Latest news with #EconomyMinistry
Mint
2 days ago
- Business
- Mint
Zelenskiy Promotes Allies Who've Shown They Can Deal With Trump
Ukrainian President Volodymyr Zelenskiy's cabinet overhaul this week was part of an effort to move into position presidential loyalists who can potentially win favor with Donald Trump. The new prime minister, Yulia Svyrydenko, took office 11 weeks after her team at the Economy Ministry secured a deal with the US over access to Ukraine's natural resources. That agreement, which gave Trump a win in an otherwise fruitless effort to end Russia's war on Ukraine, came together after weeks of grinding negotiations. Svyrydenko, who took the lead on the talks in the weeks after Zelenskiy was upbraided by Trump and his team in the Oval Office, rushed to Washington at the end of April to sign the deal. Zelenskiy had been deliberating replacing long-time premier Denys Shmyhal with Svyrydenko, a 39-year-old former presidential aide, since last year, according to people familiar with his thinking. Her role in the stormy negotiations with the Americans clinched his decision to make the change, the people said, on condition of anonymity. The reshuffle coincides with an about-face in the US administration, with Trump — who had for months belittled Ukraine's wartime leader — turning his ire on Vladimir Putin. The US leader has grown frustrated with the Russian president's refusal to entertain a ceasefire. That turn culminated this week in Trump's threat to impose stiff tariffs on Moscow and pledge to send fresh weapons to Kyiv — though relying on funding from NATO's European allies. With uncertainty over how long the Trump turn may last, the Ukrainian government has moved quickly to align with the more favorable circumstances. Svyrydenko's efforts on the resources deal helped turn around what had been a potentially dire ultimatum for Kyiv. Volodymyr Fesenko, head of the Penta Research Institute in Kyiv, said initial US demands that would effectively make Kyiv permanently indebted to Washington were 'neutralized.' When the then-economy minister jumped on a plane to Washington, a framework agreement was to be followed by a range of technical accords. In mid-air, Svyrydenko's team was informed the Americans wanted to sign all simultaneously as an overall agreement. A deal was reached, covering resources including oil and gas, graphite and aluminum, just as Trump marked his first 100 days in office. One advantage was her good rapport with US Treasury Secretary Scott Bessent, one of the people said. 'Svyrydenko managed to avoid risks in the resources deal and proved herself successful as a negotiator,' Fesenko said in an interview, sealing her path to the premiership. Her promotion aligns with Zelenskiy's long-standing penchant — one that's invited criticism — for empowering loyalists at the expense of others outside the circle of the president and his powerful top aide, Andriy Yermak. Svyrydenko climbed the ranks from state administration in the Chernihiv region to high office in Kyiv. As economy minister, she was first deputy prime minister until this week. Svyrydenko was the only candidate Zelenskiy was considering for the new premier after he observed her work in the government, a person said. She proved her ability to tackle Ukraine's biggest challenges of securing more financing and to boost economic growth during her time at the Economy Ministry, the person said. Alongside the new premier, several others involved in the resources accord were promoted. Former Deputy Economy Minister Taras Kachka was appointed as Svyrydenko's deputy to oversee European Union integration. And while Zelenskiy initially considered his defense chief, Rustem Umerov, as ambassador to the US, he ultimately chose former deputy premier and Justice Minister Olha Stefanishyna. She was part of multiple delegations to the US during talks over resources and is well-known in Washington, a person said. 'The American track is very important, and we have at least three axes of cooperation — the resources fund, the trade deal, and the weapons agreement,' Svyrydenko told reporters in Kyiv on Friday.
