CAIRNS Australia (Reuters) – As the Group of 20 leading economies meet to change no less than the “destiny” of the global economy, members remain divided on how to get there with Germany pushing back at U.S. calls for more government stimulus.
Opening the meeting of finance ministers and central bankers, Australian Treasurer Joe Hockey outlined an ambitious agenda of boosting world growth, fireproofing the global banking system and closing tax loopholes for giant multi-nationals.
BERLIN (Reuters) – German Finance Minister Wolfgang Schaeuble would consider granting tax breaks to companies for income generated from patented or licensed research as long as uniform rules are put in place to prevent unfair competition for foreign investment.
The comments to Reuters, days before a meeting of G20 finance ministers in Australia, are the clearest sign yet that Germany could accept a practice that industry has long supported, but which in its current form has allowed mulitnational firms to avoid paying taxes.
BERLIN (Reuters) – The European Central Bank (ECB) has assured Germany it is not trying to manipulate the euro, German Finance Minister Wolfgang Schaeuble told Reuters on Tuesday, adding he was not concerned about recent swings in the single currency’s exchange rate.
“The president of the ECB confirmed in my presence in Milan (on the weekend) that the ECB is of course sticking to the agreements we have made in the framework of the G7 and G20,” Schaeuble said in an interview.
July 30 (Reuters) – Germany’s Environment Agency said it
wanted to make fracking practically impossible to head off the
risk that the technique for extracting gas could contaminate
groundwater with chemicals.
The agency’s view, in a report on Wednesday, feeds into a
fierce debate about fracking as Chancellor Angela Merkel’s
government draws up new rules on water protection and mining,
which will determine the future policy toward fracking.
BERLIN, July 17 (Reuters) – German industry expressed
concern on Thursday that business with Russia will suffer
further after the European Union stepped up sanctions on Moscow
for not doing enough to ease the crisis in Ukraine.
Jens Nagel of Germany’s BGA trade association said Brussels
and Washington had no choice but to toughen sanctions on Russia
even though it would hurt firms, but added that he was worried
the process would keep “spiralling” upwards.
BERLIN, July 2 (Reuters) – A proposed Franco-German defence
merger to create Europe’s biggest maker of tanks and other
ground armaments would be scrutinised to see if it threatens
Germany’s security interests, the German economy ministry said.
The deal between France’s Nexter and Germany’s Krauss-Maffei
Wegmann (KMW), announced on Tuesday, was heralded as a means of
cutting costs among arms suppliers at a time when defence
spending is under pressure.
BERLIN (Reuters) – German Finance Minister Wolfgang Schaeuble warned on Thursday in the clearest terms yet about the risks of loose monetary policy for Europe’s largest economy, saying low interest rates were already spawning “dangerous” rises in domestic property prices.
Schaeuble has long warned about the threat of speculative bubbles forming as a result of excess liquidity, but his comments at a news conference with visiting U.S. Treasury Secretary Jack Lew went beyond his usual line that low rates must correct higher over time.
WASHINGTON, April 11 (Reuters) – The world’s top economies
are monitoring the economic situation in Ukraine for any fallout
that may pose risks to economic and financial stability, the
Group of 20 finance ministers and central bankers said on Friday
in a final communique.
G20 officials also kept up the pressure on the United
States, which has held up IMF reforms agreed in 2010 that would
double the Fund’s resources and give more say to emerging
markets. The G20 said it was “deeply disappointed” in the delays
and will work with the IMF on options on how to advance the
reforms if the United States did not move forward by year-end.
BERLIN, March 12 (Reuters) – A trade conflict between Russia
and Europe over Ukraine would hurt German business but it would
be life-threatening for the Russian economy, Germany’s main
trade body said on Wednesday, making its forecasts conditional
on the crisis in Crimea.
“All in all, we are optimistic about foreign business with
large parts of the world. Unfortunately, that is not true for
business with Russia,” said Anton Boerner, president of the BGA
BERLIN (Reuters) – A German business group says the imposition of economic sanctions on Russia should the Ukraine crisis worsen would have a huge effect on the global economy.
Eckhard Cordes, head of Germany’s Committee on Eastern European Economic Relations, told Reuters: “We feel a clear sense of unease and the fear that the crisis will worsen, bringing with it a spiral of sanctions which will have a massive impact on the economy.”