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Savings from subsidy cuts would be channelled to cash aid for the needy, which will now increase to 10 billion ringgit ($2.12 billion) from 8 billion ringgit, he added. A high-value goods tax of 5% to 10% would also be introduced, he said, without specifying the value of goods that would be subject to the tax. Amidst a global slowdown, Malaysia plans to spend 393.8 billion ringgit ($83.52 billion) in 2024, lower than this year's spending estimate of 397.1 billion ringgit. Malaysia is projected to spend 52.8 billion ringgit on subsidies and social assistance in 2024, down from the 64.2 billion ringgit expected this year. Revenue for next year is expected to jump to 307.6 billion ringgit from 303.2 billion ringgit.

Persons: Anwar Ibrahim, Anwar, Danial Azhar, Rozanna Latiff, Martin Petty, Susan Fenton Organizations: Revenue, Petronas, Thomson Locations: KUALA LUMPUR, Malaysia, State

He said the 393.8 billion ringgit ($83.3 billion) budget is aimed at fixing economic imbalances and helping people to cope with rising cost of living amid a global economic slowdown. This year, for instance, he said government subsidies and social assistance surged to 81 billion ringgit ($17 billion) as global commodity prices rose. For 2024, the government allocated 52.8 billion ringgit ($11.2 billion). Anwar said the government will introduce a 5%-10% tax on luxury goods such as jewelry and watches, as well as a 10% capital gains tax next year to expand its revenue base. Tourists will be exempt from the tax on luxury goods, he said.

Persons: Anwar Ibrahim, Anwar, ” Organizations: — Locations: KUALA LUMPUR, Malaysia, — Malaysia

[1/5] A new building for earthquake survivors is under construction in Diyarbakir, Turkey August 26, 2023. With work underway on a fraction of the planned new buildings in the devastated city of Adiyaman, Kaplan fears a long wait together with his disabled wife and other survivors. One senior government official with direct knowledge of the reconstruction plan said the target could be missed, citing insufficient fresh funding to hold new tenders amid rising costs. They both said the effort had taken a blow when fewer companies bid for the reconstruction tenders after a post-election economic policy U-turn in June sent the currency plunging. "Our budget resources have been prepared for this huge, comprehensive project and can be updated when necessary," Erdogan's office said.

Persons: Stringer, Ismet Kaplan, Tayyip Erdogan, Erdogan, Kaplan, Bayir, Adiyaman, Turkey's, Mehmet Ozhaseki, Arvid Tuerkner, Mert Arslanalp, Erdogan's, Arslanalp, Mehmet Simsek, Simsek, Tahir Tellioglu, Tellioglu, Umit, Ezgi Erkoyun, Nevzat Devranoglu, Jonathan Spicer, Frank Jack Daniel Our Organizations: REUTERS, Rights, Reuters, Union of Chambers of Turkish Engineers and Architects, Coordination Council, European Bank for Reconstruction, Erdogan's AK, Istanbul's Bogazici University, TAG, Construction, Thomson Locations: Diyarbakir, Turkey, Rights ISTANBUL, Adiyaman, Netherlands, Belgium, Syria, Hatay, Malatya, Gaziantep, Istanbul, Ankara

☆ Sri Lanka president to visit China as debt talks progress - source
▼ + stars: | 2023-10-13 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCOLOMBO, Oct 13 (Reuters) - Sri Lankan President Ranil Wickremesinghe will visit China next week as the crisis-hit country makes progress on debt restructuring talks with its biggest lender, a source in his office told Reuters on Friday. The Sri Lankan leader could also meet China's finance and foreign ministers, the source added. The president's media office and Sri Lankan foreign ministry did not immediately respond to requests for comment. Sri Lanka owes Chinese lenders - bilateral and commercial - around $7 billion. Sri Lanka needs to reach agreements with creditors to push forward its first review of the IMF programme, which will release a second tranche of about $334 million.

