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☆ German defence contractor Hensoldt sees investment opportunities in AI
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

A logo of defense supplier Hensoldt AG is pictured during Hensoldt's initial public offering (IPO) at the Frankfurt Stock Exchange in Frankfurt, Germany, September 25, 2020. REUTERS/Ralph Orlowski/File Photo Acquire Licensing RightsNov 22 (Reuters) - Hensoldt (HAGG.DE) sees artificial intelligence (AI) and analytics as an area with investment opportunity, the German defence electronics maker said at its Capital Markets Day. "Investment opportunities arise, for example, in the areas of artificial intelligence and analytics as well as in the services and integration business," it said in a statement. According to slides from Hensoldt's Capital Markets Day presentation, the company plans to invest in AI development "across all business for all relevant products and solutions". Last week, Hensoldt announced plans for a capital increase to finance the acquisition of German military service firm ESG.

Persons: Ralph Orlowski, Thomas Mueller, Hensoldt, Andrey Sychev, Alexander Huebner, Miranda Murray Organizations: Hensoldt, Frankfurt Stock Exchange, REUTERS, IRIS, Hensoldt's, Markets, Thomson Locations: Frankfurt, Germany, Ukraine

☆ Germany's Continental announces job cuts in automotive division
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: 1 min

A car wheel with a badge showing the logo of German tyre company Continental, pictured before the company's annual news conference in Hanover, Germany, March 7, 2019. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBERLIN, Nov 13 (Reuters) - German car parts manufacturer Continental (CONG.DE) on Monday said it will cut jobs in its automotive division as part of a plan to save 400 million euros ($427.96 million) per year from 2025. The number of staff reductions was not immediately clear, but it will amount to the "mid-four-digit range," the company added. ($1 = 0.9347 euros)Reporting by Andrey Sychev Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Fabian Bimmer, Andrey Sychev, Miranda Murray Organizations: Continental, REUTERS, Rights, Thomson Locations: Hanover, Germany

☆ Continental plans thousands of job cuts in auto division
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

A car wheel with a badge showing the logo of German tyre company Continental, pictured before the company's annual news conference in Hanover, Germany, March 7, 2019. The exact number of job cuts was not immediately clear, but it will amount to the "mid-four-digit range", the company said. The news comes amid ongoing reports that Continental plans a restructuring and potential sell-offs, with CEO Nikolai Setzer saying in September he was considering a change in ownership of the company's ContiTech division. Continental will provide a full strategy update at its capital markets day on Dec. 4, the statement said. Last week the company reported that the automotive business returned to profit in the third quarter and predicted a strong quarter ahead.

Persons: Fabian Bimmer, Nikolai Setzer, Andrey Sychev, Victoria Waldersee, Christina Amann, Miranda Murray, Susan Fenton, Bernadette Baum Organizations: Continental, REUTERS, Rights, Reuters, Smart, Thomson Locations: Hanover, Germany

☆ Nestle shares at two-year low as investors weigh Wegovy rollout
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Hannah McKay/Photo Illustration/File Photo Acquire Licensing RightsOct 6 (Reuters) - Nestle (NESN.S) shares were under pressure on Friday as investors weighed the potential impact of Novo Nordisk's (NOVOb.CO) blockbuster weight-losing drug Wegovy and how it could reduce spending on food. The KitKat and Nescafe coffee maker's shares were down 2% and headed for their lowest level in more than two years. However, Cox does not regard this as a substantial risk to Nestle and the broader food industry in the long term. Bruno Monteyne from Bernstein also pointed to the Wegovy impact, but saw little logic in the sell-off. "Danone sells water, baby milk powder, and yogurt: not sure how those would be negatively impacted by GLP1 / Wegovy?"

Persons: Kat, Hannah McKay, Wegovy, Peers, Kepler Cheuvreux, Jon Cox, John Furner, Cox, Bruno Monteyne, Bernstein, Andrey Sychev, John Revill, Mark Potter Organizations: Nestle, REUTERS, Peers Danone, Unilever, Kepler, Bloomberg, Danone, Health, Thomson Locations: London, Britain, U.S

☆ Delivery Hero confirms talks on partial sale of Asian business
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] Andreas Harte, a Foodora delivery cyclist poses in front of Delivery Hero headquarters in Berlin, Germany, June 2, 2017. Foodora is part of the Berlin-based company Delivery Hero, one of Europe's largest internet start-ups. REUTERS/Fabrizio Bensch Acquire Licensing RightsBERLIN, Sept 20 (Reuters) - Delivery Hero (DHER.DE) confirmed talks on a partial sale of its Asia business on Wednesday, adding that the deal's value is still under negotiation. Delivery Hero has been focusing on reaching profitability while maintaining growth as investor confidence in the company started to wane after a pandemic-driven boost. Grab makes most of its sales from its food delivery business and has recently seen strong growth in its ride-share business.

