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Search resuls for: "Tom Fairless"


15 mentions found


☆ Part of 2019 Green Vault Heist Loot Recovered in Berlin
  + stars: | 2022-12-17 | by ( Tom Fairless | ) www.wsj.com   time to read: 1 min
FRANKFURT—German authorities said they had recovered a significant part of the 18th-century treasures stolen three years ago from Dresden’s Royal Castle in one of the country’s biggest jewelry heists in recent memory. The jewels stolen from the opulent Green Vault collection in November 2019 included items assembled by Augustus the Strong, elector of Saxony and king of Poland. Six men from Berlin are currently standing trial in Dresden accused of the theft.
☆ ECB, BOE Raise Rates by Half a Percentage Point
  + stars: | 2022-12-15 | by ( Tom Fairless | Paul Hannon | ) www.wsj.com   time to read: 1 min
The central banks of the U.K., eurozone and Switzerland increased interest rates by 0.5 percentage point, following the Federal Reserve in slowing the pace of increases as inflation edges lower across advanced economies. The European Central Bank said in a statement it would raise its key rate to 2% from 1.5%, as expected, the highest level since 2009. In a hawkish twist, the ECB said it expected “to raise [rates] significantly further, because inflation remains far too high and is projected to stay above the target for too long.” The bank also said it would reduce its multitrillion-dollar bondholdings starting in March, by €15 billion, equivalent to $16 billion, a month on average at first.
☆ BOE Raises Rates by 0.5 Point, Slowing Pace of Tightening
  + stars: | 2022-12-15 | by ( Tom Fairless | Paul Hannon | ) www.wsj.com   time to read: 1 min
The Bank of England increased interest rates by 0.5 percentage point to 3.5%, following the Federal Reserve in slowing the pace of increases as inflation edges lower. The BOE’s decision follows a similar move by the Swiss National Bank on a busy day for Europe’s most influential central banks. Investors expect the European Central Bank to announce 0.5-point rate increase later Thursday. Both the BOE and the ECB have been battling all year with inflation that has spiraled to multidecade highs, partly fueled by a surge in energy prices following Russia’s invasion of Ukraine.
☆ Swiss Central Bank Follows Fed With 0.5-Point Rate Rise
  + stars: | 2022-12-15 | by ( Tom Fairless | Paul Hannon | ) www.wsj.com   time to read: 1 min
The Swiss National Bank said it would increase interest rates by 0.5 percentage point to 1%, following the Federal Reserve in slowing the pace of increases as inflation edges lower. The SNB’s decision kicks off a busy day for Europe’s most influential central banks. Investors expect the Bank of England and European Central Bank to announce 0.5-point rate increases later Thursday. Both have been battling all year with inflation that has spiraled to multidecade highs, partly fueled by Russia’s invasion of Ukraine.
☆ Germany Is Short of Workers, but Its Migrants Are Struggling to Find Jobs
  + stars: | 2022-12-12 | by ( Tom Fairless | ) www.wsj.com   time to read: 1 min
A temporary refugee shelter at the former Tegel airport in Berlin, where some Ukrainians are fleeing to escape Russian attacks on their country. KASSEL, Germany—In 2016, as Middle Eastern refugees fled to Germany in their hundreds of thousands, Ingo Neupert decided to help. A professor of social work, he started a training program in western Germany for 25 young refugees to become nurses and medical assistants.
☆ Interest-Rate Paths for U.S., Europe Set to Diverge
  + stars: | 2022-12-11 | by ( Tom Fairless | ) www.wsj.com   time to read: 1 min
The European Central Bank is expected to unveil plans to start reducing its multitrillion-dollar bondholdings in the coming months. FRANKFURT—The Federal Reserve’s aggressive campaign against high inflation dominated global financial markets this year. Starting this week, the action shifts to Europe, where inflation could prove stickier and harder to tame. That shift is likely to reverse some of the key market dynamics of 2022, most significantly a superstrong dollar. At monetary-policy meetings this week, the Federal Reserve’s key rate is expected to rise by 0.5 percentage point, the European Central Bank’s by 0.5 to 0.75 point, and the Bank of England’s by 0.5 point.
☆ In Campaign to Save Energy, Germans Channel Their Love of Thrift
  + stars: | 2022-12-05 | by ( Tom Fairless | ) www.wsj.com   time to read: 1 min
FRANKFURT, Germany—Psychologist Maria-Christina Nimmerfroh was doing her best to deliver an online lecture to business executives last month, but every few minutes an energy-saver switch in her empty classroom killed the lights. Finally, she got tired of standing up to trigger the motion-detecting switch and lighted her face with her cellphone flashlight.
