2024-11-10 17:18

Trump has vowed to deport immigrants in U.S. illegally Kashkari says the "implications are not entirely clear" WASHINGTON, Nov 10 (Reuters) - Widespread deportation of foreign-born workers from the United States probably would disrupt some businesses, but the impact on inflation and the broad economy would depend on the details, Minneapolis Federal Reserve President Neel Kashkari said on Sunday. Kashkari, appearing on the CBS program "Face the Nation," offered his views on the economic impact of U.S. President-elect Donald Trump's campaign promise to deport immigrants who are in the United States unlawfully. "If you just assume people are working - either working in farms or working in factories - and those businesses now lose employees, that would probably cause some disruption," Kashkari said. "The implications are not entirely clear to me," Kashkari added. "Ultimately it is going to be between the business community and Congress and the executive branch to figure out how they would adjust." Trump's election last Tuesday to a second four-year term may pose new uncertainties for the U.S. central bank as it continues to consider interest rate cuts now that inflation is nearing the Fed's 2% target. The Fed cut the benchmark rate a quarter of a percentage point last week to a range between 4.5% to 4.75%. Kashkari said that while the current expectation is for another quarter point cut at the Fed's December meeting, "we need to see what the data actually look like" before deciding. "We want to have confidence that inflation is going to go all the way down to our 2% target," from its current level around half a percentage point above that, Kashkari said. Along with an immigration crackdown, Trump has said he will impose broad tariffs on imported goods and seek tax cuts, which could increase federal deficits. How those policies impact inflation, Kashkari said, will depend on the details and on factors such as how other nations respond to U.S. tariffs. A tariff, a fee or tax charged as goods enter the country, may spark a one-time increase in prices but have no impact on long-run inflation, Kashkari said. But "the challenge becomes if there is a tit for tat," Kashkari said. "If it is one country imposing tariffs, and then responses, and it is escalating ... we will have to wait and see what gets implemented and then how other countries might respond. Right now we are just all guessing." Sign up here. https://www.reuters.com/markets/us/feds-kashkari-says-broad-based-deportations-could-disrupt-labor-some-businesses-2024-11-10/

2024-11-10 15:52

HAVANA, Nov 10 (Reuters) - Cuban authorities said late on Saturday they would not tolerate "public disorder" as the island's emergency workers cleared debris and worked to restore power to parts of western Cuba still in the dark four days after the passage of Hurricane Rafael. Rafael blew down hundreds of transmission lines and poles across the western Cuba, knocking out power to the entire country of 10 million people and sparking scattered protests. Cuba's top prosecutor said it had pressed charges and "preventively" detained people in Havana, Mayabeque and Ciego de Avila provinces for "assault, public disorder and vandalism." "(Such crimes) contrast with the selfless and supportive attitude of all those who, in current circumstances, are dedicated to helping the country recover," the prosecutor said in a statement. "Actions carried out in the territories to recover services must be accompanied by a climate of order, discipline and respect for authorities." The brief note included no specifics about the arrests or the crimes committed. More than 85% of the capital Havana had seen power restored by Sunday morning, Cuba's grid operator said. But some residents on social media reported scattered pot-banging in protest of continuing blackouts. Artemisa and Pinar del Rio provinces, harder hit by Rafael, were still largely without power on Sunday. Rolling blackouts are expected to continue throughout the country, as Cuba's antiquated oil-fired generation plants fail to produce sufficient electricity to meet demand. Protests in communist-run Cuba are exceedingly rare but have cropped up more often as tensions flare over hours-long daily blackouts and shortages of water, fuel, food and medicine. Although Cuba's 2019 constitution grants citizens the right to protest, a law more specifically defining that right has for years been stalled in the legislature, leaving those who take to the street in legal limbo. Rights groups, the European Union and the United States critiqued Cuba's response to anti-government protests on July 11, 2021 - the largest since Fidel Castro's 1959 revolution - as heavy-handed and repressive. Sign up here. https://www.reuters.com/world/americas/cuba-warns-against-public-disorder-scattered-protests-erupt-2024-11-10/

2024-11-10 15:40

DAKAR, Nov 10 (Reuters) - Australian gold miner Resolute Mining (RSG.AX) , opens new tab confirmed on Sunday that the company's CEO Terence Holohan and two other employees have been temporarily detained by government officials in Mali. The executives were in Bamako to hold discussions with the mining and tax authorities regarding general activities related to the company's business practices in Mali. "Following the conclusion of these meetings on Friday, the three employees were unexpectedly detained," Resolute said in a statement. "While Resolute is working toward a settlement with the Government of Mali to help secure the long-term future of the Syama Gold Mine, the utmost priority remains the safety and wellbeing of its employees." Sign up here. https://www.reuters.com/markets/commodities/australias-resolute-mining-confirms-ceo-two-other-employees-detained-mali-2024-11-10/

