economy
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
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
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
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
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
Big Western brands like Starbucks, Chanel and VW all withdrew from Russia after the Kremlin launched an all-out invasion of Ukraine. But the gaps in the market they left behind have long been filled by local firms. In Moscow's central Evropeysky shopping mall - whose name translates as "European" - most vacancies seen briefly after the West began imposing sanctions over the Ukraine war are occupied again. Retailers are selling fashion from Turkey, appliances from German manufacturer Miele and tech by Apple, all things that shouldn't be here but somehow manage to get across the border after bei...
DPA
A budget package signed by President Joe Biden on Saturday to fund US government operations for the current financial year includes a $228 million in security aid for the Baltic States, the Estonian Foreign Ministry said. According to Tallin, the US allocated $228 million to Estonia, Latvia and Lithuania through the Baltic Security Initiative (BSI), designed to support the countries' developing of air defence, maritime situational awareness and land forces. "Support from the US has significantly helped Estonia, Latvia and Lithuania fast track several military infrastructure and capability deve...
DPA
A multibillion-euro growth package to boost businesses in Germany, promising tax relief and less bureaucracy, was approved by lawmakers on Friday, but the business community was not impressed with the much-reduced final result. Originally, the law was intended to be a €7 billion ($7.6 billion) per year all-round package for all sectors, providing relief for companies in the economic downturn and incentivizing investment in climate-friendly measures. The law was passed in the lower house, or Bundestag, but the federal states in the upper house, the Bundesrat, balked at it and sent it to a media...
DPA
A multibillion-euro growth package to boost businesses in Germany, promising tax relief and less bureaucracy, is approved by lawmakers in the upper house of parliament. On Wednesday evening a mediation committee of Germany's upper and lower house - the Bundesrat and Bundestag - reached a majority in favour of the growth package. The parliamentary state secretary for finance, Katja Hessel, on Friday said the compromise was "the urgent signal that the economy needs now." Germany, the largest economy in the European Union, is projected to grow by a meagre 0.2% this year, according to a recent for...
DPA
The Lebanese Army has long been considered the guarantor of national security in Lebanon but today, it is economically weakened to the extent that it can barely pay its soldiers. “In the morning I go about my job in the army,” a soldier who prefers to remain anonymous tells dpa. “I drive a taxi in the afternoon and at night and on weekends,” he says. This is what he must do to feed his children, the soldier adds. Many military personnel in Lebanon find themselves in similar circumstances. The soldiers' poor economic situation poses a security risk for Lebanon and the region at a time of growin...
DPA
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