Kitco daily macro-economic/business digest - June 27

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Kitco daily macro-economic/business digest - June 27

In Today's Digital Newspaper President Vladimir Putin spoke angrily of those who want “Russians to fight each other,” but his former ally, Yevgeny Prigozhin, said the mutiny he led was not a coup attempt.

European Central Bank President Christine Lagarde indicated that the central bank will likely be unable to declare an end to its cycle of interest-rate increases soon. Global trade decline is negatively impacting Asian exports, leading to lower consumer inflation in Western countries because of decreased producer prices in Asia.

AI-based farm equipment, including autonomous machinery, may increase worker safety but also cost jobs in the ag sector.The National Grain and Feed Association submitted a statement to the House Natural Resources Subcommittee on Water, Wildlife and Fisheries, detailing the importance of lower Snake River dams for the agricultural industry.

Businessman Tim Sheehy has entered the Montana Senate race, launching his campaign website and social media accounts overnight while sharing a launch video with Fox News. This action puts him up against Rep. Matt Rosendale in a potentially fierce GOP primary, as they both vie for the opportunity to challenge Democratic Sen. Jon Tester. More in Politics & Elections.

Central bankers have gathered in Sintra, Portugal, this week to address global economic concerns, focusing primarily on the ongoing battle against inflation. While the ECB's Christine Lagarde reaffirmed her commitment to tackling inflation, the IMF's Gita Gopinath warned that rapidly raising interest rates could trigger financial instability.

Regulations for autonomous farm machinery are not yet well-defined, with neither the federal Occupational Safety and Health Administration nor most state OSHA counterparts having specific standards for it. The regulation of farm operations is also limited by a federal law that restricts the agencies from inspecting or citing farms that employ 10 or fewer workers annually.

• U.K. sees Biden energy subsidies distorting metals market. President Biden’s clean-energy law — and the massive subsidies it offers — risk distorting the global market for a group of key metals needed to make batteries, solar panels and electrical wiring, U.K. Business Minister Nusrat Ghani said. “The IRA has been a huge challenge,” Ghani said yesterday at the London Indaba mining conference. “The lure of the U.S. is huge. It distorts the market.

Putin had offered to close the case and let Wagner fighters and Prigozhin go to Belarus as part of a deal brokered by Lukashenko. Late Monday, he said in an address to the nation: “The promise I made will be fulfilled.” — Ukraine is looking to adapt to export obstacles by shipping most of its grain and agricultural products via the Danube River. The Ukraine Sea Ports Authority has noted that Russia is effectively blocking shipments via the Black Sea. Currently, half of Ukraine's exports leave through Black Sea ports, 25% via the Danube, and the rest via the western border.

 

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