Exclusive-Syria made first direct international bank transfer via SWIFT since war, central bank governor says
Husriyeh told Reuters in Damascus that a direct commercial transaction was carried out from a Syrian to an Italian bank on Sunday.
"The door is now open to more such transactions," he said.
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Asia shares slip, dollar steadies ahead of Jackson Hole
By Rae Wee SINGAPORE (Reuters) -Shares in Asia fell on Wednesday, weighed down by a tech-led selloff on Wall Street, while the dollar gained some ground ahead of a key meeting of central bankers later in the week. Oil prices inched higher after falling in the previous session, as traders bet that talks over a possible agreement to end the war in Ukraine could ease sanctions on Russian crude oil, boosting global supply. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.47%, as did stock futures in Europe and the U.S.. EUROSTOXX 50 futures slid 0.55%, while DAX futures lost 0.5% and FTSE futures eased 0.14%. S&P 500 futures dipped 0.2% and Nasdaq futures lost 0.34%, extending its fall from the cash session overnight. [.N] "The S&P 500 and Nasdaq slumped overnight as investors ditched high-flying tech stocks with their lofty valuations," said Tony Sycamore, a market analyst at IG. Adding to headwinds for the sector, news that Nvidia and AMD have agreed to give the U.S. government 15% of the revenues from chip sales in China, as well as reports that the U.S. is considering taking a 10% stake in Intel, have stoked investor worries of the Trump administration's growing influence on tech companies. Sources also told Reuters that U.S. Commerce Secretary Howard Lutnick is looking into the federal government taking equity stakes in computer chip manufacturers that receive CHIPS Act funding to build factories in the country. "These developments signal that U.S. government is heading in a concerning and more interventionist direction," said Sycamore. Other bourses in Asia were similarly in the red on Wednesday, with Japan's Nikkei down 1.2%, while China's CSI300 blue-chip index fell 0.5%. Much of investors' attention at the start of the week was on a meeting between U.S. President Donald Trump, Ukrainian President Volodymyr Zelenskiy and a group of European allies over the Russia-Ukraine war. While the talks concluded without much fanfare, Trump said the United States would help guarantee Ukraine's security in any deal to end Russia's war there. He later said on Tuesday that the United States might provide air support to Ukraine, while ruling out putting U.S. troops on the ground. "The U.S. is not categorically underwriting anything, any security for Ukraine, even if they're open to provide some, because we don't know the conditions under which they will. So there's quite a bit of risk left out there," said Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho. Oil prices recovered after a fall in the previous session, with Brent crude futures last up 0.46% at $66.09 a barrel. U.S. crude advanced 0.6% to $62.72 per barrel. [O/R] AWAITING JACKSON HOLE All eyes are now on the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Fed Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework on Friday. Focus will be on what Powell says about the near-term outlook for rates, with traders almost fully pricing in a rate cut next month. "Given the apparent tensions between U.S. CPI and PPI data, (it) does come across as... premature to declare one way or the other. And most importantly, given this kind of dilemma embedded within the data, it is hard to decipher whether the Fed would take or would emphasise the risks that start to mount on the job side of the equation or (the) need to sit firm," said Mizuho's Varathan. Ahead of the gathering, the dollar firmed slightly, pushing the euro down 0.13% to $1.1633, while sterling fell 0.16% to $1.3470. The New Zealand dollar eased 0.17% to $0.5885 ahead of a rate decision by the Reserve Bank of New Zealand due shortly on Wednesday, where a rate cut is expected. Elsewhere, spot gold fell 0.07% to $3,312.89 an ounce. [GOL/] Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Oil prices rise after supply concerns resurface as Ukraine peace talks stall
By Colleen Howe BEIJING (Reuters) -Oil prices rose on Wednesday as supply concerns are resurfacing while peace talks ending Russia's invasion of Ukraine are likely to take longer, leaving in place sanctions on Russian crude and raising the chance of further restrictions on its buyers. Brent crude futures were at $65.93 a barrel by 0149 GMT, up 14 cents, or 0.21%. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, rose 37 cents to $62.72 a barrel, up 0.59%. The more-active October contract was at $61.92 a barrel, up 15 cents. Prices settled down more than 1% on Tuesday on optimism a deal to end the war seemed closer, which would mean the easing sanctions on Russia and an increase in global supply. However, despite comments from U.S. President Donald Trump on Tuesday the U.S. might provide air support as part of a deal to end Russia's war in the country, he also conceded Russian President Vladimir Putin might not want to make a deal after all. Trump on Monday said he was arranging a meeting between Russian President Vladimir Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents. Trump said on Tuesday he discussed holding possible talks between Zelenskiy and Putin in Hungary with the country's Prime Minister Viktor Orban. Russia has not confirmed it will take part in talks with Zelenskiy. "The likelihood of a quick resolution to the conflict with Russia now seems unlikely," said Daniel Hynes, senior commodity strategist at ANZ, in a note on Wednesday. In the U.S., BP said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight, potentially weighing on the facility's crude demand. The site is a key fuel producer for the Midwest market. Inicia sesión para acceder a tu portafolio
