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☆ Germany publishes plans to hit 30 GW offshore wind target in 2030
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Jan 20 (Reuters) - Germany on Friday said it has drawn up new development plans for offshore wind turbine sites to reach a target for 30 gigawatts (GW) of installed wind power capacity by 2030. When the current government took power in late 2021, its coalition agreement stipulated 30 GW wind power, adding 10 GW to previous plans. Germany aims to derive 80% of its power from clean sources by 2030, compared with just under half in 2022. To speed up development of the offshore sites and override other uses, offshore wind has been declared to be of high public interest, and measures to create links to onshore electricity networks have been accelerated. Because offshore wind can be turned into clean hydrogen via electrolysis plants, plans for a North Sea-originating pipeline to carry 1 GW hydrogen were also integrated.

☆ Davos 2023: Key takeaways from the World Economic Forum
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +6 min

[1/4] NATO Secretary General Jens Stoltenberg, Poland's President Andrzej Duda and Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland take part in the World Economic Forum session on "Restoring Security and Peace. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 20 (Reuters) - Global leaders and business executives departed a freezing World Economic Forum (WEF) meeting on Friday after a frank exchange of views over how the world will tackle its biggest issues in 2023. Here's what we learned:ECONOMY: Gloom and doom heading into Davos turned into cautious optimism by the end with the global economic outlook for the year ahead looking better than feared. On the inside, political leaders like Kier Starmer railed against new oil investments and Pakistani climate minister Sherry Rehman pushed for loss and damage funding. The lesson I have learned in the last years ... is money, money, money, money, money, money, money."

Below are answers to the most urgent questions:HOW HAS GERMANY RESPONDED TO THE LOSS OF RUSSIAN GAS? Germany launched a multi-layered strategy to reign in demand and source alternatives following Russia's invasion of Ukraine and the subsequent decline in gas deliveries. Germany is now getting more pipeline gas from neighbouring Europe and Norway, buying liquefied natural gas (LNG) via existing European terminals, and constructing new LNG terminals on German coastlines, as well as achieving gas savings. Gas stocks are 89% full, enough to get Germany to the end of March even in a prolonged cold spell, according to most recent statistics, before re-filling starts in the April to September storage season. As a rule of thumb, Germany depletes its stocks by a rate of around 1% per day if temperatures fall below zero degrees, the regulator has said.

☆ Argentine government, farm exporters seek relief from historic drought
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

Lack of rainfall almost halved wheat output this cycle and hampered production of the current soybean and corn crops, though local grains exchanges predict fresh rains could bring some relief in coming days. Argentina is the world's leading exporter of soybean oil and meal and the third largest exporter of corn, as well as a major wheat supplier. Its production is being closely watched after Russia's invasion of Ukraine prompted major disruptions and spiking prices in the grains market. Massa also highlighted that Argentina's agro-industrial sector had pushed its exports to record levels last year. Reporting by Walter Bianchi; Writing by Sarah Morland; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Italy set to appoint veteran economist Barbieri as new Treasury head
▼ + stars: | 2023-01-19 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +3 min

SummarySummary Companies Barbieri to replace Rivera, who failed to win over MeloniPrevious Treasury chiefs include former PM DraghiBureaucrats in Italy get substantial say in policy-makingROME, Jan 19 (Reuters) - Italy's government is set to appoint veteran economist Riccardo Barbieri as director general of the Treasury, replacing Alessandro Rivera in the influential position, the economy ministry said on Thursday. The move marks a victory for newly installed Prime Minister Giorgia Meloni, who was looking to remove Rivera and put her stamp on key positions. "A cosmopolitan former banker and chief economist, Barbieri is one of the Treasury senior officials who liaises more frequently with Brussels," said Francesco Galietti, head of political risk consultancy Policy Sonar. MPS is 64%-owned by the Treasury following a 2017 bailout that cost taxpayers 5.4 billion euros ($5.8 billion). Rivera spent much of his career within the economy ministry, specialised in the handling of banking and financial crises.

☆ Argentina to buy back $1 bln in foreign debt in signal to markets
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Jan 18 (Reuters) - Argentina will buy back foreign bonds equivalent to over $1 billion to improve the South American country's debt profile, economy minister Sergio Massa said on Wednesday, looking to send a positive signal to markets despite low reserves levels. The unusual move, which Massa said could help boost the country's access to capital markets, comes as Argentina battles to replenish foreign currency reserves, rein in rampant inflation and prop up a weakening local peso currency. "Undoubtedly over the next few months, by inviting the private sector to accompany the Argentine state in this job of improving its (debt) profile, we will carry out other measures like the one we are taking today," he added. Argentina's sovereign bonds languish in distressed territory despite major restructurings in recent years with private creditors and the International Monetary Fund (IMF), with which it struck a $44 billion deal last year to push back repayments. Reporting by Walter Bianchi and Jorgelina do Rosario; Writing by Adam Jourdan; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Italy committed to secure Intel investment over chip factory, minister says
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: 1 min

