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☆ Watch CNBC's full interview with Saudi Arabia's Economy Minister Faisal Alibrahim
▼ + stars: | 2023-03-17 | 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 EmailWatch CNBC's full interview with Saudi Arabia's Economy Minister Faisal AlibrahimFaisal Alibrahim, Saudi Arabia's minister of economy and planning, speaks to CNBC's Dan Murphy from the Financial Sector Conference in Riyadh about the Kingdom's Shareek program, Vision 2030 and the agreement to normalize ties with Iran.

☆ Rome hopes to reverse decline and relive La Dolce Vita
▼ + stars: | 2023-03-17 | by ( Giselda Vagnoni | ) www.reuters.com time to read: +6 min

[1/5] General view of the Colosseum next to a subway's construction sites in Rome, Italy, February 16, 2023. However, flailing public services can make La Dolce Vita seem a remote dream, for both visitors and residents alike. "It is the biggest investment plan Rome has ever had," Gualtieri told Reuters. "Milan was turned around by the EXPO and has become a city capable of attracting capital from all over the world. Rome is an incredible place and second to none," Luca Luciani, head of BAI Communications Italia, told Reuters.

☆ Italy's Treasury sets up new department for state-run companies
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

ROME, March 16 (Reuters) - Italy approved on Thursday a decree to create a new department at the economy ministry in charge of managing state-controlling companies such as energy groups Enel (ENEI.MI) and Eni . Economy Minister Giancarlo Giorgetti announced the scheme in January as part of efforts to tighten the government's grip on key companies dealing with some of the most delicate corporate issues facing Italy. Under the scheme, the influential Treasury department within the ministry, led by veteran economist Riccardo Barbieri, will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. The newly created "economic department" will have its own director general and will handle the decision-making process regarding state-controlled firms, public assets and public guarantees on banking loans. Rome is expected to decide on the chairperson and CEO positions of these firms by the end of next week, government sources said.

☆ Putin tells Russia's billionaires to put patriotism before profit
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +4 min

[1/4] Russia's President Vladimir Putin attends a forum of the Russian Union of Industrialists and Entrepreneurs (RSPP) in Moscow, Russia, March 16, 2023. MOSCOW, March 16 (Reuters) - President Vladimir Putin urged Russia's billionaires on Thursday to put patriotism before profit, telling them to invest at home to shore up the economy in the face of Western sanctions. Addressing Russia's business elite in person for the first time since the day he sent his troops into Ukraine on Feb. 24 last year, Putin told them their role was not just to make money but to support society. Last month he told business leaders that ordinary Russians had no sympathy for the confiscation of their yachts and palaces. ECONOMY RESISTS SANCTIONSThe president said on Thursday that what he called an attempt to destroy Russia's economy with sanctions had failed.

The Greens in particular, but also the SPD, want to invest more in the transition to a low-carbon economy. The FDP on other hand, seeks a return to solid public finances after signing off on hundreds of billions of euros of exceptional expenditure during the pandemic and energy crisis. German coalition disputes are also spilling over into European Union policymaking, sparking irritation among partners. Proportional representation, for example, means coalition governments are the norm, which can slow down decision-making. However singling out just one minister could could result in that minister's party exiting the coalition, he said.

☆ "Calm down!" EU finance ministers play down SVB contagion despite banking shares rout
▼ + stars: | 2023-03-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

SummarySummary Companies European bank shares down nearly 10% over two daysMinisters try to soothe markets as investors dump bank stocksFrance's Le Maire: "calm down!" BRUSSELS, March 13 (Reuters) - European finance ministers and the EU's economics commissioner played down the contagion risk of the collapse of U.S. Silicon Valley Bank (SVB) while European bank shares saw their biggest rout since the start of Russia's invasion of Ukraine. At the start of a Eurogroup finance ministers meeting in Brussels, French Finance Minister Bruno Le Maire called on markets to "calm down" and European Economic Commissioner Paolo Gentiloni stressed he did not see a risk of contagion for European banks following SVB's collapse (SIVB.O). France's Le Maire and his Belgian counterpart Vincent Van Peteghem also said they saw no specific concern for their country's banks, as investors were dumping their financial institutions' shares. Belgian finance minister Vincent Van Peteghem also poured oil on the waters.