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Business Standard
2 days ago
- Business
- Business Standard
Zelenskyy's cabinet overhaul brings in allies who can deal with Trump
That agreement, which gave Trump a win in an otherwise fruitless effort to end Russia's war on Ukraine, came together after weeks of grinding negotiations Bloomberg By Volodymyr Verbianyi, Olesia Safronova and Daryna Krasnolutska Ukrainian President Volodymyr Zelenskyy's cabinet overhaul this week was part of an effort to move into position presidential loyalists who can potentially win favor with Donald Trump. The new prime minister, Yulia Svyrydenko, took office 11 weeks after her team at the Economy Ministry secured a deal with the US over access to Ukraine's natural resources. That agreement, which gave Trump a win in an otherwise fruitless effort to end Russia's war on Ukraine, came together after weeks of grinding negotiations. Svyrydenko, who took the lead on the talks in the weeks after Zelenskyy was upbraided by Trump and his team in the Oval Office, rushed to Washington at the end of April to sign the deal. Zelenskyy had been deliberating replacing long-time premier Denys Shmyhal with Svyrydenko, a 39-year-old former presidential aide, since last year, according to people familiar with his thinking. Her role in the stormy negotiations with the Americans clinched his decision to make the change, the people said, on condition of anonymity. The reshuffle coincides with an about-face in the US administration, with Trump — who had for months belittled Ukraine's wartime leader — turning his ire on Vladimir Putin. The US leader has grown frustrated with the Russian president's refusal to entertain a ceasefire. That turn culminated this week in Trump's threat to impose stiff tariffs on Moscow and pledge to send fresh weapons to Kyiv — though relying on funding from Nato's European allies. Mid-Air Negotiations With uncertainty over how long the Trump turn may last, the Ukrainian government has moved quickly to align with the more favorable circumstances. Svyrydenko's efforts on the resources deal helped turn around what had been a potentially dire ultimatum for Kyiv. Volodymyr Fesenko, head of the Penta Research Institute in Kyiv, said initial US demands that would effectively make Kyiv permanently indebted to Washington were 'neutralized.' When the then-economy minister jumped on a plane to Washington, a framework agreement was to be followed by a range of technical accords. In mid-air, Svyrydenko's team was informed the Americans wanted to sign all simultaneously as an overall agreement. A deal was reached, covering resources including oil and gas, graphite and aluminum, just as Trump marked his first 100 days in office. One advantage was her good rapport with US Treasury Secretary Scott Bessent, one of the people said. 'Svyrydenko managed to avoid risks in the resources deal and proved herself successful as a negotiator,' Fesenko said in an interview, sealing her path to the premiership. Her promotion aligns with Zelenskyy's long-standing penchant — one that's invited criticism — for empowering loyalists at the expense of others outside the circle of the president and his powerful top aide, Andriy Yermak. Svyrydenko climbed the ranks from state administration in the Chernihiv region to high office in Kyiv. As economy minister, she was first deputy prime minister until this week. Svyrydenko was the only candidate Zelenskyy was considering for the new premier after he observed her work in the government, a person said. She proved her ability to tackle Ukraine's biggest challenges of securing more financing and to boost economic growth during her time at the Economy Ministry, the person said. Alongside the new premier, several others involved in the resources accord were promoted. Former Deputy Economy Minister Taras Kachka was appointed as Svyrydenko's deputy to oversee European Union integration. And while Zelenskyy initially considered his defense chief, Rustem Umerov, as ambassador to the US, he ultimately chose former deputy premier and Justice Minister Olha Stefanishyna. She was part of multiple delegations to the US during talks over resources and is well-known in Washington, a person said. 'The American track is very important, and we have at least three axes of cooperation — the resources fund, the trade deal, and the weapons agreement,' Svyrydenko told reporters in Kyiv on Friday.
