DIRS.INFO The most relevant business & tech news

☆ Hydrogen Offers Germany a Chance to Take a Lead in Green Energy
▼ + stars: | 2024-04-30 | by ( Stanley Reed | Melissa Eddy | ) www.nytimes.com time to read: +1 min

In the city of Duisburg in Germany’s industrial heartland is a vast steel complex that is one of Europe’s largest polluters. If adopted widely, the devices could help clean up heavy industry, such as steel-making, in Germany and elsewhere. “We are maybe in one of those few very promising industries where Germany has a significant and very promising base,” said Werner Ponikwar, chief executive of ThyssenKrupp Nucera, which produces the electrolyzers. The company was spun off from ThyssenKrupp, a German steel giant, in 2023. Overall, German state and federal governments have earmarked €13.2 billion for investment in about two dozen projects to develop hydrogen.

Persons: ”, Werner Ponikwar, ThyssenKrupp Locations: Duisburg, Germany, ThyssenKrupp

☆ Demand for shipments from China via rail through Russia has 'skyrocketed' since the Red Sea attacks
▼ + stars: | 2024-02-01 | by ( Lucy Handley | ) www.cnbc.com time to read: +6 min

And — while it only represents a very small proportion of containers moved between the Far East and Europe — rail routes via Russia have seen an uptick in interest too. Rail through RussiaFirms have raised concerns about sending goods via rail through Russia, Sciglaite said. A train engine pulls carriages that started their journey in Yiwu, China into Barking rail freight terminal on January 18, 2017 in the U.K. Igor Tambaca, managing director of Rail Bridge Cargo, a Dutch logistics company, said China-Europe rail route bookings were up 37% over the past four weeks. Tambaca said the cost of sending one forty-foot container (FEU) from China to Europe via rail is currently around $7,900.

Persons: Liu Wenhua, Julija, RailGate, Hapag Lloyd, Sciglaite, Dan Kitwood, Igor Tambaca, Tambaca, Maria Magdalena Pavitsich, Pavitsich, Vladimir Putin, Davies Turner Organizations: China News Service, Getty, Air, CNBC, Rail, Cargo, OBB Rail Cargo Group, FEU, Initiative, British Locations: China, Europe, Russia, Manzhouli, Vietnam, Xeneta, East, European, Rotterdam, South Africa's, Ukraine, Yiwu, Barking, Kazakhstan, Belarus, Poland, Germany, Belgium, France, Red, Dutch, Turkey, Austrian, Asia, Xian, Chengdu, Suez, Africa, Moscow, Central Siberia, Beijing, Wuhan, Duisburg

BERLIN (AP) — Thousands of people gathered in Germany on Sunday for demonstrations against the far right, among them Chancellor Olaf Scholz and his foreign minister, following a report that extremists recently met to discuss the deportation of millions of immigrants, including German citizens, if they took power. There were protests in Potsdam, just outside Berlin, and at the Brandenburg Gate in the German capital. The furor has prompted some calls for Germany to consider seeking to ban AfD, which has moved steadily to the right since its founding in 2013. AfD is currently second in national polls, behind the mainstream center-right opposition and ahead of the parties in the center-left Scholz 's unpopular coalition. Germany faces the European Parliament election in June and then state elections in September in three eastern regions where AfD is very strong.

Persons: Olaf Scholz, Scholz, Annalena Baerbock, Baerbock, ”, Martin Sellner, Mike Schubert Organizations: BERLIN, Identitarian, Germany, Identitarian Movement, Austrian, Potsdam Locations: Germany, Potsdam, Berlin, Duisburg, Brandenburg

☆ Euro zone factory downturn eased a touch in November -PMI
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ina Fassbender/File Photo Acquire Licensing RightsLONDON, Dec 1 (Reuters) - The broad-based downturn in euro zone manufacturing activity eased slightly last month but the sector remained deeply rooted in contractionary territory, prompting factories to trim staffing levels for a sixth straight month. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 44.2 in November from October's 43.1, above a preliminary estimate of 43.8. An index measuring output, which feeds into a composite PMI due on Tuesday and seen as a good gauge of economic health, climbed to 44.6 from 43.1. "November has not been the prettiest, and this does not refer only to the weather but also to the situation in the manufacturing sector of the euro zone," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The employment index dropped to a low not seen since August 2020 when the COVID-19 pandemic was cementing its grip on the world.

