Page 7 - Germany

India's inflation at 7.4%; What are inflation numbers in other countries?

Since the start of the Russia-Ukraine war in February, almost all the economies have been facing high inflation mainly driven by high commodity costs, and supply chain constraints

Leak detected in pipeline that brings Russian crude oil to Germany

A leak was detected in an oil pipeline in Poland which is the main route through which Russian crude oil reaches Germany, the Polish operator said Wednesday. The operator, PERN, said it detected a leak in the Druzhba pipeline, which originates in Russia, on Tuesday evening about 70 kilometers (45 miles) form the the central Polish city of Plock. It said the cause of the leak wasn't known. The incident follows leaks late last month in the Nord Stream 1 and 2 gas pipelines running along the Baltic seabed.

Germany cuts fiscal deficit in overall budget as Covid measures expire

Germany cut its fiscal deficit in the overall public budget to 32.9 billion euros in the first half of this year, the Federal Statistical Office (Destatis) said

German expert panel proposes 2-stage energy subsidy to ease high rates

A government-appointed expert panel is proposing a two-stage system for distributing up to 200 billion euros ($195 billion) in subsidies Germany has announced to ease the strain of high energy prices. German news agency dpa reported Monday that the panel will suggest one-off payments to natural gas customers equivalent to a single monthly bill this year, followed by a price subsidy for part of people's consumption next year. Citing unnamed officials, dpa reported that from January businesses would pay 0.07 euros per kilowatt hour for the first 70% of their gas bill, based on the previous year's consumption. Private gas customers would pay 0.12 euros for the first 80%, starting in March. The proposal put together by a panel made up of representatives from industry, trade unions, scientists and lawmakers is due to be publicly announced later Monday. Many European countries have proposed similar subsidies on fossil fuels, prices for which have increased sharply worldwide in the wake

Leaders of Spain, Germany discuss ongoing energy crisis before EU summit

The leaders of Spain and Germany held talks in Spain Wednesday, two days before both participate in an European Union summit to discuss Europe's energy crisis derived from Russia's invasion of Ukraine. Spanish Prime Minister Pedro Snchez hosted German Chancellor Olaf Scholz in the northwestern city of A Corua. The two centre-left leaders were accompanied by 15 ministers from their governments. The EU summit in Prague on Friday will likely include discussions on Germany's plan to subsidise gas prices for its consumers and businesses, a move that has raised questions from France and Italy. Snchez said that he empathises with Germany due to its pressing need to find alternatives to Russian gas and oil, while adding that the EU should find common solutions. Both Snchez and Scholz support reforming the EU's energy market. The consequences of the war in Ukraine impact us all, but clearly it has a greater impact on the countries with a higher dependency on Russian carbon-based fuels so w

Shortage of nursing staff sparks bidding war as countries vie for talent

Now with pandemic-related travel restrictions easing, countries from Germany to the United Arab Emirates and Singapore are stepping up efforts to lure foreign nurses and other medical professionals

Germany's Merkel wins UN refugee agency award over welcome of Syrians

The UN refugee agency said on Tuesday it's giving its highest award to former German Chancellor Angela Merkel for her efforts to welcome more than 1 million refugees mostly from Syria into Germany, despite some criticism both at home and abroad. Matthew Saltmarsh, spokesman for the UN High Commissioner for Refugees, said Merkel had been selected as the latest recipient for the Nansen award, which is handed out annually by the Geneva-based UN agency. Under the then-Federal Chancellor Merkel's leadership, Germany welcomed more than 1.2 million refugees and asylum-seekers in 2015 and 2016, which, as you will remember, was the height of the conflict in Syria, and there was deadly violence in other parts of the world, Saltmarsh told reporters. "Dr. Merkel helped to highlight the plight of refugees globally." Merkel's decision to let in so many migrants boosted the far-right Alternative for Germany party and resulted in protests by a vocal minority. She was also blasted by some ...

European Union approves energy windfall profit levies, says report

Ministers from the 27 EU member states approved levies on energy firms' windfall profits to try contain an energy price surge aggravated by Russia's war against Ukraine.

