Aug 8 (Reuters) - Degrowth - the idea that a finite planet cannot sustain ever-increasing consumption - is about the closest you can get to a heresy in economics, where growth is widely held as the best route to prosperity.

But, as climate change accelerates and supply chain disruptions offer rich-world consumers an unaccustomed taste of scarcity, the theory is becoming less taboo and some have started to ponder what a degrowth world might look like.

After the U.N. climate science agency this year called for cuts in consumer demand - a core degrowth premise - the think tank that runs the Davos forum published a degrowth primer in June and the issue has even begun to crop up in investment notes.

SHANGHAI/NEW YORK, Aug 8 (Reuters) - Billionaire hedge fund manager Ray Dalio's huge popularity in China has not only drawn local investors flocking to his funds but also spawned home-grown challengers using his "All Weather" strategy and brand to try to beat him at his own game.

Now, the Connecticut-based hedge fund giant he founded, Bridgewater Associates, is pushing back.

In recent months, Bridgewater registered in China several "All Weather" trademarks in English and Chinese, an effort to tackle the "confusion" created by local copycats, said Joanna Alpert, Bridgewater China's portfolio manager.

HONG KONG, Aug 8 (Reuters Breakingviews) - Chinese officials love enumeration: the "Three Represents" outlines the responsibilities of the Chinese Communist Party; the "Five Confidences" codify socialism with Chinese characteristics. The latest "Eight Suspends" may well become shorthand for the final stage of the disintegrating relationship between Washington and the People’s Republic.

On Friday Beijing ended bilateral cooperation on drugs, climate, military dialogue and crime after House of Representatives Speaker Nancy Pelosi visited Taiwan, an independently governed island over which China claims sovereignty. In the near-term little will change because actual collaboration in those areas was at best minimal in the first place.

Some American negotiators may even be relieved. Over the weekend, China’s navy has turned the Taiwan Strait into an enormous missile testing ground, but that is preferable to a full-scale blockade or invasion. Beijing has also banned a...

PARIS, Aug 8 (Reuters) - French utility company Veolia confirmed it would sell Suez's UK waste business to Australia's Macquarie Group Ltd (MQG.AX) for around 2.4 billion euros ($2.4 billion), in a deal aimed at resolving antitrust concerns.

"Following this transaction, Veolia will remain a major player in the waste sector in the United Kingdom and, more broadly, in the environmental services market in the region, which remains strategic for the group," said Veolia chief executive Estelle Brachlianoff.

Veolia had earlier said that it was proposing to sell off its former rival, Suez's UK waste business, after Britain's Competition and Markets Authority (CMA) raised objections to the Veolia/Suez combination.

LONDON, Aug 8 (Reuters) - The race to be the next leader of Britain's ruling-Conservative Party and the country's prime minister is into its final leg, with the September outcome likely to shape the fortunes of sterling, gilts and UK stocks in coming months.

The contest between foreign minister Liz Truss and former finance minister Rishi Sunak to succeed Boris Johnson has centred on clear policy dividing lines.

Sunak has vowed to control inflation and accused his rival of pushing for unfunded tax cuts that only fuel price pressures. Truss has said her priority is to kickstart growth and the tax cuts she plans to do will not be inflationary. read more

FRANKFURT, Aug 8 (Reuters) - Siemens Energy (ENR1n.DE), which supplies equipment to the power industry, on Monday warned of a deeper than previously expected net loss in 2022, on a charge of around 200 million euros ($204 million) due to the restructuring of its business in Russia.

The company, which is maintaining the turbines of the Nord Stream 1 Portovaya compressor station, said its net loss would exceed the 560 million euro loss in 2021 by the charge, which is reported as a special item.

Siemens Energy, which was spun off from Siemens (SIEGn.DE) in 2022 and owns a majority in struggling wind turbine maker Siemens Gamesa (SGREN.MC), previously expected its 2022 net loss to be on par with last year.

Aug 8 (Reuters) - Dutch postal firm PostNL (PTNL.AS) on Monday cut its 2022 profit guidance for the second time this year, as soaring inflation and pressure on consumer spending impacted costs and e-commerce volumes.

