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November
Japan plans $90 billion spending in new stimulus package, NHK reports
Written by nuke
FILE PHOTO: People cross the street at Ginza shopping district in Tokyo, Japan, August 11, 2024. REUTERS/Willy Kurniawan/File Photo
VOInews, Tokyo : Japan is considering spending 13.9 trillion yen ($89.7 billion) from its general account to fund a new stimulus package aimed at mitigating the impact of increasing prices on households, public broadcaster NHK said on Thursday.
The proposed spending, exceeding the 13.2 trillion yen allocated for last year's economic stimulus, is set to exacerbate Japan's already strained public finances, with debt currently twice the size of its economy.
The package also includes around 8 trillion yen for government investment and lending, as well as local government spending, putting the overall package at 39 trillion yen when private funding is included, NHK reported without citing sources.
The stimulus package will include 30,000 yen ($193) to low-income households that are exempt from residential taxes and 20,000 yen per child for households with families, according to sources familiar with the matter.
Major hurdles over the package were cleared on Wednesday after Japan's ruling coalition agreed with a key opposition party on the draft of the package.
"I'm not sure whether the economic package of this size is necessary now, when there are emerging signs that private consumption is picking up and real wage growth is turning positive," said Takayuki Sueyoshi, senior economist at Daiwa Institute of Research.
Sueyoshi also said that Japan's goal of running a primary budget surplus in the next fiscal year would now be hard to fulfill.
The government estimated in July that Japan would achieve a primary budget surplus of 0.8 billion yen in fiscal 2025, which means tax revenues will slightly exceed expenditures.
In the past, Japan has used supplementary budgets, typically worth a few trillion yen, to deal with one-off, emergency spending, such as disaster relief. That changed in 2020, when the size ballooned to 73 trillion yen to combat the COVID-19 pandemic.
Since then, Japan has continued to compile outsized, largely debt-funded, supplementary budgets. Last year, nearly 9 trillion yen of the 13-trillion-yen spending was funded by new debt.
The scale of new bonds Japan would need to issue remains unclear. Last year, the government issued close to 9 trillion yen in bonds for the supplementary budget.
The International Monetary Fund has warned that Japan must fund any additional spending plans within its budget rather than issue more debt, urging the government to get its fiscal house in order as the central bank starts to raise interest rates//CNA-VOI
November
Oil prices firm as geopolitical tensions raise supply concerns
Written by nuke
The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant/File Photo
VOInews, Texas, U.S : Oil prices edged higher on Thursday due to supply concerns triggered by escalating geopolitical tensions amid the ongoing war between Russia and Ukraine.
Brent crude futures for January rose 28 cents, or 0.4 per cent, to $73.09. U.S. West Texas Intermediate crude futures for January rose 28 cents, or 0.4 per cent, at $69.03.
Ukraine fired a volley of British Storm Shadow cruise missiles into Russia on Wednesday, the latest new Western weapon it has been permitted to use on Russian targets a day after it fired U.S. ATACMS missiles.
Moscow has said the use of Western weapons to strike Russian territory far from the border would be a major escalation in the conflict. Kyiv says it needs the capability to defend itself by hitting Russian rear bases used to support Moscow's invasion, which entered its 1,000th day this week.
Meanwhile, U.S. crude stocks rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.
Gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw.
Adding to supply, Norway's Equinor said it had restored full output capacity at the Johan Sverdrup oilfield in the North Sea following a power outage.
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies led by Russia, the group known as OPEC+, may push back output increases again when it meets on Dec. 1 due to weak global oil demand, according to three OPEC+ sources familiar with the discussions.
OPEC+, which pumps around half the world's oil, had initially planned to gradually reverse production cuts with minor increases spread over several months in 2024 and 2025.
However, a slowdown in Chinese and global demand, coupled with rising output outside the group, have potentially thwarted this plan//CNA-VOI
November
Bomb cyclone pounds Northwest US, leaving 600,000 without power
Written by nuke
A low pressure storm system known as a "bomb cyclone" forms off the coast of the US Pacific Northwest and western Canada in a composite satellite image on Nov 19, 2024. (Photo: Handout via REUTERS/CIRA/NOAA)
VOInews, Washington DC : A powerful storm was clobbering Washington state on Wednesday (Nov 20), knocking out power to hundreds of thousands while wreaking havoc on road travel and causing at least one death and two injuries.
A woman was killed on Tuesday when a tree fell on a homeless encampment in Lynnwood, just north of Seattle, local fire department officials said on social media. Two people were also injured when a tree fell on their trailer in Maple Valley, southeast of Seattle.
