Allianz warns against D-Mark return
Munich - According to the insurer Allianz, a return of the D-Mark would cost Germany wealth and jobs. The result would be "a much greater shock than the Lehman crisis" warned Allianz Chief Economist Michael Heise in the daily newspaper "Die Welt" on Monday. The appreciation of up to 20 percent would increase the price of German products abroad and would reduce exports by up to 20 percent. Companies would have to reconsider their location, and the closure of production facilities could jeopardize the German economy significantly. Europe's largest insurance company warned that if this were to happen, four to five years after the end of the monetary union, there would most likely be production losses of up to 25 percent compared to a normal economic development.
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BMW and Toyota to develop a fuel cell vehicle
MUNICH (awp international) - BMW and Toyota will jointly develop a fuel cell-powered vehicle by 2020. The two car companies have signed an agreement with the producers, a gesture that would deepen their existing cooperation. There would be other projects to follow. Norbert Reithofer, the CEO of BMW explained how the entire industry is facing major challenges in the face of technological upheaval. "This cooperation is an important component to support both companies to continue to focus on the road to success," he said. BMW and Toyota agreed upon a long-term strategic partnership in June 2012.
Call for change in German TV
When stand-up comedians Larry David and Jerry Seinfeld came up with the idea for a show about nothing at the end of the 80's, they had no idea that it would become one of the most successful TV series of all time. It was so successful David and Seinfeld have become some of the best paid stars of their time. By the time their rights run out, they will have earnt no less than 1.7 billion dollars.
In the US this model is still common practice. The authors and producers hold the rights to their work and the stations pay them for the right to broadcast. This model is responsible for the large...
Bavarian companies beg for workers
September 1st is traditionally the first day to start apprenticeship in Germany. In the past, this was the time when politicians asked companies to offer more jobs so that all youth could start their job training. In Germany, adolescents get their job training in dual education within companies and professional schools, called Berufsschule.
However, the situation in Bavaria has changed dramatically. While youth unemployment within the EU is at about 25% (and in Greece and Spain at 50%), Bavarian companies are seeking apprentices due to a youth unemployment rate of only 4% in Bavaria. According...
Under the Hellas boardwalk
A public sector bloated by corruption and cronyism, practices for which Greece has been ridiculed, can also be found in what might be considered more financially-developed countries. New Jersey and Greece are more similar than you might think.
We have all heard about Greece's problems revealed by the financial crisis in 2008 and amplified by the ongoing eurozone currency crisis, from debt-to-GDP ratios and routine tax evasion to restricted access to certain professions and industries. All of these add to the view many have of Greece as effectively a third-world country. However, you might be...
We have all heard about Greece's problems revealed by the financial crisis in 2008 and amplified by the ongoing eurozone currency crisis, from debt-to-GDP ratios and routine tax evasion to restricted access to certain professions and industries. All of these add to the view many have of Greece as effectively a third-world country. However, you might be...
Renewable Energy reaches 25%
The German Association for Energy and Water Management (Bundesverband der Energie- und Wasserwirtschaft) has announced that in the overall electricity production renewable energy sources now account for a total of 25.1%. This early estimate refers to the first half of 2012.
The total electric energy produced by unconventional sources was 67.9 billion kWh. In comparison, for the first two quarters of 2011 the share was about 21% and it then decreased to 20% for the entire year. The biggest increase in electricity generation was seen in solar power, although wind generators still account for...
The total electric energy produced by unconventional sources was 67.9 billion kWh. In comparison, for the first two quarters of 2011 the share was about 21% and it then decreased to 20% for the entire year. The biggest increase in electricity generation was seen in solar power, although wind generators still account for...
Bad weather makes for juicy sales
On Monday, many shops on the streets of Munich began their summer sales. Bad weather means that "% SALE" signs are appearing prematurely in many shop windows and is providing the savvy shopper with plenty of bargains.
The summer sales -Sommerschlussverkauf or SSV -have now started in earnest in an attempt to empty the shelves of summer stock. Bargain hunters will be happy to hear that about two-thirds of high-street shops in Munich are participating in the SSV, giving discounts of up to 70%.
