BERLIN: Germany’s jobless rate fell to a new record low in September and the number of unemployed people fell far more than expected but retail sales disappointed, sending mixed signals about the state of Europe’s largest economy.
The unemployment rate dropped to 5.6 percent, the lowest level since reunification in 1990, after 5.7 percent in August, data on Friday from the Federal Labour Office showed. Economists polled by Reuters had expected it to hold steady.
The jobless total fell by 23,000 to 2.506 million in seasonally adjusted terms. That compared with the consensus forecast in a Reuters poll for a fall of 5,000 and was a steeper drop than that projected by even the most optimistic economist, who had expected a fall of 15,000.
“The economic cycle in Germany is moving toward its peak stage and that’s giving the labor market a further boost,” said Joerg Zeuner, chief economist at state development bank KfW.
An economic upturn in Europe has boosted exports and corporate investment, suggesting further rises in employment and noticeable wage rises — including beyond 2017, he said. But he added there were risks for the economy, with a further strong appreciation of the euro chief among them.
That could potentially hurt exporters in an economy traditionally propelled by exports but more recently driven by consumers who are benefiting from record employment, increased job security, rising real wages and ultra-low borrowing costs.
Other data published on Friday showed retail sales unexpectedly fell on the month in August and posted a smaller increase on the year than forecast, putting a slight dampener on hopes that a consumer-led upswing will continue at full steam.
The volatile indicator, which is often subject to revision, showed retail sales decreased by 0.4 percent on the month in real terms. That compared with the Reuters consensus forecast for a 0.5 percent rise and followed a 1.2 percent drop in July.
On the year, retail sales jumped by 2.8 percent, matching the previous month’s increase but undershooting a Reuters consensus forecast for an increase of 3.2 percent.
Adding to the mixed picture, a GfK survey published on Thursday showed the cheerful mood among German shoppers had clouded unexpectedly heading into October.
Nonetheless, the outlook for the economy remains bright overall. Institutes on Thursday hiked their growth forecasts to 1.9 percent this year and 2 percent next year, while also saying Germany would have record budget surpluses over the next two years.
— Reuters
Jobless drop, retail sales fall paint mixed picture of German economy
Jobless drop, retail sales fall paint mixed picture of German economy
Let the games begin! Riyadh opens Esports World Cup
RIYADH: The Esports World Cup kicks off in the Saudi capital Riyadh on Thursday as the world’s largest esports and gaming festival comes to Riyadh.
Running until August 24, the event features more than 2,000 elite players, 25 tournaments across 24 leading titles, and a record-breaking prize pool of over $70 million, cementing its status as the biggest and most significant esports event ever staged.
The event will bring together the world’s top 200 clubs to compete in a new format.
At the heart of the competition is the Club Championship, where teams accumulate points across multiple games to become the EWC Club Champion, claim a $7 million grand prize and hoist the coveted EWC Club Championship trophy.
The $70+ million prize pool also includes $38+ million for individual Game Championships, $5 million in global qualifier rewards, and $450,000 in MVP bonuses.
Prince Faisal bin Bandar bin Sultan, the chairman of the Saudi Esports Federation, praised the Saudi leadership for their support and said: “The Kingdom is cementing its position as a global leader in gaming and esports. The Esports World Cup is a clear reflection of that progress.”
The event, run by the Esport World Cup Foundation, was first held in Riyadh last year with a purse of $62.5 million.
The team competition was won by Team Falcons, a Saudi esports team, in 2024.
“This event stands as a global milestone for esports by showcasing the scale, ambition, and future of competitive gaming,” Prince Faisal said. “It is a moment that will shape the direction of the industry for years to come.”
Faisal bin Homran, chief product officer of Esports World Cup Foundation, added: “The Esports World Cup is redefining what’s possible in esports. It brings together the world’s top teams to compete in the most iconic and advanced arenas, delivering a level of excitement that is unmatched across the industry.
Trump promises West African leaders a pivot to trade as the region reels from sweeping aid cuts
- Trump described the nations represented at the meeting as “all very vibrant places with very valuable land, great minerals, and great oil deposits, and wonderful people”
- West African countries are among the hardest hit by the dissolution of USAID
WASHINGTON: President Donald Trump promised West African leaders a pivot from aid to trade during a White House meeting Wednesday as the region reels from the impact of sweeping US aid cuts.
Trump said he sees “great economic potential in Africa” as the leaders of Liberia, Senegal, Gabon, Mauritania and Guinea-Bissau boasted of their countries’ natural resources and heaped praise on the US president, including their thanks for his help in settling a long-running conflict between Rwanda and the Democratic Republic of Congo.
