The Local Germany

HRE may need more state cash

Sun, 19 Jul 2009 14:59:00 +0200

The beleaguered state and property financier Hypo Real Estate may need more state aid than previously expected, a report in Sunday newspaper Welt am Sonntag revealed.

Quarter of German companies planning redundancies

Sat, 18 Jul 2009 14:52:00 +0200

A new survey has found that one in four German companies are planning to lay people off, according to financial magazine Wirtschaftswoche.

Germany to violate EU deficit laws until 2013

Thu, 09 Jul 2009 10:20:00 +0200

Germany will likely violate the European Union's rules on public deficits until at least 2013, according to finance ministry figures published on Wednesday.

Quelle gets €50 million in emergency loans

Tue, 30 Jun 2009 10:02:00 +0200

Insolvent German mail-order company Quelle got a massive credit injection of €50 million on Monday night after more than four hours of negotiations, government officials said.

State help for Arcandor in doubt

Tue, 19 May 2009 13:26:00 +0200

The German government has denied the request of struggling retail and tourism corporation Arcandor for a financial boost of €650 million, daily Handelsblatt reported on Tuesday.

Hypo Real Estate posts major first-quarter loss

Tue, 05 May 2009 11:36:00 +0200

German bank Hypo Real Estate (HRE) posted on Tuesday a first quarter loss of €382 million euros ($511 million) as the state pursued its bid to nationalise the troubled property lender.

Steinbrück: tax dodgers threaten society

Mon, 04 May 2009 14:19:00 +0200

German Finance Minister Peer Steinbrück warned on Monday that tax evasion was a crime serious enough to threaten the country's social cohesion.

Unions call for security for those who lose out in financial crisis

Fri, 01 May 2009 13:53:00 +0200

The German trade union association (DGB) called on Friday for politicians, employers and workers to fight together to save jobs during the global financial crisis.

Opel confident it will find new investors

Tue, 14 Apr 2009 10:51:00 +0200

Ailing German car maker Opel is certain to find new investors that will save it from collapse, company head Klaus Franz told daily Westdeutsche Allgemeine Zeitung on Tuesday.

Germans skip sick days in fear for their jobs

Sat, 11 Apr 2009 12:30:00 +0200

Germans have been taking less time off sick this year, as the financial crisis bites and makes workers fear for their jobs, according to new figures.

Berlin launches Hypo Real Estate takeover

Thu, 09 Apr 2009 11:03:00 +0200

The German government launched a takeover of troubled Hypo Real Estate bank on Thursday with the aim of stabilising the financial markets as the worst recession since the 1930s sets in.

Eco-bank profits from financial crisis

Tue, 07 Apr 2009 15:59:00 +0200

The ecologically-minded UmweltBank based in Nuremberg is doing well out of the global financial crisis, it said on Tuesday.

Steel production drops by half

Tue, 07 Apr 2009 12:56:00 +0200

The world economic crisis has officially reached the German steel industry. New statistics published on Tuesday revealed that only half as much steel was produced in March as in the same month last year.

Financial crisis could raise rents

Sun, 05 Apr 2009 15:21:00 +0200

The German tenants’ association, or Deutscher Mieterbund, is expecting rents in Germany to rise as a result of the financial crisis, the Berlin newspaper Tagesspiegel am Sonntag reported Sunday.

Financial crisis protests lead to arrests

Sun, 29 Mar 2009 16:25:00 +0200

Tens of thousands in Berlin and Frankfurt took part in the international demonstrations against the consequences of the financial crisis on Saturday.

Berlin backs Hypo Real Estate bank privatisation bill

Fri, 20 Mar 2009 17:20:00 +0100

German deputies on Friday approved a first reading of legislation that could lead to a nationalisation of the Hypo Real Estate bank and the expropriation of US shareholder Christopher Flowers.

Merkel defends Berlin’s crisis management

Thu, 19 Mar 2009 13:10:00 +0100

German Chancellor Angela Merkel on Thursday defended her government’s handling of the global economic crisis amid ongoing criticism from abroad, at home and even within her own coalition.

German infrastructure tangled in dodgy US tax scheme

Thu, 19 Mar 2009 09:06:00 +0100

What do Berlin trams, German sewers and the stricken US insurer AIG have in common? They are all intertwined in complex financial transactions that could cost many German cities dearly.

Freelancers could lose 400,000 jobs during recession

Sun, 01 Mar 2009 13:01:00 +0100

Around 400,000 freelance workers in Germany could lose their work during the recession, the association of freelancers has warned.

Guttenberg named new economy minister

Mon, 09 Feb 2009 12:30:00 +0100

German Chancellor Angela Merkel scrambled Monday to replace Economy Minister Michael Glos after his shock resignation with Germany in recession and a general election only seven months away.