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covid-19

The top presidential candidate

Peru, Castillo vows to curb foreign firms "looting" mining wealth

Lima - Peruvian presidential election front-runner, socialist Pedro Castillo, said on Saturday he would, if elected, review contracts with foreign miners in the copper-rich country and seal a deal for Russia's Sputnik V vaccine. Castillo leads in the polls ahead of a run-off vote on June 6 against right-wing opponent Keiko Fujimori

And other economic changes

Tanzania's new president plans income tax cut

Nairobi - Tanzania's new President Samia Suluhu Hassan said on Saturday the government would reduce the income tax rate by 1 percentage point to 8%, in the 2021/22 financial year beginning in July, and also planned to remove "unfriendly taxes and charges to Tanzanians"

China punishing Australia's call for COVID-19 inquest

Africa's miners and winemakers toast China's row with Australia

Cape Town - For South African winemaker Vergenoegd Löw, the pandemic could have been a disaster but a bitter trade war between China and Australia has thrown the 325-year-old estate a lifeline. Bottles of its reds, whites and roses piled up when South Africa banned alcohol sales under a strict lockdown and visitors who once flocked to the vineyard near Cape Town to sip wine and snap photos of its famed Indian Runner ducks vanished

As emissions pressure rises

BA invests in sustainable aviation fuel

London - British Airways has invested in a sustainable aviation fuel company, finding resources to back its decarbonisation plans despite the coronavirus pandemic, as pressure grows on airlines to cut emissions when travel restarts in earnest. British Airways, owned by IAG, said on Tuesday it would invest in LanzaJet, a company that is building a plant to produce sustainable aviation fuel (SAF) on a commercial scale in Georgia in the United States

Figures released by the Federal Statistics Office showed

Chinese demand helps German manufacturers weather COVID-19 pandemic

Berlin - Germany's industrial sector avoided a contraction in December despite coronavirus lockdowns at home and abroad as strong demand from China helped export-oriented manufacturers in Europe's largest economy weather the COVID-19 pandemic. Industrial output was flat on the month after an upwardly revised increase of 1.5% in the previous month

IAPH data

25% of ports have increased share of empty container handling

London - 25% of ports have an increased share of empty container handlings due to the Covid crisis, reports an International Association of Ports and Harbours (IAPH) survey. The report had a 46.2% response from Europe, a 15.5% from Central and South America, 9.2% from North America, 18.4% from North Asia, South East Asia, and Australia, 9.2% from Africa, and 1.5% from Middle East-Central Asia

Weighed down by COVID-19 and oil prices

Nigeria slips into recession

Lagos - Nigeria has slipped into a recession after its gross domestic product contracted for the second consecutive quarter, according to data released on Saturday which showed the impact of the COVID-19 pandemic and low oil prices. Africa's biggest economy was last in recession in 2016, its first in a generation

Short of last year’s total

Rotterdam's throughput in first three quarters falls 8.8% short of last year’s total

Rotterdam - The port of Rotterdam handled a total of 103.4 million tonnes of freight in the third quarter of 2020. Total throughput over the first nine months of the year stands at 322.3 million tonnes. This is 8.8% lower than the volume recorded in the equivalent period last year. The main throughput categories to record a decline in volumes were crude oil, iron ore, coal and mineral oil products

Ramaphosa

South Africa unveils infrastructure, jobs plan after COVID-19 hit

Cape Town - South Africa will roll out a big infrastructure spending programme and large-scale employment stimulus to revive an economy that was ailing even before the coronavirus crisis, President Cyril Ramaphosa said on Thursday. Unveiling a COVID-19 economic recovery plan in parliament, Ramaphosa said the government would unlock more than one trillion rand ($60 billion) in infrastructure investment over the next four years

Energy transition

Shell launches major cost-cutting drive

London - Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets. Shell's new cost-cutting review, known internally as Project Reshape and expected to be completed this year

Recovery Fund

Spain faces unusual problem: how to spend billions in crisis funds

Madrid - After securing a generous portion of European Union recovery funds for the coronavirus crisis, Spain faces an unlikely problem - how to make use of all the money, government sources told: "This is not a crisis of dough (money), it is a crisis of ideas," one of the sources said, referring to concrete investment projects to help the economy out of a record recession. In a country that has not managed to approve a full-year budget since 2016

Inventory glut

Oil refiners worldwide struggle with weak demand

London - Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled

Statistics

Turkey's economy shrinks nearly 10% in Q2 under pandemic impact

Istanbul - Turkey's economy contracted by 9.9% in the second quarter as a coronavirus lockdown brought activity to a near standstill, according to data on Monday that showed its worst year-over-year performance in a decade

Bok data

North Korea economy returns to grow

Seoul - The economy of isolated North Korea grew for the first time in three years in 2019 as better weather conditions boosted crop yields, but sanctions imposed to stop its nuclear ambitions kept factory output weak, South Korea's central bank said. Gross domestic product (GDP) in North Korea last year rose 0.4%

Traffic +9,3% in the 2020 1H

As Arctic ice melts, polluting ships stream into polar waters / ANALYSIS

London - As melting sea ice opens the Arctic to navigation, more ships are plying the loosely regulated polar waters, bringing increasing amounts of climate-warming pollution, a Reuters analysis of new shipping and fuel-consumption data shows. Traffic through the icy region's busiest lane along the Siberian coast increased 58% between 2016 and 2019

Minister Le Maire says

France aims to help SMEs with $3.5 bln aid

Paris - The French government's economic recovery plan, which will be unveiled later this month, will entail three billion euros ($3.5 billion) in aid for small- and medium-sized enterprises (SMEs), the Sud Ouest reported citing Finance Minister Bruno Le Maire:"A lot of the SMEs were in good financial health before the crisis

Extraordinary expenses

Swiss see $23 bln 2020 deficit, COVID relief costs less than planned

Zurich - The Swiss federal government expects a deficit of $22.87 billion for 2020, it said on Wednesday, as the country's coffers are hurt by lower receipts and costly programmes to offset the new coronavirus's hit to the economy. The shortfall results from an ordinary budget deficit of 3.1 billion francs, as well as extraordinary spending to combat the COVID-19 pandemic projected at 17.8 billion francs

Clashes in the country

Bolivia protests rattle political truce as military mobilized

La Paz - Bolivia's government said on Monday it had ordered police and military to protect key installations and the transport of medical oxygen after clashes broke out over protests and roadblocks by opposition supporters demanding a quick election. Tensions are brewing as the South American nation heads for a key presidential election on Oct. 18, which has been delayed due to COVID-19