DIRS.INFO The most relevant business & tech news

WASHINGTON, Jan 23 (Reuters) - U.S. farm and trade officials raised "grave concerns" over Mexico's agricultural biotechnology policies in meetings with their Mexican counterparts on Monday, as lingering disagreements threaten decades of booming corn trade between the neighbors. The United States accounts for most of Mexican corn imports. U.S. officials traveled to Mexico to discuss Mexico's approach to agricultural biotech products. Mexico's agriculture ministry declined to comment, while the country's economy ministry, which handles trade, did not immediately provide comment. Mexican officials have said they will keep importing GM corn for animal feed.

☆ Germany publishes plans to hit 30 GW offshore wind target in 2030
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Jan 20 (Reuters) - Germany on Friday said it has drawn up new development plans for offshore wind turbine sites to reach a target for 30 gigawatts (GW) of installed wind power capacity by 2030. When the current government took power in late 2021, its coalition agreement stipulated 30 GW wind power, adding 10 GW to previous plans. Germany aims to derive 80% of its power from clean sources by 2030, compared with just under half in 2022. To speed up development of the offshore sites and override other uses, offshore wind has been declared to be of high public interest, and measures to create links to onshore electricity networks have been accelerated. Because offshore wind can be turned into clean hydrogen via electrolysis plants, plans for a North Sea-originating pipeline to carry 1 GW hydrogen were also integrated.

☆ Italy set to appoint veteran economist Barbieri as new Treasury head
▼ + stars: | 2023-01-19 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +3 min

SummarySummary Companies Barbieri to replace Rivera, who failed to win over MeloniPrevious Treasury chiefs include former PM DraghiBureaucrats in Italy get substantial say in policy-makingROME, Jan 19 (Reuters) - Italy's government is set to appoint veteran economist Riccardo Barbieri as director general of the Treasury, replacing Alessandro Rivera in the influential position, the economy ministry said on Thursday. The move marks a victory for newly installed Prime Minister Giorgia Meloni, who was looking to remove Rivera and put her stamp on key positions. "A cosmopolitan former banker and chief economist, Barbieri is one of the Treasury senior officials who liaises more frequently with Brussels," said Francesco Galietti, head of political risk consultancy Policy Sonar. MPS is 64%-owned by the Treasury following a 2017 bailout that cost taxpayers 5.4 billion euros ($5.8 billion). Rivera spent much of his career within the economy ministry, specialised in the handling of banking and financial crises.

☆ Taiwan fines Foxconn for unauthorised China investment
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Jan 19 (Reuters) - Taiwan on Thursday fined Foxconn (2317.TW) T$10 million ($329,088) for making an unauthorised investment in a Chinese chip firm, but said the Taiwanese iPhone assembler had cooperated in the case and so received a lesser punishment. Taiwan, which Beijing views as sovereign Chinese territory, has kept a wary eye on China's ambition to boost its semiconductor industry and is tightening legislation to prevent what it says is China stealing its chip technology. The Tsinghua Unigroup did not immediately respond to a request for comment. The ministry said Foxconn has committed to continue to invest in Taiwan this year and next and the ministry's Investment Commission will "require the company to implement its commitments". Taiwan prohibits companies from building their most advanced foundries in China to ensure they do not site their best technology offshore.

[1/2] FILE PHOTO-Planes of German air carrier Lufthansa are parked as Lufthansa pilots start a strike over a wage dispute, at the airport in Frankfurt, Germany, September 2, 2022. REUTERS/Kai PfaffenbachROME/FRANKFURT, Jan 18 (Reuters) - German carrier Lufthansa (LHAG.DE) said on Wednesday it had offered to buy an minority stake in ITA Airways, betting on reviving the loss-making successor to Italy's Alitalia and expanding its footprint in Europe. One of the sources said it was valued at 200-300 million euros ($540 million). The new right-wing administration in Rome passed a decree in December to initially sell a minority stake through capital increases, in order to speed up a full divestment in ITA. "Acquiring ITA is one of the most challenging propositions in European aviation: the airline has been persistently loss-making," said Bernstein analyst Alex Irving.

[1/2] FILE PHOTO-Planes of German air carrier Lufthansa are parked as Lufthansa pilots start a strike over a wage dispute, at the airport in Frankfurt, Germany, September 2, 2022. REUTERS/Kai PfaffenbachBERLIN/ROME, Jan 18 (Reuters) - German carrier Lufthansa (LHAG.DE) said on Wednesday it had offered to buy an initial minority stake in ITA Airways, Italy's state-owned successor to Alitalia. Lufthansa said Italy is the most important market outside of its existing home markets and the United States, noting its prominence as both a business and tourism destination. The move comes after the new right-wing administration in Rome passed a decree in December to initially sell a minority stake through capital increases, in order to speed up a full divestment in ITA. Beside its domestic German business, Lufthansa already operates the brands Swiss, Austrian Airlines and Brussels Airlines.

