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The Great Recession left an impression on millennials like me, but I'm still not not worried about the next one. They've been rare and brief in my lifetime, except for the 19-month Great Recession, which turned out to be the most severe economic collapse since the Great Depression. This isn't the Great RecessionThe main reason I'm not terrified of whatever the economy will do next is that recessions aren't always the Great Recession. We're not afraid of the next recession in my house because my partner and I are both self-employed — he's a freelance graphic designer and I run a financial education startup. Because my partner and I are both service-based business owners, our income is diversified across multiple companies and business sectors.

☆ Janitors who clean Twitter's HQ are on strike after failed negotiations mean they face losing their jobs, union says
▼ + stars: | 2022-12-06 | by ( Kate Duffy | ) www.businessinsider.com time to read: +3 min

Janitors cleaning Twitter's HQ went on strike over unfair labor practice, SEIU Local 87 says. Twitter ended the contract with the firm employing the janitors, per the California Labor Federation (CLF). The janitors face losing their jobs on Friday when the contract with the janitorial company is set to end. The union shared a picture of people who appeared to be demonstrating outside Twitter's headquarters in San Francisco. It wasn't clear which janitorial company Twitter has picked as its new contractor.

☆ Germany's Scholz: We must avoid dividing world into Cold War-style blocs
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 5 (Reuters) - German Chancellor Olaf Scholz warned against creating a new Cold War by dividing the world into blocs and called for every effort to be made to build new partnerships, writing in an opinion piece for Foreign Affairs magazine published online on Monday. The West must stand up for democratic values and protect open societies, "but we must also avoid the temptation to once again divide the world into blocs," wrote Scholz in the piece. "This means making every effort to build new partnerships, pragmatically and without ideological blinders," he added. Scholz singled out China and Russia in particular as two countries that pose a threat to a multipolar world, which requires stronger European and transatlantic unity to overcome. "Germans are intent on becoming the guarantor of European security that our allies expect us to be, a bridge builder within the European Union and an advocate for multilateral solutions to global problems," wrote Scholz.

☆ Volkswagen to discuss new software roadmap on Dec. 15 -Handelsblatt
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 5 (Reuters) - Volkswagen (VOWG_p.DE) Chief Executive Oliver Blume will present a long-delayed new software strategy for the carmaker at a supervisory board meeting on Dec. 15, Handelsblatt newspaper reported on Monday, citing company sources. The Audi brand will hand over leadership on autonomous driving software to Volkswagen Commercial Vehicles, the report added. The supervisory board called in May for management to present a roadmap for the carmakers' software unit Cariad, after multiple years of delays to planned new software iterations and overspending. The board expected a new roadmap by the summer break, Reuters reported, but former Chief Executive Herbert Diess' departure from the company delayed plans. New chief Blume wants to first determine what the software will look like, and then the car models will follow, Handelsblatt reported.

☆ German exports fall more than expected as demand cools in Europe, U.S.
▼ + stars: | 2022-12-02 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

"The German export engine is noticeably juddering," said German chambers of commerce and industry (DIHK) trade chief Volker Trier. "High inflation rates and a tight monetary policy in important sales markets are dampening international demand." DIHK said last month Germany's exports were likely to fall 2% next year due to a sluggish global economy, with nearly half of German companies that sell abroad expecting an economic downturn. Also last month, German industrial group Thyssenkrupp (TKAG.DE) warned its sales and profit would "nosedive" next year as high inflation and energy costs are compounded by an expected recession in Europe. A survey published on Thursday showed Germany's manufacturing sector reported continued weaker demand in November but the downturn slowed as signs of fewer material shortages fuelled hopes that cost pressures could also ease.

☆ German exports fall as demand cools in Europe, U.S.
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Exports down 0.6% m/m, twice as much as forecastImports post strongest m/m fall since JanuaryBERLIN, Dec 2 (Reuters) - German exports fell more than forecast in October, official data showed on Friday, as high inflation and supply chain snags hit demand in key trading partners, further raising the spectre of recession for Europe's largest economy. Exports declined by 0.6% on the month, twice as much as analysts predicted in a Reuters poll, the data from the Federal Statistics Office showed. Germany's top export partner, the United States, saw the sharpest fall in German exports at 3.9%, while exports to other European Union member states were down 2.4%. The German chambers of commerce and industry (DIHK) said last month Germany's exports were likely to fall 2% next year due to a sluggish global economy, with nearly half of German companies that sell abroad expecting an economic downturn. Also last month, German industrial group Thyssenkrupp (TKAG.DE) warned its sales and profit would "nosedive" next year as high inflation and energy costs are compounded by expected recession in Europe.

