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Straits Times
30-07-2025
- Business
- Straits Times
‘Made for Germany': Is Chancellor Merz's industrial push a mere rhetorical reset?
Sign up now: Get ST's newsletters delivered to your inbox German Chancellor Friedrich Merz addresses journalists at the launch of the 'Made for Germany' initiative planning large investments to boost the economy, at the Chancellery in Berlin, on July 21. BERLIN – When Chancellor Friedrich Merz stepped in front of the cameras on July 21 and declared 'Germany is back', the image was designed to inspire confidence. Surrounded by executives from Siemens, Deutsche Bank, BMW and other German corporate heavyweights, Mr Merz presented what he labelled as one of the country's largest investment initiatives in decades: €631 billion (S$938.6 billion) pledged through 2028, under the 'Made for Germany' banner. It was a grand show of unity between government and business at a time when the German economy, Europe's largest, has marginally contracted in each of the last three years. But the symbolism belies a more sober reality. Much of the pledged investment had already been planned. Only a fraction - a still substantial €100 billion – qualifies as new capital. And even that figure is shrouded in vagueness. While impressive on paper, Mr Merz's initiative risks becoming a rhetorical exercise detached from the structural reforms that Germany desperately needs. In that sense, 'Made for Germany' represents less of an economic breakthrough than a narrative reset. Its closest analogues – French President Emmanuel Macron's 'Choose France' summit and Chinese President Xi Jinping's 'Made in China 2025' strategy – have clear agendas. Mr Macron courted foreign capital with tax incentives and regulatory reform, while Mr Xi laid out a centralised roadmap to dominate future tech sectors. Germany's effort, by contrast, is currently still a rather vague call for private investment by its corporate giants and seems more inward-facing. Top stories Swipe. Select. Stay informed. Business S'pore's Q2 total employment rises, but infocomm and professional services sectors see more job cuts Asia Japan issues tsunami warning after 8.8-magnitude earthquake strikes off Russia Singapore Migrant workers who gave kickbacks to renew work passes were conservancy workers at AMK Town Council Singapore 2026 school year to begin from Jan 2 for MOE kindergarten, primary, secondary students Singapore Singapore prepared to recognise State of Palestine in principle, says envoy at high-level UN meeting Business MAS keeps Singapore dollar policy unchanged amid US tariff risks to economy Business S'pore car-sharing firm GetGo launches ZipZap no-deposit car leasing, starting at six months Singapore Escape, discover, connect: Where new memories are made The pivot from 'Made in Germany' to 'Made for Germany' though, signals a shift in ambition. Chancellor Merz wants to move away from branding Germany as a source of globally trusted exports to renewing the industrial foundations at home to bolster its future competitiveness. Mr Merz's goal is not just growth, but a reanimation of Germany's industrial spirit – an effort to restore geopolitical relevance and economic sovereignty at a time of a seismic rejigging of the global economic order. To be sure, Germany remains a leading global manufacturing power – contributing about 26 per cent of the EU's total industrial output and far ahead of France, Italy, or the UK – but the system is showing signs of fatigue. Pressure is also building from outside the European Union (EU). Though European Commission negotiators have brokered with US President Donald Trump to almost halve tariffs on European goods to about 15 per cent, Mr Merz has warned that these tariffs 'pose a serious burden for Germany's export-oriented economy'. And then there is China, paradoxically a rival and an indispensable trade partner, and whose own industrial policy has compounded its overcapacity issues. Many have accused Beijing of exporting its overcapacity to other parts of the world, including South-east Asia and Europe. German automakers and chemical giants rely on Chinese demand, but China's push into electric vehicles, green tech and microchips has turned it into a fierce competitor. Recent talks between China and the EU have yielded little to resolve deep disagreements. Overregulated economy, high energy costs, labour shortages Mr Merz's campaign is therefore an attempt to rewrite Germany's economic story, or at least the way it is told. Many economists would argue that perception drives confidence, and confidence drives investments. The Merz government argues that private investment is the key to unlocking further growth. The economic theory is Keynesian – inject capital now, reignite demand, and rebuild momentum. But caution prevails. While short-term effects may lift the GDP in 2026, the long-term trajectory remains weighed down by unresolved structural burdens. The problem is therefore not a lack of investment promises, but the ecosystem through which those investments must flow. According