☆ Government vows aid for tech firms but Israel stocks slide on SVB collapse
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +5 min

Israel's tech sector is the country's main growth engine, and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 4% in afternoon trading, while the index of eight insurers (.TAINS) fell 4.7%. Israel's two largest banks, Leumi (LUMI.TA) and Hapoalim (POLI.TA), said their tech banking arms would issue loans to startups and other tech firms that were without access to credit in the wake of SVB's collapse. Reporting by Steven Scheer; Editing by Hugh Lawson, Frank Jack Daniel and Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

☆ Israel stocks slip on SVB failure, government vows aid for tech firms
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

[1/2] A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. With Israel's trading week running Sunday through Thursday, it was the first opportunity for Tel Aviv investors to react to the failure of Silicon Valley Bank, the largest bank to fail since the 2008 financial crisis. Israel's tech sector is the country's main growth engine and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 2.5% at midday, while the index of eight insurers (.TAINS) fell 4.2%.

☆ Germany must tackle expenditure problem, says finance minister
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 12 (Reuters) - Germany Finance Minister Christian Lindner said on Sunday he wanted to tackle expenditure in the 2024 budget to fix the country's structural deficit that had resulted from the COVID-19 pandemic and the energy crisis. "We have a massive expenditure problem," he told broadcaster ARD on Sunday. Lindner, of the pro-business Free Democrats, and Economy Minister Robert Habeck of the Greens last month clashed over plans for next year's budget, according to an exchange of letters seen by Reuters. His ministry recently said the draft budget should be ready by June despite the growing tensions. Reporting by Christian Kraemer; Writing by Sarah Marsh, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina swaps $21.7 billion in domestic debt, dimming default risk
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

The swap exchanges old debt for new bonds maturing in 2024 and 2025, according to an economy ministry statement Thursday. "In this way, the uncertainty about the debt maturities of the coming months is cleared up, helping to preserve the sustainability of the Treasury debt," the ministry said. The swap, first announced Monday, prompted global rating agency S&P to slash Argentina's local currency rating to 'SD/SD' (selective default) from 'CCC-/C' Thursday. Though the debt swap is technically voluntary rather than a forced restructuring, the agency - and indeed the markets - still appear to view it as a distressed event. Argentina also still has an eye-watering estimated $170 billion of local debt due, given the swap only pushes back the payment deadline.

☆ 'Europe is very much open for you': Germany backs EU membership bid of Russia's neighbor Georgia
▼ + stars: | 2023-03-08 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Robert Habeck, Germany's Federal Minister for Economic Affairs and Climate Protection, and Irakli Garibashvili, Prime Minister of Georgia, shared their views on Georgia's EU membership bid. BERLIN — German Vice Chancellor Robert Habeck backed the European Union membership bid of Russia's Caucasus neighbor, Georgia, saying that the country was "very much welcome" in the bloc. Georgia, a former Soviet state situated to Russia's south-west border, applied for EU membership on March 3, 2022, one week after Russia's full-blown invasion of Ukraine. Georgia is one of a number of countries in the region that have hastened their EU membership bids in the wake of Russia's invasion. Ukraine and neighboring Moldova applied for EU membership in February and March 2022, respectively, and were granted candidate status in June.

☆ The life and times of Pope Francis as he marks his 10th anniversary as pontiff
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +9 min

[1/3] Pope Francis greets people as he attends the weekly general audience in St. Peter's square at the Vatican, March 8, 2023. REUTERS/Guglielmo MangiapaneVATICAN CITY, March 8 (Reuters) - Following are some of the major events of the life and ministry of Pope Francis, who marks the 10th anniversary of his election as pontiff on March 13. 2017Jan. 2 - Pope Francis says in a letter bishops must show zero tolerance to clergy who sexually abuse children. May 18 - In unprecedented move, all Chile's bishops offer to resign after attending crisis meeting with Pope Francis. In March 2022, he introduces a reform saying Catholic women could in future take charge of most departments.

