Visitors attending Europe’s biggest travel fair were stranded in Berlin as striking ground workers forced almost all flights in and out of the German capital to be canceled. About 670 arrivals and departures were scrapped at Berlin’s Tegel and Schoenefeld airports on Friday, after the Ver.di union called on more than 2,000 airfield and terminal employees to walk out in a pay dispute.
Category: Germany
Belgian-German Chipmaker X-Fab Plans $530 Million IPO
German-based chipmaker X-Fab Silicon Foundries SE is raising about 500 million euros via an initial public offering in order to fund its global production expansion. The company with headquarters in Erfurt, central Germany, said Tuesday it intends to list shares on the Euronext Paris exchange.
German Chancellor Angela Merkel to Testify on Volkswagen Emissions Scandal
German Chancellor Angela Merkel, a staunch defender of the country’s car industry, testifies this week before a parliamentary investigation into Volkswagen AG’s diesel cheating that is looking into any relationship between her lobbying and the scandal. Lawmakers will focus on Ms.
Germany: Man hits 3 with car and flees, is shot by police
A car stands in front of a store, guarded by police in Heidelberg, Germany, Saturday, Feb. 25, 2017. A man apparently drove a car into pedestrians in a central square in the city of Heidelberg, injuring three people, then fled and was shot after being tracked down by officers, police said.
Trivago Shrugs Off New Competition From Priceline, TripAdvisor
Trivago NV, the German hotel search site that went public in December, isn’t concerned about competitive threats from rivals TripAdvisor Inc. and Priceline Group Inc., as the market is still big enough for everyone to grow. Sales are expected to increase 45 percent to around 1.1 billion euros in 2017, the Dusseldorf, Germany-based company said Friday, sending shares up as much as 4.8 percent in New York.
German Yields Hit Record Low, French Bond Spreads Widen as Political Concerns Intensify
Germany’s two-year government bond yields hit a record low Monday amid rising political uncertainty in the region as officials meet in Brussels to debate the ongoing bailout in Greece. Germany’s two-year government bond yields hit a record low Monday amid rising political uncertainty in the region as officials meet in Brussels to debate the ongoing bailout in Greece and polls indicate rising support for far-right Presidential candidate Marine Le Pen.
UN Syria envoy seeks momentum in upcoming Geneva talks
Staffan de Mistura, UN Special Envoy of the Secretary General for Syria, speaks on the last day of the Munich Security Conference in Munich, Germany, Sunday Feb.19, 2017. Staffan de Mistura, UN Special Envoy of the Secretary General for Syria, speaks on the last day of the Munich Security Conference in Munich, Germany, Sunday Feb.19, 2017.
Merkel Says Weak Euro Isn’t Her `Problem’ in Stand on Trump
German Chancellor Angela Merkel said the euro has a “valuation problem” that’s beyond her control and questioned President Donald Trump’s suggestion that the German luxury cars in his New York neighborhood reflect an unfair trade advantage. Merkel said the euro’s exchange rate does contribute to Germany’s trade surplus, though that’s because European Central Bank’s needs to set monetary policy that responds to disparate economic performances across 19 nations.
Stada Bid War Unfolds as Third Suitor Offers $3.84 Billion
Stada Arzneimittel AG is weighing offers as a bidding war for one of the last remaining generic-drug businesses of its size in Germany and Russia begins to unfold. The company said Thursday it received interest from a third firm that made a non-binding offer of 58 euros a share, or about 3.61 billion euros .
Berlin Connects Refugees With Locals for Market Training, Movie Screenings
The festival is living up to its reputation as the most socially conscious annual film event. Says one refugee: “Here is safety and you can live in peace.”
Germany Picks Ex-Foreign Minister Steinmeier as President
A special assembly elected former German foreign minister Frank-Walter Steinmeier by an overwhelming majority Sunday to be the country’s new president. Steinmeier was elected in Berlin by the assembly made up of the 630 members of parliament’s lower house and an equal number of representatives from Germany’s 16 states.
