Thursday , August 24 2017
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Germany runs deficit despite record tax revenues in July


BERLIN: Germany recorded a budget deficit in July as growing public expenditure outweighed a rise in tax revenues, an official monthly report showed Monday. The German government posted a loss of 8.4 billion euros (9.91 billion U.S. dollars) between January and July, threatening to undermine the country’s global reputation for fiscal stability. Monthly fluctuations make it currently impossible to foresee ... Read More »

German customs intercepts package with 20 snake heads

German FSM customs

BERLIN: German customs officers say they have found and destroyed 20 rotten snake heads found in a package that had arrived from Nigeria. A spokeswoman for Munich’s main customs office said Wednesday that officers discovered the snake parts when they X-rayed a three-kilogram package last week. Marie Mueller said that when officers then opened the parcel the stench of the ... Read More »

German utility RWE boosted by €1.7b tax refund


BERLIN: German RWE recorded a surge in profits following a tax refund from the German government, with the German utility confirming its full-year earnings would be at the upper end of its forecast range. Shares in RWE rose 3 per cent after the company posted half-year net income of €2.7bn, up from €457m last year, after receiving a refund of about €1.7bn from Berlin. Adjusted ... Read More »

Germany imports 5 billion eggs from Netherlands


AMSTERDAM/BERLIN: Germany has imported 5 billion eggs over the last year from the Netherlands, where Europe’s escalating insecticide-tainted egg scandal originated last week. According to Germany’s Federal Statistical Office (Destatis) millions of eggs containing the insecticide fipronil made their way to German markets. Most of the tainted eggs were imported from Belgium and the Netherlands. In 2016, Germany produced more ... Read More »

Germany’s FMC to buy U.S. home dialysis firm NxStage for $2b


FRANKFURT: German dialysis services provider Fresenius Medical Care (FMC) (FMEG.DE) has agreed to buy NxStage (NXTM.O), a U.S. maker of devices for use in home dialysis, for around $2 billion in cash, it said on Monday. The German group will offer $30 per share, a 22 percent premium to NxStage’s 90-day moving average share price, to acquire all of NxStage’s ... Read More »

German ministry rejects calls for modern diesel tax incentives

diesel tax - fuel tax

BERLIN: The German environment ministry has rejected calls from two of the country’s states for tax incentives to promote the sale of low-emission modern diesel and electric cars. Representatives of Germany’s federal government, states and major automakers will meet on Wednesday to discuss ways to avert driving bans on diesel cars, which have drawn public attention since Volkswagen’s emissions test-cheating ... Read More »

Germany’s retail sales growth accelerates in June


BERLIN: Germany’s retail sales growth accelerated in June from May, data from Destatis showed. Retail turnover grew 1.1 percent on a monthly basis in June, following May’s 0.5 percent rise. Economists had forecast a marginal 0.2 percent growth for June. Sales climbed the most since October 2016, when turnover advanced 1.5 percent. Year-on-year, retail sales climbed by real 1.5 percent ... Read More »

German coal imports slips 1% in 2017


BERLIN: Germany’s coal imports are likely to fall to 54.6 million tonnes in 2017 from 55.2 million in 2016, lobby group VDKi said, citing competition from renewable energy. Three quarters of last year’s imports went to power utilities, a quarter to the steel sector and the remainder to heating providers. Hard coal and domestic brown coal are still the backbone ... Read More »

German coal imports seen falling around in 2017

fall-bccl (1)

DUESSELDORF: Germany’s coal imports are likely to fall to 54.6 million tonnes in 2017 from 55.2 million in 2016, lobby group VDKi said on Thursday, citing competition from renewable energy. Three quarters of last year’s imports went to power utilities, a quarter to the steel sector and the remainder to heating providers. Hard coal and domestic brown coal are still ... Read More »

Germany’s Ceconomy enters France with $526 million Fnac Darty stake


BERLIN/PARIS: German consumer electronics retailer Ceconomy (CECG.DE) will become the largest shareholder in French music and book retailer Fnac Darty (FNAC.PA), marking its entry into France just weeks after it was spun off from Metro. Ceconomy said on Wednesday it had signed a deal to buy a 24.33 percent stake in Fnac Darty from Artemis, a French holding company owned ... Read More »

