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☆ Germany to speed up power market reform in 2023, minister says
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, 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. Habeck said the government was working on the assumption that national power usage would reach 700-750 TWh by the end of the decade. Germany's plan may set it apart from some other European Union countries that may hold on to more stable sources of power, said Habeck.

☆ Mexico president flags water-scarcity of northern state eyed for Tesla plant
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows a part of the urban area in the state of Nuevo Leon, where Tesla could build a new electric car plant, in San Pedro Garza Garcia, Mexico December 19, 2022. "There are favorable conditions in Nuevo Leon. Lopez Obrador said he would emphasize to Tesla the need for careful planning around water, electricity and other services, noting certain northern zones ban water extraction while the southeast holds 70% of Mexico's water. Lopez Obrador has made it a priority to draw investment to southern Mexico, which has lacked the level of industrialization that has flourished along Mexico's northern border. Following Lopez Obrador's remarks on Monday, Nuevo Leon Economy Minister Ivan Rivas said water access had not been an issue for companies or held back investment, according to Mexican outlet Milenio.

☆ Infineon to begin work on 5 bln euro chip plant in Germany
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Economy Ministry approved early project launchProject still requires European Commission approvalBERLIN, Feb 16 (Reuters) - Infineon has won approval to begin work on a 5-billion-euro ($5.35 billion) semiconductor plant in the German city of Dresden due to start production in 2026, it said on Thursday. Infineon is seeking 1 billion euros in public funding for the plant, which it said would create around 1,000 jobs. The Economy Ministry approved the early project launch, which allows construction to begin before the European Commission has finished inspecting the legal subsidy aspects. The European Union is seeking to bolster semiconductor production after a global chip shortage over the past two years. Under the European Chips Act, the European Commission has earmarked a total of 15 billion euros for public and private semiconductor projects by 2030.

[1/3] FILE PHOTO-A woman in a traditional costume makes her way at a shopping district in Tokyo, Japan November 15, 2022. "From a negative growth in July-September, the rebound isn't very impressive," said Toru Suehiro, chief economist at Daiwa Securities. But it's difficult to project a strong recovery partly due to pressure from rising inflation," he said. RECESSION RISKSFor the full year, the economy expanded 1.1% compared with a 2.1% increase in 2021, the data showed. Economy minister Shigeyuki Goto told reporters the economy was on course for a recovery as the pandemic's impact fades.

☆ No economy in the world wants money laundering, UAE economy minister
▼ + stars: | 2023-02-14 | 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 EmailNo economy in the world wants money laundering, UAE economy ministerUAE Economy Minister Abdullah bin Touq Al Marri speaks to CNBC's Hadley Gamble on anti-money laundering in the UAE.

☆ A subsidy arms race is kicking off between Europe and America
▼ + stars: | 2023-02-10 | by ( Julia Horowitz | ) edition.cnn.com time to read: +10 min

This premium is expected to shrink as clean energy technologies become more advanced and infrastructure to produce them is scaled up. Most of the money the IRA has earmarked for clean energy initiatives comes in the form of tax credits. In the meantime, government officials are lobbying the United States to rethink parts of the IRA. “Europe and other allied countries have nothing to fear from the Inflation Reduction Act and quite a bit to gain,” said Brian Deese, Biden’s top economic adviser. The fight over green subsidies also comes as geopolitical tensions are pushing countries to focus on greater localization of production — not just for green energy, but also for sensitive technologies like computer chips.

President Tayyip Erdogan's government has blocked social media in the past and focused in recent months on fighting what it calls "disinformation", which it said prompted the block on Wednesday. Erdogan's ruling party had said a law was needed to tackle false accusations on social media, and it would not silence opposition. A Reuters investigation last summer showed how the mainstream media has become a tight chain of command of government-approved headlines, while the smaller independent and opposition media face the brunt of regulatory penalties. The Twitter block also drew an angry response from opposition DEVA party leader Ali Babacan, a former economy minister and Erdogan ally. The pro-Kurdish HDP party said Twitter had played a crucial role in organizing aid for those affected by the quakes and that blocking social media would only cause more death.

