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☆ The UAE had a fantastic year in 2022, UAE’s economy minister says
▼ + stars: | 2023-05-08 | 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 EmailThe UAE had a fantastic year in 2022, UAE’s economy minister saysAbdullah bin Touq al-Marri, the UAE's economy minister, speaks to CNBC's Dan Murphy at the Dubai Fintech Summit.

☆ Germany's Scholz says more renewables key to lower industry costs
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +2 min

May 6 (Reuters) - Ramping up renewable power production rather than subsidies is the key to lower electricity prices for Germany's energy-hungry industry, Chancellor Olaf Scholz said on Saturday, in an apparent dig at proposals by his government's economy minister. To extend this for the whole of Germany, Scholz said everything within his powers needed to be done to boost power transmission networks and renewable power production. Scholz was speaking to journalists at a geothermal power plant in Kenya during a trip to Africa. "We know today already that we will have lower power prices than today, once we reached our goal that renewable energies dominate electricity production in Germany," he added. Scholz previously voiced scepticism about the initiative, saying long-term subsidies were not beneficial for the economy.

☆ Adviser to Italy's Treasury tables proposal for windfall tax on banks
▼ + stars: | 2023-05-04 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

European lenders have consistently beaten expectations in recent quarters as higher rates set by the European Central Bank (ECB) to curb inflation have driven profits higher, while leaving savers disgruntled. Government sources said last week that Economy Minister Giancarlo Giorgetti was working on a windfall tax on banks to fund relief measures for families hit by inflation, which is running above the euro zone average. Giorgetti told parliament that the government "cannot and will not" ignore the fact that banks have seen revenues increase due to higher interest rates, but have not adjusted rates on deposits accordingly. UniCredit (CRDI.MI) CEO Andrea Orcel confirmed on Wednesday that there were discussions ongoing in Italy about a new tax on banks' profits, but there was no certainty it would be introduced. Madrid is planning to raise around 6 billion euros ($6.63 billion) from a windfall tax on energy companies and banks.

TOKYO, May 2 (Reuters) - Banking sector problems in the United States and Europe were caused by liquidity and interest rates risks, but won't impact on Japan's economy and financial system for now, Economy Minister Shigeyuki Goto said on Tuesday. Financial institutions and authorities will need to respond firmly to liquidity risks," Goto said. "I don't see the U.S. financial sector facing big problems." "The BOJ as central bank should tackle monetary policy operations, but I don't see the current financial situation impacting Japan's economy and financial sector as a whole. "I expect the BOJ to guide monetary policy flexibly, meaning that the central bank should do so appropriately taking economy and financial markets into account."

☆ Italy wary of raising taxes on web firms, fearing U.S. reaction
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

ROME, May 2 (Reuters) - Italy must be cautious about taxing web companies more heavily as it risks retaliation from the United States, Deputy Economy Minister Maurizio Leo said on Tuesday. A tax on digital companies including U.S. tech giants has been effective since 2020 and is worth some 300 million euros ($329 million) per year. "We cannot go beyond that," Leo told a parliamentary hearing. At the end of 2019, just few weeks before Italy's tax was approved by parliament, Washington said the levy unfairly targeted U.S. firms. Leo told lawmakers the issue should be addressed as part of talks to implement a global minimum tax aimed at stopping big business from hiding profits in tax havens.

☆ Chile's lithium takeover plan faces technical, political challenges
▼ + stars: | 2023-04-28 | by ( Fabian Cambero | ) www.reuters.com time to read: +7 min

[1/3] A view of a brine pool of a lithium mine on the Atacama salt flat in the Atacama desert, Chile, August 16, 2018. REUTERS/Ivan Alvarado/File PhotoSANTIAGO, April 28 (Reuters) - While Chile's plan to take control of its lithium industry has caused global shockwaves, state-led production of the metal used to make electric vehicle batteries is seen by analysts as likely years away given technical and political challenges. CODELCO'S ROLEChile's state-run Codelco, the largest copper producer in the world, plays a key role in Boric's lithium plan although it has no experience in producing the white metal. The report noted that Argentina currently has more lithium projects in the pipeline than any other country in the world. Albemarle has said it needs new water sources to expand in Chile's Atacama salt flat, noting a desalination project was awaiting permits and construction.

