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Germany

Germany’s Jan-Aug gas imports up 19.5%, cost up 36.2%

GAS IMPORT

FRANKFURT: Germany’s January-August natural gas imports rose 19.5 percent from a year earlierwhile the cost rose 36.2 percent, buoyed by higher underlying crude oil prices, official data showed. The gas import bill rose to 14.3 billion euros ($16.82 billion) on volume of 3,060,298 terajoules (TJ)*, data from trade statistics office BAFA showed. Germany mainly imports gas from Russia, Norway, the ... Read More »

German court jails two people-smugglers over 2015 influx

GERMAN

  BERLIN: A German court convicted two human traffickers on Tuesday of putting the lives of hundreds of asylum seekers at risk while transporting them at the height of the refugee influx in 2015. The first defendant, aged 28, was jailed for six years and nine months on six counts of people smuggling, while his 27-year-old accomplice was handed a ... Read More »

Germany’s economic upswing to lose some momentum in second year-half: ministry

GERMANY

  BERLIN: Germany’s economic upswing has broadened and is set to continue in the second half of the year, but it is likely to lose some momentum after its strong performance in the first six months, the Economy Ministry said on Friday. Europe’s biggest economy is enjoying a consumer-led upswing, helped by record-high employment, moderate inflation and ultra-low borrowing costs. ... Read More »

German custom authorities uncovers fraud involving solar modules from China

SOLAR

BERLIN: More than €30 million in anti-dumping and countervailing duties could have been evaded by a Nuremberg-based company when importing Chinese PV modules. This is the preliminary result of an investigation that is being conducted by the Customs Office of Munich. Its investigators have carried out three arrest warrants on Monday and searched a total of 14 residential and business ... Read More »

German exports surge in August, shrugging off strong euro

importexports

BERLIN: German trade activity picked up in August as exports outpaced imports, widening the surplus and adding to evidence that Europe’s biggest economy performed strongly in the third quarter. Seasonally adjusted exports rose by 3.1 percent on the month while imports were 1.2 percent up, data published on Tuesday showed. It was the strongest export growth reading in 12 months, ... Read More »

Germany’s January-August oil import bill up 28%

oil

FRANKFURT: Germany spent 20.6 billion euros ($24.18 billion) on crude oil imports in the first eight months of the year, up 28.0 percent on the year due to higher prices, while volumes fell 1.3 percent, the BAFA foreign trade office’s data showed. Russia remained the top supplier with 37.2 percent of the total, down from 39.1 percent a year earlier. ... Read More »

German police arrest five Nigerian ‘husband smuggling ring’

GERMANY

BERLIN: THE police in Germany have arrested five people for allegedly smuggling Nigerian men into the country through arranged marriages. A statement by the German police said 400 police officers raided 41 apartments and rooms suspected to be linked to the gang in Berlin and other German cities. Reuters reported that the gang’s suspected leaders – four women and a ... Read More »

Prepare now for over cliff Brexit, German industry says

GERMANY

  BERLIN: German firms active in Britain should make provisions now for a “very hard Brexit”, Germany’s biggest industry group said on Thursday, because the government in London does not know what it wants. The Federation of German Industries (BDI) said British Prime Minister Theresa May’s government lacked a clear strategy on how to exit the European Union following last ... Read More »

German inflation holds steady at 1.8%

INFLATION

BERLIN: Inflation in Germany remained steady at 1.8 per cent in September despite rising food and energy prices, suggesting the core inflation rate is likely to have fallen, according to preliminary estimates. Economists had expected the annual rate to come in at 1.9 per cent, according Reuters. Prices remained flat over the month, compared to consensus forecasts for a 0.1 ... Read More »

German import price growth warms up in August

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BERLIN: German import prices rose at a faster-than-expected clip last month, bolstered by higher oil prices, in the latest sign of the pick-up in inflation in the eurozone. Import prices rose 2.1 per cent in August from the same month in 2016, Destatis said on Tuesday, from 1.9 per cent in July. That was higher than the 1.9 per cent ... Read More »

