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Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

German business activity hits 3-year low, service sector to recession

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Aug 2023 16:08
  • 1 Shares
3 Min Read

An S&P Global report says that a recession in Germany's service sector likely began in the second quarter of 2023.

  • x
  • VW production line: carmaking is a major industry for the eurozone's biggest economy
    A Volkswagen VW production line in Germany. (AFP)

Preliminary data revealed on Wednesday that Germany's market activities experienced their sharpest decline in over three years during August.

According to S&P Global, the HCOB German Flash Composite Purchasing Managers' Index (PMI) fell from 48.5 in July to 44.7 this month, recording the lowest rate since May 2022, an underperformance from experts' forecasts of 48.3.

At a reading below 50, the numbers indicated continued contraction in activity growth.

Read more: German industrial output plunges again by 1.5% in June

"Any hope that the service sector might rescue the German economy has evaporated," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. "Instead, the service sector is about to join the recession in manufacturing, which looks to have started in the second quarter."

Services business activity contracted for the first time since January as it fell from 52.3 to 47.3.

While the PMI increased to 39.1 this month compared to July's 38.8, the index remained well under the healthy threshold.

As the central bank continues to raise rates, alongside consumer uncertainty and sticky inflation, companies maintained a negative outlook. Pressure further mounted on inflation after enterprises chose to hike prices to keep up with accelerating costs and expenses.

"Services companies seem to feel surprisingly bold jacking up prices at an even quicker rate," de la Rubia added.

Last June, the Eurozone officially announced it had entered a recession. Among the main factors for this financial crisis was the downturn of the bloc's biggest economies, on top of which was Germany.

Read more: Making sense of a self-induced recession in Europe

In its monthly report published on Monday, the Bundesbank said that Germany's economic production is anticipated to "stagnate" in the third quarter of 2023, after consecutive contractions seen in the first two quarters.

“High financing costs will probably continue to weigh on investment. They are also still dampening demand in the construction sector, which is likely to be increasingly reflected in production,” the German bank stated.

Europe's powerhouse is "still lackluster" and "still experiencing a period of weakness," it added.

In July, the country's year-on-year inflation rate fell to 6.2 percent as energy prices began to gradually decline.

But inflation is likely to remain above the ECB's 2 percent target "for longer," mainly due to wage pressures, the bank continued.

  • HCOB
  • Germany
  • Berlin
  • PMI
  • Recession
  • German economy

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