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"Germans are cautious by nature," said Stephan Fetsch, Germany's head of consumer goods at KPMG. Economists polled by Reuters are split on its second quarter fortunes: views ranged from a 0.3% GDP fall to a 0.5% gain, with a median forecast of 0.2% growth. However, German consumer sentiment remains below its pandemic low in the spring of 2020 and the consumer barometer from the German Retail Association (HDE) shows a similar picture. German consumers were hit particularly hard by high energy prices, being more dependent on Russia gas. "The German consumer has reasons to be scared and the result of all the economic uncertainty is usually an increase in precautionary savings," said Michael Burda, economics professor at Humboldt University Berlin.

Persons: Wolfgang Rattay, Germany's, Stephan Fetsch, Holger Schmieding, Carsten Brzeski, KPMG's Fetsch, Joerg Kraemer, Michael Burda, Brzeski, Maria Martinez, Prerana Bhat, Indradip Ghosh, Mark John, Toby Chopra Organizations: REUTERS, KPMG, Reuters, German Retail Association, Berenberg, ING, European Central Bank, Humboldt University Berlin, Thomson Locations: Cologne, Germany, BERLIN, Europe, France, Italy, Russia, Berlin, China, Bengaluru

☆ Foxconn to make iPhones in India's Karnataka by next April -state govt
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 1 (Reuters) - Apple Inc (AAPL.O) supplier Foxconn (2317.TW) will start manufacturing iPhones in the southern Indian state of Karnataka by April 2024, the state government said on Thursday. Foxconn, the world's largest contract electronics manufacturer, has set a target of manufacturing 20 million iPhones a year at the plant in Devanahalli, on the outskirts of state capital and tech hub Bengaluru. Apple has been shifting production away from China after the country's strict COVID-related restrictions disrupted the production of new iPhones and other devices in the country. The tech giant is also looking to avoid a hit to its business due to tensions between Beijing and Washington. A spokesperson for Foxconn did not immediately respond to a request for comment from Reuters.

Persons: Foxconn, Munsif, Shilpa Jamkhandikar, David Goodman, Kim Coghill Organizations: Apple Inc, Apple, Reuters, Thomson Locations: BENGALURU, Karnataka, Foxconn, Devanahalli, Bengaluru, China, Beijing, Washington

☆ Mexico's Pemex positioned to meet 2023 debt obligations, govt to help if needed -official
▼ + stars: | 2023-05-31 | by ( Anthony Esposito | ) www.reuters.com time to read: +2 min

MEXICO CITY, May 31 (Reuters) - Mexican state oil firm Pemex is in a position to meet its remaining 2023 debt obligations and is looking at refinancing strategies for next year, said Deputy Finance Minister Gabriel Yorio, who added the government could also help if needed. Pemex had financial debt of $107.4 billion at the end of the first quarter, according to company data. Mexico, a popular travel destination, ranks in the top 10 globally in terms of international tourists and business generated through tourism. They're making big investments in infrastructure," said Yorio, adding that Mexican hoteliers were eyeing investments there. "Mexico is looking to diversify the markets where we buy fertilizer because 60% of the fertilizer imports used to come from Russia before the conflict," Yorio said.

Persons: Gabriel Yorio, Yorio, Andres Manuel Lopez Obrador, Pemex, Anthony Esposito, Jamie Freed Organizations: MEXICO CITY, Reuters, NATIONS, United Arab, Thomson Locations: MEXICO, Gulf, Mexican, Pemex, Kuwait, Saudi Arabia, Oman, Qatar, United Arab Emirates, Mexico, Ukraine, Russia

[1/4] Spain's Prime Minister Pedro Sanchez appears after he casts his vote at a polling station during Regional elections, in Madrid, Spain, May 28, 2023. he said in a televised speech that took even some of his political allies by surprise. "...I believe it is necessary to respond and submit our democratic mandate to the will of the people." But it is highly unusual for a Spanish government to call a snap ballot after a poor performance in a regional vote. The PP potentially took as many as eight regional governments from the Socialists, depending on how successful the opposition party is in negotiating alliances with Vox.

☆ UK govt to ask supermarkets to cap prices of basic food items - Telegraph
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 28 (Reuters) - The British government is looking at plans to have retailers cap the prices of basic food items such as bread and milk, the Telegraph reported, as the cost of such essentials continued to rise in the double digits. However, asked about such price controls, health minister Steve Barclay told BBC TV it was "not my understanding" on Sunday. 10 Office is in talks with supermarkets on a deal similar to one in France where major retailers charge the "lowest possible amount", the Telegraph reported on Saturday. Major supermarkets such as Tesco and Sainsbury's have announced price cuts on some food items in recent weeks. High food prices are a direct result of the soaring cost of energy, transport, and labour, as well as higher prices paid to food manufacturers and farmers," BRC's Andrew Opie said.

