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☆ Brazil's Lula wishes luck and success to new Argentine president
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Nov 19 (Reuters) - Brazilian President Luiz Inacio Lula da Silva extended best wishes to the newly elected government in Argentina, without making direct mention of President-elect Javier Milei, who has previously criticized Lula and labeled him an "angry communist." Brazil will always be available to work together with our Argentine brothers," he wrote on Sunday on X, formerly Twitter. On Tuesday, leftist Lula had said that Argentina, the country's third-largest trading partner, should choose a president who supports democracy and the Mercosur trading bloc. He has also criticized the South American common market Mercosur and said Argentina would "follow its own path." He met with Brazilian Finance Minister Fernando Haddad in Brasilia earlier this year to discuss mechanisms to secure imports by Buenos Aires.

Persons: Luiz Inacio Lula da Silva, Javier Milei, Lula, Argentine, Sergio Massa, Fernando Haddad, Haddad, Marcela Ayres, Lisa Shumaker, Rosalba O'Brien Organizations: Twitter, Mercosur, Economy, Brazilian Finance, Reuters, Thomson Locations: BRASILIA, Argentina, Brazil, Argentine, Mercosur, Brasilia, Buenos Aires

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

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

☆ German budget crisis tests limits of its 'debt brake'
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +3 min

The ruling has sent budget talks into disarray and sparked calls within Chancellor Olaf Scholz's coalition to suspend a constitutionally enshrined "debt brake" that sets legal limits on borrowing. WHAT IS THE DEBT BRAKE AND WHY WAS IT INTRODUCED? HAS GERMANY SUSPENDED ITS DEBT BRAKE BEFORE? Some analysts say the debt brake is ripe for reform and a more flexible fiscal policy would let governments take on more debt to fund much-needed investments. The government is still weighing options, including suspending the debt brake or curtailing spending.

Persons: Kai Pfaffenbach, Chancellor Olaf Scholz's, Angela Merkel's, Christian Lindner, Carsten Brzeski, Philippa Sigl, Robert Habeck, Riham Alkousaa, Holger Hansen, Matthias Williams, Christina Fincher Organizations: REUTERS, Rights, Finance, Reuters, Thomson Locations: Frankfurt, Germany, GERMANY, Ukraine

"The Compact with Africa conference aims to send this signal: You can count on Germany as a partner". The 4 billion euros would be channelled into the common EU-Africa Initiative for Green Energy. The European Union had already announced it would deliver it 3.4 billion euros in grants. German trade with Africa was 60 billion euros ($65.4 billion) last year, which is a fraction of its trade with Asia but up 21.7% on 2021. Ivory Coast President Alassane Ouattara said the number of German companies had tripled in five years while Morocco's Prime Minister Aziz Akhannouch said German investment had increased sixfold since 2015.

Persons: Olaf Scholz, Emmanuel Macron, Ursula von der Leyen, Liesa, Scholz, Christian Lindner, Alassane Ouattara, Aziz Akhannouch, Andreas Rinke, Sarah Marsh, Riham Alkousaa, David Gregorio Our Organizations: French, REUTERS, Rights, Africa, Africa Initiative for Green Energy, European Union, " Finance, Ivory, Morocco's, Democratic, Thomson Locations: Africa, Berlin, Germany, Europe, China, West, Russia, Asia, Ivory Coast, Morocco, Tunisia, Egypt, Senegal, Guinea, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of Congo, Ethiopia

☆ UK PM Sunak promises tax cuts after meeting his inflation pledge
▼ + stars: | 2023-11-20 | by ( Alistair Smout | ) www.reuters.com time to read: +3 min

Under pressure from within his traditionally low-tax Conservative Party, Sunak said his government needed to prioritise lowering the tax burden but stressed he would not repeat the unfunded tax cut plan that his predecessor Liz Truss announced last year, triggering turmoil in bond markets. Sunak said the government would cut taxes over time and would not do anything that added to inflation. "You can trust me when I say we can responsibly start to cut taxes," he said. Conservative lawmakers have long called on Sunak to cut taxes to help reduce the gap in the opinion polls with the opposition Labour Party before an election expected next year. Blowing tens of billions of pounds on unfunded spending is just as dangerous as blowing tens of billions of pounds on unfunded tax cuts," he said.

