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Krisztian Bocsi | Bloomberg | Getty ImagesDonald Trump's election as U.S. President could mark yet another major blow for the struggling German economy. The print came after the German economy ministry in October said it was now expecting the country's economy will contract, rather than grow this year. Trump's victory could make matters worse. Reliance on exportsThe German economy is heavily reliant on exports — and Trump is set to slap tariffs and other restrictions on imports. The German statistics office Destatis last month said that the U.S.' importance as a trading partner for Germany has been growing.
Persons: Olaf Scholz, Germany's, Krisztian Bocsi, Donald Trump's, Moritz Schularick, Trump, Schularick, ifo, Morningstar DBRS, Lisandra Flach Organizations: Bloomberg, Getty, PMI, P Global, Hamburg Commercial Bank, Kiel Institute, Trump, Reliance, China, Beijing, Destatis, ifo Center, International Economics, European Union, EU Locations: Berlin, Germany, Federal Republic of Germany, Europe, U.S
Reuters —Germany plans to halve its military aid to Ukraine next year, despite concerns that US support for Kyiv could potentially diminish if Republican candidate Donald Trump returns to the White House. German aid to Ukraine will be cut to €4 billion ($4.35 billion) in 2025 from around €8 billion in 2024, according to a draft of the 2025 budget seen by Reuters. Germany has faced criticism for repeatedly missing a NATO target of spending 2% of its economic output on defense. Days after Russia’s 2022 invasion of Ukraine, Chancellor Olaf Scholz announced a “Zeitenwende” – German for historic turning point - with a €100 billion special fund to bring the military up to speed. The defense budget is set to receive a meagre €1.3 billion more than in 2024, far below the €6.7 billion requested by Pistorius.
Persons: Donald Trump, Christian Lindner, Trump, JD Vance, Olaf Scholz, Kay Nietfeld, Chancellor Olaf Scholz, Boris Pistorius, Pistorius . Scholz, Zelensky, John MacDougall, , , Ingo Gaedechens Organizations: Reuters, House, Group, German, Washington, Ukraine, Trump, NATO, Social Democrats, Greens, Defense, Getty, CDU Locations: Germany, Ukraine, , Europe, United States, Russia, Irpin, Kyiv, Berlin
Poland to spend around $2.5 billion on securing eastern border
  + stars: | 2024-05-18 | by ( ) www.cnbc.com   time to read: +2 min
Donald Tusk, Prime Minister of Poland, speaks during a press conference where Polish PM announces resignation of four ministers and nominees for the future positions in Chancellery of Polish Prime Minister in Warsaw, Poland on MAy 10, 2024. Poland will invest 10 billion zlotys ($2.55 billion) in a program to secure its eastern border, the prime minister said on Saturday, in a bid to bolster its defenses against what it says is a rising threat from Russia and Belarus. "We have decided to invest 10 billion zlotys in our security, and above all in a secure eastern border," Prime Minister Donald Tusk told a news conference. "We are starting a major project to build a secure border, including a system of fortifications as well as landscaping and environmental decisions that will make this border impossible to pass for a potential enemy." Tusk had announced plans to strengthen the eastern border earlier in May, but without giving details.
Persons: Donald Tusk, Tusk Organizations: Polish, European Union, Minsk, European Investment Bank, Sky Locations: Poland, Warsaw, Russia, Belarus, Poland's, Minsk, Russian, Europe, Ukraine, Moscow, Belarusian, Germany
CNN —Ecuadorian police stormed the Mexican embassy in Quito on Friday night to arrest a former vice president seeking asylum there, in an escalation of tensions that Mexico decried as “an outrage against international law.”Mexico’s foreign minister said the country would break off diplomatic relations with Ecuador after the arrest of former Ecuadorian Vice President Jorge Glas. The rift between the two Latin American countries had been growing since Mexico’s decision to grant political asylum to Glas, Ecuador’s former vice president under leftist ex-President Rafael Correa between 2013 and 2017. “It is impossible for them to violate the diplomatic premises as they have done.”Former Ecuador Vice President Jorge Glas speaks during an interview at his office in Quito on September 12, 2017. Dolores Ochoa/APA spokesperson for Mexico’s Secretary of Foreign Affairs Alicia Bárcena told CNNE that the country is “breaking” diplomatic relations with Ecuador and immediately removing all diplomatic personnel from the country. Mexico plans to lodge a complaint with the International Court of Justice to denounce the Ecuadorian police’s actions, she added.
