Germany · Business GermanySkoda, a subsidiary of Volkswagen, has initiated a large-scale recall of 370,000 vehicles in Germany due to a potential issue with the steering system. The recall is part of a broader effort by Volkswagen to recall 4.6 million vehicles worldwide, including 1.7 million Skoda vehicles, following a problem with a rust-prone screw. The issue has been known since 2024, according to reports.
GermanyGermany has introduced the Altersvorsorgedepot, a new retirement savings option. According to reports, investors are advised to carefully select their investments to avoid potential losses. The new Börsenrente, or stock market pension, has been criticized for its problems. Experts warn that investors should be cautious and consider waiting before investing. Changes to the Altersvorsorge system are set to take effect in 2027.
GermanyVolkswagen has agreed on a collective labor agreement, affecting 130,000 employees. The deal was reached after negotiations between the company and the works council. The agreement's terms are now being discussed. The move aims to stabilize the company's workforce and improve working conditions.
GermanyAccording to reports, Dieter Schwarz, the founder of Lidl, has lost his position as Germany's richest person. The latest ranking of the 500 wealthiest Germans has revealed a new top earner. The exact identity of the new richest person remains unclear. The change in ranking is significant, as it reflects shifts in Germany's business landscape.
GermanyThe German consumer protection agency, Verbraucherzentrale NRW, has advised Amazon Prime customers to claim refunds following a court ruling that deemed the price hike for long-term customers unlawful. The price increase was set to take effect in January, but Amazon has since lowered the price for long-term customers to 69 euros per year. Millions of customers are eligible for refunds.
GermanyOpenAI's European CEO has outlined how people can maintain control over the rapidly developing AI technology. According to reports, this includes using AI to automate tasks, potentially saving up to 40% of working time for German small and medium-sized enterprises. However, some experts have raised concerns about the security risks associated with OpenAI's technology.
GermanyLars Hinrichs, founder of Xing, is launching a new mobile service called Simsalasim, which will offer a 10-euro monthly flat rate for unlimited calls and data in 50 and 100 countries respectively. The service will use artificial intelligence to provide additional features such as a KI-assistant and parental control. Hinrichs aims to start the service within the coming week.
GermanyGerman retail chain Galeria has filed for insolvency for the fourth time in six years, threatening the jobs of nearly 12,000 employees. The company's 83 stores remain open, but without fresh funding, some may be closed. Galeria's financial struggles are attributed to a significant decline in sales and a sudden financial shortfall of 36 million euros.