Power: Nigeria Gets $200m Credit Line from Germany

Nigeria yesterday got a facility worth $200 million from Germany to develop her small scale renewable energy sector.

The green loan received from the German Development Bank (KFW) would support small and medium enterprises specifically for development of renewable energy sources and other energy efficiency projects.

This was disclosed by the leader of the German delegation; Renate Von Bodden at a Bi-national Commission’s meeting on energy between both countries in Abuja.

Von Bodden equally announced the provision of another facility worth €5 million, which was set aside for technical assistance to Nigeria’s power sector through the same KFW.

She explained that

Lufthansa cancels half its long-haul flights over strike

German airline Lufthansa has cancelled almost half of its long-haul flights, as pilots strike for the second time in a week over retirement benefits.

Strikes will take place between

Commerzbank to charge fees to biggest depositors

Germany's Commerzbank is to charge big corporate clients fees if they hold substantial deposits at the bank.

Commerzbank is the first major bank to make such a move and says it will encourage big clients to move cash into alternative investments.

Private savers and small and medium sized businesses will not be affected by the policy.

In June the European Central Bank (ECB) said that banks would have to pay to park money at the central bank.

That negative interest rate was an effort to

German business confidence falls further, Ifo survey finds

Europe's largest economy has shown further signs of fragility, as a key indicator of German business confidence fell for a fifth successive month.

The Ifo think tank's Business Climate Index dropped to 104.7, slightly below analysts' expectations, and the lowest reading since April last year.

"The German economy is no longer running smoothly," Ifo said, but added that it still expected gross domestic product (GDP) to grow in 2014.

GDP shrank by 0.2% in the last quarter.

On Monday, Germany's central bank insisted that the country's economy remained robust, adding that "the general economic trend should stay positive despite the slowdown in the speed of expansion in the first half of 2014".

However, monthly Purchasing Managers Index (PMI) figures, released on Tuesday, indicated that

Eurozone business growth slows in September, PMI survey finds

Eurozone business growth cooled in September for a second consecutive month, dropping to its slowest pace since December, a survey suggests.

The latest Markit Composite Purchasing Managers' Index (PMI) fell to 52.3 from August's 52.5.

A reading above 50 indicates growth.

Modest growth in Europe's biggest economy, Germany, provided some cheer, but the eurozone was brought down by stagnation elsewhere, particularly in France, where PMI fell to 49.1.

Manufacturing across the eurozone fared worse than the service sector, with the PMI reading falling to 50.5, the lowest measure since July of last year.

"The survey paints a picture of ongoing malaise in the eurozone economy," said Chris Williamson, Markit's chief economist.

"With growth of output and

German industrial production jumped 1.9% in July

German industry has posted its strongest month in almost two and a half years.

The Economy Ministry said industrial production was up 1.9% in July, lifted by an increase in manufacturing and construction output.

It is a big improvement from June when industrial production rose just 0.4%.

It is another piece of strong data from Germany. On Thursday data showed that industrial orders rose at the strongest rate in the more than a year in July.

However last month the ministry released

Germany approves first-ever national minimum wage

The German parliament has approved the country's first minimum wage, in a vote in the Bundestag on Thursday.

The wage will be set at 8.50 euros (£6.80) per hour, which is higher than the equivalent in the US and UK.

Angela Merkel's Christian Democrats approved the new policy as part of a power-sharing deal with the Social Democratic Party (SPD).

Germany has previously relied on trade unions and business groups to fix minimum pay instead.

At the moment, the country is one of