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German exporters fear punitive levy in U.S. tax overhaul.

germeny

BERLIN: BERLIN, Dec 5 (Reuters) – Germany’s DIHK chambers of commerce and industry lifted their export growth forecast for this year but warned on tuesday that a U.S. tax reform bill could harm German exporters. The DIHK said it expects German exports to grow by 4.5 percent in 2017, higher than a previous estimate of 4.0 percent. It added that ... Read More »

Berlin using customs union upgrade as political tool

germany

BERLIN: recent series of events has set off a quasi-reconciliation process between Turkey and Germany. Inundated by a great number of issues and crises over the course of the last one-and-a-half years, the two countries now strive to salvage the marred ties. Besides bilateral matters, the skirmish between Ankara and Berlin spilled over across the European Union. The process of ... Read More »

German prosecutors raid Commerzbank in tax evasion probe

GERMAN

  FRANKFURT: Germany’s Commerzbank (CBKG.DE) has become the target of a tax evasion probe in which several current and former managers are suspected of evading 40 million euros ($47 million) in taxes via so-called dividend stripping. Prosecutors said on Friday they had searched the offices of a major Frankfurt bank and private homes this week. The bank involved was Commerzbank, ... Read More »

Germany to confirm size of expected budget surplus next month

GERMANY

  BERLIN: Germany expects a budget surplus in 2017, but will not know its full extent until Nov. 9 when the finance ministry gets a new assessment of expected tax revenues, acting Finance Minister Peter Altmaier told broadcaster ARD on Sunday. Altmaier declined to confirm a report in Der Spiegel magazine on Saturday which projected a federal budget surplus of ... Read More »

German federal budget surplus could reach 14 bln euros

Budget

BERLIN: Germany could post a budget surplus of 14 billion euros in 2017, a magazine reported Saturday, providing more negotiating room for Chancellor Angela Merkel’s conservative bloc as it tries to forge a new coalition with the Free Democrats and Greens. Solid economic growth and growing tax revenues fuelled the new projection, Der Spiegel reported. The Finance Ministry had previously ... Read More »

Germany import price inflation accelerates

Finland inflation highest since Sep-2014

BERLIN: Germany’s import price inflation rose to a 4-month high in September, figures from Destatis showed Friday. Import prices climbed 3% year-on-year in September, faster than the 2.1% increase in August. This was the fastest pace since May, when prices advanced 4.1% and also exceeded the expected growth of 2.6%. Excluding crude oil and mineral oil products, imports prices advanced ... Read More »

German wholesale inflation jumps in September

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BERLIN: German producer prices rose at a more rapid clip in September than in August, with inflation rising across all of the country’s main industrial groups, in the latest confirmation that deflation risks have all but evaporated. The producer price index rose 3.1 per cent year-on-year in September, from 2.6 per cent in the previously month. That was slightly hotter ... Read More »

Germany’s Jan-Aug gas imports up 19.5%, cost up 36.2%

GAS IMPORT

FRANKFURT: Germany’s January-August natural gas imports rose 19.5 percent from a year earlierwhile the cost rose 36.2 percent, buoyed by higher underlying crude oil prices, official data showed. The gas import bill rose to 14.3 billion euros ($16.82 billion) on volume of 3,060,298 terajoules (TJ)*, data from trade statistics office BAFA showed. Germany mainly imports gas from Russia, Norway, the ... Read More »

German court jails two people-smugglers over 2015 influx

GERMAN

  BERLIN: A German court convicted two human traffickers on Tuesday of putting the lives of hundreds of asylum seekers at risk while transporting them at the height of the refugee influx in 2015. The first defendant, aged 28, was jailed for six years and nine months on six counts of people smuggling, while his 27-year-old accomplice was handed a ... Read More »

Germany’s economic upswing to lose some momentum in second year-half: ministry

GERMANY

  BERLIN: Germany’s economic upswing has broadened and is set to continue in the second half of the year, but it is likely to lose some momentum after its strong performance in the first six months, the Economy Ministry said on Friday. Europe’s biggest economy is enjoying a consumer-led upswing, helped by record-high employment, moderate inflation and ultra-low borrowing costs. ... Read More »

