Thursday , April 27 2017
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Germany claims to narrow large trade surplus

trade surplus

BERLIN: The German government upgraded its economic forecast for 2017 slightly Wednesday, saying that strong domestic consumption would increase growth and bring down its much-criticized trade surplus. Europe’s largest economy should expand by 1.5 percent this year, Economy Minister Brigitte Zypries told journalists in Berlin, slightly more than the 1.4 percent predicted in January. She left unchanged the government forecast ... Read More »

German firm is highest bidder for Greece’s Thessaloniki Port

Greece's Thessaloniki Port

ATHENS: German private equity firm Deutsche Invest Equity Partners was the highest bidder for a majority stake in Greece’s Thessaloniki Port with an offer of 231.9 million Euros ($251.8 million), privatization agency HRADF said. The sale is a key part of the country’s international bailout signed in 2015 and comes less than a year after China’s COSCO Shipping bought a ... Read More »

Germany not worries by US corporate tax reform plans


BERLIN: German finance minister Wolfgang Schaeuble is not worried by the prospect of cuts to corporate tax rates in the United States, he told press on the sidelines of the IMF and World Bank spring meetings in Washington. US president Donald Trump on Friday promised a big announcement about tax reforms shortly, and ordered a review of Obama-era tax rules ... Read More »

German private sector growth robust in April

euro coins

BERLIN: Germany’s private sector expanded strongly in April, despite slower rises in both manufacturing output and services activity, survey data from IHS Markit showed. The flash composite output index dropped to 56.3 in April from March’s six-year high of 57.1. However, any reading above 50 indicates expansion in the sector. This signaled the first easing in growth of private sector ... Read More »

Low water hinders Rhine and Danube river shipping in Germany


BERLIN: Water levels on the Rhine and Danube in Germany remain low despite recent rain and freight vessels cannot sail fully loaded on the German sections of the rivers, traders said. The Rhine is too shallow for normal sailings south of Duisburg and Cologne to Switzerland, traders said. Weekend rain had helped raise both rivers but water levels remain well ... Read More »

Germany to emphasize free trade at G-20 meeting

G-20 g20

BERLIN: Germany will emphasize the benefits of globalization when the Group of 20 industrialized and developing nations meet later this week in Washington, where officials will stay clear of issuing a joint statement amid ongoing conflicting views over free trade, according to the German finance ministry. “We are ready to exchange views with our international partners on the advantages of ... Read More »

France’s Macron says German trade surplus harmful to EU economy


PARIS: France’s independent presidential candidate Emmanuel Macron, tied with far-right candidate Marine Le Pen in polls before the election, said Germany’s large trade surplus is harmful to the euro-zone economy and called for more balance. “Germany benefits from the imbalances within the euro zone and achieves very high trade surpluses,” centrist candidate Macron said in an interview published Monday with ... Read More »

Germany sets out 10 points plan to tackle tax evasion

tax evasion

BERLIN: Germany’s finance ministry has set out a 10-point plan to combat tax evasion in response to the Panama Papers leak last year. The scandal, which broke last April, involved the leak of more than 11 million documents from Panamanian law firm Mossack Fonseca exposing how the rich and powerful set up shell companies in offshore jurisdictions to avoid paying ... Read More »

German think tank raise GDP growth forecast for 2017


BERLIN: Leading German think tanks on Wednesday raised their growth projections for Europe’s largest economy due to strong exports and investment spending. They forecast growth of 1.5% in 2017, compared with September’s prediction of 1.4% and after 1.9% growth posted in 2016. Germany’s economic growth rate is expected to accelerate to 1.8% in 2018, compared with an earlier estimate of ... Read More »

First fully-automatic reefer container monitoring implemented at C. Steinweg in Hamburg


HAMBURG: The Port of Hamburg has achieved a fresh advance towards digitalization. The first fully-automatic system for monitoring reefer containers has been introduced at the C. Steinweg (Süd-West Terminal) multi-purpose cargo handling facility. The system has been developed and launched by the Austrian technology group Identec Solutions, specialists in wireless sensor and localization applications. As a rule, reefer containers are ... Read More »

Germany’s exports rise for second straight month in February


BERLIN: Germany’s exports rose for the second straight month in February thanks to improving world economy, data from the Federal Statistical Office (Destatis) showed. Exports totaled 104.9 billion Euros (111.4 billion U.S. dollars) in February, rising by 0.8 percent month-on-month, slower than January’s 2.4 percent increase, still beating economists’ estimation. Imports amounted to 83.8 billion Euros, dropping by 1.6 percent, ... Read More »

German industrial output surges, beating forecasts


BERLIN: German industrial output surged in February and the trade surplus swelled as the engine room of Europe’s largest economy fired on all cylinders to satisfy demand at home and abroad, assuaging angst about rising protectionism. Describing an “extraordinarily robust” start to the year for industry, the Economy Ministry said output rose by 2.2 percent on the month, matching January’s ... Read More »

German services growth strengthens in March

Germany trade surplus

BERLIN: Expansion in Germany’s services sector accelerated further in March, a survey showed yesterday, suggesting that Europe’s largest economy will post healthy growth in the first quarter. Markit’s final services index rose to a 15-month high of 55.6 from 54.4 in February, helped by new business in the post and telecommunication sector and the renting, business activities and financial intermediation ... Read More »

Drug trafficking via post increases 232% in Germany: German Customs


BERLIN: Germany’s customs office reported on Wednesday a 232 percent surge in the trafficking of drugs via the post last year thanks to the rise of the so-called darknet, one of the dark corners of the internet where illicit goods are often traded. “We have seen a dramatic shift in drug smuggling from travellers arriving in the nation shipments made ... Read More »

German cars sales jumps in March on extra selling days


BERLIN: Sales of new cars in Germany jumped the most in almost a year in March on two extra selling days, an industry source said, echoing signs of strong growth in other European auto markets. Registrations of new passenger cars in Europe’s largest vehicle market increased about 11 percent last month to around 360,000 autos, the source said on condition ... Read More »

Jordan, Germany sign 44m Euro solar energy grant


BERLIN: Jordan and Germany on Tuesday signed a 44-million-euro grant agreement to fund the Energy Supply for Host Communities and Syrian Refugees project’s second phase, according to a Planning and International Cooperation Ministry statement. Planning and International Cooperation Minister Imad Fakhoury signed the grant agreement, provided by the German government’s KfW Development Bank, in the presence of German Ambassador to ... Read More »

Germany approves controversial Autobahn toll


BERLIN: Germany’s upper house of parliament on Friday approved a controversial law imposing tolls on the country’s famous Autobahns (motorways), in the face of objections from neighbouring countries who say it discriminates against foreign drivers. Austria immediately announced it would file a legal challenge with the European Court of Justice.The law is the result of a compromise struck with the ... Read More »

German business confidence increases to strongest since 2011

business confidence increases

BERLIN: German business morale hit its highest level in nearly six years in March, suggesting company executives in Europe’s largest economy are brushing off concerns about the threat of rising protectionism and Germany’s own election issues. The surprisingly strong business climate index, published on Monday by the Munich-based Ifo economic institute, added to signs that the German economy is firing ... Read More »

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 »