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Audi reports sales record in Jan

Audi

MUNICH: German automaker Audi AG reported on Wednesday that around 143,150 vehicles were delivered in January, a year-on-year increase of 4.0 percent. Demand for Audi models was especially positive in Europe, with sales increasing by 6.5 percent to around 59,900 cars, according to a statement of the Ingolstadt-based company. On the Chinese market, Audi reported a successful start into the ... Read More »

BMW Group sales in Jan. hit new record

bmw

MUNICH: German car producer BMW Group reported on Wednesday that 152,879 BMW, MINI and Rolls-Royce vehicles were sold in January, registering a year-on-year increase of 7.5 percent and hitting a new sales record. “We are pleased to see the sustainable levels of growth we achieved in 2015 continuing into this year,” said Ian Robertson, member of the board of management ... Read More »

Betsson to pay disputed back taxes to Germany

tax

BERLIN: Betsson is to pay SEK113m (USD13.4m) in past gambling tax to the German Government in the hope of securing a license in a future regulated German gaming market. Betsson, a gaming firm listed on the Stockholm Stock Exchange and operating in Malta, divulged in a statement published on February 3 that it is opting to pay the tax, although ... Read More »

Germany runs up highest trade surplus

tradesurplus

FRANKFURT: Germany clocked up its highest-ever trade surplus in 2015 as both exports and imports powered ahead to new records, official data showed on Tuesday. German exports jumped by 6.4 percent to 1.196 trillion euros ($1.3 trillion) in the whole of 2015 and imports advanced by 4.2 percent to 948 billion euros, the federal statistics office calculated. That meant that the ... Read More »

German authorities shut down Canada’s Maple Bank

bank

BERLIN: Germany’s financial watchdog has closed down the German subsidiary of a Canadian bank. The company has been accused of tax evasion and money laundering. The Federal Financial Supervisory Authority (BaFin) said Sunday it was shutting down the German arm of Maple Bank, which is part of Canada’s Maple Financial Group. BaFin, which is headed by Felix Hufeld, accused the ... Read More »

German industrial orders declined by 0.7% in Dec

INDUSTRIAL OUTPUT

RANKFURT: German industrial orders decreased in December, weighed down by falling domestic and eurozone demand, the economy ministry said on Friday. Provisional official data showed a decrease in orders of 0.7 percent month-on-month in December, following an increase of 1.5 percent in November. Analysts polled by financial services firm FactSet had pencilled in a slightly shallower decline of 0.3 percent ... Read More »

Germany to import cocoa, coffee from Cameroon

coffee export

BERLIN: A visiting German delegation of parliamentarians and economic operators, have officially requested the export of Cameroonian cocoa and coffee to Germany through an agreement signed here the other day in Douala between the two parties. The agreement penned by the German Cooperation Agency (GTZ) and the Inter-professional Council of Cocoa and Coffee (CICC) paves the way for partnership, which ... Read More »

Germany tax revenue rises by 4.6% in 2015

revenue

BERLIN: The German Finance Ministry has announced that total tax revenue, excluding local government taxes, rose by 4.6 percent in 2015, thanks to Germany’s strong economy. The Ministry said on January 29 that rising wages, employment growth, and higher profitability had a positive impact on individual and corporate income tax and value-added tax revenues. Taxes collected in the month of ... Read More »

Germany soothes Polish gas pipeline fears

PIPELINE

BERLIN: German vice chancellor Sigmar Gabriel here the other day sought to allay Poland’s concerns over plans to build a second pipeline to pump Russian gas to Germany under the Baltic Sea. “We’re taking Poland’s concerns very seriously,” said Gabriel, who is also Germany’s economy minister, after meeting his Polish counterpart Mateusz Morawiecki in Warsaw. “We’ve told the Russian side ... Read More »

Germany’s unemployment rate falls to 6.2%

fall

BERLIN: Germany’s unemployment rate unexpectedly fell to a record low in January, in a sign that economic sentiment in Europe’s largest economy is withstanding the tumult in global markets. The jobless rate fell to 6.2 percent, the lowest level since German reunification, from 6.3 percent, data from the Federal Labor Agency in Nuremberg showed on Tuesday. The number of people ... Read More »

