DIRS.INFO The most relevant business & tech news

☆ Explainer: Why is Siemens Energy seeking $16 billion state guarantees?
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +5 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. To make sure it can get the guarantees to fulfil its order backlog, Siemens Energy has turned to the government. Siemens owns a 25.1% stake in Siemens Energy and has not ruled out helping. Siemens still provides around 7 billion euros of performance guarantees to projects Siemens Energy is working on, significantly down from the 40 billion euros at the time of the spin-off around three years ago. Apart from seeking guarantees from the government, banks and Siemens, Siemens Energy said it is "evaluating various measures to strengthen the balance sheet", without elaborating further.

Persons: Chris Helgren, Banks, Roland Busch, hade, Andreas Rinke, Christoph Steitz, Victoria Farr, Andres Gonzalez, Pablo Mayo, Alexander Huebner, Tom Kaeckenhoff, Josephine Mason, Susan Fenton Organizations: Siemens Energy, REUTERS, Siemens, International Chamber of Commerce, German Economy Ministry, SIEMENS, Triton, Pablo Mayo Cerqueiro, Thomson Locations: Vancouver , British Columbia, Canada, downpayments, Berlin, Frankfurt, London, Munich

REUTERS/Phil Noble/File Photo Acquire Licensing RightsFRANKFURT/MUNICH, Oct 26 (Reuters) - German technology groups have warned they are being hit by delays in getting China-bound exports through customs, following the introduction of a German government strategy to reduce economic dependence on demand from China. German chip-making kit supplier Suess MicroTec (SMHNn.DE) late on Wednesday cut its sales forecasts for the second time in three months, blaming tightened controls for exports to China. German customs and the Federal Office for Economic Affairs and Export Control (BAFA) did not immediately respond to a request for comment. Lobby group Asia-Pacific Committee of German Business (APA) told Reuters the BAFA office was appearing to scrutinise export requests more closely or escalate requests to the economy ministry more often. Still, the German chamber of commerce said the political environment was hobbling exports to China.

Persons: Phil Noble, Suess, Friedolin Strack, Burkhardt Frick, Martin Wansleben, Alexander Huebner, Rene Wagner, Christian Kraemer, Thomas Escritt, Anneli, Ludwig Burger, David Holmes Organizations: REUTERS, Federal Office, Economic Affairs, Export Control, Pacific Committee, German Business, Reuters, Thomson Locations: Hamburg, Germany, FRANKFURT, MUNICH, China, Asia, Munich, Berlin, Duesseldorf, Frankfurt

☆ Siemens Energy shares slide 39% after company seeks guarantees from German govt
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. The weekly said Siemens Energy is seeking up to 15 billion euros in guarantees. Siemens remains an anchor investor in Siemens Energy, retaining a 25.1% stake. The government was ready to help Siemens Energy while stakeholders also will have to play their role, they said. J.P. Morgan said in a note that the energy transition will require substantially higher rates of investments, which will bring commercial opportunities for Siemens Energy and sector peers.

Persons: Chris Helgren, Siemens Gamesa, WirtschaftsWoche, Morgan, Matthias Inverardi, Christian Kraemer, Alexander Huebner, Vera Eckert, Friederike Heine, Miranda Murray, Sabine Wollrab, Rachel More, Jan Harvey, Susan Fenton Organizations: Siemens Energy, REUTERS, Companies Company, Siemens, Siemens AG, Reuters Graphics Reuters, Spiegel, European Commission, Siemens Gamesa, Thomson Locations: Vancouver , British Columbia, Canada, BERLIN, Berlin

The cost to Israel's economy of its war with Hamas militants will be unlike anything it has experienced in decades. "This is not a hit for contractors or industrialists alone," said Raul Sarugo, president of the Israel Builders' Association. Israel was blindsided on Oct. 7 by Hamas gunmen from Gaza who rampaged through border towns in the deadliest attack on civilians in its history. The conflict has also halted the movement of thousands of Palestinian labourers from Gaza to Israel and curtailed the flow from the occupied West Bank. The Economy Ministry created a war room and put out a call for help.