Persons: Rishi Sunak, Jeremy Hunt, Sunak, Liz Truss, Hunt, Sarah Young, Alistair Smout, William Schomberg, Kylie MacLellan, Kate Holton, Christina Fincher Organizations: British, Conservative Party, Data, Conservative, Labour Party, Thomson Locations: Rwanda

☆ Soaring hotel prices, crackdown on illegal renting to hit Paris 2024 experience
▼ + stars: | 2023-11-20 | by ( Julien Pretot | ) www.reuters.com time to read: +3 min

REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsPARIS, Nov 20 (Reuters) - Visitors heading to Paris for next year's Olympics face major accommodation problems amid soaring hotel prices and a crackdown on rentals of tourist apartments. A report by the Paris tourism office showed that hotel prices would rise by a whopping 314% between the 2023 and 2024 summers. The report also hit out at the Paris hotels for waiting too long to open their booking platforms for the July 26 - Aug. 11 Games. According to the Paris Tourism office, a hotel night in the Paris region was 169 euros in July 2023, and it is expected to soar up to 699 euros in July 2024. "At the London Games, the prices were too high and the occupation rate of hotels went 12% down.

Persons: Guy Degrenne, Stephane Mahe, Frederic Hocquard, Hocquard, Jacques Baudrier, Baudrier, Bruno Le Maire, Julien Pretot, Pritha Sarkar Organizations: Paris, Paralympic Games, ArcelorMittal, REUTERS, Rights, Reuters, Paris Tourism, London Games, French Finance, Thomson Locations: Vire, France, Paris, Nantes, Lille, Rennes

☆ UK's next government will find tax rises hard to avoid
▼ + stars: | 2023-11-20 | by ( David Milliken | ) www.reuters.com time to read: +7 min

But tax rises will be very hard to avoid for whichever party forms the next government, says James Smith, a former Bank of England economist who is research director at the Resolution Foundation, which focuses on issues affecting low and middle earners. For earlier governments, the main way to increase tax levels has been to raise the rate of national insurance - a payroll tax paid by employers and employees - and, in the Conservatives' case, higher value-added tax. Annual GDP growth averaged 2.0% from 2010-2019, compared with 3.0% from 1997-2007. Asked on Sunday about widespread reports of looming tax cuts, Hunt told Sky News: "Everything is on the table ... Higher-than-expected inflation has boosted tax revenue and overall GDP in cash terms, giving more leeway against fiscal targets as most public services' spending budgets are fixed.

Persons: Susannah Ireland, Jeremy Hunt, Rishi Sunak's, James Smith, Smith, Britain's, It's, Carl Emmerson, Hunt, Foundation's Smith, David Milliken, Mike Harrison Organizations: REUTERS, Labour Party, Bank of England, Organisation for Economic Co, Development, Britain, Conservatives, Fiscal Studies, Foundation, Reuters, Monetary Fund, Institute for Government, Sky News, British, Reuters Graphics, Thomson Locations: City, London, Britain, Ukraine

Heavy fighting broke out around the Indonesian Hospital, which has housed thousands of patients and displaced people for weeks. More than 250 patients with severely infected wounds or other urgent conditions remain stranded at Shifa Hospital days after Israeli forces entered the compound. Four other babies died in the two days before the evacuation on Sunday, according to Mohamed Zaqout, the director of Gaza hospitals. NETANYAHU EXTENDS CENTRAL BANK GOVERNOR’S TERMTEL AVIV, Israel — Israeli Prime Minister Benjamin Netanyahu says he has decided to grant the country’s central bank chief a second term. Jordan will build the hospital in southern Gaza to help with the territory's health crisis.

