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Rimini Street increases revenue in Europe by 67%

BERLIN: Rimini Street, Inc., the leading global provider of independent enterprise software support services for SAP SE’s (NYSE:SAP) Business Suite, BusinessObjects and HANA Database software and Oracle Corporation’s (NYSE:ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion, Oracle Retail, Oracle Agile PLM and Oracle ATG Web Commerce software, today announced its expanded presence and investment in Europe ... Read More »

Deutsche Telekom’s revenues grow by 6% in 3Q

BERLIN: Deutsche Telekom reported another quarter of higher results, led by growth in the US and stable results in Germany. Net revenue rose 5.9 percent to EUR 18.1 billion, and adjusted EBITDA increased 7.2 percent to EUR 5.5 billion. At T-Mobile US, revenue rose 17.3 percent to USD 8.3 billion, while sales in Germany were down 0.8 percent to EUR ... Read More »

Deutsche Post DHL’s profits increased to 755m euros in 3Q

BERLIN: Deutsche Post DHL has reported the strongest third quarter in the company’s history. Profits increased to 755 million euros during this period, while in the third quarter last year the operating profit was worth 197 million euros. The company also announced parcel shipments in Germany increased by 11 percent. Revenue from the parcel business increased by 13 percent in ... Read More »

Germany increases tax income forecast for 2016-17

BERLIN: Germany will receive higher tax income in 2016 and 2017 than previously expected, but there will be less tax income in 2018, 2019 and 2020, the German Finance Ministry has announced. Germany’s federal, state and regional governments are likely to receive 695.5 billion euros (772 billion U.S. dollars) in 2016, around 4.3 billion euros more than the level estimated ... Read More »

BMW’s net profit increases to $2.0 b in 3Q

BERLIN: German luxury carmaker BMW, the world’s biggest, beat expectations on Friday with a new record net profit for the July to September period after selling record numbers of vehicles. The Munich-based firm said it had made 1.8 billion euros ($2.0 billion) in net profit, up 15 percent compared with the 1.6 billion euros it made in the same period ... Read More »

Germany, Costa Rica to avoid double tax from Jan 1

BERLIN: German’s Finance Ministry on October 24 confirmed that the double tax avoidance treaty between Germany and Costa Rica will apply from January 1, 2017. The treaty, signed on February 13, 2014, is the first such agreement between Germany and Costa Rica, and contains the OECD standard for exchange of information between the two country’s tax authorities. Withholding taxes on ... Read More »

German minister plans to clamp down on offshore firms with new draft law

BERLIN: German Finance Minister Wolfgang Schaeuble wants to force Germans to disclose their dealings with offshore firms in tax havens and make banks liable for lost tax income if they conceal their clients’ business with such firms, a draft law shows. Tax havens were thrown into the limelight in April when a huge leak of documents from the Panama-based law ... Read More »

German economy to grow 1.3% next year

BERLIN: The German government’s panel of economic advisers pushed Wednesday for more reforms in Europe’s biggest economy, including a higher retirement age, and said Britain shouldn’t be given substantial concessions on immigration as it negotiates its exit from the European Union. In an annual report, the independent German Council of Economic Experts predicted that the German economy will grow by ... Read More »

German battery maker Varta Microbattery expects to launch IPO

BERLIN: German battery maker Varta Microbattery is expected to launch an initial public offering (IPO) in Frankfurt this week to raise cash for expansion and may list by late November, people close to the matter told Reuters. Varta Microbattery’s owner, Swiss investor Montana Tech Components, is working with HSBC, Jefferies and an Austrian bank on the flotation, the sources said. ... Read More »

SolarWorld Q3 revenue decreases in preliminary results

BERLIN: Germany-headquartered solar module manufacturer SolarWorld has issued preliminary third quarter (Q3) financials that reveal how the current global oversupply of PV modules is exerting downward pressure on prices. Despite increasing shipments year-on-year by 5% – reaching 345 MW in Q3 2016 compared to 328 MW in Q3 2015 – consolidated revenue for the quarter came in below Q3 2015, ... Read More »

Germany’s annual inflation hits two-year high level in Oct

BERLIN: For the 24 hours to 23:00 GMT, the EUR rose 0.82% against the USD and closed at 1.0982 on Friday, after Germany’s inflation data notched a two-year high in October, suggesting that the European Central Bank’s massive stimulus measures were working in warding off deflation threats in Euro-zone’s largest economy. Additionally, on a monthly basis, the preliminary CPI rose ... Read More »

German Linde’s net profit rises in 3Q

BERLIN: Germany’s Linde AG (LIN.XE) on Friday reported a rise in third-quarter net profit, but said its revenue fell due to exchange rate losses and weak demand at its engineering division. The industrial gases and engineering group also broadened its cost-cutting measures, saying it must improve efficiency by saving an additional 370 million euros ($403.6 million) a year from 2019. ... Read More »

Volkswagen raises sales, earnings outlook

BERLIN: Volkswagen raised its sales and earnings outlook Thursday after bouncing back to a profit of 2.34 billion euros ($2.55 billion) in the third quarter from a large loss a year earlier, when it took a big charge from its car emissions scandal. The after-tax profit reported Thursday compared with a loss of 1.67 billion euros in the same period ... Read More »

Goodyear plans to close tire plant in Germany

BERLIN: Goodyear Tire & Rubber Co. (NYSE: GT) plans to close its car and light truck tire plant in Philippsburg, Germany, by year-end 2017 as part of its global strategy to focus on premium, larger-diameter tires. The decision will affect about 890 workers at the 49-year-old Philippsburg plant, Goodyear said in an 8-K filing with the Securities and Exchange Commission. ... Read More »

German Covestro’s Q3 net profit increases by 62%

BERLIN: Covestro’s third-quarter net profit surged by 61.9% year on year to €259m amid higher margins, the German producer said on Tuesday. Sales for the three months to September 2016 were flat at €3bn, after declines in the first two quarters, the company said in a statement. Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 26.2% at €574m, ... Read More »

German push grows for Chinese investment

BERLIN: Germany is seeking tighter control over foreign investment in European companies, in a sign of a growing protectionist reaction to China’s appetite for overseas acquisitions. Economy Minister Sigmar Gabriel on Monday reopened a review of the takeover of Aixtron SE, which supplies equipment to the semiconductor industry, by China’s Grand Chip Investment GmbH. That follows calls by Gabriel, who ... Read More »

Vietnam promotes trade, investment in Germany

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 »