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Search resuls for: "Stefan Kooths"


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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
London CNN —It’s been nearly two decades since Germany shrugged off its “sick man of Europe” label with a series of labor market reforms that ushered in years of economic outperformance. Sticky inflation and three straight quarters of falling or stagnating output have put Europe’s biggest economy in the doldrums. “Sticky” inflation is eroding Germans’ purchasing power, fueling “pessimism among households,” according to Thomas Obst, senior economist at the Cologne Institute for Economic Research. “[German] industrial order books have emptied over the last 12 months,” Carsten Brzeski, global head of macroeconomic research at ING, told CNN. “Germany is in a very singular position.”Bright spotsHolger Schmieding, the economist who first called Germany the “sick man of Europe” in 1998, thinks the “current wave of pessimism” over its economy is overdone.
Persons: London CNN — It’s, Stefan Kooths, Europe ”, Kooths, Thomas Obst, Obst, , Klaus Wohlrabe, Frank Soellner, ” Carsten Brzeski, Sam Reeves, Brzeski, David Hecker, Holger Schmieding, Schmieding, Organizations: London CNN, International Monetary Fund, Kiehl Institute, Cologne Institute, Economic Research, CNN, European Central Bank, ifo, Volkswagen, Siemens, Global, ING, Getty, China Locations: Germany, Europe, Berlin, ifo, Bad, China, Duisburg, AFP, Ukraine, Australia, France
Almost half a trillion dollars, and counting, since the Ukraine war jolted it into an energy crisis nine months ago. The money set aside stands at up to 440 billion euros ($465 billion), according to the calculations, which provide the first combined tally of all of Germany's drives aimed at avoiding running out of power and securing new sources of energy. That equates to about 1.5 billion euros a day since Russia invaded Ukraine on Feb. 24. Energy rationing is a risk in the event of a long cold spell this winter, Germany's first in half a century without Russian gas. There's no security in sight either, with the push to build up of two alternatives to Russian fuel - liquefied natural gas (LNG) and renewables - years away from targeted levels.
Rocketing energy costs are savaging German industry
  + stars: | 2022-10-07 | by ( Anna Cooban | ) edition.cnn.com   time to read: +9 min
“We don’t need a crystal ball to see a further weakening of German industry in the coming months. The full impact of higher energy prices will only be felt in the last months of the year,” he said. Energy prices started rising last fall, and then shot even higher when Russia invaded Ukraine in late February, sparking an energy standoff between Europe and Moscow. Energy costs at Prysmian’s six German factories are expected to soar to €20 million ($20 million) this year from just €5 million ($5 million) in 2021. “German industry, the so-called ‘Mittlestand’, the small and medium [sized] companies, are quite resilient and adaptable,” he said.
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