"The German economy remained stuck in the mud at the start of 2023, only barely avoiding recession," Pantheon Macroeconomics' chief eurozone economist Claus Vistesen said. The German economy shrank by a revised 0.5% in the fourth quarter of 2022 compared with the previous three months, reviving fears of a technical recession, defined as two consecutive quarters of contraction. "A gradual recovery is underway, despite a persistently difficult environment," German Economy Minister Robert Habeck said in the presentation of the forecasts. "The recent renaissance in industrial production could very well carry the economy through the second quarter," ING's global head of macro Carsten Brzeski said. "However, we are afraid that looking into the second half of the year, the German economy will continue its flirtation with recession."

☆ Germany may restrict export of chip chemicals to China - Bloomberg
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +3 min

April 27 (Reuters) - Germany may limit the export of chemicals to China that are used to manufacture semiconductors as part of the government's efforts to reduce its economic exposure to the Asian economic superpower, Bloomberg news reported on Thursday. It would be the latest in steps under consideration by Germany as it reassesses ties with China. Merck KGaA (MRCG.DE) and BASF (BASFn.DE), two German chemicals majors who could be affected by the export curbs if implemented, declined comment. German Economy Minister Robert Habeck had in March suggested that Berlin could impose export restrictions to China to prevent Germany from losing its technological edge. "Export controls with regard to technology must be constantly checked, constantly expanded and constantly updated," a government spokesperson added at the time.

☆ Argentina will pay for Chinese imports in yuan instead of dollars to preserve its shrinking greenback reserves
▼ + stars: | 2023-04-27 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Argentina will start paying for Chinese imports in yuan instead of dollars, Reuters reported. A historic drought has hit Argentina's agricultural exports, meaning fewer dollars are coming in. "Following the worst drought in history, Argentina must keep its (foreign) reserves robust," Sergio Massa said, per Anadolu Agency. The South American nation will aim to buy around $1 billion of Chinese imports in April using yuan. After that, it hopes to pay for around $790 million of monthly imports in the Chinese currency.

☆ Spain hopes to set up AI regulation during EU rotating presidency
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

MADRID, April 26 (Reuters) - Spain aims to set up a set of regulations for artificial intelligence during its rotating presidency of the Council of the European Union, Economy minister Nadia Calvino said on Wednesday. Calvino added that such future rules must not stop AI development, but ensure privacy protection. Spain is preparing to take on the rotating presidency of the Council of the European Union in the second half of 2023. Reporting by Inti Landauro. Writing by Emma Pinedo, editing by Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina to pay for Chinese imports in yuan rather than dollars
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, April 26 (Reuters) - Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country's dwindling dollar reserves. In April, it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports will be paid in yuan, a government statement said. The decision aims to ease the outflow of dollars, Argentina's Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors. In November last year, Argentina expanded a currency swap with China by $5 billion, seeking to strengthen Argentina's international reserves. The agreement will allow Argentina "to work on the possibility" of advancing the rate of imports, Massa added, with yuan-denominated import orders being authorized in 90 days rather than the standard 180 days.

☆ Major Gulf markets mixed in early trade
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Wednesday amid rising recession fears in the United States, with the Saudi index on course to end five-day winning streak. U.S. Consumer confidence fell to a nine-month low in April, a survey showed, intensifying concerns of a potential recession. Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on course snap a five-session gains, hit by a 1.1% drop in oil giant Saudi Aramco (2222.SE). Dubai's main share index (.DFMGI) retreated 0.6%, weighed down by a 3.2% slide in Emaar Properties PJSC (EMAR.DU). U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday.

☆ Argentina vows to battle peso slide towards 500 per dollar in black market
▼ + stars: | 2023-04-25 | by ( Rodrigo Campos | ) www.reuters.com time to read: +4 min

The peso hit 495 against the dollar on Tuesday in informal markets that have flourished as the official foreign exchange market is under tight controls. That is down from 400 pesos per dollar just over a week ago and compares to the official spot rate of around 221. The official peso, which is in a controlled, sliding peg to the dollar, has fallen 20% so far this year. The gap between the black and official rates of some 122% is the widest since July. Last week, Argentina's central bank raised its benchmark interest rate by 300 basis points to 81% after inflation soared past expectations in March to 7.7%, the fastest monthly increase in two decades.

