DIRS.INFO The most relevant business & tech news

☆ Germany spends big to win $11 billion TSMC chip plant
▼ + stars: | 2023-08-08 | by ( ) edition.cnn.com time to read: +4 min

Taiwanese chipmaker TSMC on Tuesday committed 3.5 billion euros ($3.8 billion) to a factory in Germany, its first in Europe, taking advantage of huge state support for the $11 billion plant as the continent seeks to bring supply chains closer to home. TSMC said it would invest up to 3.499 billion euros into a subsidiary, European Semiconductor Manufacturing Company (ESMC), of which it will own 70%. The factory will cost around 10 billion euros in total. “There is going to be a real ecosystem for semiconductor manufacturing in Germany,” he said. TSMC said in a statement after a board meeting that approved the German investment that it had also approved a capital injection of not more than $4.5 billion for the Arizona plant as part of the overall $40 billion investment.

Persons: TSMC, Olaf Scholz, Michael Kretschmer, ” Kretschmer, Germany’s, NXP, Robert Habeck, ”, “ It’s Organizations: European Union, Intel, Taiwan Semiconductor Manufacturing, Germany, Semiconductor Manufacturing Company, Germany’s Bosch, Infineon, Semiconductor, EU, Sony Locations: Germany, Europe, Taiwan, China, Asia, United States, Dresden, Saxony, ” Saxony, Netherlands, Ukraine, Arizona, Japan

Germany, which has been courting the world's largest contract chipmaker since 2021, will contribute up to 5 billion euros to the factory in Dresden, capital of the eastern state of Saxony, German officials said. "There is going to be a real ecosystem for semiconductor manufacturing in Germany," said economy minister Robert Habeck. VOTE OF CONFIDENCETSMC said it would invest up to 3.499 billion euros into a subsidiary, European Semiconductor Manufacturing Company (ESMC), of which it will own 70%. Semiconductor makers Intel (INTC.O) and Wolfspeed (WOLF.N) have already taken advantage of the subsidies on offer to set up shop in Germany. TSMC said in a statement after a board meeting that approved the German investment that it had also approved a capital injection of not more than $4.5 billion for the Arizona plant as part of the overall $40 billion investment.

Persons: Robert Habeck, TSMC, Germany's Bosch, Habeck, Ben Blanchard, Thomas Escritt, Louise Heavens, Mark Potter Organizations: Taiwan Semiconductor Manufacturing, European Union, Semiconductor Manufacturing Company, Infineon, Semiconductor, Intel, EU, Sony, Thomson Locations: Dresden, Arizona, TAIPEI, BERLIN, Germany, Europe, Taiwan, China, Asia, United States, Saxony, Netherlands, Ukraine, U.S, Japan

☆ Italy approves 40% windfall tax on banks, to be limited to 2023
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO-Matteo Salvini, Italian infrastructure minister and deputy PM, attends a news conference for the government's first budget in Rome, Italy November 22, 2022. REUTERS/Remo Casilli/File PhotoROME, Aug 7 (Reuters) - Italy's cabinet on Monday approved a 40% windfall tax on banks for 2023, with proceedings to be used to help mortgage holders and cut taxes, the deputy prime minister said. Salvini said the 40% levy on banks' extra profits that amount to several billion euros will feed items such as a reduction of the tax wedge, tax cuts and financial support to holders of mortgages on first homes. The Italian government, including Prime Minister Giorgia Meloni, repeatedly criticised the ECB over repeated interest rate hikes. Reporting by Angelo Amante and Federico Maccioni; Editing by Leslie Adler and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Matteo Salvini, Remo Casilli, Salvini, Giorgia Meloni, Angelo Amante, Federico Maccioni, Leslie Adler, Grant McCool Organizations: REUTERS, European, Reuters, Treasury, ECB, Thomson Locations: Rome, Italy

[1/5] A priest blesses Argentine faithfuls during San Cayetano's (Saint Cajetan) feast day, the patron saint of labour and bread, at San Cayetano church in Buenos Aires, Argentina August 7, 2023. "Walking around this neighborhood, there are many people who have come from other parts of the country to ask for work. People are asking a saint because they can't ask the politicians," said retiree Juan Mura, 58. "I would like the politicians to come here and see the reality of the people." He said he had come to pray to St. Cayetano for years and he hadn't been let down so far, despite the country's long-running economic woes.

