DIRS.INFO The most relevant business & tech news

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.

Brazil's real , snapped a three-day winning run, last down 0.4% after falling over 1% earlier in the day. A central bank survey on Monday showed Brazil's inflation and interest rate expectations for the year had risen. While most other Latin American currencies also fell, underperforming broader emerging market peers, Chile's peso rose 0.8% as copper prices hit six-month highs. Data showed Chile posted a trade surplus of $1.85 billion in the month, up from a $417 million surplus in December 2021. Data showed Mexico's headline inflation ended 2022 slightly below analysts' expectations, while core inflation appeared to have lost steam.

☆ Brazil markets fall as Bolsonaro supporters storm capital
▼ + stars: | 2023-01-09 | by ( Susan Mathew | ) www.reuters.com time to read: +2 min

The market impact will depend on how the Lula administration and other government institutions react to the protests, said Bertrand Delgado, head of Latam Fx and fixed income with Societe Generale. A central bank survey on Monday showed Brazil's inflation and interest rate expectations for the year had risen. While most other Latin American currencies also fell, underperforming broader emerging market peers, Chile's peso rose 0.8% as copper prices hit six-month highs. Data showed Mexico's headline inflation ended 2022 slightly below analysts' expectations, while core inflation appeared to have lost steam. In Argentina, the economy will grow significantly more than 5% in 2023, Economy Minister Sergio Massa said on Sunday.

☆ EU Commissioner says he will remind TikTok CEO to respect EU rules
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: 1 min

MADRID, Jan 9 (Reuters) - Chinese social media company TikTok must remember to respect European Union rules, including transparency requirements regarding its algorithms, Commissioner for the Internal Market Thierry Breton said on Monday. "I'll remind TikTok's president to respect the integrality of our rules, which are very protective of our citizens, and the obligations they'll have, including on the transparency of their algorithms," Breton said in a joint press conference with Spain's Economy Minister Nadia Calvino. TikTok's Chief Executive Shou Zi Chew is due to travel to Brussels to meet with top EU officials later this week. Reporting by David Latona; Editing by Inti LandauroOur Standards: The Thomson Reuters Trust Principles.

☆ German won't rule out deliveries of Leopard tanks to Ukraine, economy minister says
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Jan 8 (Reuters) - Germany cannot rule out the delivery of Leopard tanks, heavier fighting vehicles than the Marders, to support Ukrainian militry forces in the future, the country's economy minister told German broadcaster ARD. "Of course it can't be ruled out," Robert Habeck said. His comments come two days after Germany said it wants to deliver around 40 Marder infantry fighting vehicles to Ukraine before the end of March, a decision Habeck said was good and long overdue. Reporting by Christoph Steitz Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Germany backs Norwegian plan to capture carbon from cement
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

Habeck's visit to the Norcem cement plant in Brevik, Norway, represents a shift in German policy back towards efforts to deal with planet-warming emissions by capturing them and making use (CCSU) of them in industrial processes. Projects have repeatedly stalled on issues of cost and environmental opposition as campaigners have been concerned carbon capture and storage can serve to prolong the use of fossil fuels. As cement-making inevitably emits carbon, its capture is necessary to mitigate pollution, and the Norwegian plant is meant to serve as a global blueprint, eventually capturing 400,000 tonnes of CO2 - half its emissions - per year. Germany aims to cut 65% of carbon dioxide emissions by 2030 compared with 1990 and to become carbon-neutral by 2045. During Habeck's visit, Norwegian state-controlled oil firm Equinor (EQNR.OL) and German utility RWE said separately they planned to develop a supply chain for low-carbon hydrogen.

☆ Explainer: Why the U.S.-Mexico energy spat is a tough nut to crack
▼ + stars: | 2023-01-06 | by ( Isabel Woodford | ) www.reuters.com time to read: +4 min

Under USMCA, if the controversy is not resolved during consultations, a dispute panel can be called to adjudicate. Lopez Obrador has put on a bullish front, saying Mexico has broken no laws and that "nothing is going to happen." Resolution appears to hinge on whether energy nationalists inside the Mexican administration, who have taken their cues from Lopez Obrador, are prepared to compromise. Lopez Obrador has made energy policy a cornerstone of his presidency, making it hard for him to back down. Still, the spat has hit investor confidence in Mexico, and Lopez Obrador is seeking U.S. help to finance solar power output in northern Mexico and attract investment in greener manufacturing, particularly in carmaking, a key industry.