German custom authorities uncovers fraud involving solar modules from China

SOLAR

BERLIN: More than €30 million in anti-dumping and countervailing duties could have been evaded by a Nuremberg-based company when importing Chinese PV modules. This is the preliminary result of an investigation that is being conducted by the Customs Office of Munich. Its investigators have carried out three arrest warrants on Monday and searched a total of 14 residential and business ... Read More »

German exports surge in August, shrugging off strong euro

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BERLIN: German trade activity picked up in August as exports outpaced imports, widening the surplus and adding to evidence that Europe’s biggest economy performed strongly in the third quarter. Seasonally adjusted exports rose by 3.1 percent on the month while imports were 1.2 percent up, data published on Tuesday showed. It was the strongest export growth reading in 12 months, ... Read More »

Germany’s January-August oil import bill up 28%

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FRANKFURT: Germany spent 20.6 billion euros ($24.18 billion) on crude oil imports in the first eight months of the year, up 28.0 percent on the year due to higher prices, while volumes fell 1.3 percent, the BAFA foreign trade office’s data showed. Russia remained the top supplier with 37.2 percent of the total, down from 39.1 percent a year earlier. ... Read More »

German police arrest five Nigerian ‘husband smuggling ring’

GERMANY

BERLIN: THE police in Germany have arrested five people for allegedly smuggling Nigerian men into the country through arranged marriages. A statement by the German police said 400 police officers raided 41 apartments and rooms suspected to be linked to the gang in Berlin and other German cities. Reuters reported that the gang’s suspected leaders – four women and a ... Read More »

Prepare now for over cliff Brexit, German industry says

GERMANY

  BERLIN: German firms active in Britain should make provisions now for a “very hard Brexit”, Germany’s biggest industry group said on Thursday, because the government in London does not know what it wants. The Federation of German Industries (BDI) said British Prime Minister Theresa May’s government lacked a clear strategy on how to exit the European Union following last ... Read More »

German inflation holds steady at 1.8%

INFLATION

BERLIN: Inflation in Germany remained steady at 1.8 per cent in September despite rising food and energy prices, suggesting the core inflation rate is likely to have fallen, according to preliminary estimates. Economists had expected the annual rate to come in at 1.9 per cent, according Reuters. Prices remained flat over the month, compared to consensus forecasts for a 0.1 ... Read More »

German import price growth warms up in August

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BERLIN: German import prices rose at a faster-than-expected clip last month, bolstered by higher oil prices, in the latest sign of the pick-up in inflation in the eurozone. Import prices rose 2.1 per cent in August from the same month in 2016, Destatis said on Tuesday, from 1.9 per cent in July. That was higher than the 1.9 per cent ... Read More »

Germany threatens Sabah with tax fines over critical coverage

tax

BERLIN: A mid rising anti-Turkish rhetoric in Germany ahead of Sunday’s elections, Daily Sabah’s sister newspaper Sabah faced an unprecedented tax fine. Sabah claimed in a report that the fine was in retaliation of the newspaper’s critical coverage of Germany’s tolerance for the Gülenist Terror Group (FETÖ), which Ankara blames for last year’s coup attempt in Turkey. The tax authority ... Read More »

Germany expects solid growth to continue

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BERLIN: Germany’s economy weakened at the start of the third quarter after a strong performance in the first half of the year but indicators suggest its solid growth will continue, the finance ministry says. Europe’s biggest economy is enjoying a consumer-led upswing, propelled by record-high employment, rising real wages and low borrowing costs – conditions that are likely to help ... Read More »

German producer price inflation picks up in August

INFLATION

BERLIN: German producer prices rose at a faster clip than economists forecast last month, pushed higher by a rise in energy inflation. Producer prices for industrial products rose 2.6 per cent year-over-year in August, up from the 2.3 per cent recorded in the previous month, according to Destatis. Economists in a FactSet survey had forecast a pick-up to 2.4 per ... Read More »