FT News Briefing The small German city hosting BioNTech
Jan 5, 2022
Chinese banks focus on safe investments amid economic uncertainty, reflecting concerns about growth. The EU seeks a role in negotiating with Russia over the escalating Ukraine crisis. Meanwhile, the small German city of Mainz is experiencing a financial boom, thanks to BioNTech's vaccine success, with tax revenues soaring to over a billion euros. Local leaders are working hard to ensure that this newfound wealth leads to a diversified and sustainable economy.
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China's Lending Concerns
- Chinese banks are buying low-risk instruments instead of lending due to economic concerns.
- This behavior is driven by state-imposed lending quotas and a lack of qualified borrowers.
EU's Role in Ukraine Talks
- The EU wants to participate in US-Russia talks regarding the Ukraine crisis.
- Russia disrespects the EU and prefers to negotiate with individual nations or NATO.
Travel Stock Surge
- Despite the Omicron surge, travel stocks are rising.
- Investors are optimistic due to Omicron's milder symptoms and vaccine effectiveness.