With open labor markets of Germany and Austria, demand for minimum wages up

Out of the 10 nations that joined the European bloc in 2004, Germany and Austria have become the first ones to have their labor markets opened up. Since May 1, the workers of Tallinn to Budapest have become free to work in either Germany and/or Austria with or without work permits.

This is seven years after similar provisions became effective in Britain, Ireland and Sweden. But, the day was also used by the labor unions of Germany to renew their call for a statutory minimum wage to be decided. They are demanding it to be €8.50.

India's Biocon to divest in Germany's AxiCorp

India's Bangalore-based Biocon has decided that it will be divesting its stake in the German drug distributor, AxiCorp GmbH. Some three years back it had taken up controlling stake in the company and now it will be selling the shares to the minority shareholders of the company.

Germans supporting Italian for head of Central Bank

Angel Merkel, the German Chancellor has clearly and openly shown her support for an Italian to become the head of European Central bank. His name is Mario Draghi and his name has been suggested since he is said to be quite familiar with the way the market works.

Given this endorsement and the position of Mario becomes even stronger for the post and in a way it has become an absolute certainty. Till now, Mario has been able to get the support of many of the key euro-zone nations.

BP determines unexploded German bomb

Recently an unexploded bomb was found on the marine after the Britain's most important North Sea pipeline. This has created a lot of threaten and many dozens of oil fields and force up the price of crude are being closed.

BP has discovered the German second world war mine during a routine inspection and its removal could involve temporarily closure of a transportation system that carries over half a million barrels of crude a day or it can be assumed that the 40% of Britain's total output.

German consumer confidence is likely to fall further

The GfK research group has said that they are expecting consumer confidence in Germany to fall further in May. It is considered as the euro zone’s largest economy.

According to the market research company, consumer sentiment index which is based on a survey of about 2,000 people. It is likely that it will fall to 5.7 in May from April’s reading of 5.9. The survey has marked that the consumers are struggling with higher food and energy prices.

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