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Search resuls for: "Minister Christian Lindner"


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REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBERLIN, Nov 17 (Reuters) - Germany's lower house of parliament on Friday passed the Financing for the Future Act, to promote start-ups and improve access to capital markets. In the future, companies will be allowed to go public with a minimum market capitalization of one million euros instead of the previous 1.25 million. According to earlier statements by the government, the law will lead to annual tax revenue losses of almost one billion euros from 2026. The Future of Financing Act increases the tax allowance for employee share ownership to 2,000 euros from 1,440 euros. The package, called the Growth Opportunities Act, provides for tax relief of around 7 billion euros ($7.6 billion) a year from 2024, and a total of over 32 billion euros until 2028.
Persons: Fabian Bimmer, Christian Lindner, Lennard Oehl, Christian Kraemer, Maria Martinez, William Maclean Organizations: REUTERS, Rights, Global, Germany's, SPD, Thomson Locations: Hamburg, Germany, Silicon Valley
The economy and finance ministry declined immediate comment. "So the ruling could have a negative impact on economic growth," the source added. Last month, the economy ministry predicted 1.3% growth for next year. Although the Greens want additional spending, the Free Democrats (FDP), which heads the finance ministry, reject additional debt and higher taxes. "There is a clear political decision in favour of Intel and nothing has changed yet," said an economy ministry spokesperson on Friday.
Persons: Liesa, Olaf Scholz's, Christian Lindner, Chancellor Olaf Scholz's, Joerg Kraemer, Robert Habeck, Habeck, Friedrich Merz, Christian Haase, Commerzbank's Kraemer, Maria Martinez, Andreas Rinke, Holger Hansen, Christian Kraemer, Madeline Chambers, Matthias Williams, Clarence Fernandez, Gerry Doyle, David Evans Organizations: REUTERS, Rights, Thursday, Greens, Free Democrats, Transformation, Intel, U.S, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Europe's
BERLIN, GERMANY - NOVEMBER 15: German Finance Minister Christian Lindner gives a statement to the media at the Chancellery following the weekly government cabinet meeting on November 15, 2023 in Berlin, Germany. (Photo by Sean Gallup/Getty Images)Germany on Friday approved a package of key reforms to its capital markets frameworks to help its technology industry compete with Silicon Valley. The reforms, which have been in the works for sometime, had been widely expected. Some of the major changes will be to employee stock options plans, which allow companies to hand a slice of the business to their employees. Index has invested in a number of high-profile German tech startups, including human resources software firm Personio and financial service startup Raisin.
Persons: Christian Lindner, Sean Gallup, Martin Mignot, Mignot Organizations: German Finance, German, Court, Getty, Ventures Locations: BERLIN, GERMANY, Berlin, Germany, Silicon, Europe
Underscoring the frustration, Economy Minister Robert Habeck, a member of the pro-spending Greens, called the verdict "a huge blow to industrial policy". Speaking to parliament, Habeck warned the court ruling put at risk support for the steel sector, which is counting on subsidies to decarbonise and stay competitive. Finance Minister Christian Lindner meanwhile said it was too early to discuss the consequences of the court ruling. "The steel industry alone can contribute to reducing a third of total industrial emissions - and thus has enormous leverage to save millions of tons of CO2 in the coming years." "The political bottom line is that many coalition disputes will reopen as serious budget constraints kick in.
Persons: Olaf Scholz, Christian Lindner, Robert Habeck, BERLIN, Wednesday's, Chancellor Olaf Scholz, Habeck, Yesenn, DBRS Morningstar, hawkish Lindner, Lindner, Bernhard Osburg, Carsten Brzeski, Eurointelligence, Maria Martinez, Christian Kraemer, Andreas Rinke, Markus Wacket, Tom Kaeckenhoff, Matthias Williams, Alexandra Hudson, Susan Fenton Organizations: Finance, Climate, Economy, Greens, CHANGE, Budget, European Central Bank, Thomson Locations: United States, Berlin, Germany
[1/3] FILE PHOTO: German Chancellor Olaf Scholz looks on as he meets NATO's Secretary General Jens Stoltenberg in Berlin, Germany, November 9, 2023. Wednesday's decision by the constitutional court could also set a precedent for fiscal responses to future crises. "FAR-REACHING CONSEQUENCES""The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void.
