would be dangerous to ignore the process.The claimants, including some retirees, are Filipino citizens leading middle-class lives, a far cry from their royal ancestors of the Sulu sultanate that once spanned rainforest-covered islands in the southern Philippines and parts of Borneo island.The heirs argue that the 19th century deal was a commercial lease, which is why they chose arbitration. They also claimed compensation for the vast energy reserves that have since been discovered in the territory they gave up in Malaysia's Sabah state on Borneo.Malaysia disputes that, saying the sultanate ceded sovereignty and the arbitration was illegitimate."The arbitration is a sophisticated fiction, veiled as a legal process," Uria Menendez, a Spanish law firm representing Malaysia, told Reuters.Malaysia has obtained a stay in France pending an appeal – a process that could take years – but the award remains enforceable globally under a U.N. convention on arbitration.'POOREST SULTAN'Malaysia honoured the colonial-era deal until 2013, when supporters of the late Jamalul Kiram III, who claimed to be the rightful sultan of Sulu, attempted to reclaim Sabah.Clashes erupted when about 200 supporters arrived in boats from the Philippines and lasted nearly a month.Kiram, who claimed to be the "poorest sultan in the world", was not one of the court-recognised heirs who received payments from Malaysia.The eight claimants in the arbitration - including Kiram's daughter and cousins - who received the annual payment have condemned the attack.Up until the intrusion, the Malaysian embassy in Manila wrote a cheque to the claimants every year for "cession money", according to cheques and correspondence from the embassy to the heirs and shared with Reuters by the heirs' lawyers.  Malaysia's then-prime minister, Najib Razak, told Reuters he had stopped the payments due to public anger over the incursion, acknowledging the reason publicly for the first time."I felt it was incumbent upon my duty and responsibility to protect the sovereignty of Sabah and the people of Sabah," he said, adding he had not anticipated retaliatory legal action.The claimants, through their lawyers, declined to be interviewed.Cohen, the heirs' lawyer, first heard of their claims from an oil and gas expert he cross examined in 2014 in an unrelated case.Knowing they did not have the financial means, Cohen in 2016 brought on board Therium, a British firm that has bankrolled legal actions by raising money from institutional investors, including a sovereign wealth fund.Therium conducted nine rounds of funding for the case, during which third-party investors repeatedly assessed its merits, said Elisabeth Mason, a lead co-counsel for the claimants with 4-5 Gray's Inn Square.The case has cost over $20 million, including lawyers and researchers in eight jurisdictions, she said."Investors don't invest lightly in such matters," she said. Therium said it would continue to finance efforts to enforce the award. It declined to provide details.'LUDICROUS'The heirs notified their intention to commence arbitration in 2017 in Spain and initially sought $32.2 billion in compensation, according to the award statement.Malaysia's first response came in 2019 when then-attorney general Tommy Thomas offered to resume the annual payments and pay 48,000 ringgit ($10,800) in arrears and interest if the arbitration was dropped.  Thomas believed the demands were "absurd and ludicrous" but made the offer after colleagues advised him that it was "perilous" to disregard the arbitration as Malaysia's foreign assets could be at risk, he wrote in a 2021 memoir.The heirs rejected Thomas' offer and the arbitration went on without Malaysia's participation.Malaysia successfully challenged the appointment of Gonzalo Stampa as the sole arbitrator in a Spanish court last year.But Stampa argued in his award statement that the courts did not have jurisdiction over arbitration, and moved the case to France to deliver the award - actions that Malaysia says were unlawful.Stampa is now facing criminal proceedings in Spain following a complaint filed by Malaysia. He declined to comment to Reuters.By snubbing the arbitration, Malaysia is confined to arguing the procedural validity rather than making a case against the heirs' claims, said N. Jansen Calamita, head of Investment Law and Policy at the National University of Singapore."It was a risky strategy and ultimately, I don't think it has served them well," he said.Register now for FREE unlimited access to Reuters.comReporting by Rozanna Latiff and A. Ananthalakshmi; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

How Malaysia ended up owing $15 billion to a sultan's heirs.

Employees make their way to work at the Samsung factory in Thai Nguyen province, north of Hanoi, Vietnam October 13, 2016. REUTERS/KhamRegister now for FREE unlimited access to Reuters.comTHAI NGUYEN, Vietnam, Aug 4 (Reuters) - Samsung Electronics Co Ltd has scaled back production at its massive smartphone plant in Vietnam, employees say, as retailers and warehouses grapple with rising inventory amid a global fall in consumer spending.America's largest warehouse market is full and major U.S. retailers such as Best Buy (BBY.N) and Target Corp (TGT.N) warn of slowing sales as shoppers tighten their belts after early COVID-era spending binges. read more The effect is acutely felt in Vietnam's northern province of Thai Nguyen, one of Samsung's (005930.KS) two mobile manufacturing bases in the country where the world's largest smartphone vendor churns out half of its phone output, according to the Vietnam government.Register now for FREE unlimited access to Reuters.comUS business inventories climb on restocking, slower consumer spendingSamsung, which shipped around 270 million smartphones in 2021, says the campus has the capacity to make around 100 million devices a year, according to its website."We are going to work just three days per week, some lines are adjusting to a four-day workweek instead of six before, and of course no overtime is needed," Pham Thi Thuong, a 28-year-old worker at the plant told Reuters."Business activities were even more robust during this time last year when the COVID-19 outbreak was at its peak. It's so tepid now."Reuters could not immediately establish whether Samsung is shifting production to other manufacturing bases to make up for reduced output from the Vietnamese factory. The company also makes phones in South Korea and India.Samsung told Reuters it has not discussed reducing its annual production target in Vietnam.The South Korean tech giant is relatively optimistic about smartphone demand in the second half, saying on its earnings call last week that supply disruptions had mostly been resolved and that demand would either stay flat or even see single-digit growth. read more It is aiming for foldable phone sales to surpass that of its past flagship smartphone, the Galaxy Note, in the second half. It is expected to unveil its latest foldables on Aug. 10.But a dozen workers interviewed by Reuters outside the factory almost all said business is not good.Thuong and her friends who have been working for Samsung for around five years said they had never seen deeper production cuts."Of course there is a low season every year, often around June-July, but low means no OT (overtime), not workday cuts like this," Thuong said.She said managers had told workers inventories were high and there were not many new orders.Research firm Gartner expects global smartphone shipments to decline by 6% this year due to consumer spending cuts and a sharp sales drop in China.SAMSUNG TOWNSamsung is Vietnam's biggest foreign investor and exporter, with six factories across the country, from northern industrial hubs Thai Nguyen and Bac Ninh where most phones and parts are manufactured, to Ho Chi Minh City's plant making fridges and washing machines.The South Korean company has poured $18 billion into Vietnam, powering the country's economic growth. Samsung alone contributes one fifth of Vietnam's total exports.Its arrival nearly a decade ago in Thai Nguyen, about 65 km (40 miles) from the capital Hanoi, transformed the area from a sleepy farming district into a sprawling industrial hub that now also manufactures phones for Chinese brands including Xiaomi Corp (1810.HK).Generous benefits including subsidised or free meals and accommodation have lured tens of thousands of young workers to the region, but reduced workhours have now left many feeling the pinch."My salary was cut by half last month because I just worked four days and spent the remaining week doing nothing," said worker Nguyen Thi Tuoi.Job cuts are on some workers' minds but so far none have been announced."I don’t think there will be job cuts, just some working hour cuts to suit the current global situation," said one worker, declining to be named because she did not want to risk her team leader role."I do hope that the current cut will not last long and we will soon be back to normal pace."Register now for FREE unlimited access to Reuters.comAdditional reporting by Khanh Vu in Hanoi and Joyce Lee in Seoul; Editing by Miyoung Kim and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Exclusive: Samsung workers in Vietnam bear brunt of slowdown in global demand for electronics.

Data released Wednesday showed a surprise rebound in the U.S. services sector in July and solid factory orders, which eased concerns over the U.S. economy and pushed stocks higher on the day.On the data front Thursday, there will be initial claims and international trade figures at 8:30 am ET.Cleveland Fed President Loretta Mester speaks at 12pm ET. On Wednesday, St. Louis Fed President James Bullard told CNBC Wednesday that he doesn't think the U.S. is in a recession and that the central bank will continue to raise rates to deal with inflation.

U.S. Treasury yields move lower off the back of positive economic data.

A rescue worker works in the aftermath of shelling, as Russia's invasion of Ukraine continues, at Mykolaiv Regional Skin and Venereal Diseases Dispensary, in Mykolaiv, Ukraine, in this handout image released August 1, 2022. State Emergency Service of Ukraine in the Mykolaiv region/Handout via REUTERS Register now for FREE unlimited access to Reuters.comSummaryUkraine warns of new Russian southern offensiveStrike force aimed at president's hometown, says UkraineU.S., Italy approve Finland, Sweden accession to NATOUkraine calls on China to help end war, says SCMPKYIV/WASHINGTON, Aug 4 (Reuters) - Ukraine said Russia had started creating a military strike force aimed at President Volodymyr Zelenskiy's hometown of Kryvyi Rih, while NATO moved closer to its most significant expansion in decades as the alliance responds to the invasion of Ukraine.The U.S. Senate and the Italian parliament both approved on Wednesday Finland and Sweden's accession to the 30-member North Atlantic Treaty Organisation (NATO). Under NATO membership, which must be ratified by all 30 member states, an attack on one member is an attack against all. read more "This historic vote sends an important signal of the sustained, bipartisan U.S. commitment to NATO, and to ensuring our Alliance is prepared to meet the challenges of today and tomorrow," U.S. President Joe Biden said in a statement.Register now for FREE unlimited access to Reuters.comRussia, which invaded Ukraine on Feb. 24, has repeatedly warned Finland and Sweden against joining NATO.NATO's 30 allies signed the accession protocol last month, allowing them to join the U.S.-led nuclear-armed alliance once its members ratify the decision. read more Ratification could take up to a year.Ukraine on Wednesday dismissed suggestions by former German Chancellor Gerhard Schroeder that Russia wanted a "negotiated solution" to the war and said any dialogue would be contingent on a Russian ceasefire and withdrawal of its troops.The South China Morning Post (SCMP) reported on Thursday that Ukraine was seeking an opportunity to speak "directly" with Chinese leader Xi Jinping to help end the war."It's a very powerful state. It's a powerful economy ... So (it) can politically, economically influence Russia. And China is (also a) permanent member of the U.N. Security Council," Zelenskiy told SCMP in an interview.China's foreign ministry did not immediately reply to a Reuters request for comment.NEW OFFENSIVEOn the battleground, Russian forces were engaged in considerable military activity, firing from tanks, barrel and rocket artillery in several parts of Ukraine, the General Staff of the Ukrainian Armed Forces said on Thursday.Earlier, Ukraine said Russia had begun creating a strike group in the Kryvyi Rih direction and that it could be preparing new offensive operations in southern Ukraine. read more The steel-producing city of Kryvyi Rih where Zelenskiy grew up lies around 50 km (30 miles) from the southern frontline.Pavlo Kyrylenko, governor of the Donetsk region, said on the Telegram app that three civilians had been killed in Bakhmut, Maryinka and Shevchenko and five wounded in the past 24 hours.Governors of the Mykolaiv, Kharkiv, Dnipropetrovsk regions reported that their regions had been shelled overnight, and civilian infrastructure, houses had been damaged."The idea is to put military pressure on us in Kharkiv, Donetsk and Luhansk over the next few weeks...What is happening in the east is not what will determine the outcome of the war," Ukrainian Presidential Adviser Oleksiy Arestovych said in an interview appearing on YouTube.The whole point of the Russian offensive in the east is to force Ukraine to divert troops from the area that is truly a danger - Zaporizhzhia, Arestovych added.Mayor Yevhen Yevtushenko of Nikopol, west of Zaporizhzhia in central Ukraine, said his city had been shelled overnight.Russia in March was accused of firing shells dangerously close to the Zaporizhzhia nuclear power plant, as its forces took it over in the first weeks of the invasion.U.S. Secretary of State Antony Blinken has accused Moscow of using Ukraine's largest nuclear power plant as a "nuclear shield" in attacks on Ukrainian forces. read more Reuters was not able to verify battlefield reports.Russia denies it targets civilians, but many towns and cities have been destroyed and thousands killed in the biggest conflict in Europe since World War Two. Ukraine and its Western allies accuse Russian forces of war crimes.FOOD CRISISRussian President Vladimir Putin sent troops into Ukraine in what he calls a "special military operation" to rid the country of fascists. Ukraine and the West said Putin launched an unprovoked "imperial" land grab.The war has sparked a global energy and food crisis. Russia and Ukraine produce about one third of global wheat and Russia is the main energy supplier to Europe.An agreement between Moscow and Kyiv, brokered by the United Nations and Turkey, to allow safe passage of grain ships from Ukraine has been hailed as a rare diplomatic success in the war.The first ship carrying Ukrainian grain since the war started passed through the Bosphorus Strait on Wednesday. The vessel, Razoni, was carrying 26,527 tonnes of corn to the Lebanese port of Tripoli. read more Zelenskiy said Ukraine needed to export a minimum 10 million tonnes of grain to urgently help bring down its budget deficit which was running at $5 billion a month.A senior Turkish official said three ships could leave Ukrainian ports daily following the Razoni's departure, while Ukraine's infrastructure minister said 17 more ships had been loaded with agricultural produce and were waiting to set sail.Register now for FREE unlimited access to Reuters.comReporting by Reuters bureaux; Writing by Himani Sarkar; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Ukraine warns of new Russian offensive; Sweden, Finland move closer to joining NATO.

