German Finance – Kafkas Diasporasi Mon, 27 Jun 2022 10:42:33 +0000 en-US hourly 1 German Finance – Kafkas Diasporasi 32 32 Live Updates | 5 major emerging economies join G-7 summit Mon, 27 Jun 2022 10:42:33 +0000

Leaders of the Group of Seven pose during a group photo at the G7 summit at Elmau Castle in Kruen, near Garmisch-Partenkirchen, Germany, Sunday, June 26, 2022. The major economic powers of the Group of Seven se gather in Germany for their annual gathering Sunday through Tuesday.  From left to right, Italian Prime Minister Mario Draghi, European Commission President Ursula von der Leyen, US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Boris Johnson, Canadian Prime Minister Justin Trudeau, Japanese Prime Minister Fumio Kishida, French President Emmanuel Macron and European Council President Charles Michel.  (AP Photo/Markus Schreiber, Pool)

Leaders of the Group of Seven pose during a group photo at the G7 summit at Elmau Castle in Kruen, near Garmisch-Partenkirchen, Germany, Sunday, June 26, 2022. The major economic powers of the Group of Seven se gather in Germany for their annual gathering Sunday through Tuesday. From left to right, Italian Prime Minister Mario Draghi, European Commission President Ursula von der Leyen, US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Boris Johnson, Canadian Prime Minister Justin Trudeau, Japanese Prime Minister Fumio Kishida, French President Emmanuel Macron and European Council President Charles Michel. (AP Photo/Markus Schreiber, Pool)


The latest on the G-7 summit, the annual meeting of the major democratic economies, taking place this year in the Bavarian Alps in Germany; and on the NATO leaders’ summit which will start on Tuesday in Madrid:

German Chancellor Olaf Scholz hosted the leaders of the five major emerging democratic economies and major international organizations at the G-7 Summit.

The G-7 leaders plan to discuss a series of key issues with their guests, Prime Minister Narendra Modi of India and Presidents Macky Sall of Senegal, Joko Widodo of Indonesia, Cyril Ramaphosa of Africa from the South and Alberto Fernández from Argentina. These issues include climate change, energy, health and the COVID-19 pandemic, food security and gender equality.

They are joined on Monday by the heads of the World Bank, International Monetary Fund, World Trade Organization, World Health Organization and others.

This year, Indonesia holds the presidency of the expanded group of 20 major economies, which also includes Russia and China. This group faces a potentially tricky summit in Bali in November, given the possibility that Russian President Vladimir Putin could attend.



– G-7 leaders commit to Ukraine, US sends anti-aircraft system

– Tale of 2 Summits: “America is Back” on America’s Rollback

— EXPLAINER: The G7 provides a forum for like-minded democracies



Finnish President Sauli Niinisto said he and the Swedish Prime Minister would meet Turkish President Recep Tayyip Erdogan and NATO Secretary General on the sidelines of this week’s NATO summit in the Spanish capital.

Finland and Sweden applied to join the 30-member alliance following Russia’s invasion of Ukraine. But NATO member Turkey has so far blocked their candidacies, citing what it sees as the two countries’ soft approach to organizations Ankara considers terrorists, such as the Kurdistan Workers’ Party, or PKK.

Turkey is asking Sweden and Finland to grant extradition requests for individuals it says are members of the PKK or are linked to a failed coup in 2016. Ankara also wants assurances that restrictions on arms sales that the two countries imposed during its 2019 military incursion into northern Syria will be lifted.

Turkish presidential spokesman Ibrahim Kalin told Haberturk TV that “our presence at this summit does not mean that we will back down from our position.”

Ukrainian President Volodymyr Zelenskyy joined the Group of Seven leaders via video link at their summit in the Bavarian Alps.

Zelenskyy could be seen on a television screen next to the round table where the leaders sat at the secluded luxury Schloss Elmau hotel on Monday. His address has not been shown to the public.

G-7 leaders pledge long-term support for Ukraine at their summit, with both immediate relief and long-term reconstruction on the agenda.


German Chancellor Olaf Scholz said ahead of a session with Ukrainian President Volodymyr Zelenskyy that the G-7 countries’ policies on Ukraine are “very aligned” and they see the need to be both tough and careful .

Scholz said after meeting with Canadian Prime Minister Justin Trudeau on Monday that “we are making difficult decisions, we are also careful, we will help … Ukraine as much as possible but we also avoid that there is a major conflict between Russia and NATO.

He added that “that is what is essential – to be tough and to think about the necessities of the times in which we live”.

G-7 leaders are due to speak via video link Monday morning with Zelenskyy.


Economic powers in the Group of Seven are set to announce an agreement to pursue a cap on Russian oil prices, aimed at limiting Moscow’s energy revenues, a US official said on Monday. The move is part of a joint effort to support Ukraine that includes raising tariffs on Russian products and imposing new sanctions on hundreds of Russian officials and entities supporting the four-month war.

Leaders were finalizing the deal to seek a price cap at their three-day summit in the German Alps. The details of how a price cap would work, as well as its impact on the Russian economy, were expected to be worked out by G-7 finance ministers in the coming weeks and months. The largest democratic economies will also pledge to raise tariffs on Russian imports into their countries, with the United States announcing new tariffs on 570 categories of goods, as well as the use of sanctions to target supply chains. defense of Russia that supported its rearmament efforts during the war. .

The senior administration official spoke on condition of anonymity to preview announcements of the G-7 leaders’ summit, where they are due to speak via video link with Ukrainian President Volodymyr Zelenskyy.

