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☆ How Russia's war has reshaped Ukraine's economy
▼ + stars: | 2023-07-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Ukraine's economy faces difficulties ranging from inflation to trade struggles due to war with Russia. Central bank data cited by The Brookings Institution show how Ukraine's trade deficit has expanded since the war started. Meanwhile, war-time government spending has far outpaced revenue, which has hamstrung Ukraine's ability to fund its economy. Ukraine inflation is easing amid war. “Consumer Price Indices,” National Bank of Ukraine, Brookings.

Persons: Vladimir Putin, It's, David Wessel, " Wessel, Wessel, Yuriy Heletiy, Sergiy Nikolaychuk, Putin Organizations: Service, Brookings Institution, National Bank of, Brookings, National Bank of Ukraine, The, Brookings . U.S, Ukraine Brookings, Kiel Institute, ” National Bank of Ukraine, Bloomberg, Ukrainian Locations: Russia, Central, Ukraine, Wall, Silicon, Brookings, National Bank of Ukraine, Odesa, Europe, United Kingdom, Ukrainian

☆ In Baltic Sea, citizen divers restore seagrass to fight climate change
▼ + stars: | 2023-07-26 | by ( Lisi Niesner | ) www.reuters.com time to read: 1 min

Filed: July 26, 2023, 10 a.m. GMTJust off the coast of Kiel in northern Germany, scuba divers use hand trowels to dig up emerald green seagrass shoots complete with roots from a dense underwater meadow, delicately shaking off the sediment before placing them in yellow bags. Back on land, they store the shoots in large cooling boxes, before heading out the next day to a barren area further north to replant them in circles. One diver holds a line, and the other uses it to navigate the murky waters and swim around him. They hope this painstaking work, part of a new project that trains local citizens to restore seagrass meadows in the Baltic Sea, can help tackle climate change.

Locations: Kiel, Germany, replant, Baltic

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

☆ Ukraine could have more battle tanks than Russia for the first time ever, new data suggests
▼ + stars: | 2023-07-08 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +3 min

Ukraine could have more tanks than Russia for the first time, new data suggests. A compilation of data from various sources suggests Ukraine currently has roughly 1,500 active tanks compared with around 1,400 for Russia, Bloomberg reported. While Ukraine's tank fleet has continued to grow, Russia's has been severely depleted. Ukraine has received 471 additional tanks since the war began last year, and a further 286 are still due to arrive, per data published by the Kiel Institute for the World Economy,During the conflict, Ukraine has lost 558 tanks and captured 546, data from open-source outlet Oryx suggests. It is also unclear how many old, retired tanks Russia has brought out, Bloomberg noted.

Persons: Russia's, Celestino Arce, Yohann Michel, Michel Organizations: Service, Bloomberg, International Institute for Strategic Studies, Kiel Institute, Getty, British, Russia, Ukraine Locations: Ukraine, Russia, Wall, Silicon, Ukraine's Kherson, Kyiv

☆ Only around half of heavy weapons committed to Ukraine have been delivered, experts say: 'The gap between promised and delivered military aid is wide'
▼ + stars: | 2023-07-07 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +4 min

Ukraine's allies have only sent it around half the heavy weapons promised, experts said. Ukraine's counteroffensive has moved slowly, and the country is requesting additional weaponry. "In general, only slightly more than half of the heavy weapons committed have been delivered. Christoph Trebesch, the head of the team creating the tracker, said "the gap between promised and delivered military aid is wide." Experts told Insider's Chris Panella last month that NATO allies' hesitation in giving it more weapons is likely hindering Ukraine's counteroffensive efforts.

Persons: —, Christoph Trebesch, Bradley IFVs, Valerii, Volodymyr Zelenskyy, Insider's Chris Panella Organizations: Service, Kiel Institute, Russian, Shadow, Russia, CNN, NATO Locations: Germany, Kiel, Ukraine, United States, Czech Republic, Slovenia, Poland, Slovakia, Russia

☆ What Sweden's submarines bring to NATO
▼ + stars: | 2023-07-03 | by ( Johan Ahlander | ) www.reuters.com time to read: +3 min

Sweden's key to keeping the waters navigable in a conflict is its world-leading submarine fleet, which analysts say holds some of the most advanced conventional submarines ever built. "The Swedish submarine fleet is well prepared for this environment and will add greatly to NATO's overall submarine capabilities in the Baltic," a NATO official told Reuters. "We have regional expertise, which fills a gap, expertise that NATO doesn't have," said Submarine Flotilla Commander Fredrik Linden. [1/5]The Swedish submarine HMS Gotland lies in a port at the naval base of Karlskrona, Sweden May 25, 2023. While submerged, conventional submarines run on battery power.

