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☆ UK to suffer slowest growth of all rich nations next year, OECD says
▼ + stars: | 2024-05-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The U.K.'s "sluggish" growth prospects have put it on course to be the worst-performing economy of all advanced nations next year, according to new forecasts from the Organisation for Economic Cooperation and Development. The downbeat prediction comes as the global economy shows signs of recovery, with growth forecast to remain steady at 3.1% in 2024, before rising modestly to 3.2% in 2025. "We start seeing some recovery in many parts of the world," Alvaro Pereira, director of the OECD's policy studies branch, told CNBC's Silvia Amaro Thursday. Growth among advanced nations next year is set to be led by North America, which Pereira said follows "strong growth" forecasts of 2.6% in the U.S. in 2024. Growth in Europe, meanwhile, is expected to pick up next year after a sluggish 2024.

Persons: Alvaro Pereira, CNBC's Silvia Amaro Thursday, Pereira Organizations: Organisation for Economic Cooperation, Development, North Locations: Germany, Paris, Canada, France, Japan, U.S, North America, Europe

☆ Miami is 'ground zero' for climate risk. People are moving to the area and building there anyway
▼ + stars: | 2024-04-26 | by ( Greg Iacurci | ) www.cnbc.com time to read: +20 min

South Pointe Beach in Miami Beach, Florida. Climate risk is "always on our thoughts," said Habibian, 39, who moved to Miami-Dade County about six years ago. Despite that risk, 66% of Miami-Dade County residents said they'd never leave, according to a study published in the journal Climate Risk Management. "We try to be smart about it, try to be proactive as best we can," Arditi said of climate risk. Juxtaposed at left was one of the last remaining patches of mangroves in the urban Miami area, a living memorial to a once-thriving population.

Persons: Greg Iacurci, Daniel Habibian, Harold Wanless, Sonia Brubaker, Saul Martinez, Andrew Rumbach, Rumbach, Joe Raedle, Irma, Al Diaz, they'd, Steven Bustamante, Bustamante, Jeff Greenberg, There's, David Arditi, Arditi, Aria's, Jeff Bezos, Goldman Sachs, Douglas Sacks, Ken Griffin, Brubaker, Biscayne Bay . Miami Worldcenter, Chandan Khanna, Dion Williams, Williams, Dion, Todd Crowl, Crowl, We're, Erik Salna, Chris Baraloto, Rita Teutonico, Amy Knowles, Knowles, it's, City of Miami Beach Greg Iacurci Miami Organizations: Greg Iacurci MIAMI, University of Miami, City, CNBC, Cumming Group, Florida Department of Transportation, Bentley, Bloomberg, Getty, Urban Institute, Organisation for Economic Co, Miami, Volunteers, Florida Keys, Miami Herald, Tribune, Service, Dade, Risk, Yale University's School of, Finance, SEC, Miami Beach, Universal, Group, Aria Development, National Association of Realtors ., Miami Realtors, Amazon, Citadel, Resorts, Bloomberg News, Dade County's, Getty Images, Residences, Pointe Park, Fifth, Afp, Federal Emergency Management Agency, Management, Sunshine, Insurance, Institute, Florida International University Institute of Environment, Hurricanes, University of Pennsylvania, International Hurricane Research, of, Florida International University, City of Miami Beach Locations: Pointe Beach, Miami Beach , Florida, Miami, South Beach, Dade, City of Miami, Dade County, New York, Fort Lauderdale, West Palm, South Florida, Florida, Tampa, St . Petersburg, Miami , Florida, Southeast Florida, Miami Beach, City, Aria's Miami, U.S, California , New York, New Jersey, America, Caribbean, New York City, Biscayne Bay . Miami, Pointe, It's, Surfside, . Florida, Biscayne Bay, Miami's, Bermuda, Kampong, Coconut Grove, Brittany Bay, South Pointe, City of, Brittany Bay Park

☆ 'Americans just work harder' than Europeans, said the CEO of Norway's $1.6 trillion oil fund
▼ + stars: | 2024-04-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

The CEO of Norges Bank told the FT that he thinks Americans work much harder than Europeans. AdvertisementEuropeans are less ambitious and don't work as hard as Americans, said Nicolai Tangen, the CEO of Norway's $1.6 trillion oil fund. In Europe, you're dead," Tangen told The Financial Times in an interview published on Wednesday. "I should be careful about talking about work-life balance, but the Americans just work harder." It's true that Americans, on average, work longer hours than their European counterparts, according to data collected from 2019 to 2022 by the Organisation for Economic Co-operation and Development.

