Monday , March 27 2017
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Germany urges U.S. to rethink finding on EU steel dumping


BERLIN: Germany urged the United States to rethink a report, commissioned under Barack Obama’s administration, that said some European Union countries were dumping steel. Global steel prices have slumped as Chinese producers, which account for about half of worldwide steel supply, have flooded export markets, bringing protests and anti-dumping complaints by the United States and the European Union among others. ... Read More »

German Parliament passes toll tax for cars


BERLIN: Germany’s Parliament has passed a law introducing a road toll tax for passenger cars. The disputed law, which was passed today (Friday), had long been questioned by other European countries and European Union bodies who said it was discriminatory toward non-German car drivers as German owners of cars registered in Germany would have the toll deducted from their annual ... Read More »

Ukraine-Germany agree to hold business forum in Berlin in H2 of 2017

Ukraine-Germany agree to hold business forum in Berlin in H2 of 2017

KIEV: Ukraine Prime Minister Volodymyr Groysman and Chairman of German Committee on Eastern European Economic Relations Wolfgang Buchele at a meeting in Kiev agreed to hold a Ukrainian-German business forum in Berlin in the second half of this year. “It would be good to start preparations for this important forum as soon as possible. I think this is a very ... Read More »

German economic experts outline trade surplus

Germany trade surplus

BERLIN: The ‘German Council of Economic Experts’ (GCEE) submitted its annual two-year economic forecast, outlining how it expects the German economy to develop in 2017 and 2018. The five-member council is a formal advisory body established under German law to take stock of the economy and advise the government on economic policy. The GCEE projects steady growth in Germany’s gross ... Read More »

Germany’s natural gas imports fall 11.9% in January

Pressure gauges, pipes and valves are pictured at an "Dashava" underground gas storage facility near Striy, Ukraine May 28, 2015. Ukrainian state energy firm Naftogaz paid Russia's Gazprom another $30 million in prepayment for gas supplies, the Ukrainian company said on Wednesday.  REUTERS/Gleb Garanich

BERLIN: Germany’s January natural gas imports were down 11.9 percent year on year, paying 25 percent more as oil-linked gas prices followed more expensive crude oil with a time lag, data from trade statistics office BAFA showed. The import bill in the first month of the year came to 2 billion euros ($2.15 billion), against 1.6 billion euros a year ... Read More »

Germany, Japan eyes revised trade deal


BERLIN: German Chancellor Angela Merkel and Japanese Prime Minister Shinzo Abe called for a concerted effort to defend free trade, expanding the list of economic powers joining together to counter the U.S. shift toward protectionism. Barely 48 hours after Merkel and President Donald Trump clashed on economic policy at their first White House meeting, the German leader called for swift ... Read More »

Germany, UAE non-oil trade $10.9 in 9 months

Germany, UAE non-oil trade $10.9 in 9 months

BERLIN: Non-oil trade between the UAE and Germany stood at more than US$15.5 billion in 2015, and $10.9 billion in the first nine months of 2016, said Abdullah Al Saleh, Under-Secretary for Foreign Trade Affairs at the UAE Ministry of Economy. The UAE attracted $2.8 billion in foreign direct investment, FDI, from Germany in 2015, he noted. Some 110 German ... Read More »

Germany, Iran economic ties change dramatically

Germany, Iran economic ties change dramatically

BERLIN: Germany’s economic ties with Iran have changed dramatically during the past 14 months, as of negotiations between Iran and the five permanent members of the UN Security Council (Russia, China, the United States, France and Britain) plus Germany succeeded and the anti-Iranian sanctions were removed. Once the agreement was reached, Sigmar Gabriel, who was the German economy minister at ... Read More »

Germany to go for ‘carbon tax’ in G20

Germany to go for ‘carbon tax’ in G20

BERLIN: Germany will use its G20 Presidency to nudge world leaders towards a global price on carbon, according to its director general of energy policy. Thorsten Herdan said that the world can’t stabilize CO2 emissions without making polluters pay. Herdan, of the Federal Ministry for Economic Affairs and Energy, said if renewables got cheaper still, the market would respond by ... Read More »

German energy giant EON bears €8.45b in 2016

German energy giant EON

BERLIN: German energy giant EON said that it booked a record loss of 8.45 billion euros (US$12.7 billion) in 2016, after massively overvaluing its coal and gas-fired power generation business which was spun-off late last year. Previously, EON had already run up a bottom-line loss of almost 7 billion euros. EON’s write downs have swelled to about 25 billion euros ... Read More »