Persons: Ranil Wickremesinghe, Brendan McDermid, Wickremesinghe, Xi Jinping, Xi, Uditha Jayasinghe, Simon Cameron, Moore Organizations: Sri, General Assembly, REUTERS, Rights, Monetary Fund, Forum, China's, Export, Import Bank of China, IMF, Thomson Locations: New York City, U.S, Sri, China, Beijing, Lankan, Sri Lanka, Japan, India

☆ Japan tells G20 it may need to act in FX market
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

The remarks came as the yen renewed its declines against the dollar, and underscored Tokyo's resolve to keep markets on edge over the chance of exchange-rate intervention to prop up the Japanese currency. "I told the G20 meeting we need to be mindful of the risk that market volatility could heighten, including in the currency market, as monetary tightening continues globally," Suzuki told a news conference after attending a meeting of Group of 20 (G20) finance ministers and central bank governors. "I also said excess volatility in the currency market was undesirable, and that we may need to take appropriate action depending on developments," Suzuki said. The official said Tokyo stood ready to act in the currency market if market moves become too volatile. Japan last intervened in the currency market to prop up the yen in September and October last year.

Persons: Shunichi Suzuki, Susana Vera, Suzuki, Kazuo Ueda, Leika Kihara, Cynthia Osterman, David Gregorio, Marguerita Choy Organizations: International Monetary Fund, World Bank, REUTERS, Japanese Finance, . Federal Reserve, Bank of Japan, Group, Thomson Locations: Marrakech, Morocco, Tokyo, MARRAKECH, Japan

☆ UK economy grew 0.2% in August, propped up by services sector
▼ + stars: | 2023-10-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.K. gross domestic product grew by 0.2% in August, the Office for National Statistics estimated Thursday, partially recovering from a downwardly revised 0.6% contraction in July. "It does not change the outlook for the Bank of England and confirms that the Bank Rate does not have much upside from here, but will remain at current levels for an extended period." The Bank of England last month ended a run of 14 consecutive interest rate hikes after data showed inflation was running below expectations. "The UK has grown faster than France and Germany since the pandemic and today's data shows the economy is more resilient than expected," U.K. Finance Minister Jeremy Hunt said Thursday. U.K. headline inflation dipped to an annual 6.7% in August, below expectations but still well above the Bank's 2% target.

Persons: Mathieu Savary, Jeremy Hunt, Thiru Organizations: Citibank, HSBC, National Statistics, BCA Research, Bank of England, of England, Bank, Finance, Institute of Chartered Accountants, Wales, Bank of England's Locations: Wharf, London, United Kingdom, U.K, European, France, Germany, England

☆ Israel-Hamas conflict is 'new cloud' darkening economic outlook - IMF chief
▼ + stars: | 2023-10-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 12 (Reuters) - International Monetary Fund managing director Kristalina Georgieva said on Thursday the "heartbreaking" Israel-Hamas conflict threatened to darken an already murky global economic outlook. "We are closely monitoring how the situation evolves, how it is affecting, especially oil markets," Georgieva said. There had been some fluctuations in oil prices and reactions in markets but it was too early to predict the economic impact, she added. "It's heartbreaking to see innocent civilians dying," an emotional Georgieva told reporters. French Finance Minister Bruno Le Maire told reporters any regional expansion of the conflict would lead to "problematic economic consequences" for energy prices and global growth.

Persons: Kristalina, Susana Vera, Kristalina Georgieva, Georgieva, Israel, Bruno Le Maire, Andrea Shalal, David Lawder, Andrew Cawthorne, Andrew Heavens Organizations: International Monetary Fund, IMF, World Bank, REUTERS, Rights, Monetary Fund, Red, French Finance, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Israel, Gaza

☆ IMF says Sri Lanka debt talks ongoing, unaware of specific deals
▼ + stars: | 2023-10-11 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +3 min

A general view of the main business district as rain clouds gather above in Colombo, Sri Lanka, November 17, 2020. Peter Breuer told Reuters on the sidelines of the World Bank IMF annual meetings in Marrakech that talks between Sri Lanka and all its creditors were ongoing. "We will need to assess the entire package of agreements in its totality to assess consistency with IMF debt targets," Breuer said. Sri Lanka, mired in its worst economic crisis in 70 years, is in debt restructuring talks with a range of creditors, including China, its largest single creditor. Sri Lanka owed Exim $4.1 billion, or 11% of it foreign currency debt, at the end of 2022.

