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☆ Germany’s auto giants are struggling to stay relevant
▼ + stars: | 2024-10-18 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

The latter appeared to hint at the Germany's waning influence over regional policy — a likely unthinkable notion only a few years ago. "The question is whether German car makers manage to adjust their product portfolios, change their organizations, and ramp up productivity quickly enough to preserve the status and relevance they had for decades." Brand loyaltyNot everyone is as concerned about the outlook for Germany's car industry. Sigrid de Vries, director general of the European Automobile Manufacturers' Association (ACEA), a car lobby group, said she finds it "really hard to believe" that Germany's auto sector is struggling to adapt to the electrification. Stephane Mouchmouche | Afp | Getty ImagesSome hope that this week's Paris Motor Show could prove to be a turning point for Europe's auto industry.

Persons: Julian Stratenschulte, Rico Luman, Robert Habeck, Luman, Chancellor Olaf Scholz, Germany's, Sigrid de Vries, de Vries, ACEA's de Vries, Porte, Stephane Mouchmouche, John Cooper, Julia Poliscanova, Poliscanova Organizations: VW, Getty, Volkswagen, Mercedes, Benz Group, BMW, Union, ICE, ING, CNBC, Federal, Economic Affairs, Emden ., EVs, Reuters, European Automobile Manufacturers ' Association, Paris, Automotive Summit, Porte de, Afp, John Cooper Works Electric, Transport, Environment Locations: Wolfsburg, Germany, China, Emden, German, Berlin, Europe, France, automaking, Paris

The United States is experiencing yet another divisive campaign season, but there may be a place where Americans can find calm and camaraderie: a vice presidential debate. "Saturday Night Live" followed up a historic, Season 50 premiere with more satire as Tuesday's debate between nominees for vice president, Sen. JD Vance, R-Ohio, and Democratic Gov. The "SNL" recreation had repertory player Heidi Gardner playing CBS News' Norah O'Donnell, who introduced the running mates. Walz, played by comedian Jim Gaffigan, is a former teacher and high school football coach tapped by Vice President Kamala Harris (Maya Rudoph) as her Democratic running mate. Vance (Bowen Yang) was asked by debate cohost Margaret Brennan (Chloe Fineman) how he'd address the crisis in the Middle East.

Persons: Sen, JD Vance, Tim Walz, Heidi Gardner, Norah O'Donnell, Walz, Jim Gaffigan, Kamala Harris, Vance, Bowen Yang, Margaret Brennan, Chloe Fineman, Margaret, he's, I'm, Donald Trump, Hitler, " Walz interjected, Rudolph's Harris, Harris, Douglas Emhoff, Andy Samberg, Joe Biden, Dana Carvey, Mary, I’m, Emhoff, Nate Bargatze, Coldplay Organizations: Democratic Gov, CBS, Democratic, SNL, NBC, NBC News Locations: States, R, Ohio, Minnesota, NBCUniversal

☆ I moved to Germany from the US with 4 kids. Here, I have a lot more time for myself.
▼ + stars: | 2024-09-30 | by ( Erin Liam | ) www.businessinsider.com time to read: +6 min

Celia Robbins relocated with her family to Berlin after her husband got a job in Germany. Last year, the kids and I moved to Berlin so they could attend international school. AdvertisementBack in the US, I had been helicopter-parenting my kids, having a lot of control over every aspect of their lives. I was beholden to my kids' schedule in the USI spent about two hours every day in the car, driving my kids to school or to a long list of extracurriculars. But here in Berlin, kids are expected to manage their own things and get themselves to places.

Persons: Celia Robbins, Robbins, she's, —, would've, he'd, Let's, I've, it's Organizations: Service, Embassy of, Cornell University, Rostock —, UN Locations: Berlin, Germany, American, United States, America, Ithaca , New York, Rostock, I'm, New York

☆ Commerzbank shares jump 17% after UniCredit buys 4.5% stake from the German government
▼ + stars: | 2024-09-11 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Commerzbank shares jumped on market open on Wednesday, after Italian bank UniCredit acquired a 4.5% stake in the Frankfurt-based lender from the German government. Commerzbank stock was up 17.5% at 9:37 a.m. London time. The stake acquisition marks the first step in Berlin's exit from its position in the German lender. The German government said it had sold around 53.1 million shares — or a roughly 4.49% tranche out of its 16.49% total shareholding — in Commerzbank for roughly 702 million euros ($775 million) to UniCredit. Also on Wednesday, the German lender said Commerzbank chief Manfred Knof will fulfil but not seek to renew his term after the end of his contract in December 2025.