☆ All eyes on Germany when defense leaders meet on arming Ukraine
▼ + stars: | 2023-01-18 | by ( Idrees Ali | Thomson Reuters | National Security Correspondent Focusing On The Pentagon In Washington D.C. Reports On U.S. Military Activity | ) www.reuters.com time to read: +4 min

REUTERS/Ints KalninsWASHINGTON, Jan 18 (Reuters) - When dozens of defense ministers meet at an airbase in Germany on Friday, all eyes will be set on what Berlin is - and is not - willing to provide Ukraine. U.S. Defense Secretary Lloyd Austin had been set to meet German Defense Minister Christine Lambrecht in Berlin before the Ramstein conference, but she resigned from her post on Monday. Instead, Germany's new Defense Minister Boris Pistorius will host Austin on Thursday. Some Eastern European officials have publicly called on Germany to allow the transfer of Leopard tanks to Ukraine. Well, they're not alone," British Defense minister Ben Wallace said on Monday.

☆ Exclusive: Germany forecast to narrowly escape recession in 2023 - source
▼ + stars: | 2023-01-18 | by ( Holger Hansen | ) www.reuters.com time to read: +1 min

BERLIN, Jan 18 (Reuters) - Germany is expected to narrowly avoid recession this year with price-adjusted growth of 0.2%, a source said on Wednesday, citing estimates from a draft of the government's annual economic report. This is to be followed by 1.8% growth in gross domestic product next year, according to the draft report, the source said. In autumn, the government had forecast a 0.4% decline in GDP for 2023. According to the source, the government is also set to revise down its inflation forecast for 2023 to 6.0%, with inflation expected to ease further in 2024 to 2.8%. On Tuesday, German Finance Minister Christian Lindner said inflation this year was expected to be lower than the government's autumn forecast of 7.0% due in part to a fall in energy prices.

HALF MOON BAY, Calif/FRANKFURT, Jan 17 (Reuters) - U.S. chip giant Intel Corp (INTC.O) is committed to building its chip fabrication plant, or fab, in Magdeburg, Germany and is working out funding details with the government, according to Chief Global Operations Officer Keyvan Esfarjani. “We are committed to making the Magdeburg project successful,” Esfarjani told Reuters on the sidelines of Industry Strategy Symposium, a chip conference by Semi last week in Half Moon Bay, California. When asked about Intel's investment, Germany's economy ministry's spokesperson told Reuters the government was in "constant exchange with Intel and the European Commission" about the project. In March Intel announced Magdeburg as the site for its new mega chip manufacturing complex, a key part of its $88 billion investment drive across Europe. Last week Italy's government also reiterated that it was determined to secure and investment by Intel.

☆ Siemens Energy signs agreement to develop Iraq's power grid
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Companies Siemens Energy AG FollowBERLIN, Jan 13 (Reuters) - Siemens Energy (ENR1n.DE) plans to boost its cooperation with Iraq in the coming years, the company said on Friday, as its CEO inked a deal with the Iraqi government to develop the country's power network. Siemens Energy CEO Christian Bruch signed a memorandum of understanding with Iraqi Electricity Minister Ziyad Ali to provide an additional 11 gigawatts for local power production, a statement from the German Economy Ministry said. "Siemens Energy will play a key role in in this development," Habeck added. The planned projects include constructing and developing power generation facilities for both conventional and renewable energy sources, the ministry statement said. Electrification of large parts of an entire country is therefore one of the most important tasks of our business," Siemens Energy CEO Christian Bruch said in a statement to Reuters ahead of the meeting.

☆ Explainer: West mulls sending German Leopard 2 tanks to Ukraine
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +5 min

BERLIN APPROVALThe re-export of Leopards requires German government approval, so other countries with such tanks could not send them to Ukraine without it. WHY HAS THE WEST NOT SENT BATTLE TANKS TO KYIV SO FAR? The Leopard 2 is one of the most widely used Western tanks. Germany has about 350 Leopard 2 tanks today, compared to some 4,000 battle main tanks at the height of the Cold War, German military expert Carl Schulze says. WHAT OTHER WESTERN BATTLE TANKS ARE THERE?

☆ Canada, Mexico win auto rules trade dispute with U.S.
▼ + stars: | 2023-01-11 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

"The decision is good for Canada and Mexico," said Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association. The decision is "disappointing," said Adam Hodge, a spokesperson for the United States Trade Representative's office, adding that the decision could result in "fewer American jobs". The USTR will now "engage Mexico and Canada on a possible resolution to the dispute," Hodge said. The decision was announced amid a separate USMCA dispute centered on energy that has pitted the United States and Canada against Mexico. The United States said "core part" content should not be rounded up when determining the content of the entire car.