— By Zeke Miller in Elmau, Germany


German Chancellor Olaf Scholz has said the West has no intention of “torpedoing” the Group of 20 – the group of major economies that also includes Russia.

This year’s G-20 summit is due to take place in Indonesia in November. One wonders if Western leaders will sit down with Russian President Vladimir Putin.

Scholz, which is hosting the Group of Seven small industrial powers summit this week, also hosts the leaders of five major emerging democratic economies — India, Indonesia, Senegal, South Africa and Argentina — on Monday.

So far, not all of them agree with the G-7 countries on the war in Ukraine or the sanctions. Scholz told German ZDF television that “it is all the more important that we discuss (the issue) with each other”.

Scholz told German ZDF television: “We must not fall into Putin’s trap of saying that the world is divided between the global West – the G-7 and its northern friends – and everything else. It’s not true. There are democracies all over the world and they have very similar perspectives.

Scholz did not explicitly commit to appearing at the G-20 summit whether or not Putin attends, but stressed the importance of the group.

He said, “There’s a common belief…that we don’t want to torpedo the G-20.”


President Joe Biden is set to announce that the United States is providing an advanced surface-to-air missile system to Ukraine, along with additional artillery support, according to a person familiar with the matter, as part of of the latest assistance to help the country defend itself. against Russia’s four-month invasion.

The United States is buying NASAMS, an anti-aircraft system developed by Norway, to provide medium and long range defense, according to the person who spoke on condition of anonymity. NASAMS is the same system used by the United States to protect sensitive airspace around the White House and the US Capitol in Washington.

The additional aid includes more ammunition for Ukrainian artillery, as well as counter-battery radars, to support its efforts against the Russian assault in Donbass, the person said.

The announcement comes as Biden huddles with allies this week in support of Ukraine in meetings at the Group of Seven advanced economies summit in Germany and the annual NATO leaders’ meeting in Madrid.

— By Zeke Miller in Elmau, Germany


A year ago, Joe Biden attended his first Group of Seven summit as president and confidently told America’s closest allies that “America is back.”

Now there are fears that America is backing down. As Biden meets with the heads of the G-7’s major democratic economies in the Bavarian Alps this week, he brings with him the baggage of domestic turmoil.

The United States is grappling with political unrest, shocking mass shootings and the US Supreme Court’s decision to end constitutional abortion protections.

Biden says other world leaders at the summit did not ask him about the abortion decision. But domestic turmoil undoubtedly worries its European allies.


Leaders of the Group of Seven economic powers set to make long-term pledges to support Ukraine as they meet in the German Alps and hold video-link talks with Ukrainian President Volodymyr Zelenskyy.

The G-7 leaders will begin Monday’s session of their three-day summit with a focus on Ukraine. Later, they will be joined by leaders from five democratic emerging economies – India, Indonesia, South Africa, Senegal and Argentina – for a discussion on climate change, energy and other questions.

The war in Ukraine was already at the forefront of the G-7 leaders’ minds when they opened their summit at the secluded luxury Schloss Elmau hotel on Sunday – just as Russian missiles hit the Ukrainian capital, Kyiv, to the first time in weeks.


Follow AP’s coverage of the G-7 summit:

]]> Breaking news in Ukraine: Russian missile barrage; German Fossil Fuel Plan Sat, 25 Jun 2022 09:09:11 +0000

Russia began the fifth month of its invasion with a widespread bombardment of Ukrainian military targets and infrastructure, including in far western regions about 800 miles from the main fighting in Donbass. Airstrikes were launched from Belarusian territory for the first time, Ukrainian officials said.

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(Bloomberg) – Russia began the fifth month of its invasion with widespread bombardment of Ukrainian military targets and infrastructure, including in far western areas about 800 miles from the main fighting in Donbass. Airstrikes were launched from Belarusian territory for the first time, Ukrainian officials said.

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At the Group of Seven summit starting in Bavaria on Sunday, Germany is expected to offer to backtrack on its pledge to end some fossil fuel funding in response to the energy crisis sparked by war in Ukraine.

Ukrainian troops began a controlled withdrawal from Sievierodonetsk to the east. US Secretary of State Antony Blinken said on Friday that Russia was taking control of “towns and villages that its own artillery has turned to rubble”.

(See RSAN on the Bloomberg Terminal for the Russian sanctions dashboard.)

Key developments

  • Italy’s divided loyalties exposed by war in Ukraine
  • Germany pushes for G-7 reversal on fossil fuels in climate coup
  • Ukraine to withdraw from key city as Russian push gains ground
  • Ukraine’s fiscal lifeline in jeopardy as biggest bond buyer fumes
  • Crop prices recover as traders rise from crash to pre-war levels
  • Putin pushes German economy to breaking point

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On the ground

Missile attacks on northern and western Ukraine overnight were the heaviest in months, including airstrikes launched from Belarus for the first time since the four-month conflict, officials say Ukrainian intelligence services. Russia used six planes to fire a dozen X-22 cruise missiles near the town of Mozyr, about 60 kilometers (37 miles) from the Ukrainian border, targeting Kyiv, Chernihiv and Sumy regions. Ukrainian troops are withdrawing from Sievierodonetsk, while Russian forces have made progress in their push towards Lysychansk, the last major resistance in the Lugansk region, local governor Serhiy Haiday said. Ukraine “is probably reconfiguring its defense” of the Sievierodonetsk-Lysychansk sector, the UK Ministry of Defense said.

