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DW
35 minutes ago
- DW
Germany updates: Finance Minister in US amid tariff tension – DW – 08/04/2025
Germany's Finance Minister Lars Klingbeil is set to meet with US Treasury Secretary Scott Bessent for talks on trade and trans-Atlantic ties. His visit comes on the heels of a US-EU tariff deal. DW has more. German Finance Minister Lars Klingbeil is in Washington on his first official visit to the US since taking office office. Klingbeil is set meet US Treasury Secretary Scott Bessent to discuss trade, global cooperation, and trans-Atlantic ties. The talks follow a key deal easing tariffs between the EU and the US, cutting duties on European imports to 15%. The finance minister earlier told German media that "weaknesses" had been "exposed" during the wrangling over US tariffs. Meanwhile, just 16% of Germans say they would be willing to take up arms in the event of an attack, a new study has revealed, while more than a quarter of those surveyed said they considered a military attack on the country within the next five years to be very or somewhat likely. And Bavarian State Premier Markus Söder has called for a reduction in benefit rates for Ukrainian refugees in Finance Minister Lars Klingbeil has urged closer international cooperation as he prepares to meet US Treasury Secretary Scott Bessent in Washington on Monday, following the European Union's recent tariff deal with President Donald Trump. "I think that our weaknesses have already been exposed in the dispute with the Americans over customs duties," Klingbeil said in an interview with Deutschlandfunk radio ahead of the visit. He called for deeper coordination with other key partners such as Canada and the United Kingdom, adding, "We must become stronger." The EU and the US reached a compromise late last month after prolonged trade tensions. The deal, brokered by Trump and European Commission President Ursula von der Leyen, sets a 15% tariff on most EU exports to the US — down from a previously threatened 30%. Klingbeil welcomed the agreement but said critical details still needed clarification. He admitted he had hoped for a more favorable outcome and stressed that his priority now was to protect German jobs and industries, particularly in the steel sector. He also raised questions about elements of the agreement, including its impact on steel exports and the possibility of a quota system. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video German scientists drilled thousands of meters into the Antarctic ice sheet to retrieve the world's oldest ice sample. They hope it could provide insight into today's climate crisis. Read the full story about what the German scientists found in the Antarctic ice. Economy Minister Katherina Reiche said Monday that Germany and Europe must boost their position in the global chip market. During a visit to the construction site of chipmaker Infineon's new factory in Dresden, the CDU lawmaker said semiconductor manufacturing is vital in maintaining Germany's economic resilience and its competitiveness as a business location. The European Union currently accounts for around 8% of global semiconductor production, while the demand stands at 20%. "That means we have to catch up," Reiche said. Infineon is building a new chip facility in Dresden with €1 billion ($1.1 billion) in federal government funding contributing toward the total cost of €5 billion. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video In Germany's cities, begging is a sad reality. Every day, people like Claude and Cecilia fight for survival – and their dignity. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video German police said Monday that a man electrocuted himself while taking a selfie, after climbing onto a stationary train at Cologne central station. Police said the man got too close to a power line and suffered severe burns as a result. He was taken to hospital and, while conscious, he said he climbed onto the train roof to take a selfie, the police statement said. Even though he did not make direct contact, an electric arc was created with a current approximately 65 times stronger than that of a conventional power socket, police said. Police have asked for people who may have witnessed the incident, which occurred on Sunday, to come forward. Women in Germany are having just 1.35 children on average — a record low level. Does this say something about the country's state of prosperity, or is it a sign that women are asserting their rights? Read the full story on Germany's falling birth rate. Lawmakers