Ursula Von Der Leyen, President of the European Commission, stated that the EU should get rid of its dependence on Russian gas and said, “We will end our dependence on Russian energy by 2027.”
Amsterdam and The Hague are among the 50 most expensive cities in the world
Amsterdam is among the 25 most expensive cities in the world.
Amsterdam was ranked 44th in 2021, but this year it has moved up to 25th place in Mercer’s “Cost of Living Rankings 2022”, 21 places higher than last year. The Hague, surprisingly, was ranked 47th in the ranking of the 50 most expensive cities in the world. The Hague is in the top 50 for the first time.
Mercer’s report, published for the 28th time this year, ranked 227 cities from five continents according to the results of the biannual “Mercer Cost of Living Survey”, which examines the prices of more than 200 products and services in 10 categories. The following criteria were decisive in the ranking:
– Domestic materials
– home services
– Personal care
– Clothing and shoes
– Recreation and entertainment
– Alcohol and tobacco
Accordingly, the cities determined as the top 10 most expensive cities in the world in the “world’s most expensive cities” ranking are as follows:
1. Hong Kong, Hong Kong SAR
2. Zurich, Switzerland
3. Geneva, Switzerland
4. Basel, Switzerland
5. Bern, Switzerland
6. Tel Aviv, Israel
7. New York City, NY United States
8. Singapore, Singapore
9. Tokyo, Japan
10. Beijing, China
218. Algiers, Algeria
219. Almaty, Kazakhstan
220. Tunis , Tunis
221. Tashkent, Uzbekistan
222. Istanbul, Turkey
223. Karachi, Pakistan
224. Islamabad, Pakistan
225. Dushanbe, Tajikistan
226. Bishkek, Kyrgyzstan
227. Ankara, Turkey
Inflation in the Netherlands was 11.2% in November
According to calculations made according to the European measurement method, inflation in the Netherlands was 11.2 percent in November. While this rate is still very high, it is significantly lower than in recent months, Statistics Netherlands (CBS) reported.
11.2 percent means a 5.6 percentage point decrease compared to inflation in October. “This is mainly because energy prices have fallen,” said CBS chief economist Peter Hein van Mulligen.
In October, energy prices were 100 percent more expensive than a year ago, while in November this rate was about 40 percent.
This means that energy prices, which rose sharply in the same months of the previous year, also entered a downward trend. The fall in fuel prices is one of the reasons for this reduction in energy costs.
It is unclear whether the decline will continue
However, excluding energy prices, inflation is still high. According to Van Mulligen, “the increase in food, alcohol and tobacco prices is 12.5 percent, just above the overall inflation rate”.
It’s too early to say that these rates are permanent, according to the CBS chief economist. Despite lower energy costs, prices in other sectors are still rising.
House prices are falling in the Netherlands
The Office for National Statistics (CBS) said on Tuesday that the Dutch housing market continued to decline, shrinking for the third month in a row. CBS said the fall from September to October was 0.5%, with the average price of a house currently €428,000.
Annual housing prices also increased by 7.8%, which is one-third of the increase recorded in January. According to experts, the housing market is under pressure from rising loan interest rates. A year ago, a buyer could take out a 10-year fixed loan at around 1% interest, but that rate has now risen to 4.5%, according to mortgage advisors.
The records of the land registry office also confirm this data. The agency said it recorded nearly 15,000 transactions last month, down 8% from a year ago. In the first 10 months of the year, transactions decreased by 17% compared to the same period of 2021. The Real Estate Agencies Organization (NVM) also said that the number of houses sold in October decreased by 5.8% compared to April and June.
These figures are concrete indications that the Dutch real estate market has started to decline after months of strong growth. CBS statistics record purchases whose sales are reported to the land registry, while NVM figures reflect the number of homes sold by accredited agents.
German companies pass a third of the cost to the customer
The German Economic Research Institute reported that companies in Germany do not fully reflect their increased costs to their customers due to the high energy and raw material prices.
Accordingly, German companies have passed on only 34 percent of their increased production and purchase costs in the last few months to their customers.
The German Economic Research Institute (Ifo) has published the results of the ‘Germany Business Survey’ for the price increases of companies. Accordingly, German companies have passed on only 34 percent of their increased production and purchase costs in the last few months to their customers. Weak demand, high competitive pressure and long-term contract conditions prevented companies from raising prices.
According to the survey of 6,550 companies, German companies plan to transfer 50 percent of the increased costs to their customers until April 2023.
It will increase to 50 percent next year.
“This will likely lead to further inflationary pressure on consumer prices in the coming months,” Ifo researcher Manuel Menkhoff said in his assessment of the subject.
While industrial companies plan to pass on higher purchasing costs for energy and raw materials to their customers with 68 percent, this rate was 66 percent in the construction sector, 53 percent in the retail sector and only 36 percent in the service sector.
Elon Musk lost $170 billion in a year
The wealth of Elon Musk, the richest person in the world, has decreased by $ 170 billion in the last year, and by $ 101 billion since the beginning of the year.
