UN Warns of Deep World Recession

 UN economists warned Monday that the world economy will enter a deep recession if numerous stimulus packages being worked out by individual nations fail to improve the credit crunch and restore consumer confidence soon.


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EU Proposes $260 Billion Stimulus Plan

 The European Commission has announced a new 200 billion euro ($259 billion) stimulus package aimed at steering the bloc out of a recession.

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Germany, Luxembourg Call For EU Rescue Of Car Industry

 German Foreign Minister Frank-Walter Steinmeier joined the debate over whether the ailing European car industry should be saved by individual countries by calling on the EU to consider a Europe-wide rescue package.

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Merkel Locked In Talks With GM Unit Opel

 Chancellor Merkel is holding an emergency meeting with Opel's management to work out a plan to aid the troubled car maker. But two Cabinet members emphasized an industry-wide bailout was not the solution.

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Deutsche Bahn to Test Channel Link

The German railway, Deutsche Bahn, says it will test a high-speed train in the Channel Tunnel between France and Britain sometime around October 19.

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France Weighs In On German Wage Debate

French Finance Minister Christine Lagarde seized on remarks by German Chancelor Angela Merkel on Monday expressing support for German workers who are not benefiting from the country's boom.

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The Real State of Germany’s Economy

The government reported a record 2.2 per cent rise in the gross domestic product during the second quarter - the fastest quarterly growth rate seen in reunified Germany. But there is more to it than meets the eye.

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Berlin Cabinet Backs Tax on German Banks

Germany's cabinet agreed to a new tax on banks, with Berlin continuing to press other governments to implement a similar levy to help meet the costs of future financial crises.

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Airship Hindenburg Lends Name to Crash Theory

The Hindenburg Omen was triggered last week when the steep drop of U.S. stocks raised fears of a more severe sell-off ahead. The indicator is named after the airship Hindenburg that crashed in Lakehurst, N.J., in 1937.

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Berlin's Economy Shows Some Life

Berlin is “poor, but sexy,” says Mayor Klaus Wowereit. But there is more to it: Germany’s capital also is growing faster economically than all other regions. However, problems persist.

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Germany, a High-Wage Country, Reports Soaring Exports

While America has "exported" its manufacturing base to low wage countries around the globe over the past few decades, Germany did just the opposite - and is reaping the benefits.

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"Das Auto" Set to Become World's Biggest Car Maker by 2018, Beating Toyota

Volkswagen posted its best quarterly profit in several years, resulting from its brisk business in China on higher demand for VW Jetta and Lavida and Audi A6.

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EU Court Nixes US Claim to Budweiser Name

Europe's highest court ruled Thursday that brewing giant Anheuser-Busch could not register "Budweiser" as a trademark for its beer.

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Most European Banks Survive Stress Tests

With one exception, German banks passed financial stress tests to see if they could survive a future financial crisis. Of 91 Euro banks tested, only seven failed.

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Hochtief Wins Madison Square Garden Deal

The  US unit of Germany's engineering firm Hochtief AG won a contract to modernize New York’s iconic Madison Square Garden, home of the New York Knicks and New York Rangers.

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German Rail to Compete in France, UK

German national rail provider Deutsche Bahn plans to expand its long-haul offerings to include foreign destinations such as southern France and the UK, the company said on Friday. 

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H&M Opens More Stores in America

H&M of Sweden, the world's third-biggest fashion group after Gap of the US and Spain's Zara, announced it will expand it its major markets, including the U.S.

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Germany, France, UK Plan Bank Levies

Germany, France and the U.K. jointly called for levies on banks’ balance sheets in an attempt to overcome opposition to the proposal by other members of the Group of 20 nations before this week’s summit.

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Economist Blasts German Austerity Measures

US economist Paul Krugman says that Germany has begun imposing austerity measures far too soon and that it could endanger fragile economic growth. His comments are just the latest in a trans-Atlantic dispute about fiscal policy.

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Indian Seen as Next Deutsche Bank CEO

In a major boardroom reshuffle, Anshu Jain of India is seen as the prime candidate to succeed Josef Ackermann as Chief of Deutsche Bank AG.

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Euro Bank Chief Faults Berlin, Paris for Crisis

The President of the European Central Bank Jean-Claude Trichet strongly criticized banks for their behaviour following the global financial crisis, in a German media interview released Saturday.

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Switzerland Cashes in on Soccer Win

Switzerland’s shock defeat of Spain in the World Cup has opened the floodgates of business activity as firms try to cash in on the euphoria of fans.

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GM Ends Quest for Euro Loans

General Motors Co., after being rebuffed by the German government last week, said it has decided to withdraw all applications for national loans across Europe for Opel and Vauxhall brands.

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Kraft Among Eight Charged in Pricing Plot

Eight of the most recognized coffee companies, including Kraft Foods' German unit,  have been fined a total of 30 million euros for price-fixing. Germany's competition regulator said the companies coordinated prices for ten years.

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Berggruen Holdings Wins Bid for Karstadt

The US-German Berggruen Holdings Ltd group won the bidding for Karstadt AG, edging out two other offers for the German department store operator owned by insolvent Arcandor AG.

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ECB Purchases of Greek Bonds Under Fire

German Bankers reportedly have blasted the Frankfurt-based, French-dominated European Central Bank (ECB) for buying Greek state bonds -- a move they say aids mainly French banks that are heavily exposed in Greece.

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Volkswagen Buys Italian Car Design Firm

Volkswagen said it was buying a 90.1 percent stake in Italian auto designer Italdesign. The Wolfsburg-based company gave no  details on price.

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Goldman Sachs Said to Prepare Karstadt Bid

Goldman Sachs is bidding for Karstadt department stores, the newspaper Bild am Sonntag reported. Photo: Flagship store Kaufhaus des Westens in Berlin.

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DB Chief Doubts Greece Can Repay Loans

The head of Germany's biggest bank has cast doubt on whether Greece will be able to repay billions of euros in loans, prompting fierce criticism in the financial press.

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Second Austrian to Join Siemens Top Brass

Austrian Brigitte Ederer will become a member of the board  of Siemens AG as well as head of its European human resources department. Siemens is run by Austrian Peter Löscher.

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