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☆ Asia markets mostly rise, tracking Wall Street gains; China factory activity data on deck
▼ + stars: | 2024-04-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

An editorial montage of the Japan flag and Japanese yen cash bank notes. Asia-Pacific markets were largely set to extend gains on Tuesday, tracking Wall Street moves, with investors awaiting China manufacturing purchasing managers' index for April. The currency weakened to its lowest level against the U.S. dollar yesterday at 160.03, before strengthening sharply to trade around the 155 level. The Wall Street Journal, meanwhile, reported that Japan had intervened to support the yen by selling U.S. dollars and buying yen. Traders will also assess economic data from Japan and South Korea.

Persons: Masato Kanda Organizations: U.S, Street Journal, Traders Locations: Japan, Asia, Pacific, China, South Korea

☆ Vietnam mounts ‘unprecedented’ $24 billion rescue for bank engulfed in giant fraud, documents show
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: +5 min

Foreign reserves were around $100 billion at the end of the year, according to the central bank. The central bank did not reply to requests for comment about the rescue effort. The finance ministry referred a question to the central bank. The central bank placed SCB under its supervision to stem a run on the bank sparked by the October 2022 arrest of real estate tycoon Truong My Lan. That was up from 478 trillion dong at the end of October, according to the SCB document that was sent to the central bank.

Persons: Truong My, Truong, Lan Organizations: AFP, Getty, Stock Commercial Bank, Reuters, ASEAN, Research, SCB, State Bank of, Bank Locations: Ho Chi Minh City, Vietnam, Saigon, State Bank of Vietnam's, People's

☆ Germany to give Holocaust survivors $236 payout to help them cope with October 7 attacks
▼ + stars: | 2024-04-12 | by ( Nadine Schmidt | ) edition.cnn.com time to read: +2 min

CNN —Germany will provide a one-time payment of $236 (€220) to Holocaust survivors, to help them cope with the impacts of the Hamas-led October 7 attacks in southern Israel. Berlin will compensate 113,000 Holocaust survivors in Israel in the form of $27 million (€25 million), according to the German finance ministry. “Many Holocaust survivors were hit particularly hard by the Hamas attacks, whether through the loss of their homes, support systems in the form of care,” a German finance ministry spokeswoman said. The additional funds were aimed at helping the Holocaust survivors ”as quickly as possible (…) in this frightening and hopeless war situation,” the spokeswoman added. The payments are being distributed in Israel in cooperation with the Claims Conference and the Holocaust Survivors Rights Authority of the Israeli government, the German finance ministry said.

Persons: ”, Israel, –, Gideon Taylor, Adolf Hitler’s Nazi Organizations: CNN, Hamas, Ministry of Health, Rights Watch, Oxfam, Conference, Holocaust Survivors Rights Authority, German Finance Ministry Locations: Germany, Israel, Berlin, Gaza

☆ China's policy to boost demand by $700 billion will have a 'bigger and bigger' impact, official says
▼ + stars: | 2024-04-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's latest policy to boost demand will soon have a greater effect on growth, a top official at the economic planning agency told reporters Thursday. "We believe this work will achieve bigger and bigger results," he said in Mandarin, translated by CNBC. He noted that equipment upgrades account for 9% to 10% of total GDP. 'Strong' central government fiscal supportIn terms of fiscal funding for those upgrades, Zhao said the central government would provide "strong support." Part of the equipment upgrade and consumer trade-in policy also focuses on improving standards for the kinds of products that can be used.

