Page 8 - Germany

Germany takes control of Russian-owned refinery amid energy crisis

We are making ourselves independent of Russia, and any decisions that are taken there, said Scholz

German government takes over subsidiary of Russian oil giant Rosneft

The German government says it is taking control of Russian oil giant Rosneft's subsidiary in Germany, citing the need to ensure continued operations at three oil refineries in the country. The Economy Ministry said in a statement on Friday that Rosneft Deutschland GmbH and RN Refining and Marketing GmbH will be put under the control of Germany's Federal Network Agency. The agency will also control the companies' shares in three refineries: PCK Schwedt, MiRo and Bayernoil. Rosneft accounts for about 12 per cent of Germany's oil refining capacity, it said. The ministry said the move would help ensure continued energy supplies and is initially due to last for six months.

German government sells its last shares in Lufthansa, say authorities

The German government has sold its last shares in the country's biggest airline, Lufthansa, which it stepped in to rescue at the height of the coronavirus crisis. The government's Finance Agency said late Tuesday that the remaining stake of some 9.9 per cent has now been sold to international investors. The agency's head, Jutta Doenges, said the total proceeds from selling the government's holdings came to 1.07 billion euros (dollars) a significant gain over the 306 million euros for which the shares were acquired. Doenges said that the stabilization of Deutsche Lufthansa AG has been concluded successfully and the company is once again in private hands. Lufthansa, which also owns carriers including Austrian Airlines and Swiss, received a 9 billion-euro government rescue package in mid-2020. The German government took a 20 per cent stake in the company. In November, Lufthansa said it had paid back all the aid and canceled funds that it hadn't tapped. It said it drew down about 3.8

Inflation in Germany soars to record level of 7.9% in August: Authorities

Government measures such as a cheap 9-euro ticket for public transport and a fuel discount had a "slight downward effect on overall inflation"

Mann to visit Germany from Sep 11-18 to push Punjab's industrial growth

Punjab Chief Minister Bhagwant Mann will visit Germany from September 11-18 to attract investments and strategic tie-ups. This will be Mann's first foreign visit after he took oath as the chief minister in March. "In order to give a major push to the industrial growth of the state, Punjab Chief Minister Bhagwant Mann will be undertaking a tour of Germany from September 11-18," an official statement said here on Friday evening. During the tour, the chief minister will be meeting business delegations and prominent companies to rope in investments and strategic tie-ups in key sectors like renewable energy, car manufacturing, pharmaceuticals and advanced agriculture practices, among others, it said. Mann will hold a meeting with companies like BMW, BayWa and others during his stay in Munich, Frankfort and Berlin. "This crucial visit of the Chief Minister is likely to immensely benefit the state in getting huge investments, technical know-how and expertise from German companies," said

German court keeps hearing farmer's climate case against Volkswagen

Environmentalists claimed a small legal victory Friday after a court in Germany said it would continue hearing a case brought by a local farmer seeking to force automaker Volkswagen to end the sale of combustion engine vehicles. Ulf Allhoff-Cramer says drier soil and heavier rains due to climate change are harming his fields, cattle and commercial forests. He argues that Volkswagen is partly to blame for this, as the mass production of vehicles running on gasoline contributes significantly to greenhouse gas emissions in the atmosphere. During a first hearing in May, a regional court in the western German town of Detmold appeared to cast doubt on those claims, with judges asking the plaintiff and his lawyers to provide further details to back up their legal arguments. On Friday, the court again asked for further details and set a new hearing for February 3. Environmental group Greenpeace, which supports the case, said it is the first time that a court will consider whether a car ..

Tesla to host town hall event near Brandenburg plant on Sunday: Official

The event, which is being held around six months after the plant's official opening, aims to appeal to families and includes activities for kids as well as opportunities to test drive Tesla cars

As Russia cuts gas supply, Germany increases coal power generation

Almost one third of Germany's electricity came from coal-fired power plants in the first half (H1) 2022, up 17.2 per cent year-on-year

Germany heading for recession, warns Deutsche Bank CEO Christian Sewing

"The longer inflation remains high, the greater the strain and the higher the potential for social conflict," Sewing said.