The edge of Glencore's Mount Owen coal mine and adjacent rehabilitated land are pictured in Ravensworth, Australia, June 21, 2022. Picture taken June 21, 2022. Picture taken with a drone. REUTERS/Loren ElliottRegister now for FREE unlimited access to Reuters.comSummaryCompaniesCompany to pay out $3 bln in share buybackAlso promises $1.45 billion special dividendAdjusted EBITDA more than doubles to $18.92 billionLONDON, Aug 4 (Reuters) - Miner and trader Glencore (GLEN.L) said on Thursday it would return an additional $4.5 billion to investors, including a share buyback of $3 billion, after it reported a record half-yearly profit mostly due to high coal prices.Unlike its mining rivals which bowed to investor pressure to exit fossil fuels, Glencore mines thermal coal, whose prices have reached record highs, reflecting shortages during protracted COVID-related lockdowns and the war in Ukraine, and trades millions of barrels of crude oil a year.Chief Executive Gary Nagle told reporters that very strong coal prices had significantly boosted Glencore's earnings from its industrial operations, though he also noted the group continued to see inflation pressures across its business, which were a "consistent headwind".Register now for FREE unlimited access to Reuters.comShareholder returns of $4.5 billion also include a $1.45 billion special dividend, taking 2022 payouts to $8.5 billion. The company had in February announced $4 billion payout including a dividend and a $550 million share buyback. read more The group's adjusted core earnings or EBITDA more than doubled to $18.92 billion in the six months through June, compared with $8.7 billion a year earlier and above analysts' expectations of $18.4 billion.Its trading division's half-year adjusted operating profit reached $3.7 billion, far exceeding the top end of its long-term annual outlook range of $3.2 billion."There is no quick fix to the problems plaguing the energy markets and this should keep prices for the likes of coal and LNG elevated in the second half," said Joshua Warner, market analyst at City Index."However, the outlook for metals looks more complex given supply chain disruptions, rising costs and weakening demand in China."($1 = 0.8235 pounds)Register now for FREE unlimited access to Reuters.comReporting by Clara Denina in London and Muhammed Husain in Bengaluru; Editing by Uttaresh.V and David HolmesOur Standards: The Thomson Reuters Trust Principles.

Glencore to return extra $4.5 bln to shareholders after record earnings.

Register now for FREE unlimited access to Reuters.comSEOUL, Aug 4 (Reuters) - U.S. House of Representatives Speaker Nancy Pelosi and her South Korean counterpart vowed on Thursday to support efforts to maintain a strong deterrence against North Korea and achieve its denuclearisation.A joint statement was issued after Pelosi met South Korea's National Assembly Speaker Kim Jin-pyo in Seoul, in which they expressed concerns over the North's evolving nuclear and missile threats."Both sides expressed concerns about the dire situation of North Korea's growing threat," the statement said.Register now for FREE unlimited access to Reuters.com"We agreed to support the efforts of the two governments to achieve practical denuclearisation and peace through international cooperation and diplomatic dialogue, based on the strong and extended deterrence against the North."Pelosi also said at a news conference that she and Kim discussed ways to boost cooperation on regional security and economic and climate issues.Pelosi arrived in South Korea late on Wednesday following a brief stop in Taiwan, and met U.S. embassy officials in Seoul earlier on Thursday before talks with Kim and other lawmakers.U.S. House of Representatives Speaker Nancy Pelosi meets with South Korea?s National Assembly Speaker Kim Jin-pyo in Seoul, South Korea August 4, 2022. Kim Min-Hee/Pool via REUTERSLater on Thursday, Pelosi plans to visit the Joint Security Area near the heavily fortified inter-Korean border, patrolled together by American-led U.N. Command and North Korea, a South Korean official said.She would be the highest-level U.S. official to visit the area after former President Donald Trump, who met North Korean leader Kim Jong Un there in 2019.South Korean President Yoon Suk-yeol, who was on a scheduled vacation this week, will not meet Pelosi but would speak to her by telephone later on Thursday, Yoon's office said.South Korean media speculated that Yoon could be shunning meeting Pelosi in order to avoid antagonising China, after her visit to Taiwan caused outrage in Beijing, which claims the self-governed island as its own. read more An official at Yoon's office said it welcomes Pelosi and wishes her smooth travel, but did not comment on those reports."Our position on her visit to Taiwan is that we will continue close communications with other countries based on the view that maintaining regional peace and stability via dialogue and cooperation is important," the official told reporters. read more Register now for FREE unlimited access to Reuters.comReporting by Hyonhee Shin; Additional reporting by Joori Roh and Soo-hyang Choi; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Pelosi vows support to denuclearise North Korea, plans to visit Korea border.

A map showing locations where Chinese People's Liberation Army (PLA) will conduct military exercises and training activities including live-fire drills is seen on newspaper reports of U.S. House of Representatives Speaker Nancy Pelosi's visit to Taiwan, at a newsstand in Beijing, China August 3, 2022. REUTERS/Tingshu WangRegister now for FREE unlimited access to Reuters.comBEIJING, Aug 4 (Reuters) - China's People's Liberation Army has begun military exercises including live firing on the waters and in the airspace surrounding the island of Taiwan, Chinese state television reported on Thursday.The drills, spread out across six locations, are due to end at 12:00 p.m. (0400 GMT) on Sunday. The exercises followed U.S. House of Representatives Speaker Nancy Pelosi's visit to Taiwan, a trip condemned by Beijing, which claims the self-governed island as its own.Significantly, in the north, east and south, the exercise areas bisect Taiwan's claimed 12 nautical miles of territorial waters - something Taiwanese officials say challenges the international order and amount to a blockade of its sea and air space. read more Register now for FREE unlimited access to Reuters.comThe locations encircle the island in an unprecedented formation, Meng Xiangqing, a professor at the National Defence University, told Chinese state television, describing how an actual military operation against Taiwan could play out."In fact, this has created very good conditions for us when, in the future, we reshape our strategic landscape conducive to our unification," Meng said.Chinese forces in two areas off the northern coast of Taiwan could potentially seal off Keelung, a major port, while strikes could be launched from an area east of Taiwan targeting the military bases in Hualien and Taidong, he said.The "doors" to Kaoshiung could also be closed by Chinese military off the southwestern coast, Meng said.Register now for FREE unlimited access to Reuters.comReporting by Ryan Woo; Editing by Jacqueline Wong & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Chinese military begins 'strategic' drills around Taiwan - state media.

A worker carries chickens at a poultry farm in Sepang, Selangor, May 27, 2022. Picture taken May 27, 2022. REUTERS/Hasnoor HussainRegister now for FREE unlimited access to Reuters.comKUALA LUMPUR, Aug 4 (Reuters) - Malaysia's ban on chicken exports is expected to end on Aug. 31, Agriculture and Food Industries Minister Ronald Kiandee told parliament on Thursday.Malaysia, which supplies live chickens mainly to neighbouring Singapore and Thailand, in June halted exports until production and prices stabilise, after a global feed shortage exacerbated by the Russia-Ukraine war disrupted production.Malaysia now has a slight oversupply of chicken following the export ban, Ronald had said on Monday. read more Register now for FREE unlimited access to Reuters.comReporting by Rozanna Latiff; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Malaysia's ban on chicken exports expected to end on Aug. 31 - minister.

