The Poon Report
Here are some of the latest headlines -?
EU to open membership talks with Ukraine and Moldova?
Taken from BBC News Friday, 15 December 2023?
European leaders have decided to open EU membership talks with Ukraine and Moldova and to grant candidate status to Georgia.?
Ukraine's President Volodymyr Zelensky hailed the decision, made at a summit in Brussels, as "a victory" for his country and Europe.?
A spokesperson for Charles Michel, the President of the European Council, said that agreement was unanimous.?
Hungary has long opposed talks starting with Kyiv, but did not veto the move.? https://www.bbc.com/news/world-europe-67722252?
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US tells Israel to lower intensity of Gaza war ‘in near future’?
Taken from FT Friday, 15 December 2023?
White House faces mounting domestic pressure as death toll in Palestinian enclave rises?
National sec adviser Jake Sullivan told Israeli PM Benjamin Netanyahu that US wants Israel’s military to switch to a less intense phase of war in Gaza “in the near future”, the White House said. He is in Israel this week to discuss the timing of the country’s military offensive, efforts to get more humanitarian assistance into the Gaza Strip and planning for the aftermath of the war. He also visited Riyadh overnight to meet Saudi Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler.?
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Fed pivot piles pressure on Europe’s central banks to shift stance?
Taken from FT Friday, 15 December 2023?
ECB and BoE say battle against inflation not over, but more dovish US move ‘sets tone’?
Europe’s top central bankers insisted on Thursday it was too soon to let down their guard against high inflation despite an extraordinary volte-face hours before by Jay Powell, chair of the US Federal Reserve.?
While the ECB and BoE appear determined to push back against rate-cutting speculation, their protests risk being drowned out as investors bet they will follow the Fed in signalling cuts to borrowing costs in 2024.?
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AI presents growing risk to financial markets, US regulator warns?
Taken from FT Friday, 15 December 2023?
Financial Stability Oversight Council flags emerging technology as a ‘vulnerability’ for the first time in latest report?
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The growing use of artificial intelligence has become a significant risk to stocks, bonds and financial markets in general, according to a new report from the chief US financial stability regulator.?
It is the first time that AI was identified as a “vulnerability” by the Financial Stability Oversight Council in its annual report. Treasury secretary Janet Yellen, who also chairs the FSOC, predicted on Thursday at a meeting of the council that the use of AI by banks, investors and other financial market players is likely to continue to increase.?
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Japan ruling bloc approves tax breaks to spur wage hikes?
Taken from Nikkei Asia Friday, 15 December 2023?
Package includes incentives for EV and chip production?
Japan's ruling coalition approved on Thursday incentives to encourage companies to raise wages as part of its tax reform package for fiscal 2024.?
In the package, the ruling Liberal Democratic Party and junior partner Komeito agreed to allow corporations to deduct 25% of the total value of salary increases of 7% or more.?
The plan is meant to encourage wage hikes that outpace Japan's inflation, which is currently at around 3%.?
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CVC Capital to buy Japan pharmacy operator Sogo Medical for $1.2bn?
Taken from Nikkei Asia Friday, 15 December 2023?
European fund aims to boost corporate value through expansion via acquisitions?
European fund CVC Capital Partners has agreed to acquire Sogo Medical Group, a major Japanese pharmacy operator, for an amount expected to be around 170 billion yen ($1.2 billion), Nikkei has learned.?
CVC intends to expand Sogo Medical's scale of business through means including mergers and acquisitions to increase its corporate value. Pharmacy operators in Japan face headwinds as the government works to lower drug prices, inviting a further shakeout of the industry.?
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Commercial real estate a top threat to financial system in 2024, U.S. regulators say?
Taken from MarketWatch Friday, 15 December 2023?
Few industries have been affected by the COVID pandemic and its aftermath like commercial real estate.?
Inflation, rising interest rates and the persistence of work-from-home arrangements have battered the sector, and U.S. financial regulators are keeping a close eye on the industry, given that commercial real estate loans are widely held by banks, insurance companies and other financial institutions.?