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May 12 – Canada hopes to reach free trade agreements with the Philippines and the broader Southeast Asian group this year to strengthen business ties with the region and expand trade beyond the United States. Canadian International Trade Minister Manidel Sidu visited the Philippines on Tuesday, meeting with Philippine Trade Secretary Christina Roque and Finance Secretary Frederic Go. After the meetings, Sidu stated, “The negotiations are progressing very well.” Sidu noted that Canada has also joined the Luzon Economic Corridor project, supported by the United States and Japan, with Canada contributing C$2 million. He indicated that potential investment areas include data centers, logistics, and energy.On May 12, Premier Li Qiang sent a congratulatory message to Péter Majolóri, congratulating him on assuming office as Prime Minister of Hungary. Li Qiang stated that China has always regarded Hungary as an important partner in Europe and is willing to work with Hungary to carry forward traditional friendship, enhance political mutual trust, deepen pragmatic cooperation, and promote the steady and long-term development of China-Hungary relations to better benefit the people of both countries.ECB Governing Council member Pacharidis: There is a possibility that the ECB will not raise interest rates.On May 12, the State Flood Control and Drought Relief Headquarters Office and the Ministry of Emergency Management organized a joint consultation with meteorological, water resources, and natural resources departments to assess the recent trend of heavy rainfall and deploy flood prevention and disaster reduction work in key areas. The consultation indicated that from May 12 to 14, parts of Jiangnan, South China, and eastern Guizhou are expected to experience heavy rain or torrential rain, with localized areas experiencing extremely heavy rain, accompanied by thunderstorms, strong winds, hail, and other severe convective weather. Attention should be paid to preventing flash floods, geological disasters, floods in small and medium-sized rivers, and urban flooding. The consultation emphasized strengthening the emergency response and follow-up feedback mechanisms for disaster warnings, conducting rolling joint consultations, strictly implementing the emergency response and follow-up feedback mechanism that reaches the grassroots level, focusing on evacuation and relocation, and resolutely and decisively relocating threatened people in accordance with the "four strict requirements." It also stressed strengthening the investigation and rectification of risks and hidden dangers, closely monitoring vulnerable sections of dikes, dangerous reservoirs, narrow flood channels, flash flood mouths, and key locations such as nursing homes, construction sites, temporary sheds, guesthouses, and tourist attractions, eliminating risks and hidden dangers before they escalate into disasters.The Eurozones ZEW Economic Situation Index for May was -41.4, compared to -43 in the previous month.

Before BoJ Ueda's Speech, GBP / JPY Struggles To Extend Above 163.00

Alina Haynes

Feb 27, 2023 14:30

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It is difficult for the GBP / JPY pair to prolong its gains above 163.00 during the Asian session. Given that Bank of Japan (BoJ) Governor Nominee Kazuo Ueda is following in the footsteps of former BoJ Governor Haruhiko Kuroda, it is expected that the cross will resume its upward trend as investors cease supporting the Japanese Yen.

 

In his speech on Friday, BoJ Ueda stated that the current monetary policy is appropriate to maintain inflationary pressures. Despite reaching a multi-decade high, Japan's Consumer Price Index (CPI) is non-sticky due to the international forces propelling inflation. The accelerating price index in Japan is due to higher petroleum and food import prices, not domestic demand and wages, which should be the primary generators of inflation. The objective of the Japanese government was to develop a strategy for exiting the decade-long monetary policy with a new BoJ chairman. BoJ Ueda's dovish remarks, however, reduced long-term yen support wagers.

 

The term "ecosystem" refers to a group of people who work in the construction industry.

 

In the meantime, the British pound has moved sideways ahead of the anticipated announcement of a Brexit agreement by Prime Minister Rishi Sunak and President Ursula von der Leyen of the European Commission. "The Prime Minister wants to ensure that any deal fixes the practical problems on the ground, ensures trade flows freely throughout the entire UK, protects Northern Ireland's place in our Union, and returns sovereignty to the people of Northern Ireland," Sunak's office said in a statement cited by Reuters.


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