Persons: Raul Sarugo, Israel, Netanel Shraga, Barak Klein, ThetaRay, Erel Margalit, Dror Bin, We've, Bin, Leo Leiderman, Amir Yaron, Yaron, Steven Scheer, Ari Rabinovich, Toby Chopra Organizations: Hamas, Israel Builders ' Association, West Bank, Columbia, HIGH, TECH, Factories, Israel Innovation Authority, Ministry, Bank Hapoalim, Israeli Finance Ministry, Reuters, of Israel, Thomson Locations: Israel, Gaza, Israel's, Iran, Lebanese

☆ Germany's economy ministry plans 50 bln euros boost for industry
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

German Economy and Climate Minister Robert Habeck holds a press conference about the autumn economic forecasts, in Berlin, Germany, October 11, 2023. REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsBERLIN, Oct 24 (Reuters) - Germany's economy ministry is planning 50 billion euros ($53 billion) in tax breaks over the next four years to help industry and businesses cope with high energy prices, according to a new industrial strategy to be presented Tuesday. The move is part of government efforts to support domestic industry in the face of high energy costs and the draw of incentive programmes in countries such as the United States. He also urged a quick agreement on discounted electricity prices for some parts of industry through state subsidies, a proposal that has been rejected by Chancellor Olaf Scholz. The government last year introduced electricity and gas price caps to shield industry and households from rising energy prices, but energy-intensive companies in Germany say electricity prices are still too high.

Persons: Robert Habeck, Liesa, Chancellor Olaf Scholz, Christian Kraemer, Miranda Murray, Rachel More, Mark Potter Organizations: Climate, REUTERS, Rights, Reuters, Thomson Locations: Berlin, Germany, United States, Russia, Ukraine

KABUL, Afghanistan (AP) — The watchdog for U.S. assistance to Afghanistan has warned that the Taliban are benefiting from international aid through the establishment of fraudulent nongovernmental organizations. The Taliban have exerted greater control over national and international NGOs since seizing power in August 2021. They have barred Afghan women from NGO work and sought to push out foreign organizations from the education sector. In May, a SIGAR report highlighted the Taliban’s interference with NGO work in Afghanistan. In another example, NGO officials told the watchdog that the Taliban coerce NGOs into hiring supporters or purchase goods from Taliban-owned companies.

Persons: weren't, SIGAR Organizations: U.S Locations: KABUL, Afghanistan, U.S, American

German Chancellor Olaf Scholz's coalition unveiled in July a strategy toward de-risking Germany's economic relationship with China, calling Beijing a "partner, competitor and systemic rival". German investment in Asia excluding China is rising as a share of overall investment. "No company is going to say that it will leave China," said Sandra Ebner, senior economist at Union Investment, Germany's second-largest fund manager. "But what companies are increasingly doing is to produce in China for China and to position themselves around China for the remaining Asian or global market." In July, German Economy Minister Robert Habeck travelled to India with a delegation of executives to discuss opportunities for German companies.

Persons: Thomas Nuernberger, Nuernberger, Olaf Scholz's, Volker Treier, Munk, Ferdinand Munk, Scholz, Angela Merkel's, Martin Brudermueller, Max Zenglein, Juergen Matthes, Markus Horn, Matthias Bianchi, Joe Biden, Wolfgang Niedermark, Jan Roennfeld, Roennfeld, Sandra Ebner, BDI's Niedermark, Robert Habeck, Christoph Steitz, Sarah Marsh, Maria Martinez, Aditya Kalra, Sarita Chaganti Singh, Xinghui, Orathai, Brenda Goh Organizations: Reuters, Commerce and Industry, Volkswagen, Mercedes, Benz, BASF, IW Institute, Big, Mercator Institute for China Studies, Economic Institute, Horn, German Association of, Indonesian Chamber of Commerce, Union Investment, Thomson Locations: FRANKFURT, BERLIN, Berlin, Beijing, China, Taiwan, India, Asia, Germany, Europe, Vietnam, South Korea, Indonesia, South China, European, Thailand, United States, Mexico, Indonesian, Eastern Germany, Malaysia, Frankfurt, New Delhi, Xinghui Kok, Singapore, Bangkok, Shanghai

