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Germany reduces arms sales to Saudi Arabia

The German government approved two arms sales to Saudi Arabia in the first six months of the year, worth a total of €831,003 ($915,817), according to Economy Ministry figures released on Wednesday. Details of what was sold were not included in the report. In the equivalent period of 2018, Saudi Arabia was Germany’s third biggest customer, after Algeria and the ... Read More »

IMF warns that Europe’s economy is weak, as US productivity slides – business live

European economies are slowing The International Monetary Fund has issued a fresh warning that Europe’s economy has weakened this year. In its new Regional Economic Outlook for Europe, the IMF points out that growth has slowed this year. That’s mainly due to weaker trade (thanks to the US-China tariffs), and a slowdown in factories this year. But there are now ... Read More »

India, Germany ink 20 agreements in AI, green urban mobility & agriculture

India and Germany inked over 20 agreements, including in the field of Artificial Intelligence, green urban mobility and agriculture, and resolved to jointly combat terrorism, as visiting German Chancellor Angela Merkel held talks with Prime Minister Narendra Modi here as part of the 5th Inter Governmental Consultations. While strengthening Cooperation in the Field of Artificial Intelligence and Digital Transformation formed ... Read More »

Germany’s economy may have already slumped into recession, its central bank says

Europe’s largest economy may have fallen into recession, according to Germany’s central bank. “German economic output could have decreased slightly in the third quarter of 2019,” the Bundesbank said in its monthly report. If it did, Germany will have contracted for two consecutive quarters — it shrank by 0.1% in the three months to June — meaning it’s officially in ... Read More »

True scale of German underemployment revealed

Although 2.2 million people in Germany are officially classed as underemployed, more than double that figure would like to have worked more in 2018 than they did. New data released by the Federal Statistical Office (Destatis) revealed nearly 4.6 million residents met wider criteria for not having enough work. The group was made up of 1.5 million unemployed people, 925,000 ... Read More »

An Industrial Crisis Is Brewing in Germany

In the darkest days of the 2009 recession, Germany’s industrial output was collapsing at an annual rate of more than 20%. An unfathomable implosion but one that thankfully ended almost as quickly as it started. Some 10 years on, a crisis is brewing once again in the country’s industrial heartlands. The pain could prove more enduring this time. So far ... Read More »

Germany throws Thomas Cook subsidiary a €380m lifeline

Condor will continue to take to the skies after the German state shielded the airline from the demise of its parent company Thomas Cook with a €380m bridging loan. The sum, provided by the federal government and the state of Hesse where the firm is based, must first be approved by the European commission’s competition watchdog. Condor’s chief executive, Ralf ... Read More »

France, Germany closing in on arms exports pact

France and Germany said they were close to an agreement on how to remove obstacles to exporting weapons manufactured in joint programs, after French firms called for easing German export restrictions. German curbs on arms exports to non-European Union or non-NATO countries have been a thorn in bilateral co-operation for years. Germany’s SPD party, part of the ruling coalition, is ... Read More »

Cocaine worth €1bn seized in Germany’s largest haul

Over four tonnes of the drug were being transported from Montevideo, Uruguay, to Antwerp, Belgium, when they were intercepted by authorities during a routine check two weeks ago. The shipment, listed as soya beans, was hidden in over 200 black sports bags inside a shipping container. The drugs have since been destroyed under strict security, officials said. “Assuming that this ... Read More »

Germany’s Economy Shrinks in April-June Period of 2019

Germany’s GDP has decreased by 0.1% compared to the first quarter according to the Federal Statistics Office caused by a decline in exports amid concerns of a global slowdown. According to Andrew Kenningham, the chief Europe economist of Capital Economics, the third quarter might be bad as the “manufacturing business surveys for July were all gloomy.” Household and government expenditure ... Read More »

Germany Africa Business Forum Announces Multi-million Euro Funding Commitment to Invest in German-African Energy Startups

The Germany Africa Business Forum e.V. (“GABF”), whose goal is to strengthen investment ties between Germany and Africa, announced it has, in collaboration with private partners from the energy industry, launched a multi-million Euro funding commitment to invest in German energy startups that focus on Africa. The funding commitment, which pledges funds to German startups with exposure to African energy ... Read More »

Bayer says 2019 profit goal becoming a stretch

FRANKFURT: Germany’s Bayer has warned that its 2019 earnings target has become harder to reach, becoming the latest agricultural supplies company to be affected by flooded US farms and trade disputes. The drugs and pesticides maker said it was still aiming to lift 2019 adjusted core earnings, or EBITDA, to about 12.2 billion euros ($13.6 billion), excluding the effect of ... Read More »

Deutsche Bank posts worst quarterly loss in four years

Deutsche Bank has made its biggest quarterly loss in four years as it counts the costs of plans to reduce its global workforce by 18,000. The German lender made a €3.1bn (£2.8bn) net loss in the second quarter, driven by €3.4bn in costs related to job cuts and reorganisation at the bank. Deutsche Bank expects the turnaround strategy to cost ... Read More »

Amazon workers in Germany strike over pay, Verdi union says

BERLIN: More than 2,000 workers at seven Amazon (AMZN.O) sites across Germany have gone on strike over pay for at least two days, labor union Verdi said on Monday. The walkouts, under the motto ‘No more discount on our incomes”, started overnight and coincide with Amazon’s Prime Day when the U.S. online retail giant offers its ‘Prime’ customers discount deals. ... Read More »

‘Germany to take in some Sea-Watch migrants after EU deal struck’

BERLIN: Germany has agreed to take in about a dozen of the 41 migrants who arrived in Italy last month on board German charity rescue ship Sea-Watch, an Italian government source said on Tuesday. The compromise to diffuse tensions with the Italian government, which had ordered the ship not to enter Italian waters, also includes France, Portugal, Finland, and Luxemburg, ... Read More »

Germany should heed the call of its deeply worried business community

Germany accounts for nearly 30% of a monetary union consisting of 19 European economies. That’s how dangerous it is to see the world’s fourth-largest economy stuck in a virtually stagnant quarterly pace during the 12 months to March. And here’s more: Measured at annual rates, the German economy at the beginning of this year was moving along at less than ... Read More »

State now drafts law to unlock funding to bankrupt companies

New loans advanced to firms in distress will be cleared ahead of other obligations, new Bill proposes, as the State moves to encourage lending to insolvent firms. The Statute Law (Miscellaneous Amendment) Bill 2019 wants debts contracted during the time a troubled company is under administration to be treated as priority payment ahead of pre-existing liabilities. It seeks to include ... Read More »

Tax authorities mount raids on 19 German banks and homes

Eleven banks and eight private homes and offices across Germany have been raided by police and tax investigators as part of a wide-ranging investigation into tax evasion. The raids, which began at dawn on Wednesday and went on into the afternoon, were part of the same investigation started last November over money laundering allegations linked to the so-called Panama Papers ... Read More »

German port a battleground for EU’s fragile political centre

Germany : If Joachim Schuster is worried about his job, he’s not letting on. A jolly German in his mid-fifties with spiky greying hair and a broad smile, Schuster was elected to the European Parliament five years ago for the centre-left Social Democrats. Now he’s speaking to students at a vocational college in the northern city of Bremerhaven in an ... Read More »

Airbus expects licensing delays to Franco-German warplane project

Berlin: Rows between France and Germany over the common arms export licensing rules they are trying to develop are likely to delay until after the Paris Air Show the concrete launch of a joint Franco-German warplane program, an Airbus official said. Alexander Reinhardt, Airbus’s representative in Berlin said that it and partner Dassault had hoped to sign contracts at June’s ... Read More »