☆ Brazil markets fall after Lula takes office vowing to end poverty
▼ + stars: | 2023-01-02 | by ( Anthony Boadle | ) www.reuters.com time to read: +4 min

[1/2] Brazil's President Luiz Inacio Lula da Silva, his wife Rosangela "Janja" da Silva and Chief Raoni walk through the ramp of the Planalto Palace after Lula's swearing-in ceremony, in Brasilia, Brazil, January 1, 2023. Lula narrowly defeated far-right former President Jair Bolsonaro in October, swinging South America's largest nation back on a left-wing track. Lula spent his first day in office meeting with more than a dozen heads of state who attended his inauguration. In his swearing-in speech to Congress, Lula said he was not seeking revenge, but any crimes committed under Bolsonaro would be held accountable with due legal process. ($1 = 5.3458 reais)Reporting by Anthony Boadle and Gabriel Araujo in Brasilia Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ New Israel Finance Minister Smotrich promises fiscal responsibility
▼ + stars: | 2023-01-01 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

JERUSALEM, Jan 1 (Reuters) - Bezalel Smotrich took over as Israel's finance minister on Sunday, pledging fiscal responsibility and a boost to competition while working to tackle high living costs at a time of elevated inflation and slowing global economic growth. "Israel will be an island of stability and responsibility," the 42-year old Smotrich, head of the far-right pro-settler Religious Zionism party, told Reuters after the ceremony at the finance ministry. He added that Israel would take all necessary steps to support economic stability and be the "safest place" to invest. Incoming economy minister Nir Barkat said he intends to ease the "unbearable load" on businesses in Israel, declaring a "war on regulation", which he called "a cancer on the economy". New tourism minister Haim Katz promised to promote tourism in the occupied West Bank.

☆ Lula decrees extension for tax exemption on fuels in Brazil
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Jan 1 (Reuters) - Brazil's newly sworn-in President Luiz Inacio Lula da Silva signed a decree on Sunday extending for 60 days an exemption for fuels from federal taxes, a measure passed by his predecessor aimed at lowering their cost. The decree was among the first batch of decisions taken by Lula hours after his inauguration as president, succeeding far-right President Jair Bolsonaro, and officially establishing his cabinet of 37 ministers. Prates said the exemption could be resumed by the new government in a "much more comfortable" way. He has said that one option under study was an extension for six months or until the end of the year for tax exemptions on diesel and liquefied petroleum gas. The extension for gasoline was opposed by sectors of the economy, such as the ethanol industry, which loses ground in its tax advantage over gasoline.

☆ Spain's 12-month inflation slows down again in December to 5.8%
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Still, core inflation, which strips out volatile fresh food and energy prices, was at 6.9% year-on-year, higher than the 6.3% recorded a month ago, the INE data showed. In November, Spain had the lowest inflation in the 27-member European Union with a rate of 6.7%, after peaking in July at around 11%. Core inflation is taking longer to come down because it took longer to go up," Economy Minister Nadia Calviño said in an interview with broadcaster SER. Spain's European Union-harmonised 12-month inflation was 5.6%, down from 6.7% in November and below the 6.0% expectation from analysts polled by Reuters. Reporting by Joanna Jonczyk-Gwizdala and Belén Carreño, Editing by David Latona and Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

☆ Bolivia to protect big-state economic model, plans‘aggressive’ gas push: minister
▼ + stars: | 2022-12-29 | by ( Monica Machicao | ) www.reuters.com time to read: +3 min

LA PAZ, Dec 29 (Reuters) - Bolivia is committed to protecting its subsidy-reliant, big-state economic model despite deficit risks and is planning an "aggressive" push into gas exploration, the economy minister told Reuters. Economy Minister Marcelo Montenegro said the government has designed "a very aggressive exploration plan" for gas in 2023, but did not go into details. The government is projecting to shrink the 2023 deficit to about 7.5%. "It is not easy, because there are contracts that will last for years, even decades ... We have to push so that more profits remain for Bolivia," Montenegro said. Reporting by Monica Machicao in La Paz Written by Daniel Ramos Edited by Nicolás Misculin, Alexander Villegas and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Peru announces $1.6 bln economic reactivation plan after protests
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - Peru will launch an economic reactivation plan at the cost of some 5.9 billion soles ($1.55 billion) after weeks of protests following the ouster of former President Pedro Castillo, the country's economy minister said Thursday. The push comes as protests and roadblocks have crippled trade and commerce in Peru, causing the country to lose around 100 million soles ($26.30 million) a day, Contreras said. The total losses come to 1 billion soles, or 1% of Peru's December GDP, a ministry presentation showed. The plan will also expand public works on federal, state and local levels and invest in industry like mining and agriculture, Contreras said. With the plan, called "Con Punche Peru," the Andean nation will maintain its growth estimate of 3.1% to 3.9% for 2023, Contreras said.