Persons: Olaf Scholz, Jens Stoltenberg, Liesa, Chancellor Olaf Scholz's, Christian Lindner, Lindner, Scholz, Robert Habeck, Clemens Fuest, Ralph Solveen, Habeck, Friedrich Merz, Maria Martinez, Christian Kraemer, Ursula Knapp, Matthias Williams, Kirsti Knolle, Madeline Chambers, Susan Fenton, William Maclean, Catherine Evans Organizations: REUTERS, Rights, Finance, Union, Social Democrats, Free Democrats, Christian Democratic Union, Thomson Locations: Berlin, Germany, Ukraine
German Court deals blow to Scholz government with budget ruling
  + stars: | 2023-11-15 | by ( ) www.cnbc.com   time to read: +1 min
Germany's constitutional court ruled on Wednesday that the government's re-allocation of 60 billion euros ($65 billion) of unused debt from the pandemic era to a climate fund was illegal, dealing a blow to Chancellor Olaf Scholz's coalition. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void. In addition, the government changed the accounting principal by which borrowing counted against the budget deficit in the year the borrowing was actually done. "The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute.
Persons: Chancellor Olaf Scholz's, Christian Lindner, Clemens Fuest Organizations: Social Democrats, Greens, Free Democrats Locations: Germany
And now Ben Hammou faces another blow as the German government moves to end pandemic-era tax breaks for the hospitality industry. The fiscally hawkish FDP party, which has control of the finance ministry in the three-way ruling coalition, backs letting the tax break expire, calculating that it would cost 3.3 billion euros ($3.5 billion) to keep it going in 2024. Many restaurants operate on tight margins, which makes them quite sensitive to tax increases. In Spain, Italy and France, the VAT on restaurants is at 10%, considerably lower than the expected 19% in Germany from 2024. The question is whether German restaurants are still struggling or have recovered well enough from the pandemic to withstand having the tax break removed, according to Tomas Dvorak, senior economist at Oxford Economics.
Persons: Omar Ben Hammou, Ben Hammou, Christian Lindner, Guido Zoellick, Thijs Geijer, Ingrid Hartges, DEHOGA, Steffen Marx, Tomas Dvorak, Maria Martinez, Christian Kraemer, Tanja Daube, Ulrike Heil, Belen Carreno, Giselda Vagnoni, Thomas Leigh, Matthias Williams, Hugh Lawson Organizations: Restaurant Association, ING, Reuters, Oxford Economics, Thomson Locations: Bavaria, BERLIN, Berlin, Russia, Ukraine, COVID, Spain, Italy, France, Germany, Munich, Madrid, Rome, Paris
Germany risks letting a good crisis go to waste
  + stars: | 2023-10-03 | by ( Pierre Briancon | ) www.reuters.com   time to read: +8 min
Germany, the European Union’s largest economy and its traditional growth engine, is headed towards a contraction this year. Exports account for more than half of Germany’s GDP, compared to just a third in France and 37% in Italy, according to the World Bank. Germany’s growth potential is estimated at an annual 0.7% over the medium term by the Scope rating agency, about half the euro zone average. Exempting net public investment from the debt brake rule would help to reverse years of underspending. Unless they do, Europe’s leading economy risks letting a good crisis go to waste.
Persons: , Hubertus Bardt, Germany’s, Carsten Brzeski, Oliver Rakau, Chancellor Olaf Scholz, Christian Lindner’s, Sebastian Dullien, Scholz, Destatis, Francesco Guerrera, Streisand Neto Organizations: Reuters, World Bank, EU, International Monetary Fund, Reuters Graphics Reuters, German Economic Institute, ING, Oxford Economics, BASF, Finance, Christian Democrats, Thomson Locations: Germany, Berlin, France, Italy, China –, Spain, Weimar Republic, China, Ukraine
German Finance Minister Christian Lindner speaks during a session of the lower house of parliament, Bundestag, at the Reichstag building, in Berlin, Germany September 27, 2023. REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsBERLIN, Oct 1 (Reuters) - Germany has welcomed a show of support from China for the G20 debt restructuring framework for poorer countries in a joint statement after their financial dialogue in Frankfurt over the weekend. Neither provided further details on the rules for the restructuring plans and the joint statement did not give specifics. "This creates opportunities on both sides for more responsible trade and investment," German Finance Minister Christian Lindner said on Sunday. The meeting took place in Frankfurt, as Germany want to further strengthen this city as an European hub for financial services, the finance minister said.