Persons: Nicolai Tangen, —, Tangen, That's, they've Organizations: Norges Bank, Service, Financial Times, Norges, Apple . Norges Bank, Organisation for Economic Co, Development, European Union, OECD Locations: America, Europe, European

☆ America's 'deskless' hourly wage workers will reveal the most about how AI changes jobs
▼ + stars: | 2024-03-30 | by ( Rachel Curry | ) www.cnbc.com time to read: +7 min

In that majority lies a pressing question: How will the introduction of artificial intelligence impact hourly workers? 'Deskless workers' and technologyRegardless of the perspective, hourly workers and the people who manage them are actively seeking technology solutions to help streamline their workflow. For example, robotics-enabled sorting and small item picking is infiltrating the logistics industry, which is traditionally staffed by hourly workers on the warehouse floor. "This will be the decade of hourly workers that are focused on delivery of services that require human touch," she said. One thing that hourly workers, like all workers, aim for is a sense of meaning on the job.

Persons: Silvija Martincevic, Doug Hammond, Hammond, Martincevic, haven't, isn't, packer —, —, there's Organizations: Bureau of Labor Statistics, Industries, Randstad USA, Hardware, Bros, Organisation for Economic Co Locations: upskilling

☆ Billionaires going to space aim to industrialize the moon, asteroids, and Mars. It's time to set some ground rules.
▼ + stars: | 2024-03-23 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +10 min

Read previewThe space business is in bloom and, so far, it's largely unregulated. Other space startups have ambitions including asteroid mining, in vitro fertilization (IVF) in space, and space hotels. As space startups and billionaires vie for a foothold on the moon and beyond, experts say governments probably need to start setting some ground rules. Seven of the world's 10 biggest commercial space operators are based in the US, according to the Organisation for Economic Co-operation and Development. AdvertisementIn another vein, last year Florida passed a bill to protect space companies and their owners from getting sued over spaceflight passenger death or injury.

Persons: —, Jeff Bezos's, Elon Musk, Bezos, NASA What's, George Nield, Galileo, Joel Kearns, Richard Branson, Galactic's, Lyndon B, Johnson, Jeff Bezos, Joe Raedle, Michelle Hanlon, Jared Isaacman, William Shatner, Hanlon Organizations: Service, NASA, Houston, SpaceX, Business, Northeastern University, Federal Aviation Administration's, Space Transportation, JPL, FAA, Virgin Galactic, Virgin, Getty, Artemis Accords, Hague Institute, Global Justice, Washington, Companies, Shepard, Center for Air, Space, University of Mississippi School of Law, titans, US International Trade Commission, Organisation for Economic Co, Federal Communications Locations: Mars, Russia, China, Blue, Florida

☆ Many of the world’s happiest countries are also the best for women, research shows—here’s why
▼ + stars: | 2024-03-12 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

The UN Sustainable Development Solutions Network, the organization behind the World Happiness Report, uses six factors to score countries' happiness: social support, income, health, freedom, generosity and absence of corruption. The WEF compares countries' gender gaps across four dimensions: economic opportunities; educational attainment; health and survival; and political empowerment. It's no coincidence that the world's happiest countries also champion gender equality socially and economically. How Nordic countries use social policies to promote gender equality and happinessIn its research, the WEF establishes a clear correlation between social policies, families' happiness and women's career advancement. The Nordic countries — Iceland, Sweden, Finland and Norway — have some of the most generous paid leave policies for parents in the world.