A TV screen shows that China's People's Liberation Army has begun military exercises including live firing on the waters and in the airspace surrounding the island of Taiwan, as reported by Chinese state television, in Hong Kong, China August 4, 2022. REUTERS/Tyrone SiuSummaryChinese military exercises, involving live-fire, beginSuspected drones fly over outlying Taiwanese islandsTaiwan says several government websites hackedChina says it's an internal affairTAIPEI, Aug 4 (Reuters) - China launched unprecedented live-fire military drills in six areas that ring Taiwan on Thursday, a day after a visit by U.S. House of Representatives Speaker Nancy Pelosi to the self-ruled island that Beijing regards as its sovereign territory.Soon after the scheduled start at 0400 GMT, China's state broadcaster CCTV said the drills had begun and would end at 0400 GMT on Sunday. They would include live firing on the waters and in the airspace surrounding Taiwan, it said. read more Two missiles were launched by China near Taiwan's Matsu islands, which lie off the coast of China, at around 2 p.m. local time (0600 GMT) in the direction of drill zones announced by China, according to an internal Taiwan security report seen by Reuters and confirmed by a Taiwan security source. read more Register now for FREE unlimited access to Reuters.comTaiwan officials have said the drills violate United Nations rules, invade Taiwan's territorial space and are a direct challenge to free air and sea navigation.Map showing the six locations where China will conduct military drills.China is conducting drills on the busiest international waterways and aviation routes and that is "irresponsible, illegitimate behaviour," Taiwan's ruling Democratic Progressive Party said.Taiwan's cabinet spokesman, expressing serious condemnation of the drills, said also that websites of the defence ministry, the foreign ministry and the presidential office were attacked by hackers.Chinese navy ships and military aircraft briefly crossed the Taiwan Strait median line several times on Thursday morning, a Taiwanese source briefed on the matter told Reuters. read more By midday on Thursday, military vessels from both sides remained in the area and in close proximity.Taiwan scrambled jets and deployed missile systems to track multiple Chinese aircraft crossing the line."They flew in and then flew out, again and again. They continue to harass us," the Taiwanese source said.On Wednesday night, just hours after Pelosi left for South Korea, unidentified aircraft, probably drones, flew above the area of Taiwan's outlying Kinmen islands near the Chinese coast, Taiwan's defence ministry said. read more China, which claims Taiwan as its own territory and reserves the right to take it by force, said on Thursday its differences with the self-ruled island were an internal affair. read more "Our punishment of pro-Taiwan independence diehards, external forces is reasonable, lawful," China's Beijing-based Taiwan Affairs Office said.China's Foreign Minister Wang Yi called Pelosi's visit to Taiwan a "manic, irresponsible and highly irrational" act by the United States, state broadcaster CCTV reported.Wang, speaking at a meeting of Southeast Asian foreign ministers in Phnom Penh, Cambodia, said China had made the utmost diplomatic effort to avert crisis, but would never allow its core interests to be hurt.The foreign ministers in a statement had earlier warned that volatility caused by tensions in the Taiwan Strait could lead to "miscalculation, serious confrontation, open conflicts and unpredictable consequences among major powers". read more 'COMRADE PELOSI'Unusually, the drills in six areas around Taiwan were announced with a locator map circulated by China's official Xinhua news agency earlier this week - a factor that for some analysts and scholars shows the need to play to both domestic and foreign audiences. read more On Thursday, the top eight trending items on China's Twitter-like Weibo service were related to Taiwan, with most expressing support for the drills or fury at Pelosi."Let's reunite the motherland," several users wrote.In Beijing, security in the area around the U.S. Embassy remained unusually tight on Thursday as it has been throughout this week. There were no signs of significant protests or calls to boycott U.S. products."I think this (Pelosi's visit) is a good thing," said a man surnamed Zhao in the capital's central business district. "It gives us an opportunity to surround Taiwan, then to use this opportunity to take Taiwan by force. I think we should thank Comrade Pelosi."Pelosi, the highest-level U.S. visitor to Taiwan in 25 years, praised its democracy and pledged American solidarity during her brief stopover, adding that Chinese anger could not stop world leaders from travelling there.China summoned the U.S. ambassador in Beijing in protest against her visit and halted several agricultural imports from Taiwan."Our delegation came to Taiwan to make unequivocally clear that we will not abandon Taiwan," Pelosi told Taiwan's President Tsai Ing-wen, who Beijing suspects of pushing for formal independence - a red line for China. read more "Now, more than ever, America's solidarity with Taiwan is crucial, and that's the message we are bringing here today."The United States and the foreign ministers of the Group of Seven nations warned China against using Pelosi's visit as a pretext for military action against Taiwan.White House national security spokesman John Kirby said earlier in the week that Pelosi was within her rights to visit Taiwan, while stressing that the trip did not constitute a violation of Chinese sovereignty or America's longstanding "one-China" policy.The United States has no official diplomatic relations with Taiwan but is bound by American law to provide it with the means to defend itself.China views visits by U.S. officials to Taiwan as sending an encouraging signal to the pro-independence camp on the island. Taiwan rejects China's sovereignty claims, saying only the Taiwanese people can decide the island's future.Register now for FREE unlimited access to Reuters.comReporting by Yimou Lee and Sarah Wu; Additional reporting by Tony Munroe and Martin Quin Pollard in Beijing; Writing by Raju Gopalakrishnan; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

China begins huge live-fire drills around Taiwan; Taipei says 'illegitimate, irresponsible'.

People wounded in a shopping mall hit by a Russian missile strike are treated in a hospital, as Russia's attack on Ukraine continues, in Kremenchuk, in Poltava region, Ukraine June 27, 2022. REUTERS/Anna VoitenkoRegister now for FREE unlimited access to Reuters.comLONDON, Aug 4 (Reuters) - Ukraine is facing a worsening health emergency as the conflict with Russia rages on, the World Health Organization said, with a combination of burnt-out staff, increased shelling and the approach of winter fuelling the agency's concerns.There have been 434 attacks on healthcare facilities in the country, out of 615 such attacks reported this year worldwide, according to a WHO tracker.The WHO's Ukraine emergency co-ordinator Heather Papowitz said healthcare teams in many areas have become used to working with shelling outside their window.Register now for FREE unlimited access to Reuters.com"It's kind of falling off the news in a way... but this is an emergency of public health," Papowitz told Reuters on Wednesday.Russia denies it targets civilians, but many Ukrainian towns and cities have been destroyed and thousands killed. Ukraine and its Western allies accuse Russian forces of war crimes.Papowitz, who visited Ukraine last week, said the WHO was most concerned about areas inaccessible to its teams due to fighting or Russian occupation, including the eastern Donbas region and Kherson to the south."Getting access is the biggest issue, it is what keeps us up at night," said Papowitz, citing challenges in getting medicines into these areas for people with chronic conditions or treating physical and mental trauma. read more Disease control is also a factor. Ukraine has low vaccination coverage for measles and a polio outbreak, and there have been concerns over the risk of cholera. No cholera outbreaks have yet been verified, said Papowitz. read more WHO is also working alongside national health systems to support the health of refugees in neighbouring countries. More than six million people have fled the fighting in Ukraine, and a similar number are displaced within the country, too.Papowitz said there were barriers in everything from language to affordability for refugees accessing healthcare, which the WHO is working with national governments to address.Register now for FREE unlimited access to Reuters.comReporting by Jennifer Rigby; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

Ukraine health crisis worsens as medics work amid shelling - WHO.

Rolls Royce engine of the first Fiji Airways A350 XWB airliner is seen at the aircraft builder's headquarters of Airbus in Colomiers near Toulouse, France, November 15, 2019. REUTERS/Regis Duvignau/File PhotoRegister now for FREE unlimited access to Reuters.comLONDON, Aug 4 (Reuters) - British aero-engineer Rolls-Royce (RR.L) said on Thursday it was managing rising inflation and supply chain disruption, and an improvement in its squeezed profit margin in the second half would keep it on track to meet its targets.The engine maker reported underlying operating profit of 125 million pounds ($152 million) in the first half of the year, compared with 307 million pounds a year earlier, on underlying revenue of 5.31 billion pounds.Rolls-Royce Chief Executive Warren East, who will be succeeded by ex-BP executive Tufan Erginbilgic at the end of the year, said the company had "progressed well" in the half, with an improvement in free cash flow of more than 1 billion pounds and strong order intake in its power systems business.Register now for FREE unlimited access to Reuters.com"We are actively managing the impacts of a number of challenges, including rising inflation and ongoing supply chain disruption, with a sharper focus on pricing, productivity and costs," he said in a statement.The company said its large engines under long-term service agreements flew 4.5 million hours in the period, up 43% year-over-year, but still only about 60% of pre-pandemic levels in 2019.($1 = 0.8231 pounds)Register now for FREE unlimited access to Reuters.comReporting by Paul Sandle; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Rolls-Royce says it is managing inflation and supply chain disruption.

Kenya's Deputy President and presidential candidate William Ruto attends an election rally in Eldoret, Kenya August 1, 2022. REUTERS/Baz Ratner/File PhotoRegister now for FREE unlimited access to Reuters.comNAIROBI, Aug 4 (Reuters) - East Africa's economic powerhouse will hold elections on Aug. 9 to select a new president, parliament, county governors and assemblies. President Uhuru Kenyatta will be stepping down after serving his constitutionally allowed 10 years.Many voters want change, frustrated by corruption and skyrocketing prices. But both frontrunners vying to succeed Kenyatta have ties to him.Veteran opposition leader Raila Odinga has received Kenyatta's endorsement. William Ruto has been Kenyatta's deputy president for the past decade, although the two men fell out.Register now for FREE unlimited access to Reuters.comOdinga, a left-leaning former political prisoner, has served as prime minister and is the son of the nation's first vice president.Ruto, a gifted orator who says he once sold chicken by the roadside, has portrayed the election as a fight between common "hustlers" and elite "dynasties".Both are wooing voters in East Africa's richest and most stable nation by promising to reign in ballooning foreign borrowing and help the poor. Less than 0.1% of Kenyans own more wealth than the bottom 99.9% combined, according to Oxfam. The global spike in fuel and food prices has hit families hard. read more The candidates have also stitched together alliances of ethnic voting blocs. Such ethnic rivalries led to deadly violence in previous elections after results were disputed.But unlike the past four elections, Kenyatta's Kikuyu ethnic group, the nation's largest, has no presidential candidate to unify behind. Both Odinga and Ruto have chosen Kikuyu vice-presidential running mates.The potential fracturing of Kenya's biggest ethnic voting bloc makes for an unpredictable election, said Murithi Mutiga, Africa head for global think tank International Crisis Group."The public has grown weary of all the byzantine alliances among the political elites," he said. "Politicians are being forced to discuss issues that really matter."Young citizens are particularly disenchanted, he said; many have not bothered registering to vote.VOTER APATHYThose are Kenyans like 30-year-old motorbike taxi driver Calvince Okumu, who falls into a demographic courted by both camps.He is one of the country's 1.6 million motorcycle taxi drivers – the kind of young, hardscrabble entrepreneur Ruto promises to give loans to. He also hails from Western Kenya, Odinga's stronghold, and could benefit from his promise to provide a basic income to the poorest families.He's not interested."Why should I line up for four hours to vote?" asked Okumu, a part-time student. "There's no difference between the two."The number of registered voters aged 18-34 has dropped more than 5 percent since the 2017 election, despite population growth of around 12 percent.Okumu's more concerned about finding steady work. More than a tenth of Kenyans aged 18 - 64 are unemployed and nearly one in five are out of the labor force - meaning they are not looking for work, according to the World Bank.Endemic corruption has also angered voters; both camps include officials charged with or even convicted of corruption. read more In the northeast, the worst drought in 40 years has forced parched grazing lands and forced 4.1 million people to depend on food aid. Their plight has barely been mentioned as would-be leaders buzzed across the country in fleets of helicopters. read more UNRESTThe shadow of the violence following disputed 2007 elections, which killed 1,200 people and displaced around 600,000, hangs over each election cycle.Kenyatta and Ruto were among six Kenyans charged at the International Criminal Court over their alleged roles in the 2007 violence. Both denied the charges and their cases collapsed.Violence also followed the 2017 polls, when more than 100 people were killed.This time, there's been less pre-election violence; communities are working hard to defuse tensions. read more The Supreme Court's decision to nullify and re-run the last election also means there's higher confidence in the justice system - so disputes are more likely to go to the courts than the streets.Register now for FREE unlimited access to Reuters.comEditing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Weary and wary, Kenyans gear up for national elections.