MILAN, Jan 18 (Reuters) - Italy's government is determined to secure an investment by Intel (INTC.O) to build a chip factory in the country, the economy minister said on Wednesday. "Unfortunately, or luckily, we have had a change in the government: things have worldwide changed as regarding costs, but we are still committed", Minister Giancarlo Giorgetti said on the sidelines of a parliamentary audition. In her end-of-year news conference in December, Prime Minister Giorgia Meloni said she considered Intel's investment as highly strategic and would schedule a meeting with the company to explore ways to facilitate it. Giuseppe Fonte, writing by Alessia Pé, editing by Gianluca SemeraroOur Standards: The Thomson Reuters Trust Principles.

☆ German economy minister: recession threatening Europe manageable
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Jan 17 (Reuters) - Germany's economy minister said that easing gas prices give hope that a recession threatening Europe, and Germany, can be managed and even reduced, and underscored the need to establish more critical infrastructure to create a more resilient economy. "It was Europe that paid the price for German dependency on Russian gas and therefore an obligation arises that Germany has to contribute to Europe's growth," he said at a panel at the World Economic Forum in Davos, Switzerland, on Tuesday. Reporting by Miranda Murray and Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Germany names new defence minister, faces pressure to send tanks to Ukraine
▼ + stars: | 2023-01-17 | by ( Holger Hansen | ) www.reuters.com time to read: +4 min

Following several missteps, Christine Lambrecht resigned as defence minister on Monday, ahead of a conference on Friday at the U.S. military base in Ramstein on Western plans to provide Kyiv with more arms. Other countries with such tanks also need Berlin's approval before they can be passed on to another country. The new defence minister is expected to host his U.S. counterpart, Lloyd Austin, in Berlin on Thursday. "I want to make the armed forces strong for the time ahead," he said. Scholz has signalled a policy shift by promising to boost defence spending to more than 2% of its economic output.

☆ German defence minister resigns amid criticism, pressure over Ukraine arms
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +4 min

Lambrecht asked Scholz to dismiss her, as formally required, and he has approved, a spokesperson for the Social Democratic (SPD)-led coalition government said. During a visit to arms manufacturer Hensoldt, Scholz thanked Lambrecht for her service and said he would act fast to replace her. Among the candidates mooted by German media are Parliamentary Commissioner for the Armed Forces Eva Hoegl, junior defence minister Siemtje Moeller, SPD party chief Lars Klingbeil and Labour Minister Hubertus Heil. Economy Minister Robert Habeck praised Lambrecht for her ambition to reform the Bundeswehr and said her decision would not have been taken lightly. Associated with this were for me many special impressions, many encounters with interesting, great people," Lambrecht said in the video.

☆ Greta Thunberg joins protest against coal mine expansion in German village
▼ + stars: | 2023-01-15 | by ( ) www.nbcnews.com time to read: +2 min

Around 6,000 protesters — including climate activist Greta Thunberg — marched through mud and rain to the German village of Luetzerath on Saturday, according to a police estimate, demonstrating against the expansion of an opencast lignite mine. Swedish climate activist Greta Thunberg at a protest march over the pending razing of the settlement of Luetzerath Germany on Saturday. Sean Gallup / Getty ImagesAs the protesters neared the village, they were confronted by police in riot gear, and some used batons to push the protesters back. Earlier this week, police cleared out protesters from buildings they have occupied for almost two years in attempt to stop the nearby mine’s expansion. Earlier Economy Minister Robert Habeck told Spiegel on Friday that Lutzerath was the “wrong symbol” to protest against.

☆ Repaired German Leopard tanks for Ukraine ready in 2024 at earliest, armsmaker says
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 15 (Reuters) - German armsmaker Rheinmetall (RHMG.DE) could only deliver repaired Leopard 2 battle tanks to Ukraine in 2024 at the earliest, its chief executive was quoted as saying by Bild newspaper on Sunday. Germany announced earlier this month that it would provide Ukraine with Marder infantry fighting vehicles to help repel Russian forces. But Kyiv has also requested heavier vehicles such as the Leopards, which would represent a significant step-up in Western support to Ukraine. Still, critics say German Chancellor Olaf Scholz and his ruling SPD are too slow, waiting for allies to act first instead of assuming Germany's responsibility as the Western power closest to Ukraine. Economy Minister Robert Habeck said earlier this month delivering the heavier Leopard tanks could not be "ruled out".

