The most important events and reports on the economy, central banks and politics from the Dow Jones Newswires program
Berlin House of Representatives elections will take place on February 12, 2023
The Berlin House of Representatives elections will be repeated on February 12, 2023. The office of the state returning officer of the AFP news agency confirmed this date. The date should therefore be officially announced on Friday in the Berlin Official Gazette.
Habeck: The ramp-up of heat pumps is picking up speed
Federal Economics Minister Robert Habeck (Greens) and industry representatives have shown confidence that, as planned, half a million heat pump systems will be installed every year from 2024. On the sidelines of the second heat pump summit, Habeck explained that the industry could now promise this growth in the manufacture of heat pumps. The ramp-up of heat pumps is necessary because greenhouse gas emissions in the building sector are being reduced and one has to get away from fossil fuels. You have to bring more renewable energies into the houses and use them to operate heat pumps.
Habeck: G20 commitment to greenhouse neutrality sends strong signal to COP
Federal Minister of Economics Robert Habeck sees the commitment of the group of the 20 largest industrialized and emerging countries in the world (G20) to greenhouse gas neutrality as a “strong signal” for the UN climate conference in Sharm el-Sheikh (COP27).
Faeser wants a cash limit of well under 10,000 euros
Federal Interior Minister Nancy Faeser (SPD) is campaigning for a cash upper limit of well under 10,000 euros to combat organized crime. “I support the introduction of a general upper cash limit of well under 10,000 euros,” said Faeser when presenting her strategy to combat organized crime (OC) at the autumn conference of the Federal Criminal Police Office, as her ministry announced in a press release
New China strategy links cooperation to human rights situation – Magazin
According to a report in Der Spiegel, Foreign Minister Annalena Baerbock (Greens) wants to make economic cooperation with China more dependent than before on the human rights situation there. This emerges from the 59-page first draft for a new China strategy by the federal government, which the Federal Foreign Office distributed to the other ministries for approval a few days ago, according to the report. The Foreign Office declined to comment on the report.
Sanktjohanser replaces von Preen as HDE President
Alexander von Preen has been elected the new President of the German Retail Association (HDE), replacing the previous Association President Josef Sanktjohanser after 16 years in office. The delegates of the retail organization made this decision at today’s meeting, following a corresponding proposal by the HDE board of directors in June.
The EU Commission wants to see Croatia and two other countries in the Schengen area
Brussels wants to see Croatia, Bulgaria and Romania in the Schengen area. The EU Commission urged the member states to decide “without any further delay” on the admission of the three states to the area without travel restrictions. You would have met all the requirements. The recommendation is the basis for a meeting of European interior ministers on December 8 in Brussels.
EU provides a good 1 billion euros for climate resilience in Africa
The EU and several of its member states want to provide more than 1 billion euros to improve the resilience of African countries to the consequences of climate change. This was announced by Deputy EU Commission President Frans Timmermans on Wednesday evening at the UN climate conference in Sharm el-Sheikh. In addition to the EU, Germany, France, the Netherlands and Denmark are also involved.
Russia’s economy slips into recession
Russia’s economy has slipped into recession. In the third quarter from July to the end of September, gross domestic product (GDP) shrank by 4.0 percent compared to the previous quarter, as the national statistics agency Rosstat announced on Wednesday based on an initial estimate. In the second quarter, GDP fell by 4.1 percent.
US retail sales surge in October
US retailers saw sales surge in October as consumers spent more on gas, groceries and larger purchases like furniture and cars. Total sales increased by 1.3 percent compared to the previous month. Economists polled by Dow Jones Newswires had expected a 1.2 percent increase.
US import prices fall slightly in October
US import prices fell slightly in October. According to the US Department of Labor, import prices fell 0.2 percent month-on-month after a 1.1 percent drop in September. Economists polled by Dow Jones Newswires had expected a decline of 0.4 percent. The development of import prices is an indication of US inflation.
US industrial production down slightly in October
US manufacturing industry moderately curbed output in October, highlighting mounting headwinds for the sector as higher interest rates weaken demand for goods even as supply chain bottlenecks begin to unwind. Production fell 0.1 percent month-on-month, according to the Federal Reserve. Economists polled by Dow Jones Newswires had forecast an increase of 0.1 percent.
US crude inventories down more than expected
Crude oil inventories in the US fell more than expected in the week ended November 11th. They fell 5.4 million barrels from the previous week, according to the state’s Energy Information Administration (EIA). Analysts polled by Dow Jones Newswires had forecast a drop of 0.5 million barrels.
Fed/Daly sees rates rise to 4.75-5.25 percent
San Francisco Federal Reserve Chair Mary Daly sees interest rates continuing to rise. The Fed’s interest rate may have to rise above 5 percent to fight inflation. An interest rate between 4.75 percent and 5.25 percent is “a reasonable level to think about,” she told CNBC.
Lula wants to bring the 2025 climate conference to the Amazon region
Brazilian President-elect Luiz Inácio Lula da Silva wants to bring the 2025 UN Climate Change Conference to the Amazon region. Lula announced this during an appearance at the UN climate conference in Sharm el-Sheikh, Egypt. “We will wage a very strong fight against illegal deforestation,” he said. Lula announced that he would speak to UN Secretary-General António Guterres and “request that the COP 2025 be held in Brazil”. In Brazil, on the other hand, the conference must “take place in the Amazon region”.
Israel accuses Iran of drone attack on tankers
Israel has blamed Iran for the attack on a fuel tanker off the coast of Oman. The attack was carried out with drones, an Israeli official told AFP news agency, who asked to remain anonymous. The drones are comparable to those that Iran sells to Russia for use in Ukraine. The official spoke of an “Iranian provocation”. The incident is said to “disrupt” the World Cup, which begins in Qatar on Sunday.
+++ economic data +++
Canada Oct Consumer Prices +6.9% yoy
Canada Oct Consumer Prices FORECAST: +6.9% yoy
Canada Oct consumer prices +0.7% m/m
US/Sep inventories +0.4%; (PROG: +0.5%) vs Vm
US/NAHB Housing Market Index Nov 33 (Oct: 38
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(END) Dow Jones Newswires
November 16, 2022 13:03 ET (18:03 GMT)