no crash prophets work at the Bundesbank, but solid economists who – across the market – put one and one together. They come up with an inflation rate in the “order of magnitude of ten percent” that is possible in the fall. At least that’s what it says in the institution’s current monthly report. In Frankfurt am Main, reference is made to the usual measurement of the inflation rate in the EU, which was 8.5 percent in Germany in July.
The Bundesbank sees the reason for the expected increase in consumer prices in the end of the relief package (tank discount, 9-euro ticket), but also in the higher statutory minimum wage and in the new gas levy. In addition, the devaluation of the euro will “gradually make itself felt in prices”. Anyone who talks about a recession in winter can cite the Bundesbank as a key witness.
We would have to expect a higher inflation rate of around five percent in the longer term, Klaus Kaldemorgen, a well-known fund manager at DWS, says in an interview with the Handelsblatt. In Europe, the increase in prices will be higher than in the USA: “Because we are struggling with significantly higher energy prices – and the European Central Bank has to take much more account of the national debt of the euro zone countries.”
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Kaldemorgen has set out to increase the prosperity of its customers and yet currently only has sad news to offer: “Less prosperity for everyone.”
Incidentally, in Great Britain, economists are already expecting an inflation rate of 18 percent for the beginning of 2023. This also shows that the mother of the price crisis is the energy crisis is the Ukraine war. Let’s just take the “future price”: It indicates how expensive it will be to supply one megawatt hour of electricity in the coming year. Yesterday, this price rose by a quarter to 700 euros within a short period of time. The 400 euro mark was passed in July. A year ago, the price was still 23 euros per megawatt hour.
The price of gas on the stock exchange has also risen sharply again recently – by more than 20 percent at times – and is just under the 300 euro mark. The constant tactical games played by Vladimir Putin’s Gazprom with maintenance work are interpreted in such a way that Russia will soon no longer deliver anything at all.
At Henkel, the Danish manager Kasper Rorsted was once associated with the reputation of relying on a little too much “window dressing” in balance sheet design and quick PR successes. When “Manager Magazin” gave up the permanent critical auditing after Rorsted’s move to Adidas and even named him “Manager of the Year” in 2019, one suspected that this happiness would not last forever. The 60-year-old hoodie man has now announced that he will be leaving the sporting goods company in Herzogenaurach, Franconia, in 2023 after seven years.
- In 2022, Rorsted had to correct its forecasts downwards twice, while local rival Puma of all things improved the outlook like a big cat.
- In China, the Adidas handlebar had for too long relied on the fact that the three-stripe goods that are common around the world would also sell well there. However, the consumers who had matured under state capitalism did not want standard goods and switched to local suppliers. Rorsted: “Of course we made mistakes in China.”
- The once familiar atmosphere at Adidas transformed into a high-performance culture, and long-standing colleagues such as the renowned brand executive Eric Liedtke deserted.
Adidas is now talking about both a successful transformation and a “restart”. One thing is certain, Rorsted’s successor will also be measured by one of the maxims of founder Adi Dassler: “Lead it – don’t imitate it!”
Everyone called him “Ted”, the historian Theo Sommer, who had also studied in the USA and, after working for a Swabian local newspaper, was part of the inventory of “Zeit” in Hamburg from 1958. The life employment – decorated with titles such as editor-in-chief, publisher or editor-at-large – was only interrupted from 1969 to 1972 by activities for the social-liberal federal government (defence issues). Throughout his life, Sommer gave lectures in the country, sat on commissions and advisory boards, wrote books and chiseled editorials on the first page, when “Zeit” was still called “gravestone” internally.
The man had impressive productivity, but that doesn’t quite explain the temporary forgetfulness of tax payments. Like the idol Henry Kissinger, he was concerned with the great world order and the place of the just, which is why in his last “Zeit” text he defended himself against the damned self-righteous condemnation of former “Stern” colleague Henri Nannen. Incidentally, he was happy to explain the big situation privately over a glass of whiskey. The publicist Theo “Ted” Sommer, gentleman on duty, died after a fall on Monday at the age of 92.
The journalist Theo Sommer was 92 years old.
A close confidante of French President Emmanuel Macron is Clément Beaune, now Minister of Transport. From this point of view, his latest proposal is receiving the most attention: He calls for restrictions on flights with private planes – because of the high emissions and for reasons of justice. He doesn’t want to be demagogic or launch personal attacks, says Beaune, “but there are behaviors that are no longer acceptable”. If you look at the hardships that Macron is asking of the general public to save energy, then private jet travel just for individual fun is no longer acceptable.
What Beaune is aiming for: a quick jet from Paris to Nice. Important business appointments, but that’s something else. Politicians from the Left and the Greens agree with Macron’s man, and on Twitter the “I love Bernard” campaign already has 60,000 followers. She tracks trips from private planes and refers in the title to the very mobile Bernard Arnault, founder of the luxury group LVMH.
And then there is “Winnetou”, once immortalized by the great world swaggerer Karl May from Radebeul as chief of the Mescalero Apaches. Generations grew up – outwardly undamaged – with the stories about Winnetou, Old Shatterhand, Apanatschi, Nscho-tschi and whatever their names are. Maybe some of those who have been socialized in this way have to go to the couch afterwards. Clemens Maier, 51, head of the Ravensburger media company, warns as a precaution “that in view of the historical reality, the oppression of the indigenous population, a romanticizing picture with many clichés is being drawn here.”
That’s why his publisher pulled two books, a sticker book and a puzzle for the new movie “The Young Chief Winnetou” from circulation. Activists had made serious allegations of racism online and identified a “case of unwanted cultural appropriation”. There has been a lot of negative feedback, explains Ravensburger, thank you for the criticism. She had “clearly shown that we hurt the feelings of others with the Winnetou titles”.
Karl May, the storyteller of the eternal hunting grounds, would have answered: “The jackal howls at the stars, but they don’t hear it and continue to shine.” Before anyone worries about animal welfare: There is no intention of discriminating against wild dogs.
I wish you an inspiring day where you don’t give clichés a chance.
It greets you cordially
Her
Hans Jürgen Jakobs
Senior editor