Economy / Industry

Germany at risk of deindustrialization - Bloomberg

Posted On: Oct 6, 2022   |   Posted By: RT

Germany at risk of deindustrialization - Bloomberg

Soaring power prices may trigger an exodus of factories from the country
A large-scale power crunch could seriously jeopardize the German industrial sector as the country's producers of car parts, chemicals and steel struggle with energy prices that are hitting new highs almost every day, Bloomberg reported on Friday.
“Energy inflation is way more dramatic here than elsewhere,” said Ralf Stoffels, chief executive officer of BIW Isolierstoffe, a maker of silicone parts for the auto, aerospace and appliance industries. “I fear a gradual deindustrialization of the German economy,” he added, as quoted by the agency.
Prices for gas and electricity in Germany have reportedly more than doubled in the past two months.
Earlier this week, the European benchmark power price hit a record high of more than €500 per megawatt hour, marking an increase of over 500% in the past year.

Continue reading ...

 








Kevin Spacey faces civil trial on sexual assault claims

Kevin Spacey faces civil trial on sexual assault claims

Kevin Spacey arrived at court to defend himself in a lawsuit filed by Anthony Rapp, the actor who was the first in a string of people to publicly accuse the “House of Cards”... Read more ...

Top NFL football knockout, survivor pool picks, strategy, advice for Week 5...

Top NFL football knockout, survivor pool picks, strategy, advice for Week 5, 2022: Dodge the Ravens

SportsLine's advanced computer model just locked in its top Week 5 NFL survivor picks Read more ...

Orange County leaders to speak on hurricane damage assessment

Orange County leaders to speak on hurricane damage assessment

The Orange County mayor, along with other leaders, will provide an update on hurricane recovery efforts Thursday afternoon. Read more ...

Kevin Spacey faces civil trial on sexual assault claims

Kevin Spacey faces civil trial on sexual assault claims

Kevin Spacey arrived at court to defend himself in a lawsuit filed by Anthony Rapp, the actor who was the first in a string of people to publicly accuse the “House of Cards”... Read more ...

Le'Veon Bell will box Uriah Hall later this month

It's one thing for a former athlete in a non-combat sport to fight another former athlete in some other non-combat sport. It's quite another thing for a former athlete in some... Read more ...

Rasul Douglas: Playing in London “f-ing sucked”

The Packers are playing in London for the first time this week. But some of their players have already experienced going across the pond for a matchup, with varying degrees of... Read more ...

Some lanes closed on downtown Naperville bridge after deterioration found in...

The bridge is expected to be replaced next spring. Read more ...

Serbia furious over latest anti-Russia sanctions

Serbia furious over latest anti-Russia sanctions

Brussels is only concerned with “revenge against free nations,” Serbian Interior Minister Aleksandar Vulin said The Serbian government has slammed the latest package of EU... Read more ...

Medvedev and Djokovic march on in Kazakhstan

Medvedev and Djokovic march on in Kazakhstan

Russian star Medvedev could be on a collision course with Djokovic in Astana The Astana Open in Kazakhstan is promising some marquee matchups ahead of Sunday's men's singles... Read more ...

Ranking the top 10 MLB postseason series of all time

The Red Soxs 2004 comeback, Diamondbacks 2001 World Series win and Cubs curse-ending victory rank among the best playoff series in MLB history. Read more ...