Persons: Commerzbank, Eva Grunwald, UniCredit, Manfred Knof Organizations: UniCredit, Bank, CNBC Locations: Frankfurt, London, Commerzbank, Berlin, Milan

☆ Elon Musk seems to have built a 'mega rave cave' at Tesla's Berlin gigafactory
▼ + stars: | 2024-07-13 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Tesla appears to have opened a nightclub at its Berlin Gigafactory. Elon Musk first floated the idea of a "mega rave cave" at the factory in a 2020 social media poll. Berliners have been mocking the club on social media. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The company's Berlin Gigafactory appears to have opened its very own nightclub, according to social media posts.

Persons: Tesla, Elon Musk, Berliners, —, Berlin Gigafactory, Andre Thierig Organizations: Service, Party, Business Locations: Berlin

☆ Europe's climate ambitions thrown into doubt as Green vote collapses
▼ + stars: | 2024-06-10 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

That's significantly lower than the 71 seats the Greens/EFA secured when the green faction enjoyed its strongest ever showing five years ago. Nationalist and far-right parties — traditionally skeptical of climate issues — have also been vocal critics of green policies. Bas Eickhout Lead candidate for the Green PartyBas Eickhout, lead candidate for the Green Party, said that support for the far-right parties across the bloc could jeopardize Europe's progress on climate action. Green Deal 'cannot go back'Ahead of the vote, researchers warned that the outcome of the European elections was likely to put significant pressure on the European Green Deal, the region's showcase carbon neutrality program. Which means [the] Green Deal cannot go back, but we are prepared to give it this additional twist, which is a Green Deal, but taking care of the transitions," Marques told CNBC's Silvia Amaro.

Persons: Emmanuel Macron, —, we're, Eickhout, CNBC's Silvia Amaro, Ricarda Lang, Grünen, Terry Reintke, Omid, Reintke, Pedro Marques, Marques, Jorg Asmussen, Asmussen, CNBC's Annette Weisbach, John Macdougall Organizations: Afp, Getty, European Free Alliance, Greens, EFA, Democracy, European Union, European Conservatives, Social Democrats, Free Democrats, French, Union, Nationalist, Bas Eickhout, Green Party, Green, Green Deal, Socialist, Democrats Group, German Insurance Association Locations: The Hague, Germany, Austria, France, Bas, China, United States, Europe, European, Berlin's Columbiahalle, Denmark, Netherlands, Sweden, Finland, Croatia, Latvia, Slovenia, Lithuania, EU, den Linden, Berlin

☆ Get ready to make less money off your investments, says a private equity executive
▼ + stars: | 2024-06-06 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Apollo's Scott Kleinman warned of a "dry spell" for investors as deals from a friendlier era unwind. Managers must adjust financial projections from deals done in the zero-interest rate era. AdvertisementA leading private equity executive just warned that investors are in for a "pretty dry spell for a few years." "I'm here to tell you everything is not going to be OK," Scott Kleinman, the co-president of Apollo Global Management, said at a session during Berlin's SuperReturn International conference on Wednesday. Managers have to adjust their financial projections for deals struck in the looser world of zero interest rates, when financing was cheap and consumers spent more.

Persons: Apollo's Scott Kleinman, —, Scott Kleinman, Berlin's Organizations: Investors, Service, Apollo Global Management, Business

☆ Airbus showcases 'Wingman' jet-like stealth drone concept at giant aerospace show in Berlin
▼ + stars: | 2024-06-06 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

An Airbus Wingman air combat drone stands on display at the 2024 ILA Berlin Air Show on June 05, 2024 in Schoenefeld, Germany. Airbus this week revealed the concept for a new fighter-type drone, called Wingman, and showcased a model of it at Berlin's massive ILA Air Show. The drone would be an "unmanned escort for manned fighter jets," Airbus said in a statement, noting that it is designed to operate in a similar way to an actual wingman. In aviation, a wingman is a pilot in a secondary aircraft that supports and protects the primary one. The drone, which can be commanded by fighter jet pilots, can be deployed on riskier missions which could post a threat to manned aircraft.