Persons: Mariana Nedelcu, Cayetano, Juan Mura, Sergio Massa, Massa, Betina Basanta, Armando Villar, hadn't, I've, Claudia Martini, Miguel Lo Bianco, Horacio Soria, Adam Jourdan, Conor Humphries Organizations: San, REUTERS, Peronist, Thomson Locations: Argentine, Cayetano's, San Cayetano, Buenos Aires, Argentina, Mariana Nedelcu BUENOS AIRES

☆ Argentina agrees $775 million loan with Qatar to make IMF repayment
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File PhotoAug 4 (Reuters) - Argentina's government on Friday agreed with Qatar a $775 million loan to use to make an International Monetary Fund (IMF) repayment due this Friday. Argentina is grappling with a severe economic crisis with sky-high inflation and falling central bank reserves and is facing IMF repayments. The country's Economy Minister Sergio Massa said on Monday Argentina would not use "a single dollar of its own reserves" to make the IMF repayment. The Qatar loan will have the IMF's variable interest rate applicable to SDRs (IMF currency), which is currently 4.033% per annum, a presidential decree said.

Persons: Yuri Gripas, Sergio Massa, Massa, Nicolas Misculin, Natalia Siniawski, Jason Neely, Jane Merriman Organizations: Monetary Fund, REUTERS, Qatar, Argentina, IMF, CAF, Thomson Locations: Washington , U.S, Argentina, Qatar, China

☆ Argentine polls give slight edge to opposition ahead of uncertain primaries
▼ + stars: | 2023-08-04 | by ( Lucila Sigal | ) www.reuters.com time to read: +2 min

REUTERS/Matias Baglietto/File PhotoBUENOS AIRES, Aug 4 (Reuters) - Argentina's opposition is polling with a slight lead for the upcoming August primaries, usually a reliable bellwether for the outcome of the presidential election, but with many voters ready to snub the ballot box the results are far from certain. Most polls peg the center-right opposition alliance Together for Change (JxC) with a slight edge against the center-left ruling coalition Union for the Homeland (UP). Over 10 percentage points behind is political outsider Javier Milei's Liberty Advances party, which hopes to win votes from those disillusioned with politics. The primaries will decide the candidates who will compete in the Oct. 22 elections, but polls vary on which candidates will win a place in the race. Massa is seen as likely to win a place in the presidential vote, but the country's severe economic crisis has favored Milei, who carries an "emotional vote".

Persons: Javier Milei, Matias Baglietto, Carlos Fara, Javier Milei's, Mariel Fornoni, Horacio Rodriguez Larreta, Patricia Bullrich, Bullrich, Sergio Massa, Juan Grabois, Massa, Milei, Pollsters, It's, Lucila Sigal, Juan Bustamante, Sarah Morland, Sandra Maler Organizations: 135th Argentine, REUTERS, Union for, Homeland, Management, Economy, Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, UP, Fara

☆ Infineon boosts Malaysia investment as Q3 revenue above forecast
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

For the full year, Infineon expects investments amounting to approximately 3 billion euros. The planned expansion of the Kulim fab is backed by customer commitments covering about 5 billion euros and about 1 billion euros in pre-payments, said Infineon, which said it would invest up to an additional 5 billion euros over the next five years. The company expects the expanded facility - together with its plant in Villach, Austria - to generate annual revenues of 7 billion euros. The company on Thursday confirmed its revenue outlook of around 16.2 billion euros, which it had raised in May. Infineon's third-quarter adjusted, or "segment", result was down 10% from the previous quarter at 1.067 billion euros, while its margin came in slightly lower than expected, at 26.1%.

