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    SAO PAULO, Mar 2 (.) – Brazilian Economy Minister Paulo Guedes said on Tuesday that he will remain in office as long as he has the confidence of President Jair Bolsonaro. Guedes’ relationship with Bolsonaro has come under scrutiny since the right-wing president ousted the chief executive of state oil company Petrobras in February and threatened to interfere with other sectors of the economy. Speaking to Primocast, a podcast focused on financial matters, Guedes said he would not be swayed by outside pressure. “If (Bolsonaro) has confidence in my work and I can carry it out, that’s fine. If he doesn’t have confidence, they can fire me in 30 seconds,” said Guedes, a liberal who supports the free market. “Fear, combat, wind, rain, that will never get me out. What will make me go out is lose the confidence of the president,” he said. (By Camila Moreira; edited in Spanish...
    United probing Cruz flight data leak Pakistan zoo begins mammoth makeover after lonely elephants departure BERLIN (Reuters) - Lockdown measures in Germany and weak sentiment point to subdued economic activity in Europe's largest economy in the coming weeks, the Finance Ministry said in its monthly report on Friday. © Reuters/POOL New FILE PHOTO: VW re-starts Europe's largest car factory after coronavirus shutdown Leading indicators also point to the economy being divided, with industrial production supporting growth and services impacted by lockdown measures, the ministry added. Chancellor Angela Merkel has urged Germans to have a little more patience, after she agreed with regional leaders to extend the coronavirus lockdown until March 7. Video: Dutch finance chief 'slightly more optimistic' than EU Commission over economic recovery (CNBC) Dutch finance chief slightly more optimistic than EU Commission over economic recovery CNBC See more videos SHARE SHARE TWEET SHARE EMAIL What to watch...
    BRITS will have to wait until at least September before they can flock back to nightclubs, gigs, cinemas, and theatres, a minister suggested today. Vaccines minister Nadhim Zahawi hinted venues that will need to mass test visitors won't be allowed to reopen until almost all the population is vaccinated. ???? Read our coronavirus live blog for the latest news & updates 2Vaccines minister Nadhim ZahawiCredit: refer to caption. And he also refused to rule out social distancing measures, like mask wearing and the 1 metre rule, carrying on well into the future. The PM has earmarked fast lateral flow tests as a key way of getting larger venues open to the public again once lockdown is lifted. Millions of tests, which return a result in half an hour, could be used every day in settings from workplaces to football stadiums. But Mr Zahawi suggested today that they will only be...
    Bristol-Myers, Sanofi ordered to pay Hawaii $834 million over Plavix warning label Governors tell President Joe Biden they want more COVID vaccine coordination and reporting clarity International companies without headquarters in Saudi will have to make a choice to land government contracts in 2024: finance minister By Marwa Rashad © Reuters/FAISAL AL NASSER FILE PHOTO: Cars drive past the King Abdullah Financial District in Riyadh LONDON (Reuters) - International companies that want to participate in the Saudi government's investment opportunities "will have to make a choice" and establish regional headquarters in the kingdom as of 2024 or they will not win government contracts, the Saudi finance minister told Reuters on Monday. Load Error Saudi Arabia, the region's largest economy and the world's largest oil exporter, plans to cease contracting with companies and commercial institutions whose regional headquarters are not located in the Kingdom in a move aimed at...
    Fact check: Vice President Kamala Harris used 2 Bibles when she was sworn in Fact check: We dont know what Donald Trump wrote in a letter to Joe Biden Ghana Finance Minister Heads to U.S. for Post-Covid Health Check (Bloomberg) -- Ghana’s Finance Minister Ken Ofori-Atta is traveling to the U.S. for “a special medical review” that will delay a parliament hearing expected to confirm his reappointment to his post. Load Error “After recovering from Covid-19 last December, Mr. Ofori-Atta has had medical complications, which doctors advise, require further interventions not currently available in Ghana,” the Finance Ministry said in a statement Sunday. President Nana Akufo-Addo renamed the minister to serve a second term last month after winning reelection in December. Ofori-Atta was scheduled to be screened by lawmakers on Feb. 16 in a bid to get his nomination approved. The parliament leadership has been notified so a...
    CNN to host town hall with President Joe Biden Top takeaways as prosecutors wrap up impeachment case against Trump Liberia will bounce back from COVID-19 crisis with 3.2% growth, says finance minister By Alphonso Toweh MONROVIA (Reuters) - Liberia is in talks with China over debt relief and expects to return to economic growth this year of 3.2% after an estimated 3% contraction in 2020 due to the coronavirus crisis, Finance Minister Samuel Tweah told Reuters on Thursday. Tweah said he had feared the worst when the pandemic struck last year, since the West African nation's economy was already fragile partly due to the winding down of some foreign aid flows after a 2014-16 Ebola outbreak. "We thought the economy would have collapsed, but it did not happen," he said in an interview. "That suggests strong resilience. We are optimistic." In the longer term, the authorities have high hopes...