[1/6] German Economy Minister Robert Habeck and French Minister for Economy, Finance, Industry and Digital Security Bruno Le Maire hold a joint news conference in Washington, U.S., February 7, 2023. "It's a process, and in a process you go step by step," Le Maire told reporters. After meetings with Yellen, Commerce Secretary Gina Raimondo and White House officials, Habeck and Le Maire emerged with few specifics other than pledges to be clear about their competing green subsidies. Noting the agreement on both sides on the need for transparency on subsidies, Habeck said, "We will (create) a technical group to make this transparency work." But Commerce said she applauded the TTC's work to promote transparency for U.S. and EU semiconductor subsidies and support supply chains.

CDP is seeking to finalise its bid after U.S. investment firm KKR (KKR.N) last week filed its own offer for the same Telecom Italia (TIM) asset. Two sources familiar with the matter told Reuters KKR's approach valued the venture at about 20 billion euros ($21.4 billion). Prime Minister Giorgia Meloni repeatedly said her government wants to secure public control of TIM's network. But there is no common ground yet within her administration on how to reach such a goal and it was no clear whether a CDP bid would receive the blessing of the Treasury. Economy Minister Giancarlo Giorgetti believes Rome has "multiple options" to put TIM's network under strategic government control, a separate source said, without elaborating.

WASHINGTON, Feb 7 (Reuters) - France and Germany's economy ministers said they would push for the U.S. Inflation Reduction Act to embrace European companies as fully as possible as they headed into talks with their Washington counterparts on Tuesday. While Canadian and Mexican companies are eligible to benefit from many of its provisions, the act does not help European competitors. Le Maire and his German counterpart Robert Habeck, who are due to put their case to Treasury Secretary Janet Yellen, trade representative Katherine Tai and Commerce Secretary Gina Raimondo, fear European companies could be disadvantaged. "A strong green industrial market in the U.S. and a strong green industrial market in Europe will help each other," Habeck told reporters from a noisy Washington street corner before they headed into their meetings. Le Maire said Europe needed transparency on the exact subsidies and tax credits that were on offer to ensure "fair competition" between industries on both sides of the Atlantic.

☆ German ministry to review sale of regional airport to Russian investor - source
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

The insolvency administrator for Frankfurt-Hahn airport, in western Germany, said the investor and seller had decided to submit a purchase contract to the economy ministry, which has the power to block some takeovers by foreign players. A source close to the proceedings confirmed local media reports that the successful, and highest, offer came from NR Holding, which belongs to Russian billionaire Viktor Kharitonin. The federal economy ministry can block takeovers of critical infrastructure by firms outside the European Union. Economy Minister Robert Habeck said on Monday that his ministry had launched a routine screening of the process. It had 1.23 million passengers between January and November last year, less than half the number a decade ago.

☆ Germany's Habeck optimistic that EU and U.S. can reduce trade tension
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 6 (Reuters) - German Economy Minister Robert Habeck expressed optimism before departing on a trip to the United States on Monday that a European Union trade dispute with Washington can be resolved soon. Many EU leaders are worried the local content requirements of $369 billion of green subsidies in the U.S. Inflation Reduction Act will encourage companies to relocate, making the United States a leader in green tech at Europe's expense. Habeck said the European Commission was taking the lead on the trade issue, but added: "We want to lend support." "And supporting means: in the working atmosphere that we have developed, to explore ways in which the problematic parts of the Inflation Reduction Act - that is, this industrial project - can perhaps be resolved," he said. Habeck and French Finance Minister Bruno Le Maire will hold talks with U.S. Treasury Secretary Janet Yellen on Tuesday.

BERLIN, Feb 5 (Reuters) - Germany's Economy Minister Robert Habeck has called for cooperation in green investments between Europe and the United States ahead of meetings in Washington next week with U.S. Treasury Secretary Janet Yellen and other officials. "The USA is now gearing its economy towards green markets and driving forward cost reductions in the development of climate-friendly technologies," Habeck said. EU governments are worried the IRA could not only put European producers at an unfair disadvantage but lure investment away from Europe to the United States. They are likely to want to explore exceptions when the United States implements the plans. The talks will be focused on the U.S. subsidy package in the context of future trade relations between the EU and the United States.