☆ German government not planning blanket Huawei ban
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +3 min

BERLIN, Dec 2 (Reuters) - Germany does not want to follow the United States in generally banning products made by Chinese telecoms equipment makers such as Huawei, but will continue making such decisions on a case-by-case basis, an Economy Ministry spokesperson said on Friday. A German Economy Ministry strategy paper seen by Reuters on Thursday detailed recommendations to increase the level of scrutiny on the use of components from certain states. The paper mentions legislation introduced in Germany in 2020 that set high hurdles for makers of telecommunications equipment for next-generation networks, such as Huawei. When asked whether it expected a tightening of rules or even a ban in Germany or the European Union, Huawei told Reuters on Friday it relied on constructive and facts-oriented dialogue. Representative Michael McCaul, top Republican on the U.S. House Foreign Affairs Committee, said Germany was "jeopardizing its own national security and that of Europe's" in its decision on Huawei.

☆ Germany to send seven additional Gepard tanks to Ukraine
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 2 (Reuters) - Germany is preparing to deliver seven Gepard tanks to Ukraine, adding to the 30 air-defence tanks that are already being used to fight against the Russian army, according to a German government website. According to Spiegel magazine, which first reported the number of additional tanks, the seven Gepards, which were initially destined for the scrap pile, should arrive in Ukraine in Spring 2023 and are currently being repaired by Munich-based arms manufacturer Krauss-Maffei Wegmann (KMW). The German government also aims to send more ammunition for the Gepards along with the additional tanks, Spiegel reported. Supply of ammunition for the Gepard has proven problematic as Switzerland, which has stocks of ammunition, refuses to supply it, citing its neutral status. Writing by Miranda Murray, editing by Rachel More and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ NATO's Stoltenberg cautions against economic dependency on China
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Dec 1 (Reuters) - NATO Secretary General Jens Stoltenberg said on Thursday he still believes in the benefits of free trade but warned of the security consequences that come with engaging with authoritarian powers such as China. "The war in Ukraine has ... demonstrated our dangerous dependency on Russian gas. This should lead us to assess our dependencies on other authoritarian states, not least China," he said in a speech at the Berlin Security Conference. Reporting by Rachel More, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ German retail sales fall in October as inflation takes hold
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 1 (Reuters) - German retail sales fell more-than-expected in October, data showed on Thursday, as inflation had consumers holding back on non-essential purchases at the start of the fourth quarter. Retail sales were down 2.8% on the month in October, a further drop than the 0.6% dip in price-adjusted terms expected by analysts polled by Reuters. Compared with October 2021, retail sales were down 5.0%. Germany's HDE retail association is forecasting the strongest slump in Christmas sales since 2007, with retail sales in the crucial November-December period seen dropping by 4% year-on-year on a price-adjusted basis. The German economy grew by 0.4% quarter-on-quarter in the third quarter on the back of consumer spending, despite rising inflation rates that hit the double digits in September.

☆ Nestle nudges 2022 sales outlook higher again
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

[1/2] Kit Kat chocolate covered wafer bars manufactured by Nestle are seen in London, Britain, July 25, 2018. REUTERS/Hannah McKay/Photo Illustration/File PhotoSummarySummary Companies Now sees organic sales up 8.0-8.5% vs around 8% beforeMakes progress on share buyback programmeLaunches review of peanut allergy treatmentZURICH, Nov 29 (Reuters) - Nestle (NESN.S) has nudged its 2022 sales outlook higher again, the world's largest packaged food company said ahead of an investor seminar on Tuesday. The company said it now expected organic sales growth of 8-8.5%, up from an October forecast of around 8%, and an underlying trading operating profit margin of around 17.0%. Nestle confirmed it was aiming to repurchase 20 billion Swiss francs ($21.09 billion) worth of shares from 2022 to 2024 and said it had already bought around 9.7 billion francs worth. Nestle shares were indicated 0.8% higher in pre-market activity.

