Word: holger
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Dates: during 2000-2009
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...Germans are breathing a little easier, if not bubbling with optimism. "The big catastrophe - the fall into deflation - just did not happen," says Holger Schmieding, European economist for Bank of America. "It's more catastrophe avoided than a big upswing ahead." It would be foolish to assume that everything is suddenly fine. After all, the economy was in recession through the first half of 2003, and unemployment rose by 305,000 over the past year, bringing the jobless total to 10.4%. "What kind of upswing is it when you have increasing unemployment?" asks Ullrich Heilemann, vice president of the Rhine...
...take on temporary staff; and lowering state health-insurance premiums from 14.3% to 13% to bring down nonwage labor costs. The business community was dubious. "The proposals are not enough to turn the economy around on their own, let alone to cure the long-term structural malaise," said Holger Schmieding, European economist at Bank of America in London. "If more buoyant global demand does not come to the rescue soon, Germany will remain in deep trouble." - By Charles P. Wallace/Berlin Reconstructive Criticism It was about as discreet as a Rumsfeld one-liner: the U.S. has requested bids for $900 million...
...growth and a downward spiral of deflation. An early casualty of this forced coalition will be Schröder's proposed new taxes - including increased levies on company cars and dog food - designed to help close an j18 billion budget deficit. "Most of these taxes are now dead," says Holger Schmieding, European economist at the Bank of America, since the CDU campaigned hard on its opposition to Schröder's tax plans. Although the lack of new taxes will make it harder for Germany to keep its deficit under the 3% of GDP limit allowed by the E.U., scrapping...
...forecast last autumn of 1.5%. Even the good news has a hitch. In Germany, 2002 exports were up by 2.9%. But in 2003 the strength of the euro, which last week reached three-year highs against the dollar, will make exports more expensive. "In any global upswing," says Holger Schmieding, the London-based chief European economist for Bank of America, "Europe is likely to underperform the rest because of the currency." If you want to hear better news go to Italy, where government optimism is in overdrive. Officials there have predicted growth of 2.3% this year - although financial analysts expect...
...which has a whopping €850 billion in annual premium income, are correspondingly huge. Yet the insurers' financial crisis is partly self-inflicted, and raises serious questions about the security of an industry whose very job is to manage and mitigate risk. How did insurers get into this mess? Holger Dock, the chief executive of AP Pension, a small Danish insurer with 47,000 clients, has a typical explanation: his company's problems stem from the high life insurance payouts that consumers were guaranteed twenty years ago. Back then, interest rates were in double digits and a Danish life policy...