Germany Picks Anti-Trump President as Trans-Atlantic Bonds Fray
The Social Democrat who served two stints as foreign minister under Chancellor Angela Merkel emerged as her governing coalition’s candidate last November as the parties sought to avoid a political spat over the appointment in an election year. With the support of Merkel’s Christian Democratic-led bloc and the Social Democrats in a special assembly on Sunday, Steinmeier is all but assured victory to the mostly ceremonial post. While Merkel steered clear of sharing her views on Trump before his election as president, her top diplomat vociferously derided what he saw as a campaign that broke taboos and threatened trans-Atlantic bonds.
Berlin Festival Tightens Security After Christmas Attack
“We have no intel on a planned attack during the festival, but we will be on high alert,” says a Berlin police spokesman. Berlin prides itself on being the casual alternative to Cannes, but in the wake of the Christmas market attack in the German capital in December, the festival has tightened security.
Brexit Bulletin: In Case of Emergency
Tucked away in the final pages of the government’s 75-page plan for the Brexit negotiations was the line that the government would draft emergency laws to protect the economy in the event that the talks break down without the sweeping free trade deal May wants. “The government is clear that no deal for the U.K. is better than a bad deal for the U.K.,” the white paper said.
EU’s – Dead’ Bank-Tax Plan Lives on in German, French Elections
A European proposal for a tax on financial transactions is trapped in limbo: financial realities won’t let it come to life while political opportunism won’t allow it to die a quick death. The tax initiative is being kept alive largely for domestic political reasons as German Chancellor Angela Merkel bids for a fourth term and France prepares for presidential elections this year.
EU Populists See Trump Victory as Beginning of End for Old Order
Europe’s populist right predicted Donald Trump’s entry into the White House will herald the end of the old way of doing business in the west, as the continent’s leaders wrestled with how to deal with the new president. Anti-establishment politicians including Marine Le Pen, head of the National Front in France, and Geert Wilders of the Dutch Freedom Party echoed the combative language of the new U.S. president’s inaugural address at a celebratory rally in Koblenz, western Germany, on Saturday while Chancellor Angela Merkel was trying to reassure her supporters at a meeting in the country’s industrial heartland.
Facebook Pushes Back as Germany Weighs Fines for Malicious Posts
Facebook Inc. defended itself against criticism in Germany that it’s not doing enough to combat hate speech and fake news, telling Chancellor Angela Merkel’s party lawmakers that ridding its platform of such content is highly complex. The social media giant takes its responsibility to fight hate speech and fake news “very seriously,” but countermeasures shouldn’t be applied with a broad brush, because that might have an undesirable impact on free speech, said Eva-Maria Kirschsieper, Facebook’s chief lobbyist in Germany, at a conference Wednesday organized by Merkel’s Christian Democrat-led caucus in Berlin.
Trump’s Emerging Europe Policy Prompts Calls for Closer EU Unity
European governments called for cool heads and tighter unity as they reacted with shock to President-elect Donald Trump’s remarks slamming NATO and predicting European Union nations would follow the U.K. out of the bloc. Trump’s comments, which call into question the depth of continued U.S. support for free trade and European defense, sent shock-waves around the EU at a time when governments are already battling to deal with the rise of nationalism, Brexit and a belligerent Russia.
Trump Offers Britain Quick Trade Accord as He Shuns Europe
U.S. President-elect Donald Trump said he would offer the U.K. a quick and “fair” trade deal when he meets Prime Minister Theresa May shortly after taking office, as he signaled a major shift in trans-Atlantic relations. “We’re gonna work very hard to get it done quickly and done properly.
DIARY-Top Economic Events to Feb. 22
ECB Board Member Yves Mersch will deliver a speech at the farewell ceremony for Bank of Finland Deputy Governor Pentti Hakkarainen in Helsinki – 1230 GMT. PARIS – ECB Board Member Peter Praet will participate in a panel discussion on “How to deal with potential secular stagnation?” at the conference “Secular Stagnation and Growth Measurement” organised by Banque de France in Paris – 2115 GMT.