to a recent report by the German Bundesbank, the country's central bank, Germany's economy could have grown 50 per cent more between 2021 and 2024 if its export industries had not been constrained by labour shortages and regulatory delays. The German economy is overregulated, grappling with high energy costs and sluggish digitalisation. The infrastructure is visibly deteriorating, and despite recent public investment packages – including a €500 billion state fund for climate and transport – progress is slow. At the same time, wage costs are rising, and social contributions are set to increase again in 2026 – all against the backdrop of an ageing population and labour market tensions. All of these structural impediments are in turn manifesting in the form of funding delays, fragmented policymaking, and lagging venture capital inflows, which continue to hinder progress and crimp innovation. Many of these issues in Germany mirror the ones identified in a 2024 report on European competitiveness anchored by Mr Mario Draghi, a former European Central Bank chief. Still, the high-tech strategy within Mr Merz's 'Made for Germany' campaign outlines bold plans: chip plants, AI gigafactories and quantum research labs. Germany even aims to derive 10 per cent of GDP from artificial intelligence by 2030. Strengthening German innovation was one of the priorities that Mr Merz identified for this campaign, but details were scarce at his launch speech. Many experts remain sceptical. A recent OECD report notes that Germany's AI investment remains modest compared to the United States and China, and the commercialisation of research is still weak. Most tellingly, one in four German tech start-ups is considering relocating abroad due to a lack of venture capital, according to a recent Bitkom survey. Bitkom is Germany's digital association, representing more than 2,200 companies in the digital economy. Conspicuous exclusion This tension between ambition and inertia is mirrored in the composition of the Chancellor's 'Made for Germany' initiative. While Mr Merz presents the campaign as a national effort, it is driven largely by major blue chips listed in Frankfurt, such as Siemens and Deutsche Bank. Absent are the small and medium-sized enterprises (SMEs) that make up over 90 per cent of German companies and form the backbone of the country's manufacturing economic base. The omission is not trivial. The most pressing structural reforms – cutting red tape, accelerating permit approvals, reducing non-wage labour costs, and upgrading digital infrastructure – would disproportionately benefit SMEs. Unlike large firms, they often lack in-house capacity to navigate Germany's rigid regulatory ecosystem. A family-run engineering business seeking to expand might wait over a year for zoning or environmental permits, all while grappling with rising payroll costs and outdated broadband infrastructure. Mr Rainer Kirchdörfer, chairman of the Foundation for Family Businesses and Politics, welcomed the initiative's intentions but criticised its skewed composition. 'Family-owned businesses provide 60 per cent of all jobs. They are essential to Germany as a business location,' he said. Yet only three family-owned companies were invited to the launch. What is needed now is not rhetorical inclusion, but policy recalibration. Integrating SMEs into the industrial renewal effort would require targeted reforms – streamlined permitting, better access to venture and growth capital, and relief from inflexible labour costs. Without this, Germany risks cementing a two-speed economy: one where flagship firms receive capital and attention, while the broader Mittelstand – the storied ecosystem of family firms and specialised manufacturers – remains underleveraged. This also points to a deeper structural issue. SMEs are rarely seen as leaders in emerging sectors like AI or quantum computing, which could then lead to a policy and funding bias towards larger firms. But empowering the Mittelstand would localise supply chains, broaden innovation beyond urban hubs and strengthen regional economies. There is no meaningful reindustrialisation without the Mittelstand – and until they are fully embedded in the plan, 'Made for Germany' remains a half-built foundation. Critics across the political spectrum have begun asking whether the new initiative is simply a polished public relations exercise orchestrated by a handful of CEOs and communications consultants. Mr Christian Dürr, head of the liberal Free Democratic Party, put it bluntly: 'This isn't just about meeting with hand-picked CEOs. The entire spectrum of the economy needs to be heard.' Still, there is potential in the initiative if backed by real reform. Germany retains deep technological expertise and a powerful industrial base. The defence sector, for example, is now awash with funds and could become a driver of innovation, especially through dual-use applications. More than just capital, this would require vision, coordination and political courage. 'Made for Germany' offers hope, but for now, little hard evidence of systemic change.