But Russia's Accounts Chamber, which oversees budget execution, warned on Monday there were risks the Urals price would fall below $60 in 2024-2026. Russia's forecast sees economic growth of 2.3% in 2024, well above estimates of 1.1% from the International Monetary Fund and 0.5%-1.5% from the Bank of Russia. CHANGING TUNEAt Russia's flagship economic forum in St Petersburg in June, Siluanov said increasing expenditure was difficult, as budget spending had already increased by 1-1/2 times from 2019 to 2022. Now, even as the government outlines plans for spending to jump to 36.7 trillion roubles in 2024, he is more relaxed. Renaissance Capital's Donets and Melaschenko said Russia could create temporary taxes, permanently increase rates of VAT, or adjust Russia's budget rule to permit more spending of energy revenues.

Persons: Evgenia, Anton Tabakh, Vladimir Putin, Anton Siluanov, Denis Popov, Yevgeny Suvorov, Suvorov, Sofya Donets, Andrei Melaschenko, Dmitry Polevoy, Siluanov, Melaschenko, Alexei Sazanov, Sazanov, Konstantin Sonin, It's, Sumanta Sen, Mark Trevelyan, Alexander Marrow, Catherine Evans Organizations: U.S ., Russian, REUTERS, Washington, Finance, International Monetary Fund, Bank of Russia, Capital, Reuters Graphics Russia, University of Chicago, Thomson Locations: Moscow, Russia, Ukraine, West, St Petersburg

☆ Argentina braces for election with economy in 'intensive care'
▼ + stars: | 2023-10-19 | by ( Eliana Raszewski | ) www.reuters.com time to read: +5 min

"It is an economy that is in intensive care," Miguel Kiguel, a former undersecretary of finance at the Economy Ministry in the 1990s, told Reuters. "The main challenge is to get Argentina out of stagnation, but to do that you have to lower inflation." J.P. Morgan has estimated inflation will end 2023 at 210%, while a central bank poll of analysts forecast 180%. In a bid to tamp down inflation Argentina's central bank has hiked the benchmark interest rate to 133%, which encourages saving in pesos, but hurts access to credit and economic growth. Milei wants to ditch the peso completely and dollarize the economy, while Bullrich says she favors a dual peso-dollar system.

Persons: Javier Milei, Sergio Massa, Patricia Bullrich, Miguel Kiguel, J.P, Morgan, Fernando Morra, Bullrich, Eliana Raszewski, Adam Jourdan, Daniel Wallis Organizations: Argentine, Buenos Aires, Argentina, Economy Ministry, Reuters, Reuters Graphics Reuters, Coldplay, Reuters Graphics, CENTRAL, International Monetary Fund, Thomson Locations: Buenos Aires, BUENOS AIRES, Argentina, China, Brazil

STOCKHOLM (AP) — Sweden on Tuesday reported partial damage to an undersea telecommunications cable in the Baltic Sea running to Estonia that authorities believe occurred at the same time as damage to an undersea gas pipeline and telecom cable from Finland to Estonia. Finland launched an investigation into possible sabotage after reporting the damage to its gas pipeline to Estonia last week. Finnish and Estonian gas system operators on Oct. 8 said they noted an unusual drop in pressure in the Balticconnector pipeline after which they shut down the gas flow. The Finnish government on Oct. 10 said there was damage both to the gas pipeline and to a telecommunications cable between the two NATO countries. Later Tuesday, Estonian Defense Minister Hanno Pevkur said that the exact reason for the failure of the cable between Sweden and Estonia still needs to be clarified.