Persons: Andreas Harte, Foodora, Fabrizio Bensch, Niklas Oestberg, Rachel More, Andrey Sychev, Matthias Williams, Kirsten Donovan Organizations: REUTERS, Rights, Thomson Locations: Berlin, Germany, Asia, Singapore, Cambodia, Laos, Malaysia, Myanmar, Philippines, Thailand

Containers are seen at a terminal in the port of Hamburg, Germany November 14, 2019. Under a deal between MSC and the city of Hamburg, MSC will make a cash offer of 16.75 euros ($17.99) per share to acquire all listed class A stock in HHLA. The city of Hamburg, which owns 69% of HHLA's A shares and all of its unlisted S-shares, would retain control of Hamburg port with a 50.1% stake via the S-shares. A source familiar with the deal gave an enterprise value of 2.6 billion euros, including 1.4 billion euros in debt. HHLA said its management board would review the MSC offer.

Persons: Fabian Bimmer, Klaus, Michael Kuehne, Lloyd, Kuehne, Marc Zeck, Stifel, Nikolas Mauder, Kepler Cheuvreux, HHLA, Andrey Sychev, Sabine Wollrab, Rachel More, Emelia Sithole, David Holmes Organizations: REUTERS, Kuehne, Reuters, MSC, Thomson Locations: Hamburg, Germany, BERLIN, Hapag, HHLA, Germany's, Gdansk, Frankfurt

Containers are seen at a terminal in the port of Hamburg, Germany November 14, 2019. Under the deal between Switzerland-based MSC and the city of Hamburg, MSC will make a cash offer of 16.75 euros ($17.99) per share to acquire all listed class A stock in HHLA. The city of Hamburg, which currently owns 69% of HHLA's A shares and all of its unlisted S-shares, would retain control of Hamburg port with a 50.1% stake via the S-shares. A source familiar with the deal gave an enterprise value of 2.6 billion euros, including 1.4 billion euros in debt. HHLA said its management board would review MSC offer.

Persons: Fabian Bimmer, Klaus, Michael Kuehne, Hapag, Lloyd, Marc Zeck, Nikolas Mauder, Kepler Cheuvreux, Robert Habeck, HHLA, Andrey Sychev, Sabine Wollrab, Rachel More, Jason Neely, Mark Potter, Emelia Organizations: REUTERS, MSC, Reuters, Belgian, Thomson Locations: Hamburg, Germany, BERLIN, Switzerland, HHLA, Germany's, Swiss, China, Berlin, Gdansk, Frankfurt

☆ Austria's Uniqa and Raiffeisen to sell stake in Raiffeisen Life to Russian insurer
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of the Austrian insurer Uniqa is seen in front of its headquarters in Vienna, Austria, March 10, 2016. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsAug 24 (Reuters) - Austria's Uniqa (UNIQ.VI) and Raiffeisen Bank (RBIV.VI) are to sell their stakes in Raiffeisen Life to Russian insurer Renaissance Life, becoming the latest move by Western companies to pare back business in Russia. Uniqa held 75% of Raiffeisen Life and RBI held the remaining 25%. "This means we are withdrawing from Russia," Uniqa's Management Board Member for Customers & Markets International Wolfgang Kindl said in the statement. In the first six months of 2023, Uniqa's technical result in Russia shrank to 5.8 million euros ($6.30 million) from an adjusted 8.5 million euros in the first half of 2022.

