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☆ Are you sure you have nothing to declare? Let Arnold Schwarzenegger and his pricey watch be a lesson to us all.
▼ + stars: | 2024-01-18 | by ( Monica Humphries | ) www.businessinsider.com time to read: +4 min

Arnold Schwarzenegger was detained at Munich's airport after bringing a watch he planned to gift. Schwarzenegger had not declared the item, which is required by Germany's customs authority. A luxury travel agent says this is an important rule to keep in mind if you're traveling with gifts. AdvertisementArnold Schwarzenegger was detained for more than two hours at Germany's Munich International Airport after failing to declare a luxury watch, CNN reported. Advertisement"The watch will likely still be auctioned tomorrow, and the Schwarzenegger Climate Initiative will properly report it, as all of Arnold's non-profits do," the source told BI.

Persons: Arnold Schwarzenegger, Schwarzenegger, —, Thomas Meister, Meister, Michael Trager Organizations: Service, Germany's, CNN, Germany's Central Customs Authority, EU, Austrian, Schwarzenegger, Initiative, Travelers, Customs Authority's, Customs Authority, TravelZork, Travel Edge Locations: California, Munich, Kitzbuhel, Austria, d3sign, Germany

The 41-year-old Ofarim must pay a fine of 10,000 euros ($10,950), and he apologized to the hotel manager who was a co-plaintiff in the case. “I would like to apologize to you," he said, addressing the hotel manager. "I am sorry.”Political Cartoons View All 1267 ImagesThe hotel manager accepted the apology, dpa reported. Ofarim had accused the Leipzig hotel of antisemitism in October 2021 in a video that quickly went viral on social media. “For two years, Gil Ofarim accused employees of a Leipzig hotel of antisemitism.

Persons: David, Gil Ofarim, ” Ofarim, “, Ofarim, Abi Ofarim, Esther, Germany's, ” Organizations: BERLIN, dpa, Westin, Central Council Locations: Israeli, German, Leipzig, Germany

☆ The vice-president of Germany's central bank has a warning for lenders as insolvencies rise
▼ + stars: | 2023-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Germany's major banks need to increase their provisions for non-performing loans, as corporate insolvencies and credit risks mount, according to Bundesbank Vice-President Claudia Buch. Lawmakers in Berlin are meanwhile scrambling for solutions to a developing budget crisis that could threaten the future of the country's coalition government. Like the rest of the euro zone, the German economy is dealing with a rapid rise in interest rates, as the European Central Bank took its main deposit facility from a record low of -0.5% in September 2019 to a record-high of 4% in September 2023. "I will say that, actually, the financial sector dealt quite well with this increase in interest rates. "Resilience is really of utmost importance at the current juncture.

Persons: Claudia Buch, Buch, CNBC's Annette Weisbach Organizations: Lawmakers, European Central Bank Locations: Europe, Berlin

☆ A luxury cruise liner bound for Europe got diverted to a cargo-ship crash where several people likely died
▼ + stars: | 2023-10-25 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

Numerous rescue ships and a cruise liner rushed to the scene of a cargo ship crash on Tuesday. Two cargo ships collided, with one sinking, in the early morning. AdvertisementAdvertisementA fatal crash between two cargo ships in the North Sea on Tuesday saw multiple vessels brought in for a rescue attempt. One was a luxury cruise liner headed for the major European port of Rotterdam in the Netherlands. AdvertisementAdvertisementThe P&O cruise liner the Iona seen at port in Lisbon., Portugal, on January 12, 2022.

Persons: —, Verity —, Verity, CMME, twitter.com/sji, tim e, hal, tod, meg Organizations: Service, Germany's Central Command, Maritime Emergencies, Guardian, wea, ue, P&O Locations: Rotterdam, Netherlands, Helgoland, British, Polish

BERLIN (AP) — Two cargo ships collided in the North Sea off the coast of Germany on Tuesday and one of them sank, German authorities said. The site of the collision was about 31 kilometers (19 miles) northeast of Langeoog island, which is just off the German mainland. Several rescue ships and aircraft taking part in the search hadn't located the missing crew members by late afternoon. The Verity was 91 meters (299 feet) long and 14 meters (46 feet) wide. The Polesie is 190 meters (623 feet) long and 29 meters (95 feet) wide.