☆ Russia risks becoming a failed state in the next 10 years, analysts say
▼ + stars: | 2023-01-10 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +3 min

Russia as we know it may not survive the coming decade and risks becoming a failed state as it pursues its costly war in Ukraine, according to a survey of global strategists and analysts. Respondents comprised primarily men and workers in the private sector, academia, non-profit organizations, as well as independent consultants or freelancers. Around 46% of survey respondents expected Russia to become a failed state or break up by 2033. Separately, roughly 40%of respondents expected Russia "to break up internally for reasons including but not limited to revolution, civil war, or political disintegration." Ukraine's allies have called for Russia to foot the bill for Ukraine's reconstruction.

☆ German regulator identifies 5,000 km to aid green power switch
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

The natural regulator, the Bundesnetzagentur has planning authority over a total of 7,300 km of grid. It reports to the economy ministry, which shares the goal of increasing the use of renewable energy and distributing wind energy, concentrated in Germany's north, and solar energy from the south. "The renewable energy generated in the north of the country must be transported," Klaus Mueller, the authority's president, said in a statement. Germany plans a total 14,000 km of high voltage grids, responsibility for which would be shared between the central regulator and state level authorities in co-operation with four transmission grid companies (TSOs). Since the Green Party gained prominence as part of the coalition government installed in late 2021, Berlin has accelerated planning and approval procedures to ease the take-up of renewable power.

☆ German industrial orders fall more than expected in November
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 6 (Reuters) - German industrial orders saw their sharpest drop in more than a year in November on falling foreign demand, decreasing by 5.3% on the month on a seasonally and calendar adjusted basis, the federal statistics office said on Friday. A Reuters poll of analysts had pointed to a 0.5% fall, after a downwardly revised rise of 0.6% in October. Orders from eurozone countries slumped by 10.3% on the month, while those from outside the eurozone fell by 6.8%. "This shows how strongly the high energy prices are weighing on the eurozone," said VP Bank chief economist Thomas Gitzel. The statistics office publishes a statement with more economic data.

☆ Brazil's VP says development bank should be strengthened to leverage the economy
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +3 min

Asked whether this would involve changing the so-called TLP rate, charged by BNDES to lenders, he said only "it is important to create conditions to reduce the interest rate." It replaced the former TJLP rate, which was set by the government below the country's Selic base rate, to subsidize corporate loans. In his inaugural speech, Alckmin said his ministry will have BNDES under its wing, stressing it was essential to strengthen the bank's role to leverage the economy. According to Alckmin, BNDES should act "as a dynamizer of the industry competitiveness and exports, especially those of higher added value." That contrasts with former President Jair Bolsonaro, who centralized policy formulation and decision-making into a single Economy Ministry.

☆ General Motors, Mexico economy ministry talk EV production - ministry
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: 1 min

MEXICO CITY, Jan 3 (Reuters) - General Motors (GM.N) discussed plans to produce only electric vehicles at its Ramos Arizpe plant in northern Mexico, the country's economy ministry said in a tweet on Tuesday, following a meeting with the U.S. carmaker. (This story has been corrected to remove reference to 5,000 new jobs after the government officially clarified these were 4,500 jobs already created at separate plants over the course of the past four years)Reporting by Kylie Madry; Editing by Daina Beth SolomonOur Standards: The Thomson Reuters Trust Principles.

☆ German companies plan to invest more in Africa in 2023
▼ + stars: | 2022-12-27 | by ( Rene Wagner | ) www.reuters.com time to read: +2 min

The poll of members of the German-African Business Association also showed that a further 39% of Association's members aim to keep their spending levels in Africa stable. "The majority of companies want to expand their activities in the coming year," Association head Christoph Kannegiesser told Reuters. German companies invested about 1.6 billion euros in Africa in 2021, of which about 1.1 billion euros went to the sub-Sahara region, according to economy ministry data. Namibia could also profit massively from green hydrogen production, said Kannegiesser. The survey showed that 56% of the companies viewed their business activities in Africa in 2022 positively and a further 7% rated them "very good".

☆ Major aid groups suspend work in Afghanistan AS Taliban bar women
▼ + stars: | 2022-12-26 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

KABUL, Afghanistan — Four major international aid groups on Sunday suspended their operations in Afghanistan following a decision by the country’s Taliban rulers to ban women from working at non-governmental organizations. Excluding women from schools and NGO work in Afghanistan “can and will lead to catastrophic humanitarian consequences in the short to long term,” the International Committee of the Red Cross warned. Half of Afghanistan’s population, or 24 million people, are in need of humanitarian aid, according to the group. The International Rescue Committee said it was dismayed by the Taliban decision, adding that more than 3,000 of its staff in Afghanistan are women. The Economy Ministry’s order comes days after the Taliban banned female students from attending universities across the country, triggering backlash overseas and demonstrations in major Afghan cities.