U.S. Updated on: August 3, 2022 / 5:53 PM / CBS/AP Conspiracy theorist Alex Jones testified Wednesday that he now understands it was irresponsible of him to declare the Sandy Hook Elementary School massacre a hoax and that he now believes it was "100% real."Speaking a day after the parents of a 6-year-old boy who was killed in the 2012 attack testified about the suffering, death threats and harassment they've endured because of what Jones has trumpeted on his media platforms, the Infowars host told a Texas courtroom that he definitely thinks the attack happened."Especially since I've met the parents. It's 100% real," Jones said at his trial to determine how much he and his media company, Free Speech Systems, owe for defaming Neil Heslin and Scarlett Lewis. Their son Jesse Lewis was among the 20 students and six educators who were killed in the attack in Newtown, Connecticut, which was the deadliest school shooting in American history. Alex Jones walks into the courtroom in front of Scarlett Lewis and Neil Heslin, the parents of 6-year-old Sand Hook shooting victim Jesse Lewis, at the Travis County Courthouse in Austin, Texas, July 28, 2022.  BRIANA SANCHEZ/POOL But Heslin and Lewis said Tuesday that an apology wouldn't suffice and that Jones needed to be held accountable for repeatedly spreading falsehoods about the attack. They are seeking at least $150 million. Testimony in the trial, which is in its second week, concluded at around midday Wednesday.During closing arguments Wednesday afternoon, Jones' attorney Andino Reynal said the plaintiffs didn't prove that his client's actions and words caused actual harm to Heslin and Lewis. He said it's fair to infer that someone else "weaponized" what Jones has said about Sandy Hook and "convinced them that Alex Jones was responsible for their grief." Jones was the only person who testified in his own defense. His attorney asked him if he now understands it was "absolutely irresponsible" to push the false claims that the massacre didn't happen and no one died.Jones said he does, but added, "They (the media) won't let me take it back."He also complained that he's been "typecast as someone that runs around talking about Sandy Hook, makes money off Sandy Hook, is obsessed by Sandy Hook."Under a withering cross-examination from attorney Mark Bankston, Jones acknowledged his history of raising conspiracy claims regarding other mass tragedies, from the Oklahoma City and Boston Marathon bombings to the mass shootings in Las Vegas and Parkland, Florida. Bankston then went after Jones' credibility, showing an Infowars video clip from last week when a host - not Jones - claimed the trial was rigged and featuring a photo of the judge in flames. Then came another clip of Jones asking if the jury was selected from a group of people "who don't know what planet" they live on. Jones said he didn't mean that part literally.Bankston said Jones hadn't complied with court orders to provide text messages and emails for pretrial evidence gathering. Jones said, "I don't use email," then was showed one gathered from another source that came from his email address. He replied: "I must have dictated that."At one point, Bankston informed Jones that his attorneys had mistakenly sent Bankston the last two years' worth of texts from Jones' cellphone.The attorney also showed the court an email from an Infowars business officer informing Jones that the company had earned $800,000 gross in selling its products in a single day, which would amount to nearly $300 million in a year. Jones said that was the company's best day in sales.Jones' testimony came a day after Heslin and Lewis told the courtroom in Austin, where Jones and his companies are based, that Jones and the false hoax claims he and Infowars pushed made their lives a "living hell" of death threats, online abuse and harassment.They led a day of charged testimony Tuesday that included the judge scolding the bombastic Jones for not being truthful with some of what he said under oath.In a gripping exchange, Lewis spoke directly to Jones, who was sitting about 10 feet away. Earlier that day, Jones was on his broadcast program telling his audience that Heslin is "slow" and being manipulated by bad people. "I am a mother first and foremost and I know you are a father. My son existed," Lewis said to Jones. "I am not deep state ... I know you know that ... And yet you're going to leave this courthouse and say it again on your show."At one point, Lewis asked Jones: "Do you think I'm an actor?""No, I don't think you're an actor," Jones responded before the judge admonished him to be quiet until called to testify.Heslin and Lewis are among several Sandy Hook families who have filed lawsuits alleging that the Sandy Hook hoax claims pushed by Jones have led to years of abuse by him and his followers."What was said about me and Sandy Hook itself resonates around the world," Heslin said. "As time went on, I truly realized how dangerous it was."Jones skipped Heslin's Tuesday morning testimony while he was on his show — a move Heslin dismissed as "cowardly" — but arrived in the courtroom for part of Scarlett Lewis' testimony. He was accompanied by several private security guards."Today is very important to me and it's been a long time coming ... to face Alex Jones for what he said and did to me. To restore the honor and legacy of my son," Heslin said when Jones wasn't there. Heslin told the jury about holding his son with a bullet hole through his head, even describing the extent of the damage to his son's body. A key segment of the case is a 2017 Infowars broadcast that said Heslin didn't hold his son.In 2017, Heslin went on television, he told CBS News, to directly address the Sandy Hook deniers. "I lost my son. I buried my son. I held my son with a bullet hole through his head," he said.After which, the harassment only got worse, Heslin said."I've had many death threats," Heslin told CBS News in 2018. "People say, 'You should be the ones with a bullet hole in your head.'"The jury was shown a school picture of a smiling Jesse taken two weeks before he was killed. The parents didn't receive the photo until after the shooting. They described how Jesse was known for telling classmates to "run!" which likely saved lives.Jones later took the stand Tuesday and was initially combative with the judge, who had asked him to answer his own attorney's question. Jones testified he had long wanted to apologize to the plaintiffs.Later, the judge sent the jury out of the room and strongly scolded Jones for telling the jury he had complied with pretrial evidence gathering even though he didn't and that he is bankrupt, which has not been determined. The plaintiffs' attorneys were furious about Jones mentioning he is bankrupt, which they worry will taint the jury's decisions about damages. "This is not your show," Judge Maya Guerra Gamble told Jones. "Your beliefs do not make something true. You are under oath."Last September, the judge admonished Jones in her default judgment over his failure to turn over documents requested by the Sandy Hook families. A court in Connecticut issued a similar default judgment against Jones for the same reasons in a separate lawsuit brought by other Sandy Hook parents.At stake in the trial is how much Jones will pay. The parents have asked the jury to award $150 million in compensation for defamation and intentional infliction of emotional distress. The jury will then consider whether Jones and his company will pay punitive damages.Jones told the jury that any compensation above $2 million "will sink us," but added: "Ï think it's appropriate for whatever you decide what you want to do."Jones has already tried to protect Free Speech Systems financially. The company filed for federal bankruptcy protection last week. Sandy Hook families have separately sued Jones over his financial claims, arguing that the company is trying to protect millions owned by Jones and his family through shell entities. In: alex jones Sandy Hook Elementary School Shooting

Alex Jones concedes Sandy Hook massacre was "100% real" as he testifies at defamation trial.

Taiwan President Tsai Ing-wen speaks at a meeting with U.S. House of Representatives Speaker Nancy Pelosi (not pictured) at the presidential office in Taipei, Taiwan August 3, 2022. Taiwan Presidential Office/Handout via REUTERS Register now for FREE unlimited access to Reuters.comTAIPEI, Aug 4 (Reuters) - Taiwan's President Tsai Ing-wen thanked the Group of Seven (G7) nations on Thursday for supporting regional peace and stability after the group called on China to resolve tensions in the Taiwan Strait in a peaceful manner.Tsai, in a Twitter post, also wrote: "Taiwan is committed to defending the status quo & our hard-earned democracy."We'll work with like-minded partners to maintain a free & open Indo-Pacific."The G7 comments came after China demonstrated its outrage over a visit to Taiwan by U.S. House of Representatives Speaker Nancy Pelosi with a burst of military activity in surrounding waters.Register now for FREE unlimited access to Reuters.comReporting by Yimou Lee; Writing by Martin Quin Pollard; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Taiwan's Tsai thanks G7 for supporting regional peace and stability.

Chinese Foreign Minister Wang Yi attend the ASEAN Plus Three Foreign Ministers’ Meeting in in Phnom Penh, Cambodia August 4, 2022. REUTERS/Soe Zeya TunRegister now for FREE unlimited access to Reuters.comBEIJING, Aug 4 (Reuters) - The Chinese foreign ministry said on Thursday that a meeting between China's Foreign Minister Wang Yi and his Japanese counterpart on the sidelines of ASEAN events in Cambodia had been cancelled.The Chinese side is strongly displeased with the joint statement put out by the Group of Seven nations about Taiwan, said Hua Chunying, spokesperson at the ministry, at a regular media briefing.The foreign ministers of G7 nations - including Japan - called on China on Wednesday to resolve tension around the Taiwan Strait in a peaceful manner. read more Register now for FREE unlimited access to Reuters.comReporting by Martin Quin Pollard; writing by Ryan Woo; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

China cancels bilateral meeting with Japan after G7 Taiwan statement.

DBS Group CEO Piyush Gupta said the bank's wealth management and capital markets businesses continue to see "headwinds," despite the bank reporting robust second-quarter earnings."Business momentum is a bit mixed. Our corporate lending activities are actually doing quite well. And so the balance sheets continue to grow," Gupta told CNBC's "Capital Connection" following the release of the bank's results Thursday."Private banking customers have been reluctant to put money to work, that obviously is a challenge. The headwinds on wealth management and capital markets mean that the overall fee incomes … are down year-on-year," he added.DBS, Southeast Asia's largest bank, reported net fee income fell 12% in the second quarter due to lower contributions from wealth management and investment banking compared with a year ago.First-half net fee income declined 9% from a year ago to 1.66 billion Singapore dollars ($1.2 billion). Wealth management fees declined 21% to S$745 million as weaker market conditions led to lower investment product sales, DBS said. Investment banking fees also declined by 36% to S$73 million as capital market activity slowed.Stock picks and investing trends from CNBC Pro:Uncertain outlookGupta said the outlook for the wealth management business remains uncertain given the current market sentiment. "If the markets do start turning around and you start seeing more animal spirits, we can get some more capital markets deals done — and wealth management, private banking customers could get more active," the CEO said."But like I said, at this point in time, I'm not holding my breath on that happening," he added.On Thursday, DBS reported net profit rose to S$1.82 billion during the April to June period from S$1.7 billion a year earlier. That's higher than the average forecast of S$1.69 billion, according to data from Refinitiv.The bank's net interest margin increased to 1.58% in the quarter, up from 1.45% a year ago."Net interest margin, which had been declining since 2019, rose in the first quarter with the start of interest rate hikes, and the improvement accelerated in the second quarter. Net interest margin for the first half was 1.52%, five basis points higher than a year ago," DBS said in its report.Gupta said the increase in the net interest margin was the "biggest story," noting the sharp increase. He noted projections for net interest margin "in the third and fourth quarter are quite robust.""And if that is the case, then yes, it is the story of net interest margin increases that will propel the business along," Gupta said.DBS said the board has declared an interim one-tier tax-exempt dividend of 36 cents for each DBS ordinary share for the second quarter of 2022 .

Southeast Asia's largest bank says wealth management, capital markets business face challenges.