Persons: Alexa, Norway's, Linda Akeson McGurk, McGurk Organizations: UN Sustainable Development Solutions, Sweden, Organisation for Economic Co, Development Locations: American, Bergen, Norway, Iceland, Finland, Sweden, New Zealand, U.S, Swedish

☆ Burned-out South Korean trainee doctors walked off their jobs over a plan to boost med school enrolment
▼ + stars: | 2024-02-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Over 1,600 trainee doctors in South Korea walked off their jobs on Tuesday over a government plan to increase med school enrolment quotas, according to media reports. They comprise nearly half of all 13,000 trainee doctors in South Korea. Trainee doctors in South Korea regularly work shifts that stretch over 24 hours, according to a survey from a major medical trade union. AdvertisementDoctors also say an increase in medical school enrolment could compromise the quality of education and services, per Yonhap. AdvertisementIt's not the first time doctors in South Korea have walked off the jobs against a planned expansion of enrolment in the country's medical school quota.

Persons: — Organizations: Service, South Korea —, Organisation for Economic Co, Korean, Gallup, Associated Press, South Locations: South Korea

As Prabowo Subianto looks set to succeed Joko Widodo as President, economic growth remains resilient and inflation has stayed low over the past year. But external risks, including Russia's war on Ukraine, continue to cloud the horizon. The World Bank warned in January that global growth will slow for the third consecutive year, to 2.4% in 2024, when the global economy may record the slowest half-decade of GDP growth in 30 years. The government remains hopeful of hitting its 5.2% target in 2024, said Coordinating Minister for Economic Affairs Airlangga Hartarto in early February, acknowledging the risks posed by global economic turmoil, such as the Ukraine-Russia conflict. Regional leadershipTo reach developed country status, a nation typically requires sustained annual economic growth of 7% for 15 consecutive years.

Persons: Prabowo, Joko Widodo, Krisna Gupta, Widodo, Economic Affairs Airlangga Hartarto, Sri Mulyani, Radityo Dharmaputra, Indonesia's Organizations: World Bank, State of, Global, Center, Indonesian, Center for Indonesian, Studies, Bank, Economic Affairs, for Economic Co, OECD, Universitas Airlangga, Ukraine, Insider Studios, Foreign, Commonwealth & Development Office Locations: Indonesia, Ukraine, State, Russia, Jakarta, Southeast Asia, Crimea, Subianto

☆ Red Sea crisis: How global trade is being upended by attacks on container ships
▼ + stars: | 2024-02-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

That’s added as much as two weeks to a typical East-to-West journey for container ships, and 18 days for slower bulk carriers and tankers. Global container shipping costs are less than half their level during the coronavirus pandemic, which peaked at $10,380 in September 2021. Even so, he said, container shipping is “very cost-effective” as many goods can be packed into a single shipping container. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea on November 20, 2023. Fewer oil tankers have avoided the Red Sea than container ships, which the Houthi militants more closely identify with Western countries allied with Israel.

Persons: Richard Meade, Tesla, Peter Sand, Good Hope, That’s, ”, Lloyd —, “, ” Simon MacAdam, ” Maersk, Meade Organizations: London CNN —, Hamas, Lloyds, CNN, Maersk, Hapag, Carriers, Global, Container, Capital Economics, Organisation for Economic Co, Development, Galaxy Leader, Houthi Military Media, Reuters Locations: Iran, Suez, Asia, Europe, Germany, Swedish, Africa, South Africa’s, Good, Sand, Vietnam, Drewry, Shanghai, China, Rotterdam, Netherlands, Xeneta, Israel, United States, Canada

☆ CNBC Daily Open: Wall Street rattled over Fed worries
▼ + stars: | 2024-02-06 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. About 97% of the oil produced today was discovered in the 20th century, she told CNBC. Clare Lombardelli, chief economist at the OECD, told CNBC that shipping-driven inflation pressures remain a risk rather than its base case. "It's the banks that made bad decisions that are making [other] banks look attractive in pricing," Smead told CNBC, who picked two bank stocks that are in play.

