Economy of Germany

Suspect in arms procurement scandal flees

Swiss-French banker Jean-Claude Oswald, who is facing charges of money laundering and bribery in connection to an arms procurement program, went missing on Tuesday after removing his monitoring bracelet, Greece's Justice Ministry said.

Oswald, who appeared in an Athens court earlier in the day where his case was being heard, destroyed the device's strap and disappeared, it said.

Bulgaria and Turkey in a Fierce Competition for a New Skoda Factory

The car maker, Škoda, views Bulgaria and Turkey as possible locations for their new plant, says German business edition Handelsblatt, citing sources. The company, part of automotive giant Volkswagen, plans to open additional production to meet the ever-increasing demand for its cars.

Greece's electrical goods retailers have suffered in the last decade

German electrical goods chain Media Markt is reconsidering its position in the Greek market after 13 years in the country, as - despite signs of recovery in the local economy - parent company Ceconomy appears to have lost its patience with repeated annual losses by the chain and the failure to expand its market share.