2024-11-10 07:25

SEOUL, Nov 10 (Reuters) - South Korean steelmaker POSCO (005490.KS) , opens new tab suspended production at its Pohang plant due to a fire on Sunday, a company official said, although the company's overall output likely won't be affected. The fire broke out at about 4:20 a.m. (1920 GMT on Saturday) at a furnace in POSCO's plant in the southeastern city of Pohang, injuring one worker, according to the interior ministry. The fire was put out in about five hours and authorities are investigating the incident. The company suspended production at the facility but expected no impact on overall output as has another plant, the company official said. "It won't affect the overall operation," the official said, adding that the company was still assessing when the facility would be reactivated. The furnace, called the No. 3 FINEX, was completed in 2014 with a production capacity of 2 million tons of molten iron a year, according to the company website. Posco operates two steel mills in South Korea, one at Pohang and another at Gwangyang in the south. Sign up here. https://www.reuters.com/markets/commodities/posco-suspends-pohang-plant-due-fire-sees-no-impact-output-2024-11-10/

2024-11-10 03:53

CAIRO, Nov 10 (Reuters) - The United States and Britain launched raids on the Yemeni capital Sanaa, the Amran governorate and other areas, Al Masirah TV, the main television news outlet run by the Houthi movement, reported on Sunday. Houthi media and residents said about nine raids had targeted the Sanaa, its suburbs and Amran governorate. Iran-aligned Houthi militants have launched attacks on international shipping near Yemen since November last year, in solidarity with the Palestinians in Israel's war with Hamas. The attacks have drawn U.S. and British retaliatory strikes and disrupted global trade as ship owners reroute vessels away from the Red Sea and Suez Canal to sail the longer route around the southern tip of Africa. Sign up here. https://www.reuters.com/world/us-britain-launch-raids-yemeni-capital-sanaa-elsewhere-al-masirah-tv-says-2024-11-10/

2024-11-10 02:50

BEIJING, Nov 10 (Reuters) - China and Indonesia signed deals worth $10 billion at the Indonesia-China Business Forum in Beijing on Sunday, spanning sectors including food, new energy, technology, and biotechnology, Chinese state media reported. The forum followed a meeting on Saturday between Chinese President Xi Jinping and Indonesian President Prabowo Subianto, who is in China through Nov. 10, the first country he has visited since taking office last month. Prabowo, who won Indonesia's presidential election in February, also chose China for his first visit as president elect, underscoring Jakarta's commitment to stronger strategic ties with Beijing. In a joint statement after the leaders' meeting, the countries agreed to enhance collaboration in sectors such as new energy vehicles, lithium batteries, photovoltaics, and the digital economy. They also pledged to strengthen partnership on the global energy transition and jointly ensure the security of global mineral supply and industrial chains, the statement said. Prabowo in a separate statement said he was optimistic close cooperation between the two countries would improve regional stability. "We must set an example that in this era. Cooperation not confrontation is the path to peace and prosperity," Prabowo said, adding Indonesia was committed to supporting Chinese investors. On Sunday, Chinese battery materials producer GEM (002340.SZ) , opens new tab signed a deal with PT Vale Indonesia to build a high-pressure acid leaching plant in Central Sulawesi, partly to secure nickel resources, a Shenzhen filing showed. Prabowo witnessed the signing. The nickel industry in Indonesia, the world's largest producer of the metal, is dominated by Chinese companies including Tsingshan Holding Group and Zhejiang Huayou Cobalt (603799.SS) , opens new tab. In the tech sector, Indonesian tech firm GoTo Gojek Tokopedia (GOTO.JK) , opens new tab signed agreements with China's Tencent (0700.HK) , opens new tab and Alibaba (9988.HK) , opens new tab to develop cloud infrastructure and digital talent in Indonesia, Reuters reported earlier. The two countries will introduce visa measures, including multi-entry long-term visas, and encourage more direct flights and destinations based on demand, the joint statement showed. Other cooperation agreements signed during Prabowo's visit include collaborations in housing and the export of fresh coconuts from Indonesia to China. Sign up here. https://www.reuters.com/world/asia-pacific/china-indonesia-enhance-ties-with-key-deals-lithium-green-energy-tourism-2024-11-10/