Page 26 - Germany

Inflation in Germany reaches 6.8%, while Spanish CPI hits 1.6% YoY in June

Inflation is pushing in different directions in Europe, rising in Germany and falling again in Spain, official figures said Thursday. German consumer prices jumped 6.8 per cent in June from a year earlier, up from May's 6.3 per cent, the state statistics office Destatis said. The figure was boosted in part by a widely used offer of cheap transport tickets last summer, analysts said. The increase in Europe's largest economy comes a day before the release of inflation figures for the entire 20-country area that uses the euro currency. Inflation in the eurozone has been falling from its peak of 10.6 per cent in October, coming in at 6.1 per cent in May. But that is still far above the target of 2 per cent set by the European Central Bank. ECB chief Christine Lagarde has warned inflation is persistent enough to warrant at least one more interest rate hike at the bank's July 27 meeting. Higher interest rates are central banks' chief tool against inflation. Meanwhile, lower food and ene

Deutsche Bank plans to cut 10% of 17k German retail jobs to curb expenses

The plans at Germany's largest bank come as Claudio de Sanctis prepares to take over the retail unit, known as the private bank division, on July 1

About 40% of SAP's R&D innovations come from India: India COO Rahul Baheti

In a Q&A, Baheti dwells on why his company is bullish on cloud in India and on the firm's expansion plans in the country

Germany, Intel strike $33 bn chip plant deal; $11 bn subsidy on offer

The agreement includes what Intel said was increased government support including incentives, reflecting the expanded scope of the project since it was first announced in March 2022

Germany's net-zero plan for old vehicles

Carbon-neutral synthetic fuels for existing internal combustion vehicles can revolutionise the future of transportation

Road to COP28: Bonn climate talks end without resolving finance differences

The two-week mid-year UN climate talks held in Germany's Bonn ended on Thursday without a resolution to the dispute between developed and developing countries over finance. The developed nations emphasised the urgent need for mitigation measures, while the developing countries demanded adequate financial support to reduce emissions and adapt to the impacts of climate change. These mid-year talks set the stage for political discussions at the annual Conference of Parties (COP) to the United Nations Framework Convention on Climate Change later in the year. Due to a stalemate on the issues of finance for mitigation, the governments could agree on the meeting's agenda only on the second-to-last day (Wednesday) of the conference. The developed countries wanted that the "Mitigation Work Programme", which calls for urgently scaling up emission reduction efforts in this crucial decade to fight climate change, be included in the agenda. The developing countries, however, strongly opposed this

Road to COP28: Climate talks end without resolving differences over finance

The two-week mid-year UN climate talks held in Germany's Bonn ended on Thursday without finding a resolution to the dispute between developed and developing countries over finance. The developed nations emphasised the urgent need for mitigation measures, while the developing countries demanded adequate financial support to reduce emissions and adapt to the impacts of climate change. These mid-year talks set the stage for political discussions at the annual Conference of Parties (COP) to the United Nations Framework Convention on Climate Change later in the year. Due to a stalemate on the issues of finance and mitigation, the governments could agree on the meeting's agenda only on the second-to-last day (Wednesday) of the conference. The developed countries wanted that the "Mitigation Work Programme", which calls for urgently scaling up emission reduction efforts in this crucial decade to fight climate change, be included in the agenda. The developing countries, however, strongly ...

Germany to give $1.4 billion to Holocaust survivors globally in 2024

The organisation that handles claims on behalf of Jews who suffered under the Nazis said Thursday that Germany has agreed to extend another USD 1.4 billion (1.29 billion euros) overall for Holocaust survivors around the globe for the coming year. The compensation was negotiated with Germany's finance ministry and includes USD 888.9 million to provide home care and supportive services for frail and vulnerable Holocaust survivors. Additionally, increases of USD 175 million to symbolic payments of the Hardship Fund Supplemental programme have been achieved, impacting more than 128,000 Holocaust survivors globally, according to the New York-based Conference on Jewish Material Claims Against Germany, also referred to as the Claims Conference. Every year these negotiations become more and more critical as this last generation of Holocaust survivors age and their needs increase," said Greg Schneider, the Claims Conference's executive vice president. "Being able to ensure direct payments t

Climate measures will not fully close emissions gap by 2030: Germany

German officials said on Wednesday that an array of climate measures being introduced by the government will bring the country closer but not all the way toward meeting its national goals for cutting greenhouse gas emissions by 2030. Germany's Climate Ministry said measures already in place or soon to become law will reduce emissions by about 900 million metric tons of carbon dioxide for the period from 2022 to 2030. An emissions gap of about 200 million tons of CO2 will remain and needs to be closed through additional steps over the coming years, largely because of persistent high emissions in the transportation sector. Germany aims to reduce its emissions of planet-warming gases by 65 per cent from 1990 levels by 2030. The target for 2040 is an 88 per cent reduction on the path to net zero" emissions by 2045. A sharp increase in wind and solar power, energy efficiency improvements and subsidies for industry to reduce fossil fuel use are among the measures taken or planned by ...

