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Iran's president-elect reaffirms policy toward Israel

Iran's President-elect Masoud Pezeshkian reiterated Iran's anti-Israel stance on Monday, saying resistance movements across the region will not allow Israel's "criminal policies" against Palestinians to continue.

Pezeshkian told Hassan Nasrallah, the leader of Iran-backed Lebanese Hezbollah, that "the Islamic Republic will always support the people of the region in their resistance against the illegal Zionist regime."

This suggests that the incoming government will not change its regional policy under the relatively moderate Pezeshkian, who defeated his hard-line opponent in a runoff election last week.

Pezeshkian was quoted as saying by Iranian media, "I am sure that the regional resistance movement will not allow this regime to continue its militant and criminal policies against the oppressed people of Palestine and other countries in the region."

The Shiite Muslim Hezbollah and the Palestinian Sunni Muslim Hamas are both part of the local "resistance axis" faction organization supported by Iran.

Israel did not immediately comment on Pezeshkian's speech.

Hamas led an attack on southern Israel on October 7. According to Israeli statistics, Hamas killed 1,200 people and kidnapped about 250 hostages, triggering the Israeli-Palestinian war.

The Gaza Health Ministry said that the Israeli military attack killed more than 38,000 Palestinians and injured nearly 88,000 people.

NHTSA opens recall query into about 94,000 Jeep Wrangler 4xe SUVs
July 9 (Reuters) - The National Highway Traffic Safety Administration (NHTSA) has opened a recall query into 94,275 Stellantis-owned (STLAM.MI), opens new tab Jeep SUVs over a loss of motive power, the U.S. auto safety regulator said on Tuesday. The investigation targets Jeep's Wrangler 4xe hybrid SUVs manufactured between 2021 through 2024. Chrysler had previously recalled, opens new tab the same model in 2022 to address concerns related to an engine shutdown. A recall query is an investigation opened by safety regulators when a remedy to solve an issue appears inadequate. The complaints noted in the new report include both failures in vehicles that received the recall remedy and those not covered by the prior recall, the NHTSA said.
See Pregnant Margot Robbie Debut Her Baby Bump
This Barbie is going to be a mother. And Margot Robbie has no problem putting her burgeoning baby bump on full display. In fact, the Barbie star, who is pregnant with her Tom Ackerley’s first baby, debuted recently her bump while vacationing on Italy’s Lake Como with her husband July 7. For the outing, Margot donned a black blazer over a white tee that was cropped above her stomach, showing off a sweet baby bump. She finished off the look with low-rise black trousers, black platform sandals and a summery straw bag. For his part, Tom—whom Margot wed in a 2016 ceremony in her native Australia—wore olive green trousers and a cream-colored button-down shirt and tan sneakers. The couple were photographed waiting on a dock in Lake Como before they hopped in a boat and sailed off into a literal sunset. While Margot and Tom, both 34, haven’t spoken publicly about their upcoming bundle of joy, the I, Tonya alum has previously expressed hope to have a big family one day. As she told Porter in 2018, “If I'm looking into my future 30 years from now, I want to see a big Christmas dinner with tons of kids there.” Tom and Margot’s new chapter comes over ten years after their love story first began on the set of 2014's Suite Française, in which Margot starred while Tom worked as a third assistant director. But while she was immediately smitten, Margot was convinced her love would go unrequited. "I was always in love with him, but I thought, ‘Oh, he would never love me back,'" she admitted to Vogue in 2016. "'Don't make it weird, Margot. Don't be stupid and tell him that you like him.' And then it happened, and I was like, ‘Of course we're together. This makes so much sense, the way nothing has ever made sense before.'"
Gold reaction to employment data and geopolitical events
The June US Nonfarm Payrolls (NFP) data showed an increase of 206,000 jobs, exceeding expectations. Political uncertainty and the People's Bank of China's pause in gold purchases influence gold market dynamics. Recent technical developments in the gold market, including breaking the triangle formation and subsequent rally, indicate the potential for higher prices. Despite a bullish outlook, further consolidation is possible before a significant surge. The recent US Nonfarm Payrolls (NFP) data revealed a rise of 206,000 jobs in June, surpassing the market expectation of 190,000, despite a downward revision from 272,000 to 218,000 for May. The unemployment rate increased to 4.1% and the wage inflation declined to 3.9% year-over-year. These mixed employment signals have increased the likelihood of a rate cut by the Federal Reserve in