Malaysia welcomes smart manufacturing investors from Germany


KUALA LUMPUR: The Ministry of International Trade and Industry (MITI) and the Malaysian Investment Development Authority are aggressively leveraging on the presence of German investors in Malaysia that already have a strong foothold and capabilities in that area. Germany pioneered the concept of Industry 4.0 in Europe, and started to set down new standards around it, said MITI minister Datuk ... Read More »

Germany-Switzerland sign arbitration agreement for tax disputes

Germany-Switzerland sign arbitration agreement for tax disputes

BERLIN: Germany’s Ministry of Finance revealed an agreement with Switzerland regarding the procedure for arbitration of tax disputes. The 15-page consultation agreement, signed December 21, 2016, is meant to ensure uniform application and interpretation of Article 26 (5) to (7) of the German-Swiss tax treaty, including a protocol, signed October 2010, relating to arbitration. While described as a consultation, it ... Read More »

German imports hikes in January, more than expectations

German imports hikes in January, more than expectations

BERLIN: German imports soared more than expected in January, outperforming a surprisingly strong rise in exports in a further sign that Europe’s biggest economy fired on all cylinders at the start of 2017. Data released by the Federal Statistics Office, also showed the current account surplus fell sharply on the month suggesting vibrant domestic demand is helping to slowly re-balance ... Read More »

German BMW posts 2.2% revenue growth in 2016


MUNICH: German luxury automobile manufacturer BMW Group has posted 2.2 percent growth in its revenues for the year 2016 and stood at €94,163 million, informed the automaker in an official statement. All three operating segments – Automotive, Motorcycles and Financial Services – achieved record pre-tax earnings in 2016, making an all-round contribution to earnings growth. Group net profit rose by ... Read More »

German biodiesel export rises 3.4% in 2016


BERLIN: German biodiesel exports in 2016 reached 1.54 million metric tons (approximately 463 million gallons), up 3.4 percent from 2015, according to figures from the German Federal Statistics Office and Germany’s Union for the Promotion of Oil and Protein Plants (UFOP). Despite the increase in German biodiesel exports in 2016, biodiesel exports still fell short of the record of 1.71 ... Read More »

Deutsche Bank reverses overhaul plan

deutsche bank

FRANKFURT: One year after he split Deutsche Bank’s investment banking and trading units, John Cryan put them back together with a familiar mandate: fewer clients and lower costs. According to details, Cryan, chief executive officer since 2015, said that the business will focus more on corporate clients and will pare the list of fund managers and other institutions it serves. ... Read More »

German exports to Eastern Europe increase significantly


BERLIN: German exports to the countries of Eastern Europe increased greater in percentage correlation than exports of goods and services from Germany as a whole for the first time in four years. This was reported by the German Committee on Eastern European Economic Relations. According to the Federal Statistical Office, the total growth of German exports amounted to about one ... Read More »

Germany’s Deutsche Bank preparing for potential capital increase

Germany’s Deutsche Bank preparing for potential capital increase

FRANKFURT: Germany’s Deutsche Bank is preparing for a potential capital increase of about 8 billion euros ($8.5 billion), it said in a statement. According to details, it is also examining several strategic measures, including retaining its Postbank unit and integrating it with its other German retail business as well as an initial public offering of a minority stake in its ... Read More »

Hapag-Lloyd 2016 profit drops 66% on falling freight rates

Hapag-Lloyd ship

BERLIN: German container shipping firm Hapag-Lloyd reported a 66 percent year-on-year fall in operating profit for 2016, blaming mainly significantly lower freight rates. Operating profit came to 126 million euros ($133.5 million), while earnings before interest, tax, depreciation and amortisation were down 27 percent at 607 million, it said in a statement. But it said transport volumes rose by 2.7 ... Read More »

Zalando revenue increases 23% in 2016, hopes better 2017

Zalando revenue increases 23% in 2016, hopes better 2017

BERLIN: German Zalando increased its revenue by 23% to €3,639m in 2016 and has set guidance of a 20%-25% revenue increase in 2017. The German-based ecommerce giant achieved an adjusted EBIT of €216.3m (5.9% margin) in 2016 and is expecting a 5%-6% margin this year as it “expects to continue outperforming the fashion retail market again”. Zalando co-CEO Rubin Ritter ... Read More »