Yahoo
27-06-2025
- Business
- Yahoo
Revolut reportedly to acquire Argentina's Banco Cetelem
UK-based neobank Revolut is reportedly set to acquire Banco Cetelem, an Argentine lender owned by BNP Paribas, as part of its expansion into Latin America. This acquisition includes Cetelem's banking licence and its $6.4m in assets, reported Bloomberg. The transaction's value has not been disclosed. Revolut has already initiated the regulatory process with Argentina's monetary authority. Following a Bloomberg report, Revolut confirmed its entry into Argentina, having previously launched operations in Mexico and Brazil. The company aims to secure a banking licence to enhance its presence in Argentina's financial system. The acquisition follows a competitive bidding process that included other interested parties, such as Southern Cross Group and brokerage firm Criteria. To facilitate its operations in Argentina, Revolut has appointed Agustin Danza as CEO and is actively hiring for key positions. The company is also navigating the regulatory approval process necessary for acquiring a banking institution in the country. Last month, Revolut announced plans to invest €1bn ($1.12bn) in France over the next three years and aims to apply for a French banking licence. This announcement was made at the "Choose France" investment summit hosted by President Emmanuel Macron at Versailles Palace. During the same month, Revolut selected Dutch identity services provider Fourthline as its strategic partner to support its expansion plans and enhance operational agility and scalability. "Revolut reportedly to acquire Argentina's Banco Cetelem" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
See - Sada Elbalad
24-06-2025
- Business
- See - Sada Elbalad
Macron Outlines Vision for the Future of the Music Industry at France Music Week
Yara Sameh The France Music Week Summit, a highlight of the first France Music Week, brought together 100 music industry professionals at the Palais Garnier on Friday, June 20, and concluded with a keynote address from French President Emmanuel Macron. Earlier that week, on Monday, June 16, France's Minister of Culture, Rachida Dati, officially launched the first-ever France Music Week — a mix of programming for music business professionals and the general public. One of the week's most significant announcements was a €500 million commitment to the French music industry through Bpifrance by the end of the decade. This includes €125 million in equity funding to support high-growth French companies, international expansion projects, and asset-based consolidation; €340 million in loans and guarantees; and €35 million dedicated to innovation. 'We launched Choose France [an international business summit hosted by France] eight years ago. Now, I want to do the same in key sectors — and music is one of them,' President Macron said during his speech. 'We can go further. France has major assets to boost its global attractiveness.' As Dati said during the launch address 'Supporting businesses in the music sector means defending a key part of our cultural sovereignty and economic identity.' A Day of Industry Dialogue Among the most anticipated speakers was Warner Music Group CEO Robert Kyncl, who opened his remarks by highlighting the global success of Aya Nakamura. 'We do a lot of artist development, but it takes a global effort to build an artist with long-term success,' Kyncl noted. 'We're especially proud of Aya Nakamura, signed to Warner Chappell and Warner Music.' John Reid, president of Live Nation Entertainment, focused his remarks on the future of the concert business: 'When you look at new markets like Asia and the Middle East, you see growth trajectories in touring similar to what we experienced in the U.S. three or four years ago.' Among French voices, SACEM CEO Cécile Rap-Veber emphasized the threat of dilution in the age of generative AI: 'That's where we're losing value today. That's why SACEM and Universal were among the first to adopt the artist-centric model on Deezer. I hope all platforms adopt a model that compensates true creators for real creativity.' Also present at the Palais Garnier — home of the Opéra National de Paris — were key figures such as Lyor Cohen (YouTube), Victoria Oakley (IFPI), Lee Soo-Nam (SM Entertainment) and Adriana Moscoso Del Prado (GESAC); French industry leaders Alexis Lanternier (Deezer), Denis Ladegaillerie (Believe); the heads of the three major labels — Alain Veille (Warner Music France), Marie-Anne Robert (Sony Music France) and Olivier Nusse (Universal Music France) —Emmanuel de Buretel (Because Music) and Ed Banger founder Pedro Winter. Three Key Challenges Ahead Several music executives were received at the Élysée Palace by President Macron in advance of the Fête de la Musique. In a closed-door address, Macron laid out what he sees as three major challenges for the industry — beginning with fair artist compensation. 'Alternatives such as the artist-centric or user-centric models, and some of you are great inspirators of this change, championed by platforms like Deezer, deserve our full attention,' Macron said. 'We have to follow up this work and it's very important to deliver as well a common European approach.' The second challenge: the rise of mega-concerts. 