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☆ In pioneering workshops, U.S. trains Cuban entrepreneurs to do business
▼ + stars: | 2023-04-06 | by ( Dave Sherwood | ) www.reuters.com time to read: +5 min

[1/3] Cuban entrepreneurs Maria Puga and Ana Torres pose for a photo at their atelier in Havana, Cuba, April 3, 2023. "Cuba's state-run economy has traditionally not delivered, and recently has delivered even less," Ziff said in an interview. The United States, which says it operates "transparently" in Cuba, is not alone in seeking to promote Cuba's fledgling private sector. Diplomat Ziff said the United States was seeking ways to ease the burden of U.S. sanctions on private business but in a way that would not inadvertently benefit the Cuban government. "The biggest impediment to doing business in Cuba is the Cuban government," Ziff said.

☆ Russia's weekly consumer prices rise quickened in late March
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, April 5 (Reuters) - The rise in Russia's weekly consumer prices quickened at the end of March, data from state statistics service Rosstat showed on Wednesday, with authorities still fighting to slow inflation. Russia's central bank held the key interest rate at 7.5% last month, maintaining a hawkish stance as a widening budget deficit and labour shortages pose ongoing inflationary risks. On Wednesday, Central Bank Deputy Governor Alexei Zabotkin maintained that hawkish signal, addressing the State Duma, Russia's lower house of parliament. Consumer prices rose 0.13% in the week to April 3, Rosstat said, compared with a 0.05% rise the previous week. Russia's annual inflation rate in 2022 was 11.9%, almost three times the official 4% target.

☆ Exclusive: Germany's Stada asks Berlin to help secure its future in Ukraine
▼ + stars: | 2023-04-04 | by ( Patricia Weiss | ) www.reuters.com time to read: +2 min

In the March 21 letter to German Economy Minister Robert Habeck, Stada CEO Peter Goldschmidt said there was a risk Kyiv might withdraw the company's market authorisation. Habeck promised investment guarantees for German companies during a trip to Ukraine on Tuesday as part of his goal to speed up reconstruction in the war-torn country. Pharmaceutical companies such as Stada and German rivals Bayer (BAYGn.DE) and Boehringer Ingelheim continue to deliver medicines to the country. Stada is very keen to maintain its presence in Ukraine, Goldschmidt told Habeck. "Therefore, we would like to ask you again for your support and for clear signals in the direction of Ukraine to strengthen German companies there," his letter added.

[1/2] The landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. Russia has a 51% stake in Nord Stream 1 through a subsidiary of state-owned energy group Gazprom (GAZP.MM). While the import of Russian crude oil and oil products is banned under European Union (EU) sanctions, Russian gas imports are allowed. In September 2022, several unexplained underwater explosions ruptured the Nord Stream 1 and newly-built Nord Stream 2 pipelines, each more than 1,200-km-long, that link Russia and Germany across the Baltic Sea. Gazprom and Swiss-based Nord Stream AG did not immediately respond to requests for comment.

☆ German Vice Chancellor Habeck arrives in Ukraine on surprise visit
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 3 (Reuters) - German Vice Chancellor Robert Habeck has arrived in Ukraine on a surprise visit, Germany's energy and economy ministry said on Monday, in his first trip to the country since the outbreak of war. On the agenda is the reconstruction of Ukraine, which has been at war with Russia since Moscow invaded the country in February 2022, and cooperation in the energy sector, the Spiegel news magazine reported. A spokesperson for the ministry confirmed the visit, saying Habeck, who also serves as minister for energy and the economy, arrived in Kyiv early on Monday. Ukraine's energy sector has repeatedly come under Russian attacks during the conflict, at times leaving millions of people without power. The war also triggered an energy policy overhaul in Berlin, which was forced to look for alternative energy partners after abandoning its close economic relations with Russia.

☆ Taiwan says US officials have visited to discuss concerns about chip subsidies
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Taiwan Economy Minister Wang Mei-Hua and the Speaker of the Czech Republic parliament Marketa Pekarova Adamova attend a Taiwan-Czech Joint Business Council Meeting in Taipei, Taiwan, March 27, 2023. REUTERS/I-Hwa ChengTAIPEI, March 31 (Reuters) - The United States has sent officials to Taiwan to listen to concerns in the chip industry about the criteria for new U.S. semiconductor subsidies, Taiwan Economy Minister Wang Mei-hua said on Friday. The criteria are worrying companies like Samsung Electronics Co Ltd (005930.KS) and SK Hynix Inc (000660.KS), South Korean President Yoon Suk Yeol said on Thursday, a concern shared by the world's leading contract chipmaker in Taiwan, TSMC (2330.TW). "The U.S. side has sent relevant officials to Taiwan to listen to the industry's opinions, to collect their views," she added, without giving details. "Following on, if the industry needs the government to help communicate with the United States, the Economy Ministry will certainly assist with communication," Wang said.