Persons: Christian Lindner, Liesa, Sunday's, Lindner, ” Lindner, Maria Martinez, Alison Williams Organizations: Bundestag, REUTERS, Rights, Reuters, Thomson Locations: Berlin, Germany, China, Frankfurt, Africa, Asia, Beijing, European
German Finance Minister Christian Lindner speaks during a plenum session of the lower house of parliament, Bundestag, to present the 2024 budget and financial planning of the Federal Government, in Berlin, Germany September 5, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Sept 15 (Reuters) - German Finance Minister Christian Lindner said at the informal EU finance ministers meeting on Friday that a decision is not expected this week on who will become European Investment Bank (EIB) president. "There are several well-qualified candidates, for example our host today, Nadia Calvino," Lindner said before the meeting of euro zone finance ministers. Lindner said the German government hasn't made a decision yet on which candidate to back, "but we have a clear picture of how the EIB should develop." Lindner said the bank should keep its AAA rating: "Sound banking is essential for us."
Persons: Christian Lindner, Annegret, Nadia Calvino, " Lindner, Lindner, hasn't, Maria Martinez, Miranda Murray Organizations: Bundestag, Federal Government, REUTERS, SANTIAGO DE, German Finance, European Investment Bank, AAA, Thomson Locations: Berlin, Germany, SANTIAGO, SANTIAGO DE COMPOSTELA
The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Also interested are the politically non-affiliated Italian central banker Daniele Franco, Poland's right-wing former Finance Minister and current EIB Vice President Teresa Czerwinska, and Sweden's socialist former Energy Minister and also current EIB Vice President Thomas Ostros. "We can say we are really spoilt for choice because all the candidates are excellent," German Finance Minister Christian Lindner told reporters on Thursday. The EIB is the lending arm of the EU and is active in 160 countries offering loans, guarantees, equity investments and advisory services. Germany's Deputy Central Bank Governor Claudia Buch and her Spanish counterpart Margarita Delgado are both in the running.
Persons: Eric Vidal, Vincent van Peteghem, Germany's Werner Hoyer, Margrethe Vestager, Nadia Calvino, Daniele Franco, Poland's, Teresa Czerwinska, Thomas Ostros, Christian Lindner, Central Bank Governor Claudia Buch, Margarita Delgado, Buch, Vestager, Emmanuel Macron, Richard Chang Organizations: European Investment Bank, Reuters, Rights, Belgian, Union, European Commission, Finance, Energy, European Central Bank, Germany's, Central Bank Governor, SSM, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Spanish, EU, Paris, Spain
REUTERS/Michael Dalder/File photo Acquire Licensing RightsBERLIN, Sept 5 (Reuters) - More than half of Germans believe work is not worthwhile after the government's planned increase in welfare payments and child benefits, a survey showed on Tuesday. Welfare payments, dubbed "citizens' money", for more than 5.5 million jobless in Germany will rise to 563 euros ($605.06)from 502 euros per month for single people from next year. They will receive up to 636 euros per month for their first child and another 530 euros for every other child. Germans are divided whether the increase in welfare payments is justified with 45% in favour and 44% against it, the survey of 1005 respondents showed. Finance Minister Christian Lindner said last week in a presentation on the basic child allowance that benefits should not discourage people from working.
Persons: Michael Dalder, it's, pollster INSA, Christian Lindner, Lindner, Riham Alkousaa, Maria Martinez, Alexandra Hudson Organizations: REUTERS, Rights, Bild, Finance, Alexandra Hudson Our, Thomson Locations: Munich, Germany
REUTERS/Lisi Niesner Acquire Licensing RightsMESEBERG, Germany, Aug 29 (Reuters) - Germany's coalition on Tuesday set aside weeks of squabbling to agree to a total of 32 billion euros ($34.63 billion) in corporate tax cuts over four years to boost the flagging economy. "The German economy can do more." The German economy stagnated in the second quarter, showing no sign of recovery from a winter recession and cementing its position as one of the world's weakest major economies. An agreement was reached on Tuesday when the two sides agreed to cut the planned Child Basic Insurance to just over two billion euros. A government document seen by Reuters showed subsidies are set to almost double to 67.1 billion euros next year compared to 2021.
