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Highlights and reports on the economy, central banks and politics from Dow Jones Newswires

Resumption of gas supplies through the Nord Stream 1 gas pipeline

After the completion of the maintenance work, natural gas will flow again through the German-Russian Nord Stream 1 gas pipeline. “It’s getting ready,” a spokesman for the operating company Nord Stream AG, the AFP news agency, said Thursday morning, without giving more detailed information about the volume of the supply. The head of the Federal Network Agency, Klaus Mller, wrote in a short Twitter service that the gas volume announced by the Russian gas company Gazprom is 30 percent. possible bandwidth. The amount announced is in effect for the first two hours, the changes throughout the day are “very unusual,” continued Mller.

German tax revenues are up 26.3 percent in June

Germany’s tax revenue rose by 26.3 percent in June compared with the same month last year. In its latest monthly report, the Federal Ministry of Finance attributed the increase mainly to 29.6 percent. in municipal taxes. So far, tax revenues this year are well above the full-year plus estimate and could therefore increase the pressure on further government relief due to high inflation.

Draghi’s government in Italy before the end

The government of Italian Prime Minister Mario Draghi is on the brink of collapse: on Wednesday, three coalition partners refused to vote on the confidence vote demanded by Draghi. The head of government survived the vote, but said that the condition for remaining in office was the support of partners. Conservative Forza Italia a long-time premiere Silvio BerlusconiThe right-wing populist Matteo Salvini’s Lega and the Five Star Movement (M5S) declared in the Senate that they did not want to vote. Italy’s economic commissioner, Paolo Gentiloni, accused the parties of “irresponsibility” and warned of a political “thunderstorm”.

The European Commission is continuing its funding cut proceedings against Hungary

The European Commission is continuing its procedure to withdraw EU funds for the country due to ongoing violations of the rule of law in Hungary. “The Commission believes that Hungary has not put forward appropriate remedial measures,” reads a letter from the Brussels authorities reached by the news agency AFP. Budget Commissioner Johannes Hahn was therefore instructed to send a further warning letter to Budapest.

Biden wants to accelerate the fight against climate change with decrees

Amidst heatwaves in Europe and the United States – and amid bitter failures in Congress and court – US President Joe Biden has taken new measures to combat climate change. Biden presented several decrees containing measures to combat global warming and to deal with the effects of climate change. He warned that climate change is “an existential threat to our nation and the world.”

In June, Japan’s exports increased for the 16th consecutive month

Japan’s exports grew for the 16th consecutive month in June. Exports rose 19.4 percent last month, fueled by strong foreign demand for steel and mineral fuels, according to the Treasury Department. This is more than the economists surveyed by Factset expected, with an average of 16 percent. In May, exports increased by 15.8 percent.

The Bank of Japan expects inflation at 2.3 percent. in the current tax year

In Japan, inflation in the current fiscal year is likely to exceed the central bank’s 2 percent target. Based on the Bank of Japan’s (BoJ) quarterly forecast, core inflation is expected to reach 2.3 percent in the fiscal year through March 2023. Until now, it assumed 1.9 percent. Meanwhile, the BoJ maintained a very lax stance at the monetary policy meeting Monetary policy support the country’s economic recovery from the effects of the koruna pandemic. The BoJ sticks to a negative interest rate of 0.10 percent and a ten-year government bond target of zero.

+++ economic data +++

France / business climate July 106 (June: 108)

France / business climate for July FORECAST: 106.5

DJG / DJN / AFP / apo

(END) Dow Jones Newswires

July 21, 2022 03:00 ET (07:00 GMT)

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