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☆ Germany Attractive for Skilled Workers Despite Discrimination - OECD
▼ + stars: | 2024-01-31 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Germany is still an attractive destination for skilled workers from abroad, although migrants report racism and discrimination in everyday life, the Organisation for Economic Cooperation and Development (OECD) said on Wednesday. Having tracked the careers of 30,000 highly qualified people who wanted to come to Germany as migrant workers since August 2022, their willingness to move to the country had increased rather than decreased over the time, the OECD said. Some 92% of participants in its poll lived abroad and were still interested in moving to Germany, it added. However, people who had already moved to Germany reported more discrimination than expected before the move. "Experiences of discrimination are reported, especially when looking for accommodation and in public," the OECD's Thomas Liebig said.

Persons: Thomas Liebig, Holger Hansen, Bartosz Dabrowski, Rachel More Organizations: Reuters, Organisation for Economic Cooperation, Development, OECD Locations: Germany

☆ Germany's Scholz publicly backs Biden over Trump for re-election
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 22 (Reuters) - German Chancellor Olaf Scholz on Monday said he prefers U.S. President Joe Biden to his predecessor, Donald Trump, and hoped Biden would be re-elected for a second term in office. Addressing pupils at a primary school close to Berlin, Scholz accused Trump of being divisive and that he would be bad not only for the United States but also for Germany. Responding to a pupil's question, Scholz said: "I think the current president is better, so I want him to be re-elected." Biden's many years of public service mean he knows exactly "what you have to do to prevent the world from going to war," Scholz said. Recent polls show Biden with an edge over potential Republican challengers Donald Trump and Ron DeSantis as the November 2024 U.S. presidential election draws closer.

☆ VW completes sale of Kaluga plant in Russia
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, May 19 (Reuters) - Volkswagen (VOWG_p.DE) has completed the sale of its Kaluga production plant in Russia and its local subsidiaries, the German carmaker said on Friday, ending months of wrangling with Russian authorities over the deal. Volkswagen has sold its shares in Volkswagen Group Rus LLC to Art-Finance LLC, which is supported by autodealer group Avilon, VW said in a statement. Volkswagen is pictured during the 63rd Annual General Meeting of Volkswagen AG in Berlin, Germany May 10, 2023. According to a source familiar with the matter, the deal is valued at 125 million euros ($138 million). Work at the plant in Kaluga, south of Moscow, has been furloughed since March 2022 due to Russia's invasion of Ukraine, which prompted Western countries to sanction Moscow leading to a breakdown in supply chains.

☆ German cabinet publishes draft legislation on new citizenship rules
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Germany's interior ministry published draft legislation aimed at making it easier for people to apply for citizenship, as Berlin seeks to boost migration and open up the job market in Europe's biggest economy. The draft proposes a multiple citizenship option and cuts the required residency years before naturalization down to five or three years from the previous eight. German language requirements for citizenship would also be eased for members of the so-called "Gastarbeiter" generation, many of them Turkish, who came to Germany in the 1950s and 60s as migrant workers. At the end of 2021, around 72.4 million people with German citizenship and around 10.7 million with foreign citizenship were living in Germany, of whom around 5.7 million had been in Germany for at least 10 years. "Anyone who does not share these values or even acts contrary to them may not become a German citizen," it says.

☆ Siemens Healthineers reports lower Q2 profit, discontinues heart surgery robots business
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - U.S.-German medical device maker Siemens Healthineers (SHLG.DE) on Wednesday said it is giving up part of billion-dollar acquisition Corindus' business as it reported a 30% drop in quarterly operating profit on lower contributions from COVID tests. Adjusted earnings before interest and taxes (EBIT) fell to 681 million euros ($750 million) in the January-March period, less than the 702 million expected by analysts, according to a consensus provided by the company. The group said it was discontinuing the robotic-assisted endovascular cardiology business in its Advanced Therapies segment and reported a 329-million euro writedown. Siemens Healthineers had acquired the business as part of the 1-billion-euro Corindus acquisition in 2019. This led to a 81% fall in quarterly net income, which came in at 108 million euros.

☆ Liechtenstein to allow payment for certain state services in Bitcoin - Handelsblatt
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Liechtenstein plans to allow Bitcoin payments for certain state services, Prime Minister Daniel Risch told the German business daily Handelsblatt in an interview. "A payment option with Bitcoin is coming," Risch said in the interview on Sunday, without giving a specific timeframe. Risch, who is also Liechtenstein's finance minister, said the country plans to accept deposits in Bitcoin and immediately exchange them for the Swiss franc, the national currency. The prime minister said there was no plan for any big risks with state money but added he was open to investing state reserves in Bitcoin in the future. The state's reserves, which are primarily invested in the capital market, currently amount to 2.23 billion Swiss francs, ($2.51 billion), Handelsblatt reported, citing the finance ministry.

