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☆ Germany Silent on Putin's Call to Free Russian Hitman
▼ + stars: | 2024-02-09 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

By Rene Wagner and Thomas EscrittBERLIN (Reuters) - Germany declined to be drawn on Friday on whether talks were underway on swapping a Russian state hitman serving a life sentence in a German prison for detained U.S. journalist Evan Gershkovich, an idea floated by Russian President Vladimir Putin. "I can't say anything on that," deputy government spokeswoman Christiane Hoffmann said when asked if Russia was seeking such an exchange. "I don't want to address this concrete case, please," she added when asked if Germany was in touch with the United States on the matter. People in the entourage of Chancellor Olaf Scholz, who is visiting Washington for talks with President Joe Biden, also declined to comment. (Additional reporting by Andreas Rinke in Washington, writing by Thomas Escritt, editing by Rachel More and Angus MacSwan)

Persons: Rene Wagner, Thomas Escritt BERLIN, Evan Gershkovich, Vladimir Putin, Gershkovich, Christiane Hoffmann, Olaf Scholz, Joe Biden, Putin, Vadim Krasikov, Kai Cornelius, Andreas Rinke, Thomas Escritt, Rachel More, Angus MacSwan Organizations: U.S, Wall, Hamburg University Locations: Germany, Russian, Russia, United States, Washington, Berlin, Chechen, Georgia, Moscow

The court ruling has called into question Germany's traditionally strict fiscal policy and sparked warnings that German companies could be starved of support to keep them globally competitive. HANDS TIEDThe crisis has sparked calls for reforming the debt brake. "With the debt brake as it is, we have voluntarily tied our hands behind our backs and are going into a boxing match," he said. A poll by broadcaster ZDF suggested only a minority of Germans supported suspending the debt brake. Some 57% wanted the budget shortfall from the court ruling to be covered by spending cuts, 11% favoured tax increases and 23% wanted the state to take on additional debt.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Scholz, Lindner, Habeck, Steffen Hebestreit, Holger Hansen, Christian Kraemer, Miranda Murray, Rene Wagner, Matthias Williams, Toby Chopra, Gareth Jones, Deepa Babington Organizations: Climate, Finance, BERLIN, Greens, Social Democrats, Free Democrats, FDP, ZDF, Thomson Locations: Germany, Europe's, East Germany, China

Lindner plans to lift self-imposed limits on borrowing and present a supplementary budget next week after a constitutional court ruling wiped billions from the federal budget and forced the government to freeze most new spending commitments. HANDS TIED IN A BOXING MATCHThe crisis has sparked calls for reforming the debt brake. "With the debt brake as it is, we have voluntarily tied our hands behind our backs and are going into a boxing match. A poll by the broadcaster ZDF suggested only a minority of Germans, 35%, supported suspending the debt brake however, compared to 61% wanting it to stay in place. Some 57% wanted the budget shortfall from the court ruling to be covered by spending cuts, 11% favoured tax increases and 23% wanted the state to take on additional debt.

Persons: Christian Lindner, Lindner, hawkish Lindner, Chancellor Olaf Scholz's, Robert Habeck, Habeck, Thomas Gitzel, Holger Hansen, Christian Kraemer, Miranda Murray, Rene Wagner, Matthias Williams, Toby Chopra Organizations: BERLIN, German Finance, Greens, ZDF, Bank, Thomson Locations: Germany, China, Europe

The court ruling has called into question Germany's traditionally strict fiscal policy and sparked warnings that German companies could be starved of support to keep them globally competitive. The debt brake, introduced after the global financial crisis of 2008/09, was first suspended in 2020 to help the government support firms and health systems during the COVID-19 pandemic. HANDS TIEDThe crisis has sparked calls for reforming the debt brake. "With the debt brake as it is, we have voluntarily tied our hands behind our backs and are going into a boxing match," he said. A poll by broadcaster ZDF suggested only a minority of Germans supported suspending the debt brake.