Germany to set up $196 billion stabilisation fund to fight energy crisis

Germany is putting up a "defensive umbrella" of up to 200 billion euros ($196 billion) to stabilise the country's economy during the energy crisis, Chancellor Olaf Scholz announced

Germany set to enter recession in 2023 with 0.4% decline in GDP: Report

Germany is set to enter a recession in 2023, with a decline in gross domestic product (GDP) of 0.4 per cent, according to a joint forecast published by leading economic institutes in the country

Putin to annex seized Ukrainian land, UN warns of 'dangerous escalation'

If Russia moves ahead with its plans to annex four Ukrainian regions, it would mark a 'dangerous escalation' that would jeopardise the prospects for peace in the region, the UN Secretary-General said

Germany urges citizens to avoid Christmas lights in view of energy crisis

Germany should forgo its tradition of Christmas lighting in cities and private households this year due to the energy crisis, an environment advocacy group said

Germany loses 1 of 5 glaciers; scalding summer melts Southern Schneeferner

Scientists in Germany have stripped the Southern Schneeferner in the Alps of its status as glacier after extreme heat this summer hastened its demise. The announcement Monday by the Bavarian Academy of Sciences means Germany now has only four glaciers left. The Southern Schneeferner is an ice sheet that lies on a high plateau south of the country's highest peak, the Zugspitze. Researchers said that measurements in mid-September showed it has shrunk by half in the last four years. It is now little more than 2 metres thick in most areas, meaning it won't glide downhill anymore and therefore can't be considered a glacier, they said. "The remaining ice will melt away completely in the coming one to two years," the scientists said. Experts say many of Europe's glaciers are likely doomed to vanish in the coming decades due to human-caused climate change.

Energy crisis: Recession clouds gather in Germany, Europe's largest economy

Europe's largest economy is sending recession signals. Germany's key future indicator, the IFO survey of business confidence, pointed down for the fourth month in a row as high inflation fed by astronomical natural gas prices undermines consumer pricing power and imposes heavy costs on businesses. The index compiled by the Munich-based IFO institute dropped to 84.3 in September from 88.5 in August, to its lowest level since the global financial crisis more than a decade ago. High energy and commodity prices are weighing on demand and putting pressure on profit margins, said Carsten Brzeski, chief eurozone economist at ING bank. Companies can no longer pass through higher costs to consumers as easily as in the first months of the year. Company order books are shrinking, while businesses that use a lot of energy, such as bakeries, are facing costs that make them question whether they can stay in business. The news comes as more economists predict a recession for Europe as a ...

Europe's energy crisis: The looming winter of discontent that awaits India

Europe's bid to reduce its dependence on Russian gas ahead of the cold season will put pressure on prices and impact India's growing gas economy

Biden supports Germany, Japan, India as permanent members of UNSC: Official

US President Joe Biden supports Germany, Japan and India as permanent members of a reformed United Nations Security Council, a senior official of his administration has said. At the same time, a lot of work needs to be done in this matter, the official told reports on Wednesday on condition of anonymity. "We have historically and continue to stand behind the idea that Germany, Japan and India should be permanent members of the Security Council," the official said in response to a question. Earlier on Wednesday, President Joe Biden in his address at the UN General Assembly reiterated his commitment to reforming the UN Security Council. Biden said he believes the time has come for the institution to become more inclusive so that it can better respond to the needs of today's world. Members of the UN Security Council, including the United States, should consistently uphold and defend the United Nations Charter and refrain from the use of veto, except in rare and extraordinary situatio

Germany nationalises country's largest gas importer for energy security

The German government agreed to nationalise the country's largest gas importer Uniper in an effort to ensure energy security against the backdrop of Russia's gas supply freeze and rocketing gas prices

Germany takes over Uniper for $8 billion amid Europe's energy crisis

Germany also took control of a Russian-owned oil refinery, which supplies 90% of capital's fuel, putting a Rosneft unit under the trusteeship of industry regulator and taking over Schwedt plant

Consumer electricity prices in Germany expected to rise by 60% in 2023

Consumer electricity prices in Germany are to rise by around 60 per cent in 2023, the country's Association of Local Public Utilities (VKU) said.

German Chancellor Olaf Scholz betting billions of euros on securing energy

Scholz's strategy adds pressure on the country's finances at a time when Germany already risks tipping into recession