A worker cycles near a factory at the Keihin industrial zone in Kawasaki, Japan February 17, 2016. Japan's automaker labour unions are reducing their demands for pay rises for the next fiscal year from amounts sought the previous year, a move that could hamper the Abe government's efforts to stoke demand and defeat deflation. REUTERS/Toru Hanai/File PhotoRegister now for FREE unlimited access to Reuters.comSummaryCompaniesPM Kishida warms to unions in hope of raising wagesLabour unions see scope for cooperation with governmentUnions gearing up to demand wage hike exceeding 2%Rising part-time workers eroding unions' bargaining powerAs job market tightens, job security has less appeal to youthsTOKYO, Aug 4 (Reuters) - As Japan faces its first major battle with inflation in decades, Prime Minister Fumio Kishida is extending a rare olive branch to labour unions, who he sees as crucial to his wider push to boost household wealth.Wage stagnation has blighted Japan's workers for years as the country was mired in a deflationary mindset that stopped firms raising salaries, and as weakened unions shied away from demanding more pay.As part of his "new capitalism" platform to widen wealth distribution, Kishida has urged firms to boost pay and give households spending power to tolerate higher prices.Register now for FREE unlimited access to Reuters.comHe is also approaching unions for help in achieving what other countries would frown upon: a spiral of rising inflation triggering strong wage growth.In January, Kishida became the first premier in almost a decade to attend a new year party held by Rengo, the main umbrella union, in a rare gesture to organised labour by the head of the pro-business Liberal Democratic Party. read more At the event, he called for labour union help in achieving "a bold turnaround in the downtrend in wage levels seen in recent years" and "wage hikes befitting an era of new capitalism."In June, he made a similarly rare visit to Toyota Motor Corp's (7203.T) factory in what some politicians saw as a bid to court union votes.The attempt to close some of the distance between unions and government illustrates the depth of Japan's economic woes and has, at least for now, put Kishida on the same side as organised labour in calling for higher wages.SEIZING THE MOMENTJapan's recent union history has been unspectacular.Most unions are in-house bodies representing employees at their firms, rather than on an industry basis. As such, they tend to prioritise job security over pay.Now, however, conditions for higher wages appear to be falling into place in ways never seen in deflation-prone Japan.The job market is at its tightest in decades and inflation exceeded the central bank's 2% target for the first time in seven years, pressuring firms to raise wages.Shedding its image as a counter-force to a pro-business government, labour unions, too, are warming to the administration as they seek ways to put their ideas into practice beyond relying on a weak, fragmented opposition.Tomoko Yoshino, head of Rengo, attended a ruling party meeting in April as a token gesture of support toward its policy on work-style reform."It's true some of Kishida's proposals mesh with ours," such as steps to narrow income disparity, said Hiroya Nakai, an executive at Japanese Association of Metal, Machinery and Manufacturing Workers - a union for small manufacturers."At times it's necessary to make proposals to the ruling party," he said.The relationship between Kishida and unions contrasts with that of many other countries, where governments see current demands for wage hikes as a risk that could trigger unwelcome inflation. read more It also highlights Japan's unique situation where a tight job market does not necessarily lead to broad-based wage rises.Japan's average wages have hardly risen since the early 1990s and were the lowest among G7 advanced nations last year, according to OECD data.Reuters GraphicsReuters GraphicsThere are signs of change as a rapidly ageing society intensifies labour shortages. Firms agreed with unions to raise average wages by 2.07% this fiscal year, up from 1.78% last year to mark the biggest hike since 2015, Rengo estimates show.With inflation rising above 2%, unions are gearing up to demand even higher pay next year."We must bear in mind that inflation is accelerating and pushing real wages into negative territory," said Akira Nidaira, an executive at Rengo. "The key is whether Japan can finally eradicate the public's deflationary mindset."DEFLATION IS OVERMany analysts, however, doubt unions have the teeth to demand wage hikes big enough to offset rising inflation, and see the changing nature of work undermine such efforts."Japan's job market is diversifying, raising questions about the relevance of labour unions," said Kotaro Tsuru, a professor at Keio University. "If they cling to their traditional focus on protecting permanent workers' jobs, their fate is sealed."As Japan's labour market tightens, job security has become less attractive for younger workers who change employers more often than their older counterparts.Tracking global trends, union membership has been declining longer term. It hit 16.9% in 2021, hovering near an all-time low and well below 30.5% in 1982."I don't think labour unions are playing their role. Wages aren't rising as much as I hoped," said a 25-year-old employee at a major Japanese manufacturer and in-house union member."Unions might prove useful some day but on a daily basis, they don't seem to be pro-active," said the employee, who spoke on condition of anonymity due to the sensitivity of the matter.Also working against unions, almost 40% of employees are now non-regular workers and mostly unprotected by unions.While some unions now allow non-regular workers to join, most still prioritise permanent workers."Labour unions haven't adapted themselves to the changing needs of the younger generation," said Hisashi Yamada, senior economist at Japan Research Institute."Accustomed to prolonged economic stagnation, they seem to have forgotten how to demand wage hikes," he said. "That needs to change as the era of deflation and dis-inflation is over."Register now for FREE unlimited access to Reuters.comReporting by Tetsushi Kajimoto and Leika Kihara; Additional reporting by Kantaro Komiya, Daniel Leussink and David Dolan; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Analysis: As inflation bites, Japan's PM finds unlikely ally in labour unions.

Register now for FREE unlimited access to Reuters.comSEOUL, Aug 4 (Reuters) - U.S. House of Representatives Speaker Nancy Pelosi and her South Korean counterpart vowed on Thursday to support efforts to maintain a strong deterrence against North Korea and achieve its denuclearisation.A joint statement was issued after Pelosi met South Korea's National Assembly Speaker Kim Jin-pyo in Seoul, in which they expressed concerns over the North's evolving nuclear and missile threats."Both sides expressed concerns about the dire situation of North Korea's growing threat," the statement said.Register now for FREE unlimited access to Reuters.com"We agreed to support the efforts of the two governments to achieve practical denuclearisation and peace through international cooperation and diplomatic dialogue, based on the strong and extended deterrence against the North."Pelosi also said at a news conference that she and Kim discussed ways to boost cooperation on regional security and economic and climate issues.Pelosi arrived in South Korea late on Wednesday following a brief stop in Taiwan, and met U.S. embassy officials in Seoul earlier on Thursday before talks with Kim and other lawmakers.Later on Thursday, Pelosi plans to visit the Joint Security Area near the heavily fortified inter-Korean border, patrolled together by the American-led U.N. Command and North Korea, a South Korean official said.U.S. House of Representatives Speaker Nancy Pelosi meets with South Korea?s National Assembly Speaker Kim Jin-pyo in Seoul, South Korea August 4, 2022. Kim Min-Hee/Pool via REUTERSShe would be the highest-level U.S. official to visit the area after former President Donald Trump, who met North Korean leader Kim Jong Un there in 2019.South Korean President Yoon Suk-yeol did not meet Pelosi due to his scheduled vacation this week, but held a 40-minute phone call with her where he promised close cooperation with the U.S. Congress for the development of their global strategic alliance, Deputy National Security Adviser Kim Tae-hyo told reporters.Yoon also said that Pelosi's planned visit to the heavily fortified inter-Korean border area will be "a sign of a strong deterrence against North Korea." read more The presidential office in a separate press release said Yoon, during the phone call, expressed his hopes to meet Pelosi when he visits the United States to discuss ways to strengthen the alliance between the two countries.South Korean media speculated that Yoon could be shunning meeting Pelosi in person to avoid antagonising China, after her visit to Taiwan caused outrage in Beijing, which claims the self-governed island as its own. read more Choi Young-bum, senior presidential secretary for public relations, however, told reporters that "every decision was made in consideration of our national interest", and that there will be no change in the position to put the South Korea-U.S. alliance above all.When asked whether the national interest also included diplomatic relations and the regional situation, Choi declined to comment.Register now for FREE unlimited access to Reuters.comReporting by Hyonhee Shin; Additional reporting by Joori Roh and Soo-hyang Choi; Editing by Simon Cameron-Moore and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Pelosi vows support to denuclearise North Korea, plans to visit Korea border.

FILE PHOTO - A PetroChina worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China June 27, 2018. REUTERS/Stringer ATRegister now for FREE unlimited access to Reuters.comSummaryOil edges up as global supply remains tight - analystsOPEC+ agree to raise its oil output target by 100,000 bpdOil prices to trade between $90-100/bbl range - analystsAug 4 (Reuters) - Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand.Brent crude futures rose 10 cents, or 0.1%, at $96.88 a barrel at 0653 GMT, while West Texas Intermediate (WTI) crude futures was last up 21 cents, a 0.2% gain, at $90.87.Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day (bpd), equal to about 0.1% of global oil demand. read more Register now for FREE unlimited access to Reuters.comThe Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, have been previously increasing production but have struggled to meet targets as most members have already exhausted their output potential."OPEC+ agreed to increase production by 100,000 barrels per day in September, far lower than previous months' production. The global energy market still faces supply shortages," said Leon Li, an analyst at CMC Markets.He added that WTI oil prices are "likely to oscillate" between $90 and $100 a barrel.While the United States has asked the group to boost output, spare capacity is limited and Saudi Arabia may be reluctant to beef up production at the expense of Russia, hit by sanctions over the Ukraine invasion that Moscow calls "a special operation".Ahead of the meeting, OPEC+ had trimmed its forecast for the oil market surplus this year by 200,000 barrels per day (bpd) to 800,000 bpd, three delegates told Reuters."It looks like OPEC+ is resisting calls to boost output because the crude demand outlook continues to get slashed. The world is battling the ongoing global energy crisis and it won't be getting any help from OPEC+," Edward Moya, senior analyst with OANDA, said in a note."The oil market will remain tight over the short term and that means we should still have limited downside here. Crude prices should find strong support around the $90 level and eventually will rebound towards the $100 barrel level even as the global economic slowdown accelerates."Oil's demand outlook remains clouded by rising fears of an economic slump in the United States and Europe, debt distress in emerging market economies, and a strict zero COVID-19 policy in China, the world's largest oil importer.U.S. crude oil inventories had also rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said. read more Supporting prices on Thursday, however, the Caspian Pipeline Consortium (CPC), which connects Kazakh oil fields with the Russian Black Sea port of Novorossiisk, said that supplies were significantly down, without providing figures. read more Register now for FREE unlimited access to Reuters.comReporting by Laura Sanicola and Emily Chow; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.Laura SanicolaThomson ReutersReports on oil and energy, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.

Oil prices edge up on supply concerns after drop to near 6-month low.

