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☆ Argentina's cabinet chief says harvest should bring economic relief
▼ + stars: | 2023-07-21 | by ( Nicolás Misculin | ) www.reuters.com time to read: +3 min

[1/2] Argentina's Cabinet Chief and vice presidential pre-candidate Agustin Rossi gestures in his office during an interview with Reuters, at the Casa Rosada Presidential Palace, in Buenos Aires, Argentina July 21, 2023. REUTERS/Agustin MarcarianBUENOS AIRES, July 21 (Reuters) - Argentina's financial crisis, which has been marked by exchange rate volatility and soaring inflation, should start abating in November and December, with large foreign currency inflows from the wheat harvest, cabinet chief Agustin Rossi told Reuters on Friday. Argentina's prolonged financial crisis has been aggravated by a ferocious drought that reduced crucial agricultural exports by an estimated $20 billion this year. "(Inflation) does not go down with abrupt devaluation... We do not believe that this is necessary in Argentina," Rossi said. "We are optimistic, we believe that we will find a way," Rossi said of the IMF talks.

Persons: Agustin Rossi, Agustin Marcarian, " Rossi, Nestor Kirchner, Rossi, Sergio Massa, Alberto Fernandez, Nicolás Misculin, Alexander Villegas, Rosalba O'Brien Organizations: Argentina's, Reuters, Casa, REUTERS, Peronist, International Monetary Fund, IMF, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, Vaca

The tanker Flex Artemis was in the South Atlantic and heading northeast on Thursday, according to Refinitiv vessel tracking. It had carried LNG from Yamal in Russia, according to a trader familiar with the matter, and had arrived in Argentine waters about July 14. The Flex Artemis is carrying around 160,000 cubic meters of LNG, according to Olumide Ajayi, senior LNG analyst at Refinitiv. Leo Kabouche, LNG market analyst at consultancy Energy Aspects, said warm weather in Argentina and the start of the Nestor Kirchner pipeline is likely reducing the call on LNG. Argentina turns away Gunvor-chartered LNG tanker, citing sanctions Argentina turns away Gunvor-chartered LNG tankerReporting by Marwa Rashad in London and Julia Payne in Brussels; additional reporting by Ron Bousso in London and Nicolas Misculin in Buenos Aires; Editing by Josie Kao and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Gunvor, counterparty, Olumide Ajayi, Leo Kabouche, Nestor Kirchner, Marwa Rashad, Julia Payne, Ron Bousso, Nicolas Misculin, Josie Kao, Jonathan Oatis Organizations: Energy, Argentina, Thomson Locations: Russia, France, Argentine, Yamal, Ukraine, Geneva, Argentina, Gunvor, London, Brussels, Buenos Aires

☆ Analysis: Pakistan and Argentina bonds' surge belies bigger reform hurdles
▼ + stars: | 2023-07-17 | by ( Libgeorge Jorgelina Do Rosario | Jorgelina Do Rosario | ) www.reuters.com time to read: +5 min

Reuters GraphicsBut the boost in the bonds belies the difficulties both nations face implementing major reforms once new leaders arrive after upcoming elections. Pakistan's 11th hour deal for $3 billion from the International Monetary Fund (IMF), after months of talks got official approval this week. Saudi Arabia and the UAE followed with $2 billion and $1 billion infusions. This fresh cash means Pakistan is unlikely to default on its debt in the next six to nine months, said de Sousa. Investors and pollsters said the tough times could force Pakistan and Argentina's leaders to reckon with needed fiscal reforms.

Persons: Carlos de Sousa, de Sousa, JPMorgan, Roberto H, Sifon Arevalo, refinance, Jimena Blanco, pollsters, Alejandro Catterberg, Sergio Massa, Horacio Rodriguez Larreta, Patricia Bullrich, Javier Milei, Shamaila Khan, Libby George, Jorgelina, Rodrigo Campos, Karin Strohecker, Toby Chopra Organizations: JPMorgan, Vontobel Asset Management, International Monetary Fund, UAE, Elections, Pakistan, P, Reuters, Peronist, Asia Pacific, UBS Asset Management, Thomson Locations: Pakistan, Argentina, Saudi Arabia, Washington, Beijing, Buenos Aires, Asia, Rosario

