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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. 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. Some 57% wanted the budget shortfall from the court ruling to be covered by spending cuts, 11% favoured tax increases and 23% wanted the state to take on additional debt.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Scholz, Lindner, Habeck, Steffen Hebestreit, Holger Hansen, Christian Kraemer, Miranda Murray, Rene Wagner, Matthias Williams, Toby Chopra, Gareth Jones, Deepa Babington Organizations: Climate, Finance, BERLIN, Greens, Social Democrats, Free Democrats, FDP, ZDF, Thomson Locations: Germany, Europe's, East Germany, China

Lindner plans to lift self-imposed limits on borrowing and present a supplementary budget next week after a constitutional court ruling wiped billions from the federal budget and forced the government to freeze most new spending commitments. HANDS TIED IN A BOXING MATCHThe 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. A poll by the broadcaster ZDF suggested only a minority of Germans, 35%, supported suspending the debt brake however, compared to 61% wanting it to stay in place. Some 57% wanted the budget shortfall from the court ruling to be covered by spending cuts, 11% favoured tax increases and 23% wanted the state to take on additional debt.

Persons: Christian Lindner, Lindner, hawkish Lindner, Chancellor Olaf Scholz's, Robert Habeck, Habeck, Thomas Gitzel, Holger Hansen, Christian Kraemer, Miranda Murray, Rene Wagner, Matthias Williams, Toby Chopra Organizations: BERLIN, German Finance, Greens, ZDF, Bank, Thomson Locations: Germany, China, Europe

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

☆ 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

Impossible is often just a starting point on a Christopher Nolan film and “Oppenheimer,”about the father of the atomic bomb, was no exception. She told them at the time that if there were ever a zombie apocalypse, they were the people she’d want to be with. “Every day there’s something that happens and you have to figure out a way out of it. It was the perfect claustrophobic, unglamourous and period-specific setting for a humiliating ordeal designed to make Oppenheimer feel small. When he glued it all together, it sounded perfect — but perfect felt wrong.

Persons: Christopher Nolan, “ Oppenheimer, ”, Gary Oldman, Harry S, Truman, Emma Thomas can’t, ” Thomas, Ruth De Jong, Hoyte van Hoytema, Jennifer Lame, Chris, Luisa Abel, Jaime Leigh McIntosh, “, ” Abel, Nolan, ” McIntosh, Oppenheimer ”, Ellen Mirojnick, Mirojnick, Oppenheimer, De Jong, ” Nolan, van, van Hoytema, Lame, Emily Blunt, Ludwig Göransson’s, Oppenheimer’s, “ Oppenheimer ”, that’s, Serena McKinney, Andrew Jackson, Chris Nolan, Richard King, you’ve, King, ” Jackson, Göransson, ” it’s Organizations: Associated Press, Washington, Trinity Locations: Alamos, New Mexico, Los Angeles, Southern California, Dunkirk, ”

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

☆ I visited an indoor farm in Compton that's growing leafy greens for Walmart and Whole Foods using robots — and it gave me a peek at the future of farming
▼ + stars: | 2023-11-22 | by ( Nancy Luna | ) www.businessinsider.com time to read: +2 min

The urban farm supplies Walmart and Whole Foods with leafy greens. The urban farm run by the Bay Area agricultural-tech startup Plenty is designed to grow up to 4.5 million pounds of leafy greens annually. Plenty launched the large-scale indoor farm in May, producing leafy greens that can go from harvest to store in 24 hours. Over my two-decade career as a food journalist, I've visited farms and processing plants that supply leafy greens for top fast-food chains such as McDonald's. Plenty, on the other hand, grows, harvests, and packages four types of leafy greens in a single facility.

Persons: —, I've Organizations: Walmart, Service, Foods, Bristol Farms Locations: Compton , California, Bay, California, Plenty, America

☆ Camilo Villegas: After unimaginable personal tragedy, Colombian golfer is a champion again
▼ + stars: | 2023-11-22 | by ( Jack Bantock | ) edition.cnn.com time to read: +6 min

On July 26, 2020, Villegas and wife Maria’s 22-month-old daughter Mia died following a four-month battle with tumors on the brain and spine. “She was a very little kid, full of energy, and everything seemed to be going in the perfect direction,” Villegas told CNN Sport’s Patrick Snell. Rob Carr/Getty ImagesFront row seatSlowly, but surely, momentum began to change for Villegas, “a little snowball” gathering speed and size. Mia’s Miracles was flourishing under Maria’s presidency, Villegas was back competing at PGA Tour events and then, in December 2021, the greatest boost yet. No surprises as to which foundation Villegas directed the donation towards.

