German business sentiment slumped in June as headwinds from looming natural gas shortages and soaring prices crimped confidence, prompting analysts to boost the odds that Europe’s biggest economy will be rocked by stagflation. The closely-watched Ifo business climate index, released on June 24, showed a slump in its current conditions gauge and sharp drop in…
Germany Triggers Gas Alarm Stage, Accuses Russia of ‘Economic Attack’
June 23, 2022
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BERLIN—Germany triggered the “alarm stage” of its emergency gas plan on Thursday in response to falling Russian supplies but stopped short of allowing utilities to pass on soaring energy costs to customers in Europe’s largest economy. The measure is the latest escalation in a standoff between Europe and Moscow since the Russian invasion of Ukraine…
Germany’s Producer Price Inflation Soars to Record High as Cost Pressures Slam Firms
Soaring energy costs pushed Germany’s producer prices to a record high in May, suggesting households in Europe’s biggest economy should brace for even higher consumer price inflation as at least a portion of higher business costs tends to be passed along to end consumers. Germany’s statistical agency said on June 20 that its gauge of…
Germany to Increase Burning of Coal Amid Cut in Gas Supplies From Russia
BERLIN—Germany’s economy minister said Sunday that the country will limit the use of natural gas for electricity production amid concerns about possible shortages caused by a cut in supplies from Russia. Economy Minister Robert Habeck said that Germany will try to compensate for the move by increasing the burning of coal. “That’s bitter, but it’s…
Germany Cracking Down on Cash Transactions for Real Estate to Combat Money Laundering
Germany is preparing to crack down on money laundering efforts with new legislation prohibiting cash transactions in the real estate market, according to officials. The legislation is aimed at curbing both money laundering and other financial crimes, Bloomberg reports. “Our national risk assessment shows that we need to do more in the real-estate sector,” Finance…
German, Swiss Authorities Detain 4 Accused of Supporting ISIS
BERLIN—Germany and Swiss authorities have carried out a joint operation to detain four people who are accused of membership in or support of the ISIS terrorist group, officials said Tuesday. One man was detained in Germany on Monday. He is accused of having prepared a serious act of violence endangering the state and of membership…
Amazon to Cease Gig Economy Delivery Service in 2nd Largest Market
Amazon.com Inc looks to shut down its gig economy delivery service in Germany, its second-largest market after the U.S., for undisclosed reasons, Bloomberg reports. Uber’s Flex program, which signed off in the U.S. in 2015 before expanding to Germany two years later, paid drivers to ferry packages in their vehicles from Amazon warehouses to customers’ homes. Amazon…
1 Dead, 8 Injured After Driver Hits Pedestrians in Berlin
BERLIN—A man drove a car into pedestrians in a popular Berlin shopping district on Wednesday, killing at least one person and injuring at least eight others, rescue services said. The man drove into people on a street corner at around 10:30 a.m. before getting the car back on the road and then crashing into a…
Two People Dead After Shooting in German Supermarket—Police
BERLIN—Two people were found dead after a shooting in a supermarket in central Germany on Tuesday, police said on Twitter, adding that there was no danger to the public. The shooting occurred around 1 pm local time (1100 GMT) in Schwalmstadt-Treysa, a town of around 8,500 people northeast of Germany’s financial capital Frankfurt, according to…
Germany Faces 5 Billion Euros a Year Hit From Russian Gas Sanctions: Newspaper
June 6, 2022
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BERLIN—Russia’s sanctions against Gazprom Germania and its subsidiaries could cost German taxpayers and gas users an extra 5 billion euros ($5.4 billion) a year to pay for replacement gas, the Welt am Sonntag weekly reported, citing industry representatives. In May, Russia decided to stop supplying Gazprom Germania, which had been the German subsidiary of Gazprom,…
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