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☆ UK and Switzerland sign post-Brexit financial services deal
▼ + stars: | 2023-12-21 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The U.K. and Switzerland are deepening the ties between their financial services sectors with a new post-Brexit deal. Sopa Images | Lightrocket | Getty ImagesLONDON — The U.K. and Switzerland on Thursday signed a post-Brexit financial services deal designed to bring two of Europe's largest banking centers closer together. He added that the mutual recognition accord, dubbed the Bern Financial Services Agreement, would provide a "blueprint" for future deals with other countries. As such, financial services providers and insurers will be able to offer certain cross-border activities in both Switzerland and the U.K. Meanwhile, U.K. advisors will be permitted to "temporarily serve" wealthy clients locally in Switzerland without registering in the country.

Persons: Jeremy Hunt, Hunt, Karin Keller, Sutter Organizations: Getty, British, CNBC, European Union, Swiss, U.K, City Locations: Switzerland, Britain, Bern, City of London

☆ Spanish economist picked to lead the EU's massive lending unit lays out her priorities
▼ + stars: | 2023-12-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Nadia Calviño, Spain's finance minister and deputy prime minister, was appointed head of the European Investment Bank Friday — in what has been touted as a boost for Spanish influence within the European Union. Known as the EU's lending arm it approved some 75.86 billion euros ($81.6 billion) in new projects in 2022. "We also have a European Union with 27 member states, and it is a complex construction. Calviño said that Spain had launched a "massive" investment program using funds from the NextGenerationEU pandemic recovery instrument. So I do think there is a chance for us to crowd in private investment if we do things right," she said.

Persons: Nadia Calviño, Calviño, CNBC's Organizations: European Investment Bank, European Union Locations: Ukraine, Union, Spain

☆ Australia to End Daily Letter Delivery as Postal Service Pivots to Parcels
▼ + stars: | 2023-12-05 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +2 min

By Lewis JacksonSYDNEY (Reuters) - Australia Post will soon end daily letter deliveries as part of a series of postal reforms announced on Wednesday designed to modernise the government-owned postal service and help it turn a profit. Australia Post will also have an extra day to deliver regular mail. Australia Post delivered half a billion parcels last financial year, or roughly 20 per person. Losses in the letter business rose 50% to A$384 million. Australia Post has applied to the competition regulator to increase the basic letter postage rate to A$1.50 from A$1.20 from early near year.

Persons: Lewis Jackson SYDNEY, Paul Graham, eCommerce, Graham, Lewis Jackson, Jamie Freed Organizations: Australia Post, Australia Locations: Australia

☆ Saudi Arabia offers tax breaks for companies moving regional HQs to Riyadh
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 15 July 2022. The programme has so far attracted 200 foreign companies, Saudi Investment minister Khaled Al-Falih was quoted as saying. "The new tax exemptions granted on regional headquarters activities will give .... international companies in the kingdom more clarity of vision and stability," Saudi Finance Minister Mohammed Al-Jadaan said, according to SPA. Foreign companies have scrambled to meet the Saudi condition to relocate their regional headquarters after the kingdom said in October the deadline will be enforced. Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia.

Persons: Finance Mohammed Bin Abdullah Al, Jadaan, Jan, Prince Mohammed bin Salman, Khaled Al, Falih, Mohammed Al, ” Jadaan, Aziz El, Bill Berkrot Organizations: Finance, Ministers, Central Bank Governors, Rights, United, United Arab Emirates, International, Saudi Investment, Saudi Finance, Games, , Thomson Locations: Saudi, Nusa Dua, Bali, Indonesia, Rights RIYADH, Saudi Arabia, United Arab, United Arab Emirates

☆ Former PM Boris Johnson to Defend Record and Conduct at UK COVID Inquiry
▼ + stars: | 2023-12-05 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +4 min

By Andrew MacAskillLONDON (Reuters) - Former British Prime Minister Boris Johnson will make a much-anticipated appearance before an inquiry into the handling of the coronavirus pandemic on Wednesday with his personal reputation and that of the Conservative government at stake. He was said to have asked at one point if blowing a hair-dryer up his nose could kill the virus. The inquiry is assessing decision-making through written and oral evidence from former and current ministers and officials. It has also been given access to private messages they exchanged in the run-up to, and at the height of, the crisis. In private messages seen by the inquiry, Simon Case, Britain's most senior civil servant, claimed in private messages that his boss changed "strategic direction every day" and he was unable to lead.