Persons: Robert Habeck, Annalena Baerbock's, Annegret, Schwarz, Jochen Hanebeck, Ford, China's Cherry, Infineon's, Miranda Murray, Christina Amann, Friederike Heine, William Mallard Organizations: Infineon Technologies, REUTERS, Infineon, Lang, Semiconductor, SAIC, Thomson Locations: Dresden, Germany, Malaysia, BERLIN, electromobility, Villach, Austria

☆ Cuba bans company access to ATMs, limits cash transactions
▼ + stars: | 2023-08-03 | by ( Nelson Acosta | ) www.reuters.com time to read: +2 min

HAVANA, Aug 3 (Reuters) - The Cuban Central Bank issued rules this week banning state and private businesses from using ATMs and limiting cash transactions between them, as it seeks to tame runaway inflation and off-the-books business amid a grave economic crisis. They limit cash transactions to 5000 pesos and will be implemented gradually over six months, official media said. The government pegs the dollar at 24 pesos and for select companies, tourists and residents at 120 pesos, though it has few to exchange. The dollar currently fetches 230 pesos on the informal market. The crisis has led to a lack of confidence in the state-run banking system, resulting in a lack of cash at some ATMs as businesses use them, leaving residents in the lurch.

Persons: Alejandro Gil, Nelson Acosta, Marc Frank, Deepa Babington Organizations: Cuban Central Bank, Economy, Thomson Locations: HAVANA

☆ Infineon shares slump on Q4 warning, eyes Malaysia expansion
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

Infineon forecast revenue of around 4 billion euros ($4.37 billion) in the fourth quarter, below expectations of 4.14 billion euros, according to IBES data from Refinitiv. The company, however, confirmed its revenue outlook of around 16.2 billion euros, which it had raised in May. Infineon's third-quarter adjusted result was down 10% from the previous quarter at 1.067 billion euros, while its margin came in slightly lower than expected, at 26.1%. MALAYSIA FACTORYInfineon said it will invest 5 billion euros over the next five years to build a power chip plant in Malaysia, on top of the 2 billion euros investment it had planned last year. For the full year, Infineon expects investments amounting to approximately 3 billion euros.

Persons: Robert Habeck, Annalena Baerbock's, Annegret, Gartner, Jochen Hanebeck, Infineon's, China's Cherry, Miranda Murray, Christina Amann, Friederike Heine, William Mallard, Kim Coghill Organizations: Infineon Technologies, REUTERS, Infineon, AMD, Qualcomm, JPMorgan, Semiconductor, MALAYSIA, Ford, SAIC, Thomson Locations: Dresden, Germany, Malaysia, Refinitiv, Infineon's, Villach, Austria, German

"China is not trying to supplant the IMF," said Matthew Mingey, a senior analyst with Rhodium Group. "When China has allowed these swap lines to be tapped, in many cases it's to unlock an IMF bailout or ensure an IMF programme stays on track." In turn, China is a major customer for Argentina's soy, corn and poultry exports. "China has every incentive to tightly manage Argentine drawings under the swap lines as the risks are very high." The swap line that the People's Bank of China (PBOC) signed in 2009 with Buenos Aires was the first agreed with a Latin American country.

Persons: Matthew Mingey, Buenos, Mark Sobel, Sobel, Sergio Massa, Martin Castellano, Alejandro Werner, Werner, Mingey, Jorgelina, Rosario, Karin Strohecker, Jorge Otaola, Joe Cash, Kirsten Donovan Organizations: International Monetary Fund, IMF, U.S . Treasury, Reuters, World Bank, TAG, People's Bank of China, Buenos Aires, Economy, Institute of International Finance, Relations, Georgetown Americas Institute, Western Hemisphere Department, Thomson Locations: China, Argentina, Beijing, Washington, Latin America, Buenos Aires, U.S, Buenos, American, United States, Zambia, Sri Lanka, Taiwan, Ukraine