Persons: , Jorge Glas, Ecuador’s, Rafael Correa, Glas, Andrés Manuel López Obrador, , X, ” Roberto Canseco, ” Canseco, Dolores Ochoa, Foreign Affairs Alicia Bárcena, CNNE, Bárcena, Canseco, Lopez, Fernando Villavicencio’s Organizations: CNN, Ecuadorian, Foreign Affairs, International Court of Locations: Quito, Mexico, Ecuador, Glas, , Mexican, Ecuadorian
One key concern is that Ukraine may need on-the-ground help from German soldiers to work the Taurus missiles — a red line for Scholz. Since last November, the CDU has repeatedly tabled votes on sending Taurus missiles to Ukraine in Germany's parliament and failed. Annalena Baerbock, Green party foreign secretary, meanwhile, discussed Taurus missiles with U.K. foreign minister David Cameron. Separately, a high-profile Green party MP joined forces with a prominent CDU politician to pen an op-ed advocating for the delivery of Taurus missiles. "Unfortunately the Taurus debate keeps sucking up all the oxygen in the room, repeating itself over and over again.
Persons: Olaf Scholz, Macron, Tusk, Christoph Soeder, Scholz, Chancellor Scholz, Frank Sauer, Annalena, David Cameron, Ulrike Franke, MBDA, Matthias Balk, Sauer, Franke Organizations: Polish, Federal, Getty, Taurus, Bundeswehr, Russia, Christian Democrats, Free Democrats, Greens —, Scholz's Social Democrats, CDU, Greens, Social Democrats, University of, Metis Institute for Strategy, Foresight, CNBC, European Council, Foreign Relations Locations: Ukraine, Germany, Russia, Germany's, Taurus, Bundeswehr Munich, Green, Swedish, Berlin
BERLIN, GERMANY - NOVEMBER 15: German Finance Minister Christian Lindner gives a statement to the media at the Chancellery following the weekly government cabinet meeting on November 15, 2023 in Berlin, Germany. "I know what some of you are thinking, Germany probably is a sick man. Germany is not the sick man," Christian Lindner told World Economic Forum delegates at a Bloomberg panel on Friday. References to Germany as the "sick man of Europe" resurfaced last year. The "sick man" title had first been used to describe Germany's economy in 1998 as the country navigated the costly challenges of a post-reunification economy.
Persons: Christian Lindner, Sean Gallup, Lindner Organizations: German Finance, German, Court, Getty, Economic, Bloomberg Locations: BERLIN, GERMANY, Berlin, Germany, Europe
Analysts believe Germany's budget crisis will mean tougher fiscal policy in the largest euro zone economy in 2024, which could add to pressure on less wealthy members of the bloc to keep a tighter grip on their finances. Italian 10-year bonds currently yield around 173 basis points more than German debt , 38 bps less than a year ago, while the gap between Portuguese and German yields has narrowed by 34 basis points. French bonds meanwhile yield 58 bps more than German, 5 bps more than a year ago. Analysts argued the German public may be unwilling to accept a tightening of domestic fiscal policy without a blanket approach across Europe - meaning a tougher scenario for the periphery. Bondholders are meanwhile banking on the European Central Bank cutting interest rates in a few months, which should support euro zone peripheral debt.
