Intel invests $33 bln in Germany for lucrative increases
Intel, the U.S. chipmaker, has announced a significant investment of over 30 billion euros ($33 billion) in the development of two chip-making plants in Magdeburg, Germany. This expansion initiative in Europe has been hailed by Chancellor Olaf Scholz as the largest foreign investment in Germany to date. To facilitate this project, Berlin has agreed to […]
ConocoPhillips and QatarEnergy deals to be claimed by Germany
After QatarEnergy as well as ConocoPhillips (COP.N) on Tuesday inked two purchase and sale agreements for its exports spanning at least 15 years, Germany is expected to begin receiving additional supplies of Qatari liquefied natural gas (LNG) in 2026.Since Russia’s assault on Ukraine in February, there has been a fierce rivalry for LNG, as Europe […]
Court puts sales ban on Ford’s internet linked cars in Germany
A German court has put a nation-wide sales and production ban on Ford cars able to establish internet connection. It said this as a part of a lawsuit over the violation of wireless technology patents. The verdict by the Munich regional court is not legally binding. It said that this can still be appealed, adding […]
German minister urges overhaul of EU green energy finance rules
Germany’s environment minister called for a complete overall of proposed European Union rules on which types of energy should be labelled as green. This is after Brussels policymakers ignored German objections to the inclusion of nuclear power. The draft EU plan published last year, that would classify investments in some natural gas and nuclear power […]
Almost $10 MLN fined by Deutsche bank over Euribor controls
German financial regulator BaFin has fined Deutsche Bank nearly $10 million for controls which is related to the Euribor interest rate. This is in a setback for the nation’s largest lender as it seeks to restore its reputation. The 8.66 million euro $9.77 million fine announced on Wednesday is the first imposed by BaFin under a 2018 […]
German tax takes surges, ministry optimistic growth
The German Finance Ministry said that the tax take has risen dramatically this year. adding that there were signs that strong growth would resume next year, when inflationary pressures would also moderate. Tax income rose 23.1% to 78.2 billion euros. This is good rate when compared to the pandemic’s devastating impact on Europe’s largest economy, over the […]
German inflation could stay above 2%
German inflation is likely to accelerate from its already high level. The Bundesbank said in a monthly report, that it will stay above 2% through mid-2022. Inflation has surged this year on a plethora of one-off factors from tax hikes to supply bottlenecks and commodity price rises, fueling a debate about the need for exceptionally easy […]
Berlin based payment service for Deutsche Bank
Deutsche Bank in Germany has announced that it has acquired Berlin-based payment service provider Better Payment for an undisclosed amount. This deal is expected to help Deutsche Bank in expanding its market share in the online payment processing market. According to press reports, Deutsche Bank will integrate Better Payment’s technical solutions. Kilian Thalhammer is the […]
German growth could miss Bundesbank forecast this year
Economic growth in Germany could miss projections this year. The Bundesbank’s monthly report stated that a major unexpected strain can be put upon the economy in the autumn, because of the resurgence of the coronavirus. Europe’s biggest economy is expected to grow by 3.7% this year and 5.2% in 2022. The early weeks of the […]
Germany backs Central Bank’s view that inflation jump is temporary, Scholz says
Finance Minister Olaf Scholz said that Germany is monitoring a recent rise in inflation closely. But the government shares the assessment of central banks that the jump in consumer prices is largely driven by temporary factors. When asked if the jump in inflation and the European Central Bank’s ultra-loose monetary policy could become a problem for […]