Persons: Christian Lindner, Fabrizio Bensch, Scholz, Olaf Scholz, Lindner, Robert Habeck, Habeck, Steffen Hebestreit, Holger Hansen, Christian Kraemer, Miranda Murray, Rene Wagner, Matthias Williams, Toby Chopra, Gareth Jones Organizations: REUTERS, BERLIN, Finance, Greens, ZDF, Thomson Locations: Berlin, Germany, Europe's, East Germany, China

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. Scholz's three-way coalition is reeling from a court ruling last week that wiped 60 billion euros ($65 billion) from the budget at a stroke and forced it to freeze most new spending commitments, delaying talks on the 2024 budget. LOSS OF CONFIDENCEGermany's steel sector added its voice to the growing jitters, warning that the court ruling had put a question mark over more than 40 billion euros in planned investments. "I find it correct that the consequences of the constitutional court ruling ... are checked carefully," Scholz told a news conference. Scholz also described this as conceivable, participants at the meeting told Reuters, adding that the court ruling put the coalition into a difficult situation but it could be resolved.

Persons: Wolfgang Rattay, Chancellor Olaf Scholz, Robert Grundke, Bernhard Osburg, Osburg, Berlin, Scholz, Achim Post, Andreas Rinke, Christoph Steitz, Holger Hansen, Rene Wagner, Matthias Williams, Christina Fincher Organizations: REUTERS, Economic Cooperation, Development, Reuters, Scholz's Social Democrats, Thomson Locations: Duisburg, Germany, FRANKFURT, Paris, United States, decarbonisation

An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. The company declined to comment on the plans but news conferences are planned in Alzey, where sources say the plant will be built, and Berlin on Friday. Other people familiar with the plans told Reuters that at least 1,000 jobs would be created. Eli Lilly said it would unveil "far-reaching investment plans" at Friday's news conference, which will be attended by Germany's economy and health ministers. Mounjaro's success helped Lilly post a 37% gain in third-quarter revenues to $9.5 billion, topping Wall Street estimates.

Persons: Eli Lilly, Mike Segar, Mounjaro, TSMC, Lilly's, Lilly, Rene Wagner, Klaus Lauer, Andreas Rinke, Ludwig Burger, Thomas Escritt, Madeline Chambers, Miranda Murray, Christina Fincher Organizations: Company, REUTERS, Basf, Reuters, BASF, U.S ., U.S, Intel, European Union, Novo Nordisk, U.S . Food, Drug Administration, Thomson Locations: Branchburg , New Jersey, BERLIN, Germany, Alzey, Berlin, U.S, Ukraine, European, Indianapolis, Danish, Eisai

☆ Eli Lilly plans to invest 2 bln euros in new German plant -source
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. REUTERS/Mike Segar/File Photo Acquire Licensing RightsCompanies Eli Lilly and Co FollowBERLIN, Nov 16 (Reuters) - U.S. pharma company Eli Lilly (LLY.N) plans to invest 2 billion euros ($2.17 billion) in a new plant in Alzey, western Germany, a source close to the negotiations told Reuters on Thursday. Separately, people familiar with the plans told Reuters that at least 1,000 jobs would be created. Reuters had reported on Wednesday that the pharma group intended to invest in Germany after Eli Lilly called a news conference for Friday but few details were available. ($1 = 0.9217 euros)Reporting by Andreas Rinke and Rene Wagner Writing by Madeline Chambers Editing by Kirsti Knolle and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Eli Lilly, Mike Segar, Andreas Rinke, Rene Wagner, Madeline Chambers, Kirsti Knolle, Miranda Murray Organizations: Company, REUTERS, . pharma, Reuters, pharma, Thomson Locations: Branchburg , New Jersey, Alzey, Germany

An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. REUTERS/Mike Segar/File Photo Acquire Licensing RightsBERLIN, Nov 15 (Reuters) - U.S. pharma company Eli Lilly (LLY.N) plans an investment in the single-digit billion dollar range in a new plant in western Germany, people familiar with the matter told Reuters after the company called a news conference for Friday. Eli Lilly said it would unveil "far-reaching investment plans" at Friday's news conference, which will be attended by Germany's economy and health ministers. Mounjaro's success helped Lilly post a 37% gain in third-quarter revenues to $9.5 billion, topping Wall Street estimates. The group's market value has ballooned to around $580 billion, up more than 65% so far this year.