Persons: That's, Zhao Chenxin, Goldman Sachs, Morgan Stanley, Zhao, Bruce Pang, Fu Jinling, Fu, Francoise Huang, We're, JLL's Pang, Shan Zhongde Organizations: Visual China, Getty, BEIJING, National Development, Reform Commission, CNBC, Analysts, People's Bank of, Allianz Trade, Ministry of Industry, Information Technology, Ministry of Housing, Ministry of Commerce, State Administration, Market, China's Ministry of Commerce, Industry, Global Locations: Qingzhou, Weifang City, Shandong Province, China, oversupply, Beijing, JLL, People's Bank of China

☆ Fitch downgrades China’s credit rating outlook over economic worries
▼ + stars: | 2024-04-10 | by ( Juliana Liu | Wayne Chang | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Fitch downgraded its outlook on China’s credit rating on Tuesday, citing increasing risks to its finances as it faces economic challenges. Lowering its outlook from stable to negative does not automatically mean the ratings agency will downgrade China’s creditworthiness, but it increases the chances. Fitch has kept its rating on Chinese sovereign bonds at A+. Fitch believes the general government deficit will rise to 7.1% of gross domestic product in 2024 from 5.8% last year. In December, rival ratings agency Moody’s downgraded its outlook on China’s credit rating from stable to negative, citing risks related to “structurally and persistently lower medium-term economic growth” and ongoing troubles in its property sector.

Persons: Hong Kong CNN — Fitch, China’s, Fitch, “, Moody’s Organizations: Hong Kong CNN, Finance, Fitch Locations: China, Hong Kong

☆ Fitch's negative outlook for China is more bad news for its stalling economy
▼ + stars: | 2024-04-10 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Read previewFitch Ratings has cut its outlook for China, adding to the gloom surrounding the world's second-largest economy. It cut its outlook from "stable" to "negative," but maintained its overall rating at "A+." The move comes after Moody's Investor Services, another major credit-rating agency, also downgraded its outlook for China to "negative" in December. As a result Fitch expects economic growth to fall to 4.5% for 2024. The ratings agency said policymakers will probably have no choice but to borrow to address its economic woes.

Persons: —, Fitch, Fitch's Organizations: Service, Business, Moody's Investor Services, Analysts, St Louis Federal Reserve, CSI Locations: China, Beijing

☆ Japan's yen hits 34-year-low, heating talk of intervention
▼ + stars: | 2024-03-27 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Japanese 1,000 yen, 5,000 yen and 10,000 yen banknotes arranged in Kyoto, Japan, on Thursday, Nov. 2, 2023. The contradictions in Japan's efforts to protect the yen while slowing the pace of rising bond yields are becoming increasingly clear in currency and debt markets. The yen was last at 151.22 against the dollar at 10:19 a.m. London time after paring back some losses. The yen hit a 34-year-low on Wednesday, weakening as much as 151.97 against the U.S. dollar and fueling market questions over potential government intervention to prop the Japanese currency. "There is now a higher chance of Japanese FX intervention.

Persons: Kentaro Takahashi, Shunichi Suzuki, Masato Kanda, Kanda Organizations: Bloomberg, Getty, U.S ., Bank of Japan, Financial Services Agency, Reuters, FX, Commonwealth Bank of Australia, Bank of America Global Research Locations: Kyoto, Japan, London

☆ India's inflation, growth at risk from Red Sea crisis-driven oil price rise, government says
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: +1 min

India's national flag flaps next to the 'National Emblem' at the newly constructed Indian parliament building after the flag hoisting ceremony in New Delhi on Sept.17, 2023. India's inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea, the government said on Friday, highlighting the need to diversify trade routes. A combination of high freight costs, insurance premiums and long transit times can make imported goods "significantly more expensive", India's finance ministry said in its monthly economic review. India's shipments of agricultural commodities, textiles, chemicals, capital goods, marine and petroleum products may be impacted due to the disruptions, and affect the price competitiveness of exports. "To effectively address these challenges, there may be a need to diversify trade routes and transportation options," the finance ministry said.

Persons: Yemen's Locations: New Delhi, Red, Europe, Suez, Africa

☆ Russia is eyeing big tax hikes after this month's election to pay for the war in Ukraine
▼ + stars: | 2024-03-11 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Putin could raise taxes on high earners and companies after the country's election, Bloomberg reported. More tax revenue would pay for the war in Ukraine and fund some social programs. AdvertisementVladimir Putin could raise taxes after the presidential election this month to keep the money flowing to pay for the country's war in Ukraine. Russia's hefty spending on the Ukraine war since February 2022 is siphoning resources from the broader economy, with a 7.4% inflation rate and collapsing direct investment. Economists have warned that the country's economy cannot sustain the costs of either winning or losing the war in Ukraine.