Persons: Camilo Villegas, “ Mia, Villegas, Maria’s, Mia, ” Villegas, CNN Sport’s Patrick Snell, “, ”, putts, ‘, ’ ”, Phil Mickelson, Andy Lyons, Miami’s, Jack Nicklaus, Barbara, Maria, that’s, “ It’s, ” Maria, Rob Carr, Mateo, –, – Villegas, Sweden’s Alex Noren, Ross Kinnaird, Mia –, she’s, we’ve, RSM Birdies, Love, “ We’ve, We’ll Organizations: CNN, PGA, Bermuda, Nationwide Children’s, FedEx St Jude, Miami’s Nicklaus Children’s, Health Care Foundation, Getty, Port Royal, RSM Locations: Ohio, Charlotte , North Carolina, Bermuda

☆ 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

☆ Analysis-Scholz's Coalition Buckles but Unlikely to Break - for Now
▼ + stars: | 2023-11-21 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +6 min

The decision has increased tensions within Chancellor Olaf Scholz's coalition, in particular between junior partners the Greens and the Free Democrats (FDP). But Scholz is unlikely to call for new elections as they would not benefit any of the coalition partners. "Scholz definitely wants to keep the government together and believes this will work as none of the three coalition partners stand to benefit from a break," a source close to the chancellor said. "In reality, the chancellor should dismiss his coalition partners now." "And the strength of the AfD is also the reason why no actors - not even the conservatives - currently have any interest in new elections."

Persons: Sarah Marsh, Holger Hansen, Andreas Rinke BERLIN, Chancellor Olaf Scholz's, Philipp Tuermer, Scholz, Stefan Marschall, Ursula Muench, Frank Decker, Friedrich Merz, Markus Soeder, Decker, Andreas Rinke, Alexander Ratz, Catherine Evans Organizations: Greens, Free Democrats, Scholz's Social Democrats, Tagesspiegel, Bertelsmann Foundation, SPD, University of Duesseldorf, University of Tutzing, Bonn University, Eurasia Group Locations: Ukraine, Germany, Bavarian

☆ Tiger Woods: Inflatable dome collapse delays indoor golf venture by a year
▼ + stars: | 2023-11-21 | by ( Jack Bantock | ) edition.cnn.com time to read: +4 min

CNN —Tiger Woods and Rory McIlroy’s high-tech indoor golf venture, the TGL, has been delayed by a year after the inflatable dome of its custom-built Florida venue deflated, organizers announced Monday. Organizers said the league’s 24 players, six team ownership groups and other key partners, including the PGA Tour, had been consulted ahead of the postponement. TGLThe venture is the brainchild of TMRW Sports, a company co-founded by Woods and McIlroy. Both players are set to compete in the league, for Jupiter Links Golf Club and Boston Common Golf respectively. TGLEach team represents a different US city, state or town; Atlanta, Boston, Los Angeles, New York, San Francisco and Jupiter.

Persons: Woods, Rory McIlroy’s, “, McIlroy, “ I’ve, ” Woods, ” McIlroy, –, Patrick Cantlay, Xander Schauffele, Matt Fitzpatrick, Max Homa, Wyndham Clark, Jon Rahm, ” Rahm, Serena, Venus Williams, Steph Curry Organizations: CNN, PGA, SoFi, Palm Beach State College, PGA Tour, TGL, TMRW Sports, Jupiter, Boston, ESPN, Golf, San Francisco, Fenway Sports Group, Boston Red Sox, Pittsburgh Penguins, NASCAR’s RFK Racing, English Premier League football club Liverpool Locations: Florida, Palm, Atlanta, Boston, Los Angeles , New York, San Francisco

☆ Germany freezes new spending commitments as budget woes deepen
▼ + stars: | 2023-11-21 | by ( Holger Hansen | ) www.reuters.com time to read: +3 min

