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☆ Sensor maker TE Connectivity beats profit target on steady demand from EV makers
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Employees hold a plate with components at TE Connectivity in Woerth, Germany, February 16, 2022. REUTERS/Lukas Barth Acquire Licensing RightsNov 1 (Reuters) - TE Connectivity (TEL.N) beat Wall Street expectations for fourth-quarter profit on Wednesday as demand for its sensor technology was buoyed by steady sales of electric vehicles (EVs) across the globe. Customers have been increasingly turning to EVs as governments around the world implement regulations to incentivize cleaner modes of transport. It expects an adjusted profit of $1.70 in the quarter, in line with Wall Street expectations. In the fourth quarter, total net sales stood at $4.04 billion, down 7% from a year earlier, but beat analysts' average expectations of $4.01 billion.

Persons: Lukas Barth, Aishwarya Jain, Shivansh, Shinjini Organizations: REUTERS, Thomson Locations: Woerth, Germany, Switzerland

☆ Germany's climate efforts not enough to hit 2030 targets, experts say
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Lukas Barth/File Photo Acquire Licensing RightsBERLIN, Aug 22 (Reuters) - Germany's greenhouse emissions gap will probably be bigger than the government's estimates in 2030 even if planned emission reduction measures are fully implemented, a council of climate experts that advises the government said on Tuesday. The largest economy in Europe aims to cut its carbon dioxide emissions by 65% by 2030 compared with 1990. The German government's planned CO2 cuts for the energy and industrial sector could cut emissions significantly, but the buildings and transport sectors' efforts are lagging, the council said in a report. The transport ministry's assumptions on the effectiveness of the planned measures for cutting emissions are also "optimistic," the council said. "There is a lack of a coherent and consistent overall concept and an overarching framework of measures," the report concluded.

Persons: Lukas Barth, Hans, Martin Henning, Riham Alkousaa, Paul Simao Organizations: REUTERS, Rights, Free Democratic Party, Thomson Locations: Munich, Germany, Europe

More than a year later, she was told her application required a key document that was stuck behind enemy lines in Ukraine. "There's always a trade-off between rapid and sustainable labour market integration," said Thomas Liebig, chief economist for the OECD's international migration department. Researchers from Minor, a migration policy think tank, said the large-scale inflow of refugees from Ukraine is seen as a great opportunity in Germany. While the refugees' fate is partly tied to the unknowable course of the Ukraine war, the EU's temporary protection scheme for Ukraine refugees is at present due to expire in March 2024. This puts employers who want to hire refugees in a difficult situation, as they don't know if Ukrainian refugees will be able to stay.

Persons: Maria, Lukas Barth, Svetlana Chuhil, Chuhil, Lauren, Thomas Liebig, Oksana Krotova, Krotova, Ildiko Pallman, Gizem Uensal, Enzo Weber, Jan Lopatka, Catherine Evans Organizations: REUTERS, Reuters Graphics Reuters, Deloitte, Reuters, OECD, United Nations, Minor, German Institute for Employment Research, Thomson Locations: Mykolaiv, Ukraine, Aschheim, Munich, Germany, BERLIN, WARSAW, Poland, Zgorzelec, Goerlitz, Paris, Europe's, Berlin, Kyiv, Prague

☆ Former Audi boss agrees deal to make confession in diesel emissions scandal
▼ + stars: | 2023-05-03 | by ( Jörn Poltz | ) www.reuters.com time to read: +2 min

The former CEO has been on trial since 2020 over his role in the scandal after parent group Volkswagen (VOWG_p.DE) and Audi admitted in 2015 to having used illegal software to cheat on emissions tests. The trial is one of the most prominent court proceedings in the aftermath of the diesel scandal at Volkswagen (VOWG_p.DE) and its subsidiary Audi. Revelations that millions of emissions tests had been manipulated emerged in September 2015. Stadler was accused of failing to stop the sale of the manipulated cars after the scandal became known. Stadler has been on trial along with former Audi executive Wolfgang Hatz and an engineer.

[1/5] A general view inside the Munich Airport during a strike called by the German trade union Verdi over a wage dispute, in Munich, Germany, March 26, 2023. "The people are not only underpaid, they are hopelessly overworked," Frank Werneke, head of the Verdi labour union, told Bild am Sonntag. The Verdi union is negotiating on behalf of around 2.5 million employees in the public sector, including in public transport and at airports. Railway and transport union EVG negotiates for around 230,000 employees at Deutsche Bahn (DBN.UL) and bus companies. "It is a matter of survival for many thousands of employees to get a considerable pay rise," he said.

Chief Financial Officer Lutz Meschke, however, warned that supply chain issues, geopolitical strains and rising inflation still presented a challenge for the industry. Porsche AG, historically a huge money spinner for the Volkswagen Group (VOWG_p.DE), which owns 75% minus one ordinary share of the group, is targeting a margin of 17-19% this year with a long-term goal of 20%, it said in a statement. Porsche reported a 27.4% rise in annual operating profit to 6.8 billion euros on revenue of 37.6 billion, slightly undershooting a consensus 6.86 billion in earnings and 38.3 billion in revenue expected by 19 analysts polled by Refinitiv. The logo of German carmaker Porsche AG is seen before the company's annual news conference in Stuttgart, Germany, March 17, 2017. He also said the company was investing 20 billion euros in digitalisation in the next five years.

