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☆ Global economy seen facing a challenging year -Eurochambres
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Jan 25 (Reuters) - The international business community expects a challenging 2023 marked by geopolitical tensions, high inflation and the energy crisis, according to the Eurochambres global economic survey published Wednesday. The Eurochambres' report, based on the responses of trade and commerce organisations representing around 70% of world GDP, shows prolonged geopolitical tensions and instability as the top challenges for the global economy this year. Survey participants were asked about their expectations for real GDP growth in their country or region for 2023, which were compared to benchmark forecasts from the International Monetary Fund (IMF). The 2023 Eurochambres global economic survey was conducted during November and December 2022. Reporting by Christian Kraemer and Maria Martinez; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Apple wants to manufacture 25% of its iPhones in India, minister says
▼ + stars: | 2023-01-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Apple is looking to manufacture 25% of all of its iPhones in India, the country's commerce minister said Monday. Apple has been manufacturing iPhones in India since 2017, but these were usually older models. JPMorgan analysts said in a note from September that Apple could make 25% of all iPhones globally in India by 2025. Apple has been looking to diversify production away from China, where it currently makes the bulk of its iPhones. Apple has just a 5% market share in India's smartphone market, but CEO Tim Cook has long-seen India as a potential area for growth.

☆ India, U.S. establish new trade group to bolster supply chains
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] U.S. Trade Representative Katherine Tai and India's Minister of Commerce and Industry, Piyush Goyal, poses for a picture before the start of their meeting in New Delhi, India, November 22, 2021. REUTERS/Adnan Abidi/PoolNEW DELHI, Jan 12 (Reuters) - India and the United States have established a new working group to build sustainable supply chains and boost bilateral trade, the governments said in a joint statement on Thursday. The United States will also consider India's interest in the restoration of beneficiary status under the U.S. generalized system of preferences program, the statement added. The Trade Policy Forum, revived in 2021 after a gap for four years, will reconvene on a ministerial level before end of 2023. The two countries said they mean to continue to work together on resolving outstanding trade issues.

☆ More than half of German companies report labour shortages
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

The proportion of companies facing difficulties hiring was at its highest ever level, the DIHK found in its survey of 22,000 companies, with 53% reporting shortages. The labour market's resilience did not mean companies were doing well, he added. Staff shortages, high energy prices and the shift towards climate neutrality were a "dangerous mix" that could lead firms to move production abroad. The survey found that 67% of electrical equipment manufacturers were unable to fill vacancies and 67% of mechanical engineering companies. In carmaking, 65% of companies reported labour shortages.

PANAMA CITY, Jan 10 (Reuters) - Panama's government on Tuesday doubled down on an order that Canada-based miner First Quantum Minerals (FM.TO) halt operations at its local copper mine, saying the miner had been operating without a contract since 2017. Earlier, First Quantum said it would submit an appeal against Panama's order by the end of the day. On Tuesday, Panama's commerce and industry ministry said First Quantum had been operating without a contract after the previous one was annulled by the Supreme Court in 2017. That court ruling was published in the government's official gazette in December 2021, but First Quantum continued operating as a new deal was negotiated. First Quantum's Chief Executive Tristan Pascall said in a call with investors on Tuesday morning that following the Supreme Court decision, the government of Panama issued public statements "reaffirming that the contract remained valid."

☆ Panama says it rejects First Quantum's legal bid to avoid halting operations
▼ + stars: | 2022-12-31 | by ( Valentine Hilaire | ) www.reuters.com time to read: +1 min

PANAMA CITY, Dec 30 (Reuters) - The Panamanian government has rejected Canada-based miner First Quantum's (FM.TO) legal proceedings to avoid halting operations at the Cobre Panama mine, the Commerce and Industry Ministry said in a statement on Friday. First Quantum had notified the country about two arbitration proceedings days after the order to halt operations. "The government is prepared to face all potential legal scenarios that may arise and will continue to ensure that workers' labor rights are maintained and protected," the ministry statement said. Panamanian government and First Quantum representatives have been meeting in the last days to reach an agreement. Reporting by Valentine Hilaire; Editing by Sarah Morland and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Panama says it rejects First Quantum's legal proceedings to avoid halting operations
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: 1 min

PANAMA CITY, Dec 30 (Reuters) - The Panamanian government rejected Canada-based miner First Quantum's (FM.TO) legal proceedings to avoid halting operations in the copper mine it operates, according to a statement from the country's Commerce and Industry Ministry published Friday. The mining firm was notified on December 21 of a government order for it to create a plan to halt operations within ten working days, after it missed a deadline for an agreement on increasing its payments to the Panamanian government. Reporting by Valentine Hilaire; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's First Quantum CEO holds talks with Panama minister: source
▼ + stars: | 2022-12-26 | by ( Valentine Hilaire | ) www.reuters.com time to read: +1 min

PANAMA CITY, Dec 26 (Reuters) - The Chief Executive Officer of Canadian miner First Quantum Minerals met Panama's commerce and industry minister on Monday to discuss disagreements over the firm's copper operations in the country, a person familiar with the matter said. First Quantum (FM.TO) CEO Tristan Pascall flew to Panama over Christmas to attend the meeting in person with the minister, Federico Alfaro, according to the source, who said further talks are planned. The government and the mining company have been discussing a deal that would have increased annual tax payments to Panama to at least $375 million. The Panamanian government ordered the firm to halt operations at the Cobre Panama mine after they both missed a deadline to reach an agreement. The mine accounts for roughly 3.5% of Panama's gross domestic product, according to government figures.