The company, which delivers parcels and letters across Belgium, the Netherlands and Luxembourg, now sees full-year normalised earnings before interest and taxes (EBIT) in a range of 145 million to 175 million euros ($148-178 million).

In May, PostNl had lowered its earnings guidance to 170 million to 210 million euros.

($1 = 0.9821 euros)

NEW YORK, Aug 8 (Reuters) - U.S. fuel retailers are fighting the inclusion of a tax credit for sustainable aviation fuel (SAF) in Democrats' $430 billion spending bill, arguing SAF is more carbon intense and less efficient than renewable diesel.

Lawmakers are offering a $1.25-$1.75 per gallon SAF credit depending on the feedstock used, as part of a tax and climate bill that aims to lower U.S. carbon emissions by about 40% by 2030 and cut the federal budget deficit by $300 billion.

The bill is expected to pass the Senate and move to the House with the SAF credit included next week. Democrats control the House and approval with the credit is expected.

BEIJING, Aug 8 (Reuters) - China search engine giant Baidu Inc said on Monday it has obtained permits to operate fully driverless robotaxi services on open roads from two Chinese cities, the first of their kind in the country.

The permits, awarded by the southwestern municipality of Chongqing and the central city of Wuhan, allow commercial robotaxis to offer rides to the public without human safety drivers in the car. They come into effect on Monday.

Baidu said they marked a "turning point" in China's policy-making towards autonomous driving.

Aug 7 (Reuters) - Private equity firm Carlyle Group Inc said on Sunday its chief executive officer (CEO) Kewsong Lee, 56, has stepped down with immediate effect months before the scheduled end of his five-year contract.

In a statement, Carlyle said it and Lee mutually agreed they would not renew Lee's contract as CEO which finishes by end-2022, without disclosing reasons. Lee, who turns 57 this week, also stepped down as a board member.

Co-founder Bill Conway would serve as interim CEO while a search for a new candidate takes place, the company said.

KUALA LUMPUR, Sept 16 (Reuters) - Malaysia said on Thursday audit firm KPMG has agreed to pay a 333 million ringgit ($80.11 million) settlement to resolve all claims related to their fiduciary duties on auditing of 1Malaysia Development Berhad (1MDB) accounts from 2010 to 2012.

The finance ministry said in a statement that the settlement will conclude a lawsuit filed against the auditor in July, and that KPMG will expedite the payment.

KPMG confirmed to Reuters in an email that a settlement has been reached in the claim filed against a number of defendants including some partners of the audit firm.

"This settlement represents a collective agreement by all the parties, including the Malaysian government," it said.

The outcome, it said, will enable all involved to "move forward and focus on other important business, health and economic issues", and for the firm to focus on building public trust.

The finance ministry said the settlement was valued at...

WASHINGTON, Sept 16 (Reuters) - General Motors Co said on Thursday it will extend a shutdown of a Michigan assembly plant to mid-October in the aftermath of a new recall of its Chevrolet Bolt electric vehicles over battery issues after 10 reported fires.

The largest U.S. automaker said the extension of the production halt at its Orion Assembly plant will go through at least Oct. 15. GM also said it was cutting production at six other North American assembly plants because of the ongoing semiconductor chips shortage.

Sept 16 (Reuters) - Online fashion retailer ASOS (ASOS.L) set out plans to cut its environmental impact and improve worker rights on Thursday, tying its success in cutting waste and carbon levels to future management pay.

Joining a growing list of fast-fashion companies to open up its supply chain for external scrutiny, ASOS set out targets for improving recycling rates, cutting energy usage and increasing the diversity of its corporate leaders.

Like Primark which produced a similar plan on Wednesday, ASOS must overhaul operations in Asia, Europe, the United States and elsewhere without threatening the ultra-low prices or rapid delivery times that have won over an army of young shoppers.

The new mission statements follow calls from shareholders, governments and socially aware customers for companies to identify their environmental impact and then cut the use of water and chemicals, and reduce the millions of tonnes of throw-away clothing that end up in...