Persons: Dinuka, Peter Breuer, Breuer, Ranjith Siyambalapitiya, Jamie Fallon, Rosario, Libby George, Karin Strohecker, John Stonestreet, Nick Macfie Organizations: REUTERS, Rights, Monetary Fund, Sri, Reuters, World Bank IMF, Export, Import Bank of, Paris Club, Tellimer Research, Thomson Locations: Colombo, Sri Lanka, Rights MARRAKECH, China, Marrakech, Import Bank of China, Japan, India, France

☆ Analysis: Canada's Trudeau, far behind in polls, remains the Liberals' best chance
▼ + stars: | 2023-10-11 | by ( Steve Scherer | ) www.reuters.com time to read: +4 min

[1/3] Canada's Prime Minister Justin Trudeau speaks at the close of the Seventh Assembly of the Global Environment Facility (GEF) in Vancouver, British Columbia, Canada August 25, 2023. Right now, most opinion polls show Trudeau significantly trailing his newest rival, Conservative leader Pierre Poilievre. But none are perceived to be as scrappy and determined at retail politics as Trudeau is, Liberal insiders and pollsters say. No Canadian prime minister since Wilfrid Laurier in 1908 has won four consecutive elections. In 2015, Ekos had the Liberals down 22 percentage points in the spring and Trudeau won a majority in the fall.

Persons: Justin Trudeau, Chris Helgren, Liberal Party's, Trudeau, Pierre Poilievre, Chrystia Freeland, Mark Carney, Wilfrid Laurier, Frank Graves, I'm, HOUDINI, Poilievre, Angus Reid, Shachi Kurl, Darrell Bricker, It's, Ekos, We've, we've, Kurl, Houdini, Steve Scherer, David Ljunggren, Denny Thomas, David Gregorio Our Organizations: Seventh Assembly of, Global Environment, REUTERS, Rights OTTAWA, Canadian, Liberal, Conservative, Conservatives, Liberal Party, Ekos Research, Angus Reid Institute, Liberals, Ipsos Public Affairs, Thomson Locations: Vancouver , British Columbia, Canada, Trudeau's, British Columbia, New Delhi

☆ Money now, shares later: more IMF countries voice support for pragmatic IMF funding boost
▼ + stars: | 2023-10-11 | by ( David Lawder | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. IMF Managing Director Kristalina Georgieva said the extra resources were needed to ensure the IMF can respond to another large-scale crisis. But with anti-China sentiment running high in the U.S. Congress, any IMF funding increase that increases Beijing's influence would face stiff opposition. U.S. Treasury Secretary Janet Yellen proposed the money now, shares later plan as a way to sidestep the China issue and speed resources to the IMF. A 50% quota increase would be equivalent to about $312 billion at current exchange rates.

Persons: Yuri Gripas, Fernando Haddad, Kristalina Georgieva, Janet Yellen, Ernest Addison, David Lawder, Alex Richardson, Andrea Ricci Organizations: Monetary Fund, REUTERS, Rights, U.S, Monetary, IMF, U.S . Congress, Treasury, International Monetary, Financial Committee, Thomson Locations: Washington , U.S, Rights MARRAKECH, Morocco, France, Britain, Ghana, Switzerland, Finland, Belgium, China, Brazil, U.S, Algeria, Iran, Libya, Pakistan, Tunisia

☆ Ukraine receives $1.15 bln grant from US under World Bank program
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

Olivier Matthys/Pool via REUTERS Acquire Licensing RightsKYIV, Oct 11 (Reuters) - Ukraine received a $1.15 billion grant from the United States on Wednesday as part of the PEACE in Ukraine program, the Ukrainian finance ministry said. The PEACE (Public Expenditures for Administrative Capacity Endurance) in Ukraine project has been the World Bank's flagship financing instrument for Kyiv during Russia's war on Ukraine. "In 2023, Ukraine has already received $10.9 billion in direct budget support from the United States in the form of grants," the finance ministry said. The project aims to compensate state budget expenditures in the social and humanitarian spheres, and is not intended for security or defence, the ministry said. The U.S. government has this year allocated $10.9 billion to finance Ukraine's state budget, it said.

