Thursday , April 26 2018
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Germany

Sliver of Germany’s mighty gold stash goes on show first time

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BERLIN: Germany’s central bank, the Bundesbank, has opened an exhibition of its hefty gold reserves after recalling half of its bullion from foreign vaults. Worth €117 billion and weighing in at 3,400 tonnes, Germany’s stockpile is the world’s second largest after the US, and some of it is now on display at the Money Museum in Frankfurt, the country’s financial ... Read More »

German government confirms plan to add LNG infrastructure

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BERLIN: Germany’s new government plans to add LNG infrastructure with the planned import terminal at Brunsbuttel the most likely project as the cleaner fuel will become key to reducing shipping emissions, the economy and energy ministry said in a statement. Germany’s new maritime policy coordinator Norbert Brackmann and the state minister for Schleswig-Holstein Daniel Guenther will visit the GATE LNG ... Read More »

Germany investor morale tumbles as trade war worries grow

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BERLIN: The reasons for this downturn in expectations can mainly be found in the international trade conflict with the United States and the current situation in the Syrian war,” ZEW President Achim Wambach said. “The significant decline in production, exports and retail sales in Germany in the first quarter of 2018 is also having a negative effect.” A separate gauge ... Read More »

German customs authority stretched to the limit

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BERLIN: Germany’s customs authority is so understaffed that it’s at risk of failing to fulfill core tasks that include combating money laundering, insiders say. It has 40,000 staff but needs 3,500 more, the head of its trade union, Dieter Dewes, told Handelsblatt. “I see a risk that it won’t be able to do its job because of the staff shortage,” ... Read More »

German companies face higher trade barriers

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BERLIN: German companies are experiencing barriers to trade not seen since the 2008 financial crisis, a survey by the DIHK Chambers of Industry and Commerce showed on Friday. Some 40 percent of the 2,100 firms surveyed said they experienced higher barriers to doing business abroad over the last 12-month period, up from 31 percent in the 2017 survey. The survey ... Read More »

German furniture exports bounced back in January

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BERLIN: Germany exported 0.5% more furniture in January than in January 2017 after booking a downturn in December 2017 (-6.9%). The German Furniture Industry Federation (VDM) reported mixed trends in the different segments. For instance, foreign shipments of living room, dining room and bedroom furniture (+13.9%) and kitchen furniture (+10.1%) rose markedly in January. German exports of other types of ... Read More »

Germany intends to share its experience in healthcare sector with Azerbaijan

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BERLIN: The German-Azerbaijani business forum dedicated to medical tourism, organized by the German-Azerbaijani Chamber of Commerce (AHK Azerbaijan), was held in Baku on April 10. The event was officially opened by the Executive Director of AHK Azerbaijan, Tobias Baumann. After the briefing on the event, Economic Attaché of the Embassy of the Federal Republic of Germany in Azerbaijan Heike Mockel ... Read More »

German exports in biggest fall for 30 months

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BERLIN: German exports plunged unexpectedly in February, posting their biggest monthly drop in 30 months and narrowing the trade surplus, data showed, in a further sign that growth in Europe’s biggest economy could have reached its peak. Seasonally adjusted exports fell by 3.2 per cent on the month, the steepest decline since August 2015, data from the Federal Statistics Office ... Read More »

Unexpected hit for exports and imports data

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BERLIN: Exports dropped by 3.2% MoM (from -0.4% in January), while imports decreased by 1.3% MoM, (from -0.4%). The trade surplus widened somewhat, from 17.3bn euro in January to 18.4bn euro in February.” “Still, even though the current stage of the global trade conflict seems to be limited to China and the US, Germany could become the first prominent victim ... Read More »

Plans to cut EU funds to rastern europe could backfire for Germany

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BERLIN: Plans supported by several Western European states including Germany to cut European Union (EU) funding to poorer regions in the east of the bloc could backfire, a report published on Friday by the magazine SPIEGEL warns. According to SPIEGEL, a reduction or more selective distribution of so-called EU structure or cohesion funds could harm German exports to poorer neighbouring ... Read More »

