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Italy’s former finance minister named UniCredit chairman

October 13, 2020

Pier Carlo Padoan, Italy’s former finance minister, has been named as the next chairman of UniCredit, the country’s largest financial institution by assets, the company said in a statement.

Mr Padoan, currently a member of parliament for the Democratic party, Italy’s junior coalition partner, has been appointed as a non-executive director to replace Elena Zambon, who resigned last month, and will serve as a board member until Unicredit’s annual general meeting later this year.

The bank said Mr Padoan, 70, was “the best candidate for the position of chairman for the next term 2021-2023” and his candidacy had been vetted by rigorous internal processes. He will succeed Cesare Bisoni, who was named chairman after the sudden death of Fabrizio Saccomanni, another former finance minister, at the end of 2019.

Mr Padoan’s appointment comes at a crucial time for Italy’s fragmented banking sector as regulators and political institutions demand consolidation, which

German economy may return to pre-crisis levels in early 2022: Finance Minister

October 13, 2020

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BERLIN (Reuters) – The latest economic data provide hope that Germany’s economy can return to pre-crisis levels in early 2022, Finance Minister Olaf Scholz said on Tuesday.

a group of police officers riding on the back of a car: FILE PHOTO: VW re-starts Europe's largest car factory after coronavirus shutdown

© Reuters/POOL New
FILE PHOTO: VW re-starts Europe’s largest car factory after coronavirus shutdown

Germany’s rising level of government debt is not a problem because the country can tackle the situation with “good growth”, Scholz told TV station CNBC in an interview.

Scholz rejected concerns that state aid was artificially keeping alive companies that were in financial troubles in the wake of the crisis caused by the coronavirus pandemic.

Olaf Scholz wearing a suit and tie smiling and looking at the camera: German Finance Minister Scholz and Justice Minister Lambrecht hold news conference in Berlin

© Reuters/HANNIBAL HANSCHKE
German Finance Minister Scholz and Justice Minister Lambrecht hold news conference in Berlin

Germany’s government has taken steps such as allowing firms to delay bankruptcy filings until the end of the year, extended from an original deadline of end-September.

Helped by these measures, the number of firms declaring insolvency in Germany

Finance minister has four main tasks

October 12, 2020

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Finance minister has four main tasks

Arkhom focused on key pain points

Mr Arkhom, the newly appointed finance minister, arriving at the Finance Ministry on his first official day of work. Arnun Chonmahatrakool

Newly appointed Finance Minister Arkhom Termpittayapaisith is prioritising four criteria to manage the economy and admits there is a possibility the government will seek more loans given waning domestic and external demand.

The four criteria are financial liquidity, consumer purchasing power, tourism business assistance and expediting fiscal budget disbursement.

These criteria are urgent matters that need to be addressed, said Mr Arkhom.

His Majesty the King endorsed the appointment of Arkhom Termpittayapaisith as the new finance minister on Oct 5, ending the month-long vacancy created by the sudden resignation of Predee Daochai.

The former National and Economic and Social Development Council (NESDC) secretary-general is a familiar face in government.

He was previously transport minister for the post-coup

Jordan retains finance minister Mohamad Al Ississ in new cabinet – officials

October 12, 2020

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Adds details and background

AMMAN, Oct 12 (Reuters) – Jordan’s Finance Minister Mohamad Al Ississ will keep his job in a new cabinet due to be sworn in later on Monday, underlining the country’s commitment to ambitious economic reforms backed by the International Monetary Fund, officials said.

Harvard-educated Al Ississ, who has won IMF praise for his handling of the economy during the COVID-19 pandemic,helped negotiate a four-year IMF programme worth $1.3 billion, approved in March, that signalled confidence in Jordan’s reforms.

The IMF deal will enable Jordan to access more than $3 billion in cheaper financing through concessionary loans and grants from its major Western donors that will help soften the effects of COVID-19 on its economy, they said.

Jordan’s economy is expected to shrink by more than 5.5% this year, the sharpest contraction in two decades. Before the pandemic struck, the IMF had estimated

India finance minister announces steps to boost consumer demand

October 12, 2020

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NEW DELHI, Oct 12 (Reuters) – India’s finance minister on Monday announced steps to stimulate consumer demand including advance payment of a part of the wages of federal government employees for spending during the festival season, part of efforts to bolster the pandemic-hit economy.

The government will also allow its employees to spend travel allowances that are an income-tax-exempt part of their salaries on goods and services, Nirmala Sitharaman told a news briefing.

“This is expected to create a consumer demand of about 280 billion rupees ($3.83 billion),” she said.

Prime Minister Narendra Modi’s government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season.

