Good morning dear readers,

Who would have thought that the World Economic Forum meeting in Davos would one day become a symbol of the good old days? The era in which globalization took giant leaps and world trade grew year after year even faster than the world economy as a whole. When the rise of emerging economies lifted millions of people out of absolute poverty each year and international competition kept inflation low.

This “Davos mentality” shaped the worldview of the global elite for years. This also included the fact that one could no longer imagine that states that were becoming more and more interconnected could still wage war against each other.

Today we know that much of this Davos ideology was naive and sometimes simply convenient for those who were already rich and powerful. But the same remains true: especially for Germany More trade means more prosperity, and vice versa. And so did both the Chancellor Olaf Schölz as well as the Minister of Finance christian lindner they used their appearances in Davos yesterday to speak out against the threat of deglobalization.

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Scholz renewed his offer to USAto negotiate the elimination of tariffs and warned: “Protectionism impedes competition and innovation and harms climate protection.”

demanded lindner: Why the World Trade Organization WTO is not fully capable of acting, Germany and Europe should strengthen their trade cooperation with “like-minded partners”. “Therefore, I propose a free trade area for democracies.”

As a model for his idea, Lindner sees the “climate club” that the seven largest industrialized countries (G7) proclaimed last year and in which they want to agree on common standards for climate protection.

First assessment: Like the climate club, the free trade zone of democracies is nothing more than a vague idea. But at least one that stands out nicely from the ever-new industrial policy subsidy programs currently being discussed in Berlin, Brussels, Paris, and Washington.

More articles on the World Economic Forum in Davos:

This is also part of globalization: the most valuable dax-Group, the traditional company linden tree, withdraws from financial center Germany. Shareholders of the industrial gases maker voted by a large majority on Wednesday in favor of the so-called delisting in Frankfurt. The stock is only expected to be listed on Wall Street on March 1. This means that the group also comes from German Dax Leading Index 40 drop. linden tree currently has a market capitalization of around 150 billion euros and is therefore listed on the Dax SAP Y siemens.

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The merger with US competitor Praxair, completed in 2018, moved Linde away from its original home, comments industry expert Handelsblatt Axel Höpner:

“Formal headquarters in Dublin, fiscal headquarters in London, operational management largely in the United States. Now follows the withdrawal from the Frankfurt Stock Exchange. Critics of the merger, who saw it as a secret takeover by the Americans, feel vindicated.”

According to media reports, Chancellor Scholz is now ready to start supplying Leopard main battle tanks to the Ukraine allowed – but under one condition: According to information from the “Süddeutsche Zeitung”, Scholz demanded in a telephone call with the US president. Joe Bidenthat the US, in turn, is making its own Abrams main battle tanks available to Ukraine. Biden did not commit to this in the conversation on Tuesday. The same reports the “image” with reference to government circles. As a result, the chancellor wants a signal that Russian President Vladimir Putin cannot divide NATO.

The President of the Spanish Government, Pedro Sánchez, is in Davos to negotiate with the head of the Kremlin Vladimir Putin on the end of the war in Ukraine: “It is important that we also maintain contact with Putin.”

He advocates that the governments of France and Germany “take the initiative here,” Sánchez told CNN news channel on Wednesday. A return to the so-called Normandy format is conceivable: a contact group of Germany, France, Russia and the Ukraine that existed before the war broke out.

Russian Foreign Minister Sergei Lavrov has ruled out direct talks between the Russian and Ukrainian presidents: negotiations with Volodomir Zelensky “are out of the question,” Lavrov said in Moscow.

Carsten Spohr, head of Lufthansa, can fulfill a long-cherished wish: Lufthansa joins the Italian ITA.

(Photo: IMAGO/HMB Media)

The planned acquisition of the Italian airline ITA by lufthansa is nearing completion. “Today, the company submitted a corresponding offer in the form of a letter of intent to the Italian Ministry of Economy and Finance,” he shared. lufthansa Wednesday afternoon with Rival Air France said on Wednesday it would not submit a loss-making bid for the ITA. Therefore, Lufthansa should be the only bidder..

Lufthansa’s goal: First, to acquire a minority stake in ITA’s sole owner, the Italian state. At the same time, “options to purchase the remaining shares will be agreed at a later date,” the group said. There is speculation in industry circles that Lufthansa will initially acquire a share package of around 40 percent and pay around 300 million euros for it.

If you haven’t heard anything about the goalkeeping drama in Munich to this day, you’ll be interested in this report just as much as the relegation battle in the Macedonian district league. Otherwise, even more so: the move of goalkeeper Yann Sommer from Borussia Mönchengladbach to FC Bayern Munich seems imminent. “Negotiations on the transfer of the 34-year-old goalkeeper are in the final phase,” Gladbach tweeted in the evening.

Bayern Munich would have found a replacement for the injured Manuel Neuer just in time for the start of the second half of the Bundesliga season on Friday. According to the “Süddeutsche Zeitung”, Jonas Omlin will move from HSC Montpellier to Gladbach as summer successor.

I wish you a day to keep your closet clean.

Sincerely

you christian rickens

Editor-in-Chief Handelsblatt

Morning Briefing: Alexa

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