☆ Paraguay 'would love' more China trade, Taiwan still better for development
▼ + stars: | 2023-07-15 | by ( Ben Blanchard | ) www.reuters.com time to read: +2 min

TAIPEI, July 15 (Reuters) - Paraguay "would love" to do more trade with China, but Taiwan offers the best bet for moving the largely agricultural economy up the value chain, the country's president-elect Santiago Pena said on Saturday on a visit to Taipei. Paraguay is the last South American country with formal relations with Taiwan, which China claims as its own territory. Honduras ended decades of ties in favour of Beijing this year, and only 13 countries now recognise Taiwan. "We have no constraints on doing trade with China. We would love to do more trade with the PRC," he said, referring to the People's Republic of China.

Persons: Santiago Pena, Pena, Tsai Ing, Wang Mei, Tsai, William Lai, Lai, Ben Blanchard, William Mallard Organizations: Thomson Locations: TAIPEI, Paraguay, China, Taiwan, Taipei, American, Honduras, Beijing, People's Republic of China, Brazil, United States

☆ Argentines tighten wallets to fight spiraling inflation
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

BUENOS AIRES, July 13 (Reuters) - Argentines are tightening their wallets to make end meets as the South American country battles inflation which could surpass 140% on an annual basis this year, hunting for the cheapest prices on basic goods to shield their income. Inflation in the 12 months through June hit 115.6%, official data showed on Thursday. While Argentines are on track this year to keep up their high steak consumption, higher prices are taking a bite out of their selections. Analysts forecast that annual inflation could close this year at 142.4% compared to 94.8% last year, according to a central bank poll, steadily cutting away at consumers' purchasing power in Latin America's third-largest economy. The country is seeking adjustments as rising inflation, a weakening peso and a historic drought hamper exports and financial reserves.

Persons: INDEC, Gabriel Segovia, Sergio Massa, Annabella Paez, Horacio Soria, Sarah Morland, Susan Heavey, Diane Craft Organizations: Economy, Analysts, International Monetary Fund, Reuters, IMF, Thomson Locations: BUENOS AIRES, American, Buenos Aires, Argentine, Candelaria

☆ Argentina inaugurates key gas pipeline to reverse energy deficit
▼ + stars: | 2023-07-09 | by ( Candelaria Grimberg | ) www.reuters.com time to read: +2 min

SALLIQUELO, Argentina, July 9 (Reuters) - Argentina inaugurated on Sunday the first stage of a gas pipeline that will carry natural gas from the Vaca Muerta formation in western Argentina to Santa Fe province by way of Buenos Aires province, an essential work to reverse the country's significant energy deficit. It has the second unconventional gas reserves worldwide and the fourth in oil. The completion of the first stage of the gas pipeline, which starts in Neuquen province and reaches Buenos Aires province, adds 11 million cubic meters of gas per day. This will double when the compression plants are installed in Tratayen, in Neuquen province, and in Salliquelo, in Buenos Aires province. "We are no longer going to import gas in ships because we are going to use the gas from our subsoil."

Persons: Vaca Muerta, Sergio Massa, " Massa, Agustin Gerez, Candelaria Grimberg, Eliana Raszewski, Anna, Catherine Brigida, Diane Craft Organizations: Energia Argentina, Thomson Locations: SALLIQUELO, Argentina, Vaca, Santa Fe, Buenos Aires, Belgium, Patagonia, Neuquen province, Tratayen, Salliquelo, San Jeronimo

☆ Paraguay president-elect to visit 'great friend' Taiwan's Tsai
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] President-Elect Santiago Pena, a 44-year-old economist who won 43% of the vote on Sunday in the Presidential election, speaks during a news conference in Asuncion, Paraguay May 2, 2023. REUTERS/Cesar Olmedo/File PhotoTAIPEI, July 9 (Reuters) - Paraguay's president-elect, Santiago Pena, will visit Taiwan this week and meet "great friend" President Tsai Ing-wen, he said on Sunday, shoring up a relationship at a time China is working to entice the island's dwindling allies. Pena said on his Twitter account he would visit Abu Dhabi, then go to Taiwan to meet Tsai, who he described as a "great friend". He will be in Taiwan for the 66th anniversary of diplomatic ties on Wednesday, the ministry said. Diplomatic sources have told Reuters that Lai might attend as Taiwan's representative, likely transiting the United States to meet U.S. officials.

