BERLIN—The German economy failed to return to its pre-pandemic size in 2021 as microchip shortages hit production in the car industry and further COVID-19 restrictions slowed down the recovery of Europe’s largest economy in the final months of the year. Gross domestic product grew 2.7 percent in 2021 after plunging 4.6 percent in the first…
German Economy Short of Pre-Pandemic Level Despite 2.7 Percent Growth in 2021
German Industry Expects Economy to Grow by 3.5 Percent in 2022
BERLIN—Germany’s BDI industry association said on Thursday it expected Europe’s largest economy to grow 3.5 percent this year, giving a more cautious forecast than the government as it warned companies could face another “stop-and-go year” due to the pandemic. “The order books are full, but production is not keeping pace with demand. Pandemic restrictions and…
German Hospitality, Retail Firms Put More Staff on Shorter Hours in December
BERLIN—Coronavirus restrictions in hospitality and retail pushed up the number of German employees put on reduced working hours in job protection schemes in December, the Ifo economic institute said on Wednesday. The number of workers on short-time work schemes, also known as Kurzarbeit, rose by nearly a quarter to 879,000 from 712,000 in November, Ifo…
German Court to Rule in Row Over Funding for Cruise Shipbuilder MV Werften
BERLIN—A German court will rule next week in a case brought by Genting Group against a German regional government after a row over funding for cruise shipbuilder MV Werften, which filed for insolvency on Monday. Genting, led by Malaysian tycoon Tan Sri Lim Kok Thay, bought MV Werften in 2016. The pandemic has hit the…
German Industrial Orders Bounce Back on Strong Foreign Demand
BERLIN—Higher demand from abroad drove a bigger-than-expected rebound in German industrial orders in November, in rare good news for manufacturers suffering from supply bottlenecks and labor shortages in Europe’s largest economy. Goods orders rose 3.7 percent on the month in seasonally adjusted terms after a revised drop of 5.8 percent in October, figures from the…
Hawkish Fed, German Inflation Push 10-Year Bund Yield up Closer to Zero Percent
LONDON—-Germany’s 10-year bond yield lurched closer to positive territory on Thursday, just as borrowing costs across the euro area hit new highs in the face of a hawkish tone from the U.S. Federal Reserve and fresh signs of high German inflation. Italy’s 10-year bond yield was 4 basis points higher on the day at 1.28…
German Watchdog Puts Google Under Closer Antitrust Scrutiny
January 5, 2022
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LONDON—Germany’s antitrust watchdog paved the way Wednesday for extra scrutiny of Google by designating it a company of “paramount significance,” the first to get that label since regulators got more power to curb abusive practices by big digital companies. The Bundeskartellamt said its decision comes after rules were introduced last year that allow it “to…
US Authorizes German Firm Siemens Healthineers’ At-home COVID-19 Test
December 30, 2021
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The U.S. drug regulator has granted emergency use authorization to German health technology company Siemens Healthineers’ at-home COVID-19 tests, a move that will boost availability of tests pressured by rising infection cases. The approval comes at a time when companies such as Walmart Inc., Walgreens Boots Alliance, and CVS Health Corp. have limited sales of…
German Finance Watchdog Fines Deutsche Bank for EURIBOR Controls
FRANKFURT—The German financial regulator BaFin on Wednesday said it had fined Deutsche Bank $10 million for controls related to the Euro Interbank Offered Rate (EURIBOR), a setback for the nation’s largest lender as it seeks to restore its reputation. The fine of 8.66 million euros ($9.77 million) is the first imposed by BaFin under a…
A New Year’s Roast for Riches: Bacon-Wrapped Pork Loin With Cider-Braised Sauerkraut
2021 has undoubtedly been a tough year for most of us. If you could use a little bit of luck and good fortune in the New Year, you might want to start at the dinner table. In many New Year’s traditions around the world, the way you start the year is thought to influence the…
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