Cincunri Sakia

Kamis, 21 Juli 2022

Italian bonds sell off after Draghi resigns and ECB boosts rates - Financial Times

Italy’s debt sold off on Thursday after prime minister Mario Draghi resigned and the European Central Bank sharply raised interest rates in its effort to tame blistering inflation.

The yield on Italy’s 10-year government bond rose as much as 0.27 percentage points to almost 3.7 per cent as Draghi’s national unity coalition unravelled and the ECB lifted its deposit rate by a larger-than-expected 0.5 percentage points to zero. Thursday’s rate rise was the first by the ECB since 2011 and ended an eight-year stretch of negative interest rates.

The decline in Italian bond prices took the gap between Italian and German benchmark 10-year yields — a closely watched gauge of market stress — to 2.38 percentage points, reflecting a widening of more than 0.3 percentage points in just two days. The pressure on Italian debt eased slightly later in the session, with yields adding 0.15 percentage points to 3.5 per cent — taking the spread to 2.32 percentage points.

The ECB had previously signalled it would raise borrowing costs by 0.25 percentage points this month as it moved to tackle rapid consumer price growth, which hit a record high of 8.6 per cent in the year to June.

But on Thursday the central bank said it had deemed it “appropriate to take a larger first step on its policy rate normalisation path” because of inflation risks and the “reinforced support” provided by a new bond-buying programme aimed at limiting divergence in borrowing costs between the bloc’s strongest and weakest countries.

James Athey, a senior portfolio manager at Abrdn, suggested the move would provide investors with more certainty and confidence. “The central banks that have been more willing to grasp the nettle and get rates up more quickly have seen more stability in rates markets.”

Line chart of Gap in yield between Italian and Germany 10-year debt (basis points) showing Investors demand higher borrowing costs to hold Italian debt

The ECB’s decision came after Draghi handed his resignation to Sergio Mattarella, Italy’s president, on Thursday morning. Draghi had won a confidence vote on Wednesday night but lost the support of members of his coalition. Mattarella subsequently called snap elections.

“The shocking collapse of Draghi’s administration raises important questions ahead of new elections,” said analysts at JPMorgan. “The populist coup against Draghi raises our sensitivity to risks from erratic policymaking.”

In equity markets, a FTSE gauge of Italian stocks lost 0.7 per cent, trimming earlier losses. The country’s largest banks, which are big holders of Italian debt, led the declines.

Europe’s regional Stoxx Europe 600 index finished up 0.4 per cent after a volatile session.

The euro was slightly stronger, up 0.3 per cent to $1.021 against the dollar after initially popping on the ECB’s rate decision. It had last week tumbled to parity with the greenback on concerns over the bloc’s economic outlook. Uncertainties over the eurozone economy and energy supply will continue to weigh on the common currency, according to Deutsche Bank’s chief international strategist Alan Ruskin.

US Treasury yields were lower on Thursday, with the biggest moves coming in shorter-dated securities, which are the most sensitive to interest-rate policy. The two-year yield fell 0.13 percentage points to 3.1 per cent.

While there were some weak data released that may have prompted the risk-off move, including weekly jobless claims, some analysts cautioned that the big swings in the price of Treasuries were likely because of weak liquidity.

“The data this morning was unexpectedly bad, but it wasn’t first or even second tier data,” said Gennadiy Goldberg, an analyst at TD Securities.

“There were a couple of large block trades that went through. I think a lot of this is liquidity related,” said Goldberg.

Wall Street’s S&P 500 index ended the day up 1 per cent. The technology-heavy Nasdaq Composite equity gauge closed 1.4 per cent higher.

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2022-07-21 20:17:05Z
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Ukraine war: Zelenskyy's nine-year-old son wants to become a soldier and learn how to use rifle, says first lady - Sky News

Ukraine's first lady says Russia's war in Ukraine is affecting her family, causing her young son to lose interest in past hobbies and pushing him to want to become a soldier.

In an exclusive interview with NBC News, Olena Zelenska said she cannot get her nine-year-old son to return to "doing arts and humanities".

"Before the war, my son used to go to the folk dance ensemble. He played piano. He learned English. He of course attended sports club," Ms Zelenska told NBC News' Peter Alexander through a translator.

Putin's forces close in on major power plant - as Russia says it will expand its goals - follow live Ukraine updates

Now, she said, "the only thing he wants to do is martial arts and how to use a rifle."

