A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/file photo Acquire Licensing Rights
LONDON, Sept 28 (Reuters) – The Bank of England on Thursday set out a reform of capital rules for insurers to “unlock tens of billions of pounds” for investments in the economy.
The Solvency II rules were inherited from the European Union and their reform is seen by the insurance industry and by lawmakers who supported Britain’s exit from the bloc as a “Brexit dividend” to unlock billions of pounds of investment.
The so-called matching adjustment seeks to ensure that assets held by insurers generate enough cash to cover future payouts on policies and pensions.
Investing in an asset that generates cash at the right time allows an insurers to cut back on capital requirements, subject to a discount.
“We propose to adjust regulations to reflect the decisions made by the government about the level of financial resilience that should be required of insurance companies,” Bank of England Deputy Governor Sam Woods said in a statement.
“These proposals aim to promote policyholder protection while enabling the annuity sector to meet its commitments to the government to increase investment in the UK economy.”
The government overrode the BoE to insist on a less onerous discount to free up billions of pounds to invest in infrastructure and help transition to a net-zero economy.
The BoE said the limit it has proposed, along with other proposed reforms, would not stop insurers from meeting their stated commitments for “unlocking tens of billions of pounds for potential investments at implementation”.
The BoE said it planned to publish final policy and rules on the matching adjustment during the second quarter of next year, with an effective date of 30 June 2024.
All other changes related to the Solvency II review would take effect on 31 December 2024, it said.
Reporting by Huw Jones and Muvija M; Editing by William Schomberg
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Construction sites are photographed in Frankfurt, Germany, July 19, 2023. REUTERS/Kai Pfaffenbach Acquire Licensing Rights
BERLIN, Sept 22 (Reuters) – German housing prices fell by the most since records began in the second quarter as high interest rates and rising materials costs took their toll on the property market in Europe’s largest economy, government data showed on Friday.
Residential property prices fell by 9.9% year-on-year, the steepest decline since the start of data collection in 2000, the federal statistics office said. Prices fell by 1.5% on the quarter, with steeper declines in larger cities than in more sparsely populated areas.
In cities such as Berlin, Hamburg and Munich, apartment prices fell by 9.8% and single and two-family house prices dropped by 12.6% on the year.
For a decade, low interest rates have fuelled a property boom in Europe’s largest real estate investment market. A sharp rise in rates and increasing construction costs have put an end to the run, tipping a string of developers into insolvency as deals froze and prices fell.
Building permits for apartments in Germany declined 31.5% in July from a year earlier, the statistics office disclosed on Monday, as construction prices rose by almost 9% on the year.
Germany aims to build 400,000 apartments a year, but has struggled to meet the goal.
German housing industry association GdW on Friday sounded the alarm over the situation calling for government support for construction companies.
“The construction crisis in Germany is getting worse day by day and is increasingly reaching the middle of society,” GdW, which represents around 3,000 housing companies nationwide, said in a statement.
GdW called for a cut in value added tax (VAT) to 7% from the current level of 19% for affordable rentals and government funding loans with a 1% interest rate to support companies.
The government is scheduled to hold a summit with the industry on Monday to discuss the situation.
GdW and the Haus&Grund owner’s association said they were boycotting the summit as they had too little influence on its agenda.
The German cabinet plans to present an aid package for the industry by the end of month after announcing plans to promote the construction sector, including reducing regulatory and bureaucratic requirements.
Reporting by Riham Alkousaa and Klaus Lauer, editing by Kirsti Knolle and Sharon Singleton
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The company logo of construction company Redrow is pictured on a flag at a new housing development near Manchester northern England, April 7, 2016. REUTERS/Phil Noble/File Photo Acquire Licensing Rights
Sept 13 (Reuters) – Redrow (RDW.L) on Wednesday said it expected its profit to more than halve in fiscal 2024, after the British homebuilder posted a 4% decline in annual earnings that was ahead of estimates as the country’s housing sector battles a pronounced slowdown.
The latest warning from a British housebuilder comes as concerns about Britain’s economy and rising interest rates, which have pushed up mortgage borrowing and dampened buyer demand, have dented housebuilders’ profits and build targets.
Recent measures of Britain’s property market have shown house prices falling at the fastest pace since 2009, and a decline in mortgage loan demand.