The wealth of the world’s richest person, Elon Musk, has fallen by more than $100 billion since the beginning of the year.
Tesla, SpaceX and Twitter CEO Musk’s fortunes melted with the sharp losses in the stock markets.
The wealth of 51-year-old Musk, which peaked at $ 340 billion in November last year, fell to $ 170 billion with a loss of $ 8.6 billion yesterday.
Thus, Elon Musk’s wealth has decreased by $ 170 billion in the last year, and by $ 101 billion since the beginning of the year.
Despite this decline, Musk remains the richest person in the world.
BEZOS, ARNAULT, AND GATES ARE IN FALL
While Musk will be the biggest loser in 2022, it is followed by Jeff Bezos, the founder of Amazon.
Bezos’ fortune has dropped to $116 billion, down $76.7 billion since the start of the year.
Bezos, once the richest person in the world, is now in fourth place.
The wealth of Bernard Arnault, the richest person in Europe and France, also fell by $21.5 billion this year to $157 billion. Arnault ranks second on the list of the richest.
Bill Gates, the boss of Microsoft, is also in the 5th place on the richest list with a loss of $ 25.3 billion this year. Gates currently has a net worth of $113 billion.
THE RISE OF THE INDIAN BILLIONARY
In 2022, while famous billionaires suffered great losses, Gautam Adani, the richest name in India, recorded a great rise.
Adani, 60, has a net worth of $130 billion, an increase of $53 billion this year.
In the late 1980s, Adani left the university and started with an agri-trade firm, and most of her fortune has been acquired in the last two years.
According to Bloomberg billionaires index data, Adani’s wealth was $5.8 billion on March 16, 2020.
Known for its coal production and trade and port management, Adani has also made a name for itself with its renewable energy and media investments in recent years.
Budget deficit warning from IMF to France
The International Monetary Fund (IMF) has called on France to adjust its fiscal policies to reduce the budget deficit from next year so that public debt does not rise.
The International Monetary Fund (IMF) has issued a budget deficit warning to France.
Accordingly, the IMF called on France to adjust its fiscal policies to reduce the budget deficit, starting next year, in order not to increase the public debt.
The organization has published a report on the financial situation of France, which has spent billions of dollars to save businesses and households affected by the energy crisis.
In the report, which asks France to review its financial situation and consolidate its economy from the beginning of 2023, France has spent more than 2 percent of GDP in a year due to the freezing of electricity and gas prices, energy checks, discounts on fuel and support provided to companies. he was reminded.
Emphasis on ‘A DIFFICULT TO CARRY’
In the report, it was pointed out that the government’s support to prevent unemployment and business closures by saying “whatever it takes” is a difficult burden to bear on the public budget, which has been greatly deteriorated due to the Kovid-19 outbreak.
“The support for the 2 crises and the epidemic that has diminished in effect requires France to consolidate its 2023 public budget.” The report, called the report, pointed out that Paris instead postponed reducing the budget deficit until 2024.
LEFT GROWTH FORECAST AT 0.75 PERCENT
The report stated that the government expects a 5 percent deficit next year after the 4.9 percent budget deficit this year, and underlined that Paris’s goal is to reduce this deficit to 3 percent only by 2027, contrary to its neighbors acting as early as possible.
In the report, which was noted that the IMF left its 2023 growth forecast at 0.75 percent due to the extension of energy measures and tax cuts applied to companies, it was also cited that a postponement of energy support and tax cuts would significantly reduce the budget deficit.
The report also recommended that the IMF focus on reducing the retirement age, completing unemployment reform, moderate spending, including fossil fuels and housing, and structural reforms in public services.
Fitch expects US and Europe to enter recession
International credit rating agency Fitch Ratings reported that recession is predicted for the US and Euro Zone economies in the coming period.
In the statement made by the credit rating agency Fitch Ratings, it was reported that the US and Euro Zone economies are expected to enter a recession in the coming period due to the decreasing consumer demand in the face of increasing inflation.
In the statement, it was stated that the recession in the Euro Area was expected to start earlier this year than the USA and to be experienced more severely due to the natural gas crisis increasing the volatility in energy prices.
GOVERNMENTS’ FUNDING COSTS WILL INCREASE
In the statement made by the credit rating agency, it was stated that the funding costs of the governments are expected to increase in 2023 due to rising interest rates and global inflation.
China, whose outlook is limited due to the uncertainties regarding the new type of coronavirus (Kovid-19) epidemic and the ongoing tension in the real estate sector, is not expected to increase global growth significantly next year. will accompany the costs”.
In the statement, it was stated that 2022 was the second year in which the most downgrades were made in emerging market economies evaluated by the credit rating company.
RISKS INCREASED WITH THE VALUE OF THE DOLLAR
“Geopolitical risks remain high,” Fitch Ratings said in a statement. There is no clear path to reconciliation for Russia and Ukraine, and similarly for China-US relations,” the assessment was included.