Summary Peso's informal value hits all-time low vs dollarAnnual inflation surges to 45%Plunge in peso value 'something horrible', says teacherHAVANA, Aug 2 (Reuters) - The Cuban peso was trading on the informal market at an all-time low of 230 to the dollar on Wednesday, slumping to half its value a year ago as consumers struggle with surging inflation and scarce goods, a widely watched tracker showed. The state considers the informal exchange rate, widely tracked via the independent news outlet El Toque, as illegal, but it has been unable to shut it down. The state officially pegs the local currency at 120 pesos to the dollar, but it has few to exchange. The weakening informal rate was similar to a fall in the government’s electronic equivalent, which residents must use to purchase goods at state stores that are relatively well-stocked compared with peso outlets. Prices grew 39% last year, a figure many economists say underestimates the rate as it does not adequately account for a growing informal market.

Persons: HAVANA, Bert Hoffman, Alejandro Gil, May, Sonia Nunez, Gil, Mario Fuentes, Christian Plumb, Conor Humphries Organizations: Cuban, German Institute of Global, Communist, Economy, Thomson Locations: America, Hamburg, Cuban, Havana

☆ Argentina won't use 'one dollar' of reserves to repay IMF, says Massa
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, July 31 (Reuters) - Argentina's Economy Minister Sergio Massa said on Monday the country will not use "a single dollar" of its own reserves to make a $2.7 billion repayment to the International Monetary Fund (IMF) due this week. Argentina, which has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves, needed to avoid a default with the Fund, with maturities of $2.6 billion due on Monday and almost $800 million due on Tuesday. "I want to bring you peace of mind - Argentina is not going to use a single dollar of its reserves to pay today's maturity," Massa said in a televised speech. The challenge for Argentina now, he added, is to "continue to take care of the (foreign currency) reserves while maintaining the economic activity levels." Reporting by Eliana Raszewski and Gabriel Araujo; Editing by Bernadette Baum and Alexander VIllegasOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Massa, Eliana Raszewski, Gabriel Araujo, Bernadette Baum, Alexander VIllegas Organizations: International Monetary Fund, Development Bank of Latin America, CAF, IMF, Thomson Locations: BUENOS AIRES, China, Buenos Aires, Argentina

☆ China's yuan expands its growing foothold in South America as Bolivia reduces reliance on US dollar
▼ + stars: | 2023-07-31 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

China's yuan is expanding its foothold in South America as Bolivia reduces its reliance on the dollar. The country's yuan transactions from May to July accounted for about 10% of its foreign trade in that span. Bolivia has been hit by dollar shortages recently as lower natural gas production hit exports. But the country has been hit by dollar shortages recently as lower natural gas production hit exports. Argentine companies are increasingly turning to China's yuan amid dollar shortages, though many consumers use the dollar in daily purchases as hyperinflation slams the peso.

Persons: Marcelo Montenegro, Luiz Inácio Lula da Silva Organizations: Service, Privacy, Associated Press Locations: South America, Bolivia, Wall, Silicon, South, Argentina, Brazil, China

CENTRAL BANK 'SHATTERED'It has marked a dramatic reversal for a man once seen as a possible president. After taking the helm of the central bank, Salameh built a reputation as a competent steward of the financial system. The central bank, known as Banque du Liban (BDL), has always said the operations were legal. Defending his record on Wednesday, Salameh said the central bank had contributed to "establishing economic stability and development" during 27 years of his tenure. "Neither directly nor indirectly did any money from the Central Bank go to Forry," Salameh said in Wednesday's interview.

