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The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. The comments come after India's finance minister announced a plan this year to provide equity of 300 billion rupees ($3.6 billion) to help the big state oil refiners move towards cleaner energy. Based on rights issues previously announced by two other state refiners, an ONGC issue could amount to about 155 billion Indian rupees ($1.86 billion), Reuters calculations show. ONGC, HPCL and the oil and finance ministries did not immediately respond to requests for comment. India's other big state refiners, Indian Oil Corp (IOC.NS) and Bharat Petroleum Corp (BPCL.NS) have announced plans to launch rights issues of 220 billion and 180 billion rupees, respectively.

Persons: Amit Dave, ONGC, Nidhi Verma, Tony Munroe, Clarence Fernandez Organizations: Gas, REUTERS, Natural Gas Corp, Hindustan Petroleum Corp, Indian Oil Corp, Bharat Petroleum Corp, IOC, Thomson Locations: Ahmedabad, India, DELHI, New Delhi, HPCL, ONGC, BPCL

☆ Germany slides deeper into budget crisis. Here's what you need to know
▼ + stars: | 2023-11-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +4 min

Germany didn't get to this point overnight, however — in ways, the roots of the current crisis even predate the pandemic. The government took on emergency debt to try to stem the impact the pandemic had on its budget through a temporary debt brake suspension. And so, the current coalition government decided to re-allocate it to finance policies aimed at climate change and a greener, more sustainable economy. Some observers (and several Green party members), have suggested that the climate crisis is as much of an emergency as the pandemic. But the court's ruling stands, and Germany's budget now has a 60-billion-euro ($65 billion) hole.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Sean Gallup, Germany didn't, fumbling, Jan Techau, Mujtaba Rahman, Jens Larsen Organizations: Finance, Getty, Greens, Free Democratic Party, Eurasia Group Locations: Berlin, Germany

☆ Germany freezes new spending commitments as budget woes deepen
▼ + stars: | 2023-11-21 | by ( Holger Hansen | ) www.reuters.com time to read: +3 min

Chancellor Olaf Scholz speaks next to Finance Minister Christian Lindner and Economy and Climate Minister Robert Habeck during a hearing at Germany’s lower house of parliament Bundestag in Berlin, Germany, November 15, 2023. The finance ministry has frozen future spending pledges across almost the entire federal budget, a letter by the budget state secretary showed, in a sign of how seriously it was taking the potential fallout to its finances. "The step reflects the necessity of the situation," an economy ministry spokesperson said about the budget freeze. That could include planned chip factories, the expansion of the battery supply chain and the decarbonisation of steel, government sources said on Monday. ($1 = 0.9168 euros)Additional reporting by Andreas Rinke; writing by Matthias Williams and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Freeze, Olaf Scholz's, Kevin Kuehnert, that's, Kuehnert, Volker Wissing, Wissing, Andreas Rinke, Matthias Williams, Sharon Singleton Organizations: Finance, Climate, REUTERS, BERLIN, Free Democrats, Democrats, CDU, Scholz's Social Democrats, Greens, Digital, Thomson Locations: Berlin, Germany, Ukraine

☆ What do we know about China's new financial watchdog?
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Nov 21 (Reuters) - China's Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday and urged stronger supervision of risks in the financial sector as Beijing accelerates efforts to become a "major financial power". The CFC was set up for the top-level design, development and supervision of the financial sector, strengthening "unified leadership on financial work", according to a restructuring plan published by state media in March this year. The CFC has recruited many officials from the central bank and the finance ministry, financial news outlet Caixin reported earlier this month. The appointments indicate that both officials, who are close confidants of President Xi Jinping, will play important roles in shaping China's financial policies. He was also appointed as party chief of a separate Central Financial Work Commission (CFWC), which has been set up to strengthen the ideological and political role of the party in China's overall financial system.