'These are spectacular successes and we are very proud to host them, such as Beyoncé's yesterday in the Stade de France, but they can't obscure underlying vulnerabilities as well,' he said. 'Mid-sized venues, festivals and local stages are struggling to keep up with rising costs. This new model is very fruitful, but we have to organize ourselves in order not to sacrifice what clearly is a strength of the French model.' During his speech, Macron stressed the need for France to invest in artificial intelligence, not only to remain competitive with the U.S. and China, but to do so ethically. 'Creation and innovation are not the opposite, but the history of music is one of constant reinvention. And music clearly has always been at the forefront of change,' he said. 'Unregulated generative AI could lead upstream to a form of dispossession of original work and downstream to a dilution of the value of human creation.' The day concluded with performances by The Avener and Kassav' in the Élysée's main courtyard. A major free concert closed out France Music Week in the gardens of the Louvre the following day. The event featured performances by Major Lazer Soundsystem, Kalash, and Christine and the Queens, under the artistic direction of Thierry Reboul, Victor Le Masne and Romain Pissenem — already known for their work on the Paris 2024 Olympic Games. AI: 'A Machine That Destroys Music's Value' Beyond Macron's remarks, artificial intelligence was a central topic throughout the summit. At the Palais Garnier, Culture Minister Dati shared her vision: 'While AI is a unique tool for the sector, its power comes with serious responsibility. We must ensure that fully synthetic, AI-generated music doesn't spread at the expense of human creators.' Jean-Baptiste Gourdin, President of the Centre National de la Musique, made AI a core part of his closing speech. 'AI is no longer science fiction,' he said. 'It's already embedded in creation, distribution, recommendation and rights management. This raises legal, economic and ethical questions. If poorly regulated, AI could become a machine that destroys the value of music.' Defending a French Model A recurring theme throughout the day was the defense of France's cultural exception — the idea that the arts are not completely subject to a free market — and the development of a new, French-led model for the music industry of tomorrow. 'Music needs both the investment power of global corporations and the creativity and daring of independent, local players,' said Gourdin in his closing remarks. Macron added: 'A few years ago, when a lot of people wanted to revisit this cultural exception, we fought very hard with some of you and we managed to deliver the European Parliament's preservation of the copyrights and of the artists. I think there is no model where you can sacrifice the copyrights and the protection of the artists.' Among the foundational goals of France Music Week is to strengthen France's position on the international stage. 'We want to help our key players to benefit from these global dynamics, largely focused in Asia, the Gulf, LATAM and some other places,' he added. Gourdin concluded: 'Export is no longer optional — it's a core pillar of the new business model. But globalization doesn't mean standardization. Around the world, it's local content — rooted in culture, language and collective imagination — that drives user engagement and market growth. The universal now passes through the singular. And that presents a tremendous opportunity for French and Francophone creators.' read more New Tourism Route To Launch in Old Cairo Ahmed El Sakka-Led Play 'Sayidati Al Jamila' to Be Staged in KSA on Dec. 6 Mandy Moore Joins Season 2 of "Dr. Death" Anthology Series Don't Miss These Movies at 44th Cairo Int'l Film Festival Today Amr Diab to Headline KSA's MDLBEAST Soundstorm 2022 Festival Arts & Culture Mai Omar Stuns in Latest Instagram Photos Arts & Culture "The Flash" to End with Season 9 Arts & Culture Ministry of Culture Organizes four day Children's Film Festival Arts & Culture Canadian PM wishes Muslims Eid-al-Adha News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Yahoo
09-06-2025
- Automotive
- Yahoo
AESC launches production at new EV battery in France
Japanese battery manufacturer AESC Group has launched production at its newly-built electric vehicle (EV) battery plant in Douai, France. The company marked the occasion with a Start of Production (SOP) ceremony which was attended by French President Emmanuel Macron, whose attendance the company said 'illustrates the importance of this milestone for France's transition towards sustainable mobility.' The facility has a production capacity of 10 GWh of lithium-ion batteries per year, enough to power up to 200,000 EVs, and currently supplies domestic automaker Renault. It currently employs approximately 650 people, a number that is expected to rise to 1,000 at full production. AESC pointed out that the Douai plant is powered by clean electricity and features advanced manufacturing processes, including electrode production, cell assembly, and module integration. The company confirmed that the plant was built with the support of French and European financial institutions including Bpifrance, Caisse des Dépôts et Consignations, European