Persons: Ina Fassbender, Cyrus de la Rubia, Rubia, Jonathan Cable, Toby Chopra Organizations: ThyssenKrupp AG, REUTERS, P, Hamburg Commercial Bank, Thomson Locations: German, Duisburg, October's, Hamburg

☆ Iron ore gains on China’s property debt-rejig pain
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, January 30, 2020. The benchmark December iron ore futures contract on the Singapore Exchange is up 10% this month at $133.45 a ton on hopes Beijing will kickstart the property sector. Anticipating spiking demand from the world’s second largest economy, Citi analysts on Tuesday upgraded their forecast iron ore price to $140 per ton. The optimism on iron ore could further grow if Beijing rolls out more structural reforms, such as the provision of social housing. China’s demand for steel in electric vehicles and green infrastructure has already kept average prices high despite the property slump.

Persons: Wolfgang Rattay, Chan Ka, Una Galani, Thomas Shum Organizations: REUTERS, Reuters, Singapore Exchange, Citi, Hong Kong, HK, X, Thomson Locations: ThyssenKrupp, Duisburg, Germany, HONG KONG, China, Beijing, HK, Rome

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. Scholz's three-way coalition is reeling from a court ruling last week that wiped 60 billion euros ($65 billion) from the budget at a stroke and forced it to freeze most new spending commitments, delaying talks on the 2024 budget. LOSS OF CONFIDENCEGermany's steel sector added its voice to the growing jitters, warning that the court ruling had put a question mark over more than 40 billion euros in planned investments. "I find it correct that the consequences of the constitutional court ruling ... are checked carefully," Scholz told a news conference. Scholz also described this as conceivable, participants at the meeting told Reuters, adding that the court ruling put the coalition into a difficult situation but it could be resolved.

Persons: Wolfgang Rattay, Chancellor Olaf Scholz, Robert Grundke, Bernhard Osburg, Osburg, Berlin, Scholz, Achim Post, Andreas Rinke, Christoph Steitz, Holger Hansen, Rene Wagner, Matthias Williams, Christina Fincher Organizations: REUTERS, Economic Cooperation, Development, Reuters, Scholz's Social Democrats, Thomson Locations: Duisburg, Germany, FRANKFURT, Paris, United States, decarbonisation

☆ German budget hole puts industry at risk, steel sector warns
▼ + stars: | 2023-11-23 | by ( Christoph Steitz | ) www.reuters.com time to read: +3 min

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. Bernhard Osburg, president of the German steel association and CEO of Thyssenkrupp's (TKAG.DE) steel division, the country's top steelmaker, told reporters that it was vital for Germany to protect its future competitiveness. His comments highlight major uncertainty within Germany's industrial firms, which are already struggling with local economic conditions and are increasingly looking to alternative, more favourable, markets, such as the United States. So he called on Berlin to hold a summit soon with German industry leaders to provide answers on how these investments could be protected, warning of an "utmost pressure to act". Germany's steel sector, which apart from Thyssenkrupp also includes Salzgitter (SZGG.DE), directly employs around 80,000, while around 4 million jobs indirectly depend on it.

Persons: Wolfgang Rattay, Bernhard Osburg, Osburg, Berlin, Chancellor Olaf Scholz's, Christoph Steitz, Miranda Murray Organizations: REUTERS, Thomson Locations: Duisburg, Germany, Berlin, FRANKFURT, United States, decarbonisation, Thyssenkrupp

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. As a result of the impairment, Thyssenkrupp, which has been trying to divest its steel division for several years, posted a 2-billion-euro net loss for the fourth quarter. Shares of the company, which proposed a stable dividend of 0.15 euros apiece, were indicated to open 1.8% lower in pre-market trade. Thyssenkrupp - which apart from steel builds submarines, car parts and operates a large materials trading business - said it was in constructive and open-ended talks with EPH about a potential steel joint venture. EPH, controlled by Czech billionaire Daniel Kretinsky, would support Thyssenkrupp Steel Europe with its energy expertise in any joint venture, the company said.