from Germany's governing coalition are calling for tougher measures against unemployment benefit fraud, amid growing concerns over rising costs. "Those who exploit the system must be met with clear sanctions," Dirk Wiese, the parliamentary secretary of the Social Democratic Party (SPD), told the Redaktionsnetzwerk Deutschland (RND) media group. Wiese said he believes changes to the basic income support scheme, known as Bürgergeld, were necessary. The SPD politician also stressed that the majority of those who seek financial help while not working want to be in employment. Wiese said he also wants to see an increase to the minimum wage. Tilman Kuban, a lawmaker for the conservative Christian Democrats, which leads Germany's coalition along with the SPD, also called for more scrutiny regarding unemployment benefits. "The new basic income can only be for those who really need help — not for those who don't want to work," he told RND. In 2024, the state paid out some €46.9 billion ($54.3 billion) in basic unemployment support to around 5.5 million people. That was around €4 billion more than in 2023, according to the Ministry of Social Affairs. Police and spy agencies are keen to combat criminality and terrorism with artificial intelligence. But critics say the CIA-funded Palantir surveillance software enables "predictive policing." Read the full story on the controversial Palantir software being used by German police. German Finance Minister Lars Klingbeil (SPD) is in Washington on Monday for talks with his US counterpart Scott Bessent, a week after the EU agreed with the United States on a 15% tariff for most European goods. The pair are expected to discuss issues related to trade while also maintaining and expanding the transatlantic partnership, the Ministry of Finance said ahead of the trip. Klingbeil will also meet with World Bank President Ajay Banga and civil society actors to discuss issues of global security and sustainable growth. The premier of Bavaria, Markus Söder, said it is time to reduce the benefits for Ukrainian refugees in Germany. Söder is in favor of offering Ukrainians lower benefits under the Asylum Seekers Benefits Act, as opposed to the citizen's allowance, which is currently in place. In an interview with German broadcaster ZDF, Söder said he is in favor of reducing benefits for certain Ukrainian refugees. Söder said there should be "no more citizen's allowance for all those who have come from Ukraine." The citizen's allowance in Germany is a state welfare benefit given to those with little or no income to ensure a minimum standard of living. Around one in six Germans say they would join the military in the event of a conflict or a call to arms, a new survey revealed on Monday. Conducted by the research institute Forsa for the RND media group, the poll recorded that 16% of participants said they would "definitely" fight, while another 22% said they would "probably" do so. However, 59% said they would "probably not" or definitely not be willing to defend Germany in the event of an attack. Among women, that reluctance is 72%. More than one in four respondents (27%) said they considered a military attack on Germany within the next five years to be very or somewhat likely. Meanwhile, 59% of respondents said they felt it was likely that Germany would have to provide military assistance to another NATO member. Around 1,000 citizens took part in the survey which was carried out on July 28 and July 29, amid heightened debate regarding Germany's defense preparation and increased spending in this area. According to Forsa, the results carry a margin of error of plus or minus three percentage points. In May, German Foreign Minister Johann Wadephul said that Berlin accepts in principle the demand from the United States that NATO member states increase defense spending to 5% of GDP. Currently, Germany spends around 2% of its GDP on defense. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video from the DW newsroom. German Finance Minister Lars Klingbeil is in Washington for talks with his US counterpart Scott Bessent. Elsewhere, Markus Söder has called for an end to the citizen's allowance for Ukrainian refugees in Germany, preferring to offer lower benefits under the Asylum Seekers Benefits Act. A survey of around 1,000 German citizens has been conducted, amid heightened discussion over the country's defense readiness. Follow us for stories on how Germany is coping with the myriad of challenges faced by many countries today, as well as a general roundup of the major talking points regarding Europe's largest economy.