Ms Zelenska spent Wednesday with US officials, sharing her country's plea for more weapons to push back Russia's invasion.

She met with congressional leaders to make the plea on behalf of her husband, President Volodymyr Zelenskyy, who remains in Ukraine as the country enters its fifth month of war after Russia's invasion.

In her message to Congress, she described a fear, sense of danger and preoccupation with the war that has gripped Ukrainians and highlighted her desire for children to be able to again find normalcy.

"And that's what I really want to ensure, is that the childhood of my son is given back to him and that he enjoys his life to the fullest," she told NBC.

Since Sunday, Ms Zelenska has met with several American officials, including First Lady Jill Biden, with whom she first met on the Ukrainian border on Mother's Day, and Secretary of State Antony Blinken.

On Wednesday, she stood in the US Capitol Visitor Center auditorium to emphasise her country's need for more military equipment.

"I'm asking for something now I would never want to ask," Ms Zelenska told members of Congress.

"I'm asking for weapons - weapons that would not be used to wage a war on somebody else's land, but to protect one's home and the right to wake up alive in that home."

To highlight that need, Ms Zelenska started her speech with a presentation filled with photos of Ukrainian children killed in Russia's invasion and said she was "asking for air defence systems in order for rockets not to kill."

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The US is preparing to send four more High Mobility Artillery Rocket Systems to Ukraine, which have greatly expanded the country's missile range.

That brings the total number of US-provided truck-mounted long-range rocket launchers to 16.

In her speech, Ms Zelenska emphasised that these contributions mean that "while Russia kills, America saves".

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2022-07-21 10:06:46Z
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Rabu, 20 Juli 2022

Ivana Trump's funeral held in New York City - BBC

The funeral of Ivana Trump, the ex-wife of Donald Trump, has been held in New York City, bringing the family together for a rare public gathering.

Ms Trump, 73, died last week after reportedly falling down the stairs of her Manhattan apartment.

Among those in attendance were Donald and Ivana's three children, Ivanka, Eric and Donald Trump Jr, who all reportedly gave eulogies.

The pair were married for 15 years between 1977 and 1992.

Originally from what was then Czechoslovakia, Ivana Trump was a notable socialite who became the subject of intense public interest alongside Donald Trump during the 1980s and 1990s. After the pair separated, she went on to launch a line of beauty products, jewellery and clothing.

At the funeral on Wednesday, Ivana and Donald's three children were seen standing together alongside their spouses and families as the hearse carrying the coffin arrived to be carried into St Vincent Ferrer Church.

The former president arrived separately alongside security personnel.

Others seen at the funeral included the real estate developer Charles Kushner - Jared Kushner's father - Malaysian designer Zang Toi, TV host Jeanine Pirro and George Wayne, a former Vanity Fair journalist known for his interviews with celebrities.

No cameras are allowed inside the church during the service.

Former President Donald Trump arriving at the funeral with Melania

In a statement following her death, the family lauded Ms Trump as a "force in business" and "a radiant beauty, and caring mother and friend".

"Ivana Trump was a survivor. She fled from communism and embraced this country," the statement said. "She taught her children about grit and toughness, compassion and determination."

Her daughter, Ivanka, praised her mother as "brilliant, charming, passionate and wickedly funny".

"She modelled strength, tenacity and determination in her every action. She lived life to the fullest - never forgoing an opportunity to laugh and dance," she wrote.

Pallbearers carry the casket at the funeral of Ivana Trump

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2022-07-21 00:50:25Z
1502324347

Vladimir Putin kept waiting by Turkish president Recep Tayyip Erdogan ahead of bilateral talks - Sky News

Vladimir Putin has been kept waiting by Turkish President Recep Tayyip Erdogan ahead of bilateral talks in Iran - two years after the Russian leader did the same.

Mr Putin was seen looking "frazzled", according to a correspondent for Abu Dhabi-based newspaper The National, as he waited around 50 seconds on his own for the Turkish strongman to join him.

Video filmed by Turkish state-run news agency Anadolu showed the Russian president standing awkwardly, and occasionally shuffling, as the camera focuses on his stern-looking face while he stands alone.

Eventually, he is seen shrugging slightly as Mr Erdogan walks towards him, smiling, before the pair shake hands as they turn to face the cameras, while Mr Putin appears to grimace.