September. Additionally, political developments in France, where the left-wing New Popular Front led by Jean-Luc Mélenchon is poised to win a significant number of seats, add to the global economic uncertainty. Meanwhile, the People's Bank of China (PBoC) has paused its gold purchasing program, potentially waiting for a further price pullback. These factors collectively influence gold prices, providing a complex backdrop where the prospect of lower interest rates, political uncertainty, and central bank purchasing strategies are likely to drive market dynamics and investor behaviour in the coming months. Bullish Trends in Gold Prices The announcement of the NFP data has dropped the US Dollar Index and boosted gold prices. Since the gold market broke the triangle formation on Wednesday and formed an inside candle on Thursday, the break above Thursday's high on Friday initiated a strong rally, closing the price at higher levels. The red line was the first resistance of this breakout where the gold closed the last week. A clear break above this level may initiate another surge higher. The breakout of the triangle suggests higher prices, but the risk environment remains, as June was a correction month. It looks like the price is preparing for higher levels, but the possibility of consolidation before the surge cannot be ignored. Bottom line In conclusion, the increase in US employment, despite mixed signals in wage inflation and unemployment, has increased the likelihood of a Federal Reserve rate cut, boosting gold prices while weakening the US Dollar Index. Political uncertainties in France and the pause in gold purchases by the People's Bank of China further contribute to the complex economic landscape, indicating potential volatility ahead. The gold market's recent technical developments, including breaking the triangle formation and the subsequent rally, suggest readiness for higher prices. However, the possibility of consolidation before another significant surge remains, necessitating careful observation by investors as the market navigates these multifaceted influences.
Australia pledges to provide more funds to Pacific island banks to counter China's influence
Australia pledged on Tuesday to increase investment in Pacific island nations, offering A$6.3 million ($4.3 million) to support their financial systems. Some Western banks are cutting ties with the region because of risk factors, while China is trying to increase its influence there. Some Western bankers have terminated long-standing banking relationships with small Pacific nations, while others are considering closing operations and restricting access to dollar-denominated bank accounts in those countries. "We know that the Pacific is the fastest-moving region in the world for correspondent banking services," Australian Treasurer Jim Chalmers said in a speech at the Pacific Banking Forum in Brisbane. "What's at stake here is the Pacific's ability to engage with the world," he said, with much of the region at risk of being cut off from the global financial system. Chalmers said Australia would provide A$6.3 million ($4.3 million) to the Pacific to develop secure digital identity infrastructure and strengthen compliance with anti-money laundering and counter-terrorist financing requirements. Experts say Western banks are de-risking to meet financial regulations, making it harder for them to do business in Pacific island nations, where compliance standards sometimes lag, undermining their financial resilience. Australia's ANZ Bank is in talks with governments about how to make its Pacific island businesses more profitable amid concerns about rising Chinese influence as financial services leave the West, Chief Executive Shayne Elliott said Tuesday. ANZ is the largest bank in the Pacific region, with operations in nine countries, though some of those businesses are not financially sustainable, Elliott said in an interview on the sidelines of the forum. "If we were there purely for commercial purposes, we would have closed it a long time ago," he said. Western countries, which have traditionally dominated the Pacific, are increasingly concerned about China's plans to expand its influence in the region after it signed several major defense, trade and financial agreements with the region. Bank of China signed an agreement with Nauru this year to explore opportunities in the country, following Australia's Bendigo Bank saying it would withdraw from the country. Mr. Chalmers said Australia was working with Nauru to ensure that banking services in the country could continue. ANZ Bank exited its retail business in Papua New Guinea in recent years, while Westpac considered selling its operations in Fiji and Papua New Guinea but decided to keep them. The Pacific lost about 80% of its correspondent banking relationships for dollar-denominated services between 2011 and 2022, Australian Assistant Treasurer Stephen Jones told the forum, which was co-hosted by Australia and