Persons: Jerome Powell, Dow, Vicki Hollub, Alex Karp, Clare Lombardelli, Cole Smead, Smead Organizations: Federal Reserve, New York Stock Exchange, CNBC, Street, U.S, Treasury, Nasdaq, Occidental, Organisation for Economic Co, OECD Locations: New York City, U.S

☆ Red Sea tensions risk significantly higher inflation, OECD warns
▼ + stars: | 2024-02-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

watch nowElevated shipping costs as a result of ongoing tensions in the Red Sea could impede the global fight against inflation, the Organisation for Economic Co-operation and Development said Monday. The Paris-based group estimates that the recent 100% rise in seaborne freight rates could increase import price inflation across its 38 member countries by nearly 5 percentage points if they persist. That could add 0.4 percentage points to overall price rises after a year, the OECD said in its latest economic outlook. Clare Lombardelli, chief economist at the OECD, told CNBC on Monday that a sustained increase in inflation as a result of the latest crisis is a risk, but not the group's base case. "It's something we're watching closely ... we have seen an increase in shipping prices, if that were to continue for for an extended period, then that would feed through into consumer price inflation.

Persons: Ahmed Gomaa, Clare Lombardelli, Lombardelli, Tiemen Meester, it's, Meester Organizations: Organisation for Economic Co, Development, OECD, Xinhua News Agency, Getty, CNBC Locations: Paris, Suez, Europe, Asia, Iran, Yemen, United States, Ismailia Province, Egypt, Good, Africa, Dubai

☆ Central banks are right to be cautious on rate cuts, OECD chief economist says
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCentral banks are right to be cautious on rate cuts, OECD chief economist saysClare Lombardelli, chief economist at the Organisation for Economic Co-operation and Development, discusses the group's latest growth and inflation forecasts, and risks to the outlook from Red Sea tensions.

Persons: Clare Lombardelli Organizations: Organisation for Economic Co, Development

☆ Germany Attractive for Skilled Workers Despite Discrimination - OECD
▼ + stars: | 2024-01-31 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Germany is still an attractive destination for skilled workers from abroad, although migrants report racism and discrimination in everyday life, the Organisation for Economic Cooperation and Development (OECD) said on Wednesday. Having tracked the careers of 30,000 highly qualified people who wanted to come to Germany as migrant workers since August 2022, their willingness to move to the country had increased rather than decreased over the time, the OECD said. Some 92% of participants in its poll lived abroad and were still interested in moving to Germany, it added. However, people who had already moved to Germany reported more discrimination than expected before the move. "Experiences of discrimination are reported, especially when looking for accommodation and in public," the OECD's Thomas Liebig said.

Persons: Thomas Liebig, Holger Hansen, Bartosz Dabrowski, Rachel More Organizations: Reuters, Organisation for Economic Cooperation, Development, OECD Locations: Germany

☆ Bill Gates says the richest countries, companies, and people should be 'more generous'
▼ + stars: | 2024-01-17 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

He said the richest countries, companies, and people, "should be pushed to be more generous." Gates also called for focusing on the highest-impact areas and more innovation for the Global South's needs. AdvertisementBill Gates called on the richest countries and people to give more money to the Global South, during a panel at the World Economic Forum in Davos. "Those who have the most — whether it's countries, companies, or individuals — should be pushed to be more generous," he said. In his final point, Gates said: "There's been far too little innovation on the needs of the Global South, whether it's malaria, whether it's their crops."

Persons: Bill Gates, Gates, — Organizations: Global, Service, Economic, Microsoft, United Nations, for Economic Cooperation Locations: Davos, Ukraine, Sweden, Norway, Denmark, Luxembourg

☆ Mathematics, reading skills in unprecedented decline in teenagers
▼ + stars: | 2023-12-05 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

The Paris-based Organisation for Economic Cooperation and Development said it had seen some of the steepest drops in performance since 2000 when it began its usually triennial tests of 15-year-olds reading, maths and science skills. On average across the OECD, one out of four 15-year-olds tested as a low performer in maths, reading and science, which means they could not use basic algorithms or interpret simple texts, the study found. Poorer results tended to be associated with higher rates of mobile phone use for leisure and where schools reported teacher shortages. The OECD said the decline was not inevitable, pointing to Singapore, where students scored the highest in maths, reading and science, with results that suggested they were on average three to five years ahead of their OECD peers. After Singapore, Macau, Taiwan, Hong Kong, Japan and South Korea also outperformed in maths and science, where Estonia and Canada also scored well.