The pair were in Iran for a series of bilateral and trilateral talks with each other and Iranian leaders, as Russia seeks to strengthen ties with Iran.

Mr Erdogan was keen to discuss grain shipments from Ukraine and security in Syria, where both Russian and Iranian forces are said to be active.

Joyce Karam, a senior correspondent for The National, commented on Twitter that it was "sweet payback for Erdogan who in 2020 was humiliated by Putin as he made him wait 2 minutes in a power game play in Russia".

Al Arabiya news site reported in March 2020 that a video was put out by Russian media that showed Mr Erdogan and his delegation being kept waiting by Mr Putin before a meeting.

It was only Mr Putin's second trip abroad since Russia invaded Ukraine in February.

The war has resulted in no ships leaving Black Sea ports carrying Ukrainian grain, which is said to feed up to 400 million people around the world, and which has encouraged a black market in allegedly plundered Ukrainian wheat.

The World Food Programme says the resulting shortages of wheat will put 47 million more people in acute hunger if shipments are not resumed from Ukraine-held ports.

After his meetings with Mr Erdogan and Iranian Supreme Leader Ayatollah Ali Khamenei, Mr Putin said Russia was ready to facilitate Ukrainian grain exports by the Black Sea, but also wanted the remaining curbs on Russian grain exports to be removed.

He said not all the issues had been resolved yet on grain shipments "but the fact that there is movement is already good".

He added that Saudi Arabia and the United Arab Emirates were offering to mediate between Russia and Ukraine, but Moscow did not see any desire from Ukraine to fulfil the terms of what he described as a preliminary peace deal agreed to in March.

There was no immediate response from the Ukrainian government to Mr Putin's remarks.

Analysts said the trilateral meeting with Iranian leaders and Mr Erdogan - one of the few NATO leaders not to have imposed sanctions on Russia - was a pointed message to the West about Russian plans to forge closer strategic ties with other non-Western countries as the sanctions regime continues to bite.

During his trip, Mr Khamenei spoke of his desire for long-term cooperation between Iran and Russia, telling Mr Putin the two countries needed to stay vigilant against "Western deception".

It comes after the White House said Russian officials visited an airfield in Iran at least twice to look at Iranian drones that are likely to be used in Ukraine.

White House national security spokesman John Kirby said Mr Putin's trip to Iran showed how isolated Russia had become.

After the summit, Syria - a strong ally of Russia and Iran - said it was formally breaking diplomatic ties with Ukraine in response to a similar move by Kyiv.

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2022-07-20 10:09:03Z
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Sri Lanka: Ranil Wickremesinghe elected president - BBC

Sri Lankan MPs have elected prime minister Ranil Wickremesinghe as the country's new president, despite his unpopularity with the public.

Mr Wickremesinghe faces the task of leading the country out of its economic collapse and restoring public order after months of mass protests.

He roundly defeated his main rival for the job, Dullus Alahapperuma, with 134 votes to 82 in the parliamentary vote.

Sri Lanka's ex-president Gotabaya Rajapaksa fled the country last week.

He bolted to the Maldives and then Singapore after thousands of protesters stormed his presidential residences and other government buildings, calling for his resignation.

They had also called for the resignation of Mr Wickremesinghe, who was appointed prime minister in May. Protesters burnt down his private home and also stormed his prime ministerial office in Colombo in demonstrations against his leadership.

Sri Lanka is effectively bankrupt and facing acute shortages of food, fuel and other basic supplies.

After his election, Mr Wickremesinghe told parliament the nation was "in a very difficult situation" adding there were "big challenges ahead".

He is aiming to restore political stability so the country can resume negotiations with the International Monetary Fund (IMF) for a bailout package. He has been involved in the talks so far.

The 73-year-old also called on his political opponents to work with his government for the good of the country.

Mr Wickremesinghe has been in Sri Lankan politics for 45 years, has run for the presidency twice before and been prime minister six times.

The ruling Sri Lanka Podujana Peramnua (SLPP) party said the majority of their members had backed Mr Wickremesinghe because of his economic credentials.

"We feel that Ranil Wickremesinghe is the only person with the experience, the know-how and the capacity to provide solutions to the economic crisis," General Secretary Sagara Kariyawasam told the Reuters news agency.