Data from the Bank of England, which has raised interest rates 14 times since December 2021 in an effort to tame inflation, showed the value of residential mortgages in arrears jumped to the highest level in seven years in the three months to June.
“Whilst the market did partially recover in spring 2023, the further rise in mortgage rates combined with the cost of living crisis means the market remained subdued,” Chairman Richard Akers said in a statement.
Shares in the company slipped 1.7% in early trade.
“Redrow’s FY23 results provide a reassuring statement. The skew in completions and margins for the start of calendar of 2024 implies we may need to wait for the ‘turn’ in earnings reported, but perhaps that we are nearer the turn in expectation,” analysts at Jefferies wrote in a note.
The FTSE 250 firm forecast profit before tax in the range of 180 million pounds to 200 million pounds ($224.2 million to $249.1 million) for fiscal 2024.
The Wales-based builder, which constructs bigger houses than rival housebuilders and sells them to second or third-time movers, posted underlying profit before tax of 395 million pounds for the full-year ended July 2, compared with company-compiled analysts’ consensus estimates of 367 million pounds.
($1 = 0.8028 pounds)
Reporting by Aby Jose Koilparambil in Bengaluru and Suban Abdulla in London; Editing by Rashmi Aich and Christina Fincher
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A view of semi-detached homes in Tilbury, southeast England, May 12, 2014. REUTERS/Suzanne Plunkett/File Photo Acquire Licensing Rights
Sept 11 (Reuters) – British homebuilder Vistry (VTYV.L) said on Monday it will shift its entire focus onto its affordable homes business as a slowdown in the country’s broader housing sector intensifies.
Shares in the builder rose about 11% to a more than one-year high of 893 pence in early trade.
British housebuilders are increasingly feeling the pinch from the Bank of England’s 14 consecutive interest rate hikes, which have hit profit margins and demand as buyers cope with elevated mortgage costs and affordability concerns.
Industry gauges, from mortgage approvals to house prices, have fallen in recent months. Mortgage lender Halifax last week reported a 4.6% annual drop in house prices, the fastest pace since 2009.
Vistry has been working with local government authorities and housing associations to build affordable homes and this Partnerships division has outperformed its Housebuilding unit, which operates on similar lines to rival builders.
“The scale of the social need for affordable mixed tenure housing across the country continues to increase and it is clear that Vistry is uniquely positioned as the leader in partnerships housing,” CEO Greg Fitzgerald said in a statement.
The FTSE 250 (.FTMC) firm said it would merge its Partnerships business with the Housebuilding operations by the end of the 2023 fiscal year to focus on this “high-return, capital-light, resilient” affordable-housing model.
“The shift in strategy removes any doubt about Vistry’s mixed model. It focuses the group on a less volatile part of the
housing market where need is very high,” Peel Hunt analysts wrote.
Vistry had bolstered its Partnerships business with its 1.25 billion pounds ($1.56 billion) acquisition of rival Countryside last September.
The company said it would aim to return 1 billion pounds to shareholders over the next three years and intended to launch an initial share buyback programme worth up to 55 million pounds in November.
Vistry, one of the biggest British housebuilders in terms of the number of homes built each year, reported a drop of more than 8% in adjusted pretax profit to 174 million pounds for the six months ended June 30. It reiterated its forecast for annual pretax profit to exceed 450 million pounds.
($1 = 0.7994 pounds)
Reporting by Aby Jose Koilparambil in Bengaluru and Suban Abdulla in London; Editing by Rashmi Aich and Louise Heavens
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BAMAKO, Sept 11 (Reuters) – Sky Mali, the only commercial airline flying to Timbuktu in Mali’s interior, has cancelled flights there due to insecurity, it said on Monday, deepening the isolation of the northern city which has been under a month-long Islamist blockade.
Timbuktu, a UNESCO World Heritage site and ancient trading centre on the edge of the Sahara desert, has been suffering from a shortage of food and aid supplies since a local affiliate of al Qaeda cut off access by road and river in mid-August.
Two residents told Reuters that they heard shell fire near the city’s airport on Monday morning.
Sky Mali later issued a statement saying it had suspended all flights to and from Timbuktu until further notice, citing a security alert.