Chancellor Olaf Scholz speaks next to Finance Minister Christian Lindner and Economy and Climate Minister Robert Habeck during a hearing at Germany’s lower house of parliament Bundestag in Berlin, Germany, November 15, 2023. The finance ministry has frozen future spending pledges across almost the entire federal budget, a letter by the budget state secretary showed, in a sign of how seriously it was taking the potential fallout to its finances. "The step reflects the necessity of the situation," an economy ministry spokesperson said about the budget freeze. That could include planned chip factories, the expansion of the battery supply chain and the decarbonisation of steel, government sources said on Monday. ($1 = 0.9168 euros)Additional reporting by Andreas Rinke; writing by Matthias Williams and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Freeze, Olaf Scholz's, Kevin Kuehnert, that's, Kuehnert, Volker Wissing, Wissing, Andreas Rinke, Matthias Williams, Sharon Singleton Organizations: Finance, Climate, REUTERS, BERLIN, Free Democrats, Democrats, CDU, Scholz's Social Democrats, Greens, Digital, Thomson Locations: Berlin, Germany, Ukraine

☆ Spanish Prime Minister Pedro Sanchez's new cabinet
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +6 min

Spain's Prime Minister Pedro Sanchez takes the oath of office during a ceremony at Zarzuela Palace in Madrid, Spain November 17, 2023. Andres Ballesteros/Pool via REUTERS Acquire Licensing RightsNov 20 (Reuters) - Spanish Prime Minister Pedro Sanchez on Monday announced his new cabinet, keeping the same number of 22 ministers, 12 women and 10 men, despite reshuffling some of their portfolios. SOCIALIST MINISTERS:NADIA CALVINO - ECONOMYCalvino remains as Sanchez's first deputy prime minister and top economic expert. FELIX BOLANOS - JUSTICEBolanos saw his profile boosted by heightened media exposure while acting as Sanchez's de facto cabinet chief. SIRA REGO - CHILDREN AND YOUTHThe second-in-command and main spokesperson for the United Left, she became an MEP in 2019.

Persons: Pedro Sanchez, Andres Ballesteros, NADIA CALVINO, Calvino, Sanchez's, TERESA RIBERA, Ribera, MARIA JESUS MONTERO, Sanchez, Montero, FELIX BOLANOS, JUSTICE Bolanos, JOSE MANUEL ALBARES, Arancha Gonzalez Laya, MARGARITA ROBLES, Robles, FERNANDO GRANDE, Miquel Iceta, PILAR ALEGRIA, Alegria, Isabel Rodriguez, ISABEL RODRIGUEZ, Rodriguez, JOSE LUIS ESCRIVA, DIANA MORANT, LUIS PLANAS, Puente, Alberto Nunez Feijoo, JORDI HEREU, Hereu, Hector Gomez, ANGEL VICTOR TORRES, Torres, ELMA SAIZ, Escriva, Redondo, Podemos party's Irene Montero, SUMAR, YOLANDA DIAZ, LABOUR Diaz, Sumar, MONICA GARCIA, Garcia, Isabel Diez Ayuso, ERNEST URTASUN, PABLO BUSTINDUY, Bustinduy, Alberto Garzon, Ione Belarra, SIRA REGO, David Latona, Aislinn Laing, Grant McCool Organizations: Spain's, REUTERS Acquire, Spanish, Monday, European Investment Bank, JUSTICE, High, Culture, Social Security, Universities, Democratic, Socialist, ANA REDONDO, LABOUR, Mas Madrid, Greens, European Free Alliance, Consumer Affairs, United Left, Thomson Locations: Zarzuela, Madrid, Spain, Dubai, France, Morocco, Ukraine, Melilla, Gandia, Valladolid, Barcelona, Canary, Bolanos, Pamplona, Navarre, Mas, Podemos, Gaza, SIRA, Israel

The government is considering whether to suspend Germany's constitutionally enshrined debt brake as a way out of the spending crunch, a source told Reuters, while a leading member of Scholz's own party also called for such a move. Habeck said he was not proposing to abolish Germany's constitutionally enshrined debt brake, but added that "it is inflexible". We are now being forced to modernize the economy with fewer public subsidies," he told the Bild am Sonntag newspaper. "Rather, it is the unsound and unconstitutional budget policy of the federal government and the (three-way) coalition. "One possibility could be to suspend the debt brake in 2023 ... but then not in 2024.

