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An Industrial Crisis Is Brewing in Germany

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In the darkest days of the 2009 recession, Germany’s industrial output was collapsing at an annual rate of more than 20%. An unfathomable implosion but one that thankfully ended almost as quickly as it started. Some 10 years on, a crisis is brewing once again in the country’s industrial heartlands. The pain could prove more enduring this time. So far ... Read More »

Germany throws Thomas Cook subsidiary a €380m lifeline

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Condor will continue to take to the skies after the German state shielded the airline from the demise of its parent company Thomas Cook with a €380m bridging loan. The sum, provided by the federal government and the state of Hesse where the firm is based, must first be approved by the European commission’s competition watchdog. Condor’s chief executive, Ralf ... Read More »

France, Germany closing in on arms exports pact

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France and Germany said they were close to an agreement on how to remove obstacles to exporting weapons manufactured in joint programs, after French firms called for easing German export restrictions. German curbs on arms exports to non-European Union or non-NATO countries have been a thorn in bilateral co-operation for years. Germany’s SPD party, part of the ruling coalition, is ... Read More »

Cocaine worth €1bn seized in Germany’s largest haul

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Over four tonnes of the drug were being transported from Montevideo, Uruguay, to Antwerp, Belgium, when they were intercepted by authorities during a routine check two weeks ago. The shipment, listed as soya beans, was hidden in over 200 black sports bags inside a shipping container. The drugs have since been destroyed under strict security, officials said. “Assuming that this ... Read More »

Germany’s Economy Shrinks in April-June Period of 2019

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Germany’s GDP has decreased by 0.1% compared to the first quarter according to the Federal Statistics Office caused by a decline in exports amid concerns of a global slowdown. According to Andrew Kenningham, the chief Europe economist of Capital Economics, the third quarter might be bad as the “manufacturing business surveys for July were all gloomy.” Household and government expenditure ... Read More »

Germany Africa Business Forum Announces Multi-million Euro Funding Commitment to Invest in German-African Energy Startups

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The Germany Africa Business Forum e.V. (“GABF”), whose goal is to strengthen investment ties between Germany and Africa, announced it has, in collaboration with private partners from the energy industry, launched a multi-million Euro funding commitment to invest in German energy startups that focus on Africa. The funding commitment, which pledges funds to German startups with exposure to African energy ... Read More »

Bayer says 2019 profit goal becoming a stretch

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FRANKFURT: Germany’s Bayer has warned that its 2019 earnings target has become harder to reach, becoming the latest agricultural supplies company to be affected by flooded US farms and trade disputes. The drugs and pesticides maker said it was still aiming to lift 2019 adjusted core earnings, or EBITDA, to about 12.2 billion euros ($13.6 billion), excluding the effect of ... Read More »

Deutsche Bank posts worst quarterly loss in four years

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Deutsche Bank has made its biggest quarterly loss in four years as it counts the costs of plans to reduce its global workforce by 18,000. The German lender made a €3.1bn (£2.8bn) net loss in the second quarter, driven by €3.4bn in costs related to job cuts and reorganisation at the bank. Deutsche Bank expects the turnaround strategy to cost ... Read More »

Amazon workers in Germany strike over pay, Verdi union says

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BERLIN: More than 2,000 workers at seven Amazon (AMZN.O) sites across Germany have gone on strike over pay for at least two days, labor union Verdi said on Monday. The walkouts, under the motto ‘No more discount on our incomes”, started overnight and coincide with Amazon’s Prime Day when the U.S. online retail giant offers its ‘Prime’ customers discount deals. ... Read More »

‘Germany to take in some Sea-Watch migrants after EU deal struck’

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BERLIN: Germany has agreed to take in about a dozen of the 41 migrants who arrived in Italy last month on board German charity rescue ship Sea-Watch, an Italian government source said on Tuesday. The compromise to diffuse tensions with the Italian government, which had ordered the ship not to enter Italian waters, also includes France, Portugal, Finland, and Luxemburg, ... Read More »