German industrial orders rise less than expected in February

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BERLIN: German industrial orders rose less than expected in February due to weak domestic demand, data showed on Thursday, but the economy ministry said demand should pick up later this year as the world economy remains on a growth path.  Private consumption has been a key growth driver in recent years as consumers benefit from rising wages, record-high employment and ... Read More »

Germany approves new Russian gas pipeline

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BERLIN: Germany has given the go-ahead for Nord Stream 2. The Federal Maritime and Hydrographic Agency (bsh) in Berlin approved the project on Tuesday, March 27. Nord Stream 2 will increase Russia’s direct gas supply to Germany through the Baltic Sea. Germany’s European neighbors and internal critics fear the new pipeline will only increase Europe’s dependence on Russia. But you ... Read More »

German real estate Renters woes are speculators profits

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BERLIN: Berlin have been growing by up to 40,000 people a year, says Michael Voigtländer, a real estate expert at the Cologne Institute for Economic Research. Fifteen other metropolitan regions are experiencing similar developments. As a result, a shortage of living space is pushing up rents and property prices at a terrific rate. Last year, tenants in the big cities had ... Read More »

Germany secures €9.5bn gas deal with Russia

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BERLIN: This seems to heavily undermine Europe’s attempt to send a message to Russia by expelling diplomats from their country. Also, other European Union countries have tried to block this pipeline such as Poland, the Baltic states and other Eastern European countries. These countries fear that this new Russian pipeline will leave them vulnerable to Russian geopolitical pressure. The pipeline itself will ... Read More »

German interior minister draws flak for choosing all-male team

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BERLIN: New German Interior Minister Horst Seehofer has come under sharp criticism for nominating an all-male team of state secretaries. In an internal communication seen by German daily Die Zeit, the Interior Ministry’s equal opportunities officer Maria Spetter said the decisions were met with “complete incomprehension” by the staff. Spetter accused Seehofer, who is from the Christian Social Union (CSU) ... Read More »

German tax office examining ADM over legacy trading earnings

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BERLIN: German activities of U.S. agricultural merchant Archer Daniels Midland over a five-year period in what the company called a routine audit, although sources said ADM could face unforeseen liabilities. Two sources familiar with the matter said the audit had been complicated by the departure of several senior trading officials from ADM’s German operations in previous years, of whom some ... Read More »

German churches are hit by new music tax

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BERLIN: Each parish church paid via its head office an annual, one time, lump sum of €45 to cover all concerts taking place in a church building, liturgy excluded. All each parish church needed to do up to now was submit a “music list” of composer names and works performed, without receiving any additional post-concert bill as music-making was covered ... Read More »

ADM to suspend biodiesel output at German plant

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BERLIN: The standstill is expected to last at least for the duration of the second quarter of 2018 and will be reviewed during the third quarter. The Mainz plant has capacity of about 275,000 tonnes a year, Reuters data shows. Rising biodiesel imports from Argentina and an expected surge in shipments from Indonesia threaten to cripple biodiesel output in the ... Read More »

German investors confidence collapsed amid fears for trade war

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BERLIN: The German investors confidence collapsed to its lowest value since September 2016 amid fears that the EU’s largest economy may suffer from a possible trade war. According to the latest study of the Center for European Economic Research in Mannheim (ZEW), the monthly index of investors’ expectations fell to 5.1 points from 17.8 points. The trend corresponds to the ... Read More »

Germany and G20 push for free trade amid fears of global trade war

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BERLIN: Germany and other members of the G20 group of major economies warned against protectionism at a G20 meeting in the Argentine capital Buenos Aires on Monday, as US trading partners prepare for planned US tariffs on steel and aluminum. “We must make sure that protectionism will not now define the global landscape, but that there will still be open markets,” ... Read More »