The European Central Bank on Thursday cut its main interest rate by 25 basis points to 1.00 percent – marking a new record low for borrowing costs in the eurozone.
German sports equipment and clothing maker Adidas posted a huge drop in first quarter profit on Tuesday while announcing a global reorganisation billed as a "game-changing structural refinement."
German bank Hypo Real Estate (HRE) posted on Tuesday a first quarter loss of €382 million euros ($511 million) as the state pursued its bid to nationalise the troubled property lender.
US investor Christopher Flowers, who heads a consortium owning almost a quarter of Hypo Real Estate (HRE), has refused an offer by the German government to buy the shares to nationalise the troubled mortgage lender.
Germany slashed its economic forecast on Wednesday, predicting one of the worst recessions in the developed world this year. But Economy Minister Karl-Theodor zu Guttenberg raised hopes of a recovery in 2010.
German automaker Daimler said Monday it would give up its 19.9 percent stake in its former US unit Chrysler and forgiving outstanding loans from the struggling Detroit firm.
Germany's largest bank, Deutsche Bank, posted strong first quarter results on Tuesday, becoming the latest major bank in Europe and North America to offer hope for an eventual end to the financial crisis.
German consumer confidence is resisting a deep recession in Europe's biggest economy but could still be done in by rising unemployment, the latest survey by the GfK research institute showed on Monday.
The economy is tanking, people are losing their jobs, but is Germany really on the brink of widespread civil unrest? The Local’s Marc Young explains why you won’t see riots in central Berlin or Munich this summer.
Business confidence in Germany has risen from record lows, a key index showed Friday, offering a small ray of hope following a week of dire forecasts for Europe's biggest economy.
Germany's economy is poised to shrink by a record six percent this year – the worst recession since World War II – a group of top economic institutes said on Thursday.
Europe's biggest carmaker Volkswagen has hit the skids this year with "extremely weak" economic conditions slashing profits and sending sales down sharply, results showed Wednesday.
Public workers’ union Verdi has encouraged the German government to provide aid for ailing retail and travel company Arcandor, which runs household names like the Karstadt department stores and Thomas Cook travel agency, the <i>Westdeutsche Allgemeine Zeitung</i> reported on Wednesday.
Germany has struck a broad agreement on a plan to clean up toxic assets from banks' balance sheets, Finance Minister Peer Steinbrück said Tuesday after a crunch meeting with key government leaders.
An important economic sentiment index posted a surprising rebound on Tuesday, but Germany is still reportedly expecting the worst recession since World War II.
Economy Minister Karl-Theodor zu Guttenberg harshly criticized bankers just days before a major economic summit in the Chancellery in an interview to be published Sunday in the news magazine <i>Der Spiegel</i>.
The recession has reached the German sex industry, with many brothels offering specials to keep business pumping, daily <i>Süddeutsche Zeitung</i> reported on Friday.
Some 5,000 German retailers are on the verge of ruin due to rising rents, the HDE industry association told daily <i>Neue Rhein Zeitung</i> on Thursday.
German beer brewers will likely lower their prices to maintain beer sales during the recession, President of the DBB German brewer’s association told daily <i>Berliner Zeitung</i> on Wednesday.
The Woolworth department store chain took a further step toward collapse Tuesday when a Frankfurt court said it had been placed under administration in Germany three months after its last British store shut down.
The German hospitality industry will likely lose up to 60,000 jobs in the next year as the recession takes hold, hotel and restaurant association Dehoga said on Tuesday.
German industrial output fell 2.9 percent in February from January, the economy ministry said Thursday, as demand for goods from Europe's largest economy dried up amid the global recession.
The German government launched a takeover of troubled Hypo Real Estate bank on Thursday with the aim of stabilising the financial markets as the worst recession since the 1930s sets in.
The German cabinet agreed to extend the popular car-scrapping bonus Wednesday morning, earmarking a further €3.5 billion for the scheme. The bonus, which can be claimed until the end of the year, will also remain at €2,500, government sources said.
Germany posted a 23.1 percent drop in exports in February from the same month in 2008, provisional data released Wednesday by the National Statistical Office (Destatis) showed.
