dpa-AFX overview: KONJUNKTUR from November 19, 2021 – 5.15 p.m.
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ROUNDUP: US House of Representatives approves Biden’s major social and climate package
WASHINGTON – After an extremely long hanging game, the US House of Representatives has decided on another core domestic political project by President Joe Biden. The Congress Chamber passed a trillion dollar package with investments in social and climate protection on Friday with a narrow majority of the Democrats. The approval of the second Chamber of Congress, the US Senate, is still pending. It is questionable whether the more than 2000-page legislative package will get through there in the same way. There should still be changes.
‘Chance missed’ – industry association criticizes Corona resolutions
BERLIN – The Federation of German Industries (BDI) has shown disappointment after the new Corona resolutions by the federal and state governments. Although there are necessary measures against the fourth wave, said BDI President Siegfried Russwurm on Friday according to the announcement. However, they fell short of business expectations. “Despite all the announced efforts, these resolutions again do not solve the implementation problem of the federal patchwork quilt in the fight against corona.” Germany needs a nationwide step-by-step plan with clear measures and detailed criteria and thresholds for their application. “The federal and state governments have once again wasted this opportunity with their resolutions.”
ROUNDUP 4 / Austria’s tourism industry: Lockdown can save the winter season
VIENNA – The upcoming lockdown for the whole of Austria is seen as painful but necessary in the tourism industry, which has been badly affected. The measure hit the division at the start of the ski season “unchecked and in full force,” said industry representative Robert Seeber from the Austrian Chamber of Commerce (WKÖ) on Friday. “But in view of the threat of overloading the health system and saving the winter season, it is unavoidable,” he added.
ROUNDUP: 3G at work and in transport, probably from Wednesday
BERLIN – According to the federal government, the new 3G rules at work and in the transport sector are expected to apply from next Wednesday. The Federal Ministry of Labor tweeted on Friday: “In order to better protect employees, 3 applies at the workplace from November 24th.” When asked, the Federal Ministry of Health confirmed that the planned 3G rule in transport and the nationwide test obligations in care facilities should also come into force on this day. The corresponding change in the Infection Protection Act also includes the reintroduction of the home office obligation, which should also take effect from Wednesday.
Japan’s cabinet approves further stimulus package worth billions
TOKYO – Japan’s cabinet has approved a new economic stimulus package with planned expenditures at record levels to stimulate the corona-plagued economy. The third package since the beginning of the pandemic provides for 55.7 trillion yen (about 430 billion euros) in spending. The total volume of the program rises to just under 79 trillion yen if money from the private sector is included, the Japanese news agency Kyodo reported on Friday.
Eurozone: current account surplus increases
FRANKFURT – The surplus in the eurozone’s current account rose in September. The European Central Bank (ECB) announced on Friday in Frankfurt that the surplus has increased to 18.7 billion euros. In addition, the previous month’s value was revised upwards from 13.4 billion euros to 17.1 billion euros.
ROUNDUP / Lagarde: No premature tightening of monetary policy due to inflation
FRANKFURT – Europe’s monetary watchdogs will not allow themselves to be urged by the sharp rise in inflation rates to exit the policy of cheap money more quickly. On the contrary: ECB President Christine Lagarde confirmed on Friday that the European Central Bank (ECB) would continue to support the economy even after the acute pandemic had ended. This also includes an “appropriate calibration” of the central bank’s bond purchases. “We will announce our intentions in this regard in December,” said Lagarde. The Governing Council will hold its next regular monetary policy meeting on December 16.
Business praises the extension of Corona aid – demands in detail
BERLIN – Representatives of the German economy have welcomed the extension of the Corona economic aid until the end of March 2022. The Central Association of German Crafts also warned on Friday that the continuation must apply to all support instruments, including the special regulations for guarantee banks and the possibility of tax deferrals. The left would have liked an extension of the aid until the summer. “Because uncertainty is poison for the economy,” said Christian Görke, financial expert of the left parliamentary group in the Bundestag. In addition, there are still glaring funding gaps for bridging aid.
ROUNDUP: Bavaria tightened corona measures: bars closed, no Christmas markets
MUNICH – Because of the out of control corona pandemic, Bavaria is drastically tightening its measures. All clubs, discos and bars should close for the next three weeks, there should be no Christmas markets this year, as Prime Minister Markus Söder (CSU) announced on Friday after his coalition consulted in Munich. Schools and daycare centers should remain open.
ROUNDUP: You are reading a summary in the economic overview. There are several reports on this topic on the dpa-AFX news service.
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