Germany\'s business confidence hits high
Gulf Daily News Saturday, 18th December 2010 25
In association with www.tradearabia.com
confidence hits high
BERLIN: Qatar, already heavily
involved in car giant Volkswagen
and construction group Hochtief,
is eyeing further investments in
Germany, Economy and Finance
Minister Yussef Hussein Kamal
“We’ve only just begun
in Germany,” Kamal told the
FRANKFURT: German Financial Times Deutschland in
business confidence an interview, adding the emir-
ended the year at an all- ate has its eye on the IT sector
time high, the Ifo institute and the small- and medium-sized
firms that form the backbone of
said yesterday as Europe’s Europe’s top economy.
top economy headed for Sovereign wealth fund Qatar
record growth thanks to Holding has an estimated $100
a welcome recovery in billion under management.
domestic demand. “We have already begun nego-
The new record stemmed tiations with some small and
from soaring retail sentiment medium firms,” the minister said
that could see German con- without citing individual com-
sumers also help European panies.
neighbours struggling with a “We have to import every-
dogged debt crisis. thing, including construction
Germany has weathered expertise ... This is an oppor-
the euro zone crisis well and tunity for German firms,” he
looks set for more strong said.
growth in 2011 as low inter- Earlier this month, Qatar
est rates encourage business bought a 9.1 per cent stake in
investment, economists said. Hochtief, a company which is the
Ifo’s closely watched subject of a takeover bid from
reading of German business Spanish rival ACS.
sentiment climbed to 109.9 Hochtief is now eyeing some
points in December from juicy contracts as Qatar prepares
109.3 points in November, to host the 2022 Soccer World
its seventh rise in a row. Cup.
A sub-index of expec- Qatar holds some 17pc of
tations for the coming six Volkswagen.
months also set a new record Outside of Germany, Qatar
of 106.9 points, up from owns 26pc of British supermar-
106.3 in November. ket chain Sainsbury and 100pc
The strongest rise was seen of Luxury department store
in the retail sentiment indica- Harrods.
tor, which jumped from 13.4 n Volkswagen’s assembly line at its main plant in Wolfsburg, northern Germany ... record growth
to 24, “reflecting buoyant
expectations among retailers for a very facturing, “stronger stimulus is expect- Ifo surveys 7,000 German manu- debt crisis. Honda targets
strong holiday sales period,” Barclays
Capital analyst Frank Engels said.
Consumption has long been the weak
ed from exports and firms are planning
to hire additional staff.”
Its survey came after a German
facturing, construction, wholesale
and retail companies each month to
establish the index of business senti-
The German central bank has esti-
mated 2010 growth at 3.6 per cent.
Stronger household demand, mean-
link of German economic activity but purchasing managers index posted a ment. while, might help Berlin respond to TOKYO: Honda Motor Company
falling unemployment and higher wage gain for December and following an “Following an increase in exports, European critics who say Germany yesterday said it would target
prospects have given household senti- advance in the financial market confi- investment in particular has been respon- is benefitting from global growth sales in China of 730,000 vehicles
ment a lift in recent months. dence indicator published by the ZEW sible for the upswing and the outlook is through exports while its neighbours in 2011, for growth of more than
“It would be an understatement to say institute. now even good for consumption,” Ifo struggle. 10 per cent from the 650,000 esti-
that retailing is optimistic,” UniCredit The economy should start 2011 “at president Hans-Werner Sinn said. Rees said stronger German con- mated for this year.
economist Andreas Rees said. full throttle as it is taking the next The latest survey underpinned sumption should aid euro zone partners “We expect the overall (Chinese)
Sentiment in the manufacturing stage towards a self-sustained recov- forecasts that Germany will post and concluded that the latest Ifo survey market to grow by an average
and construction sectors edged lower ery,” ING senior economist Carsten record growth this year despite was “good news for Germany and – 10pc,” head of Honda’s China oper-
meanwhile, but Ifo said that in manu- Brzeski said. financial uncertainty fuelled by the yes – the rest of Europe” as well. ations Seiji Kuraishi said. “We will
aim for a growth of more than 10pc,
of around 730,000 units.”
Honda operates 50-50 joint
ventures with Guangzhou
Automobile Group and Dongfeng
Motor Group, as well as a major-
eyes dual listing
ity-owned factory building the
Fit/Jazz subcompact model for
exports to Europe.
Honda’s production capacity
in China is set to rise to 890,000
TUNIS: State-controlled to market conditions and the... cars a year in 2013 as it strives to
Tunisie Telecom said yesterday regulators giving their approvals keep up with demand.
it planned to list shares on the on the IPO prospectus,” it said. Kuraishi said that while Beijing
Paris and Tunis stock exchang- Tunisia, a country of about was moving towards fiscal tight-
es, in what will be the first 10 million people, has attracted ening and discontinuing tax incen-
offering by a Tunisian com- interest from telecom investors tives on smaller cars, growth will
pany on a European bourse. because it has one of the most be rapid in inland regions, which
Tunisie Telecom, the biggest open business climates in the are replacing coastal cities as the
fixed and mobile operator in region and moved early into 3G major driver of car sales.
the north African country, said mobile technology. To achieve fast growth in those
that documents relating to the The initial public offering markets, Kuraishi said one key
dual listing had been lodged will be the biggest on the Tunis would be the debut next year of
with the regulators of the Paris exchange in years and is also the proprietary brand of Honda’s
and Tunis stock exchanges. likely to raise the international joint venture with Guangzhou,
“The lodging of the docu- profile of Tunisia’s emerging n The PT Astra Honda Motor motorcycle factory in Jakarta. Indonesia’s stock market rallied to called Guangqi Honda. The
ments represents the first stage equities market. The only previ- a record high this month, while net foreign ownership of the country’s government debt is also first car under the brand,
of the process of the company ous foreign listing by a Tunisian at a record, as investors are attracted by strong growth and political stability. Top vehicle seller called Everus, will debut at the
listing in Paris and Tunis, subject firm was on Morocco’s bourse. PT Astra International has outperformed the index. Guangzhou car show next week.
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