☆ In Beijing, Spanish PM urges Xi to speak with Ukraine's Zelenskiy
▼ + stars: | 2023-03-31 | by ( Eduardo Baptista | ) www.reuters.com time to read: +4 min

Sanchez told a news conference in Beijing he had informed Xi, who visited Moscow on March 20-21, that Spain supported the proposals made by Ukrainian President Volodymyr Zelenskiy. They include a demand to restore Ukraine's territory to the status quo before Russia's 2014 annexation of Crimea. "I transmitted our concern over the illegal invasion of Ukraine," Sanchez said, adding that he "encouraged Xi to talk to President Zelenskiy". Last month, Beijing put forward its own 12-point peace plan and called for a comprehensive ceasefire in the conflict. Sanchez urged China to seek a more balanced economic relationship with Spain and called for greater transparency.

☆ Argentina orders public sector to give up dollar bonds in debt shake-up
▼ + stars: | 2023-03-23 | by ( Eliana Raszewski | ) www.reuters.com time to read: +4 min

REUTERS/Agustin Marcarian/File PhotoBUENOS AIRES, March 23 (Reuters) - Argentina ordered public sector bodies on Thursday to sell or exchange their holdings of 11 sovereign dollar bonds in a bid to reorganize its debt as inflation soared above 100% and its foreign reserves dropped. A presidential decree in Argentina's official gazette said public sector bodies would have to sell or auction five local law dollar bonds maturing between 2029 and 2041, and to swap six foreign law dollar bonds for peso debt. The order makes official plans announced earlier in the week, which had dragged down the value of Argentina's sovereign bonds. These are already in distressed debt territory after a ninth sovereign default and a major debt restructuring in 2020. Public sector bodies will have to sell the local law dollar bonds and exchange foreign law dollar bonds maturing between 2029 and 2046 for debt payable in pesos issued by the Treasury.

Dollars trade at around twice the price they do at the official exchange rate with even banks offering openly offering unofficial rates. An Economy Ministry source denied to Reuters the possibility of the formalization of official parallel FX rates, while a central bank spokesman declined to comment on the topic. Local economist Gustavo Ber said the "daily bleeding" of reserves was a rising concern, with traders closely watching what happened with the peso crawling-peg. The rising pressure on the currency has seen dollars trade at 400 pesos per dollar in parallel markets, compared to 205 pesos at the official rate. Maximiliano Donzelli, analyst at IOL, said a sharp devaluation remained unlikely despite the growing pressure, with temporary and targeted parallel rates more likely.

☆ Argentina to push state entities to give up dollar bonds -ministry official
▼ + stars: | 2023-03-22 | by ( Eliana Raszewski | ) www.reuters.com time to read: +2 min

BUENOS AIRES, March 21 (Reuters) - Argentina's government will push state entities to give up their foreign-law sovereign dollar bonds, an economy ministry official said on Tuesday, aiming to reduce exchange rate volatility and absorb a surplus of pesos. The government, expected to announce the measures by decree on Wednesday, will seek to withdraw foreign-law dollar bonds from state entities and make them place a portion of their local-law dollar bonds on the open market, the official said on condition of anonymity. The government aims to exchange some $4 billion in foreign-law bonds for peso debt, local news outlet Infobae said. State entities that previously bought government bonds would give up some local-law dollar debt to the market, with the rest returned to the central government. They would also return their foreign-law dollar debt, to be exchanged for local-currency debt.

☆ Huawei ban would have significant impact on German mobile network -ministry
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 17 (Reuters) - A ban on certain components by Chinese companies Huawei (HWT.UL) and ZTE (000063.SZ) could have a significant impact on Germany's mobile network if they have to be replaced on a larger scale, according to a German economy ministry letter seen by Reuters. The German government is currently carrying out a review of telecom tech suppliers which it says is not directed at specific manufacturers. The precise impact on mobile operators and other economic players is not possible to assess, the ministry added, as it depends on individual decisions as well as transition periods. Critics of Huawei and ZTE say that their close links to Beijing's security services mean that embedding them in mobile networks could give Chinese spies and even saboteurs access to essential infrastructure. Huawei, ZTE and China's government reject such claims, saying they are motivated by a protectionist desire to support non-Chinese rivals.