Civil.ge
36 minutes ago
- Civil.ge
Authorities Study Leasing Deal Between Khazaradze Family and German Ambassador
The Revenue Service of Georgia said it was studying 'possible violation of tax law' in a leasing deal between the family of Mamuka Khazaradze, jailed leader of the opposition Lelo/Strong Georgia coalition, and German Ambassador Peter Fischer. The statement follows reports by pro-Georgian Dream media that the German Ambassador was leasing a residence from Khazaradze's family, while it was 'unknown' whether there was a leasing agreement and whether Khazaradze's family was paying relevant taxes. Khazaradze's lawyers confirmed the deal, but said there was an agreement 'executed in compliance with all legal rules' and accused pro-GD media of spreading 'distorted information.' 'Following the information disseminated in the public domain, an analysis of the issue revealed a possible violation of tax law, which is why the Revenue Service has already begun investigating the facts and will conduct tax control measures specified by law in order to fully study the information,' the Revenue Service said in its August 4 statement , citing 'high public interest' in providing information about 'possible tax evasion' in the leasing deal betwen Khazaradze family and the German diplomat. Pro-government Rustavi 2 TV channel reported on August 1 that the German Ambassador's 'up to 300 square meter' residence on Kavlashvili Street in downtown Tbilisi belonged to Irina Khazaradze, the Lelo leader's wife. The channel claimed it was unclear whether a formal lease agreement existed and whether the Khazaradze family was paying income tax on the arrangement. Leaders of the ruling Georgian Dream party seized on the media reports, with GD Prime Minister Irakli Kobakhidze saying the ambassador 'put himself in an uncomfortable position and, more, he put his state, his Foreign Ministry, in an uncomfortable position.' 'Let us see, wait for the information regarding the finances, how the expenses were covered, taxes were paid, and so on, all of this is very interesting,' Kobakhidze told reporters in Shovi, Racha, on August 3. 'When you rent a residence from a leader of a certain political party and then you present yourself as a staunch supporter of this political party, it raises a lot more questions.' The lawyers of Khazaradze's family issued a statement on August 2, calling the 'distorted information' spread by the pro-government channel 'another propagandistic attack' both on Khazaradze's family and the German state. 'There is a notarized agreement (N221439682 / 21.10.2022) about leasing the property in possession of the Khazaradze family to the German Ambassador, executed in compliance with all legal rules,' the lawyers said. 'Any other, i.e., undocumented cooperation with the diplomatic representation of the German Federation is impossible!' Ambassador Fischer, a vocal critic of the Georgian Dream government's anti-democratic actions, has faced repeated attacks from the ruling party and its supporters, including public verbal insults . Other European diplomats, including the EU Ambassador, have likewise been targets of sustained accusations and attacks by the ruling party leadership, drawing condemnation from Brussels. This post is also available in: ქართული
The Star
an hour ago
- The Star
Bosch's India unit posts higher quarterly profit on strong auto parts sales
FILE PHOTO: Bosch logo is seen on packets in this illustration taken June 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -Bosch reported a higher first-quarter profit on Monday, helped by strong sales of spare auto parts to passenger and off-highway vehicles as well as demand for its consumer electronic goods. The Indian unit of German automotive supplier Robert Bosch reported a pre-tax adjusted profit of 8.38 billion rupees ($95.7 million) in the April-June period, up from 6.11 billion rupees a year ago. The profit figure does not include a one-time gain of 5.56 billion rupees tied to the sale of its video solutions business. Quarterly revenue climbed 11%, led by the automotive business' 13.5% rise. For further earnings highlights, click here. KEY CONTEXT Bosch, India's top auto parts maker by market valuation, is the first among its peers to report results in a quarter where overall auto sales by manufacturers to dealers dropped 5%. Analysts at Motilal Oswal said the company likely benefited from higher after-market sales of auto parts. The automotive business, Bosch's biggest segment, contributes more than 80% of overall revenue. India is a key hub for Bosch, with a focus on cost-effective making of parts ranging from fuel injectors to spark plugs. The unit gets 90% of its revenue from local sales. PEER COMPARISON Estimates (next 12 Analysts' sentiment months) RIC PE EV/EBI Revenue Profit Mean # of Stock to Div TDA growth (%) growth rating* analyst price yield (%) s target** (%) Bosch Ltd 49.13 40.89 10.46 13.11 Hold 4 1.34 1.27 Samvardhana 21.02 8.86 7.89 20.35 Buy 21 0.84 0.58 Motherson International Ltd UNO Minda Ltd 46.41 25.17 18.21 26.70 Buy 16 0.92 0.22 Sona BLW Precision 35.71 19.75 23.01 17.43 Buy 16 0.81 0.71 Forgings Ltd * The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT APRIL-JUNE STOCK PERFORMANCE -- All data from LSEG -- $1 = 87.5790 Indian rupees (Reporting by Nandan Mandayam in Bengaluru; Editing by Harikrishnan Nair and Sahal Muhammed)