Persons: Olaf Scholz, Lisi Niesner, Finance Minister Christian Lindner, Lisa Paus, Lindner, Forsa, Scholz, Matthias Williams, Christian Kraemer, Thomas Escritt, Tomasz Janowski, Ed Osmond, Barbara Lewis Organizations: Schloss, REUTERS, Reuters, Finance Minister, Greens Family, Insurance, stoke, Thomson Locations: Schloss Meseberg, Gransee, Germany, Berlin
The Ifo institute said on Friday that its business climate index stood at 85.7, down from 87.4 in July. Reuters Graphics"The German economy is not out of the woods yet," Ifo president Clemens Fuest said. The economy then posted zero growth in the second quarter compared to the previous three months, separate data from the statistics office showed on Friday. The Ifo survey showed sentiment among German managers had become more pessimistic across all sectors in August. The Ifo survey chimed with flash PMI data released on Wednesday, which showed that German business activity contracted at the fastest pace for more than three years in August.
Persons: Annegret, Clemens Fuest, Christian Lindner, Klaus Wohlrabe, Claus Niegsch, Niegsch, Andrew Kenningham, Carsten Brzeski, Maria Martinez, Friederike Heine, Mark Potter, John Stonestreet Organizations: REUTERS, Reuters, . Finance, DZ Bank, Reuters Graphics, Capital Economics, Thomson Locations: Berlin, Germany, BERLIN, Europe
Factbox: European countries imposing windfall taxes on banks
  + stars: | 2023-08-08 | by ( ) www.reuters.com   time to read: +4 min
But he and Finance Minister Bruno Le Maire have ruled out the possibility of a windfall tax. HUNGARYHungary's government has tweaked windfall taxes imposed on key sectors of the economy in a decree published in June, saying banks can reduce their 2024 windfall tax payments by up to 50% if they increase their Hungarian government bond purchases. ITALYItaly approved on Aug. 8 a one-off 40% tax on profits banks reap from higher interest rates and it plans to use the proceeds to help mortgage holders. LITHUANIALithuania's parliament approved in May a windfall tax on the banking industry's net interest income for 2023 and 2024 following a sharp rise in European Central Bank interest rates. It is expected to raise 6 billion Swedish crowns a year.
Persons: Ralph Orlowski, Emmanuel Macron, Bruno Le Maire, Christian Lindner, Alessandro Parodi, Matteo Allievi, Olivier Sorgho, Silvia Aloisi, Tom Sims, Holger Hansen, Marta Frąckowiak, Alexander Smith Organizations: Germany's Deutsche Bank, REUTERS, Finance, HUNGARY Hungary's, European Central Bank, Swedish Government, Thomson Locations: Frankfurt, Germany, Italy, CZECH REPUBLIC, Czech, France, GERMANY, HUNGARY, ITALY Italy, LITHUANIA, SPAIN Spain, SWEDEN, Britain
EU has to come clean on costs of green transition
  + stars: | 2023-07-18 | by ( Pierre Briancon | ) www.reuters.com   time to read: +8 min
European Union governments have agreed on the strategy, but they tend to paper over the short-term economic costs of the green transition. French economist Jean Pisani-Ferry has compared the impact of the green transition to an economic shock equivalent to the sharp spikes in oil prices in the 1970s. But unlike previous shocks triggered by geopolitical instability or trade wars, the green transition has been initiated and managed by governments, and largely financed by them. Germany looks like the country most able to afford the green transition, but its over-emphasis on regulation on environmental matters is running into fierce opposition. On Sunday Paolo Gentiloni, the EU economy commissioner, told the Financial Times that Europe will have to fund its own industrial green transition.
