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    US federal workers hope Republicans will curb Trump, Musk firings

    WASHINGTON (Reuters) – Members of the over 2 million-strong U.S. civilian federal workforce are looking to an unlikely source to protect it from Donald Trump and Elon Musk’s promise to slash government employees and cut costs: the incoming Republican-controlled Congress. Federal employee unions are lining up lawyers and preparing public campaigns to try to stave off any mass firings, but they’re hoping Republican Congress members will join Democrats in defending their importance to local economies, health and safety, union members and government watchdogs tell Reuters. Trump has tasked Musk and former presidential candidate Vivek Ramaswamy to head a panel to streamline the U.S. government and is expected to revive a plan to convert some federal employees to “Schedule F” status which strips them of job protections. Musk has said he could cut $2 trillion in spending, more than the annual discretionary budget; Ramaswamy recently proposed cutting 50% of the workforce by firing everyone whose Social Security number ends in an odd number.  Because the U.S. Congress sets federal spending levels, Republicans may balk at any erosion of their power, unions say. Trump, Musk and Ramaswamy are “going to come up against congressional mandates and come up against the Constitution, and it’s going to set off this (debate) who has the right to spend money on behalf of the American people,” predicted Steve Lenkart, the executive director of the National Federation of Federal Employees, which represents over 100,000 federal employees. The U.S. government is the country’s largest employer. While workers are concentrated in Washington, D.C., and nearby Maryland and northern Virginia, some of the greatest concentrations of federal workers can be found in areas like southern Oklahoma and northern Alabama, which are represented by Republicans in the House.The biggest federal employees’ union, the American Federation of Government Employees, which represents 750,000 federal workers, is also looking to Congress, said Jacqueline Simon, the AFGE’s policy director.Trump may ask Congress to refuse to spend money on government agencies that it has already approved, a process known as impoundment, to drive out workers, Simon said. “That’s something that we’ll certainly be looking to Congress for them to uphold their own interests in maintaining their ability to determine appropriations,” Simon said.”The American people reelected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail. He will deliver,” Karoline Leavitt, spokesperson for Trump’s transition team, said. The Musk and Ramaswamy panel’s advisory role means its real power is still an unknown. “It’s unclear what kind of authority it would have or what sort of legal oversight it would have,” said Michael Knowles (NYSE:KN), a U.S. Citizenship and Immigration Services (USCIS) employee who represents the agency’s workers at the American Federation of Government Employees union.Many federal agencies, including USCIS, which has a massive backlog of asylum cases, actually have fewer employees than they need to run efficiently, he said. “I would certainly hope that all members of Congress, regardless of their political persuasion, would be, you know, protecting their prerogatives in our check and balance system to oversee the functioning of and the funding of government,” he said. REPUBLICAN CUTS Republicans won some modest spending curbs in a 2023 showdown with U.S. President Joe Biden, but since then have shown little interest in scaling back the largest federal employers. The Republican-controlled House of Representatives this year voted to increase spending at the Department of Veterans Affairs, which employs 487,000 civilian workers, more than any other single agency.Government watchdogs say they are hoping Congress will stop Trump from “purging departments he disagrees with ideologically, regardless of what that means for government efficiency or serving in the public interest,” said Joe Spielberger, policy counsel at the Project on Government Oversight. “This is an issue where we can push Congress to fully exercise its oversight authority,” he said. A rule that Biden introduced in April to bolster protections for government employees could slow down any plans to slash employees.  It is “not an executive order that can be changed willy nilly by the next president,” Democratic Senator Tim Kaine of Virginia said. But the rule and Congress’ ability to block some Trump layoffs taken together represent just “a guardrail, not a guarantee,” Kaine said. “We are going to need not only Democrats but some Republicans battling against efforts to turn the federal civil service into a political loyalty spoils operation,” said Kaine.  Trump may have the backing of some courts, however. Last year, two judges on the U.S. Fifth Circuit Court of Appeals wrote that a president should have broad powers to fire government workers.Whether there are Republicans in Congress willing to oppose Trump on the issue remains to be seen. “Where you have the three arms of government that are all on the same page, there’s not as many checks and balances, obviously,” said Lilas Soukup, president of an AFGE local that represents workers from the Centers for Disease Control and Prevention and the Department of Energy.  More