Euronews
3 days ago
- Business
- Euronews
Dutch competition watchdog's fitness for purpose questioned by reports
The management and governance structure of the Netherlands' national competition authority is ineffective at handling societal, political, policy and organisational developments, according to reports commissioned by the Dutch Economy Minister Vincent Karremans. Currently part of the national Economy Ministry, the Authority for Consumers & Markets (ACM) needs to become a self-governing autonomous decision-making body, according to the reports. One of the reports says that 'roles and responsibilities are too intertwined" with the ministry and that there are too many contingent dependencies. The other, carried out by PwC, concluded that there are problems in ACM's business operations, resulting in 'certain areas where relevant standards or national frameworks are not being met, or are being met to a lesser extent.' The ACM oversees various markets in the Netherlands including energy, telecom, healthcare, transport and postal services; it monitors compliance with regulations and protects consumer interests. With more and more digital legislation being introduced in the last years, the mandate of the ACM has expanded and it now also oversees companies' compliance with the EU Digital Markets Act (DMA) and the Digital Services Act (DSA), rules to ensure fair competition online and to combat illegal content and products. Martijn Snoep, the head of the ACM, told Euronews last December that his agency is 'well equipped' for the new tasks, saying that the regulator planned to have clear enforcement priorities. Staff appointments Currently, the Minister of Economic Affairs appoints the chair and other members of the ACM, nor does the agency have full control over the organisation and personnel policy relating to the rest of its staff. The regulator also lacks budgetary freedom, which, according to the reports, results in 'lack of agility'. 'This is evident, for example, in the policy areas of energy and digital markets, which will result in many new tasks and associated expenses for the ACM in the near future, both in its role as supervisor and (particularly) as regulator,' the reports say. The ACM said in a recent letter that its merger and acquisition oversight is 'currently insufficiently efficient and effective'. In addition, it initiated fewer investigations in 2024 than the previous year, which can be explained by the significant capacity allocated to probes initiated in 2023 that continued into 2024. 'The amount of fines imposed increased slightly in 2024, but has fallen sharply over the past three years compared to previous years. A significant decline in competition is particularly noticeable. [… ] While fines should not be a goal in themselves, they do contribute to the deterrent effect of oversight. This, therefore, remains a point of attention for me,' Minister Karremans said in his letter to parliament. The ACM has initiated an improvement process for its business operations, the letter said. Karremans, part of the outgoing government, said that his successor will have to decide on revising the ACM's organisational structure. The Netherlands will have a parliamentary election on 29 October.
Yahoo
6 days ago
- Sport
- Yahoo
Italy unveils medals for Milano-Cortina 2026 Winter Games
STORY: :: Italy unveils the medals for the 2026 Winter Games :: July 15, 2025 :: Venice, Italy The medals have the traditional Olympic five-ring symbol on one side, with an inscription on the reverse that details the event and commemorates the venue. The same format has been used for the Paralympics, which has its own distinct symbol. The medals have been produced by the IPZS, the state mint, which is owned by the economy ministry. A total of 245 gold, 245 silver, and 245 bronze medals will be presented during the Winter Games. In the Paralympics, 137 medals will be awarded in each of the three rankings. Milan and the town of Cortina d'Ampezzo, one of Italy's most famous ski resorts, are the main hosts of the Games, which run from February 6 to 22 next year. The Paralympics will follow the following month.
Khaleej Times
12-07-2025
- Business
- Khaleej Times
Mexico slams Trump threat of 30% tariffs as 'unfair deal'
Mexico slammed US President Donald Trump's latest threat of 30 per cent tariffs Saturday as an "unfair deal," according to a government statement. Mexico was informed of the new duties — which Trump said would come into effect by August 1 — during talks in the United States on Friday. "We mentioned at the table that it was an unfair deal and that we did not agree," the Mexican economy and foreign ministries said in a joint statement. Mexico is already in negotiations seeking an alternative to tariffs that would protect businesses and jobs on both sides of the border, the ministries added, saying they hope to avoid the duties. Mexico is one of the countries most vulnerable to the Republican leader's tariffs, with 80 per cent of its exports destined for the United States, its largest trading partner. Since returning to the White House in January, Trump has reproached Mexico for not doing what he says is enough to prevent illegal migration and drug trafficking across the border, and has wielded tariffs as retaliation.