Organizations: Airbus, ILA Air Locations: Schoenefeld, Germany

☆ How Berlin's techno scene came to define the post-wall city and earn UNESCO cultural heritage status — with a little help from Detroit
▼ + stars: | 2024-04-28 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +7 min

Berlin's techno scene was recently added to the UNESCO intangible cultural heritage list in Germany. The impact on Berlin's identity has been so significant that it has now received official recognition, with the city's techno scene recently added to UNESCO's intangible cultural heritage list in Germany. Dimitri HegemannWhen Dimitri Hegemann first entered the space that was to become the original site of Tresor, now one of Berlin's most iconic techno clubs, he was silent. A DJ performing during the Rave The Planet techno parade in Berlin, 2023. Lutz Leichsenring, a board member at the Clubcommission, told BI that the recognition was a "milestone for Berlin techno producers, artists, club operators and event organizers."

Persons: —, Dimitri Hegemann, Hegemann, Jeff Mills, Juan Atkins, Christian Ender, Nathan Rennolds Polish, Jennifer Kucza, Sean Gallup, Berliners, Lutz Leichsenring Organizations: UNESCO, Service, Business, BBC, Reuters, Berlin Locations: Germany, Berlin, Tresor, Detroit, New, —

☆ I raised my son in Germany until he was 6. Now, we're back in the US, and my family is going through reverse culture shock.
▼ + stars: | 2024-04-19 | by ( Liz Humphreys | ) www.businessinsider.com time to read: +6 min

Liz Humphreys moved to Europe with her husband and raised her son in Berlin until he was 6. AdvertisementMy family has been back in New York City for a year and a half, and we're still struck by all the "rules" surrounding kids here. JF GrossenBerlin was affordable for raising a family and had great childcareIn 2012, my husband and I moved to Europe from New York City for work. He also had difficulty adjusting to all of the structure around the school day. In the 2024 Safety Index by Global Residence Index, Berlin ranked 46, while New York City was 107.

Persons: Liz Humphreys, —, Prenzlauer Berg, resignedly, we're, JF Grossen, it's, I've Organizations: Service, JF, London —, Berlin, New Locations: Europe, Berlin, New York, Prenzlauer, playdates, New York City, Amsterdam, London, Germany, Manhattan, Kita, Germnay

☆ Rising temperatures and floods leave cities with hefty bills. Startups are working to help them adapt to climate risks.
▼ + stars: | 2024-03-26 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +10 min

All of this has given rise to climate adaptation, a sector that aims to mitigate against and adapt to the risks associated with climate change. For James Brennan and Navjit Sagoo, two of the scientists behind climate risk analytics startup Climate X, it is imperative that adaption efforts go hand in hand with those working to curb rising temperatures. Indeed, Bank of America analysts predicted the climate adaptation industry would be worth $2 trillion a year by 2026. Climate X made its calculations based on the UN's Intergovernmental Panel on Climate Change's RCP8.5 scenario, which has been deemed to be a "very high" baseline for emissions. Mike Segar/ReutersAll hands on deckThe need for climate adaptation is clear but often overlooked until an extreme weather event occurs, according to Landesman and Chaudhury.

Persons: —, James Brennan, Navjit Sagoo, Abrar Chaudhury, Autarc, Bill Gates, Tucker Landesman, Helge Jørgensen, Mike Segar, Brennan, Sagoo Organizations: Service, Business, Bank of America, Climate, X, Deloitte, University of Oxford's, Business School, New York Times, New, London, Fabian Society, Tech, Breakthrough Energy Ventures, Goldman Sachs, Management, Air, International Institute for Environment, Development Locations: London, New York City, New York, California, Autarc , Massachusetts, Medellin, Colombia, Europe, PitchBook, Mamaroneck, Westchester County , New York, U.S

☆ Fintech Naro wants to take advantage of Europe's ETF boom. Check out the 10-slide pitch deck it used to raise $3 million.
▼ + stars: | 2024-03-14 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Naro, a German fintech startup, has raised $3 million in pre-seed funding. Cologne-based Naro, founded in 2022, wants to take advantage of the boom in exchange-traded funds — or ETF — products in Europe to offer white-label services to various banks, funds, and brokers. Naro's pre-seed funding round was led by Berlin's La Famiglia alongside Discovery Ventures, plus investment from Robin Capital, Angel Invest, and various angels. Funding will go towards expanding the startup's current team of 10 staff as it looks to partner with potential customers looking to build out products within their existing infrastructure. Naro's business plan subsequently changed from its original slides, you can see a version of its pre-seed pitch deck below:

Persons: Chris Püllen, Püllen, Naro's, Berlin's La Organizations: Business, Trade Republic, Discovery Ventures, Robin Capital, Angel Invest, Credit Suisse Locations: Naro, Cologne, Europe, Germany

☆ German warship accidentally opened fire on an American drone, nearly costing the US another Reaper in its Red Sea fight
▼ + stars: | 2024-02-29 | by ( Jake Epstein | Ryan Pickrell | ) www.businessinsider.com time to read: +5 min

A German warship accidentally tried to shoot down a US military combat drone this week. The frigate Hessen targeted the MQ-9 Reaper as it was on a mission around the Red Sea, a US official said. AdvertisementA German warship accidentally targeted an American combat drone that was operating around the Red Sea earlier this week, but a malfunction spared the US from losing another Reaper drone. A missile launches from a US Navy destroyer in the Red Sea earlier this month. Screengrab/US Central Command via XMeanwhile, with this week's engagements — which saw Germany shoot down the two Houthi drones — Berlin joins the US, UK, and France in eliminating deadly threats launched by the rebels.

Persons: —, Boris Pistorius, Sina Schuldt, Aspides, Dwight D Organizations: Service, Berlin's, Airmen, Squadron, Nevada, Air, Bomb, US Air Force, Victoria, US Central Command, Hessen, Getty, Hellfire, Prosperity Guardian, EU, US Navy, Central Command, Eisenhower Carrier Strike Locations: Hessen, American, Sachsen, Germany, Red, Yemen, Russia, France

☆ Opinion: What it means to be born Black in Germany
▼ + stars: | 2024-02-28 | by ( Opinion Josephine Apraku | ) edition.cnn.com time to read: +11 min

It is hard to group Black Germans — sometimes also referred to as Afro-Germans — under one umbrella; there is no one description that encompasses the diversity of Black people here. The same year I was born, a seminal work about Black Germans, “Showing Our Colors: Afro-German Women Speak Out,” was published. I think that these are precisely the times when Black community, Black alliances and Black spaces are so important. In 2020, the Black Student Union at the University of Bremen renamed February “Black Our Story Month,” and has been holding Black History Month events every year since, creating visibility for the complexity of Black experiences. The Black community in Germany celebrated its first Black History Month in 1990.

Persons: Josephine Apraku, I’m, I’ve, ” Josephine Apraku Dahahm Choi It’s, there’s, ” Josephine Apraku, ”, Christian Mang, Audre Lorde, Lorde, Roma, Sinti, — that’s, Steffi Loos, Schwarzer, George Floyd, Black, — Organizations: African Studies, CNN, Berlin CNN, Black, Africa, Free University of Berlin, CDU, Christian Democratic Union, Black Student Union, University of Bremen, ISD, of Black People, White Locations: Berlin, Germany, Black, East Germany, Angola, Ethiopia, Mozambique, German, Ghana, Europe, Territories, Namibia, Rwanda, Burundi, Tanzania, Cameroon, Togo, ” Josephine Apraku Germany, France, Belgium, Great Britain, United States, Tiergarten, Black Germans, Deutschland

☆ Germany's Scholz commits to spending 2% on defense 'in the 2020s, in the 2030s and beyond'
▼ + stars: | 2024-02-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

German Chancellor, Olaf Scholz arrives for the weekly federal government cabinet meeting on Oct. 11, 2023 in Berlin, Germany. MUNICH, Germany — German Chancellor Olaf Scholz on Saturday reaffirmed Berlin's commitment to spend 2% of the national gross domestic product (GDP) on defense, this year and over the longer term. "Germany will invest 2% of its GDP on defense in the 2020s, in the 2030s and beyond," Scholz told the Munich Security Conference. It comes as NATO members across Europe have committed to upping their defense spending. Eighteen of the US-led military alliance's 31 members will meet the 2% spending target this year, NATO Secretary-General Jens Stoltenberg said on Wednesday.

Persons: Olaf Scholz, Scholz, Jens Stoltenberg, Stoltenberg, Donald Trump Organizations: Munich Security, Reuters, NATO Locations: Berlin, Germany, MUNICH, Europe, Russia

☆ London lags behind rest of Europe when it comes to 5G network quality, report finds
▼ + stars: | 2024-02-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

London falls far behind other major European cities when it comes to the quality of its 5G connection, according to a report shared with CNBC. According to MedUX, Berlin has the best 5G coverage of any European city overall, according to MedUX, with a 89.6% reach. It is also the best city overall for 5G streaming, with average latency of less than 40 milliseconds. Berlin, Barcelona, and Paris scored the highest among European cities on MedUX's overarching 5G quality benchmark. London, on the other hand, was close to the bottom of the ranking for European 5G networks.

