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BREAKING
Abu Zaid: I believe that the Iranian operation was multi-layered, combining cyber and electronic attacks with coordinated on-the-ground infiltrations by agents
Abu Zaid: Usually, archives of such sensitivity are typically protected by a full-scale security system, but it appears that Iranian intelligence managed to make use of a gap in it
Strategic military expert Nidal Abu Zaid: Iran has stripped "Israel" of the superiority and deterrence long boasted by its security minister, chief of staff, and other top officials
Fallahpour: Iran may use these documents in its battle with the United States and Western countries over its nuclear program
Fallahpour: Iran may have obtained additional documents related to "Israel's" regional projects, not just its nuclear program
Fallahpour: The coming weeks will be full of surprises, as Iran has forced Israeli intelligence agencies into a state of psychological exhaustion
Al Mayadeen's correspondent in Tehran, Siavash Fallahpour: Iran has redefined the concept of deterrence, shifting it away from traditional military balance toward a new strategic framework
Sources to Al Mayadeen: Number of documents so great that merely studying them, along with accompanying images and footage will require a great deal of time.
Sources to Al Mayadeen: Large data trove was confirmed to have arrived to "safe sites".
Sources to Al Mayadeen: Operation had taken place in past, but large size of documents and need to transfer entire batch inside Iran necessitated secrecy.

Germany can no longer avert economic recession - Deutsche Bank CEO

  • By Al Mayadeen English
  • Source: Agencies
  • 11 Sep 2022 15:14
  • 2 Shares
3 Min Read

Germany is set to face an inevitable recession, according to Christian Sewing Deutsche Bank CEO.

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  • Deutsche Bank CEO Christian Sewing
    Deutsche Bank CEO Christian Sewing

The leading EU economic power, Germany, is set to face contraction. Christian Sewing, Deutsche Bank CEO, said in a speech at the Handelsblatt Banking Summit in Frankfurt, as reported by CNBC, that the war in Ukraine “destroyed a number of certainties” on which the global economic system had been founded over for decades.

He allegedly highlighted disrupted global value and supply chains, as well as a labor market bottleneck and a scarcity of gas and power, as important causes for Eurozone inflation reaching record highs.

In his speech, the CEO stated that “As a result, we will no longer be able to avert a recession in Germany. Yet we believe that our economy is resilient enough to cope well with this recession — provided the central banks act quickly and decisively now,” noting that for now, many in Germany still have pandemic savings to fall back on in order to meet skyrocketing energy costs, while most companies remain "sufficiently financed."

However, he warned, “the longer inflation remains high, the greater the strain and the higher the potential for social conflict.”

Sewing also pushed German officials to speed the nation's process to end Germany's dependence on China. He stated that China made up around 8% of German exports and 12% of imports and that China accounts for more than one-tenth of revenues for firms listed on the German DAX stock index.

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“Reducing this dependency will require a change no less fundamental than decoupling from Russian energy,” Sewing argued.

Germany issues nearly €65 bln relief to deal with winter energy crisis 

The German government approved, on September 4th, a €65 billion relief package, which includes continued cheaper public transport and tax breaks for energy-reliant companies, as they have been affected the most by the biggest surge in prices.

According to the Federal Statistical Office, Germany's inflation rose to almost 8% in August after declining slightly in the months of June and July.

The consecutive sanctions against Moscow prompted a race against the clock to diminish Germany's reliance on Russian gas before winter. Groceries and food are other sectors experiencing the aftermath of soaring inflation which saw prices surge 12% in June before reaching 16.6% in August.

In a press release after talks on Sunday, chancellor Olaf Scholz said Germany would give €1.5 billion toward public transport discounts after the country's monthly €9 travel ticket offer expired at the end of August, adding that windfall taxes would likely be assessed on energy companies to lower the price of gas, oil, and coal for consumers.

Read more: Germany industrial orders in decline for 6 month

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  • Germany
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