Friday , February 23 2018
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Germany

German trade surplus with U.S. widens again in 2017

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BERLIN:  Germany’s trade surplus with the United States widened again in 2017, official figures published on Wednesday by the Federal Statistical Office show. According to the Wiesbaden-based government statisticians, in the trade with the U.S., Germany exported goods worth 111.5 billion euros (137.5 billion U.S. dollars) while imported goods worth 61 billion euros, resulting in a surplus of 50.5 billion ... Read More »

Germany’s hot property market may be cooling off

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BERLIN: Germany’s residential property boom may be drawing to a close, at least in some of the hot markets like Munich, Berlin and Stuttgart. Prices in those three cities may even decline by as much as a fourth or a third over the next five years. These are among the forecasts made by the so-called “Council of Real Estate Wise ... Read More »

Teslas are replacing Porsches on Germany’s autobahns

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BERLIN: The most remarkable thing about Jana Hoeffner’s 2,360 mile road trip from Stuttgart to Oslo and back, in a black Tesla Model S sedan, was simply how unremarkable it was. Five years ago, making similar journeys across much of Germany in an electric Renault Zoe would have meant tiresome research to avoid running out of power, she says. These days, not ... Read More »

Security conference in Germany brings together top official

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BERLIN: Poroshenko’s comments came in a fiery February 16 speech at the annual Munich Security Conference that brings together world leaders and top officials. The stalemate in Ukraine is a key focus at the three-day Munich conference that kicked off on February 16. Russian President Vladimir Putin, who used his only appearance at the conference, in 2007, to vehemently criticise ... Read More »

Germany’s EWE plans to slash Groningen imports

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BERLIN: German energy provider EWE plans to cut its consumption of gas from the Dutch onshore Groningen field by 75%, the Netherlands’ Economic Affairs minister, Eric Wiebes, said Wednesday. The company expects to reduce imports for the Groningen’s low-caloric gas by 1.7 billion cubic meters per year (Bcm/y) from the end of 2019, Wiebes said. EWE’s plan is a “big ... Read More »

Cash is king no more in Germany as plastic money gains ground

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BERLIN: Cash no longer makes up most of the money spent in Germany, a Bundesbank study showed on Wednesday, denting a historical supremacy over other means of payments rooted in the country’s longing for privacy and freedom. The survey showed cash accounted for 47.6 percent of German transactions by volume last year, down from 53.2 percent three years earlier and ... Read More »

Germany EWE plans to cut Groningen gas use by 75 percent

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BERLIN:  German energy company EWE plans to sharply reduce its use of gas from the Groningen field in the Netherlands, as the Dutch government seeks ways to drastically cut production at the earthquake-prone field. EWE expects to cut its demand for Groningen gas by 1.7 billion cubic metres (bcm) annually by the end of next year, a 75 percent reduction, ... Read More »

German economy zips along as trade and spending drive growth

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BERLIN: Germany’s robust economic upswing extended into the fourth quarter, buttressing growth in the euro area as policy makers prepare to wind down stimulus. The confirmation of Germany’s vibrant economic vitality comes after the European Commission said the region’s expansion is more balanced than at any time since the financial crisis, and the International Monetary Fund raised its global outlook for ... Read More »

New Government abandoning German interests in Europe

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BERLIN: The Germans, for their part, had learned from the crash of the Weimar Republic into National Socialism and the Third Reich that it was in their interest to embed Germany firmly in European structures.  From the French perspective, the purpose of European integration was twofold: First, to improve the security of France by gaining political control over the German ... Read More »

German trade surplus reduced in 2017 due to higher imports

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BERLIN: German trade surplus reduced in 2017 due to higher imports. The exports exceeded imports by 244.9 billion EUR, according to the federal statistical office. The highest figure was achieved in 2016 amounting to 248.9 billion EUR. The data is being watched abroad, as Germany has been under pressure internationally for years because of its huge trade surplus. Recently, the ... Read More »