Persons: Defense Lloyd Austin III, Volodymyr Zelenskiy, Olivier Matthys, Serhiy Marchenko, Yuliia Dysa, Timothy Organizations: Defense, Ukraine Defense Contact, NATO Defense, REUTERS Acquire, Rights, Timothy Heritage, Thomson Locations: Ukraine, Brussels, Belgium, United States, Ukrainian, U.S

The logo of Mexico's Central Bank (Banco de Mexico) is seen at its building in downtown Mexico City, Mexico February 28, 2019. Mexico could lure annual foreign direct investment flows of $55 billion to $60 billion if it takes better advantage of nearshoring, up from $36 billion in 2022, she said. That has dampened expectations Mexico could benefit from increased investment in semiconductors in North America. Mexico still faces competition to win investment from both North and Central America, plus Colombia, he said. "I don't think this measure is a game-changer to persuade those who have doubts," said Vejar.

Persons: Daniel Becerril, Gabriel Yorio, Andres Manuel Lopez Obrador, Gabriela Siller, Siller, Yorio, Lopez Obrador, Ramse Gutierrez, Franklin Templeton, Tesla, Carlos Vejar, Valentine Hilaire, Dave Graham, Anthony Esposito, Grant McCool, Sonali Paul Organizations: Mexico's Central Bank, Banco, REUTERS, MEXICO CITY, Banco Base, Central America, Thomson Locations: Banco de Mexico, Mexico City, Mexico, MEXICO, Asia, China, North America, Canada, United States, Franklin Templeton Mexico, Nuevo Leon, Mexican, North, Central, Colombia

☆ Global watchdog reveals tensions at heart of Credit Suisse debacle
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.

Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S

☆ Japan to chair G7 finance ministers meeting at IMF conference on Oct 12
▼ + stars: | 2023-10-10 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +1 min

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. Shuji Kajiyama/Pool via REUTERS/File Photo Acquire Licensing RightsTOKYO, Oct 10 (Reuters) - Japan will chair a meeting of finance ministers and central bank governors from the Group of Seven (G7) advanced nations on Oct. 12 to discuss the war in Ukraine and the world economy, Finance Minister Shunichi Suzuki said on Tuesday. The G7 meeting will be part of a broader Group of 20 gathering, Suzuki told reporters that will be held on the sidelines of the annual International Monetary Fund conference in the Moroccan city of Marrakech. The G7 meeting will also include roundtable talks with African nations to facilitate flows of private-sector funds to the continent, Suzuki said. Reporting by Tetsushi Kajimoto; Editing by Christian Schmollinger and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Shunichi Suzuki, Shuji, Suzuki, Kazuo Ueda, Tetsushi Kajimoto, Christian Schmollinger Organizations: Toki, Rights, Finance, International Monetary Fund, Marrakech . Bank of Japan, Thomson Locations: Niigata, Japan, Ukraine, Moroccan, Marrakech

☆ Ireland hikes bank levy to 200 mln euros, revises methodology
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Clodagh Kilcoyne/ File Photo Acquire Licensing RightsDUBLIN, Oct 10 (Reuters) - Ireland will revise how it calculates its levy on banks after announcing plans to raise 200 million euros ($211.7 million) from the measure next year, up from 87 million euros in 2023, Finance Minister Michael McGrath said on Tuesday. The share paid by the remaining three banks is based on the amount of deposit interest retention tax (DIRT) each pay. McGrath told a news conference that the basis of the levy will change to being related to the value of a lender's deposits. Analysts at Davy Stockbrokers had said that an increase to 200 million euros based on the existing DIRT would have had an outsized impact on Permanent TSB (PTSB.I), relative to its larger rivals AIB (AIBG.I) and Bank of Ireland (BIRG.I). Davy estimated that the incremental impact from an increase based on retail or household deposits would be in the range of 2-3% of 2024 profit before tax across all three banks, based on its current forecasts.

