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DW
5 hours ago
- Politics
- DW
US attack on Iran: Germany in diplomatic no man's land – DW – 06/23/2025
Chancellor Friedrich Merz has defended the US attacks on Iran. Germany had not been informed in advance. Just over 35 hours after the US bombed Iranian nuclear facilities, German Chancellor Friedrich Merz addressed the issue in front of cameras for the first time. Merz spoke on Monday at an event organized by the Federation of German Industries (BDI) in Berlin, an engagement that had been scheduled for some time. The event's title was "New Times, New Answers," and Merz uttered a sentence that hardly any chancellor would have said until recently: "There is no reason for us, nor for me personally, to criticize what Israel started a week ago. Nor is there any reason to criticize what America did last weekend. It is not without risk. But leaving things as they were was not an option either." In other words, not only Israel, but also the US is now doing the "dirty work" in the fight against Iran. Merz used this phrase last week at the G7 summit in Canada to describe and praise the Israeli attacks. Not everybody in Germany liked this harsh choice of words. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video The German government spent most of Sunday trying to assess the new situation. Merz spoke on the phone with French President Emmanuel Macron and British Prime Minister Keir Starmer. Afterward, the three issued a statement saying: "Our goal remains to prevent Iran from acquiring a nuclear weapon." There was no criticism of the US attack. The statement continued: "We urge Iran not to take any further actions that could destabilize the region." On Sunday morning, Merz convened a meeting of the security cabinet, which includes the most important ministers in the government. Germany does not yet have a national security council, but the government wants to introduce one soon. It quickly became clear that Germany had only been informed by the US about the planned attacks after the bombs had already been dropped. This was a repeat of what happened more than a week ago when the Israelis attacked the Iranian nuclear facilities. At that time, Foreign Minister Johann Wadephul wasn't woken up by his Israeli counterpart, Gideon Saar in Cairo. It was the middle of the night, again after the attacks had already begun. Wadephul, who had planned to travel to the Middle East to make numerous visits in an effort to promote a peaceful solution, then informed Merz, who in turn spoke with Israeli Prime Minister Benjamin Netanyahu. Wadephul was then forced to cancel his planned visit to Israel. A similar sequence of events also unfolded after the US attack on Iran. On Friday, Wadephul met with Iranian Foreign Minister Abbas Araghchi in Geneva, together with his colleagues from France and the UK, in an attempt to reach a negotiated solution, but without success. Then, on Saturday night, the US intervened in the war. On Sunday after the US attack, German ministers appeared on television to explain to citizens where Germany stands on this issue and what the government can do. Defense Minister Boris Pistorius, for example, attempted late in the evening to provide some context on public broadcaster when he said: "It is never good when a confrontation escalates militarily and continues. That in itself cannot be good news, because it reveals and demonstrates that the world order of peace is currently under pressure. And that is true everywhere." But, according to the defense minister, if Iran had indeed progressed so far with its nuclear program that it posed an immediate threat, then "the destruction of the facilities for manufacturing nuclear weapons is certainly not bad news for stability and security in the region and for Israel." Foreign Minister Wadephul expressed similar views in several interviews. He stated that Iran had crossed a "red line" and must now be prepared to return to negotiations. Also on Monday morning, the head of the Chancellery, Thorsten Frei, invited all the leaders of the parliamentary groups in the Bundestag to discuss the new situation in the Middle East. When asked whether the US attack was justified under international law, Frei said: "In my view, we do not yet have all the information that would allow us to make a definitive assessment under international law." However, the question of international law was also on the minds of other German politicians on Monday. Agnieszka Brugger, defense expert for the Green Party, wrote on the X platform: "I find the blind allegiance to Donald Trump that leading CDU/CSU [conservative bloc] members of parliament are now demonstrating to be naive and dangerous. It is also a complete departure from international law. This could very soon be met with harsh reality." Representatives of the ruling center-left Social Democratic Party (SPD) also expressed concerns. SPD member of parliament Isabel Cademartori wrote on X: "A world in which countries that do not possess nuclear weapons can be attacked at any time by those that do, without any legitimacy under international law, simply because they can, is not a safe world. For anyone."While you're here: Every Tuesday, DW editors round up what is happening in German politics and society. You can sign up here for the weekly email newsletter, Berlin Briefing.
Reuters
8 hours ago
- Business
- Reuters
German industrial lobby group cuts 2025 economic forecast as US tariffs weigh
June 23 (Reuters) - The German economy is set to contract more than previously expected in 2025 as U.S. tariffs weigh on exports, the BDI industry association said on Monday, forecasting a 0.3% contraction in 2025. In January BDI had forecast a 0.1% contraction, but flagged that changes to U.S. tariff policy might impact the export-driven economy further. A contraction in 2025 would mark Germany's third consecutive annual decline. The U.S. was Germany's biggest trading partner in 2024 with two-way goods trade totalling 253 billion euros ($288.02 billion). "Nevertheless, there is a real chance of an upturn next year if the German government resolutely pursues the path it has taken," BDI President Peter Leibinger said in a statement. Leibinger welcomed initial steps taken by the current government, such as tax and energy price relief, but said further reforms were necessary. BDI also offered the government support in strengthening Germany's defence capabilities, with Leibinger saying that "German industry is ready to make its contribution."