☆ Israel exports to reach record of more than $160 billion in 2022
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: 1 min

JERUSALEM, Dec 25 (Reuters) - Israel's exports are expected to have risen more than 10% to a record level of at least $160 billion in 2022, led by exports of services, the Economy Ministry said on Sunday. Exports, some 30% of Israel's economic activity, were $144 billion in 2021, when services overtook goods as the country's main export for the first time. Again in 2022, led by high-tech exports such as programming and research and development, services will likely account for 51% of total exports, the ministry said. The ministry said that total exports could top $165 billion in 2022 if the pace over the first three quarters of the year was maintained. At a 38% share, Europe is Israel's largest trading partner, followed by the Americas at 35% and Asia at 24%.

☆ Taliban orders NGOs to ban female employees from coming to work
▼ + stars: | 2022-12-24 | by ( ) www.reuters.com time to read: +1 min

KABUL, Dec 24 (Reuters) - Afghanistan's Taliban-run administration on Saturday ordered all local and foreign non-governmental organisations (NGO) to stop female employees from coming to work, according to an economy ministry letter, in the latest crackdown on women's freedoms. The letter, confirmed by economy ministry spokesperson Abdulrahman Habib, said the female employees were not allowed to work until further notice because some had not adhered to the administration's interpretation of Islamic dresscode for women. It was not immediately clear whether the order applied to United Nations agencies, which have a large presence in Afghanistan. It comes days after the Taliban-run administration ordered universities to close to women, prompting strong global condemnation and sparking some protests and heavy criticism inside Afghanistan. Reporting by Kabul Newsroom Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Tunisia seeks to cut fiscal deficit to 5.5% in 2023, led by economic reforms
▼ + stars: | 2022-12-23 | by ( Tarek Amara | ) www.reuters.com time to read: +2 min

The Economy Ministry said on Friday that economic growth in 2023 would be 1.8%, compared with 2.5% expected this year. Tunisia has reached a staff-level agreement with the IMF for a $1.9 billion rescue package in exchange for unpopular reforms, including cutting food and energy subsidies, and overhauling public companies. The country's trade deficit is expected to shrink by 1.5% next year, to 15.8% of GDP in 2023. PAINFUL REFORMSAccording to next year's budget published by the economy ministry, Tunisia intends to reduce subsidy expenditure by 26.4% to 8.8 billion dinars. The ministry said it expects inflationary pressure to continue with the start of the reforms, which the union called "very painful".

[1/2] Twitter corporate headquarters building is seen in downtown San Francisco, California, U.S. November 21, 2022. Twitter and the EU did not immediately respond to requests for comment. German Chancellor Olaf Scholz's government has previously said it was monitoring developments at the social media company with growing concern. German regulators are already pushing government institutions to stop posting announcements exclusively to privately-held platforms, touting alternatives like the fledgling decentralised social media network Mastodon. "However, Twitter is not yet classified as a dominant digital platform, also because the company's sales are still too low," he said.

☆ Foxconn fine for unauthorised China investment likely to be imposed soon - source
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Dec 19 (Reuters) - Foxconn (2317.TW), the world's largest contract electronics maker, is likely to be fined soon by Taiwan's government for an unauthorised investment in a Chinese chip maker, a person with direct knowledge of the situation said on Monday. Taiwan said on Saturday it would fine Foxconn over the investment. Taipei also prohibits companies from building their most advanced chip foundries in China to ensure they do not site their best technology offshore. Taiwanese law states the government can prohibit investment in China "based on the consideration of national security and industry development". Foxconn has been seeking to acquire chip plants globally as a worldwide chip shortage rattles producers of goods from cars to electronics.

☆ Taiwan to fine Foxconn for unauthorized China investment
▼ + stars: | 2022-12-18 | by ( ) www.cnbc.com time to read: +1 min

Taiwan's government said on Saturday it would fine Foxconn, the world's largest contract electronics maker, for an unauthorized investment in a Chinese chip maker even after the Taiwanese firm said it would be selling the stake. Taiwan's government said on Saturday it would fine Foxconn , the world's largest contract electronics maker, for an unauthorized investment in a Chinese chip maker even after the Taiwanese firm said it would be selling the stake. Foxconn, a major Apple Inc supplier and iPhone maker, disclosed in July it was a shareholder of embattled Chinese chip conglomerate Tsinghua Unigroup. Late Friday, Foxconn said in a filing to the Taipei stock exchange its subsidiary in China had agreed to sell its entire equity stake in Tsinghua Unigroup. Taiwan's Economy Ministry said in response that its investment commission, which has to approve all foreign investments, will ask Foxconn on Monday for a "complete explanation" about the investment.

Search resuls for: "Economy Ministry"

25 mentions found