Persons: Giorgia Meloni, Olaf Scholz, Fabrizio Bensch, Ruben Segura, BofA's Segura, Cayuela, Felix Hubner, Massimiliano Maxia, Stefano Rebaudo, Catherine Evans Organizations: Italian, REUTERS, Germany, Union, Northern, European Commission, UBS, Analysts, European Central Bank, JPMorgan, ECB, Allianz Global Investors, bps, Thomson Locations: Berlin, Germany, Italy, Cayuela, European, Greece, Spain, Europe
Turkish President Tayyip Erdogan attends a press conference with German Chancellor Olaf Scholz (not pictured) at the Chancellery in Berlin, Germany, November 17, 2023. REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsANKARA, Nov 28 (Reuters) - Turkish President Tayyip Erdogan on Tuesday told United Nations Secretary General Antonio Guterres that Israel must be held accountable in international courts for what he called war crimes it committed in Gaza, the Turkish presidency said. Israel has mounted an offensive by air and ground against Hamas militants in Gaza in which more than 15,000 people have been killed, according to Gaza health authorities. "During the call, President Erdogan said Israel continues to shamelessly trample on international law, the laws of war, and international humanitarian law by looking in the eyes of the international community, and it must be held accountable for the crimes it committed in front of international law," it said in a statement. Erdogan has called the Israeli attacks on Gaza a genocide and accused Israel of being a "teror state".
Persons: Tayyip Erdogan, Olaf Scholz, Liesa, General Antonio Guterres, Erdogan, Guterres, Israel, Hakan Fidan, Alison Williams, Angus MacSwan Organizations: REUTERS, Rights, Tuesday, United Nations, Security, Wednesday, . Security, Arab League, of Islamic Cooperation, European Union, Israel, Thomson Locations: Berlin, Germany, Rights ANKARA, Israel, Gaza, New York, Turkey, United States, European, Spain, Belgium
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
Last week, the Turkish parliament's foreign affairs commission delayed a vote on Sweden's NATO membership bid in order to hold further talks on the subject. NATO foreign ministers will meet in Brussels on those days, Nov. 28-29, a gathering that some in the Western defence bloc had hoped would mark Sweden's accession. The Turkish Foreign Ministry was not immediately available for comment. Both Sweden and Finland had requested to join NATO in May last year following Russia's invasion of Ukraine. While NATO member Hungary also has not ratified Sweden's membership, Turkey is seen as the main roadblock to Sweden's accession.
Persons: Tayyip Erdogan, Olaf Scholz, Liesa, Finland's, Erdogan, Ezgi Erkoyun, Leslie Adler Organizations: REUTERS, Rights, NATO, Turkish Foreign Ministry, Nordic, Kurdistan Workers, European Union, Thomson Locations: Berlin, Germany, Rights ANKARA, BRUSSELS, Turkey, Turkish, Brussels, Sweden, Finland, Ukraine, embargoes, United States, Stockholm, Hungary
German Chancellor Olaf Scholz attends as Italian Prime Minister Giorgia Meloni speaks during a news conference at the Chancellery in Berlin, Germany, February 3, 2023. With Scholz from the centre-left Social Democrats and Meloni from the rightist Brothers of Italy, the two leaders and their governments make for unlikely allies. These include the construction of a pipeline to transport gas and hydrogen between the two countries and approaches to tackle illegal migration. The German stance on illegal migration has converged more with the Italian one. In the plan, Berlin and Rome pledge to enhance regular dialogue - for example through meetings of their defence and foreign ministers - and coordinate more closely on key policies in general.