☆ Fruit harvest faces ruin after floods hit Italy's Emilia-Romagna
▼ + stars: | 2023-05-22 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

[1/3] A vineyard is flooded after heavy rains hit Italy's Emilia Romagna region, in San Giorgio near Forli, Italy, May 18, 2023. Coldiretti said the region was Italy's largest producer of pears, peaches, nectarines, apricots and plums, and the second largest producer of cherries and kiwi. In all, it accounted for a third of Italy's total fruit harvest. A Coldiretti spokesperson said the floodwater could rot the roots of almost 15 million fruit trees, killing them. Italian media said the government would initially announce some 100 million euros ($110 million) in spending and tax breaks for Emilia-Romagna.

☆ Congo security forces fire tear gas, clash with anti-govt protesters
▼ + stars: | 2023-05-20 | by ( Ange Kasongo | ) www.reuters.com time to read: +2 min

KINSHASA, May 20 (Reuters) - Democratic Republic of Congo security forces fired tear gas and fought running battles in the streets of the capital Kinshasa with anti-government protesters demonstrating on Saturday over alleged irregularities in voter registration. Around a dozen protesters were detained by security forces just after the start of the demonstration, which was called for by opposition leaders. "It's sad, you see, they are firing tear gas. Fayulu said by telephone that his vehicle was surrounded by security forces who continued to fire tear gas to disperse demonstrators. Congo's electoral commission is expected to publish voter registration data on Sunday.

☆ Ukraine President Zelenskiy to attend G7 Summit in person on Sunday -Japan govt
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: 1 min

TOKYO, May 20 (Reuters) - Ukrainian President Volodymyr Zelenskiy will attend the Group of Seven (G7) Hiroshima summit in person on Sunday and hold a bilateral meeting with Japanese Prime Minister Fumio Kishida during his stay, Japan's foreign ministry announced on Saturday. Zelenskiy will take part in a session regarding peace and security alongside the G7 leaders and invited outreach countries, according to the foreign ministry. The Ukrainian president is set to arrive in Hiroshima on Saturday, and is expected to hold bilateral meetings with other attendees of the G7 summit. Reporting by Sakura Murakami; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ ECB eyes additional steps to tackle bank deposit risks
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

The ECB said it was actively working with other global supervisors to understand which lessons could be learnt. "It may be beneficial to explore how factors such as high deposit base concentration and a predominant reliance on uninsured deposits could be dealt with in the Pillar 2 framework," the ECB said. The ECB can impose additional capital and liquidity requirements if it sees fit. It would use liquidity requirements to address liquidity risks. The Pillar 2 liquidity framework focuses on liquidity risks that are not fully addressed by Pillar 1 requirements: the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR).

India's antitrust body in October fined Google $275 million in two cases, which involved abusing its dominant position in the Android operating system market, and pushing developers to use its in-app payment system. "The ministry has to take action," Chandrasekhar said. India's competition watchdog has begun another inquiry into Google after Tinder owner Match Group (MTCH.O) and many startups alleged that a new service fee system Google uses for in-app payments breaches the competition commission's October decision. Google has previously said the service fee supports investments in the Google Play app store and the Android mobile operating system, ensuring it can distribute it for free. About 97% of India's 620 million smartphones run on Android, and the company counts India as a critical growth market.

☆ Japan's core CPI rises 3.4% in April yr/yr - govt
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

TOKYO, May 19 (Reuters) - Japan's core consumer prices rose 3.4% in April from a year earlier, government data showed on Friday. The increase in the core consumer price index (CPI), which excludes volatile fresh food but includes energy costs, matched a median market forecast and followed a 3.1% rise in March. Reporting by Takahiko Wada and Leika Kihara; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Baidu's revenue rose 10% to 31.14 billion yuan ($4.54 billion) in the quarter to March 31, surpassing analysts' estimates of 29.97 billion yuan, according to Refinitiv data. Revenue from Baidu Core, which includes search-based ad sales, cloud offerings and its autonomous driving initiatives, grew 8% to 23 billion yuan. Baidu reported net income of 5.83 billion yuan, compared to net loss in the year-ago quarter. The company's much-touted rival to ChatGPT, Ernie bot, has yet to be officially launched, despite having been partially unveiled to the public in mid-March. "During our testing of Ernie bot, we have engaged in close discussions with the regulators," Li said.

