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Gold smuggler ordered to pay £4.3m in tax, or face extra decade in jail


FRANKFURT: A ’24 carat’ gold smuggler from Dubai who brought £100 million worth of gold into Britain, named Chaudhry Ali was jailed for nine years in 2012 in big VAT fraud is ordered to repay £4.3million in tax, or he would be implemented to face extra imprisonment in jail. Chaudry Ali, 52, was jailed for nine years in 2012 for ... Read More »

Angela Merkel’s party member asks ECB not to buy struggling euro zone states bonds


BERLIN:  Angela Merkel’s party’s senior member warned the European Central Bank not to pour money into Greece and other struggling euro zone states through bond purchases, saying this would reduce pressure on them to pass much needed reforms. Michael Fuchs, deputy parliamentary floor leader of the German chancellor’s Christian Democrats (CDU), said we should not pump extra money into these ... Read More »

Germany customs seizes 380,000 cigarettes, 2,000 mobiles,180kg drugs at Gurion Airport


BERLIN: Germany customs seized 380,000 cigarettes, 2,000 mobile, 180kg drugs at Gurion Airport in 2014. At least 9,000 incoming airport passengers failed to declare NIS10 million in diamonds, jewelry, gold, cigarettes, cellphones, unreported cash, and designer drugs, reports Globes. Jewelry worth NIS1 million and gold worth NIS1.5 million was seized as well, in addition to three gold ingots carried by ... Read More »

ECB’s Peter Praet says weaker oil prices call for more action


FRANKFURT: The European Central Bank’s chief economist said weaker oil prices could unbalance inflation expectations and that the ECB may need to launch quantitative easing (QE) to keep prices stable. Peter Praet said the plunge in oil prices could mean euro zone inflation is negative during substantial part of 2015 and that price competition resulting from weaker oil prices could contribute to ... Read More »

Germany, America Customs sign pre-clearance immigration agreement

Passenger screening

BERLIN: The Customs of Germany and America has signed an agreement of pre-clearance immigration according to which there should be an easy process of immigration for the natives of both countries in on another. The Customs and Border Protection (CBP) Global Entry programme is available at 42 US airports and 12 pre-clearance locations, has more than 1.8 million members enrolled ... Read More »

2015 German growth may be better than expects next year


BERLIN: Europe’s biggest economy, Growth in Germany could be better than expected next year and the situation in Europe is not as bad as many people think, the president of Germany’s Bundesbank said. Jens Weidmann member of the European Central Bank’s Governing Council also reiterated his opposition to ECB plans to buy sovereign bonds. Weidmann said as things are at the moment ... Read More »

Germans to get additional 1 euro per hour after minimum wage comes into on New Year

german year of million

BERLIN: As New Year approaches, Berlin bakery worker Jessica Arendt is not just looking forward to the fireworks. In 2015, she says, “I’ll be able to afford a few more things”. A national minimum wage comes into effect in Germany on January 1, and that means an additional one euro (US$1.30) an hour for the 23-year-old. Mathias Moebius, a bakery ... Read More »

Germany: Cheap money shouldn’t stop reforms in euro zone


BERLIN: Wolfgang Schaeuble, German Finance Minister expressed his reservations against the European Central Bank launching a bond buying stimulus programme and praised Bundesbank president Jens Weidmann’s arguments against such moves. Schaeuble said The ECB can make its decisions independently. But cheap money should not be allowed to dent the reform zeal in some countries. There is no alternative to structural ... Read More »

Germany police seize 9 illegal cars worth B20m from two houses


BANKOK:  Police have seized nine illegally-imported new and second hand cars worth more than 20 million baht from two houses in Bangkok’s Watthana district. The cars were found at two houses, one in Soi Pattanawes 12 on Sukhumvit Road and another in Soi Chareon Jai in Khlong Ton Nua area. Police searched the places on Tuesday after receiving a tip ... Read More »

