Page 6 - Germany

Commercial spat on LNG between Germany, India turns into diplomatic tussle

Diplomats have been called in to try to resolve a disagreement over a cut in supplies of liquefied natural gas to India by a German-state-backed company

Germany blocks Chinese-owned firm's chip factory 85 mn euro deal

The German government on Wednesday blocked the sale of a chip factory to a Swedish subsidiary of a Chinese company, a decision that comes as Berlin grapples with its future approach to Beijing. The move by the Cabinet follows a recent compromise over a Chinese shipping firm's investment in a German container terminal and a visit to Beijing last week by Chancellor Olaf Scholz. The blocked sale was anticipated after German company Elmos said this week that it had been informed the sale of its chip factory in Dortmund to Silex Microsystems AB of Sweden would likely be prohibited. Silex is owned by Sai Microelectronics of China, according to German media. The planned 85 million-euro (dollar) sale was announced in December. Although the proposed deal wasn't very significant financially and the technology involved apparently wasn't new, it had raised concerns over the wisdom of putting German IT production capacity in Chinese hands. Western governments are increasingly wary about China'

German economy to shrink by 0.2% in 2023, say economic advisers

The German government's panel of independent economic advisers forecast Wednesday that Europe's biggest economy will shrink by 0.2% next year. The five-member panel's report came after official figures late last month showed unexpected growth in the third quarter, thanks to private spending. But a weak winter, with gross domestic product declining in the last months of the year and in the first three months of next year, is still widely expected. Two consecutive quarters of negative growth is one technical definition of recession, but the 19-country euro area has a body that also uses a broader set of data including employment numbers and depth of the economic decline to determine when a recession occurs. The advisers' forecast of 1.7% growth this year and a decline of 0.2% in 2023 contrasts with a forecast at the end of March that German GDP would expand by 1.8% this year and 3.6% next year. It's still more optimistic than a forecast by the government itself a month ago, which ...

Energy colonialism, climate reparations: COP27 and key concepts to know

As countries come together at COP27 to take actions on the collective goals under the Paris Agreement and Convention in Egypt, here are the key concepts you must know about

Switzerland is paying poorer nations to cut emissions on its behalf

The agreements raise concerns that other countries will follow suit, delaying more difficult cuts of greenhouse gas emissions in wealthier nations

US President Biden, German Chancellor Scholz affirm support for Ukraine

US President Joe Biden and German Chancellor Olaf Scholz during a call on Sunday, affirmed continuous commitment towards supporting Ukraine against Russia's aggression, the White House informed

Germany told to cut emissions much quicker to meet 2030 climate targets

German officials urged environmental activists to engage in constructive protests and avoid endangering lives on Friday as government-appointed experts warned that the key European Union country risks missing its climate targets for 2030. A heated debate has broken out over activists' methods after road blockades caused by a Monday protest delayed a specialist rescue crew from reaching a cyclist fatally injured in a traffic accident in Berlin. Some German media declared the protesters shared the blame for the woman's death. Climate activists also were criticized for gluing themselves to a dinosaur exhibit, throwing food over valuable paintings and spraying political party offices with paint. German Chancellor Olaf Scholz supports all democratic engagement, and we have repeatedly stressed that in connection with the climate protests, Wolfgang Buechner, the chancellor's spokesperson, told reporters. But the form of protest that we are seeing now, this week in particular, is not ...

German Chancellor Olaf Scholz urges Xi Jinping to exert influence on Russia

In a much-scrutinised meeting on Friday with President Xi Jinping in Beijing, German Chancellor Olaf Scholz urged China to exert its influence on Russia, while the Chinese leader repeated a call for talks between Moscow and Ukraine and warned against the conflict going nuclear. Scholz is in Beijing for a one-day visit that has drawn criticism over China's tacit support for Russia, lingering controversies over economic ties and human rights issues, as well as the timing of the trip. It comes after Xi further cemented his authoritarian rule at a major Communist Party congress last month and as China continues to refuse to criticise Russia. Scholz's visit reflects the importance of Germany's trade ties with China, the world's second-largest economy, particularly in the auto and manufacturing sectors. Mercedes Benz alone sold 758,863 cars in China last year, more than in any other country, according to company figures. Scholz, who is traveling with several top German business leaders,

Germany moves ahead with massive energy relief package for households

German officials have agreed on the main details of a plan to provide up to 200 billion euros ($198 billion) in subsidies to households and businesses to ease the strain of high gas, electricity and heating prices. Chancellor Olaf Scholz and the governors of Germany's 16 states agreed Wednesday on a two-stage plan to tackle high gas prices that largely mirrors the recommendations last month of an expert panel. Some other European Union countries think the move by the 27-nation bloc's biggest economy should have been coordinated with them and have expressed concern that it could push up prices elsewhere. Scholz has repeatedly defended the plan, insisting that Germany is showing solidarity with the rest of Europe and its programme is similar in scope to other countries'. Scholz's Cabinet agreed that the state will take on the cost of gas customers' monthly bill in December. That will be followed by a price subsidy for part of what households use starting in March and through April 20

Key role for banks in offering best intermediation services: RBI's Patra

Calls for world-class financial intermediation services with Indian economy poised to surpass Germany and Japan a few years and nation's population set to become world's largest and youngest

