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Low use of shortened work hours points to mild German recession – Ifo
Date: January 11, 2023
BERLIN (Reuters) – Low take up of a government-backed ‘Kurzarbeit’ shortened hours facility points to a “very mild” recession in Germany this winter, the Ifo economic institute said on Wednesday. In December, the number of workers on shortened hours eased to 186,000 from a seasonally adjusted 188,000 in November, Ifo said, citing estimates it based...
Move over TINA, it’s time for TARA
Date: January 11, 2023
By Naomi Rovnick (Reuters) – A shakeout in financial markets triggered by central banks’ sudden move to abandon ultra-low interest rates has created a casualty money managers will not miss: TINA. The acronym for There Is No Alternative to owning equities described how loose monetary policy since 2009 put stocks on steroids because yields on...
Dollar stands firm while traders await CPI
Date: January 11, 2023
By Tom Westbrook SINGAPORE (Reuters) – The dollar mostly held its ground on Wednesday in spite of downward pressure from lower bond yields and higher stocks, as traders waited on this week’s U.S. consumer price data to see whether it will confirm that inflation is in retreat. The Australian dollar wobbled its way about 0.4%higher...
Germany’s BioNTech buys British AI startup InstaDeep
Date: January 11, 2023
(Reuters) -BioNTech SE has agreed to acquire British artificial intelligence (AI) startup InstaDeep for up to 562 million pounds ($682 million) to speed up its biotech research and manufacturing capabilities. Under the German vaccine maker’s largest takeover deal to date, BioNTech is to pay 362 million pounds upfront, in a mix of cash and an...
German chancellor meets auto, battery bosses in ‘mobility’ summit
Date: January 11, 2023
By Victoria Waldersee and Andreas Rinke BERLIN (Reuters) – German carmakers, Tesla, chip producers and battery maker Northvolt met the German chancellor and cabinet ministers on Tuesday to discuss topics from European law on vehicle emissions to energy prices, according to two participants. The annual summit was formerly only for carmakers but was this time...
World Bank warns global economy could easily tip into recession in 2023
Date: January 10, 2023
By David Lawder WASHINGTON (Reuters) – The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia’s war in Ukraine continues, and the world’s major economic engines sputter. The development lender said it now expected...