Persons: Leonhard Foeger, Uniqa, Wolfgang Kindl, pare, Tristan Veyet, Alexandra Schwarz, Andrey Sychev, David Evans Organizations: Uniqa, REUTERS, Raiffeisen Bank, Customers, Markets, Kremlin, Erste Group, Thomson Locations: Vienna, Austria, Western, pare, Russia, Ukraine, Gdansk

☆ SAP reports revenue growth of 5% in Q2, lowers cloud revenue forecast
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

July 20 (Reuters) - Business software maker SAP (SAPG.DE) reported second-quarter revenue growth of 5% on Thursday, in line with market expectations, boosted by its core cloud business. For the full year, it lowered its cloud revenue outlook to 14.0-14.2 billion euros ($15.59-$15.81 billion) from 14.0-14.4 billion, and slightly lifted its forecast for its non-IFRS operating profit to 8.65-8.95 billion euros from 8.6-8.9 billion. ($1 = 0.8980 euros)Reporting by Anna Mackenzie and Andrey Sychev, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

Persons: Anna Mackenzie, Andrey Sychev, Kirsti Organizations: SAP, Thomson

☆ May retail sales bump in Germany not here to stay - analysts
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - German retail sales rose more than expected in May from the previous month, data showed on Friday, though analysts said the surprise rise does not indicate a change in depressed spending. The Federal Statistics Office said retail sales were up 0.4% month-on-month in real terms, beating expectations by analysts polled by Reuters that sales would remain unchanged. Compared with May 2022, sales fell 3.6% in real terms. "Even if May surprised us with an increase in retail sales and April also proved robust, the basic constellation of weak private consumption will change little for the time being," said VP Bank chief economist Thomas Gitzel, who predicted that retail sales will fall again in June compared with the month before. Alexander Krueger, chief economist at Hauck Aufhaeuser Lampe private bank, said consumers were still putting the brakes on spending due to real income losses.

Persons: Thomas Gitzel, Alexander Krueger, Hauck Aufhaeuser Lampe, Rene Wagner, Andrey Sychev, Miranda Murray, Maria Sheahan, Friederike Heine Our Organizations: Federal Statistics Office, Reuters, Bank, Thomson

☆ Energy crisis and inflation push more German firms into insolvency -study
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - The number of German firms pushed into insolvency rose in the first half of this year at the fastest pace in more than two decades due to the energy crisis, inflation and rising interest rates, a study by credit agency Creditreform showed on Thursday. "The enormous cost burdens caused by excessively high energy and material costs are making an effect," said Creditreform chief economist Patrik-Ludwig Hantzsch. Such a combination backfires on firms and leads to "an economic dead end" in a rising interest rate environment, Hantzsch said. Creditreform sees a further rise in insolvencies over the rest of the year as high inflation and rising interest rates will keep hampering German businesses. Reporting by Klaus Lauer, writing by Andrey Sychev, editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Creditreform, Patrik, Ludwig Hantzsch, Hantzsch, Klaus Lauer, Andrey Sychev, Susan Fenton Organizations: Thomson Locations: Germany, insolvencies

☆ SAP CEO: huge growth potential in generative AI
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski/File PhotoJune 28 (Reuters) - German business software maker SAP (SAPG.DE) sees huge growth potential in generative AI technology, Chief Executive Officer Christian Klein told the business daily Handelsblatt in an interview published on Wednesday. The whole development is a huge growth driver for SAP," he said. The SAP CEO also said that generative AI will be able to take over some administrative tasks, such as business appointment management. SAP said in mid-May that it will deepen collaboration with Microsoft (MSFT.O) on joint generative AI projects in the field of personnel recruiting.

Persons: Ralph Orlowski, Christian Klein, Klein, Andrey Sychev, Miranda Murray Organizations: SAP, REUTERS, Microsoft, Thomson Locations: Walldorf, Germany

☆ Amazon workers in Leipzig start 48-hour strike for higher wages
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] A flag of German united services union Ver.di is pictured in front of the logo of Amazon on a warehouse in Bad Hersfeld May 14, 2013. REUTERS/Lisi NiesnerJune 26 (Reuters) - Workers at Amazon's (AMZN.O) warehouses in Germany's eastern city of Leipzig started a 48-hour strike on Monday to press for higher wages, the country's public sector union ver.di said. The workers want a collective labour agreement that includes a 2.5 euro ($2.73) per hour wage increase for a 12-month period, a 250-euro wage hike for apprentices and for the labour agreement to be binding for the company. Amazon is not bound by collective agreements and doesn't take part in these negotiations. "The converted starting wage in Germany is 13 euros gross per hour upwards (in Leipzig 13.43), including bonus payments," the world's biggest online retailer said.

