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BERLIN (AP) — Germany's state-owned development bank has sold shares in the company that owns the national postal service for about 2.17 billion euros ($2.3 billion), reducing the government's stake and raising money to help finance improvements to the country's rail network. The sale cuts the state's stake in DHL to 16.5%, though it is still the largest single shareholder. The proceeds are to be used to strengthen the capital of Germany's main railway operator, the state-owned Deutsche Bahn, to help it upgrade railway infrastructure, the Finance Ministry said Wednesday. The government is turning to privatization proceeds to help finance improvements to the rail network after a court ruling forced it to plug a big hole in this year's budget and reconsider its wider financial plans. The maneuver ran afoul of Germany’s strict self-imposed limits on running up debt.

Organizations: BERLIN, —, Deutsche, DHL Group, DHL, Deutsche Bahn, Finance Ministry Locations: — Germany's, Germany's

☆ Germany halts e-cars solar subsidy programme amid high demand
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] A logo depicting an electric car is seen on the floor of a charging bay inside an ALDI supermarket car park in Manchester, Britain, September 8, 2023. REUTERS/Phil Noble Acquire Licensing RightsBERLIN, Sept 27 (Reuters) - Germany's state-owned KfW bank on Wednesday said it had halted a new subsidy programme for charging electric vehicles with solar power at home a day after its launch as the funds were exhausted immediately due to high demand. The programme is aimed at boosting the switch to electric cars and reducing the need for public charging stations. The transport ministry had allocated some 500 million euros for the programme, but 200 million euros were reserved for next year under a "first-come, first-served principle". ($1 = 0.9463 euros)Reporting by Riham Alkousaa and Andreas Rinke, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Riham Alkousaa, Andreas Rinke, Friederike Heine Our Organizations: REUTERS, Rights, Reuters, Thomson Locations: Manchester, Britain

☆ Germany's KfW bank will no longer grant promotional loans to China from 2026
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ralph Orlowski/File photo Acquire Licensing RightsFRANKFURT/BERLIN, Sept 26 (Reuters) - Germany will no longer grant promotional loans to China from 2026, the Federal Development Ministry (BMZ) confirmed on Tuesday, in the latest measure to reduce Germany's strategic dependence on China. The German ministry informed the Chinese Ministry of Finance in mid-September of the federal government's decision to permanently stop granting promotional loans to China. Contracts for promotional loan projects between German state-owned KfW Bank and the Chinese Ministry of Finance can only be signed up to and including 2025. "These promotional loan projects must have ambitious impacts in the areas of climate and environment," the ministry said. From 2013 to 2022, promotional loans with a total volume of 3.451 billion euros were agreed with China.

Persons: Ralph Orlowski, Svenja Schulze, Andreas Rinke, Emma, Victoria Farr, Leslie Adler Organizations: KfW, REUTERS, Federal Development Ministry, Chinese Ministry of Finance, KfW Bank, Reuters, Thomson Locations: Frankfurt, Germany, FRANKFURT, BERLIN, China

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