Persons: Santiago Pena, Cesar Olmedo, Tsai Ing, shoring, Pena, Tsai, William Lai, Wang Mei, Lai, Ben Blanchard, William Mallard Organizations: REUTERS, Democratic Progressive, Reuters, Thomson Locations: Asuncion , Paraguay, TAIPEI, Taiwan, China, Paraguay, American, Honduras, Beijing, Central America, Caribbean, U.S, America, Washington, Abu Dhabi, United States

☆ Germany's economy is stagnating. And these 5 charts show how
▼ + stars: | 2023-07-07 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

But a faltering gross domestic product isn't the only figure that suggests that the German economy is stuttering. Germany's inflation rate is expected to hit 6.4% for June, according to provisional data from the German statistics office, which is an increase from the 6.1% recorded for May. Expect maybe for the second half that inflation might come down to a certain extent," Joachim Nagel, president of Germany's central bank, the Bundesbank, told CNBC in March. "What the fiscal authority can do in the face of high inflation is to alleviate the pain of inflation on the most fragile citizens," he said. The German economy has already recouped half of the losses in terms of trade incurred over the last two years and the energy crisis," he added.

Persons: Joachim Nagel, Sylvain Broyer, Volker Wieland, Veronika Grimm, Alexander, Universität, Broyer, China's, Robert Habeck Organizations: Anadolu Agency, Getty, CNBC, European Central Bank, Energy, Goethe University, Allianz, Reuters, Friedrich, country's Locations: Germany, Europe, Ukraine, Frankfurt, Universität Erlangen, Nürnberg, China, Beijing

☆ Ukrainian refugees: how will the economy recover with a diminished population?
▼ + stars: | 2023-07-07 | by ( Olena Harmash | ) www.reuters.com time to read: +8 min

In previous refugee crises, for example in Syria, refugees' desire to return home has faded with time, UNHCR studies show. Conscription-aged men are restricted from leaving Ukraine, so working-aged women, and children, make up the majority of refugees. Ukraine's population problem goes beyond millions of refugees. A census in 2001 - the country's only so far - recorded a population of 48.5 million. Demographer Libanova estimated the population at between 28 million and 34 million at the start of 2023 in parts of the country controlled by Kyiv.

Persons: Korzh, Volodymyr Kostiuk, Kostiuk, It's, Dmytro Tsygankov, Ella Libanova, Libanova, Ksenia Karpenko, Karpenko, Corina Rodriguez, Catarina Demony, Mike Collett, White, Frank Jack Daniel Our Organizations: United Nations, UNHCR, Kyiv, for Economic Research, Political, for Economic, MEN, National Academy of Science, European Commission's, Research, The, Economic Strategy, Reuters, Thomson Locations: KYIV, Europe, Kyiv, Portugal, Ukraine, Lagoa, Syria, Ukrainian, Moscow, Russia, Crimea, Belarus, Russian, Tarragona, Spain, Madrid, Barcelona, Lisbon

TOKYO, July 7 (Reuters) - Ukraine has submitted a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to New Zealand, Japanese and New Zealand authorities said on Friday. New Zealand, which performs the legal depositary functions for the partnership, had received a formal accession request from Ukraine on May 5, a New Zealand foreign ministry spokesperson said. The CPTPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, with Britain becoming the 12th member state. China, Taiwan, Ecuador, Costa Rica and Uruguay all also have requests pending to join. Japan's economy minister, Shigeyuki Goto, told a regular press conference that Japan, as a CPTPP member, "must carefully assess whether Ukraine fully meets the high level of the agreement" in terms of market access and rules.