Trump described the nations represented at the meeting as “all very vibrant places with very valuable land, great minerals, and great oil deposits, and wonderful people” — a definite shift from his first term, when he used a vulgar term to describe African nations.
The meeting comes amid a shift in US global and domestic priorities under Trump’s leadership. Earlier this month, US authorities dissolved theUS Agency for International Development and said it was no longer following what they called “a charity-based foreign aid model” and instead would focus on partnerships with nations that show “both the ability and willingness to help themselves.”
The five nations whose leaders were meeting Trump represent a small fraction of US-Africa trade, but they possess untapped natural resources. Senegal and Mauritania are important transit and origin countries when it comes to migration and along with Guinea-Bissau are struggling to contain drug trafficking, both issues of concern for the Trump administration.
In their speeches, each African leader adopted a flattering tone to commend Trump for what they described as his peace efforts across the world and tried to outshine one another by listing the untapped natural resources their nations possess.
“We have a great deal of resources,” said Mohamed Ould Ghazouani, president of Mauritania, listing rare earths, as well as manganese, uranium and possibly lithium. “We have a lot of opportunities to offer in terms of investment.”
Last month, the US administration facilitated a peace deal between Rwanda and Congo to help end the decadeslong deadly fighting in eastern Congo, while enabling the US to gain access to critical minerals in the region. But analysts said it won’t end the fighting because the most prominent armed group said it does not apply to it.
During the meeting, Trump described trade as a diplomatic tool. Trade “seems to be a foundation” for him to settle disputes between countries, he said.
“You guys are going to fight, we’re not going to trade,” Trump said. “And we seem to be quite successful in doing that.”
He added, addressing the African leaders: “There is a lot of anger on your continent.”
As he spoke, the US administration continued sending out notifications to developing countries about higher tariff rates effective from August 1. The five Western African nations were not among them.
The portion of the lunch meeting that was open to the press didn’t touch much on the loss of aid, which critics say will result in millions of deaths.
“We have closed the USAID group to eliminate waste, fraud and abuse,” Trump said Wednesday. “And we’re working tirelessly to forge new economic opportunities involving both the United States and many African nations.”
West African countries are among the hardest hit by the dissolution of USAID. The US support in Liberia amounted to 2.6 percent of the country’s gross national income, the highest percentage anywhere in the world, according to the Center for Global Development.
Liberian President Joseph Nyuma Boakai in a statement “expressed optimism about the outcomes of the summit, reaffirming Liberia’s commitment to regional stability, democratic governance and inclusive economic growth.”
During the meeting, Trump reacted with visible surprise to Boakai’s English-speaking skills, which he praised. English is the official language of Liberia, which was established in the early 1800s with the aim of relocating freed African slaves and free-born Black citizens from the United States.
Gabon, Liberia, Mauritania and Senegal are among 36 countries that might be included in the possible expansion of Trump’s travel ban.
Experts said that the meeting highlighted the new transactional nature of the relationship between the US and Africa.
“We are likely to see a trend where African countries will seek to leverage resources such as critical minerals, or infrastructure such as ports, to attract US commercial entities in order to maintain favorable relations with the current US administration,” aid Beverly Ochieng, an analyst at Control Risks, a security consulting firm. “Each of the African leaders sought to leverage natural resources in exchange for US financial and security investments, and appeared to view the US intervention in the Democratic Republic of Congo as a model to further cooperation.”
Djokovic reaches record 14th Wimbledon semifinal
- The Serb, chasing a historic 25th Grand Slam singles crown, was given the royal seal of approval by Britain’s Queen Camilla before his 6-7 (6/8), 6-2, 7-5, 6-4 win on Center Court
LONDON: Novak Djokovic won a testing battle against Flavio Cobolli on Wednesday to reach a record 14th men’s Wimbledon semifinal, which will be a blockbuster clash against world number one Jannik Sinner.
The Serb, chasing a historic 25th Grand Slam singles crown, was given the royal seal of approval by Britain’s Queen Camilla before his 6-7 (6/8), 6-2, 7-5, 6-4 win on Center Court.
The seven-time champion was pushed hard by the Italian 22nd seed but ultimately had too much for the 23-year-old, who had never previously been beyond the third round of a major.
Djokovic said Wimbledon was the “most special tournament” in the sport as he was cheered by the crowd.
“And of course, it means the world to me that I’m still able at 38 to play the final stages of Wimbledon,” he said.
“Thank you for cheering for my age. I really appreciate it. It’s beautiful. Makes me feel very young.
“And I guess another thing that makes me feel very young is competing with youngsters, you know, like Cobolli today — he’s who knows how many years younger than me.”
