(technical repetition)
The most important economic and political news from the Dow Jones Newswires weekend programme.
SVB collapse poses new risks for markets and the Fed
Banking regulators had their hands full over the weekend processing Friday’s surprise collapse of the Silicon Valley bank. “We want to make sure that one bank’s problems don’t spread to other, healthy banks,” said Finance Minister Janet Yellen in an interview on CBS’s Face the Nation show on Sunday. “We are concerned about depositors and trying to accommodate their needs.” Yellen declined to give details of what central bankers are considering.
Verdi calls for warning strikes at four airports – 351 departures affected
The Verdi union is calling for all-day warning strikes at Berlin, Hamburg, Hanover and Bremen airports on Monday. The strike call is aimed at employees in the aviation security sector who work in passenger control as well as in personnel and goods control, as announced by the Verdi state district of Berlin-Brandenburg.
Verdi and EVG are planning a joint strike in the transport sector on March 27th
Germany is threatened with a nationwide warning strike in the transport sector: According to information from Bild am Sonntag, the Verdi services union and the railway and transport union (EVG) are planning a joint one-day warning strike for March 27th. A parallel walkout in the mobility sector has far-reaching consequences: In addition to Deutsche Bahn, local public transport, airports and the federal highway company would be affected.
Sharp criticism of the end of the National Security Council
The end of the national security council originally planned by the federal government has met with sharp criticism from the FDP and the Union. The “Spiegel” reported at the weekend that Chancellor Olaf Scholz (SPD) and Foreign Minister Annalena Baerbock (Greens) could not agree on where the new body would be located, who would lead it and how it should be staffed, despite months of negotiations. It was therefore decided not to pursue the whole project any further.
Wuermeling leaves the Bundesbank – new distribution of responsibilities
Joachim Wuermeling, who is responsible for banking supervision on the Executive Board of the Deutsche Bundesbank, will leave the Bundesbank a few months before the official end of his term of office. As announced by the Bundesbank, Wuermeling will start a new job in 2024 and will hand over the area of banking and financial supervision to Bundesbank Vice President Claudia Buch on April 1. For the rest of the year, Wuermeling will take over the central data and statistics department from Buch.
Giffey sees no other government option for the Berlin SPD than with the CDU
Berlin’s current governing mayor Franziska Giffey (SPD) sees her party in the opposition should the coalition talks with the CDU fail. She doesn’t believe in a new edition of Red-Green-Red, Giffey told the RBB Inforadio at the weekend. In view of the rapprochement between the CDU and the Greens in their talks, the SPD state chairman then assumes a black-green government.
Wind power Senate in North Rhine-Westphalia expects more lawsuits
The new wind power senate of the Higher Administrative Court of North Rhine-Westphalia expects an increasing number of contentious proceedings in the course of the energy transition and the expansion of renewable energies.
Pension insurance registers significantly more voluntary contributions
In 2022, pension insurance recorded a significant increase in the number of voluntary contributors and, in particular, in purchases on account if retirement began earlier.
In the dispute over the federal budget, Lindner increases pressure on the SPD and the Greens
In the coalition dispute over the 2024 federal budget, Federal Finance Minister Christian Lindner (FDP) is increasing the pressure on the coalition partners SPD and Greens.
BoE closes UK branch of Silicon Valley Bank
The Bank of England (BoE) has closed the UK branch of Silicon Valley Bank (SVB). As the central bank announced, the British branch of Silicon Valley Bank will stop processing payments and will no longer accept deposits.
UK offers help to Silicon Valley Bank customers
The UK government is working on a bailout plan for companies that held deposits in the UK branch following the collapse of the Silicon Valley Bank (SVB).
USA and EU are seeking agreements on important minerals for electric car batteries
In the dispute over US subsidies for green technologies, the US and the EU want to come closer with an agreement on strategically important minerals for car batteries. US subsidies for electric vehicles should also be possible if minerals extracted or processed in the EU are in the batteries, as US President Joe Biden and EU Commission President Ursula von der Leyen announced on Friday after a meeting in the White House. Criticism of the compromise came from the EU Parliament.
Central bank chief surprisingly stays in office when new government is formed in China
When the new government was formed, China’s head of state Xi Jinping surprisingly kept his central bank governor. At the session of the National People’s Congress in Beijing on Sunday, almost 3,000 delegates confirmed the governor of the People’s Bank of China, Yi Gang, in office, whose dismissal had actually been expected. Commerce Minister Wang Wentao, Finance Minister Liu Kun and the director of the National Health Commission responsible for corona policy, Ma Xiaowei, also remain in office.
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(END) Dow Jones Newswires
March 13, 2023 03:06 ET (07:06 GMT)