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Vietnam promotes trade, investment in Germany

bilateral trade

HANOI: Việt Nam’s trade office in Germany and the Trade Promotion Agency (TPA) under the Ministry of Industry and Trade (MoIT) organised a trade and investment promotion forum on October 18. The forum at the Frankfurt am Main city attracted more than 100 Vietnamese and German enterprises. A TPA representative urged the German enterprises to avail of the opportunities to ... Read More »

Steel imports fall by 7% to 2.8m tonnes in September


BERLIN: Steel imports fell by 7 percent to 2.8 million tons in September, down from 3 million tons in August, according to the U.S. Commerce Department’s Steel Import Monitoring and Analysis data. The American Iron and Steel Institute reported imports for finished steel, which would not require any further processing in the United States, dropped 9 percent to 2 million ... Read More »

Germany votes to ban gasoline, diesel vehicles


BERLIN: Earlier this month, the German Bundesrat (a council of 16 German states) voted for a non-binding resolution to ban vehicles powered by gasoline and diesel by 2030.1 This was an ideological move that is intended to place additional pressure on the European Commission to promote zero-emission vehicles. The German Transport Minister, Alexander Dobrint, calls the resolution ‚“utter nonsense” and ... Read More »

Germany’s digital association expects slowing growth

BERLIN: Germany’s telecommunications and IT industry association expects slowing growth next year as a boom in demand for expensive smartphones ends, sales of PCs and notebooks slow and price competition and regulation dampen telecom operators’ revenues. Industry revenues are expected to grow 1.2 percent to 162 billion euros ($181 billion) in 2017, industry association Bitkom said on Tuesday, reiterating its ... Read More »

German Jan-Aug gas imports decrease by 7.6%


BERLIN: German natural gas imports for January-August fell 7.6 percent from a year earlier while cheaper oil, to which the contracts are linked, meant that costs fell by more than a third, official data showed. The gas import bill of 10.5 billion euros ($11.76 billion)in the eight months was down 36.4 percent year on year, data from trade statistics office ... Read More »

German natural gas imports for January-August fall 7.6%


BERLIN: German natural gas imports for January-August fell 7.6 percent from a year earlier while cheaper oil, to which the contracts are linked, meant that costs fell by more than a third, official data showed. The gas import bill of 10.5 billion euros ($11.76 billion)in the eight months was down 36.4 percent year on year, data from trade statistics office ... Read More »

German upper house approves inheritance tax reform


BERLIN: Germany’s upper house of parliament approved a reform of the country’s inheritance tax rules, a move needed after the highest court had ordered an overhaul of the country’s corporate succession laws. Under the bill, people inheriting family-owned companies would continue to receive preferential tax treatment if they hold on to the company and preserve jobs, but conditions for tax ... Read More »

Germany plans to invest $5.6b to equip faster internet in colleges


BERLIN: Germany plans to invest an extra 5 billion euros ($5.6 billion) over the next five years to equip more than 40,000 schools and colleges with faster internet, wireless access points and tablet computers, the Education Minister said on Wednesday. The investment plan, which still needs to be agreed by Chancellor Angela Merkel’s cabinet, is another sign that Germany is ... Read More »

Germany’s exports surge in August


BERLIN: It almost looks like bipolar disorder of the German economy. Down one minute, up the next. While the month of July was a month to forget for the entire industry and the export sector, August data surprised to the upside. After last week’s industrial production data, just released trade data were no exception. In August, exports increased by a ... Read More »

Germany’s exports rebound sharply in August


BERLIN: Germany’s exports and imports for the month of August came in more than consensus expectations. Exports of the country recorded their biggest rise in over six years. According to the data from Germany’s Federal Statistical Office (Destatis), the nation’s exports grew 5.4 percent sequentially in seasonally adjusted terms. Consensus expectations were for a rise of 2.2 percent. Meanwhile, seasonally ... Read More »

