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☆ India using SWIFT global payment system to settle Russia dollar trade - source
▼ + stars: | 2023-03-15 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

NEW DELHI, March 15 (Reuters) - Indian companies are using the SWIFT global payment system to settle dollar payments with Russia, a top trade official said on Wednesday, even though many Russian banks are blocked from the network due to Western sanctions. The West blocked access to SWIFT for several Russian banks, including Sberbank and VTB, soon after Moscow invaded Ukraine in February last year to target Russian trade, making it harder for Russian companies to do business. “We are using SWIFT for dollar payments," the official, who did not want to be named, said, when asked about the payment gateway being used for Russian payments. The official did not give more details about the banks that Indian traders were using to make the dollar payments. India has been using varied currencies to settle trade with Russia since the war in February last year.

One of the government officials directly involved in the matter said New Delhi is "not comfortable" with foreign trade settled in yuan but said settlement in "dirham is okay." The second official said that India cannot allow settlement in yuan till the relations between the two countries improve. The five officials did not say whether there were also economic reasons behind India's reluctance to accept yuan settlement. Two banking officials, aware of the matter, said the Reserve Bank of India (RBI) is not keen on foreign trade settlement in yuan, and confirmed that the government has discouraged them from using the currency. They also said Russia was keen on yuan settlement as it helps them in purchases of goods from China.

An employee stands by cables inside a ASML Twinscan XT1000 lithography machine, during manufacture at the ASML factory in Veldhoven, Netherlands. Bloomberg | Bloomberg | Getty ImagesThe Dutch government is pressing ahead with export restrictions on "advanced" semiconductor manufacturing equipment following political pressure from the United States. Although the letter does not reference China, it comes after pressure from the White House, which in 2022 imposed export controls that limit Beijing from accessing certain semiconductor chips. At the time, American officials recognized that if other countries did not impose similar restrictions, the export controls would lose effectiveness over time. Since 2018, the U.S. has reportedly been asking the Dutch government to stop ASML shipping its extreme ultraviolet lithography machines to China.

☆ Exclusive: China increasingly ambitious with 2023 growth target, may aim for up to 6%
▼ + stars: | 2023-03-02 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

Four of the sources said China was likely to aim for growth up to 6%, while three others said China was targeting 5%-5.5%. "This year's growth target could be 5-6%," said one of the people involved in the discussions. "We need to achieve an economic recovery, boost employment, and confidence, these are the key factors we need to consider." It was also the biggest ever miss of a growth target. Yu said a growth target of above 6% would help "boost morale and stimulate China's economic growth potential."

ISTANBUL, Feb 28 (Reuters) - Turkey's economy expanded 5.6% in 2022, official data showed on Tuesday but growth was expected to slow significantly to 2.8% in 2023 after earthquakes this month caused widespread destruction in the south of the country. Growth stood at 3.5% in the fourth quarter of 2022, down from a revised 4% in the third quarter and 7.8% in the second quarter. In 2022, finance and insurance activities grew 21.8%, followed by the services sector which rose 11.7%, data from the Turkish Statistical Institute showed. GDP growth in 2023 is expected to be 2.8%, based on the median estimate in a Reuters poll. In a poll conducted in January, before the earthquakes, the median estimate for 2023 economic growth stood at 3%.

☆ How China is helping to prop up the Russian economy through the war in Ukraine
▼ + stars: | 2023-02-22 | by ( Laura He | ) edition.cnn.com time to read: +8 min

China has been buying more energy from Russia since the Ukraine war started. Total trade between China and Russia hit a new record high in 2022, up 30% to $190 billion, according to Chinese customs figures. In particular, the energy trade has risen markedly since the onset of the war. Russian companies have been using more yuan to facilitate the increased trade with China. UnionPay, the Chinese payments system, has reportedly stopped accepting cards issued by Russian banks over fears of international sanctions, according to Russian paper Kommersant.

☆ Sticky inflation prompts EBRD to trim 2023 growth outlook for its region
▼ + stars: | 2023-02-16 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

The EBRD reduced the region's growth estimates to 2.1% from 3% for this year, even lower than the 2.4% forecast for 2022. "Also, there is still uncertainty associated with the war in Ukraine, particularly for countries that are in geographic proximity," EBRD chief economist Beata Javorcik told Reuters. Growth for Turkey, the single biggest recipient of EBRD funds, has been revised down to 3% from 3.5% for 2023, without considering the impact of the earthquake in the estimates. The EBRD estimates Ukraine's economy to grow 1% this year after a 30% contraction in 2022. "Unless there is a significant strategic change on the ground, growth in Ukraine's GDP in 2024 is likely to be sluggish, but positive at least," EBRD said.

