Berlin officially withdraws Olympic bid, leaving Munich and Rhine-Ruhr as contenders

Berlin has officially withdrawn its bid to host the Olympics, leaving Munich and the western Rhine-Ruhr region as the only remaining candidates. The move follows the Left Party's victory in the Berlin election, partly on the promise to implement the city's 2021 expropriation referendum to address the rent crisis. Meanwhile, Germany's Ifo business climate index rose 1.1 points to 89.9, its highest level in over three years, and has climbed for five straight months despite record-high fuel costs driven by an energy price shock.