Persons: Li Qiang, Premier Li, Li, Lifeng, Xi Jinping, Wang Jiang, Xia Xiande, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Sumeet Chatterjee Organizations: Financial Commission, Communist Party, CFC, WHO, THE, Financial Work, China Everbright Group, Analysts, Reuters, National Financial Regulatory Administration, State Council, People's Bank of China, prudential, Thomson Locations: BEIJING, Beijing, China, Lincoln

The government is considering whether to suspend Germany's constitutionally enshrined debt brake as a way out of the spending crunch, a source told Reuters, while a leading member of Scholz's own party also called for such a move. Habeck said he was not proposing to abolish Germany's constitutionally enshrined debt brake, but added that "it is inflexible". We are now being forced to modernize the economy with fewer public subsidies," he told the Bild am Sonntag newspaper. "Rather, it is the unsound and unconstitutional budget policy of the federal government and the (three-way) coalition. "One possibility could be to suspend the debt brake in 2023 ... but then not in 2024.

Persons: Robert Habeck, Minister Christian Lindner, Chancellor Olaf Scholz's, Germany's, Lindner, Habeck, Sebastian Brehm, Markus Wacket, Christian Kraemer, Matthias Williams, Miranda Murray, Ed Osmond, Paul Simao Organizations: Minister, Reuters, Greens, Free Democrats, CDU, CSU, Thomson Locations: United States

☆ Germany's budget committee pauses 2024 budget deliberations -panel members
▼ + stars: | 2023-11-17 | by ( Maria Martinez | Thomson Reuters | Maria Martinez Is A Reuters Correspondent In Berlin Covering German Economics | ) www.reuters.com time to read: +4 min

REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsBERLIN, Nov 17 (Reuters) - Germany's budget committee paused final deliberations on the 2024 draft budget early on Friday morning, according to the chief budget officers of the coalition government, after a constitutional court ruling threw negotiations into disarray. The contents of the ministries' budgets were finalised during the committee meeting, the budget officers said. On Wednesday, the constitutional court decision prompted the government to postpone the formal vote of the budget committee until next Thursday. Despite the court ruling, the 2024 budget is expected to be passed as planned at the end of the Bundestag's budget week on Dec. 1, according to members of the budget committee. The chief budget officers of the coalition government accused the opposition of refusing to cooperate in budget deliberations.

Persons: Liesa, Chancellor Olaf Scholz's, Joerg Kraemer, Friedrich Merz, Commerzbank's Kraemer, Maria Martinez, Holger Hansen, Clarence Fernandez, Gerry Doyle Organizations: REUTERS, Rights, Greens, Free Democrats, European Commission, dpa, Bundestag's Energy, CDU, CSU, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Ukraine

☆ Brazil's economy enters negative territory in Q3, shows central bank data
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Nov 17 (Reuters) - The Brazilian economy ended the third quarter in negative territory, central bank data showed on Friday, reversing a performance that had been surprisingly positive due to a booming farming sector. The IBC-Br index, a key predictor of gross domestic product (GDP), posted a seasonally adjusted 0.64% decline in the third quarter. The Finance Ministry last estimated a 3.2% gross domestic product (GDP) growth for this year after a robust first-half performance, a figure expected to be revised next week. Meanwhile, private economists surveyed weekly by the central bank project a 2.89% increase in GDP for this year. The September IBC-Br index was in line with a negative performance of the service sector, which accounts for roughly 70% of the country's activity, said Nova Futura economist Nicolas Borsoi.

Persons: Fernando Haddad, Nicolas Borsoi, Luiz Inacio Lula da Silva's, Marcela Ayres, Steven Grattan Organizations: IBC, Reuters, Finance, Finance Ministry, Nova Futura, Thomson Locations: BRASILIA, Brazilian

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

☆ Exclusive: German court ruling could hit growth next year - econ ministry source
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 17 (Reuters) - A German court ruling that forced Berlin to freeze 60 billion euros ($65 billion) in planned green investment spending could have a negative impact on growth in Europe's biggest economy, an economy ministry source told Reuters on Friday. "According to initial rough estimates, a loss of investment funds could cause growth in 2024 to be about half a percentage point lower," the source, who is familiar with the economy ministry's forecasts, said. "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. The economy ministry is run by the Greens, who share power with Scholz's Social Democrats (SPD) and the pro-business Free Democrats (FDP).