☆ Thunberg joins march on German village in protest against coal mine expansion
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +2 min

[1/5] Climate activist Greta Thunberg joins the activists protesting against the expansion of the Garzweiler open-cast lignite mine of Germany's utility RWE to Luetzerath, in Keyenberg, Germany, January 14, 2023. REUTERS/Thilo SchmuelgenLUTZERATH, Jan 14 (Reuters) - Around 6,000 protesters - including climate activist Greta Thunberg - marched through mud and rain to the German village of Luetzerath on Saturday, according to a police estimate, demonstrating against the expansion of an opencast lignite mine. As the protesters neared the village, they were confronted by police in riot gear, and some used batons to push the protesters back. "It is the last place where brown coal will be mined - not a symbol for more-of-the-same, but for the final frontier." But activists have said Germany should not be mining any more lignite and focus on expanding renewable energy instead.

☆ Siemens Energy signs agreement to develop Iraq's power grid
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Companies Siemens Energy AG FollowBERLIN, Jan 13 (Reuters) - Siemens Energy (ENR1n.DE) plans to boost its cooperation with Iraq in the coming years, the company said on Friday, as its CEO inked a deal with the Iraqi government to develop the country's power network. Siemens Energy CEO Christian Bruch signed a memorandum of understanding with Iraqi Electricity Minister Ziyad Ali to provide an additional 11 gigawatts for local power production, a statement from the German Economy Ministry said. "Siemens Energy will play a key role in in this development," Habeck added. The planned projects include constructing and developing power generation facilities for both conventional and renewable energy sources, the ministry statement said. Electrification of large parts of an entire country is therefore one of the most important tasks of our business," Siemens Energy CEO Christian Bruch said in a statement to Reuters ahead of the meeting.

☆ Bulgaria clears way to take control of Lukoil oil refinery if needed
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

The 196,000 barrel per day refinery, the biggest fuel producer in Bulgaria, has switched to processing only Russian crude after the country was granted an exemption from the European Union's ban on imports of Russian oil over the invasion of Ukraine. Under the exemption to the end of 2024, the refinery cannot export fuels or oil products from Feb. 5 - with exception of deliveries to Ukraine. The refinery can also export by-products that cannot be safely stored in Bulgaria and could pose an environmental hazard. Lukoil Neftochim has previously said it could be forced to shut down if it cannot export its output. A special representative can also be appointed if the refinery breaches competition rules or European Union sanctions.

BUENOS AIRES, Jan 12 (Reuters) - Argentina's annual inflation hit its highest rate in more than 30 years last month as prices almost doubled versus a year ago, official data released on Thursday showed, further eroding consumers' dwindling purchasing power. The annual rate marks the fastest clip of rising prices in more than three decades, or since 1991, according to INDEC. Argentina is battling one of the highest inflation rates in the world as soaring prices hamper growth and force shopkeepers to constantly update price tags. In a recent interview, Economy Minister Sergio Massa projected December inflation would not exceed 5%, adding that monthly increases should edge down to around 3% by April. "It's a psychological factor that wears you out because... wages do not increase like inflation increases," said Aurelio Narvaja, a 41-year-old teacher.

☆ Argentina inflation tops minister's forecast, annual rate at 95%
▼ + stars: | 2023-01-12 | by ( Hernan Nessi | ) www.reuters.com time to read: +2 min

BUENOS AIRES, Jan 12 (Reuters) - Argentina's monthly inflation rate stood at 5.1% in December, official data released on Thursday showed, while annual inflation in the South American country reached nearly 95% over the previous 12-month period. December's rate of rising consumer prices came in above the economy minister's expectation but slightly below analyst forecasts. In a recent interview, Economy Minister Sergio Massa projected monthly inflation would not exceed 5% in December and said the government aims for it to edge down to around 3% in April. Economists expect monthly inflation to hover around 5% at the start of 2023, driven by an economic slowdown and price cap agreements on retail products. Reporting by Hernan Nessi; Editing by Jonathan Oatis, Brendan O'Boyle and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina government aims to undershoot inflation forecasts in December
▼ + stars: | 2023-01-12 | by ( Hernan Nessi | ) www.reuters.com time to read: +1 min

The South American country is battling rampant inflation which is set to end the year at around 95.5%, one of the highest levels in the world. In a recent interview, Economy Minister Sergio Massa said monthly inflation would not exceed 5% in December and noted the objective was for it to stand at around 3% in April. However, estimates from 19 local and foreign analysts showed a slightly higher rise in the consumer price index for the late month of 2022, with projections ranging from 4.9% to 6.3%. Economists expect monthly inflation to remain around 5% for the start of 2023, driven by an economic slowdown and price cap agreements on retail products. "But risks remain elevated, and the shortage of (U.S.) dollars may translate into a further escalation of parallel (market) dollars, leading to higher inflation," said Isaias Marini, an economist at consultancy Econviews.