    Cuba announced on Saturday that private activity would now be allowed in most sectors, a major reform in a country where the state and its companies dominate the economy, hard hit by the escalation of US sanctions under Trump and the absence of tourists due to the pandemic. The measure, unveiled last August by the Minister of Labor, Marta Elena Feito, was approved Friday in the Council of Ministers, according to the official daily Granma, of the ruling Communist Party. “It is a huge and historic step “, commented on Facebook Oniel Diaz, entrepreneur and boss of the consulting firm Auge, which advises about fifty Cuban private entrepreneurs. State economy The socialist revolution led by Fidel Castro in 1959 had led to a wave of nationalizations and the state’s control over the entire Cuban economy. Opening up to the private sector began timidly in the 1990s before being fully...
    LOCKDOWN rules won’t be fully lifted until all over 50s have had a Covid jab, a minister hinted today. Vaccines minister Nadhim Zahawi said the rollback of pandemic restrictions will be slow so we "never have to go back into another severe lockdown". ???? Read our coronavirus live blog for the latest news & updates 3Vaccines minister Nadhim Zahawi said the lockdown will be eased slowlyCredit: Rex Features He said schools are still set to reopen on March 8, but suggested many other sectors may have to remain shut well into the Spring or early summer. His remarks will alarm lockdown-sceptic MPs who are pushing Boris Johnson to speed up the rolling back of restrictions. The PM is set to lay out a "roadmap" for exiting lockdown during a speech on February 22. Mr Zahawi insisted Britain is on target to jab the most vulnerable groups, including all...
    Casey cruises to victory in Dubai for 15th European Tour crown The Best Perks of Being President of the United States German Economy Minister Proposes Scaling Back State Holdings (Bloomberg) -- Germany’s economy minister says tax increases are the wrong way to handle the costs of the coronavirus crisis and proposed selling state holdings instead. “The value of state holdings has grown considerably in recent years -- that’s why we should examine which state holdings can be scaled back,” Peter Altmaier told newspaper Welt am Sonntag. “This will also bring money into state coffers that we can put to good use for future investments.” © Bloomberg Key Speakers At Handelsblatt Energy Summit Peter Altmaier Load Error Photographer: Krisztian Bocsi/Bloomberg The federal government’s company holdings range from listed corporations such as Deutsche Telekom AG and Deutsche Post AG, airport operators and railway firm Deutsche Bahn AG, to cultural...
    NICOSIA, Cyprus (AP) — Cyprus’ economy is expected to rebound by 4.5% of gross domestic product this year following a pandemic-induced contraction of around 5.5% in 2020, the country’s finance minister said Thursday. Finance Minister Constantinos Petrides told an investment conference that the growth estimate comes attached with a “great level of uncertainty” because of how the pandemic may evolve. The unemployment in Cyprus rate rose to an estimated 8% last year, which was less than anticipated, and it is projected to drop by a percentage point this year as economic activity picks up, according to Patrides. Additional government spending in 2020 to buoy the economy resulted in public debt of around 120%, or 25 percentage points higher than in 2019. The minister said the Cyprus government’s economic policy aims to put debt on a downward trajectory this year to reach a target of 98% by 2023. Bad loans continue...
    [The stream is slated to start at 11:15 ET. Please refresh the page if you do not see a player above at that time.] The Covid-19 pandemic has sent the global economy into one of its worst recessions ever, and though a rollout of vaccines has brightened the outlook for 2021, it's not yet clear when a full recovery will take place. With that in mind, CNBC's Geoff Cutmore speaks with a panel of top global leaders — European Central Bank President Christine Lagarde, Goldman Sachs CEO David Solomon, German Economic Affairs and Energy Minister Peter Altmaier, French Finance Minister Bruno Le Maire and Volkswagen CEO Herbert Diess — about how to drive a return to pre-pandemic levels of growth. Subscribe to CNBC on YouTube. Related Tags Politics Markets Central banking World economy Volkswagen AG
    JAKARTA, Indonesia (AP) — Indonesia’s president announced a Cabinet reshuffle Tuesday following the arrest of two of his ministers on corruption charges and his administration’s lackluster pandemic response. The Cabinet shake-up comes amid surging coronavirus cases in the world’s fourth most populous nation. Indonesia’s economy has fallen into recession for the first time since the Asian financial crisis more than two decades ago as the country struggles to control the pandemic. Four ministers lost their jobs, including Health Minister Terawan Agus Putranto, and two others were rotated to more important positions, ending weeks of speculation about the possible changes. President Joko Widodo chose the mayor of Surabaya, Indonesia’s second-largest city after Jakarta, to become the social affairs minister, replacing Juliari Batubara, who was detained by Indonesia’s anti-corruption commission on Dec. 6. Batubara was accused of taking bribes related to the government’s COVID-19 aid distribution. Widodo replaced Maritime Affairs and Fisheries...
    The coronavirus outbreak is 'out of control' in Germany as cases and deaths continue to rise after a failed 'lockdown light', Angela Merkel's economy minister said today.  Peter Altmaier admitted that 'the less intrusive measures were not enough' after Germany was forced to shut down shops and schools and go into a second 'hard lockdown' over Christmas following six weeks of partial measures.  It came as 16,362 cases and 188 more deaths were added to Germany's tally today, bringing the infection count to 1.34million and the death toll to 21,975.   Altmaier warned that hospitals would be overflowing within weeks if the new lockdown were not imposed, with the number of intensive care patients at a record high of more than 4,500.  After failing to come down significantly during the 'lockdown light', the infection rate has now risen again in Germany, prompting tough new measures over Christmas  The death...