☆ Major aid groups suspend work in Afghanistan AS Taliban bar women
▼ + stars: | 2022-12-26 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

KABUL, Afghanistan — Four major international aid groups on Sunday suspended their operations in Afghanistan following a decision by the country’s Taliban rulers to ban women from working at non-governmental organizations. Excluding women from schools and NGO work in Afghanistan “can and will lead to catastrophic humanitarian consequences in the short to long term,” the International Committee of the Red Cross warned. Half of Afghanistan’s population, or 24 million people, are in need of humanitarian aid, according to the group. The International Rescue Committee said it was dismayed by the Taliban decision, adding that more than 3,000 of its staff in Afghanistan are women. The Economy Ministry’s order comes days after the Taliban banned female students from attending universities across the country, triggering backlash overseas and demonstrations in major Afghan cities.

☆ Tunisia union threatens to 'occupy the streets,' rejects 2023 budget
▼ + stars: | 2022-12-26 | by ( Tarek Amara | ) www.reuters.com time to read: +2 min

TUNIS, Dec 26 (Reuters) - Tunisia's powerful UGTT union will hold mass protests and "occupy the streets" soon to show its rejection of next year's austerity budget, the leader of the union said on Monday, in its strongest challenge to the government of President Kais Saied yet. The union, with more than a million members, has proven able to paralyse the economy with strikes. We will not accept it...we will occupy the streets to defend our choices and the interest of the people,” Noureddine Taboubi, the head of UGTT, said. Tunisia has reached a staff-level agreement with the IMF for a $1.9 billion rescue package in exchange for unpopular reforms, including cutting food and energy subsidies, and overhauling public companies. The 2023 budget showed that wage bill in the public sector will drop from 15.1% in 2022 to 14% next year, a main reform demanded by the IMF.

PESHAWAR, Pakistan — Afghanistan’s Taliban-run government on Saturday ordered all local and foreign nongovernmental organizations to prevent female employees from reporting to work, in the latest restrictive move against women’s rights and freedoms in the country. The order was made in a letter written in Persian by Economy Minister Qari Din Mohammed Hanif, Abdur Rahman Habib, a spokesman for Afghanistan’s Economic Ministry, told NBC News. Afghan women protest against a new Taliban ban on women accessing university education on Thursday in Kabul, Afghanistan. Getty ImagesForeign governments, including Muslim-majority Saudi Arabia and Turkey, condemned the university ban, which also led to criticism and protests inside Afghanistan. In the western city of Herat on Saturday, Taliban forces used water cannons to disperse women protesting the ban on university education, Reuters reported.

☆ Taliban ban women from working for domestic, foreign NGOs
▼ + stars: | 2022-12-24 | by ( ) www.cnbc.com time to read: +5 min

The Taliban government on Saturday ordered all foreign and domestic non-governmental groups in Afghanistan to suspend employing women, allegedly because some female employees didn't wear the Islamic headscarf correctly. It was not immediately clear if the order applies to all women or only Afghan women working at the NGOs. More details were not immediately available on the latest Taliban ban amid concerns that it could be a stepping-stone to more restrictive measures against women in Afghanistan. Also Saturday, Taliban security forces used a water cannon to disperse women protesting the ban on university education for women in the western city of Herat, eyewitnesses said. Afghan women have since demonstrated in major cities against the ban, a rare sign of domestic protest since the Taliban seized power last year.

☆ Enel signs state-backed credit line worth 12 bln euros
▼ + stars: | 2022-12-23 | by ( Francesca Landini | ) www.reuters.com time to read: +2 min

MILAN, Dec 23 (Reuters) - Enel (ENEI.MI) and a pool of banks signed a 12 billion euro ($12.74 billion) credit facility to fund margin calls linked to the group's derivative trades, Italy's biggest utility said. The financing is 70% guaranteed by the Italian export credit agency SACE and has a term of about 18 months, Enel said on Friday. As anticipated by Reuters, the credit line is part of the Italian government's efforts to shield the country's utilities against volatility on energy markets. Other Italian utilities are expected to apply for the SACE guarantee scheme. Italy's second-biggest utility A2A (A2.MI) told Reuters on Tuesday it would tap the credit facility backed by the credit export agency in January.