BRAUNSCHWEIG, Germany, Sept 16 (Reuters) - Four former employees of carmaker Volkswagen (VOWG_p.DE) went on trial on Thursday over the Dieselgate scandal in which illegal software was used to cheat emission tests.

The trial, being held in the city of Braunschweig, close to Volkswagen's headquarters in Wolfsburg, started without former CEO Martin Winterkorn, whose separate trial will take place at a later date.

The four employees, who are accused of fraud, had been aware of the illegal software but failed to raise the issue, instead seeking to maximise profits for the carmaker and, as a result, their performance bonuses, Braunschweig prosecutors said.

Sept 16 (Reuters) - Los Angeles Dodgers co-owner Todd Boehly made a lucrative offer last March that Sportradar Group AG (SRAD.O) founder and CEO Carsten Koerl could not pass up.

He proposed a merger with his special purpose acquisition company (SPAC) Horizon Acquisition Corp II that would have valued Sportradar at $10 billion. That was 110 times the adjusted cash flow of the Swiss sports gambling data company in 2020 of 76.9 million euros ($90.4 million). Most of its peers were valued at less than half that multiple.

Yet Wall Street's mood was about to sour toward SPAC deals, then its hottest dealmaking trend. Sportradar instead went public this week through a traditional initial public offering (IPO) that valued the company at just $8 billion.

This account of the deal deliberations is based on interviews with four people familiar with the matter and on a Reuters analysis of Sportradar's financials. Spokespeople for Sportradar, CPPIB and Horizon did not...

SHENZHEN, China, Sept 16 (Reuters) - Security personnel in the Chinese city of Shenzhen on Thursday took away protesters who gathered outside the headquarters of cash-strapped real estate developer China Evergrande Group (3333.HK).

The country's second biggest property developer is wrestling with a liquidity crisis, scrambling to raise funds as it teeters between a messy meltdown with far-reaching impacts, a managed collapse or a government bailout. read more

Disgruntled Evergrande investors as well as vendors who say they are owed money have gathered this week at company headquarters in the southern city and reportedly elsewhere in China.

"Every day we're here waiting for some sort of policy for us but nothing comes, so we have no choice but to stay," one protester said.

Uniformed security could be seen detaining at least two among about two dozen protesters and forming a circle around those who remained, locking arms so that none could leave while...

WASHINGTON, Sept 16 (Reuters) - Federal Reserve Chair Jerome Powell has ordered a sweeping review of the ethics rules governing financial holdings and dealings by senior officials at the U.S. central bank, a Fed spokesperson said on Thursday.

Powell ordered the review late last week, the spokesperson said in an emailed statement, following recent reports that two of the Fed system's 12 regional reserve bank presidents had been active investors during 2020, a notably volatile year for asset prices as the country battled the COVID-19 pandemic.Those revelations, originally reported by the Wall Street Journal, prompted senior U.S. lawmakers - including Senator Elizabeth Warren of Massachusetts - to demand more stringent restrictions on such activities. read more

"Because the trust of the American people is essential for the Federal Reserve to effectively carry out our important mission, Chair Powell late last week directed Board staff to take a fresh and comprehensive...

TOKYO, Sept 16 (Reuters) - Japan's exports extended double-digit gains in August, led by strong shipments of chip manufacturing equipment, although the pace of growth weakened as COVID-19 hit key Asian supply chains and slowed factory production.

The trade growth is unlikely to dispel worries about the outlook for Japan's economy, which has not yet recovered to pre-pandemic levels after taking an enormous hit from a collapse in global trade in the first quarter of 2020.

Exports rose 26.2% in August compared with the same month a year earlier, the Ministry of Finance said on Thursday, marking the sixth straight month of double-digit growth as strong demand for chip-making equipment offset slowing U.S and European Union-bound shipments of cars.

However, the growth was slower than the 34.0% expected by economists in a Reuters poll and the 37.0% advance in the previous month.

"Exports have been driving the economy. The recovery scenario for Japan's economy...

HONG KONG, Sept 16 (Reuters) - Tether, the world's largest 'stablecoin', said in a statement it does not hold any commercial paper or securities issued by embattled developer China Evergrande Group (3333.HK), as regulatory scrutiny into risks from this type of token grow.