German economy sees unexpected growth in Q3 with 0.3% GDP expansion

The German economy grew in the third quarter, an unexpectedly positive performance powered largely by private spending, official figures showed on Friday. Gross domestic product in Europe's biggest economy expanded by 0.3 per cent in the July-September period compared with the previous quarter, the Federal Statistical Office said. That followed a slight increase of 0.1 per cent in the second quarter. The German economy managed to hold its ground despite difficult framework conditions of the global economy, with the continuing COVID-19 pandemic, supply chain interruptions, rising prices and the war in Ukraine, the statistics office said. The government said earlier this month that GDP was believed to have shrunk in the third quarter and was expected to decline again in the last three months of the year as well as the first three months of 2023 before beginning to recover. Two consecutive quarters of negative growth is one technical definition of recession. With energy prices high,

Lufthansa revenues in Q3 almost doubles YoY to 10.1 billion euros

Revenues of German flag carrier Lufthansa have almost doubled year-on-year to 10.1 billion euros in the third quarter of 2022, the airline said.

Germany approves reduced investment of China in Hamburg port deal

China and Germany have reached a deal on a compromise to allow Chinese shipping group COSCO to take a smaller stake in the controversial Hamburg port deal

Kanye West, Adidas and his long list of controversies: A look at the past

Adidas has terminated its contract with Kanye West, but he is no stranger when it comes to controversies

German president arrives in Ukraine as tensions with Russia rise

Germany's president arrived in Kyiv Tuesday for his first visit to Ukraine since the start of Russia's invasion, a trip that comes amid Moscow's unsubstantiated warnings of a dirty bomb attack as the conflict enters its ninth month. President Frank-Walter Steinmeier said after arriving that it was important to me in this phase of air attacks with drones, cruise missiles and rockets to send a signal of solidarity to Ukrainians, German news agency dpa reported. Steinmeier's spokesperson, Cerstin Gammelin, posted a picture of him in Kyiv on Tuesday. Our solidarity is unbroken, and it will remain so, she tweeted. The German president, whose position is largely ceremonial, made it to Ukraine on his third try. In April, he was planning to visit the country with his Polish and Baltic counterparts, but said his presence apparently wasn't wanted in Kyiv. Steinmeier has been criticized in Ukraine for allegedly cozying up to Russia during his time as Germany's foreign minister. Last week, a

Guangdong: The Chinese province with more EV chargers than all of the US

The coastal region, which borders Hong Kong, has built hundreds of thousands of public charging points - the EV equivalent of gas pumps - over the past few years

Germany hails 1st delivery of 'green' hydrogen from UAE, to replace coal

Germany took formal delivery Friday of its first, modest, batch of hydrogen from the United Arab Emirates, a "green" fuel it hopes will help replace coal and gas used by energy-intensive industries in future. Germany is scrambling to substitutenatural gas imports from Russia while also staying on track for its ambitious goal of cutting greenhouse gas emissions to net zero by 2025. One alternative is energy-rich hydrogen gas, provided it is made with the help of renewable energy. Since hydrogen is difficult to transport it is sometimes stored as liquid ammonia. The delivery in Hamburg was modest: just a single container with 13 metric tons of ammonia. Still, it was symbolic enough for German Economy Minister Robert Habeck to hold a joint ceremony with the UAE's climate envoy, Sultan Ahmed Al Jaber, and the CEO of German metals manufacturer Aurubis, which is testing the fuel to make copper wire.

European Union leaders avoid deep rift on gas price cap at energy summit

European Union leaders struggled to find immediate practical solutions on how to deal with the energy crisis but avoided an open rift between Germany and France on Friday that would have exposed a divided bloc as it confronts Russian President Vladimir Putin over his war in Ukraine. After daylong talks in Brussels dragged well into the night, the 27 EU leaders papered over divisions between some of the biggest member states and at least agreed to continue working on ways to impose a gas price cap in case of big price increases. French President Emmanuel Macron highlighted his work with German Chancellor Olaf Scholz to create a veneer of unity after talks that started early Thursday. He said that together with close technical advisers, I will see Chancellor Scholz in Paris next week so that we can move forward, with our teams, on all the issues. Scholz said the main issue was curbing spikes in gas trading that may last only a few hours but still send prices excessively upward. He sai

German health minister urges stepped-up Covid measures amid surge in cases

Germany's health minister on Friday urged the country's 16 states to consider stepping up their measures against the coronavirus amid a rise in new cases. Karl Lauterbach said he favours requiring mask-wearing indoors, a measure that has largely faded in Germany except on public transport, in medical facilities and care homes. The direction we're going in isn't a good one," Lauterbach told reporters in Berlin. He added that it would be better for states to impose limited restrictions now than stricter ones later. The sooner we step on the brake the better it will be. German authorities registered over 114,000 newly confirmed cases in the past 24 hours, and 165 COVID-related deaths. A rise in cases in Bavaria has been linked to the recent Oktoberfest, which draws hundreds of thousands of visitors every year. Lauterbach said more could have been done to limit the spread of the virus at the beer festival in Munich, such as offering or mandating on-site testing for visitors. The Hea

India to become world's third-largest economy by FY28, says IMF

Projected to grow bigger than Japan at $5.36 trillion