Berlin - The German government wants to significantly toughen its sanctions against Iran by convincing banking, insurance and energy companies to break ties to that country, reports weekly magazine Der Spiegel.

The move would be part of Germany's continuing efforts to get Iran to stop its nuclear development programs.

Berlin - Germany's Social Democratic Party (SPD) gathered Saturday to anoint Frank-Walter Steinmeier, 52, the German foreign minister, as its candidate to challenge Chancellor Angela Merkel in the general election next year.

The party was also to appoint a new national chairman, Franz Muentefering, 68.

Both men were the national committee's sole nominees and face a simple yes-no vote at the one-day national conference in Berlin.

Berlin - The group of eight (G8) business leaders is planning to hold a special meeting in December to discuss boosts to global economic growth and jobs, the industry groups said Friday.

Industry associations representing Germany, France, England, Italy and the US decided at a gathering in Paris to hold the meeting. The European business umbrella group Business Europe also attended the meeting in Paris.

The announcement of the meeting come against backdrop of the world economy facing up to the biggest crisis since the Great Depression.

"The global market place in which our companies operate needs a better regulatory framework," said the president of the German Federation of Industry (BDI) Juergen Thumann.

Berlin - With the threat of recession looming large over Germany, the chief of the nation's biggest bank is to forego his bonus for the year, according a media report Friday.

Berlin - The upper chamber of Germany's parliament approved Friday the bank bail-out package announced four days earlier by Chancellor Angela Merkel's government, moving the bill a step closer to b

Berlin - The German Parliament lower house signed off Friday on Chancellor Angela Merkel's 500-billion-euro (683.1-billion-dollar) bank rescue package aimed at shoring up international investor confidence following weeks of share market turmoil.

Merkel unveiled the plan on Monday as part of a concerted effort by governments around the world to stabilize markets and to help troubled financial institutions limp through the crisis, which was triggered last year by an upheaval in the risky US subprime mortgage business.