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Containers are seen at a terminal in the port of Hamburg, Germany November 14, 2019. Under the deal between Switzerland-based MSC and the city of Hamburg, MSC will make a cash offer of 16.75 euros ($17.99) per share to acquire all listed class A stock in HHLA. The city of Hamburg, which currently owns 69% of HHLA's A shares and all of its unlisted S-shares, would retain control of Hamburg port with a 50.1% stake via the S-shares. A source familiar with the deal gave an enterprise value of 2.6 billion euros, including 1.4 billion euros in debt. HHLA said its management board would review MSC offer.

Persons: Fabian Bimmer, Klaus, Michael Kuehne, Hapag, Lloyd, Marc Zeck, Nikolas Mauder, Kepler Cheuvreux, Robert Habeck, HHLA, Andrey Sychev, Sabine Wollrab, Rachel More, Jason Neely, Mark Potter, Emelia Organizations: REUTERS, MSC, Reuters, Belgian, Thomson Locations: Hamburg, Germany, BERLIN, Switzerland, HHLA, Germany's, Swiss, China, Berlin, Gdansk, Frankfurt

Argentina’s annual inflation rate rose to 124.4%, according to figures released by the government’s INDEC statistics agency Wednesday. “It’s the number that summarizes the tragedy left by Massa,” Patricia Bullrich, the presidential candidate for the main opposition coalition, wrote on social media after the inflation number was released. Political Cartoons View All 1157 ImagesRecent polls show Milei leading ahead of general elections on Oct. 22 with Massa in second place and Bullrich third. The high inflation rate is in large part a product of the government's devaluation of the local currency, the peso, by nearly 20% following the Aug. 13 primaries. Ponti said the sharp rise in prices had to do with a confluence of factors including the way that beef prices had largely remained frozen for months despite the inflationary economy.

Persons: Donald Trump, Sergio Massa, Javier Milei, “, ” Patricia Bullrich, Massa, ”, Martín Kalos, That’s, Diego Ponti, Ponti, Suchowieski, Milei, Juan Pedro Aquino, “ Massa, ” Kalos, Natacha Pisarenko Organizations: —, Massa, Epyca, ”, AZGroup, Milei, U.S Locations: BUENOS AIRES, Argentina, La Plata, Buenos Aires

☆ Argentine conservative opposition wins provincial governor election by landslide
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

People gather at the campaign headquarters of the Juntos por el Cambio alliance for a primary election night event in Buenos Aires, Argentina August 13, 2023. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsBUENOS AIRES, Sept 10 (Reuters) - Argentina's main opposition alliance, Juntos por el Cambio, has won the governorship of Santa Fe province, the country's third most populous, in a sweeping victory for the conservative bloc, according to official provisional election data. One of the most important agricultural districts in Argentina, Santa Fe is home to the Rosario agricultural port complex, from which more than 80% of the country's agricultural shipments are exported. The latest national polls show an advantage for the libertarian economist Javier Milei, followed by Massa and the Juntos por el Cambio presidential candidate, Patricia Bullrich. "I wish the best future for the entire province of Santa Fe," said Fernandez, who is part of the Peronist coalition.

Persons: Agustin Marcarian, Maximiliano Pullaro, Marcelo Lewandowski, Pullaro, Sergio Massa, Javier Milei, Massa, Patricia Bullrich, Bullrich, Alberto Fernandez, Fernandez, Eliana Raszewski, Jackie Botts, Leslie Adler, Christopher Cushing Organizations: el Cambio, REUTERS, la Patria, Peronist, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Santa Fe, Rosario, Argentine

As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. But the secrecy with which STC (7010.SE) built its stake did catch some observers off guard, the person said. Telefonica said it was informed Tuesday about STC'S investment, after the companies had become more acquainted in recent months. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Nadia Calvino, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio, Ros Russell Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

☆ Chipmaker Taiwan seeks other EU trade deals given investment agreement 'a long shot'
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Taiwan has repeatedly called for progress on a Bilateral Investment Agreement (BIA) with the EU. The EU included Taiwan on its list of trade partners for a potential bilateral investment agreement in 2015, but has not held talks with Taiwan on the issue since. "In that regard of course we have long been promoting a bilateral investment agreement between the EU and Taiwan. However, we know that's a long shot," said Chen, who visited the European Commission in June. Taiwan Semiconductor Manufacturing Corp (2330.TW), the world's largest contract chipmaker, announced last month a 3.5 billion euro ($3.75 billion) investment in Germany for the company's first factory in Europe.

