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☆ Germany will become the sick man of Europe without change, Deutsche Bank CEO says
▼ + stars: | 2023-09-20 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Afp Contributor | Dpa | Getty ImagesDeutsche Bank CEO Christian Sewing said Germany will become the sick man of Europe if "structural issues" are not addressed immediately. "We are not the sick man of Europe," Sewing said in his keynote address at the Handelsblatt Banken Summit 2023 on Wednesday, "but it is also true that there are structural weaknesses that hold back our economy and prevent it from developing its great potential." "We will become the sick man of Europe if we do not address these structural issues now," he added. The Deutsche Bank CEO said that the biggest task lies with banks, whose roles are changing in the current macroeconomic climate. This is a great responsibility, but also a great opportunity to create new trust," Sewing said.

Persons: Getty Images Deutsche Bank CEO Christian Sewing Organizations: Dpa, Getty Images Deutsche Bank CEO Christian, Deutsche Bank CEO Locations: Frankfurt, Afp, Germany, Europe

☆ Global debt stock hit a record $307 trillion in the first half of 2023, top trade body says
▼ + stars: | 2023-09-20 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The global debt-to-GDP ratio now sits at around 336%, which is up from 334% in the fourth quarter of 2022, the report said. The ratio had experienced seven consecutive quarters of decline, before resuming its upward trajectory in the first half of 2023. The stock of global debt rose $10 trillion in the first half of 2023, bringing it to a new record high of $307 trillion, according to a report by the Institute of International Finance released Tuesday. Worldwide spikes in inflation were the main factor causing the decline in debt ratio, helped by higher borrowing costs and tighter lending standards. Consumer debt meanwhile remains "largely manageable" in mature markets, the IIF said, with the household debt ratio dropping to its lowest level in two decades in the first half of 2023.

Persons: — Organizations: Institute of International Finance, Federal, Group Locations: U.S, Japan, France, China, India, Brazil

The Federal Reserve is widely expected to hold rates steady Wednesday, but the central bankers will give an update on their economic outlook with the summary of economic projections, which includes one key chart that traders will have an eye on. The so-called "dot plot" that charts the projected move in the Fed funds rate and the press conference of Chair Powell will give investors a clue as to what happens in the November meeting and into 2024. "I think that they will keep that bias towards higher rates in there and indicate that they are willing to raise the funds rate further if the data start to show that either inflation is not slowing as they expect it to, or if the labor market remains too tight," said Gus Faucher, chief economist at PNC Financial Services Group. Read more about the meeting here. — Jeff Cox, Jesse Pound

Persons: Powell, Gus Faucher, Read, — Jeff Cox, Jesse Pound Organizations: Federal Reserve, PNC Financial Services

☆ Recession-hit Germany is facing a flurry of global headwinds, Goldman Sachs says
▼ + stars: | 2023-09-19 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The victory column and TV tower are pictured in front of the sunrise in Berlin, Germany. Germany finds itself at a crossroads of global issues as it deals with an economic contraction, according to Peter Oppenheimer, chief global equity strategist and head of macro research EMEA at Goldman Sachs. "The predicament that the economy is facing at the moment is really down to a number of factors," Oppenheimer told CNBC Tuesday, with challenges in the manufacturing sector, a disappointing China reopening boost and higher energy costs contributing to the recession in Europe's largest economy. "It's … not a deep recession but it's obviously been more hit by obvious headwinds," Oppenheimer said. The comments reflect the latest projection by the Bundesbank, which estimated Monday that the German economy is likely to shrink this quarter thanks to slow private consumption and industry stuttering.