Persons: Eli Lilly, Mike Segar, Mounjaro, TSMC, Lilly's, Lilly, Rene Wagner, Klaus Lauer, Ludwig Burger, Thomas Escritt, Chizu Nomiyama, Jane Merriman Organizations: Company, REUTERS, Rights, . pharma, Reuters, U.S ., U.S, Intel, European Union, Novo Nordisk, U.S . Food, Drug Administration, Thomson Locations: Branchburg , New Jersey, Germany, Rhineland, Palatinate, U.S, Ukraine, European, Indianapolis, Danish, Eisai

REUTERS/Phil Noble/File Photo Acquire Licensing RightsFRANKFURT/MUNICH, Oct 26 (Reuters) - German technology groups have warned they are being hit by delays in getting China-bound exports through customs, following the introduction of a German government strategy to reduce economic dependence on demand from China. German chip-making kit supplier Suess MicroTec (SMHNn.DE) late on Wednesday cut its sales forecasts for the second time in three months, blaming tightened controls for exports to China. German customs and the Federal Office for Economic Affairs and Export Control (BAFA) did not immediately respond to a request for comment. Lobby group Asia-Pacific Committee of German Business (APA) told Reuters the BAFA office was appearing to scrutinise export requests more closely or escalate requests to the economy ministry more often. Still, the German chamber of commerce said the political environment was hobbling exports to China.

Persons: Phil Noble, Suess, Friedolin Strack, Burkhardt Frick, Martin Wansleben, Alexander Huebner, Rene Wagner, Christian Kraemer, Thomas Escritt, Anneli, Ludwig Burger, David Holmes Organizations: REUTERS, Federal Office, Economic Affairs, Export Control, Pacific Committee, German Business, Reuters, Thomson Locations: Hamburg, Germany, FRANKFURT, MUNICH, China, Asia, Munich, Berlin, Duesseldorf, Frankfurt

☆ Bankruptcies in Europe to level off late next year at earliest -Scope
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 12 (Reuters) - The number of companies in Europe that go insolvent will keep growing until at least late next year as higher interest rates and tougher financing conditions weigh on businesses, according to a Scope Ratings analysis seen by Reuters on Thursday. European companies will be on the hook for about 8.2 billion euros ($8.71 billion) in additional interest payments in refinancing maturing capital-market debt next year, it said. Those extra interest costs from durably higher borrowing rates are set to increase again in 2025 and 2026, it said. Assuming a similar scenario for bank debt, extra annual interest paid in 2024 will grow to more than 40 billion euros. ($1 = 0.9414 euros)Reporting by Rene Wagner, Writing by Miranda Murray, Editing by Friederike Heine, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Rene Wagner, Miranda Murray, Friederike Heine, Robert Birsel Organizations: Reuters, European Union, Thomson Locations: Europe

☆ German export sentiment drops to three-year low - Ifo
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

In its fifth consecutive month of decline, the institute's export expectations indicator fell to minus 11.3 points in September, from minus 6.5 points in August. "Germany's export economy is going through a weak phase," Klaus Wohlrabe, head of surveys at Ifo, said. "It's likely that export demand won't pick up again significantly until next year," he added. Wohlrabe said higher interest rates were dampening demand for German goods. Last month's hopes for growth in the German chemical industry did not materialize in September, according to the survey.

Persons: Fabian Bimmer, Klaus Wohlrabe, Wohlrabe, Amir Orusov, Rene Wagner, Rachel More Organizations: REUTERS, Thomson Locations: Bremerhaven, Germany, Ifo

Growth of 0.3% had been expected in the institutes' spring forecasts. The so-called Joint Economic Forecasts are to be presented in Berlin on Thursday. The economics ministry usually updates its forecasts incorporating the results of the Joint Economic Forecasts. For 2024, the institutes - four German and one Austrian - forecast GDP growth of 1.3%, down from 1.5% previously. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halle Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

Persons: Annegret, Christian Kraemer, Rene Wagner, Maria Martinez, Rachel Armstrong, Kirsti Knolle, Sharon Singleton Organizations: REUTERS, Rights, Reuters, Ifo Institute, Halle Institute for Economic Research, Kiel Institute, Institute for Economic Research, Austrian Institute of Economic Research, Thomson Locations: Berlin, Germany

☆ Data show inflation rising in some German states
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBERLIN, Aug 30 (Reuters) - Inflation rose in four of six key German states in August, according to data released on Wednesday, casting doubt on a continuation of a national downward trend. The national data will be published at 1200 GMT. Data from Bavaria and Hesse showed that inflation eased modestly in those states to 5.9% and 6.0%, respectively. Bastian Hepperle, economist at Hauck Aufhaeuser Lampe Privatbank, said inflation in Germany was still expected to slow despite the mixed picture. However, inflation remains well above the European Central Bank target of 2% and core inflation, excluding volatile prices like food and energy, has been stubbornly high.