“We heard several shell shots at Timbuktu airport. Flights are cancelled,” said resident Mohamed Ag Hamaleck.
“Now Timbuktu is completely closed. The access roads are cut, the boats no longer come,” he said by phone.
The city has been surrounded by violence ever since French forces liberated it from militants in 2013 after an uprising. The Islamists later regrouped and have spread from northern Mali to neighbouring Burkina Faso and Niger.
The European Union said last week that the blockade had extended to more localities in the Timbuktu region, including Rharous, Niafounké, Goundam, Diré, Tonka, Ber and Léré.
“Civilians do not have access to essential products and basic social services,” the EU’s humanitarian branch ECHO said in a note.
Insecurity in Mali has intensified over the past year after the West African country’s military leaders kicked out French troops, asked United Nations’ peacekeepers to leave, and teamed up with Russian private military contractors Wagner Group.
An al Qaeda-linked group claimed responsibility on Friday for a suicide attack on a military base in northeastern Mali, a day after authorities blamed the group for carrying out a dual assault on another military camp and on a boat that killed more than 60 people.
Reporting by Tiemoko Diallo; Additional reporting and writing by Nellie Peyton; Editing by Edward McAllister and Hugh Lawson
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STOCKHOLM, Sept 7 (Reuters) – Alecta, Sweden’s largest pension fund provider, said on Thursday Swedish property firm Heimstaden Bostad is in need of more cash, and that it may participate in any refinancing round.
Large debts, rapidly rising interest rates and a wilting economy has produced a toxic cocktail for Sweden’s property groups with several companies, mainly in the commercial property sector, cut to “junk” status by rating agencies.
House prices are also down by around one-fifth since their March 2022 peak, according to the Organisation for Economic Cooperation and Development (OECD), reflecting soaring mortgage costs.
Heimstaden Bostad, an owner of residential properties across Europe with Sweden its main market, on Monday told Swedish business daily Dagens Industri it expects to both sell assets and raise capital to reduce debt.
“Alecta shares the assessment that Heimstaden Bostad is in need of additional capital,” Alecta CEO Peder Hasslev said.
“We are prepared to participate constructively and contribute to a refinancing, but of course it is entirely dependent on the conditions,” he said in an email.
Heimstaden did not immediately reply to a request for comment.
Heimstaden Bostad’s property portfolio totals 340 billion Swedish crowns ($30.60 billion) and its main owners are Heimstaden (HEIMpref.ST) and Alecta with 38% of shares each, according to its website.
($1 = 11.1124 Swedish crowns)
Reporting by Marie Mannes, editing by Anna Ringstrom and Terje Solsvik
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The landmark Fernsehturm television tower is seen near residential apartment blocks in Berlin, August 20, 2013. REUTERS/Thomas Peter/File Photo Acquire Licensing Rights
BENGALURU, Aug 31 (Reuters) – Home prices in Germany will fall by more than 5% this year and stagnate in 2024, according to property analysts polled by Reuters who said rents will become even less affordable as more potential buyers shun an expensive market.
Housing in Europe’s largest economy, which used to rise only incrementally in price but rapidly became more expensive in recent years as a result of cheap borrowing costs, is going through its biggest crisis in decades.
Building permits for apartments fell 27% during the first half of 2023, and a series of property developers have filed for insolvency.
With average house prices having surged 25% during the COVID-19 pandemic, higher interest rates and higher living costs in a struggling economy have driven many to rent while they anticipate house prices will fall.
The median view from an Aug 14-30 Reuters poll of 14 property experts forecast average home prices to decline 5.6% in total over the course of 2023, nearly identical to findings from a poll taken three months ago.
All but one predicted prices would fall this year. Forecasts were in the range of a fall of 12.0% to a rise of 2.3%.
House prices were forecast to stagnate next year, an upgrade compared to the 2.0% fall predicted three months ago.
“We do not expect to see a significant recovery in the German real estate market anytime soon,” said Carsten Brzeski, global head of macro research at ING, adding that an expected mild correction followed by a drift upward next year “will result in overall affordability remaining low”.
Average residential prices declined 6.8% in the first quarter from a year earlier, the biggest slump since official data were first published over two decades ago.
“While borrowing rates are likely to be lower next year than this year, they will by no means be at comparably low levels as during the ECB’s zero interest rate policy period,” Brzeski said.
