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Germany Raises 2020 Growth Forecast Slightly to 1.1%

BERLIN: THE German government modestly raised its economic growth forecast for the country this year to 1.1%. Germany’s economy, Europe’s biggest, has grown for 10 consecutive years but last year’s 0.6% growth was the weakest since 2013. In October, the government predicted growth this year of 1%. “The economy will develop better this year than was expected last year,” Economy ... Read More »

A top German carrier picks Huawei to help build its 5G network in potential snub to the US

Telefonica Deutschland, one of Germany’s top mobile carriers, has picked Huawei and Nokia to build out its 5G network. 5G refers to next-generation mobile networks that promise super-fast data speeds and low latency — a short amount of time between the data being summoned and it reaching its destination. The move is a potential snub to the U.S. government which ... Read More »

Gold price surges amid geopolitical uncertainty

These are golden days for gold, the precious metal whose very name is a synonym for something special and successful. In 2019, its price surged by almost 20% in dollar terms Little surprise then to see gold funds dominating the top performing investment funds of 2019 in the UK, a financial services hotspot. Funds which connected investors with gold mining ... Read More »

India may overtake Germany to become fourth-largest economy in 2026: Report

India is expected to overtake Germany to become fourth-largest economy in 2026 and Japan to become third largest in 2034, according a recent report by the UK-based Centre for Economics and Business Research (CEBR). It further said India is also set to reach a gross domestic product (GDP) of $5 trillion by 2026, 2 years later than the government’s target. ... Read More »

Germany says new rule requiring receipts fights tax fraud

BERLIN: Germany’s finance minister is defending a new rule taking effect Jan. 1 that will require shops to provide a receipt for every purchase, a change that critics fear will result in vast amounts of paper being wasted. The rule aims to combat the evasion of value-added taxes but some environmental activists worry they will produce piles of unwanted receipts, ... Read More »

Merkel warns German labor shortage could spark business exodus

German Chancellor Angela Merkel used her weekly podcast on sound the alarm on the country’s skilled labor shortage, saying it could force companies to move elsewhere. “We know that many sectors and businesses are looking for skilled workers,” Merkel said. “Without sufficient skilled workers, a business location cannot be successful. “That is why it is necessary for us to make ... Read More »

“Resilient” Germany heading for Q4 growth as business morale rises

German business morale rose in November and Europe’s largest economy is on track to grow by 0.2% in the fourth quarter as its domestic strength more than offsets a manufacturing recession, the Ifo economic institute said. Munich-based Ifo said its business climate index rose to 95.0 in November from 94.7 in October. The November reading was in line with a ... Read More »

Tesla factory outside Berlin to cost €4 billion

Tesla plans on investing up to €4 billion ($4.4 billion) in a new electric car factory near Berlin, German media reported on Sunday. The new “Gigafactory” is due to be built in the town of Grünheide outside the German capital and will be Tesla’s first European car and battery plant. The Brandenburg state government told news agency DPA that at ... Read More »

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 »