Persons: Jean Pisani, won’t, Pisani, Selma Mahfouz, Paolo Gentiloni, Bruno Le Maire, Christian Lindner, Keir Starmer, , Francesco Guerrera, Oliver Taslic Organizations: Reuters, Union, Reuters Graphics Reuters, International Energy Agency, Ferry, Social Democrats, Greens, Opposition, Financial Times, French Finance, German, Labour Party, Twitter, Southern, European Commission, Deal, Zero, Thomson Locations: Europe, France, Italy, Germany, EU, Paris, Southern Europe, Spain, Greece
BERLIN, July 1(Reuters) - Germany's coalition government is at odds over whether to bow to British pressure and approve the production of Eurofighter Typhoon fighter jets for Saudi Arabia, the newspaper Welt Am Sonntag reported on Saturday, citing anonymous sources. A third of the components for the jets come from Germany, industry sources told Reuters at the time. Since the rapprochement of Saudi Arabia and Iran, which could end their proxy war in Yemen, the British have argued that Germany cannot block the export of Eurofighter jets to third parties. A spokesperson for the Chancellery declined to comment to Welt am Sonntag. Reporting by Sabine Siebold; Writing by Victoria Waldersee; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
Persons: Chancellor Olaf Scholz, Christian Lindner, Jamal Khashoggi, Angela Merkel, Sabine Siebold, Victoria Waldersee, Jonathan Oatis Organizations: Eurofighter Typhoon, BAE Systems, Reuters, Social Democrats, Finance, Greens, SPD, Eurofighter, Welt, Thomson Locations: BERLIN, Saudi Arabia, Riyadh, Yemen, Saudi, Germany, United States, France, Britain, Iran
June 15 (Reuters) - Intel (INTC.O) and the German government are close to an agreement for the chipmaker to receive 9.9 billion euros ($10.83 billion) in subsidies, up from a previously agreed 6.8 billion, Handelsblatt reported on Thursday, citing government sources. Final negotiations will take place this weekend, the newspaper reported, with Intel Chief Executive Pat Geisinger and government representatives to sign an agreement in Berlin on Monday. Intel and the economy ministry were not immediately available for comment outside working hours. The additional funds are to come from a budget under the responsibility of the economy minister, who campaigned heavily for the extra subsidies in the face of resistance from Finance Minister Christian Lindner, according to Handelsblatt. Intel, which announced last year it had picked the central German city of Magdeburg for a new chip-making complex, had raised its demand for subsidies to around 10 billion euros citing higher energy and construction costs.
Persons: Handelsblatt, Pat Geisinger, Christian Lindner, Victoria Waldersee, Barbara Lewis Organizations: Intel, Finance, Thomson Locations: Berlin, German, Magdeburg
REUTERS/Fabrizio BenschSummarySummary Companies Germany unveils first ever National Security StrategyDocument reflects growing focus on security over economyContains strong criticism of China but does not mention TaiwanImplementation could be hampered by lack of Security CouncilBERLIN, June 14 (Reuters) - China poses a growing threat to global security, Germany said in its first national security strategy on Wednesday, underscoring Berlin's shift in emphasis from economic interests to geopolitics following Russia's invasion of Ukraine. It also omits some major issues, such as Taiwan, and as expected, does not create a National Security Council that would help its implementation. "We paid for every cubic metre of Russian gas twofold and threefold with our national security." Russia is the top threat to European peace "for now", the National Security Strategy (NSS) said. "The good thing is that German companies are drawing similar conclusions to the German federal government," she said.
Persons: Olaf Scholz, Fabrizio Bensch, cyberattacks, Chancellor Olaf Scholz, Annalena Baerbock, Ola Kaellenius, Baerbock, Noah Barkin, Norbert Roettgen, Scholz, Christian Lindner, Andreas Rinke, Miranda Murray, Rachel More, Madeline Chambers, Christoph Steitz, Angus MacSwan, Mark Potter, Alexandra Hudson Organizations: REUTERS, Germany, Security, BERLIN, Security Council, National Security, NSS, Volkswagen, BASF, BMW, Benz, NATO, Alexandra Hudson Our, Thomson Locations: Berlin, Germany, China, Taiwan, Ukraine, Beijing, Asia, Russia, Moscow, Europe, Moldova, Georgia
June 11 (Reuters) - Germany's Finance Minister Christian Lindner is refusing Intel's (INTC.O) demands for higher subsidies for a 17-billion-euro ($18-billion) chip plant, saying the country could not afford it, the Financial Times reported on Sunday. "There is no more money available in the budget," the newspaper quoted Lindner as saying in an interview. The company was due to receive 6.8 billion euros in government support for its fabrication plant in Germany. However, due to higher energy and construction costs, it is now demanding about 10 billion euros, the newspaper reported. ($1 = 0.9305 euros)Reporting by Anirudh Saligrama in Bengaluru; Editing by Michael Perry and William MallardOur Standards: The Thomson Reuters Trust Principles.