☆ French, German ministers to tell U.S. don't poach EU investments -sources
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

PARIS, Feb 4 (Reuters) - France and Germany's economy ministers will tell senior U.S. officials not to try to actively poach green investments from Europe when they visit Washington next week to raise concerns about U.S. green tech subsidies, two French officials said. "One of the ministers' messages will be to not approach European companies about moving plants to the U.S. The second official said the aim was to avoid "aggressive pitches" to EU firms to invest in the United States. They will also seek a U.S. commitment to be transparent about subsidies companies receive under the Inflation Reduction Act, both officials said. That is key because it could determine how much state support European companies can receive under a European Commission proposal to allow third-country subsidies to be matched in Europe.

Experts estimate that about half of the German electric vehicles registered in the United States are leased. While the scale of the U.S. subsidies has attracted most attention, the EU has large potential resources of its own. THE REAL PROBLEM"The amounts of subsidies in Europe are in line or even more than those in the United States, that is not the problem," said one senior European Union official. "The real problems are the incentives to make firms move production to the United States," said the official, referring to the local content requirements. To ensure Europe can compete with the United States, the European Commission on Wednesday proposed measures including loosening EU state aid rules and repurposing existing EU funds.

☆ Wolfspeed to build $3-bln EV chip plant in Germany
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - U.S. chipmaker Wolfspeed (WOLF.N) will build a $3-billion chip plant in Germany, with automotive supplier ZF (ZFF.UL) investing $185 million for an equity stake, company officials said on Wednesday, confirming an earlier Reuters report. ZF's share of the factory's chip output will be defined by a separate contractual agreement, the companies said. "This is an important sign that Germany continues to be attractive even in difficult circumstances for high-tech investments," he said. "Amid the concerns that the U.S. wants to divert investments from Europe with its Inflation Reduction Act, we're showing that a U.S. firm wants to invest in Germany," a German government source said. The company announced in September a new plant in the United States due for completion in 2030.

"Major economies are rightly stepping up investment in net zero industries," von der Leyen told a news conference. And we want to be an important part of this net-zero industry that we need globally," von der Leyen said. RESISTANCEThe European Commission is hoping member states will back its plan at a Feb.9-10 summit but it faces a hot debate. Solar sector industry group SolarPower Europe said it was concerned by what it called a "lack of focus" on specific technologies in the EU plan. The bloc is heavily reliant on China for rare earths and lithium, which are vital materials for the green transition.

☆ Wolfspeed to announce new electric vehicle chip plant in Germany - sources
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - German chip supplier ZF and American chipmaker Wolfspeed Inc (WOLF.N) are expected to announce on Wednesday plans to build an electric vehicle (EV) chip plant in the Saarland region, according to three sources close to the matter. The chancellery said the event was related to an industrial policy project in the field of microelectronics but did not provide further details. The project will cost over 2 billion euros ($2.18 billion) and ZF will hold a minority stake, with production to begin in four years, according to German business paper Handelsblatt which previously reported on the plans, citing unidentified sources. A spokesperson for ZF declined to comment, and Wolfspeed was not immediately available for comment. ($1 = 0.9195 euros)Reporting by Andreas Rinke, Victoria Waldersee and Ilona WissenbachOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Scholz sets off on first South American tour to boost trade, environment ties
▼ + stars: | 2023-01-28 | by ( ) www.cnbc.com time to read: +3 min

Chancellor Olaf Scholz said Germany is looking to create closer ties with countries that share its values, naming Japan and India, among others. German Chancellor Olaf Scholz heads to Argentina on Saturday for the first leg of his inaugural tour of South America as his government seeks to reduce Germany's economic dependence on China and strengthen relations with democracies worldwide. High on the agenda for talks will be the war in Ukraine and the lessons drawn from it — including for Berlin, a greater awareness of the need to reduce economic reliance on authoritarian states. "These three countries are all interesting partners for the diversification of our economic relations generally but also of our sourcing for commodities," a German government official said on Friday. The chancellor will address that as well as visit the memorials of victims of Argentina and Chile's military dictatorships.