Persons: Lisi Niesner, ver.di, Ronny Streich, Andrey Sychev, Matthias Williams, Emelia Organizations: REUTERS, Thomson Locations: Bad Hersfeld, Germany's, Leipzig, Germany

☆ SAP and Microsoft to deepen collaboration on generative AI in recruiting
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

May 15 (Reuters) - SAP (SAPG.DE) will deepen collaboration with Microsoft (MSFT.O) on joint generative AI projects in the field of personnel recruiting, the German software maker announced on Monday. SAP's SuccessFactors solutions will be integrated with Microsoft's 365 Copilot and Azure OpenAI Service to access language models and generate natural language, it added. "We're very excited about the opportunities generative AI unfolds for our industry and our customers," SAP's Chief Executive Christian Klein said. In late April, Klein said the firm would embed Microsoft-backed OpenAI's ChatGPT in its productsReporting by Andrey Sychev, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ SAP slightly lowers outlook after Qualtrics divestment
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Business software maker SAP (SAPG.DE) on Friday slightly lowered its outlook due to the divestment of its Qualtrics unit while reporting first-quarter revenue growth that beat expectations. SAP reported revenue growth of 10% in the first three months of 2023, to 7.44 billion euros ($8.15 billion), beating expectations of 7% in company-provided consensus. The tech giant now expects non-IFRS operating profit in the range of 8.6-8.9 billion euros, 200 million euros less than before. For cloud revenue, it now targets between 14 and 14.4 billion euros, down 1.3 billion euros from previous guidance. Additionally, the IFRS operating result was affected by restructuring costs associated with SAP's recent cost-cutting program.

The logo of German software group SAP is pictured at the headquarters of SAP (Schweiz) AG in Regensdorf, Switzerland January 22, 2021. Revenue from SAP's lucrative cloud business grew 24% year-on-year, broadly in line with consensus. For the year, SAP expects non-IFRS operating profit in the range of 8.6-8.9 billion euros, 200 million euros less than before. Cloud revenue forecast is seen down by 1.3 billion euros to between 14 and 14.4 billion euros. "Underlying guidance is essentially unchanged, although updated to reflect the disposal of Qualtrics," Jefferies analysts wrote in a client note.

☆ Rheinmetall and KMW to upgrade Puma armoured vehicles for German army
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Rheinmetall (RHMG.DE) and Krauss-Maffei Wegmann (KMW) have received an order from the German army to upgrade 143 Puma infantry fighting vehicles, the companies said on WednesdayThe order for their joint venture PSM is valued at around 770 million euros ($843.92 million), they said in a joint statement. According to the companies, they will retrofit the armoured vehicles with key capabilities for firepower and command and control by 2029. The contract, which was signed in 2021, included two options for modernising the vehicles, both of which Berlin has decided to execute now. In late 2022, the German government said it would not purchase any more Pumas until they had proven themselves reliable, after several were put out of service during a military drill. ($1 = 0.9124 euros)Reporting by Andrey Sychev, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ German union announces nationwide transport strike for Friday
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Germany's EVG union announced on Wednesday a nationwide transport strike for Friday, with national rail operator Deutsche Bahn among the companies impacted. The strike will affect 50 companies and run from 3 am (0100 GMT) until 11 am (0900 GMT), the railway and transport union said. The Verdi union has also called on security control workers to strike at three airports on Thursday and Friday. The EVG, which is negotiating on behalf of 230,000 workers, is seeking a 12 % wage increase or at least an additional 650 euros per month. The state-owned Deutsche Bahn has offered 5% more and one-off payments of up to 2,500 euros.

☆ Porsche posts record Q1 sales rise boosted by China
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] Porsche Head of Style Michael Mauer presents a new design study of a Porsche 357 during the 75 years Porsche sports car exhibition "Driven by Dreams" in Berlin, Germany, January 25, 2023. REUTERS/ Lisi Niesner/File PhotoApril 17 (Reuters) - Porsche AG (P911_p.DE) posted a record year-on-year sales increase of 18% in the first quarter, boosted by China sales, the company said on Monday. The German luxury carmaker delivered 21,365 cars in China, its largest single market, representing 21% growth over the previous year. Peer Mercedes (MBGn.DE) delivered 191,000 vehicles in China in the first three months of 2023, which is 3% higher over the previous year. Worldwide, Porsche delivered 80,767 cars during the period, with an increase posted in every region.