Germany well-placed on energy to get through winter: Olaf Scholz

Germany is well-placed to get through this winter with enough energy thanks to efforts to shore up supplies, Chancellor Olaf Scholz said Wednesday, dismissing criticism from the opposition. Center-right opposition leader Friedrich Merz charged in parliament that Scholz's three-party coalition lacks any strategic thinking and assailed a decision this week to stick in principle to a long-held plan to shut down Germany's last three nuclear power plants at the end of this year. The government, he said, may be damaging German companies irreparably. An unusually combative Scholz responded that his coalition has worked since it took office in December to prepare for problems that ministers from Merz's party in the previous government failed to anticipate. He pointed to a decision to require filling natural gas storage facilities for the fuel used to heat homes, generate electricity and power industry. Those facilities are now over 86% full, at a time when Russia has cut off gas supplies ..

Putin blames Germany and West for Nord Stream 1 shutdown at economic forum

President Vladimir Putin said on Wednesday that Russia would resume gas supplies to Germany through the Nord Stream 1 pipeline as soon as a key turbine was returned

German carrier Lufthansa rushes to avert second pilots' strike over pay

German carrier Lufthansa said on Tuesday that it planned to improve its pay offer to pilots in an effort to avert a two-day strike this week that could cause significant disruption to travellers. A union representing pilots announced plans for a walkout on Wednesday and Thursday, while calling on the company to makes a serious offer in talks over pay increases. It would be the second strike in a week after pilots staged a walkout on Friday that led to hundreds of flights being cancelled. Lufthansa said it would have to decide by noon which flights to cancel in the coming days and a strike would have massive consequences for its flight plan. In a statement on Tuesday, Lufthansa's personnel chief Michael Niggemann accused the union of seeking to escalate the labour dispute. We will nevertheless do everything to achieve success with an improved offer despite the time pressure, he said. The Vereinigung Cockpit union has called for a 5.5 per cent raise for its members this year and an

JP Morgan plans to move work from Germany to UK over power blackout fears

JP Morgan has plans in place to move work from Germany to the United Kingdom amid fears of power blackouts years after moving billions of dollars worth of assets from London to Frankfurt due to Brexit

Windfall profit taxes are pure economic populism and thus bad policy

Germany's government just became the latest to ingratiate itself with angry voters by promising a windfall tax on energy companies

France, Germany to help each other through energy crisis during winter

French President Emmanuel Macron has announced that France and Germany will help each other through the energy crisis and get by the upcoming winter

Germany sticks to nuclear phaseout plan but leaves loophole

Germany is sticking to its long-held plan of shutting down the country's three remaining nuclear power plants this year but keeping the option of reactivating two of them in case of an energy shortage in the coming months, officials said Monday. The announcement follows the publication of a much-anticipated stress test that examined how Germany's power grid will cope with a possible electricity squeeze due to the energy crisis Europe is facing. Like other European countries, Germany is scrambling to ensure the lights stay on and homes stay warm this winter despite the reduction in natural gas flows from Russia amid the war in Ukraine. The government has already announced numerous measures to import gas from other sources and reactivate mothballed coal- and oil-fueled power plants, while urging citizens to conserve as much energy as possible. But there were concerns that Germany's power grid could be heavily strained if consumers switch to electric heaters in the winter and strong .

Scholz promises 65 bn euros to shield Germans through tough winter

Package funded through additional tax revenue; Scholz promises welfare state will shield Germany from turmoil

Germany, France reject EU visa ban on Russians in a joint position paper

It warns against comprehensive restrictions on issuing visas and stresses the importance of not alienating future generations of Russians

Storage targets met in Germany, gas to be cheaper soon, says minister

EU to hold emergency energy talks on September 9, says minister

Population collapse due to low birth rates a bigger risk than climate: Musk

This is not the first time that Tesla's top boss has warned about declining birth rates. In June 2022, he also shared data from The Wall Street Journal