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Wednesday 22nd of June 2022
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German industry body slashes forecast, warns of recession if Russian gas halted @Reuters Law & Politics |
German industry body slashes forecast, warns of recession if Russian gas halted @Reuters
Germany's BDI industry association slashed its economic forecast for 2022 on Tuesday and said a halt in Russian gas deliveries would make recession inevitable in Europe's largest economy.
German gross domestic product is now expected to grow by 1.5%, rather than the 3.5% forecast given before war broke out in Ukraine, the BDI said, adding that a return to pre-crisis levels is not expected before the end of the year at the soonest.
The IWH economic research institute, which is part of a group of institutes that advise the German government, also slashed its forecast to 1.5% on Tuesday.
In March it had predicted growth of 3.1%.
The institute predicted that summer would be particularly difficult for the economy, with manufacturing hit by supply bottlenecks and inflation dampening private consumption.
Other institutes have also lowered their estimates, with ifo cutting its 2022 forecast last week to 2.5% from 3.1% and IfW leaving its forecast at 2.1%.
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May 29 It is also clear that Putin is seeking a quid pro quo between easing the Food situation with a removal of sanctions. Commodities |
May 29 It is also clear that Putin is seeking a quid pro quo between easing the Food situation with a removal of sanctions.
The UNFAO Food Index sits just under a record reached in March this year.
Liz Truss accused Russian President Vladimir Putin of holding the world to ransom over food, responding to a question about whether she supported lifting sanctions in exchange for grain exports from Ukraine.
"What we cannot have is any lifting of sanctions, any appeasement, which will simply make Putin stronger in the longer term," Truss said.
The Question is whether there is an appetite for a quid pro quo because if there is not, then we are going to see another serious spike.
When everything is financialized, everything can be managed and controlled. (Until it can't.) @TFMetals
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Democratic Republic of Congo's army has been locked in heavy fighting since late May with the M23 rebel group, which is waging its most sustained offensive since a 2012-2013 insurrection that seized vast swathes of territory. @Reuters Africa |
Democratic Republic of Congo's army has been locked in heavy fighting since late May with the M23 rebel group, which is waging its most sustained offensive since a 2012-2013 insurrection that seized vast swathes of territory. @Reuters
Last week, the M23 captured the strategic town of Bunagana on the border with Uganda and shot down a Congolese army helicopter.
The heads of state from the seven members of the East African Community (EAC), including Congo and Rwanda, met in Nairobi on Monday to discuss the potential deployment of a regional military force to eastern Congo to provide security.
M23 fighters seized vast swathes of the eastern Congo countryside in 2012 and briefly captured Goma, a city of 1 million people, before being driven the following year into Rwanda and Uganda by Congo's army and U.N. peacekeepers.
Congo's latest accusations have led to angry denials by Kigali. Rwanda has, in turn, accused Congo of firing rockets into its territory and fighting alongside the Democratic Forces for the Liberation of Rwanda (FDLR), an ethnic Hutu militia.
Congo denies this.
The latest flashpoint was on Friday, when a Congolese soldier crossed into Rwanda from Goma and opened fire, injuring two Rwandan police officers, before being killed, according to Rwanda's military.
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In the market in Hargeisa, the capital of Somaliland, grain sellers all told us the same story. The price has shot up by 75% in three months. @SkyNews Africa |
In the market in Hargeisa, the capital of Somaliland, grain sellers all told us the same story. The price has shot up by 75% in three months. @SkyNews
As if that is not disastrous enough, the price of fuel has almost doubled, making it more expensive to get grain to those who need it.
In the world's second poorest country, water comes to most people by trucks filling tanks on the street.
Water is more scarce in the drought but much more expensive too because of the cost of fuel, up by 60%.
"My grandfather was a goatherd," she told Sky News. "My father was a goatherd, I grew up in that life and ended up with 500 goats and four camels and they've all been wiped out, I've got nothing now."
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