Persons: Olaf Scholz, Giorgia Meloni, Christian Mang, Giorgia, Scholz, Meloni, India's, Angelo Amante, Andreas Rinke, Sarah Marsh, Nick Macfie Organizations: REUTERS, Italian, Social Democrats, Meloni, Reuters, Thomson Locations: Berlin, Germany, BERLIN, Italy, Europe, Ukraine, Albania, Rome, France
Union Bank of Nigeria and Germany's DWS Group signed a memorandum of understanding (MoU) on renewable energy. The agreement seeks to harness $500 million in investment in renewable energy projects across Nigeria, mostly in rural communities, spokesperson Ajuri Ngelale said in a statement. A second MoU on gas export partnership was agreed between Riverside LNG of Nigeria and Germany's Johannes Schuetze Energy Import AG. Under the accord, Nigeria will supply 850,000 tons of natural gas to Germany annually which is expected to rise to 1.2 million. Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and lifting restrictions on foreign exchange trading.
Persons: Olaf Scholz, Bola Tinubu, Fabrizio Bensch, Ajuri Ngelale, Germany's Johannes, Ngelale, Tinubu, Elisha Bala, David Evans Organizations: REUTERS, Rights, Union Bank of Nigeria, Germany's DWS, Riverside, Germany's Johannes Schuetze Energy, AG, Africa, Thomson Locations: Africa, Berlin, Germany, Rights ABUJA, Nigeria, Riverside LNG, Tinubu
Scholz, who has visited Africa several times since taking office in late 2021, will hold bilateral talks with several African countries on Sunday, before hosting a German-African investment summit at Berlin's Marriott Hotel on Monday morning. African countries have long complained that while Europe talks about investment, China actually provides financing without any moral lecturing. Still, Chinese lending in Africa is in decline, while European interest is rising as it seeks to diversify supply chains. Nearly two thirds of German companies want to expand their business in Africa, according to a study by KPMG and the German-African Business Association. The member countries of the G20 Compact are Morocco, Tunisia, Egypt, Senegal, Guinea, Ivory Coast, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of Congo and Ethiopia.
Persons: jostling, Scholz, Macron, Ursula von der Leyen, Emmanuel Macron, Mark Rutte, Olaf Scholz, Sarah Marsh, Andreas Rinke, Mike Harrison Organizations: Africa, Dutch, African Union, KPMG, African Business Association, Democratic, Thomson Locations: Berlin, Africa, Macron BERLIN, Germany, Berlin's, Europe, United States, Russia, China, Asia, Morocco, Tunisia, Egypt, Senegal, Guinea, Ivory Coast, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of Congo, Ethiopia
German Chancellor Olaf Scholz attends a press conference with Turkish President Tayyip Erdogan (not pictured) at the Chancellery in Berlin, Germany, November 17, 2023. REUTERS/Fabrizio Bensch/ File Photo Acquire Licensing RightsBERLIN, Nov 18 (Reuters) - German Chancellor Olaf Scholz criticised Israel's settlement policy in the occupied West Bank on Saturday and repeated calls for a two-state solution for Israel and the Palestinians. "We don't want any new settlements in the West Bank, no violence by settlers against the Palestinians in the West Bank," Scholz said during a visit to Nuthetal in Brandenburg state. The best outcome for Israelis and Palestinians remains the two-state solution, he said. Germany is not only on Israel's side, but together with the U.S., it is the largest donor of humanitarian aid for the Palestinians, the chancellor said.
Persons: Olaf Scholz, Tayyip Erdogan, Fabrizio Bensch, Scholz, Andreas Rinke, Maria Martinez, Kirsten Donovan, Jason Neely Organizations: Turkish, REUTERS, Rights, West Bank, U.S, Thomson Locations: Berlin, Germany, Israel, Nuthetal, Brandenburg
BERLIN, GERMANY - NOVEMBER 15: German Finance Minister Christian Lindner gives a statement to the media at the Chancellery following the weekly government cabinet meeting on November 15, 2023 in Berlin, Germany. (Photo by Sean Gallup/Getty Images)Germany on Friday approved a package of key reforms to its capital markets frameworks to help its technology industry compete with Silicon Valley. The reforms, which have been in the works for sometime, had been widely expected. Some of the major changes will be to employee stock options plans, which allow companies to hand a slice of the business to their employees. Index has invested in a number of high-profile German tech startups, including human resources software firm Personio and financial service startup Raisin.