Persons: Verity, Robby Renner, Michael Ippich, couldn't, Renner, Iona Organizations: BERLIN, Germany's, Command, Maritime Emergencies, Rescue Service, Rescuers Locations: North, Germany, Helgoland, Langeoog, Bremen, Immingham, Cuxhaven, Bahamas, Hamburg, Spain, Rotterdam

☆ Threats to Jewish life in Germany an outrage, says President
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +2 min

[1/6] A person wears a sign that reads "Against terror and radicalism, for peace and humanity", as they attend the rally "Against terror and antisemitism! The Holocaust meant that Germany had a particular responsibility to protect Jewish lives, Steinmeier told a solidarity rally convened in Berlin by its five main democratic parties, its Jewish community, trade unions and employers' organisations. Every attack against Jewish residents or institutions in Germany was an "outrage", Steinmeier added. Some Jewish parents have stopped taking their children to school out of fears for their safety. Steinmeier said terror was also impacting people on the Gaza Strip "whose interests Hamas only pretends to represent."

Persons: Frank, Walter Steinmeier, Steinmeier, David, Thomas Escritt, John Stonestreet Organizations: Germany's Central, of, Police, Thomson Locations: Israel, Brandenburg, BERLIN, Germany, Berlin, Gaza

The new German central bank (Bundesbank) vice-president Claudia Buch poses during a photocall at the Bundesbank headquarters in Frankfurt, May 20, 2014. Buch, who has been the vice-president of Germany's central bank for 10 years after a career in academia, was chosen last week over Spain's Margarita Delgado, the European Parliament's preferred candidate. The EU Parliament will have a final say on the appointment on Wednesday at a vote scheduled for 1400 GMT. At the hearing, Buch said she would immediately resign from her role as an alternate if appointed as chief supervisor. ECB President Christine Lagarde said last week that the 26-member Governing Council followed the rules in Buch's selection.

Persons: Claudia Buch, Ralph Orlowski, Buch, Spain's Margarita Delgado, Joachim Nagel, Christine Lagarde, Marco Zanni, Frank Siebelt, Hugh Lawson, Alexandra Hudson Organizations: REUTERS, Central, Single, EU, ECB, Reuters, Council, Democracy Group, Alexandra Hudson Our, Thomson Locations: Frankfurt, FRANKFURT, Spain

GANDHINAGAR, India, July 17 (Reuters) - Debt restructuring talks made little progress during the third finance meeting of the G20 countries in India as the bloc was unable to overcome key differences and low attendance due to domestic issues adding to the roadblocks. The finance ministers of the G20 countries gathered in the western Indian state of Gujarat, hoping to push for agreements on debt restructuring for vulnerable countries, global minimum taxation and reforms on multilateral development banks. "We are not making much headway with the debt restructuring issue," a senior official, who is part of the meeting, told Reuters on Monday. Officials said several finance ministers were forced to skip the meetings due to domestic issues that were a "priority". Finance ministers from Japan, Australia, Canada, Indonesia, South Korea, Indonesia, South Africa, along with the United States and India were present.

Persons: Janet Yellen, Joachim Nagel, Aftab Ahmed, Chizu Organizations: Reuters, United, Treasury, Officials, Finance, Thomson Locations: GANDHINAGAR, India, Gujarat, Zambia, United States, New Delhi, Japan, Australia, Canada, Indonesia, South Korea, South Africa, Argentina, Brazil, France, Mexico, Germany's, Parisian, Germany

☆ Germany's economy is stagnating. And these 5 charts show how
▼ + stars: | 2023-07-07 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

But a faltering gross domestic product isn't the only figure that suggests that the German economy is stuttering. Germany's inflation rate is expected to hit 6.4% for June, according to provisional data from the German statistics office, which is an increase from the 6.1% recorded for May. Expect maybe for the second half that inflation might come down to a certain extent," Joachim Nagel, president of Germany's central bank, the Bundesbank, told CNBC in March. "What the fiscal authority can do in the face of high inflation is to alleviate the pain of inflation on the most fragile citizens," he said. The German economy has already recouped half of the losses in terms of trade incurred over the last two years and the energy crisis," he added.