☆ France eked out 0.1% growth in Q4 as energy crisis eased
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

The French fourth quarter GDP figures also provided a positive contrast to Germany after data on Monday showed that the euro zone's biggest economy had unexpectedly shrunk in the fourth quarter. "However, the weakness of domestic demand at the end of last year suggests that a recession is likely, albeit not certain," he added. INSEE said that foreign trade added 0.5 percentage points to GDP in the final quarter of 2022 as exports fell only 0.3 percentage points against 1.9% for imports on lower energy prices. That helped make up for weak domestic demand and companies destocking inventories, which both subtracted 0.2 percentage points from GDP. As record inflation eroded households purchasing power, consumer spending weighed on overall domestic demand, falling 0.9% from the previous three months.

☆ Tourism is roaring back in China. But the $6 trillion consumer market is digging itself out of a deep slump
▼ + stars: | 2023-01-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

He's hopeful business improves this year – and allows Rêver to recoup the roughly 35% in revenue it lost last year. Within a retail sales slump of 0.2% to 43.97 trillion yuan ($6.28 trillion), catering sales dropped by a steeper 6.3%. He expects 7% year-on-year growth in retail sales. Hainan's recovery plansHainan, a tropical province aiming to be a duty free shopping destination, announced a goal for 10% growth in retail sales this year. That's after its retail sales fell by 9.2% last year.

☆ Argentina and Brazil are discussing plans for a common currency — analysts can scarcely believe it
▼ + stars: | 2023-01-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Argentina President Alberto Fernandez (R) and Brazil President Luiz Inacio Lula da Silva (L) greet each other after signing a series of agreements during a news conference in Buenos Aires. Argentina and Brazil, the two largest economies in South America, are in early talks to create a common currency, as part of a coordinated bid to reduce reliance on the U.S. dollar. Speaking on his first international visit since taking office, Lula said that the currency would initially be designed for trade and transactions between Brazil and Argentina. Brazil's Finance Minister Fernando Haddad said that the adoption of a common currency was not designed to replace the Brazilian real and the Argentine peso. "Developing and implementing a common South American currency is, therefore, pie in the sky."

☆ Retired general Pavel leads in poll ahead of Czech presidential vote
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +2 min

PRAGUE, Jan 21 (Reuters) - Retired general Petr Pavel held a 15 percentage point lead over billionaire ex-premier Andrej Babis heading into a Jan. 27-28 presidential run-off vote, a Czech Television poll showed on Saturday. The poll showed Pavel leading with 53% compared to 38% for Babis with 9% undecided. The expected turnout could hit 84% in the poll next weekend, the highest ever in a Czech presidential vote, the survey found. Pavel, 61, is strongly pro-Western and supports further military aid for Ukraine as well as adoption of the euro. Pavel started his military career in the 1980s and enrolled in a military intelligence training course, which he completed after Communist rule collapsed.

☆ Davos panel discusses the trade impacts of China's Covid reopening
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDavos panel discusses the trade impacts of China's Covid reopeningCNBC's Karen Tso leads the discussion on global trade and the challenges in supply chains. Malaysian Minister of International Trade & Industry Tengku Zafrul Aziz, Port of Antwerp-Bruges CEO Jacques Vandermeiren and Finland Minister for Development Cooperation & Foreign Trade Ville Skinnari join the panel.

Led by President Andres Manuel Lopez Obrador and Foreign Minister Marcelo Ebrard, Mexican officials set out the U.S.-Mexico bilateral agenda after Biden's arrival in Mexico City on Sunday evening for a North American leaders' summit. "Integration needs to be strengthened," Lopez Obrador told a news conference, saying he expected to reach "good agreements" with Biden. Lopez Obrador is hosting Biden and Canadian Prime Minister Justin Trudeau between Monday and Wednesday for the first summit between the three since late 2021. DOMESTIC POLITICSLopez Obrador has also alarmed the United States with a plan to prohibit imports of genetically-modified corn. "To create a North American corridor to outcompete China, the United States, Canada and Mexico need to be on the same economic page," he added.

