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Economy

Analysis: Is the US strategy of engaging China working?

WASHINGTON, Oct 6 (Reuters) - Early in the Biden administration, U.S. Secretary of State Antony Blinken vowed that the United States would only hold talks with China if they led to "tangible outcomes" to resolve disputes between the strategic rivals.Two-and-a-half years later, that approach appears to have changed.Since the start of the summer, the administration has embarked on a largely unreciprocated push to talk with Beijing, establishing working groups and sending three cabinet-level officials and its top climate envoy to Beijing.The strategy, intended in part to salvage a relationship that...
Finance

Macquarie weighs sale of stake in UK offshore wind farm Race Bank -sources

LONDON, Oct 6 (Reuters) - Macquarie (MQG.AX) is considering selling its 25% stake in Race Bank, a 573 megawatt offshore wind farm located off Britain's Norfolk coast, according to two sources with knowledge of the matter.The infrastructure group is working with advisors on the sale, which could value the wind farm at up to 3 billion pounds ($3.66 billion), one of the people said. Race Bank started production in 2018 and provides enough power for the equivalent consumption of more than 510,000 homes, according to the website of Orsted (ORSTED.CO),...
Banking

Global economy’s glide to ‘soft landing’ gets bumpy as bond yields jump

WASHINGTON, Oct 6 (Reuters) - Rocketing U.S. government bond yields that have led to a global jump in borrowing costs are raising new risks for economic policymakers hoping to lower inflation without triggering a major crisis.The world's finance officials, who will gather in Morocco next week for the annual meetings of the International Monetary Fund and World Bank, may disagree over the exact drivers of a global bond rout that now appears to reflect more than guessing how far central bankers will raise interest rates.The cause - whether high government...
Finance

Shortfall in climate change cash grows ahead of COP28

A general view shows the plenary hall during an international replenishment conference for the United Nations Green Climate Fund in Bonn, Germany, October 5, 2023. REUTERS/Wolfgang Rattay Acquire Licensing RightsUN climate fund adds cash but still below targetUN warns of surging need for funds to cope with climate changeJapan adds $1 bln to fund, US money still missingGermany asks China, Gulf states to contributeBERLIN/BRUSSELS, Oct 5 (Reuters) - The United Nations' main fund for helping vulnerable countries cope with climate change said on Thursday it had raised $9.3 billion, falling...
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