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Keyword: socialmarketeconomy

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  • German economy plunges by record 9.7%

    08/25/2020 6:14:03 PM PDT · by Olog-hai · 13 replies
    Deutsche Welle ^ | 08.25.2020 | lc/rc (dpa, Reuters)
    The German economy, Europe’s largest, contracted by a record 9.7% in the second quarter as consumer spending, company investments and exports saw a steep decline due to the coronavirus pandemic. Although the contraction was the worst on record, it was still less than what economists initially anticipated, after the Federal Statistical Office (Destatis) revised the quarter-on-quarter contraction in gross domestic product down from the 10.1% it initially reported at the end of July.  The economic slump was much stronger than during the 2007-08 financial crisis which saw a 4.7% decline in the first quarter of 2009, and it represented the...
  • Coronavirus leads to record drop in German GDP

    07/30/2020 9:22:21 AM PDT · by Olog-hai · 16 replies
    Deutsche Welle ^ | 07.30.2020 | rc/sms (AP, DPA, Reuters)
    Germanys gross domestic product (GDP) fell by 10.1% in the second quarter of 2020, according to economic data released on Thursday. The data from Germanys Federal Statistic Office comes amid fears of a second wave of the coronavirus pandemic across Europe. This was the sharpest decline since the quarterly GDP calculations for Germany began in 1970, the statistics office said. Compared with last year, Thursdays figures were even worse. GDP was down 11.7% for April to June, with an overall collapse of exports and household spending alongside an increase in state spending. Its clear that it was a really horrible...
  • Airbus offers subsidy concession to end U.S. tariffs

    07/24/2020 10:07:52 AM PDT · by Olog-hai · 8 replies
    Reuters ^ | July 24, 2020 2:06 AM | Tim Hepher
    Europes Airbus said on Friday it would increase loan repayments to France and Spain in a final bid to reverse U.S. tariffs and jog the United States into settling a 16-year-old dispute over billions of dollars of aircraft subsidies. The European Union, France and Spain said the move to raise interest rates paid by Airbus on A350 aircraft development loans should settle the row at the World Trade Organization and urged Washington to withdraw tariffs on EU goods. In the absence of a settlement, the EU will be ready to fully avail itself of its own sanction rights, EU Trade...
  • Angela Merkel says Britain will have to 'live with the consequences' of Boris Johnson's decision to loosen economic ties with the EU as German leader hardens her Brexit stance

    06/27/2020 10:25:15 AM PDT · by Olog-hai · 23 replies
    Daily Mail (UK) ^ | 15:11 EDT, 26 June 2020 | Sam Blitz
    Angela Merkel announced Britain will have to live with the consequences of a distant relationship with the European Union in the event of a no-deal exit. Unlike his predecessor Theresa May, UK Prime Minister Boris Johnson has scrapped the idea of maintaining close economic ties with the EU after the Brexit transition period ends on December 31. The UK recently rejected a EU deal surrounding environmental and consumer protections and workplace rights, and Mrs. Merkel has now hardened her stance as Germany prepares to take over the rotating presidency of the EU. The German chancellor told the media on Friday:...
  • Coronavirus lockdown pushes Germany into recession

    05/15/2020 10:13:50 AM PDT · by Olog-hai · 15 replies
    Deutsche Welle ^ | 05.15.2020 | kp/rt (AFP, dpa)
    The German economy contracted 2.2% in the first quarter of 2020, the worst result since the 2008 financial crisis. Experts had expected a contraction of around 2%. The latest data, released by the federal statistics authority Destasis on Friday, also showed revisions to 2019 fourth-quarter figures from zero growth to a contraction of 0.1%. This means Germany is now in a recession, defined as two consecutive quarters of negative economic growth. The first quarter figures are only a partial indication of how much the pandemic has harmed Europes largest economy. [] GDP is expected to shrink even further in the...
  • EU says Britain making unrealistic post-Brexit demands

    04/24/2020 9:13:23 AM PDT · by Olog-hai · 7 replies
    Associated Press ^ | April 24, 2020
    Despite the devastating economic fallout from the coronavirus pandemic, Britain is making scant effort to negotiate a far-reaching free trade deal in the wake of Brexit that would stave off a costly final separation at the end of the year, the European Union said Friday. EU negotiatior Michel Barnier said his British counterparts keep insisting on unrealistic deadlines and demands that could only lead to a chaotic trade rupture which would mount economic losses on both sides on top of those already expected from the coronavirus crisis. I am worried, Barnier said after what he described as another week of...
  • France to provide extra 20 billion to companies hit by lockdown

