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☆ Germany, Once a Powerhouse, Is at an Economic ‘Standstill’
▼ + stars: | 2024-01-18 | by ( Melissa Eddy | ) www.nytimes.com time to read: +1 min

Germany started the year with Berlin’s streets choked with tractors and farmers blaring horns in furious protest of proposed budget cuts. Then train engineers walked off the job to demand better pay, stranding commuters and carloads of freight and leaving the country angry and gridlocked. The same could be said for the state of the German economy. “The economy is at a standstill in Germany,” said Siegfried Russwurm, the president of the Federation of German Industries. “We don’t see any chance of a rapid recovery in 2024.”Since it was rebuilt after World War II, Germany has been Europe’s main driver of economic growth, becoming an industrial powerhouse known for vast factories and fine-tuned engineering.

Persons: ”, Siegfried Russwurm Organizations: Federation of German Industries Locations: Germany

☆ Pressure mounts on German government to find way out of budget hole
▼ + stars: | 2023-11-22 | by ( Holger Hansen | ) www.reuters.com time to read: +4 min

The court ruled the budget manoeuvre was incompatible with the debt restrictions enshrined in Germany's constitution. The pressure is even more intense as talks for next year's budget are on the final stretch. Highlighting the gravity of the situation, the government has already imposed a freeze on most new spending commitments on ministries. "German industry is looking at the current political situation with the greatest concern," said Siegfried Russwurm, president of the BDI industry association. One obstacle to reforming the debt brake, which restricts Germany's structural budget deficit to the equivalent of 0.35% of gross domestic product, has been Finance Minister Christian Lindner.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Chancellor Olaf Scholz's, Siegfried Russwurm, Holger Hansen, Christian Kraemer, Andreas Rinke, Madeline Chambers, Miranda Murray, Alex Richardson Organizations: Finance, Climate, Europe's, Social Democrat, Greens, Free Democrats, Fund, Reuters, Ukraine, Greens Economy, U.S, Intel, European, Thomson Locations: BERLIN, reallocating, Berlin, Ukraine

Their options include drawing up a supplementary budget for 2023 and suspending Germany's self-imposed debt brake before reinstating it for next year. "Our goal is to discuss the budget quickly but with due care," said a joint statement of ruling party lawmakers. The delay has heightened uncertainty about spending in all areas of the German economy and meant the 2024 budget might not be concluded before the end of the year. "I firmly assume that the commitments for Intel and TSMC will remain," a government source said, adding: "This is very important to the chancellor, as well as to the economy minister." This will happen in the course of next early 2024 and we will see how far hydrogen is available," CEO Miguel Lopez said.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Olaf Scholz's, Scholz's, Siegfried Russwurm, TSMC, Scholz, Miguel Lopez, Holger Hansen, Christian Kraemer, Victoria Waldersee, Andreas Rinke, Madeline Chambers, Matthias Williams, Miranda Murray, Alex Richardson, Christina Fincher Organizations: Finance, Climate, Government, Ukraine Industry, Intel, TSMC, Wednesday, Social Democrat, Greens, Free Democrats, Fund, Eurasia Group, U.S, BMW, Volkswagen, Thomson Locations: TSMC BERLIN, Germany's, Ukraine, EU, Saxony, Anhalt, Berlin, Germany

☆ Germany needs structural change to prevent a shift to the right, Commerzbank CEO says
▼ + stars: | 2023-09-22 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The sun sets behind the lignite-fired power plant of Boxberg on August 18, 2023 in Neuliebel, Germany. Florian Gaertner | Photothek | Getty ImagesGermany needs to implement structural changes if it wants to prevent a political shift to the right, Commerzbank CEO Manfred Knof told CNBC at the Handelsblatt Banking Summit 2023. Knof also said Germany's small-to-medium-sized companies, known as the Mittelstand, were reluctant to invest in their own country because of the structural issues in Europe's largest economy. "We need more activities and ... [a] better framework for the German SMEs to invest in this country," he added. "A lot of family-owned companies ... have very operational plans to relocate," Russwurm said, adding that the current business conditions in Germany had created a "cocktail" of obstacles for companies.

Persons: Florian Gaertner, Manfred Knof, Knof, Siegfried Russwurm, CNBC's Annette Weisbach, Russwurm Organizations: Photothek, Getty, CNBC, Handelsblatt, Federal Ministry for Economic Affairs, Germany, German Industry Federation Locations: Boxberg, Neuliebel, Germany, Bavaria, Europe's

☆ Germany is struggling to move away from its ‘sick man of Europe’ image
▼ + stars: | 2023-08-24 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

Germany was first described with that moniker in 1998 as the country navigated the costly challenges of a post-reunification economy. The issues weighing on Germany's economy can be separated into "two very separate battles," Stefan Kooths, research director for business cycles and growth at the Kiel Institute for World Economy, told CNBC. "It is a different sickness [compared to] 20 years ago," Brzeski told CNBC. Energy obstaclesLike most of Europe, Germany's energy prices have been volatile following Russia's full-scale invasion of Ukraine. "Many Germany-headquartered businesses are doing well globally, but they are struggling with operations in their own country," Siegfried Russwurm, head of the German Industry Federation, told CNBC in June.