Persons: Joachim Nagel, Sylvain Broyer, Volker Wieland, Veronika Grimm, Alexander, Universität, Broyer, China's, Robert Habeck Organizations: Anadolu Agency, Getty, CNBC, European Central Bank, Energy, Goethe University, Allianz, Reuters, Friedrich, country's Locations: Germany, Europe, Ukraine, Frankfurt, Universität Erlangen, Nürnberg, China, Beijing

☆ ECB told not to take banks' word for it when assessing risk
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, April 17 (Reuters) - The European Central Bank should stop relying on banks' self-assessments when setting capital requirements and do its own homework instead, independent experts said on Monday. It was the most notable recommendation in a report commissioned by the ECB to evaluate its work on the key task as the euro zone's top financial supervisor, namely to decide how much capital banks must have to absorb losses. The ECB has been blending its analysis with the banks' own to come up with capital requirements. They told the ECB to change the way it sets capital demands and focus "on specific risks requiring additional capital coverage, while significantly limiting the use of ICAAPs". Fellow ECB supervisor Elizabeth McCaul welcomed a recommendation to use more "qualitative measures" with banks, which she said could include "limitations on business activity, demanding changes in the board and management, and monetary sanctions".

☆ Core inflation to start improving before summer break - ECB's Nagel
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 13 (Reuters) - Core inflation rates in the euro zone will begin improving in the coming months, but the European Central Bank still has a way to go with monetary policy, ECB policymaker Joachim Nagel said on Thursday. "We expect core inflation will show first movements in the right direction before the summer break," the head of Germany's central bank said on the sidelines of an International Monetary Fund meeting in Washington. He cited encouraging inflation data from the United States as showing that central banks' interest rate hikes are working. However, the United States began its rate hike cycle earlier, Nagel said, adding that he expected the ECB's tightening cycle to be continued. While inflation in the euro zone dropped by the most on record in March, a measure that excludes energy and food prices, known by economists as core inflation and seen as a better gauge of the underlying trend, accelerated.

☆ Race against the clock for Germany's top Nazi hunter
▼ + stars: | 2023-01-26 | by ( Tilman Blasshofer | ) www.reuters.com time to read: +4 min

[1/5] Nazi hunter Thomas Will, head of Germany's main agency responsible for the investigation of war crimes during Nazi rule looks into files at the Central Office of State Judicial Authorities for the Investigation of National Socialist Crimes in Ludwigsburg, Germany, January 25, 2023. REUTERS/Timm ReichertLUDWIGSBURG, Germany, Jan 26 (Reuters) - Germany's top Nazi hunter, Thomas Will, is hopeful of securing further convictions over the Holocaust even as the remaining suspects, many now in their late 90s, die. So as long as perpetrators are still alive, we will pursue the cases," he said from his office outside Stuttgart in southwestern Germany. Will heads Germany's Central Office of State Judicial Authorities for the Investigation of National Socialist Crimes. The conviction last month of a 97-year-old woman who worked as a concentration camp secretary "was certainly one of the last", Will said.

☆ German property market will slow — but no significant correction ahead, central bank says
▼ + stars: | 2022-11-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Germany's central bank is predicting a slowdown but no significant correction in the country's property market despite warnings of overvaluation, according to a report published Thursday. Some analysts, including at Deutsche Bank, have forecast a sharp decline for the sector. The German market has a high share of fixed-rate mortgages so households are less vulnerable to rising interest rates than in some other countries, she continued. It says there has been no fundamental reassessment of credit risk in German banks so far but says its financial system is "vulnerable to adverse developments." "The message is very clear, we need a resilient financial system, we need to keep building up resilience over the next period of time," Buch told CNBC.

The plans include the Bundesbank, Germany's central bank, hoarding extra billions to cope with a surge in demand, and possible limits on withdrawals, one of the people said. NO JUMPING THE LINEOne weakness that planning exposed involves security firms that transport money from the central bank to ATMs and banks. The organization hosted a meeting last week with central bank officials and lawmakers to press its case. At times politics can get in the way of blackout planning. He said that he has long been warning authorities of blackout risks but that planning has been inadequate.

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