Persons: Andrew MacAskill, Boris Johnson, Johnson, Rishi Sunak, Patrick Vallance, –, Dominic Cummings, Eddie Lister, Lee Cain, Simon Case, Angus MacSwan Organizations: Andrew MacAskill LONDON, British, Conservative, Britain, Conservatives, Labour Party Locations: COVID, Britain, Downing

☆ Fiscal rules revamp may threaten calm in euro zone's fragile bond markets
▼ + stars: | 2023-12-04 | by ( Stefano Rebaudo | ) www.reuters.com time to read: +5 min

Analysts believe Germany's budget crisis will mean tougher fiscal policy in the largest euro zone economy in 2024, which could add to pressure on less wealthy members of the bloc to keep a tighter grip on their finances. Italian 10-year bonds currently yield around 173 basis points more than German debt , 38 bps less than a year ago, while the gap between Portuguese and German yields has narrowed by 34 basis points. French bonds meanwhile yield 58 bps more than German, 5 bps more than a year ago. Analysts argued the German public may be unwilling to accept a tightening of domestic fiscal policy without a blanket approach across Europe - meaning a tougher scenario for the periphery. Bondholders are meanwhile banking on the European Central Bank cutting interest rates in a few months, which should support euro zone peripheral debt.

Persons: Giorgia Meloni, Olaf Scholz, Fabrizio Bensch, Ruben Segura, BofA's Segura, Cayuela, Felix Hubner, Massimiliano Maxia, Stefano Rebaudo, Catherine Evans Organizations: Italian, REUTERS, Germany, Union, Northern, European Commission, UBS, Analysts, European Central Bank, JPMorgan, ECB, Allianz Global Investors, bps, Thomson Locations: Berlin, Germany, Italy, Cayuela, European, Greece, Spain, Europe

A shopkeeper naps as she waits for customers at a traditional market in Seoul, South Korea, April 7, 2022. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Dec 5 (Reuters) - South Korea's inflation eased for the first time in four months in November, bringing relief to policymakers worried about persistent inflation risks as they plan to keep their restrictive monetary policy in place for longer. "Compared to core inflation in the U.S. and Europe that seem to be still in the 4% to 5% range, (South Korea's core inflation) seems to be far more stable," said Finance Minister Choo Kyung-ho at a policy meeting in Seoul. "Considering this, we see inflation stabilizing in a steady manner going forward, unless we face some additional external shocks." The Bank of Korea kept interest rates steady at 3.50% last week at its final policy meeting of the year and signalled it may need to keep interest rates higher for longer to head off persistent inflation risks.

Persons: naps, Kim Hong, Choo Kyung, BOK, Jihoon Lee, Chris Reese, Lincoln Organizations: REUTERS, Rights, Reuters Survey, Bank of, Thomson Locations: Seoul, South Korea, Rights SEOUL, U.S, Europe, Bank of Korea

☆ South Korea's Yoon set to announce cabinet reshuffle -media
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

South Korean President Yoon Suk-yeol gives a speech on the government budget at the National Assembly in Seoul, South Korea, 31 October 2023. JEON HEON-KYUN/Pool via REUTERS/File photo Acquire Licensing RightsSEOUL, Dec 4 (Reuters) - South Korean President Yoon Suk Yeol is likely to announce a major cabinet reshuffle as early as Monday, with as many as 10 ministers including the finance minister set to be replaced, Yonhap news agency reported. The financial regulator head could also be replaced, the Korea Economic Daily reported on Monday, also citing unidentified sources. Some cabinet members are widely expected to stand down to capitalise on their increased profile to run as political candidates. Yoon does not require parliamentary approval to appoint a finance minister, who also serves as deputy prime minister.

