How Are German Companies Adapting to the Energy Crisis?

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Energy-intensive industries account for 23% of all industrial jobs in Germany. BASF is building a massive complex in southeastern China and it's 10 billion euros. Heinz Glass, which makes little bottles for the perfume and cosmetics industry, paid 11 million euros for energy in 2019. And this year, they're going to be paying 32 million. They're just emblematic of the crisis that is really reverberating through the entire energy-intensive sector of the German economy.

Sam Bankman-Fried, the former chief executive of bankrupt crypto exchange FTX has been arrested in the Bahamas, Goldman Sachs is considering cutting hundreds of jobs, Belgian police raided a European parliamentary office in a widening corruption scandal involving World Cup host Qatar, and Germany’s reliance on Russian gas has exposed a weakness that could derail the country’s economic success.

Mentioned in this podcast:

FTX founder Sam Bankman-Fried arrested in the Bahamas

Goldman considers hundreds of job cuts at consumer business

Fresh raids as Qatar corruption scandal rocks Brussels

Germany confronts a broken business model

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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