German orders, exports down in November
German orders, exports down in November
Industrial orders dropped 1.8 percent compared with October, the Economy Ministry said.
That partly reversed a 3.8 percent gain the previous month and was a bit worse than the 1.4 percent decline economists had forecast.
Foreign orders fell 4.1 percent. While demand from other countries in the 17-nation eurozone edged up 0.2 percent, there was a 6.5 percent fall in orders from other nations.
Orders from inside Germany were up 1.3 percent.
Growth in Germany slowed in 2012 after two strong years, but the economy is expected to pick up after a weak fourth quarter and continue growing in 2013.
Economy Minister Philipp Roesler said earlier that the economy grew by 0.75 percent last year, a performance that he termed "robust" in the face of weakness elsewhere in Europe.
"Thanks to its solid economic fundamentals and stable domestic demand, the German economy should not join the race to the bottom many other eurozone countries are currently in," ING economist Carsten Brzeski said in a research note on the orders figures.
Also Tuesday, the Federal Statistical Office said exports — a traditional strength of the German economy — dropped 3.4 percent in November. Adjusted for seasonal and calendar factors, they totaled €89.6 billion ($117 billion).
Imports were down 3.7 percent at €75.1 billion ($98 billion).
Compared with a year earlier, exports were unchanged. A 5.7 percent decline in exports to other countries in the 17-nation eurozone contrasted with a 5.6 percent increase to nations outside the European Union.
Germany's exporters predicted recently that foreign trade will reach record levels in 2013.
The Federation of German Wholesale, Foreign Trade and Services said exports will rise by up to 5 percent in the coming year and hit €1.158 trillion.
German exports have benefited from the low value of the euro compared with other currencies, and strong demand for their goods in the US and emerging economies like China.
Saudi Arabia has lion’s share of regional philanthropy
- Kingdom is home to three quarters of region's foundations
- Combined asets of global foundations is $1.5 trillion
Nearly three quarters of philanthropic foundations in the Middle East are concentrated in Saudi Arabia, according to a new report.
The study, conducted by researchers at Harvard Kennedy School’s Hauser Institute with funding from Swiss bank UBS, also found that resources were highly concentrated in certain areas with education the most popular area for investment globally.
That trend was best illustrated in the Kingdom, where education ranked first among the target areas of local foundations.
While the combined assets of the world’s foundations are estimated at close to $1.5 trillion, half have no paid staff and small budgets of under $1 million. In fact, 90 percent of identified foundations have assets of less than $10 million, according to the Global Philanthropy Report.
Developed over three years with inputs from twenty research teams across nineteen countries and Hong Kong, the report highlights the magnitude of global philanthropic investment.
A rapidly growing number of philanthropists are establishing foundations and institutions to focus, practice, and amplify these investments, said the report.
In recent years, philanthropy has witnessed a major shift. Wealthy individuals, families, and corporations are looking to give more, to give more strategically, and to increase the impact of their social investments.
Organizations such as the Bill and Melinda Gates Foundation have become increasingly high profile — but at the same time, some governments, including India and China, have sought to limit the spread of cross-border philanthropy in certain sectors.
As the world is falling well short of raising the $ 5-7 trillion of annual investment needed to achieve the UN’s Sustainable Development Goals, UBS sees the report findings as a call for philanthropists to work together to scale their impact.
Understanding this need for collaboration, UBS has established a global community where philanthropists can work together to drive sustainable impact.
Established in 2015 and with over 400 members, the Global Philanthropists Community hosted by UBS is the world’s largest private network exclusively for philanthropists and social investors, facilitating collaboration and sharing of best practices.
Josef Stadler, head of ultra high net worth wealth, UBS Global Management, said: “This report takes a much-needed step toward understanding global philanthropy so that, collectively, we might shape a more strategic and collaborative future, with philanthropists leading the way toward solving the great challenges of our time.”
This week Saudi Arabia said it would provide an additional $100 million of humanitarian aid in Syria, through the King Salman Humanitarian Aid and Relief Center.
The UAE also this week said it had contributed $192 million to a housing project in Afghanistan through the Abu Dhabi Fund for Development.