Persons: Yemen’s, Egypt’s, ”, Mohamed Zaqout, “, Hirokazu Matsuno, Yemen’s Houthi, Abraham Ungar, Ungar, Matsuno, NYK, BILL, Itamar Ben, ” Gil Dikman, Gvir, Ophir Katz, Benjamin Netanyahu’s, Netanyahu, NETANYAHU, Benjamin Netanyahu, Amir Yaron, Yaron, Bezalel Smotrich, Israel —, Gila Gamliel, Gamliel, Israel’s, Gamliel’s, GAZA KHAN YOUNIS, JERUSALEM —, Elad Aderi, Aderi Organizations: Health Ministry, Indonesian Hospital, World Health Organization, Shifa, West Bank, Israel’s, Palestinian, Crescent, Galaxy Leader, Ray Car Carriers, Associated Press, Houthi, Galaxy Maritime Ltd, British military’s United Kingdom Maritime Trade Operations, Israel Defense Forces, Firefighters, National, National Security, CENTRAL BANK, Gov, Finance, BE, Intelligence, Jerusalem Post, Palestinian Authority, Street Journal, Monday, Israel Democracy Institute Locations: Gaza, Gaza City, Israel, Gaza's, China, Pakistan, israel, EGYPT, Gaza’s, Egypt, Palestinian, JAPAN, Japan, Iran, Bahamas, Philippines, Bulgaria, Ukraine, Mexico, Romania, Gulf of Oman, Saudi Arabia, Oman, India, Hodeida, British, ISRAEL, Lebanon, Biranit, JERUSALEM, Israel’s, TEL AVIV, Israeli, GAZA, Jerusalem, United States, U.S, JORDANIAN, Jordanian, Rafah, Jordan

☆ Morning Bid: Thanksgiving starters of AI and oil
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike Dolan. Thanksgiving may make for a clipped U.S. markets week, but there's plenty to chew on around the world before then - and a feast of intrigue in the artificial intelligence space. His plans include shutting the central bank, ditching the peso and dollarizing the economy and slashing spending with potentially painful reforms. The risk premium between German and Italian 10-year yields tightened to 170 bps - the lowest since Sept. 21.

Persons: Brendan McDermid, Mike Dolan, Sam Altman, That's, thrall, Javier Milei, Milei, Jeremy Hunt, Andrew Bailey ,, Francois Villeroy de, Pablo Hernandez de Cos, Ed Osmond Organizations: New York Stock Exchange, REUTERS, Microsoft, Big Tech, Nvidia, Treasury, Federal Reserve, Bank, Bayer, Federal Reserve Bank of England, Andrew Bailey , Bank of France, Bank of Spain, Technologies, Keysight Technologies, Holdings Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, OPEC, Tokyo, Europe, Canada, Francois Villeroy de Galhau

"We do want to bring down the tax burden but we will only do so responsibly," Hunt told Sky News. "The one thing we won't do is any kind of tax cut that fuels inflation." OPTIONS LIMITED AFTER HEAVY SPENDINGLabour's finance spokesperson Rachel Reeves said cutting inheritance tax would be the wrong priority in a cost-of-living crisis. "Lower taxes on working people - if the government can explain where the money is coming from - is something I would support," Reeves told Sky News. "We want to show people there is a path to lower taxes but we also want to be honest with people this is not going to happen overnight."

Persons: Hunt, Jeremy Hunt, Rishi Sunak, Rachel Reeves, Reeves, Kylie MacLellan, Andy Bruce, Emelia Sithole Organizations: Sunday Times, Labour, Sky News, Times Radio, Institute for Fiscal Studies, Organisation for Economic Co, Development, Britain, Thomson Locations: British

☆ UK's Hunt says won't implement tax cuts that fuel inflation
▼ + stars: | 2023-11-19 | by ( ) www.cnbc.com time to read: +1 min

Jeremy Hunt, Britain's Chancellor of the Exchequer, speaks on the second day of the the Conservative Party Conference on October 02, 2023 in Manchester, England. British finance minister Jeremy Hunt said on Sunday that he would not implement tax cuts that would push up inflation, days before he announces a major budget update that is widely expected to contain tax cuts. The Sunday Times reported that Hunt was considering cutting income tax or national insurance in his Autumn Statement budget update on Wednesday. "The one thing we won't do is any kind of tax cut that fuels inflation," Hunt told Sky News. Rachel Reeves, the opposition Labour Party's finance spokeswoman, said cutting inheritance tax would be the wrong priority in a cost-of-living crisis.