VW Managers Safe From Extradition, as Long as They Stay Home
Five German Volkswagen AG executives facing U.S. charges linked to the diesel-emissions scandal may be able to avoid jail, but they may never be able to travel beyond the Black Forest again. While Germany doesn’t extradite its citizens to countries outside the European Union, the U.S. can seek an international arrest warrant that would be executed if any of the men left the country.
VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal
Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which VW said Tuesday will include a guilty plea, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.
VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal
Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which VW said Tuesday will include a guilty plea, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.
VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal
Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which will include a guilty plea according to VW, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.
VW Managers Warned to Stay in Germany as U.S. Charges Near
Some of Volkswagen AG’s top executives may find it risky to leave Germany as U.S. prosecutors prepare to charge more company officials. Oliver Schmidt, a VW executive, was arrested in Miami as he was returning to Germany from vacation and faces charges of misleading regulators about the automaker’s diesel-emissions cheating devices.
Hilton Worldwide (HLT) Gets ‘Sell’ Rating, Stock Slips
Hilton Worldwide stock was downgraded to a “sell” from a “hold” at Hamburg, Germany-based Berenberg , a day after the hotel operator split itself into three separate, publicly traded companies. Berenberg analysts do “see a number of positive features in Hilton,” such as strong structural growth and potential shareholder returns of $3.8 billion over the next three years.
Summers and Eurasia Start the New Year With Dire Global Warnings
Former U.S. Treasury Secretary Lawrence Summers said investors are far too sanguine about the risks of Donald Trump’s policies, which analysts at Eurasia Group say could contribute to a level of global instability not seen since World War II. The Harvard professor, a Democrat who was Treasury chief under Bill Clinton, on Tuesday cited the possibility of protectionist measures by the U.S. as well as changes to foreign policy and domestic social programs as issues that are creating “extraordinary uncertainty.”
Amazon or Netflix could now board the 10-part limited series on the life of Adolf Hitler.
Leading German commercial network RTL has dropped plans to back an ambitious 10-part limited series on the life of Adolf Hitler. The project, from Berlin-based UFA Fiction – producers of Deutschland 83 and Generation War – and Beta Film, whose credits include hit Italian mafia drama Gomorrah and Tom Tykwer’s upcoming period series Babylon Berlin , has been one of the most talked-about series since it was unveiled at TV market MIPCOM in 2015.
Berlin truck attack suspect killed in Milan police shootout
Mustapha Amri and Walid Amri, the father and brother of the suspect in the truck attack, display a photo of Anis Amri in Oueslatia, Tunisia. Mustapha Amri and Walid Amri, the father and brother of the suspect in the truck attack, display a photo of Anis Amri in Oueslatia, Tunisia.
Porsche Holding Wins Hedge Fund Lawsuit at German Top Court
Porsche Automobil Holding SE won a key legal victory in its effort to end years of litigation stemming from a failed attempt to take full control of Volkswagen AG in 2008. Germany’s highest civil court dismissed an appeal by 19 hedge funds including Viking Global Equities LP, Glenhill Capital LP and David Einhorn’s Greenlight Capital Inc., Porsche Holding said Friday in a statement.
Merkel Said to Close Off Banks-for-Cars Brexit Deal Before Talks
Chancellor Angela Merkel is seeking to stiffen German resolve on Brexit, singling out the car industry as vulnerable to any British attempt to strike market-access deals ahead of the U.K.’s exit from the European Union. In a closed-door meeting with German lawmakers, Merkel said some industries might press for such accords with the U.K. government and that political leaders should oppose them, according to two people who attended.
Lufthansa, Etihad to Explore Deeper Links After Code-Share Deal
Deutsche Lufthansa AG and Etihad Airways PJSC of Abu Dhabi agreed to share seat sales in the first step of what could be deeper cooperation between the former adversaries. The two airlines will initially code-share on Etihad’s twice-daily flights linking Abu Dhabi with Frankfurt and Munich, and the German carrier’s services connecting Frankfurt with Rio de Janeiro and Bogota, according to a joint statement on Friday.