According to the Münchner Merkur, Bernd Ohlmann, spokesman for the Trade Union of Bavaria stated...
Amazon and the eBook story
Recent kindle releases have shown Amazon's eagerness to battle it out with Apple and Samsung on the tablet market. Amazon has released several tablet options to go along with its e-reader options in direct competition with Apple through its Kindle brand.
These tablets have been compared endlessly through various media outlets and Apple fans have scoffed at the suggestion they could be even close to comparable on performance. Apple executives have seen otherwise and released the IPad mini to put Amazon on notice, despite Steve Jobs' earlier (negative) position on a smaller Ipad. As...
These tablets have been compared endlessly through various media outlets and Apple fans have scoffed at the suggestion they could be even close to comparable on performance. Apple executives have seen otherwise and released the IPad mini to put Amazon on notice, despite Steve Jobs' earlier (negative) position on a smaller Ipad. As...
German government stalls plans for aerospace & arms merger of BAE and EADS
As British BAE and German/French aerospace and arms firms rush their plan to merge by October 10th, the German government has demanded more time to discuss the implications. While the merge has promised almost 50,000 new jobs in Germany, which would mainly be located in Bavaria and Hamburg, it would also create the world's biggest arms manufacturer. The British government has also issued a requirement to only let the merge proceed if given specific guarantees towards their nuclear deterrent. Should the merge go ahead as planned, it would result in a firm with more than 220,000 employees...
Impressive stats for Munich tourism
Already a tourist destination for other Germans and people around the world, Munich's tourism figures for the first half of 2012 are even better than those of the previous year
The Department of Labour and Economy has reported a strong start for tourism in the first part of 2012 with an increase in both the numbers of arrivals and in overnight stays. 2.8 million tourists visited Munich and the surrounding area between January and June, an increase of 3.9 percent. The number of guests choosing to stay overnight also showed a significant increase (5.4 percent) in comparison to the previous year...
Olympics 2022: bid to lose
Munich has already won one gold when it hosted the Olympics in 1972. Is it really prudent to bid on the 2022 Winter Games again?
In 1972 the capital of Bavaria hosted the Olympic Summer Games, which was tragically eclipsed by the massacre of 11 Israelis and one German police officer by Palestinian terrorists. Does Munich really want to host another Games? After Munich's bid for the 2018 Winter Games was lost to Pyeongchang, South Korea, the German Olympic Committee seemed less than enthusiastic about bidding for the 2022 Winter Games .
After losing to Vancouver and Sochi, the Koreans'...
In 1972 the capital of Bavaria hosted the Olympic Summer Games, which was tragically eclipsed by the massacre of 11 Israelis and one German police officer by Palestinian terrorists. Does Munich really want to host another Games? After Munich's bid for the 2018 Winter Games was lost to Pyeongchang, South Korea, the German Olympic Committee seemed less than enthusiastic about bidding for the 2022 Winter Games .
After losing to Vancouver and Sochi, the Koreans'...
Could the financial crisis be extending to Germany?
The financial crisis that has hit Europe has for a long time not quite affected Germany. However, major companies such as Siemens, BASF and Daimler have begun to complain about slow business and an uncertain future. It seems as though Germany could be on its way to suffering under the current european economic conditions. There are still positive signs though.
Major German companies currently report the cautious nature of their customers and a sluggish demand. Whether it be the chemical company BASF, the high-tech company Siemens, automakers Daimler or the MAN commercial vehicle - the...
Major German companies currently report the cautious nature of their customers and a sluggish demand. Whether it be the chemical company BASF, the high-tech company Siemens, automakers Daimler or the MAN commercial vehicle - the...
Spanish bulls' final run
(subheading)The German public is running out of patience for seemingly endless bailouts (subheading end)
Recently the European Union's bailout fund for banks, the European Financial Security Facility (EFSF), agreed to send EUR100 billion (EUR30 billion from Germany) to prop up faltering Spanish banks. Spain agreed to another painful round of austerity measures in order to receive the aid. It was backed by the German parliament, which signed off on the deal last week. Before the ink had dried though, investors' wobbly confidence in Spanish banks sent Spain's borrowing rate above 7%. This is...
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