Persons: Chancellor Olaf Scholz's, Christian Lindner, Andreas Rinke, Miranda Murray, Madeline Chambers, Sabine Wollrab Organizations: Greens, Scholz's Social Democrats, Free Democrats, Thomson Locations: Berlin, Europe's

"This super pre-emptive right will work only in specific cases, with specific companies," Chebeskov said on the sidelines of a financial forum in Moscow on Nov. 14. "The idea was that this concerns only those strategic companies in which the state already has a share," Chebeskov said. The lack of clarity and uncertain timeline highlights the unpredictable nature of regulatory changes facing investors and businesses seeking to adjust their exposure to Russia. This compares with net outflows of around $48 million in March 2022 and $69 million in February this year. Western investors have already struggled to get assets out of Russia.

Persons: Vladimir Putin, Ivan Chebeskov, Chebeskov, Rybalkin, Tskhakaya, Thomas J Brock, Carlsberg's, Putin, JP Morgan, JPM, Vijay Marolia, Brock, Sinead Cruise, Alexander Marrow, Elena Fabrichnaya, Darya Korsunskaya, Jane Merriman Organizations: Ukraine LONDON, Reuters, Nato, Dyakin, Partners, Kaiser Consulting, Investors, Morningstar Direct, Federal Property Agency, Assets, Deutsche Bank, Regal Point Capital, HSBC, Expobank, Thomson Locations: Russia, Ukraine, MOSCOW, Moscow, Russian, Magnit, London

JOHANNESBURG/LONDON, Nov 15 (Reuters) - Zambia's official creditors including China rejected a deal the country struck with its international bondholders because they believed its "base case" scenario did not deliver debt relief comparable to what they offered in a separate deal, two sources familiar with the talks said. Official creditors said the agreement in principle, which the International Monetary Fund (IMF) also rejected, did not comply with "Comparability of Treatment", said the sources, who declined to be identified as the discussions are private. Both bondholders and official creditors had proposed extending the maturity of Zambia's debt and that it be paid back quicker if the country's economy performs better than expected. The bondholder deal proposed they would be paid more than $700 million before 2026 in the base case, while official creditors had offered a longer three-year grace period. Bondholders would need to offer more debt relief in the base case scenario for the deal to be acceptable to official creditors and the IMF, one of the sources said.

Persons: Rachel Savage, Karin Strohecker, Marc Jones, Alexandra Hudson Organizations: International Monetary Fund, IMF, Paris Club, Alexandra Hudson Our, Thomson Locations: JOHANNESBURG, LONDON, China, Zambia

☆ Sterling eases after cooler British inflation data
▼ + stars: | 2023-11-15 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

British Pound and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 15 (Reuters) - Sterling eased on Wednesday after data showed British inflation cooled more than forecast in October, reinforcing expectations that the Bank of England (BoE) will be cutting interest rates by the middle of next year. Sterling was last down 0.2% on the day at $1.2471 by 0724 GMT, compared with $1.2487 shortly before the data. The figures reinforced the view that the U.S. Federal Reserve has probably also finished raising interest rates. Money markets show traders believe there is a good chance the BoE could start cutting rates by May next year.

Persons: Dado Ruvic, Sterling, BoE, Richard Garland, Rishi Sunak, we’ve, Huw Pill, Amanda Cooper, Alun John, Robert Birsel Organizations: Pound, U.S, REUTERS, Bank of England, Office, National Statistics, Omnis Investments, government's Treasury, U.S . Federal Reserve, Thomson Locations: September's, Britain

LONDON (AP) — Russia's State Duma took a step forward Wednesday towards approving its biggest-ever federal budget which will increase spending by around 25% in 2024, with record amounts going on defense. Part of the Russian budget is secret as the Kremlin tries to conceal its military plans and sidestep scrutiny of its war in Ukraine. Analysts suggest Russia is in third place globally for defense spending behind China and the United States, which spends around $850 billion a year. The main driver of that growth is Russia's war in Ukraine, which is now as important to the Kremlin economically as it is politically. If there is a reduction in military spending, or a need to reduce spending which impacts living standards, it could send shockwaves through the Russian economy and significantly impact ordinary people.

