Latest news with #Panetta
Straits Times
2 days ago
- Business
- Straits Times
ECB's Panetta says EU a victim of US efforts to distance Russia from China
FILE PHOTO: Bank of Italy Governor Fabio Panetta attends the G7 Finance Ministers and Central Bank Governors' Meeting in Stresa, Italy May 24, 2024. REUTERS/Massimo Pinca/File Photo ECB's Panetta says EU a victim of US efforts to distance Russia from China MILAN - The United States' "confrontational" trade stance towards Europe is a consequence of US efforts to give Russia a seat in international forums and weaken its ties with China, a top European Central Bank policymaker said on Wednesday. ECB Governing Council member Fabio Panetta told a student conference in Milan he believed the European Union was paying the price for taking a firm stance against Russia in light of the war in Ukraine. In attempts to limit China's international influence, the administration of U.S. President Donald Trump is ready to sacrifice its historic ties with Europe, he said. Western sanctions against Russia have strengthened Moscow's ties with China in recent years. On Wednesday, Russia's deputy economy minister urged Brazil to complement China in filling the gaps in Russian markets left by the exodus of Western companies. Panetta told the Young Factor conference in Milan that the United States saw Russia's alliance with China as too big of a threat. "It would be extremely difficult to compete with China's industrial, technological, and financial power if that is combined with Russia's natural resources," Panetta said. "So I believe President Trump's goal is to give Russia back its international legitimacy, so to speak ... If that's the plan, then the economic area that most opposed Russia's invasion of Ukraine, i.e., the European Union, is your worst enemy," he said. Trump told the Group of Seven summit in Canada on Monday that the G8 had been wrong to kick out Russia in 2014 after it annexed Crimea from Ukraine. Trump also said that while trade talks with the EU continued, he did not feel the EU was offering "a fair deal" yet and may have to "just pay whatever we say they have to pay." European Commission President Ursula von der Leyen told reporters at the summit that the objective was still to reach a deal before higher tariffs kick in on July 9 after a 90-day pause. Panetta said the difference between the average duty the EU applied to U.S. goods and the average U.S. duty on goods from the economic bloc was small, and the issue would have been easily solvable. "But if the EU is the obstacle as Washington seeks to distance Russia and China, that can explain the aggressive attitude towards a commercial partner," he said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
2 days ago
- Business
- Yahoo
Dollar Slips Ahead of FOMC Meeting Results
The dollar index (DXY00) today is down by -0.21%. The dollar is under pressure ahead of the results of today's 2-day FOMC meeting, where the Fed is expected to keep interest rates unchanged. The dollar dipped to its lows today on the weaker-than-expected reports on US May housing starts and building permits. Losses in the dollar are contained as heightened geopolitical risks in the Middle East support safe-haven demand for the dollar. US weekly initial unemployment claims fell -5,000 to 245,000, right on expectations. Sprott Stock Glitters Like Gold Dollar Rallies as Middle East Tensions Intensify and Stocks Fall A Look Ahead at the Fed Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! US May housing starts fell -9.8% m/m to a 5-year low of 1.256 million, weaker than expectations of 1.350 million. May building permits, a proxy for future construction, unexpectedly fell -2.0% m/m to a 4-3/4 year low of 1.393 million, weaker than expectations of no change at 1.422 million. The markets are discounting the chances at 0% for a -25 bp rate cut after today's FOMC meeting. EUR/USD (^EURUSD) today is up by +0.29%. The euro is moving higher today due to weakness in the dollar. Gains in the euro are limited due to dovish comments from ECB Governing Council member Panetta, who stated that the Eurozone's economic prospects face "substantial" risks due to US tariffs and the ongoing conflict in the Middle East. Swaps are discounting the chances at 6% for a -25 bp rate cut by the ECB at the July 24 policy meeting. USD/JPY (^USDJPY) today is down by -0.29%. The yen is climbing today as heightened geopolitical risks in the Middle East have prompted safe-haven buying of the yen. Today's report showing a smaller-than-expected decline in Japan's Apr core machine orders is also supportive of the yen. In addition, lower T-note yields today are bullish for the yen. Japan Apr core machine orders fell -9.1% m/m, a smaller decline than expectations of -9.5% m/m. Japanese trade news was mixed as Japan's May exports fell -1.7% y/y, a smaller decline than expectations of -3.7% y/y. However, May imports fell -7.7% y/y, weaker than expectations of -5.9% y/y and the biggest decline in 16 months. August gold (GCQ25) today is down -2.90 (-0.09%), and July silver (SIN25) is down -0.146 (-0.39%). Precious metals today are slightly lower. Expectations that the FOMC will keep interest rates unchanged following today's 2-day policy meeting are weighing on precious metals. Today's weaker-than-expected reports on US May housing starts and building permits show weakness in industrial metals demand and are undercutting silver prices. Lower global bond yields and a weaker dollar today are limiting losses in precious metals. Also, heightened geopolitical risks in the Middle East support safe-haven demand for precious metals as the war between Israel and Iran continues for a sixth day with no end in sight. In addition, global trade uncertainty is boosting safe-haven demand for precious metals after President Trump indicated last Wednesday that he is moving ahead with his reciprocal tariffs. Gold garnered some support today as an inflation hedge after the US 10-year breakeven inflation rate rose to a 2-week high. Fund buying of silver continues to support prices as silver holdings in ETFs rose to a 2-1/4 year high Tuesday. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Yahoo
28-05-2025
- General
- Yahoo
Bipartisan proposal would make looting a felony during disasters