    DARWIN, Australia (AP) — Australia has welcomed its first group of international students to arrive since the coronavirus pandemic began, with more due to follow. A charter flight carrying 63 students from mainland China, Hong Kong, Japan, Vietnam and Indonesia landed Monday in the northern city of Darwin. The students will all attend Charles Darwin University, with some new to the campus and others previously enrolled. They are part of a pilot program aimed at boosting the local economy and providing a template for international students to arrive in other parts of Australia. The arrival comes amid growing tensions between Australia and China after a Chinese official this week posted a fake image on Twitter of an Australian soldier appearing to slit a child’s throat. Australian Prime Minister Scott Morrison called the image “repugnant” and demanded an apology from the Chinese government, but China has not backed down. The post...
    Alberto Fernández and Martín Guzmán in the fifth of Olivos. (.) Martín Guzmán arrived in Olivos with two folders full of technical charts to analyze the negotiation with the International Monetary Fund (IMF) and advance in the multi-year program that he wishes to execute until the end of 2023. That program will depend on the Extended Facilities agreement that Guzmán negotiates with the IMF staff and that will only be discussed by his board when Joseph Biden has established himself as the 46th president of the United States. Alberto Fernández had already gone out for a walk through the gardens of the fifth presidential palace – five kilometers a day – and was waiting for his Minister of Economy with served coffee with milk, mold toast and cream cheese. They worked alone and with social distancing four hours in a row: the head of state...
    By Jose Sanchez BELIZE CITY (Reuters) - Belize is expected to announce the results of its general election on Thursday as longtime Prime Minister Dean Barrow steps down and the small Central American nation seeks to repair an economy battered by the coronavirus pandemic. Barrow ran Belize for more than a dozen years, and his conservative United Democratic Party (UDP) is now in the hands of Patrick Faber. Seeking a fourth consecutive term for the party, Faber faces a tough contest against challenger Johnny Briceno, a former deputy prime minister of the center-left People's United Party (PUP), a longtime rival. The election comes amid widespread discontent over an economy that was in the doldrums long before measures to curb the spread of the novel coronavirus decimated tourism, the main driver of prosperity. "The issues that drive me to vote are the economy, the integrity of our government institutions, and a...
    By Daniel Ramos LA PAZ (Reuters) - Bolivia's Luis Arce will be inaugurated as President on Sunday, capping a tumultuous period for the Andean nation and ushering the socialists back into power after long-term leftist leader Evo Morales was ousted amid angry protests late last year. Arce, 57, will be sworn in during a ceremony in La Paz, with heads of state from Argentina, Paraguay, Colombia and Spain in attendance, as well as senior officials from Chile, Iran and from the government of Venezuela's Nicolas Maduro. The unassuming former economy minister, feted as the architect of Bolivia's rapid growth under Morales, will come into power trying to heal the divisions of a political crisis and the coronavirus pandemic. Tensions have remained high, especially over changes made by the socialist-controlled Congress to lower the majority needed to pass new laws and the planned return of Morales from exile in Argentina where...
    BERLIN (Reuters) - The EU supports the idea of free competition but must be vigilant when its security interests are affected, Germany's economy minister said when asked whether sidelining China's Huawei on the 5G mobile network expansion could lead to a competitive disadvantage. He is not against Huawei, said Peter Altmaier after a video conference of European Union competition ministers on Friday. However, strong European actors were needed in this segment, he added. (Reporting by Kirsti Knolle; editing by Thomas Seythal) Copyright 2020 Thomson Reuters. Tags: coronavirus, European Union, Europe, Germany
    Some Kansas City hospitals forced to divert ambulances as COVID-19 cases jump Where to find good, cheap pasta in every state German Economy Minister Against Nationalization of Thyssenkrupp (Bloomberg) -- German Economy Minister Peter Altmaier has rejected speculation that the state is planning to acquire a stake in ailing steel producer Thyssenkrupp AG. “We are prepared to make public funds available for the massive restructuring of the steel industry toward climate-neutral steel,” Altmaier said in an interview with the Frankfurter Allgemeine Sonntagszeitung. “And, of course, our aid programs are also open if liquidity is needed,” he said. © Bloomberg Thyssenkrupp AG Chief Executive Officer Martina Merz Presents Steelmaker's Carbon Neutral Carbon2Chem Pilot Plant Peter Altmaier Photographer: Sarah Pabst/Bloomberg Altmaier did not want to comment on the current takeover bid by British conglomerate Liberty Steel, according to the newspaper. Sanjeev Gupta’s Liberty said it’s made a non-binding indicative offer for...
    BAGHDAD (AP) — Iraq’s finance minister said Thursday there is growing political will to undertake drastic reforms needed for the country to tackle a daunting liquidity crisis, which has pushed Iraq to the brink of collapse. “There is more will now than there was five months ago,” Finance Minister Ali Allawi told The Associated Press. “Now, I think there is recognition that unless oil prices go up miraculously, this is something we have to cope with and manage.” Low oil prices have slashed state coffers in the crude-exporting country by nearly half, and over-reliance on oil has limited the government’s ability to seek out other income. A widening month-to-month deficit has cast uncertainty over how future payments will be made for public wages, external debts and essential imports of food and medicine. Iraq’s unsustainable economy, laid bare by fiscal pressures spurred by spiraling oil prices and the...