German company Lufthansa opens unit in Alabang


BERLIN: Germany’s Lufthansa airline group continued to bet on the Philippines as it opened Friday an outsourcing unit in Alabang, Muntinlupa City. The company, called Lufthansa Services Philippines, would create about 440 jobs by mid-2018. These would mainly be experienced “consultants” providing services in the areas of financial and revenue accounting, human resources and procurement, and customer service for Lufthansa ... Read More »

Foreign banks investigated by German state prosecutors for tax evasion


BERLIN: Foreign banks from Switzerland, Liechtenstein, Austria and Luxembourg – are being investigated by German state prosecutors for tax evasion. There are a total of 57 lenders on the list, according to a report by German newspaper Süddeutsche Zeitung. German media have reported that German authorities have already negotiated fines with banks in around 10 cases, amounting to a total ... Read More »

LVMH signs $715m deal with Germany’s Rimowa


BERLIN: French luxury goods maker LVMH (LVMUY) has agreed to take control of family-owned luggage maker Rimowa  in a deal which gives the buyer its first German fashion house. LVMH, whose labels include Christian Dior, Céline, Donna Karan and Marc Jacobs, said it will pay €640 million ($714.7 million) for an 80% stake in Rimowa, which expects revenue of more ... Read More »

Leaders of Germany’s largest firms rallied to defend Deutsche Bank


BERLIN: Leaders of some of Germany’s largest firms have rallied to defend Deutsche Bank,  after a week of market turmoil in which the lender’s shares hit record lows on fears it will be crippled by a $14bn (£10.5bn) penalty from US authorities. Speaking to the Frankfurter Allgemeine Sonntagszeitung, over the weekend,  executives from BASF, Daimler and Siemens said they are ... Read More »

LR contracted to class Federal German seagoing fleet


BERLIN: The WSV (Federal Waterways and Shipping Administration) represented by the Waterways and Shipping Agency (WSA) Bremen, a branch of the German government, is transferring 67 ships into Lloyd’s Register (LR) class to support the seagoing fleet of vessels owned by the German Authorities. Following a successful tender for vessels under the departments of the Local Offices for Waterways and ... Read More »

ICT exports from Germany increase by 2.8% to EUR 2.1b in 1H


BERLIN: ICT exports from Germany increased by 2.8 percent  from the year before to EUR 2.1 billion in the first half of the year, according to figures from industry group Bitkom. Exports of consumer electronics also slightly increased by 0.8 percent to EUR 2.2 billion. Meanwhile, the export of IT hardware such as computers, printers or accessories went down by ... Read More »

German unemployment unexpectedly rises in sign economy slowing

Unemployment to rise in Latin America

BERLIN: German unemployment unexpectedly rose in September, in a sign of concern among businesses over an economic slowdown and the consequences of Britain’s decision to leave the European Union. The surprise gain in the number of jobless adds to evidence that Europe’s largest economy may be losing its momentum. The Bundesbank this month toned down its outlook, saying it expected ... Read More »

German firm backs start-up Priceza


BERLIN: Priceza has secured series B funding from strategic investor Hubert Burda Media, a Germany-based global media giant, that the Thai start-up hopes will help it gear up to become the No 1 shopping search engine in Southeast Asia by 2020. HBM said yesterday that it had invested seven-digit US dollars in Priceza through its business unit called Burda Principal ... Read More »

Germany’s Lanxess to buy Chemtura Corp in $2.1b


BERLIN: This week, Germany-based Lanxess AG agreed to buy its US-based competitor Chemtura Corp at a value of approximatley $2.1 billion, in cash. This will more than double the size of the Cologne, Germany company’s additives business and, more importantly, accelerating a more significant shift towards specialty chemicals. With the completion of this sale, shareholders of the lubricant additive maker ... Read More »

Germany’s Deutsche Bank denied to pay $14b


BERLIN: Deutsche Bank has denied that it is seeking state aid from the German government amid a regulatory dispute with the US. Germany’s largest lender has been ordered to pay $14bn (£10.8bn) by the US Department of Justice to settle allegations it mis-sold mortgage securities in the lead up to the 2008 financial crisis. The amount is close to Deutche’s ... Read More »