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Germany Wants G-7 Fossil Fuel Reversal (10:20 a.m.)

Berlin is pushing for G-7 countries to back out of a pledge that would end funding for fossil fuel projects overseas by the end of the year.

A draft text shared with Bloomberg would see the G-7 “recognize that state-backed investments in the gas sector are needed as a temporary response to the current energy crisis.”

Read more: Putin pushes German economy to breaking point

Russia Launches Widespread Missile Attacks (8:42 a.m.)

Nighttime missile attacks from Russia increased noticeably as the invasion of Moscow entered its fifth month.

Among the sites targeted was the huge combat training center in Yavoriv, ​​northwest of Lviv and near the Polish border, the head of the Lviv region said.

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Zhytomyr, a major railway hub west of Kyiv, and Chernihiv in northern Ukraine were hit by missiles launched from Belarusian territory, the Ukrainian military said. Around 30 missiles were fired at military infrastructure around Zhytomyr, killing at least one soldier and wounding another; 20 missiles were fired at the Chernihiv region, regional leader Vitaliy Bunechnko said on his Telegram channel.

Zelenskiy pledges solidarity at pro-EU Georgian rally (8:30 a.m.)

Ukraine’s president addressed a pro-EU rally in Tbilisi on Friday, a day after Ukraine was granted EU candidate status. Tens of thousands of people gathered in the Georgian capital.

“We will never give up, because Donbass and Crimea are our land, just like Abkhazia and South Ossetia are your land,” Zelenskiy said in reference to breakaway areas in Georgia also occupied by Russia. “And even if someone wants to forget it, if someone wants to erase it, we will certainly remind them. We will be on your side!”

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Georgia has been offered a roadmap to achieve EU candidate status, subject to the implementation of a series of reforms aimed at tackling corruption and strengthening judicial independence.

Wimbledon CEO says ban on Russian players only valid for this year (7 a.m.)

Wimbledon’s decision to ban players from Russia and Belarus may not last beyond this year, according to All England Lawns Tennis Club CEO Sally Bolton. In April, Wimbledon announced the ban, citing “unjustified and unprecedented military aggression” by Russia.

The ban extends to several highly ranked players, including world number one Daniil Medvedev.

“The decision we’ve made is only for this year’s championships,” Bolton told Bloomberg. “But we still think it was the right decision to make. It’s impossible to call where we will be by this time next year.

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Zelenskiy tells NBC he will fight for the release of American veterans (0h30)

Zelenskiy said the two Americans who were captured fighting in Ukraine are heroes and he will fight for their release, according to an interview with NBC News.

The families of veterans Alexander Drueke and Andy Huynh reported them missing this month. Some 20,000 people from around the world answered Kyiv’s call to join the International Legion of Ukraine’s effort against Russian forces, the Ukrainian government announced in March.

Russian President Vladimir Putin’s spokesman said this week that both men could face the death penalty, adding that the Geneva Conventions probably do not apply because Moscow does not consider them part of the national army. from Kyiv.

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US hits three more Russian airlines with sanctions (7:53 p.m.)

The United States has issued orders suspending three Russian airlines – including the discount arm of state-owned Aeroflot – from receiving US parts and services for their planes.

Aeroflot’s Pobeda unit, Nordwind Airlines and S7 Airlines – the largest carrier after Aeroflot – are the latest companies to receive enforcement action from the Commerce Department for violating imposed US export controls during the Russian invasion of Ukraine.

Friday’s actions bring to eight the number of Russian airlines that are now cut off from the parts, components and maintenance services they need to maintain operations, the assistant secretary of commerce for export control said, Matthew Axelrod, in a statement.

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Poland secures €450 million loan to fund refugee aid (5:20 p.m.)

A loan from the Council of Europe Development Bank will be used to finance aid to Ukrainian refugees, the Polish finance ministry said in a statement.

It is the largest loan ever approved by the lending arm of the Council of Europe, a multinational human rights organization, the bank said in a separate statement.

Ukraine’s biggest bond buyer gets angry (3:43 p.m.)

Ukraine’s war-battered budget is coming under increasing strain as the central bank raises alarm bells over the limits of its ability to provide liquidity through purchases of sovereign debt.

The economic fallout from the Russian invasion, which has just reached the four-month mark, has provided budget funding for everything from pensions to military operations to breaking point.



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EUROPE POWER-Germany’s gas alarm sends curve contracts to record highs Thu, 23 Jun 2022 10:27:33 +0000

FRANKFURT, June 23 (Reuters) – European power curve benchmarks set new records on Thursday as Germany triggered the “alarm phase” of its gas emergency plan in response to the decline in Russian supply while halting before allowing utilities to pass on soaring energy costs to customers.

Gas generated 15% of electricity in Germany last year and the government now wants to reserve more gas for industrialists.

Germany is seeking to buy more gas from Russia, build more storage and use more coal-fired power plants, increasing demand for carbon emission allowances. Berlin says it is under “economic attack” from Russia.

German baseload power for the year ahead rose 6.3% to 259.40 euros ($272.50) per megawatt hour (MWh) at 1000 GMT after the economy ministry announced the move .

The equivalent French contract settled at a record 323 euros, up 2.9%.

Russian gas flows to Europe through the Nord Stream 1 pipeline and through Ukraine have remained steady, although well below levels pumped before the war in Ukraine.

Coal for delivery to Northern Europe in 2023 had closed at its highest level since March 2 at $263.5 a tonne.

European CO2 allowances for the December 2022 expiry remained broadly unchanged at around 81.80 euros per tonne.

