Category Archives: Germany

German car industry rocked by vote-rigging in auto prize

BERLIN/FRANKFURT — Germany’s ADAC car club, Europe’s largest and most influential, said on Monday revelations it had falsified results of its annual car award struck at the core of its credibility and critics raised questions about its car safety tests.

Volkswagen said it was considering giving back the award.

ADAC communications director Michael Ramstetter resigned in disgrace after conceding he manipulated the results of the car club’s coveted «Yellow Angel» award for Germany’s favorite car, which was won last week by the Volkswagen Golf model.

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German watchdog plans to step up FX probe at Deutsche: report

German watchdog plans to step up FX probe at Deutsche: report

FRANKFURT — Germany’s top banking watchdog plans to intensify its probe into possible manipulation of benchmark foreign exchange rates at Deutsche Bank (DBKGn.DE) by launching a so-called special investigation, magazine Der Spiegel reported on Sunday.

Designating its ongoing probe as a special investigation would put the case at the top of regulator Bafin’s priority list and open the door to more intensive queries.

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Germany borrowed 4 billion euros less than expected in 2013 — research center

Germany borrowed 4 billion euros less than expected in 2013 - research center

BERLIN — Germany’s federal government likely borrowed some 4 billion euros less than it initially projected in 2013, due to higher tax revenues, an economist with the IfW economic research center said on Wednesday.

Berlin borrowed a net 21.1 billion euros compared with the 25.1 billion euros Finance Minister Wolfgang Schaeuble had projected for the year, IfW’s Alfred Boss predicted.

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German judges refer ECBs bond-buying to European Court

KARLSRUHE, Germany — Germany’s Constitutional Court will refer a complaint against the European Central Bank’s flagship bond-buying plan to the European Court, removing the prospect of it curbing the program.

The court said on Friday there was good reason to think the scheme «exceeds the European Central Bank’s monetary policy mandate and thus infringes the powers of the member states, and that it violates the prohibition of monetary financing of the budget».

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