However, Mr Wickremesinghe's election may spark further unrest and mass protests. On Wednesday, ahead of the results, barricades were set up around the parliament and soldiers lined the perimeter in preparation for any protests.

The past fortnight has seen demonstrators calling on Mr Wickremesinghe to step down, as they view him as part of the political elite who had mishandled Sri Lanka's finances.

But he has defied those calls and last week assumed the position of acting president after Mr Rajapaksa fled. His victory means he will serve out the rest of the presidential term until November 2024.

His challenger was Mr Alahapperuma, a dissident MP in the ruling party who gained the backing of the main opposition. He had pledged to bring a new cross-party government to Sri Lanka that would "put an end to the deceitful political culture". However he failed to muster majority support.

Sri Lanka: The basics

Sri Lanka is an island nation off southern India: It won independence from British rule in 1948. Three ethnic groups - Sinhalese, Tamil and Muslim - make up 99% of the country's 22 million population.
One family of brothers has dominated for years: Mahinda Rajapaksa became a hero among the majority Sinhalese in 2009 when his government defeated Tamil separatist rebels after years of bitter and bloody civil war. His brother Gotabaya, who was defence secretary at the time and later became president, fled the country after mass unrest.
Presidential powers: The president is the head of state, government and the military in Sri Lanka, but does share a lot of executive responsibilities with the prime minister, who heads up the ruling party in parliament.
Now an economic crisis has led to fury on the streets: Soaring inflation has meant some foods, medication and fuel are in short supply, there are rolling blackouts and ordinary people have taken to the streets in anger, with many blaming the Rajapaksa family and their government for the situation.

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2022-07-20 08:21:43Z
1485153506

Selasa, 19 Juli 2022

White House warns Russia planning to annex parts of southern Ukraine - Financial Times

The White House has warned that Russia is beginning to roll out its plans to annex large parts of southern Ukraine by installing proxy officials and preparing to hold stage-managed referendums.

John Kirby, head of strategic communications at the US National Security Council, said on Tuesday that Moscow had started laying the groundwork for its annexation plans, which have been widely anticipated since its troops started to gain control of the region.

Kirby told reporters at the White House: “Russia is beginning to roll out a version of what you could call an annexation playbook — very similar to the one we saw in 2014,” referring to when the Kremlin sent special forces into Crimea to capture territory before holding a carefully controlled referendum on sovereignty.

“Already Russia is installing illegitimate proxy officials in the areas of Ukraine that are under its control, and we know their next moves,” he added. “First, these proxy officials will arrange sham referenda on joining Russia, then Russia will use those sham referendums as a basis to try to claim annexation of sovereign Ukrainian territory.”

Kirby said the Kremlin had detailed plans in place to annex the cities of Kherson and Zaporizhzhia, as well as the entire Donetsk and Luhansk regions.

He added that Moscow was attempting to set up branches of Russian banks in the region, taking control of broadcasting towers, establishing security services loyal to the Kremlin, issuing Russian passports and forcing residents to apply for Russian citizenship.

Kirby noted that most other countries did not recognise the Kremlin’s previous annexation of Crimea.

Senior Russian officials have previously signalled that they intended to hold votes in the regions they captured to become part of Russia. In May, Dmitry Peskov, spokesperson for Russian president Vladimir Putin, told reporters “the residents of Kherson should decide” whether to become part of Russia.

Kirby warned that if Russia pushes ahead with its plans it will become “even more of a global pariah” and will face additional international sanctions, though he did not specify what those would be.

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2022-07-19 21:37:42Z
1507302387

See Europe crack when Putin cuts the gas - The Times

It is not the pounding of heavy artillery, the atrocities and brute force that will win the Ukraine war for Vladimir Putin but rather the turning off of Europe’s gas. That moment of truth may fast be approaching: this week it will become clear whether Russia’s closure of the Nord Stream 1 gas pipeline, supposedly for routine maintenance, will continue indefinitely.

If the taps are indeed turned off, the sizzling and swooning associated with the current heatwave in Europe will fast give way to fears of a freezing winter, fierce gas price rises, the gumming up of industry and the galloping certainty of a deep recession.

We have known for decades that Putin was weaponising Gazprom but did not quite grasp that the weapon was

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2022-07-19 20:00:00Z
1507463608

Kamis, 21 Juli 2022

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Rabu, 20 Juli 2022

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Selasa, 19 Juli 2022