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☆ Russian 2023 budget deficit to widen as price caps take effect - Scope
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 24 (Reuters) - Lower revenues from oil and gas exports will significantly widen Russia's budget shortfall this year, according to an analysis from the European ratings agency Scope obtained by Reuters on Friday. Scope expects the deficit to rise to 3.5% of gross domestic product (GDP), significantly wider than the government's forecast of 2% of GDP, according to the analysis. Another way to plug the deficit is to issue domestic bonds to state-owned banks, backed by liquidity provided by the Bank of Russia. Western countries want caps on the price of Russian oil to reduce income for the Kremlin's war chest for its invasion of Ukraine, which entered its second year on Friday. Reporting by Rene Wagner; Writing by Friederike Heine; Editing by Rachel More and Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft wants to cut up to 120 jobs in Germany - WiWo
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Feb 23 (Reuters) - Microsoft wants to cut up to 120 jobs in Germany, business news outlet WirtschaftsWoche reported on Thursday, citing sources, as part of the tech company's global job cuts. Writing by Friederike Heine, Editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ 'Survival of Kindness' star Hussein's inspiring road to the red carpet
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 17 (Reuters) - Mwajemi Hussein had never been in a cinema or acted before her leading role in "The Survival of Kindness", a film that stands a chance of winning the top prize at the Berlin Film Festival. People are not sure how I made it walking barefoot, but it was part of my life because I grew up without shoes," Hussein told Reuters in an interview. She auditioned for the role despite having no acting experience, after being encouraged by members of her community. The decision to cast Hussein as BlackWoman over someone with more experience was somewhat of a risk, de Heer told Reuters. Reporting by Swantje Stein; Writing by Miranda Murray; Editing by Friederike Heine and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

BERLIN, Feb 21 (Reuters) - Germany must end its expansionary fiscal policy or risk fuelling inflation, German Finance Minister Christian Lindner told Reuters in an interview. "Rising interest rates are already a signal for the government to see that it can't continue like this," Lindner said. Lindner said Germany was monitoring inflation developments closely and had already introduced a raft of measures to curb inflation. Lindner said that IMF warnings had to be taken seriously. "I am sure that the European Central Bank is also following the situation closely," he said.

SummarySummary Companies Ministry plans for low-carbon power systemAims for 80% green power in 2030Will prepare tenders to attract stable capacityFRANKFURT, Feb 20 (Reuters) - Germany will do most of the work this year to prepare its power market for greater reliance on renewable supplies by the end of the decade, Economy Minister Robert Habeck said on Monday. "We will do most of the necessary work in 2023," he said at a consultation meeting on power market reform. To back up swings in green power as more reliable nuclear and coal production is phased out, the government will prepare tenders for gas-fired power capacity, Habeck said. A further challenge will be the simultaneous increase in demand for power to run electric cars and heat pumps. Germany's plan could set it apart from some other European Union countries holding on to more stable sources of power, said Habeck.

☆ Developing countries' debt troubles in focus at G20 talks, says Germany's Lindner
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

China is by far the largest creditor for many highly indebted countries in Africa and Asia, and has been repeatedly pressed to make concessions. G20 finance ministers and central bank chiefs will meet from Feb. 22 to Feb. 25 to discuss growing debt troubles among developing countries triggered by the pandemic and the war in Ukraine. Highly indebted developing countries must retain access to international financial markets so that they can continue to import energy and food, Lindner said. India has drafted a proposal for G20 countries to help debtor nations by asking big lenders including China to take a large haircut on loans. Just days before the first anniversary of Russia's full-scale invasion of Ukraine, Lindner praised the unity among Western nations in supporting Ukraine, both financially and militarily.

☆ German EU-harmonised January consumer prices rise 9.2% y/y
▼ + stars: | 2023-02-09 | by ( Maria Martinez | ) www.reuters.com time to read: +2 min

Summary Harmonised German consumer prices in Jan rise 9.2% y/yDownward trend in inflation expected to continue - CommerzbankCore inflation forecast to remain high, economists sayBERLIN, Feb 9 (Reuters) - German consumer prices, harmonised to compare with other European Union countries, rose by a less-than-anticipated 9.2% on the year in January, preliminary data from the federal statistics office showed on Thursday. According to non-harmonised standards, German consumer prices rose 8.7% on year in January and 1.0% on the month. "Because core inflation will remain high in 2023, a fundamental easing of inflation is not in sight," said Alexander Krueger, chief economist at Hauck Aufhaeuser Lampe Privatbank. The final results for January and all results recalculated from January 2020 onwards using the new 2020 base year will be published by the statistics office on Feb. 22. The statistics office offers a breakdown for January's figures on its website.

☆ German union opposes Bayer split after CEO departure - taz newspaper
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 9 (Reuters) - Germany's IGBCE union opposes any splitting-up of Bayer after the departure of its chief executive and warned that the company should not bow to pressure from hedge fund activism, taz newspaper reported on Thursday. "From the point of view of the employees, Bayer with its three pillars is perfectly positioned for the challenges of the future," said IGBCE executive board member Francesco Grioli, who is also a member of the supervisory board at Bayer. The company currently has three divisions - pharmaceuticals, consumer health and crop science. "You can only manage the transformation of the industry with a corporate policy based on risk diversification and sustainability - not on hedge fund activism," Grioli told taz. Bayer announced on Wednesday that it was replacing its CEO early, recruiting the former head of Roche's pharmaceuticals business, as investor criticism over the company’s lacklustre share price grew.