Persons: Christian Lindner, Sean Gallup, Martin Mignot, Mignot Organizations: German Finance, German, Court, Getty, Ventures Locations: BERLIN, GERMANY, Berlin, Germany, Silicon, Europe
Polish President to Announce New PM on Monday
  + stars: | 2023-11-06 | by ( Nov. | At A.M. | ) www.usnews.com   time to read: +1 min
WARSAW (Reuters) - Polish president Andrzej Duda will announce his decision on appointing a new prime minister after last month's election on Monday evening, an aide to the president said. "After consultations and deep consideration, President Andrzej Duda made a decision regarding the so-called first step (of appointing a government). The decision is final ...," Marcin Mastalerek, head of Duda’s chancellery, wrote on Twitter, adding that Duda was planning a televised address later on Monday. The Law and Justice (PiS) party which ruled in Poland for the last eight years won the Oct. 15 election but lost its absolute majority and is unlikely to find a coalition partner. (Reporting by Anna Wlodarczak-Semczuk, editing by Ed Osmond)
Persons: Andrzej Duda, Marcin Mastalerek, Duda, Donald Tusk, Anna Wlodarczak, Ed Osmond Organizations: Twitter, Justice, Civic Coalition Locations: WARSAW, Poland
Polish president to announce new PM on Monday - aide
  + stars: | 2023-11-06 | by ( ) www.reuters.com   time to read: +2 min
Polish President Andrzej Duda speaks as he attends the military parade on Armed Forces Day, celebrated annually on August 15 to commemorate Poland's victory over the Soviet Union's Red Army in 1920, in Warsaw, Poland, August 15, 2023. President Andrzej Duda, an ally of PiS, said before the election he would give the first shot at forming a government to the largest single party. "After consultations and deep consideration, President Andrzej Duda has made a decision regarding the so-called first step (of appointing a government). Despite all the other parties in parliament ruling out a coalition with PiS, Morawiecki has said he still intends to try and form a government. If Morawiecki were tasked by Duda with forming a government but proved unable to win a vote of confidence in parliament, the chamber would then appoint another prime minister.
Persons: Andrzej Duda, Kacper, PiS, Marcin Mastalerek, Duda, Donald Tusk, Marcin Kierwinski, PiS's Mateusz, Tusk, Morawiecki, Pawel Jablonski, Anna Wlodarczak, Alan Charlish, Pawel, Gareth Jones Organizations: Armed Forces, Soviet Union's Red Army, REUTERS, Rights, Justice, Union, Civic Coalition, European Council, Radio Zet, PiS, RMF, Thomson Locations: Warsaw, Poland, Polish
CNN —The sudden death of China’s former Premier Li Keqiang has spurred an outpouring of grief and mourning across the country. But for many, it also appears to offer a rare opening to air pent-up discontent with top leader Xi Jinping and the direction he has taken the country. His death, just months after his retirement, shocked the Chinese public. German Chancellor Angela Merkel and Chinese Premier Li Keqiang review a guard of honor prior to a meeting at the Chancellery on July 9, 2018 in Berlin, Germany. Chinese Premier Li Keqiang visits a hospital in Wuhan on January 27, 2020, days after the city was placed under a complete lockdown to curb the raging Covid-19 outbreak.