A new bipartisan bill aims to crack down on looting during natural disasters by making theft a felony in areas under federal disaster declaration. The Law On Offender Transgressions during Emergencies and Recovery (LOOTER) Act — drafted by Rep. Jimmy Panetta (D-Calif.) — would make petty larceny during a natural disaster punishable by up to one year in prison, while grand larceny would be punishable by up to five years. The bill, details of which were shared first with The Hill, seeks to 'safeguard residents from criminal exploitation,' which has become increasingly common in the aftermaths of disasters across the country, according to Panetta's office. 'As a former prosecutor, I've seen firsthand how looting during emergencies only deepens the suffering of disaster victims,' Panetta said in a statement, noting his district has experienced devastation related to wildfires and floods. 'The LOOTER Act would ensure that those who prey on communities during times of crisis face serious consequences under federal law.' 'Our bipartisan legislation is critical to better protecting disaster-stricken communities, supporting our local law enforcement partners, and sending a clear message that if you loot during a disaster, you will be held accountable,' he added. Panetta is leading the effort with Reps. Aaron Bean (R-Fla.), Tom Suozzi (D-N.Y.) and Troy Nehls (R-Texas). Nehls, a former county sheriff, said in a statement that his district is 'prone to natural disasters' and has seen its fair share of devastation. 'When Hurricane Harvey hit, I served as Sheriff of Fort Bend County, Texas, and know all too well how natural disasters leave people and their property vulnerable, especially to crime,' Nehls said. 'This bill ensures accountability for those who take advantage of disaster and ensures justice for those who might fall victim to these low-life crimes,' he added. The bill's introduction comes ahead of what federal forecasters recently predicted will be an unusually heavy hurricane season. Atlantic hurricane season officially runs from June 1 to Nov. 30, and forecasters expect 3-5 major hurricanes this season. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
28-05-2025
- Politics
- The Hill
Bipartisan proposal would make looting a felony during disasters
A new bipartisan bill aims to crack down on looting during natural disasters by making theft a felony in areas under federal disaster declaration. The Law On Offender Transgressions during Emergencies and Recovery (LOOTER) Act — drafted by Rep. Jimmy Panetta (D-Calif.) — would make petty larceny during a natural disaster punishable by up to one year in prison, while grand larceny would be punishable by up to five years. The bill, details of which were shared first with The Hill, seeks to 'safeguard residents from criminal exploitation,' which has become increasingly common in the aftermaths of disasters across the country, according to Panetta's office. 'As a former prosecutor, I've seen firsthand how looting during emergencies only deepens the suffering of disaster victims,' Panetta said in a statement, noting his district has experienced devastation related to wildfires and floods. 'The LOOTER Act would ensure that those who prey on communities during times of crisis face serious consequences under federal law.' 'Our bipartisan legislation is critical to better protecting disaster-stricken communities, supporting our local law enforcement partners, and sending a clear message that if you loot during a disaster, you will be held accountable,' he added. Panetta is leading the effort with Reps. Aaron Bean (R-Fla.), Tom Suozzi (D-N.Y.) and Troy Nehls (R-Texas). Nehls, a former county sheriff, said in a statement that his district is 'prone to natural disasters' and has seen its fair share of devastation. 'When Hurricane Harvey hit, I served as Sheriff of Fort Bend County, Texas, and know all too well how natural disasters leave people and their property vulnerable, especially to crime,' Nehls said. 'This bill ensures accountability for those who take advantage of disaster and ensures justice for those who might fall victim to these low-life crimes,' he added. The bill's introduction comes ahead of what federal forecasters recently predicted will be an unusually heavy hurricane season. Atlantic hurricane season officially runs from June 1 to Nov. 30, and forecasters expect three to five major hurricanes this season.
Yahoo
16-05-2025
- Business
- Yahoo
Lawmaker introduces aggressive new bill to block future development along iconic US coastline: 'Prevent new drilling before it starts'
A politician has introduced a bill that they hope will protect a crucial part of California's ecosystem from future fossil fuel drilling projects. On April 22, HR 2882, or the Central Coast of California Conservation Act of 2025, was introduced with the hope of protecting the state's vital shoreline. According to the bill, the "Secretary of the Interior may not issue a lease for the exploration, development, or production of oil or gas in any area of the Central California Planning Area." The CCPA is comprised of 11 Central California counties that boast diverse landscapes and thriving agricultural industries. U.S. Rep. Jimmy Panetta, who authored and introduced the bill, explained the reading behind the legislation. "The Central Coast of California Conservation Act would prevent new drilling before it starts, protecting the biodiversity of our waters and the businesses and communities that rely on them," Panetta said in a news release. "On Earth Day, and every day, we must take action to ensure we are living up to the legacy of our home to protect the incredible beauty and bounty that our ocean provides for the next generation." According to the release, U.S. coastal counties support 54.6 million jobs and $10 trillion in goods and services and pay $4 trillion in wages. The California Department of Food and Agriculture reports that the state's agriculture industry exported $23.6 billion worth of goods in 2022. In 2018, the first Trump administration unveiled a plan to open up offshore drilling in the Atlantic and Pacific Oceans. In one of President Donald Trump's first executive orders during his second term, he sought to "unleash" American energy. This included energy exploration and production on federal lands and waters. Monterey Bay Aquarium Executive Director Julie Packard explained that the oil production from offshore drilling projects could have devastating effects on communities. "Californians experienced too many times the heartbreaking impacts of these spills and know that thriving coastal communities and their economies depend on a healthy, vibrant ocean," Packard said. Should the government ban gas stoves? Yes Only in new buildings Only in restaurants No way Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