☆ Rheinmetall wins subcontractor role on Norway's Leopard tank order
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

April 14 (Reuters) - Rheinmetall has been hired as a subcontractor in the Norwegian armed forces' order for 54 Leopard 2 battle tanks from Krauss-Maffei Wegman (KMW), the German manufacturer said on Friday. Rheinmetall said the contract was worth 129 million euros ($142.74 million) and could increase by 44 million euros if Norway executes an option to buy an additional 18 tanks. A key subcontractor to KMW, Rheinmetall will supply components such as main armaments, fire control technology and parts of the sensor suite over a period of around four years, it said in a statement. Norway had originally planned to acquire 72 tanks, but in recent months focused on a scaled-down purchase after its chief of defence recommended spending more on helicopters, drones and long-range artillery. ($1 = 0.9038 euros)Reporting by Andrey Sychev, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Germany allows Poland to export old fighter jets to Ukraine
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 13 (Reuters) - Germany has approved Poland's request to export five old MiG-29 fighter jets to bolster Ukraine's air power against the Russian invasion, the German defence ministry said on Thursday. Germany inherited 24 MiG-29 jets from the East German GDR during reunification in 1990. At the time, the aircraft were seen as among the most advanced fighter jets in the world. Ukraine, which hopes to launch a counteroffensive in the coming weeks or months, wants to secure fighter jets to defend against air strikes. Western countries have so far been reluctant to send advanced fighter jets such as F-16's to Kyiv, but some countries have stepped in to send old MiG-29 jets that Ukraine already uses.

☆ Germany's Merck to invest 300 million euros in US gas plant
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

April 12 (Reuters) - Germany's Merck (MRCG.DE) will invest about 300 million euros ($327.90 million) in the world's largest integrated specialty gas plant in Hometown, U.S., the company said on Wednesday. The agreement with the U.S. state of Pennsylvania supports "expansion of manufacturing capacity for the semiconductor industry", it added. The science and technology group plans to invest "significantly more than 3 billion euros" in innovations and capacity expansions to ensure the success of its semiconductor solutions branch, it said in a press release. ($1 = 0.9149 euros)Reporting by Andrey Sychev in Gdansk, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Mercedes posts rise in Q1 sales boosted by EVs, premium cars
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - Mercedes-Benz Group (MBGn.DE) sales rose moderately in the first quarter of the year, boosted by electric vehicles (EV) and premium cars, the German carmaker said on Wednesday. Worldwide sales increased 3% to 503,500 vehicles, with Europe posting the strongest growth at 8%. The firm saw the biggest sales plunge in the rest of the world that includes all of the regions except Europe, Asia and North America. EVs were the main growth driver in the quarter, with sales almost doubling to 51,600 units. Sales in the Mercedes-Benz Vans division grew 12% in the quarter, reaching 98,900 - its best first-quarter result ever.

☆ BMW on track for 2023 target despite slight Q1 sales fall
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] An electric-powered BMW iX xDrive 50 car is seen during a media preview at the Auto Zurich Car Show in Zurich, Switzerland November 3, 2021. By region, BMW only saw sales growth in the United States, with an 11.4% increase to 89,750 car sales. BMW remained confident about its 2023 guidance despite a "challenging business environment", the company said in a statement. "The BMW Group is on track for slight sales growth in the full year 2023," said Pieter Nota, management board member responsible for customer, brands and sales. Electric vehicle sales in BMW's core brand more than doubled in Q1 year on year to 55,979 units.

☆ BMW sales fall slightly in Q1
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: 1 min

Companies Bayerische Motoren Werke AG FollowApril 11 (Reuters) - BMW (BMWG.DE) delivered 588,138 vehicles in the first quarter of this year, down 1.5% on the previous year, the German carmaker said on Tuesday. Electric vehicle sales rose 83.2% year-on-year to 64,647, it added. "The BMW Group is on track for slight sales growth in the full year 2023," said Pieter Nota, management board member for customer, brands and sales. "The main growth drivers in 2023 will be fully-electric vehicles and models from the high-end premium segment," he added. Reporting by Andrey Sychev, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

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