DIRS.INFO The most relevant business & tech news

☆ Spain to approve mortgage support for more than 1 mln households
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 21 (Reuters) - The Spanish government will approve mortgage relief measures, such as extending loan repayments for up to seven years, for more than one million vulnerable households and middle-class clients on Tuesday, the economy ministry said on Monday. Under the framework, banks will provide mortgage support for vulnerable households through amended conditions in the industry-wide code of good practice. The income threshold for allowing vulnerable households to receive support measures has been set at three times the Spanish IPREM wage index, which is equivalent to 25,200 euros, the ministry said. The government will additionally implement a new code of good practice for vulnerable middle-class clients, setting the threshold at less than 29,400 euros. The mortgage relief is expected to come into effect next year.

☆ Lula to start job interviews for Petrobras overhaul, sources say
▼ + stars: | 2022-11-21 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Lula, who takes office on Jan. 1, has already signaled plans for a dramatic overhaul of Petroleo Brasileiro SA (PETR4.SA), as the company is formally known. Into the dustbin, according to Lula and his advisers: the company's privatization. To pull off that reboot of Petrobras strategy, Lula plans for sweeping turnover in the company's first- and second-tier management ranks, said people familiar with his thinking. SHORT LISTAs of last week, Lula had not had any direct conversations with candidates for the top Petrobras job, according to people familiar with the matter, although a short list has taken shape. Lula's advisers also say Petrobras should steer more of its profits into investments rather than its generous recent dividends.

☆ Germany's LNG terminals to cost more than double earlier estimate
▼ + stars: | 2022-11-20 | by ( Megan Rowling | ) www.reuters.com time to read: +1 min

[1/2] General view of the new floating LNG gas terminal, which allows Germany to import LNG via ship from other countries, in the harbour in Wilhelmshaven, Germany, November 15, 2022. Overall, the costs are estimated at about 6.56 billion euros, the ministry said, confirming a report in Der Spiegel. That compares with 2.94 billion euros estimated in the country's 2022 budget. The ministry said the floating terminals were essential for Europe's biggest economy to compensate for a collapse in deliveries of Russian gas since Moscow's invasion of Ukraine. Germany this month completed the construction of its first floating terminal for LNG at the North Sea port of Wilhelmshaven.

☆ Brazil's government cuts 2023 GDP growth forecast as global economy weakens
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Nov 17 (Reuters) - Brazil's Economy Ministry on Thursday cut its 2023 GDP growth forecast to 2.1%, from the 2.5% anticipated in September, due to a deterioration in the global economic outlook. In a statement, the ministry's Secretariat for Economic Policy stressed that the global economy has weakened in the face of monetary tightening in the United States and other developed economies, which has hampered prospects for growth. At the same time, the ministry kept its 2022 GDP growth outlook at 2.7% on the basis of solid activity in the services sector and an improved labor market. The ministry decreased its 2022 inflation forecast to 5.85% from the 6.3% projected in September. For 2023, the official inflation projection now stands at 4.6%, up from the prior 4.5% forecast.

The proposal comes in an amendment to a statute on industrial innovation put forward by the economy ministry, raising the corporate income tax break to 25% from 15%. "Facing the new competitive pressure brought about by the restructuring of the global supply chain, the future development of Taiwan's industry is at stake," the ministry said in a statement. In the wake of a global chip shortage, governments around the world have been touting incentives to bring chip production onshore. The European Commission this year also unveiled a 45 billion euros ($46.6 billion) chip plan. ($1 = 0.9653 euros)Reporting by Ben Blanchard and Sarah Wu; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Russian economy shrinks 4% in third quarter - statistics agency
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Summary This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, Nov 16 (Reuters) - Russia's economy shrank 4% year-on-year in the third quarter of 2022, data from the Rosstat federal statistics service showed on Wednesday, as the consequences of the country's military actions in Ukraine continued to weigh on the economy. That was a slight improvement from the second quarter, when gross domestic product (GDP) fell by 4.1% year-on-year as Western sanctions began to take a toll on Russia's finances and wider economy. Before the full effects of sanctions had been felt, the Russian economy grew 3.5% in annual terms in the first quarter. Russia's economy ministry sees GDP falling by 2.9% this year, while the central bank expects a 3-3.5% drop before a return to growth in the second half of 2023.

