It was fiscal year 2022

Economically, a lot has happened again in 2022. (Image: Blue Planet Studio – stock.adobe.com)

A lot has happened economically this year. You can read more about important events from January to August here.

09/26 – Nord Stream 1 and 2 gas pipelines

The explosions leave large holes in the Nord Stream 1 and 2 gas pipelines. They were not in the tensions surrounding Russia’s war of aggression in Ukraine at the time in operation. But the explosions also render them unusable for now. The EU and NATO assume the sabotage.

Read more on the subject: “Pipeline leaks: how safe are underwater pipelines?”

09/29 – Porsche IPO

The biggest German IPO since Telekom in 1996 is perfect: the placement of shares in sports car manufacturer Porsche nets Volkswagen 9.4 billion euros. A few weeks later, the stock temporarily slipped below the issue price, after which the price rose.

21.10. – Takeover by Bertelsmann failed

The takeover of the American book publisher Simon & Schuster by Bertelsmann, worth around 2.18 billion dollars, was finally ruled out. Bertelsmann does not want to challenge the court ruling that banned the purchase after a lawsuit filed by the US government on competition grounds.

24.10. – USB-C uniform charging standard for smartphones

The uniform USB-C charging standard for smartphones and other devices in the EU from autumn 2024 has finally been defined. This has consequences especially for Apple and its customers, because it means the end of today’s “Lightning” connection for iPhones. The step aims to reduce e-waste, they say.

26.10. – Buyouts by Chinese investors avoided

After a compromise in the federal cabinet, the Chinese state company Cosco can obtain a stake of less than 25% in a container terminal in the port of Hamburg. Cosco wanted to acquire 35 percent. In November, the government halted two takeovers of German companies by Chinese investors, such as the sale of a chip production plant by Dortmund-based Elmos.

28.10. – Elon Musk buys Twitter

Twitter is now owned by Elon Musk. The tech billionaire completes the roughly $44 billion purchase after months of back and forth. Chaos ensues: Musk cuts staff in half, advertisers stop ads, controversial accounts return, a new subscription with a blue checkmark creates fake brand and celebrity accounts.

31.10. – Galeria Karstadt Kaufhof again in difficulty

Germany’s last major department store group, Galeria Karstadt Kaufhof, is seeking rescue under a protective shield proceeding for the second time in less than two years. More than 40 of the remaining 131 houses must be closed. They cannot be operated profitably due to low consumption, inflation and high energy costs.

06.11. – Production stops on the new iPhone 14 Pro

Apple is threatened with a botched Christmas business: in the middle of the most important shopping season, there are production losses with the new iPhone 14 Pro due to corona blockages in China. Financial service Bloomberg reports that this year around six million fewer devices could be made.

09.11. – Meta lays off more than 11,000 employees

In the first major job cuts, the Facebook group Meta laid off more than 11,000 employees, or around 13% of the workforce. Meta is in a dilemma: its core business, online advertising, is generating less revenue, while founder Mark Zuckerberg’s “Metaverse” virtual worlds vision is costing more and more billions.

11.11. – FTX crypto exchange is insolvent

FTX crypto exchange is insolvent. Entrepreneur Sam Bankman-Fried’s business files for bankruptcy protection. The group, once valued by investors at 32 billion dollars, collapsed in a few days. The crisis in the trading platform for digital currencies such as Bitcoin is having a big impact on the crypto market.

11.11. – The largest price increase in 70 years

The Federal Statistical Office reports the largest price increase for around 70 years. Inflation in Germany topped 10% in October due to high energy and food prices.

08.12. – The Wirecard process begins

For the first time, the executive floor of a former DAX company is in court: two and a half years after the Wirecard bankruptcy, the criminal proceedings in what is considered the biggest fraud case in Germany since 1945 begin. Markus Braun and two co-accused are accused, among other things, of having falsified balance sheets and lenders of having defrauded 3.1 billion euros.

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