The European Central Bank will raise rates once more this year, taking the deposit rate to 4.00%, according to a slim majority of economists polled separately by Reuters, and no cut was predicted until the second quarter of next year.
That comes after many years of close to zero and negative policy interest rates following the global financial crisis and during the pandemic.
Analysts who answered an additional question were evenly split on whether purchasing affordability for first time homebuyers would improve or worsen over the coming year.
RED HOT RENTS HERE TO STAY
With purchasing affordability not expected to improve much despite predictions of a decline in house prices, pressure on rental markets is likely to increase.
All 13 strategists who replied to an additional question said already-surging average rents would either rise significantly or slightly across the rest of 2023.
Eleven of 14 respondents said rental affordability would worsen over the coming year. Three said it would improve.
“There is currently strong upward pressure on rents…a large share of potential buyers who are no longer able to purchase property due to higher interest rates are now increasingly asking for rental apartments,” said Sebastian Schnejdar, senior real estate analyst at BayernLB.
“Due to weak new construction, housing for rent and for sale will remain a scarce commodity.”
(For other stories from the Reuters quarterly housing market polls:)
Reporting by Indradip Ghosh; Polling by Anitta Sunil and Maneesh Kumar; Editing by Ross Finley and Barbara Lewis
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A sign is seen outside the 11 Wall St. entrance of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2021. REUTERS/Brendan McDermid Acquire Licensing Rights
A look at the day ahead in U.S. and global markets from Mike Dolan
World markets stayed remarkably buoyant even as the chances of one more U.S. interest rate hike have moved firmly onto the radar, with China’s bourses extending Monday’s rally and the state of U.S. employment now top of mind.
For the first time since before the regional banking crisis in March, U.S. futures now see more than a 50% chance of yet another Federal Reserve rate rise to 5.5-5.75% – where the median of Fed policymaker forecasts from their June meeting still lies. Early Tuesday, futures priced almost a two-thirds chance of that additional quarter-point move in November.
After almost two months of stability in assuming peak rates would be where they are now, the chances of another tightening have been creeping higher again over the past 10 days and appear to be cementing following Fed Chair Jerome Powell’s relatively hawkish speech at Jackson Hole on Friday.
And yet – perhaps with the uncertainty dissipating, the economy still robust and bond markets better priced – world markets appear to be taking the tighter odds in their stride.
Wall St’s S&P500 (.SPX) clocked only its second-consecutive gain of the month so far on Monday, while MSCI’s all-country index (.MIWD00000PUS) is on course for its sixth gain in seven trading days.
More impressively in the circumstances, restive bond markets calmed down and bond yields continued to dial back from their highest in over a decade last week. Two-year Treasury yields fell back below 5%, with 10-year yields eyeing their lowest in almost two weeks at 4.17% and equity risk gauges such as the VIX (.VIX) of implied volatility touching two-week lows too.
The dollar (.DXY) was firm, but stayed off last week’s near three-month high.
With the Atlanta Fed’s real-time estimate of quarterly real GDP growth running as high as 5.9% – about 9% in nominal terms – the Fed will likely need to see some considerable softening of incoming economic data to prevent it moving again.
This week the onus falls largely on the labor markets, with the national payrolls report due Friday but with July readings on job openings due later on Tuesday – alongside August consumer confidence numbers and June house price data.
Friday’s August payrolls report is expected to show a slowdown in monthly hiring to about 150,000 but an unchanged unemployment rate of just 3.5%.
Overseas, China’s embattled stock markets managed to advance for a second day – lifted by a series of support measures and hopes of some detente in the economic and financial standoff between Washington and Beijing amid a three-day visit to China by U.S. Commerce Secretary Gina Raimondo.
Although it gave back the bulk of Monday’s 5% early surge by the close of business, China’s CSI300 (.CSI300) push 1% higher again on Tuesday after weekend measures to slash stamp duty on stock purchases and limit new stock listings. With tech and healthcare sectors leading the way, foreigners were net buyers again on Tuesday.
Just how cash-strapped embattled Country Garden Holdings (2007.HK) is will be the focus when China’s largest private property developer is due to report its first-half results on Wednesday.
Asia bourses more widely and European indices were higher, while Wall St futures were flat ahead of the open.