Persons: Peter Oppenheimer, Goldman Sachs, Oppenheimer Organizations: Goldman, CNBC Locations: Berlin, Germany, China

The pan-European Stoxx 600 index was 0.3% lower in morning trade, with sectors mostly in negative territory. European markets were downbeat at the start of this week's trading, following their Asia-Pacific counterparts lower as investors look ahead to a week of central bank decisions. Elsewhere this week, Australia's central bank will release its minutes for its Sept. 5 policy meeting on Tuesday and on Friday, the Bank of Japan will conclude its monetary policy meeting. Elsewhere, the People's Bank of China is also expected to release its loan prime rate decisions on Friday. In Europe last week, the European Central Bank increased interest rates by 25 basis points, a 10th consecutive hike taking its main rate to a record high of 4%.

Organizations: U.S, Federal, Bank of Japan, People's Bank of, European Central Bank Locations: Asia, People's Bank of China, Europe

☆ French grocery chain adds 'shrinkflation' labels to products in bid to shame supplier pricing
▼ + stars: | 2023-09-15 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

Shopping cart in a department of a Carrefour supermarket, in front of pastas and sauces. French grocery chain Carrefour has taken the unusual step of adding labels to its products that have recently shrunk in size but have ramped up in price. The move — both in stores and on its website — looks to pile pressure on its suppliers that have increased prices for the chain, despite raw material prices having recently eased. Carrefour added the "shrinkflation" warning stickers to a range of products, from Lipton Iced Tea and Pepsi , to boxes of Lindt chocolates and baby milk powder. Carrefour did not immediately respond to a CNBC request for comment.

Organizations: Carrefour, Lipton, Tea, Pepsi, Reuters, CNBC

☆ Shipping giant Maersk is seeing tentative signs of a bounce back in global trade
▼ + stars: | 2023-09-15 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. Sergei Gapon | Afp | Getty ImagesThere are tentative signs of a bounce back in global trade, according to the CEO of shipping titan Maersk. North America is also looking strong for the next year, despite having faltered along with many other major economies due to macroeconomic factors, including Russia's full-scale invasion of Ukraine and tensions with China. "As this starts to normalize and works itself out, we will see a rebound in demand," Clerc said. "I would say emerging markets and North America are certainly the points where we see the most upside potential," he added.

Persons: Sergei Gapon, Vincent Clerc, CNBC's Silvia Amaro, Clerc, Kristalina Georgieva Organizations: Maersk, Afp, Getty, Consumers, IMF, CNBC Locations: Copenhagen, Denmark, U.S, Europe, India, Latin America, Africa, North America, Ukraine, China

☆ The EU should have ‘isolated’ the Ukraine war, Hungarian foreign minister says
▼ + stars: | 2023-09-13 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Hungary's Foreign Minister Peter Szijjarto. Thierry Monasse | Getty Images News | Getty ImagesThe European Union should have "isolated" the Ukraine war, Hungary's foreign minister told CNBC in an interview broadcast Wednesday. The "European Union should have isolated this war in Ukraine, but instead of that [the] European Union has globalized the war," Péter Szijjártó said from the Belt and Road Summit in Hong Kong. The European Union did not immediately respond to CNBC's request for comment. This is not the first time Hungary's foreign minister has condemned the EU's handling of Russia's full-scale invasion of Ukraine.

Persons: Peter Szijjarto, Thierry Monasse, Péter Szijjártó, Szijjártó, they're Organizations: Hungary's, Getty, CNBC, European, East, European Union, Russia, Economic, Initiative Locations: Ukraine, European Union, Hong Kong, Brussels, Russia, Russian, Davos, Europe, China

☆ European markets open higher after seven-day losing streak
▼ + stars: | 2023-09-08 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

The likelihood that inflation numbers are going to remain stubbornly high for a while could mean more interest rate increases, former St. Louis Federal Reserve President James Bullard said Thursday. In a CNBC interview, the the current dean of the Mitchell E. Daniels Jr. School of Business at Purdue University raised the prospect of more policy tightening as core inflation is stuck around 4%. "That's raising the risk that the Fed will have to follow through on its promise rate increase sometime in the next couple of meetings, and there's some risk that they'd have to go a little bit higher even from there," Bullard told CNBC's Steve Liesman. Inflation numbers "have got to come down into the 3% range, and eventually the 2% range, and if that is not happening and they hang up too high, the Fed may have to do more," he said.