Persons: Wolfgang Rattay, Miguel Lopez, Daniel Kretinsky, Thyssenkrupp, Christoph Steitz, Tom Kaeckenhoff, Sandra Maler, Miranda Murray, Sherry Jacob, Phillips Organizations: REUTERS, Wednesday, EPH, Thyssenkrupp Steel, Thomson Locations: Duisburg, Germany, FRANKFURT, DUESSELDORF, Czech, Europe

☆ German industrial projects in steel, chips, batteries at risk from court ruling -sources
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. That put numerous projects in key areas for Germany's industrial competitiveness at risk, the sources, who declined to be named, warned. In the steel industry, businesses planned to invest 6 billion euros ($6.54 billion) in decarbonised steel production, directly and indirectly employing around 20,000 people. Investments in microelectronics were bundled into the KTF, totalling 31 projects relying on an estimated 4 billion euros in government funding. Numerous projects along the battery supply chain were submitted as outlines for funding applications, the sources said, with an investment volume of around 20 billion euros.

Persons: Wolfgang Rattay, Markus Wacket, Victoria Waldersee, Bill Berkrot Organizations: REUTERS, Rights, Transformation, Investments, RIC, Infineon, Intel, Thomson Locations: Duisburg, Germany, Dresden, Magdeburg

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Nov 7 (Reuters) - German industrial production fell more than expected in September, data showed on Tuesday, as a recent slump in incoming orders took its toll on production. There are few figures that summarise the state of the German economy as well as industrial production, Thomas Gitzel, chief economist at VP Bank, said. "The industry-heavy German economy is dependent on production in order to achieve reasonable economic growth rates," he said, noting that industrial production this year has been weak. "Even though there isn’t any hard data for the fourth quarter yet, recent developments have clearly increased the risk that the German economy will end the year in recession," Brzeski said.

Persons: Wolfgang Rattay, Thomas Gitzel, Carsten Brzeski, Brzeski, Maria Martinez, Miranda Murray, Rachel More Organizations: REUTERS, Rights, Reuters, VP Bank, ING, Thomson Locations: ThyssenKrupp, Duisburg, Germany

☆ German business activity slump suggests recession 'well underway' -PMI
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

The HCOB German Flash Composite Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 45.8 in October from September's 46.4, below the 46.7 forecast by economists. A reading below the 50 level points to a contraction in business activity. The composite PMI index tracks the services and manufacturing sectors that together account for more than two-thirds of the German economy, Europe's biggest. Business activity in the services sector was unexpectedly back in contraction territory after slight growth the month before, with the reading falling to 48.0 from 50.3 in September. Well there are, especially in the manufacturing sector," said de la Rubia, pointing to improvements in new orders and output, as well as an increase in stocks of purchases.

Persons: Wolfgang Rattay, Cyrus de la Rubia, la, Miranda Murray, Hugh Lawson Organizations: REUTERS, Rights, P Global, Hamburg Commercial Bank, PMI, Reuters, Thomson Locations: ThyssenKrupp, Duisburg, Germany, September's, Hamburg

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsSummary Industrial output down 0.2% in Aug vs down 0.1% forecastEconomists expect further contraction in coming monthsBERLIN, Oct 9 (Reuters) - German industrial output shrank in August for the fourth consecutive month, the federal statistics office said on Monday, an indication that the sector remains under serious pressure, stoking recession fears. Industrial production fell slightly more than expected in August by 0.2% compared to the previous month. The further drop in German industrial production in August was better than it looked as it was driven by volatile components, said Franziska Palmas, senior Europe economist at Capital Economics. However, she continued to expect high interest rates and falling demand to lead to a further contraction in German industrial output in the coming months. "Thin order books despite last week's increase, and high inventories all indicate that German industrial production will continue moving sideways rather than gaining momentum anytime soon," ING's global head of macro Carsten Brzeski said.