☆ Italy's Meloni renews criticism of euro zone bailout fund
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

ROME, Jan 12 (Reuters) - Italy's Prime Minister Giorgia Meloni on Thursday renewed her criticism of the euro zone bailout fund, a 500-billion-euro ($541.55 billion) facility held back by Rome's reluctance to ratify its recently-adopted reform. The ESM was created in 2012, replacing a temporary fund established in 2010, at the height of the euro zone's sovereign debt crisis. The ESM can offer a lifeline to euro zone governments cut off from markets, or lend to recapitalise banks and provide precautionary credit. The fund was reformed with a 2021 treaty that needs to be ratified by all members of the euro zone before it can enter into force, and Italy is the only country that is dragging its feet over the issue. New ESM tasks under the reformed treaty include providing a backstop to the Single Resolution Fund, which is responsible for dealing with failing banks in the context of the Banking Union.

[1/4] Soy plants are pictured on a farm in Enconada, on the outskirts of Santa Cruz de la Sierra, Bolivia, January 7, 2023. The tensions underscore a sharpening of a deep-seated rivalry between Santa Cruz and La Paz - Bolivia's farming hub and the political capital respectively - that have long butted heads over politics and resources. La Paz is an Andean stronghold with a large indigenous population that has traditionally titled towards the ruling socialist MAS party. "They can't resist on their own", said Montenegro, adding the rising economic pressures would force Santa Cruz producers to re-start supply within the country. Every Santa Cruz person has to fight, all Bolivians must fight for the well-being of Bolivia, for freedom."

☆ Pell wrote secret memo calling Francis' papacy 'catastrophe', journalist says
▼ + stars: | 2023-01-12 | by ( Philip Pullella | ) www.reuters.com time to read: +4 min

"Commentators of every school, if for different reasons ... agree that this pontificate is a disaster in many or most respects; a catastrophe," the memo begins. The Vatican's political prestige is now at a low ebb." Pell appeared to like the more liberal-minded Francis personally, but not how he ran the Church. Francis supported Pell privately during the abuse saga and on the day of the acquittal offered Mass for all who suffer unjust sentences. "The political influence of Pope Francis and the Vatican is negligible.

"The situation is very dangerous because of years of continuous drought," said Hammadi Habib, an Agriculture Ministry official. Tunisia already has food supply problems thanks to high global prices and the government's own financial difficulties, which have reduced its capacity to buy imported food and subsidise farms at home. "It is time for the authorities to declare a state of water emergency," said Radhia Smine of the Tunisian Observatory of Water. Thousands of families will lack drinking water," she added. "If we do not take decisions in January to reduce irrigation water and ration water use now to prioritise drinking water... then for sure in August we will not have drinking water in the capital or coastal regions," said Habib, the agriculture ministry official.

☆ Canada, Mexico win auto rules trade dispute with U.S.
▼ + stars: | 2023-01-11 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

"The decision is good for Canada and Mexico," said Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association. The decision is "disappointing," said Adam Hodge, a spokesperson for the United States Trade Representative's office, adding that the decision could result in "fewer American jobs". The USTR will now "engage Mexico and Canada on a possible resolution to the dispute," Hodge said. The decision was announced amid a separate USMCA dispute centered on energy that has pitted the United States and Canada against Mexico. The United States said "core part" content should not be rounded up when determining the content of the entire car.

BERLIN, Jan 10 (Reuters) - German carmakers, Tesla, chip producers and battery maker Northvolt met the German chancellor and cabinet ministers on Tuesday to discuss topics from European law on vehicle emissions to energy prices, according to two participants. The annual summit was formerly only for carmakers but was this time dubbed a "mobility" summit, with the broader focus signalled by Northvolt's presence on the guestlist for the first time. Tesla (TSLA.O), was not on the first draft of the guest list shared with participants but was present, according to a participant, alongside German carmakers Volkswagen (VOWG_p.DE), BMW (BMWG.DE), Mercedes-Benz (MBGn.DE) and Opel. Associations, including cyclist club ADFC and rail association "Allianz pro Schiene", criticised the summit as still too car-focused. German chancellor Olaf Scholz, Economy Minister Robert Habeck, Transport Minister Volker Wissing and Labour Minister Hubertus Heil were among those present from the government, the other participant said.

[1/3] Australian Cardinal George Pell gestures as he speaks during an interview with Reuters in Rome, Italy December 7, 2020. Archbishop Peter Comensoli, the Archbishop of Melbourne, said Pell had died from heart complications following hip surgery. An Australian appeals court ruling in 2020 quashed convictions that Pell sexually assaulted two choir boys in the 1990s. Pell took pride in having set up one of the world's first schemes to compensate victims of child sexual abuse in Melbourne. The inquiry, known as a Royal Commission, began in 2013 a five-year investigation into child sex abuse in the Catholic Church and other institutions.

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