China Condemns Germany’s Hong Kong Extradition Suspension

Berlin (AP) — China has condemned Germany’s decision to suspend its extradition agreement with Hong Kong, accusing Berlin of a “serious breach of international law.” Germany’s foreign minister announced the suspension Friday following the disqualification of 12 pro-democracy candidates from legislative elections and a subsequent decision to postpone the elections. Hong Kong leader Carrie Lam […]

Germany has rejected Trump's bid to bring Russia back into the G7

Germany has rejected President Trump's suggestion that Russia should be re-admitted to the "Group of Seven" meeting of leading economies. Russia was expelled in 2014 after President Vladimir Putin annexed the Crimean Peninsula and backed a rebellion in eastern Ukraine. Heiko Maas, Germany's foreign secretary, said there was no prospect of re-admitting Russia until it […]

EU Sees Deeper Recession On Severe Impact From Covid-19

Eurozone is set to undergo an even deeper recession due to the coronavirus pandemic despite measures taken at both EU and national levels, the European Commission said in its Summer Forecast released Tuesday. The currency bloc is forecast to contract 8.7 percent in 2020 instead of 7.7 percent projected in the Spring Forecast. Nonetheless, the […]

German Exports Recover; Trade Surplus Rises

German exports recovered in May as most of the trading partners started to ease the coronavirus containment measures, data from Destatis revealed Thursday. Exports grew 9 percent month-on-month in May, reversing a 24 percent decline in April. This was the first increase in three months. Nonetheless, shipments were expected to grow at a much faster […]

German Unemployment Increases Less Than Expected

Despite the coronavirus pandemic weighing on the German economic activity, unemployment increased less than expected in June, helped by the short-time work program. Data from the Federal Employment Agency revealed that the number of unemployed persons rose by 69,000 in June from previous month, which was much less than economists’ forecast of 120,000. In May, […]

German Infection Rate Stays Around Key Threshold; Cases in Check

Sign up here for our daily coronavirus newsletter on what you need to know, and subscribe to our Covid-19 podcast for the latest news and analysis. Germany’s coronavirus infection rate fell to 1.0, a key threshold for epidemiologists, after hovering above it for three days. The number of new cases remained far below the level […]

Eurozone PMI Signals Severe Contraction

The euro area private sector contracted sharply in May, but improved from April as lockdown restrictions implemented to prevent the spread of coronavirus loosened in many economies, survey results from IHS Markit showed on Wednesday. The final composite output index rose to 31.9 in May from April’s record low of 13.6. The score was above […]

German Economic Confidence Strongest Since 2015

German economic confidence strengthened in May as the country began to partially withdraw the lockdown imposed to slow the spread of the coronavirus, or Covid-19, survey data from the ZEW – Leibniz Centre for European Economic Research showed Tuesday. The ZEW Indicator of Economic Sentiment rose 22.8 points to 51.0 in May. This was the […]

Eurozone Factory Sector Contracts At Record Pace

The euro area manufacturing sector contracted at a record pace in April as government restrictions to limit the spread of the global coronavirus, or covid-19, pandemic weighed on activity, final survey results from IHS Markit showed Monday. The final Purchasing Managers’ Index fell to 33.4 from 44.5 in March. The score was also below the […]

Merkel Announces Steps to Slowly Return Germany to Normal

German Chancellor Angela Merkel announced tentative steps to slowly start returning the country to normal, allowing some smaller shops to reopen next week and schools to gradually restart in early May. Most of the restrictive measures, however, will remain in place through May 3 and many aspects of public life will be limited for weeks […]