Persons: Yoon Suk, JEON HEON, Yonhap, Park, Choo Kyung, Choi Sang, Yoon, Hyunsu Yim, Cynthia Kim, Ed Davies, Christopher Cushing Organizations: South, National Assembly, Rights, Korea Economic, Foreign, Finance, Democratic Party of Korea, Thomson Locations: Seoul, South Korea, Rights SEOUL, Korea, Busan

☆ Yellen Heads to Mexico to Boost Cooperation on Fentanyl, Supply Chains
▼ + stars: | 2023-12-04 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen will travel to Mexico City this week to promote cooperation with Mexican counterparts on combating illicit finance and the trafficking of fentanyl, along with strengthening Mexico's role in U.S. supply chains, Treasury officials said on Monday. Yellen's Dec. 5-7 trip will include meetings with Mexican President Andres Manuel Lopez Obrador, and the country's central bank governor and finance minister, among others, Treasury said in a statement. The trip follows Treasury's announcement on Monday of a counter-fentanyl "strike force" that will bring together the department's resources, including the Office of Terrorism and Financial Intelligence and the Internal Revenue Service's Criminal Investigation unit, to disrupt illicit drug trafficking. U.S. President Joe Biden and Chinese President Xi Jinping last month agreed to deepen cooperation to stem the flow of fentanyl precursor chemicals, which are often mixed by Mexican drug gangs before distribution in the U.S.(Reporting by David Lawder in Washington; Editing by Matthew Lewis)

Persons: Janet Yellen, Yellen's, Andres Manuel Lopez Obrador, Joe Biden, Xi Jinping, David Lawder, Matthew Lewis Organizations: WASHINGTON, . Treasury, Mexican, Terrorism, Financial Intelligence Locations: Mexico City, U.S, Washington

"With this (decision) Yoon is trying to make sure there is policy continuity in place ahead of election," said Park Sang-hyun, an economist at HI Investment & Securities. "Choi has been long-time finance ministry person and he basically spearheaded major economics policies of the Yoon administration from the very beginning so its a safe choice." Choi has a bachelor's degree from the Seoul National University law school, where Yoon also studied around the same time. Choi's career in government service has been mostly at the finance ministry, overseeing economic policy making, financial market policies, and external business relations. Yoon doesn’t need parliamentary approval to appoint a new finance minister, who also serves as deputy prime minister.

Persons: Yoon Suk, Choi Sang, mok, Choi, Choo, Yoon, Yoon's, Yoon doesn’t, Soo, hyang Choi, Ed Davies Organizations: HI Investment, Securities, Gallup, Bank of, Seoul National University, Thomson Locations: SEOUL, Gallup Korea, Daegu

☆ UK's Hunt says he hopes to reverse public investment freeze
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] British Chancellor of the Exchequer Jeremy Hunt speaks at the Resolution Foundation, in London, Britain December 4, 2023. REUTERS/Hollie Adams Acquire Licensing RightsLONDON, Dec 4 (Reuters) - British finance minister Jeremy Hunt said on Monday that he hoped in future to reverse the decline in public investment which is forecast in the government's latest budget plans. "I don't think you want declining public investment. And I very much hope we'll be able to get back into a place where we don't have to do that," Hunt said at an event hosted by the Resolution Foundation think tank. In government budget forecasts published last month, British public sector net investment is forecast to fall steadily from 2.6% of gross domestic product in the current financial year to 1.8% in the 2028/29 financial year.

