JP Morgan Plans to Leave Germany for London over Blackout Fears

Banking giant JP Morgan is planning to switch out the lights in its Frankfurt HQ for the last time and shift its workforce to London amid blackout fears across Germany this winter. With Putin turning off the gas taps to Europe, spooked executives are drawing up emergency measures to set up shop in Britain should Germany go dark over Christmas. The same JP Morgan that shifted billions in assets out of London right after Brexit. Welcome back.

Even if they ultimately decide to stay in Frankfurt, they’re also considering bringing in diesel generators just to keep the phones working without mains power for several days. Although they’re obviously still insisting this is all just contingency planning:

“It would take a perfect storm of a complete shutdown of Russian gas supply, no reduction of gas use at all and little alternative sourcing for gas before it would have real impact on our business.”

Hopefully no cold, dark nights in Brrr-lin this winter…

mdi-timer 7 September 2022 @ 10:07 7 Sep 2022 @ 10:07 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Germany U-Turns on Nuclear Power

In 2009, nuclear power supplied 25% of Germany’s electricity. As a result of the December 2021 election, which produced an Olaf Scholz-led traffic light coalition of the SPD, FDP, and Greens, the federal government announced they would shut down the last three functioning modern nuclear power plants this year. Yet in a belated outburst of rationality, the German government has decided to keep them open – for now. The Green Party, which has delivered Germany into reliance on the kindness of Vladimir Putin, is reluctantly going along with the “temporary” policy reversal.

With energy prices rising almost exponentially, German industrial production was suffering badly. Business logic was always likely to prevail over politics. Whatever German industry wants, German industry tends to get…

mdi-timer 17 August 2022 @ 11:21 17 Aug 2022 @ 11:21 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Germany Facing Potential Gas Rationing After Putin Turns Off Taps

Germany is now facing a “gas crisis” and is on the brink of ration supplies after Moscow cut its gas exports through the Nord Stream 1 pipeline by 60%. Speaking this morning, German Economic Minister Robert Habeck declared “gas is a scarce commodity” in the country, and warned that energy prices were about to shoot up even higher following Putin’s decision to turn off the taps “as a weapon against Germany“. Germans have already been advised to conserve as much energy as possible, with Habeck warning “every kilowatt hour helps in this situation”…

Now Berlin has raised the alarm by moving to the second stage of its national gas emergency plan, meaning some coal-fired power plants will be restarted and the government will tighten its monitoring of the energy market. Stage three results in full-on rationing. Habeck claimed rationing “shouldn’t happen“,  although he “couldn’t rule it out“. Who’d have thought being Europe’s biggest buyer of cheap Russian gas would cause so many problems?

mdi-timer 23 June 2022 @ 16:09 23 Jun 2022 @ 16:09 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Scholz Rules Out Cutting Off Supplies of Russian Energy

German Chancellor Olaf Scholz has again ruled out suspending purchases of Russian gas and oil on the grounds that Europe’s energy supplies “cannot be be secured in any other way”:

“All our steps are designed to hit Russia sensitively and to be sustainable over the long term. Europe has deliberately exempted energy supplies from Russia from sanctions. At the moment, Europe’s supply of energy for heat generation, mobility, power supply and industry cannot be secured in any other way. It is therefore of essential importance for the provision of public services and the daily lives of our citizens.

The German government has been working hard for months with its partners within the European Union and beyond to develop alternatives to Russian energy. However, this cannot be done overnight. That is why it is a conscious decision on our part to continue the activities of business
enterprises in the area of energy supply with Russia.”

Obviously saying the quiet part out loud. So long as Russia can keep selling its oil, it can keep firing its weapons…

mdi-timer 7 March 2022 @ 14:04 7 Mar 2022 @ 14:04 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Germany Shifts on Long Held Policies

Shipping 1,000 anti-tank weapons and 500 surface-to-air missiles from German military stocks* to Ukraine isn’t the only policy change from Berlin, in an emergency meeting of the Bundestag he told the assembled German parliamentarians that

“In attacking Ukraine, Putin doesn’t just want to eradicate a country from the world map, he is destroying the European security structure…”

As a result Germany would allocate this year €100 billion to modernise the threadbare German armed forces, “From now on, more than 2% of our GDP will be invested in our defence”.

In addition he signalled that renewables alone could not wean Germany off Russian gas, the phasing out of coal would be reconsidered. Germans won’t shiver at Putin’s whim…

*Less widely reported is that  Estonia and the Netherlands were also given the permission of the German government to transfer German-made weapons to Ukraine.

mdi-timer 27 February 2022 @ 11:45 27 Feb 2022 @ 11:45 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Scholz Pulls Plug on Nord Stream 2

German Chancellor Olaf Scholz has killed plans for the $10 billion Nord Stream 2 pipeline and ordered a reassessment of Germany’s energy supply, following Russia’s invasion of eastern Ukraine last night. The pipeline was completed last September, although it was never operational. Scholz this morning said “the situation has fundamentally changed”…

mdi-timer 22 February 2022 @ 11:07 22 Feb 2022 @ 11:07 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
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