Siemens to Signing Electric Car Charging Contract in China

Siemens AG, Europe’s largest engineering company, said it is close to signing a contract to supply a Chinese city with electric-vehicle charging infrastructure.

Siemens, whose businesses include high-speed trains, medical equipment and power turbines, is seeking to provide electric-vehicle charging and components for automakers such as General Motor Co., Nissan Motor Co. and Volkswagen AG in the world’s biggest auto market. China is offering buyers of plug-in hybrids and pure electric cars subsidies of as much as 60,000 yuan ($9,000) to help cut pollution and reduce oil dependency.

Read more at Businessweek

China goes into oil overdrive

China’s national oil companies have spent $24.6bn on overseas acquisitions so far this year, accounting for one-fifth of all global deal activity in the oil and gas sector over the period, according to analysis prepared for the Financial Times.

China’s energy demand has doubled since 2000 and the country overtook the US to become the world’s largest energy user this summer, according to the International Energy Agency.

Read at ft.com

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Germany attacks US economic policy

"Germany’s export success was not based on exchange rate tricks but on increased competitiveness. In contrast, the American growth model is in a deep crisis. The Americans have lived for too long on credit, overblown their financial sector and neglected their industrial base. There are lots of reasons for the US problems – German export surpluses are not part of them.

Germany has put itself on a collision course with the US over the global economy, after its finance minister launched an extraordinary attack on policies being pursued in Washington.

Wolfgang Schäuble accused the US of undermining its policymaking credibility, increasing global economic uncertainty and of hypocrisy over exchange rates. The US economic growth model was in a “deep crisis,” he also warned over the weekend."

Read at the Financial Times