Top 5 Business News Stories of Germany in the Past Week
Germany has always been a hub of business opportunities, and its thriving economy never ceases to amaze the world with its performance. As we approach the end of the week, let’s take a look at the top 5 business news stories that made headlines in Germany.
1. Volkswagen and Microsoft Collaborating on Automated Driving
Volkswagen and Microsoft have recently joined hands to collaborate on automated driving. As part of a new partnership, Volkswagen will be leveraging Microsoft’s cloud and AI technology to develop an autonomous driving platform. This collaboration is aimed at revolutionizing the future of driving and enhancing safety in the automotive industry.
2. Siemens Announces Its New CEO
Joe Kaeser, the current CEO of Siemens, will be stepping down from his position after seven years of dedicated service. Siemens has announced that Roland Busch, the current Deputy CEO of Siemens, will be stepping up as the new CEO. This change in leadership comes at a crucial time for Siemens, as the company aims to expand its services and adapt to the changing market conditions.
3. Germany Seeks to Levy Tax on Foreign Digital Companies
The German government is seeking to introduce a new tax law that would levy taxes on foreign digital companies, such as Amazon, Google, and Facebook. The proposed tax would be equivalent to 3% of the companies’ revenue derived from the German market. This move is aimed at ensuring that foreign digital companies in Germany pay their fair share of taxes, which would contribute to the country’s economy.
4. Deutsche Bank Plans to Cut Thousands of Jobs
Deutsche Bank has announced its plans to cut thousands of jobs over the next few years, as part of its ongoing cost-cutting measures. The bank is aiming to reduce its headcount by approximately 18,000 employees, which equates to around a fifth of its total workforce. This move is aimed at streamlining the bank’s operations and reducing its expenses.
5. Germany’s Trade Surplus Continues to Grow
Germany’s trade surplus has continued to grow over the past week, driven by its high-tech exports and strong manufacturing industry. The country’s current account surplus hit a record high of €261.4 billion last year, which was equivalent to 7.9% of its gross domestic product. This growth in Germany’s trade surplus is a strong indicator of the strength of its economy, which is expected to continue its upward trajectory.
In conclusion, Germany’s business world has witnessed a myriad of events in the past week, ranging from collaborations between companies to changes in leadership and the economy. These developments are indicative of Germany’s strong position in the global marketplace, and its continued efforts to innovate and grow as a country.