Persons: Chen Chern, chyi, Chen, Filip Grzegorzewski, Tsai Ing, Ben Blanchard, Gerry Doyle Organizations: European Union, EU, European, European Commission, Taiwan Semiconductor Manufacturing Corp, chipmaker, BIA, Trade Organisation, Thomson Locations: TAIPEI, Taiwan, Europe, Asia, EU, Germany

Mexico President Andres Manuel Lopez Obrador's steps to roll back reforms aimed at opening Mexico's power and oil markets to foreign competitors ultimately sparked the trade dispute. The steps add to a significant worsening of trade relations between Washington and Mexico City, even as their economic integration grows. Like the energy policies, Washington argues that banning GMO corn for human and animal consumption violates Mexico's obligations under the trade pact. The White House has hoped to avoid escalating energy trade tensions with Mexico as it sought help on immigration and drug trafficking, but talks that began last year have made little progress. In 2022, Mexico had a $130.5 billion goods trade surplus with the United States.

Persons: Katherine Tai, Tatiana Clouthier, Trade Mary Ng, Joe Biden's, Andres Manuel Lopez Obrador's, USTR, Obrador, Biden, Donald Trump, Jarrett Renshaw, David Lawder, Stephen Eisenhammer, Tomasz Janowski Organizations: Trade, Small Business, Export, Washington, United States Trade Representative, United, Chevron, Marathon Petroleum, Comision Federal, Mexico, Ministry, U.S, North American Free Trade, Thomson Locations: Mexican, United States, Mexico, Canada, Mexico City, U.S, United States Mexico Canada, USMCA, Washington, China, Washington's

☆ Tesla suppliers say carmaker expects 2026 or 2027 Mexico production start, Reforma reports
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. But one month later, they told us to wait," the source told Reforma. Several sources previously told Reuters that Tesla planned to begin production in Mexico in 2025. Tesla announced its plans for Mexico in March, but has not publicly revealed a start date for construction or production. Nuevo Leon's economy minister, Ivan Rivas, declined to comment on Tesla's timeline, saying it was a matter for the company to address.

Persons: Annegret, Tesla, Ivan Rivas, Ramboll, Daina Beth Solomon, Raul Cortes, Hyunjoo Jin, Sarah Morland, Leslie Adler Organizations: REUTERS, Companies Reforma, MEXICO, Reforma, Reuters, Thomson Locations: Gruenheide, Berlin, Germany, Mexico, Nuevo Leon, Reforma, Nuevo Leon's, Mexico City, Hyunjoo, San Francisco

☆ Ukraine says its war-torn economy is beginning to recover
▼ + stars: | 2023-09-06 | by ( ) edition.cnn.com time to read: +1 min

Ukraine’s gross domestic product grew by 2.2% year-on-year in the first seven months of 2023, the economy ministry said on Wednesday. The ministry said in a statement the economy had started to recover after an extremely difficult 2022, when Russia began its full-scale invasion of Ukraine. Nadiia Bigun, deputy economy minister, said the number of Ukrainian entrepreneurs had surpassed the levels before the war. The central bank has increased its forecast for GDP growth to 2.9% in 2023 from an earlier target of 2%, and expects economic growth to quicken to 3.5% next year. The World Bank expects GDP growth of 0.5% in 2023.