Persons: Fredrik Linden, Tom Little, Sebastian Bruns, Bruns, Sara Ledwith Organizations: NATO, Reuters, U.S navy's, REUTERS, Institute for Security, Kiel University, SAAB, Thomson Locations: KARLSKRONA, Sweden, Europe, Baltic, Russia, Germany, Swedish, Gotland, Karlskrona

"It's all about containing those kinds of capabilities from the north," retired U.S. Major General Gordon B. Davis Jr. told Reuters. "With five submarines we can close the Baltic Sea," Linden told Reuters. The region from the Baltic in the south to the high north may become almost an integrated operating area for NATO. It was first shipped from Germany across the Baltic Sea, then trucked nearly 900 km to the north. "It would make it very difficult for the Russian Baltic Sea fleet to operate in a free way," he said.

Persons: Mika Hakkarainen, Finland –, Major General Gordon B, Davis Jr, Fredrik Linden, Sweden's, Linden, Samu Paukkunen, Paukkunen, Sebastian Bruns, Michael Maus, Kurt Rossi, Rossi, Tuomo Lamberg, Bruns, Nick Childs, Anne Kauranen, Johan Ahlander, Jacob Gronholt, Sabine Siebold, Sara Ledwith Organizations: NATO, Reuters, Fleet, Finnish Institute of International Affairs, Major, Analysts, Northern Fleet, Kiel University's Institute for Security, NATO's, Transformation, Field Artillery, U.S . Army, Baltic, Commission, Security, Cooperation, Naval Forces and Maritime Security, International Institute for Strategic Studies, Fouche, Pedersen, Thomson Locations: TORNIO, Finland, KARLSKRONA, Sweden, Norway, Russia, Stockholm, Ukraine, Moscow, Europe, RUSSIA, Russian, Murmansk, Kola, Barents, North America, Greenland, Iceland, Helsinki, Baltic, Nord, Russia's, Denmark, Kiel, Rovaniemi, Santa Claus, United States, Britain, Germany, –, St, Petersburg, Kaliningrad, Sweco, Swedish, Gotland, Karlskrona, Oeland, London, Birmingham, Tornio, Oslo, Copenhagen, Brussels

☆ A lost medieval city that legend says was swallowed by the sea as punishment for its carnal sins mapped for the first time
▼ + stars: | 2023-06-04 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +3 min

The legend says that the city of Rungholt was destroyed as revenge for its inhabitants' sins. Researchers say such finds provide unparalleled insights into the lives of the North Frisian peopleTop editors give you the stories you want — delivered right to your inbox each weekday. Legend has it that the once thriving city, which now sits off the coast of northern Germany, was swallowed by the North Sea in a single night following a heavy storm as punishment for its inhabitants' sins. In medieval legends, the sound of its bell tower could be heard from the depths of the North Sea. The press release says that investigations into the tidal flats continued to "bring to light significant new finds" and provided unparalleled insights into the lives of the North Frisian people.

Persons: —, drunkards, Ralf Roletschek, Dennis Wilken, Hanna Hadler Organizations: Service, The Times, Christian, Albrecht University, Kiel University, Institute, Mainz University Locations: Rungholt, Germany, North, Wadden, Kiel

☆ The Pentagon made a $3 billion accounting blunder that could mean the US can send more arms to Ukraine, reports say
▼ + stars: | 2023-05-20 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +2 min

The Pentagon overvalued the cost of weapons sent to Ukraine by $3 billion, Reuters reported. Biden's administration could now send more weapons without having to get budget approval from Congress. The error was caused by the Pentagon using replacement costs to value the arms. The accounting error could enable the Department of Defense to send more weapons to Ukraine without the Biden administration needing to get budget approval from Congress, Reuters reported. Of this, just over 43 billion euros, or around $46.5 billion, was for military support.

☆ Former NATO commander warns the alliance must fully back Ukraine now or risk a direct war with Russia
▼ + stars: | 2023-05-18 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Sir Richard Shirreff said NATO could get pulled into the war if it didn't provide full support. He said that NATO was ill-prepared for the possibility of a direct war with Russia. This is a war not just against Ukraine; it's a war against the West," he said. Sir Richard Shirreff attends the Edinburgh International Book Festival on August 22, 2016 in Edinburgh, Scotland. And we're here again," said Sir Richard.