☆ Italy names former Treasury official to head ITA Airways
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Remo CasilliROME, Nov 16 (Reuters) - The Italian economy ministry on Wednesday said it would appoint former Treasury official Antonino Turicchi as chairman of state-owned carrier ITA Airways, the successor to Alitalia. At ITA Airways, he will take the place of Alfredo Altavilla, who resigned earlier this month after a clash with several board members over strategy to complete the privatisation of the airline. The exclusivity period ended last month but talks over a potential sale agreement are continuing. Confirming a Reuters report on Tuesday, the Treasury said in a statement it would appoint Turicchi at an ITA Airways shareholders' meeting on Wednesday. Turicchi had recently been indicated by political sources as a potential candidate to replace Alessandro Rivera as director-general of the Treasury.

☆ More chip production needed in Europe, Infineon CEO says
▼ + stars: | 2022-11-15 | by ( Christina Amann | ) www.reuters.com time to read: +2 min

MUNICH, Nov 15 (Reuters) - Infineon Technologies AG (IFXGn.DE) Chief Executive Jochen Hanebeck supports contract manufacturers building more chip factories in Europe to reduce his company's reliance on suppliers in Asia, he told Reuters on Tuesday. "We would very much welcome even more capacity being established in Europe," Hanebeck said in an interview, adding he was particularly interested in chips in the range of 28 to 12 nanometres. At German chipmaker Infineon, about 15% of total production volume currently comes from Taiwan, and some components are sourced exclusively in the east Asian island state. The Commission wants to use the money to double Europe's share of the highly competitive chip market by 2030. Infineon said on Monday it was planning a new 5-billion-euro factory in the eastern German city of Dresden to expand its 300-millimetre production capacities.

☆ Germany nationalises Sefe to oust Gazprom, secure gas supply
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Nov 14 (Reuters) - Germany will nationalise gas importer Sefe, formerly known as Gazprom Germania, the economy ministry said on Monday, in a move to protect it from bankruptcy and force Russia out of the company. Sefe was dropped by Russia's Gazprom (GAZP.MM) earlier this year and put under German state trusteeship in April. It has since received close to 10 billion euros ($10.3 billion) in state-backed credit lines. Under the ordered measures, Sefe will then issue new shares to the same nominal amount that will be subscribed by Germany. In addition to the nationalisation, Berlin also announced that it would boost Sefe's loan from state lender KfW to 13.8 billion euros from a previous 11.8 billion euros.

Holding banners and chanting slogans, protesters demanded climate action. "COPs are not designed to face climate change because it would need more participation from civil society, less participation from lobbyists from the fossil industry," said Pedro Franco, a 27-year-old student. Joao Duarte, 23, also pointed a finger at governments for favouring the "monetary interests" of big companies instead of putting climate change at the top of the political agenda. "What we do or do not do in this decade will have a great impact on climate security." Reporting by Catarina Demony, Miguel Pereira and Pedro Nunes in Lisbon; Editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina to freeze prices of 1,500 consumer goods as inflation bites
▼ + stars: | 2022-11-11 | by ( Nicolás Misculin | ) www.reuters.com time to read: +1 min

BUENOS AIRES, Nov 11 (Reuters) - Argentina's government announced a deal on Friday with supermarkets and suppliers of mass consumer goods to freeze or tightly regulate prices of some 1,500 products, in an attempt to contain inflation that is estimated to reach 100% this year. The Economy Ministry said in a formal decree that a new "Fair Prices" program, covering consumer goods from food and beverages to cleaning products, would help to "stabilize the prices of products in favor of the consumer". The rise in food prices is barbaric, and we are looking at a brutal December," said one protester, Monica Sulle. Sebastian Martino said many more people were now coming to soup kitchens, unable to afford the price of food. Reporting by Nicolas Misculin and Reuters TV; Editing by Eliana Raszewski and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: Blood, treasure and chaos: the cost of Russia's war in Ukraine
▼ + stars: | 2022-11-10 | by ( Guy Faulconbridge | ) www.reuters.com time to read: +6 min

Following are the main impacts of the war, now in its ninth month:* DEATHThe war has sown death on a level not seen in Europe since World War Two. Besides the military costs, the West has tried to punish Moscow by imposing severe sanctions - the biggest shock to Russia's economy since the 1991 collapse of the Soviet Union. Still the impact on Russia's economy is severe - and not yet fully clear. Shortly after Russia's invasion of Ukraine, international oil prices spiked to their highest levels since the records of 2008. In total, about 52 billion euros in military, financial and humanitarian aid had been pledged by Oct. 3 to Ukraine by countries around the world, according to The Kiel Institute for the World Economy.