Persons: Shigeyuki Goto, Kantaro Komiya, Jacqueline Wong, Robert Birsel Organizations: Trans, Pacific, ., Thomson Locations: TOKYO, Ukraine, New Zealand, Zealand, Auckland, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, Vietnam, Britain, China, Taiwan, Ecuador, Costa Rica, Uruguay

WASHINGTON, July 5 (Reuters) - The United States "firmly" opposes export controls announced by China on gallium and germanium, metals needed to produce semiconductors and other electronics, a U.S. Commerce Department spokesperson said on Wednesday, adding that Washington will consult its partners and allies to address the issue. Earlier this week, China put export controls on gallium and germanium products, used in electric vehicles (EVs) and fiber optic cables. The abrupt announcement of controls from Aug. 1 has sent companies scrambling to secure supplies and bumped up prices. Gallium is used in radar and radio communication devices, satellites and LEDs. The United States will engage with our allies and partners to address this and to build resilience in critical supply chains," the Commerce Department spokesperson said in an emailed statement.

Persons: China's, Janet Yellen, Robert Habeck, Kanishka Singh, Eric Beech, Bill Berkrot Organizations: U.S . Commerce, Commerce Department, U.S, Independence, European Commission, Thomson Locations: United States, China, U.S, Washington, Beijing

☆ Argentina 'death flight' plane returned from US
▼ + stars: | 2023-06-27 | by ( Miguel Lo Bianco | ) www.reuters.com time to read: +2 min

The turboprop plane took part in the so-called "death flights" that Argentina's bloody 1976-1983 dictatorship employed as one of its tools to get rid of critics. At the request of relatives of the victims, Argentina's economy minister bought the plane and organized its transfer from the United States. It will be housed at a museum in the capital, Buenos Aires, on the site of a former clandestine detention and torture center where death flight victims were held before their murders. The Skyvan PA-51 was identified in 2010 by journalist and survivor of the dictatorship, Miriam Lewin, and the Italian photographer Giancarlo Ceraudo, using flight logs. About 30,000 people disappeared during the 1976-1983 dictatorship, according to human rights organizations.

Persons: Read, Alice Domon, Leonie Duquet, Azucena Villaflor, Cecila, Cristina Fernandez de Kirchner, Fernandez de Kirchner, Sergio Massa, Miriam Lewin, Giancarlo Ceraudo, Miguel Lo Bianco, Lucila Sigal, Brendan O'Boyle, Gerry Doyle Organizations: de Mayo, Monday, Reuters, Thomson Locations: Argentine, Naval, de, BUENOS AIRES, United States, Buenos Aires, Italian

The drain in hard currency sparked panic earlier in the year, with Bolivians forming lines outside banks to withdraw dollars. Bond yields spiked sharply and in May the government was forced to sell half of its $2.6 billion gold reserves to raise cash. A major drought in Argentina has hammered grains output and reserves, imperiling a $44 billion debt deal with the International Monetary Fund. "The model is now shifting towards a very big state, a tax-and-spend approach," he said. "It has calmed people a bit... but that amount (gained from the gold reserves sale), $1.3 billion, is not enough for Bolivia," said local financial analyst Jaime Dunn.

Persons: Read, LA, Evo Morales, Jose Gabriel Espinoza, Marcelo Montenegro, Alberto Ramos, Goldman Sachs, spender, Jaime Dunn, Reuters Graphics Espinoza, Morales, Raúl Cortés Fernández, Daniel Ramos, Adam Jourdan, Rosalba O'Brien Organizations: Departmental Association of Coca Producers, LA PAZ, Reuters, International Monetary Fund, Bolivian, Graphics, Banco, Reuters Graphics, MAS, Thomson Locations: La Paz, Bolivia, Bolivian, America, Argentina, Peru, Brazil, Chile, Colombia

☆ Argentina political drama heats as election battle lines drawn
▼ + stars: | 2023-06-24 | by ( Anna-Catherine Brigida | ) www.reuters.com time to read: +3 min

BUENOS AIRES, June 24 (Reuters) - Argentina's presidential election battle lines have hardened after economy minister Sergio Massa entered the race in a dramatic late twist to take on front runners including a conservative city mayor, ex-security czar and libertarian economist. The most notable late confirmation has been Economy Minister Sergio Massa, whose candidacy was announced somewhat unexpectedly Friday night. "This completely changes the political scene," said Alejandro Corbacho, director of political science program at Argentine University UCEMA. Larreta, Bullrich, and Massa are roughly even in the polls, with Milei polling slightly ahead. With no candidate or party polling over 50%, the likelihood is the October election will lead to a run-off, with all still to play for.