Persons: Robert Habeck, Minister Christian Lindner, Chancellor Olaf Scholz's, Germany's, Lindner, Habeck, Sebastian Brehm, Markus Wacket, Christian Kraemer, Matthias Williams, Miranda Murray, Ed Osmond, Paul Simao Organizations: Minister, Reuters, Greens, Free Democrats, CDU, CSU, Thomson Locations: United States

NAPLES, Fla. (AP) — Nasa Hataoka had a strong start and Amy Yang had a hot finish, finishing with a share of the lead in the CME Group Tour Championship with 18 holes left and $2 million on the line. Hataoka set the pace early with five birdies in her first 11 holes and finished with a 65. I think the best is to just concentrate on my round and just keep that out of my mind and just do my golf.”Alison Lee, who came into the LPGA finale with a Ladies European Tour win and two runner-up finishes on the LPGA Tour, tried to keep pace. Hataoka has six LPGA titles, all within the last five years, and the 24-year-old from Japan rode a hot putter to give herself a chance. Nelly Korda tried to stay close, making her first hole-in-one on the LPGA Tour at the par-3 eighth.

Persons: Nasa Hataoka, Amy Yang, Yang, Hataoka, ”, ” Hataoka, ” Alison Lee, “, Lee, ” Xiyu Lin, Ruoning Yin, Minjee Lee, ” Yin, ” Tiburon, Jin Young Ko, Nelly Korda, Lilia Vu, Brooke Henderson, Atthaya Thitikul, ” Korda, “ It’s, Celine Boutier, Boutier, ___ Organizations: Nasa, European, LPGA Tour, LPGA, Tiburon Golf, Women's, Hataoka, PGA, ” Locations: NAPLES, Fla, Tiburon, America, South Korea, Thailand, Japan, Canada

Wallace hit the ball so purely down the stretch that his final six birdie putts covered a total of 15 feet, 8 inches (nearly 5 meters). Just tried my hardest to get myself back into the tournament," said Wallace, who started the day seven shots behind. Even so, the Norwegian star was in position to capture the season-ending titles on the PGA Tour and the European tour. The European tour record is nine consecutive birdies by James Nitties of Australia in the 2019 Vic Open, and 12 birdies for a round by Raphaël Jacquelin in the 2013 Turkish Open. He had a chance at only the second 59 in European tour history.

Persons: — Matt Wallace, England, ” Wallace, Tommy Fleetwood, Viktor Hovland, Nicolai Hojgaard couldn't, Wallace, “ I'm, I’ve, Hovland, “ It's, ”, Jon Rahm, Rory McIlroy, ” Hovland, James Nitties of, Raphaël Jacquelin, Bernd Wiesberger, “, ” Hojgaard, Dane, Rasmus Hojgaard, Rasmus, ___ Organizations: United Arab Emirates, Golf Estates, Fleetwood, PGA Tour, PGA Locations: DUBAI, United Arab, Norwegian, James Nitties of Australia, Malaysia

The economy and finance ministry declined immediate comment. "So the ruling could have a negative impact on economic growth," the source added. Last month, the economy ministry predicted 1.3% growth for next year. Although the Greens want additional spending, the Free Democrats (FDP), which heads the finance ministry, reject additional debt and higher taxes. "There is a clear political decision in favour of Intel and nothing has changed yet," said an economy ministry spokesperson on Friday.

Persons: Liesa, Olaf Scholz's, Christian Lindner, Chancellor Olaf Scholz's, Joerg Kraemer, Robert Habeck, Habeck, Friedrich Merz, Christian Haase, Commerzbank's Kraemer, Maria Martinez, Andreas Rinke, Holger Hansen, Christian Kraemer, Madeline Chambers, Matthias Williams, Clarence Fernandez, Gerry Doyle, David Evans Organizations: REUTERS, Rights, Thursday, Greens, Free Democrats, Transformation, Intel, U.S, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Europe's

