In a tax fraud case that generated billions of dollars, Deutsche Bank has agreed to pay nearly 554 million dollars and admit criminal wrongdoing. The New York attorney General’s office explained that the German bank admitted participating “in financial transactions which furthered fraudulent tax shelters that generated billions of dollars in US tax losses” A…
Category Archives: Germany
BMW Enters Automotive Financing Market Will lend €100m to new Buyers
After securing approval to open a Dublin-based finance operation, GERMAN car giant BMW hopes to lend up to €100m to the Irish market next year. Phillip Kelly, BMW’s Irish Financial Services manager said that Irish market for car financing was solid despite the recession. Kelly said that in the first ten days of work, over…
ProSiebenSat.1 May Sell TV channels
ProSiebenSat.1, A German media group, may be selling parts of its activities in the Netherlands, Scandinavia and Belgium. Investment bank JP Morgen has been commission to evaluate what contributions the sales of various business areas could contribute, according to CEO Thomas Ebeling. The evaluation should determine which parts of the company would achieve “an attractive…
Siemens’ Prepares Indian Finance Fund
The fund is to start operations by March 2011, and with a major concentration in the health-care industry. Siemens Financial Services (SFS) is the financial services division of the big German technology company Siemens AG. SFS will be offering a complete range of services in India. The company has requested the Reserve Bank of India’s…
German President Wulff Praises German-Israeli Scientific Projects.
This week, President Wulff visited the Hebrew University campus where tens of projects are underway with research institutions in Germany. German universities and the Hebrew University of Jerusalem are jointly undertaking many research projects. These include researching brain function and tracking demented people with global positioning system devices to document their cognitive decline – due…
German Export Surplus Increasing Rapidly
German exports will increase 16 per cent this year to €937 billion and clear the €1 trillion mark next year, according to the German foreign trade association, BGA, last week. German exports are growing because its industry produces exactly what the world’s rapidly growing emerging economies want and need: industrial plants, specialized machinery, luxury vehicles…
German Economy Developing Less Rapidly
Orders and production in September fell even lower than in the previous month. There was a drop of 1.3 percent recorded by manufacturing firms which was the largest decline in nearly a half year, the Federal Statistics Office said on Tuesday. Manufactures have increased prices and seasonally adjusted minus of 2.8 percent. In August, sales…
BMW Megacity to be produced in Leipzig plant
BMW has announced € 400 million investment at its plant in Leipzig. The Leipzig plant has been chosen for the production of future Megacity, the urban all-electric mark whose launch is planned for 2013. The carbon fiber used in its production will come from an American factory town with the SGL Group. Also, certain components…
Satisfied despite Reduction in profits
The German Telekom company is satisfied with its sales and profit in the third quarter. Although the company posted a decline in profits the Telekom sees itself on course in all of the important areas. This year “everything went well,” chief executive Rene Obermann said Thursday in front of journalists in Bonn. The especially strong…
Fondak anniversary – the First German equity fund industry is 60 years old
The German Equity fund industry celebrated its 60th anniversary. On 30 October 1950, Fondak, the first German equity fund was launched. Fondak stands for Fund for German shares. In the six decades of its existence, this fund has been established as the classic German Fund. During that time, the Fondak has recorded on average a…