($1 = 73.1541 Indian rupees)

(Reporting by Aftab Ahmed and Manoj Kumar; Editing by Catherine Evans)

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Thailand to focus on boosting consumption, liquidity post-coronavirus, says finance minister

October 12, 2020

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A customer takes a photo with his mobile phone at a Thai Airways pop-up airplane-themed restaurant at the airline’s headquarters in Bangkok on Sept. 10, 2020.

Mladen Antonov | AFP | Getty Images

Thailand will focus on spurring domestic consumption and reopening an economy badly hit by the impact of the coronavirus crisis, the country’s new finance ministry said on Monday.

Southeast Asia’s second-largest economy suffered its deepest contraction in 22 years in the second quarter as the pandemic hammered the key tourism sector and domestic activity.

The other main tasks include boosting liquidity, supporting tourism and accelerating public spending, Arkhom Termpittayapaisith told reporters on his first official day at work.

“The most urgent task is to boost liquidity for businesses affected by Covid-19 as the business sector accounts for 70% of GDP,” he said.

The government will continue to introduce measures to support domestic consumption, which makes up half

Ghanaian finance minister: Africa deserves more Covid help

October 12, 2020

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The writer is Ghana’s minister for finance and outgoing chairman of the Development Committee of the IMF and World Bank

Ghana confirmed its first two Covid-19 cases on March 12, imports from Norway and Turkey. Africa has since recorded more than 1.5m cases and counting, though in terms of infections and deaths, we have fared better than most regions. Perhaps this is because of our youthful population, the natural social distancing of outdoor living and experience with infectious disease management — helped by good leadership.

Our economies, however, have not been spared. Across the continent, governments are facing falling revenues, rising expenditures, increasing debt distress, and significant reversals in development indicators. In an omen of what is to come, Zambia now appears headed for the continent’s first pandemic-related private debt default. The human costs are tremendous. Up to 39m people are expected to slip below the poverty line.

The past

Israel finance minister promises budget by December, another official quits

October 11, 2020

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By Steven Scheer and Ari Rabinovitch

JERUSALEM (Reuters) – Israel’s finance minister promised on Sunday the long awaited 2021 state budget would be ready in December amid accusations the government was dragging its heels for political reasons and after a third senior economic official quit in three months.

Failure to pass last year’s budget was a big factor in the unprecedented political turmoil in Israel that led to three elections in a year, the last one held in March.

Uncertainty regarding 2021’s budget has again threatened to topple Prime Minister Benjamin Netanyahu’s fractious emergency government, which he formed with rivals to help the country weather the coronavirus crisis.

Finance Minister Israel Katz said they are now starting to prepare the 2021 budget with discussions in the coming days to determine budget goals and targets.

“The budget will address the need to deal with the continuing coronavirus pandemic as well as

Finance Minister Sunak to announce local furlough scheme on Friday – The Times

October 10, 2020

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FILE PHOTO: Britain’s Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London, Britain, October 6, 2020. REUTERS/Toby Melville

(Reuters) – British Finance Minister Rishi Sunak will announce a local furlough scheme on Friday in which the government will subsidise two thirds of the wages of workers in pubs, restaurants and other businesses that are forced to close to stop the spread of the coronavirus, The Times newspaper reported bit.ly/33FH8yg.

“Employers will be able to access the scheme for as long as pubs, restaurants and other businesses are closed,” the newspaper’s deputy political editor, Steven Swinford, said on Twitter.

The Times quoted an unidentified minister as saying there was frustration in government at the failure of the Treasury to bring forward the measures sooner.

The Daily Mail newspaper reported earlier that Sunak was putting together a new support package for jobs in a furlough-style bailout for coronavirus hotspots

Irish budget deficit set to hit 6% of GDP this year -finance minister

October 9, 2020

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By Padraic Halpin

DUBLIN, Oct 9 (Reuters) – Ireland’s budget deficit is set to hit 6.1% of gross domestic product this year, Finance Minister Paschal Donohoe said on Friday, a narrower than forecast shortfall likely to give him room for more generous measures in Tuesday’s budget.

The government will look to support those hit hardest by COVID-19 restrictions in the budget for 2021, helped by state tax revenues having held up much better than expected and Ireland’s big export sector limiting the economic damage.

The finance ministry estimated early in the pandemic that a big fall in tax receipts and a huge increase in spending could lead to a deficit of 23 to 30 billion euros or between 7.4% to 10% of GDP.

Donohoe said the deficit would reach 21 billion euros, provided current COVID-19 restrictions were not tightened. A no-policy-change estimated deficit of 14 billion euros or 4%