    AMMAN, Jordan (AP) — Jordan’s King Abdullah II on Monday swore in a new prime minister and Cabinet, tasking the new government to manage the country through an economic and health crisis as it faces a growing wave of coronavirus infections. The king appointed Bisher al-Khasawneh as the new prime minister after his predecessor, Omar Razzaz, resigned last week. Al-Khasawneh has held a number of Cabinet posts in the past and served as an adviser to the king. Abdullah frequently shakes up his government, appointing a new prime minister and Cabinet every year or two. Although no major policy changes are expected, the government shuffle appears to be aimed at assuring the public that he is responsive during difficult times. The new Cabinet consists of 31 ministers, but more than half of them have served in previous Cabinets as well. One of them, Foreign Minister Ayman al-Safadi, kept his job....
    By Suleiman Al-Khalidi AMMAN (Reuters) - Jordan will enter a nationwide 48-hour lockdown on Friday for the first time in months as health officials worry a major spike in coronavirus infections could threaten its stretched healthcare system, officials said. The country has seen what officials say is an "exponential" rise, with around 10,000 cases confirmed in just over a week - a near-doubling of the total number of infections since the first cases in early March and a reversal what had been among the lowest infection and death rates in the Middle East. Senior officials are struggling to avoid a broader lockdown that the hard-hit economy can ill afford. The IMF forecasts the economy, which was struggling even before the health crisis, will shrink 6% this year, the first contraction since 1990. "The last thing we want is a complete lockdown for two weeks or three weeks, we don't want...
    Boris Johnson’s crumbling regime is trapped in a death spiral. This has been painfully obvious for some time. It’s no longer a question of ‘if’ but when the ailing, flailing UK Prime Minister crashes and burns. The only remaining questions now are ‘How much more damage is the buffoon going to inflict before he retires, gracefully or otherwise?’ and ‘Who is going to pick up the pieces when he is gone?’ With the second question, my money is on Chancellor Rishi Sunak. Sure he’s a young-ish (40), fairly untested, partly unknown quantity- and, perhaps worse, he’s a graduate of Goldman Sachs. On the other hand, with no General Election likely till 2024, it’s a simple fact that whoever replaces Johnson as prime minister will almost certainly be a member of his current cabinet. Sunak scores highly because he’s arguably the senior minister least tainted by Johnson’s spectacular mishandling of Chinese...
    BERLIN (Reuters) - German Economy Minister Peter Altmaier said on Friday he was no longer in quarantine after testing negative for COVID-19. Altmaier went into quarantine on Wednesday as a precaution after the aide of one of his EU counterparts, who attended a gathering in Berlin on Monday, had tested positive. "The new test from yesterday was also negative," Altmaier said on Twitter. He added the nature of the contact he had with the infected individual means: "There is no need for further quarantine." (Reporting by Caroline Copley; Editing by Michelle Adair) Copyright 2020 Thomson Reuters.
    By The Associated Press PARIS — Coronavirus infections tipped the scales again in France on Saturday with nearly 13,500 new infections in 24 hours. Economy Minister Bruno Le Maire is among them. He announced Friday in a tweet that he had tested positive with no symptoms and was working during self-isolation. The high-profile Le Maire is the fourth French minister to test positive since March. It was the second day in a row that new COVID-19 cases in France were above 13,000. The French health agency said Friday’s big jump was the result of one hospital in the Essonne region south of Paris belatedly reporting numerous cases. It wasn’t clear whether that kind of add-on effect was at play on Saturday. For health authorities, it is clear that France needs to worry about the spread of the coronavirus, with over 1,000 clusters detected. There have been 31,274 deaths since the...
    Office workers wearing face masks during lunch time in the central business district in Singapore.Roslan Rahman | AFP | Getty Images SINGAPORE — Competition for white-collar jobs will become more intense after the coronavirus pandemic showed that a lot of work can be done over the internet, Singapore's Minister for Trade and Industry Chan Chun Sing said on Thursday. "In the past, people think that the blue-collar workers are the ones at risk and that's because their jobs can be replaced by robots and automation. To some extent, that is true," Chan said during a panel discussion moderated by CNBC's Nancy Hungerford at the virtual Singapore Summit. "But increasingly, I think the world is realizing that competition is even tougher for the white-collar jobs that can be done over the internet," he said. "The jobs that can be done over the internet can be done anywhere in the world and...
    Tokyo (CNN)Yoshihide Suga has been elected Japan's new Prime Minister following a vote in the country's Parliament on Wednesday, confirming the former cardboard factory worker and farmer's son as leader of the world's third largest economy.The 71-year-old head of the ruling Liberal Democratic Party (LDP) replaces outgoing leader Shinzo Abe, Japan's longest-serving Prime Minister, who announced his intention to resign in August due to health problems related to colitis -- a non-curable inflammatory bowel disease that he was able to manage for most of his tenure.Suga was elected LDP leader on Monday with about 70% of the votes, but he still required the backing of the country's national legislature, the Diet, before he could officially become Prime Minister.The new Prime Minister will next announce his cabinet line up, which is expected to include a large number of former Abe appointees, before being sworn in by Emperor Naruhito at the Imperial...