Persons: Nadiia Bigun, ” Organizations: quicken, Bank Locations: Russia, Ukraine

[1/5] A view of Palestinian goods trucks in front of the commercial crossing of Kerem Shalom after the Israeli ban on Gaza exports deals a blow to the long-suffering economy, in Rafah in the southern Gaza Strip September 5, 2023. Hamas spokesman Hazem Qassem said the Israeli decision "would increase the already existing tension because of continued Israeli blockade and aggression against our people". In Ramallah, in the Israeli-occupied West Bank, Palestinian economy minister Khaled Assaili demanded Israel cancel the ban which stops Gaza exports to Israel and the West Bank. Gaza exports are estimated at $134 million per year, mostly to Israel and the West Bank, according to the enclave's ministry of economy. As well as fish and agricultural produce, Gaza exports significant quantities of textiles and other products.

Persons: Kerem Shalom, Abu Mustafa, Bahar, Mohammad Al, Hajj, Hazem Qassem, Khaled Assaili, Assaili, Osama Nofal, Wadhah Bseisso, Nidal, Peter Graff Organizations: REUTERS, Israel, West Bank, Palestinian Authority, Hamas, Palestinian Industries Union, Thomson Locations: Kerem, Rafah, Gaza, Israel, Ramallah, Hamas

☆ Taiwan president arrives in Eswatini to visit last African ally
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

TAIPEI/MBABANE, Sept 5 (Reuters) - Taiwan President Tsai Ing-wen arrived on Tuesday in Eswatini, Taipei's last African ally, saying the island will continue to confidently engage with the world and show it is a force for good. The Taiwanese delegation signed three memoranda of understanding with the southern African country after it met with Eswatini's King Mswati III. Eswatini is almost entirely surrounded by South Africa, which Chinese President Xi Jinping visited last month. Tsai last visited Eswatini in 2018, and this time is being accompanied by Economy Minister Wang Mei-hua. Taiwan has provided large amounts of aid to the small southern African country ruled by an absolute monarchy, including in 2021 antiviral medication to help King Mswati III recover from COVID.

Persons: Tsai Ing, Taipei's, Eswatini's King Mswati III, Tsai, Eswatini, Xi Jinping, Economy Minister Wang Mei, King Mswati III, Ben Blanchard, Anait Miridzhanian, Michael Perry, Josie Kao, William Maclean Organizations: Eswatini's Ministry of Foreign Affairs, Economy Minister, COVID, Thomson Locations: TAIPEI, MBABANE, Taiwan, Eswatini, China, Latin America, Caribbean, Belize, Nauru, Honduras, Swaziland, South Africa, America, United States, Lunga

☆ Italy sees 2023 deficit above target due to home incentives, sources say
▼ + stars: | 2023-09-04 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

ROME, Sept 4 (Reuters) - Italy is preparing to raise its 2023 budget deficit above the target of 4.5% of gross domestic product (GDP) set in April due to the impact of costly fiscal incentives for home improvements, two sources close to the matter told Reuters on Monday. The impact on 2024 budget is still to be assessed and the government could take action again to prevent further deviations from targets, the sources added. He described the Superbonus as a banquet where everyone had a meal and the state was left with the bill. Italy had already hinted in July that it was studying changes to these tax incentives as part of talks with European Union authorities to revamp the country's post-COVID national recovery Plan. The government will update a raft of economic projections by Sept. 27 through the Treasury's Document of economy and finance (DEF).

Persons: Giancarlo Giorgetti, Giorgetti, Lincoln Organizations: Reuters, European Union, Thomson Locations: Italy

☆ 'Very stupid': Italy's bank tax remains controversial as government scrambles to update it
▼ + stars: | 2023-09-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

European bank shares dropped significantly in August after a surprise announcement from the Italian government for a new tax. Italy's shock tax on banks continues to prove controversial, even as the government insists it can improve it. "It's a very stupid law," Carlo Calenda, national secretary of the Azione political party, told CNBC over the weekend. Italy's Economy Minister Giancarlo Giorgetti said at Ambrosetti that the bank tax "can certainly be improved upon...but I do not accept that it is considered an unfair tax," according to Reuters. Antonio Tajani, the country's foreign minister and leader of the centre-right Forza Italia party, said the government is stable and the bank tax is not creating tensions.

