Finance Ministers News

Ships and their crews must be able to trade freely with minimal port restrictions to ensure supply lines don't freeze up while the coronavirus shuts down much of the globe, shipping and port officials said on Tuesday.After draconian steps to stop the spread of the virus, China's economy is slowly coming back online but logistics chains are backing up in other parts of the world.This has been compounded by ships being quarantined for up to two weeks and seafarers held up as countries impose lockdowns to stop the spread of the virus.The International Chamber of Shipping (ICS) association…

Naval forces from the Saudi-led coalition fighting in Yemen on Sunday foiled an "imminent terrorist" attack by the Iran-aligned Houthi movement in the southern Red Sea, a major commercial shipping channel, the coalition said.The forces destroyed an unmanned boat laden with explosives that was launched from Hodeidah province in western Yemen, coalition spokesman Colonel Turki al-Malki said in a statement on Saudi state news agency SPA, without identifying the targets.There was no immediate confirmation from the Houthi movement…

Germany's acting Finance Minister Peter Altmaier said on Monday that it was fundamentally positive that RWE would become a much stronger player in renewables after a planned carve up of Innogy with rival E.ON. "That is a decision of both involved companies. The companies have recognised that the energy switch (from nuclear power) is pushing ahead," Altmaier told reporters before a meeting of euro zone finance ministers in Brussels. "RWE will for the first time get a foothold in a bigger way in renewables. That is for me a fundamentally positive development," he continued, adding that the government would not seek to interfere in the decisions of companies.   Reporting by Philip Blenkinsop

Policy reforms required to meet bailout terms; parliament expected to measures on May 8. Greeks started a 48-hour nationwide strike on Friday in anger at tax and pension reforms pursued by the indebted nation to qualify for more of a multi-billion euro bailout it signed up to last year. Called by the largest private and public sector unions, the strike left ships docked at port, disrupted public transport and kept civil servants and journalists off the job. Greece's largest labour union, the private sector GSEE, said the reforms, now pending approval in parliament, were the "last nail on the coffin" for workers and pensioners who have sacrificed enough after six years of austerity.

Twelve Pacific Rim countries on Monday reached the most ambitious trade pact in a generation, aiming to liberalize commerce in 40 percent of the world's economy in a deal that faces skepticism from U.S. lawmakers. The Trans-Pacific Partnership (TPP) pact struck in Atlanta after marathon talks could reshape industries, change the cost of products from cheese to cancer treatments and have repercussions for drug companies and automakers. Tired negotiators worked round the clock over the weekend to settle tough issues such as monopoly rights for new biotech drugs.

French oil giant Total's chief executive officer (CEO) Christophe de Margerie said on Saturday, although they can not do without the dollar, but the euro should play a more important role in international trade. BNP Paribas was after U.S. regulators astronomical fines, some have called on the EU level to find ways to enhance the euro in international trade. Margerie was in answer to questions related to this. "To get rid of dollars, which is unrealistic, but if you increase the use of the euro will benefit," he told reporters. He also said that although oil is quoted in U.S. dollars, but it also does not mean that the actual payment in U.S. dollars.

emerged at a meeting of G20 finance chiefs this week that a deal in which Moscow eases its stance might be in the works. sidelines. for gas and said it awaits $2.2 billion in unpaid bills. Ukraine if payments don't start coming, but between the now-standard lines he signalled some room for maneuver. "We do not want to escalate tensions with Ukraine. journalists when asked about the gas dispute. "But it requires a decision of the Ukrainian authorities, support of the European Union colleagues. down and discuss this issue. States were bearing fruit. U.S. international efforts to ensure a free flow of energy and trade. territory. Their bosses, President Vladimir Putin and Chancellor Angela Merkel, on Friday signalled a need for a common approach. supplies.

By John Kemp. The opinions expressed here are those of the author, a columnist for Reuters. Britain's North Sea exploration and production business is set to be transformed, with cooperation replacing competition and proactive, intrusive regulation replacing a light touch. On Monday, ministers promised to back fully the recommendations contained in Ian Wood's review on maximising oil and gas recovery from the UK Continental Shelf (www.woodreview.co.uk). A powerful new regulator will be spun out of Britain's Department of Energy and Climate Change (DECC), staffed by industry experts with salaries to match, to end the squabbling among offshore operators and promote a strategy based on shared infrastructure and regional development plans.