    By Elaine Lies TOKYO (Reuters) - Japanese ruling party president Yoshihide Suga was poised to become the nation's next prime minister on Wednesday, pulling together a "continuity" cabinet, about half of which will not change from the current makeup, local media reported. Suga, a longtime aide and chief cabinet secretary under outgoing Prime Minister Shinzo Abe, on Monday won a landslide victory to take over the Liberal Democratic Party (LDP). He pledged to carry on many of Abe's programmes, including his signature "Abenomics" economic strategy. He faces numerous challenges, including tackling COVID-19 while reviving a battered economy and dealing with a rapidly aging society, in which nearly a third of the population is older than 65. Abe, whose support was critical in ensuring Suga's victory in the party election this week, entered the prime minister's office on the last day of his tenure and thanked the people of Japan, vowing...
    LIMA (Reuters) - Peruvian lawmakers voted against a proposed ouster of the president's star economy minister on Tuesday, defusing some of the political turmoil that has rocked the Andean country as it struggles with the impact of the coronavirus pandemic. The vote is a reprieve for María Antonieta Alva, a 35-year-old, Harvard-trained public official, after 73 lawmakers voted against the censure motion over her handling of the economy during the pandemic, leaving it short of the required threshold. (Reporting by Marco Aquino; Writing by Cassandra Garrison) Copyright 2020 Thomson Reuters.
    Israel will go on a nationwide lockdown for three weeks over the High Holiday period beginning on the eve of the Jewish New Year on Friday, the coronavirus cabinet announced Sunday evening after an hours-long debate on the matter. Prime Minister Benjamin Netanyahu said the lockdown may be extended after the three weeks are up if the numbers of infected don’t stabilize. Netanyahu urged Israelis to adhere to the guidelines otherwise the “virus will spread and claim many lives.” Schools, malls, restaurants, hotels and all recreational venues will be shuttered and people have been ordered not to venture more than 500 meters (0.3 miles) from their homes. Private businesses are expected to be allowed to continue operating. Many ministers bitterly opposed the decision, warning the economy would not recover. Regional Cooperation Minister Ophir Akunis (Likud) said a full lockdown it would be “a disaster for the Israeli economy.” Tourism Minister...
    Israel will enter into its second lockdown on Friday after a resurgence of the coronavirus, Israeli Prime Minister Benjamin Netanyahu announced on Sunday. [ SEE: The Latest News on the Coronavirus Outbreak ]The country will close schools, dine-in restaurants, malls, hotels and entertainment venues for at least three weeks. Indoor gatherings will be limited to 10 people. Outdoor gatherings can have up to 20 people. Residents will be required to stay within 500 meters of their homes. Friday also marks the start of the Jewish High Holiday season. "I know those measures will exact a heavy price on us all," Netanyahu said on Sunday. "This is not the kind of holiday we are used to. And we certainly won't be able to celebrate with our extended families." The reimposed restrictions come as the country grappled with daily infections exceeding 4,000 last week. Health officials report nearly 157,000 cases of the virus...
    By Kiyoshi Takenaka TOKYO (Reuters) - Japanese Chief Cabinet Secretary Yoshihide Suga looks set to become prime minister this week, after garnering the backing of most of the ruling Liberal Democratic Party's (LDP) factions to win a party leadership election slated for Monday. Incumbent premier Shinzo Abe announced last month he was resigning because of poor health. The winner of the party election is virtually assured of becoming prime minister because of the LDP's parliamentary majority. Here is where Suga stands on key policies. ECONOMY A longtime lieutenant of Abe, Suga aims to continue the incumbent's hyper-easy monetary policy, stepped-up government spending and structural reforms, dubbed "Abenomics". Suga also plans to maintain Abe's policy of prioritising economic growth over efforts to fix the country's tattered finances. He said on Sunday there was no limit to the amount of bonds the government can issue to support an economy battered by the...
    BERLIN (Reuters) - A "no-deal" Brexit would hurt the British economy a lot more than the European Union, German Finance Minister Olaf Scholz said on Saturday. "My assessment is that an unregulated situation would have very significant consequences for the British economy," Scholz told a news conference after a meeting of EU finance ministers in Berlin. "Europe would be able to deal with it and there would be no particularly serious consequences after the preparations we have already made," he added. Prime Minister Boris Johnson said on Saturday that a planned bill, which would breach a divorce treaty with the bloc, was needed to protect Britain's integrity. (Reporting by Paul Carrel; Editing by Michael Nienaber) Copyright 2020 Thomson Reuters.