Persons: Stephane Mahe, COVID, Andreas Schleicher, Leigh Thomas, Bernadette Baum Organizations: REUTERS, Economic Cooperation, Development, OECD, Thomson Locations: Savenay, France, PARIS, Paris, Germany, Iceland, Netherlands, Norway, Poland, Singapore, Macau, Taiwan, Hong Kong, Japan, South Korea, Estonia, Canada, Ireland

Released Tuesday, it finds the average international math score fell by the equivalent of three-quarters of a year of learning. Reading scores fell by the equivalent of half a year. Reading scores fell by 10 points. A national study in the U.S. last year found math scores fell by more than ever, with reading scores dropping to 1992 levels. It was joined in the upper echelons by other East Asian countries including Japan and China.

Persons: ”, Peggy Carr, “, didn’t, Jordan, Miguel Cardona, Joe Biden’s Organizations: WASHINGTON, —, Program, Organisation for Economic Co, OECD, Reading, National Center for Education Statistics, U.S . Education Department, Associated Press, Carnegie Corporation of New, AP Locations: United States, Germany, Iceland, Netherlands, U.S, Belgium, Finland, Canada, France, Sweden, Brazil, Ireland, Singapore, Japan, China, Estonia, Albania, Norway, Saudi Arabia, Dominican Republic, Cambodia, Carnegie Corporation of New York

A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. Finance executives, consultants and headhunters interviewed by Reuters predict subdued deal flows, modest bonuses for most and heavy job cuts in 2024. "2023 will ultimately be one of the lowest corporate finance fee pools in modern history," said Fabrizio Campelli, head of Corporate Bank and Investment Bank at Deutsche Bank. JOB CUTSBanks have already turned to cost cuts to try to weather the downturn, which in a people-intensive business means job losses. And although some bankers expect a tough 2024, others sense an opportunity for European banks from the Basel Endgame.

Persons: Hollie Adams, Fabrizio Campelli, Banks, Ronan O'Kelly, Oliver Wyman, O'Kelly, Dominic Hook, Goldman Sachs, Vis Raghavan, JP Morgan, Morgan McKinley's, Stephane Rambosson, headhunter, Rambosson, Ana Botin, Morgan's Raghavan, there's, Oliver Wyman's O'Kelly, Deutsche's Campelli, Anousha Sakoui, Carolyn Cohn, Jesus Aguado, Alexander Smith Organizations: REUTERS, LONDON, Finance, Reuters, Corporate Bank, Investment Bank, Deutsche Bank, Organisation for Economic Cooperation, Development, Barclays, Lloyds, Challenger Metro Bank, UBS UBSG.S, Citi, Workers, Global Investment Banking, Employment, European Union, Santander, Global, Basel, Thomson Locations: City, London, Britain, Europe, Middle East, Africa, Ukraine, West, China, United States, India, Madrid

☆ Global growth to slow but avoid a hard landing -OECD
▼ + stars: | 2023-11-29 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

Growth in advanced economies that make up the OECD's 38 members was seen headed for a soft landing, with the United States holding up better than expected so far. "Our central projections are for a soft landing, but that cannot be taken for granted," OECD chief economist Clare Lombardelli told a news conference. "Monetary policy needs careful calibration to bring inflation to targets while minimising the impact on growth. The OECD forecast U.S. growth would slow from 2.4% this year to 1.5% next year, revising up its estimates from September when it predicted U.S. growth of 2.2% in 2023 and 1.3% in 2024. Its growth was seen easing from 5.2% this year to 4.7% in 2024 - both marginally higher than expected in September - before slowing further in 2025 to 4.2%, the OECD forecast.