Persons: Sergio Massa, Alejandro Corbacho, Massa, Agustin Rossi, Eduardo, Wado, de Pedro, Brazil Daniel Scioli, Horacio Larreta, Patricia Bullrich, Facundo Manes, Bullrich, Javier Milei, Carlos Fara, Anna, Catherine Brigida, Adam Jourdan, Jacqueline Wong Organizations: Argentine University UCEMA, Thomson Locations: BUENOS AIRES, American, Brazil, Buenos Aires, Argentina, Argentine

☆ We need to ensure climate action effectivess throughout the world, Spanish minister says
▼ + stars: | 2023-06-22 | 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 EmailWe need to ensure climate action effectivess throughout the world, Spanish minister saysSpanish Economy Minister Nadia Calviño discusses the goals of the Summit on a New Global Financing Pact, the state of the Spanish economy and the key issues behind the upcoming general election.

Persons: Nadia Calviño Organizations: Global, Pact Locations: Spanish

☆ Argentina to make $1.9 bln payment to IMF as scheduled - econ min source
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, June 21 (Reuters) - Argentina will make scheduled payments totaling some $1.9 billion to the International Monetary Fund (IMF) on Wednesday, an economy ministry source said. Argentina has $2.7 billion due to the fund this month alone. The government hopes to bring forward over $10 billion in IMF disbursements this year, though has been reluctant to agree to tough austerity measures as the next general elections scheduled for October approach. Economy Minister Sergio Massa is set to travel to Washington once an agreement to ease economic targets is drafted with IMF officials. Reporting by Jorge Otaola and Walter Bianchi; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Jorge Otaola, Walter Bianchi, Conor Humphries Organizations: International Monetary Fund, IMF, Thomson Locations: BUENOS AIRES, Argentina, Washington

☆ German energy prices are so high they're driving companies to relocate, industry body says
▼ + stars: | 2023-06-21 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

German energy prices are so high that some companies are considering leaving the country altogether, according to Siegfried Russwurm, head of the German Industry Federation (BDI). CNBC's Annette Weisbach asked Russwurm whether the ongoing energy situation was "bad enough" for companies to relocate, to which he responded: "It is indeed." "A lot of family-owned companies ... have very operational plans to relocate," Russwurm said, adding that the current business conditions in Germany had created a "cocktail" of obstacles for companies. "In my view Germany is an attractive location for both new and existing companies," Habeck said, according to a translation by CNBC. "Of course, materials industries are under pressure as a result of higher energy prices, but there are political decisions to be made."

Persons: Siegfried Russwurm, CNBC's Annette Weisbach, Russwurm, Robert Habeck, Habeck Organizations: German Industry Federation, Industry, CNBC Locations: Germany, Berlin

☆ Germany to offer aid only to strategic sectors after Intel subsidy -minister
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 21 (Reuters) - Germany will promote specific projects in strategic industries after agreeing subsidies worth nearly 10 billion euros with Intel this week as the U.S. chipmaker said it would invest $33 billion in Germany, a minister said on Wednesday. "There will be no funding for everyone, but only for selected projects," said Economy Minister Robert Habeck of the Greens party which shares power with Scholz's Social Democrats and the FDP Free Democrats. "They will be everywhere in future," he said at an event in Berlin, adding that the Intel subsidies were therefore an investment in economic security. Other sectors being closely watched by the government included medicine, telecommunications, energy, logistics and transport, food and security services, he said. The economy ministry said earlier that the European Commission has yet to approve Berlin's subsidy plans for Intel.

Persons: chipmaker, Chancellor Olaf Scholz, Robert Habeck, Habeck, Christian Kraemer, Madeline Chambers, Kirsten Donovan Organizations: Intel, Greens, Scholz's Social Democrats, FDP Free Democrats, European Commission, Thomson Locations: BERLIN, Germany, Magdeburg, Berlin

Berlin has agreed subsidies worth nearly 10 billion euros with the U.S. chipmaker, a person familiar with the matter said, more than the 6.8 billion euros it had initially offered Intel to build two leading-edge facilities in the eastern city. "Today's agreement is an important step for Germany as a high-tech production location – and for our resilience," Scholz said after Monday's signing. Globally, semiconductor manufacturing is expected to become a trillion-dollar industry by 2030, expanding from $600 billion in 2021, according to McKinsey. Initially, Intel wanted to invest 17 billion euros in the Magdeburg plant, an amount that has nearly doubled to more than 30 billion. About 7,000 construction jobs will be created in the first expansion, plus around 3,000 high-tech jobs at Intel and tens of thousands of jobs across industry, the U.S. chipmaker said.