☆ Italy's Treasury sets up new department for state-run companies
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

ROME, March 16 (Reuters) - Italy approved on Thursday a decree to create a new department at the economy ministry in charge of managing state-controlling companies such as energy groups Enel (ENEI.MI) and Eni . Economy Minister Giancarlo Giorgetti announced the scheme in January as part of efforts to tighten the government's grip on key companies dealing with some of the most delicate corporate issues facing Italy. Under the scheme, the influential Treasury department within the ministry, led by veteran economist Riccardo Barbieri, will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. The newly created "economic department" will have its own director general and will handle the decision-making process regarding state-controlled firms, public assets and public guarantees on banking loans. Rome is expected to decide on the chairperson and CEO positions of these firms by the end of next week, government sources said.

☆ Exclusive: TSMC's Germany chip plant talks hone in on govt subsidies -sources
▼ + stars: | 2023-03-15 | by ( Ben Blanchard | ) www.reuters.com time to read: +3 min

TSMC said in December that there was "no concrete plan" to build a chip factory in Germany. Saxony officials discussed the EU Chips Act with EU Commission President Ursula von der Leyen on March 6 in Brussels, according to the state government. Germany's economy ministry said it could not comment on individual company plans, but noted the federal government was willing to support and promote semiconductor production projects under the European Chips Act. TSMC's German factory, if is goes ahead, will likely produce less advanced chips, especially those used in the auto industry, the first person said. "These are the kinds of chips German industry needs," the person added.

☆ Inflation tops 100% in Argentina as the price of beef spikes
▼ + stars: | 2023-03-15 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Inflation topped 100% in Argentina last month, according to official data published Tuesday. The country logged a three-digit inflation rate for the first time in over 30 years in February. Food prices jumped 10% month-on-month, with beef costs up over 30% in one region. It's the first time since 1991 that Argentina has logged inflation of over 100%, according to Bloomberg data. That surge came despite Argentina's economy ministry's introduction last month of a price control program aimed at slashing the price of popular beef cuts.

☆ Alternative to WTO trade arbitration gains steam as Japan joins
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

The top appeals bench of the global trade watchdog which rules on trade disputes has been idle for more than two years because of holds on appointments during the administration of former President Donald Trump. The United States, which continues to resist regular calls to approve appointments, is instead leading private discussions on how to reboot the dispute system. Japan, a regular user of the WTO dispute system including in a recent case with South Korea, is the 26th member to join the alternative arrangement, according to the MPIA website. "Japan's membership may increase pressure on wavering potential members, like the United Kingdom and South Korea," Dmitry Grozoubinksi, Executive Director of the Geneva Trade Platform told Reuters. He added that its adhesion would offer a legal path forward for any future disputes between Japan and China, since they are both members.

☆ Argentina swaps $21.7 billion in domestic debt, dimming default risk
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

The swap exchanges old debt for new bonds maturing in 2024 and 2025, according to an economy ministry statement Thursday. "In this way, the uncertainty about the debt maturities of the coming months is cleared up, helping to preserve the sustainability of the Treasury debt," the ministry said. The swap, first announced Monday, prompted global rating agency S&P to slash Argentina's local currency rating to 'SD/SD' (selective default) from 'CCC-/C' Thursday. Though the debt swap is technically voluntary rather than a forced restructuring, the agency - and indeed the markets - still appear to view it as a distressed event. Argentina also still has an eye-watering estimated $170 billion of local debt due, given the swap only pushes back the payment deadline.

Others welcomed it as a sign the energy industry would get involved in the transition. Russia's invasion of Ukraine sparked an energy crunch that disrupted fossil fuel supplies to industry and consumers. A disorderly energy transition could be "painful and chaotic", Wirth said. Top U.S. oil firm Exxon said each country would take a different path to energy transition, depending on the resources available. In some countries, gas would be a transition fuel, said Liam Mallon, the president upstream oil and gas at Exxon.

Schwedt has traditionally supplied 90% of the gasoline, diesel, jet fuel and fuel oil used in Germany's capital city. Moscow last month retaliated against their bilateral efforts by halting oil flows to Poland via the Druzhba pipeline, thereby squeezing Poland’s ability to free up oil for Schwedt. Polish state-controlled refiner PKN Orlen now needs to use more capacity at the Gdansk oil terminal to feed its own Plock refinery. ROSNEFT STAKEGermany and Poland started discussions about shipping non-Russian oil to Schwedt via the port of Gdansk, Polish pipelines and Druzhba in early spring 2022. KEBCOIn a move that further complicated talks with Poland, Germany late last year approached Kazakhstan about supplies for Schwedt, sparking new concerns in Warsaw.

CHICAGO/WASHINGTON, March 6 (Reuters) - The United States has requested formal trade consultations with Mexico over U.S. objections to its southern neighbor's plans to limit imports of genetically modified corn and other agricultural biotechnology products. "We hope these consultations will be productive as we continue to work with Mexico to address these issues." The United States has previously threatened to take the issue to a trade dispute panel under the trilateral agreement with Mexico and Canada over the plan, which would ban genetically modified corn for human consumption. A USTR official said the talks would cover Mexico's planned rejection of GMO corn and other agricultural biotechnology products that have been shown to be safe in the United States and other countries for decades. Corn for food use comprises about 21% of Mexican corn imports from the U.S., a representative from the National Corn Growers Association said, citing U.S. Grains Council data.