Port of Hamburg: New strategy for Germany’s ports – Federal cabinet endorses new National Port Concept

port

BERLIN: German ports face fresh challenges: Cargo handling growth, tougher competition, stiffer demands on environmental protection and security. To enable them to master these, the German cabinet has endorsed the 2015 National Port Concept. In doing so, the Federal government has implemented one of the points in the coalition agreement for the 18th legislative period: ‘To boost the competitiveness of ... Read More »

Germany, France to strengthen control on bitcoin

bitcoin

BERLIN: If the European Commission confirms the requests France and Germany to regulate digital currencies, bitcoin startups and investors will be negatively affected, and may possibly be required to provide sensitive financial and user data to government agencies for inspection. French Federal Finance Minister Wolfgang Schaeuble and former minister of social affairs Michel Sapin have proposed a set of financial ... Read More »

Small German firms hope to get refugees working

work

BERLIN: More than half of small and medium-sized companies in Germany believe the mass migrant influx can help alleviate the country’s shortage of qualified labour and most are willing to hire refugees, a survey revealed here the other day. According to the survey conducted by accountancy firm EY (Ernst & Young), so-called SMEs, or small and medium-sized enterprises, – which ... Read More »

Germany’s annual inflation rate edges up to 0.4%

inflation

BERLIN: Inflation is gradually creeping higher in Germany but is still a long way off the European Central Bank’s target of just under 2 per cent. A preliminary estimate of Germany’s EU harmonised annual inflation rate came in at 0.4 per cent for January, compared to 0.2 per cent in December. It was in line with expectations. Month on month ... Read More »

German import prices down at slowest pace in 4 months

imports

BERLIN: Germany’s imports prices declined at the weakest pace in four months during December, figures from Destatis showed Thursday. The import price index fell 3.1% year-on-year following a 3.5% slump in November. Economists had forecast a 3% decline. The latest drop was the smallest since August, when prices fell at the same pace. Month-on-month, import prices were 1.2% lower in ... Read More »

German business confidence falls more than expected

shares fall

BERLIN: A closely watched survey is showing a larger-than-expected fall in German business confidence this month, with managers’ assessment of the outlook for the next six months darkening. The Ifo institute said Monday that its monthly confidence index dropped to 107.3 points in January from 108.6 in December. Economists had forecast that it would slip to 108.4. The decline to ... Read More »

German prosecutors launch 2,000 tax cases against UBS clients: paper

Swiss bank UBS

BERLIN: Prosecutors investigating tax fraud in Germany by clients of Swiss bank UBS have launched around 2,000 proceedings, German paper WAZ quoted a state prosecutor as saying. UBS is one of several Swiss banks that got caught up in investigations into personal tax evasion as cash-strapped governments chased accounts hidden in Zurich, Geneva and Ticino, where wealthy Europeans had taken ... Read More »

German, Turkish Police nab 15 in migrant smuggler raids

ireland arrest

BERLIN: German and Turkish police said they have cracked down on an international smuggler ring in one of the biggest raids on human trafficking networks in recent years. German federal police claimed five arrests and their Turkish counterparts 10, in raids which took place simultaneously across both countries in the early morning. The vast majority of those arrested were identified ... Read More »

BMW opens first engine plant in China

BMW

BERLIN: German automaker BMW opened its first engine plant in China on Friday. The plant, based in the northeastern city of Shenyang, belongs to its Chinese joint venture BMW Brilliance Automotive (BBA) Holdings Ltd. It began construction in August 2013. The plant, which covers an area of 900,000 square meters, is BMW’s first engine plant outside Europe and will mainly ... Read More »

German hard coal imports fall 4% in 2015 -importers

Polish hard coal production fell by 6.7% in January-September 2014

BERLIN: Germany imported 54 million tonnes of hard coal in 2015, 4 percent less than in the previous year, coal importers’ lobby VDKI said. The figure was close to earlier forecasts from VDKI, which has cited weaker demand from power generators and the steel industry as reasons for the decline. Some 41 million tonnes of the import total were steam ... Read More »