☆ Stellantis halts battery plant construction over dispute with Canadian govt
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Stellantis assembly worker works on the interior of a Chrysler Pacifica at the Windsor Assembly Plant in Windsor, Ontario, Canada. "Effective immediately, all construction related to the battery module production on the Windsor site has stopped," the spokesperson said. A spokesperson for Canada's Innovation Minister Francois-Philippe Champagne did not immediately respond to a request for comment. The move comes days after the carmaker and South Korea's LG Energy Solution Ltd (373220.KS) (LGES) said they were implementing "contingency plans" related to a more-than C$5 billion ($3.74 billion) battery plant investment in Canada. ($1 = 1.3372 Canadian dollars)Reporting by Ismail Shakil in OttawaOur Standards: The Thomson Reuters Trust Principles.

TOKYO, May 15 (Reuters) - A meeting of the government's top economic council on Monday focused on whether recent rises in inflation and wage growth suggest Japan is approaching a sustained exit from deflation. The fresh round of discussions between the government and central bank are looking at the role each should play in achieving sustained wage hikes, which would help reduce the risk of the country returning to deflation. Bank of Japan (BOJ) Governor Kazuo Ueda spoke about the bank's resolve to patiently maintain ultra-loose monetary policy, according to presentation material released after the meeting. Prime Minister Fumio Kishida said the government and BOJ need to coordinate closely given rising uncertainty over the economic outlook. "We're aiming to pull Japan out of deflation and achieve sustained, private demand-driven economic growth" by creating public perceptions that growth and inflation will keep rising, he said.

☆ Japan's Kishida to order assessment on wage outlook by govt, BOJ- Nikkei
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 14 (Reuters) - Japanese Prime Minister Fumio Kishida will issue an order on Monday for the government and the central bank to conduct an assessment on whether recent wage hikes would be sustainable, the Nikkei newspaper reported on Sunday. The assessment will focus on whether wealth is distributed in a way that allows households to weather the rising cost of living, and help sustainably achieve the Bank of Japan's 2% inflation target, the paper said without citing sources. Kishida will issue the order at a meeting of the government's key economic council on Monday, and will consider having the council conduct a regular assessment on the wage outlook, the Nikkei said. The assessment will seek to clarify the role the government and the BOJ must play in achieving 2% inflation, and how they should respond when inflation accelerates, the paper said. Japan's core consumer inflation hit 3.1% in March, well above the BOJ's 2% target, as companies pass on rising raw material costs to households.

☆ Australian govt rejects concerns budget may worsen inflation
▼ + stars: | 2023-05-10 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

But inflation sits at near 30-year highs of 7.0%, forcing the government to announce relief measures aimed at lowering power bills and easing pressure on consumer prices. "We wanted to take pressure off families whilst we didn't put pressure on inflation," Prime Minister Anthony Albanese told ABC Radio. The budget includes a A$14.6 billion ($10 billion) cost-of-living plan, set to deliver up to A$3 billion in direct energy bill relief for low-income families and small businesses. Treasurer Jim Chalmers brushed aside concerns the support measures could stoke inflation, saying all the relief would not impact the economy at the same time. ($1 = 1.4743 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Australia govt to change petroleum tax, LNG projects to pay more
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 6 (Reuters) - Australia will change its Petroleum Resource Rent Tax (PRRT) to increase the tax paid by the offshore LNG industry, moves that should increase revenue by A$2.4 billion ($1.6 billion) over the next four fiscal years, Treasurer Jim Chalmers said on Saturday. "Under the current rules, most LNG projects are not expected to pay any significant amounts of PRRT until the 2030s. The Treasury review of gas pricing was started under the previous conservative government. Chalmers said both reviews had found that aspects of the PRRT were better suited to oil projects than LNG projects, and the deductions cap and other changes would help address that. There is expected to be a substantial improvement in the budget position due to higher than expected commodity prices boosting revenues.

☆ Australia chief calls for more govt funding for Brisbane success
▼ + stars: | 2023-05-06 | by ( Nick Mulvenney | Thomson Reuters | Leads Coverage Of Sport Across The Asia-Pacific. Still Reports On The Full Panoply Of Sport. Many Olympics World Cups World Championships Grand Slams Grands Prix | ) www.reuters.com time to read: +2 min

Chesterman told the Australian Olympic Committee (AOC) annual general meeting national sporting bodies were already financially stretched and that the groundwork for Brisbane success needed to be laid now. "It is clearly understood that a successful home Games requires a successful home team. But the clock is ticking and the strain within the system is showing," the AOC chairman said. "We come off a hugely successful Tokyo Games, but that is nearly two years ago, and the system that helped to produce those performances is understandably struggling. "Results also don't come at the flick of a switch, so if Australia is to have a successful team in Brisbane 2032, the system, the people, that took us to that success in Tokyo need nurturing now."

