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☆ What Kind of Driver Will Your Kid Be? This Test Can Tell.
▼ + stars: | 2024-01-13 | by ( Julie Jargon | ) www.wsj.com time to read: 1 min

It’s a nervous parent’s dream: finding out your children’s risk of a driving accident before they get behind the wheel of a car. Many of us might think we can predict what kind of drivers our kids will be, but it’s impossible to know whether teens will brake too hard or steer straight when they finally are able to drive. Insurance companies have apps to track teen driving, but that information only comes after they’re on the road.

Persons: they’re Organizations: Insurance

☆ This Test Can Tell How Likely a Young Driver Is to Crash
▼ + stars: | 2024-01-13 | by ( Julie Jargon | ) www.wsj.com time to read: 1 min

Persons: they’re Organizations: Insurance

☆ Hertz dumping 20,000 EVs is a warning to electric-car owners everywhere
▼ + stars: | 2024-01-12 | by ( Graham Rapier | Nora Naughton | ) www.businessinsider.com time to read: +4 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The car-rental firm said it's selling 20,000 EVs — about one-third of its electric fleet of Teslas, Volvos, Polestars, and more — partly due to repair and maintenance costs. AdvertisementIt's also a warning about the cost of EV ownership to drivers thinking about switching from gas to electric. Mitchell, which supplies data for insurance and repair companies, has found EVs — and particularly Teslas — are more expensive than gas-powered cars to repair. Among all EVs, Tesla's Model 3 has the best resale value, falling by only 42.9% in five years.

Persons: Hertz, —, Adam Jonas, Morgan Stanley, It's, Jonas, Mitchell, Kelley, Power, iSeeCars Organizations: EV, Service, Automotive, Energy Innovation, Insurance, quicken Locations: West Coast

☆ S&P 500 rises to 20-month high with a soft landing in sight. Can investors finally relax?
▼ + stars: | 2023-12-09 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

The S & P 500 , which had consolidated with a low-volatility sideways slide for three weeks, nudged to a new 20-month high just above 4600, almost precisely a 20% year-to-date gain. Just because the S & P 500 is at 4600 and Federal-funds futures markets project high odds of several rate cuts next year, it doesn't mean the former is reliant on the latter. Yet — just relax — in seven of the past 12 years, the S & P 500 went on to surpass this year-ahead analyst composite target. It's pretty popular to cast doubt on the achievability of the consensus 11.8% forecast S & P 500 earnings growth for 2024. A broadening beyond 2023's growth leadership is necessary for further S & P 500 gains.

Persons: YTD, Jerome Powell, Powell, John Butters, Scott Chronert Organizations: Federal, Fed, Bank of America, Wall, Merck, Pfizer, Citi, Treasury

☆ The runway is getting clearer, but the U.S. economy still isn't assured of a soft landing
▼ + stars: | 2023-12-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Stephanie Keith | Bloomberg | Getty ImagesNovember's solid jobs report did not assure that the economy will come in for a soft landing, but it did help to clear the runway a little more. "Overall, the jobs market is doing its part to get us to a soft landing," said Daniel Zhao, lead economist at jobs rating site Glassdoor. The unemployment rate unexpectedly declined to 3.7%, easing worries that it could trigger a historically dead-on signal known as the Sahm Rule, which coordinates increases of the unemployment rate by half a percentage point to recessions. "The recession versus soft landing debate sort of misses the necessary nuances of this unique cycle," Sonders said. "A best-case scenario is not so much a soft landing, because that ship has already sailed for [some] segments.

Persons: Stephanie Keith, Daniel Zhao, nonfarm, Gus Faucher, Liz Ann Sonders, Charles Schwab, Sonders, Sanders, Schwab Organizations: Bloomberg, Getty, Labor, PNC Financial Services, PNC, University of Michigan's Locations: New York, U.S

☆ Fiscal rules revamp may threaten calm in euro zone's fragile bond markets
▼ + stars: | 2023-12-04 | by ( Stefano Rebaudo | ) www.reuters.com time to read: +5 min

Analysts believe Germany's budget crisis will mean tougher fiscal policy in the largest euro zone economy in 2024, which could add to pressure on less wealthy members of the bloc to keep a tighter grip on their finances. Italian 10-year bonds currently yield around 173 basis points more than German debt , 38 bps less than a year ago, while the gap between Portuguese and German yields has narrowed by 34 basis points. French bonds meanwhile yield 58 bps more than German, 5 bps more than a year ago. Analysts argued the German public may be unwilling to accept a tightening of domestic fiscal policy without a blanket approach across Europe - meaning a tougher scenario for the periphery. Bondholders are meanwhile banking on the European Central Bank cutting interest rates in a few months, which should support euro zone peripheral debt.