☆ In economics, women's voices still struggle to be heard
▼ + stars: | 2023-03-08 | by ( Maria Martinez | ) www.reuters.com time to read: +5 min

There seems to be a lot to celebrate on International Women's Day in the field of economics. Women head the International Monetary Fund, the World Trade Organization, the U.S. Treasury and the European Central Bank. "The pervasive underrepresentation of women in economics is systemic and structural," Ngozi Okonjo-Iweala, the first woman to head the World Trade Organization, told Reuters. "There are no women in the textbooks and most big names in economics are men," said Sandra Kretschmer, economics researcher and member of the Women in Economics Initiative. Women and men tend to have different research interests, said Alisa Weinberger, economics researcher at Goethe.

☆ Italy may have staved off recession, economy minister says
▼ + stars: | 2023-03-06 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +3 min

However, he did warn that European Central Bank rate rises would pose "serious problems" for high-debt countries such as Italy. An economic recession is widely defined as two consecutive quarters of declining GDP and the euro zone's third largest economy shrank 0.1% in the fourth quarter of 2022 from the previous three months. Prime Minister Giorgia Meloni's administration is due to unveil its new growth estimates and public finance targets next month. Annual growth is now expected at almost 1%, up from the 0.6% target set in November, a Treasury official has previously said. With the European Central Bank (ECB) raising interest rates, Giorgetti said Italy should keep following a "cautious and responsible" fiscal policy in order to lower its public debt.

☆ U.S. to ask Mexico for formal talks over GMO corn dispute -industry sources
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON/CHICAGO, March 6 (Reuters) - The United States plans to request formal talks under its free trade agreement with Mexico over Mexican plans to limit imports of genetically modified corn, two U.S. industry sources said on Monday. The United States has previously threatened to take the issue to a trade dispute panel under the trilateral agreement with Mexico and Canada over the plan, which would ban genetically modified corn for human consumption. The U.S. agriculture secretary, Tom Vilsack, had said that a trade dispute panel under free trade agreement would be the next step if talks were not successful. U.S. Trade Representative Katherine Tai held talks with Mexican Economy Minister Raquel Buenrostro over the issue late last month. Corn for food use comprises about 21% of Mexican corn imports from the U.S., according to a representative from the National Corn Growers Association, citing U.S. Grains Council data.

☆ The UAE abides by the UN sanctions list, the country's economy minister says
▼ + stars: | 2023-03-02 | 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 abides by the UN sanctions list, the country's economy minister saysAbdulla bin Touq al-Marri, UAE economy minister, says that his country has a very important role to play internationally, stressing that it abides by the UN sanctions list.

☆ Peru announces $9 bln injection to boost economy amid protests
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Private investment in Peru fell 0.5% last year, while it posted a 37.4% growth in 2021, according to economy ministry data. "The goal is for private investment to increase 3% this year," Contreras told the conference. Peru's economic growth stood at 2.68% at the end of 2022, a steep decline from the 13.61% climb recorded the year before. The International Monetary Fund (IMF) recommended Peru earlier in February to implement "targeted, temporary" fiscal stimulus given the slump in economic activity. Protests in Peru sparked after the ousting of Castillo, with demonstrators asking for President Dina Boluarte's resignation, the closure of Congress, a new Constitution and early elections.

Discussions include the impact of the drought on 2023 goals for net reserves, said an Argentina economy ministry adviser who asked not to be named because the talks were ongoing. Officials for the Economy Ministry declined to comment. The discussions to change the central bank net reserves targets for this year are pre-emptive, as the country did meet its end-December 2022 net reserves targets, another source added. Net reserves today stand at around $4.4 billion, according to calculations from Buenos Aires-based brokerage firm PPI Inversiones. Under the latest review, Argentina had been set the target of net reserves to increase by $5.5 billion at the end of March and $9.8 billion at the end of the year.

☆ Debate grows among Lula's team over Brazil fuel tax policy
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +3 min

Former far-right Jair Bolsonaro unveiled the fuel tax cut last year as he sought to ease inflation and win over voters ahead of the election which he eventually lost to Lula. Since Lula's victory, debate has raged within his Workers Party (PT) over what to do with the costly and popular measure. Tensions are now mounting over whether to extend further the gasoline and ethanol tax waiver. In a series of Twitter posts, Congresswoman Gleisi Hoffmann, president of Lula's Workers Party (PT), said fuel taxes should only resume once state-run oil giant Petrobras (PETR4.SA) defines a new pricing policy. Vice-President Geraldo Alckmin said on Friday the government had not yet made a decision on fuel taxes.

