Handelsblatt sees a trend of “disengaging” from China and turning to Southeast Asia and India on the part of large companies. In more detail, according to the relevant publication, Vietnam supports its rapid economic rise with colorful structural elements. For a billion dollars, toy maker Lego is planning a new factory in an industrial park […]
Tag: International financial news
I. Schnabel: The ECB must react dynamically to the inflationary impulse
In the opinion of the director of the central bank Isabel Schnabel, the European Central Bank (ECB) must react dynamically to the rise of inflation in the eurozone. Both the likelihood and the cost of today’s high rate of inflation being embedded in expectations are uncomfortably high, he told a Federal Reserve symposium in Jackson […]
Germany is preparing for the nationalization of Gazprom Germania
The German government has created a holding company to take over the eventual nationalization of Gazprom Germania, the Russian energy giant’s subsidiary in Germany, which was practically abandoned in April, according to a report published in today’s Welt am Sonntag newspaper. . Germany’s energy watchdog had assured in April that it would manage the company, […]
Powell’s 8-minute speech wiped $78 billion from wealthiest Americans
In just eight minutes, the chairman of the Federal Reserve Bank of the USA (Fed) Jerome Powell triggered a market crash that reduced the fortunes of America’s richest people by $78 billion, according to Bloomberg. Elon Musk saw $5.5 billion wiped from his fortune. Jeff Bezos lost $6.8 billion, the most of anyone on the […]
Germany extends aid package for energy-intensive businesses
Germany’s economy ministry said today it is extending the deadline for a 5 billion euro aid package for energy-intensive businesses and finalizing details of a program intended to help them deal with soaring electricity costs, Reuters reported. Companies can apply until the end of September for subsidies of up to 50 million euros for increased […]
Germany: Nuclear plants may have to stay in operation longer
According to the Federal Grid Agency, German nuclear power plants may need to remain in operation longer because of the looming power shortage in Europe. “The current stress tests are about whether our nuclear plants should stay on the grid longer to meet the electricity needs here and in Europe in the winter,” Klaus Müller, […]
Andelsblatt: How Germany is trapped in the energy price trap
Dramatically rising electricity and natural gas prices are increasingly becoming a competitive disadvantage for businesses in Germany, reports Handelsblatt. “German industry is currently paying a purchase price for natural gas that is eight times higher than the purchase price in the US,” says Christof Bauer, energy expert at TU Darmstadt. Bauer’s calculations, which are exclusively […]
Japan pledges $30 billion to Africa
Japan wants to support Africa with $30 billion in development aid over the next three years, Handelsblatt reports. His country wants to work more closely with Africa as the international order is under threat following Russia’s invasion of Ukraine, Prime Minister Fumio Kishida said Saturday at the Japan-Africa Summit in the Tunisian capital Tunis. He […]
M. Kazaks (ECB): The ECB needs another big interest rate hike in September
A recession in the euro zone is now highly likely, but that alone will not reduce inflation and the European Central Bank should opt for a big rate hike next month, ECB policymaker Martins Kazaks said on Saturday, according to with reuters. The ECB raised interest rates by 50 basis points in July to zero, […]
France maintains the highest electricity prices for next year as well
France will keep electricity price caps in place next year in an effort to protect households from price spikes, Bloomberg reports. Prices will be “held down” in 2023 and consumers will not be asked to pay the difference between rising costs and current price caps, Finance Minister Bruno Le Maire said today, according to France […]