Persons: Vladimir Putin, ”, Richard Connolly, Farida Rustamova, Maksim Tovkaylo, Alexandra Prokopenko, Anton Siluanov, “, Connolly, they’ve, ” Prokopenko, Prokopenko, — — David McHugh Organizations: —, Duma, Kremlin, Royal United Services Institute, Independent, Carnegie Russia Eurasia Center, Russian Central Bank, Finance, Defense, Central Bank Locations: — Russia's, Russia, Ukraine, London, China, United States, Russian, West, India, Berlin, Frankfurt

☆ Exclusive: China orders local governments to cut exposure to public-private projects as debt risks rise, sources say
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +5 min

The guidelines were mentioned in a cabinet document that was circulated among local governments, policy banks and state lenders last month, said the two sources with knowledge of the matter. The move comes after numerous local governments' PPP expenditure hit the upper limit of the threshold in recent years. But the PPP boom has alarmed authorities who say some local governments have used public-private partnerships, government investment funds and government procurement services as "disguised channels" for raising debt. The State Council and the NAO did not immediately respond to Reuters requests for comments. A portion of the $12.6 trillion local government debt is linked to the PPP projects, as municipalities used these infrastructure-building initiatives as a conduit to raise capital.

Persons: Thomas Peter, NAO, Kevin Yao, Ziyi Tang, Sumeet Chatterjee Organizations: Central Business District, National People's Congress, REUTERS, Rights, International Monetary Fund, National Audit, State, State Council, Bank of, Reuters, National Development, Reform Commission, Thomson Locations: Beijing, China, Rights BEIJING, Bank of China

A man walks past an AVIVA logo outside the company's head office in the city of London March 5, 2009. British life insurer Aviva on Thursday said it was maintaining its dividend, soothing concerns the payout could be cut to conserve capital, and reported annual profits that broadly met forecasts. REUTERS/Stephen Hird/File Photo Acquire Licensing RightsNEW DELHI, Nov 14 (Reuters) - India's tax inspectors searched the office of British insurance giant Aviva's (AV.L) life insurance unit near New Delhi last week and seized documents as part of an investigation into alleged tax evasion, sources familiar with the matter said. In a statement, Aviva Life Insurance, India, told Reuters "we can confirm that GST officials visited our head office site, we are in full cooperation with them." UK's Aviva has a 74% stake in Aviva Life Insurance in India, with the rest owned by India's Dabur Invest Corp. Aviva's life insurance business has a less than 0.5% market share on the basis of first-year premium collections in India.

Persons: Stephen Hird, Asit Rath, Sonali Athalye, UK's, India's Dabur, Aditya Kalra, Sharon Singleton Organizations: AVIVA, Aviva, Goods, Services Tax, Intelligence, Aviva Life Insurance, Reuters, Indian, Companies, Insurance Corporation, Bajaj Allianz, UK's Aviva, India's, India's Dabur Invest Corp, Thomson Locations: London, DELHI, New Delhi, India

☆ Centeno says outgoing Portugal PM only invited him to ponder on premiership
▼ + stars: | 2023-11-13 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

LISBON, Nov 13 (Reuters) - Bank of Portugal Governor Mario Centeno, who is under fire from the opposition over an invitation by the outgoing prime minister to replace him as premier, said on Monday he never accepted the offer but was just asked to ponder on the matter. Portuguese opposition parties on Friday argued that such an invitation compromised the political independence of a central bank governor. The Bank of Portugal's ethics committee is expected to meet on Monday to evaluate his conduct. Prime Minister Antonio Costa stepped down on Tuesday over an investigation into alleged illegalities in his government's handling of lithium and hydrogen projects and a large-scale data centre. Centeno announced his departure from the finance ministry in June 2020, during Costa's second term, and was nominated to head the bank a month later.

Persons: Mario Centeno, Antonio Costa, illegalities, Costa, Marcelo Rebelo de Sousa, Centeno, Rebelo de Sousa, Olli Rehn, Balazs Koranyi, Francesco Canepa, Andrei Khalip, Bernadette Baum Organizations: Bank of Portugal, Socialist, European Central Bank policymaker, Bank of, ECB, Thomson Locations: LISBON, Portuguese, Bank of Portugal, ECB's, Finland, Frankfurt

☆ Israel says it raised $8 billion of debt since start of war with Hamas
▼ + stars: | 2023-11-13 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Israel Defense Forces/Handout via REUTERS Acquire Licensing RightsJERUSALEM, Nov 13 (Reuters) - Israel has raised about 30 billion shekels ($7.8 billion) in debt since the start of the war with Hamas militants, the Finance Ministry said on Monday. Slightly more than half of that - 16 billion shekels - was dollar-denominated debt raised in issuances in international markets, it said. The ministry on Monday raised another 3.7 billion shekels in the local market in its weekly bond auction. As a result, Israel recorded a budget deficit of 22.9 billion shekels in October, a leap from 4.6 billion in September and pushing up the deficit over the prior 12 months to 2.6%. But Bank of Israel Governor Amir Yaron has said the government needs to balance "supporting the economy and maintaining a sound fiscal position."

