Germany's Olaf Scholz vows to modernise economy, back Ukraine, despite budget woes

[Collection]Chancellor Olaf Scholz reassured the German people and businesses that his government would support vital industries like chip factories despite a court ruling that impacted the federal budget. The ruling raised concerns about Germany's economy and strict fiscal policy, as well as the competitiveness of companies against subsidies offered elsewhere. The government is working on a budget for 2024 that may include spending curbs, and Scholz underscored support for Ukraine.