☆ Stalled Sister City Plan Reveals New German Wariness of China
▼ + stars: | 2023-05-10 | by ( Christopher F. Schuetze | ) www.nytimes.com time to read: +1 min

City officials in the northern German port of Kiel were flattered this year when the Chinese port of Qingdao — about 40 times its size — proposed partnering up as a sister city. The two cities had a history of cooperation dating to when the Germans helped their Chinese counterparts develop a sailing venue for the 2008 Olympics in Beijing. Almost too good, in fact, for security experts, who noted other, less innocent similarities. Kiel, home to about 250,000, hosts much of Germany’s Baltic naval fleet, Germany’s equivalent of the Navy SEALs, military research facilities and big shipbuilders making, among other things, six brand-new, state-of-the-art submarines. Qingdao, a city of more than nine million, is home to China’s North Sea fleet, a marine research academy and China’s main submariners school, which specializes in submarine hunting.

☆ China's 'Belt and Road' grew out of a lending spree. Now those loans may be its problem
▼ + stars: | 2023-04-14 | by ( Sumathi Bala | ) www.cnbc.com time to read: +8 min

Bloomberg | Getty ImagesAt its peak, China's Belt and Road Initiative was seen as the centerpiece of Beijing's engagement with the world. According to the report, China issued 128 emergency rescue loans worth $240 billion to 22 countries — including Pakistan, Sri Lanka and Turkey, among others. 'Trying to salvage Belt and Road'Chinese efforts to revamp Belt and Road have been underway since 2020, according to one observer. "A nod to the concern that many Belt and Road projects were not economically viable to begin with. "The increased indebtedness in many Belt and Road countries is a direct consequence of Beijing's overshooting in the pre-2020 phase," said Zhong.

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.

WASHINGTON, March 29 (Reuters) - The United States is working hard to counter China's influence in international institutions and in lending to developing countries, U.S. Treasury Secretary Janet Yellen said on Wednesday. Yellen said she was concerned by some of China's activities globally, particularly in lending to developing countries. China has lent hundreds of billions of dollars to build infrastructure in developing countries, but lending has tailed off since 2016 as many projects have failed to pay the expected financial dividends. China is negotiating debt restructurings with countries including Zambia, Ghana and Sri Lanka and has been criticised for holding up the processes. In response, it has called on the World Bank and International Monetary Fund to also offer debt relief.

☆ Belt and Road Initiative: China spending billions to bail out megaproject's debtors
▼ + stars: | 2023-03-28 | by ( Jessie Yeung | ) edition.cnn.com time to read: +6 min

For one, China’s loans are far more secretive, with most of its operations and transactions concealed from public view. The PBOC requires an interest rate of 5%, compared to 2% for IMF rescue loans, the study said. There is also public concern in some countries over issues like excess debt and China’s influence. Accusations that Belt and Road is a broad “debt trap” designed to take control of local infrastructure, while largely dismissed by economists, have sullied the initiative’s reputation. In January, Chinese Foreign Minister Qin Gang rejected the accusations of China creating a “debt trap” in Africa, a major recipient of Belt and Road investments.

REUTERS/Thomas Suen/File PhotoJOHANNESBURG, March 28 (Reuters) - China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building "Belt & Road" infrastructure, according to a study published Tuesday. People's Bank of China (PBOC) swap lines accounted for $170 billion of the rescue financing, including in Suriname, Sri Lanka and Egypt. China's rescue lending is "opaque and uncoordinated," said Brad Parks, one of the report's authors, and director of AidData, a research lab at William & Mary College in the United States. China is negotiating debt restructurings with countries including Zambia, Ghana and Sri Lanka and has been criticised for holding up the processes. In response, it has called on the World Bank and International Monetary Fund to also offer debt relief.

☆ Fears of European industry exodus to U.S. may be overdone
▼ + stars: | 2023-03-03 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +6 min

However, the risks are offset not only by the substantial existing European incentives, but also other factors - such as proximity to European consumers - that many companies cite as critical in their decisions. Think tank Bruegel says EU support is already on a par with, or even larger than, IRA money. Moreover, well over half of the IRA support is for renewable energy production, with local content requirements playing a very limited role. Some executives say rather than providing more subsidies, Europe needs to simply improve the way they are given. The United States is not a panacea for European firms, not least due to questions about what approach the next U.S. administration might take.

☆ War in Ukraine by the numbers: Mass deaths, billions in aid, thousands of destroyed tanks, and more stats that paint an image of Russia's unprovoked invasion
▼ + stars: | 2023-02-26 | by ( Kelsey Vlamis | Erin Snodgrass | Charles R. Davis | ) www.businessinsider.com time to read: +4 min

February 24, 2023, marked the one-year anniversary of Russia's invasion of Ukraine. Billions of dollars of aid has been sent, and Russia has lost about half its fleet of tanks. When his troops invaded on February 24, 2022, Russian President Vladimir Putin expected to quickly sweep through the country and capture Kyiv. Still, the cost of the war — in lives, dollars, and military equipment — has been high. AP Photo/Daniel ColeThe dead and woundedUkrainian refugees are seen after crossing into Poland on March 13, 2022.