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Analysis-Air Canada labor deal may reshape pay for North American airline crews
By Allison Lampert and Rajesh Kumar Singh MONTREAL/CHICAGO (Reuters) -A crippling strike by Air Canada flight attendants that grounded thousands of flights over wages and unpaid labor is the latest blow to the airline industry's compensation system that does not fully pay cabin crews for their hours at work. The union, representing more than 10,000 Air Canada flight attendants, said on Tuesday they reached a tentative deal that ends unpaid work, without sharing further details. Analysts say any gains could influence upcoming contract negotiations in North America. The deal could also drive up structural costs in a cyclical industry. Labor is airlines' biggest operating expense after fuel. The four-day strike that stranded more than 500,000 passengers mirrors unrest at U.S. carriers, where flight attendants cannot walk off the job until the National Mediation Board grants permission. But cabin crews at American, Southwest, and Alaska Airlines last year rejected several contract deals, saying they did not address concerns about unpaid work. Flight attendants at United Airlines last month voted down a $6-billion tentative labor agreement, which did not provide compensation for time on the ground before and after flights. The Chicago-based airline's union is surveying its members before returning to bargaining in December. United and the union did not immediately respond to requests for comments. While cabin crews get paid for a minimum number of hours, they are mostly compensated when planes are in motion, neglecting the crucial tasks performed during boarding, deplaning, and other ground operations. Unions say this amounts to significant unpaid labor. In previous contract negotiations, airlines secured concessions from workers as the industry was struggling due to economic downturns or the pandemic. But a runup in inflation, stagnant wages, and increased workload have fueled resentment among flight attendants, bolstering demands for a change in pay practices. "The Air Canada strike helps negotiations everywhere. It defined the problem of ridiculous expectations for flight attendants to work without pay," said Sara Nelson, international president of the Association of Flight Attendants-CWA, which represents 55,000 flight attendants at 20 airlines, including United. "The striking flight attendants are an inspiration to working people everywhere." Nelson spoke with Wesley Lesosky, head of Air Canada's flight attendants union, on Monday to coordinate positions, representatives of both unions told Reuters. Shanyn Elliott, an Air Canada Rouge flight attendant, said when she started work in 2017, she would pick up long-haul flights to earn extra pay as her C$23 ($16.60) hourly wage did not cover the cost of living. Adding to her frustration, frequent flight delays after the pandemic meant longer hours, said Elliott, who heads the strike committee for Air Canada flight attendants at the Canadian Union of Public Employees. Air Canada CEO Michael Rousseau said the industry needed to review its compensation models. In an interview, he said the Canadian carrier has accepted the concept of ground pay, adding other airlines will likely look at their own models. "I do think the industry has to take a closer look at this over time," Rousseau told Reuters. "We all should be open to change." American and Alaska have already begun compensating attendants for boarding time in their new labor agreements. American's flight attendants are now also compensated for some hours between flights. Those gains came after Delta Air Lines, whose flight attendants are not in a union, instituted boarding pay for cabin crew at half of their hourly wages in 2022 when they were trying to organize. HIGHER COSTS But paying for boarding and time on the ground would inflate airlines' operating costs. American Airlines' new flight attendant contract is estimated to cost it an extra $4.2 billion over five years. The company last month blamed increased labor costs in part for its margin underperformance. Canaccord Genuity analyst Matthew Lee estimates the proposed wage hikes at Air Canada would mean up to C$140 million in incremental costs. Air Canada's wage bill has increased about 26% since before the pandemic. The airline is already grappling with weak passenger traffic to the U.S. amid strained trade relations between Canada and the U.S., leading to a nearly 40% year-on-year decline in quarterly profit. But analysts warn holding the line on costs risks industrial peace. "The movement is on," said John Gradek, a faculty lecturer in supply networks and aviation management at McGill University. ($1 = 1.3855 Canadian dollars) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