Schools across western Washington canceled classes or postponed the start of school on Wednesday.
The storm with hurricane force winds of 80kmh and gusts around 70mph felled trees and power lines overnight. It knocked out electricity to more than 600,000 homes and businesses in Washington, Southwest Oregon and Northern California, according to the Poweroutage.us.
"The storm is just beginning," said Rich Otto, a meteorologist with the NWS Weather Prediction Center in College Park, Maryland.
"We haven't gotten a ton of rain yet, just 2-3 inches over Southwest Oregon and Northern California," Otto said.
But the storm, called a "bomb cyclone" which happens when the storm rapidly intensifies, is going to stall over Northern California in the next few days, he said.
"The biggest surge is Thursday. We're looking at 10-15 inches of rain by Friday, some places, 20-inches," Otto said, with the main concerns for southwest Oregon and Northern California.
A bomb cyclone rapidly intensifies in 24 hours or less when a cold air mass from the polar region collides with warm tropical air in a process that meteorologists call bombogenesis.
The weather service has issued a plethora of warnings and watches across the Pacific Northwest for high winds, flood watches and warnings, and including blizzard warnings from Northern Washington to the Sierra Nevada Range.
According to the state's department of transportation, the storm was making road travel treacherous. Downed trees and weather conditions were slowing traffic across the state, as the department warned motorists to be cautious while on the roadways//CNA-VOI
November
Entrepreneurs at start-up show hopeful funding bottlenecks ease in 2025
Written by nuke
FILE PHOTO: People attend the Slush 2022 Startup Event in Helsinki, Finland November 17, 2022. Lehtikuva/Emmi Korhonen via REUTERS/File Photo
VOInews, Helsinki : Tech entrepreneurs and investors meet in Finland on Wednesday at Slush, one of Europe's largest start-up events, with a focus on whether funding conditions will ease, the impact of Donald Trump's election victory and the prospects for AI-driven growth.
Slush, which gets its name from November Finnish weather, gives an opportunity for venture capitalists and start-up founders to compare notes to see whether funding can buck the trend of three years of slowdown and whether firms can follow the likes of Klarna and Revolut into initial public offerings.
"Looking ahead, there are reasons for cautious optimism. AI continues to attract significant investment - nearly $40 billion globally in 2023 - showing confidence in its transformative potential," Slush CEO Aino Bergius told Reuters ahead of the event, due to be attended by 13,000 people.
One of Europe's largest venture capital firms Index said the two-day event came "amid a streak of optimism" in European tech, driven by investment in AI.
"There is a lot of capital in the market, and we can feel that it is being actively deployed," Anastasija Plotnikova, CEO of crypto startup Fideum, said.
Meanwhile, some of the startups headed to the event were more cautious over a turnaround.
"While I hope to see some stabilisation in funding conditions next year, I remain cautious," said Mathilda Strom, founding chief operating officer of Bioptimus, a company developing a foundation model for biology, citing economic uncertainty and higher interest rates.
Funding to emerging tech companies in 2024 is set to have fallen for the third year in a row, but a window for new listings is opening again, venture capital firm Atomico said in its industry report on Tuesday.
However, Francesco Ricciuti, a deeptech VC investor, at Runa Capital, said the fallout from the U.S. election could have a negative impact on the industry if Trump's promise to impose potentially hefty tariffs on a swathe of goods was realised.
"Tariffs will play a pivotal role as supply chains in many technological sectors are deeply interconnected and fragile," Ricciuti said//CNA-VOI
November
Machu Picchu security boosted after visitors spread human ashes
Written by nuke
The ancient Inca citadel of Machu Picchu was declared a UNESCO World Heritage site in 1981. (File photo: AFP/Mariana SUAREZ)
VOInews, Lima : Peruvian authorities said on Tuesday (Nov 19) they have tightened security at the Inca citadel of Machu Picchu after tourists there were filmed dispersing what were believed to be human ashes.
Last week, citizens in Peru were outraged by a non-dated video on TikTok in which a woman at the tourist site took ashes from a plastic bag and threw them in the air, then hugged another woman. The video had a caption about "saying goodbye with much love at Machu Picchu" and hashtags with the words "ashes" and "spreading ashes".
The 30-second video was first shown on the account @IncaGoExpeditions, belonging to a travel agency, before it was removed from TikTok.
Cesar Medina, the head of Machu Picchu archaeological park, told AFP that officials were going to hire more guards and install more surveillance cameras.
He said there was nothing in local laws barring people from spreading human ashes in public.