Persons: Wolfgang Rattay, Franziska Palmas, Destatis, Carsten Brzeski, Brzeski, Friederike Heine, Maria Martinez, Ozan Ergenay, Gerry Doyle, Sonali Paul Organizations: REUTERS, Reuters, Capital Economics, Thomson Locations: ThyssenKrupp, Duisburg, Germany, BERLIN, Europe, Palmas

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Oct 5 (Reuters) - German industrial orders rose more than expected in August due to a strong increase in the manufacture of computer, electronic and optical products sector, data showed On Friday. Orders rose by 3.9% on the previous month on a seasonally and calendar adjusted basis, the federal statistics office said. The statistics office revised the July drop to 11.3% compared with June, from a provisional figure of -11.7%. In August, an increase of 37.9% on the month in the manufacture of computer, electronic and optical products drove the expansion in industrial orders. Foreign orders were up 3.9% on the month and domestic orders rose by 4.0%, the data showed.

Persons: Wolfgang Rattay, Rachel More, Maria Martinez, Kirsti Knolle, Christina Fincher Organizations: REUTERS, Rights, Thomson Locations: Duisburg, Germany

☆ German service sector activity edges up in Sept -PMI
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Oct 4 (Reuters) - Activity in Germany's services sector edged up slightly in September, following a drop the month before, a survey showed on Wednesday. The HCOB final services Purchasing Managers' Index (PMI) rose to 50.3 in September from to 47.3 in August, rising back above the 50 level that signals growth in activity. "The recently started downturn in the German services sector looks like it is sticking around for a while," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The composite PMI index, which comprises services and manufacturing, rose to 46.4 in September from 44.6 in August, signalling a softer rate of contraction of private sector business activity overall.

Persons: Wolfgang Rattay, Cyrus de la Rubia, la Rubia, Maria Martinez, Hugh Lawson 私 Organizations: REUTERS, Rights, Hamburg Commercial Bank Locations: ThyssenKrupp, Duisburg, Germany, Hamburg

☆ Euro zone economy likely contracted in Q3
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, nudged up to 47.2 in September from August's 46.7. Wednesday's survey showed the downturn was broad-based as, like in August, output declined in both services and manufacturing. "The HCOB Composite PMI for the euro zone did rebound a bit. In one bright spot, services firms increased headcount at a faster pace last month than they did in August. Indeed, euro zone firms bulked up their teams at a faster pace than in August.

Persons: Wolfgang Rattay, Cyrus de la Rubia, Jonathan Cable, Hugh Lawson Organizations: REUTERS, P Global, August's, PMI, Hamburg Commercial Bank, Thomson Locations: Duisburg, Germany, France, Hamburg

☆ Euro zone factory activity stuck in steep downturn in Sept - PMI
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

A steel worker of ThyssenKrupp walks in front of a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsLONDON, Oct 2 (Reuters) - Euro zone manufacturing activity remained mired in a deep and broad-based downturn last month, according to a survey which showed on Monday that demand kept shrinking at a pace rarely surpassed since the data was first collected in 1997. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, dipped to 43.4 in September from August's 43.5, matching a preliminary estimate. An index measuring output, which feeds into a composite PMI due on Wednesday and seen as a good gauge of economic health, fell to 43.1 from 43.4. The new orders index did rise last month, to 39.2 from August's 39.0, but it remained firmly below the breakeven mark.

Persons: Wolfgang Rattay, Cyrus de la Rubia, Jonathan Cable, Hugh Lawson Organizations: REUTERS, P, PMI, Hamburg Commercial Bank, European Central Bank, Thomson Locations: Duisburg, Germany, August's, Hamburg, France, Spain, Italy

☆ German economy to shrink in Q3: Bundesbank
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

[1/3] A steel worker of ThyssenKrupp walks in front of a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsFRANKFURT, Sept 18 (Reuters) - The German economy is likely to shrink this quarter as industry is in recession and private consumption is adding little to growth, the Bundesbank said in a monthly economic report on Monday. "Despite the somewhat slowing pace of price increases, strong wage increases and the good labour market, private households are still holding back on spending," the central bank said. This rise in financing costs will also weigh on growth, the Bundesbank said, as will the declining order intake for the country's vital and vast industrial sector. "The low and continued decline in incoming orders, and the declining order backlog are increasingly having an impact on industrial production," the central bank said.

