Car sales plunged to the lowest level since 1946, with a quarter of industry workers on government aid. However, business optimism is edging up as a gradual restart comes into view.
In an attempt to threaten Turkey over its limited cross-border operation in Syria, many European countries discontinued selling arms to Ankara, while they continue to sell weapons to Saudi Arabia to fuel its full-scale war in Yemen.
Philip Hammond says he might vote against PM Theresa May’s successor if they decide to force a hard Brexit through parliament.
Berlin is “losing its commercial credibility” over its ban on arms sales to Saudi Arabia and the move is affecting Europe’s “defence industry and ability to fulfill NATO requirements.”
Military spending has increased in several countries of the Middle East, especially Saudi Arabia, the UAE and Iran. China uses the opportunity to flood their markets with cheap drones, as proxy-wars rage in the region.
Key surveys are showing increases in business activity and confidence – not only in Germany, but in other countries in the region.
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