Page 20 - Germany

Germany's decadal bond yield, hits lowest level in year on rate cut bets

Germany's 2-year bond yield, which is sensitive to interest rate expectations, was down 1 bp at 2.40%, its lowest since March

India's steel production grows 11% to 11.7 MT in Nov 2023: Worldsteel

India has registered an increase of 11.4 per cent in its crude steel production at 11.7 million tonne (MT) in November this year, according to World Steel Association (worldsteel). During January-November, the country's production was 12.1 per cent higher year on year (y-o-y) at 128.2 MT, the global body said in its latest report. The global steel production in November was at 145.5 MT, 3.3 per cent up over same month in 2022. The world output rose marginally by 0.5 per cent to 1,715.1 MT in January-November 2023, worldsteel said. China produced 76.1 MT steel in November, up 0.4 per cent over November 2022. It produced 952.1 MT in January-November, higher 1.5 per cent y-o-y. In November, Japan's output fell 0.9 per cent to 7.1 MT, while the overall production was 2.8 per cent lower at 80 MT during January-November 2023. The US produced 6.6 MT steel in last month and 73.9 MT in the eleven-month period of 2023. Russia produced 6.4 MT in November and 70.2 MT in January-November 2023

Germany's woes worsen as economy likely to shrink again in current quarter

Germany's economy is likely to shrink again slightly in the current fourth quarter, the country's central bank said Monday, while a survey showed business confidence retreating unexpectedly. Europe's biggest economy contracted by 0.1% in the third quarter after growing by the same amount in the previous three-month period, according to official figures. The Bundesbank said in its monthly report that real gross domestic product in Germany is likely to decline again slightly in the fourth quarter of 2023 as a result of weak performances in industry and construction Two consecutive quarters of contraction is a common definition of recession, though the economists on a panel that declares recessions in the eurozone use a broader set of data, including employment figures. Germany is the only major economy expected to shrink this year, according to the International Monetary Fund, which foresees a decline of 0.5%. The German government has forecast a decline of 0.4%. The economy has bee

Germany-based KfW Development Bank to fund Bengaluru Suburban Rail Project

The Bengaluru Suburban Railway Project on Saturday got a major thrust when a loan agreement was signed with KfW Development Bank, Germany, by Rail Infrastructure Development Company (Karnataka) Limited (K-RIDE) in New Delhi on December 15. As per the agreement, KfW Development Bank will provide Euro 500 million (Rs 4,552 crore) and a grant of Euro 4.5 million (Rs 41 crore) for the BSRP. The loan agreement is meant for Corridor-1 from Bengaluru City Railway Station to Devanahalli and Corridor-3 from Kengeri to Whitefield. K-RIDE said in a statement that the agreement was signed in the presence of senior officials from the Department of Economic Affairs, Ministry of Finance, Government of India and the Government of Karnataka, and KfW officials. "The loan was signed for Euro 500 million (Rs 4,552 crore) and a grant of Euro 4.5 million (Rs 41 crore). The signing of this loan agreement will facilitate invitation of Corridor-1, Corridor-3 and system tenders and further expedite progress

Is the West abandoning Ukraine? Prez Volodymyr Zelenskiy's tough week

France and Germany and others let it be known showing up wouldn't be a good idea, according to people familiar with the discussion, who spoke on condition of anonymity

Wait time for German visa appointment for Indians is only two to five days

Germany has witnessed a surge in popularity among Indian students seeking to pursue higher education abroad.

Denmark & Germany arrest terror suspects including suspected Hamas members

Denmark and Germany announced on Thursday arrests of several terror suspects, including alleged Hamas members suspected of plotting attacks on Jews and Jewish institutions in Europe over the ongoing Israel-Hamas war. The announcements were issued separately and it was unclear how the arrests were connected and if they were the result of coordinated actions, or even possibly one operation spanning the continent. Danish police said three people were arrested across Denmark while a fourth person was detained in the Netherlands on suspicion of plotting to carry out an act of terror. Officials in Copenhagen did not provide any details beyond saying the arrests had threads abroad and were related to criminal gangs, singling out the banned, predominantly immigrant gang Loyal to Familia that had long been behind feuds, violence, robberies, extortion and drug sales in the Danish capital. However, Flemming Drejer, the operative head of Denmark's Security and Intelligence Service, cryptically

SBI to sign Rs 630 crore LoC with Germany's KfW for solar projects

State Bank of India (SBI) on Wednesday said it will sign 70 million euro (about Rs 630 crore) Line of Credit (LoC) with German Development Bank KfW for promoting solar project in the country. The agreement will be signed on December 14 at the bank's IFSC Gift City Branch in Ahmedabad, SBI said in a regulatory filing. The LoC is aimed at supporting Solar Photovoltaics (PV) projects in India, it said. The country's largest lender SBI reported a 9.13 per cent growth in consolidated net profit for the September quarter to Rs 16,099.58 crore as against Rs 14,752 crore in the year-ago period. On a standalone basis, it posted a net profit of Rs 14,330.02 crore as against Rs 13,264.52 crore in the year-ago period. The bank reported a total income of over Rs 1.12 lakh crore for the quarter under review, up from Rs 88,733 crore in the year-ago period.

