Thursday , June 22 2017
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German economy to grow by around 1.5% this year: BDI industry body


BERLIN: Germany’s BDI industry association confirmed its forecast that German economic output would increase by around 1.5 percent this year as exports pick up but it warned that Europe’s largest economy should not rest on its laurels. “The good economic situation is not a free ticket to taking a rest,” said BDI President Dieter Kempf. “Our success is due to ... Read More »

German customs seize 35 metric tons of fidget spinners

classroom craze fidget spinners

FRANKFURT: Frankfurt airport customs authorities said they confiscated 35 metric tons of the tiny twirling gadgets in May alone and plan on crushing them out of existence. They say they tested the toys, which came in multiple shipments from China, and found that bits could fall off and pose possible choking hazards for small children. Customs officials at an airport ... Read More »

Germany counts cost of securities tax refund scandal


BERLIN: A recent report claims that Germany has lost almost EUR32bn in tax revenue from taxpayers claiming multiple tax refunds on securities transactions, through an arrangement which has since been outlawed by parliament. According to the results of a study by professor Christoph Spengel, Chair of Business Administration and Taxation at the University of Mannheim, which were publicized by German ... Read More »

German economy continues upturn in Q2

Ukraine’s international reserves rise in February

BERLIN: An upturn in Europe’s biggest economy is continuing during the second quarter, helped by noticeable rises in private and state spending and by an expansion in industrial production, Germany’s economy ministry said in its monthly report on Tuesday. “In the slightly revived global environment, German exports remain pointing upwards,” said the ministry, adding it also saw a continuation of ... Read More »

German Hapag-Lloyd, GCC’s UASC shipping merger weathers Qatar row

German Hapag Lloyd

HAMBURG/FRANKFURT: Hapag-Lloyd’s merger with Arab Shipping Company, which is owned by six Gulf states, is proceeding as planned, despite the row between Qatar and its neighbours, a source at the German shipping group told on Friday. There were no signs so far that the diplomatic crisis would impact the deal, which was struck last month, the senior manager, who is ... Read More »

Germany wants EU-Mercosur trade agreement this year

mercosur - South America's Newest Trade Bloc and America

BERLIN: The European Union wants to conclude the terms of a free trade accord between the European Union and the Mercosur trade bloc before the end of this year and Germany shares this goal, a senior German government official said on Tuesday. The EU and Mercosur launched trade negotiations in 1999, but they have faced multiple setbacks, partly due to ... Read More »

Germany’s higher court to announce fuel tax decision on June 7


BERLIN: Germany’s highest court will on Wednesday announce a long-awaited decision that will ultimately determine whether the country’s utilities will get back billions of Euros in taxes they paid for their use of nuclear fuel. The decision will be released via a press release on Tuesday, June 7, at 0730 GMT (0930 CET), the German Constitutional Court said in a ... Read More »

Germany to talk trade in Argentina, Mexico


MEXICO CITY: German Chancellor Angela Merkel will travel to Argentina and Mexico next week for talks on trade with two of Latin America’s largest economies, officials said Friday. Merkel will visit Argentina on Thursday, the Argentine foreign minister confirmed, calling it “a sign of confidence” in President Mauricio Macri’s free-market reforms. Topics will likely include efforts to seal a free ... Read More »

German trade surplus would be smaller without ECB stimulus: Finance Minister

trade surplus

BERLIN: The euro exchange rate is too low for the German economy’s competitiveness and Germany’s trade surplus would be only half as large without the European Central Bank’s loose monetary policy, the German Finance Minister said on Thursday. “Moreover, our current account surplus, which is really the source of the international debate, has to do with an exchange rate which ... Read More »

German exports to U.S. to rise by up to 10% this year

fast growth

BERLIN: Germany’s DIHK Chambers of Commerce on Wednesday raised its forecast for exports to the United States for 2017 despite widespread concerns about protectionism since Donald Trump became president. “We think export growth of up to 10 percent is possible in 2017,” DIHK foreign trade economist Volker Treier told press. At the start of the year it had predicted 5 ... Read More »

