economy
German Defence Minister Boris Pistorius said strict limits on government borrowing in German law cannot be allowed to curtail necessary spending on defence and military preparedness. Pistorius told dpa during a visit to New York on Wednesday that military spending, as well as some emergency response funding, should be excluded from the so-called debt brake rules that are written into Germany's constitution. The controversial debt brake rules, which were added to the German constitution in 2009, only allow the government to rely on borrowing for deficit spending under certain conditions. Pistor...
DPA International
German Defence Minister Boris Pistorius said strict limits on government borrowing in German law cannot be allowed to curtail necessary spending on defence and military preparedness. Pistorius told dpa during a visit to New York on Wednesday that military spending, as well as some emergency response funding, should be excluded from the so-called debt brake rules that are written into Germany's constitution. The controversial debt brake rules, which were added to the German constitution in 2009, only allow the government to rely on borrowing for deficit spending under certain conditions. Pistor...
DPA International
Experts believe that Germany hosting the men's European Football Championship in June and July will have no direct effect on the flagging economy. Euro 2024 will be held across 10 cities from June 14-July 14. It is the biggest sporting event to be held in Germany since the 2006 men's football World Cup, which is fondly remembered by Germans as the "summer fairytale" for its cultural - if not necessarily - economic impact. "The Euros could have a positive psychological and indirect effect on the German economy. Hotels and the catering industry in particular will benefit from additional demand, ...
DPA International
The European Parliament on Wednesday approved a forthcoming law on when workers on platforms like Uber and Deliveroo should be treated as employees. Platforms have argued that such workers are self-employed, excluding them from some European Union labour rights such as paid holidays and sick leave. The Platform Work Directive would classify workers on "gig-economy" apps as employees in cases where platforms control factors such as how much money workers are paid or their working hours, or supervise their performance electronically. EU legislators approved by 554 votes to 56 a draft legal text ...
DPA International
Hundreds of thousands of people have taken to the streets in Argentina to protest against cuts in the higher education sector. According to the University of Buenos Aires, more than 500,000 demonstrators protested in the capital alone on Tuesday against the strict austerity programme of President Javier Milei's ultra-liberal government. "We are defending the public, open and free university, which is one of the great achievements of our people and which we will not give up," said Nobel Peace Prize winner Adolfo Pérez Esquivel at the central rally in front of the Casa Rosada, the seat of govern...
DPA International
Thyssenkrupp Steel's announcement late on Thursday of production cuts at its plant in the western German city of Duisburg has raised alarm and concern among local leaders. Thyssenkrupp management announced that production capacity in Duisburg would be significantly reduced, including through "as yet unquantified job losses." Around 27,000 people currently work for thyssenkrupp Steel, Germany's largest steelmaker and a division of industrial giant thyssenkrupp. About 13,000 of those workers are employed in Duisburg. Trade union leaders responded on Friday that they would only discuss production...
DPA International
Thyssenkrupp Steel's announcement late on Thursday of production cuts at its plant in the western German city of Duisburg has raised alarm and concern among local leaders. Thyssenkrupp management announced that production capacity in Duisburg would be significantly reduced, including through "as yet unquantified job losses." Around 27,000 people currently work for thyssenkrupp Steel, Germany's largest steelmaker and a division of industrial giant thyssenkrupp. About 13,000 of those workers are employed in Duisburg. A labour agreement between tyssenkrupp Steel and trade unions currently rules o...
DPA International
Thyssenkrupp Steel's announcement late on Thursday of production cuts at its plant in the western German city of Duisburg has raised alarm and concern among local leaders. Thyssenkrupp management announced that production capacity in Duisburg would be significantly reduced, including through "as yet unquantified job losses." Around 27,000 people currently work for thyssenkrupp Steel, Germany's largest steelmaker and a division of industrial giant thyssenkrupp. About 13,000 of those workers are employed in Duisburg. A labour agreement between tyssenkrupp Steel and trade unions currently rules o...
DPA International
Rental prices for agricultural land in Germany have risen significantly in recent years, reaching an average cost per hectare last year of €357 ($381), according to government figures released on Friday. Last year's average rents are a 9% increase over 2020, when rent for a hectare stood at €329, according to Germany's Federal Statistical Office. According to the report, there were major regional differences in rents. While an average lease fee of €99 per hectare was estimated for the state Saarland, which borders Luxembourg and France, an average of €560 was due in the state of North Rhine-We...
DPA International
German Finance Minister Christian Lindner sharply criticized European Commission President Ursula von der Leyen's performance in office on Thursday, less than two months ahead of European Parliament elections. "The past years under a (European) Commission headed by Ursula von der Leyen were lost years for competitiveness," Lindner, a leading member of Germany's liberal-conservative Free Democrats (FDP), said on Thursday in Luxembourg at a meeting of eurozone finance ministers. Von der Leyen is a member of Germany's centre-right Christian Democrats (CDU) who spent years as a minister under form...
DPA International
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