☆ Self-portrait of artist who fled Nazis may break German auction record
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Auction house Villa Grisebach in Berlin estimates that 'Self-portrait in yellow-pink' will attract bids of up to 30 million euros. The self-portrait, painted in 1943, is a rarely seen masterpiece, Micaela Kapitzky, director and partner at Villa Grisebach, told Reuters. "The opportunity to buy a Beckmann self-portrait of this quality will not come up again. After the Nazis branded his paintings "degenerate art", Beckmann and his wife, Mathilde, known as "Quappi", fled Germany in 1937. Markus Krause, director and partner at Villa Grisebach, expressed excitement at the auction, which he is to conduct.

☆ Disney CEO Iger makes profitable streaming a priority
▼ + stars: | 2022-11-28 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/File PhotoNov 28 (Reuters) - Walt Disney Co (DIS.N) Chief Executive Bob Iger said on Monday one of his top priorities is to make the company's streaming business profitable. Iger is responsible for Disney's all-in embrace of streaming, and the launch of its marquee service, Disney+, but he acknowledged the measurement of success has changed. Disney joins a number of media companies seeking to grow their streaming services without sacrificing its film or television businesses. From a sound stage on Disney's lot, Iger said he returns to the company he led for 15 years with a sense of urgency. He offered no timing on the restructuring of the company's film and television distribution group, Disney Media and Entertainment Distribution.

☆ Disney CEO Bob Iger calls the drive to make streaming profitable a priority
▼ + stars: | 2022-11-28 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

☆ Disney hiring freeze will stay in place, CEO Bob Iger tells employees
▼ + stars: | 2022-11-28 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

Chief executive officer and chairman of The Walt Disney Company Bob Iger and Mickey Mouse look on before ringing the opening bell at the New York Stock Exchange, November 27, 2017 in New York City. Disney Chief Executive Officer Bob Iger said during his first town hall since returning to the company that he won't remove the company's hiring freeze and that he will reassess its cost structure. Iger kicked off the town hall Monday quoting from the song "What'd I miss?" He replaced his hand-picked successor Bob Chapek, whose nearly three-year run as CEO ended abruptly after a dismal fiscal fourth-quarter earnings report. Iger joked his wife, Willow Bay, told him he should run Disney again so that he wouldn't run for U.S. president — something Iger has thought about in the past.

☆ German government defends plan to ease citizenship rules
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +3 min

German language requirements for citizenship would also be eased for members of the so-called "Gastarbeiter" generation, many of them Turkish, who came to Germany in the 1950s and 1960s as migrant workers. It would also be made easier to study or obtain qualifications in Germany, he said. Scholz defended allowing immigrants to hold dual citizenship, arguing that "belonging and identity are not a zero-sum game." The secretary-general of the FDP, the junior partner in coalition with the SPD and environmentalist Greens, has spoken out against the plan. Faeser played down differences in the coalition and said that all parties had signed up to the plan in their coalition agreement.

☆ New Disney CEO reportedly joked to employees that his wife wanted him to return to keep him from running for US president
▼ + stars: | 2022-11-28 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Disney CEO Bob Iger said his wife encouraged him to return to Disney to avoid a presidential run, CNBC reported. Iger opened a town hall with Disney staff on Monday with a quote from "Hamilton," per the report. But the sun comes up and the world still spins," Iger quoted, sources who attended the town hall told CNBC. When he first stepped down from his role as Disney CEO in 2020, Iger said in a podcast that he'd seriously considered running for office on multiple occasions. "You can run for anything you want, but not with this wife," Iger said Bay told him.

☆ WTO says trade growth likely to slow as demand weakens
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: 1 min

GENEVA, Nov 28 (Reuters) - The World Trade Organization said on Monday that its goods barometer had fallen below trend, indicating that trade growth was set to slow in the closing months of 2022 and into 2023. The Geneva-based body said its barometer fell to 96.2 from its previous reading of 100, reflecting "cooling demand for traded goods". Reporting by Emma Farge, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Thyssenkrupp Nucera's operating profit down on IPO prep costs
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 25 (Reuters) - Germany's Thyssenkrupp (TKAG.DE) on Friday said that Nucera, its joint venture with Italy's De Nora (DNR.MI), saw its operating profit fall by two-thirds, citing costs related to preparations for a potential stock market listing and growth investments. Earnings before interest and tax (EBIT) for the business, which Thyssenkrupp said might go public via an initial public offering (IPO) at some point, fell to 9 million euros ($9.4 million) in the 2021/22 fiscal year ending September. This was partly due to a "mid-single digit euro million amount of non-recurring IPO preparation costs", Thyssenkrupp said in presentation slides, published as part of a capital markets update a week after full-year results. The slides also showed that sales for the division increased by a fifth, to 383 million euros, for an EBIT margin of 2.4%, down from 8.4%. ($1 = 0.9622 euros)Reporting by Christoph Steitz, editing by Rachel More and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ An Agatha Christie play that's been running in London's West End for 70 years is finally coming to Broadway
▼ + stars: | 2022-11-25 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +3 min