CBS Mornings August 3, 2022 / 1:01 PM / CBS News For the Miami Dolphins players, it's business as usual on the practice field as they prepare for their upcoming season.But behind the scenes, the NFL unleashed a bombshell punishment on the team and Miami Dolphins owner Stephen Ross for major tampering violations.An independent investigation found that the Dolphins tried to recruit quarterback Tom Brady on multiple occasions while he was under contract with other teams. An investigation also found that the Dolphins also made contact with an agent for former New Orleans head coach Sean Payton while he was with the Saints. The Dolphins will forfeit a first-round selection in the 2023 NFL draft and a third-round selection in the 2024 draft. Ross is suspended through Oct. 17 and will have to pay a $1.5 million fine. The investigation findings come after Cleveland Browns quarterback Deshaun Watson was suspended for six games after being accused by two dozen women in Texas of sexual misconduct during massage treatments. Conor Orr, a staff writer for Sports Illustrated, told CBS News that the NFL was put in a unique position dealing with both the Dolphins' tampering findings and Watson's suspension."You don't normally see a commissioner come out in a disciplinary process like that and go after an owner the way that he did," Orr said. "They were put in a corner in terms of they've never punished owners as much as they were trying to punish Deshaun Watson. Maybe this is why you're seeing such a change in tone from [Roger] Goodell and maybe this is why you're seeing the league be a little less afraid today in terms of being critical about other owners," Orr added.The investigation comes after former Dolphins head coach Brian Flores filed a racial discrimination lawsuit against the league. Flores told "CBS Mornings" in February that Ross offered to pay him $100,000 for every loss during the coach's first season because Ross wanted to protect the team's draft pick. "This game changed my life. So, to attack the integrity of the game, that is what I felt was happening in that instance. And I would not stand for it," Flores told "CBS Mornings."But the league's investigation found the Dolphins did not intentionally lose games during the 2019 season.  Nor did anyone at the club, including Mr. Ross, instruct Coach Flores to do so." But it notes Ross did express his belief that the team's draft position "should take priority over the team's win-loss record."In a statement, NFL commissioner Roger Goodell said "even if made in jest and not intended to be taken seriously, comments suggesting that draft position is more important than winning can be misunderstood." Ross says the league cleared the team of Flores' allegations. In a statement, Ross said he strongly disagrees with the conclusions and the punishment of the tampering investigation but he will accept the outcome.Flores, now an assistant coach with the Pittsburg Steelers, said in a statement, "I am disappointed to learn that the investigator minimized Mr. Ross's offers and pressure to tank games especially when I wrote and submitted a letter at the time to Dolphins executives documenting my serious concerns regarding this subject at the time which the investigator has in her possession."

"You're seeing the league be a little less afraid" : Why punishing the Miami Dolphins owner sends a message in the NFL.

Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/IllustrationRegister now for FREE unlimited access to Reuters.comSHANGHAI, Aug 4 (Reuters) - Chinese chipmaker Yangtze Memory Technologies Co Ltd (YMTC) on Wednesday announced new memory chip technology that would help it catch up with rivals Micron and SK Hynix, just as Washington considers steeper curbs on Chinese semiconductor companies.The company unveiled its fourth-generation 3D NAND chip, the X3-9070, and its first to feature 232 layers of memory cells, government-backed media outlet Global Times reported on Wednesday.That places it close to rival Micron, which last month said it aimed to start mass production of its 232 layer chip by the end of the year. read more Register now for FREE unlimited access to Reuters.comSouth Korea's SK Hynix has also developed its first 238-layer memory chip, boasting a new industry benchmark. read more A YMTC spokesperson declined to comment on the Global Times report.Industry experts say that while YMTC will unlikely launch mass production of the chip any time soon, it nevertheless marks a breakthrough for the company.The company's market share remains in the single digits, but it is aggressively expanding production capacity and R&D with the help of state subsidies.Toby Zhu, who tracks China's chip sector at research firm Canalys, says that while the YMTC's revenue has improved over the years, gaps remain between it and market leaders.Once a little-known player backed by the ailing Chinese state-conglomerate Tsinghua Unigroup, YMTC has attracted attention in the chip industry for its fast advancements in R&D.Bloomberg reported in March that phone maker Apple Inc (AAPL.O) was considering using YMTC as a memory chip supplier, which would mark a major boon for the upstart company.Reuters reported earlier this week that Washington, citing a growing threat from China, is considering placing restrictions on companies that supply to YMTC, forbidding equipment makers from selling parts to the company that enable it to manufacture chips at 128 layers and above.The restrictions, if enacted, could rattle YMTC's ambitions to grow its business, not unlike how sanctions in 2020 rattled Chinese phone maker Huawei Technologies Co Ltd (HWT.UL)Register now for FREE unlimited access to Reuters.comReporting by Josh Horwitz; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

China's memory upstart YMTC edges closer to rivals with 232-layer chip.

Register now for FREE unlimited access to Reuters.comWASHINGTON, Aug 3 (Reuters) - The U.S. Senate approved on Wednesday Finland and Sweden's accession to NATO, the most significant expansion of the 30-member alliance since the 1990s as it responds to Russia's invasion of Ukraine.The Senate voted 95 to 1 to support ratification of accession documents, easily surpassing the two-thirds majority of 67 votes required to support ratification of the two countries' accession documents."This historic vote sends an important signal of the sustained, bipartisan U.S. commitment to NATO, and to ensuring our Alliance is prepared to meet the challenges of today and tomorrow," U.S. President Joe Biden said in a statement.Register now for FREE unlimited access to Reuters.comSweden and Finland applied for NATO membership in response to the Feb. 24 invasion. Russia has repeatedly warned both countries against joining the alliance.NATO's 30 allies signed the accession protocol for them last month, allowing them to join the U.S.-led nuclear-armed alliance once its members ratify the decision. read more At that point, Helsinki and Stockholm were able to participate in NATO meetings and have greater access to intelligence, but were not protected by Article Five, the NATO defense clause stating that an attack on one ally is an attack against all.A view of the flags of Finland, NATO and Sweden during a ceremony to mark Sweden's and Finland's application for membership in Brussels, Belgium, May 18, 2022. REUTERS/Johanna Geron/PoolThe accession must be ratified by the parliaments of all 30 North Atlantic Treaty Organization members before Finland and Sweden can be protected by the defense clause.Ratification could take up to a year, although it has already been approved by a few countries, including Canada, Germany and Italy.Senators from both parties strongly endorsed membership for the two countries, describing them as important allies whose modern militaries already worked closely with NATO."The qualifications of these two prosperous, democratic nations are outstanding and will serve to strengthen the NATO alliance," said Democratic Senator Bob Menendez, chairman of the Foreign Relations Committee, urging support before the vote.Senate Majority Leader Chuck Schumer invited the ambassadors and other diplomats from Finland and Sweden to the Senate to watch the vote.Republican Senator Josh Hawley was the lone no vote. Republican Senator Rand Paul voted present.Register now for FREE unlimited access to Reuters.comReporting by Patricia Zengerle; additional reporting by Rose Horowitch and Jarrett Renshaw; Editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

With eye on Russia, U.S. Senate backs Finland and Sweden joining NATO.

The Toyota emblem is seen on the tyre rim of a vehicle during the media day of the 41st Bangkok International Motor Show after the Thai government eased measures to prevent the spread of the coronavirus disease (COVID-19) in Bangkok, Thailand July 14, 2020. REUTERS/Jorge SilvaRegister now for FREE unlimited access to Reuters.comSummaryCompaniesQ1 operating profit 578.66 bn yen vs 997.4 bln yen yr-agoHit from global chip shortage, COVID curbs in ChinaSticks to FY profit, output forecasts citing strong demandRaises FY materials costs estimate by 17%; shares drop 3%TOKYO, Aug 4 (Reuters) - Toyota Motor Corp's (7203.T) profit slumped a worse-than-expected 42% in its first quarter as the Japanese automaker was squeezed between supply constraints and rising costs.Operating profit for the three months ended June 30 sank to 578.66 billion yen ($4.3 billion) from 997.4 billion yen in the same period a year ago, Toyota said on Thursday, capping a tough period. It has repeatedly cut monthly output goals due to the global chip shortage and COVID-19 curbs on plants in China.The scale of the earnings hit was far beyond expectations - analysts polled by Refinitiv had estimated a 15% drop - and appeared to catch investors by surprise. Toyota's shares extended losses, sliding 3%.Register now for FREE unlimited access to Reuters.comDespite the grim quarter, the automaker stuck to both its forecast for full-year operating profit and its plan to produce 9.7 million vehicles this year, citing what it said was strong residual demand.Profit in the quarter was hit by constraints in supply, lower sales and a rise in materials costs, a Toyota spokesperson said."We were not able to produce enough, with customers globally waiting for their vehicles to be delivered," the spokesperson said.Delivery times are longer for electrified vehicles because they require more semiconductors, the spokesperson added.Like other auto manufacturers, Toyota is grappling with higher costs and fears that global inflation could put the brakes on consumer demand.It expects material costs for the full year to increase by 17% to 1.7 trillion yen from its previous estimate - the majority of the increase reflecting a rise in the price of steel and aluminium.But Toyota's current production woes mark a departure from its initial success in navigating supply chain problems in the early stages of the pandemic.The carmaker cut its monthly production targets three times during the April-June quarter, falling 10% behind its initial goals, due to shortages of semiconductors and the impact of COVID-19 lockdowns in China. read more Toyota shares, which were down 0.5% just before the release of the earnings, extended losses immediately after and closed down 3% at 2,091 yen, while the benchmark Nikkei 225 index (.N225) was slightly firmer.($1 = 133.7200 yen)Register now for FREE unlimited access to Reuters.comReporting by Satoshi Sugiyama; Editing by Kenneth Maxwell and David DolanOur Standards: The Thomson Reuters Trust Principles.

Toyota Q1 profit tumbles as supply constraints, costs bite.

U.S. House of Representatives Speaker Nancy Pelosi and South Korea's National Assembly Speaker Kim Jin-pyo (not pictured) attend a joint news announcement in Seoul, South Korea August 4, 2022. Kim Min-Hee/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comSEOUL, Aug 4 (Reuters) - South Korea's President Yoon Suk-yeol said on Thursday U.S. House of Representatives Speaker Nancy Pelosi's planned visit to the heavily fortified inter-Korean border area reflects strong deterrence against North Korea, media outlet News1 reported.Pelosi arrived in Seoul late on Wednesday for talks with her South Korean counterpart, during which she vowed to support efforts to denuclearise North Korea. read more Register now for FREE unlimited access to Reuters.comReporting by Soo-hyang Choi; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

S.Korea president calls Pelosi border visit strong deterrence against N.Korea.

Satellite model is placed on Intelsat logo in this picture illustration taken April 4, 2022. REUTERS/Dado Ruvic/IllustrationRegister now for FREE unlimited access to Reuters.comAug 4 (Reuters) - Luxembourg-based satellite group SES SA is in talks to merge with its U.S. rival Intelsat SA, the Financial Times reported on Thursday, signaling consolidation in the rapidly changing and competitive industry.Last week, French satellite company Eutelsat (ETL.PA) said it was in talks over a possible all-share merger with British rival OneWeb. read more Elon Musk's SpaceX has raced ahead of rivals to build a constellation of satellites by investing heavily in infrastructure and recently broke its record of the number of rockets launched in a single year.Register now for FREE unlimited access to Reuters.comIntelsat and SES are in active discussions about the structure of any potential deal, the FT report said, citing three people familiar with the matter, adding that the discussions were at an early stage and there is no guarantee of a deal being reached. (https://on.ft.com/3cTBQpY)"Neither wants to be the last one standing," the report quoted one of the three persons as saying.SES, which has a market capitalisation of 3.57 billion euros ($3.63 billion) according to Refinitiv Eikon data, declined to comment on the report, while Intelsat did not immediately respond to Reuters' request for comment.In May, SES said it expects demand for its services in Ukraine to have a positive effect on its second-half revenue, after reporting stronger-than-expected quarterly earnings.($1 = 0.9841 euros)Register now for FREE unlimited access to Reuters.comReporting by Kanjyik Ghosh in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Satellite operators SES and Intelsat in merger talks - FT.