☆ Chile, US miner Albemarle hold talks on lithium nationalization plan
▼ + stars: | 2023-04-25 | by ( ) www.reuters.com time to read: +2 min

[1/3] Lithium evaporation ponds are seen at Albemarle Lithium production facility in Silver Peak, Nevada, U.S. October 6, 2022. REUTERS/Carlos BarriaSANTIAGO, April 25 (Reuters) - Chile's state development office Corfo said on Tuesday it met with U.S.-based miner Albemarle (ALB.N) to discuss the South American country's plan to nationalize the lithium industry. Chile's leftist President Gabriel Boric last week announced that control of the country's vast lithium operations would over time be transferred from Albemarle and SQM (SQMA.SN) to a separate state-owned company. Chile has the world's largest lithium reserves. He added that Albemarle, the world's largest producer of lithium, wants to grow in Chile and in the Atacama salt flat with new technologies.

The country nationalised its copper sector in 1971, provoking international outrage, particularly in the United States. President Gabriel Boric's lithium "nationalisation" is a more benign version, using an even earlier copper model. THE COPPER MODEL - GOOD AND BADIf President Boric's lithium policy is an echo of past copper policy, the comparison is with the "Chileanisation" programme of the Eduardo Frei Montalva administration in the late 1960s. Even the neo-liberals of the Augusto Pinochet regime kept the national jewel in the crown as they opened the rest of the country's' copper sector up to the private sector. It is now Codelco that is tasked with taking control of the country's lithium sector.

☆ Guatemala not asking Taiwan for 'free money', does not owe debt like Honduras
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

[1/3] A Taiwan and Guatemala flag is seen at an investment event in Taipei, Taiwan April 24, 2023. REUTERS/Ann WangTAIPEI, April 24 (Reuters) - Guatemala is not asking for "free money" from Taiwan and does not owe debt in the same way Honduras does, but is looking for long-term investment and trade, senior Guatemalan financial officials said on Monday. Guatemala is one of only 13 countries to maintain formal diplomatic ties with Chinese-claimed Taiwan. Honduras abandoned Taipei for Beijing last month after asking for almost $2.5 billion in aid. "We heard it in the news, but we are focused on solutions that we need for our country," Rosales said of China's comments.

☆ Fact Check-Video of Emmanuel Macron hit with egg dates to 2017, not tied to pension protests
▼ + stars: | 2023-04-21 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A video clip showing an egg flung at French President Emmanuel Macron while he stands in a crowd dates back to 2017, contrary to claims linking it to protests sparked by pension reforms Macron signed into law in April 2023. On April 15, Macron signed a bill that “will progressively push up the age for drawing a state pension to 64 from 62,” Reuters reported, and which is due to take effect from Sept. 1 (here). “France President Macron: attacked with eggs during a public appearance after pension reform was approved,” reads the caption of a Facebook post sharing the video (here). The earliest iteration of the video Reuters could find was shared by French TV outlet Le Petit Journal on Facebook on March 1, 2017 (here). Video shows egg thrown at Emmanuel Macron in 2017, not April 2023.

☆ Exclusive: German govt to slightly raise 2023 GDP forecast - sources
▼ + stars: | 2023-04-20 | by ( Holger Hansen | ) www.reuters.com time to read: +1 min

BERLIN, April 20 (Reuters) - The German government is set to slightly raise its economic growth forecast for this year to 0.4% from its previously predicted 0.2%, two sources told Reuters on Thursday. For 2024, the government will slightly lower its prediction, to 1.6% from the 1.8% foreseen in January, the sources said. An Economy Ministry spokesperson did not comment and said Economy Minister Robert Habeck would present the spring economic projections next Wednesday. With the new projections, the government is slightly more optimistic than the five economic institutes that prepare the Joint Economic Forecasts, which foresee 2023 economic growth of 0.3%. In the Joint Economic Forecasts, which are incorporated into the ministry's forecasts, the institutes predict inflation of 6.0% in 2023, before slowing to 2.4% in 2024.

They are among the discordant calls made by Spanish and EU bureaucrats as Spain's drive to hand out 77 billion euros ($84 billion) in grants from EU pandemic recovery funds becomes mired in complexity, according to interviews with business associations, government officials, companies and consultants. Spain is the EU pilot project for disbursing grants from the largest stimulus package in the bloc's history, an overall pot of 724 billion euros, including loans. A year into the disbursement process, about 23.5 billion euros had been awarded as of December last year, according to the latest figures published by the government last month. That's a sluggish pace, given the EU and Spain have set a deadline of the end of this year to award all 77 billion euros. Meanwhile, only about 9 billion euros have actually reached the businesses awarded funds, according to calculations by the Esade Centre for Economic Policy, a Madrid-based think-tank that tracks the pandemic recovery cash.