Persons: Carlo Calenda, Italy's, CNBC's Steve Sedgwick, Giancarlo Giorgetti, Antonio Tajani, CNBC's Sedgwick Organizations: CNBC, House Ambrosetti, Brothers, Italy's, Reuters, Forza Italia Locations: Rome, Italy, Europe, Ambrosetti

FILE PHOTO-Italy's Minister of Economy and Finance Giancarlo Giorgetti delivers a speech at the G7 High-Level Corporate Governance Roundtable in Niigata on May 11, 2023. "It may be that the tax is inappropriate, it can certainly be improved upon ... but I do not accept that it is considered an unfair tax," Giorgetti said at The European House - Ambrosetti economic forum. Bank shares tumbled before the economy ministry clarified that the new tax would amount to no more than 0.1% of their total assets. Forza Italia is also seeking an exemption for small banks and wants a guarantee the levy will not be extended beyond 2023. Giorgetti did not comment on his government ally's proposals on the bank tax.

Persons: Finance Giancarlo Giorgetti, KAZUHIRO, Giancarlo Giorgetti, Giorgetti, Antonio Tajani, Siena, Giselda Vagnoni, Giancarlo Navach, Hugh Lawson, David Evans Organizations: Economy, Finance, Bank, League, Forza Italia, Monte, Thomson Locations: Niigata, Italy, Cernobbio

Italian Economy Minister Giancarlo Giorgetti gestures during a confidence vote over the 2023 budget at the lower house of the parliament, in Rome, Italy December 23, 2022. "The government plans to maintain the forecasts of 1% in 2023, but inevitable external variables are radically changing the picture," Giorgetti said, speaking at The European House-Ambrosetti economic forum. The total cost of the so-called Superbonus originally introduced in 2020 is approaching 100 billion euros ($107.73 billion), the source added. With interest rate hikes by the European Central Bank to curb inflation dampening economic activity, Rome's growth target of 1.5% next year is increasingly at risk, economists say. As Italy is preparing a difficult 2024 budget, Giorgetti reiterated the commitment to keeping the deficit on a downward trend, leaving little leeway for stimulus.

Persons: Giancarlo Giorgetti, Remo Casilli, Giorgetti, Giuseppe Fonte, Giancarlo Navach, Giselda Vagnoni, Susan Fenton Organizations: REUTERS, European Central Bank, European Union, Thomson Locations: Rome, Italy, CERNOBBIO, Cernobbio, Ukraine

☆ EU's Gentiloni confident over budget rule deal by year-end deadline
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

EU Economic Commissioner Paolo Gentiloni holds a news conference on the European Commission's economic forecasts for the EU for 2023 and 2024 on GDP and inflation, in Brussels, Belgium February 13, 2023. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsCERNOBBIO, Italy, Sept 2 (Reuters) - European Union Commissioner for Economy Paolo Gentiloni said on Saturday he was confident an agreement over re-implementing EU budget rules would be reached by year-end, ruling out an extension of their suspension into 2024. "I'm confident, I'd say I have to be confident, that a deal (over the new budget rules) can be reached by year-end," Gentiloni told reporters on the sidelines of the European House Ambrosetti economic forum in Cernobbio. Italy is preparing a difficult 2024 budget in which it will seek to meet Prime Minister Giorgia Meloni's tax-cutting promises while at the same time reducing the deficit while faced with an economic slowdown. Gentiloni said failing to reach a deal on reviving the rules would mean a return to previous budget rules that did not help promote economic growth and cut sovereign debt in the bloc.