Persons: James Bullard, Mitchell, Daniels, Bullard, CNBC's Steve Liesman, — Jeff Cox Organizations: Louis Federal Reserve, CNBC, School of Business, Purdue University Locations: St

☆ Chinese EVs are now seen posing a 'real threat' to Europe's auto industry
▼ + stars: | 2023-09-06 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesChinese electric vehicles pose "a real threat" to the European car industry, according to Christian Kames, managing director at financial advisory firm Lazard. Kames spoke from the IAA Mobility Conference in Munich, where the number of Chinese companies has soared since the last event. watch nowThe increase in Chinese companies in attendance shows that these firms "really have the European market … as the next market they want to conquer," Kames said. European companies are 'ready to engage'European auto manufacturers are well aware of the competition brought about by Chinese companies, Christian Kames told CNBC. "[European carmakers] get it now, that the Chinese [automakers] are a real threat.

Persons: Christian Kames, Lazard, Kames, Warren Buffet, carmaker BYD, Xpeng, Brian Gu, Luca De Meo, Monday, De Meo, China's, Chris Reitermann, CNBC's Evelyn Cheng, Reitermann Organizations: Munich, Bloomberg, Getty, IAA, IAA Mobility, CNBC, UBS, Renault, Ogilvy Asia Pacific Locations: Munich, Germany, Asia, Europe, Hangzhou, China, Swiss, European, Greater China

☆ Germany is the 'sick man of Europe' — and it's causing a shift to the right, top economist says
▼ + stars: | 2023-09-04 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

The "sick man of Europe" moniker has resurfaced in recent weeks as manufacturing output continues to stutter in the region's largest economy and the country grapples with high energy prices. It "has to do with the automobile industry, which is the heart of the German industry and many things hinge on that," he said. Germany reported a foreign trade deficit for the first time in decades in May 2022, totaling 1 billion euros ($1.03 billion). Plunge in business sentimentSinn said investor doubts about the feasibility of Germany's sustainability goals also play into the description of the country as the "sick man of Europe." Uncertainty about energy prices has likely contributed to a "plunge" in business sentiment, Holger Schmieding, chief economist at Berenberg, wrote in the note.

Persons: Hans, Werner Sinn, Sinn, CNBC's Steve Sedgwick, Thomas Lohnes, Berenberg, Holger Schmieding Organizations: European Central Bank, Getty, Ambrosetti, Berenberg Locations: Germany, Europe, Italy, Ukraine, Frankfurt, Saudi Arabia

☆ European markets higher following UBS earnings; Swiss bank up 5%
▼ + stars: | 2023-08-31 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

UBS on Thursday posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland's largest bank completed its takeover of stricken rival Credit Suisse. UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. Underlying profit before tax, which excludes negative goodwill, integration-related expenses and acquisition costs, came in at $1.1 billion. The fate of Credit Suisse's flagship Swiss bank, a key profit center for the group and the only division still generating positive earnings in 2022, was a focal point of the acquisition. The emergency rescue deal that saw UBS purchase Credit Suisse at a heavily discounted 3 billion Swiss francs was mediated by Swiss authorities over the course of a weekend in March.

Persons: Read, — Elliot Smith Organizations: UBS, Credit Suisse, Credit, Suisse's, Swiss Locations: Swiss

☆ UK home sales set to hit their lowest since 2012 as mortgage sales plummet
▼ + stars: | 2023-08-30 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

That's the equivalent of each household moving once every 23 years, an increase of six years from 2021, the monthly report found. Demand for homes in the last four weeks is down 34% compared to the average of the last five years, as higher mortgage rates and cost-of-living pressures weigh on the market, Zoopla said. While house prices have seen a small uptick, sales numbers have been hit hardest by higher borrowing costs, Richard Donnell, executive director at Zoopla said in a press release. "Cash buyers are more immune and on track to account for more than one in three sales in 2023," Donnell said. Mortgage rates have started to come down but remain high, with the average rate for a 2-year fixed mortgage for a 95% loan at 6.7% for the week of Aug. 21, online real estate company Rightmove said last week.

