2 days ago
Baku conference tackles rising Islamophobia and global intolerance
Baku hosted the third International Conference on Combating Islamophobia, drawing over 120 guests from 40 countries.
Held under the theme 'Unveiling Bias and Shattering Stigmas,' the forum addressed the rise of anti-Muslim sentiment worldwide. Speakers highlighted the role of social media, rising far-right ideologies, and misinformation in fuelling discrimination.
The event promoted interfaith dialogue, cooperation, and global action, including a new digital observatory to track Islamophobia. Azerbaijan's leadership called for unity and implementation of UN resolutions, stressing the need for shared solutions to protect human rights and uphold religious tolerance.
Germany's industrial production and exports fell in April after a recent growth spurt in the first quarter, suggesting that the prior uptick was linked to a pre-tariff rush.
Output in the manufacturing sector fell 1.4% month-on-month and declined 1.8% compared to April 2024.
In March, this total grew 2.3% month-on-month, and it fell 0.7% year-on-year.
Exports from Germany, meanwhile, also disappointed in April, dropping 1.7% month-on-month and falling 2.1% on the year.
Imports rose 3.9% from March to April, while the annual jump was 3.8%.
'Today's industrial production data reflects the feared reversal of the frontloading effect of the first quarter and suggests that the structural weakness in industry is not over, yet,' Carsten Brzeski, global head of macro at ING, said in a note.
'At the same time, however, there are growing indications that the German industrial cycle is gradually turning, as industrial orders have also improved and inventory levels have started to fall.'
Despite some bright spots in the data, tariff threats from the US administration are weighing on Germany's outlook, which is already hampered by structural issues.
In recent years, Germany has been dubbed the 'sick man of Europe', with growth constrained by an ageing workforce, excessive bureaucracy, high energy costs, and sluggish productivity.
GDP nonetheless grew by a better-than-expected 0.4% in the first quarter of the year, fuelled by businesses seeking to get ahead of Trump's tariffs.
Economists hope that this week's ECB rate cut, along with increased defence spending, will support Germany's expansion going forward.
Germany has approved a constitutional amendment to its 'debt brake' rule, meaning defence spending above 1% of GDP will not be subject to borrowing limits. The government has also created a €500bn extrabudgetary fund for additional infrastructure spending.
"In two weeks, the government is expected to present its budget plans for 2025 and 2026, which should include more details on how and when the government intends to spend the €500bn of the new infrastructure investment fund," said Brzeski.
"While it is still very early days and far-reaching structural reforms have not been presented yet, the policy action of the government's first month in office is promising and could spark positive momentum."
