Tag: Germany

The Black, Red and Yellow Germany's National flag
Business

German auto association predicts 50% rise in electric car production

The German auto industry association, Verband der Automobilindustrie, has projected that electric passenger car production in Germany, the largest economy in Europe, will surge by 50% to over a million cars in 2022. According to Reuters, the rise in production will follow increased foreign demand and automakers ramping up their electric vehicle production. VDA head […]

The Black, Red and Yellow Germany's National flag
Business

Germany narrowly escapes recession in Q1 2023 – Report

Germany’s economy ministry on Friday published that the country is expected to narrowly escape recession and achieve modest growth in the first quarter of the year. According to the ministry’s report accessed by Reuters, “A technical recession of two negative quarters in a row appears to have been averted.” The report also revealed that current […]

Workers are participating in industrial action - Strike
Business

Hundreds of flights cancelled over German airport strike

German airport’s strikes over pay and work conditions have resulted in the cancellation of hundreds of flights on Friday. In addition to the most recent industrial action disrupting travel plans for some time now, strikes have taken place at four German airports. Reuters reported that German union Verdi called on security and ground handling personnel […]

People take part in the Global Climate Strike of the movement Fridays for Future, in Berlin, Germany, March 3, 2023. (File/AFP)
Business

Germany may lose €900bn to climate change by 2050

Climate change may cost Europe’s biggest economy, Germany, about 900 billion euros in cumulative economic damage by 2050. This is according to a study that came out on Monday, as Germany seeks climate adaptation measures to cut the damages bill that would be caused by the extreme weather conditions. Reuters reported that this study by […]

Chemical giant BASF’s logo marks a factory in Germany on Feb. 27. Photo: IC
Business

Chemical giant BSAF to fire 2,600 workers

A chemical giant, BASF has announced its plans to cut 2,600 jobs which account for about 2% of its global workforce owing to revenue decline, high interest rate and uncertainties from the Russian-Ukraine war. Reuters reported that the world’s largest chemical producer disclosed this in a statement on Friday. It stated that 2023 earnings before […]

Energy

We no longer rely on Russian energy – Germany

Germany’s Finance Minister, Christian Lindner, says his country has stopped importing energy directly from Russia. He told BBC that Germany no longer relies on Russian imports for its supply of energy even though Germany previously imported around half of its gas from Russia. Christian Lindner shared that the strategy of diversification of Germany’s energy infrastructure […]

News

Germany lends Tunisia $319m to finance development

German state lender KfW granted $319 million to Tunisia on Friday to finance renewable energy, water, and rural development projects. According to Reuters, the agreement was signed in Tunisia’s foreign ministry. Approximately 97% of Tunisia’s electricity is generated from fossil fuels, mainly natural gas. In 2021, nearly 45% of Tunisia’s natural gas needs were met […]

UAE to supply Germany with gas, diesel
Oil and Gas Uncategorized

UAE to supply Germany with gas, diesel

The United Arab Emirates agreed Sunday an “energy security” deal with Germany to supply liquefied natural gas and diesel as Berlin searches for new power sources to replace Russian supplies. Emirati industry minister Sultan Ahmed Al Jaber called it a “landmark new agreement” that “reinforces the rapidly growing energy partnership between the UAE and Germany”, […]

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