    By Maria Cervantes LIMA (Reuters) - Peruvian opposition lawmakers filed a censure motion to oust the government's economy minister on Wednesday, underscoring political tensions as the Andean country rides out its deepest economic plunge in decades due to the coronavirus pandemic. If accepted by Congress and passed in a vote by lawmakers, María Antonieta Alva, a 35-year-old, Harvard-trained public official, who has been a key figure in the administration of President Martin Vizcarra, would be forced to resign. Lawmakers have squabbled over the government's handling of Peru's mining-driven economy during the pandemic, which has hit the South American country particularly hard despite a huge rescue package spearheaded by Alva. The economy, which tumbled 30% in the second quarter of the year, is expected to contract 12% this year, the government said in August, after most operations ground to a halt in March. Peru has the second-highest number of COVID-19 infections...
    TOKYO (Reuters) - Japanese Chief Cabinet Secretary Yoshihide Suga and two other candidates started their campaigns this week to succeed Prime Minister Shinzo Abe as the leader of the ruling Liberal Democratic Party (LDP), and as premier. Abe announced last month he was resigning because of poor health, ending his tenure as Japan's longest-serving prime minister. A leadership election is set for Sept. 14. The winner is virtually assured of becoming prime minister because of the LDP's parliamentary majority. Here is where Suga, a clear favourite, stands on some key policies. Former defence minister Shigeru Ishiba and ex-foreign minister Fumio Kishida are also running. ECONOMY A longtime lieutenant of Abe, Suga aims to continue the incumbent's hyper-easy monetary policy, stepped-up government spending and structural reforms, dubbed "Abenomics". During a debate with the other candidates on Wednesday, Suga said he would maintain Abe's policy prioritising economic growth over efforts to fix...
    Japan's Prime Minister Shinzo Abe inspects an honor guard ahead of a Self Defense Forces senior officers' meeting at the Ministry of Defense on Sep. 17, 2019 in Tokyo, Japan.Tomohiro Ohsumi | Getty Images Outgoing Japanese Prime Minister Shinzo Abe is stepping down with much unfinished business in reviving the world's third-largest economy — leaving his successor to pick up the slack. Abe last Friday announced his resignation over poor health. But his signature economic strategy — a range of stimulus policies known as Abenomics — will likely survive not in the least because his close aide, Chief Cabinet Secretary Yoshihide Suga, has emerged as a front-runner to be Japan's next prime minister.  Suga has said he would "maintain and push forward" with Abenomics, which involve large-scale monetary policy easing, fiscal spending and structural reforms. But even if an Abe critic takes office, analysts said the coronavirus pandemic has left little room for...
    BANGKOK (AP) — Thailand’s finance minister resigned unexpectedly Tuesday after less than a month in the job, in which he was responsible for helping restore an economy slammed by the coronavirus. The Royal Gazette said in a three-line announcement that Prime Minister Prayuth Chan-ocha had accepted the resignation of Predee Daochai. Thai media reported earlier without citing a source that Predee, 61, had resigned for health reasons, but no officials were willing to publicly comment. Predee, who was chairman of the Thai Bankers’ Association ahead of his Cabinet appointment, had resigned his job as co-president of Thailand’s Kasikorn Bank before joining the government. Predee’s appointment, which took effect Aug. 6, was part of the formation of a new team in the Cabinet to handle economic affairs. Thailand’s economy has been badly shaken by the coronavirus, which has battered exports and the important tourism industry. The Asian Development Bank forecast that...
    Australia, New Zealand rugby Sevens cancelled over coronavirus Do you know your state fish? Germany Predicts 2020 Recession to Be Less Deep Than Feared (Bloomberg) -- Germany’s hit from the coronavirus will be less severe than feared, as the government’s efforts to kick start Europe’s largest economy show signs of bearing fruit. Load Error Chancellor Angela Merkel’s administration forecast that national output will shrink by 5.8% this year, compared with an April prediction of a 6.3% contraction. The new estimate still marks one of the worst recessions since the end of World War II. Still, the rebound will be less robust, with 2021 growth of 4.4%. That’s lower than the previous projection of a 5.2% expansion. Pre-crisis levels won’t likely be reached until the beginning of 2022, the Economy Ministry said Tuesday. “We managed to cushion the fallout from the crisis,” Economy Minister Peter Altmaier said at a...
    Reuters August 28, 2020 0 Comments Prime Minister Shinzo Abe, Japan’s longest-serving premier, announced his resignation because of poor health on Friday, ending a stint at the helm of the world’s third-biggest economy in which he sought to revive growth and bolster its defences. Abe has battled the disease ulcerative colitis for years and two recent hospital visits within a week had fanned questions on whether he could stay in the job until the end of his term as ruling party leader, and hence, premier, in September 2021. “I cannot continue being prime minister if I do not have the confidence that I can carry out the job entrusted to me by the people,” Abe, 65, told a news conference as he announced his decision to step down. He said he wanted to avoid a political vacuum as the country copes with the novel coronavirus. “I apologize from the...
    Tokyo — Japanese Prime Minister Shinzo Abe will step down from his role leading the country due to declining health, he said Friday. The bombshell announcement will bring a contest for the premiership in the world's third-largest economy as it grapples with the coronavirus pandemic, the looming threat from North Korea and an increasingly aggressive China.   "I have decided to step down from the post of the prime minister," Abe said Friday at a news conference, adding that he was suffering from a recurrence of the ulcerative colitis that brought an end to his first term. Japanese Prime Minister Shinzo Abe EUGENE HOSHIKO/POOL/AFP/Getty Hiroshige Seko, a party secretary general for the Upper House of the parliament, said earlier that Abe had decided to resign so his health wouldn't "cause trouble." Get Breaking News Delivered to Your Inbox Concerns about Abe's chronic health issues, simmering since earlier this...