The sixth seed prepared for the contest by meeting Camilla, the wife of King Charles III, who said she was keeping her “fingers crossed” for his match.
She watched Djokovic from the Royal Box, along with British actor Hugh Grant.
Cobolli showed early intent, mixing up his play with drop shots and heavy groundstrokes from his flashing orange racquet and unsettling his illustrious opponent.
Djokovic, who has reached every Wimbledon final since 2018, served for the first set at 5-3 but the Italian broke back and won the ensuing tie-break.
Cobolli, who has claimed titles in Bucharest and Hamburg this year, next had to answer the question of whether he could sustain his level against the 24-time Grand Slam champion.
But it was a different story in the second set as Djokovic broke twice to level the match in the evening sunshine.
The pair swapped service breaks early in the third set but Djokovic pounced again in the 11th game and thundered an ace as he took control of the match.
The fourth set was tight but Cobolli failed to put away a simple winner at the net in the ninth game.
Djokovic slipped and fell awkwardly when serving for the match, grimacing in pain, but got up to finish the job.
He played down the incident in his on-court interview.
“I had a nasty slip, but that’s what happens when you play on the grass,” he said.
“It did come at an awkward moment, but somehow I managed to find a good serve and close it out. Obviously, I’m going to visit this subject now with my physio and hopefully I’ll be well in two days.”
The Serb now owns the all-time record for most Wimbledon men’s singles semifinal appearances, moving one clear of eight-time champion Roger Federer, who reached the last four 13 times.
He has also reached a 52nd Grand Slam semifinal, extending his all-time record in the men’s game.
Djokovic is now within two wins of breaking his tie with Margaret Court for the most Grand Slam singles titles for any player, man or woman.
If he reaches and wins Sunday’s final he will also equal Federer’s record of eight men’s titles at the All England Club.
Sinner, who beat 10th seed Ben Shelton earlier Wednesday, will offer a different level of challenge.
The top seed has won his past four matches against Djokovic, beating him in straight sets in the semifinals of the recent French Open.
Carlos Alcaraz, who has beaten Djokovic in the past two finals at Wimbledon, takes on US fifth seed Taylor Fritz in the other semifinal on Friday.
Dominant France thrash Wales 4-1 at Euro 2025 to go top of group
- After that the Welsh wilted as the French dominated, with Grace Geyoro scoring their fourth in the 63rd minute, steering home a ball from the right following an extended period of possession to crown a convincing win
ST. GALLEN, Switzerland: France produced a dominant display to thrash Wales 4-1 and go top of Group D at Euro 2025 on Wednesday, outclassing their opponents who scored their first goal at a major championship.
After England beat the Netherlands 4-0 earlier in the day, France went top of the group on six points, followed by the English and the Dutch on three points each.
Wales, who face England in their final group game on Sunday, have yet to register a point but still have a mathematical chance of going through to the knockouts. France face the Netherlands in their last group game.
Clara Mateo was at the center of much of France’s attacking play and lashed them into an early lead, controlling a flick-on from a corner on her chest and firing a volley into the net in the eighth minute.
The moment thousands of Wales fans had been waiting for came five minutes later when Ceri Holland broke down the left and though her first attempt to find Jess Fishlock was blocked, she managed to steer the ball to the 38-year-old, who poked home Wales’ maiden goal at the women’s European Championship finals.
That was as good as it got for Wales, who looked set to go into the break level only for Holland to chop down Mateo in the box and Kadidiatou Diani’s spot kick crept over the line after striking the foot of keeper Safia Middleton-Patel.
Middleton-Patel was at fault just after the break as she lost control of the ball in the box, allowing Mateo to tee up Amel Majri, who thumped it into the net.
After that the Welsh wilted as the French dominated, with Grace Geyoro scoring their fourth in the 63rd minute, steering home a ball from the right following an extended period of possession to crown a convincing win.
“We’ve got six points after two matches and that’s what we need to remember. It won’t be an easy (next) game because the Netherlands will have no choice but to attack and score goals,” France coach Laurent Bonadei said.
Mateo was impressed with how her side bounced back from Fishlock’s equalising goal and how they went on to dominate.
“We had a bit of a scare at the start of the game but we had confidence in ourselves. It was a great evening, there are different strikers and that’s important for everyone’s confidence,” she said.
X CEO Linda Yaccarino resigns after two years at the helm of Elon Musk’s social media platform
- Yaccarino announced her resignation in a post, saying “the best is yet to come as X enters a new chapter”
- Elon Musk hired Yaccarino, a veteran ad executive, in May 2023 after buying Twitter for $44 billion
X CEO Linda Yaccarino said she’s stepping down after two bumpy years running Elon Musk’s social media platform.
