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Factbox: Russian central bank considers digital rouble in 2023

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FILE PHOTO: A Russian flag flies over Russian Central Bank headquarters in Moscow, Russia December 3, 2018. REUTERS/Maxim Shemetov/File Photo

(Reuters) – The Russian central bank is considering limiting future transactions with a digital rouble to smooth the impact of its implementation, planned for 2023, Deputy Governor Alexei Zabotkin said on Thursday.

Russia is working on introducing the digital rouble on top of existing cash and non-cash roubles, to facilitate payments for individuals and businesses and make the use of its currency more global in the face of Western sanctions.

“The emission of the cryptorouble will be akin to cash emission,” Zabotkin said.

“It will be feasible to introduce limits on the transactions from non-cash form into the digital rouble,” Zabotkin said, adding that the central bank will stand ready to compensate for possible liquidity shortages when introducing the digital rouble.

Russia is joining other central banks across the world that are stepping up efforts to develop digital currencies to modernise financial systems, speed up payments and counter a potential threat from other cryptocurrencies.

Below are the key aspects that are known about Russia’s digital rouble project:

* The central bank first floated the idea of the digital rouble in October, citing the need to make payments more convenient;

* The digital rouble will be issued by the central bank and will not substitute for cash in circulation or accounts in banks;

* The first test-drive stage is planned for 2022 and will include transactions with banks. Other operations, such as tax payments and budget settlements, will be tested later;

* Russia is leaning towards a two-tier system for its digital rouble, with banks opening digital wallets with the central bank and serving as intermediaries for customers and companies;

* Russian banks expressed concern about the digital rouble, pointing at cyber risks, possible liquidity shortages and damage to their profits;

* Russia gave cryptocurrencies, such as bitcoin, legal status in 2020. But it banned them from being used as a means of payment, stressing that only currencies issued by central banks can be used for that;

* Russia eyes the digital rouble introduction at times when major central banks including the U.S. Federal Reserve have teamed up with the Bank for International Settlements (BIS) to explore central bank digital currencies.

Reporting by Anna Rzhevkina and Elena Fabrichnaya; editing by Andrey Ostroukh, Larry King

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Source: https://www.reuters.com/article/us-russia-cenbank-rouble-factbox/factbox-russian-central-bank-considers-digital-rouble-in-2023-idUSKBN2BV2AH?il=0

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Disneyland Paris to re-open on June 17

Disneyland Paris (DIS.N) said on Monday that it would re-open on June 17, as French bars, restaurants and tourism sites gradually resume their operations after having been shut due to COVID-19 sanitary restrictions.

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The logo of Disneyland Paris is seen in Marne-la-Vallee, near Paris, as the theme park prepares to reopen its doors to the public following the coronavirus disease (COVID-19) outbreak in France, July 9, 2020. REUTERS/Charles Platiau

Disneyland Paris (DIS.N) said on Monday that it would re-open on June 17, as French bars, restaurants and tourism sites gradually resume their operations after having been shut due to COVID-19 sanitary restrictions.

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Source: https://www.reuters.com/lifestyle/disneyland-paris-re-open-june-17-2021-05-17/

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Chip shortage to hit about 100,000 Mazda vehicles in 2021

Mazda Motor Corp (7261.T) said on Friday it expects a semiconductor crunch to affect around 100,000 of the Japanese automaker’s vehicles globally during the fiscal year.

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The logo of Mazda is pictured at the LA Auto Show in Los Angeles, California, U.S., November 20, 2019. REUTERS/Andrew Cullen

Mazda Motor Corp (7261.T) said on Friday it expects a semiconductor crunch to affect around 100,000 of the Japanese automaker’s vehicles globally during the fiscal year.

However, Mazda will fully leverage available inventory to minimize the hit to about 70,000 wholesale units, it said in a statement.

The worldwide shift to remote work and learning during the pandemic had boosted demand for laptops and other gadgets, exacerbating a global chip shortage.

The shortfall will cost automakers $110 billion in lost revenues this year, up from a prior estimate of $61 billion, consulting firm AlixPartners said, forecasting the crisis will hit the production of 3.9 million vehicles. read more

Automobiles depend on chips for everything from computer management of engines for better fuel economy to driver-assistance features such as emergency braking.

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The worldwide shift to remote work and learning during the pandemic had boosted demand for laptops and other gadgets, exacerbating a global chip shortage.

Source: https://www.reuters.com/business/autos-transportation/chip-shortage-hit-about-100000-mazda-vehicles-2021-2021-05-14/

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England to ease COVID restrictions further on May 17

England will press ahead with plans to ease COVID-19 restrictions further on May 17, including allowing people to meet indoors, thanks to favourable data on infections and vaccines, the government said on Sunday.

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Visitors to Greenwich Park sit and look towards Canary Wharf financial district as lockdown restrictions are eased amidst the spread of the coronavirus disease (COVID-19) pandemic in London, Britain, April 25, 2021. REUTERS/Peter Nicholls

England will press ahead with plans to ease COVID-19 restrictions further on May 17, including allowing people to meet indoors, thanks to favourable data on infections and vaccines, the government said on Sunday.

The country is in the process of gradually lifting its latest lockdown over a period of months, in line with a four-step plan unveiled in February.

Under Step 3 of the plan, as outlined when it was first announced, people will be allowed to meet up indoors for the first time in months, in groups of up to six people or two full households together.

Pubs, cafes and restaurants will be able to host customers indoors, also for the first time in months and subject to certain rules. Other indoor entertainment, hospitality and sports venues will also be able to resume activity.

Johnson’s Downing Street office said the latest data on COVID vaccinations, on infections, hospitalisations and deaths, and on the risk posed by new variants had been taken into account in deciding to move forward with Step 3.

“The data reflects what we already knew – we are not going to let this virus beat us,” Johnson said, according to a Downing Street statement.

“The roadmap remains on track, our successful vaccination programme continues – more than two thirds of adults in the UK have now had the first vaccine – and we can now look forward to unlocking cautiously but irreversibly.”

Johnson was due to provide further details at a news conference on Monday.

Semi-autonomous administrations in Scotland, Wales and Northern Ireland have their own separate timetables for easing COVID restrictions.

The United Kingdom has lost more than 127,000 people to COVID-19. It experienced a devastating second wave that peaked in late January, but since then the numbers of new cases and deaths have plummeted. read more

On Sunday, a total of 1,770 new cases and two new deaths were recorded across the United Kingdom. That contrasts with the situation during the second wave, when the daily number of new cases peaked at over 80,000 while the daily death toll was above 1,300 on the worst day.

There are also expected to be significant changes for the arts and events sectors under Step 3, with both indoor and outdoor venues allowed to host far greater numbers of people than for many months.

The government had already confirmed last week that international travel would be allowed to resume on May 17, although still with severe restrictions in place except for a handful of countries. read more

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Source: https://www.reuters.com/world/uk/england-ease-covid-restrictions-further-may-17-2021-05-09/

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