NEWSLETTER

November 2008

German American Chamber of Commerce New York Inc.

Barack Obama: "Yes, we can!"

German American Chambers of Commerce: "So can we!"

Despite the huge challenges that Barack Obama faces, including the financial crisis, the economic breakdown, the biggest national debt in history, the healthcare system, the situation in the middle-east and the energy situation, the German American Chambers of Commerce have great confidence in the future.

Obama has a comprehensive energy plan which includes a diversification of energy resources. He plans to invest $15 billion in new technologies; for example, wind and solar energy. In fact, this emphasis has already started prior to his taking office as the Rescue Package to stabilize the US economy contains a renewable energy component.
 

Since German companies occupy the lead position in the global market for environmental products, process measuring and control technology, Obama’s emphasis on renewable energy will offer major business potential for German companies in the American market. They must, of course, position themselves and their products in the US market in a timely manner to take advantage of these opportunities.
 

Barack Obama believes in a strong U.S. partnership with the European Union. The more than 3,000 German companies, with investments in the American market that have exceeded $203 billion as of year-end 2006, and their 650,000 employees in the U.S. are well situated to take advantage of this business climate.
 

If President-Elect Obama sticks to his pragmatic international trade and financial plans in the next four years, despite occasional protectionist rhetoric, the opportunities for German companies in the United States look even more promising.

What is possible in most of Europe, should also be possible in the United States: Local voting rights for resident aliens. This is also the result of this month’s BIZ Barometer, the online poll on gaccny.com. An overwhelming 99.7% of a total of 6,877 respondents support local voting rights – a clear verdict in favor of an urgent amendment of U.S.-legislation to also allow Non-U.S. citizens to vote (at least) in local elections.

Take part on the next time BizBarometer at the GACC NY website!
 

+++++ Porsche cuts production for December and January+++++ Bayer and UN Environment Programme Launch International Painting Competition+++++ Waldorf opens in Nord America +++++ First Solar enters U.S. residential marke+++++ Daimler launches brand new operations center in North Texas+++++ SAP profits fall 5%+++++ Friedrichshafen NT constructed Zeppelin for sight-seeing tours+++++ Volkswagen overtakes Exxon as most valuable +++++ Disney plans bid for German soccer rights +++++ Deutsche Post races to cut back loss-making U.S. unit+++++ Chrysler axing 825 at Toledo Jeep plant +++++ UPS CEO says DHL deal could change+++++ Germany says it invested 100 million Euros in Lehman Brothers+++++ GE invests in U.S. battery maker A123Systems +++++ Daimler tests "car2go" car sharing service+++++ German officials search KFW in funds transfer probe+++++ Mercedes delivers the first GLK in Germany+++++ Ford Germany cuts back+++++ S. Schinnenburg As Head Of Hartfords New German Retirement Savings Business +++++ EU approves aid for IKB +++++ German Artists defend copyright in Google Era +++++ Oracle told by judge to offer to settle with SAP+++++ Intrinergy closes project in dept financing from NORD/LB+++++ Hapag-Lloyd shipping line sold+++++

 
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How the crisis in the U.S. automotive industry hides future opportunities for German Suppliers   

For many months now,negative headlines about the state of the automotive industry have been hitting the newsstands all over the U.S. Layoffs, plant closings, and a decrease in sales are the big headlines that have caught our attention lately. Whether it’s General Motor’s, Ford’s or Chrysler’s massive loss in stock value, their combined layoffs of workers and accelerated plant closings – reminders of the dire condition of the automotive industry reach us daily.

It is undoubtedly a very difficult time for the industry. Rising fuel prices caused radical shifts in consumer demand. Skyrocketing raw material cost, and stringent emissions standards had already caused a slowdown. The credit crisis and resulting economic uncertainty have contributed to the creation of a “perfect storm” in the automotive industry. Most headlines have focused on the Original Equipment Manufacturers (OEM), but the network of automotive suppliers has been hit as well. These suppliers affect our economy more than most people realize.

>>> For the full story see the Nov German American Trade magazine, page 19-23.

Hartford Financial Services Group Inc said that Germany's Allianz SE will invest $2.5 billion in the U.S. life and property insurer, sending Hartford shares up as much as 20 percent, even as it cut its quarterly dividend and forecast losses. Allianz will also buy $1.75 billion in 10 percent junior subordinated debentures. The debentures are callable at par beginning 10 years after issuance by Hartford.

 

New Jersey Governor Jon Corzine has announced he wants to triple the goal for the amount of offshore wind power the state will produce by 2020. Corzine called for the higher amount as he announced the selection of Garden State Offshore Energy (GSOE) as the recipient of a grant incentive to build New Jersey’s first offshore wind pilot:
 

“Our draft Energy Master Plan identified a goal of 1,000 MW of offshore wind by 2020,” said Governor Corzine. Today, I am announcing that we’re not just doubling our commitment, we’re tripling it. New Jersey will support and encourage the development of 3,000 MW of wind power off its coast by 2020, which will be 13 percent of its total electricity. And we will get to 1,000 MW by 2012.”
 

Garden State Offshore Energy, a joint venture of PSEG Renewable Generation and Deepwater Wind, was the firm selected through a competitive grant solicitation process. That process concluded last Friday when the NJ Board of Public Utilities voted to award a $4 million grant to Garden State Offshore Energy (GSOE). The GSOE project will be a $1-billion, 345MW wind farm southeast of Atlantic City, 16 miles from the coast. When completed, it would power approximately 125,000 homes annually.

>> Click here for the Renewable Energies Blog

Arizona State University, Arizona Public Service and an international solar company are merging their resources to create a new solar-testing joint venture in Tempe. The new business is being formed by TUV Rheinland Group, a $1.5 billion corporation based in Germany, and ASU’s Photovoltaic Testing Laboratory. TUV Rheinland Group, which has more than 12,500 employees and facilities in more than 62 countries, primarily tests and certifies solar-energy equipment. The partners will form a new company called TUV Rheinland PTL LLC, which will establish a photovoltaic testing facility in a 40,000-square foot building in a business park on Roosevelt Street south of Broadway in Tempe.

Get an overview of the full range of the latest in vehicles!

The AMI is one of the most important automobile shows in Germany and Central Europe. From March 28^th to April 5^th 2009 the Motor Show will host around 500 exhibitors on 130,000 square meters. There you can get an overview of new products and developments in the international automobile industry. From March 28^th to April 1^st the AMITEC which is the Central European trade fair for vehicle parts, workshops and service station equipment will take place too.
 

For further information about the AMI or AMITEC please contact Ms. Nicole Klug, the U.S. representative of Leipzig Trade Shows at the GACC NY.

Further information about AMI and AMITEC.

German American Chamber of Commerce. Inc. • Telephone: 212.974-8830 • www.gaccny.com

The German American Chamber of Commerce New York (GACCNY) gives no warranty nor accepts responsibility for the accuracy or the completeness to the information contained in this newsletter. The GACCNY cannot and does not make any representations or warranties with respect to any information, product or service available through any third party site.

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