☆ Peru's tourism sector hurt by protests amid mass cancellations
▼ + stars: | 2023-01-05 | by ( Marco Aquino | ) www.reuters.com time to read: +2 min

LIMA, Jan 5 (Reuters) - Weeks of deadly protests in Peru after the ouster and detention of President Pedro Castillo have taken a toll on the country's economy, particularly its tourism sector, a minister and industry representatives said. Up to 60% of travel bookings for the first half of the year have been canceled since the protests began, Peru's minister of foreign trade and tourism said. "We had really expected tourism to take off this year," Minister Luis Fernando Helguero said in an interview on local television station Canal N late on Wednesday. "The worst part are the cancellations in the first half of the year, some 50% to 60%. Early on Thursday, protesters blocked a section of Peru's main coastal highway, forcing dozens of cargo trailers to park along the shoulder, local television showed.

☆ Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
▼ + stars: | 2023-01-04 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

DUBAI, United Arab Emirates — Dubai on Wednesday announced a mammoth $8.7 trillion economic plan for the coming decade, aimed at turbocharging trade, foreign investment and its place on the map as a global hub. "Over 300,000 global investors are helping build Dubai into the fastest growing global city." Those include boosting foreign trade to 25.6 trillion dirhams from 14.2 trillion dirhams in the last decade, nearly doubling annual foreign direct investment to 60 billion dirhams yearly, and increasing government spending from 512 billion dirhams in the last decade to 700 billion in the next. The plan also aims to bring private sector investments up from 790 billion dirhams in the last decade to 1 trillion in the next and pledged 100 billion dirhams in annual contributions to the economy from digital transformation projects. The sheer size of the city's economic goals may draw some skepticism, but finance experts in Dubai believe they are achievable.

Santa Cruz leaders pledge to fight until Camacho is released, picketing government buildings and stopping transport of grains. "We have a mandate from our assembly that nothing leaves Santa Cruz and that is what we are going to do," said Rómulo Calvo, head of the powerful Pro Santa Cruz civic group. Marcelo Cruz, President of the International Heavy Transport Association of Santa Cruz, said routes were being blocked so no trucks could leave the province. "No grain, animal or supply from the factories should leave Santa Cruz for the rest of the country. "Santa Cruz is the economic stronghold of Bolivia," said Gary Rodríguez, General Manager of the Bolivian Institute of Foreign Trade (IBCE).

☆ German exporters prepare for a challenging 2023
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

The United States and China are Germany's most important trading partners. "We have a stronger euro again because of the ECB interest rate increases. He added that higher interest rates were already having an impact in the United States where they have risen further, especially on the construction industry. To tame soaring inflation, the European Central Bank and the U.S. Federal Reserve have raised interest rates at the fastest pace in decades and both are expected to do more next year. German exporters had not been able to fully process all orders in recent months due to supply shortages, Jandura said.

☆ German businesses expect only mild recession as disruptions ease
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

There have been growing signs that the German economy could stave off the worst of an economic downturn triggered by a plunge in energy supply from Russia after the Ukraine invasion. Inflation slowed slightly to 11.3% in November from a high of 11.6% the month prior as energy prices eased. The Association of German Chambers of Industry and Commerce (DIHK) said there were many indications that supply chain disruptions were gradually easing. However, the DIHK warned that soaring energy prices and easing consumer sentiment were still clouding the outlook for 2023. The ZDH association of craftsmen echoed the DIHK, saying noticeably fewer orders were coming in for next year.

REUTERS/Andrew KellyWASHINGTON, Dec 22 (Reuters) - A $1.7 trillion government funding bill approved by the U.S. Senate Thursday will bolster U.S. regulators and make it easier for states to bring antitrust lawsuits. The National Labor Relations Board is receiving a $25 million increase to $299 million after not receiving a funding lift in more than a decade. The International Trade Administration, which investigates foreign trade practices, is getting a $55 million increase to $625 million. The spending bill includes a measure that strengthens state attorneys general by allowing them to choose the venue where they bring antitrust lawsuits. The funding bill includes a new provision to ensure millions of working mothers have reasonable break time and a private place to pump breast milk.