Germany’s exports imports hit record high in 2017

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BERLIN:  German exports and imports reached record highs last year, preliminary figures published on Thursday by the Federal Statistical Office show. Total exports from Germany were worth 1,279.4 billion euros (1,569.2 billion U.S. dollars) in 2017, according to the Wiesbaden-based government statisticians, marking an annual increase of 6.3 percent. Imports rose even more by 8.3 percent to a total of 1,034.6 billion ... Read More »

German business organizations not convinced by coalition deal

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BERLIN: Germany’s center-right and center-left parties both found themselves in the firing line from business leaders for not showing enough courage to move the country forward economically. Dieter Kempf, the president of the Federation of German Industry (BDI), said “all in all, industry is not happy with the coalition treaty.” He said that too many resources would simply be redistributed while not enough fresh ... Read More »

German would be coalition partners want to close property tax loophole

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BERLIN:  Germany’s would-be coalition partners want to end misuse of a property tax loophole known as share deals and strengthen the financial sector after Brexit by making it easier for banks to hire and fire top managers, a negotiation document showed. The policy paper, agreed on Monday by negotiators from Chancellor Angela Merkel’s conservatives and the center-left Social Democrats, must ... Read More »

Egyptian export companies to participate in Germany’s Fruit Logistica

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BERLIN: Egypt’s Ambassador to Germany Badr Abdel Ati said Sunday that 99 Egyptian export companies will participate in “Fruit Logistica” fresh produce trade show held in Berlin on Feb 7-9. Abdel Ati told MENA that the exhibition is considered to be the world’s largest for exporters and importers of agricultural products. He said that fruit and vegetable products constitute 23 ... Read More »

Tax issue pushes Germany’s largest financial institution to third straight annual loss

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BERLIN: Germany’s largest financial institution is making progress in its drawn-out effort to cut costs and restore profits  despite posting a third straight annual loss. Cryan said Friday that many important steps would take time to show up in improved earnings. Cryan said it’s “always been clear that it would take more than two or three years” to achieve the ... Read More »

German president warns on cryptocurrencies

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BERLIN: German President Frank-Walter Steinmeier on Thursday warned the financial sector that it had a responsibility to prevent speculation and the formation of trading bubbles in the cryptocurrency market. Steinmeier told about 1,000 guests at a Deka Bank event in Frankfurt that a new debate was needed about regulating cryptocurrencies, given recent gyrations in their valuations. “When I look at ... Read More »

Germany in top 10 in global financial secrecy

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BERLIN: Germany was ranked seventh in the 2018 Financial Secrecy Index, a study published on Tuesday by the Tax Justice Network, a UK-based financial advocacy group. The study gave Germany a secrecy score  an amalgamated rating which tallies recorded company ownership, country-by-country reporting (CbCR) and tax court secrecy among other factors  of 59.1, which ranked 80th of the 112 countries measured. However, ... Read More »

German government raises 2018 growth forecast to 2.4 percent

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BERLIN: German government has raised its 2018 growth forecast to 2.4 percent from 1.9 percent previously, two people familiar with the updated projections said on Monday. The revision follows a string of bullish economic data that showed Europe’s largest economy is still firing on all cylinders after posting its strongest growth rate last year since 2011. The buoyant economic outlook ... Read More »

Germany’s record breaking Arms exports

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BERLIN: Germany’s arms industry is booming. Despite past pledges by the government to reduce arms exports, it recently approved massive weapons exports to nations involved in regional conflicts, including Saudi Arabia, Egypt and the United Arab Emirates. The Trumpet carefully monitors Germany’s actions in the Middle East and North Africa, because Bible prophecy specifically identifies nations in the region that will ally ... Read More »

Expanded range of real estate services subject to VAT in Germany

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BERLIN: German real estate will in future by subject to German VAT at a rate of 19%. According to a letter published by  the following services will now be classed as “services relating to real estate” under section 3(a) (3) No. 1 of the German Sales Tax Law  drawing up a contract for the sale or purchase of a property ... Read More »