Persons: Putin, —, Vladimir Putin, outflows Organizations: Bloomberg, Service, Bloomberg Economics, Kremlin, Finance Ministry Locations: Ukraine, Russian

☆ China doubles down on manufacturing, leaving real estate behind
▼ + stars: | 2024-03-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China News Service | China News Service | Getty ImagesBEIJING — China revealed this week it aims to spend more than a billion dollars to bolster manufacturing and domestic tech in a bid to remain globally competitive, while divulging little new support for the struggling real estate market. Industrial support clearly ranked first on Beijing's priority list for the year ahead, according to three major plans released this week as part of China's annual parliamentary meetings. Chinese authorities in 2020 intensified a crackdown on real estate developers' high reliance on debt for growth. Within that second priority, the finance ministry said it would allocate 31.3 billion yuan for improving vocational education. The government work report presented by Premier Li Qiang gave real estate a similar level of prominence.

Persons: Frederic Neumann, Li Qiang Organizations: Seres, China News Service, Getty, Ministry of Finance, HSBC, UBS, National Development, Reform Commission Locations: Chongqing, China, BEIJING, Asia, Beijing, U.S

☆ Russia played a card that nearly doubled its energy revenues in February
▼ + stars: | 2024-03-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's February oil and gas revenues jumped by over 80% from a year ago. AdvertisementRussia played a card that nearly doubled its energy revenues ahead of the presidential elections later this month. In February, Russia raked in 945.6 billion rubles, or $10.4 billion, in oil and gas revenues, according to data from the country's Finance Ministry published on Tuesday. That's compared to 521.2 billion rubles in February 2023. This means the energy giant's takings from oil and gas jumped over 80% from a year ago, according to Bloomberg's records.

Persons: —, That's Organizations: Service, country's Finance, Business Locations: Russia, Ukraine

☆ 2024 is already straining the seams of China and Russia's 'no limits' partnership
▼ + stars: | 2024-02-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

AdvertisementRussia's finance ministry has been discussing yuan loans with its China counterparts — but a delayed decision suggests the two countries' "no limits" partnership may be under strain. Russian Finance Minister Anton Siluanov told RIA state news agency in an interview published on Monday that Russia is discussing the issue with Chinese authorities. Russia's finance ministry did not immediately respond to a request for comment from Business Insider. However, two years after Russia started its ongoing war in Ukraine, Russia and China appear to be continuing to conduct business as usual. Three of China's Big Four state banks have halted payments from sanctioned Russian financial institutions, Russia's Izvestia news outlet reported on February 21.

Persons: Anton Siluanov, Siluanov, Vladimir Putin, Dong Jinyue, SCMP Organizations: China, Russian, Business, Beijing, Street, China Morning Post, BBVA Research, Russia Locations: Russia, China, Moscow, Ukraine, Madrid, Russian

☆ Nigeria customs confirms deaths in stampede for discounted rice
▼ + stars: | 2024-02-27 | by ( Nimi Princewill | ) edition.cnn.com time to read: +3 min

Abuja, Nigeria CNN —The Nigeria Customs Service has paused the sale of seized bags of rice to needy residents amid growing hunger in the country, after confirming people were trampled to death during a deadly crowd surge at its Lagos office Friday. “The crowd became desperate and charged through our barricades in search of rice bags inside emptied containers. Nigeria is battling one of its worst cost-of-living crises that has seen inflation rise to nearly 30% - the highest in 30 years. ‘End hunger’ protestsFresh protests broke out on Tuesday as labor unions mobilized for nationwide demonstrations to rail against the economic hardships. The government also endorsed a 2012 recommendation from a presidential committee that recommended cuts to government staffing levels.