Persons: Chandon, Annegret, Bastian Hepperle, Hauck Aufhaeuser Lampe Privatbank, Price, Rachel More, René Wagner, Friederike Heine Our Organizations: Moet, REUTERS, Rights, Reuters, European Central Bank, Thomson Locations: Berlin, Germany, North Rhine, Westphalia, Germany's, Baden, Wuerttemberg, Brandenburg, Saxony, Bavaria, Hesse, Europe's, Ukraine

☆ Analysis: China's importance to German exporters on the wane
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +4 min

China's emergence as a market economy in the 2000s provided a massive boost to German companies and has proved a big contributor to the overall health of the German economy since. That China is increasingly able to produce goods it previously bought from Germany is weighing on German exports, Brzeski noted. However, the dependence of many companies on the Chinese market will no longer be so visible in export figures, but in their balance sheets," Stamer said. For example, many German carmakers are increasingly producing locally for the Chinese market. Weaker demand from China has had a strong impact on the German manufacturing sector.

Persons: Fabian Bimmer, Joerg Kraemer, Carsten Brzeski, Brzeski, Vincent Stamer, Stamer, Rene Wagner, Maria Martinez, Christina Fincher Organizations: REUTERS, Reuters, ING, Reuters Graphics Germany, Kiel Institute, PMI, Thomson Locations: Bremerhaven, Germany, China, BERLIN, Berlin, Beijing, U.S, United States

FRANKFURT/LONDON, July 26 (Reuters) - German industry is finding new ways to transport cargoes from coal to chemicals as increasingly frequent low water levels on the Rhine disrupt Europe's largest economy. At Kaub , the critical chokepoint for Rhine barges, water levels fell to their lowest this year earlier this week. ARTERY OF THE ECONOMYThe impact of low water levels is not limited to big business. But logistics firms are benefiting from rising demand for vessels adapted to lower river levels. "We expect, due to climate change, that the extremes on the river Rhine will happen more often," said Maickel Uijtewaal, general manager at Stolt-Nielsen (SNI.OL).

Persons: Uwe Arndt, Barbara Hoyer, majeure, Roberto Spranzi, Maickel Uijtewaal, Steffen Bauer, Christoph Steitz, Vera Eckert, Ludwig Burger, Patricia Weiss, Rene Wagner, Nette, Tom Kaeckenhoff, Matthias Inverardi, Vincent Flasseur, Barbara Lewis Organizations: Federal Waterways, Shipping Agency, Reuters Graphics, Cologne, BASF, Reuters Graphics Reuters, Kiel Institute, Deutsche Bank, Reuters, Stolt, Nielsen, HGK Shipping, Daniels, Midland Co, Chemicals, Thomson Locations: FRANKFURT, LONDON, Kaub, Europe, Reuters Graphics Germany, Ludwigshafen, HGK, Frankfurt, Berlin, Duesseldorf, London

☆ German economy faces uphill climb as industrial output falls
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 7 (Reuters) - A swift economic recovery for Germany appeared less likely on Friday as data showed a surprise fall in industrial production. Output fell by 0.2% in May compared with the previous month, the federal statistical office said. The industrial production data was a reminder of the uphill climb in Europe's biggest economy if it is to shake off recession, after a surprise increase in May orders fuelled some optimism on Thursday. "We may just see stagnation in the second quarter, but much more likely a renewed decline in economic output," he added. The office offers a breakdown of the data on industrial production on its website.