Tropical Storm Idalia closed in on Florida’s Gulf Coast on Tuesday after skirting past Cuba, headed for a U.S. landfall as a powerful Category 3 storm, prompting authorities to order evacuations of vulnerable shoreline areas.
Events to watch for on Tuesday:
* U.S. August consumer confidence, July JOLTS job openings data, June house prices, Dallas Fed Aug service sector survey
* Federal Reserve Vice Chair for Supervision Michael Barr speaks
* U.S. Treasury auctions 7-year notes
* U.S. corporate earnings: Best Buy, HP, JM Smucker, Catalent, Pinduoduo
By Mike Dolan, editing by Susan Fenton <a href=”mailto:mike.dolan@thomsonreuters.com” target=”_blank”>mike.dolan@thomsonreuters.com</a>. Twitter: @reutersMikeD
Our Standards: The Thomson Reuters Trust Principles.
Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
[1/3]A woman walks along Petticoat Lane street market, where discounted clothing is on sale, in London, Britain, August 23 2023. REUTERS/Peter Nicholls Acquire Licensing Rights
LONDON, Aug 23 (Reuters) – Britain’s economy is slowing and might be heading for a recession as it feels the impact of 14 back-to-back interest rate increases by the Bank of England to fight high inflation.
Despite being buffeted by Brexit, the COVID-19 pandemic and last year’s surge in energy prices, the British economy has defied forecasts of contraction so far this year.
But signs of a slowdown are mounting, highlighting the BoE’s dilemma as it continues to grapple with inflation.
A survey published on Wednesday showed activity among businesses shrank by the most since January 2021, when Britain was still in a coronavirus lockdown.
The housing market is weakening and the jobless rate is up.
But the BoE looks set to keep on raising rates with inflation still more than three times its 2% target. Core inflation in July held close to its highest in more than 30 years.
Most worrying for Governor Andrew Bailey and his colleagues, pay growth is at its fastest since at least 2001, raising the risk of persistently high inflation.
Below are key readings of Britain’s economy that the BoE will assess before its next scheduled announcement on interest rates on Sept. 21.
BUSINESSES FEEL THE STRAIN
Britain’s economy is on course to shrink during the current quarter and risks falling into a recession, the preliminary S&P Global/CIPS Purchasing Managers’ Index for August showed.
The composite reading – covering firms in services and manufacturing – of 47.9 raised the risks of a recession in the second half of 2023.
But S&P also said its survey suggested inflation would cool to 4% in the coming months, earlier than the BoE’s forecast.
HOUSING MARKET LOSES STEAM
House prices as measured by mortgage lenders Nationwide and Halifax have fallen by the most in annual terms in more than a decade, although they remain about 20% above levels before the pandemic, when demand for properties surged.
The BoE acknowledges that much of the impact on the housing market from its rate hikes has yet to be felt because most mortgages in Britain are short-term fixed-rate deals which are now renewing at higher rates.
Of nearly 7 million fixed-rate mortgages, which account for 80% of residential home loan deals, around 800,000 end in the second half of 2023 and a further 1.6 million deals end in 2024.
LABOUR MARKET
Employers struggled to fill jobs when the number of people available for work contracted after the pandemic and Britain’s exit from the European Union. Basic wages in the three months to June rose at the fastest pace on record.
But there are also signs that the labour market is losing some of its inflationary pressure with the unemployment rate unexpectedly rising in the last two monthly data sets and vacancies steadily dropping over more than a year.
CONSUMERS KEEP ON SPENDING
Retail sales volumes fell in July from June but it was only the second month-on-month drop so far in 2023 and much of the weakness was due to unusually heavy rain which kept shoppers at home. But many analysts expect the lagged impact of the BoE’s rate rises to hit spending soon, adding to the drag on the economy.
Consumer confidence, as measured by polling firm GfK, fell in July from a 17-month high in June. It remains below levels seen for much of the past 10 years.
INFLATION FALLS, BUT STILL TOO HIGH
Britain’s headline rate of consumer price inflation has fallen from over 11% last October to just under 7% in July but that is still the highest among the world’s major economies and more than three times the BoE’s 2% target. Core inflation, which gives a better signal of underlying inflation, has barely fallen from a three-decade high.