Spot power fell due to lower demand as high temperatures eased and with more wind power on the cards.

The German base load fell 6.2% to 281.5 euros, and the equivalent French price fell 12.2% to 316 euros.

Daily wind power generation in Germany is expected to reach 11.2 gigawatts (GW) day after day, up from 4.9 GW, according to data from Refinitiv Eikon.

French nuclear availability remained at 51.4% of available capacity, while German and Swiss reactors returned to the network.

Electricity consumption in Germany fell from 800 MW to 56.9 GW and in France from 900 MW to 45 GW.

Grid company TenneT will launch a tender for planned investments in sea-to-land offshore wind connections in the Netherlands and Germany.

($1 = 0.9519 euros) (Reporting by Vera Eckert; Editing by Edmund Blair)

German finance minister breaks ranks on EU plans to scrap car by 2035 – POLITICO Tue, 21 Jun 2022 16:34:42 +0000

BERLIN — German Finance Minister Christian Lindner said on Tuesday he does not support his government’s agreed position in favor of an EU-wide ban on the sale of new petrol and diesel cars from 2035.

Speaking at a conference of the German industry lobby, the BDI, in Berlin on Tuesday, Lindner said the EU draft policy – a key part of the bloc’s bid to cut emissions and become climate neutral – was “wrong” and that the German government “will not agree to this EU legislation this week”.

Last summer, the European Commission proposed to impose a total phase-out of all new combustion-engined cars and vans by 2035, meaning industry would have to effectively go electric by middle of the next decade.

Lindner’s Free Democrats have spoken out against the plan, but the legislation is being handled by the Greens, who lead the environment ministry. The tripartite government agreed in March to back the Commission’s draft proposal on emission standards for cars and vans for 2035.

Greens environment minister Steffi Lemke quickly rejected Lindner’s bid to change the national stance on a critical issue for Germany’s flagship industry.

In an emailed statement, she said the federal government should stick to its “previously agreed path” and backtrack by setting a phase-out date. “In the transport sector, we need planning certainty for the automotive industry and decisive steps that can reduce CO2 emissions,” she said.

Lindner, a sports car fan who supports the development of synthetic fuels, has now said he opposes EU legislation.

“Germany will not be able to accept fleet limits with the de facto ban on internal combustion engines,” he told the conference.

In a Tweeter shortly after making the comments, he was less adamant about blocking the government’s agreed position, instead pushing for the development of alternative fuels.

The European Parliament approved the Zero Emissions Mandate 2035 earlier this month. The Council is due to make a final call at a meeting of European climate and environment ministers on June 28.

This article has been updated to add a comment from Environment Minister Steffi Lemke.

Live updates: EasyJet cuts more summer flights as staff shortage hits Mon, 20 Jun 2022 06:37:50 +0000

A train sits at North Acton station in London. The Metro faces another staff walkout © John Sibley / Reuters

What started with misery at the pumps due to rising fuel prices, then air travel disruption due to understaffing will this week spread to problems on trains – in the country that gave you this mode transport. A series of national rail strikes and, in London, another underground strike, threaten to cripple the network.

The dispute centers on wage demands and the impact on jobs of efficiency savings made more urgent by falling incomes during pandemic shutdowns. Government ministers, who as this article notes now effectively control all rail funding following changes made during the pandemic, declined to speak directly with the RMT, the main union calling for action.

Whether this will have a big impact on Thursday’s two UK by-elections – this week’s top election news – is a moot point given that the poll already points to a double whammy for the Tories – a “red wall” and a “ blue wall” constituency – amid anger at their leader and the country’s Prime Minister, Boris Johnson.

The aviation industry will also be in the spotlight this week as the annual general meeting of the International Air Transport Association (Iata) is held in Doha. The news here is unlikely to be very positive. Last October, Iata predicted that 2.3 billion people would fly in 2021 and 3.4 billion in 2022, compared to 4.5 billion people who traveled in 2019.

Another international gathering this week will be the delayed meeting of Commonwealth Heads of State in Rwanda. The venue will provoke uncomfortable questions for Prince Charles, who will attend on behalf of the Queen, given the UK’s deal with the country to take in British asylum seekers, a policy the heir to the throne had described as “appalling” according to a report in the Times newspaper.

The week will end with German Chancellor Olaf Scholz hosting his counterparts from other G7 nations for a summit at Bavaria’s secluded Schloss Elmau castle, the same venue his predecessor Angela Merkel chose in 2015. The most notable point here, however , is special guest , India’s Narendra Modi, and whether it will help the Western powers – Australia will do something similar during a state visit to India earlier in the week – in the battle for allies to counter the growing closeness between Russia and China.

Economic data

Polls are the theme this week with a slew of Purchasing Managers’ Index reports, regional Fed announcements in the US and Ifo Business Confidence figures in Germany.

The culmination of speeches by central bankers — and there are a few this week — will be Jay Powell’s semiannual appearance before the Senate Banking, Housing, and Urban Affairs Committee to present his report on monetary policy. And in case you don’t have enough cost of living data, we’ll also get more inflation updates from Germany, Canada, the UK and Japan.


A Carrefour in Saint-Herblain, on the outskirts of Nantes

Among the speakers at the Consumer Goods Forum, Alexandre Bompard, CEO of Carrefour © Loïc Venance/AFP/Getty Images

Cost of living and shopping trends will be at the heart of discussions among global retail groups meeting in Dublin this week for the Consumer Goods Forum. The business leaders of Unilever, Coca-Cola, Carrefour, Tesco and walmart are on the list of speakers.