Persons: Benjamin Netanyahu, Amir Yaron, Steven Scheer, Hugh Lawson Organizations: Palestinian, Hamas, Israel Defense Forces, REUTERS Acquire, Rights, Finance, Bank, Israel, Bank of Israel, Thomson Locations: Gaza, Israel, issuances

☆ China drafts measures for how accounting firms should manage data
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: 1 min

A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration/ Acquire Licensing RightsBEIJING, Nov 13 (Reuters) - China finance ministry issued draft measures for how accounting firms in the country should manage data, the ministry said in a statement released last week. The draft rules said the chief partner is the person responsible for the data security of the firm. It also requires a cyberspace security review if these firms handle data that could impact national security. Reporting by Albee Zhang and Brenda Goh; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Kacper, Albee Zhang, Brenda Goh, Tom Hogue Organizations: REUTERS, Rights, Thomson Locations: Rights BEIJING, China

☆ Portuguese Central Bank to Assess Governor's Conduct - Local Media
▼ + stars: | 2023-11-11 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

LISBON (Reuters) - The Bank of Portugal's ethics committee will meet on Monday to evaluate the conduct of governor Mario Centeno, whose independence came into question after the departing prime minister proposed him as a potential replacement, local media said. Local media reported that Centeno had agreed to let his name go forward, raising concerns that his links to the PS remained strong and calling into question his independence if he remained central bank governor. Rebelo de Sousa rejected Costa's proposal and called the election instead. Centeno's quick move from the finance ministry to the central bank in July 2020, during Costa's second term, had previously raised eyebrows. A central bank spokesperson said it was up to the committee to comment on the matter.

Persons: Mario Centeno, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Costa, Rebelo de Sousa, Centeno, Costa's, Joaquim Miranda Sarmento, Negocios, Catarina Demony, Sergio Goncalves, Kevin Liffey Organizations: Bank, Socialist, European Central Bank policymaker, Local, Social Democrats, Eco, Jornal Locations: LISBON

Israeli Prime Minister Benjamin Netanyahu and Israeli Finance Minister Bezalel Smotrich attend an inauguration event for Israel's new light rail line for the Tel Aviv metropolitan area, in Petah Tikva, Israel, August 17, 2023. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsJERUSALEM, Nov 10 (Reuters) - Israel's finance ministry said on Friday it would divert to the war effort some 1.6 billion shekels ($440 million) this year out of billions earmarked for parties in Prime Minister Benjamin Netanyahu's far-right coalition government. They expressed alarm last month at the government's plan to transfer 9 billion shekels ($2.2 billion) to ultra-Orthodox and far-right-wing pro-settler parties, as part of an agreement Netanyahu made with them to secure his ruling coalition. The finance ministry's proposal would cut around 70% of 2.5 billion shekels of funding for coalition partners still due to be paid in the current 2023 budget. Finance Minister Bezalel Smotrich said in a letter on Friday that he planned to cut some 4 billion shekels ($1 billion) from the 2023 budget excluding war funding, and increase war funding by a further 9 billion, on top of 22 billion shekels already allocated.

Persons: Benjamin Netanyahu, Bezalel Smotrich, Amir Cohen, Benjamin Netanyahu's, Netanyahu, Maytaal, Peter Graff Organizations: Israeli Finance, Tel, REUTERS, Rights, Finance, Thomson Locations: Tel Aviv, Petah Tikva, Israel

"The revenue service is already organizing the implementation of this minimum taxation on multinationals," she said in an interview on Wednesday. The revenue service did not immediately respond to a request for comment. It advocates that this mechanism will ensure that large multinational companies pay a minimum 15% tax on their profits in all jurisdictions where they operate to deter profit-shifting to tax-favorable locations. The OECD estimates that the global minimum tax, already under way in countries including South Korea and Japan, could generate up to $200 billion in additional annual revenue. She also said Brazil aims to go further in the global tax discussion to reduce differences between advanced and emerging economies and to promote the green agenda.

