Sign up for the editor's
weekly newsletter
February 9, 2010
Report says cash-strapped Porsche needs further billions
Published: 23 May 09 15:24 CET
Online: http://www.thelocal.de/national/20090523-19465.html
Ailing sports carmaker Porsche’s financial troubles are much worse than feared and the company needs another cash injection of €2.5 billion, news magazine Der Spiegel reported on Saturday.
- New data stokes fears of uncertain economic recovery - Business & Money (5 Feb 10)
- Deutsche Bank rebounds with strong 2009 profits - Business & Money (4 Feb 10)
- Westerwelle gives Greece verbal support in debt struggle - Business & Money (31 Jan 10)
The report said that loan guarantee however was only valid for a year. Porsche needs €2.5 billion euros right away to finance its operations, the magazine said, adding the carmaker had only received a fraction of what it needed.
Earlier this week, the German government said it was holding back on state aid to the heavily indebted luxury car maker as it seeks to recover from costly efforts to acquire its rival Volkswagen.
"It was too early to decide" whether to bail out the company which had applied for state aid, an economy ministry spokesman told AFP after Porsche's request was examined on Wednesday evening.
German daily Handelsblatt reported on its website that Porsche had requested at least €100 million from a government stimulus fund that provides guarantees or credits to firms struggling in the crisis.
Porsche has debts of €9 billion after it bought a 51 percent stake in Volkswagen (VW) and is having trouble getting more loans. It was forced to abandon its plan to take over VW and said the two planned to merge instead.
AFP/The Local (news@thelocal.de)
What do you think? Leave your comment below.
Fark It!
Digg This
Facebook
Share everywhere
Send to a friend
Printable version
Twitter ThisToday's headlines
Hartz IV welfare benefits ruled unconstitutional
Millions of German families on welfare could receive more government assistance after the nation’s highest court ruled Tuesday the controversial Hartz IV system of payments was unconstitutional. READ (39 COMMENTS) »
Löw backs down in contract dispute
National coach Joachim Löw ended his stand-off with the German Football Federation (DFB) on Tuesday, as both parties agreed to plough all their efforts into Germany's 2010 World Cup campaign. READ (1 COMMENT) »
Germans splashing out on Karneval despite bad economy
The tough economic climate is failing to dent Germans’ enthusiasm for Karneval, with partygoers set to spend €300 million on costumes and makeup during this year’s season, the Toy Retailers’ Association said Monday. READ »
Study finds major discrimination against Turkish job applicants
Jobseekers with Turkish names are clearly discriminated against when looking for work in Germany, a study released this week has found. READ (2 COMMENTS) »
Young literary star Hegemann counters plagiarism claim
Best-selling teenage novelist Helene Hegemann rejected accusations of plagiarism in her debut novel “Axolotl Roadkill” on Tuesday, after it emerged she had taken slabs of text from an anonymous author and blogger. READ (1 COMMENT) »
Hamburg politician puts the 'I' in street de-icing
The president of Hamburg's city parliament is reportedly in hot water for ordering authorities to clear the footpaths of ice outside his own home while leaving the rest of the city to slip and slide their way home. READ (1 COMMENT) »
Construction worker confesses in Cologne archive collapse case
Eleven months after the deadly collapse of Cologne’s city archive, a construction worker has given investigators their first confession in the case, media reports said on Tuesday. READ »
Berlinale highlights shift to 3-D films
Buyers at the Berlin film festival will be seeing triple this year, as 3-D productions such as "Avatar" transform the global cinema industry. READ »
More National
- 09/02 Munich and Nuremberg airport workers strike »
- 09/02 Construction worker confesses in Cologne archive collapse case »
- 08/02 Public worker strike drags on in wage dispute (1 comment) »
- 08/02 Liechtenstein bank owes tax dodger damages, court rules (8 comments) »
- 08/02 Germany facing another blast of winter weather (2 comments) »
- 08/02 Doctors outraged by infant vaccine shortage (3 comments) »
- 07/02 Merkel urged to lead integration debate (7 comments) »
- 07/02 Germany under ice Queen's spell (3 comments) »
- 07/02 Bundeswehr probes claims that teen girl was killed in shootout (7 comments) »
- 07/02 Knobloch to step down as Jewish leader »
Highlights
See all ads | Join the Marketplace
-
Champor
The first Malaysian restaurant in Munich. -
The Munich Readery
Book store romance and 30 years of book-selling experience -
Kimberly Fitzgerald
Professional, qualified counselling service for English-speaking women -
Ortel Mobile
Ortel Mobile - Call abroad from your mobile at extremely low rates -
Praxis Dr. med. Sheila de Liz
Full range of Ob/Gyn issues -
The Potting Shed - Bar & Kitchen
The Potting Shed is a bar and kitchen -
MR Lodge GmbH
Mr. Lodge - a professional Munich-based accommodation agency
Sponsored Links
- Knut Riedel - Tax Adviser: Expert in international taxation. Your competent and reliable partner.
- Greenback Tax Services - expert US CPAs will complete your expat tax return for $299!
- EXPATTAX - German tax advice in English language - nationwide
- Gift Baskets: Exquisite and unique hampers - fantastic Xmas presents
- Dolores - Berlin's best California-style burritos!
