The new Omikron variant is so dangerous: The editor-in-chief’s weekly review

Good morning dear readers,

If the pandemic has taught us one thing, it is the certainty that nothing is certain – and certainly not predictable. And that the return to normal will not come anytime soon. Instead, virologists are now warning of a new virus variant from South Africa: B.1.1.529 or Omikron, which was also detected in Belgium for the first time yesterday.

So far, there are hardly any reliable data on the dangers and effects of vaccines with this variant. But the WHO classified B.1.1.529 as “worrying” yesterday evening. The virologists are alarmed:

• The new virus variant differs from others in its high number of mutations, which may make the virus much more contagious.
• The new variant is “the most worrying we’ve ever seen“Said Susan Hopkins, a scientist from Imperial College London.
• According to British biologist James Naismith, the are available Corona vaccines “almost certainly” less effective against the new variant.

“The last thing we are missing now is a new variant that has been introduced, which causes even more problems,” said the acting Federal Minister of Health Jens Spahn on Friday.

Spahn is certainly right there. Because the corona situation is becoming more and more dramatic even without a new variant. We remember: The current corona wave has also brought us a virus mutant, the so-called delta variant, which, due to its high frequency of infection, destroyed many of the successes already achieved in combating viruses.

And so the new coalition, which celebrated the departure in the middle of the week with a lot of bliss for the future, is suddenly brought back to reality. The new Federal Chancellor, as the figures make very clear, will initially not be able to bother about visions. He will be measured by whether he can get the current wave of pandemics under control, which is threatening to slip away from the executive government. Crisis Chancellor Scholz must now succeed Chancellor Merkel.

Now one could say a lot more about the coalition agreement, which the Berliner Handelsblatt office has analyzed in detail. But the new federal government is unlikely to have much time for many of these issues in the coming months.

Incidentally, in the history of the Federal Republic of Germany, hardly any of the major political projects have ever been part of a coalition agreement. Because politics is usually what a government is confronted with while it is busy making other plans.

What else has been on our minds this week:

1. For a long time, the stock markets ignored the development of the corona pandemic. That changes with the new corona variant. The Dax fell by more than four percent on Friday – the biggest daily minus of the entire year so far. The first stock market professionals are already talking about a “perfect storm”. And, unsurprisingly, the Corona winners are suddenly in demand again. You remember? Pharma and laboratory suppliers.

2. A week ago our editorial team published the secret report on the work of the EY auditors from the Wirecard investigation committee. We are of the opinion that the countless damaged Wirecard shareholders have a right to know how the scandal came about. Last week, EY filed a criminal complaint against unknown persons for passing on and publishing the report. Before that, the examiners had asserted their will to clarify. Now they are going into the defensive battle.

3. Because the auditors are threatened with anger from all sides. The Auditor Oversight Office (APAS) is investigating significantly more EY employees than previously known, writes our editorial team around Sönnke Iwersen and René Bender – including ex-Germany boss Hubert Barth.

4th The question remains: what does the author of the secret report actually say? Martin Wambach is a board member of the Institut der Wirtschaftsprüfer and was commissioned by the Wirecard investigation committee to analyze the work of EY. Read the first interview in which Martin Wambach talks about his work as a special auditor. He confesses in the Handelsblatt: “The Wirecard case has brought the entire industry into disrepute.” Wambach says “Wirecard”. But he also means the work of EY.

5. In addition to the misconduct of the auditors, we have also reported on all other facets of the Wirecard scandal over the past few months. Reporters spoke to insiders, evaluated hundreds of thousands of emails over the night and analyzed vast amounts of data. The result was big cover stories in which we traced Wirecard’s 48 hours. But also smaller, bizarre stories about oligarchs and arms dealers, TukTuks and truffles, about secret agents and discreet meetings in the “tobacco shop”, about annual rents paid in advance and partying nights in Singapore. For everyone who wants to dig deeper here, we have summarized the most important articles on the most exciting business crime in German history on a new special page.

6th While the new federal government is calling out cloudy goals for a green energy future for our country, others are thinking about how all of this can be achieved. One of them is Eon boss Leonhard Birnbaum, who visited us in the editorial office a few days ago. And he came with clear words: “There are practically no more reserves in the grid.” In the past ten years, the grid has been able to cope with the increase in renewables. “But now we are simply at the limit of our performance.” In our interview, Birnbaum not only announces investments worth billions. It also sends a clear message to politicians.

7th Prominent investor Mike Burry is known for his extreme predictions. He once foresaw the financial crisis and successfully bet on a collapse in the US housing market. Most recently, the American warned on the short message service Twitter of a stock crash and got out of many stocks. It is not interesting which stocks he sold – but which six stocks he is still betting on despite the gloomy outlook. My colleague Andreas Neuhaus investigated the matter.

8th. A few weeks ago I asked everyone here what your books of the year are. We then received numerous letters. Today Handelsblatt editors reveal their top book tips of the year to you. Including business books, bestsellers, a graphic novel and a photo book. Exactly the right thing when the days are getting shorter – and the Christmas parties are canceled anyway.

9. And before I let you go into the weekend, a podcast tip that is particularly close to my heart: My colleagues Kirsten Ludowig and Charlotte Haunhorst deal with the changes in the world of work in the new podcast, Rethink Work, which is very worth listening to. What will leadership look like in the future? What actually makes a good boss? How do home office and video calls change the status symbols? And – this question was of particular interest to me personally: What can leaders learn from orchestras?
Have a nice weekend.

Warm greeting,
you

Sebastian Matthes
Editor-in-chief Handelsblatt

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