☆ Peru ex-ministers recount Castillo's bombshell final day
▼ + stars: | 2022-12-23 | by ( Marco Aquino | ) www.reuters.com time to read: +5 min

By the evening, he was in jail, where he remains - arrested over charges of "rebellion" - and Peru had a new president. Even for politically volatile Peru, it was a dramatic and tense day that has led to deadly protests by Castillo supporters. For Salas, the speech was the final nail in Castillo's political coffin. In the wake of the speech, Castillo's economy minister also resigned, joining the chorus calling his actions a "coup". 'WE WONDERED WHAT HAPPENED'According to Salas and Roberto Sanchez, Castillo's then trade minister, Castillo made the speech seeking to dismiss Congress from his presidential offices.

"The World Cup is an immense joy that revives us after suffering economic crisis for so long," Victorica said. "But soon we will have to fall back into reality and face the situations that weigh us down every day." "The World Cup gives us hope and the desire to believe," said Osvaldo Hassan, a 62-year-old merchant in Buenos Aires. World Cup wins can give a small boost to a country's economy in the months following, an academic paper from Britain's University of Surrey found, helping raise exports. Reporting by Rodrigo Campos in New York and Belen Liotti in Buenos Aires; Writing by Adam Jourdan; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

The Spanish government estimates that the EU grants and loans will on average add 2.6 percentage points to gross domestic product annually through 2031. Calvino said the EU soft loans would be channelled through state-linked investment vehicles so as not to inflate Spain's debt burden. In total, Spain is seeking to mobilise 160 billion euros. It has so far received 31 billion euros from the pandemic package, deploying around 22 billion, Calvino said. However, a recent study by consultants EY and the ESADE business school estimated that just 9.3 billion euros had reached the real economy.

☆ Tesla hits 3,000 cars a week in Berlin, Austin later than planned
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Dec 19 (Reuters) - Tesla's (TSLA.O) German plant produced 3,000 cars last week for the first time, the carmaker tweeted late on Sunday - but the milestone was reached over two months later than planned in both Berlin and Austin, Texas, according to a memo seen by Reuters. The memo, which Reuters reported on in September, projected 3,000 units in weekly output from the Gruenheide plant near Berlin in the first week of October and from Tesla's plant in Austin, Texas, in the first week of November. Yet it took until last week for Tesla to post celebratory pictures on Twitter stating it had reached that target in both locations - last Thursday for Austin, and Sunday for Berlin. Tesla did not respond to requests for comment on the memo or the delay in hitting the 3,000-car output target in Berlin and Austin. Musk and Tesla often set ambitious targets, and the company is often late meeting them.

Both Ukraine and the Russia-installed authorities agree that some grain has been exported from occupied Zaporizhzhia via Crimea. Ukraine says at least a part of the grain that passed through Sevastopol was taken from Ukrainian territories after Russia invaded. Prior to the current war, Syria had imported grain from Crimea on previous occasions since Russia took control of the peninsula, Reuters reported. According to the Refinitiv data, Syria imported about 501,800 tonnes of wheat from Sevastopol this year until the end of November, up from about 28,200 tonnes in the whole of 2021. During a visit to Crimea in January, Syria's economy minister said his country needed 1.5 million tonnes of wheat imports, with Russia providing the majority.

☆ Italy waters down plan to promote cash payments after EU criticism
▼ + stars: | 2022-12-18 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

ROME (Reuters) - Italy will scrap part of its plans to facilitate cash payments for goods and services after criticism from European Union authorities, Economy Minister Giancarlo Giorgetti said on Sunday. FILE PHOTO: A man uses cash to pay for items while shopping in Milan, Italy, October 2, 2020. Critics say cash payments encourage tax dodgers in a country where around 100 billion euros in taxes and social contributions are evaded every year, according to Treasury data. Despite the latest developments, Prime Minister Giorgia Meloni, who took office in October, continues to be more indulgent towards cash than her predecessors. Her first budget, which must be approved by parliament before year-end, raises a limit on cash payments to 5,000 euros from next year, up from a previous ceiling of 1,000 euros.

When it rains, I'm worried the car will slide," Omayraat said. With foreign currency coffers dwindling, the state has already lifted subsidies on fuel and most medication. That is set to pile even more financial pressure on people struggling to make ends meet. He's not able to eat and I won't be able to eat," Omayraat said. It has left him sceptical that Lebanon will implement the reforms necessary to score a final IMF bailout in the coming months.

Search resuls for: "Economy Minister"

25 mentions found