Germany should heed the call of its deeply worried business community

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Germany accounts for nearly 30% of a monetary union consisting of 19 European economies. That’s how dangerous it is to see the world’s fourth-largest economy stuck in a virtually stagnant quarterly pace during the 12 months to March. And here’s more: Measured at annual rates, the German economy at the beginning of this year was moving along at less than ... Read More »

State now drafts law to unlock funding to bankrupt companies

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New loans advanced to firms in distress will be cleared ahead of other obligations, new Bill proposes, as the State moves to encourage lending to insolvent firms. The Statute Law (Miscellaneous Amendment) Bill 2019 wants debts contracted during the time a troubled company is under administration to be treated as priority payment ahead of pre-existing liabilities. It seeks to include ... Read More »

Tax authorities mount raids on 19 German banks and homes

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Eleven banks and eight private homes and offices across Germany have been raided by police and tax investigators as part of a wide-ranging investigation into tax evasion. The raids, which began at dawn on Wednesday and went on into the afternoon, were part of the same investigation started last November over money laundering allegations linked to the so-called Panama Papers ... Read More »

German port a battleground for EU’s fragile political centre

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Germany : If Joachim Schuster is worried about his job, he’s not letting on. A jolly German in his mid-fifties with spiky greying hair and a broad smile, Schuster was elected to the European Parliament five years ago for the centre-left Social Democrats. Now he’s speaking to students at a vocational college in the northern city of Bremerhaven in an ... Read More »

Airbus expects licensing delays to Franco-German warplane project

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Berlin: Rows between France and Germany over the common arms export licensing rules they are trying to develop are likely to delay until after the Paris Air Show the concrete launch of a joint Franco-German warplane program, an Airbus official said. Alexander Reinhardt, Airbus’s representative in Berlin said that it and partner Dassault had hoped to sign contracts at June’s ... Read More »

German Tax Investigation Widens Beyond Deutsche Bank

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FRANKFURT — The authorities in Germany raided homes and banks around the country on Wednesday in a tax evasion investigation that originated with Deutsche Bank but has widened to involve other lenders. The raids targeted 11 financial offices in Bonn, Cologne, Düsseldorf, Frankfurt and other cities, prosecutors said. They did not name the banks, but said that some were local ... Read More »

Germany mulls ‘mosque tax’ to cut out foreign funding

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The federal government sees it as “a possible path”, according to an answer to a parliamentary query, the Welt am Sonntag newspaper reported. Several of Germany’s 16 states had also signalled support in principle for the idea which would mirror Germany’s voluntary Christian “church tax”, the newspaper said. Concern has grown in Germany about the influence of foreign funding sources ... Read More »

‘Airbus considers legal action against Germany over Saudi ban’

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BERLIN: Airbus is considering suing the German government as its freeze on arms exports to Saudi Arabia means the company is unable to complete a border security system for the Gulf state, two people familiar with the matter said. In October, Germany decided to reject future arms exports licenses to Saudi Arabia over the killing of journalist Jamal Khashoggi, and ... Read More »

‘European regulators fear Deutsche Bank US stress test failure’

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FRANKFURT: Deutsche Bank is in danger of failing US stress tests, a European bank supervisor, adding to pressure on Germany’s biggest lender to make changes to its investment bank after failed merger talks with Commerzbank. European Central Bank regulators are concerned that Deutsche Bank’s standing has weakened since it flunked U.S. stress tests in 2015, 2016 and 2018 and a ... Read More »

German inflation rises to 2.1% in April, above ECB target

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According to preliminary data released by Germany’s Federal Statistics Office (Destatis) on Tuesday, consumer prices rose by 2.1% year-on-year after an increase of 1.4% in the previous month. Market analysts had forecast a 1.7% increase. Eurozone stocks and German bond yields rose after the data was released. Inflation in the eurozone is expected to fall over the course of the ... Read More »