#DeutscheBank CEO warns recession is inevitable, says #Germany must cut reliance on #China
Source: CNBC #Sept7
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Source: CNBC #Sept7
Read more
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#DeutscheBank CEO warns recession is inevitable, says #Germany must cut reliance on #China
//The German economy stagnated in the second quarter, while producer price inflation hit a record high in July. The German finance ministry cited reduced gas supplies from Russia, rising costs of energy and other goods, and persistent supply chain disruptions in part due to China's "zero-Covid" policy...
"When it comes to dependencies, we also have to face the awkward question of how to deal with China. Its increasing isolation and growing tensions, especially between China and the United States, pose a considerable risk for Germany," Sewing said, adding that China had become a "cornerstone" of the German economy.
He highlighted that China accounts for around 8% of German exports and 12% of imports, while more than one-tenth of the sales of companies listed on the country's DAX stock index go to China, adding that the pandemic made clear the extent to which German supply chains rely on Russia.
"Reducing this dependency will require a change no less fundamental than decoupling from Russian energy," he said.//
Source: CNBC #Sept7
https://www.cnbc.com/2022/09/07/deutsche-bank-ceo-warns-of-recession-says-germany-must-cut-china-reliance.html
#Inflation #Recession #WorldEconomy
//The German economy stagnated in the second quarter, while producer price inflation hit a record high in July. The German finance ministry cited reduced gas supplies from Russia, rising costs of energy and other goods, and persistent supply chain disruptions in part due to China's "zero-Covid" policy...
"When it comes to dependencies, we also have to face the awkward question of how to deal with China. Its increasing isolation and growing tensions, especially between China and the United States, pose a considerable risk for Germany," Sewing said, adding that China had become a "cornerstone" of the German economy.
He highlighted that China accounts for around 8% of German exports and 12% of imports, while more than one-tenth of the sales of companies listed on the country's DAX stock index go to China, adding that the pandemic made clear the extent to which German supply chains rely on Russia.
"Reducing this dependency will require a change no less fundamental than decoupling from Russian energy," he said.//
Source: CNBC #Sept7
https://www.cnbc.com/2022/09/07/deutsche-bank-ceo-warns-of-recession-says-germany-must-cut-china-reliance.html
#Inflation #Recession #WorldEconomy
CNBC
Deutsche Bank CEO warns recession is inevitable, says Germany must cut reliance on China
Deutsche Bank CEO Christian Sewing has warned that a recession in Germany is inevitable, and urged the country's leaders to accelerate its decoupling from China.
Germany Proposed to Sop the Trade with Cosco Shipping International
The German government proposes to refuse Cosco Shipping International (00517) being listed as the largest company at the Hamburg cargo terminal. It can avoid excessive reliance on China and let the mainland face obstruction on overseas acquisition.
German media said that most German politicians have doubts about COSCO taking a stake in the Hamburg Terminal. They are not willing to pass the fundamental infrastructure to the Chinese people.
The Germany Financial Minister, Robert Habeck, worries that Cosco Shipping's stake will increase Germany's reliance on China. Therefore, he intends to disagree with this trade.
Hamburg is currently the third-largest European terminal and the 19th-largest port in the world.
Source: Channel C #Aug25
https://bit.ly/3KlwiBp
#Germany #Hamburg #FinancialMinister #RobertHabeck #CoscoShippingInternational
The German government proposes to refuse Cosco Shipping International (00517) being listed as the largest company at the Hamburg cargo terminal. It can avoid excessive reliance on China and let the mainland face obstruction on overseas acquisition.
German media said that most German politicians have doubts about COSCO taking a stake in the Hamburg Terminal. They are not willing to pass the fundamental infrastructure to the Chinese people.
The Germany Financial Minister, Robert Habeck, worries that Cosco Shipping's stake will increase Germany's reliance on China. Therefore, he intends to disagree with this trade.
Hamburg is currently the third-largest European terminal and the 19th-largest port in the world.
Source: Channel C #Aug25
https://bit.ly/3KlwiBp
#Germany #Hamburg #FinancialMinister #RobertHabeck #CoscoShippingInternational