Persons: Giorgia Meloni, Olaf Scholz, Fabrizio Bensch, Ruben Segura, BofA's Segura, Cayuela, Felix Hubner, Massimiliano Maxia, Stefano Rebaudo, Catherine Evans Organizations: Italian, REUTERS, Germany, Union, Northern, European Commission, UBS, Analysts, European Central Bank, JPMorgan, ECB, Allianz Global Investors, bps, Thomson Locations: Berlin, Germany, Italy, Cayuela, European, Greece, Spain, Europe

☆ Thomas Edison tried to take credit for a device created by a Black American inventor
▼ + stars: | 2023-12-02 | by ( Yoonji Han | ) www.businessinsider.com time to read: +6 min

Granville T. Woods was one of the most prolific Black inventors in the 19th century. Woods' inventions revolutionized transportation, but he faced many challenges as a Black inventor. One such inventor was Granville T. Woods, the most prolific Black inventor in the late 19th century. Woods, ironically, was dubbed "Black Edison" by newspapers at the time for his contributions to science. Historians ascribe Woods' decision to sell his hard-won patents to an acknowledgment that it was difficult to market Black American inventions to a largely white audience.

Persons: Granville, Woods, Thomas Edison, he'd, —, Edison, George Westinghouse, Frank Sprague, Rayvon Fouché, Lewis H, Latimer, Shelby J, Davison, couldn't, Lucius Phelps, Michael C, Christopher Organizations: Service, Woods, Co, United States Patent, National Inventors Hall of Fame, Edison, Edison Company, Getty, Westinghouse, General Electric, American Engineering, of Black Studies Locations: Cincinnati , Ohio, Columbus , Ohio, Australia, African American

☆ Here are Friday's biggest analyst calls: Tesla, Boeing, Amazon, Delta, Spotify, Alibaba, Johnson & Johnson and more
▼ + stars: | 2023-12-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are the biggest calls on Wall Street on Friday: Stifel initiates Boeing at buy Stifel said it sees a "favorable" setup for Boeing shares. Citi downgrades Spotify to neutral from buy Citi said in its downgrade of Spotify that the risk/reward is less compelling. Jefferies initiates Arcos Dorados as a buy Jefferies said the Latin American McDonald's franchisee is a "consistent compounder." Jefferies initiates CSG Systems as buy Jefferies said in its initiation of the software-as-a-service company that it sees burgeoning growth. Jefferies initiates Amdocs as buy Jefferies said it sees opportunity for the Israel-based software and systems integration supplier. "

Persons: Stifel, TD Cowen, Morgan Stanley downgrades Alibaba, Morgan Stanley, it's, Alibaba, Tesla, Cantor Fitzgerald, Cantor, Jefferies, Piper Sandler, TXRH, Wells, Wells Fargo, Emerson, Oppenheimer, Goldman Sachs, Bonnie Herzog's, MarketWise, Redburn, Johnson Organizations: Boeing, Delta, Air Lines, Citi, Spotify, RBC, Western Alliance, Novo Nordisk, Arcos, American, Crescent Energy, Fortrea Holdings, ISI, Aspen Technology, Emerson, JPMorgan, Constellation Brands, Constellation, UBS, Bank of America, Norfolk Southern, of America, Norfolk, CSG Systems, Communication Service, Financial Services, Technology, Healthcare, Westinghouse, Johnson, Innovative Medicine, Pharmaceutical Locations: Europe, China, Arcos, 4Q24, reaccelerate, Aspen, Norfolk, Israel

Vice Chairman of Microsoft Brad Smith looks on during the 5th Summit of "Christchurch Call", at the Elysee Presidential Palace in Paris, France November 10, 2023. LUDOVIC MARIN/Pool via REUTERS/File Photo Acquire Licensing RightsLONDON, Nov 30 (Reuters) - The president of tech giant Microsoft (MSFT.O) said there is no chance of super-intelligent artificial intelligence being created within the next 12 months, and cautioned that the technology could be decades away. Reuters last week exclusively reported that the ouster came shortly after researchers had contacted the board, warning of a dangerous discovery they feared could have unintended consequences. However, Microsoft President Brad Smith, speaking to reporters in Britain on Thursday, rejected claims of a dangerous breakthrough. Asked if such a discovery contributed to Altman's removal, Smith said: "I don't think that is the case at all.

