Business
Moscow warns of diamond ban’s impact on Belgium
Belgium will lose its status of diamond trading hub due to the sanctions on Russia, Foreign Ministry diplomat Artyom Studennikov says
German industry ‘moving abroad’ – Bild
Every third German company may relocate elsewhere due to unfavorable economic conditions at home, Bild reports, citing an industry group
Soaring debt pushing wealthy nations to ‘fiscal death’ – economist
The world is facing a “decade of debt” due to uncontrolled borrowing, economist Arthur Laffer warns
Banking giant tells staff to cut back on booze – Bloomberg
Citigroup has warned employees to drink less alcohol at client events following complaints of disorderly behavior, Bloomberg reports
China betting on next-generation chip production despite US curbs – FT
Chinese chipmakers are seeking to make smartphone processors as early as this year
EU’s largest economy spending billions to replace nuclear power
Germany plans to build four gas-fired plants after shutting down its nuclear reactors, the Economy Ministry says
Red Sea crisis not yet having ‘significant’ impact on global economy – IMF
The world economy so far has remained resilient to shipping disruptions in the Middle East, Kristalina Georgieva says
Amazon sued for pitching pricier products – Reuters
US retail giant Amazon has been sued for allegedly violating consumer protection laws
Germany facing ‘greatest real estate crisis’ in 15 years – bank
Lender PBB’s shares have been sliding amid decline in German commercial property values
Israel’s credit rating downgraded on war risks
Moody’s has lowered its ratings outlook on Israel due to its continued conflict with Hamas
Tapping frozen Russian assets is ‘economic racketeering’ – Moscow
Using profits from frozen Russian assets to aid Kiev would be a gross violation of international law, Moscow has warned
Cocoa prices spike to all-time high
The cost of cocoa beans has reached a new all-time record, surpassing $6,000 per ton, according to trading data
EU’s top economy is in trouble – Bloomberg
The German economy is struggling with stagnation, a real estate crisis, and the highest company distress rate in the EU, Bloomberg reports
Oil boss warns of impending supply shortage
The world is unable to replace crude reserves at a pace sufficient to keep up with production, says Occidental’s chief executive
US set to overtake China as Germany’s top trade partner – data
The US may overtake China as Germany’s most important trade partner by 2025, data as shown
Ukraine will target IMF if US cash is blocked – Bloomberg
Kiev is reportedly considering a contingency plan if the US’ $60 billion aid package remains blocked