    04/10/2020 9:35:43 AM PDT · by Olog-hai · 1 replies
    TheLocal.fr ^ | 10 April 2020 11:01 CEST+02:00 | AFP
    The French government could provide up to 20 billion in fresh capital to help companies hardest hit by the coronavirus outbreak, Finance Minister Bruno Le Maire said on Friday. We have decided to put 20 billion into a special (state) fund in order to be able to support all those companies which might need it, Le Maire said on Europe 1 radio. The funds will be included in a new budget plan due to be submitted to ministers next week. [] As regards Air France, we are ready, when the time comes to intervene, Le Maire said. Separately, the head...
  • Recession in Germany unavoidable due to coronavirus outbreak - economic advisors

    03/30/2020 10:41:36 AM PDT · by Olog-hai · 9 replies
    Reuters ^ | March 30, 2020 5:00 AM | Michelle Martin
    The coronavirus outbreak has made a recession in Europes largest economy inevitable in the first half of this year, Germanys council of economic advisers said on Monday, predicting that output could shrink by up to 5.4% this year. The panel, which advises the government on economic policy, said its baseline scenario in which the economic situation would normalize over the summer was for the economy to contract by 2.8% this year before potentially growing by 3.7% next year. But a more marked V-shaped recession curve with widespread halts to production or longer-lasting public health measures, could lead to...
  • Germany plans 822B economic aid package to fight virus crisis

    03/21/2020 10:37:34 AM PDT · by Olog-hai · 6 replies
    AFP via TheLocal.de ^ | 21 March 2020 17:49 CET+01:00
    The German government is planning an economic aid package worth 822 billion to prevent companies from going under during the coronavirus pandemic. The planned funds are to be made available according to a draft bill seen by AFP on Saturday. The funds will go towards a slew of aid programs, including help for employees forced into shorter work hours. They may also be used to fund the partial nationalization of large enterprises in order to keep them afloat, according to the text. [] Germanys so-called debt brake was written into its constitution in 2009, and limits a federal budget deficit...
  • Opinion: A call for a caring state [German media]

    03/20/2020 2:02:42 PM PDT · by Olog-hai · 11 replies
    Deutsche Welle ^ | 03.20.2020 | Miodrag Soric
    As far-reaching, catastrophic and deadly as the consequences of the coronavirus crisis are and will continue to be, at some point the outbreak will end. However, by then the world will have changed as today's fears and suffering make a lasting impact. Many citizens in the wealthy West will call for a strong state that can provide better protection and their calls will be louder than ever because only the state can fight pandemics.This is bad news for companies. More state means higher taxes, more bureaucracy and regulation, slower decision-making and less money for consumers, and that will mean...
  • Greening the city: How Brussels is planning for climate change

    02/28/2020 8:22:14 AM PST · by Olog-hai · 15 replies
    Deutsche Welle ^ | 02.28.2020 | Martin Kuebler (Brussels)
    At the Place de la Bourse/Beursplein in central Brussels, tourists and commuters pick their way around coils of plastic tubing, bright green construction barriers and piles of paving stones that have been ripped up in the name of urban improvement. A few blocks north, the transformation is complete. What was once a busy boulevard clogged with traffic is now a car-free zone given over to pedestrians, bicycles, scooters and cafes taking advantage of the expanded sidewalk to offer alfresco dining. The areas redevelopment began in 2017, and, weather permitting, will be finished by the end of 2020. But thats just...
  • Meanwhile in Brussels... EU budget talks end WITHOUT an agreement as Austria, Denmark, the Netherlands and Sweden REFUSE to pay more to plug the 75bn euro hole left by Brexit and increase spending on climate change

    02/22/2020 10:34:29 AM PST · by Olog-hai · 46 replies
    Daily Mail (UK) ^ | 05:00 EST, 22 February 2020 | Jemma Carr
    The EUs post-Brexit budget meeting erupted into rows with poorer countries demanding more aid while their frugal peers were determined to rein in spending. Brexit left the EU short of around 62 billion when Britain left the bloc last month. On Friday after nearly 30 hours of discussions the 27 remaining EU countries failed to agree on the overall size of the blocs 2021 to 2027 budget or how to spend it. Speaking after the talks in the EUs Brussels hub, German Chancellor Angela Merkel said: We have to acknowledge that the differences are too big still to...
  • EU proposes rules for artificial intelligence to limit risks

    02/19/2020 11:09:52 AM PST · by Olog-hai · 13 replies
    Associated Press ^ | February 19, 2020 | Kelvin Chan
    The European Union unveiled proposals Wednesday to regulate artificial intelligence that call for strict rules and safeguards on risky applications of the rapidly developing technology. [] The EUs executive Commission said it wants to develop a framework for trustworthy artificial intelligence. European Commission President Ursula von der Leyen had ordered her top deputies to come up with a coordinated European approach to artificial intelligence and data strategy 100 days after she took office in December. We will be particularly careful where essential human rights and interests are at stake, von der Leyen told reporters in Brussels. Artificial intelligence must serve...
  • Germany's minimum wage spurred productivity, but hit small firms