DUBAI, United Arab Emirates (AP) — Jon Rahm, Viktor Hovland and Tommy Fleetwood were among the marquee players moving into contention at the season-ending World Tour Championship on Friday. 2-ranked McIlroy was, in his words, “stuck in neutral” on his way to shooting an even-par 72 in the second round, Rahm, Hovland and Fleetwood all had 66s on the Earth Course to be in a good position heading into the weekend. A special year could yet include a winner's check of $3 million in Dubai, where he said he was playing “stress-free golf” after just one bogey on Friday sandwiched between seven birdies including four in his last seven holes. 10, birdied four of his first seven holes, then nearly holed his approach at No. “I was trying to make some birdies on the back nine to get something going,” he said, “and I couldn’t.”___

Persons: — Jon Rahm, Viktor Hovland, Tommy Fleetwood, Rory McIlroy wasn't, McIlroy, “, Rahm, Nicolai Hojgaard, Dane, Ryder, ” Hojgaard, birdies, —, Hojgaard, It’s, Hovland, I’m, ” Hovland, ” Rahm, ”, Nos Organizations: United Arab Emirates, Fleetwood, Ryder, PGA Locations: DUBAI, United Arab, Fleetwood, Dubai, Nos

NAPLES, Fla. (AP) — Alison Lee birdied four of her last five holes Friday to extend a hot streak that stretches from Saudi Arabia to South Korea to Florida. Her 8-under 64 gave her a share of the lead with Nasa Hataoka in the season-ending CME Group Tour Championship. The 28-year-old Californian has never won in her nine years on the LPGA Tour, but no one brought as much momentum. Xiyu Lin, who like Lee is trying to win for the first time on the LPGA Tour, had a 66 and was another shot behind. 1 amateur a decade ago and then struggled on the LPGA Tour and her confidence took a beating.

Persons: — Alison Lee birdied, Nasa Hataoka, Hataoka atoned, Lee, Annika, ” Lee, Hataoka, Ruoning Yin, Minjee Lee, Amy Yang, Xiyu Lin, “, ” It's, Fred Couples, Couples, “ He’s, He’s, ”, Lilia Vu, Celine Boutier, ___ Organizations: Nasa, LPGA, BMW Ladies, Aramco, Ladies European, Tiburon Golf, Globe, LPGA Tour Locations: NAPLES, Fla, Saudi Arabia, South Korea, Florida, China, New York

☆ Germany's budget committee pauses 2024 budget deliberations -panel members
▼ + stars: | 2023-11-17 | by ( Maria Martinez | Thomson Reuters | Maria Martinez Is A Reuters Correspondent In Berlin Covering German Economics | ) www.reuters.com time to read: +4 min

REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsBERLIN, Nov 17 (Reuters) - Germany's budget committee paused final deliberations on the 2024 draft budget early on Friday morning, according to the chief budget officers of the coalition government, after a constitutional court ruling threw negotiations into disarray. The contents of the ministries' budgets were finalised during the committee meeting, the budget officers said. On Wednesday, the constitutional court decision prompted the government to postpone the formal vote of the budget committee until next Thursday. Despite the court ruling, the 2024 budget is expected to be passed as planned at the end of the Bundestag's budget week on Dec. 1, according to members of the budget committee. The chief budget officers of the coalition government accused the opposition of refusing to cooperate in budget deliberations.

Persons: Liesa, Chancellor Olaf Scholz's, Joerg Kraemer, Friedrich Merz, Commerzbank's Kraemer, Maria Martinez, Holger Hansen, Clarence Fernandez, Gerry Doyle Organizations: REUTERS, Rights, Greens, Free Democrats, European Commission, dpa, Bundestag's Energy, CDU, CSU, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Ukraine

☆ Exclusive: German court ruling could hit growth next year - econ ministry source
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 17 (Reuters) - A German court ruling that forced Berlin to freeze 60 billion euros ($65 billion) in planned green investment spending could have a negative impact on growth in Europe's biggest economy, an economy ministry source told Reuters on Friday. "According to initial rough estimates, a loss of investment funds could cause growth in 2024 to be about half a percentage point lower," the source, who is familiar with the economy ministry's forecasts, said. "So the ruling could have a negative impact on economic growth," the source added. Last month, the economy ministry predicted 1.3% growth for next year. The economy ministry is run by the Greens, who share power with Scholz's Social Democrats (SPD) and the pro-business Free Democrats (FDP).