Speaking later at a press conference, Retno said it was vital to secure the trust of all those involved. "Indonesia is using non-megaphone diplomacy, this aims to build trust with all stakeholders, so they want to talk to us," she said. "Indonesia continues trying to play a bridging role to reduce a deep and sharp gap among the stakeholders." Representatives of the Myanmar junta and two armed ethnic groups did not respond to requests for comment. An Indonesian foreign ministry official confirmed the move to engage all stakeholders had the support of ASEAN members.

The off-balance sheet borrowings incurred after fiscal year 2021 will continue to be adjusted over the next three financial years, said one of the sources. However, from here on, any new off-balance sheet borrowings will be adjusted in the same year or the year after they have been incurred, the source added. In one year, the adjustment from borrowing requirements will not be more than 0.25% of gross state domestic product, said a the second source. Reuters GraphicsLower market borrowing by state governments was one factor that helped keep federal government bond yields in check in 2022-2023. State governments also had high cash balances at the start of the previous year, which helped bring down borrowings, said ICRA.

☆ Thailand in talks with CATL, others on potential battery plants, govt official says
▼ + stars: | 2023-05-03 | by ( Devjyot Ghoshal | ) www.reuters.com time to read: +3 min

"We are talking to many companies, not only CATL but many companies in the battery industry," said Narit Therdsteerasukdi, Secretary General of Thailand Board of Investment (BOI). CATL, the world's dominant battery supplier with a 37% market share, currently has no production facilities in Southeast Asia, its website shows. In the past few years, Thailand has drawn investments from EV companies, mainly Chinese, including Great Wall Motors and BYD Co (002594.SZ). Narit said the government's goal was to direct support and subsidies to land larger battery production facilities. CATL currently has 13 battery production hubs, 11 in China, one in Hungary and one in Germany.

☆ Putin orders Russian govt to clarify rules on dividend payments to 'unfriendly' investors
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, May 2 (Reuters) - Russian President Vladimir Putin on Tuesday ordered his government to "clarify" the procedure for how Russian companies can make dividend payments to shareholders from so-called "unfriendly countries". Russia considers all countries that have hit it with sanctions over its military campaign in Ukraine to be "unfriendly". The Kremlin said proposals on dividend payments should "include conditions that residents expand their production in Russia, develop businesses based on new technologies and invest in the Russian economy." Putin asked the government to come up with proposals by May 20, a document published by the Kremlin said.

☆ Oil drops as economic growth concerns offset OPEC+ cuts
▼ + stars: | 2023-05-01 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The Fed, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies on Monday, making oil more expensive for other currency holders. "The failure to reach more solid ground above $80.50 in Brent points to continued selling interest amid the well known growth/demand concerns," said Ole Hansen, head of commodity Strategy at Saxo Bank. "We believe the oil market will be in deficit through the remainder of the second quarter" following the OPEC+ cuts, said Baden Moore, head of commodity and carbon strategy at National Australia Bank. Reporting by Katya Golubkova; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ UK govt says country's banking system safe and sound, after First Republic collapse
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: 1 min

LONDON, May 1 (Reuters) - Britain's finance ministry said on Monday that the country's banking system remained safe, sound and well capitalised, after First Republic Bank (FRC.N) became the third major U.S. bank to fail in two months. "As the independent Bank of England has confirmed, the UK banking system remains safe, sound and well capitalised," a spokesperson for the Treasury said via e-mail. The spokesperson also said First Republic was "a matter for U.S. authorities". Reporting by Muvija M; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Israel's judicial proposals prompt startups to relocate -govt agency
▼ + stars: | 2023-05-01 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, May 1 (Reuters) - The government's plan to overhaul the judicial system is harming investor confidence and pushing high-tech firms to relocate abroad, Israel's state-backed agency that supports high-tech companies said on Monday. Israel's high-tech sector employs 10% of the country's workforce accounting for around 15% of economic output, more than half of exports and a quarter of tax income. While the Nasdaq is up 17% this year, Israel's tech index is down 4%. It added that high-tech fundraising in the first quarter was just $1.7 billion, the lowest quarterly figure since 2019. The authority recommended a number of steps such as easing regulations, incentives to encourage investment and incentives for startups to register intellectual property in Israel.

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