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    EU and Mercosur miss a trick at Rio summit devoid of trade talks

    $1 for 4 weeksThen $75 per month. Complete digital access to quality FT journalism. Cancel anytime during your trial.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

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    China rushes to connect with potential Trump officials

    Standard DigitalStandard & FT Weekend Printwasnow HK$209 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    EU to demand technology transfers from Chinese companies

    $1 for 4 weeksThen $75 per month. Complete digital access to quality FT journalism. Cancel anytime during your trial.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

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    Dollar rally stalls, giving yen respite

    SINGAPORE (Reuters) – The yen got some much-needed respite on Tuesday as it steadied on the stronger side of 155 per dollar thanks to a pullback in the U.S. currency, which ran into profit-taking after a stellar rally that saw it scale a one-year high.The yen last edged 0.2% higher to 154.40 per dollar, recovering from its fall in the previous session after Bank of Japan Governor Kazuo Ueda stuck to his usual script and failed to offer any hints on whether a rate hike could come in December.”Recent (yen) weakness had many market participants expecting Ueda to sound hawkish, but in the end the Governor stuck to his recent narrative,” said Rodrigo Catril, senior FX strategist at National Australia Bank (OTC:NABZY).”We think the economy and price pressures are making a strong case for a hike in December, but much will depend on whether there is any political push back, given the LDP is looking to regain public support, after a poor show at the recent Lower House election.”The yen has fallen some 7% since October and had weakened past the 156 per dollar level for the first time since July last week, leaving traders on alert for any intervention from Japanese authorities to shore up the currency.In the broader market, the dollar was on the back foot as it eased further away from last week’s one-year top against a basket of currencies.Sterling steadied at $1.2676, while the dollar index tacked on 0.04% to 106.26, after falling 0.4% overnight.”You do get bouts of profit taking after big moves like this,” said Jarrod Kerr, chief economist at Kiwibank.The greenback has risen more than 2% for the month thus far, buoyed by reduced expectations of the extent of Federal Reserve rate cuts and on the view that President-elect Donald Trump’s touted policies of tariffs, reduced immigration and debt-funded tax cuts will be inflationary to the U.S. economy.The euro similarly rebounded from last week’s one-year low and last bought $1.0590.Two top European Central Bank policymakers signalled on Monday they were more worried about the damage that expected new U.S. trade tariffs would do to economic growth in the euro zone than any impact on inflation.Elsewhere, the Australian dollar fell 0.15% to $0.6499.Minutes of the Reserve Bank of Australia’s November board meeting released on Tuesday showed policymakers saw no immediate need to change interest rates, having left them steady for a year now, but said it was important to be ready to act as the economic outlook evolves.Markets have not fully priced a cut in rates until May next year, with a move in February after the fourth-quarter inflation report at just a 38% probability.The Reserve Bank of New Zealand, meanwhile, meets next week and traders have priced in 50 basis points worth of easing from the central bank.The kiwi last traded 0.24% lower at $0.5880. More

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    South Korea pledges 45% increase in World Bank fund contribution

    The country, once a beneficiary during the 1960-1970s, will contribute this year around 845.6 billion won ($608.26 million) to the fund for financial aid to low-income countries, up from 584.8 billion won in the previous fund replenishment round in 2021. “It is for South Korea to play a leading role as a global pivot state and to induce active contributions from other countries,” the ministry said in a statement. U.S. President Joe Biden on Monday pledged a record $4 billion contribution during a closed session of the Group of 20 summit in Rio de Janeiro, up from $3.5 billion in 2021. ($1 = 1,390.2000 won) More