    BRASILIA, Aug 26 (.) – President Jair Bolsonaro said on Wednesday that he rejected the Economy Ministry’s proposal to create a new cash-based social assistance program called “Renta Brasil” and that he will not send it to Congress because it would involve the reduction of other programs. The disagreement highlighted divisions between Economy Minister Paulo Guedes, who is struggling to keep Brazil’s fiscal deficit under control, and a president whose popularity and chances of being re-elected have increased thanks to aid packages during the pandemic. of the coronavirus. The two also disagree with the government’s plan to extend emergency payments to informal and low-wage workers through the end of the year, currently at 600 reais ($ 106) a month, which the minister wants to cut to less than 200. real. Bolsonaro said he is not satisfied with the way “Renta Brasil” would be financed, because it would require cuts in...
    By Marcela Ayres BRASILIA (Reuters) - Brazil's Economy Minister Paulo Guedes has no intention of resigning, two sources from the economic team told Reuters, in an attempt to quash rising speculation that political pressure for more public spending could force him to quit. Doubts about Guedes' future have grown since two more of his special secretaries left the ministry last week and local media reported at the weekend that central bank president Roberto Campos Neto is being lined up to replace him. The two sources, who are close to both Guedes and Campos Neto and spoke to Reuters on condition of anonymity, said the two men agree on the need to control spending so that Brazil can start to reduce its debt burden following a surge in emergency spending to combat the coronavirus pandemic. Both sources stated that Guedes' departure is not being considered internally either at the ministry or...
    BEIRUT (Reuters) - Lebanon has 32,000 tonnes of flour in addition to 110,000 tonnes that has arrived or will arrive in the coming two weeks, the economy minister said on Wednesday. "This means we have enough for four months," Raoul Nehme said in a tweet. The World Food Programme is also sending 17,000 tonnes of flour as a first batch of a 50,000-tonne supply plan. A U.N. report on Tuesday said Lebanon only had six week's supply. "We don't have a stock crisis or a bread crisis!" Nehme tweeted. A Reuters report on Friday found the Lebanese government, unlike many wheat import dependent nations, had not kept a strategic stockpile of wheat and all the private stocks of the grain held in the Beirut grain silo at the port were destroyed in the blast that rocked the city on Aug 4. Nehme said on Friday his ministry had planned to...
    BEIRUT (Reuters) - The Lebanese state and central bank have "very limited" financial capacity to confront the impact of the port warehouse explosion that devastated Beirut without foreign aid, its economy minister said on Thursday. "The capacity of the state is very limited, and so is that of the central bank and the banks. We're not swimming in dollars," Raoul Nehme said in TV comments to Sky News Arabia. He said many countries were rushing to help and damages were in the billions of dollars. He said working with the International Monetary Fund was the only way out for Lebanon, which was already wrestling with a dollar crunch and financial meltdown before Tuesday's blast. (Reporting by Ellen Francis; editing by John Stonestreet) Copyright 2020 Thomson Reuters.
    (Bloomberg) – Never bit the hook, rarely raised his voice. The bondholders he’s dealing with, used to shedding his weight, brag that they’ll be there long after he’s gone. When Laurence Fink of BlackRock Inc.’s insisted on speaking to her boss, she made a three-way call. But don’t be confused. Martín Guzmán, Argentina’s 37-year-old economy minister, a leftist academic with zero experience in billions of dollars of credit talks, is in charge of historic debt negotiations. It will persuade creditors to cut the value of their bonds by almost half, setting a precedent for dozens of developing countries seeking debt relief from the pandemic, or it will trigger a repeat of the country’s grueling legal battle after its default 2001. Some who admire Guzmán and know Argentina, now in its painful ninth default, say he took on a task that many would have rejected. His old friend, the economist Pablo...
    NBA unveils sweet new court in Orlando that includes Black Lives Matter painted on the floor 24 Pretty Dresses, Jumpsuits, and Tops That Belong in Your Summer Rotation Thailand is losing key economic ministers as country tries to recover from coronavirus-induced slump Thailand has over the past week lost several government ministers — including those holding crucial economic portfolios — as the coronavirus pandemic slams the tourism-dependent Southeast Asian economy. Six ministers have resigned, including Finance Minister Uttama Savanayana and Deputy Prime Minister Somkid Jatusripitak, whom a Reuters report referred to as an "economic policy czar." It's not yet clear who will take over those positions, but Thai Prime Minister Prayuth Chan-ocha has said he will announce a cabinet reshuffle by next month. The Thai economy is expected to register the worst contraction in Asia this year, while its currency and stock market have also been among the...
