German Chancellor Olaf Scholz has refused to switch to the ruble in payment for Russian natural gas, as announced by Russian President Vladimir Putin. Scholz made the announcement in a press release after attending a meeting with the heads of state and government of the seven leading industrialized countries (G7) in Brussels, Belgium. Scholz said …
As reported today by the German Federal Statistical Office (Destatis), the producer price index (PPI) in Germany increased by 25.9% year-on-year in February. This follows increases of 25% in January and 24.2% in December 2021, mainly due to an increase in energy prices. This is the highest increase since 1949. On a monthly basis, the …
Gold has a long tradition in Germany, anchored in the minds of the population at least since the hyperinflation of the Weimar Republic. Even today, 100 years later, Germans still rely on gold as a safe haven. This was demonstrated once again by the record sales figures in 2021. In 2021, the demand for gold …
According to the International Energy Agency, China and Europe will lead in electric car sales in 2021. China sold 3.4 million electric cars in 2021, more than any other market. The Chinese government aims to increase the market share of electric cars to 20% by 2025. This sounds like a very optimistic plan, but the …
The Centre for European Economic Research (ZEW) announced that the German economic sentiment index fell to -39.3 in March from +54.3 in February. The slump in the sentiment index suggests that Germany is more likely to face a recession. The sentiment index fell to a record low since data collection began in December 1991. It …
The German ZEW Economic Sentiment Index fell to a Record Low in March. Read More »
The Federal Statistical Office (Destatis) reported that the inflation rate in Germany rose more strongly in February than in January. At that time, inflation reached its highest level since summer 1992. The consumer price index (CPI) rose by 5.1% year-on-year, and on a monthly basis, the CPI was 0.9% higher than a year earlier. Energy …
February Energy Prices in Germany Rise by a Further 22.5%, Driving Inflation Up Further Read More »
Tesla, the largest electric car manufacturer, has received approval from Germany’s Federal Environment Agency for its Gigafactory in Berlin’s Gruenheide district. For the time being, however, the approval is still subject to conditions, as the carmaker still has to fulfill a number of requirements before approval can be granted. According to the authorities, the first …
Triumph for Tesla -Green Light for Gigafactory in Germany Read More »
Production lines at Europe’s largest BMW plant in Dingolfingen, Germany, are already at a standstill on Monday. The reason for this is cable harnesses being delivered from Ukraine. The company has therefore applied for short-time working, as it is not yet clear to what extent the workforce can be employed elsewhere. Thousands of employees are …
Coal prices remain out of control. Since the Russian army invaded Ukraine, coal prices have skyrocketed. The benchmark Newcastle coal futures have risen 101% since the beginning of February and over 65% in the last 7 days. At the moment the price is at a new high of $435.00 per ton. Uncertainty in the global …
Thermal Coal Prices Jump by Over 100% Within One Month Read More »
Prices for thermal coal rose by over 30% yesterday after Western countries imposed sanctions on Russian banks. Thermal coal price rose 31.82% to $435 per ton yesterday. Newcastle coal futures rose 27.8% to $400 per ton yesterday. The sharp rise in coal prices will further exacerbate the global rise in energy prices, as many countries, …
Russia Sanctions Drive Thermal Coal Prices to Record High – Up 30% Read More »