Persons: Jeremy Hunt, Britain's, Hunt, Rachel Reeves Organizations: Conservative Party Conference, Sunday Times, Conservative Party, Sky News, Labour Locations: Manchester, England, British

☆ Brazil's Lula Wishes Luck and Success to New Argentine President
▼ + stars: | 2023-11-19 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BRASILIA (Reuters) - Brazilian President Luiz Inacio Lula da Silva extended best wishes to the newly elected government in Argentina, without making direct mention of President-elect Javier Milei, who has previously criticized Lula and labeled him an "angry communist." Brazil will always be available to work together with our Argentine brothers," he wrote on Sunday on X, formerly Twitter. On Tuesday, leftist Lula had said that Argentina, the country's third-largest trading partner, should choose a president who supports democracy and the Mercosur trading bloc. He has also criticized the South American common market Mercosur and said Argentina would "follow its own path." He met with Brazilian Finance Minister Fernando Haddad in Brasilia earlier this year to discuss mechanisms to secure imports by Buenos Aires.

Persons: Luiz Inacio Lula da Silva, Javier Milei, Lula, Argentine, Sergio Massa, Fernando Haddad, Haddad, Marcela Ayres, Lisa Shumaker, Rosalba O'Brien Organizations: Reuters, Twitter, Mercosur, Economy, Brazilian Finance Locations: BRASILIA, Argentina, Brazil, Argentine, Mercosur, Brasilia, Buenos Aires

☆ France may sell real estate to cut deficit, review seniors' unemployment benefits
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron Acquire Licensing RightsPARIS, Nov 19 (Reuters) - France wants to reduce government spending on office space and may consider real estate sales in a bid to reduce the state deficit, the budget and finance ministers said in a media interview on Sunday. The government also plans to review unemployment benefits for seniors, they said. Budget Minister Thomas Cazenave told La Tribune that the government wants to reduce the amount of office space occupied by the administration by 25%. "We may also consider real estate sales," he added. ($1 = 0.9168 euros)Reporting by Geert De Clercq; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Digital Security Bruno Le Maire, Thomas Cazenave, Johanna Geron, Bruno Le Maire, Le Maire, Cazenave, Elisabeth Borne, Geert De Clercq, Hugh Lawson Organizations: Economy, Finance, Industry, Digital Security, French Junior, Public, REUTERS, Rights, Budget, La Tribune, Thomson Locations: Paris, France

☆ Moody's upgrades Portugal's rating two notches, despite political crisis
▼ + stars: | 2023-11-18 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

Portugal's government nationalised a small private bank, Banco Portugues de Negocios (BPN), on Sunday as the international financial crisis claimed its first victim in the Iberian country. REUTERS/Jose Manuel Ribeiro (PORTUGAL) Acquire Licensing RightsLISBON, Nov 18 (Reuters) - Moody's upgraded Portugal's long-term issuer rating two notches to A3 from Baa2, despite the political crisis triggered by the resignation of the country's prime minister due to an investigation into alleged irregularities in his government. Moody's said it appeared the country's institutions were dealing with the crisis in an "effective and transparent manner". The 2024 budget, which is set to be approved by the Socialist parliamentary majority on Nov. 29, projects economic growth slowing down to 1.5% in 2024 from the 2.2% growth expected this year. It sees "significant private and public investments as well as the implementation of further structural reforms", both linked to the country's recovery plan.