☆ Fresenius in talks about deconsolidation of FMC - WirtschaftsWoche
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 9 (Reuters) - The chief executive of German health care group Fresenius (FREG.DE) is preparing a deconsolidation of Fresenius and its struggling subsidiary Fresenius Medical Care (FMC) (FMEG.DE), business magazine WirtschaftsWoche reported on Thursday, citing sources close to the supervisory board. Chief Executive Michael Sen's goal is for Fresenius to relinquish control over FMC and no longer have to fully consolidate the dialysis company, WirtschaftsWoche added. Shares in Fresenius rose 5% to a five-month high soon after the report was published while FMC shares slipped 2% initially. Sen is negotiating the plan with the major shareholder Else-Kroener-Fresenius-Stiftung, which controls Fresenius, WirtschaftsWoche reported. U.S.-focused kidney dialysis specialist FMC's chief executive stepped down in December, marking the second leadership change in as many months.

☆ German industrial output falls more than expected in December
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Summary Industrial production fell 3.1% on month, 0.7% decline expectedProduction in energy-intensive sectors fell 6.1%Economic slowdown in winter expected to be mild - ministryBERLIN, Feb 7 (Reuters) - German industrial production fell more than expected in December, driven by a plunge in output from energy-intensive sectors, the federal statistics office said on Tuesday. The drop was more severe in energy-intensive industrial sectors, where production decreased by 6.1% in December compared with November. "MISERABLE END TO 2022"For 2022 as a whole, German industrial production was 0.6% lower in calendar-adjusted terms than in 2021 and down 5.0% from the pre-pandemic year of 2019. According to Pantheon's estimates, German industrial production fell by 0.7% in the fourth quarter. While industrial production fell in December, German industrial orders rose by 3.2%, beating forecasts and posting the biggest increase in more than a year thanks to strong domestic and eurozone demand, data showed on Monday.

☆ German retail sales post shock fall in December
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 31 (Reuters) - German retail sales unexpectedly fell in December, as a Christmas shopping period weighed down by high inflation and the energy crisis revived fears of a more marked slowdown in Europe's largest economy this winter, data showed on Tuesday. Retail sales decreased by 5.3% in December compared with the previous month, the federal statistics office said. Retail sales also fell year-on-year in December by 6.4% in real terms, the office said"Just before Christmas, retailers in German city centres missed the big rush," said VP Bank chief economist Thomas Gitzel. The federal statistics office publishes more detailson retail sales on its website. Reporting by Miranda Murray and Friederike Heine, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ O nemțoaică le-a lăsat vecinilor o moștenire de 7,5 milioane de dolari
▼ + stars: | 2020-12-09 | by ( ) www.jurnal.md time to read: +1 min

Renate Wedel locuia comunca Waldsolms, formată din șase sate, din landul Hesse, împreună cu soțul ei, Alfred Wedel, din 1975. Alfred a fost un investitor de succes la bursă și a murit în 2014, iar Renate, care primise îngrijiri într-o casă de bătrâni din Frankfurt din 2016, a murit în decembrie 2019 la vârsta de 81 de ani. În luna aprilie a acestui an comuna a fost anunțată că Renate le-a lăsat un sold bancar, acțiuni și obiecte de valoare, potrivit CNN. Autoritățile locale s-au declarat șocateVestea a venit ca un șoc pentru autorități. „M-am gândit la început că pur și simplu acest lucru nu este posibil, am crezut că a fost o virgulă pusă greșit, ceva nu este chiar în regulă”, a spus primarul local Bernd Heine.

Persons: Renate Wedel, Alfred Wedel, Alfred, Renate, CNN, Sora, Bernd Heine Locations: Hesse, Frankfurt

☆ O femeie din Germania a lăsat vecinilor o moștenire de 7,5 milioane de dolari: Vestea a venit ca un șoc pentru autorități
▼ + stars: | 2020-12-05 | by ( ) www.jurnal.md time to read: +1 min

Renate Wedel locuia în districtul Weiperfelden, Germania centrală, împreună cu soțul ei, Alfred Wedel, din 1975. Alfred a fost un investitor de succes la bursă și a murit în 2014, iar Renate, care fusese îngrijită într-o casă de bătrâni din Frankfurt din 2016, a murit în decembrie 2019 la vârsta de 81 de ani. În luna aprilie a acestui an autoritățile din localitate au fost anunțate că Renate le-a lăsat moștenire bani, acțiuni și obiecte de valoare. Vestea a venit ca un șoc pentru autorități. "M-am gândit la început că pur și simplu acest lucru nu este posibil, am crezut că a fost o virgulă pusă greșit, ceva nu este chiar în regulă", a spus primarul local Bernd Heine.

Persons: Renate Wedel, Alfred Wedel, Alfred, Renate, Sora, Bernd Heine Locations: Weiperfelden, Germania, Frankfurt

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