Yaccarino posted a positive message Wednesday about her tenure at the company formerly known as Twitter and said “the best is yet to come as X enters a new chapter with” Musk’s artificial intelligence company xAI, maker of the chatbot Grok. She did not say why she is leaving.
Musk responded to Yaccarino’s announcement with his own 5-word statement on X: “Thank you for your contributions.”
“The only thing that’s surprising about Linda Yaccarino’s resignation is that it didn’t come sooner,” said Forrester research director Mike Proulx. “It was clear from the start that she was being set up to fail by a limited scope as the company’s chief executive.”
In reality, Proulx added, Musk “is and always has been at the helm of X. And that made Linda X’s CEO in title only, which is a very tough position to be in, especially for someone of Linda’s talents.”
Musk hired Yaccarino, a veteran ad executive, in May 2023 after buying Twitter for $44 billion in late 2022 and cutting most of its staff. He said at the time that Yaccarino’s role would be focused mainly on running the company’s business operations, leaving him to focus on product design and new technology. Before announcing her hiring, Musk said whoever took over as the company’s CEO ” must like pain a lot.”
In accepting the job, Yaccarino was taking on the challenge of getting big brands back to advertising on the social media platform after months of upheaval following Musk’s takeover. She also had to work in a supporting role to Musk’s outsized persona on and off of X as he loosened content moderation rules in the name of free speech and restored accounts previously banned by the social media platform.
“Being the CEO of X was always going to be a tough job, and Yaccarino lasted in the role longer than many expected. Faced with a mercurial owner who never fully stepped away from the helm and continued to use the platform as his personal megaphone, Yaccarino had to try to run the business while also regularly putting out fires,” said Emarketer analyst Jasmine Enberg.
Yaccarino’s future at X became unclear earlier this year after Musk merged the social media platform with his artificial intelligence company, xAI. And the advertising issues have not subsided. Since Musk’s takeover, a number of companies had pulled back on ad spending — the platform’s chief source of revenue — over concerns that Musk’s thinning of content restrictions was enabling hateful and toxic speech to flourish.
Most recently, an update to Grok led to a flood of antisemitic commentary from the chatbot this week that included praise of Adolf Hitler.
“We are aware of recent posts made by Grok and are actively working to remove the inappropriate posts,” the Grok account posted on X early Wednesday, without being more specific.
Some experts have tied Grok’s behavior to Musk’s deliberate efforts to mold Grok as an alternative to chatbots he considers too “woke,” such as OpenAI’s ChatGPT and Google’s Gemini. In late June, he invited X users to help train the chatbot on their commentary in a way that invited a flood of racist responses and conspiracy theories.
“Please reply to this post with divisive facts for @Grok training,” Musk said in the June 21 post. “By this I mean things that are politically incorrect, but nonetheless factually true.”
A similar instruction was later baked into Grok’s “prompts” that instruct it on how to respond, which told the chatbot to “not shy away from making claims which are politically incorrect, as long as they are well substantiated.” That part of the instructions was later deleted.
“To me, this has all the fingerprints of Elon’s involvement,” said Talia Ringer, a professor of computer science at the University of Illinois Urbana-Champaign.
Yaccarino has not publicly commented on the latest hate speech controversy. She has, at times, ardently defended Musk’s approach, including in a lawsuit against liberal advocacy group Media Matters for America over a report that claimed leading advertisers’ posts on X were appearing alongside neo-Nazi and white nationalist content. The report led some advertisers to pause their activity on X.
A federal judge last year dismissed X’s lawsuit against another nonprofit, the Center for Countering Digital Hate, which has documented the increase in hate speech on the site since it was acquired by Musk.
X is also in an ongoing legal dispute with major advertisers — including CVS, Mars, Lego, Nestle, Shell and Tyson Foods — over what it has alleged was a “massive advertiser boycott” that deprived the company of billions of dollars in revenue and violated antitrust laws.
Enberg said that, “to a degree, Yaccarino accomplished what she was hired to do.” Emarketer expects X’s ad business to return to growth in 2025 after more than halving between 2022 and 2023 following Musk’s takeover.
But, she added, “the reasons for X’s ad recovery are complicated, and Yaccarino was unable to restore the platform’s reputation among advertisers.”
Analysts have said that some advertisers may have returned to X to avoid alienating Trump supporters during the height of Musk’s affiliation with the president and his base. Legal threats may have also played a part — whether from X or from the Federal Trade Commission, which is investigating Media Matters over its reporting that hateful content has increased on X since Musk took over, resulting in an advertiser exodus. Media Matters has in turn sued the FTC, claiming it seeks to punish protected speech.