Germany’s Jan-May gas imports up 19.5%, bill 37.7% higher


FRANKFURT: Germany imported 19.5 percent more natural gas in January through May versus a year earlier, while higher crude oil prices – to which the contracts are linked – meant costs rose 37.7 percent, official data showed on Monday. The January-May gas import bill was 9.5 billion euros ($10.9 billion), with the volume at 1,983,714 terajoules (TJ)*, data from trade ... Read More »

German inflation rises as estimated in June

inflation jump

BERLIN: Germany’s consumer price inflation increased as initially estimated in June, latest figures from Destatis showed Thursday. The consumer price index rose at a slightly faster pace of 1.6 percent year-over-year in June, following a 1.5 percent climb in May. That was in line with the flash data published on June 26. Energy prices remained flat following May’s 2 percent ... Read More »

France, Germany agree to develop joint fighter jet

france germany

PARIS: France and Germany agreed Thursday to begin work on a joint fighter jet, a major advance in their relations designed to underline their united front in the face of fracturing Western relations. Newly elected French President Emmanuel Macron welcomed German Chancellor Angela Merkel to the Elysee Palace in Paris for a joint cabinet meeting between their governments. Among a ... Read More »

Germany, France eye tax convergence

Germany France

PARIS: When the French and German governments meet on Thursday in a joint cabinet meeting in Paris, the big prize will be any progress harmonising their tax systems as advances on broader euro zone reform look unlikely. The two countries are due to launch a 1 billion euro ($1.14 billion) fund to finance digital investments, President Emmanuel Macron said in ... Read More »

German police make arrests over €4m gold coin heist

gold coin heist

BERLIN: German special police have arrested several people suspected of having carried out the old-fashioned heist of a €4m (£3.6m) 100kg gold coin in Berlin. “We are conducting searches and executing arrest warrants in several places in Berlin concerning the break-in at the Bode Museum in March,” regional police said on Wednesday. A spokesperson confirmed newspaper reports that the suspects ... Read More »

German furniture exports to the USA down by 17.1%

USA Germany - US German

BERLIN: On the basis of data from the Federal Statistics Office the German Furniture Industry Association (VDM) reports that among the ten most important destination countries for German furniture exports, deliveries to the USA declined most sharply in the first quarter, at 17.1% to €101.7m. There was also a fall in the value of exports to Austria (-10.4% auf €235.1m), ... Read More »

Franco-German meeting to focus on tax, tech: Elysee

Germany France

PARIS: This week’s first Franco-German ministerial meeting since Emmanuel Macron’s election is not expected to yield precise proposals on euro zone reforms, but will feature announcements on start-up funding, sources at the French president’s office said on Monday. “There won’t be precise proposals on the euro zone but important work on tax issues will be discussed,” one of the sources ... Read More »

Customs seizes mugs with Hitler image at airport

Mug with Hitler image

BERLIN: Customs officials in Germany have a warning for holidaymakers keen to bring home souvenirs and other kitsch: Coffee mugs with Hitler’s portrait, swastikas and other Nazi-related symbols are strictly prohibited. A 39-year-old man was caught with 13 such dubious mugs in his luggage at Dusseldorf airport, and a criminal case has been launched against him. The cups will be ... Read More »

Germany’s oil imports bill for Jan-May up 48.9%

Saudi Arabia wants crude oil prices to rise to $60/b in 2017

FRANKFURT: Germany spent 13.4 billion Euros ($15.18 billion) on crude oil imports in the first five months of the year, up 48.9 percent on the year due to higher prices, while the volume was just 0.6 percent higher, the BAFA foreign trade office’s data showed. Russia was the top supplier, accounting for 38.8 percent of the total, up from 38.6 ... Read More »

German factory growth reaches 74-month high in June

growth in exports

BERLIN: German manufacturing growth reached its highest level in more than six years in June, driven by a sharp increase in orders, a survey showed on Monday, suggesting factories will contribute to an expansion in the second quarter. Markit’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about a fifth of the economy, rose to 59.6 from 59.5 in ... Read More »