Persons: Chancellor Olaf Scholz's, Christian Lindner, Andreas Rinke, Miranda Murray, Madeline Chambers, Sabine Wollrab Organizations: Greens, Scholz's Social Democrats, Free Democrats, Thomson Locations: Berlin, Europe's

Underscoring the frustration, Economy Minister Robert Habeck, a member of the pro-spending Greens, called the verdict "a huge blow to industrial policy". Speaking to parliament, Habeck warned the court ruling put at risk support for the steel sector, which is counting on subsidies to decarbonise and stay competitive. Finance Minister Christian Lindner meanwhile said it was too early to discuss the consequences of the court ruling. "The steel industry alone can contribute to reducing a third of total industrial emissions - and thus has enormous leverage to save millions of tons of CO2 in the coming years." "The political bottom line is that many coalition disputes will reopen as serious budget constraints kick in.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, BERLIN, Wednesday's, Chancellor Olaf Scholz, Habeck, Yesenn, DBRS Morningstar, hawkish Lindner, Lindner, Bernhard Osburg, Carsten Brzeski, Eurointelligence, Maria Martinez, Christian Kraemer, Andreas Rinke, Markus Wacket, Tom Kaeckenhoff, Matthias Williams, Alexandra Hudson, Susan Fenton Organizations: Finance, Climate, Economy, Greens, CHANGE, Budget, European Central Bank, Thomson Locations: United States, Berlin, Germany

BRUSSELS (AP) — The European Commission will continue the use of the controversial chemical herbicide glyphosate in the European Union for 10 more years after the 27 member countries again failed to find a common position for or against a prolongation. The Greens political group of the EU Parliament immediately urged the Commission to backpedal and ban the use of glyphosate. The 10-year extension proposed by the European Commission required a “qualified majority,” defined as 55% of the 27 members representing at least 65% of the total EU population of some 450 million people. Pascal Canfin, the chair of the Environment committee at the European Parliament, blamed the EU Commission president for moving forward despite the stalemate. EU member states are responsible for authorizing the use of products in their national markets, following a safety evaluation.

Persons: unconclusive, ”, Bas Eickhout, unfiled, “, Pascal Canfin, Ursula von der Leyen, Emmanuel Macron Organizations: European Commission, European Union, Greens, EU, Environment, Monsanto, Bayer, Agency for Research, Cancer, World Health Organization, Environmental Protection Agency, Greenpeace Locations: BRUSSELS, backpedal, California, France, U.S, Germany, Italy

[1/3] FILE PHOTO: German Chancellor Olaf Scholz looks on as he meets NATO's Secretary General Jens Stoltenberg in Berlin, Germany, November 9, 2023. Wednesday's decision by the constitutional court could also set a precedent for fiscal responses to future crises. "FAR-REACHING CONSEQUENCES""The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void.

Persons: Olaf Scholz, Jens Stoltenberg, Liesa, Chancellor Olaf Scholz's, Christian Lindner, Lindner, Scholz, Robert Habeck, Clemens Fuest, Ralph Solveen, Habeck, Friedrich Merz, Maria Martinez, Christian Kraemer, Ursula Knapp, Matthias Williams, Kirsti Knolle, Madeline Chambers, Susan Fenton, William Maclean, Catherine Evans Organizations: REUTERS, Rights, Finance, Union, Social Democrats, Free Democrats, Christian Democratic Union, Thomson Locations: Berlin, Germany, Ukraine

☆ German Court Says Government Cannot Shift Covid Funds to Climate Projects
▼ + stars: | 2023-11-15 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: +2 min

Why It Matters: A Restraint on Germany’s Green Ambitions. The Climate Transformation Fund has €212 billion dedicated to projects from 2024 to 2027. The court ruled that it must now be reduced by €60 billion, the money added from unused pandemic funds. Heart of the Issue: Germany’s ‘Debt Brake’Germany is the only leading industrial economy to have a so-called debt brake written into its constitution. “The circumvention of the debt brake is becoming increasingly absurd,” said Marcel Fratzscher, head of the German Institute for Economic Research, a Berlin-based think tank.

Persons: ”, Marcel Fratzscher, — Organizations: €, German Institute for Economic Research, Social Democrats, Greens, Free Democrats Locations: Germany, Berlin, Ukraine

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