BERLIN, May 8 (Reuters) - German industrial production fell more than expected in March, partly due to a weak performance by the automotive sector, spurring again recession fears in Europe's largest economy. Production decreased by 3.4% on the previous month following a slightly revised increase of 2.1% in February, the federal statistical office said on Monday. "After a buoyant performance by industrial production at the beginning of the year, there was an unexpectedly sharp decline in March," the economics ministry said. In the first quarter, production was 2.5% higher than in the last quarter of 2022, according to the statistics office. GDP was unchanged quarter on quarter in adjusted terms in the first quarter, following a 0.5% contraction in the fourth quarter of 2022.

April 13 (Reuters) - Swiss fragrance and flavour maker Givaudan (GIVN.S) on Thursday reported quarterly like-for-like sales slightly above expectations, with price rises helping to offset lower sales volumes in North America. Its first-quarter revenue rose 3.6% to 1.84 billion Swiss francs ($1.97 billion) on a like-for-like basis, beating the 1.80 billion francs expected by analysts in a poll compiled by the company. The sales growth was below Givaudan's mid-term target of between 4% and 5% on average, which it also reiterated. On a reported basis, sales fell 0.4% to 1.77 billion Swiss francs. Givaudan reported a 9.5% drop in like-for-like sales in North America, the only region to record a decline in the quarter.

☆ Givaudan's quarterly sales beat expectations
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

April 13 (Reuters) - Swiss fragrance and flavour maker Givaudan (GIVN.S) on Thursday reported quarterly like-for-like sales above expectations, saying it started the year with good business momentum while maintaining operations and global supply chain at a high level. Its first-quarter revenue rose 3.6% to 1.84 billion Swiss francs ($1.97 billion) on a like-for-like basis, compared with analysts' average forecast of 1.80 billion francs in a poll compiled by the company. The sales growth was below Givaudan's mid-term target of between 4% and 5% on average, which it also confirmed in the press release. On a reported basis, its sales fell 0.4% to 1.77 billion Swiss francs. Givaudan reported a 9.5% drop in like-for-like sales in North America, the only region to record a decline in the quarter.

☆ Raiffeisen stock slumps after U.S. sanctions authority asks about Russia business
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

Feb 20 (Reuters) - Shares in Raiffeisen Bank International fell more than 7% at the open on Monday after the Austrian Bank had said on Friday it had received a request for information from the United States' sanctions authority about its business related to Russia. Earlier in February, Raiffeisen reported it earned more than half of its 2022 profit from Russia, a market it is considering exiting after the country's invasion of Ukraine. RBI has operated in Russia since the collapse of the Soviet Union and is Russia's 10th-largest bank by assets. The bank's shares have fallen 19% since the start of the war in February last year. Reporting by Bartosz Dabrowski in Gdansk Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

Feb 7 (Reuters) - Germany's Linde (LIN.N), on Tuesday forecast higher earnings for 2023 and said it plans to invest $7-$9 billion over the next two-to-three years in clean energy projects to benefit from demand from companies seeking to cut emissions. Chief Executive Sanjiv Lamba said on a conference call that as part of that investment, Linde plans to spend $3 billion to convert 11 to 13 existing assets to clean hydrogen. The total investment opportunity for the German company in the United States alone could exceed $30 billion over the next decade, CEO Lamba said in late 2022. It reported fourth-quarter adjusted earnings of $3.16 per share, beating analysts' $2.91 per share estimate in a Refinitiv poll. Reporting by Bartosz Dabrowski and Andrey Sychev in Gdansk; Editing by Milla Nissi and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Linde forecasts earnings growth in 2023 supported by hydrogen deals
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Linde (LIN.N), , the world's largest industrial gases company, forecast earnings growth for 2023 on Tuesday after better-than-expected fourth-quarter profit, boosted by clean hydrogen projects as companies seek to cut emissions. "We are well positioned to win more than our fair share of high-quality projects, primarily in clean-energy," Chief Executive Sanjiv Lamba said in an earnings statement. Linde has consistently beaten earnings estimates over the past two years, benefiting from growing hydrogen investments. The group forecast 9-12% growth in 2023 earnings per share excluding currency headwinds, also citing its balanced end-market portfolio, high network density and capital discipline. Reporting by Bartosz Dabrowski and Andrey Sychev in Gdansk; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

☆ Flavour maker Givaudan beats earnings forecasts in a tough year
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss flavours and fragrances maker Givaudan is seen at its innovation center in Kemptthal, Switzerland January 10, 2020. REUTERS/Arnd Wiegmann/File PhotoJan 25 (Reuters) - Swiss fragrance and flavour maker Givaudan (GIVN.S) on Wednesday reported better-than-expected earnings for a year characterized by high input costs and supply chain disruptions. Sales increased by 5.3% on a like-for-like basis to 7.1 billion Swiss francs in 2022, while growing only 2.9% organically in the final quarter. Givaudan and Symrise are the runners-up behind IFF Inc (IFF.N) in the market share ranking for fragrances, flavours and ingredients for food and cosmetics. It confirmed its mid-term target of 4-5% average organic sales growth per year on a like-for-like basis.