Persons: Carl, Oskar Bohlin, Bohlin, “, Pål Jonson, ” Pål Jonson, Hanno Pevkur, Pevkur, Ulf Kristersson, Kristersson Organizations: STOCKHOLM, —, Civil Defense, Baltic News Service, Swedish Defense, Estonian, NATO, Swedish Locations: — Sweden, Baltic, Estonia, Finland, Sweden, Swedish, Estonian, Hiiumaa, Ukraine, Germany, Russia, Danish, Bornholm, Denmark

[1/3] A general view shows Haifa Port, which is to be sold to India's Adani Ports and local partner Gadot in Haifa, Israel July 24, 2022. Ashdod port has imposed restrictions on the transport of hazardous materials which has meant slower transits. Around 13 ships - comprising cargo, container and dry bulk vessels - were currently moored inside Ashdod port, according to MarineTraffic data. "The Suez Canal, a critical waterway for various commercial vessels, including container ships, may face disruptions," Container xChange CEO Christian Roeloffs said. The Marshall Islands registry, one of the world's top shipping flags, last week raised the security level for Israel's ports and its territorial waters to their highest.

Persons: Gadot, Ilan Rosenberg, Christian Roeloffs, Jonathan Saul, Ari Rabinovitch, David Evans, Louise Heavens Organizations: Haifa Port, Adani, REUTERS, Rights, Israel's, Port, MSC, Ministry, Marshall, Thomson Locations: Haifa, Israel, Gaza, Ashkelon, Ashdod, Port, Port of Haifa, ”, Israel's, Suez, Hormuz, United States, Arabian, Strait, Gulf of Oman and Red, Jerusalem

☆ Argentina retail prices to maintain double-digit rise in September - Reuters poll
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The consumer price index (CPI) rose 12.4% in August, while annual inflation topped 124% in the month. "September marks the second consecutive month with double-digit inflation," said Eugenio Mari, chief economist at the Libertad y Progreso Foundation. The projections among the analysts surveyed ranged from a minimum rise of 10.7% to a maximum of 13.8% for September. However, economist Martin Kalos estimated that September's inflation figure "is similar to that of August. The official statistics institute INDEC will publish September's inflation data on Thursday at 1900 GMT, while the central bank will release its Market Expectations Survey (REM) shortly after.

Persons: Ernesto Acuna, Agustin Marcarian, Eugenio Mari, Paula Gandara, Martin Kalos, There's, Walter Bianchi, Jorge Otaola, Jonathan Oatis Organizations: REUTERS, Libertad y Progreso Foundation, Adcap Asset Management, Economic Policy, Economy Ministry, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES

☆ Argentina launches 5G auction in bid to raise over $1 billion
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Oct 11 (Reuters) - Argentina's government said on Wednesday that it will launch a 5G spectrum auction on Oct. 24 in a bid to raise some $1.05 billion. Three provider companies have already qualified as bidders for operating the frequency bands, which range from 3,300 MHz to 3,600 MHz. "In this offer, a total of 300 MHz will be submitted to the auction procedure, in three lots of 100 MHz each," a statement from Argentina's economy ministry said. The government highlighted that the deployment of 5G constitutes a medium- and long-term state policy, which requires collaboration between the public and private sectors to upgrade network infrastructure. Reporting by Lucila Sigal; Writing by Brendan O'Boyle; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucila Sigal, Brendan O'Boyle, Jonathan Oatis Organizations: Thomson Locations: BUENOS AIRES

☆ Senegal President Names New Finance, Energy Ministers in Reshuffle
▼ + stars: | 2023-10-11 | by ( Oct. | At P.M. | ) www.usnews.com time to read: 1 min

(Reuters) - Senegalese President Macky Sall on Wednesday named new finance and energy ministers as part of a government reshuffle four months ahead of elections. Sall dismissed the government and reappointed Prime Minister Amadour Ba on Friday, without explaining the reasoning behind the decision. Among other changes, former Interior Minister Antoine Diome, who was criticised by the opposition for the government's crackdown on widespread protests earlier this year, was appointed oil and energy minister. Senegal will next year begin producing oil and gas from large offshore fields which are expected to transform the West African country's economy over the coming decades. Mamadou Moustapha Ba will run the finance and budget ministry.