But there was also a wider question for the officials: could the energy companies' use of such complex instruments threaten financial stability? So the ECB has widened its scrutiny to examine potential domino effects, including on the banks which it supervises. read moreWhile ECB President Christine Lagarde said the ECB stood ready to provide liquidity to banks, she said it would not do the same for energy firms. "Energy companies pose specific risks not only to financial stability. Reuters GraphicsRating agency Moody's, meanwhile, said that energy companies did not provide enough information about their derivatives.

☆ Brazil's Economy Ministry predicts 2023 GDP growth between 1.4% to 2.9%
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Nov 9 (Reuters) - Brazil's Economy Ministry predicted on Wednesday a GDP growth range in 2023 between 1.4% to 2.9%, arguing that the economy's structural growth is now higher than seen in the recent past. Private economists calculate the economy will grow by just 0.7% in 2023, according to the central bank's weekly Focus survey. The secretariat stated that traditional models for projections are based on past observations and, therefore, cannot respond appropriately to structural changes that have been implemented since 2016. Among the measures in this direction, the secretariat mentioned new legal frameworks for investment in various sectors, which increased private investment. The Economy Ministry's projections incorporate an economic slowdown in emerging and developed economists throughout 2022.

☆ Russian weekly consumer prices edge up slightly
▼ + stars: | 2022-11-09 | by ( Marianna Parraga | Brendan O'Boyle | ) www.reuters.com time to read: +3 min

MOSCOW, Nov 9 (Reuters) - Consumer prices in Russia rose slightly for the seventh consecutive week at the start of November, data published on Wednesday showed, as the central bank tries to balance competing inflationary pressures across the economy. Russia's consumer price index rose 0.01% in the week to Nov. 7, the Rosstat federal statistics service said. That was down from a 0.07% rise in prices recorded a week earlier, a trend some analysts said was signs of weakening consumer demand. The central bank targets inflation at 4%. "The main reason behind the downward trend of inflation is the weakening of consumer demand," said analysts at Alfa Bank.

☆ German economy ministry wants to skim electricity windfall profit from November - draft paper
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 9 (Reuters) - Germany's economy ministry wants to begin skimming off electricity providers' windfall profits retroactively from November, according to a draft paper seen by Reuters. Only plants with output of more than one megawatt would be affected, and storage, hard coal, gas and biomethane would be excluded, according to the proposal from the ministry. The draft paper proposes skimming off 90% of reference revenues plus a surcharge of 3 cents per kilowatt hour on the spot market. Renewables can keep a further 4% of the monthly base price, said the paper seen on Wednesday. Reporting by Markus Wacket, Writing by Miranda Murray; Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ U.S., Mexico discuss regional markets, business relocation, Mexico says
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: 1 min

MEXICO CITY, Nov 7 (Reuters) - U.S. Commerce Secretary Gina Raimondo and her Mexican counterpart spoke by phone about strengthening regional markets and promoting relocalization of U.S. companies to Mexico, Mexico's economy ministry said in a tweet on Monday. The phone call comes days after Mexican Economy Minister Raquel Buenrostro, who took her post in October, spoke with U.S. Trade Representative Katherine Tai over the Mexican energy sector and U.S. corn exports. Reporting by Kylie MadryOur Standards: The Thomson Reuters Trust Principles.

☆ German economy ministry favours blocking Chinese takeover of Elmos' chip production - sources
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 8 (Reuters) - Germany's economy ministry has recommended to the cabinet that the government block the Chinese takeover of Elmos' (ELGG.DE) chip factory, saying it would pose a threat to national security, ministry sources said on Tuesday. Milder measures, such as an injunction, are not suitable for addressing the identified dangers, added the sources. Elmos said on Monday that the German government would likely block the sale to competitor Silex, a Swedish company that is a subsidiary of Chinese group Sai Microelectronics (300456.SZ). The sources said the economy ministry and the government are currently working on a China strategy focused on reducing one-sided dependencies and encouraging diversification, as well as protecting infrastructure and preventing technology leakage. Reporting by Markus Wacket, Writing by Miranda Murray Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese investments in German semiconductor industry face higher hurdles - econ minister
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 8 (Reuters) - Chinese investments in Germany's semiconductor industry face higher hurdles, said German Economy Ministry Robert Habeck on Tuesday, adding that this also applies to a planned takeover of Elmos' (ELGG.DE) chip factory. Reporting by Markus Wacket, Writing by Miranda Murray, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine looks to technology to help rebuild its economy amid Russia’s onslaught
▼ + stars: | 2022-11-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

