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Adidas forecasts boost

BERLIN: Adidas AG, the German sport-shoe maker, forecast an increase in earnings this year as consumers spend more, making it easier to sell higher-priced goods and offset rising costs. Net income from continuing operations is set to increase 10 to 12 percent excluding goodwill impairment, Adidas said yesterday. Operating margin excluding goodwill impairment is to be at least stable compared ... Read More »

Chinese firm buys German waste-to-energy company

BERLIN: An investment group controlled by the Beijing municipal government has bought Germany’s largest waste management company, EEW, for 1.4 billion euros ($1.5 billion). This is the largest ever Chinese acquisition of a German company, Beijing Enterprises said in a statement on Wednesday. “By learning about the latest German waste-to-energy technology and management expertise, we will help environmental protection in ... Read More »

Germany’s arms exports rise to 7.5 billion euros

BERLIN: The figures, German Vice Chancellor and Economy Minister Sigmar Gabriel told journalists in Berlin here the other day, were characterized by “light and darkness.” He was referring to Germany’s arms sales in 2015, which amounted to a total of 7.5 billion euros, up by almost 50 percent compared with 2014. Germany is one of the world’s top four arms ... Read More »

Zalando forecasts growth

BERLIN: Zalando SE, Europe’s biggest online fashion retailer, forecast sales growth near the high end of its projected range this year as it gains more customers. Revenue growth is to be closer to 25 percent than 20 percent, the Berlin-based company said in a statement yesterday. Earnings before interest and tax are to be between 3 percent and 4.5 percent ... Read More »

German inflation falls to zero in February

BERLIN: Driven by a sharp drop of energy prices, German annual inflation falls to zero in February, fueling speculations that the European Central Bank (ECB) would further loosen its monetary policy next month. Compared with the previous year, consumer price index (CPI) in Germany remained unchanged in February, said German federal statistics office Destatis on Friday. In January, consumer prices ... Read More »

German consumer climate predicted to improve slightly in March

MUNICH: The German consumer climate is to improve slightly with the predicted overall indicator at 9.5 points for March, following a value of 9.4 points in February, market research group GfK reported Thursday. According to GfK, there is a noticeable rise in income expectations but hardly any change in the economic outlook, and the propensity to buy remains stable. “The ... Read More »

Germany, Turkey ink deal to fight migrant smuggling

BERLIN: Turkey and Germany signed Tuesday joint declarations of intent on bilateral cooperation regarding the fight against migrant smuggling and against terror. The deputy undersecretary of the Turkish Interior Ministry Mehmet Tekinarslan and the German ambassador in Turkey Martin Erdmann signed the joint declarations of intent on Tuesday. The move comes about two weeks after German Chancellor Angela Merkel visited ... Read More »

China overtakes Germany in net capital exports in 2015: Ifo

MUNICH: China overtook Germany in net capital exports in 2015, German think tank Ifo institute reported here on Monday. According to Ifo, China looks set to become the new number one with net capital exports of 293 billion U.S. dollars from an international perspective. Germany will follow suit with exports of around 280 billion dollars, meaning that German capital exports ... Read More »

German business Hungry to return to Russian market despite sanctions

BERLIN: In spite of sanctions there was a record turnout at a conference on Russian-German economic cooperation in Berlin on Friday, Deutsche Welle reported. Though EU sanctions against Russia and Russian counter-sanctions have resulted in a significant decline in trade, participants at a Russian-German trade conference in Berlin showed their enthusiasm for a renewing of economic relations, Deutsche Welle (DW) ... Read More »

Guatemala starts exporting avocados to Germany

BERLIN: “We used to have a production period from December to March. Over the last 2 years, we grew 42% in production and we created a new cycle. This results in almost a year-round supply, explains Marco Quilo, the president of the avocado committee. Quilo continues, “We already did some trials in the past years to, for example the Netherlands, ... Read More »

RWE suspends dividends

BERLIN: RWE, Germany’s second-biggest power supplier, yesterday said that it would partially suspend dividend payouts after running up a loss last year as a result of collapsing wholesale prices and weak profitability in conventional power generation. RWE booked a net loss of 200 million euros last year compared with a net profit of 1.7 billion euros for 2014, due to ... Read More »

VW to invest $4.5bn in Chinese line this year

BERLIN: Volkswagen AG (VW) will invest more than 4 billion euros (US$4.5 billion) in China this year, as spending plans for new SUVs and plug-in models are spared from cuts the carmaker makes elsewhere in the wake of its emissions scandal. New models will include a locally produced Audi A6 plug-in hybrid in the second half, Volkswagen’s China boss Jochem ... Read More »

Germany predicts doom and gloom as Eurozone worries mount

BERLIN: The German treasury has predicted “substantial sustainability risks” to the country amid reports that the Eurozone is set for further bailouts because of fears over another sovereign debt crash. Despite Germany’s Federal Finance Minister Wolfgang Schauble running a 2015 surplus of US$13.5 billion, experts in his department are predicting “substantial sustainability risks” to Germany’s long-term debt-to-GDP ratio because of ... Read More »

Germany posts ‘solid’ growth at 2015 end

FRANKFURT: Robust domestic demand enabled the German economy, Europe’s biggest, to shrug off external headwinds and notch up “solid and continuous growth” at the end of last year, official data showed yesterday. It was a rare piece of good news in a week when global markets had been hammered over fears about the health of the world economy. The federal ... Read More »

Banks exchange 1000s of credit cards after hack attack

BERLIN: Several large German banks have had to exchange thousands of customers’ credit cards after details were stolen in a hacker attack at the end of last year. In total around 85,000 customers have had their MasterCard or Visa credit cards exchanged over the past few weeks, with the banks saying it is a purely precautionary measure. Hackers broke into ... Read More »

Audi reports sales record in Jan

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

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

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

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

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 »