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    China courier group S.F. Holding to raise up to $792.7 million in Hong Kong listing

    (Reuters) -China’s largest express delivery company S.F. Holding said on Tuesday it plans to raise up to HK$6.17 billion ($792.71 million) in a Hong Kong listing, the latest sign of a revival in the city’s capital markets.The Shenzhen-listed company will issue 170 million shares in a price range of HK$32.30 to HK$36.30 per share, according to its regulatory filings.The final price will be set on Nov. 25, and the stock is due to start trading on Nov. 27.The courier group, known for its flagship SF Express delivery business, is regarded as China’s answer to FedEx (NYSE:FDX) and DHL.The listing has attracted ten cornerstone investors, led by Oaktree Capital Management, which have subscribed for up to HK$204.8 million worth of stock, the filings showed.The company said about 45% of the funds raised in the listing would be spent on growing its international business, especially across South-east Asia. It added it has earmarked about HK$1.1 billion for buyout activity, forming joint ventures or making minority investments in businesses.S.F. Holding, initially filed for a Hong Kong listing in August last year. Reuters reported in May last year the company was aiming to raise between $2 billion and $3 billion.There have been $9.1 billion worth of new listings in Hong Kong in 2024, according to Dealogic data, compared to $5.88 billion in 2023.While well off the 2020 peak of $51.6 billion, the prospect of lower global interest rates has prompted some revival in the city’s listing market.S.F. Holding’s Shenzhen-listed share price has risen 4.75% this year.($1 = 7.7834 Hong Kong dollars) More

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    Trump picks former lawmaker Sean Duffy to be transportation secretary

    WASHINGTON (Reuters) -U.S. President-elect Donald Trump said on Monday that he is nominating former Wisconsin Representative Sean Duffy, now a Fox News host, to be transportation secretary. If confirmed, Duffy will oversee aviation, automotive, rail, transit and other transportation policies at the department with about a $110 billion budget as well as significant funding that remains under the Biden administration’s 2021 $1 trillion infrastructure law and EV charging stations. Trump has vowed to reverse the Biden administration’s vehicle emissions rules. He has said he plans to begin the process of undoing the Biden administration’s stringent emissions regulations finalized earlier this year as soon as he takes office. The rules cut tailpipe emissions limits by 50% from 2026 levels by 2032 and prod automakers to build more EVs.Duffy will face a number of major transportation issues. U.S. traffic deaths have fallen this year but still remain sharply above pre-COVID levels. The fatality rate remains higher this year than in any pre-pandemic year since 2008. He will face pressure to ease rules for self-driving cars sought by Tesla (NASDAQ:TSLA) and other automakers.Trump said Duffy will prioritize “Excellence, Competence, Competitiveness and Beauty when rebuilding America’s highways, tunnels, bridges and airports. He will ensure our ports and dams serve our Economy without compromising our National Security.”Duffy will oversee the continuing enhanced oversight of Boeing (NYSE:BA). The Federal Aviation Administration, which is part of USDOT, capped production at 38 737 MAX planes per month in January after a door panel missing four key bolts flew off an Alaska Airlines 737 MAX 9 in midair that month, exposing serious safety issues at Boeing. He will also decide whether to continue the Biden administration’s aviation passenger rights push and whether to approve more airline joint ventures.Duffy will also be in charge of oversight of companies run by Elon Musk, who has been closely involved in Trump’s transition.USDOT is investigating Tesla Autopilot, while the FAA has proposed to fine SpaceX for violating space license rules. Musk has called for the resignation of FAA Administrator Mike Whitaker.A persistent shortage of controllers has delayed flights and, at many facilities, while a series of near miss incidents involving passenger jets have raised safety concerns.Congress also has been considering significant rail safety reforms in the aftermath of the February 2023 derailment of a Norfolk Southern (NYSE:NSC) train in East Palestine, Ohio. More