    HARARE, Zimbabwe (AP) — Zimbabwe’s economy is expected to shrink by 4.5% this year, the country’s finance minister said Thursday, although others say it will contract even more, as the effects of the coronavirus and a drought take a toll on the struggling southern African nation. The projection by Finance Minister Mthuli Ncube is much less than the more than 10% decline forecast by the International Monetary Fund. Tourism, one of Zimbabwe’s country’s biggest foreign currency earners, was worst affected by the pandemic that has stopped almost all visitors from Asia, Europe and North America, Ncube said to parliament. Zimbabwe’s economy was already in the doldrums before the coronavirus, beset by rising inflation, the declining value of the local currency, high unemployment, and acute shortages of water, electricity and gas. Inflation is more than 700%, the world’s second-highest after Venezuela. The value of Zimbabwe’s local currency has been quickly declining,...
    By Marco Aquino LIMA (Reuters) - Peruvian President Martín Vizcarra undertook a major government reshuffle on Wednesday, replacing more than half his cabinet as his popularity has taken a hit due to the harsh economic impact of the coronavirus pandemic and a lengthy lockdown. Vizcarra installed lawyer Pedro Cateriano as prime minister to lead the cabinet, and changed up the key energy and mining ministry, appointing economist Rafael Belaunde. The president kept his rock-star economy minister María Antonieta Alva. Peru, the world's no. 2 copper producer, has been battered by the COVID-19 outbreak, with the fifth highest number of cases in the world despite a strict lockdown imposed in March. The economy has crashed as mining output sank. In a sign of the unusual times, one of the new ministers took the oath by video while serving a quarantine at home after testing positive for COVID-19. The country's health minister,...
    VIDEO2:1402:14Australia to offer 5-year visas to Hong Kongers with a path to citizenship, says ministerCapital Connection Australia is "specifically targeting" students and highly talented individuals from Hong Kong who will be able to contribute to its economy, a minister told CNBC this week. Canberra announced last week that it would be offering help to people wanting to move out of Hong Kong after the implementation of the new national security law on June 30. Australia's decision followed that of Taiwan and the United Kingdom, which also offered help to Hong Kongers looking to resettle elsewhere. "Australia is an immigrant nation and we're constantly chasing talent from around the world," Australian minister for population, cities and urban infrastructure, Alan Tudge, told CNBC's "Capital Connection" on Tuesday. The country announced last week that "skilled and graduate visa-holders" would have their visas extended by five years, and that there would be a "path to...
    By Tarek Amara TUNIS (Reuters) - Tunisia's moderate Islamist party Ennahda, the biggest party in the parliament, decided on Wednesday to withdraw confidence from the government, a senior official in Ennahda told Reuters. Ennahda’s move will deepen the political crisis engulfing Prime Minister Elyes Fakhfkah, whom Ennahda says has lost credibility due to an alleged conflict of interest. Ennahda with 54 lawmakers needs 109 votes in parliament to withdraw confidence and will seek support for the motion from its two allies, the Karama and Heart of Tunisia parties. Fakhfakh said on Monday he will conduct a cabinet reshuffle in the coming days in what appears to be a step to remove Ennahda's six ministers from the government. But Ennahda’s response came quickly and could make the Fakhfkah cabinet just formed in February the first government not to last six months in the North Africa country. "We adopted the option to...
    Prime Minister Benjamin Netanyahu on Thursday admitted his government was too hasty in reopening the economy and as a result, Israel is now facing a “second wave of corona.” “Looking back, as part of trial and error, we can say that the last step was too early,” he said. “We are in the midst of a second wave of the coronavirus. It has come to us and it has reached other countries as well. In my estimation, it will not skip over almost any country,” he said. The prime minister also noted that Israel handled the first wave well and the death toll was and is “very low” but admitted that the lockdown caused a “heavy toll on the economy.” “It requires fateful decisions every day, balancing between trial and error. You attempt, err and fix. That’s how all leaders are operating,” he said. The prime minister’s remarks were made...
    DUBAI, United Arab Emirates (AP) — The United Arab Emirates announced a wide-ranging government shakeup on Sunday aimed at creating a more flexible and modern bureaucracy to tackle challenges as the coronavirus and lower oil prices erode what was already sluggish economic growth. The UAE prime minister and ruler of the emirate of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, published the ministerial changes on his Twitter account, saying the goal was to create a “government that is faster in decision making and is more up to date with changes.” Many powerful officials kept their jobs under the Cabinet shake-up. They include the ministers of interior and foreign affairs, who hail from the ruling Al Nahyan family of Abu Dhabi, the federal capital that also controls the presidency. As part of the shakeup, the ministries of energy and infrastructure were merged and will be led by current Energy Minister Suhail...
    ROME (Reuters) – Economy Minister Roberto Gualtieri said on Thursday Italy was still committed to a shared global deal on a tax on digital services, after the United States decided to quit global talks on how to tax sector giants. “Despite the COVID-19 emergency, we are determined to find a solution by 2020 working with France, Spain and the UK, as decided by the G20,” Gualtieri wrote on Twitter. On Wednesday, Washington said it was withdrawing from negotiations with European countries over new international tax rules on digital firms, saying talks had made no progress. EU Economic Commissioner Paolo Gentiloni made it clear on Thursday the bloc was ready to take independent action on the issue, which involves tech giants including Google (GOOGL.O), Amazon (AMZN.O) and Facebook (FB.O). Reporting by Angelo Amante, editing by Stephen Jewkes Our Standards:News Brig Trust Principles.
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