Persons: Jeremy Hunt, Hollie Adams, we'll, Hunt, Keir Starmer, David Milliken, Kate Holton Organizations: REUTERS, Labour Party, Labour, Thomson Locations: London, Britain, British

☆ UK needs new plan to reverse hit to living standards, researchers say
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

People walk alongside the City of London financial district in London, Britain, October 25, 2023. REUTERS/ Susannah Ireland/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - Britain needs a new economic strategy to reverse 15 years of falling living standards and worsening inequality, a leading think tank and an academic research centre said on Monday. "There is no excuse for fatalism," Torsten Bell, chief executive of the Resolution Foundation, said. "Closing the gap with peers like Australia, France and Germany would deliver huge living standards gains, with typical households over 8,000 pounds better off." ($1 = 0.7881 pounds)Writing by William Schomberg; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Susannah Ireland, Jeremy Hunt, Keir Starmer, Torsten Bell, William Schomberg, Daniel Wallis Organizations: City, REUTERS, Foundation, London School of Economics, Centre for Economic, Labour Party, Conservative Party, Starmer's Labour, Thomson Locations: London, Britain, Australia, France, Germany, Birmingham, Manchester

Britain's Labour Party Leader Keir Starmer attends television interviews on the final day of the party's annual conference in Liverpool, Britain, October 11, 2023. It is not unusual for opposition leaders to receive summit invitations, but COP28 is particularly resonant. Ireland's climate minister, Eamon Ryan, hailed Britain's climate leadership, but also said Sunak's reset of some measures had not gone down well when the news was reported while he was in New York for the U.N. General Assembly. Britain's development minister Andrew Mitchell, at COP28, told Reuters what Sunak did "was very good government". But the Conservatives' former finance minister George Osborne questioned whether Sunak had been angered that Kitsotakis had met Starmer before him.

Persons: Keir Starmer, Phil Noble, Starmer, King, Jordan, John Kerry, General Antonio Guterres, Rishi Sunak, COP28, Sunak, Espen Barth Eide, Eamon Ryan, Andrew Mitchell, we're, Kyriakos, Sunak's, George Osborne, Kitsotakis, Elizabeth Piper, Kate Abnett, Barbara Lewis Organizations: Britain's Labour, REUTERS, Labour Party, UN, Labour, General, Reuters, Greek, Elgin, British, Conservatives, Thomson Locations: Liverpool, Britain, DUBAI, Dubai, Israel, Gaza, Qatar, Brazil, London, COP28, Norwegian, New York

☆ Netherlands pledged €15 million to the 'loss and damage' fund, finance minister says
▼ + stars: | 2023-12-03 | 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 EmailNetherlands pledged €15 million to the 'loss and damage' fund, finance minister saysSigrid Kaag, minister of finance of the Netherlands, says "it's upon all of us as members of the international community to make a success" on loss and damage progress.

Persons: €, Sigrid Kaag Organizations: Netherlands Locations: Netherlands

☆ South Korea's Yoon Set to Announce Cabinet Reshuffle -Media
▼ + stars: | 2023-12-03 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

SEOUL (Reuters) - South Korean President Yoon Suk Yeol is likely to announce a major cabinet reshuffle as early as Monday, with as many as 10 ministers including the finance minister set to be replaced, Yonhap news agency reported. The transport and labour ministers may also be changed, Yonhap said, citing unidentified sources. The financial regulator head could also be replaced, the Korea Economic Daily reported on Monday, also citing unidentified sources. Some cabinet members are widely expected to stand down to capitalise on their increased profile to run as political candidates. Yoon does not require parliamentary approval to appoint a finance minister, who also serves as deputy prime minister.

Persons: Yoon Suk, Yonhap, Park, Choo Kyung, Choi Sang, Yoon, Hyunsu Yim, Cynthia Kim, Ed Davies, Christopher Cushing Organizations: Korea Economic, Foreign, Finance, Democratic Party of Korea Locations: SEOUL, Korea, Busan

Summary Heavy gunfire reported overnight in Guinea-Bissau's capitalArmed national guard soldiers free opposition ministerHead of national guard arrestedCalm appears to have been restored by late morningBISSAU, Dec 1 (Reuters) - Fighting broke out overnight between two factions of Guinea-Bissau's army in the capital and continued early on Friday after armed soldiers from the national guard freed a minister who had been detained for suspected misuse of public funds. The head of the national guard has since been arrested, a military source said. Gunshots started at around 2300 GMT on Thursday about two kilometres away from the presidential palace in the capital Bissau. A police source said the shooting on Thursday started after heavily armed members of the national guard stormed a police station to free Finance Minister Suleimane Seidi, arrested earlier that night. The national guard reports to parliament, while the military reports to the president.