Persons: Wolfgang Rattay, Balazs Koranyi, Toby Chopra Organizations: REUTERS, Rights, European Central Bank, Thomson Locations: Duisburg, Germany, China

☆ German industrial orders fall more than expected in July
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Sept 6 (Reuters) - German industrial orders fell more than expected in July, pulling back after a sharp gain in the aerospace sector the previous month, the federal statistics office said on Wednesday. Incoming orders fell by 11.7% on the previous month on a seasonally and calendar adjusted basis. A turnaround is not in sight due to the weak global economy and high energy costs." Excluding large-scale orders, industrial orders would have increased by 0.3% in July.

Persons: Wolfgang Rattay, Thomas Gitzel, Alexander Krueger, Hauck Aufhaeuser Lampe, Friederike Heine, Miranda Murray, Maria Sheahan, Raju gopalakrishnan Organizations: REUTERS, Rights, VP Bank Group, Thomson Locations: ThyssenKrupp, Duisburg, Germany

☆ Why some are calling the German economy 'the sick man of Europe'
▼ + stars: | 2023-08-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —It’s been nearly two decades since Germany shrugged off its “sick man of Europe” label with a series of labor market reforms that ushered in years of economic outperformance. Sticky inflation and three straight quarters of falling or stagnating output have put Europe’s biggest economy in the doldrums. “Sticky” inflation is eroding Germans’ purchasing power, fueling “pessimism among households,” according to Thomas Obst, senior economist at the Cologne Institute for Economic Research. “[German] industrial order books have emptied over the last 12 months,” Carsten Brzeski, global head of macroeconomic research at ING, told CNN. “Germany is in a very singular position.”Bright spotsHolger Schmieding, the economist who first called Germany the “sick man of Europe” in 1998, thinks the “current wave of pessimism” over its economy is overdone.

Persons: London CNN — It’s, Stefan Kooths, Europe ”, Kooths, Thomas Obst, Obst, ”, Klaus Wohlrabe, Frank Soellner, ” Carsten Brzeski, Sam Reeves, Brzeski, David Hecker, Holger Schmieding, Schmieding, “ Organizations: London CNN, International Monetary Fund, Kiehl Institute, Cologne Institute, Economic Research, CNN, European Central Bank, ifo, Volkswagen, Siemens, Global, ING, Getty, China Locations: Germany, Europe, Berlin, ifo, Bad, China, Duisburg, AFP, Ukraine, Australia, France

☆ Analysis: A year on, Europe less fearful of U.S. green subsidies push
▼ + stars: | 2023-08-17 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +6 min

Solar panels are seen atop a hops plantation in the Bavarian Holledau region in Au, Germany, June 19, 2023. And already, those subsidies are flowing: German conglomerate Thyssenkrupp (TKAG.DE) will invest around 3 billion euros ($3.27 billion) in a proposed green steel plant in Duisburg, Germany, including over 2 billion euros in state subsidies given EU approval in late July. But it noted the U.S. model also had uncertainty built in because a change of administration could end IRA subsidies. The complexity of EU financing through the recovery fund means it is available only to bigger companies, leaving smaller firms struggling to benefit. ($1 = 0.9184 euros)Reporting by Jan Strupczewski; editing by Mark John and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Louisa, Joe Biden's, Biden, Niclas Poitiers, Jan Strupczewski, Mark John, Susan Fenton Organizations: REUTERS, United States, Union, Biden, EU, Zero Industry, European Commission, Sovereignty Fund, Ukraine, Russian, EV, Zero, Thomson Locations: Bavarian, Au, Germany, EU, BRUSSELS, United, Europe, Ukraine, Brussels, United States, Duisburg, U.S, France, China

☆ Drought threatens major European river trade route with ripples across the continent
▼ + stars: | 2023-08-04 | by ( Lucy Handley | ) www.cnbc.com time to read: +3 min

Barges of coal at the inland harbor in Duisburg, on the river Rhine in Germany, on Thursday, July 20 2023. The river Rhine, an important trade route that runs through Germany via European cities to the port of Rotterdam, has become shallower at critical points. As water levels go down, a vessel's capacity reduces and shipping costs rise, with prices increasing as rivers become shallower. Water levels at Kaub are closely followed, and if they fall too low, vessels have to sail with reduced loads. Ben Kilb | Bloomberg | Getty ImagesFalling water levels can "significantly impair" manufacturing output, according to the Kiel Institute for the World Economy (IFW).

