German subsidies of up to €4,000 for new electric or hybrid vehicles aren’t proving popular. Of the €600 million available, only €78 million have been paid out since the program launched two years ago.
German financial regulator BaFin is getting fewer complaints about investment advisors. The register introduced after the financial crisis had 4,353 complaints last year, compared to 9,720 in 2012, its first year.
EU parliamentary representative Jens Gieseke, a member of Angela Merkel’s conservatives, called for a relaxation of CO2 reduction targets by 2030 because current plans are “unrealistic.”
At least 16 people died when a boat with 160 refugees on board sank off the coast of Turkish Cyprus. Around 30 people are still missing. (CNN Türk)
Continental, the world’s fourth-largest tiremaker, plans to split up into four parts focusing on rubber, autonomous driving, vehicle networking and powertrain technologies. It aims to list a minority of the latter business on the stock market.
Berlin opposes a breakup of steel conglomerate ThyssenKrupp, whose CEO and chairman resigned under pressure from activist investors.
The European Commission confirmed a quota for steel products imported into the EU, and a levy of 25% on imports above the limit. The measure, a retaliation against US steel tariffs, will apply as of Thursday.
Chinese car-parts maker Ningbo Jifeng no longer wants majority ownership of German peer Grammer, instead settling on 36% as the threshold at which it will buy Grammer shares.
Some 3,000 General Electric employees in Germany will no longer work for GE once these divisions are sold off, as part of the company’s restructuring.
Google needs to pay a €4.3 billion antitrust fine to the European Commission, the second EU penalty in the billions within a year. The competition authority found that the US tech giant forces mobile phone makers to install Google apps when they run Google’s operating system, Android.
The German Soccer League, DFL, rebuffed entrepreneur Martin Kind’s bid to buy a majority stake in Hannover 96. The DFL then asked the German antitrust watchdog to review the league’s takeover rules.
Swiss drugmaker Novartis won’t raise prices in the US, citing political circumstances. British rival Pfizer canceled price hikes recently after Donald Trump called its CEO and complained.
Around 800 Tesla owners in Germany have to pay back €4,000 in subsidies because the Model S is too expensive to qualify. Tesla will cover the cost and appeal the clawback. (Electrek)
Bavaria’s state police started its own checks at the Austrian border to stem the inflow of refugees. Facing elections in October, state premier Markus Söder advocates a tough line on migration.
Easyjet expects 175 million pounds ($228 million) in annual losses from its new operations at Berlin Tegel airport, for which it acquired landing rights from bankrupt Air Berlin last year.
A convicted supporter of neo-Nazi terror, Ralf Wohlleben, has been released from detention, pending his appeal. There’s no longer a risk the man will flee, a Munich court said.
The region Lower Austria has drafted a regulation to restrict the sale of kosher meat to Jews who only eat kosher food. The Austrian state wants to limit animal suffering. (Wiener Zeitung)
State-owned Cologne Bonn Airport paid over €130 million in incentives to attract flights from low-cost carriers such as Eurowings and Ryanair. An auditor criticized the payments, because accounts did not document any service in return.
Germany’s Supreme Court by and large confirmed the legality of the country’s compulsory public broadcasting fee, an €8 billion sum paid by consumers and companies.
Artificial intelligence will fundamentally reshape work and economies, and Germany and Europe should master the technology, Economics Minister Peter Altmaier said. Berlin approved strategic outlines to support AI development in Germany.
The European Central Bank said its bond-buying program has probably helped to reduce income inequality in the euro zone, as the €2 trillion stimulus boosted economic growth and helped low-skilled people find a job.
Tehran wants the German Bundesbank to transfer billions of euros to Iran to help it sell oil to India. The EU also wants European central banks to wire euros to Iran to keep the nuclear deal alive.
The government is set to approve a law to help 150,000 long-term unemployed people find work again. Berlin will pay their salaries the first two years, but capped at the minimum wage.
Angela Merkel’s government approved a draft law to send refugees back to Morocco, Tunisia, Algeria and Georgia, declaring the countries safe. The Upper House previously blocked the initiative and might reject it again.
Euro-zone consumer price inflation rose to 2.0% in June from 1.9% a month earlier, confirming a preliminary figure from three weeks ago.
Germany’s manufacturing industry, including makers of machines, vehicles and chemicals, had an order backlog of 5.6 months, unchanged from a month earlier – the highest level since tracking began in 2015.
Scout24 will buy consumer credit platform Finanzcheck.de for €285 million, adding a new business to its real estate and automobile classifieds websites.
In a surprise statement, commercial property owner TLG said it would replace its executive board, nominating Jürgen Overath and Gerald Klinck as managers as of October 1.
The CEO of Swiss cooperative banking group Raiffeisen, Patrik Gisel, will resign at the end of this year due to a criminal investigation into alleged fraud by his predecessor, Pierin Vincenz. Mr. Gisel previously was Vincenz’s deputy.
EU Commission President Juncker, who has been busy signing trade accords in Asia, will go to the White House next week to discuss trade with President Trump, along with security, energy and fighting terrorism. (AP)
Chancellor Angela Merkel’s conservative alliance CDU/CSU registered its lowest approval since 2010 in a new poll at only 30.5 percent. The two parties’ clash over refugees last month threatened to bring down the government. (Reuters)
Shareholders of French rail giant Alstom overwhelmingly approved the planned merger with Siemens rail operations, leaving the verdict of antitrust authorities as the only remaining hurdle. (Reuters)