Persons: Microsoft Brad Smith, LUDOVIC MARIN, Sam Altman, Brad Smith, It's, Smith, ” Smith, Martin Coulter, Sharon Singleton, Mark Porter Organizations: Microsoft, Reuters, Thomson Locations: Christchurch, Elysee, Paris, France, Britain

☆ Here's what it would take for the Fed to start slashing interest rates in 2024
▼ + stars: | 2023-11-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

"In a different cycle, when inflation hadn't spiked so much, I think the Fed would have been cutting rates already. "If the real fed funds rate continues to go higher as I expect it will, then you'd want to offset that through rate cuts. And the amount of rate cuts I think they're going to have to do is a relatively large amount." "I think there's a real risk of a hard landing if the Fed doesn't start cutting rates pretty soon," the head of Pershing Square Capital Management added. However, even some of the historically more dovish Fed officials aren't showing their hands on when they think cuts will come.

Persons: Valerie Plesch, Kathy Jones, Charles Schwab, Christopher Waller, Michelle Bowman, Waller, Bowman, Joseph LaVorgna, Donald Trump, Chris Marangi, Bill Ackman, Ackman, David Rubenstein, Raphael Bostic, Thomas Barkin Organizations: Eccles Federal, Bloomberg, Getty, Federal Reserve, Fed, Nikko Securities America, National Economic Council, CME Group, Stocks, Gabelli, Market, Pershing, Capital Management, Atlanta Federal Reserve, Richmond Locations: Washington , DC, Atlanta

Speaking to parliament, Scholz went into Germany's recent history of the COVID pandemic, the war in Ukraine and soaring energy prices to extend a suspension of self-imposed borrowing limits to tackle a crisis that has knocked his coalition. A constitutional court ruling nearly two weeks ago blocked the government's plans to reallocate unused pandemic funds towards green initiatives and industry support, raising fears Germany's economy could be further weakened. Scholz's assurances that his government would solve the budget crisis with care were met with jeers and laughter from the opposition Christian Democrats (CDU), whose lawsuit against the government had sparked the earlier court ruling. He underscored support for Ukraine, after the recent budget turmoil raised questions over how much military aid Berlin was willing to commit. "It is also clear that we must not let up in our support for Ukraine and in overcoming the energy crisis.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Friedrich Merz, Scholz, Germany's, Berlin, Scholz's, " Merz, Andreas Rinke, Christian Kraemer, Miranda Murray, Rachel More, Matthias Williams, Kirsti Knolle, Bernadette Baum Organizations: Climate, Christian Democratic Union, CDU, Bundestag, Christian Democrats, Ukraine, Finance, Thomson Locations: BERLIN, Ukraine, Germany, East Germany

It's clear how that will end.”Germany’s constitutional court has voided some 60 billion euros ($65 billion) in spending for this year and next. Without yet another emergency declaration next year, the government would have to scramble to cover shortfalls of roughly 30 billion to 40 billion euros — plus 20 billion to 30 billion euros for 2025 — compared with earlier plans, according to Holger Schmieding, chief economist at Berenberg bank. The fallout has left Germany projected to be the worst-performing major economy this year, shrinking by 0.5%, according to the International Monetary Fund. That has led to calls from some to loosen the debt limits because they restrict the government's response to new challenges. Yet even some opposition state governors have said the debt limits should be loosened.

Persons: Chancellor Olaf Scholz, “ We've, Robert Habeck, “, ”, Holger Schmieding, Schmieding, Free Democrats doesn't, Kai Wegener Organizations: U.S, International Monetary Fund, Industry, Volkswagen, BMW, Mercedes, Benz, Seven, Social Democrats, Greens, Free Democrats, Christian Democrats, Berlin Locations: FRANKFURT, Germany, Ukraine, Russia, China, Berenberg, East Germany, Europe, Britain, U.S, Italy, Japan

☆ How my partner and I live on $2,000 to $3,500 a month while living full-time in a van
▼ + stars: | 2023-11-28 | by ( Donna Paul | ) www.businessinsider.com time to read: +6 min

AdvertisementWhile traveling North America in our camper van, my fiancée and I have learned that van life extends beyond Instagram-worthy moments. Stealth camping (camping in urban areas for a brief period of time) or boondocking (camping on public land) is a cost-free alternative. Managing fuel costs is essential for budget-conscious travelFuel is one of the most significant expenses of van life. AdvertisementHygiene on the road is important, but it comes with a costIn van life, staying clean can impact your budget. Setting finances aside, we value van life for the freedom it provides, the adventure it brings, and the lasting memories we create together.