But this will now be barred at Machu Picchu for health reasons, Medina said.
Classified as a UNESCO World Heritage site, the site welcomes an average of 5,600 visitors a day but until now had only four cameras and a small team of security guards.
The ancient citadel, built in the 15th century by Incan emperor Pachacuti, sits at an altitude of 2,438m in the Peruvian Andes//CNA-VOI
November
Minecraft theme parks are coming to the UK and the US
Written by nuke
(Photo: Facebook/Minecraft)
VOInews, Singapore : The best-selling video game Minecraft is to become a real-life destination, as part of a multi-million-pound deal between theme park operator Merlin Entertainments and video game developer Mojang Studios.
Merlin said it had agreed to an initial £85 million (US$107.5 million) deal with the Swedish company to create attractions based on the game at its existing parks in Britain and the United States in 2026 and 2027.
It then plans to expand the concept to accommodation, retail and restaurants, plus a ride based on the popular 3D sandbox game, before widening it out across the world.
Merlin Entertainments chief executive Scott O'Neil called the deal "a significant milestone".
"Minecraft is the best-selling video game of all time and this world-first will see fans experience its thrill and creativity in real life at theme parks and city centre attractions in leading tourist destinations," he added.
Kayleen Walters, vice-president, franchise development for gaming at Microsoft, which acquired Mojang in 2014, called it "an incredibly exciting step" which would help broaden the game's appeal.
Minecraft is the best-selling video game of all time, with more than 140 million players each month.
A live-action movie is due for release next year, while Netflix has also announced plans for an animated series.
Merlin operates a number of leading theme parks and tourist attractions, including Legoland, Peppa Pig Theme Park and Madame Tussauds waxwork museum//CNA-VOI
November
Ukraine war and climate stalemate loom over G20 summit
Written by nuke
World leaders attending the G20 Summit pose for a group photo in Rio de Janeiro, Tuesday, Nov. 19, 2024. (AP Photo/Silvia Izquierdo)
VOInews, Rio De Janeiro : The escalating war in Ukraine and stalled UN climate negotiations dominated the final day of a G20 summit in Brazil on Tuesday (Nov 19), held in the shadow of Donald Trump's looming US presidency.
Chinese President Xi Jinping - the most powerful leader at the summit - repeated his warning of turbulent times ahead, warning his French counterpart Emmanuel Macron in a meeting of increasing "risks and challenges".
Macron told Russia ally Xi that the two shared "converging views" on seeing peace brought about in Ukraine, while also expressing concern about "bellicose and escalatory comments from Russia about its nuclear doctrine".
Xi has sought in vain, with Brazil, to get Russia and Ukraine to the negotiating table but developments in the war are rapidly overtaking diplomacy.
President Joe Biden, at the G20 summit as a diminished figure given Trump's imminent arrival on the world scene, made a last-gasp major policy shift by allowing Ukraine to fire US-supplied long-range missiles into Russia.
Russia, which has warned it will respond if targeted by the weapons, said Tuesday Ukraine fired US ATACMS missiles into its border region.
Macron has called Biden's decision to free Ukraine's hand with US missiles "good". But German Chancellor Olaf Scholz said it would not follow suit and continued to hold out on giving sophisticated Taurus missiles to Kyiv.
The summit statement also had the leaders urging an end to conflict in the Middle East, where Israel is waging offensives in both Gaza and Lebanon. Israel and archenemy Iran have also exchanged fire.
The G20 called for "comprehensive" ceasefires in both Gaza and Lebanon//CNA-VOI
November
Global shares edge lower; dollar, bond yields hold near multi-month highs
Written by nuke
A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, March 22, 2023. REUTERS/Issei Kato/File Photo -
VOInews, London : The U.S. dollar and bond yields held near multi-month peaks on Monday on expectations the Federal Reserve would slow its pace of easing, while global shares were mostly lower, with investors waiting for Nvidia's earnings release later in the week.
U.S. President-elect Donald Trump's new administration is beginning to take shape with nominations to health and defense roles last week, but two key positions for financial markets, Treasury Secretary and Trade Representative, are yet to be filled.
Trump's pick of vaccine sceptic Robert F. Kennedy Jr. for the top U.S. health job has already led to a fallout in the health care sector, with drugmakers sliding at the end of last week.
"It should be a quieter week as the recent relentless wave of U.S. macro and political news flow in theory slows down with the main story on this front being on potential political appointments for the new Trump administration," said Deutsche Bank head of global economics and thematic research Jim Reid.