Persons: Finance Paschal Donohoe, Michael McGrath, Clodagh, McGrath, Davy Stockbrokers, Davy, Padraic Halpin, William Schomberg, Mark Heinrich Our Organizations: Finance, Public Expenditure, REUTERS, Rights, TSB, AIB, Bank of Ireland, Thomson Locations: Dublin, Ireland, LONDON

☆ Liberia: Citizens vote in crucial polls amid flaring tensions
▼ + stars: | 2023-10-10 | by ( Nimi Princewill | ) edition.cnn.com time to read: +9 min

‘Correcting a mistake’Boakai told CNN that his young supporters are now desperate for change. Weah’s campaign manager told CNN no Liberian law prevents them from running from office, adding that the government was awaiting evidence from US to enable prosecutions. A unique electionOscar Bloh, head of ECC, Liberia’s largest election observation group, told CNN this election is different from previous polls in the country. A spokesman for the electoral commission, Henry Flomo, told CNN, “Everything is in schedule,” as dictated by law. “It’s unlikely that any of the candidates will win outright during the first round,” he told CNN.

Persons: CNN —, George Weah, Weah, Joseph Boakai, Seif Magango, Ballon, Boakai, ’ Boakai, ’ ”, ” Boakai, Ahmed Jallanzo, Liberians, ”, Joel Cholo Brooks, Shutterstock, ” Weah, Samuel Tweah, –, they’ve, Eugene Nagbe, ” “, Nagbe, “, Brooks, Nathaniel McGill, ” McGill, Sayma Syrenius, Bill Twehway, Twehway, I’m, ” Nagbe, Oscar Bloh, Bloh, Henry Flomo, ” Flomo Organizations: CNN, UN, Bank, Coalition for Democratic, Unity Party, Facebook, UN Human Rights, Boakai, Soul Clinic, Global News Network Liberia, Coalition, Democratic, FIFA, Liberian, Liberia Anti, Corruption, Washington, Port Authority, US Treasury Department, McGill, Weah’s CDC, Transparency International, TI Locations: Liberia, Monrovia, Pipeline, “, Qatar, American, United States

REUTERS/Toby Melville/File Photo Acquire Licensing RightsMARRAKECH, Morocco, Oct 10 (Reuters) - Barbados is hoping to execute a "debt-for-climate" swap early next year to secure savings of around $300 million over a 15 year period to fund clean water supplies, the island state's finance minister told Reuters on Tuesday. In September 2022, Barbados carried out a "debt-for-nature" swap, which saw $150 million of international bonds swapped for cheaper debt, generating $50 million for marine conservation. The savings from the island's mooted "debt-for-climate" swap will be used to upgrade a water treatment plant to help better manage water resources and improve food security, Straughn said. Barbados's previous debt-for-nature swap funnelled money towards protecting and rehabilitating the surrounding Caribbean sea. A debt-for-climate swap would be an almost completely new concept, though, and one that other climate change vulnerable countries are likely to want to explore.

Persons: Toby Melville, Ryan Straughn, Straughn, We've, Rachel Savage, Marc Jones, Aurora Ellis Organizations: REUTERS, Rights, Inter, American Development Bank, European Investment Bank, International Monetary Fund, Thomson Locations: Bridgetown, Barbados, Rights MARRAKECH, Morocco, Marrakech

☆ Morocco orchestrated comprehensive and efficient earthquake response, finance minister says
▼ + stars: | 2023-10-09 | 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 EmailMorocco orchestrated comprehensive and efficient earthquake response, finance minister saysNadia Fettah Alaoui, minister of economy and finance of Morocco, discusses the government's disaster response to a powerful earthquake in the country last month.