Evergrande, which has total liabilities of more than $300 billion, is also in the spotlight as it scrambles to raise funds, teetering between a messy meltdown with far-reaching impacts, a managed collapse or a government bailout.

"Tether does not hold any commercial paper or other debt or securities issued by Evergrande and has never done so," the company said.

"The vast majority of the commercial paper held by Tether is in A-2 and above rated issuers."

Regulators are starting to pay greater attention to stablecoins - digital tokens which are pegged in value to other assets, often the U.S. dollar, and backed by a pool of assets - and some observers have raised concerns about the tokens'...

WASHINGTON, Sept 16 (Reuters) - U.S. retail sales unexpectedly increased in August as a surge in online and furniture store purchases offset a continued decline at auto dealerships, which could temper expectations for a sharp slowdown in economic growth in the third quarter.

The surprise rebound in retail sales reported by the Commerce Department on Thursday came as economists have been downgrading their gross domestic product estimates for the current quarter, citing plunging motor vehicle sales, which are the result of an acute inventory shortage.

Sales last month were likely boosted by back-to-school shopping and child tax credit payments from the government.

"Consumer spending will continue to lead the economic recovery going forward," said Gus Faucher, chief economist at PNC Financial in Pittsburgh, Pennsylvania.

Retail sales rose 0.7% last month. Data for July was revised down to show retail sales declining 1.8% instead of 1.1% as previously...

TORONTO, Sept 16 (Reuters) - Foreign investors are growing more worried that Canada's federal election on Monday could result in a deadlock that hampers Ottawa's response to the COVID-19 pandemic and further slows the economic recovery from the crisis.

Polls show Prime Minister Justin Trudeau's center-left Liberals virtually tied with the opposition Conservatives ahead of the Sept. 20 vote, raising the prospect that no party will be able to form even a stable minority government. Adding to the uncertainty is an expected increase in mail-in voting that could delay the counting of ballots in some key electoral ridings. read more

Financial markets generally view Canadian elections from the vantage point of which of the big parties would be most friendly for investors, but that tendency may take a backseat this time to the desire to have a government quickly in place in a crisis.

The results of Canadian elections typically are known within hours of the polls...

Sept 16 (Reuters) - Los Angeles Dodgers co-owner Todd Boehly made a lucrative offer last March that Sportradar Group AG (SRAD.O) founder and CEO Carsten Koerl could not pass up.

He proposed a merger with his special purpose acquisition company (SPAC) Horizon Acquisition Corp II that would have valued Sportradar at $10 billion. That was 110 times the adjusted cash flow of the Swiss sports gambling data company in 2020 of 76.9 million euros ($90.4 million). Most of its peers were valued at less than half that multiple.

Yet Wall Street's mood was about to sour toward SPAC deals, then its hottest dealmaking trend. Sportradar instead went public this week through a traditional initial public offering (IPO) that valued the company at just $8 billion.

This account of the deal deliberations is based on interviews with four people familiar with the matter and on a Reuters analysis of Sportradar's financials. Spokespeople for Sportradar, CPPIB and Horizon did not...

LONDON, Sept 16 (Reuters) - Global markets struggled to gain momentum on Thursday and U.S. stock futures pointed to a slightly lower open for Wall Street, weighed by concerns about a possible slowdown in the economic recovery from COVID-19.

European equities gained, bucking the trend from a weak Asian session. Hong Kong's Hang Seng index dropped to its lowest level so far this year, and Chinese shares sank as investors dumped property and consumer stocks over fears that the liquidity crisis at China's Evergrande Group could affect the broader economy.

The group's main unit, Hengda Real Estate Group Co Ltd, applied to suspend trading of its onshore corporate bonds following a downgrade. read more

At 1114 GMT, the MSCI world equity index was down by around 0.1% . It has fallen by around 1.7% since it reached an all-time high on Sept. 7.

Unexpectedly weak data from China on Wednesday reinforced investor bets that global growth is slowing due to COVID-19...