A GERMAN diplomat lambasted ‘hard’ Brexiteers who think Britain can gain from leaving the European Union, saying Brussels will make sure the move is negative.
Thomas Matussek, former German Ambassador to the UK, said the Brexit divorce bill would be “considerable” and transitional period “long”.
CHINA for the first time became Germany’s most important trading partner in 2016, overtaking the US and France.
German imports from and exports to China rose to €170 billion (£143billion) last year, Federal Statistics Office figures reviewed by Reuters showed.
The development is good news for the German government, which has made it a goal to safeguard global free trade after US President Donald Trump threatened to impose tariffs on imports and his top adviser on trade accused Germany of exploiting a weak euro to boost exports. Continue reading
THE European financial powerhouse could be facing a huge financial crisis which would have devastating implications for Britain as a lethal storm of economic problems brews in Germany.
Germany’s industrial production has slipped to ZERO per cent and customer confidence has plummeted in just part of a catalogue of disasters for Chancellor Angela Merkel.
A fall in Germany’s prosperity could drag the eurozone down with it – a scenario becoming more likely amid growing signs of the country’s slowdown.
– IMF warn of “fresh financial crisis”
– German exports fall 5.2%, largest slump since recession of 2009
– German imports also fall 3.1%
– Many sectors across German economy see unexpected declines in factory orders and industrial production
– UK Chief Financial Officers (CFOs) report sharp rise in uncertainty
– UK PMI has fallen to lowest level since April 2013
– Hope for the best but be prepared for less benign scenarios
The IMF have been growing more vocal in recent weeks about the possibility of another financial crisis and severe recession. The head of financial stability at the IMF, José Viñals has said that this outlook “does not rely on extreme assumptions at all”. Continue reading
German industrial production data has failed to match the expectations of analysts, as the country faces lower growth next year
Germany’s factories posted a meagre rise in output this November, as the slumping euro failed to lift exports.
As the value of the currency has depreciated, Germany’s exports have become relatively cheaper, yet hopes of a corresponding jump in manufacturing have yet to be realised.
BERLIN(Own report) – German businesses are demanding that the government intensify its support for tapping the “continent of opportunity, Africa” in competition with China and other BRICS countries. Parallel to the West’s waning global influence, German businesses are loosing ground on the African continent. This is why German enterprises are pushing for increasing Hermes trade credit insurances, double taxation treaties, and generally “stronger political support for the German industry in Africa.” A building industry federation is explicitly demanding that future allocations of development funds be tied to orders for German/European firms. The German government has indicated its readiness to implement these policies. The KfW Development Bank and other public-sector banks are already seeking ways to support the German industry’s expansion efforts by expanding credit transactions. Continue reading
BERLIN/BRUSSELS/WASHINGTON (Own report) – New records in German foreign trade are provoking massive international criticism of Berlin’s concentration on exports. According to reports, the German economy has achieved a foreign trade surplus of 20.4 billion Euros in September – a new record. It is estimated that for 2013, German companies’ exports will exceed by around 200 billion Euros the amount imported. That is the world’s highest national import-export gap. Protests are growing because many of the customer countries for German products thereby are driven into debt, as was the case in the crisis countries of the southern Euro zone. Other than the EU Commission threatening Berlin with an official reprimand, the US Secretary of Finances is accusing the German government of threatening the stability of the global economy. The IMF is also emphatically insisting that Germany rein in its export offensive. It is based on the low-wage policy, initiated by the SPD-Green government coalition – and continued by the CDU-SPD grand coalition – which provides a decisive competitive advantage to German industry. During those administrations, Germany was the sole EU nation with decreasing real wages. Continue reading