Persons: Jose Manuel Ribeiro, Antonio Costa, Marcelo Rebelo de Sousa, Moody's, Fernando Medina, Medina, Sergio Goncalves, David Latona Organizations: Banco Portugues de, Rights, Finance, Socialist, Thomson Locations: Portuguese, Lisbon, Banco Portugues de Negocios, PORTUGAL, Rights LISBON, Baa2, Portugal

☆ Germany's lower house of parliament approves Financing for the Future Act
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBERLIN, Nov 17 (Reuters) - Germany's lower house of parliament on Friday passed the Financing for the Future Act, to promote start-ups and improve access to capital markets. In the future, companies will be allowed to go public with a minimum market capitalization of one million euros instead of the previous 1.25 million. According to earlier statements by the government, the law will lead to annual tax revenue losses of almost one billion euros from 2026. The Future of Financing Act increases the tax allowance for employee share ownership to 2,000 euros from 1,440 euros. The package, called the Growth Opportunities Act, provides for tax relief of around 7 billion euros ($7.6 billion) a year from 2024, and a total of over 32 billion euros until 2028.

Persons: Fabian Bimmer, Christian Lindner, Lennard Oehl, Christian Kraemer, Maria Martinez, William Maclean Organizations: REUTERS, Rights, Global, Germany's, SPD, Thomson Locations: Hamburg, Germany, Silicon Valley

☆ Israel’s Benjamin Netanyahu battles on all fronts, amid growing pressure to free hostages
▼ + stars: | 2023-11-18 | by ( Tara John | ) edition.cnn.com time to read: +7 min

Only a small handful of families have met with the Israeli leader since the attacks, infuriating the hundreds of other relatives. Freeing hostages should be at the top of the Israeli war cabinet’s agenda, he said. Winds have been shifting against the prime minister as Israel’s war in Gaza drags past its sixth week. Cracks emergeOpposition parties initially rallied behind Israel’s war effort, with National Unity Party leader Benny Gantz joining the wartime government – but cracks have begun to emerge. Freeing hostages from Hamas was worth it, “whatever the cost,” he said.

Persons: Jerusalem CNN —, Benjamin Netanyahu, Netanyahu, ” Gil Dickmann, Carmel Gat, ”, Benny Gantz, , Yair Lapid, Lapid, “, ” Lapid, Ada Gansach, Tara John, Israel, Bezalel Smotrich, Itamar Ben Gvir, ’, Ilan Rosenberg, Gilad Shalit, Asher Elyahol, ” Ofir Dagan, Dagan, Yehudit Waiss, Waiss, Elyahol, “ we’ll Organizations: Jerusalem CNN, Israel’s, CNN, Palestinian, National Unity Party, Likud, Twitter, Israeli, National, Palestinian Prisoner’s Society, Family, Hamas, Reuters Locations: Jerusalem, Tel Aviv, Israel, Gaza, United States, Gulf, Qatar

[1/2] A woman counts U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018. Cooler-than-expected U.S. inflation data on Tuesday and Wednesday hastened market expectations for how soon the Federal Reserve will cut rates. Such a move would weaken a major dollar support and could come as early as next year's first quarter. The yen - punished broadly this year by dollar strength - broke the 150 mark for the first time in nearly two weeks, gaining 0.69% to 149.68 to the dollar. Japanese authorities do not have specific exchange-rate levels in mind when deciding when to intervene in the currency market, Deputy Finance Minister Ryosei Akazawa told parliament on Friday.

Persons: Marcos Brindicci, Bipan Rai, Thierry Wizman, Wizman, Ryosei Akazawa, Lee Hardman, Robert Holzmann, Joachim Nagel, Christine Lagarde, Herbert Lash, Iain Withers, Rae Wee, Tom Westbrook, Alexander Smith, Matthew Lewis Organizations: REUTERS, Federal Reserve, CIBC Capital Markets, FX, Eurostat, European Central Bank, Thomson Locations: Buenos Aires, Argentina, North America, Toronto, United States, Macquarie, New York, Britain, London, Singapore

The economy and finance ministry declined immediate comment. "So the ruling could have a negative impact on economic growth," the source added. Last month, the economy ministry predicted 1.3% growth for next year. Although the Greens want additional spending, the Free Democrats (FDP), which heads the finance ministry, reject additional debt and higher taxes. "There is a clear political decision in favour of Intel and nothing has changed yet," said an economy ministry spokesperson on Friday.