Trump's plans for lower taxes and higher tariffs are expected to spur inflation and reduce the Fed's scope to ease interest rates.
U.S. Treasury yields held near multi-month highs on Monday, having been bolstered by bets of less aggressive Fed rate cuts down the line.
The benchmark 10-year yield steadied at 4.4256 per cent, while the two-year yield last stood at 4.2823 per cent.
Futures imply a 60 per cent chance of the Fed easing by a quarter-point in December and have only 75 basis points of cuts priced in by the end of 2025, compared with more than 100 a few weeks ago.
That has come on the back of Fed Chair Jerome Powell's comments last week signalling that borrowing costs could remain higher for longer.
"With changes afoot in immigration policy, tariff policy, and fiscal policy, Fed officials would tread more lightly anyway in view of the inflationary impact that these policies pose," said Thierry Wizman, global FX and rates strategist at Macquarie.
The shift in outlook for U.S. rates and inflation lifted the dollar to a one-year high last week.
The dollar index, which measures the currency against a basket of six others, was steady at 106.69, just below last week's peak of 107.07.
Sterling last bought $1.2618, languishing near last week's six-month low, while the euro stood at $1.0547.
Global equity markets were slightly lower as investors took stock of latest developments with Trump's top team and the outlook for monetary policy.
However, he later said in a press conference that keeping inflation-adjusted real interest rates low for too long could cause excessive inflation and force the BOJ into hiking interest rates rapidly//CNA-VOI
November
Philippines, US sign military intelligence-sharing deal
Written by nuke
This handout taken and released on Nov 18, 2024 by the Philippine Department of National Defense shows US Secretary of Defense Lloyd Austin (left) and Philippine Defense Secretary Gilberto Teodoro posing after signing the General Security of Military Information Agreement (GSOMIA) at Camp Aguinaldo in Quezon City, Metro Manila. (Photo: Handout via AFP) -
VOInews, Manila : The Philippines and the United States signed a military intelligence-sharing deal on Monday (Nov 18), deepening defence ties between the two nations facing common security challenges in the region.
US Defense Secretary Lloyd Austin signed the agreement with his Philippine counterpart, Gilberto Teodoro, at Manila's military headquarters, where they also broke ground for a coordination centre that will facilitate collaboration between their armed forces.
Called the General Security of Military Information Agreement or GSOMIA, the pact allows both countries to share classified military information securely.
"Not only will this allow the Philippines access to higher capabilities and big-ticket items from the United States, it will also open opportunities to pursue similar agreements with like-minded nations," said Philippines' defence ministry spokesperson Arsenio Andolong.
Security engagements between the US and the Philippines have deepened under President Joe Biden and his Philippine counterpart Ferdinand Marcos Jr, with both leaders keen to counter what they see as China's aggressive policies in the South China Sea and near Taiwan.
China's foreign ministry said on Monday any kind of military agreement or security cooperation "must not be directed against or harm the interests of a third party, and they must not undermine regional peace or exacerbate tensions in the region".
"The only correct choice for safeguarding one's own national security and maintaining peace and stability in the region is to adhere to good neighbourly relations and to strategic autonomy," Chinese foreign ministry spokesperson Lin Jian said.
The US and the Philippines have a mutual defence treaty dating back to 1951, which could be invoked if either side came under attack, including in the South China Sea.
"I want to start by underscoring our ironclad commitment to the Philippines," Austin said during the groundbreaking ceremony for the coordination centre.
Austin said the coordination centre should enable real-time information sharing between the two defence treaty allies and boost interoperability.
"It will be a place where our forces can work side by side to respond to regional challenges," Austin said.
The Philippines has expressed confidence the alliance will remain strong under incoming US President-elect Donald Trump.
Both the Philippines and the US face increasingly aggressive actions from China in the South China Sea, a conduit for more than US$3 trillion in annual ship-borne commerce, which it claims almost entirely as its own.
In 2016, the Permanent Court of Arbitration in the Hague said China's claims had no legal basis, siding with the Philippines which brought the case.
But China rejected the ruling, leading to a series of sea and air confrontations with the Philippines that have turned the highly strategic South China Sea into a potential flashpoint between Washington and Beijing.
"The United States' presence in the Indo Pacific region is essential for maintaining peace and stability in this region," Teodoro said during the inauguration, echoing previous remarks made by Marcos//CNA-VOI
November
World’s Largest Coral Discovered in Southwest Pacific
Written by Ofra Regina Suharsil
This file photo shows normally growing reef-building corals in Nansha Qundao, China. ANTARA/Xinhua