Persons: Olaf Scholz, Pat Gelsinger, Scholz, Israel, Dado Ruvic, Robert Hermann, Taiwan's TSMC, Tesla, Robert Habeck, chipmaker, Gelsinger, Maria Martinez, Riham, Christoph Steitz, Rachel More, Jason Neely, Sharon Singleton, Catherine Evans Organizations: Intel, Intel Intel, Germany's, U.S, AMD, Nvidia, Samsung, Union, McKinsey, REUTERS, Germany Trade, Invest, Reuters, Germany, Thomson Locations: Germany, Frankfurt BERLIN, STOCKHOLM, Magdeburg, Europe, Berlin, Saxony, Anhalt, EU, chipmaking, Poland, United States, South Korea, Taiwan, Frankfurt, U.S, Ireland, France, Asia

KKR's approach incorporates a value for TIM's fixed landline network that could top 23 billion euros ($25 billion). TIM plans to analyse in depth the terms to be proposed by KKR, one of the sources said. Having already invested 1.8 billion euros in the grid, KKR has bid for a controlling stake in a unit comprising TIM's entire domestic fixed access network and submarine cable business Sparkle. KKR is also ready to let TIM retain a stake in its landline network. Prime Minister Giorgia Meloni's administration will have a say on any deal as Rome can use its "golden powers" rules to set conditions or block bids for strategic assets such as TIM's network.

Persons: Pietro Labriola's, Giancarlo Giorgetti, Giorgia Meloni's, Giuseppe Fonte, Elvira Pollina, Valentina Za, Kirsten Donovan Organizations: KKR, TIM, Telecom Italia, Macquarie, Reuters, Vivendi, Treasury, Thomson Locations: ROME, Rome

BUENOS AIRES/NEW YORK, June 18 (Reuters) - Argentina and the International Monetary Fund (IMF) have a $44 billion dilemma, with the two sides set to meet for crunch talks to revamp the country's huge, wobbling debt deal, key to avoiding default on billions in looming debt payments. Economy Minister Sergio Massa is expected in Washington as early as this week to try to unlock talks to accelerate IMF disbursements and ease economic targets attached to the deal, with investors and traders watching closely. "The fund knows that Argentina is a problem, it is its main debtor, but it seems to me that the negotiation has stagnated. Reuters Graphics'DAMAGE CONTROL'The government is hoping to bring forward over $10 billion in IMF disbursements scheduled for this year, though is reluctant to agree to tough austerity measures with an eye on October general elections where it faces likely defeat. "Investors are paying real attention to signs from the IMF negotiations," said economist Gustavo Ber.

Persons: Sergio Massa, Ricardo Delgado, Massa, Hugo Godoy, Gustavo Ber, Walter Bianchi, Rodrigo Campos, Adam Jourdan, Daniel Wallis Organizations: BUENOS AIRES, International Monetary Fund, Economy, IMF, Reuters Graphics, Reuters, Institute of International Finance, Reuters Graphics Reuters, Thomson Locations: BUENOS, Argentina, Washington, Argentine, Buenos Aires, China

☆ Japan to open up Apple- and Google-dominated phone apps to competition
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File PhotoTOKYO, June 17 (Reuters) - Japan plans to stoke competition in smartphone app payments, dominated by Apple (AAPL.O) and Google, by banning major app store operators from forcing software developers to use the operators' own payment systems, a government panel said. Apple's iOS and Android from Alphabet's (GOOGL.O) Google roughly split Japan's mobile OS market. Apple allows users to download iPhone apps only through its own app store, while both Apple and Google require software developers to use proprietary payment systems that charge commissions of up to 30%. Members of the government panel include Industry Minister Yasutoshi Nishimura and Economy Minister Shigeyuki Goto.