Persons: Umaro Sissoco Embalo, Embalo, Suleimane Seidi, Antonio Monteiro, Sierra Leone's, Alberto Dabo, Samba, Sofia Christensen, Christina Fincher Organizations: United Nations, Change, PAIGC, Freetown, CFA, Thomson Locations: Guinea, BISSAU, Bissau, Antula, Dubai, Guinea Bissau, West African, Senegal, Portugal, West, Central Africa

☆ Brazil proposes global forest conservation fund at COP28
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Smoke from a fire rises into the air as trees burn amongst vegetation in Brazil's Amazon rainforest near Humaita, Amazonas state, Brazil, August 3, 2023. REUTERS/Leonardo Benassatto/File Photo Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - Brazil on Friday unveiled a proposal at the COP28 climate summit to set up a global fund to finance forest conservation that it hopes can raise $250 billion from sovereign wealth funds and other investors, including the oil industry. The plan unveiled by Brazilian Environment Minister Marina Silva and Finance Minister Fernando Haddad calls for the creation of an innovative global instrument to remunerate the maintenance and restoration of tropical forests. Brazil is asking other countries to contribute to the final design of the fund. The funds would be deposited at a global organization, which could raise further resources by issuing low-risk bonds.

Persons: Leonardo Benassatto, Brazilian Environment Minister Marina Silva, Fernando Haddad, Andre Correa, Lago, deforest, Lisandra Paraguassu, William Maclean Organizations: REUTERS, Rights, Brazilian Environment Minister, Finance, Reuters, Thomson Locations: Humaita, Amazonas, Brazil, Dubai

☆ Irish central bank: EU to adopt broader approach to boost capital market
▼ + stars: | 2023-11-30 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The bloc has introduced several "top down" reforms in a bid to boost its capital market, but progress has been modest and it continues to lag Wall Street in terms of breadth and depth, and company listings. Rowland said the push towards a deeper capital market would also focus on "bottom up" measures, such as steps taken at the national level, or initiatives by market participants. Speeding up EU capital market reforms has become more pressing since Brexit as Britain also eases capital market rules to become more globally competitive. They need to mobilise private capital," he said, adding that some bottom-up measures were already emerging, such as Italy's capital markets law, and a green industry law in France. Regulators in Britain and globally, however, have some concerns about whether assets in private markets have valuations that properly reflect the impact of higher interest rates and inflation.

Persons: Derville Rowland, Rowland, Huw Jones, Sharon Singleton, Bernadette Baum, Emelia Organizations: Central Bank of Ireland, European Commission, EU's, Markets Union, CMU, Publicly, EU, Regulators, Thomson Locations: Britain, France

☆ Microsoft's $3.2 bln UK investment to drive AI growth
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

Britain's Prime Minister Rishi Sunak and Microsoft President Brad Smith attend the AI Safety Summit in Bletchley Park, near Milton Keynes, Britain, November 2, 2023. Britain, where the economy is forecast to be sluggish in the coming years, is pushing for private investment to help fund new infrastructure, particularly in growth industries like AI. "Today's announcement is a turning point for the future of AI infrastructure and development in the UK," Sunak said in a statement on Thursday. Since then, the UK regulator waved through a restructured version of Microsoft's $69 billion acquisition of Activision Blizzard , putting Britain back in Microsoft's favour. The investment includes a training plan to help ensure Britons have the skills they need to build and work with AI, it added.