Germany unveils 1st national security strategy to address growing threats

The German government said Russia is the greatest security threat for the foreseeable future and advocated a balanced approach to China as it unveiled its first comprehensive national security strategy on Wednesday. The strategy was part of an effort to address what Germany views as growing military, economic and social risks to the country. Germany's biggest opposition party criticised the government's position as anemic. Chancellor Olaf Scholz said the new strategy, which his three-party governing coalition pledged to draw up when it took office at the end of 2021, had gained added importance since Russia attacked Ukraine almost 16 months ago. The war in Ukraine has heightened anxiety in Germany about the preparedness of its own armed forces, prompting Scholz to announce a turning point on military spending. Russia's invasion of Ukraine in Feburary 2022 demonstrated what many of our neighbours in Eastern Europe have warned us about that Europe is vulnerable, German Foreign Mini

NATO begins biggest ever air exercise amid fears of flight delays

Some 10,000 soldiers and 250 aircraft, including 70 from Germany and more than 100 from the US, take part in the maneouver until June 23

Vivo becomes third brand to exit Germany after Oppo, OnePlus; here's why

The suspensions come after Nokia filed a patent dispute in the region over broadband technology

BioNTech faces several lawsuits in Germany over Covid vaccine side effects

German drug company BioNTech is facing hundreds of lawsuits, worth one million euros, in country for alleged health damage due to its Covid-19 vaccine, co-developed with American pharma giant Pfizer

Germany cuts plastic waste exports by 51% in a decade due to restrictions

The volume of German plastic waste exports decreased by 9 per cent between 2021 and 2022

India depends on Russian weapons, not in our interest: German defence min

India remaining dependent on Russian weapons is not in Germany's interest, German Defence Minister Boris Pistorius said on Monday as he begins a four-day visit to the country. Pistorius is scheduled to hold wide-ranging talks with Defence Minister Rajnath Singh on Tuesday and the focus of the discussions is likely to be on expanding bilateral defence industrial cooperation. It is expected that India's plan to procure six stealth conventional submarines at a cost of around Rs 43,000 crore will figure in the talks as one of the contenders of the contract is Germany's ThyssenKrupp Marine Systems (TKMS). "It is not up to Germany to change that on our own," Pistorius told German state-owned broadcaster DW during an interview while replying to a question on India's dependence on Russian weaponry. "This is an issue we have to solve jointly with other partners. But of course, we can't have an interest in the long run that India is so dependent on Russia's delivery of weapons or other ...

Rajnath Singh to hold bilateral talks with US, German counterparts

US Secretary of Defence Lloyd Austin will arrive in New Delhi on June 4 from Singapore on a two-day visit

Govt body warns of increased health threats from climate change in Germany

Germany's disease control agency warned Thursday that rising temperatures due to global warming will increase the likelihood of heat stroke, vector-borne illnesses and other health risks in the country. The Robert Koch Institute said lung diseases from forest fires and agricultural dust may become a growing problem, as will skin cancer due to increased ultraviolet radiation as Germany experiences longer periods of cloud-free weather. In the first of the institute's three reports on the impact of climate change in Germany, published in the Journal of Health Monitoring, the authors noted the recent arrival in the country of Hyalomma ticks capable of carrying bacteria responsible for typhus as an example of newly emerging disease threats. The ticks, as well as Asian tiger mosquitoes that can spread dengue, yellow fever and Zika virus, are migrating to new regions that were previously too cold for the species. Another risk comes from Vibrio bacteria that flourish in brackish water ab

Germany to shut down 4 Russian consulates as Moscow limits German officials

The German govt would close four out of the five Russian consulates in the country by revoking their licenses after Moscow limited the number of German officials in Russia

Germany arrests 7 alleged members of network that helped Islamic State

Seven people were arrested in raids across Germany on Wednesday against alleged members of a network that helped finance the Islamic State extremist group's activities in Syria, prosecutors said. The suspects four women and three men, with German, Turkish, Moroccan and Kosovo citizenship were arrested in five German states, while investigators searched 19 properties in Germany and one in the Netherlands, federal prosecutors said in a statement. The suspects are accused of supporting a foreign terrorist organisation and, in some cases, of violating export laws. Prosecutors allege that the suspects were financial intermediaries in a network in which two supporters of IS in Syria had sought donations for the group via Telegram since 2020. They allegedly collected and helped transfer donations. The money was used to strengthen IS and in particular to improve supplies to members of the group held at two camps in northern Syria, prosecutors said. In some cases, they added, the money ..

TMS Ep444: JioCinema, recession in Germany, Adani stocks, heat dome

Is JioCinema ready for the big league? Will recession in Germany hit the Indian economy? Has the rally in Adani stocks run its course? What is heat dome? All answers here