Oil producers' group OPEC has not offered accreditation to Bloomberg News or Reuters to cover a biannual meeting scheduled to be held in Vienna this weekend, according to an OPEC source and the two news agencies. Journalists who have not been invited cannot enter the organisation's headquarters where the meeting is held and cannot attend the event's press conference, according to the source. The two news agencies will not have access to information that would give their audience an understanding of any policy decisions or shifts in production targets.
Former general counsel for JPMorgan, Stephen Cutler, wrote in a 2011 email that Jeffrey Epstein should not be a client of the bank, according to a transcript of a deposition of CEO Jamie Dimon. Dimon stated that he was not aware of the email at the time, but now knows about it.
Former Brazilian Economy Minister Paulo Guedes is reportedly launching a "green" investment fund in July with other former government officials, including Roberto Azevedo, the Chief Corporate Affairs Officer at PepsiCo. The fund is expected to attract investments in Brazil's energy transition, natural resource preservation and industries linked to renewable energy. Brazil, which relies heavily on hydroelectric power, is attracting interest in investments in wind and solar power as well as preservation and reforestation opportunities. The new government of President Luiz Inacio Lula da Silva has prioritised green economic development and the protection of the Amazon rainforest after previous President Jair Bolsonaro oversaw a surge in deforestation and illegal mining.
The US House of Representatives is voting on a bill to raise America's $31.4tn debt ceiling ahead of a potential default next week. The Fiscal Responsibility Act requires a simple majority to clear the Republican-controlled House of Representatives before heading to the Senate. Republican leader Mitch McConnell expects the debt bill to arrive in the Senate as early as Thursday. The 99-page bill restricts spending for the next two years, suspends the debt ceiling into January 2025 and changes policies. The legislation requires the support of both Republicans and Democrats, who have objected to various aspects of the deal.
Russia has targeted Ukraine's capital in another overnight attack, reportedly killing at least three people and injuring 14 others. The missile strike hit an eastern suburb of Kyiv, damaging a clinic and an adjacent home, as well as causing debris to fall into a second district. The rest of the capital was given the all-clear once the safety alert sirens stopped. There was no confirmation as to whether drones or missile fire were used in the attacks. The attacks are believed to be an attempt to weaken Ukraine's air-defence system before a large-scale counter-offensive by Ukrainian forces.
The US House of Representatives has passed a bill to raise the government's debt ceiling, avoiding a potential default. The bipartisan agreement means that the debt ceiling will be suspended until January 2025 and the government can take on additional borrowing without the risk of missing loan repayments. The bill also includes spending restrictions for the next two years and changes to some policies. The vote came after weeks of negotiations between the Democrats and Republicans. The bill must now pass through the Republican-controlled Senate before it can be signed into law by President Joe Biden.
China's factory activity unexpectedly returned to growth in May, according to a private sector survey. The Caixin/S&P Global manufacturing purchasing managers' index rose to 50.9 in May from 49.5 in April, above the 50-point mark that separates growth from contraction. However, business confidence for the next 12 months fell to a seven-month low, while the employment subindex fell for the third consecutive month, reflecting that insufficient demand is the main constraint on recovery and deflation risks are rising. Some economists predict further monetary policy easing, including a potential 25 basis point cut on the reserve requirement ratio.
An Iraqi national fighting with Russia's mercenary group Wagner died in Ukraine in April, according to Wagner head Yevgeniy Prigozhin, who confirmed the man had been recruited from a Russian prison. Bakhmut, which has seen much front-line fighting, has been manned by former convicts, who were offered pardons if they survived six months in Ukraine. The US has claimed Wagner made up for Russian army losses in the ongoing conflict with Ukraine. Last month, Prigozhin said about 20,000 Wagner mercenaries had died in fighting with about 10%, or 50,000, of them being former convicts recruited via prison release programmes.
South Korea exports fall for 8th straight month as chip slump continues
Reuters
23-06-01 00:56
South Korea's exports decreased for an eighth consecutive month in May, falling by 15.2% year-on-year to $52.24bn, but not as sharply as expected. The weak demand for semiconductors continues to impact the nation with semiconductor exports, its largest item, logging a 10th consecutive month of declines. However, exports of cars rose by 49.4%. May also saw a 14% drop in imports to $54.34bn, leading to a trade deficit of $2.1bn for the month. Despite the prolonged downward trend, analysts believe the smallest decline in export orders in 15 months points to a possible recovery in overseas demand.
A Nepali Sherpa has saved the life of a Malaysian climber on Mount Everest near the summit. Gelje Sherpa, a Buddhist, hauled the unnamed man 1900ft down to the South Col from the ‘death zone’ using a sleeping mat and special equipment. Most rescue missions above around 26,000ft are impossible due to the severe lack of oxygen. Gelje’s client, a Chinese climber, was persuaded to abandon his own summit attempt and to descend the mountain with a view to contributing to the rescue. At least 12 people have died on the mountain this year.
China AI startup MiniMax raising over $250 mln from Tencent-backed entity, others - sources
Reuters
23-06-01 04:46
Chinese startup MiniMax, which is developing AI solutions similar to those of Microsoft-backed OpenAI's ChatGPT, is close to completing a fundraising of over $250m that will value it at about $1.2bn. The funding comes amid a global AI buzz kicked off by ChatGPT that has spread to China, prompting domestic companies such as Alibaba, Huawei and Baidu to announce rival products. MiniMax's latest fundraising drew in a new investor linked to technology giant Tencent. MiniMax's app, Glow, allows users to create virtual characters, give them background stories and then chat with them about topics ranging from relationship advice to how to deal with hair loss.
