Energy-intensive companies in Germany can now apply for new state energy subsidies potentially worth billions of dollars. Under the climate contracts, the German government will finance investments to convert industries to new, more climate-friendly production processes and initially cover additional costs incurred. The companies are expected to pay the money back once those new production processes become cheaper to operate and more competitive on the open market. Germany's Economy Ministry ann
International Business News: Bosch plans to cut 3,500 jobs at its BSH home appliances subsidiary by 2027. The decision is aimed at reducing complexity and costs to safeguard competitiveness in a challenging economic environment.
Automotive Exports: After years of growth, Germany s economy entered recession in May as its champion exporters were battered by supply chain woes, inflation and rising energy costs after Russia s invasion of Ukraine, prompting much soul-searching on the industrial future of Europe s economic powerhouse.