By Lucy CraymerWELLINGTON (Reuters) – New Zealand’s main opposition party leader and top prime ministerial contender, Christopher Luxon, wants to change the central bank’s mandate and reverse some of former leader Jacinda Ardern’s polices if he is elected. Luxon’s conservative, centre-right National Party is leading over the governing centre-left Labour Party in opinion polls. There is a general election set for October and with inflation tracking near three-decade highs the cost of living is the key election issue. Luxon said if elected prime minister, he would change the mandate of New Zealand’s central bank to focus solely on inflation, provide tax relief and widen immigration settings in an effort to dampen price inflation. Critics say the dual focus has contributed to inflation tracking at near three-decade highs, which has led to aggressive interest rate increases.
By Nupur Anand and Siddhi NayakMUMBAI (Reuters) – Some of India’s leading public sector banks said on Friday their exposure to the Adani Group was within the limits prescribed by the central bank, assuaging fears of default risks from their exposure to the conglomerate. Public sector banks in India have in the past been hit by massive corporate defaults. The board will take any decision on the bank’s exposure to the group only after that, the official said. The Adani Group comprises the flagship Adani Enterprises Ltd, as well as Adani Ports and Special Economic Zone Ltd, Adani Power Ltd, Adani Green Energy Ltd and Adani Transmission Ltd. For public sector banks, the debt is at 0.7% of total loans and for private banks, it is at 0.3%.21 hours ago WHTC
All three sides are nine points off the top four, with Chelsea having played 20 games to Liverpool and Brentford’s 19 apiece. Chelsea are now without a win in their last six league games on the road, their longest comparable run in the competition since September-December 2015. “We defended in the second half with passion and clear organisation, but we were too deep in these moments. Everton offered little in attack, with away supporters again calling for the club’s board to resign throughout the clash. They have collected just 15 points from their 20 league this season — their fewest points won after 20 games of any league campaign in their history.6 days ago WHTC
But Broadbent’s concentration on the likely peak terminal rate next year is what matters most. For context, that UK terminal rate, now pencilled in for around the middle of 2023, rocketed almost two full percentage points from just prior to the botched mini-budget to as high as 6.25%. Fed terminal rates, now targeted about March next year, have jumped 150 bps to 5% over the past two months. And Morgan Stanley, for example, see a UK terminal rate as low as 4% – a huge drop from current market pricing. The stubborn refusal of terminal rate pricing to return to where it was last month reflects the extent of those jitters.3 months ago WHTC
San Francisco Fed President Mary Daly added her voice to that debate on Friday during an event in Monterey, California. Yet even as markets point to another large increase at the final policy meeting of the year in December, sentiment is building within the Fed to take a breather. Even with the existing rate outlook, it was a “closer call than normal” whether recession can be avoided. The U.S. central bank uses a different inflation measure for its 2% inflation target, but that remains roughly three times the target. Inflation, officials acknowledge, has become broader and more persistent than anticipated, and may be slow to decline.3 months ago WHTC
“It is good, they’ve controlled everything, because you know very well it was very crowded (yesterday). They managed well, so I am happy now – it is very free,” a fan named Kirish said. The fan festival is being held at Al Bidda Park, a vast expanse of green space with the towering Doha skyline dominating the background. While that result left Iran fans disconsolate, Soman Salamat, a 17-year-old Iranian supporter living in Doha, was still upbeat about their prospects. “We missed a lot of chances so if any football fan actually watches the game, it was a good game.2 months ago WHTC
Growing Western interest in Chinese games reflects a maturing of China’s game development industry, analysts said. Chinese games are now on a par with big-budget Western games, said Daniel Ahmad, senior analyst at researcher Niko Partners. “Chinese game developers are trying to standardise their development tools, create advanced production processes, invest in really large-scale teams,” Ahmad said. “Picking up ‘Genshin Impact’ made Sony a lot of money,” the second person said, declining to be identified because the information was not public. While most Chinese titles are free to play and profit from in-game sales, “Naraka: Bladepoint” sold over 10 million copies despite its $20 price, reflecting confidence in its production value.3 months ago WHTC
“It’s a once-in-a-lifetime opportunity for Japan to finally see a positive wage-inflation cycle kick off,” said one of the sources. Were the BOJ to tweak YCC, the most likely first step would be either to hike the 10-year yield target, or widen the implicit 50-basis-point band set around it. LOW RATES NOT FOREVERThe BOJ rules out using rate hikes to stem yen falls, as Japanese law gives the government, not the central bank, jurisdiction over exchange-rate policy. In April, dovish board member Asahi Noguchi said wages must rise by nearly 3% for the BOJ to tweak its ultra-loose policy. Yields on super-long bonds have risen to multi-year highs despite the BOJ’s aggressive bond buying, casting doubt on the effectiveness of YCC.3 months ago WHTC