Persons: Paolo Gentiloni, Johanna Geron, Gentiloni, Giancarlo Giorgetti, Giorgia, Christine Lagarde, Elvira Pollina, Giselda, Tomasz Janowski, Helen Popper Our Organizations: EU, REUTERS, Union, House, Italian Economy, European Commission, European Central Bank, ECB, Thomson Locations: Brussels, Belgium, Italy, Ukraine

☆ Finland's government agrees anti-racism policy to save coalition
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Finland's Prime Minister Petteri Orpo attends a summit between European Union leaders and leaders of the CELAC group of Latin American and Caribbean states, in Brussels, Belgium July 18, 2023. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsHELSINKI, Aug 31 (Reuters) - Finland's government, beset by racism controversies since taking office in June, has agreed on a common policy to combat intolerance, party leaders said late on Wednesday, preventing a collapse of the four-party, right-wing coalition. Prime Minister Petteri Orpo, whose conservative National Coalition Party (NCP) narrowly won Finland's April election, said the government on Thursday will present its unified policy on how to tackle racism, following a cabinet meeting. SPP leader Anna-Maja Henriksson said she and her party had endorsed the new policy. Reporting by Anne Kauranen, editing by Terje Solsvik, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Petteri Orpo, Johanna Geron, Vilhelm Junnila, Riikka Purra, Anna, Maja Henriksson, Henriksson, Anne Kauranen, Terje Solsvik, Robert Birsel Organizations: Finland's, Union, REUTERS, Rights, Finns Party, Finns, National Coalition Party, NCP, Swedish People's Party, Swedish, Twitter, Thomson Locations: Caribbean, Brussels, Belgium

☆ As inflation soars, Argentines say they've seen this film before
▼ + stars: | 2023-08-30 | by ( Lucila Sigal | ) www.reuters.com time to read: +3 min

August monthly inflation is likely to top 10%, analysts say. He has pledged to dollarize the economy over time and shutter the central bank, blaming a "caste" of political elite for the economic crisis in boisterous tirades to cheering supporters who love his abrasive, no holds barred style. "The way I see it, these characters are focused on a certain sector, a sector of wealth, well-being, upper class. Argentina recently saw some scattered looting of shops and supermarkets, with over 100 arrests, though that has calmed down in recent days. Reporting by Lucila Sigal; Editing by Nicolas Misculin, Adam Jourdan and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Rickey Rogers, Roberto Gonzalez Blanco, Morgan, Javier Milei, Nora Marful, Milei, Sergio Massa, Patricia Bullrich, Fernando De la Rua, Jorge Del Teso, Lucila Sigal, Nicolas Misculin, Adam Jourdan, Alistair Bell Organizations: Supreme, REUTERS, Economy, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Australia, Argentine

Ramiro Marra, candidate for mayor of Buenos Aires and part of the inner circle of Argentina's radical presidential front-runner Javier Milei, listens to Milei talking to journalists, in Buenos Aires, Argentina August 24, 2023. Juan Napoli, also running for a Senate seat with Milei's party, agreed time would be needed to lay the groundwork for reforms. The presidential candidates for the two blocs will be Economy Minister Sergio Massa and former security minister Patricia Bullrich, respectively. "All of the alternatives that are laid out in the law and the national constitution, we are going to use them." Reporting by Anna-Catherine Brigida; Additional reporting by Eliana Raszewski and Juan Bustamante; Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Ramiro Marra, Javier Milei, Agustin Marcarian, Milei, Marra, Juan Napoli, dollarization, Sergio Massa, Patricia Bullrich, Anna, Catherine Brigida, Eliana Raszewski, Juan Bustamante, Rosalba O'Brien Organizations: REUTERS, Milei, Reuters, Bull Market Brokers, Peronist, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES

☆ Argentina offers financial aid to crisis-hit workers and pensioners
▼ + stars: | 2023-08-27 | by ( Eliana Raszewski | ) www.reuters.com time to read: +3 min