☆ German inflation rate to ease over course of 2023 - econ minister
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 26 (Reuters) - German inflation will remain high at the beginning of 2023 before easing over the course of the year, Economy Minister Robert Habeck said on Thursday. "We have broken the inflation trend," Habeck said in his address to the Bundestag regarding the annual economic report. Inflation is seen at 6% in 2023, as energy prices ease following the initial shock of the energy crisis triggered by the Ukraine war, according to the economic report published on Wednesday. Regarding the economic report for 2023, he said the numbers were not good, but significantly better than feared some months ago. In 2024, inflation will be lower than in 2023 and growth will be higher, he added.

☆ Germany Sees Its Economy Growing This Year Despite the Ukraine War
▼ + stars: | 2023-01-25 | by ( Tom Fairless | ) www.wsj.com time to read: 1 min

German has avoided the worst-case scenarios for its economy, Economy Minister Robert Habeck says. FRANKFURT—The German economy will grow this year and might even avoid a shallow recession in the short term, the government said on Wednesday, the latest sign of brightening growth prospects in Europe despite the shock of Russia’s invasion of Ukraine. Europe’s largest economy is likely to expand by 0.2% this year, the German Economy Ministry said Wednesday in its annual economic report, revising up an autumn forecast for a 0.4% contraction.

☆ Mexico economy minister meets with Canadian energy firms
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Jan 23 (Reuters) - Mexican Economy Minister Raquel Buenrosto met with Canadian energy firms to follow up on agreements made at a meeting with President Andres Manuel Lopez Obrador, the ministry said Monday. Buenrostro will meet with the firms again next month to discuss progress made on the agreements, the ministry said on Twitter. A Mexican official told Reuters last week a "framework" for each of the companies' problems with Mexico's energy sector had been agreed upon. A spokesperson for Mexico's economy ministry could not immediately confirm whether the four companies were those present at the meeting with Buenrostro. The United States and Canada last year initiated dispute settlement proceedings against Mexico's push to prioritize state-run energy companies under a regional trade pact.

☆ Brazil, Argentina to encourage trade, says Haddad; plays down common currency
▼ + stars: | 2023-01-23 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +2 min

His remarks came after Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez published a joint article saying their aim for greater economic integration included studies of a common South American currency. Haddad, who floated such a possibility in an article last year, said removing trade barriers between the two largest economies in South America could involve using a single currency for commerce, given a lack of U.S. dollars in Argentina. "Trade is really bad and the problem is precisely the foreign currency, right? Haddad noted Argentina was an important buyer of Brazilian industrial goods and that "several possibilities" were being floated to circumvent its currency problems, though no decision had been made. The Financial Times had previously reported, citing Argentina's Economy Minister Sergio Massa, that the neighboring nations would announce this week they were starting preparatory work on a common currency.

☆ Brazil and Argentina to begin preparations for common currency, Financial Times reports
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +1 min

Jan 22 (Reuters) - Brazil and Argentina will announce this week that they are starting preparatory work on a common currency, the Financial Times reported on Sunday. The plan, set to be discussed at a summit in Buenos Aires this week, will focus on how a new currency which Brazil suggests calling the "sur" (south) could boost regional trade and reduce reliance on the U.S. dollar, FT reported citing officials. . . a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,” Argentina’s economy minister Sergio Massa told the Financial Times. Politicians from both countries have discussed the ideaalready in 2019, but met with pushback from Brazil's central bank at the time. Reporting by Jyoti Narayan in Bengaluru Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil and Argentina to discuss common currency
▼ + stars: | 2023-01-22 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +2 min

BUENOS AIRES, Jan 22 (Reuters) - Brazil and Argentina aim for greater economic integration, including the development of a common currency, Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez said in a joint article they penned. "We also decided to advance discussions on a common South American currency that can be used for both financial and commercial flows, reducing costs operations and our external vulnerability," the article said. Earlier in the day, the Financial Times reported the neighboring nations will announce this week that they are starting preparatory work on a common currency. . . a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,” Argentina’s economy minister Sergio Massa told the Financial Times. Reporting by Lisandra Paraguassu; Additional reporting by Jyoti Narayan in Bengaluru; Editing by Tomasz Janowski and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

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