Persons: Macky Sall, Sall, Amadour Ba, Antoine Diome, Mamadou Moustapha Ba, Doudou Ka, Ngouda Dione, Edward McAllister, Chris Reese Organizations: Reuters, Wednesday Locations: Senegal

BERLIN (AP) — Germany's government said Wednesday that it expects the country's economy to shrink by 0.4% this year, joining a string of other forecasters in revising sharply downward its outlook for Europe's biggest economy. The revised forecast contrasted with the 0.4% growth that the government predicted in late April. The Economy Ministry said in a statement that “the effects of the energy price crisis in combination with global economic weakness are weighing down the German economy more persistently than was assumed in the spring.”On Tuesday, the International Monetary Fund forecast that the German economy will shrink by 0.5%. A group of leading German economic think tanks last month predicted a 0.6% contraction. The Economy Ministry said it expects the economy to pick up around the turn of the year and then accelerate, helped by recovering consumer demand.

Persons: —, Olaf Scholz, Germany’s Organizations: BERLIN, Ministry, International Monetary Fund, European Central Bank Locations: Germany

☆ Argentina retail prices to maintain double-digit rise in September, Reuters poll shows
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

☆ Russian rouble hits more than seven-week low past 101 vs dollar
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

Oct 6 (Reuters) - The Russian rouble weakened on Friday, dropping to a more than seven-week low past 101 against the dollar, under pressure from lower oil prices and the reduced supply of foreign currency from exporters at the start of the month. At 0645 GMT, the rouble was 0.6% softer against the dollar at 101.02 , having earlier touched 101.50, its weakest since Aug. 14. It had lost 0.6% to trade at 106.40 versus the euro and shed 0.6% against the yuan to 13.81 . Delayed action by the authorities and Russia's trade imbalance - exports have contracted this year, while imports have recovered sharply - are causing the rouble's weakness, said Promsvyazbank analysts in a note. Brent crude oil , a global benchmark for Russia's main export, was up 0.1% at $84.15 a barrel, near its lowest since late August.

Persons: Vladimir Putin, Brent, Alexander Marrow, Jan Harvey Organizations: Bank of Russia, Thomson Locations: Russian, Ukraine, Russia's, Russia, U.S

As the subjects of a preliminary investigation, neither Arnault nor Sarkisov are suspects and neither has been accused of wrongdoing. The investigation, apparently ongoing, will not fail to prove this.”“Besides, who can seriously imagine that Mr Bernard Arnault, who has built the leading French and European company over 40 years, would engage money laundering to expand a hotel?” Laffont added. CNN has contacted Tracfin and Sarkisov for comment. LVMH is once again Europe’s biggest company by market capitalization, after being briefly dethroned last month by Danish drugmaker Novo Nordisk (NVO). Arnault’s company encompasses luxury fashion and drinks brands such as Louis Vuitton and Moet & Chandon.