Persons: Mike Segar, Yasutoshi Nishimura, Shigeyuki Goto, Kiyoshi Takenaka, Lincoln Organizations: Apple, REUTERS, stoke, Google, Asahi Shimbun, Industry, Thomson Locations: Manhattan, New York City, TOKYO, Japan

☆ Chinese delegation to meet with Germany's top corporate brass next week
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

FRANKFURT/BERLIN, June 16 (Reuters) - A Chinese delegation led by Premier Li Qiang will meet Germany's top CEOs next week as part of a visit to Europe, hoping to strengthen ties at a time when Berlin is pursuing a strategy to lessen its economic dependence on Beijing. A meeting between Li and a group of German and Chinese CEOs is scheduled for June 19, according to people familiar with the plans. Mercedes-Benz (MBGn.DE), SAP (SAPG.DE) and Siemens Energy (ENR1n.DE) all confirmed that their CEOs would meet with the delegation. The CEO of Volkswagen (VOWG_p.DE) division Audi will also participate, a person familiar with the matter said. BASF (BASFn.DE), Bayer (BAYGn.DE), Infineon (IFXGn.DE), Volkswagen (VOWG_p.DE) and BMW (BMWG.DE), all companies with major business ties to China, declined to comment.

Persons: Premier Li Qiang, Li, Li Shufu, Mercedes, Roland Busch, Olaf Scholz, Robert Habeck, Andrew Small, Marshall, Siegfried Russwurm, Ilona Wissenbach, Hakan Ersen, Christoph Steitz, Ludwig Burger, Patricia Weiss, Christina Amann, Andreas Rinke, Rene Wagner, Sarah Marsh, Jan Schwartz, Alexander Huebner, Raju Gopalakrishnan, Louise Heavens Organizations: Premier, Mercedes, Benz, SAP, Siemens Energy, Volkswagen, Audi, Beijing Automotive Group Co, HK, Siemens, Pacific Committee, BASF, Bayer, Infineon, BMW, Thomson Locations: FRANKFURT, BERLIN, Europe, Berlin, Beijing, China, Asia, German, Germany, Frankfurt, Hamburg, Munich

☆ Ferrovial says Dutch relocation could damage brand in Spain
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

MADRID, June 15 (Reuters) - Ferrovial's (FER.MC) decision to move its holding company to the Netherlands to try to speed up a U.S. listing could have an adverse impact on its brand in Spain, the company said in a document published on Thursday. The operation "could potentially have a negative impact on its brand in Spain, which, in turn, could have a material adverse effect on the group's competitive position," it said. The reverse merger, under which its Dutch subsidiary Ferrovial International SE (FISE) has absorbed holding company Ferrovial, was fully completed on Thursday. In the website prospectus, Ferrovial said Spanish tax authorities could decide the merger falls outside a special tax regime for holding companies that allows dividends and capital gains from the transfer of shares from subsidiaries to be exempt from taxation. Ferrovial on Thursday had no comment beyond the published document.

Persons: Ferrovial, Rafael del Pino, Nadia Calvino, Corina Pons, Emma Pinedo, Charlie Devereux, Sharon Singleton, Barbara Lewis Organizations: Ferrovial, Thomson Locations: MADRID, Netherlands, U.S, Spain, Amsterdam, Madrid, Ferrovial, Spanish

☆ Intel near deal on 9.9 bln euro German government subsidy, Handelsblatt says
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Intel (INTC.O) and the German government are close to an agreement for the chipmaker to receive 9.9 billion euros ($10.83 billion) in subsidies, up from a previously agreed 6.8 billion, Handelsblatt reported on Thursday, citing government sources. Final negotiations will take place this weekend, the newspaper reported, with Intel Chief Executive Pat Geisinger and government representatives to sign an agreement in Berlin on Monday. Intel and the economy ministry were not immediately available for comment outside working hours. The additional funds are to come from a budget under the responsibility of the economy minister, who campaigned heavily for the extra subsidies in the face of resistance from Finance Minister Christian Lindner, according to Handelsblatt. Intel, which announced last year it had picked the central German city of Magdeburg for a new chip-making complex, had raised its demand for subsidies to around 10 billion euros citing higher energy and construction costs.

Persons: Handelsblatt, Pat Geisinger, Christian Lindner, Victoria Waldersee, Barbara Lewis Organizations: Intel, Finance, Thomson Locations: Berlin, German, Magdeburg

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