Persons: Rishi Sunak, Brad Smith, Toby Melville, Sunak, Microsoft's, Smith, Jeremy Hunt, Sarah Young, Elaine Hardcastle Organizations: Britain's, Microsoft, REUTERS, U.S ., Activision Blizzard, Thomson Locations: Bletchley Park, Milton Keynes, Britain, Microsoft's, London

[1/2] Former UK finance minister (Chancellor of the Exchequer), Alistair Darling, poses for a photograph in Edinburgh, Scotland, Britain, Aug 31, 2018. REUTERS/Russell Cheyne/File Photo Acquire Licensing RightsLONDON, Nov 30 (Reuters) - Former British finance minister Alistair Darling, who steered the country's economy and banking system through the shock of the global financial crisis in 2007-08, has died aged 70 after undergoing treatment for cancer, his family said on Thursday. Darling was named chancellor of the exchequer by former prime minister Gordon Brown in June 2007, just as the crisis was brewing at leading financial institutions. "I never met anyone who didn't like him," Brown's predecessor as prime minister, Tony Blair, said. "Darling's passing is a huge loss to us all," said Britain's present prime minister Rishi Sunak, from the centre-right Conservative party.

Persons: Alistair Darling, Russell Cheyne, Darling, Gordon Brown, Brown, Margaret, Calum, Anna, Tony Blair, Lehman, Rishi Sunak, Muvija, Kate Holton, Andrew Heavens Organizations: REUTERS, Royal Bank of Scotland, Lloyds TSB, Labour Party, Treasury, Western General Hospital, Loretto School, Aberdeen University, The Guardian, Lehman Brothers, Conservative, Thomson Locations: Edinburgh, Scotland, Britain, British, United Kingdom

☆ New Zealand's central bank defends Maori language use
▼ + stars: | 2023-11-29 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

[1/3] Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is pictured during an interview at the bank in Wellington, New Zealand, April 16, 2019. REUTERS/Charlotte Greenfield/File Photo Acquire Licensing RightsWELLINGTON, Nov 29 (Reuters) - New Zealand’s central bank chief defended its use of the Maori language in official communications on Wednesday, as the country’s new centre-right government looks to roll back the use of the Indigenous language in the public sector. Central bank governor Adrian Orr said at a media conference following the bank’s monetary policy meeting that it was proud of its Maori name "Te Putea Matua" and would continue to use it in addition to the Reserve Bank of New Zealand (RBNZ). Over the past few years, the RBNZ has undergone an overhaul that puts the country's Maori heritage and language at the centre of its operations. The government has not released specific details on the policies and it is unclear whether they would directly impact the central bank.

Persons: Adrian Orr, Charlotte Greenfield, Orr, Christopher Luxon's, Luxon, Lucy Craymer, Sam Holmes Organizations: Bank of New Zealand, REUTERS, Rights, Reserve Bank of New Zealand, Labour, New Zealand, prudential, Thomson Locations: Wellington , New Zealand, Central, Te Ao

☆ Indonesia Approves 20% Rise in Defence Budget by 2024
▼ + stars: | 2023-11-29 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

JAKARTA (Reuters) - Indonesia's outgoing president has approved a 20% hike in defence spending through the end of next year, to upgrade the country's military hardware in response to geopolitical developments, its finance minister said. In a press conference on Wednesday, Sri Mulyani Indrawati said the approval came in a meeting she attended with President Joko Widodo and Defence Minister Prabowo Subianto. Prabowo is the leading candidate in the upcoming presidential election in February, and is running with Widodo's son. The defence budget will be increased from $20.75 billion to $25 billion, Sri Mulyani said. They considered them as a necessity given the condition of our military hardware as well as rising threats amid increasing geopolitical and geo-security dynamics," she said.