Persons: —, Donna Paul, aren't, We're, we've, van Organizations: Service Locations: North America, Instagram

☆ German government unveils budget fixes as way out of crisis
▼ + stars: | 2023-11-27 | by ( Christian Kraemer | ) www.reuters.com time to read: +5 min

The government said the spillover effects from the energy crisis that hit in 2022 after Russia's invasion of Ukraine and caused rocketing prices had created an emergency situation that justified suspending the debt brake. The leader of Scholz's SPD urged the government to consider suspending the debt brake next year, a move rejected in particular by the fiscally hawkish Free Democrats (FDP). "The debt brake must remain." The debt brake, introduced after the global financial crisis of 2008-2009, was first suspended in 2020 to help the government support firms and health systems during the COVID-19 pandemic. On Monday he stressed the need to give companies, which have been worried by the uncertainty caused by the budget crisis, clarity as quickly as possible.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Olaf Scholz's, finalising, Scholz's, Christian Duerr, Bijan Djir, Christian Kraemer, Riham Alkousaa, Amir Orusov, Rachel More, Matthias Williams, Thomas Escritt, Alison Williams, Tomasz Janowski Organizations: Finance, Climate, REUTERS, Free Democrats, ZDF, Greens, Thomson Locations: Berlin, Germany, BERLIN, Ukraine, Sarai, East Germany

☆ German cabinet to agree supplementary budget this afternoon - spokesperson
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

... Acquire Licensing Rights Read moreNov 27 (Reuters) - Germany's cabinet is expected to agree a supplementary 2023 budget this afternoon, a government spokesperson said on Monday. The cabinet will also try to present a 2024 budget by the end of the year, the spokesperson said, adding that if this did not work out, the plan was to agree a budget in January. The cabinet would base its reasoning for a renewed suspension of the country's debt brake on 2022 reasoning, the spokesperson added, speaking at a regular press conference in Berlin. Chancellor Olaf Scholz's government was forced to freeze most new spending commitments after the constitutional court blocked plans to repurpose unused pandemic funds towards green projects and industry subsidies, wiping billions from the federal budget. Reporting by Amir Orusov and Christian Kraemer, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Olaf Scholz, Chancellor Olaf Scholz's, Amir Orusov, Christian Kraemer, Rachel More Organizations: Thomson Locations: Berlin, Germany

In Hungary, central bank governor Gyorgy Matolcsy is under pressure from Viktor Orban's government to cut rates further ahead of local and European Parliament elections next year. Reuters GraphicsTANGIBLE BENEFITSA 2021 World Bank survey found that political meddling in central bank policy led to sustained periods of high inflation in emerging market economies such as Turkey and Argentina. "Attempts to bring the president of the NBP before the State Tribunal can be directly interpreted as an attack on the independence of the central bank," the spokesman said. How those premia evolve will depend partly on how politics in Poland and Hungary is perceived by investors to influence the central banks in the months to come. "Everything else being equal, the less independent the central bank, the more real yield you need to have to be compensated for the risk," said Arif Joshi at Lazard Asset Management.

Persons: Adam Glapinski, Gyorgy Matolcsy, Viktor Orban's, Donald Tusk's, Karen Vartapetov, Paul Gamble, Glapinski's, Glapinski, Marta Kightley, Orban, Peter Virovacz, Arif Joshi, Karol Badohal, Gergely, Mark John, Toby Chopra Organizations: WARSAW, Law and Justice, U.S . Federal Reserve, EU, Sovereign, Investor, Emerging, Fitch, Local, ING, Lazard Asset Management, Thomson Locations: Hungarian, Poland, Hungary, BUDAPEST, Europe, Turkey, Argentina, WARSAW

☆ German government to agree budget fixes as way out of crisis
▼ + stars: | 2023-11-27 | by ( Christian Kraemer | ) 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 budget would see Germany suspend its constitutionally enshrined debt brake for a fourth year in a row as Chancellor Olaf Scholz's government fights its way out of a crisis that has triggered warnings about growth and an industry exodus. "The debt brake must remain." 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. On Monday he stressed the need to give companies, who have been worried by the uncertainty caused by the budget crisis, clarity as quickly as possible.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Olaf Scholz's, finalising, Christian Duerr, Bijan Djir, Christian Kraemer, Riham, Matthias Williams, Alison Williams Organizations: Finance, Climate, REUTERS, Rights, Free Democrats, ZDF, Greens, Thomson Locations: Berlin, Germany, Sarai, East Germany

