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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO
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German President dissolves parliament and calls February 23 election

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Iain Rogers
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December 27, 2024, 6:18 AM ET
German President Frank-Walter Steinmeier announces his decision to dissolve the parliament.
German President Frank-Walter Steinmeier announces his decision to dissolve the parliament.JOHN MACDOUGALL/AFP via Getty Images
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German President Frank-Walter Steinmeier dissolved parliament and set the country’s snap election for Feb. 23, formally endorsing a timetable proposed by Chancellor Olaf Scholz after he pulled the plug on his ruling coalition last month.

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Social Democrat Scholz ended his three-party alliance with the Greens and Free Democrats when he sacked FDP Finance Minister Christian Lindner in a dispute over government borrowing.

The surprise move deprived Scholz of a majority in the lower house, or Bundestag, and paved the way for a national ballot seven months before the scheduled end of his four-year term.

With just under two months until the vote, the main opposition conservatives under Friedrich Merz are strides ahead in the polls. Scholz’s SPD is languishing in third place behind the far-right Alternative for Germany party, with the Greens in fourth.

Merz’s center-right CDU/CSU bloc has about 31% support, according to the latest Bloomberg polling average, with the AfD at around 19% and the center-left SPD 16%.

The Greens have about 13%, while Lindner’s FDP is in danger of missing the 5% threshold for getting into parliament with 4%.

Lars Klingbeil, an SPD co-leader, said he expects the party to begin narrowing the gap to the conservatives in January and still believes it can emerge as the strongest party again.

At the last election in 2021, the SPD came from behind in the final weeks of campaigning to secure almost 26% in first place, beating the CDU/CSU, which got 24%.

“More and more citizens will ask themselves: Do we want Olaf Scholz as chancellor or Friedrich Merz?” Klingbeil was quoted as saying in an interview with Tagesspiegel newspaper published Thursday. “We have the better candidate, the better team, the better program.”

Although Steinmeier has formally dissolved the Bundestag, its term will only end with the constitution of the next parliament. Lawmakers will continue to meet and conduct parliamentary business, with two sessions planned before the election.

Scholz’s move to force an early election is unusual in German politics since World War II. The national ballot was brought forward only twice in West Germany and only once since reunification in 1990.

Former Chancellor Gerhard Schroeder, also a Social Democrat, triggered an early vote in 2005 before losing to Angela Merkel, who went on to run the country until Scholz took over in late 2021.

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