EU probes security flaws at Germany’s biggest Frankfurt airport


FRANKFURT:  European Union probes major security lapses at Germany’s biggest airport in Frankfurt enabling weapons and other items to be smuggled through passenger safety checks. The failings, detected in an undercover European Union-commissioned investigation, were largely down to badly trained staff, Germany’s Bild am Sonntag weekly said. Investigators managed, on every second attempt, to smuggle weapons or dangerous substances through ... Read More »

Thailand, China sign train investment pact, 867km track to cost 350b baht


BANGKOK:  Thailand and China signed an agreement to build new tracks to fulfill Thailand’s ambition to improve its hapless train system.  The long wait for new rail system investments ended after both countries signed an agreement. The memorandum of understanding was signed at Government House by Transport Minister Prajin Juntong and Xu Shaoshi, chairman of the National Development and Reform ... Read More »

Inheritance tax breaks: German court ruling puts thousands of jobs at risk

germany judge

BERLIN: German constitutional court has ruled illegal inheritance tax breaks for family run businesses here the other day. This move threatened to strike at the heart of Europe’s largest economy. Collectively known as the Mittelstand, about 90 per cent of German companies are family-run, employing more than half of the country’s workforce and producing half of Germany’s economic output. The ... Read More »

German business climate index surges to 105.5 points in Dec


BERLIN: The growth rate of German economy is not very well but German business confidence rose in December on the back of falling oil prices and a weak euro, the Ifo Economic institute said here the other day, as the prospects for Europe’s biggest economy grew sunnier. The Ifo institute’s closely watched business climate index up to 105.5 points this ... Read More »

Germany’s Deutsche Bank to review profit targets, may sell Postbank branded retail unit


FRANKFURT: Germany’s Deutsche Bank AG will review its strategy and profit targets next year and may sell its Postbank branded retail unit, in a major reversal as a hoped for turnaround in profitability slips out of reach. The bank said on Thursday it would update strategic targets in 2015 as its three year old plan came to an end, heralding an ... Read More »

Slow growth in 18 months puts German economy at risk

president european central bank

FRANKFURT: Slow growth rate of German private sector to the weakest in 18 months in December, increasing the risk that a soft phase will turn into a more marked economic downturn. Markit Economics said a Purchasing Managers Index for manufacturing and services fell to 51.4 this month from 51.7 in November. Economists forecast an increase to 52.3. A factory gauge ... Read More »

New EU law helps journalists get secret company data

BERLIN: The European Union member states and the European Parliament has passed new anti-money laundering bill which would be beneficiary for investigative journalists, which provide them great access to company data. The new measure requires EU countries to maintain a central register on the ultimate beneficial owners of companies and trusts, the Financial Times reported here the other day. A ... Read More »

Burger King Germany restaurants to reopen this week


FRANKFURT: Burger King Germany said on Monday, German Burger King restaurants were shut down last month in a row between their operator and the US fast food company will reopen this week. Burger King has now given insolvency administrator Marc Odebrecht a temporary license to operate the outlets under the company’s brand and has provided a loan for the business. ... Read More »

American fashion chain Gap strikes deal with online fashion retailer Zalando


BERLIN: American clothing and accessories retailer Gap Incorporation has struck a deal with Europe’s largest dedicated online fashion retailer Zalando to sell its core brand from next May, hoping to reach more consumers, particularly in markets where it has no physical stores. Zalando co-founder David Schneider said many customers in Europe still do not have access to the Gap brand, ... Read More »

Corruption charges: Airbus offices in Germany raided


JEDDAH: German offices of Airbus Group NV (AIR)’s were searched as part of a query of bribery and tax evasion for its business in Romania and Saudi Arabia, which unveiled the corruption from Saudi Arabia too. The searches took place a few weeks ago, Thomas Steinkraus-Koch, spokesman for Munich prosecutors, said in an e-mailed statement today. The investigation started last ... Read More »

Imperfect clinical trials: Germany bans 80 generic medicines


BERLIN: Germany’s drug regulator authority has banned the sale of 80 generic medicines of domestic pharma company GVK Biosciences because of frailty in the clinical trials. The ban comes after regulators in Germany, France and Belgium last week suspended marketing approval of 25 generic drugs. The list of banned drugs includes those for treating high blood pressure, depression, migraine and ... Read More »