☆ Canadian miner First Quantum starts arbitration against Panama, says government
▼ + stars: | 2022-12-24 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, Dec 24 (Reuters) - Canada-based miner First Quantum Minerals Ltd (FM.TO) and its subsidiary Minera Panama started arbitration processes against Panama, the country's ministry of commerce and industry said on Saturday, as the two sides have been locked in a disagreement over payments and mine operations. Despite having agreed to meet with the government, the company decided on Friday to "advance efforts" by going ahead with two arbitration processes, the ministry said in a statement, without giving further details. The company initiated one of the arbitration processes under a 1997 contract, which regulates its operations, and the other under the free trade agreement between Canada and Panama, the government added. "The resolution ... that orders Minera Panama to accomplish a care and maintenance plan for the Panama copper mine remains in force, and the government will monitor its full compliance," the ministry said in a statement. Reporting by Valentine Hilaire; Writing by Carolina Pulice; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's First Quantum Minerals ordered to suspend operations at Panama mine
▼ + stars: | 2022-12-15 | by ( Elida Moreno | ) www.reuters.com time to read: +2 min

PANAMA CITY, Dec 15 (Reuters) - Panama's government ordered Canada's First Quantum Minerals (FM.TO) on Thursday to pause operations at its flagship copper mine in the country after missing a deadline to finalize a deal that would have increased payments to the government from the mine. The government had given Minera Panama, which is majority-owned by First Quantum Minerals, until Wednesday to sign an agreement reached in January to pay $375 million a year to the government from its Cobre Panama mine. Panama's government ordered the commerce and industry ministry to suspend Minera Panama's operations at the mine after a midnight deadline was missed. Months of talks between the miner and government continued until early morning Thursday, the commerce and industry ministry said. First Quantum Mineral's $6 billion investment in the open-pit mine, where operations began in 2019, is considered the largest private investment in the Central American country and accounts for roughly 3.5% of Panama's gross domestic product.

Of seven new dams planned in Laos, at least four are co-financed by Chinese companies, according to Mekong Dam Monitor data. 'WAKE-UP CALL'Farmers in the Vietnamese Mekong River Delta region were not prepared for the speed at which their landscape - and fortunes - have changed. The Mekong River Commission estimated in 2018 that total sediment flow by now would be around 47 million tonnes per year. "Mainstream dams catch everything," said economist Brian Eyler at the Stimson Center, which runs the Mekong Dam Monitor. The Xayaburi and Don Sahong dams in Laos are the most recent to come online, with Xayaburi the largest on the entire Mekong River.

☆ German exports fall more than expected as demand cools in Europe, U.S.
▼ + stars: | 2022-12-02 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

"The German export engine is noticeably juddering," said German chambers of commerce and industry (DIHK) trade chief Volker Trier. "High inflation rates and a tight monetary policy in important sales markets are dampening international demand." DIHK said last month Germany's exports were likely to fall 2% next year due to a sluggish global economy, with nearly half of German companies that sell abroad expecting an economic downturn. Also last month, German industrial group Thyssenkrupp (TKAG.DE) warned its sales and profit would "nosedive" next year as high inflation and energy costs are compounded by an expected recession in Europe. A survey published on Thursday showed Germany's manufacturing sector reported continued weaker demand in November but the downturn slowed as signs of fewer material shortages fuelled hopes that cost pressures could also ease.

☆ German exports fall as demand cools in Europe, U.S.
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Exports down 0.6% m/m, twice as much as forecastImports post strongest m/m fall since JanuaryBERLIN, Dec 2 (Reuters) - German exports fell more than forecast in October, official data showed on Friday, as high inflation and supply chain snags hit demand in key trading partners, further raising the spectre of recession for Europe's largest economy. Exports declined by 0.6% on the month, twice as much as analysts predicted in a Reuters poll, the data from the Federal Statistics Office showed. Germany's top export partner, the United States, saw the sharpest fall in German exports at 3.9%, while exports to other European Union member states were down 2.4%. The German chambers of commerce and industry (DIHK) said last month Germany's exports were likely to fall 2% next year due to a sluggish global economy, with nearly half of German companies that sell abroad expecting an economic downturn. Also last month, German industrial group Thyssenkrupp (TKAG.DE) warned its sales and profit would "nosedive" next year as high inflation and energy costs are compounded by expected recession in Europe.

But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought. That is roughly four times what the German government is offering, he said, with cheaper energy prices in the United States on top. The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German carmakers and suppliers, for which the United States is a main export market, are among its biggest victims. "If we don't do anything, a lot will emerge in the United States," said Siemens Energy (ENR1n.DE) Chief Executive Christian Bruch.