People with shopping bags walk near a shopping center, amid the coronavirus disease (COVID-19) pandemic, in Berlin, Germany December 21, 2021. REUTERS/Annegret HilseRegister now for FREE unlimited access to Reuters.comFRANKFURT, Aug 4 (Reuters) - Consumers in the euro zone are bracing for the economy to shrink and for high inflation to continue eating into their income in the next year, a European Central Bank survey showed on Thursday.The Consumer Expectations Survey, used by policymakers for input in their deliberations and published on Thursday for the first time, showed households were beginning to lose faith in the ECB's ability to bring inflation back down to its 2% goal.The poll, carried out in June, showed the median consumer expected prices to grow by 5% over the following year and saw inflation at 2.8% in three years' time.Register now for FREE unlimited access to Reuters.comThis compares to expectations for nominal income to grow by 0.9% and spending by 3.9%, implying a large dent in households' ability to save.Consumers also expected the economy to contract by 1.3% in the coming 12 months.By comparison, the ECB expects inflation to average 6.8% in 2022 before falling to 3.5% in 2023 and 2.1% in 2024. It sees growth at 3.7% this year, 2.8% next year and 1.6% in 2024.The ECB raised interest rate by 50 basis points last month and guided for more hikes in the months ahead to fight record-high euro zone inflation, which hit 8.9% last month.It cited "anchoring...inflation expectations" as one of the reasons for the move.For the survey, the ECB interviews around 14,000 adults each month from Belgium, Germany, Spain, France, Italy and the Netherlands. These countries represent 85% of the euro area's GDP and 83.8% of its population.Register now for FREE unlimited access to Reuters.comReporting By Francesco Canepa Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Euro zone consumers brace for recession and high inflation - ECB survey.

Phil Mickelson of the U.S. during the inaugural LIV Golf Invitational at the Centurion Club, Hemel Hempstead, St Albans, Britain, June 8, 2022Paul Childs | Action Images via ReutersAdidas CEO Kasper Rorsted believes the controversial Saudi Arabia-backed LIV Golf series is part of a "normal evolution" of the sport and said the German sportswear giant will continue to focus on partnerships with individual players.The PGA Tour has suspended many of its big names over their participation in the breakaway competition, which is in its inaugural season and has caused friction throughout the golfing world after attracting players with enormous fees.LIV is being bankrolled by Saudi Arabia's sovereign wealth fund, and critics accuse the series of serving to enhance the kingdom's image despite persistent concerns about human rights violations and potential ties to 9/11 plotters.The PGA Tour now faces an antitrust lawsuit from 11 players who joined the LIV series, including Phil Mickelson and Ian Poulter, over their suspension from the traditional North American tour.Golfing legend and 15-time major champion Tiger Woods turned down an offer in the region of $700 million to $800 million to join LIV Golf, its CEO revealed on Monday, having voiced his disapproval of the series at last month's Open Championship.Speaking to CNBC's "Squawk Box Europe" on Thursday following Adidas' quarterly earnings report, Rorsted said no decision had yet been made on whether the company would sponsor a team in the LIV series.Asked for his opinion on the rebel tour, he said: "We think it is a normal evolution that is going on, and eventually it is the bodies who need to decide what they do. We have the same conversation when you look upon the Champions League or the World Cup with UEFA or FIFA."Rorsted added that Adidas wants to "remain a sponsor of the individual.""We have a very strong point of view of the players, and in essence, we want to make certain that we partner with the best player — we think that is how easy that is."Adidas on Thursday posted a 28% year-on-year decline in operating profit for the second quarter, as a suspension of business in Russia, higher supply chain costs and Covid-19 lockdowns in China dented earnings despite continued strength in North America.

Adidas boss says LIV Golf a 'normal evolution,' wants to focus on player partnerships.

A view shows the ship "Laodicea" docked at port of Tripoli in northern Lebanon, July 29, 2022. REUTERS/Walid SalehRegister now for FREE unlimited access to Reuters.comKYIV, Aug 4 (Reuters) - Ukraine called on Lebanon on Thursday to reverse a decision by a court in Tripoli to authorise the departure of a seized Syrian ship carrying what Kyiv says is stolen Ukrainian grain.In a statement, the Ukrainian foreign ministry said it was disappointed by the court's decision to clear the Syrian-flagged Laodicea for departure and said that Kyiv's position had not been taken into account. read more Register now for FREE unlimited access to Reuters.comReporting by Natalia Zinets; writing by Tom Balmforth; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Ukraine tells Lebanon to reverse decision to clear grain shipment for travel.

Zaporizhzhia Nuclear Power Plant is seen from an embankment of the Dnipro river in the town of Nikopol, as Russia's attack on Ukraine continues, in Dnipropetrovsk region, Ukraine July 20, 2022. REUTERS/Dmytro SmolienkoRegister now for FREE unlimited access to Reuters.comZURICH, Aug 4 (Reuters) - The head of the United Nations nuclear watchdog appealed for access to a Ukrainian nuclear power plant now controlled by Russian forces to determine whether it was a source of danger. Contact with the Europe's largest nuclear plant, which is at Zaporizhzhia and is being operated by Ukrainian technicians, was "fragile" and communications did not function every day, International Atomic Energy Agency (IAEA) head Rafael Grossi told Swiss paper Tages-Anzeiger."We can't afford faulty communication with the plant in areas relevant to safety. We know of allegations that live ammunition is stored in the plant, that there are attacks on the power plant," he said in interview published in German."Frankly, if I don't have access, I can't determine that. There are contradictions between the accounts of the Russian and Ukrainian sides. I receive information, I also mention it in my situation reports, but I have no way of determining whether it corresponds to the facts."Register now for FREE unlimited access to Reuters.comA Russian-installed official in Ukraine said on Wednesday that Ukrainian forces had repeatedly used Western arms to attack the plant, which has two of six reactors operating and has been the subject of repeated warnings from Ukraine, the West and Russia. read more U.S. Secretary of State Antony Blinken on Monday called Russia's actions around the plant "the height of irresponsibility", accusing Moscow of using it as a "nuclear shield" in attacks on Ukrainian forces.Reuters was unable to verify battlefield accounts from either side of the war.Grossi said the UN discussions with parties to the conflict covered a proposed accord on security zones around nuclear plants but he saw no willingness to strike a deal at this stage.Access to the plant was difficult and overland travel through occupied territory would require special security arrangements, he said. Talks with the Ukrainian government on arranging a visit were under way.The agency has at times reported losing connection with surveillance systems that keep track of nuclear material at the power plant.Register now for FREE unlimited access to Reuters.comReporting by Michael Shields; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

U.N. watchdog appeals for access to Ukrainian nuclear plant - paper.

Zalando packaging from an online delivery is seen discarded in a cardboard box in Galway, Ireland, August 27, 2020. REUTERS/Clodagh Kilcoyne/File PhotoRegister now for FREE unlimited access to Reuters.comSummaryCompaniesGross merchandise volume flat at 3.8 bln eurosSales down 4% to 2.6 bln eurosAdjusted operating profit 77.4 mln euros, down 58%Shares indicated 1.7% higher in pre-marketBERLIN, Aug 4 (Reuters) - Online fashion retailer Zalando (ZALG.DE) on Thursday reported a 58% drop in second-quarter operating profit and lower sales but said it expected to return to growth and improved profitability in the second half of the year.Zalando's gross merchandise volume was flat at 3.8 billion euros ($3.86 billion) in the quarter compared with the same period last year, while sales fell by 4% to 2.6 billion euros.Adjusted operating profit (EBIT) dropped to 77.4 million euros from 184.1 million but marked a rebound from a first quarter loss of 52 million euros.Register now for FREE unlimited access to Reuters.comThe company cited lower consumer confidence, inflation and supply bottlenecks hitting demand after the coronavirus pandemic helped it record a bumper year in 2021."Life is becoming more expensive and consumers are reluctant to consume. We feel that," co-CEO Robert Gentz said on Thursday.Europe's largest fashion online retailer said the number of its active customers grew by 11% on the year to over 49 million euros, while the membership of its loyalty program, Zalando Plus, rose by 164% in the quarter to more than 1.5 million.To cut costs, the company said it had reduced marketing spending, introduced a minimum order value and was improving efficiency across its European logistics network."We are focused on efficiency and margin improvement measures that will help us strengthen our profitability in the second half of the year," Chief Financial Officer Sandra Dembeck said in a statement.Zalando confirmed guidance lowered in June, forecasting a sales increase between 0% and 3% and an adjusted EBIT of 180 million to 260 million euros.Shares in Zalando were indicated to rise by 1.7% at Lang & Schwarz in pre-market trade.($1 = 0.9841 euros)Register now for FREE unlimited access to Reuters.comReporting by Riham Alkousaa and Nadine Schimroszik; editing by Maria Sheahan and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Zalando expects return to growth in H2 after weak Q2.

The logo of Korean Airlines is seen on a B787-9 plane at its aviation shed in Incheon, South Korea, February 27, 2017. REUTERS/Kim Hong-Ji/File Photo Register now for FREE unlimited access to Reuters.comSEOUL, Aug 4 (Reuters) - South Korea's Korean Air Lines (003490.KS) and Asiana Airlines (020560.KS) are cancelling flights to Taiwan for one or two days because of Chinese military exercises in the area, local media reported on Thursday,Korean Air canceled flights between Incheon and Taiwan on Friday and Saturday, while Asiana Airlines canceled Friday's direct flight to Taiwan and will monitor the situation, news agency News1 and other local media reported.Spokespeople for Korean Air and Asiana could not be immediately reached.China launched unprecedented live-fire military drills in six areas that ring Taiwan on Thursday, a day after a visit by U.S. House of Representatives Speaker Nancy Pelosi to the self-ruled island that Beijing regards as its sovereign territory. read more Register now for FREE unlimited access to Reuters.comReporting by Joyce Lee; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

S.Korean airlines temporarily cancel flights to Taiwan, media says.

