German economy powers ahead as trade, investments drive Q3 growth

German Chancellor Angela Merkel, center, arrives for talks about a possible new government coalition between her Christian Union parties block, CDU/CSU. with the Green Party and the Free Democratic Party, FDP, at the Reichstag building in Berlin, Germany, Tuesday, Nov. 7, 2017. (AP/Markus Schreiber)
Updated 14 November 2017
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German economy powers ahead as trade, investments drive Q3 growth

BERLIN: German economic growth accelerated in the third quarter as buoyant exports and investment propelled the expansion in Europe’s largest economy, the Federal Statistics Office said on Tuesday.
Seasonally adjusted gross domestic product (GDP) rose by 0.8 percent on the quarter, the data showed. This was stronger than the consensus forecast of 0.6 percent in a Reuters poll and marked an increase from the 0.6 percent in the second quarter.
The economy grew by 2.3 percent on the year in the third quarter, unadjusted data showed. This was in line with a consensus forecast.
Adjusted for calendar affects, the yearly growth rate rose to 2.8 percent in the July-September period from 2.3 percent in the previous quarter, the office said. This was the strongest reading since the beginning of 2014.
The figures give Chancellor Angela Merkel a tailwind as her conservative bloc tries to forge a tricky three-way coalition government with the pro-business Free Democrats (FDP) and the left-leaning Greens, an alliance untested on a national level.


Deutsche Bank appoints Riyadh GM

Updated 18 September 2018
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Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.