germany
The European Commission has launched an in-depth investigation into its 2021 decision to approve €321 million in restructuring aid from Germany for the airline Condor. This move comes after the General Court of the EU annulled the initial approval in May 2023, citing an insufficient assessment by the Commission on whether Germany received adequate remuneration for the bailout. Court ruling prompts new probe into bailout termsThe General Court of the EU’s decision in May overturned the Commission’s earlier approval of the state aid, which had been contested by rival airline Ryanair. The court f...
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Japan is set to contribute $3.3 billion in loans to Ukraine, as part of a coordinated effort by the Group of Seven (G7) nations to support the country amidst its ongoing conflict with Russia. This initiative uses interest from Russian sovereign assets that have been frozen under international sanctions imposed after Moscow’s invasion of Ukraine. G7 commits to $50 billion aid package for UkraineIn June, G7 leaders convened in Italy and agreed to a comprehensive support package totalling $50 billion for Ukraine. This financial aid aims to bolster Ukraine’s defences and aid in the reconstruction ...
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Germany’s Interior Ministry announced on Tuesday the ban of the right-wing extremist publication Compact magazine, a significant move in the country’s ongoing battle against hate speech and extremist propaganda. The ban also encompasses Compact’s subsidiary, Conspect Film, prohibiting any continuation of their activities. Raids across multiple statesIn conjunction with the ban, authorities conducted searches across properties linked to the magazine in four German states: Brandenburg, Hesse, Saxony, and Saxony-Anhalt. These raids aimed to confiscate assets and gather evidence to reinforce the b...
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On Tuesday, Germany’s financial regulator BaFin highlighted significant issues with Deutsche Bank’s 2019 financial statement, focusing on the incomplete disclosure of deferred tax assets. The regulator, formally known as the Federal Financial Supervisory Authority, stated that Deutsche Bank’s declarations regarding deferred tax assets did not meet international accounting standards. The specifics of the disclosure errorBaFin’s examination revealed that Deutsche Bank failed to separately disclose €2.076 billion ($2.26 billion) worth of deferred tax assets related to its U.S. operations. Accordi...
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Hugo Boss shares experienced a significant drop, plunging as much as 10% on Tuesday following a revision in the company’s sales outlook for the full year. The German luxury fashion house adjusted its forecast to a range of up to €4.35 billion ($4.73 billion), down from the previous estimate of up to €4.45 billion. The company attributed this revision to ongoing macroeconomic and geopolitical challenges, particularly in key markets such as China and the UK Sales and profit decline in Q2 as challenges persistThe company reported that its group sales fell by 1% on a preliminary basis in the secon...
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Germany has announced plans to phase out components from Chinese telecom giants Huawei and ZTE from its 5G networks by 2029 due to national security concerns. This strategic move aims to mitigate security risks and reduce dependency on these firms for critical infrastructure. Core components to be replaced by 2026By the end of 2026, Germany will eliminate the use of Huawei and ZTE parts in its core 5G mobile networks, according to the interior ministry. Core networks, which handle sensitive data and essential communication functions, are considered the “central nervous systems” of the nation’s...
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Germany’s unemployment rate increased to 6% in June, reaching its highest level since May 2021, according to a report released by the Federal Employment Agency on Friday. This rise reflects growing concerns about the country’s economic stability amid global uncertainties. Unemployment numbers increase The number of unemployed people in Germany grew by 19,000 in June, exceeding analysts’ predictions. This follows a similar increase in May, when the number of unemployed people rose by 25,000. The steady rise in unemployment highlights ongoing challenges in the German labour market, potentially i...
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The US State Department has announced a $5 million (£3.9 million) reward for information leading to the arrest or conviction of Ruja Ignatova, the founder of OneCoin and self-proclaimed “Cryptoqueen”. Ignatova disappeared in Athens in 2017 after allegedly orchestrating one of the largest Ponzi schemes in history, defrauding investors of approximately $4 billion (£3.1 billion). Background of OneCoin scheme OneCoin operated through a network of promoters who solicited investments in return for tokens purported to be cryptocurrencies. OneCoin was not based on any blockchain technology, and Ignato...
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Electric vehicle maker Rivian Automotive Inc (NASDAQ: RIVN) hosted an open investors’ call last night, at 6pm Eastern Time, at which it discussed the new $5 billion dollar deal that sent the Rivian stock price soaring yesterday. The Rivian stock priceAs a result, Rivian’s share price rose $5.97, or 49.92%, in after-hours trading. At the time of this article going to press, Rivian’s stock was already up 8.63% today in premarket trading, to a current share price of $11.96. Volkswagen to invest $5 billion into RivianOn June 25 yesterday, both Volkswagen Group (ETR: VOW3) and Rivian announced that...
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The German business climate saw a decline in June, with the Business Climate Index dropping from 89.3 in May to 88.6, according to the Institute for Economic Research (Ifo) report released on Monday. This dip indicates ongoing difficulties in the German economy as it struggles to overcome stagnation. Business climate index declines The Business Climate Index, a crucial indicator of business sentiment in Germany, fell to 88.6 in June, down from 89.3 in May. This decline reflects growing concerns among businesses about the current economic environment and their future prospects. The index’s drop...
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