☆ The rise and fall of Wirecard
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +5 min

July 2: The head of Germany's financial watchdog calls the accounting scandal at Wirecard "a massive criminal act". July 6: German prosecutors arrest the head of a Dubai-based subsidiary of Wirecard. 2021Jan. 29: Felix Hufeld, president of German financial watchdog BaFin, steps down. 2022Jan. 14: German prosecutors file first charges in Wirecard fraud, the Financial Times reports. Sept. 21: A Munich district court said it had admitted charges against former Wirecard executives, paving way for a trial.

☆ Analysis: Age gap no problem for France's deadly striking duo
▼ + stars: | 2022-12-04 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

Giroud looked set for a secondary role for France until the team's number one centre forward Karim Benzema pulled out with an injury on the even of the tournament. That understanding was clear for all to see as Poland were cut apart by France's strikers. "It's still a long way to go and, obviously, you need to enjoy the game," he said. "If we attack, try to attack, it's a bit different. Additional reporting by Bartosz Dąbrowski in Gdansk, Poland; Writing by William Schomberg; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

Nov 10 (Reuters) - Conspiracy theorist Alex Jones must pay $473 million in punitive damages for his defamatory claims about the 2012 Sandy Hook mass shooting, a Connecticut judge ruled on Thursday. On Dec. 14, 2012, a gunman murdered his mother, then killed 20 children and six staff members at Sandy Hook Elementary School before killing himself. Some experts doubt the move will offer much protection for Jones’ assets, even if he is not able to pay the full judgments against him. The Sandy Hook families have intervened in the case, urging a judge to freeze Free Speech Systems' assets and investigate its finances. They claim Jones pulled $62 million from the company while burdening it with $65 million in “fabricated” debt.

German chemicals maker Covestro (1COV.DE) lowered its 2022 earnings guidance for the third time this year, blaming gas and raw material prices. Gas prices in Europe have eased in response to an unusually warm October and projections of a mild winter. The group, which relies heavily on natural gas, is buying from outside Europe, where prices are lower. RACE TO CUT COSTSCompanies across Europe are racing to reduce their energy use ahead of the winter when demand increases as households turn up the heat. Chemical companies are among the hardest hit by the energy crisis because they use gas as a raw material for production and as an energy source.

☆ Covestro cuts profit outlook again on rising energy, raw material costs
▼ + stars: | 2022-10-25 | by ( Bartosz Dabrowski | ) www.reuters.com time to read: +2 min

The company's shares were down around 2% by 0810 GMT after it said it was only able to offset the sharp rise in raw material and energy prices to a small extent by higher prices. The group, whose main products include foam chemicals used in mattresses, car seats and insulation for buildings, sees full-year earnings before interests, taxes, depreciation and amortisation (EBITDA) in a range of 1.7 billion euros and 1.8 billion euros ($1.7 billion-$1.8 billion), compared with a previous forecast of 1.7 billions euros-2.2 billion euros. Register now for FREE unlimited access to Reuters.com RegisterIt lowered its free operating cash flow (FOCF) forecast to a range of 0 and 100 million euros from a previous range of 0 to 500 million euros. Covestro said third-quarter EBITDA fell 65% to 302 million euros, below the analysts' average estimate of 320 million euros in a company-provided poll. Chemical companies are among the hardest hit by the energy crisis because they use gas both as a raw material for production and as an energy source.

☆ Factbox: Automakers accelerate drive to secure battery raw materials
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +7 min

read more08-Dec-2021 - Belgium's Umicore (UMI.BR) will supply cathode materials for Volkswagen's European battery cell factories under a joint venture. MERCEDES BENZ (MBGn.DE):23-Aug-2022 - Mercedes-Benz strikes cooperation agreement with Canada to secure access to lithium, nickel and cobalt. read more04-Oct-2021 - BHP Group (BHP.AX) will supply nickel sulphate from Western Australia to Toyota and Panasonic's joint venture. read moreFORD (F.N)22-July-2022 - Ioneer Ltd signs binding offtake agreement with Ford to supply lithium from Rhyolite Ridge in Nevada. read more22-Sept-2021 - Ford partners with startup Redwood Materials to form a "closed loop" or circular supply chain for electric vehicle batteries, from raw materials to recycling.

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