Persons: Riad Salameh, Salameh, LBCI, Nasser Saidi, Raja, Salameh's, Marianne Howayek, Howayek, Friederike Heine, Tom Perry, Toby Chopra Organizations: Reuters, Banque du Liban, Forry Associates, Central Bank, Thomson Locations: BEIRUT, Lebanese, Lebanon, Banque, Salameh, France, Germany

[1/5] China's Vice Premier He Lifeng and French Economy and Finance Minister Bruno Le Maire attend the China-France Economic and Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, China, July 29, 2023. REUTERS/Thomas PeterBEIJING, July 29 (Reuters) - China hopes France can "stabilise the tone" of EU-China relations, vice-premier He Lifeng told a senior French minister in Beijing on Saturday, as European leaders debate how to "de-risk" but also cooperate with the world's second-largest economy. "It is hoped that France will stabilise the tone of friendly cooperation between China and the EU," He said in opening remarks before an afternoon of discussions at Beijing's Diaoyutai State Guest house, adding that China believes its bilateral ties with France "have a good foundation". "It is essential to think about the expansion and deepening of economic and financial cooperation between France and China," La Maire said. "We would like to welcome major new investments from China to French territory."

Persons: Lifeng, Bruno Le Maire, Thomas Peter BEIJING, State Anthony Blinken, Janet Yellen, Le Maire, La Maire, Joe Cash, Layli Foroudi, Liz Lee, Lincoln, Giles Elgood Organizations: China's, Finance, France Economic, REUTERS, Economy, Beijing's, U.S, State, Economic, European Union, Union, Huawei, Thomson Locations: French, China, France, Diaoyutai, Beijing, EU, United States, Russia, Paris

☆ Bolivia challenges global dollar dominance with Chinese yuan, Russian rouble
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

LA PAZ, July 28 (Reuters) - Bolivia's government is determined to curb dependence on the U.S. dollar for foreign trade, instead turning to the Chinese yuan, officials said, as Latin American support for alternative currencies grows. Bolivia has faced months of severe dollar shortages, driven in part by falling natural gas production, a key national export. Net foreign currency reserves have fallen to roughly $4 billion from a peak of $15 billion in 2014, pressuring state finances and threatening Bolivia's long-defended currency peg with the dollar. Not in dollars, but in its own currency," Montenegro said. Financial transactions worth 278 million Chinese yuan ($38.7 million) accounted for 10% of Bolivia's foreign trade in May through July, Montenegro said.

Persons: Marcelo Montenegro, Mikhail Ledenev, Daniel Ramos, Lucinda Elliott, Richard Chang Organizations: LA, U.S, Banco Union, Russia's, Thomson Locations: LA PAZ, La Paz . Bolivia, China, Montenegro, Bolivian, Russian, Bolivia, Moscow, Western, Russia, Beijing, Brazil, Argentina

WASHINGTON/LONDON, July 28 (Reuters) - The International Monetary Fund said on Friday that it has reached a staff-level agreement with Argentina to unlock about $7.5 billion and complete the fifth and sixth reviews of the struggling country's $44 billion loan program. Reuters first reported that the agreement would combine the fifth and sixth reviews of Argentina's IMF program -- a move that provides additional loan funds sooner. The IMF said its board would meet to consider the agreement in the second half of August. The Fund said that the program will need waivers because these measures are "against the introduction of multiple currency practices." Argentina is set to have another three reviews on its 2022 IMF programme by September 2024, though the IMF statement didn't specify what would happen with those.

Persons: Sergio Massa, David Lawder, Hugh Lawson, Alistair Bell Organizations: WASHINGTON, Monetary Fund, Reuters, IMF, Argentine, Thomson Locations: LONDON, Argentina, Buenos Aires, Beijing, Washington, Rosario, London

☆ Argentina reach staff deal on loan reviews to unlock $7.5 billion
▼ + stars: | 2023-07-28 | by ( ) edition.cnn.com time to read: +3 min

The International Monetary Fund said on Friday that it has reached a staff-level agreement with Argentina to unlock about $7.5 billion and complete the fifth and sixth reviews of the struggling country’s $44 billion loan program. Reuters first reported that the agreement would combine the fifth and sixth reviews of Argentina’s IMF program — a move that provides additional loan funds sooner. The IMF said its board would meet to consider the agreement in the second half of August. The agreement calls for Argentina to tamp down import demand with new foreign exchange taxes for imported goods and to strengthen expenditure controls. Argentina is set to have another three reviews on its 2022 IMF program by September 2024, though the IMF statement didn’t specify what would happen with those.