Investment Bank and a syndicate of leading commercial banks. Just-Auto previously reported that the European Commission (EC) had approved € 48 million in French state aid for the project. Speaking at the opening event, Emmanuel Macron said: 'Here in Douai, we are turning a new page in the history of French industry. The inauguration of the AESC gigafactory—launched as part of Choose France in 2021—is the culmination of eight years of determined effort. This flagship project reflects a uniquely French vision of ecological transition: one that unites innovation, development, job creation, and sustainable ambition.' Lei Zhang, Chairman of AESC Group, added: 'The start of production at our Douai gigafactory marks a pivotal step in AESC's commitment to advancing France's reindustrialization and leadership in the global energy transition. By investing in cutting-edge battery technology and skilled talent, we are proud to help accelerate the decarbonization of transportation worldwide. France's bold vision for clean mobility continues to inspire us every day.' "AESC launches production at new EV battery in France" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
01-06-2025
- Business
- Newsweek
JPMorgan CEO Says US Economy Threatened by 'Enemy Within'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The CEO of JPMorgan Chase Jamie Dimon has characterized the real threats to the long-term health of the U.S. economy as internal, rather than those posed by any foreign nation. Speaking at the Reagan National Economic Forum in California on Friday, Dimon said that the "tectonic plates" of geopolitics and the global economy were shifting, and that the biggest issue underlying this was "the enemy within." "I'm not as worried about China. China is a potential adversary—they're doing a lot of things well, they have a lot of problems," he said. "But what I really worry about is us. Can we get our own act together—our own values, our own capability, our own management." Why It Matters Dimon's comments come as the U.S. grapples with the threat of a recession, and a broader deterioration of its economic outlook. In addition to weak consumer confidence and fears over inflation, the trade policies of the U.S. administration have resulted in significant market volatility and raised concerns the economy could be approaching a major downturn. Despite the 90-day tariff pause agreed between the two nations on May 12, negotiations between the two countries have not resulted in substantive progress, with recent accusations of violations further and aggressive posturing from the administration threatening to derail any potential breakthrough. What To Know Dimon defined the "enemy from within" as a broad combination of state-level economic mismanagement, regulatory gridlock, deficiencies in the schooling and health care systems, while mentioning several other difficulties, including the persistent risk of the U.S. economy slipping into a recession. While he agreed with outgoing Berkshire Hathaway CEO Warren Buffet's assessment that the U.S. and its economy remain "resilient," Dimon added: "This time is different. This time we have to get our act together and we have to do it very quickly." JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025. JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025. Michel Euler/POOL/AFP via Getty Images In addition to geopolitics, and the proxy activity and nuclear proliferation of countries such as North Korea, he said another "tectonic shift" taking place was in the global economy, and America's continued ability to engage and maintain amicable economic relations with its trading partners. He said that the priority over the coming weeks and months—during the pause on reciprocal tariffs and the temporary reduction in China's rates—should be to reach in-principle agreements with "15 important" partners, without specifying the nations in question. "I would engage with China," he added. "I just got back from China last week. They're not scared, folks. This notion they're gonna come bow to America — I wouldn't count on that." Despite the truce agreed last month, negotiations between the world's two largest economies are "a bit stalled," according to Treasury Secretary Scott Bessent. In addition, President Trump on Friday accused Beijing of "totally" violating the terms of the 90-day pause, signaling a potential reescalation of the trade conflict. What People Are Saying JPMorgan CEO Jamie Dimon on Friday said: "Right now we're not a team anymore, and we don't collaborate, we don't talk that much to each other. Deal with our policy—and this is the enemy within—we've got to fix our permitting, our regulations, our immigration, our taxation." "But the most important is maintain those military alliances. Spend whatever you've got to spend to have the strongest military in the world," he added. "And I'm hoping the goal of the Trump administration is this: Keep the Western military alliances together." President Trump, via Truth Social on Friday, said: "Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!" What Happens Next? Trump's 90-day suspension of reciprocal tariffs is set to expire on July 8, while the China tariff pause will end in August—though both remain subject to a potential cancellation.