Persons: Abdullahi Maiwada, regrettably, ” Maiwada, EndHungerProtest, Bola Tinubu, Tinubu Organizations: Nigeria CNN —, Nigeria Customs Service, World Bank Locations: Abuja, Nigeria, Lagos, Africa’s, West, India

☆ The Kremlin has never been richer – thanks to a US strategic partner
▼ + stars: | 2024-02-19 | by ( Nick Paton Walsh | Florence Davey-Attlee | ) edition.cnn.com time to read: +9 min

It amounts to US strategic partner New Delhi stepping in to replace crude purchases by Western buyers, reduced by sanctions over Russia’s invasion of Ukraine, the analysis said. The United States led a coalition of countries in late 2022 that agreed to a “price cap,” undertaking not to buy Russian crude above $60 a barrel. Those nations also forbade their shipping companies and insurance firms – key players in global shipping – from facilitating the trade of Russian crude above that price. “The price cap was the real trigger for the creation of the shadow fleet,” said Viktor Katona, head of crude oil analysis at trade research firm Kpler. It will be $150.”India’s complex role in global oil trade is also reflected in the fate of the oil products Russian crude is turned into.

Persons: they’re, ”, David Tannenbaum, Viktor Katona, Tannenbaum, ” Ami Daniel, Vladimir Putin, Howard Shatz, Singh Puri, Rosneft, Daniel, I’m Organizations: CNN, Centre for Research, Energy, Clean, Star, Pole Star, US Treasury, United, Pole Star Global, European Union, RAND, India’s, Petroleum, Natural Gas, CNBC, Nayara, Kremlin Locations: Russia, Ukraine, India, United States, Delhi, Moscow, Laconian Gulf, Greece, Suez, Russian, Kyiv, Vadinar

☆ How Russia has avoided bankrupting itself after 2 years of waging war in Ukraine
▼ + stars: | 2024-02-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +9 min

1: By waging war outside its own bordersOne critical reason Russia's economy is still ticking is because of the location of the war. AdvertisementConsider the impact of the war on the economies of both Russia and Ukraine. In 2022, the first year of the war, Russia's economy contracted 1.2%, according to official statistics. Russia was facing a demographic crisis with a declining population and falling fertility rate even before its war with Ukraine. 4: By stimulating and steadying its economy with subsidies and policiesGovernment subsidies, spending, and policies are also propping up Russia's economy.

Persons: —, Hassan Malik, Loomis Sayles, it's, Malik, Vladimir Putin's, Sergei Guriev, Malik isn't, Alex Isakov, Putin, Alexandra Prokopenko Organizations: Service, Business, Reuters, US, Exchange, European Bank for Reconstruction, Bloomberg Economics, Vienna Institute for International Economic Studies Locations: Russia, Moscow, Boston, Crimea, Ukraine, Russian, China, India, Austrian

☆ India’s main opposition party says tax authorities have frozen its funds, weeks before nationwide election
▼ + stars: | 2024-02-16 | by ( Rhea Mogul | Vedika Sud | ) edition.cnn.com time to read: +2 min

New Delhi CNN —India’s main opposition party, the Indian National Congress, said Friday that its bank accounts had been frozen by federal tax authorities, just weeks before an expected nationwide election. He added that the Income Tax Department had issued a payment demand for 2.1 billion rupees ($25.3 million) in connection to the ongoing probe. Maken said the action taken against his party was equivalent to “freezing our democracy.”“The Congress party’s bank accounts haven’t been frozen. CNN has reached out to India’s Income Tax Department and Finance Ministry, and multiple leaders within the Congress Party for further comment. The Congress Party, a once formidable force in Indian politics, has been languishing in the polls since Modi rose to power a decade ago.

