Germany

Debt-laden SolarWorld is close to securing financial backing from a Qatari investor, its chief executive said on Thursday, the second major move in a week in its efforts to get back on its feet. "We will publish the size of the potential stake at the extraordinary general meeting," Frank Asbeck, nicknamed the "sun king" by solar industry media, told Reuters on Thursday, declining to name the investor.

NordLB's, one of the world's top ten ship financiers, expects the shipping industry to have passed its darkest hour, though provisions will remain high this year as the sector's recovery is slow, Reuters reported. "There are signs that we have passed the cyclical low point in shipping markets," Chief Executive Gunter Dunkel said at the state-owned lender's annual press conference on Tuesday, adding that he did not expect the crisis to end in the near term.

Troubled German regional lender HSH said it had cut its exposure to bad shipping loans by persuading struggling debtors to transfer ownership of some vessels to U.S.-listed shipping company Navios, Reuters reported. The deal, unveiled on Monday, may provide a blueprint for the financing of ships that are insolvent and a way for the Hamburg-based lender to cut its 9 billion euro ($11.7 billion) portfolio of bad ship loans, which has already forced it to seek state aid.

NordLB's, one of the world's top ten ship financiers, expects the shipping industry to have passed its darkest hour, though provisions will remain high this year as the sector's recovery is slow, Reuters reported. "There are signs that we have passed the cyclical low point in shipping markets," Chief Executive Gunter Dunkel said at the state-owned lender's annual press conference on Tuesday, adding that he did not expect the crisis to end in the near term.

German lawmakers approved a rescue for Cyprus as Finance Minister Wolfgang Schaeuble warned that refusing aid to a fifth crisis-ravaged state risked triggering a sovereign default and contagion to other euro nations, Bloomberg reported. The lower house, or Bundestag, backed German participation in the 10 billion-euro ($13 billion) financial lifeline by 487 votes to 101 with 13 abstentions in Berlin today, almost three years after the euro-area debt crisis first required lawmakers to act in May 2010. Lawmakers also approved extending aid terms for Ireland and Portugal.

SolarWorld and its creditors are aiming to strike a deal on the restructuring of the ailing Germany-based maker of solar panels within the next 2-3 weeks, two sources familiar with the talks said on Thursday, Reuters reported. "We are looking at a reasonable, sustainable solution that would not require SolarWorld to file for insolvency," one of the people said. Creditors would cancel some debt and swap some loans for equity, the sources said. Shareholders will likely be left with significantly less than 10 percent of the equity, one of the sources said.

With few exceptions, senior European policy makers agree that the euro zone needs a "banking union" to correct flaws in its makeup that have been laid bare by the region's financial crisis. Trouble is, they don't agree what "banking union" means, The Wall Street Journal reported. Most academics suggest the banking union requires three pillars: a single euro-zone bank supervisor; a single "resolution authority" to deal with failing banks; and a single safety net to protect small depositors.

Germany's top central banker warned that Europe's debt crisis would take as much as a decade to overcome, adding that a lasting solution would only come once politicians stopped relying on the European Central Bank and pushed through far-reaching structural overhauls. In an interview with The Wall Street Journal, Bundesbank President Jens Weidmann signaled that the ECB could reduce interest rates if incoming data suggest it is warranted. But he warned such a move wouldn't turn around the euro bloc's economic fortunes. Mr.

German PV developer Solen has declared bankruptcy and filed for insolvency at the Meppen district court after failing to repay the interest on a loan, PV-Tech reported. According to the company, poor results as a result of cuts in the German Renewable Energy Act (EEG), falling PV prices over the last two years and high interest rates resulting from a corporate bond have meant that the firm has been unable to fulfil its obligation to its creditors. Despite the declaration of bankruptcy, the business is operating as usual.

Germany has become so dependent on Deutsche Bank to grease the wheels of its export driven economy that it looks willing to gloss over scandals involving its largest bank, Reuters reported in an insight. Deutsche is one of several European banks under investigation by regulators in Europe and the United States for its suspected role in rigging benchmark interest rates. It is cooperating with German authorities in a separate inquiry into alleged tax fraud. Deutsche has denied allegations it misvalued derivatives and mis-sold mortgage-backed securities.