☆ U.S.-Europe Trade Booms as Old Allies Draw Closer
  + stars: | 2022-11-20 | by ( Tom Fairless | ) www.wsj.com   time to read: +1 min
As trans-Atlantic trade booms, container volumes at West Coast ports like Los Angeles have been surpassed by surging volumes on the East Coast. FRANKFURT—The global economic map is rapidly transforming, with trade and investment between the U.S. and Europe booming as Russia’s war in Ukraine and fraying ties between the West and China draw the trans-Atlantic allies closer. The U.S. has imported more goods from Europe than from China this year, a big shift from the 2010s when China emerged as America’s dominant trade partner. From Swiss watches to German machinery and Italian luxury items, money and products are flooding across the Atlantic as never before. And it is pushing East Coast ports ahead of their West Coast counterparts in container volumes after years of a U.S. pivot to Asia.
☆ Europe Doubles Down on Big Government
  + stars: | 2022-11-09 | by ( Tom Fairless | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/europe-doubles-down-on-big-government-11667984528
☆ German Economy Shows Surprise Strength Ahead of Expected Recession
  + stars: | 2022-10-28 | by ( Tom Fairless | ) www.wsj.com   time to read: 1 min
FRANKFURT—Germany’s economy grew modestly in the three months through September, showing surprising strength ahead of what economists expect to be a bleak period as the region’s households and businesses wrestle with surging interest rates and prices fanned by Russia’s war in Ukraine. The fate of Europe’s largest economy and its traditional growth engine is seen as crucial to the rest of the continent as Europe’s economic war with Russia intensifies. Germany is particularly vulnerable because of its past dependence on Russian fossil fuel and the importance of energy-hungry manufacturers for the country’s wealth and jobs.
☆ ECB Raises Rates by 0.75 Point to Highest in More Than a Decade
  + stars: | 2022-10-27 | by ( Tom Fairless | ) www.wsj.com   time to read: 1 min
The European Central Bank has moved less aggressively than some of its peers to raise interest rates this year. FRANKFURT—The European Central Bank raised interest rates by three-quarters of a percentage point for the second time in a row, moving briskly to quash record inflation even as the eurozone teeters close to recession. The bank said in a statement that it would increase its policy rate to 1.5%, the highest level in more than a decade, and said it expects to raise rates further over the coming meetings.
☆ Higher Interest Rates Can Take a Long Time to Bring Down Inflation
  + stars: | 2022-10-23 | by ( Tom Fairless | ) www.wsj.com   time to read: 1 min
FRANKFURT—The world’s central banks face a nail-biting wait. They have raised interest rates this year at the fastest pace in decades. But those hikes work with what economists call “long and variable” lags so central banks might not know for years if they have tightened too much, or not enough.
☆ Energy Crisis Pushes German Industry to the Brink
  + stars: | 2022-09-29 | by ( Tom Fairless | ) www.wsj.com   time to read: 1 min
FRANKFURT—German businesses are growing concerned that without an energy price cap, a wave of insolvencies could wash over the country in coming weeks and disrupt the supply chains serving Germany’s largest industrial sectors. Starved of the abundant Russian energy that long fired the nation’s industrial engine, German businesses have already been curtailing production and halting investments. Business and consumer confidence is tumbling, approaching the lows reached during the 2008 global financial crisis. Germany’s government is now drawing up plans to cap the price of electricity and gas, officials said this week, acting in case a similar proposal by the European Union isn’t enacted swiftly.
☆ War, Inflation Knock World Economy Off Balance
  + stars: | 2022-09-23 | by ( Tom Fairless | Jason Douglas | ) www.wsj.com   time to read: 1 min
The global economy outside the U.S. is stuttering, knocked off course by soaring inflation, an energy crisis and now Russia’s nuclear war threats. Business surveys published on Friday indicate that economic activity in Europe declined sharply in September, raising the risk of recession in one of the world’s industrial powerhouses as governments grapple with surging prices and disruptions from Moscow’s attack on Ukraine.
☆ Do Wages Drive Prices, or Vice Versa? The Answer Matters for Interest Rates
  + stars: | 2022-09-19 | by ( Tom Fairless | ) www.wsj.com   time to read: 1 min
FRANKFURT—Even as some prices such as for gasoline signal tentative easing of inflation pressure, the Federal Reserve and other central banks remain preoccupied with one that shows the opposite trend: the price of labor. Soaring pay growth, officials worry, could prompt businesses to keep raising prices to offset higher labor costs, producing a wage-price spiral.
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