German shipping firm Rickmers to file bankruptcy


FRANKFURT: German shipping group Rickmers said it would file for insolvency after bondholder HSH Nordbank rejected its restructuring plan a day ahead of a last-ditch bondholders’ meeting. Rickmers had proposed a revamp plan under which the equity stake of owner Bertram Rickmers was to be reduced to 24.9 percent, while bondholders, HSH Nordbank and potentially another bank would hold 75.1 ... Read More »

Germany’s import price inflation remains stable

Germany trade surplus

BERLIN: Germany’s import price inflation remained stable in April, figures from Destatis showed Tuesday. Import prices advanced 6.1 percent year-on-year in April, the same pace of growth as seen in March. Economists had forecast the annual rate to accelerate to 6.3 percent. Import prices had eased in March from a near six-year high of 7.4 percent in February. Excluding crude ... Read More »

German Hapag-Lloyd shareholders approve capital increase

German Hapag Lloyd

FRANKFURT: Shareholders of German shipping group Hapag-Lloyd on Monday approved a $400 million rights issue to fund a planned merger with United Arab Shipping Company, a company spokesman said. The two companies last week announced the completion of a deal to create the world’s fifth-biggest shipping company. The embattled industry has been suffering from low freight rates and rising fuel ... Read More »

German Hapag-Lloyd completes merger with UASC

Hapag-Lloyd ship

BERLIN: German shipping group Hapag-Lloyd has completed its merger with United Arab Shipping Company (UASC), making the organisation the fifth largest liner shipping company in the world. The merger was announced in July, and has been finalised following the approval of various global competition authorities. Changes in the corporate legal structure were also made and the consent of several banks ... Read More »

Port of Hamburg’s turnover increase 1.7% at 35.4m tons in Q1

Port of Hamburg

HAMBURG: The turnover of the port of Hamburg increased by 1.7% yoy in January-March 2017, amounting to 35.4 million tons. The growth of freight turnover in the first three months was mainly supported by the handling of bulk cargo, registering increase of 6.7% yoy to 12.2 million tons. For the first time in the port’s history, the mark of 12 ... Read More »

Germany, France may propose harmonising corporate taxes across eurozone

Germany France

BERLIN: Germany and France have pledged to help strengthen the eurozone, with the harmonisation of corporate taxes among the possible measures considered. German finance minister Wolfgang Schaeuble and new French counterpart Bruno Le Maire said they are setting up a working group to produce proposals for a planned bilateral summit in July. Le Maire said: “We’ve been talking for years ... Read More »

German Foreign Minister Gabriel talks up NAFTA and free, fair trade in Mexico


BERLIN/MEXICO CITY: After a visit to the US this week, German Foreign Minister Sigmar Gabriel crossed the border into Mexico to speak in favor of free and fair trade. “In our view the North American Free Trade Agreement (NAFTA) is an agreement that doesn’t just serve Canada and Mexico, but also the United States,” Gabriel said at a news conference ... Read More »

Iran, Germany ink railway MoU


TEHRAN: A Memorandum of Understanding (MoU) for technical and financial cooperation has been signed between the Bonyad Eastern railway company (Bonrail) and German State Railway. The cooperation agreement was sealed on the closing day of the 5th International Exhibition of Rail Transportation and Related Industries, Equipment dubbed as RailExpo which was held on May 15-18 in Tehran International Permanent Fairground. ... Read More »

German labor tax burden too high: IMF


BERLIN: Germany should reduce its “large and increasing tax burden on labor” to boost employment in the country, the International Monetary Fund (IMF) has said. It said that better than expected tax revenues will give the country “space” to implement the reform. A recent study by the Cologne Institute for Economic Research (IW) into the distribution of the tax burden ... Read More »

German customs seizes 90-pound cocaine shipment intended for Russia


MOSCOW: German customs officers seized an Ecuadorian shipment of over 90 pounds of cocaine bound for Russia, the Customs Investigation Office said in a statement late on Wednesday. “The fight against cocaine trafficking in large ports is our top priority. The number of finds and the quantity of cocaine taken out of circulation has grown significantly,” Investigation Office spokesman Stephan ... Read More »