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Post by Red Rackham on Apr 11, 2024 14:00:16 GMT
Eurozone economy declared ‘weak’ as European Central Bank votes to keep interest rates at all-time highEurope’s economy remains “weak” as interest rates in the Eurozone set to remain high for at least another month, according to the president of the Eurozone’s central bank. The European Central Bank (ECB) has voted to keep interest rates at an all-time high level despite inflation easing in the economic and political bloc. Earlier today, the ECB’s governing council announced the deposit rate would remain at four per cent in a blow to homeowners and debt borrowers across the continent. ECB president Christine Lagarde issued a warning that the Eurozone economy remained “weak” in the first quarter of 2024. She cited the fact that manufacturers are facing low demand, while production continues to be subdued among firms which require a large amount of energy. www.gbnews.com/money/eurozone-economy-central-bank-interest-ratesMore evidence that net zero is damaging the economy?..
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Post by borchester on Apr 14, 2024 21:17:55 GMT
I am sorry to hear this.
A rising tide floats all boats and I hope that the Mittelstand will soon be drinking beer out of Christine Lagarde's socks
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Post by Dan Dare on Apr 15, 2024 10:26:42 GMT
Perhaps they need to stop getting so concerned about manufacturing and follow the UK's 'lead' in putting everything into 'services'. Education 'exports', say. The UK has around 700,000 foreigners enrolled in its universities. At £25K per head that starts to look like big money so who needs to be making stuff? Then there's legal 'services too, like divorce cases for Middle Eastern potentates, Big money there too.
None of it's going to keep the wheels of industry turning but Porsche dealers will be delighted.
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Post by Red Rackham on Apr 15, 2024 13:15:52 GMT
Perhaps they need to stop getting so concerned about manufacturing and follow the UK's 'lead' in putting everything into 'services'. Education 'exports', say. The UK has around 700,000 foreigners enrolled in its universities. At £25K per head that starts to look like big money so who needs to be making stuff? Then there's legal 'services too, like divorce cases for Middle Eastern potentates, Big money there too.
None of it's going to keep the wheels of industry turning but Porsche dealers will be delighted.
I think self imposed net zero targets may have a bigger effect on the Eurozone than services or Porsche dealers. Martin Brudermüller the CEO of BASF the largest chemical company in the world cited high energy costs when he announced the company's move from Germany to fossil fuel based China. |
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Post by Dan Dare on Apr 15, 2024 13:25:37 GMT
BASF isn't moving to China you twerp.
Apart from anything else, the works team has just won the Bundesliga for the very first time.
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Post by patman post on Apr 15, 2024 13:44:01 GMT
Perhaps they need to stop getting so concerned about manufacturing and follow the UK's 'lead' in putting everything into 'services'. Education 'exports', say. The UK has around 700,000 foreigners enrolled in its universities. At £25K per head that starts to look like big money so who needs to be making stuff? Then there's legal 'services too, like divorce cases for Middle Eastern potentates, Big money there too.
None of it's going to keep the wheels of industry turning but Porsche dealers will be delighted.
I think self imposed net zero targets may have a bigger effect on the Eurozone than services or Porsche dealers. Martin Brudermüller the CEO of BASF the largest chemical company in the world cited high energy costs when he announced the company's move from Germany to fossil fuel based China. BASF is offloading its holdings in two plants in Xinjiang, following “serious allegations” of human rights abuse by employees of its local joint venture partner.
German media reports alleged that employees at BASF’s joint venture partner, Xinjiang Markor Chemical Industry, had carried out “home visits” to Uyghur families to gather evidence that would be passed on to authorities. According to corporate social responsibility reports published by Markor and reviewed by Spiegel, the aim of the visits was to “expose and criticise” people not loyal to the Chinese state.
BASF’s decision [reasons for selling stakes in joint ventures] could risk harming its business in China — the world’s biggest market for chemicals. In 2021, Nike and H&M were forced to U-turn from earlier decisions to stop sourcing cotton from Xinjiang, due to widespread boycotts.
BASF's initial decision to move more into China appears to have been caused by the non-availability of Russian energy and little to do with net zero...
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Post by Red Rackham on Apr 16, 2024 9:20:09 GMT
BASF's initial decision to move more into China appears to have been caused by the non-availability of Russian energy and little to do with net zero... Honestly Pat you seem to be on a roll of late. I would have thought the reason for the lack of both Russian gas and 'renewable' energy was obvious! |
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Post by Red Rackham on Apr 16, 2024 9:25:59 GMT
BASF isn't moving to China you twerp. Apart from anything else, the works team has just won the Bundesliga for the very first time. 'Twerp' lol. BASF Sees Growth in China, cuts European costs by €1 Billion. Long-term plan for Ludwigshafen site expected later this year. High energy prices continue to weigh on German factory. www.bloomberg.com/news/articles/2024-02-23/basf-sees-growth-in-china-cuts-european-costs-by-1-billionMartin Brudermüller the CEO of BASF has been at pains to point out that industry cannot afford the high cost of renewable energy in Europe. |
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