Argentine one hundred peso bills are displayed in this picture illustration taken September 3, 2019. Massa said workers will receive 400 billion pesos in loans, while self-employed workers will be offered six months of tax relief and those on food benefits will receive additional stipends. "The goal is that every economic sector receives some state support," Massa said. Meanwhile, tensions have risen and a series of lootings have taken place across the country. ($1 = 350 Argentine pesos)Reporting by Eliana Raszewsi; Writing by Lizbeth Diaz and Sarah Morland; editing by Diane Craft and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Sergio Massa, Massa, Javier Milei, Patricia Bullrich, Eliana Raszewsi, Lizbeth Diaz, Sarah Morland, Diane Craft, Chris Reese Organizations: REUTERS, Sunday, International Monetary Fund, South, Thomson Locations: BUENOS AIRES

☆ Argentina's Massa expects IMF board OK for $7.5 bln payout
▼ + stars: | 2023-08-22 | by ( Jason Lange | ) www.reuters.com time to read: +2 min

Argentine Economy Minister Sergio Massa speaks to the media on the day of Argentina's primary elections, near a polling station in Tigre, on the outskirts of Buenos Aires, Argentina August 13, 2023. REUTERS/Mariana Nedelcu/File Photo Acquire Licensing RightsWASHINGTON, Aug 22 (Reuters) - Argentine Economy Minister Sergio Massa said on Tuesday that he expects the International Monetary Fund (IMF) board to approve the latest reviews of its huge loan program on Wednesday, unlocking $7.5 billion the embattled country desperately needs. The board green light would come after the South American nation reached a staff-level agreement with the IMF in July to unlock the funds and complete the combined fifth and sixth reviews of its struggling $44 billion loan program. "We are convinced that tomorrow the fifth and sixth reviews will be approved, which will allow us to access a disbursement for Argentina of $7.5 billion," he told reporters at an event in Washington. Reporting by Jason Lange; additional reporting by Rodrigo Campos; Writing by Adam Jourdan; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Mariana Nedelcu, Massa, Jason Lange, Rodrigo Campos, Adam Jourdan, Sandra Maler Organizations: Argentine, REUTERS, Rights, Argentine Economy, International Monetary Fund, IMF, Thomson Locations: Tigre, Buenos Aires, Argentina, Argentine, American, Washington

☆ Ukraine may use new Black Sea route for grain shipments - producers
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsKYIV, Aug 21 (Reuters) - Ukraine is considering using its newly-tested wartime Black Sea export corridor for grain shipments after other cargo ships follow the first successful evacuation of a vessel on the route last week, a senior agricultural official said on Monday. Russia has blockaded Ukrainian ports since it invaded its neighbour in Feb. 2022 and threatened to treat all vessels as potential military targets after pulling out of a U.N.-backed safe passage deal last month. A Hong Kong-flagged container ship stuck in Odesa port since the invasion travelled the route last week without being fired upon. The Financial Times said Kyiv was finalising a scheme with global insurers to cover grain ships travelling to and from its Black Sea ports, citing Ukraine's Deputy Economy Minister Oleksandr Gryban. To attract ship owners to Ukrainian ports which have come under fire from Russian forces, Marchuk said Ukraine had already allocated 20 billion hryvnias ($547 million) for ship insurance.

Persons: Dado Ruvic, Denys Marchuk, Oleksandr Gryban, Marchuk, Pavel Polityuk, Philippa Fletcher Organizations: REUTERS, Rights, Agrarian Council, Financial Times, Kyiv, Thomson Locations: Ukraine, Russia, Ukrainian, Romania, Bulgaria, Hong Kong, Odesa, Mykolaiv

Work on an insurance mechanism follows Russia’s withdrawal from the Black Sea Grain Initiative last month, which threatens the safe passage of ships carrying grain to and from Ukrainian ports. To keep grain shipments moving, Ukraine’s government will share potential losses with insurers, which should make cover for travel through risky Ukrainian waters more affordable for commercial shipping companies. Russia’s withdrawal from the grain deal has had a chilling effect on merchant shipping around Ukraine’s three Black Sea ports as the Kremlin warned that ships leaving these ports might come under attack. And earlier this month a Russian warship fired warning shots and boarded a cargo ship in the Black Sea it claims was headed to Ukraine. Last week, the Hong Kong-flagged Joseph Schulte container ship became the first vessel to depart from any of Ukraine’s Black Sea ports since the grain deal broke down on July 17.