Stating that supply chains are affected by the risks related to global conflicts and that possible risks tend to spread, the following statements were also included: “The risks regarding country loans of emerging markets increased with the appreciation of the dollar. In 2023, the focus will be on smaller emerging market economies with higher financing needs compared to foreign exchange reserves.
The budget allocated to floating LNG terminals in Germany will be doubled
Floating LNG terminals in Germany, with a budget of 2.94 billion euros, will cost 6.56 billion euros with additional infrastructure and operating costs.
The German Ministry of Economy and Climate Protection reported that the purchase and maintenance of floating liquefied natural gas (LNG) terminals, which will help secure the country’s energy supply, will cost around twice the projected rate.
According to the statement made by the Ministry, it is calculated that the purchase and maintenance of LNG terminals, for which a budget of 2.94 billion euros was previously allocated, will cost 6.56 billion euros.
The Ministry noted that additional infrastructure and operating costs were effective in the price increase at the said terminals.
‘MORE ADDITIONAL COSTS IDENTIFIED’
In the statement shared by the ministry, it was stated that “More additional costs were determined in extensive consultations with many stakeholders”.
It was also underlined that the reduction and subsequent cut off of gas supplies from Russia made LNG terminals “absolutely necessary”.
Siemens’ profit in the 2022 fiscal year reached 72 billion euros
Siemens increased its turnover to 72 billion Euros in the 2022 fiscal year, with an 8.2 percent increase on a comparative basis, excluding exchange rate differences and portfolio effects.
Siemens announced its growth and profit figures for the 2022 fiscal year. Accordingly, as of September 30, 2022, it reached a profit of more than 10 billion Euros in the Industry Business Area.
The company increased its turnover to 72 billion Euros in the 2022 fiscal year, with an increase of 8.2 percent on a comparative basis, excluding exchange rate differences and portfolio effects.
Orders increased by 17 percent on a comparison basis and reached 89 billion Euros. The Supervisory Board and the Board of Directors have proposed to increase the profit per share offer from 4 euros the previous year to 4.25 euros for this year.
RECORD PROFIT IN THE INDUSTRY
Roland Busch, Chairman and CEO of Siemens AG, stated in his statement on the subject that they have achieved record profit figures in the Industrial Business Area.
“Siemens achieved a record profit of more than 10 billion euros in the Industrial Business Area in fiscal 2022. By successfully implementing our strategy, we achieved a significant market share and achieved high value growth. Strong demand continues for our hardware and software products. This includes the higher-than-expected increase in our digital business turnover.”
GROWTH IS EXPECTED TO CONTINUE
Siemens’ projections for the 2023 fiscal year are based on the assumption that geopolitical tensions will not escalate any further and that COVID-19 challenges and supply chain constraints will continue to improve.
Under these conditions, the company’s industrial business segments are expected to continue their profitable growth, especially given the high pending order volume in the short-term business segments.
For the Siemens Group, the company’s comparison-based revenue growth expectation, adjusted for exchange rate differences and portfolio effects, is between 6 and 9 percent, while the order-to-sales ratio expectation is above 1.
Calls on British government to ‘act against labor crisis’
British Industry Confederation Director Tom Danker said that the labor shortage in the country should be resolved through immigration policy.
As of September, the number of unemployed in the country was recorded as 1 million 244 thousand and 3.4 percent.
Tom Danker, Director of the Confederation of British Industry (CBI), stated that the labor shortage in the country should be resolved through immigration policy.
Speaking at the CBI annual general meeting in Birmingham, Danker urged British politicians to come up with more practical solutions to the country’s immigration policies.
Danker said in his speech that the British government should enable economic based migration in areas with a shortage of skilled workers.
CBI Director Danker urged business representatives to be honest about the workforce gap in the economy and said, “We don’t have the employees we need, nor our productivity.”
‘THEY ARE DEATHING THEM’
In his speech, Danker said, “First, we lost hundreds of thousands of employees due to the cessation of economic activity during the epidemic. “Those who think they’re going back to work now are deluding themselves, especially when the NHS is under pressure,” he said.
Pointing out that the foundations of the labor shortage in the country go deep, Danker said, “There are no British people who want to work in the current positions. There is a mismatch between the required qualifications and the workforce. “It’s unrealistic to think that automation systems can do most of the work,” he said.
Although British Finance Minister Jeremy Hunt stated last Friday that immigration is extremely important for the country’s economy, he noted that they aim to reduce the annual number of immigrants.
NUMBER OF UNEMPLOYMENT INCREASED TO 1.2 MILLION
According to data from the British Office of Budget Responsibility (OBR), the country accepts an average of over 200,000 immigrants per year, while the annual number of immigrants is expected to reach 205,000 by 2026.
As of September this year, the number of unemployed in England was recorded as 1 million 244 thousand and 3.4 percent.
As of October this year, the skilled labor shortage in the country was recorded as 1 million 225 thousand.
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