Persons: Nadia Fettah Alaoui Organizations: Morocco Locations: Morocco

☆ Ireland to lay out sovereign wealth fund plans in expansionary budget
▼ + stars: | 2023-10-09 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

"The costs that we are providing for are going to come at us really quickly. A package of one-off financial supports totalling another 2.4 billion euros will be added on top of that, a source familiar with the process told Reuters. A similarly expansive budget a year ago that included even more generous one-off measures handed little political momentum to the three-party coalition. The left-wing opposition Sinn Fein remains well ahead in polls, with elections due by early 2025. ($1 = 0.9478 euros)Reporting by Padraic Halpin; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael McGrath, McGrath, Sinn Fein, Padraic Halpin, Toby Chopra Organizations: DUBLIN, Finance, Reuters, Thomson Locations: Ireland, Europe, Dublin

☆ UK opposition Labour announces sweeping economic reforms in promise to 'rebuild Britain'
▼ + stars: | 2023-10-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LIVERPOOL, England — Britain's main opposition Labour party on Monday vowed to "rebuild Britain" if it wins the 2024 General Election, as Shadow Finance Minister Rachel Reeves announced a host of new economic pledges aimed at stimulating growth. The lifeblood of a growing economy is business investment," Reeves said, further cementing the party's recalibration in recent years as a centrist, pro-business alternative to the ruling Conservatives. Truss and then-Chancellor Kwasi Kwarteng opted not to seek an independent appraisal from the OBR, breaking with traditional norms of economic policy. Labour holds around a 20-point lead over the Conservatives across most major polling, with the ruling party damaged by a string of scandals and the fallout from Sunak's predecessor Liz Truss's "mini-budget." In order to catalyze and de-risk business investment, Labour would create a new national wealth fund, Reeves also announced.

Persons: Rachel Reeves, Jeremy Hunt, Reeves, Liz Truss, Kwasi Kwarteng, Rishi Sunak, Liz Truss's Organizations: Labour, Shadow, Conservative Party Locations: LIVERPOOL, England, Britain, Liverpool, France, Germany, America

☆ German voters send ominous message to Brussels
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 9 (Reuters Breakingviews) - German Chancellor Olaf Scholz’s resounding defeat in key local elections on Sunday will be as traumatic in Brussels as in Berlin. Voters dealt a sharp blow to all three parties in Scholz’s centre-left executive. The victory of conservative opposition party CDU came together with a strong showing of far-right Alternative für Deutschland (AfD), who won 15% of the votes in the populous state of Bavaria and 18% in Hesse. In Berlin, divisions on the pace and cost of the green transition between the Green Party and the liberal FDP, whose leader Christian Lindner is the coalition’s finance minister, have already led to a watering down of a planned boiler ban from 2024. In Brussels, a German government preoccupied with its domestic travails may be unable to rally other member states around the sort of compromise proposals the EU needs to clinch some key deals.

Persons: Olaf Scholz’s, Christian Lindner, Scholz, Pierre Briancon, Sandoz, Lisa Jucca, Oliver Taslic Organizations: Reuters, Voters, Social Democrats, Greens, European Union, Green Party, X, Alstom, Brookfield, Thomson Locations: Brussels, Berlin, Scholz’s, Bavaria, Hesse, Germany, France, EU

☆ Japan likely won't intervene to reverse yen downtrend, ex-top currency diplomat says
▼ + stars: | 2023-10-08 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

There is no set rule or shared agreement among G7 advanced nations on what kind of currency moves are defined as "excess volatility" that justify intervention, Shinohara said. "But usually, when you talk about excess volatility you have in mind a timeframe of several days or weeks," rather than several months, he said in an interview on Friday. The remarks contrast with those of incumbent top currency diplomat Masato Kanda, who said on Wednesday that steady yen falls over a protracted period could also warrant intervention. G7 and G20 major economies have a shared understanding that currency moves ought to reflect economic fundamentals, and that excess volatility was undesirable. In Japan, the finance ministry has jurisdiction over currency policy and decides whether and when to intervene.

