Munich - Europe's biggest insurer Allianz AG reported Wednesday a more-than-40-per-cent fall i

Berlin - Europe's biggest engineering group global Siemens AG cut its profit forecast for the current fiscal year Wednesday as its order books shrank in the face of the global economic crisis. However, shares in the German-based company rose more than 4 per cent after it announced a jump in its second quarter profits with earnings from the same period last year hit by charges.

Siemens now expects operating profit from it core business in the current fiscal year which ends on September 30 to overshoot last year's 6.6 billion euros (8.68 billion dollars.)

Frankfurt- The world's biggest business management software maker SAP AG said Wednesday that falling revenue, the global economic downturn and the high restructuring costs resulted in first-quarter net profit falling 16 per cent to 204 million euros (269 million dollars). While the German-based group confirmed its outlook for the current year, its shares dropped 2.9 per cent to 29.30 euros following the release of the results.

SAP said that due to the continued the economic and business uncertainty it would not provide a specific outlook for software and software-related service revenues for 2009.

Kabul - German Foreign Minister Frank-Walter Steinmeier arrived Wednesday in Kabul on a surprise visit during which he is to meet with President Hamid Karzai and Foreign Minister Rangin Dadfar Spantar. Steinmeier's trip, his fourth to Afghanistan since taking office at the end of 2007, was kept secret until after his arrival for security reasons.

Chancellor Angela Merkel visited German troops stationed in the north of the country three weeks ago but did not meet with Afghan leaders.

Washington, Apr 29 : American-Hindu scholars have urged Grammy bosses to add a new category for traditional Indian music at the annual prize giving - the `Kirtan' category.

The Universal Society of Hinduism officials have emphasized that with the growing popularity of `kirtan' across America and the U. K, its time that it was declared a category in Grammy, reports Contactmusic.

Hamburg - Rare classic cars are achieving record prices at auctions as investors moving their money into material assets during these uncertain economic times.

"People who have lost trust in the stock market are putting their money into things where they hope to maintain or increase the value of their money such as in old cars," says Dieter Ritter from the German automobile club (AvD).