Persons: Zoopla, Richard Donnell, Donnell, Rightmove Organizations: Office, National Statistics, Bank of England

☆ European markets open higher after Wall Street rally
▼ + stars: | 2023-08-30 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

LONDON — European stock markets opened higher Wednesday, reflecting moves on Wall Street overnight. The pan-European Stoxx 600 index was up 0.2%, with most sectors trading in cautiously positive territory. Mining stocks made the biggest gains, with a 0.9% uptick, followed by insurance, which was up 0.6%. Utilities stocks shed 0.4% in early trade. Markets closed higher Tuesday, tracking global counterparts as investors look ahead to a fresh round of economic data this week.

Organizations: Utilities

☆ Ukraine war live updates: Heavy fighting continues in Kherson; Ukraine opposes further grain restrictions
▼ + stars: | 2023-08-29 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

A local resident clears debris in her house, which was destroyed as a result of a missile strike on Kherson on Aug. 14, 2023. Heavy fighting continued in Ukraine's Kherson overnight, while Russian forces downed drones over the regions of Tula and Belgorod, according to official channels of each country. Ukraine's Foreign Minister Dmytro Kuleba said Monday he was "adamantly against" any further grain import restrictions put in place by some of Ukraine's neighbors over the summer. The European Union allowed Bulgaria, Hungary, Poland, Romania and Slovakia to ban domestic sales of Ukrainian grains as they said a glut of produce unable to be exported by Ukraine posed challenges to their domestic farmers. The current bans expire on Sept. 15.

Persons: Dmytro Kuleba Organizations: Ukraine's, European Union Locations: Kherson, Ukraine's Kherson, Tula, Belgorod, Bulgaria, Hungary, Poland, Romania, Slovakia, Ukraine

☆ Pope did not intend to glorify Russian imperialism in speech, Vatican says
▼ + stars: | 2023-08-29 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Pope Francis did not intend "to exalt imperialist logic," the Vatican said Tuesday, after a speech delivered on Friday drew criticism for references to Russia's imperialist past. "You are heirs of the great Russia — the great Russia of the saints, of kings, the great Russia of Peter the Great, of Catherine II, the great Russian empire, cultured, so much culture, so much humanity," Pope Francis said in the Friday speech, as translated and transcribed by NewsFromUkraine. The pope delivered the prepared speech in his native Spanish, before making these off-script comments in Italian. The pope has previously repeatedly called for a cease-fire in the war in Ukraine and spoken against Russia's actions in the conflict. Zelenskyy expressed gratitude to the religious leader for "his personal attention to the tragedy of millions of Ukrainians."

Persons: Pope, Pope Francis, Vladimir Putin, Russia —, Peter the Great, Catherine II, NewsFromUkraine, Russia, Oleg Nikolenko, Rome, Dmitry Peskov, Volodymyr Zelenskyy, Zelenskyy Organizations: Google, Vatican, Roman Catholic, Ukrainian, Kremlin, Ukrainian Foreign Ministry, Facebook, Tass Locations: Ukraine, Russia, Spanish

☆ Germany is struggling to move away from its ‘sick man of Europe’ image
▼ + stars: | 2023-08-24 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

Germany was first described with that moniker in 1998 as the country navigated the costly challenges of a post-reunification economy. The issues weighing on Germany's economy can be separated into "two very separate battles," Stefan Kooths, research director for business cycles and growth at the Kiel Institute for World Economy, told CNBC. "It is a different sickness [compared to] 20 years ago," Brzeski told CNBC. Energy obstaclesLike most of Europe, Germany's energy prices have been volatile following Russia's full-scale invasion of Ukraine. "Many Germany-headquartered businesses are doing well globally, but they are struggling with operations in their own country," Siegfried Russwurm, head of the German Industry Federation, told CNBC in June.