Persons: London CNN —, Bernard Arnault, ”, Arnault, Nikolai Sarkisov, Tracfin, Sarkisov, Arnault’s LVMH, Arnault’s, Jacqueline Laffont, Cheval, Laffont, Le, “, Elon Musk, Louis Vuitton, Moet, Chandon Organizations: London CNN, Paris Public Prosecutor’s Office, CNN, SNC, Bloomberg, Elon, Europe’s, Danish drugmaker Novo Nordisk Locations: Paris, London, Russian, Sarkisov, Courchevel, Blanc, Cheval Blanc, “, Danish

ROME, Sept 23 (Reuters) - Italy plans to revisit its contested windfall tax on banks by giving lenders the option to boost their reserve buffers instead of paying the levy, a draft amendment seen by Reuters showed on Saturday. Bank shares tumbled before the economy ministry clarified that it would not collect more than 0.1% of lenders' total assets. More importantly, instead of paying the tax, banks can boost their non-distributable reserves by earmarking an amount equivalent to two and a half times the levy. Such an option is expected to exempt cooperative banks from the tax, as they usually put aside a large part of their profits as reserves. In the current version, the tax would apply if NIM grows by 5% in 2022 and 10% in 2023 from 2021 levels.

Persons: Giorgia Meloni, NIM, Jan Harvey Organizations: Reuters, European Central Bank, Bank, Treasury, Thomson Locations: Italy, Rome, Frankfurt

☆ One of Ukraine's strongest allies says it will no longer supply Kyiv with weapons
▼ + stars: | 2023-09-21 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +6 min

Kacper Pempel | ReutersPoland has said it will no longer supply its neighbor Ukraine with weapons, as a rift over agricultural exports deepens. Jonathan Ernst | ReutersWarsaw has been one of Kyiv's staunchest allies since mutual foe Russia invaded Ukraine in February 2022. Poland has donated a wide range of weaponry to Kyiv, from modern Leopard 2 tanks to Soviet-era fighter jets, as well as delivering military training to Ukraine's armed forces. A Polish farmer during an April 12, 2022 protest against Ukrainian grain imports, which have lowered prices for crops in Poland. In happier times: Ukraine's President Volodymyr Zelensky and Polish Prime Minister Mateusz Morawiecki embrace during a joint news briefing on a day of the first anniversary of Russia's attack on Ukraine, in Kyiv, Ukraine February 24, 2023.

Persons: Kacper Pempel, Mateusz Morawiecki, Morawiecki, Kamala Harris, Jonathan Ernst, Kyiv's, Volodymyr Zelenskyy, Pawel Jablonski, Attila Husejnow, Yulia Svyridenko, Svyridenko, Volodymyr Zelensky, Viacheslav Ratynskyi Organizations: NATO, Reuters, Google, Polska Agencja, Poland's, U.S, White, Washington , D.C, World Trade Organization, United Nations, General Assembly, Kyiv, UN, Assembly, CNBC, EU, Solidarity, European Commission, Slovakia —, WTO, Warsaw, Polish Locations: Europe, France, U.S, Poland, Piskie, Orzysz, Reuters Poland, Ukraine, Kyiv, Warsaw, Washington ,, Reuters Warsaw, Russia, Soviet, Moscow, Romania, Bulgaria, Hungary, Slovakia, Polish, Bratislava, Budapest, Ukrainian

☆ Argentina government expects economic rebound, inflation slowdown in 2024
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Sept 16 (Reuters) - Argentina's economy is expected to grow 2.7% in 2024 after contracting 2.5% this year, according to a budget proposal sent by the economy ministry to Congress late on Friday. The government also expects the country to have an annual inflation rate of 135.7% in 2023 and 69.5% in 2024. The budget proposal also shows the government expects the country's currency to weaken sharply next year to 607 pesos per dollar from the 365.9 pesos per dollar expected for 2023. Monthly inflation hit 12.4% in August, the highest figure since 1991. Reporting by Hernan Nessi; Writing by Carolina Pulice; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Hernan Nessi, Carolina Pulice, Paul Simao Organizations: International Monetary Fund, Thomson Locations: BUENOS AIRES

☆ Italy poised to shake up Treasury with new unit for state-run firms
▼ + stars: | 2023-09-14 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