An attendee passes by the Ukraine stand at the Web Summit 2022 tech conference in Lisbon, Portugal. Ukraine had a notable presence at Web Summit, where it sought support from the global tech community to bolster its fight against Russia. In 2021, Ukraine had a small booth at Web Summit, Krasovsky said. Ukraine Vice Prime Minister Mykhailo Fedorov (right) and First Lady Olena Zelenska (center) attend the Ukraine booth at Web Summit 2022. SID Venture Partners, a venture fund set up by Sigma and fellow Ukrainian tech firms Ideasoft and Datrics, has so far invested in 10 startups with Ukrainian founders, Krasovsky said.

☆ China says U.S. has 'no right' to interfere in Hamburg port deal
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 3 (Reuters) - The U.S has "no right" to interfere in Chinese cooperation with Germany, China's foreign ministry said Thursday, after Washington cautioned against Beijing getting a controlling stake in Hamburg's port terminal. U.S. interference is symptomatic of its practice of coercive diplomacy, foreign ministry spokesman Zhao Lijian told reporters at a daily briefing in Beijing. Chinese shipping giant Cosco made a bid last year to take a 35% stake in one of logistics firm HHLA's (HHFGn.DE) three terminals in Germany's largest port, but Germany's coalition was divided over the deal. Last week the German cabinet approved a 24.9% stake investment by Cosco in what an economy ministry source described as an "emergency solution" to approve the deal but mitigate the impact. Reporting by Eduardo Baptista, Writing by Martin Quin Pollard; Editing by Raissa Kasolowsky and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Bulgarian lawmakers give government month to devise Ukraine military aid plan
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

SOFIA, Nov 3 (Reuters) - Bulgaria should send military aid to Ukraine, the parliament decided on Thursday, giving the caretaker government one month to come up with a plan for what weapons the Black Sea country could send to support Kyiv. At present, Bulgaria is one of the few European Union countries not sending military aid to Ukraine, after the Russia-friendly Socialist party, a coalition partner in the previous government, blocked such a decision in May. It was not immediately clear what military aid could be sent or how soon it can happen. Georg Georgiev, a lawmaker from centre-right GERB party, outlined the need to support Ukraine and start giving weapons instead of only selling them. Bulgarian arms exports have more than doubled since the start of the Russian invasion of Ukraine, a recent report by the Bulgarian Industrial Association showed.

☆ Russia's economy shrinks 5% year-on-year in September -economy ministry
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Summary This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, Nov 2 (Reuters) - Russia's economy shrank by 5% on an annualised basis in September, the economy ministry said on Thursday, a sharper contraction than the 4% recorded a month earlier. Western sanctions and the fallout from Russia sending tens of thousands of troops into Ukraine in February have pushed the country into recession, but Moscow says the West has failed to destroy the Russian economy. The ministry said Russia's economy was 4.4% smaller in the third quarter of 2022 compared to the same three-month period of 2021. Reporting by Darya Korsunskaya; Writing by Jake Cordell; Editing by Jan Harvey and Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Russian weekly consumer prices edged up in week of central bank rate hold
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

The central bank cautioned that expectations of price rises had grown and that Russia's partial mobilisation could stoke longer-term inflation due to a shrinking labour force. The central bank had cut its key rate six times in a row after an emergency hike to 20% in February when Russia's decision to send troops into Ukraine caused inflation to spike. Russia's consumer price index rose 0.07% in the week to Oct. 31, the Rosstat federal statistics service said. The central bank targets inflation at 4%. Falling living standards have lowered consumer demand, hitting retail sales and leading to an extended period of deflation over the summer.

BRUSSELS, Nov 2 (Reuters) - Italy is attempting to weaken a pledge 10 European governments intend to make on Thursday to stop export credit support for fossil fuel projects, according to draft documents and sources familiar with the matter. A group of ministers plan to make a joint statement on Thursday committing to end public trade and export finance support for overseas fossil fuel projects by the end of 2022. Three sources familiar with the discussions told Reuters Italy had asked to remove the list specifying which fossil fuel activities would lose such support. That report said no new fossil fuel extraction projects can be developed if the world is to limit global warming to 1.5 Celsius above pre-industrial levels. An Export Finance for Future report in May said the 10 countries involved had committed 29.8 billion euros ($29.50 billion) in export credit support for fossil fuel projects from 2015-2020.

Search resuls for: "Economy Ministry"

25 mentions found