Column: China's soft economic data will mean lower commodity imports, but not yet: Russell
Reuters
23-06-01 04:18
The recent run of poor economic data from China is likely to lead to softer imports of key commodities, especially in construction and manufacturing for raw materials, such as iron ore and copper, which will lead to weakened demand, although these effects may not be noticeable for several months due to the time required for shipments to reach China. Imports in May are likely to be robust, although there are concerns about how the economic performance will continue to sputter. Retail sales provide China's economy’s only current bright spot, improving by 18.4% in April compared to the same month of last year.
At least three people were killed in a Russian missile attack on Kyiv on 1 June. The missile struck the city’s eastern outskirts as well as Dniprovkiy district nearer to the centre. The missile hit a medical clinic and of the total 14 injured, nine needed hospital treatment; debris from the explosion also fell on other buildings. Ukraine’s air defences had intercepted all incoming projectiles in the overnight attack, which reportedly saw 18th attack on the capital this month. The missile is believed to have been a shot-down cruise or ballistic missile. The attacks come after the Russian defence ministry claimed it had destroyed what it described as Ukraine’s “last warship” two days ago in the port of Odesa in a missile strike; an assertion denied by Ukrainian authorities.
ISMC's planned $3bn semiconductor plant in India is being delayed by Intel's takeover of tech partner Tower, according to sources, dealing a further setback to India's PM Narendra Modi's plan to expand domestic chip manufacturing in the hopes of luring global chip-making companies and bring to India a market worth $63bn by 2026. Also currently in limbo, is the Vedanta-Foxconn's $19.5bn joint venture to build chips in India, as talks with European chip maker STMicroelectronics as a partner have reached a deadlock.
Serbian President Aleksandar Vucic has called for Kosovo's authorities to withdraw their "alleged mayors" from northern Kosovo to defuse the crisis in the region, saying it would be the "most powerful move". Unrest has flared in the north of the Balkan nation since ethnic Albanian mayors took office, a move that caused the US to rebuke Pristina. Kosovo’s President Vjosa Osmani said that Serbia must end its activities aimed at destabilising Kosovo to stop the violence, adding that Serbia continued to deny Kosovo's right to exist as a sovereign state. NATO is planning to deploy more troops to the region to help quell the violence.
Australia’s Federal Court has ruled that newspapers were justified in linking Victoria Cross winner Ben Roberts-Smith to war crimes; however, the former special forces soldier denies all the allegations against him. Roberts-Smith initiated the AUS$2m ($1.5m) defamation lawsuit against The Age, The Sydney Morning Herald and The Canberra Times in November 2018, claiming they portrayed him as someone who “broke the moral and legal rules” of military engagements. The newspapers launched an extensive defence of their coverage, calling on fellow former soldiers and journalists to testify in court. Roberts-Smith, 44, who now works in media management and is a public speaker, was awarded the Victoria Cross in 2011 for his actions during a mission in Afghanistan in 2010. The lawsuit provided a rare insight into the work of Australia’s Special Air Service Regiment.
Eurozone inflation has fallen more than expected, and has reached its lowest level since last year’s Russian invasion of Ukraine. The annual consumer price rate now stands at 0.1%, which is lower than the predicted rate of 0.3%. The new rate is also 0.9% down from the 1% recorded in May last year. The figures bolster hopes that ECB monetary policymakers can halt the move, which sees interest rates rising this summer. However, no decision on an interest rate agreement is expected until the June 15th meeting of the ECB.
Ukraine is ready to join NATO, its President Volodymyr Zelenskyy has said, while waiting for the alliance to reach an agreement on the terms of its entry. Zelenskyy believes that full NATO membership is vital to Ukraine's future defence and security, and France's recent call for Ukraine to be granted a membership “path” at the alliance’s annual summit has increased pressure on western countries to provide greater security guarantees to Ukraine. Debate over the terms of Ukraine’s admission to NATO has become more intense, with Alliance members discussing how to provide security pledges and plan for the country's membership.
Three people, including a child, have been killed during an air attack on the city of Kyiv as Russaian missiles were fired on the capital. The missile strike followed a number of others earlier in the week. At least 10 people were injured in the attacks, with emergency services called in when a local air raid shelter failed to open. The missile attack follows another one on the border town of Shebekino, which Russia's regional governor Vyacheslav Gladkov blamed on Ukrainian forces. Hungarian opposition lawmaker Katalin Cseh has accused Prime Minister Viktor Orban of acting as Russia's “Trojan Horse” in the EU, blocking sanctions against “war criminals”. She called for greater support for Ukraine and suggested that Hungary was in danger from Russian influence. Ukrainian President Volodymyr Zelenskyy called for a coalition of nations to provide Ukraine with fighter jets and Patriot air defense systems.
Children's safety advocates are trying new strategies to increase pressure on tech firms to add digital safeguards for minors amid rising concerns over potential harms to kids due to increased time online at home. The British founder of the 5Rights Foundation nonprofit, Beeban Kidron, spoke in favour of forcing Meta to vet its children's safety guidelines at its annual shareholder meeting in a rare instance of a prominent advocate joining the fight. The proposal, led by shareholder Proxy Impact, would have required Meta to publish an annual report with metrics "assessing whether Meta has improved its performance globally regarding child safety impacts and actual harm reduction to children." Efforts by lawmakers in Washington and other states to impose similar requirements have been met with obstacles from industry interest groups. Though California has signed age-appropriate design code standards into law, other states have not been as successful. Shareholders rejected the proposal on Wednesday because they thought the annual report would not “provide additional benefits.”