Persons: Sri Mulyani Indrawati, Joko Widodo, Prabowo Subianto, Prabowo, Mulyani, Lockheed Martin, Gayatri Suroyo, Ananda Teresia, Kanupriya Kapoor Organizations: Sri, Defence, Dassault Rafale, Turkish Aerospace Locations: JAKARTA, U.S

Speaking to parliament, Scholz went into Germany's recent history of the COVID pandemic, the war in Ukraine and soaring energy prices to extend a suspension of self-imposed borrowing limits to tackle a crisis that has knocked his coalition. A constitutional court ruling nearly two weeks ago blocked the government's plans to reallocate unused pandemic funds towards green initiatives and industry support, raising fears Germany's economy could be further weakened. Scholz's assurances that his government would solve the budget crisis with care were met with jeers and laughter from the opposition Christian Democrats (CDU), whose lawsuit against the government had sparked the earlier court ruling. He underscored support for Ukraine, after the recent budget turmoil raised questions over how much military aid Berlin was willing to commit. "It is also clear that we must not let up in our support for Ukraine and in overcoming the energy crisis.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Friedrich Merz, Scholz, Germany's, Berlin, Scholz's, " Merz, Andreas Rinke, Christian Kraemer, Miranda Murray, Rachel More, Matthias Williams, Kirsti Knolle, Bernadette Baum Organizations: Climate, Christian Democratic Union, CDU, Bundestag, Christian Democrats, Ukraine, Finance, Thomson Locations: BERLIN, Ukraine, Germany, East Germany

☆ New Zealand’s new government scraps world-leading smoking ban to fund tax cuts
▼ + stars: | 2023-11-28 | by ( Heather Chen | ) edition.cnn.com time to read: +4 min

A year after passing a world-leading smoking ban designed to save thousands of lives and prevent new generations of young adults from smoking, New Zealand has announced a u-turn to help pay for tax cuts, infuriating public health officials and anti-tobacco groups. Marty Melville/AFP/Getty ImagesNew Zealand’s initial smoking ban was hailed by public health officials around the world. Months after New Zealand’s announcement, Britain also unveiled plans to phase out smoking for new generations. A spokesperson for British Prime Minister Rishi Sunak said that the British government remained committed to phasing out smoking, even after New Zealand’s reversal. The anti-smoking group Health Coalition Aotearoa (HCA) expressed disappointment at the new coalition’s plans to repeal the smoking ban.

Persons: Chris Luxon, Luxon, Christopher Luxon, Marty Melville, Rishi Sunak, ”, Nicola Willis, Saturday, Mario Tama, Ayeshea Verrall, “ What’s, ” Verrall Organizations: CNN, National Party, New Zealand First, ACT New, Radio New Zealand, Government House, Getty, British, World Health, Radio New, Health Coalition Aotearoa, New Zealanders Locations: New Zealand, ACT New Zealand, Wellington, AFP, Britain, Los Angeles , California, Radio New Zealand, New

☆ German government unveils budget fixes as way out of crisis
▼ + stars: | 2023-11-27 | by ( Christian Kraemer | ) www.reuters.com time to read: +5 min

The government said the spillover effects from the energy crisis that hit in 2022 after Russia's invasion of Ukraine and caused rocketing prices had created an emergency situation that justified suspending the debt brake. The leader of Scholz's SPD urged the government to consider suspending the debt brake next year, a move rejected in particular by the fiscally hawkish Free Democrats (FDP). "The debt brake must remain." The debt brake, introduced after the global financial crisis of 2008-2009, was first suspended in 2020 to help the government support firms and health systems during the COVID-19 pandemic. On Monday he stressed the need to give companies, which have been worried by the uncertainty caused by the budget crisis, clarity as quickly as possible.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Olaf Scholz's, finalising, Scholz's, Christian Duerr, Bijan Djir, Christian Kraemer, Riham Alkousaa, Amir Orusov, Rachel More, Matthias Williams, Thomas Escritt, Alison Williams, Tomasz Janowski Organizations: Finance, Climate, REUTERS, Free Democrats, ZDF, Greens, Thomson Locations: Berlin, Germany, BERLIN, Ukraine, Sarai, East Germany

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