After 70 years in the West End, The Mousetrap will finally open in New York next year. The Mousetrap's Broadway transfer was announced on Friday to mark the play's 70th anniversary. When it first opened in London, Christie and the original producer agreed that the show would not transfer to Broadway. Spiegel said: "After the longest out-of-town try-out in history, The Mousetrap is finally ready to transfer to Broadway." In her autobiography, Christie recounts a conversation she had with Peter Saunders, the play's original producer, on its opening night in the West End.

☆ Germany's Scholz 'surprised' by companies' China dependence
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 25 (Reuters) - German Chancellor Olaf Scholz said the number of German companies that have ignored the risks of depending too heavily on the Chinese market was remarkable and stressed the need for diversification, in an interview with Focus magazine on Friday. "The importance of the Chinese market needs no explanation," he said, but the goal is not to be dependent on any one market. "I am therefore surprised at how dependent some companies have made themselves on individual markets and have completely ignored the risks," Scholz told the magazine. In early November, Scholz became the first Group of Seven (G7) leader to visit China since the COVID-19 pandemic, where he bluntly complained about access to the Chinese market. He has tried to balance securing a level playing field for European companies with shedding Germany's heavy reliance on the Chinese market.

☆ German economy beats expectations with 0.4% growth in Q3
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 25 (Reuters) - The German economy grew slightly more in the third quarter than preliminary figures suggested, bolstered by consumer spending, data showed on Friday. Europe's largest economy grew by 0.4% quarter on quarter and 1.3% on the year, adjusted for price and calendar effects, the federal statistics office said. Analysts polled by Reuters had expected the economy to grow by 0.3% in the third quarter on quarter and 1.2% on the year. In the previous quarter, the German economy grew slightly, by 0.1% quarter on quarter. In its latest forecast, the government predicted the economy would grow by 1.4% this year and slump by 0.4% next year.

☆ German regulator: gas stocks below 40% on Feb. 1 would be critical
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 25 (Reuters) - Germany's energy regulator chief Klaus Mueller on Friday said a filling level below 40% of the country's underground storage caverns would be considered a critical indicator making mitigating measures necessary to ensure gas supply in winter. Currently, German inventories are 99% full, in excess of a Nov. 1 target for 95%, as Europe's leading economy has managed to offset a sizeable amount of delivery shortfalls after the near decline of Russian exports. "Tense we would say is between 40% and 55% by the first of February, and should we be below that, this indicator would jump to critical," said Mueller, speaking to reporters in a web-cast press conference. Reporting by Vera Eckert and Christoph Steitz, editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

"We are talking with our allies about how to handle Poland's ... suggestion," a German government spokesperson told reporters in Berlin. Berlin offered Warsaw the Patriot system to help secure its airspace after a stray missile crashed and killed two people in Poland last week. Polish Defence Minister Mariusz Blaszczak later asked Germany to send the fire units to Ukraine instead. Stoltenberg's comments came after German Defence Minister Christine Lambrecht on Thursday said sharing Germany's Patriot units outside NATO territory would require prior discussions with NATO and the allies. Duda later said that Germany could send the Patriot units to Ukraine without NATO troops to operate them, something he says Kyiv has been asking for for a while.

☆ Germany is not blocking EU energy solution but is 'sceptical', minister says
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 24 (Reuters) - Germany is not standing in the way of the European Union's solution to the energy crisis, Economy Minister Robert Habeck told the Handelsblatt daily on Thursday in response to criticism about his country's stance towards plans for a gas price cap. "We're not blocking anything," he said in an interview with the daily and three European newspapers. "But I am sceptical when it comes to a fixed price cap in the market, because it would be either too high or too low," he said. On Tuesday, the European Union executive proposed a gas price cap for the bloc at 275 euros ($286.91) per megawatt hour for month-ahead derivatives on the Dutch exchange that serves as Europe's benchmark. Diplomats have said the proposed level was unlikely to be popular when energy ministers of the bloc's 27 members debate it on Thursday.

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