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Business

EU Cuts Subsidies for BMW Leipzig Plant

According to the German daily Frankfurter Allgemeine Zeitung, the EU commission has stated that it will not grant German carmaker BMW all the subsidies for which the company has applied as part of the construction of its new production plant in Leipzig. It emerged on Monday that the subsidies will be reduced from roughly 419 million euro ($422.9million) to 364 million euro after the EU decided the company had exaggerated the number of jobs that would be created by the plant.