the United States. “We would be very concerned if there were countries acting in the region whose primary objective was to advance their own national interests rather than the interests of Pacific island countries,” Mr. Jones said on the first day of the forum in Brisbane. He made the comment when asked about Chinese banks filling a vacuum in the Pacific. Meanwhile, Washington is stepping up efforts to support Pacific island countries in limiting Chinese influence. "We recognize the economic and strategic importance of the Pacific region, and we are committed to deepening engagement and cooperation with our allies and partners to enhance financial connectivity, investment and integration," said Brian Nelson, U.S. Treasury Undersecretary for Counterterrorism and Financial Intelligence. The United States is aware of the problem of Western banks de-risking in the Pacific region and is committed to addressing it, Nelson told the forum's participants. He said data showed that the number of correspondent banking relationships in the Pacific region has declined at twice the global average rate over the past decade, and the World Bank and the Asian Development Bank are developing plans to improve correspondent banking relationships. U.S. Treasury Secretary Janet Yellen said in a video address to the forum on Monday (July 8) that the United States is focused on supporting economic resilience in the Pacific region, including by strengthening access to correspondent banks. She said that when President Biden and Australian Prime Minister Anthony Albanese met at the White House last year, they particularly emphasized the importance of increasing economic connectivity, development and opportunities in the Pacific region, and a key to achieving that goal is to ensure that people and businesses in the region have access to the global financial system.
Carlsberg to buy Britvic for $4.2 billion
Carlsberg to buy Britvic for 1,315p per share Carlsberg will also buy out Marston's from brewing joint venture Danish brewer plans to create integrated beverage business in UK Shares in Carlsberg, Britvic, Marston's all rise July 8 (Reuters) - Carlsberg (CARLb.CO), opens new tab has agreed to buy British soft drinks maker Britvic (BVIC.L), opens new tab for 3.3 billion pounds ($4.23 billion), a move the Danish brewer said would forge a UK beverage "powerhouse" and that sent both companies' shares higher. Carlsberg clinched the takeover with a sweetened bid of 1,315 pence per share - comprising cash and a special dividend of 25 pence a share - after the British company rejected 1,250 pence per share last month. The acquisition will create value for shareholders, contribute to growth and forge a combined beer and soft drink company that is unique in the UK, CEO Jacob Aarup-Andersen told investors on a conference call. "With this transaction we are creating a UK powerhouse," he said. He brushed off concerns from some analysts about integration risks, saying Carlsberg has a strong track record of running beer and soft drink businesses in several markets. Soft drinks already make up 16% of Carlsberg's volumes. COST SAVINGS As drinkers in some markets ditch beer for spirits or cut back on drinking altogether, brewers have looked to broaden their portfolio into new categories like hard seltzer, canned cocktails and cider, as well as zero-alcohol brews. Britvic sells non-alcoholic drinks in Britain, Ireland, Brazil and other international markets such as France, the Middle East and Asia. Carlsberg said the deal will deliver a number of benefits, including cost and efficiency savings worth 100 million pounds ($128 million) over five years as it takes advantage of common procurement, production and distribution networks. It will also see Carlsberg take over Britvic's bottling agreement with PepsiCo (PEP.O), opens new tab. Carlsberg already bottles PepsiCo drinks in several markets and there is scope to add more geographies in future, Aarup-Andersen said. arlsberg halted share buy backs on Monday as a result of the deal. Chief financial officer Ulrica Fearn said these would resume once Carlsberg reaches its revised target for net debt of 2.5 times EBITDA, from 3.5 times currently - a goal it expects to meet in 2027. "Whilst this represents a shift in the strategy away from organic top- and bottom-line growth and consistent returns to shareholders, we view it as a relatively low risk transaction with attractive financials," Jefferies analysts said in a note. Carlsberg also said on Monday it will buy out UK pub group Marston's (MARS.L), opens new tab from a joint venture for 206 million pounds. That will give it full ownership of the newly formed Carlsberg Britvic after the deal. ($1 = 0.7805 pounds) Get the latest news and expert analysis about the state of the global economy with Reuters Econ World. Sign up here. Reporting by Stine Jacobsen, Yadarisa Shabong and Emma Rumney Editing by Sherry Jacob-Phillips, Rashmi Aich, David Goodman and David Evans