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G7 Finance Leaders to Call on Israel to Maintain Palestinian Bank Links

German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights
German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights
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G7 Finance Leaders to Call on Israel to Maintain Palestinian Bank Links

German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights
German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights

G7 finance leaders will call on Israel to maintain correspondent banking links between Israeli and Palestinian banks to allow vital transactions, trade and services to continue, according to a draft joint statement seen by Reuters on Saturday.

The statement, to be released at the end of a Group of Seven finance ministers and central bank governors' meeting in northern Italy, also calls for Israel "to release withheld clearance revenues to the Palestinian Authority, in view of its urgent fiscal needs"

"We call on Israel to take the necessary measures to ensure that correspondent banking services between Israeli and Palestinian banks remain in place, so that vital financial transactions and critical trade and services continue," the draft statement said, Reuters reported.

The G7 finance leaders also called for the removal or relaxation of other measures "that have negatively impacted commerce to avoid further exacerbating the economic situation in the West Bank."

The statement echoes a warning on Thursday from U.S. Treasury Secretary Janet Yellen, who said the failure to renew a soon-to-expire banking waiver would cut off a critical lifeline for the Palestinian territories amid a devastating conflict in Gaza.

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South Korea’s Food Exports Rose to $6.2 Billion in 6 Months

A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)
A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)
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South Korea’s Food Exports Rose to $6.2 Billion in 6 Months

A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)
A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)

South Korea's exports of food and related goods rose 5.2% on-year in the first half of 2024, government data showed, led by the popularity of instant noodles and processed rice products.
The Ministry of Agriculture, Food and Rural Affairs said that outbound shipments of the food segment known as “K-Food Plus” reached $6.21 billion, compared with $5.9 billion posted a year earlier, the country’s Yonhap new agency reported on Saturday.
K-Food Plus encompasses a diverse range of food products and related items, from fresh and processed goods to agricultural equipment and solutions.
By product, exports of instant noodles jumped 32.3% to hit $590.2 million, with those of processed rice products gaining 41.4 percent to $136.9 million, the data showed.
The ministry attributed the growth in instant noodle exports to the popularity of social media content featuring spicy product challenges, as well as the release of customized products by exporters.
South Korean rice products also gained popularity, as frozen gimbap, or seaweed rice rolls, attracted significant attention in the US market as a gluten-free and healthy eating option, the ministry said.
By destination, exports to the US surged 17%, reaching $736 million, driven by increased demand due to revitalized consumer spending, a stabilizing labor market and eased inflation.
Exports to China also edged up 3.1% to $702 million, as exporters utilized online platforms and influencers to promote South Korean foodstuffs.
Shipments to Japan, on the other hand, declined by 7% during the period to $671.3 million, due to the reduced spending power of Japanese consumers, the ministry added.