☆ Russian central bank holds key rate at 7.5%, warns inflation risks are 'prevailing'
▼ + stars: | 2022-12-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

The Bank of Russia said the external environment for the Russian economy remains "challenging" and "significantly constrains economic activity." Russia's central bank on Friday held its key interest rate at 7.5% for a second consecutive meeting, but noted that inflationary risks are rising. The Bank of Russia last raised rates in late February, following Moscow's invasion of Ukraine — taking the key rate from 9.5% to 20% at the time. At the same time, pro-inflation risks are up and prevail over disinflationary risks," the Bank said. Russian annual inflation was estimated at 12.7% in December, according to the Bank of Russia, well above its 4% target.

☆ UAE, Israel ratify comprehensive economic partnership agreement
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: 1 min

Dec 11 (Reuters) - The governments of the United Arab Emirates and Israel ratified their comprehensive economic partnership agreement, UAE minister of state for foreign trade, Thani Al Zeyoudi, said on Twitter on Sunday. The free trade agreement, which was first signed in May, will remove or reduce tariffs on 96% of goods traded between the nations. "Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021... [The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security," Al Zeyoudi added. Reporting by Nayera Abdallah and Yasmin Hussein; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ German exports fall more than expected as demand cools in Europe, U.S.
▼ + stars: | 2022-12-02 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

"The German export engine is noticeably juddering," said German chambers of commerce and industry (DIHK) trade chief Volker Trier. "High inflation rates and a tight monetary policy in important sales markets are dampening international demand." DIHK said last month Germany's exports were likely to fall 2% next year due to a sluggish global economy, with nearly half of German companies that sell abroad expecting an economic downturn. Also last month, German industrial group Thyssenkrupp (TKAG.DE) warned its sales and profit would "nosedive" next year as high inflation and energy costs are compounded by an expected recession in Europe. A survey published on Thursday showed Germany's manufacturing sector reported continued weaker demand in November but the downturn slowed as signs of fewer material shortages fuelled hopes that cost pressures could also ease.

☆ Exclusive: U.S. Chamber of Commerce warns against draft EU plan to exclude non-EU cloud vendors
▼ + stars: | 2022-12-01 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

REUTERS/Paresh Dave/File PhotoBRUSSELS, Dec 1 (Reuters) - The U.S. Chamber of Commerce and 12 other groups on Thursday warned the European Union against adopting rules that could exclude Amazon (AMZN.O), Alphabet (GOOGL.O) unit Google, Microsoft (MSFT.O) and other non-EU cloud services providers from the European market. ENISA's draft dated May seen by Reuters sets out requirements for a certified cloud service provider (CSP) aimed at preventing and limiting interference from non-EU states with the operation of certified cloud services. "If other countries were to pursue similar policies, European cloud providers could see their own opportunities in non-EU markets dwindle," they said. Not all cloud services," a spokesperson said. The size of the global government cloud market is expected to reach $71.2 billion by 2027 from $27.6 billion in 2021, according to market research firm Imarc Group.

☆ Nexperia and Elmos cases show how the US-China chip war is spilling over to Europe
▼ + stars: | 2022-11-25 | by ( Michelle Toh | ) edition.cnn.com time to read: +10 min

Last week, the new owner of Britain’s biggest chipmaker was ordered to unwind its takeover, just days after another chip factory sale was blocked in Germany. “These decisions mark a shift towards tougher stances regarding Chinese investment in critical industries in Europe,” said Xiaomeng Lu, director of geo‑technology at Eurasia Group. A worker in a clean room for silicon semiconductor wafer manufacturing at the Newport Wafer Fab, owned by Nexperia, in Newport, Wales on Aug. 18. A company sign of Elmos Semiconductor, seen on Nov. 9 in the German city of Dortmund. Both Britain and Germany have recently added rules that expand government oversight over such decisions, making outcomes harder to predict.

Cyber Monday is a better day to shop for tech deals and smaller gifts; you'll also see slightly better online prices. The short answer is that Cyber Monday has better deals overall — but it's close. When to shop Black Friday vs. Cyber MondayShop Black Friday for major stores. The exception is Amazon, which tends to have better deals on Cyber Monday, as long as you're a Prime member. The exception is Amazon, which tends to have better deals on Cyber Monday, as long as you're a Prime member.

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