Persons: Kim Kyung, Naoyuki Shinohara, Shinohara, Masato Kanda, Leika Kihara, Kim Coghill Organizations: National Printing Bureau, Bank of Japan, REUTERS, Reuters, International Monetary Fund, Thomson Locations: Tokyo, Japan, TOKYO, Asia

☆ Israel markets sink, businesses shut after Hamas attack
▼ + stars: | 2023-10-08 | by ( Steven Scheer | ) www.reuters.com time to read: +4 min

A building is ablaze following rocket attacks from the Gaza Strip, in Tel Aviv, Israel October 7, 2023. Israel has retaliated with air strikes on Hamas targets in Gaza. Gaza militants also fired thousands of rockets into Israel, some reaching as far as Tel Aviv, prompting airlines to suspend flights to and from Israel. Air India said flights to and from Tel Aviv would be suspended until Oct. 14. "We are closely monitoring the situation in Israel and taking steps to safeguard and support our workers," a spokesman said.

Persons: Ron, Jonathan Katz, Bezalel Smotrich, Arkia, Israir, Jensen Huang, Ron Tomer, Steven Scheer, Bernadette Baum Organizations: REUTERS, Rights, Key Tel, Capital Markets, Bank of Israel, Hamas, Israel . Finance, Bank, Israel, AIR, Delta Air Lines, United Airlines, Nvidia, Tel, Manufacturers, Association, Intel Corp, Tower Semiconductor, Thomson Locations: Gaza, Tel Aviv, Israel, Key, Key Tel Aviv, New York, Atlanta, TLV, India, Athens, Larnaca, Cyprus

☆ Britain's Labour plans to 'rewire' the country, ease grid delays
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

LIVERPOOL, England Oct 8 (Reuters) - Britain's opposition Labour Party on Sunday said it would speed up connections to the country's National Grid network as part of investment in clean energy infrastructure and to ease delays electricity companies face. Labour said that its plans "to rewire" Britain would remove barriers to connections and "facilitate the largest upgrade to national transmission infrastructure in a generation". "Labour will turbocharge our growth, get Britain building and unlock private sector investment by speeding up the grid." Labour said the plans would contribute to its overall target to cut 93 billion pounds from UK energy bills by 2030. Under the plans, GB Energy will also coordinate the launch of tenders for the supply chain that the revamped grid system will need.

Persons: Keir Starmer, Rishi Sunak, Rachel Reeves, Alistair Smout, Barbara Lewis Organizations: LIVERPOOL, Labour Party, Labour, GB Energy, Conservative, Energy, Thomson Locations: England, Liverpool, Britain

Netanyahu’s vow to unleash the full force of the Israeli military on Hamas has raised fears for the safety of Israeli civilians spread in undisclosed locations across the densely populated Gaza Strip. “It will make things much more complicated.”Political Cartoons View All 1202 ImagesLocating Israeli hostages in Gaza — something Israeli intelligence agencies failed to do in the case of Shalit — poses further challenges. “So the army would have to bomb everything.”Hamas already has said it seeks the release of all Palestinian prisoners in Israeli jails — some 4,500 detainees, according to Israeli rights group B’Tselem — in exchange for the Israeli captives. There is “absolutely no chance” that the current government would agree to the release of Palestinian prisoners, said Gayil Talshir, a political scientist at the Hebrew University of Jerusalem. This included the Schalit deal in 2011, and Israel’s release of 1,150 jailed Palestinians in exchange for three Israeli prisoners in 1985.

Persons: Benjamin Netanyahu’s, Gilad Shalit, Israel, Netanyahu, ” Michael Milstein, Shalit, ”, Yaakov Amidror, “, Khalil Shikaki, —, Gayil Talshir, Yair Lapid, Netanyahu “, Bezalel Smotrich, ” “, Ehud Yaari, Tali Levy, Adva Adar Organizations: JERUSALEM, Gaza, Hamas, West Bank, Palestinian Authority, Palestinian Center, Policy, Survey Research, Palestinian, Hebrew University of Jerusalem, Saturday Locations: Jihad, Gaza, Tel Aviv, Israel, ”, Ashdod

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