Not many results announcements this week. FedEx will release fourth-quarter numbers on Thursday, but that was anticipated last week as the U.S. delivery company shrugged off concerns about the economy when it announced a dividend increase and two new board members.

Read the full schedule for the coming week here

Russo-Ukrainian War: What We Know About Day 115 of the Invasion | Ukraine Sat, 18 Jun 2022 01:08:00 +0000
  • Ukrainian paramedic released from Russian captivityUkrainian President Volodymyr Zelenskiy announced on Saturday. He said Ukraine succeeded in securing the release of Yulia Payevska, a civilian paramedic captured by Russian forces in Mariupol on March 16.

  • ukrainian president Volodymyr Zelenskiy tweeted that the bravery of Ukrainians had created the opportunity for Europe to “create a new history of freedom, and finally remove the gray area in Eastern Europe between the EU and Russia”. In his nocturnal video addresses, Zelensky hailed Brussels’ support for Ukraine’s candidacy for membership of the European Union as a “historic achievement”. “Ukrainian institutions retain their resilience even under war conditions. Ukrainian democratic habits have not lost their power even now.

  • russian president Vladimir Putin says Moscow has ‘nothing against’ Ukraine’s EU membership. He made the comments on Friday after the European Commission recommended granting Kyiv candidate status from the 27-member bloc. “We have nothing against it,” Putin told Russia’s annual economic forum in St. Petersburg. “It is their sovereign decision whether or not to join economic unions… It is their business, the business of the Ukrainian people.”

  • German Chancellor Olaf Scholz said it was “absolutely necessary” for leaders to speak directly with Putin to try to end the war. Speaking to German news agency DPA on Friday, Scholz said: “It is absolutely necessary to speak to Putin, and I will continue to do so, just like the French president.”

  • Four civilians died and six were injured friday in the russian bombings Donetsk region of Donbass, Governor Pavlo Kyrylenko said on Telegram.

  • Dozens of Ukrainian civilians carried out military exercises on Friday in fortified positions left by Russian troops in Buchaa city synonymous with war crimes attributed to the forces of Moscow. A sergeant known as Ticha said: ‘Most of those here are not soldiers, they are just civilians who want to defend their country – 50% of them have never carried a weapon. till today.

  • Lithuania announced to the Russian region of Kaliningrad that it would block the import and export of a large number of goods by rail because of Western sanctions, the regional governor said on Friday. The region is home to Russia’s Baltic Fleet and a deployment site for nuclear-capable Iskander missiles. Governor Anton Alikhanov said the crackdown was “a most serious violation” of free transit and would affect 40-50% of products imported and exported from Russia via Lithuania.

  • Ukraine received a $733 million loan from Canada. In a statement Released on Friday, Ukraine’s finance ministry said the funds, which were “raised in accordance with the loan agreement between Ukraine and Canada,” would be “directed to the state budget to fund priority spending – in particular, to ensure priority social and humanitarian expenditure”.

  • The Biden administration’s plan to sell four large armable drones to Ukraine has been put on hold out of fear that its sophisticated surveillance equipment could fall into enemy hands, Reuters reported, citing two people familiar with the matter. Objection to the export of drones arose out of fears that drone radar and surveillance equipment could create a security risk to the United States if they fell into Russian hands.

  • Russian media reportedly showed footage of two American citizens captured in Ukraine. On Friday, the Izvestia newspaper showed footage of what it said was an interview with 27-year-old Andy Huynh. Russian channel RT also posted a photo of a man it identified as 39-year-old Alexander Drueke. Drueke’s mother, Lois Drueke, told the Guardian she believed the clip was genuine and it gave her “great hope”.

  • On Friday, Republican U.S. senators questioned TikTok chief executive Shou Zi Chew over reports that the social media site allowed Russian state-approved media content. but banned other videos. The senators said they were “deeply concerned” that TikTok was “allowing the spread of pro-war propaganda to the Russian public”. TikTok said in a statement that the company looks forward to continuing to engage with members on these issues and answering their questions.

  • A group of international investigators and experts visited war-torn areas near Kyiv, including a burned down school, as part of Ukraine’s ongoing investigation into alleged war crimes. An expert told Reuters: “The scale of these crimes, their systematic nature, it very clearly appears to be crimes against humanity… It runs the gamut of violations of international humanitarian law.”

  • Viktoria Apanasenko, a civic volunteer from Chernihiv, Ukraine, has been chosen to represent the country in the Miss Universe 2022 pageant. “Victoria Helps the Naíve Capital [a Kyiv-based restaurant] cooking for armed forces battalions and the elderly,” said one statement by the Ukrainian organization Miss Universe. “She and her friend are taking care of food, medicine and hygiene products for children, the elderly and the internally displaced.”

  • ]]>
    Swiss move triggers biggest rise in German bond yields in a decade Thu, 16 Jun 2022 13:45:03 +0000

    By Yoruk Bahceli

    (Reuters) – Eurozone bond yields jumped on Thursday after a large unexpected rate hike by Switzerland that focused on the ramifications of the policy change for the region, but Italian debt outperformed thanks to efforts to the ECB to control divergent euro area borrowing costs.

    A day after the European Central Bank tasked its staff with accelerating the design of a new anti-fragmentation tool to appease southern European bond markets, the SNB has launched a new curve on the markets.

    It raised interest rates by 50 basis points in its first increase in 15 years, joining other central banks in tightening monetary policy to tackle rising inflation.