Persons: Li Keqiang, Xi Jinping, Li, Xi –, , Alfred Wu, Lee, , Xi, Angela Merkel, Sean Gallup, Zhang Lun, Mao Zedong, Zhang, “ I’ve, Wu, Li Tao, Zhou Enlai, Mao, Hu Yaobang, Fish Leong, ” Zhang Organizations: CNN, Communist, Lee Kuan Yew, of Public Policy, Getty, Studies, University of Cergy, Peking University, Li, AP Party, Communist Party, Xinhua, CPC, Party Locations: Shanghai, China, Singapore, German, Berlin, Germany, Pontoise, France, Communist China, Wuhan, AFP, Yunnan province, Weibo, Malaysian, Hefei, Anhui, Zhengzhou, Henan, Beijing
[1/2] Jordan's King Abdullah II addresses a press conference, after a dialogue with German Chancellor Olaf Scholz, at the Chancellery in Berlin, Germany, October 17, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsCAIRO, Oct 21 (Reuters) - Jordan's King Abdullah said in his opening speech at the Cairo Peace Summit on Saturday that the forced or internal displacement of Palestinians would be a war crime. The summit is being held as Israel prepares a ground assault on Gaza following Hamas' attack that killed 1,400 people. More than 4,100 Palestinians have been killed in Israel's counteroffensive, according to Gaza's Health Ministry, amid a growing humanitarian crisis. Reporting by Nafisa El Tahir, Writing by Adam MakaryOur Standards: The Thomson Reuters Trust Principles.
Persons: King Abdullah II, Olaf Scholz, Annegret, King Abdullah, Nafisa El Tahir, Adam Makary Organizations: REUTERS, Rights, Cairo Peace Summit, Israel, Health, Thomson Locations: Berlin, Germany, Rights CAIRO, Cairo, Gaza
German Chancellor Olaf Scholz and Jordan's King Abdullah II go to shake hands, as they attend a press conference, at the Chancellery in Berlin, Germany, October 17, 2023. REUTERS/Annegret Hilse Acquire Licensing RightsBERLIN, Oct 17 (Reuters) - Jordan's King Abdullah on Tuesday warned against trying to push Palestinian refugees into Egypt or Jordan, adding that the humanitarian situation must to be dealt with inside Gaza and the West Bank. "That is a red line, because I think that is the plan by certain of the usual suspects to try and create de facto issues on the ground. No refugees in Jordan, no refugees in Egypt," King Abdullah said at a news conference following a meeting with German Chancellor Olaf Scholz in Berlin. Reporting by Riham Alkousaa, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.
Persons: Olaf Scholz, Jordan's King Abdullah II, Annegret, King Abdullah, Riham Alkousaa, Rachel More Organizations: REUTERS, Rights, West Bank, Thomson Locations: Berlin, Germany, Egypt, Jordan, Gaza
REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsMOSCOW, Oct 15 (Reuters) - Azerbaijani President Ilham Aliyev on Sunday raised the national flag in the capital of the former breakaway region of Nagorno-Karabakh after a lightning military operation last month brought the territory back under Azerbaijan's control. "President of the Republic of Azerbaijan Ilham Aliyev has raised the national flag of the Republic of Azerbaijan in the city of Khankendi and delivered a speech," the presidential office said. In Soviet times is remained as part of the Azeri Soviet Republic but with autonomy. In 2020, after decades of skirmishes, Azerbaijan began a military operation which became the Second Karabakh War swiftly breaking through Armenian defences. Then in September of this year, Aliyev launched a military operation against the ethnic Armenian fighters of the region, defeating them.
