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EU parliament chief asks leaders for more money to unlock EU recovery package By Reuters

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BRUSSELS (Reuters) – European Parliament President David Sassoli asked EU leaders on Thursday to increase the bloc’s next seven-year budget by 39 billion euros to revive stalled negotiations on a recovery package for the bloc’s recession-torn economies.

Speaking to the European Union’s 27 leaders, Sassoli pointed out the extra money, which parliament wants spent on research and development, health, education and security, would be a drop in the bucket compared to the combined 1.8 trillion euro size of the long-term budget and the recovery plan.

“This is a paltry sum when set against an overall package, but one which would make an enormous difference to the citizens,” he said, noting that parliament had made proposals on how to raise the money.

EU leaders agreed at a marathon summit in July on the seven-year budget and the recovery plan to help lift Europe’s economy from its deepest-ever recession caused by the COVID-19 pandemic.

But the deal must still be approved by EU lawmakers and ratified by member states’ national parliaments.

“At present, the negotiations are stalled. You have it in your hands to get them moving again,” Sassoli told the leaders.

An EU official said Sassoli’s appeal met with a cold reception.

“A series of leaders, starting with German Chancellor Angela Merkel, answered him that there is no way the leaders will reopen the July deal. There was full unanimity on this,” the official said.

Sassoli responded by saying the parliament’s proposal was a technical adjustment, not a re-opening of the July deal.

“We are not asking to start again from scratch. It is not about calling into question the July agreement, but taking a small step which would move us closer to final approval of the package,” he said.

Another contentious issue blocking agreement on the 1.8 trillion euro package is a European Parliament demand that the disbursement of the EU money must be clearly linked to national governments observing the rule of law.

This is anathema to Poland and Hungary, which are under EU investigation for undermining the independence of courts, media and non-governmental organisations.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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U.S. blacklists Chinese entities, individuals for dealing with Iran By Reuters

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WASHINGTON (Reuters) – The United States on Monday said it blacklisted two Chinese men and six Chinese entities for having dealt with Iranian shipping company Islamic Republic of Iran Shipping Lines (IRISL) and, in some cases, helping it to evade U.S. sanctions.

The U.S. State Department named the entities as Reach Holding Group (Shanghai) Company Ltd.; Reach Shipping Lines; Delight Shipping Co., Ltd.; Gracious Shipping Co. Ltd.; Noble (OTC:) Shipping Co. Ltd.; and Supreme Shipping Co. Ltd.

In a statement, it also said it had targeted Eric Chen, also known as Chen Guoping, chief executive of Reach Holding Group (Shanghai) Company Ltd., and Daniel Y. He, also known as He Yi, the company’s president.

As a result of being put on the U.S. Treasury Department’s Specially Designated Nationals list, the assets of the entities and individuals falling under U.S. jurisdiction are frozen and U.S. persons are generally barred from dealing with them.

“Today, we reiterate a warning to stakeholders worldwide: If you do business with IRISL, you risk U.S. sanctions,” Secretary of State Mike Pompeo said in the statement.

Among other things, the State Department accused the six entities of providing “significant goods or services” used in connection with Iran’s shipping sector. It also accused Reach Holding Group and its Reach Shipping Lines unit helping IRISL and its subsidiaries evade U.S. sanctions.

The sanctions are the latest imposed by the United States following President Donald Trump’s 2018 decision to abandon the 2015 Iran nuclear deal that Iran struck with six big powers.

Under that agreement, which aimed to prevent Iran from obtaining a nuclear weapon, Tehran committed to limit its nuclear activities in return for relief from economic sanctions.

Trump argues the 2015 deal did not limit Iran’s regional and ballistic missile activities and economic pressure instead will force Tehran into a broader deal. Iran denies seeking nuclear weapons.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Fed’s Bostic says significant portions of U.S. recovery are weak or nonexistent By Reuters

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(Reuters) – It will be a while before the U.S. economy is fully recovered and before the Federal Reserve will raise interest rates or remove the support it is providing financial markets, Atlanta Federal Reserve Bank President Raphael Bostic said on Monday.

“On balance, I am comfortable with our current policy stance,” Bostic said in remarks prepared for a virtual event organized for the Securities Industry and Financial Markets Association Annual Meeting. “As I have detailed today, though the U.S. economy continues to show clear signs of recovery, there remain significant portions where the recovery has been weak or nonexistent.”

The Fed moved quickly to support the economy in March by slashing rates to zero and launching emergency lending programs to support market functioning. Those programs will stay in place as long as needed, however, market participants should expect the central bank to sunset some of its emergency lending vehicles after the crisis has passed, Bostic said.

The economic crisis caused by the coronavirus pandemic caused the most pain for Black and Hispanic workers, who were disproportionately affected by job losses, Bostic said. Many of the jobs lost may not return, particularly in travel and food services, as companies adjust to lower demand or use technology to replace workers, he said.

Leaders in economics and finance need to openly acknowledge gender, racial and other disparities and support policies that can help close those gaps, he said. For the Fed, that includes supporting the labor market recovery to minimize the risks of long-term damage, Bostic said.

“Indeed, an unnecessarily slow labor market rebound could just drive historic wedges deeper, continuing to exacerbate the geographic, racial, gender, and income disparities in our economy,” Bostic said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Tolerating higher inflation ‘worth it’ to help achieve employment goals By Reuters

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8/8
© Reuters. Outbreak of coronavirus disease (COVID-19) in New York

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(Reuters) – Black and Hispanic workers and others in low-wage jobs were just beginning to see their job situation improve before the pandemic hit, wiping out many of those gains, Philadelphia Federal Reserve Bank President Patrick Harker said on Monday.

The Fed’s new framework should help to address shortfalls in employment, helping affected workers find new opportunities, Harker said.

“No longer will we head off higher inflation by preemptively raising interest rates before we have achieved full employment,” Harker said in remarks prepared for a virtual event organized for the HOPE Global Forum. “Tolerating the risk of slightly higher inflation, in our view, is worth it if it helps us achieve our employment goals.”

Job placement programs can also help people without college degrees move into better-paying roles with more opportunity for growth, Harker said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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