Finance
Russia could cut state spending for FX interventions, says finance minister
MOSCOW, June 29 (Reuters) – Russia may reduce some state spending to channel funds for international forex interventions, Finance Minister Anton Siluanov stated on Wednesday, as Moscow seems for tactics to maintain a lid on the rouble’s strengthening, which is making imports dearer.
With Russia on the lookout for methods to melt the blow of unprecedented Western sanctions on its monetary sector, Siluanov stated his ministry would additionally recommend permitting export-focused firms to obtain proceeds from non-residents in money.
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Finance
Japan committed to act appropriately on weak yen: finance minister
Finance Minister Shunichi Suzuki said Thursday there is no change “at all” in the Japanese government’s stance that it will act appropriately to address the weakening of the yen after it slipped past 155 to the U.S. dollar
Speaking in parliament, Suzuki said the government is carefully monitoring currency market developments but declined to comment further, amid market vigilance over a possible yen-buying dollar-selling operation to slow the Japanese currency’s fall.
“We are closely watching market developments. There is no change at all in our resolve to respond appropriately based on this,” Suzuki said.
The finance chief has repeatedly issued verbal warnings about the yen’s volatility, threatening to take appropriate action without ruling out any options.
Still, his latest comments did not suggest a change in tone, days after he said conditions were being set for “appropriate” action, without giving further details. Japan previously stepped into the currency market to arrest the yen’s sharp drop in late 2022.
Japan’s top government spokesman Yoshimasa Hayashi reiterated that currency moves should be stable, reflecting economic fundamentals.
“We are of the view that excessive fluctuations are not desirable. The government will be closely watching market developments and take all necessary steps,” said Hayashi, the chief Cabinet secretary.
The yen’s depreciation reflects a wide interest rate gap between Japan and the United States.
The Bank of Japan, which holds a two-day policy meeting from Thursday, raised interest rates for the first time in 17 years last month but the central bank is not expected to rapidly push rates higher and it has underscored the need to continue accommodative financial conditions.
The U.S. Federal Reserve, meanwhile, is now expected to cut interest rates later than initially thought, boosting the dollar further.
A weak yen inflates import costs, which contributes to higher inflation in Japan.
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Yen drops to 155 range, new 34-year low against U.S. dollar
BOJ to check effects of rate hike amid weak yen at policy meeting
Nikkei stock index surges over 2% on tech gains
Finance
State investigating campaign-finance complaints against Lucido
Michigan Secretary of State elections officials are investigating whether Macomb County Prosecutor Peter Lucido violated the state Campaign Finance Act by using county resources for election activities.
The regulatory section of the Bureau of Elections with the Department of State provided a letter to inform Republican Lucido of its “examination” of allegations by Democratic activist Mark Brewer. The bureau falls under Secretary of State Jocelyn Benson, a Democrat.
“It is important to understand that the department is neither making this complaint nor accepting the allegations as true,” says the April 15 letter on Secretary of State letterhead.
Officials say Lucido has 15 days from the date of that letter to respond if he wishes.
Lucido has denounced the complaints as a “political attack” and countered by pointing out violations committed while Brewer was chairman of the state Democratic Party.
Any response by Lucido will be provided to Brewer, who will then be given a chance to rebut those claims, officials said.
After that, “the department will determine whether there may be reason to believe that a violation of the MCFA has occurred,” the letter states.
The state says it could reach a conciliation agreement with Lucido, conduct a hearing or refer the matter to the state Attorney General for enforcement.
Brewer, a lawyer who led the state party of 18 years, alleges in a complaint, which includes exhibits, that Lucido used a county employee to send an email newsletter to county employees that included a heading linked to his campaign web site, and emblazoned his campaign web site on tote bags distributed at a county-sponsored event. Brewer also provided an email in which a Prosecutor’s Office intern says she was resigning because she was performing campaign work for Lucido.
Brewer also filed two complaints with the county Ethics Board accusing the prosecutor of similarly violating the county Ethics Ordinance by using of a photo of himself in his county office in Mount Clemens on his campaign web site and allowing a former Sterling Heights City Council candidate to use two photos of he and Lucido in the prosecutor’s office for the candidate’s campaign.
The board approved advancing the complaints to the investigative stage, after which it will determine whether probable cause exists to conduct hearings on the allegations. Ultimately, if the board determined violations occurred, it could fine Lucido up to $500 per violation.
Lucido has denied any wrongdoing in connection with the activities alleged to the board.
Finance
LFDE finalises tie-up with Tocqueville Finance
La Financière de l’Échiquier (LFDE) has finalised its merger with Tocqueville Finance, the equity management subsidiary of La Banque Postale AM (LBP AM).
The deal, which follows the acquisition of LFDE by LBP AM in July 2023, marks ‘the emergence of a European leader in conviction management’, according to a group spokesperson.
With €27bn in assets under management and a management team of 55 managers and analysts, LFDE wants to focus on conviction management, particularly in European equities.
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