    02/18/2020 8:40:07 AM PST · by Olog-hai · 8 replies
    Deutsche Welle ^ | 02.18.2020
    The introduction of a nationwide minimum wage in Germany has spurred a growth in worker productivity, according to a study published Tuesday. The government in Berlin first established a minimum wage in 2015, requiring firms to pay their employees 8.50 ($9.20) per hour. At the time, around 15% of the German workforce was earning less than that amount. Research by University College London (UCL) and the German Institute for Labor Market Research (AIB) found that the change did not result in higher joblessness among low-wage workers one of the fears before the policy was rolled out. [] Instead, their...
  • German economy records zero growth in fourth quarter

    02/14/2020 6:49:06 AM PST · by Olog-hai · 17 replies
    Deutsche Welle ^ | 02.14.2020 | aw/rc (dpa, AFP, AP)
    The German economy posted zero growth in the final quarter of 2019, the federal statistics authority (Destasis) reported in preliminary statistics on Friday. The Gross domestic product (GDP) was the same in October-December as in the previous three months. The results were worse than forecast, with predictions of 0.1% growth. However, Destastis revised its results for the third quarter, with the GDO growing by 0.2% instead of the 0.1% previously reported. [] The zero growth is a reflection of broader eurozone slowness with headwinds from the US-China trade dispute and Brexit. The European Central bank has been trying to stimulate...
  • Trump's defiance of Congress on EU auto tariffs is 'just plain illegal,' economist Paul Krugman says

    01/28/2020 9:42:33 AM PST · by central_va · 42 replies
    business insider via yahoo ^ | 1/23/20 | Theron Mohamed
    Paul Krugman slammed President Trump for threatening 25% tariffs on European vehicles and auto parts as they posed potential risks to national security. The Nobel Prize-winning economist and New York Times columnist also criticized Trump's refusal to turn over to Congress a report about an investigation into the national-security risks. "Pretty sure that's just plain illegal," Krugman tweeted. "Congress ... didn't make him a dictator free to set tariffs wherever he likes without even offering an explanation."
  • How Europe Made Itself Dependent on Nefarious Oil Powers

    01/20/2020 8:26:35 AM PST · by Tolerance Sucks Rocks · 37 replies
    The Daily Signal ^ | January 16, 2020 | Victor David Hanson
    Despite its cool Green parties and ambitious wind and solar agendas, Europe remains by far the worlds largest importer of oil and natural gas. Oil output in the North Sea and off the coast of Norway is declining, and the European Union is quietly looking for fossil fuel energy anywhere it can find it. Europe itself is naturally rich in fossil fuels. It likely has more reserves of shale gas than the United States, currently the worlds largest producer of both oil and natural gas. Yet in most European countries, horizontal drilling and fracking to extract gas and oil are...
  • Fiat Chrysler in talks with Foxconn to develop electric cars

    01/17/2020 8:29:45 AM PST · by Olog-hai · 20 replies
    Associated Press ^ | January 17, 2020
    Fiat Chrysler is in talks with the Chinese company Foxconn to develop and manufacture battery-powered vehicles, the U.S.-Italian automaker said Friday. Fiat Chrysler is in the process of merging with Frances PSA Peugeot, which is 12% owned by Chinese company Dongfeng Motor Co. Both Fiat Chrysler and Peugeot have lagged in developing electric powertrains and also have been struggling to increase sales in China, the worlds biggest auto market. It was unclear what impact Fiat Chryslers proposed joint venture with Foxconn, formally known as Hon Hai Precision Ind. Co., Ltd., would have on the wider merger, which is expected to...
  • US tariffs on autos not mentioned in talks, EU trade chief says

    01/16/2020 9:02:19 PM PST · by Olog-hai · 2 replies
    Deutsche Welle ^ | 01.17.2020 | cw/sms (AFP, dpa)
    US threats to impose tariffs on European autos did not come up in trade talks in Washington, European Union Trade Commissioner Phil Hogan said Thursday. It was not mentioned; it was hardly mentioned, Hogan told reporters in the US capital. I think it should be good news for Germany. The Trump administration has repeatedly threatened to put tariffs on European automobiles imported into the US, citing threats to national security. But a deadline to make a decision passed last November without a comment from the White House after the EU threatened to impose retaliatory tariffs on US imports. Hogans remarks...
  • Germany's 'misery continues' as industrial orders fall unexpectedly

    01/08/2020 5:10:10 AM PST · by Oldeconomybuyer · 11 replies
    Reuters ^ | January 8, 2020 | by Michael Nienaber
    BERLIN - German industrial orders fell unexpectedly in November on weak foreign demand and a lack of major contracts, data showed on Wednesday, suggesting that a manufacturing slump will continue to curtail growth in Europes largest economy. Germanys export-dependent manufacturers are struggling with sluggish demand from abroad as well as business uncertainty linked to trade disputes and Britains decision to leave the European Union. The misery in manufacturing continues, VP Bank economist Thomas Gitzel said, noting that the military escalation between the United States and Iran was now posing an additional risk for businesses. Finance Minister Olaf Scholz told reporters...