Persons: Sergio Massa Organizations: Monetary Fund, Reuters, IMF, Argentine Locations: Argentina, Buenos Aires, Beijing

☆ Exclusive: Argentina, IMF staff-level agreement set to combine reviews on $44 billion loan, sources say
▼ + stars: | 2023-07-28 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

Combining the two reviews would give Argentina access to 5.5 billion of IMF's special-drawing rights (SDRs), equivalent to about $7.3 billion. An IMF spokesperson said: "Discussions between the teams continue to be very constructive" and "are aimed at reaching staff level agreement." Once a Staff Level Agreement is reached, this is presented to the IMF executive board and if it is signed off, this will trigger the release of cash. LONG AWAITED DEALBoth sides have recently said that a Staff Level Agreement was close. Facing a recession and triple-digit inflation, Argentina is scheduled to have four reviews between December and September 2024 on its IMF programme.

Persons: didn't, LONG, disbursements, Jorgelina, Karin Strohecker, Jane Merriman Organizations: International Monetary, IMF, Argentine, Thomson Locations: Argentina, Buenos Aires, Uganda, Nepal, Pakistan, Beijing, Rosario

☆ French, Spanish economies grow at sustained pace in second quarter
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

PARIS/MADRID, July 28 (Reuters) - The French and Spanish economies grew at a sustained pace in the second quarter on the back of stronger exports and tourism, statistics agencies said on Friday, auguring a possible euro zone rebound. France's gross domestic product expanded in the second quarter a faster-than-expected 0.5% from the preceding quarter, while the Spanish economy grew 0.4%, according to data from INSEE and INE, as the French and Spanish statistics agencies are respectively known. The data from French and Spanish economies, respectively the euro zone's second- and fourth-largest, bode well after the euro zone's growth was 0% in the first quarter of this year. The French economy sped up from a revised 0.1% in the first quarter, INSEE said in its quarterly GDP report. Unlike France and Spain, Austria, a much smaller economy, shrank 0.4% in the second quarter due to a slowdown in construction and industry.

Persons: auguring, Bruno Le Maire, bode, Nadia Calvino, Tassilo Hummel, Inti, Dominique Vidalon, Christopher Cushing, Nick Macfie Organizations: PARIS, Finance, RTL, Thomson Locations: MADRID, Spanish, Spain, France, Austria

THE REVIEWUnder the terms of the $44 billion program agreed in 2022, the funds are released in tranches based on regular reviews of steps Argentina takes to shore up its economy. The IMF did not respond to a request for comment on the likelihood of a board meeting soon to discuss the Argentina program. Argentina made the last IMF payment due end-June partially with its holdings of IMF special-drawing rights (SDRs), but analysts calculated that this has wiped out the country's $1.65 billion in IMF reserve assets. Argentina used $1.1 billion in yuan from a recently extended and expanded swap line with China to complete the June payment to the IMF. Reuters GraphicsFALLING INTO ARREARSMissing payments would automatically put Argentina in default with the IMF because there is no grace period with the multilateral lender.

Persons: Goldman Sachs, Sergio Massa, Gordian Kemen, Kemen, Gross, Jorgelina, Rosario, Rodrigo Campos, Karin Strohecker, Tomasz Janowski Organizations: International Monetary Fund, IMF, Standard Chartered Bank, Reuters, Thomson Locations: Argentina, Buenos Aires, Beijing, China

If it cannot secure fresh funds before an approaching deadline, Argentina risks defaulting on repayments to the IMF. Analysts say the central aim of these economic adjustments is to signal to the IMF that Buenos Aires is committed to the program. The left-wing administration has been locked in negotiations with the IMF for months over whether to front-load tranches of the $44 billion program. Both parties said on Sunday that an agreement on the fifth IMF review was close, but not yet finalized. Reporting by Lucinda Elliott in Montevideo, Anna-Catherine Brigida in Buenos Aires, Rodrigo Campos in New York.

