German economy stagnates after short recession
IANS -
At the same time, the official figures for the previous two quarters were corrected upwards, Xinhua news agency quoted Destatis as saying on Friday. Instead of shrinking by 0.5 per cent and 0.3 per cent respectively, the German economy contracted by 0.4 per cent in the final quarter of 2022 and 0.1 per cent in the first quarter of this year.
Germany issues arrest warrant against Lebanon's central bank governor: Media
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The move came after Lebanese Interior Minister Bassam Mawlawi said on Friday that the country had received an arrest warrant from the Interpol against Salameh, and the judiciary authorities had been discussing "attentively" on whether they would grant its execution, Beirut-based al-Jadeed TV network reported on Tuesday.
German economy stagnating: Survey
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"The outlook for the next 12 months remains overall bleak, especially since incoming orders are noticeably declining on the demand side. DIHK continues to expect zero growth this year," said Ilja Nothnagel, a member of the DIHK Executive Board responsible for economic analysis.
German economy to grow 0.3% in 2023: Leading institutes
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Supply-side disruptions that had weighed on Europe's largest economy were easing, according to the RWI --Leibniz Institute for Economic Research, the Halle Institute for Economic Research (IWH), the Kiel Institute for the World Economy and the ifo Institute on Wednesday. Germany's manufacturing sector is expected to support economic activity in the coming quarters.
Deutsche Bank shares slump as another major bank comes into spotlight
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The German lender's shares fell 8 per cent in Frankfurt trade, and the Euro Stoxx bank index fell 4 per cent. Deutsche Bank's 5-year credit-default swaps widened on Thursday. It should be noted that Deutsche Bank's 5-year credit-default swap, which was 175 on Thursday, is nowhere near the peak for Credit Suisse, which was 1,194, according to S&P Global data.
German economy to grow 0.2% in 2023: GCEE
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The short-term outlook has "improved slightly" due to a stabilised energy supply situation and lower wholesale prices, according to the experts. In its previous forecast published last autumn, the council said that the German economy would shrink 0.2 per cent this year. "The loss of purchasing power due to inflation, tighter financing conditions and the slow recovery of foreign demand prevent a stronger upswing this year and next," GCEE Chair Monika Schnitzer said in a statement.
Strikes disrupt air travel in Germany
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A total of 351 flights were cancelled on Monday, affecting up to 100,000 passengers, according to the German Airports Association (ADV), which said that the strikes were announced at short notice, leaving travellers with little chance to look for alternatives, reports Xinhua news agency.
SVB's German branch ordered to halt transactions: BaFin
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SVB, previously the 16th largest bank in the US that had been operational for 40 years, collapsed last week. The BaFin "has issued a ban today for Silicon Valley Bank Germany Branch on disposals and payments, as the institution is at risk of being unable to meet its obligations towards its creditors," it said in a statement on Monday.
Germany sees record decline in real earnings due to high inflation
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The record 7.9 per cent annual inflation in Europe's largest economy last year more than offset the 3.4 per cent increase in nominal earnings, according to Destatis. Real earnings had already declined in the previous two years due to the Covid-19 pandemic, Xinhua news agency reported.
Germans gloomy about country's economic prospects: Survey
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The survey conducted by the Frankfurter Allgemeine Zeitung (FAZ) newspaper was published on Thursday, reports Xinhua news agency. Another survey conducted by the Allensbach Institute for Public Opinion Research (IfD) found that 14 per cent of the respondents thought that Germany would emerge stronger from the crises of the past few years.
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