Persons: India Narendra Modi, Luiz Inacio Lula da Silva, Joe Biden, Rishi Sunak, Kenny Holston, Tatiana Rosito, Maria Carolina Sampaio, GVM, Rosito, Marcela Ayres, Bernardo Caram, Matthew Lewis Organizations: U.S, UK, Rights, Finance, Reuters, Organization, Economic Cooperation, Development, OECD, International Monetary Fund, Thomson Locations: India, Brazil, New Delhi, Rights BRASILIA, South Korea, Japan, United States, Rosito, Brasilia

☆ Russian state won't take part in organising frozen asset 'exchange'
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Nov 9 (Reuters) - Russia's finance ministry on Thursday said the state would not take part in organising frozen asset 'exchanges', instead leaving that up to financial market players. International sanctions against Moscow over its invasion of Ukraine have blocked many Russian investors' access to securities held in jurisdictions outside the country, while Russian countermeasures have frozen Western funds within. "The decree ... creates legislative opportunities for conducting the "exchange" of frozen assets, the state will not take part in organising the exchange itself," the finance ministry said. Organising exchanges was down to brokers and other securities market participants, it said. "The decree refers to the use of foreign investors' funds in type-C accounts."

Persons: Vladimir Putin, Central Bank Governor Elvira Nabiullina, Nabiullina, Anton Siluanov, Siluanov, Darya Korsunskaya, Alexander Marrow, Toby Chopra, Bernadette Baum Organizations: Wednesday, Moscow, Central Bank Governor, Finance, Thomson Locations: Moscow, Russia, Ukraine

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

☆ A top German politician blasted the 4-day workweek, saying no society has ever increased prosperity 'by working less'
▼ + stars: | 2023-11-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Christian Lindner, the German finance minister, panned the concept of a four-day workweek. 50 German companies are set to trial a four-day workweek starting February. AdvertisementAdvertisementA top politician in Germany has panned the concept of a four-day workweek for full pay, saying it's a hindrance to prosperity. Just 8% would accept lower wages, while 17% rejected a four-day workweek altogether. Workers, too, felt the benefits of a four-day workweek — about 70% reported lower levels of burnout.

Persons: Christian Lindner, Lindner, —, It's, Hans Organizations: Service, Bloomberg, Free Democratic Party, Böckler, ZDF, Workers Locations: Germany, Switzerland, Europe's

☆ U.S. Treasury's Yellen to meet Chinese vice premier ahead of APEC summit
▼ + stars: | 2023-11-06 | by ( David Lawder | ) www.reuters.com time to read: +3 min

[1/2] U.S. Treasury Secretary Janet Yellen discusses "U.S.-China Economic Relationship" during a forum hosted by the Johns Hopkins University at the Nitze Building in Washington, U.S., April 20, 2023. REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsWASHINGTON, Nov 6 (Reuters) - U.S. Treasury Secretary Janet Yellen will meet with Chinese Vice Premier He Lifeng in San Francisco this week to try to deepen a fledgling economic dialogue between the world's two largest economies ahead of a U.S.-hosted summit of Pacific Rim leaders. The Treasury said the Nov. 9-10 meetings will also convene the new economic and financial forums launched in October by the Treasury and China's finance ministry and central bank. Yellen also is keen to discuss what steps Chinese officials are contemplating to support their flagging economic growth, and what circumstances might change their policy path. Instead, Yellen said she was "focusing on specific, high-priority economic topics on which we can make tangible progress."

Persons: Janet Yellen, Sarah Silbiger, Yellen, Joe Biden, Xi Jinping, David Lawder, Simon Cameron, Moore Organizations: . Treasury, Johns Hopkins University, REUTERS, Rights, Pacific Rim, Treasury, San, Biden, Asia Pacific Economic Cooperation, U.S, Washington Post, Thomson Locations: China, Washington , U.S, San Francisco, U.S, Beijing

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