☆ BMW sales recover in fourth quarter as supply chain issues ease
▼ + stars: | 2023-01-10 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

Full-year deliveries were down 4.8%, with Europe and China hardest hit by supply chain troubles that curbed output, particularly in the first half of the year. But sales bounced back in the fourth quarter as the group rejigged supply chains in Europe and lockdowns were lifted in China. Sales of fully electric vehicles also performed well, more than doubling to 215,755 over the year. BMW weathered the early days of the COVID-19 pandemic better than competitors, achieving record sales in 2021. The carmaker now plans to to move to a direct sales model in 24 European markets, with agents acting as sales representatives, it said in Tuesday's trading update.

☆ Wirecard bosses' fraud trial begins after scandal that rocked Germany
▼ + stars: | 2022-12-08 | by ( Jörn Poltz | ) www.reuters.com time to read: +5 min

The trial is taking place in Munich's largest and newest courtroom, a bomb-proof underground hall built in the Stadelheim prison complex. Braun, an Austrian born in Vienna, has denied embezzling money from Wirecard and accused others of running a shadow operation without his knowledge. [1/8] Wirecard's former CEO Markus Braun looks on at a courtroom as his trial begins, after the German payments company collapsed in the wake of a fraud scandal in 2020, in Munich, Germany, December 8, 2022. The fraud let Wirecard managers siphon money out of the company with no proper checks and balances. "All three defendants worked together to make Wirecard appear as an extremely successful FinTech company," said Anne Leiding, a spokesperson for the prosecutors.

☆ Wirecard ex-boss on trial for fraud in scandal that rocked Germany
▼ + stars: | 2022-12-08 | by ( Jörn Poltz | ) www.reuters.com time to read: +5 min

The trial is taking place in Munich's largest and newest courtroom, a bomb-proof underground hall built in the Stadelheim prison complex. Braun has denied embezzling money from Wirecard and accused others of running a shadow operation without his knowledge. [1/7] Wirecard's former CEO Markus Braun looks on at a courtroom as his trial begins, after the German payments company collapsed in the wake of a fraud scandal in 2020, in Munich, Germany, December 8, 2022. The fraud let Wirecard managers siphon money out of the company with no proper checks and balances. Scholz also criticised Wirecard's auditor, EY, for failing to detect the fraud.

☆ BMW chief warns against setting gas-powered phase-out date
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

BMW CEO Oliver Zipse seen in a file photo at the BMW plant in Munich, Germany, January 20, 2022. Speaking ahead of the announcement of a $1.7 billion electric vehicle (EV) investment in South Carolina, Zipse said in an interview that BMW has not set a date to end production of gas-powered vehicles and cautioned against banning their sale. Rival automaker General Motors (GM.N) has said it plans to end sales of gas-powered passenger vehicles by 2035. President Joe Biden has called for 50% of all new vehicle sales by 2030 to be EVs or plug-in hybrids but has not endorsed a phase-out date. BMW, which expects at least 50% of its sales by 2030 to be zero-emission, says it will more than double EV sales this year.

☆ G7 reaffirms warning against excess FX volatility
▼ + stars: | 2022-10-12 | by ( Leika Kihara | ) www.reuters.com time to read: +1 min

FILE PHOTO: A sign is pictured during the G7 leaders summit at the Bavarian resort of Schloss Elmau castle, near Garmisch-Partenkirchen, Germany, June 27, 2022. REUTERS/Lukas Barth/PoolWASHINGTON (Reuters) -Finance leaders of the Group of Seven advanced economies said on Wednesday they will closely monitor “recent volatility” in markets, and reaffirmed their commitment that excessive exchange-rate moves were undesirable. The G7 finance leaders met on Wednesday on the sidelines of the G20 and International Monetary Fund (IMF) meetings held in Washington this week. Under the commitment agreed on May 2017, the G7 agreed that excess volatility and disorderly currency moves have negative impacts on their economies and financial stability. Japan has been pushing hard to include a warning on recent currency moves in the G7 statement, as it struggles to address the yen’s slide to 24-year lows against the dollar.

☆ Factbox: What is the G7, who are its members, and what does it do?
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

A sign is pictured during the G7 leaders summit at the Bavarian resort of Schloss Elmau castle, near Garmisch-Partenkirchen, Germany, June 27, 2022. The G7 is an informal grouping of wealthy Western nations. Register now for FREE unlimited access to Reuters.com RegisterWHO ARE ITS MEMBERS? The G7 is made up of the United States, Britain, Canada, France, Germany, Italy and Japan. The G7 was founded following the 1973 OPEC oil embargo as a forum for the richest nations to discuss crises affecting the world economy.

☆ BMW CEO warns against electric-only strategy
▼ + stars: | 2022-04-14 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

[1/2] BMW CEO Oliver Zipse speaks during a visit of the German Economic and Climate Protection Minister at the BMW plant in Munich, Germany, January 20, 2022. He has long advocated against all-out bans on combustion engine car sales in the face of rising pressure from regulators on the auto industry to curb its carbon emissions and environmental impact. Offering more fuel-efficient combustion engine cars was key both from a profit perspective and an environmental perspective, Zipse argued, pointing to gaps in charging infrastructure and the high price of electric vehicles. "How much energy you need and use, and circularity, is important - for environmental reasons but even more for economic reasons." Reporting by Doyinsola Oladipo; Writing by Victoria Waldersee; Editing by Christoph Steitz and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

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