Persons: Liesa, Olaf Scholz's, Christian Lindner, Chancellor Olaf Scholz's, Joerg Kraemer, Robert Habeck, Habeck, Friedrich Merz, Christian Haase, Commerzbank's Kraemer, Maria Martinez, Andreas Rinke, Holger Hansen, Christian Kraemer, Madeline Chambers, Matthias Williams, Clarence Fernandez, Gerry Doyle, David Evans Organizations: REUTERS, Rights, Thursday, Greens, Free Democrats, Transformation, Intel, U.S, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Europe's

☆ Dozens of migrants wait at Finland-Russia border after Helsinki blocks crossings
▼ + stars: | 2023-11-17 | by ( Anne Kauranen | ) www.reuters.com time to read: +3 min

HELSINKI, Nov 18 (Reuters) - Dozens of migrants stood behind barriers at two crossings on Finland's border with Russia on Saturday, the Finnish Border Guard said, after Helsinki erected barricades to halt a flow of asylum seekers it says was instigated by Moscow. Despite the closure, dozens of migrants arrived on Saturday afternoon at the Nuijamaa and Vaalimaa crossings, and lit a campfire in sub-zero temperatures behind razor-wire barriers mounted by border guards, Finnish Border Guard told reporters. Four regular border crossings remain open for the time being, but asylum can now only be sought at two of those, in Salla and Vartius, further north, the Border Guard said. On Saturday, 67 people arrived to seek asylum at the Vartius post, the local border guard unit said on X, formerly known as Twitter. The Kremlin on Friday said Finland was making a "big mistake" by closing down border crossings and that Helsinki's move was destroying bilateral relations.

Persons: Mika Rytkonen, Jouko Kinnunen, Moscow's, Riikka Purra, Anne Kauranen, Attila Cser, Kevin Liffey, Terje Solsvik, Ros Russell Organizations: Finnish Border Guard, Kremlin, YLE, Finland, Border Guard, Twitter, MTV, Union, Frontex, Friday, Reuters, Finance, Finns Party, Thomson Locations: HELSINKI, Russia, Helsinki, Moscow, United States, Finland, Iraq, Yemen, Somalia, Syria, Salla, Poland, Lithuania, Latvia, Belarus, East, Africa, Nuijamaa, London

☆ People are getting more creative in money laundering: Ireland's finance minister of state
▼ + stars: | 2023-11-17 | 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 EmailPeople are getting more creative in money laundering: Ireland's finance minister of stateJennifer Carroll MacNeill, Ireland's finance minister of state, discusses the country's decision to bid to host the EU's anti-money laundering authority.

Persons: Jennifer Carroll MacNeill

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

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

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

☆ Germany approves financial reforms to help its tech industry compete with Silicon Valley
▼ + stars: | 2023-11-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

BERLIN, GERMANY - NOVEMBER 15: German Finance Minister Christian Lindner gives a statement to the media at the Chancellery following the weekly government cabinet meeting on November 15, 2023 in Berlin, Germany. (Photo by Sean Gallup/Getty Images)Germany on Friday approved a package of key reforms to its capital markets frameworks to help its technology industry compete with Silicon Valley. The reforms, which have been in the works for sometime, had been widely expected. Some of the major changes will be to employee stock options plans, which allow companies to hand a slice of the business to their employees. Index has invested in a number of high-profile German tech startups, including human resources software firm Personio and financial service startup Raisin.