Persons: MedUX, Berlin's, Rafael Galarreta, Galaretta Organizations: CNBC, London, Paris, 5G Locations: Reno, London, Europe, Berlin, Barcelona, Paris, Lisbon, MedUX, Milan, Porto, Munich, Germany

Berlin's Zoo Is Mourning Ingo the Flamingo, Who Died at What's Believed to Be the Age of 75The Berlin Zoo is mourning Ingo the Flamingo, its oldest resident, who died at what is thought to be 75 years of age

Persons: Ingo, Flamingo Locations: Berlin's

It's the kind of obstruction of key policy objectives for which Orbán has become notorious within the European Union. “We are the sand in the machinery, the stick between the spokes, the splinter under the fingernail,” Orbán said in a speech to tens of thousands of supporters in 2021. Now, frustrated EU officials are trying to determine what Orbán seeks to achieve with his obstructionist strategy, and how they might overcome it. But with his veto power, the nationalist leader will have plenty of further opportunities to sow discord within the EU. Widely considered to be Russian President Vladimir Putin’s closest ally in the EU, Orbán has been accused by his critics of promoting Moscow’s interests over those of his EU and NATO allies, and of preparing to lead his country out of the EU entirely.

Persons: —, Viktor Orbán, Orbán, ” Orbán, Donald Tusk, “, ”, Péter Krekó, ” Krekó, “ Orbán, Daniel Freund, Freund, it’s, he's, Donald Trump, Joe Biden, “ He’s, he’s, Krekó, Vladimir Putin’s Organizations: NATO, European Union, EU, Conservative Political, Green, United, U.S, Trump, Germany, Political Locations: BUDAPEST, Hungary, Brussels, Polish, Ukraine, Budapest, Germany, France, Italy, Europe, United States, Washington, Netherlands, Union

☆ Tractors Converge on Berlin for Farmers' Protest
▼ + stars: | 2024-01-14 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

BERLIN (Reuters) - Farmers and their tractors rumbled towards Berlin from every corner of Germany on Sunday ahead of a giant protest demanding a rethink of plans to tax farmers more. But farmers, with the vocal backing of the opposition conservatives and the far-right, say this does not go far enough. "Farmers will die out," said farmer Karl-Wilhelm Kempner on Sunday as he boarded a bus in Cologne heading for the demonstration. Finance Minister Christian Lindner will address the protest and coalition party leaders have invited leaders of the demonstrations for talks. Disruption caused by protests and train strikes last week hurt coalition parties in the polls and propelled the far-right Alternative for Germany party to new heights.

Persons: Chancellor Olaf Scholz's, Karl, Wilhelm Kempner, Christian Lindner, Scholz, We've, Thomas Escritt, Ros Russell Organizations: BERLIN, Farmers, Finance Locations: Berlin, Germany, Berlin's, Cologne

☆ Germany leaps to the defense of Israel at the International Court of Justice, rejects South Africa's accusation of Gaza genocide
▼ + stars: | 2024-01-13 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

The German government rejected South Africa's genocide allegations against Israel at the ICJ. Germany is set to intervene on Israel's behalf at the international court. "The German government decisively and expressly rejects the accusation of genocide brought against Israel before the International Court of Justice," Hebestreit said. Germany will be allowed to present its own case disputing South Africa's allegation of genocide against Israel, according to reports. The Israeli defense called South Africa's accusations of genocide "baseless, arguing that the stated aim of Israel was the destruction of the Hamas terrorist organization and liberating the hostages that remained imprisoned in Gaza.

Persons: Israel, Israel's, Netanyahu, Olaf Scholz, —, Steffen Hebestreit, Adolf Hitler's Nazi, Hebestreit, Benjamin Netanyahu, Scholz, Adila, Al Jazeera Organizations: ICJ, Service, Hague, International Court of Justice, Federal Government, Genocide, Israel, Getty, Israel's, Minister's Locations: South, Germany, South Africa, Hague's, Israel, Hamas, Be'eri, Gaza

☆ Benko's complex web at Signa - from Chrysler building to Berlin landmark
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +6 min

SIGNA PRIME/PROPERTY PORTFOLIOAccording to Signa, Prime is the group's largest company in its real estate division, valued at around 20.4 billion euros ($22.23 billion). Since 2019 Signa Holding has also been a co-owner of New York's iconic Chrysler Building. TRADING/RETAIL COMPANIESBenko has bundled his trading interests under the divisions Signa Retail and Signa Premium. In Switzerland, Benko's trading investments are bundled into Signa Retail Selection AG, which filed for bankruptcy protection on Wednesday. In 2018, Signa Holding bought around 24% stake in Austrian daily newspapers "Krone" and "Kurier" from Funke media group.