Persons: Vincent Alban, Clare Lombardelli, Lombardelli, Leigh Thomas, Christina Fincher, Catherine Evans Organizations: Shoppers, REUTERS, Rights, Organisation for Economic Cooperation, Development, OECD, Thomson Locations: Chicago , Illinois, U.S, Paris, United States, Germany, Japan

☆ Vietnam set to raise effective tax rate on multinationals as part of global deal
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

HANOI, Nov 27 (Reuters) - Vietnam's parliament is set to approve on Wednesday a top-up tax for multinationals, which will raise the effective rate of the corporate levy to 15% from January in line with a global agreement. But it has eventually added it back to its schedule, with the vote on the tax expected now at the last day of its month-long session. Vietnam's corporate income tax is already set at 20%, but the country has offered for years effective rates as low as 5% and lengthy zero-tax periods to large foreign investors. With the new top-up tax, 122 foreign companies will face a steep increase in their tax costs in Vietnam, according to a document prepared by the Vietnamese government which estimated the additional intake for the state at 14.6 trillion dong ($601.05 million) a year. Reporting by Khanh Vu and Francesco Guarascio; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Khanh Vu, Francesco Guarascio, Stephen Coates Organizations: Samsung Electronics Co, chipmaker Intel Corp, Organisation for Economic Cooperation, Development, Thomson Locations: HANOI, Vietnam, Korean

☆ South Korean city turns to matchmaking to boost low birth rates
▼ + stars: | 2023-11-27 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +3 min

They were participants at a mass blind-dating event hosted by Seongnam city, an attempt by the local government to reverse a falling birth rate in a country where the popularity of marriage and enthusiasm towards parenthood have nosedived. Jung Jae-hoon, a professor at the department of social welfare at Seoul Women's University, said it was "nonsense" to expect these events to lead to higher birth rates. "You need to spend more money directly on supporting pregnancy, child delivery and parenting to call it a policy to boost birth rates," Jung said. Despite criticism, thousands of people have signed up for this year's blind-dating events arranged by the Seongnam city. "Low birth rates cannot be resolved with a single policy," Shin said.

Persons: Lee Yu, Hwang Da, Hwang, Jung Jae, Jung, Shin Sang, Shin, It's, Soo, hyang Choi, Daewoung Kim, Josh Smith, Stephen Coates Organizations: Seongnam, Organisation for Economic Co, Development, Seoul Women's University, Minwoo, Thomson Locations: SEONGNAM, South Korea, Seoul, Korean, United States, Japan, Seongnam

☆ German budget crisis will haunt economy for years
▼ + stars: | 2023-11-24 | by ( Pierre Briancon | ) www.reuters.com time to read: +4 min

LONDON, Nov 24 (Reuters Breakingviews) - The German government is working hard to demonstrate the foolishness of the country’s iron-clad ban on large budget deficits. The budget crisis will cripple the economy for years to come, for three reasons. The debt brake, which limits structural budget deficits to 0.35% of GDP, has only been suspended for this year’s budget. Public net investment has been negative for 20 years, Marcel Fratzscher, head of the German Institute for Economic Research, has pointed out. The country is not on the cusp of a debt crisis.

Persons: Carsten Brzeski, That’s, Marcel Fratzscher, Christian Lindner, Lindner, George Hay, Streisand Neto Organizations: Reuters, Constitutional, Organisation for Economic Co, Development, ING, German Economic Institute, Public, German Institute for Economic Research, German, Germany’s, Thomson Locations: Europe, Berlin

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. Scholz's three-way coalition is reeling from a court ruling last week that wiped 60 billion euros ($65 billion) from the budget at a stroke and forced it to freeze most new spending commitments, delaying talks on the 2024 budget. LOSS OF CONFIDENCEGermany's steel sector added its voice to the growing jitters, warning that the court ruling had put a question mark over more than 40 billion euros in planned investments. "I find it correct that the consequences of the constitutional court ruling ... are checked carefully," Scholz told a news conference. Scholz also described this as conceivable, participants at the meeting told Reuters, adding that the court ruling put the coalition into a difficult situation but it could be resolved.

