FRANKFURT—Deutsche Bank chief Christian Sewing, painting a bleaker assessment of the Germany economy, on Wednesday warned that China was a considerable risk for the nation and that Europe needed big banks to fend off American competitors. Sewing, speaking at a conference in Frankfurt, said Germany would “no longer be able to avert a recession”. He…
European Power Companies Demand Subsidies as Russian Gas Is Cut Off From Most of Europe
September 7, 2022
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European energy companies are requesting at least 1.5 trillion euros in government liquidity to cover their margin calls following Russia’s cut-off of gas supplies to Europe which caused costs to soar, according to Norway’s utility firm Equinor. Firms in Britain were not included in the Norwegian power company’s estimates. Several EU nations are already providing…
Germany Heading for Recession Despite New Relief Plan: Economists
BERLIN—Germany, Europe’s largest economy, is still on course for a recession even with a new government plan to spend 65 billion euros ($64.49 billion) on shielding energy customers and businesses from soaring inflation, economists say. The latest package brings to 95 billion euros the amount allocated to inflation-busting since the Ukraine war began in February….
Europe Bracing for Recession as People Struggle With Increasingly High Cost of Living
Europe is showing signs of heading into a recession as multiple economic surveys show the region’s services and manufacturing sectors slowing down while a large number of the continent’s citizens are struggling to cope with rising prices. The S&P Global Eurozone Composite Output Index fell to an 18-month low in August at 48.9, according to…
European Power Prices Tumble as EU Authorities Plan to Avert an Energy Crisis
September 1, 2022
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European benchmark energy prices have plunged by nearly half over the last three days, after news that European Union (EU) policymakers will intervene in an attempt to ease natural gas shortages. German 12-month energy futures on the European Energy Exchange fell as much as 54 percent from their peak at the beginning of the week, from €1,000…
Germans Laughed at Trump’s Russia Warning, But It Proved Prophetic
September 1, 2022
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News Analysis In September 2018, the German delegation to the United Nations General Assembly snickered when then-President Donald Trump said their country would “become totally dependent on Russian energy.” Some observers gleefully joined in. Trump said during the same speech: “Reliance on a single foreign supplier can leave a nation vulnerable to extortion and intimidation.”…
German Who Laughed at Trump at UN Won’t Comment on President’s Warning Coming True
September 1, 2022
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News Analysis One of the German diplomats who snickered when then-President Donald Trump said Germany would “become totally dependent on Russian energy” didn’t respond to a question on whether his views have changed as rising energy costs amidst the war in Ukraine seem to prove Trump right. Trump made the remarks during a speech to…
JPMorgan’s Frankfurt Office Searched as Part of German Probe
LONDON—German authorities have searched the Frankfurt offices of JPMorgan Chase & Co., a bank spokesperson confirmed, as long-running investigations into one of the country’s biggest financial scandals affected another global lending giant. The share-trading scandal known as “cum-ex,” which has blighted German political and financial circles for several years, has cost taxpayers billions of euros,…
Unemployment Continues to Rise in Germany Amid Energy Shortages, High Inflation
August 31, 2022
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Unemployment in Germany for August rose but just below earlier predictions, according to the Federal Labor Office on Aug. 31. The German government said that the number of people out of work increased by 28,000 in August, bringing total unemployment numbers up to 2.497 million, as the Central European nation is dealing with critical energy shortages and high…
Inflation in Germany Hits Record High as European Central Bank Plans Next Move
Inflation in Germany hit a record high of 8.8 percent in August due to soaring energy prices, adding further pressure on the European Central Bank (ECB) to massively increase interest rates at its next meeting. Germany, the European Union’s largest economy, hasn’t had inflation rates this high since the winter of 1973–74, when global prices were…
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