Economic news on companies, work, consumer issues, markets and developments in Germany and Europe.
Volkswagen's supervisory board meeting, the works council has given CEO Oliver Blume until Friday to unequivocally address rumors about potential plant closures, according to NDR.
The German Association of Family Doctors has called on the country's 16 states to stop a planned savings package aimed at stabilizing statutory health insurance contributions. The Bundestag is set to vote on the bill on Friday.
The neobroker Trade Republic has reached an out-of-court settlement with the consumer advice center of Baden-Württemberg over its interest rate offering. According to WirtschaftsWoche, Trade Republic agreed to stop using certain advertising claims.
Salzgitter AG is fully acquiring Duisburg-based steel company HKM. Around 2,000 of the 3,000 jobs are expected to be eliminated.
The electronics chain Saturn has shrunk to 27 stores, but parent company Ceconomy does not plan to abandon the brand. Starting in 2027, Saturn showrooms are planned in MediaMarkt stores, the company announced.
According to a survey by credit agency Crif, more than half of Germans plan to save more or cut spending in the future. Nearly four out of five respondents worry about their financial situation.
The US oil company ExxonMobil is investing one billion dollars in Nigeria, marking its return to drilling activities in the country. The new project is expected to deliver first production within 18 months.
From July 9 to 20, there will be a transition period before new conditions take effect on July 21. Anyone who already has a valid confirmation of application or a technical project description can still apply under the previous conditions during the transition period.
Germany builds too expensively and too complicatedly. A new study shows that excessive standards are slowing housing construction and that square meter prices have risen by 600 euros in 25 years.
In Hesse, a federal housing corporation is seen as unnecessary. According to FAZ, the state already has capable companies building homes, such as in Frankfurt's Schönhofviertel, the largest new development quarter in Hesse.
Oil prices have risen again while the DAX posted significant losses. The reason is the ongoing tensions in the Middle East, which are unsettling investors, as reported by Tagesschau.
Deutsche Bahn has announced another delay in the renovation of the Nuremberg-Regensburg line. The company said the connection, which has been closed since February, will now remain shut until July 31.
The DAX is trading in the red on Wednesday morning, while the oil price has risen by up to four percent. The background is new US bombings of Iranian targets and tightened sanctions.
The head of German energy company EnBW, Georg Stamatelopoulos, is calling for a reduction in the country's offshore wind power expansion targets. Citing rising costs, he argues for postponing the 70-gigawatt goal, as reported by the Frankfurter Allgemeine Zeitung.
The Bundestag has created the legal basis for a new purchase premium for electric cars. Starting in May, buyers can receive between 1,500 and 6,000 euros depending on the model and income.
German industry invests little in factories and machinery, but according to a study by the World Intellectual Property Organization (WIPO), it is among the top performers in intangible assets such as research and development.
According to a KPMG survey, nearly a third of executives struggle to understand the cost structures of AI usage in their companies. 42 percent have only partial insight into AI spending.
Germany plans to build a strategic gas reserve to protect against future supply disruptions. According to Reuters, the Federal Ministry for Economic Affairs is pushing ahead with plans for an emergency reserve.
The German government plans to significantly reduce grants for heat pumps and other climate-friendly heating systems. According to Spiegel, around 2.1 billion euros are to be saved by 2030.
Industrial production in Germany rose by 0.9 percent in May compared to the previous month, driven by the automotive and construction sectors, according to the Federal Statistical Office.
The Munich-based nuclear fusion startup Proxima Fusion has raised €411 million in a funding round and is now valued at more than €2.4 billion.
Customers of internet provider 1&1 have been unable to use the company's cloud app for months. The company describes the outage as isolated cases and asks affected users for patience.
The IG Metall union has called for a nationwide day of action at Volkswagen on Thursday, coinciding with a supervisory board meeting that will discuss tightened cost-cutting plans.
The International Monetary Fund (IMF) projects that five smaller European economies will grow by more than 3.5 percent annually through 2031—more than double the eurozone's expected rate. Ukraine ranks third with an average of 3.8 percent.
German industry received more orders than expected in May, according to the Federal Statistical Office. Orders rose by 1.9 percent compared to the previous month.
The neobroker Trade Republic is expanding its trading offering to 30 domestic and international exchanges and introducing automatic best-price execution, the company announced.
The defense startup Helsing can build a factory in Hallbergmoos near Munich. The community approved the project with a large majority, as Heise reports.
After hitting a record high on Friday, the DAX is expected to start the new week cautiously, according to Tagesschau. While US rate hikes are becoming less likely, the situation in the Middle East and concerns about the AI sector are dampening sentiment.
The sports car manufacturer Porsche may cut up to 4,000 additional jobs, according to information from the Handelsblatt. The cuts would come on top of already announced job reductions.
Security experts warn that WhatsApp usernames could be used for identity theft, while Alibaba prohibits employees from using Anthropic's Claude AI. Meanwhile, the Stargate UK data center project turns out to be a PR stunt.
After the German government announced that bakeries and libraries would be allowed to open longer on Sundays from 2027, trade associations are calling for the rule to be extended to all retail stores.
Franz-Josef Leven, director of the German Equity Institute (DAI), warns against overburdening the new capital pension with ESG requirements and forcing investments domestically.
A new study by the German Economic Institute (IW) shows that buying and living in your own home in Germany is significantly less attractive financially than renting it out. The difference in returns over 15 years amounts to around 87,000 euros.
Leading economists say the German government's planned reform package is insufficient to revive the struggling economy.
The Federation of German Industries (BDI) has called for swift implementation of the reform package. BDI Managing Director Tanja Gönner told Deutschlandfunk that the coalition leaders' plans underscore their willingness to reform and ability to act.
A government-appointed commission has proposed 33 recommendations to stabilize Germany's statutory pension system, including a controversial link between the retirement age and rising life expectancy.
The pension commission has presented a reform proposal that critics say places the main burden on younger generations, failing to achieve intergenerational fairness.
Resistance is mounting on Volkswagen's supervisory board against possible plant closures. Board member Julia Willie Hamburg calls the plans an inadequate future strategy.
The German government plans to abolish the VAT exemption for Deutsche Post on business mail. The federal government expects additional annual revenue of 115 million euros.
The US government has rejected an extension of the USMCA free trade agreement with Mexico and Canada in its current form.