☆ A year into the war, Ukraine and the West prepare for the biggest reconstruction since World War II
▼ + stars: | 2023-02-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

People help to clean up debris at a bus station damaged after a shelling, amid Russia's attack on Ukraine, in Kherson, Ukraine February 21, 2023. Lisi Niesner | ReutersOne year since the start of Russia's full-scale invasion, Ukraine's economy and infrastructure are in tatters, with the government and its allies planning the largest rebuilding effort since World War II. The International Monetary Fund estimates that the Ukrainian economy contracted by 30%, a less severe decline than previously projected. IMF Managing Director Kristalina Georgieva visited Ukraine this week, meeting with President Volodymyr Zelenskyy and NBU Governor Andriy Pyshnyy, among others. It is difficult to predict the size of this debt reduction as it depends on the state of the Ukrainian economy at the time the restructuring is agreed," Nasser said.

After Russia invaded Ukraine, the West formed what looked like an overwhelming global coalition: 141 countries supported a United Nations measure demanding that Russia unconditionally withdraw. South Korea Indonesia Israel Thailand Japan Saudi Arabia Philippines Afghanistan CambodiaBy contrast, Russia seemed isolated. Eritrea “Russian actions are being distorted” North Korea Russia Belarus Syria Eritrea “Russian actions are being distorted” North Korea Russia Belarus SyriaBut the West never won over as much of the world as it initially seemed. But like many other African countries, South Africa appears careful to balance its growing ties with Russia against maintaining a relationship with the West. Others that provided Ukraine with military support have declined to impose economic sanctions on Russia.

☆ A year after Russia’s invasion: How Ukraine endured
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +21 min

REUTERS/Valentyn OgirenkoIn the early hours of Feb. 24, 2022, tens of thousands of Russian soldiers entered Ukraine. By seizing the city of three million people, and capturing or killing Zelenskiy, Russia’s hope appeared to be that Ukraine would quickly surrender. By March 23, Russia’s advance had captured regions of Ukraine along the Belarus border but Ukraine’s forces had begun reclaiming territory near Kyiv. Satellite imagery of Russia’s military convoy near Invankiv, Ukraine, Feb. 28, 2022. The two sit on a bed, with a radio and teddy bears nearby., image Ukrainian civilians have endured The will of the people of Ukraine continues to be that they remain free.

☆ Here's how the wealthy skirt taxes with 'wash sales'
▼ + stars: | 2023-02-09 | 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 EmailHere's how the wealthy skirt taxes with 'wash sales'Paul Kiel, ProPublica reporter, joins 'Squawk Box' to discuss the history of 'wash sales,' understanding the tax policy, and more.

☆ U.S. remains biggest destination for German exports for eighth year in a row
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 1 (Reuters) - The United States remained the most important destination for German exports in 2022 for the eighth consecutive year. Exports of goods reached a record 156 billion euros ($169.31 billion) last year, according to Reuters calculations based on preliminary data from the German statistics office. German exports to the United States in 2022 were well above the previous record of 122 billion euros in 2021. German companies mainly supplied machinery, motor vehicles and automotive parts to the United States. Both the IfW and the DIHK assume that the United States will remain the most important customer for German goods for the foreseeable future.

☆ Kremlin: Putin open 'to contacts' with Germany's Scholz, RIA reports
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +2 min

Jan 29 (Reuters) - Russian President Vladimir Putin is open to contacts with German Chancellor Olaf Scholz though has no phone call scheduled with him, a Kremlin spokesman told the state RIA Novosti news agency on Sunday. The announcement, followed shortly afterwards by a U.S. pledge of M1 Abrams tanks to Kyiv, infuriated the Kremlin. "For now, there are no agreed talks (with Scholz) in the schedule. Putin has been and remains open to contacts," Kremlin spokesman Dmitry Peskov was quoted as saying by RIA Novosti. Putin and Scholz last spoke by phone in early December.

☆ Man stabs passengers on German train; 2 dead, 5 injured
▼ + stars: | 2023-01-25 | by ( Associated Press | ) www.nbcnews.com time to read: +1 min

BERLIN — A man fatally stabbed two people and injured five others on a train in northern Germany on Wednesday before being arrested, police said. Germany’s Federal Police force said the man used a knife to attack several passengers shortly before a regional train traveling from Kiel to Hamburg arrived at the Brokstedt station. The interior minister of Schleswig-Holstein state, Sabine Suetterlin-Waack, said the attack happened at about 3 p.m. local time. “We are shocked and horrified that something like this has happened.”Regional police and the federal police were on the scene and the prosecutor’s office was investigating the attack, NDR reported. The train station in Brokstedt was closed for several hours.

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