Persons: Wolfgang Rattay, Chancellor Olaf Scholz, Robert Grundke, Bernhard Osburg, Osburg, Berlin, Scholz, Achim Post, Andreas Rinke, Christoph Steitz, Holger Hansen, Rene Wagner, Matthias Williams, Christina Fincher Organizations: REUTERS, Economic Cooperation, Development, Reuters, Scholz's Social Democrats, Thomson Locations: Duisburg, Germany, FRANKFURT, Paris, United States, decarbonisation

France's minister of state for development Chrysoula Zacharopoulou told the Indian government about the plan, called the "New Coal Exclusion Policy", for private financial institutions and insurance companies, two Indian officials said. The plan to stop private financing for coal-fired power plants has not been previously reported. They are concerned private international financing continues to support large additions to coal capacity in developing nations, according to the plan shared by France with India. "And countries need to stop digging a deeper hole by building new unabated coal power plants, because unfortunately, there's still some 500 gigawatts of new coal-fired power plants in the pipeline globally, and the IPCC and the International Energy Agency have both been quite clear that that needed to stop already." Member countries are divided on emissions abatement technologies that are yet to evolve to commercial scale for use in developing countries, one of the Indian officials said.

Persons: Rula, Chrysoula Zacharopoulou, Zacharopoulou, Emmanuel Macron, Rick Duke, Duke, there's, Sarita Chaganti Singh, Valerie Volcovici, Kate Abnett, Benjamin Mallet, Sonali Paul Organizations: Abu Dhabi Sustainability, REUTERS, OECD, French, Organisation for Economic Co, Development, U.S, International Energy Agency, Thomson Locations: UAE, Abu Dhabi, DELHI, BRUSSELS, WASHINGTON, France, United States, India, Europe, Dubai, China, New Delhi, U.S, Union, Canada, COP28, Washington, Brussels, Paris

☆ UK's next government will find tax rises hard to avoid
▼ + stars: | 2023-11-20 | by ( David Milliken | ) www.reuters.com time to read: +7 min

But tax rises will be very hard to avoid for whichever party forms the next government, says James Smith, a former Bank of England economist who is research director at the Resolution Foundation, which focuses on issues affecting low and middle earners. For earlier governments, the main way to increase tax levels has been to raise the rate of national insurance - a payroll tax paid by employers and employees - and, in the Conservatives' case, higher value-added tax. Annual GDP growth averaged 2.0% from 2010-2019, compared with 3.0% from 1997-2007. Asked on Sunday about widespread reports of looming tax cuts, Hunt told Sky News: "Everything is on the table ... Higher-than-expected inflation has boosted tax revenue and overall GDP in cash terms, giving more leeway against fiscal targets as most public services' spending budgets are fixed.

Persons: Susannah Ireland, Jeremy Hunt, Rishi Sunak's, James Smith, Smith, Britain's, It's, Carl Emmerson, Hunt, Foundation's Smith, David Milliken, Mike Harrison Organizations: REUTERS, Labour Party, Bank of England, Organisation for Economic Co, Development, Britain, Conservatives, Fiscal Studies, Foundation, Reuters, Monetary Fund, Institute for Government, Sky News, British, Reuters Graphics, Thomson Locations: City, London, Britain, Ukraine

"We do want to bring down the tax burden but we will only do so responsibly," Hunt told Sky News. "The one thing we won't do is any kind of tax cut that fuels inflation." OPTIONS LIMITED AFTER HEAVY SPENDINGLabour's finance spokesperson Rachel Reeves said cutting inheritance tax would be the wrong priority in a cost-of-living crisis. "Lower taxes on working people - if the government can explain where the money is coming from - is something I would support," Reeves told Sky News. "We want to show people there is a path to lower taxes but we also want to be honest with people this is not going to happen overnight."

Persons: Hunt, Jeremy Hunt, Rishi Sunak, Rachel Reeves, Reeves, Kylie MacLellan, Andy Bruce, Emelia Sithole Organizations: Sunday Times, Labour, Sky News, Times Radio, Institute for Fiscal Studies, Organisation for Economic Co, Development, Britain, Thomson Locations: British

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