Persons: Ben Kilb, Lloyd, Tim Beckhoff, we've, Marc Schattenberg, Schattenberg, Beckhoff, Goarshausen Organizations: Bloomberg, Getty, Maersk, Hapag, McKinsey, CNBC, Deutsche Bank ., Deutsche Bank, Kiel Institute Locations: Duisburg, Germany, Europe, Rotterdam, Kaub, Frankfurt, Karlsruhe, St

☆ Volkswagen Seeks to Regain Edge in China as It Cuts Delivery Forecast
▼ + stars: | 2023-07-27 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: +3 min

But overall revenue increased 18.2 percent as the company stemmed some of its losses in China, where deliveries were down 1.2 percent. Western Europe provided the company with its strongest business, with 1.65 million vehicles ordered in the first half of the year, and 200,000 of them — or 12 percent — were electric vehicles, the company said. Volkswagen hopes that its investment in XPeng will help advance the German automaker’s electric vehicle software to the standards produced by Chinese manufacturers. Some analysts interpreted the move as a concession that Volkswagen was unable to compete with Chinese companies on the latest technology. But Oliver Blume, Volkswagen’s chief executive, expressed confidence that VW customers, including those in China, want more variety in their vehicles.

Persons: ”, Ferdinand Dudenhöffer, Oliver Blume, Mr, Blume, “ Organizations: Volkswagen, Volkswagen Group Rus, China, BYD, Audi, SAIC, British, Center for Automotive Research, “, Tesla, Volkswagen Group, Porsche, Lamborghini, VW Locations: China, Western Europe, Russia, Avilon, Moscow, XPeng, Duisburg, Germany

☆ Rain raises Rhine river levels in Germany; north still too shallow
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

HAMBURG, July 26 (Reuters) - Heavy rain has raised water levels on the Rhine in Germany, but the river is still too shallow in central northern areas for cargo vessels to sail fully loaded, commodity traders said on Wednesday. As increasingly frequent low water on the Rhine disrupts Europe's largest economy, its industry is finding new ways to ship cargoes, including the use of low-water barges. "So far this summer we have had enough rain to prevent a crisis on the river," one commodity trader said. "Low water has increased costs but cargo has been delivered." German companies faced supply bottlenecks and production problems in summer 2022 after a drought and heat wave led to unusually low water levels on the Rhine.

Persons: Michael Hogan, John Stonestreet Organizations: Thomson Locations: HAMBURG, Germany, Koblenz, Cologne, Duisburg

☆ Low water again hampers Rhine river shipping in Germany
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

HAMBURG, June 28 (Reuters) - Low water levels after recent dry weather are again preventing cargo vessels from sailing fully loaded on the Rhine river in Germany with surcharges added to the usual freight prices, commodity traders said on Wednesday. Low water is hampering shipping on most of the river south of Duisburg and Cologne, including the chokepoint of Kaub, traders said. Dry weather in early June meant the river became too shallow, hindering shipping before rain raised water levels. But rain forecast in river catchment areas in Germany from Thursday into the weekend could help raise water levels, traders said. German companies faced supply bottlenecks and production problems in summer 2022 after a drought and heatwave led to unusually low water levels on the Rhine.

Persons: surcharges, Michael Hogan, Jason Neely Organizations: Thomson Locations: HAMBURG, Germany, Duisburg, Cologne

The letter did not disclose either how much Berlin had proposed in state help, or by how much this had been reduced. The conflict lays bare how much industrial heavyweights depend on aid to decarbonise their businesses as well as the need for governments to approve subsidies quickly to avoid companies from shifting investments or stopping them altogether. Thyssenkrupp in August made the investment decision for the so-called direct reduction iron (DRI) site at its steel base in Duisburg, provided substantial subsidy commitments by the state of North Rhine-Westphalia and Berlin were fulfilled. Tekin Nasikkol, who heads the works council of Thyssenkrupp Steel Europe, told Reuters last week that Berlin needed to quickly approve hundreds of millions in subsidies for the site, adding workers' patience had run out. ($1 = 0.9084 euros)Reporting by Tom Kaeckenhoff; Additional reporting by Christoph Steitz and Christian Kraemer; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Duisburg"

25 mentions found