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Germany’s Commerzbank is preparing major job cuts and new financial targets  as part of its strategy to remain independent and block Italy’s UniCredit from a takeover, multiple sources told Reuters. 🚨 Thousands of Job Cuts in the Works 🔹  Commerzbank plans to cut between 3,000 to 4,000 jobs  out of its  42,000-strong workforce  as part of cost-saving measures. 🔹  The cuts aim to be evolutionary rather than radical,  allowing the bank to remain competitive without unsettling remaining staff. 🔹 Many affected employees may be offered  early retirement packages  to soften the impact. 📌  Why It Matters:  These moves are intended to  boost investor confidence in Commerzbank’s ability to thrive independently  and  dissuade a potential UniCredit merger . 💰 New Strategy & Financial Targets Commerzbank’s management, led by CEO  Bettina Orlopp , will present a  revamped strategy on Thursday . 📈  Key Hig...

 Swiss pharmaceutical giant  Novartis  announced plans to wind up operations at  MorphoSys sites  in  Munich, Germany , and  Boston, USA , by the  end of 2025 , affecting approximately  330 jobs . Key Details Acquisition Context : Novartis acquired MorphoSys earlier this year and is restructuring as part of an  evaluation of its R&D setup . Impact on Employees : Affected employees, approximately  330 roles , were notified in  mid-November . Novartis has committed to supporting impacted individuals through the transition. Official Statement : "We have communicated our intention to exit the MorphoSys sites by end of 2025," said a Novartis spokesperson in a statement to Reuters. The decision reflects Novartis'  evolving research and development priorities .

Germany’s federal and state tax revenues rose 6.9% in September compared to the same month last year, reaching €86.2 billion (US$93.54 billion) , according to the finance ministry’s monthly report. This follows a 5.3% increase in August and a 7.9% decrease in July , highlighting the volatility caused by lacklustre economic growth . For the period from January through September , tax revenue increased by 2.9% , totaling €626 billion . Analysts expect full-year 2024 tax revenue to rise to €863.68 billion , up 4.1% from 2023. Germany’s economy, which contracted by 0.1% in the second quarter , faces a gloomy short-term outlook . The government forecasts a 0.2% contraction for 2024, making it the only member of the Group of Seven (G7) to post shrinking output for two consecutive years. Economic growth is projected to pick up in 2025 and 2026, driven by rising private consumption and disposable income .

Germany's Social Democrats (SPD) , led by Chancellor Olaf Scholz , are weighing new subsidies for electric vehicles (EVs) as a key element of their economic strategy ahead of next year’s elections. The party is proposing a revival of purchase premiums for battery-powered cars , tax rebates for electric corporate vehicles , and EV quotas for leasing providers , according to a strategy document viewed by Bloomberg. The move comes as Germany’s auto industry faces challenges adapting to the transition toward EVs, particularly as demand weakens and competition intensifies from more affordable Chinese brands like BYD Co. . The removal of state subsidies for EV purchases in Germany and other EU countries has contributed to a downturn, with Volkswagen’s EV sales dropping 12% in Europe last quarter. Germany’s automakers, including BMW AG , Mercedes-Benz Group AG , and Volkswagen AG , are also grappling with slower sales in China , where a real estate crisis has impacted luxury spending...

China’s Commerce Minister , Wang Wentao , has stated that the European Union's (EU) imposition of tariffs on electric vehicles (EVs) will "seriously interfere" with trade and investment cooperation and negatively impact both China and Germany . During discussions on Tuesday with German Vice Chancellor and Economic Minister Robert Habeck , Wang expressed hope for a solution aligned with World Trade Organization (WTO) rules to be reached promptly, aiming to avoid escalating economic and trade frictions between China and the EU, according to a statement released by China’s Ministry of Commerce early Wednesday. The European Commission is reportedly close to proposing final tariffs of up to 35.3% on EVs built in China , in addition to the EU's standard 10% car import duty . Wang's visit to Europe is focused on addressing the EU’s anti-subsidy case against Chinese-made EVs, ahead of a decision on additional tariffs. He urged Germany to act in its own interests and en...