Persons: Ajay Maken, Maken, ”, “, Vivek Tankha, Tankha, Mallikarjun Kharge, Narendra Modi’s, Rahul Gandhi, Rajiv Gandhi, Gandhi, Modi, Modi’s Organizations: New, New Delhi CNN, India’s, Indian National Congress, Income, Department, Party, CNN, Finance Ministry, Congress Party, ” Allies, Bharatiya Janata Party, BJP, Former, Indian, Modi’s BJP Locations: New Delhi, India

☆ UN Agency Says Aid Shipment Blocked in Israeli Port
▼ + stars: | 2024-02-11 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

JERUSALEM (Reuters) - The main United Nations agency providing aid to Palestinians in Gaza is facing growing administrative hurdles from Israel, with a shipment amounting to a month's supply of food blocked in port, the agency's chief said. UNRWA has dismissed staff accused of involvement in the attack and launched an investigation. He said UNRWA had been informed by a contractor that provided handling services in the port of Ashdod that it could no longer continue working with UNRWA, following instructions from the Israeli authorities. Last week, Israeli Finance Minister Bezalel Smotrich announced on social media platform X that Israel was cancelling tax breaks previously offered to UNRWA. The decision was not formally communicated to the agency which only learned about it when the statement appeared on the platform, Lazzarini said.

Persons: Israel, Philippe Lazzarini, Lazzarini, Bezalel Smotrich, James Mackenzie, Steve Scheer Organizations: United Nations, United Nations Relief, Works Agency for Palestinian Refugees, UNRWA, Israel, West Bank Locations: JERUSALEM, Gaza, Israel, East, Ashdod, Turkey, East Jerusalem, Lebanon, Jordan, Syria

When Israel established a checkpoint near the Mousas' land a decade ago, the family converted their ancestral farm into a parking lot for Palestinian workers entering Israel. But the lot has been empty since Oct. 7, when Hamas militants attacked Israel from the Gaza Strip, and Israel, fearing more attacks, barred Palestinian workers from the West Bank from entering Israel. Before October, over 10,000 Palestinian workers crossed the checkpoint there daily, heading to Israeli construction sites and farms. An estimated 200,000 Palestinians worked in Israel and Israeli settlements before the war, according to the Israeli workers' hotline Kav LaOved. The Palestinian economy in the West Bank contracted by over a fifth in the last quarter of 2023, according to the Palestinian economic ministry.

Persons: Mohammed Mousa’s, They've, Israel, “ I've, Mousa, “, Alaa Mousa, Ahmad Srour, ”, Srour, “ We’ve, we’ve, Nidal Khawaja, Khawaja, Israel's, Bezalel Smotrich, Khalid Al, Esseily, Khalidi, Raul Sargo, Mohammed Mousa Organizations: West Bank, —, Palestinian Authority, Bank, World Bank, Palestinian Economic Ministry, Palestinian, Associated Press, Israel, Israel's Finance Ministry, Israeli Builders Association Locations: West Bank, Nilin, Israel, Gaza, Palestinian, U.S, israel

A man exercises in a gym near a barcode for Paytm, an Indian cellphone-based digital payment platform, in New Delhi on November 18, 2021. The Indian Finance Ministry, the RBI and Paytm did not immediately respond to CNBC's requests for comment. A Paytm spokesperson has denied any violation of foreign exchange laws, calling them "unfounded and factually incorrect," according to Reuters. The shares saw a massive three-day sell-off following the RBI's order last week which wiped out more than $2.5 billion in value, before a subsequent bounce. Earlier in the week, Indian billionaire Mukesh Ambani's Jio Financial Services denied media reports it was buying Paytm's wallet business.

Persons: Paytm, It's, Vijay Shekhar Sharma, Nirmala Sitharaman, Sharma, Mukesh Ambani's Organizations: Reserve Bank of, CNBC, Reuters, Indian Finance Ministry, One97 Communications, India's National Stock Exchange, Financial Services Locations: New Delhi, Reserve Bank of India

BERLIN (AP) — Germany's state-owned development bank has sold shares in the company that owns the national postal service for about 2.17 billion euros ($2.3 billion), reducing the government's stake and raising money to help finance improvements to the country's rail network. The sale cuts the state's stake in DHL to 16.5%, though it is still the largest single shareholder. The proceeds are to be used to strengthen the capital of Germany's main railway operator, the state-owned Deutsche Bahn, to help it upgrade railway infrastructure, the Finance Ministry said Wednesday. The government is turning to privatization proceeds to help finance improvements to the rail network after a court ruling forced it to plug a big hole in this year's budget and reconsider its wider financial plans. The maneuver ran afoul of Germany’s strict self-imposed limits on running up debt.