Persons: DANIEL ROLAND, aren't, it's, Holger Schmieding, Schmieding, Jasmin Groeschl, Stefan Kooths, Carsten Brzeski, China's, Brzeski, Groeschl, Joerg Kraemer, Kooths, Siegfried Russwurm Organizations: Frankfurt Cathedral, AFP, Getty, International Monetary Fund, Berenberg, CNBC, Europe, Allianz, Kiel Institute, World, ING Research, German Industry Federation Locations: Frankfurt, Germany, Europe, France, China, Kiel, Ukraine

☆ Ukraine war live updates: No hope for F-16 jets in 2023, Ukraine says; Russia and North Korea agree cooperation plans, state media reports
▼ + stars: | 2023-08-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Ukraine will not be able to use U.S.-made F-16 fighter jets in 2023, air force spokesperson Yuriy Ihnat told Ukrainian television Wednesday night, according to Reuters. "It's already obvious we won't be able to defend Ukraine with F-16 fighter jets during this autumn and winter," Ihnat reportedly said in a joint telethon broadcast by Ukrainian channels. Ukraine has long been lobbying Western allies for the war planes, and while U.S. President Joe Biden agreed to training Ukrainian pilots in May, no timeline has been set for delivery of the aircraft. Meanwhile, state media in North Korea reported there was a "military cooperation plan" agreed by Kim Jong Un and Russian Defense Minister Sergei Shoigu when the minister visited North Korea last month. Shoigu visited North Korea in late July for the 70th anniversary of the end of the Korean War, celebrated in North Korea as "Victory Day."

Persons: Yuriy Ihnat, Ihnat, Joe Biden, Kim Jong Un, Sergei Shoigu, Shoigu Organizations: Reuters, U.S, Russian Defense Locations: Ukraine, Ukrainian, Western, North Korea

☆ European markets higher as investors assess UK inflation data
▼ + stars: | 2023-08-16 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The pan-European Stoxx 600 index was down 0.3% in the first minutes of trading, before moving to gain 0.2%. Sectors were spread across positive and negative territory, with retail stocks leading gains with a 0.7% uptick and telecom seeing a 0.3% downturn. The headline consumer price index reading was in line with the expectations of analysts polled by Reuters, and comes after the cooler-than-expected 7.9% figure for June. The Stoxx 600 closed 0.9% lower in the previous session, a one-month low for the index, with most sectors in negative territory. Markets will also be keeping an eye on the euro zone's second gross domestic product reading for the second quarter and the U.K. house price index, both set for release later in the day.

Organizations: Reuters Locations: Asia, Pacific, U.S

☆ European markets lower as investors weigh UK wage growth and Russia rate hike
▼ + stars: | 2023-08-15 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

European markets were lower Tuesday as investors weigh data from the U.K. and Russia. The pan-European Stoxx 600 index was down 0.7% in morning trading, with sectors mostly in negative territory. Insurance stocks and travel and leisure led losses, each with a 1% downturn, while retail bucked the trend with a 0.2% uptick. Marks & Spencer drove retail gains after the group announced strong results and adjusted its annual outlook to the upside, prompting shares to increase 8%.

Persons: Spencer Organizations: Insurance Locations: Russia

☆ European markets open lower after a downbeat week
▼ + stars: | 2023-08-14 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

September West Texas Intermediate crude oil contracts this week rallied for a 7th consecutive week for the first time since June 2022, while October Brent — the international benchmark — also rose for a 7th straight week. September natural gas contracts climbed 7.5% this week — the biggest weekly increase since mid-June. September gasoline added 6.5% this week, the most in a week since early March, and rising for a 4th week in five. The S&P 500 Energy Index turned in the best performance of the 11 main sectors in the S&P 500, rising 3.5% this week versus the S&P 500 Health-Care Index's 2.5% gain and the S&P 500's 0.3% loss.