    The move rippled through the markets and sent the Swiss franc up more than 2% against the euro and the pound.

    In bond markets across the bloc, it was a day of big milestones.

    Germany’s 10-year yield rose 18 basis points to 1.84% at 1322 GMT, the biggest daily jump since March 2020. Five-year yields jumped 21 basis points, ready for the biggest daily jump since 2012.

    Yields also rose as money markets increased bets on European Central Bank rate hikes to price around 190 basis points of hikes in December, from 140 basis points a day earlier.

    “The SNB’s reaction to governments is market pricing in an aggressive ECB,” said Arne Petimezas, principal analyst at AFS Group.

    The SNB also said the recent depreciation meant the Swiss franc was no longer highly valued in foreign exchange markets – long a concern for the bank – and a sign that the central bank was ready to loosen its grip on the franc.

    The SNB’s withdrawal from the foreign exchange markets means that even less of the euros generated by the foreign exchange market intervention would go into eurozone debt, an important factor in controlling yields.

    Antoine Bouvet, senior rates strategist at ING, noted that the duration of SNB bond holdings is almost five years, which explains why German five-year yields have risen more than other maturities.

    US Treasury yields also rose sharply. The SNB’s US dollar and euro reserve shares are similar, slightly below 40%.

    Italian bond yields clawed back much of their earlier rise after a Bloomberg News report, citing unnamed sources, said the ECB’s new anti-fragmentation tool would likely involve selling other securities to avoid disrupt the bank’s efforts to rein in record inflation.

    The closely watched spread between German and Italian 10-year yields last fell to 211 basis points, down from around 227 basis points earlier and more than 250 basis points ahead of Wednesday’s ECB announcement. .

    Italian 10-year yields reversed an earlier rise and rose 5 basis points to 3.96% from more than 4% earlier. Other spreads also tightened.

    The governor of the French central bank had already signaled the possibility of this so-called sterilization function. Many analysts expect it to feature in the new tool.

    Italy’s central bank governor said following the report that the bank is able to sterilize cash without selling securities.

    The report also briefly sent Germany’s 10-year yield to the highest since 2014 at 1.92%, but it quickly moved above the day’s highs.

    (Reporting by Yoruk Bahceli, additional reporting by Saikat Chatterjee; editing by Carmel Crimmins and Mark Heinrich)

    ResMed to acquire MEDIFOX DAN, a German leader in out-of-hospital software solutions Tue, 14 Jun 2022 06:11:05 +0000
    • Acquisition Creates Global Leader in Community-Based Software Solutions

    • Accelerates ResMed’s SaaS strategy by expanding ResMed’s position as the leading US provider of SaaS solutions to out-of-hospital care facilities in Germany

    • MEDIFOX DAN will integrate with ResMed’s non-hospital SaaS business segment, expanding its solution portfolio to new healthcare sectors, including outpatient therapy

    • Purchase price of approximately US$1 billion

    • At closing, the acquisition is expected to be accretive to ResMed’s non-GAAP diluted earnings per share

    SAN DIEGO and HILDESHEIM, Germany, June 14, 2022 (GLOBE NEWSWIRE) — ResMed (NYSE: RMD, ASX: RMD) today announced a definitive agreement to acquire privately held MEDIFOX DAN, a German leader in out-of-hospital software solutions for providers in key settings across the continuum of care, from Hg, a major investor in software and services.

    MEDIFOX DAN’s clinical, financial and operational solutions are essential for out-of-hospital care providers, including care documentation, staff scheduling, administration, billing, and more. – similar to the solutions of the main American SaaS brands of ResMed, MatrixCare and Brighttree.

    MEDIFOX DAN’s German customer base is complementary to customers of ResMed’s US-based SaaS business. Additionally, the acquisition of MEDIFOX DAN builds on ResMed’s existing business in Germany as a leading provider of innovative cloud-connected medical devices that are transforming care for patients with sleep apnea and other respiratory conditions. .

    Under the leadership of co-CEOs Dr. Thorsten Schliebe and Christian Städtler, the MEDIFOX DAN Group has continuously expanded its portfolio of innovative products and services, advanced into new market segments, invested in a state-of-the-art system landscape and digital capabilities sales and made strategic acquisitions. With the market launch of the new generations of MD Outpatient and MD Inpatient software, MEDIFOX DAN is setting new standards for the future of care and is set to accelerate the digitalization of healthcare within the global ResMed team. It is now important to join forces and use synergies to revolutionize the digitization of healthcare with combined forces.

    “With the acquisition of MEDIFOX DAN, an innovative and fast-growing German healthcare software leader, we will expand ResMed’s portfolio of SaaS businesses outside of our current base in the US market and strengthen our position as a global leader in lower-cost healthcare software solutions and lower-acuity care,” said Mick Farrell, CEO of ResMed. “We are delighted to welcome the MEDIFOX DAN team to our global ResMed family: our management cultures are strongly aligned on a laser focus on reducing costs, improving outcomes and changing the course of chronic disease management MEDIFOX DAN has a strong track record of innovation, fully aligned with our teams at Brightree, MatrixCare and at MEDIFOX DAN’s customer focus has created continued strong demand for its software solutions throughout Germany, and we expect this momentum to continue. Follows and grows stronger as we become a global team. Our MEDIFOX DAN and ResMed teams are united with the same global mission: to help hundreds of millions of people live healthier lives outside of the hospital, and preferably at home.