Berlin's ruling coalition last month agreed that almost all newly installed heating systems in Germany should run on 65% renewable energy from 2024, both in new and old buildings. Houses could also use heat pumps that run on renewable electricity, district heating, electric heating or solar thermal systems as acceptable alternatives to fossil fuel heating, according to the bill, which was seen by Reuters. Such a shift could cost Germans around 9.16 billion euros ($10 billion) annually until 2028, the draft bill showed. Germany's push to phase out gas in heating became more urgent after Moscow's invasion of Ukraine prompted Berlin to halt Russian fossil fuel imports. Heating uses up more than 40% of Germany's annual gas consumption as almost half of the country's 41 million households heat with natural gas while almost 25% use heating oil.

☆ Argentina looks to ease economic targets in IMF loan program, source says
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, April 15 (Reuters) - Argentina is considering how to persuade the International Monetary Fund to further ease the economic targets embedded in the country's $44 billion IMF loan program, a source said, as a severe drought hits exports and threatens to push the economy into recession. Work will be done on the program," said a source familiar with the IMF program and discussions between Argentina and the IMF. IMF Deputy Managing Director Gita Gopinath said on Saturday she held a "good meeting" with Argentina's Economy Minister Sergio Massa to discuss the program. Some analysts say that the economic targets baked into the program look overly optimistic, especially in light of Argentina's deteriorating macroeconomic outlook. In March, retail prices increased by 7.7%, above analyst expectations, as Argentina's annual inflation rate soared to 104.3%.

☆ IMF's Georgieva sees 'tangible progress' on debt issues, urges seeking help earlier
▼ + stars: | 2023-04-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 14 (Reuters) - International Monetary Fund chief Kristalina Georgieva said on Friday that debtors and creditors made "tangible progress" on debt restructuring issues this week, but urged countries facing mounting debt problems to seek help earlier in the process. A new sovereign debt roundtable was helping to accelerate work on debt restructurings, Georgieva told a news conference during the IMF and World Bank spring meetings in Washington. But countries nearing debt distress and their creditors should move forward on reprofiling debt levels before a full restructuring was needed, she said. Imagine a further tightening of financial conditions, that increases the burden on these countries," she added. Georgieva said the IMF would continue to work closely with the 20 African countries with heavy debt burdens to avoid getting to the point where restructurings were needed.

WASHINGTON, April 14 (Reuters) - The International Monetary Fund's steering committee on Friday said it would accelerate its discussions on quota reforms at the global lender with an eye to making "considerable progress" by its next meeting in October. "In this context, we support at least maintaining" the IMF’s current lending resources, Calvino said in a summary of the committee's work. "With regard to IMF resources, I continue to believe that overall resources remain adequate," Yellen said. "At the same time, the IMF needs to follow through on its commitment to a new quota formula that is both fair and simple and primarily reflects the economic size of its member countries." He called for a "pragmatic approach" to complete the review by December to increase IMF resources and to "strengthen the voice and representation of dynamic emerging market and developing economies."

☆ Macron bypassed parliament and angered French citizens. Setting the far-right up for a bounce
▼ + stars: | 2023-04-12 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

French President Emmanuel Macron. Shahin Vallée senior research fellow, German Council on Foreign RelationsMacron's popularity rating has worsened in the wake of the pension reforms. The proposed legislation pushes the retirement age up from 62 to 64, and for Macron, and his government, it's a necessity in order to balance the public finances. "Macron is not grooming anyone and that's part of the problem," Vallée said, adding that "Renaissance [party] is a one man party." Macron is serving his second mandate as president and the French constitution prevents him from running again for the job in 2027.

TAIPEI, April 12 (Reuters) - Taiwan's TSMC (2330.TW) has not changed the investment plan for its new chip factory in the island's southern city of Kaohsiung, Economy Minister Wang Mei-hua said on Wednesday, responding to a media report of the chipmaker slowing down expansion at home. "TSMC making Taiwan its global R&D hub and manufacturing hub has not changed," Wang told reporters on the sidelines of parliament. "TSMC investing in Taiwan, investing in Kaohsiung, also has not changed." Wang's comments come after Taiwan's DigiTimes publication reported, citing sources, that TSMC is slowing down its expansion plans in Kaohsiung and other Taiwanese cities. In 2021, TSMC said the Kaohsiung expansion would also include advanced 7-nanometer chips, but the company later postponed plans to build the advanced chips there.

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