Any crunch for Britain's small businesses, which often lack the scale to pass on cost rises to customers as easily as bigger rivals, could deliver a new economic body blow. "How are we going to get out of this hole if it's not small businesses? "But there's no question that small businesses now have less capacity to increase their borrowing because you've got a slowing economy." Indeed small companies in Britain see their access to credit at its worst level since 2015, according to a quarterly survey by the FSB of 1,383 small business owners. Many small companies have also yet to repay state-backed loans extended to prop them up during COVID lockdowns, making their credit profiles increasingly unattractive.

☆ Cyprus MPs launch inquiry into spyware development on the island
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

NICOSIA, Nov 9 (Reuters) - Cyprus's parliament opened an inquiry on Wednesday into the development of spyware on the island, after a draft European Parliament committee investigation report said it was an important export hub for the surveillance industry. The report cited Cypriot officials as saying 'three to four' companies produce spyware on the island. "Its been confirmed that Cyprus is a greenhouse for companies which produce spyware ... which has political backing," said MP Aristos Damianou of the opposition AKEL party, which sought the parliamentary inquiry. Cypriot President Nicos Anastasiades last week said any involvement of Cyprus in spyware surveillance in other countries was 'imaginary'. NSO, which sells its Pegasus spyware to government agencies, says it is a powerful tool in the fight against crime and terrorism.

☆ Fearing COVID, workers flee from Foxconn's vast Chinese iPhone plant
▼ + stars: | 2022-10-31 | by ( Ryan Woo | ) www.reuters.com time to read: +4 min

He walked through the night, keeping to a northerly route, towards his hometown of Hebi, every step taking him farther away from iPhone maker Foxconn's (2317.TW) Zhengzhou plant, the Taiwan-based group's largest in mainland China. "There were so many people on the road," Yuan told Reuters on Monday, declining to give his full name because of the matter's sensitivity. "People would be called away in the middle of work, and if they don't show up the next day, that would mean they had been taken away," Yuan said. On Sunday afternoon, the company told Reuters in an emailed statement that workers were allowed to leave if they chose to. "I'll never go back to Foxconn," said Yuan, who has since been transported to Hebi and put under quarantine.

☆ Workers in China flee major iPhone factory amid Covid curbs
▼ + stars: | 2022-10-31 | by ( ) www.nbcnews.com time to read: +3 min

Late on Saturday, cities near Zhengzhou, including Yuzhou, Changge and Qinyang, urged Foxconn workers to report to local authorities in advance before heading home. Apple did not immediately reply to a Reuters request for comment on the Foxconn situation. Photographs and videos circulating on Chinese social media since Saturday showed Foxconn workers, apparently returning home, trekking across fields in the day and along roads at night. In a show of support, residents in the vicinity left bottled water and provisions next to roads with signs such as: “For Foxconn workers returning home,” according to social media posts. “Some people were walking amid wheat fields with their luggage, blankets and quilts,” one user on WeChat, a popular social media platform, wrote about the images.

Data from Bloomberg Economics shows that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default. Another survey by the institute found that 76 out of 100 small and medium-size enterprises in El Salvador do not accept bitcoin payments. But in 2022, recent data shows that only 1.6% of remittances were sent to El Salvador via digital wallets. Meanwhile, its other national currency, bitcoin, is revered for the fact that it, too, is impossible to mint out of thin air. "Bitcoin doesn't solve any of El Salvador's important economic problems," he added.

Leaders and representatives from 14 Pacific island states are taking part in the summit. Washington and its allies want to boost maritime security and island states' communication links with countries like Japan, Australia and India, he said. SOLOMON ISLANDS TIES TO CHINAIn a statement on the first day of the talks, Henry Puna, secretary general of the Pacific Islands Forum, said he was confident the islands and the United States "can, and ... will secure and build a partnership." Sogavare has repeatedly appeared to snub the United States, heightening Washington's concerns. Wednesday's talks included a session hosted by U.S. special presidential envoy for climate John Kerry, who praised Pacific island leaders for a more ambitious global climate target than agreed at the 2015 Paris climate summit.

REUTERS/Ali KharaKABUL, Sept 27 (Reuters) - The Taliban have signed a provisional deal with Russia to supply gasoline, diesel, gas and wheat to Afghanistan, Acting Afghan Commerce and Industry Minister Haji Nooruddin Azizi told Reuters. Azizi said the deal would involve Russia supplying around one million tonnes of gasoline, one million tonnes of diesel, 500,000 tonnes of liquefied petroleum gas (LPG) and two million tonnes of wheat annually. The office of Russian Deputy Prime Minister Alexander Novak, who is in charge of oil and gas, also did not immediately respond. He said Afghanistan also received some gas and oil from Iran and Turkmenistan and had strong trade ties with Pakistan, but also wanted to diversify. The European Union will ban Russian crude imports by Dec. 5 and Russian oil products by Feb. 5.

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