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Inflation, producer prices, BMW, Russia

2022-06-20T18:47:55.415Z


Every evening we summarize the most important business news of the day. Today with melancholy home builders, highly motivated Russian IT refugees and lousy prospects for French President Macron.


Anyone who stands in front of the refrigerated counter, at the gas pump or in front of the excavation pit of their own home on these hot June days has every reason to become melancholic.

Butter is 80 percent more expensive than a year ago, petrol, despite the tank discount, is absurdly expensive, and wood, building materials, craftsmen's hours - can hardly be paid for anymore.

Some people, tired of the constant comparison of these obscure columns of figures, may now think of Rilke's "Autumn Day" and make their own rhyme out of it.

Yes, the era of cheap money was big.

Now there is a shadow on the floor of the stock exchange.

The US Federal Reserve and its hawks are loose.

If you don't have a house now, you won't build one anymore?

Our colleague Henning Jauernig

discussed the conditions under which the dream of owning your own property can still come true with the independent financial advisor

Stefanie Kühn .

Despite absurdly high house prices.

Despite increased construction interest rates of more than 3 percent again.

And despite a new record in producer prices, which indicate that inflation will continue to rise in Germany.

It won't be easy for home builders, says Kühn in an interview.

But not impossible either.

Those who decide not to stay in overheated regions like Munich or Hamburg at any price should build it.

The others will continue to wander when the leaves sprout.

The business news of the day:

  • Setback for Macron:

    French President

    Emmanuel Macron

    suffered a serious defeat in the parliamentary elections.

    With 345 seats, his party alliance clearly missed the absolute majority of 389 seats.

    The winner of the election day is the right-wing populist

    Marine Le Pen

    , whose party won 89 seats in parliament.

    During his second term, Macron is now forced to compromise with the left and right-wing populists.

  • BMW investing billions:

    From 2025, the next generation of electric drives are to be built at the BMW site in Steyr, Austria.

    The automobile manufacturer is investing around one billion euros in this.

    Due to the significant increase in capacity, the plant in Austria remains

    BMW

    's leading powertrain location .

  • Warning about crypto investments:

    After the recent fall in the price of Bitcoin and other crypto currencies, the head of the American Securities and Exchange Commission

    , Gary Gensler,

    called on investors to be more skeptical.

    Above all, he warns against the promise of high returns from so-called crypto lending platforms.

    Most recently, Celsius Network, a cryptocurrency lending broker, ran into trouble, adding to the uncertainty of crypto investors.

What else kept us busy:

  • Russia's IT refugees conquer Europe:

    The war has hit Russia's booming IT industry hard.

    Start-up founders and programmers are leaving the country in droves.

    A whole generation is daring to make a new start – in Cyprus.

    Our SPIEGEL colleague Benjamin Bidder traveled to Limassol - and met highly motivated founders.

    You can read his report on Russia's scattered IT industry here.

Career tip of the day:

  • "Think again! Be brave!"

    If you have ever heard such sayings in a creative meeting, then you know that they usually do not provoke new ideas, but rather escape reflexes.

    In a new e-mail course, my colleagues from manage > forward, together with the Berlin innovation agency launchlabs, present methods that make things better: Creativity for the uncreative – register here for free.

My recommendation for the evening:

  • At least since the global supply chains have been under constant stress, everyone in the automotive industry wants to produce like

    Elon Musk

    .

    Once

    Ford

    and then

    Toyota

    offered the blueprint for changing the processes, now the electric car manufacturer Tesla from California is the model.

    Our colleagues from the British "Economist" describe in detail how the car industry is currently approaching

    Tesla

    .

    The process started late – but it is disruptive.

    Read here what all this means for Tesla and for the German car manufacturers:

    Why everyone wants to copy Tesla

    .

Cordially, your Kai Lange

Source: spiegel

All news articles on 2022-06-20

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