Persons: Carsten Brzeski, Brzeski, Jens, Oliver Niklasch, Anna Mackenzie, Rene Wagner, Rachel More, Miranda Murray Organizations: Reuters, ING, Thomson Locations: BERLIN, Germany, Ukraine

☆ May retail sales bump in Germany not here to stay - analysts
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - German retail sales rose more than expected in May from the previous month, data showed on Friday, though analysts said the surprise rise does not indicate a change in depressed spending. The Federal Statistics Office said retail sales were up 0.4% month-on-month in real terms, beating expectations by analysts polled by Reuters that sales would remain unchanged. Compared with May 2022, sales fell 3.6% in real terms. "Even if May surprised us with an increase in retail sales and April also proved robust, the basic constellation of weak private consumption will change little for the time being," said VP Bank chief economist Thomas Gitzel, who predicted that retail sales will fall again in June compared with the month before. Alexander Krueger, chief economist at Hauck Aufhaeuser Lampe private bank, said consumers were still putting the brakes on spending due to real income losses.

Persons: Thomas Gitzel, Alexander Krueger, Hauck Aufhaeuser Lampe, Rene Wagner, Andrey Sychev, Miranda Murray, Maria Sheahan, Friederike Heine Our Organizations: Federal Statistics Office, Reuters, Bank, Thomson

☆ Drop in German business morale points to longer recession
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +4 min

Summary Business climate index fell to 88.5 in June from 91.5 in MayBoth business expectations and current business conditions fellProbability of longer recession risesBERLIN, June 26 (Reuters) - German business morale worsened for the second consecutive month in June, a survey showed on Monday, indicating that Europe's largest economy faces an uphill battle to shake off recession. "Sentiment in the German economy has clouded over noticeably," Ifo's president Clemens Fuest said. Indeed, expectations were much more pessimistic, with the related Ifo index falling to 83.6 from May's 88.3. "The probability has increased that gross domestic product will also shrink in the second quarter," he said. "We feel confirmed in our forecast that the German economy will shrink again in the second half of the year," Commerzbank's chief economist Joerg Kraemer said.

Persons: Clemens Fuest, Carsten Brzeski, Brzeski, Klaus Wohlrabe, Urban, Franziska Palmas, Joerg Kraemer, Maria Martinez, Rene Wagner, Friederike Heine, Matthias Williams, Hugh Lawson Organizations: ING, Companies, Reuters, Oxford Economics, Capital Economics, Thomson Locations: BERLIN, U.S, Germany, German, Europe

☆ Brexit an 'economic disaster' for UK and German trade - DIHK
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 22 (Reuters) - Brexit has been an "economic disaster" for trade and investment ties between the United Kingdom and Germany, leading to a fall in German direct investment and seeing the UK decline in importance as a trading partner, German economists said. "Brexit is an economic disaster for both sides of the channel," Volker Treier, head of foreign trade at the German Chamber of Industry and Commerce (DIHK), told Reuters on Thursday. According to the DIHK, some 2,163 German companies are now active in the UK, 5.2% fewer than in 2016. Germany Trade and Invest (GTAI), an organisation that helps international companies set up business in Germany, has counted more than 1,000 new businesses from the UK since the Brexit vote. Germany's size and central location are an advantage when it comes to attracting UK companies, he added.

Persons: Volker Treier, Treier, Robert Hermann, Rene Wagner, Maria Martinez, Emma Rumney Organizations: European Union, German Chamber of Industry and Commerce, Reuters, Germany Trade, Invest, EU, Thomson Locations: BERLIN, United Kingdom, Germany, Britain, U.S, Switzerland

☆ Chinese delegation to meet with Germany's top corporate brass next week
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

FRANKFURT/BERLIN, June 16 (Reuters) - A Chinese delegation led by Premier Li Qiang will meet Germany's top CEOs next week as part of a visit to Europe, hoping to strengthen ties at a time when Berlin is pursuing a strategy to lessen its economic dependence on Beijing. A meeting between Li and a group of German and Chinese CEOs is scheduled for June 19, according to people familiar with the plans. Mercedes-Benz (MBGn.DE), SAP (SAPG.DE) and Siemens Energy (ENR1n.DE) all confirmed that their CEOs would meet with the delegation. The CEO of Volkswagen (VOWG_p.DE) division Audi will also participate, a person familiar with the matter said. BASF (BASFn.DE), Bayer (BAYGn.DE), Infineon (IFXGn.DE), Volkswagen (VOWG_p.DE) and BMW (BMWG.DE), all companies with major business ties to China, declined to comment.

