Germany is bracing itself for a rough winter as soaring energy prices threaten to leave permanent scars on its manufacturing sector, a key engine of its economy
Industrial production fell by 0.8% in August from the month before, according preliminary data released by the country’s statistics office on Friday. Supply chain bottlenecks caused by the coronavirus crisis and the war in Ukraine continue to weigh on producers, the office said. But energy-intensive sectors, which include chemicals, glass and metals producers, fared even worse, slumping by more than 2% from July.
According to a survey last month by the Confederation of European Paper Industries , two-thirds of paper producers on the continent have cut their production, while just over half have temporarily closed. Paper-making needs a lot of energy 24/7 to evaporate large quantities of water. Hakle, a toilet paper manufacturer in Germany, blamed soaring energy and material costs for its insolvency last month.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rising gas prices fuel small business concerns as Biden admin asks for Venezuela's help: 'Very frustrating'Small business owners Jason Brown and Joe Sobol shared the hurdles associated with rising fuel costs as Biden neglects domestic energy resources.
Read more »
Form Energy Raises $450 Million In Latest Funding RoundForm Energy has completed a new funding round that will help propel it forward in its quest for low cost long term energy storage.
Read more »
Germany expects recession next year as gas crisis worsensGerman government expects Europe's largest economy to slide into recession next year, contracting 0.4 percent as an energy crisis, rising prices and supply bottlenecks take their toll on the country
Read more »
Germany's Relief Plan Could Trigger a UK-Style Bond Meltdown in Euro NationsGerman Chancellor Olaf Scholz last week announced a package worth 200 billion euros ($198 billion) designed to help with soaring energy prices.
Read more »
Bitcoin Mining Is About to Get Tougher With Difficulty Primed for Another Sharp RiseAnother large bitcoin mining difficulty adjustment upward could lead to revenue declines of more than 10% for beleaguered miners. By Aoyon_A.
Read more »