Persons: Lisi Niesner, Rene Benko, Ernst Tanner, Hans Peter Haselsteiner, Torsten Toeller, Arthur Eugster, SIGNA, Signa, Otto Wagner, Benko's, Klaus, Michael Kuehne, Kuehne, Hamburg's, Chirathivat, Benko, Frasers, Kaufhof, Karstadt, Galeria, Alexandra Schwarz, Goerlich, Mattias Inverardi, Victoria Farr, Emma, Rachel More, Elisa Martinuzzi, Tomasz Janowski Organizations: Signa, REUTERS, Chrysler, Bank Austria, Femina, Chrysler Building, . Central Group, Globus, Selfridges, Central Group, Funke, Thomson Locations: Berlin, Germany, New, Britain's Selfridges, Innsbruck, Swiss, Vienna, Hamburg, KaDeWe, Oberpollinger, Munich, Vienna's, Tyrol, Essen, Duesseldorf, London, Switzerland

☆ Signa group's SportScheck retailer to file for insolvency - reports
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

'SportScheck' store is seen closed due to the coronavirus disease (COVID-19) pandemic in Munich, Germany, February 5, 2021. REUTERS/Michaela Rehle/File Photo Acquire Licensing RightsBERLIN, Nov 30 (Reuters) - German sporting goods retailer SportScheck, part of the debt-addled Austrian property empire Signa, will file for insolvency with a court in Munich on Thursday, the DPA news agency and other German media reported. The court was not immediately available for comment and SportScheck was not reachable. Signa declared insolvency on Wednesday after last-ditch attempts to secure fresh funding failed, making it the biggest casualty so far of a property crash in Europe driven by a sharp rise in interest rates and building costs. Reporting by Matthias Inverardi and Rachel More, editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

Persons: Michaela Rehle, SportScheck, Matthias Inverardi, Rachel More, Kirsti Organizations: REUTERS, Rights, Thomson Locations: Munich, Germany, Europe

☆ Scholz, Zelenskiy Discuss Military Support, Push for Peace -Berlin
▼ + stars: | 2023-11-30 | by ( Nov. | At P.M. | ) www.usnews.com time to read: 1 min

BERLIN (Reuters) - German Chancellor Olaf Scholz reiterated Berlin's unwavering support for Ukraine in a telephone call with President Volodymyr Zelenskiy on Thursday, a government spokesperson in Berlin said. The two leaders agreed to continue their exchange, "also with a view towards the global support for a peaceful solution" to the conflict, the spokesperson said in a statement. Zelenskiy, in his nightly video address, said he expressed thanks for assistance in telephone calls with Scholz, British Prime Minister Rishi Sunak and Bulgarian Prime Minister Nikolai Denkov. Our agreements...are all being implemented," Zelenskiy said. (Writing by Rachel More, editing by Thomas Escritt and Ron Popeski)

Persons: Olaf Scholz, Volodymyr Zelenskiy, Zelenskiy, Scholz, Rishi Sunak, Nikolai Denkov, Rachel More, Thomas Escritt, Ron Popeski Organizations: BERLIN, Ukraine, British, Bulgarian Locations: Berlin

☆ Germany slides deeper into budget crisis. Here's what you need to know
▼ + stars: | 2023-11-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +4 min

Germany didn't get to this point overnight, however — in ways, the roots of the current crisis even predate the pandemic. The government took on emergency debt to try to stem the impact the pandemic had on its budget through a temporary debt brake suspension. And so, the current coalition government decided to re-allocate it to finance policies aimed at climate change and a greener, more sustainable economy. Some observers (and several Green party members), have suggested that the climate crisis is as much of an emergency as the pandemic. But the court's ruling stands, and Germany's budget now has a 60-billion-euro ($65 billion) hole.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Sean Gallup, Germany didn't, fumbling, Jan Techau, Mujtaba Rahman, Jens Larsen Organizations: Finance, Getty, Greens, Free Democratic Party, Eurasia Group Locations: Berlin, Germany

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

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