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Business Standard
7 days ago
- Business
- Business Standard
SCI, GE Shipping in focus as Baltic Dry Index up 47% in 1-mth; time to buy?
The Baltic Dry Index now quotes at a 8-month high. Technical charts hint at a potential 36 per cent upside for select shipping stocks like SCI, Dredging and Seamec. Details here Rex Cano Mumbai Listen to This Article Shares of shipping related companies are likely to be in focus as the Baltic Dry Index - the shipping and trade index - has surged to a 8-month high at 1,968. The index has rallied as much as 47 per cent from levels of 1,338 in the last one month. What is the Baltic Dry Index & its impact? The Baltic Dry Index (BDI) represents the average price for shipping dry bulk materials via sea routes, and is often considered as a leading indicator of economic activity for it reflects the supply and demand for raw materials
Business Standard
13-06-2025
- Business
- Business Standard
GE Shipping, SCI soar up to 12% on heavy volumes in weak market
Shares of shipping companies like Shipping Corporation of India (SCI) and Great Eastern Shipping Company (GE Shipping) have soared up to 12 per cent on the BSE in Friday's intra-day trade amid heavy volumes in an otherwise weak market. The surge in stocks came as the Baltic index extended its rally to hit an over-eight-month high. Among the individual stocks, SCI rallied 12 per cent to ₹230.50 on the BSE in intra-day trade. The average trading volumes on the counter jumped over fivefold. A combined 25.97 million shares, representing 5.6 per cent of the total equity of SCI, changed hands on the NSE and BSE. Baltic index extends rally; hits over eight-month high According to a Reuters report, the Baltic Exchange's dry bulk sea freight index extended gains to scale a more than eight-month peak due to higher rates across both large and small vessel segments. The main index was up 166 points, or 9.6 per cent, at 1,904, its highest since October 7. The escalating tension in the Middle East is sparking fears of global trade disruptions and rising tanker rates. The Baltic Exchange's dry bulk sea freight index measures shipping rates for vessels transporting dry bulk commodities. The Baltic Dry Index (BDI) is a number (in $) issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the index provides an assessment of the price of moving the major raw materials by sea. Taking in 23 shipping routes measured on a time charter basis, the index covers Handysize, Supramax, Panamax and Capesize bulk carriers carrying a range of commodities including coal, iron ore and grain. Dry bulk trade demand is generally driven by the global economic outlook. US, China reach agreement US President Donald Trump on Wednesday claimed that a trade deal with China has been finalised, pending final approval from both him and Chinese President Xi Jinping. In a post on Truth Social, Trump stated, 'Our deal with China has been finalised, pending final approval from President Xi and myself. As part of the agreement, China will supply, upfront, full magnets and any necessary rare earth materials.' CLICK HERE FOR FULL REPORT Crisil Ratings' view on GE Shipping GE Shipping is the largest private sector shipping company in India. The company operates two main businesses, tankers and dry bulk carriers, wherein it owns and operates 38 vessels (26 tankers and 12 dry bulk carriers) with a combined capacity of 3.04 million dead weight tonnage as of February 21, 2025. In February 2025, Crisil Ratings upgraded its rating on the non-convertible debentures (NCDs) of GE Shipping to 'Crisil AAA/Stable' from 'Crisil AA+/Positive'. The rating upgrade reflects Crisil Ratings' expectation that the company shall sustain its strong financial risk profile as supported by its sizeable net-worth, robust liquidity and low leverage amid healthy operating performance, resulting in strong cash accrual. Despite cyclicality in the operating performance of the shipping and offshore oilfields service businesses, the financial risk profile of GE Shipping is likely to remain strong over the medium term. Owing to its prudent risk management policy, the gearing (measured as a ratio of debt to equity) has remained below 1 time over the past 10 years, the rating agency said in its rationale.
Business Standard
13-06-2025
- Business
- Business Standard
Shipping stocks sail higher as Baltic Dry Index hits 8-month high
Shares of shipping companies were in high demand on Friday as freight rates surged sharply, lifting investor sentiment across the sector. The Baltic Dry Index (BDI), a global benchmark that tracks the cost of transporting dry bulk commodities like coal, iron ore, and grains, jumped 9.6% to 1,904, marking its highest level since October 7. The rally in BDI reflects strong activity in global trade routes. On the back of this, Shipping Corporation of India (SCI) (up 5.16%), Velox Shipping and Logistics (up 5%) and Great Eastern Shipping Company (up 2.63%) surged. A rising BDI typically boosts earnings potential for shipping companies as it directly translates into higher freight revenues per voyage.