    “I am thrilled with this historic union between ResMed and MEDIFOX DAN, and the tremendous opportunities it opens up for thousands of providers and millions of patients,” said Bobby Ghoshal, president of ResMed SaaS. “We are seeing greater adoption of digital solutions across Germany as its population continues to age and severe staffing shortages continue to challenge German healthcare providers. MEDIFOX DAN – and ResMed – are well positioned to help providers in leading community care facilities meet growing demands and ultimately improve patient outcomes.

    “MEDIFOX DAN helps people to help people. We believe that the partnership with ResMed is a unique opportunity to deliver on this promise through the strategic outlook of an international player on an even larger scale in the future. Now we are part of a specialized in the digitization of the healthcare system. A major advantage of this transaction is the wide range of possibilities for an incredibly agile combination of a wide variety of services, which our customers will particularly benefit from in their daily care work. We look forward to taking this next development step together and continuing to support our customers in their daily work with innovative software solutions and services in the best possible way,” said the co-CEOs of MEDIFOX DAN, the Dr. Thorsten Schliebe and Christian Städtler.

    Stefan Margolis and Benedikt Joeris, both partners at Hg, said: “It has been a great journey and partnership with Thorsten, Christian and the entire MEDIFOX DAN team. MEDIFOX DAN has long been recognized as a high quality software company, providing essential services to integrated care. Together, we have significantly expanded the MEDIFOX DAN offering through continued product investment and acquisitions. ResMed, which we have known for many years, will be a great strategic owner to continue this journey of innovation, allowing caregivers to focus on people and patients.

    MEDIFOX DAN is headquartered in Hildesheim, Germany, and employs over 600 people. ResMed expects MEDIFOX DAN to operate under its current brand within the ResMed SaaS business – like Brightree and MatrixCare do today.

    Transaction Highlights
    Under the terms of the agreement, ResMed will acquire MEDIFOX DAN for approximately US$1.0 billion (€950 million), which ResMed expects to fund with its existing credit facilities. In calendar year 2021, MEDIFOX DAN’s pro forma net revenue was approximately $83 million, with pro forma adjusted EBITDA of approximately $35 million.

    The transaction is expected to be accretive to ResMed’s non-GAAP diluted earnings per share after closing.

    The transaction is expected to close by the end of ResMed’s second quarter of fiscal year 2023 (December 31, 2022), subject to regulatory approvals.

    ResMed intends to retain the employees, management structure, sites and business processes of MEDIFOX DAN. MEDIFOX DAN Co-Chief Executive Officers Dr. Thorsten Schliebe and Christian Städtler will continue in their current roles and report to ResMed SaaS President Bobby Ghoshal.

    Evercore is ResMed’s financial advisor and DLA Piper is ResMed’s legal advisor.

    Webcast for investors
    ResMed will discuss the transaction during a live webcast at 11:00 a.m. Eastern Time on June 14, 2022. The live webcast can be accessed on ResMed’s Investor Relations website at investor The online archive of the broadcast will be available on the ResMed website approximately two hours after the broadcast. Additionally, a telephone replay of the webcast will be available approximately two hours after the call by dialing +1 877.660.6853 (US) and +1 201.612.7415 (international) and entering the confirmation number from event 13730641. The phone replay will be available until June 28, 2022.

    About ResMed
    At ResMed (NYSE: RMD, ASX: RMD), we pioneer innovative solutions that treat and keep people out of hospital, enabling them to live healthier, higher quality lives. Our digital health technologies and cloud-connected medical devices are transforming care for people with sleep apnea, COPD and other chronic conditions. Our comprehensive out-of-hospital software platforms support professionals and caregivers who help people stay healthy at home or in the care setting of their choice. By enabling better care, we are improving quality of life, reducing the impact of chronic disease and reducing costs for consumers and healthcare systems in more than 140 countries. To learn more, visit and follow @ResMed.

    The MEDIFOX DAN Group, headquartered in Hildesheim, Germany, currently employs over 600 people at nine locations nationwide and specializes in the development of innovative software solutions and services for professional and non-professional care, therapeutic practices and child, family and youth protection institutions. . In addition, digital solutions for modern training and education management – both for professional care and family carers – expand the group’s comprehensive product portfolio. What started as a small start-up has grown into an established software company. Besides holistic product solutions, MEDIFOX DAN has always been characterized by strong partnerships and innovative services. Behind MEDIFOX DAN is a team of innovative minds, with over 55 years of industry experience and cumulative expertise, who work every day to set forward-thinking standards for digitization in healthcare. and social services and to advance innovation. In short: we are more than just software.

    Forward-looking statements
    Statements in this press release that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements – including statements regarding ResMed’s projections regarding future revenues or profits, expenses, new product development, new product launches and new markets for its products and the integration of acquisitions – are subject to risks and uncertainties that could cause that actual results differ materially from those projected or implied by the forward-looking statements. Additional risks and uncertainties are discussed in ResMed’s periodic reports filed with the United States Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.

    Bundesbank halves growth forecast for 2022, doubles inflation forecast for Germany Fri, 10 Jun 2022 06:30:01 +0000

    FRANKFURT, June 10 (Reuters) – The Bundesbank on Friday downgraded its growth forecast for the German economy and predicted a sharp rise in inflation as soaring food and fuel prices undermine government power. household buying and undermining confidence.

    The German central bank now sees prices rising by 7.1% in 2022, well above the 3.6% forecast in December, while the figure for 2023 has been raised to 4.5% from 2.2%.

    “Inflation this year will be even higher than it was in the early 1980s,” Bundesbank President Joachim Nagel said, referring to the previous period of painfully high consumer price growth. .