Persons: —, ” Oleksandr Hryban, Marsh McLennan, Marsh, Oliver Wyman —, Hryban, Marcus Baker, ” Baker, Crispin Ellison, Oliver Wyman, ” Marsh McLennan, Joseph Schulte, Volodymyr Zelensky, ” Organizations: Kyiv CNN —, United Nations, “, CNN, Initiative, Kremlin, ” Locations: Kyiv, Kyiv CNN — Ukraine, Ukrainian, Turkey, London, Marsh, Russia, Ukraine, Russian, Hong Kong, Odesa, ” Ukraine

☆ Germany wants tighter foreign investment controls amid China 'de-risking'
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +1 min

The effort comes as Berlin urges companies to reduce their reliance on China and as the government examines whether its current set of regulations is sufficient to encourage this. Germany has at times been seen as a weak link in the Western approach to China, given the strong business ties with its single biggest trading partner. "Investment reviews have gained enormously in importance in Germany, Europe and internationally in recent years," the document said. In addition, the ministry is also considering checking the security significance of new factories built in Germany by foreign companies, as well as whether security-critical research cooperation deals need to be scrutinized. Reporting by Andreas Rinke; Writing by Tom Sims; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Robert Habeck, China's Cosco, Andreas Rinke, Tom Sims, David Holmes Organizations: Reuters, Sunday, Thomson Locations: Berlin, China, West, Germany, Hamburg, Europe

☆ Italy to propose ex-minister Franco for ECB board, source says
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

Italy's Economy Minister Daniele Franco addresses a news conference after the G7 Summit in Koenigswinter, near Bonn, Germany May 20, 2022. REUTERS/Benjamin Westhoff/File photo Acquire Licensing RightsROME, Aug 20 (Reuters) - Italy will put forward former economy minister Daniele Franco as its candidate for the executive board of the European Central Bank (ECB), a source close to the matter said on Sunday. He was appointed economy minister in 2021 in Mario Draghi's unity government, helping Italy navigate the COVID-19 crisis and the turbulence caused by Russia's invasion of Ukraine. However, in a surprise move, Economy Minister Giancarlo Giorgetti decided instead to propose his predecessor, a source close to the matter told Reuters, confirming a report in Il Sole 24 Ore newspaper. The government had initially put Franco forward as the Italian candidate to lead the European Union's lending arm, the European Investment Bank (EIB).

Persons: Daniele Franco, Benjamin Westhoff, Fabio Panetta, Franco, Mario Draghi's, Piero Cipollone, Giancarlo Giorgetti, Giorgia Meloni, Crispian Balmer, Giuseppe Fonte, Christina Fincher, David Holmes Organizations: REUTERS, Rights, European Central Bank, ECB, Bank of Italy, European Investment Bank, Reuters, Thomson Locations: Koenigswinter, Bonn, Germany, Italy, Ukraine, France, Rome, Italian, Franco

☆ Argentina sets grocery price controls for 90 days to tame inflation
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

A costumer counts money before buying tangerines in a green grocery store, as Argentines struggle amid rising inflation, in Buenos Aires, Argentina May 11, 2023. The move follows other price-freezing initiatives from the government to contain surging annual inflation, which topped 113% in July. Consumer prices are expected to rise further in August after Milei's shock primary win led to a sharp peso devaluation. On Thursday, the ministry announced it would freeze fuel prices until October 31 after an agreement with the industry. Reporting by Maximilian Heath; Writing by Carolina Pulice; Editing by David Alire Garcia and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Sergio Massa, Massa, Javier Milei, Patricia Bullrich, Maximilian Heath, Carolina Pulice, David Alire Garcia, Diane Craft Organizations: REUTERS, Economy, Peronist, Monetary, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES

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