Latest Olaf Scholz News

File---Picture taken June 24, 2020 shows the Wirecard logo at the headquarters of the payment service provider in Aschheim, Germany.  (Sven Hoppe/picture-alliance/dpa via AP, file)

Second executive arrested in Wirecard scandal in Germany

Jul. 6, 2020 10:37 AM EDT

FRANKFURT, Germany (AP) — Another executive with bankrupt payment company Wirecard has been arrested in Germany on suspicion of aggravated fraud, prosecutors said Monday. The suspect, the head of a company subsidiary in Dubai, had returned to Germany to face proceedings. The arrest comes after former CEO...

File---Picture taken June 24, 2020 shows the Wirecard logo at the headquarters of the payment service provider in Aschheim, Germany.  (Sven Hoppe/picture-alliance/dpa via AP, file)

Germany to revamp financial oversight after Wirecard scandal

Jul. 5, 2020 8:03 AM EDT

BERLIN (AP) — Germany's finance minister says he wants to revamp the oversight system for the country's financial industry in the wake of the accounting scandal at payment systems provider Wirecard. The Munich-based Wirecard filed for bankruptcy recently after auditors couldn’t find accounts in the...

Health officials disinfect an area around a hospital after one of the hospital's patients tested positive for the new coronavirus in Gwangju, South Korea, Wednesday, July 1, 2020. South Korea is considering including religious facilities on the same list with nightclubs, hostess bars and karaoke rooms as

The Latest: South Korea worries as virus resurgence spreads

Jul. 1, 2020 10:41 PM EDT

SEOUL, South Korea — South Korea says it has confirmed 54 more COVID-19 cases as the coronavirus continues to spread beyond the capital region and reach cities like Gwangju, which has shut schools and tightened social restrictions after dozens fell sick this week. The figures reported Thursday brought the...

German Chancellor Angela Merkel attends a special cabinet meeting of the German government about the a stimulus program to booster the German economy after the coronavirus lockdown, at the chancellery in Berlin, Germany, Friday, June 12, 2020. (AP Photo/Markus Schreiber, Pool)

German Cabinet clears way for temporary sales tax cut

Jun. 12, 2020 6:32 AM EDT

BERLIN (AP) — Germany’s Cabinet has approved a temporary cut in value-added tax starting next month in a bid to boost consumer demand in Europe’s biggest economy, a centerpiece of the country’s 130 billion-euro ($148 billion) stimulus package. The finance minister made clear Friday...

German Chancellor Angela Merkel speaks at a press conference at the Chancellery in Berlin, Wednesday June 3, 2020, after coalition meetings. Germany’s governing parties agreed on a 130 billion euro ($146 billion) stimulus package Wednesday meant to help kick-start Europe’s biggest economy, which has taken a heavy hit from the coronavirus pandemic. Following two days of talks in Berlin, Chancellor Angela Merkel said the package was a “bold response” that would boost consumption and investment and ease the strain on families and others. (John MacDougall/Pool via AP)

Germany agrees $146B stimulus package as Europe jobless rise

Jun. 3, 2020 6:19 PM EDT

BERLIN (AP) — Germany’s governing parties agreed on a 130 billion euro ($146 billion) stimulus package Wednesday to help kick-start the economy, which like others around the world has taken a heavy hit from the coronavirus pandemic. Following 21 hours of talks over two days, Chancellor Angela Merkel...

German Finance Minister Olaf Scholz addresses the media during a press conference in Berlin, Germany, Thursday, May 14, 2020. (AP Photo/Michael Sohn, pool)

Germany's tax revenue seen declining sharply this year

May. 14, 2020 10:42 AM EDT

BERLIN (AP) — The German government’s tax revenue is likely to sink by 81.5 billion euros ($88.4 billion) this year as a result of the coronavirus crisis, the first drop since the financial crisis a decade ago, according to an official estimate released Thursday. A twice-yearly assessment by tax...