Persons: DANIEL ROLAND, aren't, it's, Holger Schmieding, Schmieding, Jasmin Groeschl, Stefan Kooths, Carsten Brzeski, China's, Brzeski, Groeschl, Joerg Kraemer, Kooths, Siegfried Russwurm Organizations: Frankfurt Cathedral, AFP, Getty, International Monetary Fund, Berenberg, CNBC, Europe, Allianz, Kiel Institute, World, ING Research, German Industry Federation Locations: Frankfurt, Germany, Europe, France, China, Kiel, Ukraine

☆ German energy prices are so high they're driving companies to relocate, industry body says
▼ + stars: | 2023-06-21 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

German energy prices are so high that some companies are considering leaving the country altogether, according to Siegfried Russwurm, head of the German Industry Federation (BDI). CNBC's Annette Weisbach asked Russwurm whether the ongoing energy situation was "bad enough" for companies to relocate, to which he responded: "It is indeed." "A lot of family-owned companies ... have very operational plans to relocate," Russwurm said, adding that the current business conditions in Germany had created a "cocktail" of obstacles for companies. "In my view Germany is an attractive location for both new and existing companies," Habeck said, according to a translation by CNBC. "Of course, materials industries are under pressure as a result of higher energy prices, but there are political decisions to be made."

Persons: Siegfried Russwurm, CNBC's Annette Weisbach, Russwurm, Robert Habeck, Habeck Organizations: German Industry Federation, Industry, CNBC Locations: Germany, Berlin

☆ High energy prices could drive German companies to relocate, industry body says
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigh energy prices could drive German companies to relocate, industry body saysSiegfried Russwurm, head of the German Industry Federation, discusses Germany's economic outlook as the country continues to tackle high energy prices.

Persons: Siegfried Russwurm Organizations: German Industry Federation

☆ 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

☆ Martina Merz seeking to step down as Thyssenkrupp CEO, shares tank
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

April 24 (Reuters) - Thyssenkrupp (TKAG.DE) Chief Executive Martina Merz, who launched the conglomerate's largest structural overhaul, is seeking to step down, the German industrial group said on Monday, without providing a reason for the move. Shares in the submarines-to-car parts firm plunged after the announcement and were down 9.2% at 1250 GMT. This is challenging, but necessary," Thyssenkrupp Chairman Siegfried Russwurm said. "Martina Merz has taken over a very difficult task at a challenging time and since then has initiated a fundamental change process at Thyssenkrupp with great commitment and expertise," Russwurm said. Reporting by Tristan Veyet in Gdansk, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ German industry association raises 2023 export growth forecast to 2%
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 15 (Reuters) - Germany's BDI industry association expects exports to grow by 2% in 2023, double its forecast in January, its president told the Rheinische Post newspaper in comments published on Saturday. "Things are looking up, but only slowly - we must not be satisfied with that," BDI President Siegfried Russwurm told the newspaper. Even with the improved outlook, Germany still lags behind the forecast for global trade of 2.5% export growth, according to BDI figures cited in the report. Export growth has slowed considerably since Germany's post-pandemic recovery. The BDI president said Germany was falling behind other countries where energy prices are not as high.

Scholz set off on the one-day trip, which unusually will not include a press delegation, late on Thursday. His visit comes days after Biden's security adviser, Jake Sullivan, said that Biden only sent Abrams tanks to Ukraine because Scholz made it a pre-condition for sending German Leopards. Berlin has insisted that Biden came to see it was necessary and so the decision was consensual. "The Biden administration will use the Scholz visit to try to shift Germany’s balance in the direction of stronger pushback." Scholz and Biden would discuss ongoing support for Ukraine, the upcoming NATO summit, and cooperation on the challenges posed by China and cooperation in the Indo-Pacific, U.S. officials said.

☆ High inflation here to stay for coming months, says German industry
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Inflation, which slowed slightly to 11.3% in November from a high of 11.6% the month prior, is no longer driven primarily by energy costs but by a host of factors, BDI President Siegfried Russwurm said in a survey of several industry associations. The ECB has raised interest rates by a combined 2.5 percentage points since July - its fastest pace of monetary tightening on record - to counter inflation. Russwurm said more measures would be decided on by the ECB, which the BDI expects to dampen investment activity. The heads of the ZDH German association for skilled trade and the DIHK chambers of industry and commerce also do not see inflation cooling off in the near term. "A noticeable slowdown in price increases is probably not to be expected until summer 2023," said ZDH Secretary General Holger Schwannecke.

☆ German businesses expect only mild recession as disruptions ease
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

There have been growing signs that the German economy could stave off the worst of an economic downturn triggered by a plunge in energy supply from Russia after the Ukraine invasion. Inflation slowed slightly to 11.3% in November from a high of 11.6% the month prior as energy prices eased. The Association of German Chambers of Industry and Commerce (DIHK) said there were many indications that supply chain disruptions were gradually easing. However, the DIHK warned that soaring energy prices and easing consumer sentiment were still clouding the outlook for 2023. The ZDH association of craftsmen echoed the DIHK, saying noticeably fewer orders were coming in for next year.

☆ Germany girds for gas supply pain, targets $93 billion price relief plan
▼ + stars: | 2022-10-09 | by ( Holger Hansen | ) www.reuters.com time to read: +4 min

Under a second stage of Germany's plan, the brake would cut the gas price to 12 cents from March through to the end of April 2024 on 80% of usage. For large industrial customers, a price brake of 7 cents is to apply to the procurement price from January 2023. Hans Juergen Kerkhoff, president of the German Steel Federation, said the scheme was a key building block to support companies during the energy crisis. Comparison portal Verivox said its calculations showed that the brake proposal would reduce household gas costs by around 41%. "The gas price brake is a very important first step that gives many companies back some confidence that they can overcome the crisis," VCI Managing Director Wolfgang Grosse Entrup said in a statement, calling for an electricity price brake as well.

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