The audit court on Thursday approved the decree needed to set up the unit, the sources said, despite making critical observations about some aspects of it. Giorgetti has approached former banker Marcello Sala, currently director for investor relations at the Treasury, to lead the department, they added. Under the reorganisation plan, the influential Treasury department within the ministry led by veteran economist Riccardo Barbieri would be split into two units. The Treasury will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. ($1 = 0.9323 euros)Additional reporting by Valentina Za in Milan Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Sala, Giancarlo Giorgetti, Giorgetti, Marcello Sala, Antonino Turicchi, Dario Scannapieco, Riccardo Barbieri, Valentina Za, Christina Fincher Organizations: Treasury, Economy, ITA Airways, Department, Thomson Locations: ROME, Italy, Siena, Milan

☆ Berlin blocks complete takeover of satellite startup by Chinese firm - sources
▼ + stars: | 2023-09-13 | by ( Andreas Rinke | ) www.reuters.com time to read: +2 min

BERLIN, Sept 13 (Reuters) - The German government on Wednesday forbid the complete takeover of satellite startup KLEO Connect by a Chinese firm, two government sources told Reuters. The cabinet agreed a decision by the economy ministry not to let Shanghai Spacecom Satellite Technology, which already has 53% of the company, acquire the 45% minority stake of German company EightyLeo, according to the sources. Berlin last November blocked prospective Chinese investment in two domestic semiconductor producers after the moves raised concerns over national security and the flow of sensitive technological know-how to Beijing. The United states and the European Commission had also warned against the deal that had been long in the pipeline, according to sources and media reports. Reporting by Andreas Rinke; Writing Sarah Marsh; Editing by Friederike Heine and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Elon Musk, Chancellor Olaf Scholz, Andreas Rinke, Sarah Marsh, Friederike Heine, Louise Heavens Organizations: Wednesday, Reuters, Shanghai, Satellite Technology, KLEO Connect, SpaceX, HK, United, European Commission, Thomson Locations: Ukrainian, Sevastopol, Germany, China, Berlin, Beijing, Hamburg

☆ More trouble for the Russian economy ahead: It just significantly raised its inflation forecast, despite Putin saying price hikes are hurting businesses
▼ + stars: | 2023-09-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia's economy ministry has raised the country's 2023 inflation forecast from 5.3% to 7.5%, per TASS. Russia's economy and the ruble's value have been hit by the war in Ukraine, driving up inflation. Russian President Putin said on Tuesday high inflation is making it "practically impossible" for businesses to make plans. Russian inflation accelerated 5.15% year-over-year in August, well above the central bank's 4% annual inflation target. Analysts polled by Reuters are largely expecting Russia's central bank to hike rates again later this week to support the ruble and tame inflation.

Persons: Putin, Vladimir Putin isn't Organizations: Service, TASS, Ukraine, Moscow, Eastern Economic, Reuters, Kremlin Locations: Ukraine, Wall, Silicon, Russian, Vladivostok

☆ Russia gas price seen much lower for China than for Europe
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

Companies Gazprom PAO FollowMOSCOW, Sept 8 (Reuters) - The price for the Russian pipeline gas for China is expected to be steadily declining in next few years, and is seen much lower than Moscow is selling to Europe, a Russian government document, seen by Reuters on Friday, shows. Oil exports from Russia are also seen declining next year, according to the forecast of Russia's socio-economic development forecast until 2026, while the price of Russian oil is seen rising in 2024. The price of Russian pipeline gas has not been made public by the government or the energy giant Gazprom (GAZP.MM) since the start of supplies in 2019, while analysts have long suspected that it was much lower than the one Russia sells at to Europe. Russian crude oil exports are also seen declining this year to 247 million tons (4.96 million barrels per day) from 248.2 million tons in 2022. It is expected to fall further to 240 million tons next year before recovering back to 247 million tons in 2025.

Persons: Alexander Novak Organizations: Gazprom PAO, Reuters, Gazprom, West, Thomson Locations: MOSCOW, China, Moscow, Europe, Russia, Russian, Turkey, Ukraine

Search resuls for: "Economy Ministry"

25 mentions found