    “Price pressures have even intensified again recently, which is not fully reflected in current projections,” Nagel said. “If this development is assumed to continue, the average annual rate (of inflation) for 2022 could be considerably higher than 7%.”

    The update is broadly in line with the European Central Bank’s revisions to its own forecast on Thursday, which showed an acceleration in inflation due to soaring fuel and food prices, but a blow to growth.

    In 2024, the last year of the Bundesbank’s projection horizon, inflation is estimated at 2.6%, well above the ECB’s 2% target for the eurozone.

    “Eurozone inflation rates will not fall on their own,” Nagel added. “Monetary policy is called upon to reduce inflation by determined action.”

    The ECB said on Thursday it would raise rates in July by 25 basis points and an even bigger hike may be needed in September before a series of further hikes.

    On growth, Germany’s central bank now sees Europe’s largest economy growing 1.9% this year, less than half of the 4.2% it forecast in December, while expected growth in 2023 was reduced to 2.4% from 3.2%.

    Despite the decline, the growth projection for 2022 is still somewhat more optimistic than the European Commission’s estimate of 1.6% for Germany.

    “The baseline scenario of the projections is based on the assumption that the war and its consequences will no longer escalate,” the Bundesbank said. (Reporting by Balazs Koranyi; Editing by Toby Chopra)

    Russia is in an upside down world where Belarus leads German exports Wed, 08 Jun 2022 04:46:22 +0000

    (Bloomberg) — Russian efforts to rewire trade flows and circumvent sanctions for the war in Ukraine cannot compensate for the collapse in imports that is crippling its economy.

    Bloomberg’s Most Read

    A striking result so far: For the first time, neighboring Belarus, which Russia used to stage the invasion, in April overtook Germany – an economy more than 60 times larger – by value imports to Russia, according to a Bloomberg analysis of the latest data.

    “The market practically collapsed” this spring, said Andrey Pobezhimov, international logistics manager at SDEK, one of Russia’s largest express delivery companies. “Today it is very difficult to bring a shipment from Europe, sometimes almost impossible.”

    Russia has made it harder to get an accurate reading of its economy as it has stopped releasing some key statistics, including a detailed breakdown of imports and exports. But a picture that emerges from the figures made available by the larger Russian counterparts is that of a disrupted trading pecking order.

    Sales to Russia from trading partners that together accounted for nearly half of its imports in 2021 were down about 40% in April from a year earlier, according to Bloomberg calculations. Even those, like China, which have not joined the United States and its allies in imposing sanctions, are reducing their shipments of goods.

    The invasion at the end of February was a boost for an economy so integrated into world trade after three decades that its imports as a share of gross domestic product in the years before the war were significantly higher than in emerging markets. such as Brazil, India and China.

    But since a global backlash against the war has severed supply chains and caused many multinationals to pull out, Russians have had to fend for themselves or learn to navigate a new obstacle course – sourcing ingredients from alternative foreign suppliers, travel the world in search of new routes or find other loopholes to transport the goods. Otkritie Research estimates that the value of imports in April may have fallen to $5 billion from nearly $27 billion a year earlier.

    What our economy says…

    “The collapse in imports inflates the current account but reflects a painful adjustment that will take time to trickle down to the economy. Until supply chains are reconfigured, producers will face bottlenecks and living standards are likely to deteriorate further.

    — Scott Johnson. For a full analysis, click here

    As trade with much of Europe has dried up, Belarus stands out as one of the main beneficiaries. Its exports to Russia of items ranging from building materials to pet food jumped more than 100% in April, measured by value.

    Boris, who owns a large supermarket chain and factories across Russia, said processing payments was initially an even bigger challenge than delivering shipments.

    Enough workarounds are now available to ensure more shipments come through and imports start to recover, Boris said, asking to be identified only by his first name to speak candidly about his business.

    Long way down

    But another major threat looms as the European Union’s fifth sanctions package comes into full effect next month. Boris, whose business depends on imports for around half of the goods it sells, expects 5% of its products to disappear from store shelves.

    “We’ve come down a few steps, but that doesn’t mean we’re on the landing yet,” he said. “The stairway down will be long.”

    The collapse of imports was one of the forces that distorted Russia’s wartime economy and drove it towards what its central bank called “reverse industrialization”.

    Car factories employing tens of thousands of people shut down for lack of components and simple paper was in short supply because manufacturers didn’t have enough bleach. The Bank of Russia even expects some imports to shift to the “shuttle trade” seen in the 1990s, when people traveled abroad in droves to bring back goods to sell in open markets.

    Seeking new ways to get consumer goods from overseas, Fesco, a major Russian cargo carrier, has launched a new shipping line between Vietnamese ports and its Vladivostok terminal on the Pacific coast. Its other new initiatives in April included the start of a container service between Istanbul and Novorossiysk on the Black Sea and rail shipments to Western Europe.

    Yet even in government rhetoric, the outlook is bleak. According to the main official forecasts, imports of goods are expected to decline by more than a quarter in real terms in 2022.

    Besides cheap credit and subsidies to struggling industries, the government has also responded by waiving tariffs on many products and legalizing gray market sales, also known as parallel imports.

    Countries like Turkey could increasingly become import channels, according to Andrej Golubchik, a professor at the Russian Academy of Foreign Trade. Shipments have restarted to India and the Persian Gulf via Iran, he said.

    “Over the past two and a half months, market participants have come out of their stupor,” Golubchik said. “The first shock is almost over.”

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