The RussiaUkraineCrisis adds to the trade chaos that followed the global economy's emergence from pandemic lockdowns.
BERLIN, Germany – European companies are suffering yet more strain on supply chains already snarled up by the coronavirus pandemic as theThe new snags pose a further threat to, potentially prolonging existing bottlenecks that in some sectors were not expected to clear until next year.
On Wednesday, German auto parts maker Continental said it too was working to shift production from a Russian plant where operations were suspended. French tire maker Michelin also said last week it would temporarily halt production at some of its plants in Europe due to logistical issues. German ball bearings maker Schaeffler, which sources some of its steel from Russia, said this week it could not provide an outlook for the year due to the war in Ukraine.
“Germany’s growth outlook is deteriorating as the impact of the Russia-Ukraine conflict exacerbates existing supply chain disruptions and inflationary pressures,” rating agency Scope said as it cut its 2022 growth forecast for the German economy to 3.5% from 4.4%.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BSP inclined to keep rates low despite Ukraine worriesThe BSP intends to keep key rates low even as it expressed concern that the ripple effects of the conflict between Russia and Ukraine would reach the Philippines’ financial system. | RonWDomingoINQ /PDI
Read more »
Chelsea owner Abramovich, Rosneft boss Sechin hit by UK sanctionsRoman Abramovich, Igor Sechin, and Oleg Deripaska are among the most high-profile businessmen to be added to the British sanctions list since Russia's invasion of Ukraine. RussiaUkraineCrisis
Read more »
Ukraine war becomes a cudgel in Republican Party's internal conflict'While Ukrainians bled and died... Congressman Budd excused their killer,' says leading Republican Senate candidate Pat McCrory. UkraineRussiaCrisis
Read more »
Lacson says PH gov’t must be prepared over North Korea situationAside from the conflict between Russia and Ukraine, the Philippine government has to be “vigilant and prepared” over the situation in North Korea, presidential candidate Senator Panfilo “Ping” Lacson said.
Read more »
PH 'prepared' to accept Ukrainian refugees, says AndanarThe Philippines is “more than prepared” to accept refugees from Ukraine should the ongoing armed conflict in Eastern Europe escalate further, Communication Secretary Martin Andanar said.
Read more »
LOOK: 22 Pinoy seafarers arrive safely in Manila from UkraineTwenty-two Filipino seafarers arrived safely in Manila from Ukraine on Saturday.
Read more »