Crimea crisis hits German business confidence

The German Ifo business confidence index fell for the first time for five months in March, data showed on Tuesday, as the Crimea crisis hurts sentiment in Europe's biggest economy. The Ifo economic institute's closely watched business climate index fell to 110.7 points this month from 111.3 points in February. "The crisis of the emerging economies and the events in Crimea are impacting the confidence of German firms," Ifo chief Hans-Werner Sinn said. "Companies expressed far less confidence in future business developments, but were more satisfied with their current business situation," he said, according to AFP.