A constitutional court ruling on Nov. 15 against a budget manoeuvre to get around Germany's "debt brake" threw the financial plans of Chancellor Olaf Scholz's coalition into disarray. "As I have long been saying, we must fear that the debt brake becomes ever more a brake on the future," said Berlin mayor Kai Wegner on social media platform X. "The debt brake was implemented when Europe had a debt sustainability issue and Germany wanted to lead by example," he said. "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. The Greens' campaign programme ahead of the last election included debt brake reform to allow for greater investments.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Chancellor Olaf Scholz's, Reiner Haseloff, Haseloff, Kai Wegner, Friedrich Merz, Carsten Brzeski, Roderich Kiesewetter, Stefan Marschall, Andreas Rinke, Sarah Marsh, Matthias Williams, Holger Hansen, Nick Macfie Organizations: Climate, Finance, BERLIN, U.S, Intel, Reuters, AAA, Christian Democratic Union, CDU, Christian Social Union, CSU, Berlin, Free Democrats, Social Democrats, Greens, ING, SPD, University of Duesseldorf, Thomson Locations: Berlin, Europe's, Ukraine, Saxony, Anhalt, United States, Bavarian, Federal, Germany, Europe, France, Italy, Spain, China

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

☆ Germany Faces the Green Fiscal Truth
▼ + stars: | 2023-11-24 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Kyle Peterson, Mary O'Grady and Dan Henninger. Images: AP/AFP/Getty Images/Reuters/Zuma Press Composite: Mark KellyThings have gone from bad to worse in Germany this week after a court ruling that’s forcing the government to do something truly shocking: level with voters about how much the net-zero energy transition will cost. Please pass the smelling salts. The country’s highest constitutional court ruled this month that one of the coalition government’s main gimmicks for funding green projects violates Germany’s version of a balanced-budged amendment. That amendment, known as the debt brake, caps the government’s fiscal deficit at 0.35% of gross domestic product per year except in emergencies (as defined by special legislation passed with a majority in the Bundestag).

Persons: Kim Strassel, Kyle Peterson, Mary O'Grady, Dan Henninger, Kelly Organizations: Getty, Zuma, Bundestag Locations: Germany

☆ Canada’s Real-Estate Market Stumbles as Rate Hikes Bite
▼ + stars: | 2023-11-24 | by ( Vipal Monga | ) www.wsj.com time to read: 1 min

Residential buildings under construction in Toronto earlier this year. Photo: James MacDonald/Bloomberg NewsTORONTO—Canada’s real-estate sector, once among the hottest in the world and a key driver of the country’s economy, is seeing some cracks. Several major real-estate developers are defaulting on loans, buyers are having trouble closing on units, and dozens of condominium projects are being shelved. The effects could linger for years, turning housing, once the engine that drove the Canadian economy, into a brake that stalls growth, say developers, real-estate brokers and economists.

Persons: James MacDonald Organizations: Bloomberg News TORONTO — Locations: Toronto

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

These include plans by ArcelorMittal , the world's second-largest steelmaker, to spend 2.5 billion euros to decarbonise its German steel mills, efforts that depend on now-uncertain government support. "What we're seeing here is devastating for Germany as a business location globally. Besides the 6 billion euros of steel investments, other sectors potentially affected by the court ruling include 4 billion euros in the area of microelectronics and 20 billion euros for battery cell production, according to an economy ministry paper seen by Reuters. Those have previously been estimated at 68 billion euros. "Important industries in Germany, such as chemicals or steel production, need economical energy prices," Oliver Blume, CEO of Europe's top carmaker Volkswagen (VOWG_p.DE), told Frankfurter Allgemeine Zeitung.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Reiner Blaschek, Chancellor Olaf Scholz, Stefan Rauber, Intel INTC.O, Taiwan's, Bernhard Osburg, Oliver Blume, Christoph Steitz, Tom Kaeckenhoff, Andreas Rinke, Catherine Evans Organizations: Climate, Finance, ArcelorMittal, SHS Stahl, Reuters, IMF, Intel, TW, Infineon, Steel, BASF, Wacker Chemie, Volkswagen, Frankfurter Allgemeine Zeitung, Thomson Locations: FRANKFURT, DUESSELDORF, Berlin, Germany, Asia, United States, U.S, USA, Steel Europe

☆ German budget crisis: The economy is structurally weak, ING says
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGerman budget crisis: The economy is structurally weak, ING saysCarsten Brzeski of ING says "it needs a lot of structural transitions, but that is something the constitutional debt brake has not foreseen."

Persons: Carsten Brzeski Organizations: ING

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