G7 countries and guests agree on cooperation on climate protection
ELMAU – At their summit in Elmau, the G7 countries and their guests agreed on joint efforts to protect the climate. The federal government, as the host of the summit meeting, published a corresponding declaration on Monday afternoon. The supporters want to promote the switch to climate neutrality, i.e. to get to a point where they no longer emit greenhouse gases and can also bind them again. At the same time, they want to ensure energy security.
USA: Pending home sales up surprisingly
WASHINGTON – In the USA, the number of house sales that have not yet been completed has surprisingly increased for the first time in six months. Pending home sales rose 0.7 percent month-on-month in May, the National Association of Realtors (NAR) said on Monday in Washington. It’s the first increase in sales in six months.
USA: Orders for durable goods increase significantly
WASHINGTON – In the US, orders for durable goods rose noticeably in May. The US Department of Commerce announced on Monday in Washington that orders had risen by 0.7 percent compared to the previous month. Analysts had expected an average increase of just 0.2 percent. Durable goods are industrially manufactured goods such as machines.
Ireland condemns UK bills for Northern Ireland rules
DUBLIN/LONDON – EU member Ireland has condemned British plans to legally amend special Brexit rules for Northern Ireland. “I am deeply disappointed that the UK Government is continuing with its unlawful, unilateral approach to the Northern Ireland Protocol,” Irish Foreign Minister Simon Coveney said in a statement on Monday. “This is not the way to find sustainable solutions to the real concerns of people and businesses in Northern Ireland and only adds to the uncertainty.” Coveney called on London to “return to a constructive dialogue with the EU”.
ROUNDUP 3: Russia on the verge of default – consequences still unclear
MOSCOW – Russia is apparently facing its first default on foreign debt in more than 100 years. A 30-day period expired on Monday night, within which interest on two government bonds in foreign currency had to be paid. It’s about a total of around 100 million US dollars (94.7 million euros). If investors didn’t get the money, which is likely given the West’s severe financial sanctions, it would be the first default on foreign debt since 1918. The more recent default, from 1998, was on domestic-held debt.
Russia does not see itself as insolvent
MOSCOW – The Kremlin has denied reports that Russia has failed to pay its foreign debt. “We don’t agree with that,” Kremlin spokesman Dmitry Peskov said on Monday, according to the Interfax agency. A 30-day period during which interest was due on two government bonds in foreign currency expired during the night. It is about a payment of 100 million US dollars (94.7 million euros).
Scholz: Will continue to increase pressure on Putin
ELMAU – The leading democratic economic powers want the pressure on Russia’s president Wladimir Putin continue to increase because of the war in Ukraine. “As the G7, we stand united on Ukraine’s side and will continue to support them,” Chancellor Olaf Scholz announced on Twitter on Monday during the G7 summit. “To do this, we have to make tough but necessary decisions,” stressed the SPD politician. He promised: “We will continue to increase the pressure on Putin. This war must end.”
Gold price rises only slightly after planned import ban by G7 countries
LONDON/FRANKFURT – The price of gold rose on Monday. Market observers referred to reports of a planned import ban on Russian gold by countries in the G7 group. However, the price increase in the morning was limited because according to experts, only a small part of Russian production is delivered to the western industrialized countries. On the London Stock Exchange, a troy ounce (about 31.1 grams) traded at $1,839, about $12 higher than on Friday. Calculated in euros, an ounce cost 1737 euros.
ROUNDUP: EU countries agree on faster expansion of renewable energy
LUXEMBOURG – Against the background of the current gas crisis, the EU countries have agreed on new rules to promote the expansion of renewable energies and energy efficiency. “Today’s Energy Council was very successful. Two key resolutions for more climate protection were agreed,” said Federal Economics Minister Robert Habeck on Monday. This is elementary in order to make the EU less dependent on fossil fuels and to promote climate protection.
ROUNDUP/Kreis: Selenskyj is hoping for the end of the war this year at the G7 switch
ELMAU – Ukrainian President Volodymyr Zelenskyy hopes that the war with Russia will end this year. According to participants at the G7 summit, he referred to the harshness of winter, which makes fighting more difficult. Towards the end of the year, positions would freeze. Selenskyj was connected to a working session of the heads of state and government of the G7 countries at Schloss Elmau in Bavaria on Monday. The President also thanked the decision to grant Ukraine candidate status for EU membership, according to participants.
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ROUNDUP: You are reading a summary in the business cycle overview. There are several reports on the dpa-AFX news service on this subject.
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