Persons: Brent — Organizations: West Texas, Energy

☆ European markets open lower; UBS ends Credit Suisse protection measures, shares up 4%
▼ + stars: | 2023-08-11 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The pan-European Stoxx 600 index was down 0.5% in the first minutes of trading, with all sectors opening in negative territory. Mining stocks led losses with a 1% downturn, followed by oil and gas and autos, which both dropped 0.9%. UBS announced Friday it ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop originally put in place by the Swiss government when the bank took over rival bank Credit Suisse in March. The pan-European Stoxx 600 index ended the previous session up 0.8%, with household goods adding 2.2% to lead gains on the back of strong earnings. Mining stocks slid 0.9%.

Organizations: Bureau of Labor Statistics, UBS, Credit Suisse, Mining Locations: U.S, Swiss, Asia, Pacific

☆ Wegovy-maker Novo Nordisk raises outlook as sales of its weight-loss drug soar
▼ + stars: | 2023-08-10 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

A selection of injector pens for the Saxenda weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. The company's diabetes and obesity division performed particularly well, bolstered by interest in its blockbuster injection Wegovy. Novo Nordisk , which makes the weight-loss drug Wegovy, raised its outlook for 2023 Thursday, as it reported soaring sales. For 2023, the company now anticipates sales growth of 27%-33% and operating profit growth of 31%-37%, at constant exchange rates. The active ingredient in Wegovy is semaglutide, an FDA-approved drug that works by imitating a naturally-occurring gut hormone that helps to regulate appetite.

Persons: Wegovy, Lars Fruergaard Jørgensen, — Sam Meredith Organizations: Novo Nordisk, FDA Locations: Chicago , Illinois, U.S, Danish

☆ Champagne sales are booming. But its taste could soon change forever — thanks to climate change
▼ + stars: | 2023-08-08 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

More than 325 million bottles of champagne were shipped from Champagne in 2022, according to Comité Champagne. More than 325 million bottles of champagne were shipped from Champagne in 2022, surpassing 6 billion euros ($6.6 billion) in sales for the first time, according to champagne trade association Comité Champagne. International brands are aware of the huge impact climate change can have on their businesses. A bar tender pours a bottle of Taittinger Champagne. Matt Hodson Founder of English wine retailer Grape Britannia

Persons: Comité Champagne, Dave Kotinsky, Sandrine Sommer, Moët Hennessy, Matt Hodgson, Francois Nascimbeni, Hodgson, Sommer, Champagne, Claire Sarazin, Tom Hewson Champagne, Sarazin, Tom Hewson, Susy Atkins, who've, Atkins, Taittinger, Pommery, Carlo Paloni, Matt Hodson Organizations: Getty, CNBC, Afp, Bafta Locations: Champagne, United States, Britain, Japan, Ville, Reims, France, Montgueux

☆ Ukraine war live updates: Kherson blasted overnight; U.S and German air defense systems 'very effective,' Zelenskyy says
▼ + stars: | 2023-08-07 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

The Ukrainian city of Kherson was blasted overnight, after President Volodymyr Zelenskyy said that air defense systems supplied by Germany and the U.S. were "very effective." Zelenskyy highlighted the IRIS-T and Patriot drones in his nightly address Sunday, and thanked all allies who had contributed resources to Ukraine's defenses. More than 40 countries came together over the weekend in Jeddah, Saudi Arabia, to discuss a possible formula for bringing a peaceful conclusion to Russia's war in Ukraine. Delegations from the United States, China and India were present for the talks, which senior Ukrainian government official Andriy Yermak described as "productive." Meanwhile, Russia's deputy foreign minister said the West's efforts to mobilize the international community to support a peace deal are "doomed to failure," according to state-owned media agency Tass.

Persons: Volodymyr Zelenskyy, Andriy Yermak Organizations: IRIS, Ukrainian, Tass Locations: Ukrainian, Kherson, Germany, U.S, Jeddah, Saudi Arabia, Ukraine, United States, China, India

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