Register now for FREE unlimited access to Reuters.comWASHINGTON, Aug 3 (Reuters) - U.S. Congresswoman Jackie Walorski and two members of her staff died on Wednesday when the vehicle they were traveling in collided head-on with a car that veered into their lane, police in Indiana and her office said.Walorski, 58, a Republican who represented Indiana's 2nd congressional district in the U.S. House of Representatives, was mourned by President Joe Biden and her colleagues in Congress as an honorable public servant who strived to work across party lines to deliver for her constituents. The White House said it would fly flags at half-staff in her memory.The congresswoman had been traveling down an Indiana road on Wednesday afternoon with her communications chief, Emma Thomson, 28, and one of her district directors, Zachery Potts, 27, the Elkhart County Sheriff's Office said.Register now for FREE unlimited access to Reuters.com"A northbound passenger car traveled left of center and collided head on" with Walorski's vehicle, killing all three occupants, the sheriff's office said. The driver of the other car, 56-year-old Edith Schmucker, was pronounced dead at the scene, near the northern Indiana town of Nappanee, it added.Confirming her death in a statement shared on Twitter by House Republican leader Kevin McCarthy, Walorski's office said: "Dean Swihart, Jackie's husband, was just informed by the Elkhart County Sheriff's office that Jackie was killed in a car accident this afternoon."Rep. Jackie Walorski (R-IN) speaks as U.S. Secretary of Health and Human Services Alex Azar testifies to the House Select Subcommittee on the coronavirus disease (COVID-19) crisis, on Capitol Hill in Washington, U.S., October 2, 2020. J. Scott Applewhite/Pool via REUTERSIt added: "Please keep her family in your thoughts and prayers. We will have no further comment at this time."Walorski was a lifelong resident of Indiana, according to her official biography. She served on the House Ways and Means Committee and was the top Republican on the subcommittee on worker and family support.Prior to her election in 2012 to the House, Walorski served three terms in the Indiana legislature, spent four years as a missionary in Romania along with her husband and worked as a television news reporter in South Bend, according to a biography posted on her congressional website.President Joe Biden, a Democrat, said he and Walorski "may have represented different parties and disagreed on many issues, but she was respected by members of both parties for her work on the House Ways and Means Committee on which she served."Nancy Pelosi, the Democratic speaker of the House, said in a statement that Walorski "passionately brought the voices of her north Indiana constituents to the Congress, and she was admired by colleagues on both sides of the aisle for her personal kindness."Register now for FREE unlimited access to Reuters.comReporting by Rami Ayyub, Eric Beech, Dan Whitcomb, Costas Pitas and Frank McGurty; Editing by Leslie Adler and David GregorioOur Standards: The Thomson Reuters Trust Principles.

U.S. lawmaker Walorski, two staffers die in Indiana car crash.

U.S. Secretary of State Antony Blinken meets with Cambodian Prime Minister Hun Sen, at the Peace Palace in Phnom Penh, Cambodia, August 4, 2022. Andrew Harnik/Pool via REUTERSRegister now for FREE unlimited access to Reuters.comPHNOM PENH, Aug 4 (Reuters) - U.S. Secretary of State Antony Blinken on Thursday told Cambodian Prime Minister Hun Sen that Washington wanted a "strong, positive relationship" between their two countries.The United States and Cambodia have had a frosty relationship in recent years, with Washington fiercely critical of Hun Sen's ongoing crackdown on his political opposition and increasingly wary of his increasing engagement with China's military.Register now for FREE unlimited access to Reuters.comReporting by David Brunnstrom; Writing by Martin Petty; Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

Blinken says U.S. wants 'strong, positive' ties with China ally Cambodia.

People walk by the New York Stock Exchange on May 12, 2022 in New York City.Spencer Platt | Getty Images News | Getty ImagesInvestment bankers hit with a collapse in equity and debt issuance this year are in line for bonuses that are up to 50% smaller than 2021 — and they are the lucky ones.Pay cuts are expected across wide swaths of the financial industry as bonus season approaches, according to a report released Thursday by compensation consultancy Johnson Associates.Bankers involved in underwriting securities face bonus cuts of 40% to 45% or more, according to the report, while merger advisors are in line for bonuses that are 20% to 25% smaller. Those in asset management will see cuts of 15% to 20%, while private equity workers may see declines of up to 10%, depending on the size of their firms."There are going to be a lot of people who are down 50%," Alan Johnson, managing director of the namesake firm, said in an interview. "What's unusual about this is that it comes so soon after a terrific year last year. That, plus you have high inflation eating into people's compensation."Wall Street is grappling with steep declines in capital markets activity as IPOs slowed to a crawl, the pace of acquisitions fell and stocks had their worst first half since 1970. The moment epitomizes the feast-or-famine nature of the industry, which enjoyed a two-year bull market for deals, fueled by trillions of dollars in support for businesses and markets unleashed during the pandemic.In response, the six biggest U.S. banks added a combined 59,757 employees from the start of 2020 through the middle of 2022, according to company filings.Now, they may be forced to cut jobs as the investment banking outlook remains gloomy."We will have layoffs in some parts of Wall Street," Johnson said, adding that job cuts may amount to 5% to 10% of staff. "I think many firms will want their headcount to be lower by February than it was this year."Another veteran Wall Street consultant, Octavio Marenzi of Opimas, said that July was even worse than the preceding months for equities issuance, citing data from the Securities Industry and Financial Markets Association.IPO issuance has plunged 95% to $4.9 billion so far this year, while total equity issuance has fallen 80% to $57.7 billion, according to SIFMA."You can expect to hear announcements regarding layoffs in the next few weeks," Marenzi said. "There is no indication that things are about to improve in investment banking."The news hasn't been uniformly bad, however. Firms will have to boost workers' base salary by roughly 5% because of wage inflation and retention needs, Johnson said.What's more, there have been sections of Wall Street that have thrived in the current environment. High volatility and choppy markets may dissuade corporations from issuing debt, but it's a good setup for fixed income traders.Bond traders and sales personnel will see bonuses rise by 15% to 20%, while equities trading staff could see increases of 5% to 10%, according to the report. Traders at hedge funds with a macro or quantitative strategy could see bonuses rise by 10% to 20%.Investment banks, hedge funds and asset managers rely on consultants to help them structure bonuses and severance packages by giving them insight into what competitors are paying.Johnson Associates uses public data from banks and asset management firms and proprietary insights from clients to calculate the projected year-end incentives on a headcount-adjusted basis."My clients realize it will be a very difficult year," Johnson said. "The challenge is how you communicate this and make sure the right people get paid."

Job cuts and smaller bonuses loom for Wall Street bankers as markets tank, consultant says.

A healthcare worker administers the Pfizer coronavirus disease (COVID-19) vaccine to a man, amidst the spread of the SARS-CoV-2 variant Omicron, in Johannesburg, South Africa, December 9, 2021. REUTERS/Sumaya Hisham/File PhotoRegister now for FREE unlimited access to Reuters.comJOHANNESBURG, Aug 4 (Reuters) - South Africa's health regulator reported on Thursday a causal link between the death of an individual and Johnson & Johnson's (J&J) (JNJ.N) COVID-19 vaccine, the first time such a direct link has been made in the country.The person presented with rare neurological disorder Guillain-Barre Syndrome soon after being given J&J's vaccine, after which the person was put on a ventilator and later died, senior scientists told a news conference."At the time of illness no other cause for the Guillain-Barre Syndrome (GBS) could be identified," Professor Hannelie Meyer said.Register now for FREE unlimited access to Reuters.comThe person's age and other personal details were not disclosed for confidentiality reasons.Last July, U.S. authorities added a warning to a factsheet for J&J's vaccine saying data suggested there was an increased risk of GBS in the six weeks after vaccination. At the time it noted 100 preliminary reports of GBS in vaccine recipients, including 95 serious cases and one reported death. read more J&J did not immediately respond to an emailed request for comment. The company said at the time of the U.S. warning it was in discussions with regulators and the rate of reported cases of GBS in J&J vaccine recipients exceeded the background rate only slightly. read more "The benefit of vaccination still far outweighs the risk," Boitumelo Semete-Makokotlela, chief executive of the South African Health Products Regulatory Authority (SAHPRA), told reporters."In our context we have administered about 9 million (doses) of the Janssen (J&J) vaccine, and this is the first causally linked case of GBS."Europe's medicines regulator last year added GBS as a possible side-effect of AstraZeneca's COVID vaccine which, like J&J's, uses viral vector technology. read more South Africa's Health Minister Joe Phaahla told Thursday's news conference that as of mid-July there had been just over 6,200 "adverse events" reported to SAHPRA out of the more than 37 million COVID vaccine doses administered in the country, equivalent to 0.017%.Semete-Makokotlela said the regulator had assessed around 160 deaths since the COVID vaccination rollout started but had not seen a causal link to vaccination until now.South Africa has been using shots from J&J and Pfizer in its COVID vaccination campaign. The rollout got off to a slow start due to difficulties securing supplies and protracted negotiations with pharmaceutical companies, but more recently it has been slowed by hesitancy.Around 46% of its adult population of 40 million is now fully vaccinated.Register now for FREE unlimited access to Reuters.comReporting by Alexander Winning Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

South Africa reports first death causally linked to COVID vaccine.

Talk of a potential listing for Burjeel Holdings comes as the Emirates benefits from a Middle East IPO boom, with Abu Dhabi and Dubai taking several government entities public this year.Bloomberg | Bloomberg | Getty ImagesDUBAI, United Arab Emirates — Indian billionaire Shamsheer Vayalil is accelerating plans to take the Emirates-based hospital group public after posting record full-year revenues and profit.Burjeel Holdings, which operates 16 hospitals, 23 medical centers and 15 pharmacies in the UAE and Oman, reported record full-year 2021 revenue of 3.35 billion UAE dirhams ($912m) and a profit for the year of 234 million UAE dirhams, according to a statement released Thursday.Burjeel said it reported EBITDA (earnings before interest, taxes, depreciation, and amortization) of 779 million UAE dirhams in the 12 months through to Dec. 31 last year.The figures offer the first look into the performance of the hospital group wholly owned by Vayalil — a radiologist who started with a single hospital in 2007. Burjeel, a spinoff of his VPS Healthcare business, now employs more than 1,200 doctors and its portfolio of assets includes Burjeel Medical City in Abu Dhabi, one of the largest private hospitals in the country."We are looking at the next phase of growth," Vayalil told CNBC as the potential listing plans take shape.Burjeel has appointed JP Morgan, Emirates NBD, EFG-Hermes, and Dubai Islamic Bank as joint global coordinators for the listing, possibly on the Abu Dhabi bourse, as soon as this year. Burjeel said discussions about a transaction were ongoing and details on the size of the offer and valuation are under review. A final decision has not been made.Health checkAny listing will be a significant test of investor appetite in the sector following the collapse of NMC Health, once touted as the largest private healthcare company in the UAE. NMC was the first company from Abu Dhabi to list on the London Stock Exchange, but delisted in April 2020 and restructured after an alleged fraud that revealed billions in undisclosed debts.NMC administrators took legal action against EY for alleged negligence in auditing the business before the collapse. EY denies any wrongdoing.Talk of a potential listing comes as the Emirates benefits from a Middle East IPO boom, with Abu Dhabi and Dubai taking several government entities public this year. A Burjeel Holdings listing, if successful, would mark a rare milestone as the first privately held business to go public in the recent government listing wave."The macroeconomics for us are right, and unless something changes drastically that is not in our hands, we feel very positive about what we are doing, and we are confident that our story is right," Vayalil said.Targeting scale"Healthcare is a basic need, and that need is going to grow," Vayalil said, describing Burjeel Holdings as "fit for scale" with operations targeting several socio-economic demographics across its five brands, including Burjeel Hospitals, Medeor Hospital, LLH Hospital, Lifecare Hospital, and Tajmeel — a medical center operator.Vayalil said he plans to focus on service expansion in the UAE, where Burjeel already has a 17% inpatient market share, and would also target what he sees as growing demand for medical tourism in the country."What we have to build is more trust for people to believe that this place can offer what is available anywhere in the world," Vayalil said. "If we can stop or reduce people traveling about for treatment, that is one parameter that I focus on," he added.

UAE hospital group Burjeel posts record full-year revenues ahead of a potential IPO.