Persons: Sergio Massa, Eduardo Levy Yeyati, Eyeing, Marina dal, EcoGo, Alejo Czerwonko, Yeyati, Lucinda Elliott, Catherine Brigida, Rodrigo Campos, Jorgelina de, Karin Strohecker, Catherine Evans Organizations: International Monetary Fund, Economy, Peronist, IMF, Reuters, Emerging, UBS, Analysts, Thomson Locations: BUENOS AIRES, Buenos Aires, Argentina, refinance, Washington, Beijing, Montevideo, Anna, New York, Jorgelina de Rosario, London

☆ 3 reasons countries around the world want to break up with the dollar
▼ + stars: | 2023-07-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

The US dollar has been the world's reserve currency for decades, but its dominance is fading. US monetary policies, the strong USD, and structural shift in the global oil trade also contribute. Here are three other reasons countries around the world are attempting to line up plans to possibly move away from a dollar-dominated world. The arrangement was formalized in 1945 when the oil-giant country Saudi Arabia and the US reached a historic deal wherein Saudi Arabia would sell its oil to America only using the greenback. In return, Saudi Arabia would reinvest excess dollar reserves into US treasuries and companies.

Persons: Valéry Giscard d'Estaing, —, Narendra Modi's, Luiz Inácio Lula da Silva, It's, Donald Trump, wasn't, Joe Biden, Prince Mohammed bin Salman, Jamal Khashoggi, Sarah Miller Organizations: Service, International Monetary Fund, Wilson, Reserve Bank of, Indian, Reuters, Allianz, Global, US, Washington Post, Energy Intelligence Locations: Russia, Wall, Silicon, Western, Ukraine, Washington, Brazil, Argentina, Bangladesh, India, France, Reserve Bank of India, China, South Africa, Saudi Arabia, America, Saudi

☆ Wales Has a Prince, But It Has Never Hosted a British Open
▼ + stars: | 2023-07-23 | by ( Alan Blinder | More About Alan Blinder | ) www.nytimes.com time to read: +1 min

Still near enough to peek through, though, was the Welsh coast, a handful of long tee shots across the estuary. The British Open, scheduled to conclude on Sunday, may never come closer to Wales. First played when Queen Victoria was on the throne, the Open is a national rite that has encompassed only so much of the nation: Unlike England, Scotland and Northern Ireland, Wales has not hosted it. With sites through 2026 already selected and Wales still left out, the drought will last at least as long as the first 154 Opens. By then, Northern Ireland, which did not welcome a modern Open until 2019, will have had another.

Persons: Queen Victoria, ”, Ken Organizations: Royal Liverpool Golf, British, Wales, Welsh Parliament Locations: Welsh, Wales, England, Scotland, Northern Ireland, Britain

☆ Cuban economy minister says no quick fix to devastating crisis
▼ + stars: | 2023-07-22 | by ( Nelson Acosta | ) www.reuters.com time to read: +2 min

Speaking before the country's parliament, Gil said the primary sector, which includes agriculture, mining and other basic production, was down 34.9% compared with 2019, while manufacturing was off 20%. A third sector that includes services such as tourism, communications and education was down 4.9%. Gil said the crisis, which has left residents reeling, protesting and leaving the island nation, was "complicated," but he added that the government was working on solutions. "The gradual recovery of the Cuban economy has not yet reached the necessary pace," he said. Additional reporting by Marc Frank; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Alejandro Gil, Gil, Esteban Lazo Hernandez, Marc Frank, Paul Simao Organizations: Economy, Communist, Thomson Locations: HAVANA, Cuba

Search resuls for: "Economy Minister"

25 mentions found