Organizations: BERLIN, —, Deutsche, DHL Group, DHL, Deutsche Bahn, Finance Ministry Locations: — Germany's, Germany's

☆ China expresses concerns to U.S. over tariffs, sanctions in Beijing talks
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

China's financial officials expressed concerns to visiting U.S. Treasury officials about U.S. tariffs, investment restrictions and sanctions set up to "suppress" Chinese companies, the Chinese finance ministry said on Tuesday. China's financial officials expressed concerns to visiting U.S. Treasury officials about U.S. tariffs, investment restrictions and sanctions set up to "suppress" Chinese companies, the Chinese finance ministry said on Tuesday. Both sides had "in-depth, frank, pragmatic and constructive" exchanges on their macroeconomic situation and policy, and developing countries' debt, among other issues in the meetings this week in Beijing, the ministry said. They agreed to continue to maintain communications, it added. In a separate meeting, China's vice premier He Lifeng also met with U.S. Treasury Undersecretary for International Affairs Jay Shambaugh on Tuesday, China's official Xinhua news agency reported.

Persons: Lifeng, International Affairs Jay Shambaugh Organizations: U.S, Treasury, International Affairs, China's, Xinhua Locations: Beijing

☆ Russia's wartime economy is flush with resources and is weathering Western sanctions, European economist says
▼ + stars: | 2024-02-07 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Economists have said Russia's economy is in rapid decline, evidenced by the plunge in the ruble and soaring inflation. Russia's only problem appears to be its worker shortage, Santi says. AdvertisementEconomists are divided over whether Western sanctions have successfully crimped Russia's economy, or if Moscow has managed to sidestep most of the consequences. Russia, for its part, has put up a show of defiance against Western sanctions, with Putin repeatedly emphasizing the resilience of the economy. In January, the Kremlin's budget deficit was five times smaller than it was last year, Russia's finance ministry said on Wednesday.

Persons: —, Michael Santi, Santi, Putin Organizations: Service, Business, Gallup, Bloomberg, Carnegie Endowment Locations: Moscow, Ukraine, European, Russia, Switzerland, Armenia, Serbia, Kazakhstan, Europe

☆ Factbox-Policy Pledges of Indonesia's Presidential Candidates
▼ + stars: | 2024-02-06 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +5 min