Persons: Azerbaijan Ilham Aliyev, Olaf Scholz, Annegret, Ilham Aliyev, Republic of Azerbaijan Ilham Aliyev, Aliyev, Guy Faulconbridge Organizations: REUTERS, Rights, Karabakh, Reuters, Thomson Locations: Azerbaijan, Berlin, Germany, Nagorno, Karabakh, Republic of Azerbaijan, Khankendi, Armenia, Artsakh, South Caucasus, Russian, Azeri Soviet Republic, Soviet Union, Karabakh's, Turkey
BERLIN (Reuters) - German Chancellor Olaf Scholz agreed in a phone call on Saturday with Israel's prime minister that it was important to avoid a wider Middle East war as well as Hezbollah's intervention in the Israel-Hamas conflict, a spokesperson for the Chancellery said. "Chancellor Scholz renewed Germany's full solidarity with the people of Israel in these difficult times and emphasized that Germany stands unwaveringly at Israel's side," the spokesperson added in a statement. Baerbock, who arrived on Saturday morning in Cairo for discussion with her Turkish and Egyptian counterparts, said Israel's fight against Hamas must be carried out with consideration for the humanitarian situation in Gaza. "The fight against Hamas must be carried out with the greatest possible consideration for the humanitarian situation ... (Reporting by Riham Alkousaa and Alexander Ratz; Editing by Emelia Sithole-Matarise and Mark Potter)
Persons: Olaf Scholz, Chancellor Scholz, Annalena Baerbock, Berlin, Baerbock, Israel's, Riham Alkousaa, Alexander Ratz, Emelia Sithole, Mark Potter Organizations: BERLIN, German, United Nations Locations: Israel, Germany, Gaza, Egypt, Berlin, Cairo
Germany's property sector is in stress, underscoring a major change of fortune for real estate in Europe's largest economy after an end to the era of cheap money. REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsFRANKFURT, Oct. 13 (Reuters) - German Chancellor Olaf Scholz is facing fresh demands to stem a property crisis in Europe's largest economy after a recent summit aimed at rescuing the sector disbanded in acrimony. The industry's demands reflect alarm that Germany is being sucked further into a global property rout that has been most acutely felt in China. There is also concern that the government is dragging its feet after a contentious industry meeting with the chancellor on Sept. 25. The number of people employed in the building sector has begun to drop for the first time in a decade.
Persons: Kai Pfaffenbach, Olaf Scholz, Wolfgang Schubert, Raab, Schubert, Nicole Razavi, Scholz, Francesco Fedele, Kirsten Donovan Organizations: REUTERS, Rights, Reuters, International Monetary Fund, chancellery, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, China, Razavi, United States
President of Azerbaijan Ilham Aliyev speaks during a news conference with German Chancellor Olaf Scholz at the Chancellery in Berlin, Germany March 14, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsMOSCOW, Oct 8 (Reuters) - Azerbaijan's president scolded the European Union and warned that France's decision to send military aid to Armenia could trigger a new conflict in the South Caucasus after a lightening Azerbaijani military operation last month. Azerbaijan's President Ilham Aliyev last week pulled out of an EU-brokered meeting with Armenian Prime Minister Nikol Pashinyan at which Brussels said it was standing by Armenia. President Ilham Aliyev said "that due to the well-known position of France, Azerbaijan did not participate in the meeting in Granada," the Azerbaijani presidential office said. She declined to elaborate on what sort of military aid was envisaged for Armenia under future supply contracts.
Persons: Azerbaijan Ilham Aliyev, Olaf Scholz, Annegret, Ilham Aliyev, Nikol, Aliyev, Charles Michel, Catherine Colonna, Emmanuel Macron, Guy Faulconbridge Organizations: REUTERS, Rights, European Union, Armenian, European Council, Reuters, Thomson Locations: Azerbaijan, Berlin, Germany, European, Armenia, South Caucasus, EU, Brussels, France, Granada, Yerevan, Baku, Nagorno, Karabakh
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), speaks to the media following talks at the Chancellery on November 29, 2022 in Berlin, Germany. "If you look at the policy decisions Germany is taking, they are around stimulating structural change. And of course, like any other country, structural reforms are a must in this more uncertain world with low gross growth prospects," Georgieva said Wednesday. The auto industry should be a particular focus for reform in Germany if the country wants to increase productivity, according to Georgieva. "For Germany, this is very visible in the need to restructure the automobile sector for this economy of tomorrow," she said.
Persons: Kristalina Georgieva, Carsten Koall, CNBC's Joumanna, Georgieva, Hans, Werner Sinn, Joachim Nagel Organizations: International Monetary Fund, Getty, Ifo Institute, CNBC Locations: Berlin, Germany, Europe, Italy, Ukraine
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