By P Gosselin
Germany’s “Blackout Information” stories the damaging penalties of Germany’s hovering vitality costs and unstable energy provide.
Chart: BDEW
German electrical energy 3 occasions extra costly
Firstly Blackout Information stories how Germany’s electrical energy value is three time increased than it’s in USA:
The German electrical energy value is 3 times as excessive as within the USA. Criticism is being voiced about Germany’s vitality coverage. Monetary professional Jan Viebig criticizes the truth that the phase-out of coal and nuclear vitality just isn’t nicely coordinated with the European Union. Vitality coverage has three foremost targets: low costs, safety of provide and environmental safety with regard to CO₂ emissions. German vitality coverage performs poorly in all three areas (Focus: 03 November 2023).”
“Large job cuts” at Bayer
Subsequent the German web site stories how Leverkusen-based pharmaceutical and agrochemical group Bayer plans “huge job cuts.”
Furthermore:
By the tip of the 12 months, the Group intends to chop a number of administration ranges, which is able to result in a big discount within the workforce. This step is taken into account crucial because of the present enterprise efficiency (rp-online: 9 November 2023).”
250-year previous German iron foundry information for insolvency
One other sufferer of Germany’s inexperienced insurance policies is famend iron foundry and automotive provider Eisenwerk Hasenclever & Sohn:
Eisenwerk Hasenclever & Sohn is a vital participant within the foundry trade. It has lengthy equipped well-known automotive producers corresponding to Audi, BMW, Daimler, Ford and Porsche. Nonetheless, the corporate is now dealing with a severe disaster. Regardless of a proud historical past of 250 years, during which Hasenclever has made spectacular progress and at all times aimed to determine itself as a number one European provider within the trade, it has now filed for insolvency (wiwo: 7 November 2023).”
We are able to solely speculate what occurs subsequent at this iron foundry. Will or not it’s bought off in items and scattered overseas – leaving the area a rust belt?
Machine builder Homag to put off 600
The newest unhealthy information got here simply yesterday; equipment builder Homag, based mostly in Schopfloch, Baden-Württemberg, has introduced that it’s going to lower some 600 jobs worldwide.
This resolution is a response to the declining demand for its merchandise. In Germany, round 35 jobs are to be affected. The measure goals to realize financial savings of round 25 million euros within the coming 12 months and round 50 million euros yearly from 2025. Regardless of the demand for woodworking machines in lots of branches of trade, the corporate expects the approaching 12 months to be difficult because of unexpectedly weak order figures (stuttgarter-nachrichten: 7 November 2023).”
There are not any optimistic financial indicators in sight. Vitality costs, inflation and catastrophic financial insurance policies are quickly sinking the German financial battleship and prosperity.
