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Tag: Germany

Nigeria, Germany partner on SME growth
News

Nigeria, Germany partner on SME growth

Nigeria and Germany have decided to work together more closely in order to support the country’s micro, small, and medium-sized businesses. The News Agency of Nigeria reported that the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, made these remarks in Abuja at a bilateral meeting between her ministry and the German Ministry of Economic Development. […]

X introduces new subscription plans for premium users
News Tech

German agency to delete X handle over discrimination

The Federal Anti-Discrimination Agency of Germany announced that it would delete its account on the social networking site X. The agency has decided to shut its account due to the growing intolerance of minorities displayed by site users, and has advised other organisations to do the same. Ferda Ataman, the agency’s commissioner, said in a […]

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

Germany’s economy enters recession in Q1 as GDP falls by 0.3%

Recent data updated by the federal statistical agency reveals that the German economy experienced an unforeseen decline during the initial quarter of this year, officially placing the nation in a state of recession. According to Reuters, the Gross Domestic Product experienced a decline of 0.3% during the quarter, after being adjusted for both price and […]

Workers are participating in industrial action - Strike
Business

Workers’ strike disrupt German railway services

Railway employees in Germany initiated a strike on Friday, resulting in the disruption of the German railway services owing from a series of stoppages over pay. According to Reuters, the walkout was organised by the German transport union, EVG, and intended to continue for eight hours.  It was expected to affect the train network for […]

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

Germany bank Deutsche moves to reduce workforce

The largest bank in Germany, Deutsche Bank, is reportedly planning to reduce the number of members on its executive board from 10 to nine. Additionally, the bank is said to be looking to cut some jobs in its infrastructure and private banking businesses in an effort to save costs. According to Reuters, these measures come […]

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

Germany to help mineral-rich countries with processing infrastructure

The Chancellor of Germany,  Olaf Scholz announced on Sunday that Germany aims to help mineral-rich countries such as Chile, Indonesia, and Namibia in establishing their processing infrastructure to decrease their dependence on China. Reuters reported that Berlin is seeking to balance its relationship with China and decrease reliance on China for crucial inputs such as […]

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 […]

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