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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 »

German Tax Investigation Widens Beyond Deutsche Bank

FRANKFURT — The authorities in Germany raided homes and banks around the country on Wednesday in a tax evasion investigation that originated with Deutsche Bank but has widened to involve other lenders. The raids targeted 11 financial offices in Bonn, Cologne, Düsseldorf, Frankfurt and other cities, prosecutors said. They did not name the banks, but said that some were local ... Read More »

Germany mulls ‘mosque tax’ to cut out foreign funding

The federal government sees it as “a possible path”, according to an answer to a parliamentary query, the Welt am Sonntag newspaper reported. Several of Germany’s 16 states had also signalled support in principle for the idea which would mirror Germany’s voluntary Christian “church tax”, the newspaper said. Concern has grown in Germany about the influence of foreign funding sources ... Read More »

‘Airbus considers legal action against Germany over Saudi ban’

BERLIN: Airbus is considering suing the German government as its freeze on arms exports to Saudi Arabia means the company is unable to complete a border security system for the Gulf state, two people familiar with the matter said. In October, Germany decided to reject future arms exports licenses to Saudi Arabia over the killing of journalist Jamal Khashoggi, and ... Read More »

‘European regulators fear Deutsche Bank US stress test failure’

FRANKFURT: Deutsche Bank is in danger of failing US stress tests, a European bank supervisor, adding to pressure on Germany’s biggest lender to make changes to its investment bank after failed merger talks with Commerzbank. European Central Bank regulators are concerned that Deutsche Bank’s standing has weakened since it flunked U.S. stress tests in 2015, 2016 and 2018 and a ... Read More »

German inflation rises to 2.1% in April, above ECB target

According to preliminary data released by Germany’s Federal Statistics Office (Destatis) on Tuesday, consumer prices rose by 2.1% year-on-year after an increase of 1.4% in the previous month. Market analysts had forecast a 1.7% increase. Eurozone stocks and German bond yields rose after the data was released. Inflation in the eurozone is expected to fall over the course of the ... Read More »

German government warming toward carbon tax: paper

BERLIN: Germany looks set to introduce an economy-wide system of carbon emissions pricing after senior officials from both parties of Berlin’s governing coalition reached a consensus on the proposal, the Frankfurter Allgemeine reported on Sunday. According to the newspaper, Economy Minister Peter Altmaier, a conservative, had come round to the idea after initially opposing the proposal by Social Democrat Environment ... Read More »

Germany clears Huawei for 5G

Germany’s telecommunications regulator has sent a clear signal that will not ban Huawei from its country’s 5G mobile network upgrades. Jochen Homann, the president of the Bundesnetzagentur, or federal network agency, told the Financial Times, “The position the Bundesnetzagentur takes is that no equipment supplier, including Huawei, should, or may, be specifically excluded.” Last month, the US ambassador to Berlin ... Read More »

‘Germany, France back shorter Brexit delay ahead of EU summit’

BRUSSELS: Germany, France, Luxembourg and the EU’s Brexit negotiator Michel Barnier favored a shorter delay to Britain’s departure from the bloc in talks on the eve of a summit of EU leaders in Brussels, a document seen. EU leaders meeting on Wednesday are set to grant Britain a second delay to Brexit but have not yet decided how long this ... Read More »

Germany’s economy: Should we be worried?

We learned that industrial production in February – excluding energy and construction – had fallen. The previous day, new official data showed that manufacturing orders also declined in the same month. At the start of the week, another survey of the same sector reported new orders and export sales “falling at rates not seen since the global financial crisis”. We ... Read More »

German lawmakers ready to block public cash for Deutsche-Commerzbank

BERLIN: Lawmakers are warning Germany’s finance minister that they will block any attempt to invest public money into a merged Deutsche Bank and Commerzbank, a deal which could require up to 10 billion euros ($11.2 billion) of fresh capital. They intend to deliver this message at a closed-door meeting next week with Olaf Scholz, although it is unclear whether the ... Read More »

Fresenius Medical Care to pay $231 million to resolve criminal, civil foreign bribery charges

Germany-based dialysis clinic operator Fresenius Medical Care AG will pay about $231 million to resolve criminal and civil allegations that the company paid bribes to public health and government officials in several countries to win or retain business, the U.S. Justice Department said. As part of the settlement, the company admitted that it doled out bribes to officials in Angola ... Read More »

German politicians split over bankrolling Deutsche Bank merger

BERLIN: A political rift has emerged in Berlin over whether Germany should put its financial muscle behind a merger of Deutsche Bank and Commerzbank, politicians and officials said, complicating a bid to create Europe’s third-largest bank and fund it. Germany’s two top banks have struggled to recover since the financial crisis and government officials, led by Finance Minister Olaf Scholz, ... Read More »