☆ U.S. to ask Mexico for formal talks over GMO corn dispute -industry sources
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON/CHICAGO, March 6 (Reuters) - The United States plans to request formal talks under its free trade agreement with Mexico over Mexican plans to limit imports of genetically modified corn, two U.S. industry sources said on Monday. The United States has previously threatened to take the issue to a trade dispute panel under the trilateral agreement with Mexico and Canada over the plan, which would ban genetically modified corn for human consumption. The U.S. agriculture secretary, Tom Vilsack, had said that a trade dispute panel under free trade agreement would be the next step if talks were not successful. U.S. Trade Representative Katherine Tai held talks with Mexican Economy Minister Raquel Buenrostro over the issue late last month. Corn for food use comprises about 21% of Mexican corn imports from the U.S., according to a representative from the National Corn Growers Association, citing U.S. Grains Council data.

☆ Climate change to cost Germany up to 900 billion euros by 2050 - study
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

BERLIN, March 6 (Reuters) - Extreme weather caused by climate change could cost Germany up to 900 billion euros in cumulative economic damage by mid-century, a study showed on Monday, as Europe's biggest economy seeks climate adaptation measures to cut the damages bill. The study, by economic research companies Prognos and GWS and Germany's Institute for Ecological Economic Research, comes as Berlin works on a climate adaptation strategy soon to be presented by the environment ministry. Germany's economy and environment ministries cited the study as showing that extreme heat, drought and floods could cost between 280 billion euros ($297.81 billion) and 900 billion euros between 2022 and 2050, depending on the extent of global warming. Climate change extreme weather events have already cost Germany at least 145 billion euros between 2000 and 2021, 80 billion of which were in the past five years only, including the 2021 floods in the states of Rhineland-Palatinate and North Rhine-Westphalia, the economy ministry said. The study did not mention how much climate adaptation measures could cost the federal and state governments.

☆ International Islamic Trade Finance Corporation lends Tunisia $280 million
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: 1 min

TUNIS, March 3 (Reuters) - The International Islamic Trade Finance Corporation lent Tunisia $280 million to finance energy imports, the economy ministry said on Friday. Tunisia, suffering a financial crisis, has struggled to provide basic commodities such as energy and food amid a growing social and political crisis in the country. Reporting by Tarek Amara; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina, IMF discussing export-linked reserve targets -govt source
▼ + stars: | 2023-03-03 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

BUENOS AIRES, March 3 (Reuters) - Argentina and the International Monetary Fund (IMF) are zeroing in on an agreement for more flexible currency reserves targets this year dependant on the South American country's exports, a government source told Reuters on Friday. Argentina and the IMF established targets that included rebuilding reserves in a $44 billion debt deal struck last year, which replaced a program that failed to keep the country from slipping into economic crisis. However, the impact of the recent drought and high prices linked to the war in Ukraine, have led to talks over easing the reserves targets for this year. Argentine officials went to Washington last week for IMF talks over the latest review of the country's extended fund facility program for the fourth quarter of 2022. Approval is needed to unlock a $5.3 billion disbursement, key to make repayments to the IMF for a similar amount in March-April.

Monte dei Paschi (MPS), which raised capital last year, needs to merge with a stronger rival to cement its turnaround. Banco BPM CEO Giuseppe Castagna, who faces pressure from shareholders to reject an MPS deal, has repeatedly said the Tuscan bank is too large for Banco BPM to integrate. A Banco BPM spokesperson said nothing had changed in this respect. HURDLESA Banco BPM and MPS tie-up would pose major hurdles, another three sources said separately. Banco BPM investors are also concerned about an expansion into regions of the country where economic growth is much weaker compared with the bank's wealthy home base in the north, one of the sources said.

☆ Peru announces $9 bln injection to boost economy amid protests
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Private investment in Peru fell 0.5% last year, while it posted a 37.4% growth in 2021, according to economy ministry data. "The goal is for private investment to increase 3% this year," Contreras told the conference. Peru's economic growth stood at 2.68% at the end of 2022, a steep decline from the 13.61% climb recorded the year before. The International Monetary Fund (IMF) recommended Peru earlier in February to implement "targeted, temporary" fiscal stimulus given the slump in economic activity. Protests in Peru sparked after the ousting of Castillo, with demonstrators asking for President Dina Boluarte's resignation, the closure of Congress, a new Constitution and early elections.

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