Persons: Premier Li Qiang, Li, Li Shufu, Mercedes, Roland Busch, Olaf Scholz, Robert Habeck, Andrew Small, Marshall, Siegfried Russwurm, Ilona Wissenbach, Hakan Ersen, Christoph Steitz, Ludwig Burger, Patricia Weiss, Christina Amann, Andreas Rinke, Rene Wagner, Sarah Marsh, Jan Schwartz, Alexander Huebner, Raju Gopalakrishnan, Louise Heavens Organizations: Premier, Mercedes, Benz, SAP, Siemens Energy, Volkswagen, Audi, Beijing Automotive Group Co, HK, Siemens, Pacific Committee, BASF, Bayer, Infineon, BMW, Thomson Locations: FRANKFURT, BERLIN, Europe, Berlin, Beijing, China, Asia, German, Germany, Frankfurt, Hamburg, Munich

☆ German exports to Russia's neighbours fuel sanctions evasion fears
▼ + stars: | 2023-05-16 | by ( Rene Wagner | ) www.reuters.com time to read: +4 min

Although they remain relatively modest in value, German exports to Georgia rose by 92%, while those to Kazakhstan rose 136%, to Armenia 172% and to Tajikistan 154%. An 11th package of EU sanctions, currently being negotiated, will also focus on people and countries circumventing existing trade restrictions. "The circumvention of sanctions against Russia is unacceptable," German Finance Minister Christian Lindner said in Brussels on Tuesday. That came after a six-fold rise in German exports to Kyrgyzstan last year following Russia's February 2022 invasion of Ukraine. "But because Turkey does not participate in EU sanctions, EU goods are further exported from there to Russia."

The so-called Joint Economic Forecasts, to be presented in Berlin on Wednesday, expect a 0.1% expansion in gross domestic product in the first quarter. The five economic institutes which prepare the Joint Economic Forecasts predict GDP growth in Germany of 0.3% in 2023, up from a predicted contraction of 0.4% in the autumn, two sources familiar with the data told Reuters. The economics ministry will update its forecasts incorporating the results of the Joint Economic Forecasts this spring. The economic institutes predict inflation of 6.0% in 2023, before slowing to 2.4% in 2024. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halle Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

The Verdi union is negotiating on behalf of around 2.5 million employees in the public sector, including in public transport and at airports. Railway and transport union EVG negotiates for around 230,000 employees at Deutsche Bahn (DBN.UL) and bus companies. Verdi has called on around 120,000 employees in the transport and infrastructure sectors, including ground and air traffic service providers, shipping, motorways and municipal ports, to join the strikes. We want a negotiable offer," said Martin Burkert, the chairman of the EVG union, which represents workers at 50 transport companies, including railway operator Deutsche Bahn. German airport association ADV also condemned the strikes expected to hit around 380,000 air travellers on Monday as all airports across Germany, except Berlin, would come to a virtual standstill.

☆ German 'wise ones' see inflation uptick if banking woes halt rate rises
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

[1/2] Members of the German economic expert council attend a news conference to present the economic prognosis 2022/23, in Berlin, Germany March 22, 2023. "The recent increase in financial market risks has made it more difficult for central banks to fight inflation," the five "wise ones" who advise Berlin on economic policy said in their biannual report. "If the monetary policy response is too weak due to these trade-offs, inflation could remain high for longer than expected or even pick up again," they added. Turmoil in the banking sector culminated in the Swiss regulator-backed takeover of Credit Suisse by rival UBS at the weekend. Inflation will come in at 6.6% in 2023 and 3.0% in 2024, the council predicted.

☆ Russian 2023 budget deficit to widen as price caps take effect - Scope
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 24 (Reuters) - Lower revenues from oil and gas exports will significantly widen Russia's budget shortfall this year, according to an analysis from the European ratings agency Scope obtained by Reuters on Friday. Scope expects the deficit to rise to 3.5% of gross domestic product (GDP), significantly wider than the government's forecast of 2% of GDP, according to the analysis. Another way to plug the deficit is to issue domestic bonds to state-owned banks, backed by liquidity provided by the Bank of Russia. Western countries want caps on the price of Russian oil to reduce income for the Kremlin's war chest for its invasion of Ukraine, which entered its second year on Friday. Reporting by Rene Wagner; Writing by Friederike Heine; Editing by Rachel More and Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

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