GDP HAS HELD UP, SO FAR
Britain’s economy has defied forecasts that it would fall into a recession in 2023 and has grown in four of the first six months of the year, helped by the still low unemployment and savings built up by households during the pandemic. Many economists think the delayed impact of higher interest rates and still elevated inflation will hit growth in the coming months.
A Reuters poll of analysts in July showed a minority expected a recession to start before the end of the year.
Britain is the only Group of Seven (G7) economy yet to recover its pre-pandemic size.
Graphics by Sumanta Sen; Editing by Devika Syamnath
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A look at the day ahead in U.S. and global markets from Mike Dolan, Editor-at-Large, financial industry and financial markets
As investors switch attention to the health of the U.S. consumer, a funk in China’s economy, markets and currency appeared to deepen and emerging market ructions spread.
After another disappointing reading for industrial production and retail sales this month, China’s central bank scrambled to cut 1-year lending rates by 15 basis points to 2.50% – the second cut in policy rates in three months – and sent the yuan sliding to 2023 lows against the dollar.
China stocks fell again (.CSI300) and 10-year government bond yields fell to three-year lows.
Perhaps more worrying for those fretting about the broader stability of China’s economy, the corrosive real estate bust saw property investment fall for the 17th straight month amid creeping deflation fears and the government suspended publication of spiralling youth unemployment rates.
The contrast with the U.S. picture is stark right now.
The ongoing reassessment of the U.S. economy now has as many as three in four fund managers around the world assuming there will either be a soft landing or even no landing for the economy over the next 12 months, according to Bank of America’s latest monthly investor poll.
As cash holdings have been reduced in August, asset managers have reduced their underweight equity positions and, rather surprisingly given the hit to bond prices this month, upped global bond allocations to a net 5% overweight. The latter is now some 2.2 standard deviations above long-term averages.
And yet, in part due to a rethink of the long-term sustainable interest rate over the horizon, long-term U.S. Treasury yields continue to climb – even in tandem with a tech-led rebound in stock prices (.SPX) on Monday. Ten-year Treasury yields hit their highest for the year at 4.23%.
With inflation expectations subdued , 10-year inflation-adjusted Treasury yields hit their highest in 14 years at 1.87% – with eyes now trained on any long-term Fed guidance from its annual Jackson Hole conference later this month.
A combination of rising real U.S. yields and robust readings for the U.S. economy – which should be reinforced by the July retail sales report on Tuesday – and increasingly turbulence in China and many emerging economies is supercharging the dollar in many quarters.
Despite news of forecast-beating accelerating growth in Japan in the second quarter, the yen skidded to its lowest in 10 months on Tuesday alongside the yuan slide.
Elsewhere in the so-called BRICS emerging economies – the grouping of Brazil, Russia, India, China and South Africa – the dollar was also in command.
Isolated economically and financially from the West for over a year after its invasion of Ukraine, Russia raced to shore up its plummeting rouble on Tuesday with an emergency interest rate hike of 3.5 percentage points to 12% – with only modest success so far.
Jarred by the surprise emergence of a far-right presidential candidate in Argentina’s primary elections – who has an agenda to dollarize the hyperinflation-dogged economy – the peso was devalued again on Monday. Argentina’s incumbent government wants to join the BRICS grouping too.
And even India’s rupee was on the slide to a 10-month low.
Back stateside, the retail sales report will be accompanied by an earnings update from Home Depot – the first of the big retailers to report this week. Housing market sentiment indicators are also out.
S&P500 futures were off a touch before the open.
Events to watch for on Tuesday:
* U.S. corporate earnings: Home Depot, Agilent Technologies, Cardinal Health, Jack Henry
* U.S. July retail sales, July import/export prices, NAHB August housing index, NY Fed August manufacturing, June TIC data on Treasury holdings, June business inventories; German August ZEW investor survey; Canada July inflation, home sales and June manufacturing
* Minneapolis Federal Reserve President Neel Kashkari speaks
By Mike Dolan, editing by Susan Fenton; <a href=”mailto:mike.dolan@thomsonreuters.com” target=”_blank”>mike.dolan@thomsonreuters.com</a>. Twitter: @reutersMikeD
Our Standards: The Thomson Reuters Trust Principles.
Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.