Persons: Christian Lindner, Lindner, Taiwan's TSMC, Anirudh, Michael Perry, William Mallard Organizations: Germany's Finance, Financial Times, Intel, Thomson Locations: Germany, German, Magdeburg, Europe, Ireland, Italy, France, U.S, Bengaluru
London generated $2 billion in venture capital funding in the first quarter of 2023, compared to Berlin's $800 million, a DEEP Ecosystems analysis of Dealroom data showed. Reuters Graphics Reuters GraphicsTOUGHER TIMESIn 2022, 501 startups were founded in Berlin, a fifth of Germany's total. About a fifth of openings at startups were vacant and more than half were struggling to fill posts, German Startups Association said. In Germany, it has been accompanied by the sharpest contraction in venture capital funding in Europe in the past 12 months, down 42%. The funding crunch is hitting Germany's push to encourage the growth of new renewables businesses, given manufacturing startups are particularly capital intensive.
Persons: Avitosh Sawhney, Christian, headwinds, Katharina Beck, Lindner, Maximilian Tayenthal, Christoph Stresing, Tobias Lechtenfeld, Chancellor Olaf Scholz's, Maria Martinez, Riham Alkousaa, Matthias Williams, Mark John, Edmund Blair Organizations: Wall, Greens, Reuters, Startup Heatmap, Reuters Graphics Reuters, Manpower, Association, European Central Bank, Tech, Zero Alliance, Free Democratic Party, Thomson Locations: Berlin, London, BERLIN, Paris, Germany, Europe
Debt conundrum gives Italy weak hand in EU talks
  + stars: | 2023-05-18 | by ( Lisa Jucca | ) www.reuters.com   time to read: +6 min
After inflation hit 40-year highs in the West last year, global rate-setters, including the European Central Bank, launched a dramatic series of interest rate hikes. Unless there is a sudden series of interest rate cuts, the cost of servicing Italy’s debt could stay well above 4% of GDP for years. To fight that, Meloni’s government will have to shrink the public deficit and bring Italy back to the healthy pre-pandemic habit of keeping a primary budgetary surplus excluding debt interest payments. As long as Italy’s debt is not spiralling out of control, markets won’t worry too much. Yet even if Meloni chooses a milder approach, Italy’s unresolved debt challenge risks giving her a weak negotiating hand in Brussels.
Although they remain relatively modest in value, German exports to Georgia rose by 92%, while those to Kazakhstan rose 136%, to Armenia 172% and to Tajikistan 154%. An 11th package of EU sanctions, currently being negotiated, will also focus on people and countries circumventing existing trade restrictions. "The circumvention of sanctions against Russia is unacceptable," German Finance Minister Christian Lindner said in Brussels on Tuesday. That came after a six-fold rise in German exports to Kyrgyzstan last year following Russia's February 2022 invasion of Ukraine. "But because Turkey does not participate in EU sanctions, EU goods are further exported from there to Russia."
[1/2] Japan's Finance Minister Shunichi Suzuki, Germany's Finance Minister Christian Lindner, Britain's Chancellor of the Exchequer Jeremy Hunt, Joachim Nagel, President of Germany's federal reserve... Read moreNIIGATA, Japan, May 13 (Reuters) - Finance ministers and central banks from the Group of Seven rich nations agreed the global financial system is resilient but the need for vigilance remains, Japan's finance minister Shunichi Suzuki said on Saturday. "We reaffirm that our financial system is resilient, supported by the financial regulatory reforms implemented after the 2008 global financial crisis, including considerable increases in the levels of bank capital and liquidity, an international framework for effectively resolving failing institutions, and strengthened cross-border regulatory and supervisory cooperation," it said. British finance minister Jeremy Hunt told reporters at a separate event that G7 finance chiefs in Japan had "very frank and open discussions" about the challenges they face, including banking regulation. The ministers have wrapped up a three-day meeting in the Japanese city of Niigata. Reporting by Tetsushi Kajimoto and Leika Kihara; Writing by David Dolan Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.
AMERICAS Debt cap tick-tock leaves eerie calm
  + stars: | 2023-05-12 | by ( ) www.reuters.com   time to read: +4 min
The issue dominated much of the G7 finance chiefs meeting in Japan. Dimon claimed any technical default could cause financial panic and JPMorgan had convened a 'war room' internally to deal with the issue. "It's very unfortunate, it's time-consuming, hopefully it won't happen, but it affects contracts, collateral, clearing houses, clients," Dimon said. Chinese stocks underperformed, with the G7 meeting mulling restrictions on investment to the world's second-biggest economy. Bank of England chief economist Huw Pill speaksReuters GraphicsJobless claimsReuters GraphicsReuters GraphicsBy Mike Dolan, editing by Christina Fincher, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.
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