(Reuters) - Three candidates are running in Indonesia's presidential election on Feb. 14. The following is a summary of policy objectives they have pledged while campaigning. ANIES BASWEDAN- Target 5.5%-6.5% average annual economic growth from 2025-2029- Create 15 million jobs, including 'green' jobs- Raise the tax-to-GDP ratio from 10.4% in 2022 to 13%-16% by 2029- Target annual inflation of 2%-3% from 2025-2029- Offer incentives for renewable energy projects- Impose a carbon tax with proceeds to be used as an endowment fund to finance development of renewable energy- Increase the 'village fund' to 5 billion rupiah ($317,965) for each village, from the current 1 billion rupiah. - Widen access to global markets for palm oil farmers- Strengthen free trade agreements and Indonesia's role in international financial institutions- Minimise imports of staple foods- Create 2 million new affordable housing units, including for informal workers, youth- Expedite forest conservation and rehabilitation projects- Limit new construction of, and retire existing coal-fired power plants, especially in Java, Bali islands- Review debt of state-owned enterprises, continue debt restructuring programme- Revise Jobs Creation Law with goal to ensure fair wages for workers- Evaluate the $32 billion new capital city project- Evaluate food estate programme, replacing it with contract farming, a scheme to ensure farm products will be sold- Impose a wealth tax on Indonesia's 100 richest people- Audit the nickel industry with focus on its impact on the environment and ensuring welfare of domestic workers- Strengthen the anti-corruption agency by revising the law that regulates it- Ease permitting requirements for building places of worshipGANJAR PRANOWO- Continue programmes of outgoing President Joko Widodo's administration- Target average annual economic growth of 7%- Create 17 million new jobs- Expedite construction of new capital city- Increase the defence budget as a percentage of gross domestic product (GDP) to between 1%-2%, from about 0.8% presently. Modernise military hardware- Target 30% share for renewable sources in energy mix by 2029- Allow more renewable energy producers to use electricity grids of state utility firms to boost green energy adoption- Set up a dedicated ministry for the palm oil sector- Maintain moratorium on deforestation, accelerate reforestation programmes- Create digital tax collection system under the new tax agency separated from finance ministry- Limit permit issuance of new nickel smelter to avoid a further oversupply- Expand social welfare to cover 15 million families, up from 10 million currently- Provide funding to ensure at least one member of a poor family receives education until college- Strengthen national anti-corruption agency- Maintain foreign policy of non-alignment- Strengthen Indonesia's commitment to support fight of Palestinian people- Revitalise the Association of Southeast Asian Nations and its decision-making process, especially regarding South China Sea disputes.

Persons: ANIES, GANJAR, Joko Widodo's, PRABOWO, Joko, Stanley Widianto, Ananda Teresia, Stefanno Sulaiman, Bernadette Christina Munthe, Martin Petty Organizations: Reuters, Association of Southeast Asian Nations Locations: Java, Bali, South

☆ Russians are freezing as Soviet-era infrastructure in the country crumbles —and Moscow keeps spending on war
▼ + stars: | 2024-02-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Heating systems are breaking down in Russia's harsh winter, leaving many people freezing. Much of Russia's Soviet-era infrastructure needs modernizing. AdvertisementHeating systems are breaking down in Russia's harsh winter, leaving many people freezing as Moscow continues to spend on its war in Ukraine. The brutal conditions are made worse because Russia's infrastructure is poorly maintained, with many of its facilitates dating from the Soviet era, according to media reports. About 40% of the communal heating grid in the country needs to be replaced urgently, she added.

Persons: —, Svetlana Razvorotneva, Vladimir Putin, Denis Volkov, ” Organizations: Service, Financial Times, Reuters, “, Levada Center Locations: Russia, Moscow, Ukraine, Siberia, Soviet, St . Petersburg, The, Russian, Nizhny Novgorod

ISTANBUL (AP) — Turkey has seen its fifth central bank leader depart in as many years as Hafize Gaye Erkan, the first woman in the top role, stepped down after just eight months in the job. Photos You Should See View All 45 ImagesHere are key things to know about the central bank shakeup and what it means for Turkey's battered economy:WHY IS THERE A NEW CENTRAL BANK LEADER? Erkan resigned after weeks of media stories about her father’s undue influence in the central bank’s Istanbul office. Previous changes in central bank leadership has seen Erdogan row back on efforts to bring inflation under control through interest rate hikes. He was brought in as the bank’s deputy head at the same time Simsek took over the Finance Ministry and Erkan was appointed to lead the central bank.

Persons: Hafize Gaye Erkan, Goldman Sachs, Recep Tayyip Erdogan, — Erkan, ”, Fatih Karahan, Mehmet Simsek, Erdogan, Erkan, Karahan, Simsek's, Simsek, Liam Peach, Selcuki, ” “ It’s, ” Selcuki Organizations: —, Finance, WHO, FATIH, Finance Ministry, University of Pennsylvania, Federal Reserve Bank of New, Amazon, Capital Economics, Istanbul Economy Research Locations: ISTANBUL, — Turkey, Turkey, Istanbul, Simsek, U.S, Federal Reserve Bank of New York, Columbia, New York, Ankara

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