☆ Wealthy G7 nations gearing up for new volley of sanctions on Russia
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Leaders of the bloc of developed nations will meet virtually on Friday with Ukrainian President Volodymyr Zelenskiy to mark the one-year anniversary of Russia's invasion, and are expected to announce the sanctions package. Current G7 president Japan said it was considering new measures, without giving any details, and called for a unified stance towards Moscow. "Russia is refusing to change their hardline stance," Japanese Prime Minister Fumio Kishida said at a news conference to mark the anniversary. India, which has maintained a neutral stance on the conflict, does not want the G20 to discuss additional sanctions on Russia. Speaking at the G20, U.S. Treasury Secretary Janet Yellen accused Russian officials of being "complicit" in atrocities in Russia's invasion of Ukraine.

☆ Spain is making a 'very strong' economic recovery, minister says
▼ + stars: | 2023-02-23 | 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 EmailSpain is making a 'very strong' economic recovery, minister saysNadia Calvino, Spain's economy minister, says the outlook for the country is "relatively positive."

☆ Ukraine imposes 50-year sanctions on Russian financial sector
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

KYIV, Feb 23 (Reuters) - Ukraine's parliament imposed sweeping 50-year sanctions on Thursday on Russian financial institutions including the central bank, all commercial banks, investment funds, insurers and other enterprises. "It is a complete block on financial institutions of the Russian Federation accessing markets and assets in Ukraine. Economy Minister Yulia Svyrydenko said the sectoral sanctions would affect hundreds of banks and tens of thousands of financial institutions registered in Russia. The measures include a ban on transactions with assets owned by the Russian Federation's financial institutions, a ban on establishing business relations and a ban on transactions and investments in Russian financial institutions, Svyrydenko said. Ukraine is also urging its Western partners to impose more sanctions on Moscow, including taking steps that target Russia's nuclear sector.

☆ Argentina tightens health protocols to control bird flu
▼ + stars: | 2023-02-22 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

BUENOS AIRES (Reuters) - Argentina’s government adopted new measures on Tuesday to prevent spread of bird flu and limit potential damage to exports as cases rise in the region. Authorities decided to tighten sanitary controls on imports of poultry products to avoid the virus spreading, officials told reporters. Argentina last week confirmed its first cases of avian influenza in wild birds, prompting the government to declare a health emergency. Uruguay, another important international agricultural producer, also declared a health emergency last week. The virus has prompted import bans in some countries and pushed egg prices to record highs in some parts of the world.

☆ EU still has not agreed on anniversary Russia sanctions, more talks Thurs - sources
▼ + stars: | 2023-02-22 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +2 min

It would also bar more EU exports to Russia of tech equipment and spare parts Moscow might use on the battlefield. "There are several issues outstanding, including on rubber and reporting obligations," said one of the sources, who all spoke under condition of anonymity due to the confidentiality of the negotiations between EU countries. More talks among Brussels representatives of EU members were due on Thursday afternoon, said the sources. NO NUCLEAR, DIAMONDSTaken all together, the sanctions against Russia would be the toughest the bloc has ever imposed. So that's why we hope that we will see these sanctions in the tenth package, otherwise, maybe in the next packages."

SummarySummary Companies Ministry plans for low-carbon power systemAims for 80% green power in 2030Will prepare tenders to attract stable capacityFRANKFURT, Feb 20 (Reuters) - Germany will do most of the work this year to prepare its power market for greater reliance on renewable supplies by the end of the decade, Economy Minister Robert Habeck said on Monday. "We will do most of the necessary work in 2023," he said at a consultation meeting on power market reform. To back up swings in green power as more reliable nuclear and coal production is phased out, the government will prepare tenders for gas-fired power capacity, Habeck said. A further challenge will be the simultaneous increase in demand for power to run electric cars and heat pumps. Germany's plan could set it apart from some other European Union countries holding on to more stable sources of power, said Habeck.

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