German firm TÜV SÜD invests 15 mn euros in lab test facility in Bengaluru

TÜV SÜD has 2,500 employees in India out of its total global headcount of over 30,000 employees. In India alone, the company recorded revenues of Rs 500 crore this year

Germany remains Europe's top destination for foreign direct investment

Other countries such as Switzerland and France have also noted declines as companies lean towards mergers and acquisitions rather than investments in an uncertain economic environment

Snowstorm in southern Germany disrupts trains, flight operations in Munich

All flights were grounded at Munich's airport Saturday after a winter storm dumped snow across southern Germany and parts of Austria and Switzerland, affecting travel across the region. After initially announcing a halt in air traffic until noon on Saturday, the airport later announced flights would be cancelled until 6 am Sunday. Other airports in the region, including in the Swiss financial capital, Zurich, also announced weather-related delays and cancellations. Trains to and from Munich's central station were also halted, Germany's national railway said, advising passengers to delay or reroute their journeys. The news agency dpa reported that some passengers in Munich and the nearby city of Ulm spent Friday night on trains due to the halt. Officials for Germany's Bundesliga also announced that a soccer match between Bayern Munich and Union Berlin, originally scheduled for Saturday afternoon in Munich, was cancelled. The weather has caused accidents and incidents across the regi

World battling a wave of hate crime unleashed by Israel-Hamas war

Reports of crimes targeting Jews, Muslims and Arabs have risen in the US, Germany, Canada and beyond since the Oct. 7 Hamas attack on Israel, and the Israeli military's retaliatory operation in Gaza

German soccer fed limits Facebook comments after racial slurs at players

The German soccer federation has had to limit comments on the Facebook page of its junior teams following a slew of racist and discriminatory comments against its Under-17 players. The federation posted a picture of four players from the Germany U17 team, all Black, celebrating Tuesday's 3-2 win over the United States in the round of 16 at the U17 World Cup in Indonesia. But the post was met by a torrent of racist comments from a host of Facebook users about the players Charles Herrmann, Almugera Kabar, Paris Brunner (all from Borussia Dortmund) and Fayssal Harchaoui (Cologne). The federation responded by switching off comments and posting a statement of its own. We're proud of the diversity in our Under-17s, who are currently playing their hearts out in Indonesia, the federation said. The commitment to diversity is firmly anchored in the federation's statutes as are the values of tolerance and respect. If you don't share these values, please unfollow us. Discriminatory and racis

German budget crisis deepens with freeze on new spending commitments

Existing liabilities will be honored but new commitments can be unblocked only in exceptional cases, according to a letter sent to government ministries

After Sri Lanka and Thailand, Vietnam may let Indians in visa-free

Currently, only nationals of Germany, France, Italy, Spain, Denmark, Sweden, and Finland can enter Vietnam without a visa

German govt grants Siemens Energy $8 bn loan guarantee to help secure firm

The German government said Tuesday it is granting a 7.5 billion-euro (USD 8 billion) loan guarantee to energy technology company Siemens Energy as part of a 15 billion-euro package to help the firm, an important player in the transition to renewable energy sources. Siemens Energy sought help from the government as it struggles with problems at its Gamesa wind energy subsidiary, including quality issues with previously installed wind turbines. The company said on October 26 that the strong growth in order intake, particularly in the former gas and power business areas, leads to a rising need of guarantees for long-term projects. It said it was in talks with partners, including the government, to ensure access to guarantees "to facilitate the anticipated strong growth." The government held talks with Siemens Energy, industrial conglomerate Siemens AG which spun off Siemens Energy in 2020 and retains a minority stake in the company and with private banks. The Economy Ministry said .

German budget sees more cash for Ukraine, green buildings, industry: Report

Some of the additional spend would be used to replenish the German military's own arsenal, as it has been shipping weapons to Ukraine

Siemens Energy $16 bn guarantee deal to be presented on Wednesday

Of the 15 billion, banks involved in the talks will bear around 12 billion euros, of which the government would backstop 7.5 billion, the people said

Volkswagen to cut administrative personnel costs by 20% in savings drive

The specific details of the drive at Volkswagen's passenger car brand, announced in June and currently being defined in talks between management and the workers council, are due to be set by December

Germany set to double Ukraine military aid under Scholz plan: Report

A spokesperson for Germany's Ministry of Defence said the Bundestag committee has not finished negotiations and declined to comment further