Iran has seized a boat suspected of being used to smuggle fuel and arrested its 11 crew members near a vital oil shipping lane, state television reported on Monday. A naval patrol of the Islamic Revolutionary Guard Corps intercepted the vessel carrying 250,000 litres of fuel near the Strait of Hormuz, state TV’s website said, citing a commander of the force. Source France24
Shrinking exports held back German economic activity in the fourth quarter of last year, detailed data showed on Tuesday, confirming that Europe’s largest economy was stagnating even before the coronavirus outbreak began. Source Al Jazeera
In the end, the Council has moved closer to the most austere positions of the core countries, proposing a significant cut with respect to the previous budget (1.16% of GDP in 2014-20) and in comparison to the Commission’s proposals (1.11% of GDP) and of Parliament (1.3% of GDP). In addition, it reduces funding for the most significant items so far: cohesion (-12%) and agriculture (-14%). Source The Corner
uro zone money markets started to fully price in a December European Central Bank interest rate cut on Wednesday, as the spread of the coronavirus outside China prompted traders to ramp up expectations for more stimulus. Source Reuters