Persons: Christian Lindner, Sean Gallup, Martin Mignot, Mignot Organizations: German Finance, German, Court, Getty, Ventures Locations: BERLIN, GERMANY, Berlin, Germany, Silicon, Europe

☆ Take Five: Black Friday is (almost) here
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsNov 17 (Reuters) - U.S. retailers are gearing up for Black Friday, marking the start of the shopping season that follows the Thanksgiving holiday, while business activity data should gauge the temperature elsewhere. 1/ BARGAIN HUNTINGThe crucial holiday shopping season kicks off with Black Friday on Nov. 24 at a time when investors are questioning whether the consumer-driven U.S. economy can remain resilient. This year's Black Friday comes as Americans grapple with soaring interest rates and inflation that, while easing, remains above the Federal Reserve's 2% target. Already, data for October showed U.S. retail sales fell, pointing to slowing demand, although the decline was less than expected. As long as that's not the case, pressure is on the Kishida cabinet since a weak yen is unpopular politically.

Persons: Kamil Krzaczynski, Lewis Krauskopf, Kevin Buckland, Naomi Rovnick, Dhara Ranasinghe, Karin Strohecker, There's, PIMCO, Rishi Sunak, David Cameron, Jeremy Hunt, Hunt, bode, Sergio Massa, Javier Milei, Pragmatist Massa, Prinz Magtulis, Sumanta Sen, Kripa Jayaram, Pasit, Mark Potter Organizations: Walmart, REUTERS, Black, Nvidia, Insider Intelligence, European Commission, PMI, Fed, European Central Bank, Reuters Graphics Reuters, DOWNING STREET, Labour, gilts, Natwest, Reuters, Bank of Japan, Peronist, Thomson Locations: Chicago , Illinois, U.S, Argentina, Lewis, New York, Tokyo, London, Britain, Japan, Egypt, Taiwan, South Africa, India

☆ Sweden plans new nuclear reactors by 2035, will share costs
▼ + stars: | 2023-11-16 | by ( Simon Johnson | ) www.reuters.com time to read: +2 min

By 2045 the government wants to have the equivalent of 10 new reactors, some of which are likely to be small modular reactors (SMRs), smaller than conventional reactors. Energy Minister Ebba Busch said the government was planning a "massive build out" of new nuclear power by 2045. "It's decisive for the green transition, for Swedish jobs and at heart for the welfare of our citizens," she told reporters. Countries like Poland, the Czech Republic, and Britain are looking at expanding nuclear power as societies transition to a fossil-fuel free future. Sweden voted to get rid of nuclear power in 1980, and has only six of an original 12 reactors still in production.

Persons: Tom Little, Ebba Busch, Elisabeth Svantesson, Busch, Finland's, Germany's Uniper, Simon Johnson, Chizu Nomiyama, Elaine Hardcastle Organizations: Rights, Energy, EDF, Thomson Locations: Swedish, Stockholm, Sweden, Rights STOCKHOLM, Poland, Czech Republic, Britain

☆ Mexican lawmakers OK stock market reform bill
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 15 (Reuters) - Mexico's lower house on Wednesday passed a bill aimed at revamping national stock exchanges, a long-awaited move meant to boost trading following a spate of delistings from the main market in recent years. The bill loosens regulations for companies to go public, speeding up the process and reducing the costs involved, said Mexico's largest market operator, the Bolsa Mexicana de Valores, in a statement. The bill had previously passed in the Senate, and will now be sent to President Andres Manuel Lopez Obrador's desk to be signed into law. Just 138 companies are listed on the Bolsa Mexicana de Valores, which has gone six years without a new listing, barring spin-offs. Reporting by Kylie Madry and Diego Ore; Editing by Anthony Esposito and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Gabriel Yorio, Andres Manuel Lopez, Lala, Kylie Madry, Diego Ore, Anthony Esposito, Stephen Coates Organizations: MEXICO CITY, Bolsa Mexicana de, Senate, Grupo Sanborns, Thomson Locations: MEXICO, Bolsa Mexicana de Valores

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