Germany threatens Sabah with tax fines over critical coverage

tax

BERLIN: A mid rising anti-Turkish rhetoric in Germany ahead of Sunday’s elections, Daily Sabah’s sister newspaper Sabah faced an unprecedented tax fine. Sabah claimed in a report that the fine was in retaliation of the newspaper’s critical coverage of Germany’s tolerance for the Gülenist Terror Group (FETÖ), which Ankara blames for last year’s coup attempt in Turkey. The tax authority ... Read More »

Germany expects solid growth to continue

growth logo

BERLIN: Germany’s economy weakened at the start of the third quarter after a strong performance in the first half of the year but indicators suggest its solid growth will continue, the finance ministry says. Europe’s biggest economy is enjoying a consumer-led upswing, propelled by record-high employment, rising real wages and low borrowing costs – conditions that are likely to help ... Read More »

German producer price inflation picks up in August

INFLATION

BERLIN: German producer prices rose at a faster clip than economists forecast last month, pushed higher by a rise in energy inflation. Producer prices for industrial products rose 2.6 per cent year-over-year in August, up from the 2.3 per cent recorded in the previous month, according to Destatis. Economists in a FactSet survey had forecast a pick-up to 2.4 per ... Read More »

Germany’s inflation at 4-month high

inflation

BERLIN: Germany’s inflation accelerated to a four-month high in August on energy prices, final data from Destatis showed Wednesday. Consumer price inflation rose to 1.8% in August from 1.7% in July. The rate came in line with the preliminary estimate released on August 30. This was the highest since April, when the rate was 2%. Excluding food and energy, inflation ... Read More »

888 swings to $17m loss after fine and German tax provision

loss

BERLIN: 888 Holdings has held out the prospect of acquisitions as the betting group announced half-year results on Tuesday, although a penalty for failing to help vulnerable customers contributed to its swing to a loss. In the six months to June 30, 888 boosted revenues 3 per cent to $270.1m compared with the same period last year, slightly shy of ... Read More »

Germany is willing to give Netherlands access to Panama Papers

panama papers

BERLIN: The German authorities are in principle willing to share relevant information about the Panama Papers with the Netherlands, junior finance minister Eric Wiebes has told parliament. According to German media, the German federal crime office BKA paid up to €5m for for the records of the Panamanian law firm Mossack Fonseca which reveal the tax evasion strategies used by ... Read More »

German budget surplus hits a record

euro-zone-factory-activity-hits-six-year-high-in-april-pmi

BERLIN: Germany’s federal budget surplus hit a record 18.3 billion euros ($21.6 billion) for the first half of 2017 thanks to a solid economic performance and rising tax revenue, according to the Federal Statistics Agency (Destatis) on Friday. This figure takes into account the budgets of the central, state and local governments in addition to the various social security funds. ... Read More »

Germany runs deficit despite record tax revenues in July

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BERLIN: Germany recorded a budget deficit in July as growing public expenditure outweighed a rise in tax revenues, an official monthly report showed Monday. The German government posted a loss of 8.4 billion euros (9.91 billion U.S. dollars) between January and July, threatening to undermine the country’s global reputation for fiscal stability. Monthly fluctuations make it currently impossible to foresee ... Read More »

German customs intercepts package with 20 snake heads

German FSM customs

BERLIN: German customs officers say they have found and destroyed 20 rotten snake heads found in a package that had arrived from Nigeria. A spokeswoman for Munich’s main customs office said Wednesday that officers discovered the snake parts when they X-rayed a three-kilogram package last week. Marie Mueller said that when officers then opened the parcel the stench of the ... Read More »

German utility RWE boosted by €1.7b tax refund

rwe

BERLIN: German RWE recorded a surge in profits following a tax refund from the German government, with the German utility confirming its full-year earnings would be at the upper end of its forecast range. Shares in RWE rose 3 per cent after the company posted half-year net income of €2.7bn, up from €457m last year, after receiving a refund of about €1.7bn from Berlin. Adjusted ... Read More »