- Hundreds of job opportunities for foreign professionals in Germany
- Translation and English writing services
- Find the right relationship
- Your advertisement here
Jobs in Germany, in English
571 jobs in Germany, in English
396 new jobs this week
79 new jobs today
- Renewable Energy Control Systems Engineer (m/f)
- Sr. Manager of International Sales (m/f)
- Team Assistant for Private Banking Team - Frankfurt
- Generator Lead Customer Service Engineer
- Implementation Consultant PLM/PDM (m/w) Deutschlandweit
- Senior Project Manager New Product development
- Application & Software Senior Product Manager-EU Software Company
- Product Manager (m/f)
- PLM Process Consultant (m/w)
- IT Service Desk Specialist (m/f)
Latest news from The Local in Sweden
- 09/02 Parental 'child sick leave' peaks in February »
- 09/02 'Only good foreign soldier on Afghan soil is a dead one': Myrdal »
- 09/02 Sharp increase in asylum seeker deportations »
- 09/02 Three arrested for killing of Swedish soldiers »
- 09/02 Dental service probed as girl dies after toothache »
Blog
Essentials
Dating
Looking for your own blonde bombshell? Or is the strong, silent type more your
style? Find a German sweetheart here.
Weather
"After clouds comes clear weather," say the Germans. But what about after that? Find out in The Local's weather
section.
Blog
German stuff that's distracting us today.
Noticeboard
Whether you want to buy, sell, hire, announce or promote something, here's the place to do it - completely free of
charge.
Discuss
Debate the news, ask for advice, make friends - or just let off steam.
Register
Register now for:
> Free use of noticeboard
> Special discounts
> Weekly news roundup
> Unlimited use of discuss
News from the Goethe-Institut
- Brokers Not Only of the Word – German-speaking theater publishers
There is hardly a theatrical profession that has recently been so fostered, celebrated, loaded with prizes and grants as young dramatists.... - A Remarkable Success Story – the Museum Island in Berlin
The billion-euro renovation of Berlin’s museum island is making good progress. - Erna Baumbauer is Dead: The Lady in the Background
Erna Baumbauer was the “Queen of Bavaria” the first female German actor’s agent ever. - A Jewel for the Capital of Culture – the new Museum Folkwang in Essen
One of the attractions of the former industrial city that aspires to transform itself into a city of culture is the Museum Folkwang rebuild: great art has a great location at last.... - When languages die
According to UNESCO, roughly half of the estimated 6,700 languages spoken worldwide are in danger of extinction.
News from Young Germany
- First ever study to look at young people, social engagement and civic participation
There is a common perception that young people today have little interest in political parties,... - 1st European MBA Career Fair to be held in Berlin
The 1st European MBA Career Fair will take place April 26 at the bcc Berliner Congress Center. For... - MEDPILOT 3.0, new version of the online medical library
The German National Library of Medicine has launched a version 3.0 of its MEDPILOT. The new site... - Akademie Schloss Solitude celebrates 20 years with events, new partnerships
With its press conference on February 3, the Akademie Schloss Solitude announced its jubilee... - ispo - Sport & Style Fully in motion
Joachim Schirrmacher reports on the ever greater influence that sport has on fashion, presents the...
News from DeutschlandOnline
- German exports up in December
German exports increased in December by a surprise 3 per cent, to record their fourth consecutive... - Seoul should share development lessons, German president says
South Korea should do more to share its experience of economic development, German President Horst... - Germany in good form ahead of Olympics
The German ski-jumping team showed that they are in fine form ahead of the Vancouver Winter... - Afghan farmers replace poppy with saffron in German aid project
A Christian aid project in Afghanistan is encouraging farmers away from the cultivation of poppy...
Noticeboard
Toytown Germany
- 21:46 Choir in Kreuzberg, singing for fun
- 21:43 German toilet designs
- 21:42 What is so great about Italy?
- 21:33 Sixt car rental now offering winter tires
- 21:33 Berlin single parent meet-up
- 21:27 Going to anti-Nazi human chain in Dresden
- 21:18 Prepaid Phone and flatrate Internet with one SIM?
- 21:18 Banks in Munich - recommended bank accounts
- 21:18 Where to get American-style nachos
- 21:16 How to use the classified advertisements
JOB: Nursery Teacher / Early Years Educator
Wolfsburg nursery, specialising in an Early Years Programme, seeks English speaking nursery teacher
FULL JOB DETAILS
Wolfsburg nursery, specialising in an Early Years Programme, seeks English speaking nursery teacher
FULL JOB DETAILS
JOB: Admin and academic positions
GBCM is currently seeking experienced and ambitious full/part-time staff in the academic field as well as a flexible office manager for roles in an international environment
FULL JOB DETAILS
GBCM is currently seeking experienced and ambitious full/part-time staff in the academic field as well as a flexible office manager for roles in an international environment
FULL JOB DETAILS
Advertising 2.0
MARKETPLACE - promote your business to half a million targeted readers a month on The Local. Find great products and services in Germany or tell The Local's readers about your own business.
CLICK HERE>>>
MARKETPLACE - promote your business to half a million targeted readers a month on The Local. Find great products and services in Germany or tell The Local's readers about your own business.
CLICK HERE>>>
Sales managers - country wide
The Local is seeking talented and experienced media sales professionals for our online advertising sales in Germany
FULL JOB DETAILS
The Local is seeking talented and experienced media sales professionals for our online advertising sales in Germany
FULL JOB DETAILS
Best Foreign exchange rates dealing - all major currencies
Foreign Currency Direct voted as offering the best exchange rates. All currency exchange transactions are managed by Ben Amrany. We guarantee that readers of The Local/Toytown receive a 5 star service
FULL DETAILS HERE>>>
Foreign Currency Direct voted as offering the best exchange rates. All currency exchange transactions are managed by Ben Amrany. We guarantee that readers of The Local/Toytown receive a 5 star service
FULL DETAILS HERE>>>
Your comments about this article: