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☆ US VP Harris: Will Work to Ensure Russia Pays Damages to Ukraine
▼ + stars: | 2024-02-17 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

BERLIN (Reuters) - U.S. Vice President Kamala Harris said that U.S. President Joe Biden's administration stood ready to support Ukraine in its war with Russia for "as long as it takes" and would push for Russia to pay damages to Ukraine following the end of the war. "We will continue in our efforts to secure a just and lasting peace. We will work to make sure Russia pays damages to Ukraine," she said at a joint news conference with Ukraine's President Volodymyr Zelenskiy at the annual Munich Security Conference on Saturday. "President Biden and I will continue to work to secure the resources and weapons you need to succeed," she said. The Latest Photos From Ukraine View All 91 ImagesPhotos You Should See View All 33 Images(Reporting by Sarah Marsh; Writing by Maria Sheahan)

Persons: Kamala Harris, Joe Biden's, Volodymyr Zelenskiy, Biden, Sarah Marsh, Maria Sheahan Organizations: BERLIN, Security, Washington, Ukraine, U.S . Congress Locations: Ukraine, Russia

☆ Adidas sees Samba shoes driving more interest from retailers
▼ + stars: | 2023-11-08 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

Inventory levels were down 23% year-on-year at 4.85 billion euros ($5.18 billion), a little more than expected, Adidas said. Adidas' gross margin for the quarter was up 0.2 percentage points at 49.3%, helped by reduced freight costs and fewer discounts. "Adidas' competitive position compared to Nike is improving," said Robert Schramm-Fuchs, portfolio manager at Janus Henderson, which holds Adidas shares. "Adidas needs to earn back the shelf space, but I think they have the right product to do it," he said. Adidas' sales in Greater China grew by 5.7% in currency-adjusted terms, a slowdown after growth of 16.4% in the second quarter.

Persons: Tingshu Wang, Bjorn Gulden, Kanye West, Ye, Spezial, Gulden, Robert Schramm, Fuchs, Janus Henderson, Schramm, Adam Cochrane, Miranda Murray, Helen Reid, Maria Sheahan, Sherry Jacob, Phillips, Catherine Evans Organizations: Adidas, REUTERS, Apparel, Nike, Deutsche Bank . Currency, Reuters Graphics, Thomson Locations: Beijing, China, United States, North America, Greater China, Berlin

Lufthansa reported third-quarter adjusted earnings before interest and tax (EBIT) of 1.47 billion euros ($1.56 billion), up 31% year-on-year and slightly above average expectations for 1.43 billion in an analyst consensus published on the company's website. Lufthansa said bookings for the fourth quarter were up by double-digit percentages year-on-year. Costs were 0.9% lower than the same quarter last year despite rising inflation, while net profits were at 1.2 billion euros. Next year, Lufthansa expects the amount of seating capacity available to fliers to increase further to around 95% of pre-pandemic levels. Capacity will increase to 91% of pre-pandemic levels in the fourth quarter, they said.

Persons: Carsten Spohr, Bernstein, Alex Irving, Maria Sheahan, Joanna Plucinska, Kirsti Knolle Organizations: Lufthansa, Thomson Locations: BERLIN

☆ German industrial output falls more than expected in July
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

A Continental employee works at a tyre retreating station before the visit of German Chancellor Olaf Scholz, in Hanover, Germany April 17, 2023. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBERLIN, Sept 7 (Reuters) - German industrial production fell by slightly more than expected in July, the federal statistics office said on Thursday, underlining the challenges faced by the sector after a winter downturn in Europe's largest economy. Production fell by 0.8% in July compared to the previous month. In the less volatile three-month comparison, production between May and July was 1.9% lower than the previous three months, the data showed. Jens-Oliver Niklasch of LBBW said Thursday's data underscored "the continued crumbling of the economy" and predicted the third quarter would bring a decline in economic output.

Persons: Olaf Scholz, Fabian Bimmer, Alexander Krueger, Hauck Aushaeuser Lampe, Jens, Oliver Niklasch, LBBW, Friederike Heine, Maria Sheahan, Christina Fincher Organizations: REUTERS, Rights, Reuters, Thomson Locations: Hanover, Germany

☆ 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

☆ UN reopens European office after security issue
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

The European headquarters of the United Nations is pictured in Geneva, Switzerland, September 2, 2021. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsGENEVA, Aug 25 (Reuters) - The United Nations has reopened its European headquarters in Geneva, Switzerland after earlier on Friday shutting it due to an intrusion. "Please be informed that the issue at the Palais des Nations has now been solved. The Palais des Nations building houses the UN Human Rights Council and is a hub for diplomats, humanitarian workers and state officials. Reporting by Emma Farge; Writing by Maria Sheahan, editing by Kirsti Knolle and Friederike Heine; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Emma Farge, Maria Sheahan, Kirsti Knolle, Friederike Heine, Toby Chopra Organizations: United Nations, Rights, Palais des Nations, Reuters, UN Human Rights, Thomson Locations: Geneva, Switzerland

☆ Deutsche Telekom lifts 2023 guidance slightly again
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

The logo of Deutsche Telekom is pictured at the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain February 28, 2023. REUTERS/Nacho Doce/File PhotoSummaryCompanies Now sees 2023 EBITDA AL of 41.0 bln euros vs 40.9 blnQ2 EBITDA AL 10.04 bln euros vs consensus 10.02 blnQ2 revenues 27.2 bln euros vs consensus 27.3 billionBERLIN, Aug 10 (Reuters) - Deutsche Telekom (DTEGn.DE) slightly lifted its 2023 operating profit target a second time on Thursday, boosted by its U.S. business T-Mobile US (TMUS.O), which raised its outlook for customer growth two weeks ago. Bonn-based parent Telekom said it now expects adjusted earnings before interest, taxes, depreciation and amortization after leases (EBITDA AL) to reach around 41 billion euros ($45.03 billion) this year, compared with previous guidance for about 40.9 billion. The group reported second-quarter EBITDA AL that rose 1.5% year-on-year to 10.04 billion euros, a tad above analyst consensus for 10.02 billion. Revenues slipped by 2.4% to 27.2 billion euros, slightly below consensus for 27.3 billion, as it withdrew from the terminal equipment business in the U.S. following its takeover of rival Sprint in 2020.

Persons: Nacho, Maria Sheahan, Friederike Heine Our Organizations: Deutsche Telekom, Congress, REUTERS, Mobile, Telekom, Sprint, Thomson Locations: Barcelona, Spain, U.S, Bonn

☆ Germany's Merck flags steeper drop in earnings
▼ + stars: | 2023-08-03 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. Earnings before interest, taxes, depreciation and amortisation (EBITDA), before one-offs, would fall between 3% and 9%, when adjusted for currency swings, the diversified company said. The foreign exchange effects would be an additional drag of between 3% and 6%, it added. It had previously forecast 2023 adjusted EBITDA to slip between 0% and 5%, with an additional negative foreign exchange effect of 2% to 5%. Merck also reported second-quarter adjusted EBITDA declined 12.8% to 1.55 billion euros ($1.69 billion), slightly above the average estimate of 1.5 billion euros in an analyst poll on the company's website.

Persons: Ralph Orlowski, Merck, drugmakers, Ludwig Burger, Maria Sheahan, Miranda Murray, Kim Coghill Organizations: Merck, REUTERS, Science, Thomson Locations: Darmstadt, Germany, COVID

[1/2] An Airbus A380 of German air carrier Lufthansa is seen at the airport in Frankfurt, Germany, February 12, 2019. REUTERS/Kai Pfaffenbach/File PhotoBERLIN, Aug 3 (Reuters) - The boom in holiday travel shows no signs of ending, German airline group Lufthansa (LHAG.DE) said on Thursday, as advance bookings for this winter and next year were already a double-digit percentage above the year-earlier level. "Demand will remain exceptionally strong for the foreseeable future," Lufthansa Chief Executive Carsten Spohr told journalists during a conference call as the group published better-than-expected quarterly profits. British Airways owner IAG (ICAG.L) said the outlook for summer travel was encouraging, although it was "mindful" of uncertainty in the wider economy. For the German airline, Spohr said an unimpeded trend towards more premium-class flights, especially among leisure travellers, has underpinned yields and he expected ticket prices to remain at current levels for the foreseeable future.

Persons: Kai Pfaffenbach, Carsten Spohr, Spohr, Maria Sheahan, Josephine Mason, Sharon Singleton Organizations: Airbus, Lufthansa, REUTERS, Ryanair, British Airways, IAG, Thomson Locations: Frankfurt, Germany, Europe's

☆ Lufthansa upbeat as leisure travel demand remains high
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

Lufthansa logo is seen displayed in this illustration taken, May 3, 2022. Lufthansa rival IAG (ICAG.L) last month said it was "mindful" of uncertainty in the wider economy, even as it reported consensus-beating quarterly profit, and Ryanair (RYA.I) was cautious on demand for the rest of 2023. In April to June, Lufthansa's adjusted earnings before interest and tax nearly tripled to 1.09 billion euros ($1.19 billion), slightly above consensus for 1.04 billion, from 341 million a year earlier. For the full year 2023, it now expects adjusted EBIT to come to more than 2.6 billion euros, having previously forecast a significant increase from last year's 1.5 billion. ($1 = 0.9148 euros)Reporting by Maria Sheahan Editing by Miranda Murray and Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Maria Sheahan, Miranda Murray, Friederike Heine Our Organizations: Lufthansa, REUTERS, Deutsche Lufthansa, Airlines, IAG, Ryanair, Austrian Airlines, SWISS, Boeing, Airbus, Thomson Locations: BERLIN, Asia, China, Japan

☆ 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

☆ Police search Cologne archdiocese in abuse perjury investigation
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] The doorbell of Cologne's Archbishop Rainer Maria Woelki is pictured in Cologne, Germany June 27, 2023. REUTERS/Andreas KranzBERLIN, June 27 (Reuters) - German police searched properties belonging to the Archdiocese of Cologne on Tuesday as part of a perjury investigation against Cologne Archbishop Rainer Maria Woelki linked to his handling of historic abuse cases, prosecutors said. The archbisopric said at the time the attempt to accuse Woelki of perjury was unfounded. Prosecutors in Cologne said some 30 police officers were involved in searches in six locations, four of which were in Cologne and included rooms in the archbishop's residence. The allegations concern abuse by priest Winfried Pilz who had run a Catholic children's charity and died in 2019.

Persons: Rainer Maria Woelki, Andreas Kranz BERLIN, perjured, Woelki, Cardinal Woelki, Ralf Hoecker, Winfried Pilz, Pope, Friederike Heine, Madeline Chambers, Maria Sheahan, Ed Osmond, Alison Williams Organizations: REUTERS, Archdiocese, Cologne, Germany's Catholic, Catholic Church, Prosecutors, Catholic, WDR, Reuters Television, Thomson Locations: Cologne, Germany, Germany's, Rome

☆ Carmakers owe compensation for emissions cheating devices, German court rules
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - Carmakers must pay compensation for diesel vehicles fitted with illegal emissions controlling devices, Germany's highest federal court ruled on Monday, in a case that could potentially cost Volkswagen, Mercedes-Benz and others millions of euros. The judge overturned previous dismissals by courts of such claims and referred them back to courts of appeal. It was up to carmakers to prove that their so-called defeat devices were functional and not illegal, she said. Carmakers argue the devices, which are only switched on at certain temperatures, are needed to protect the motor and are in line with the law. Reporting by Ursula Knapp, Victoria Waldersee, Ilona Wissenbach; Editing by Maria Sheahan and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Ursula Knapp, Victoria Waldersee, Ilona Wissenbach, Maria Sheahan, Mark Potter Organizations: Volkswagen, Mercedes, Benz, Audi, Court, Justice, Thomson

☆ Berlin plans to spend 8 billion euros in package for 60 Boeing Chinook helicopters
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 23 (Reuters) - Germany aims to purchase 60 Chinook helicopters from Boeing (BA.N) in a package that would cost up to 8 billion euros ($8.71 billion), including necessary infrastructure for the aircraft, a parliamentary source told Reuters on Friday. The sum includes the procurement of the CH-47 heavy-lift helicopters for 6.27 billion euros, 700 million euros for service, 240 million euros for national contracts and 750 million euros for the infrastructure, the source said, confirming reports by other media. Germany announced its intent to buy 60 Chinook heavy-lift helicopters from Boeing (BA.N) last year to replace its ageing CH-53 fleet. Originally, six billion euros had been budgeted for the helicopters. Germany's Chancellor Olaf Scholz shifted policy in February 2022 after Russia invaded Ukraine, sharply increasing defense spending and committing 100 billion euros for the Bundeswehr, Germany's armed forces.

Persons: Olaf Scholz, Sabine Siebold, Maria Sheahan, Tom Sims Organizations: Boeing, Bundeswehr, Thomson Locations: BERLIN, Germany, Russia, Ukraine

FRANKFURT/BERLIN, June 23 (Reuters) - Siemens Energy (ENR1n.DE) warned on Friday that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years and were not yet quantifiable, sending its shares tumbling by nearly a third. Finance chief Maria Ferraro earlier told analysts that the majority of the hit would be over the next five years. Issues at Siemens Gamesa have been a drag on the parent for a long time, prompting Siemens Energy to take full control of the business after only partially owning it for several years. The discovery of faulty components at Siemens Gamesa in January had already caused a charge of nearly half a billion euros. At the same time, he said he did not believe that the full takeover of Siemens Gamesa had been a mistake.

Persons: Christian Bruch, Maria Ferraro, us, JP Morgan, Jochen Eickholt, Bruch, Spain's Gamesa, Siemens Gamesa, Kirsten Donovan, Jason Neely, Jane Merriman Organizations: Siemens Energy, Siemens, Finance, JP, Siemens Gamesa, Thomson Locations: FRANKFURT, BERLIN

☆ Swiss central bank signals more tightening to come after latest rate hike
▼ + stars: | 2023-06-22 | by ( John Revill | ) www.reuters.com time to read: +4 min

Although Swiss inflation ebbed to 2.2% in May from 2.6% in April, there was still more work to be done to tackle rising prices, Jordan told reporters. Although modest by international standards, Swiss inflation has remained above the SNB's 0-2% target range since February 2022. Reuters GraphicsThe latest SNB hike followed an increase by the European Central Bank, which last week raised euro zone borrowing costs to their highest level in 22 years. Reuters Graphics Reuters GraphicsEven with the Thursday's rate increase, the SNB forecast Swiss inflation would remain above its 0-2% target by 2026. "Before today's meeting, I thought that this rate hike was going to be the last of the cycle," she said.

Persons: Thomas Jordan, Jordan, Gero Jung, Charlotte de, John Revill, Noele, Maria Sheahan, Tomasz Janowski Organizations: Swiss National Bank, Swiss, Reuters, European Central Bank, U.S . Federal Reserve, Reuters Graphics Reuters, Charlotte de Montpellier, ING, Thomson Locations: ZURICH, Switzerland

☆ Swiss central bank raises rates again, signals may need to do more
▼ + stars: | 2023-06-22 | by ( John Revill | ) www.reuters.com time to read: +1 min

ZURICH, June 22 (Reuters) - The Swiss National Bank raised its policy interest rate by 25 basis points on Thursday as the central bank pressed ahead with its campaign to dampen stubborn inflation and left the door open for more tightening. The increase, in line with forecasts in a Reuters poll, meant Swiss interest rates were now at their highest level since April 2002. The central bank said it was tightening monetary policy further to counter inflationary pressure, which has increased again over the medium term. "It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term," it said in a statement. The SNB said it also remained ready to intervene in currency markets to maintain price stability, which it defines as an inflation rate of 0-2%.

Persons: John Revill, Tomasz Janowski, Maria Sheahan Organizations: Swiss National Bank, Swiss, Thomson Locations: ZURICH

☆ Volkswagen sees growing competition ahead as revenue jumps on Europe, US
▼ + stars: | 2023-05-04 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

Next is debuted at an event ahead of the Shanghai Auto Show, in Shanghai, China April 17, 2023. "Competition will intensify with more chips and more availability," Antlitz said on a media call after the results. Volkswagen's revenue for the quarter was 76 billion euros ($84.22 billion). Operating profit fell to 5.7 billion euros from 8 billion last year, but still beat expectations of five analysts polled by Refinitiv SmartEstimate for 5.48 billion. Excluding the valuation effect from commodity hedging, operating profit rose by 35% to 7.1 billion euros, yielding a margin of 9.3%.

☆ Volkswagen revenue jumps on growth in Europe, North America
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly SongBERLIN, May 4 (Reuters) - Volkswagen (VOWG_p.DE) posted a 21.5% gain in first-quarter revenue on Thursday, boosted by higher prices and strong growth in Europe and North America, but operating profit declined from last year when the period benefited from commodity hedging. Revenue for the quarter was 76 billion euros ($84.22 billion). Operating profit fell to 5.7 billion euros from 8 billion euros last year, but still beat expectations of five analysts polled by Refinitiv SmartEstimate of 5.48 billion euros. Excluding the valuation effect from commodity hedging, operating profit rose by 35% to 7.1 billion euros, yielding a margin of 9.3%. Volkswagen attributed the rise in group revenue largely to strong growth in Europe and North America, and said its order book in western Europe totalled 1.8 million vehicles, including 260,000 battery-electric cars.

☆ BMW cars segment sees earnings boost on higher pricing, EV sales
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] A BMW SUV moves down the assembly line at the BMW manufacturing plant in Greer, South Carolina, U.S., October 19, 2022. Inflation and interest rates in key markets are high. The carmaker continues to expect slight growth in Europe, robust sales in the United States, and a stabilising economy in China. BMW's financing and leasing business suffered in line with that of other carmakers like Porsche under persistently high interest rates and price Increases, with the volume of new business dropping 14% and earnings down 6.2%. Reporting by Victoria Waldersee; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.

☆ Infineon raises full-year guidance
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 4 (Reuters) - German chipmaker Infineon (IFXGn.DE) raised its full-year guidance on Thursday, citing strong demand from the electromobility, renewable energy generation and energy infrastructure sectors. Infineon now sees full-year revenues of 16.2 billion euros ($17.96 billion)- plus or minus 300 million - compared with its previous forecast for 15.5 billion and with analyst consensus for 16.1 billion. The group, whose chips are used in cars and data centres, had in February already lifted its full-year forecast on strong demand from carmakers, which are restocking inventories following a global chip glut, leading to higher prices. Shares in Infineon rose 1% in early Frankfurt trade. ($1 = 0.9021 euros)Reporting by Maria Sheahan, editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ Dozens arrested in Germany in European probe of Italian organised crime
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, May 3 (Reuters) - German police arrested dozens of people across the country on Wednesday in an investigation of the Italian 'Ndrangheta organised crime group, German public prosecutors and state police said. The crackdown was part of a coordinated probe by investigators in Germany, Belgium, France, Italy, Portugal and Spain as well as Europol and Eurojust, they said. Among those arrested were four people in Bavaria, 15 in North Rhine-Westphalia, and 10 in the southwestern German state of Rhineland Palatinate, and police seized potential evidence at dozens of locations including homes and offices. Two suspects who were under investigation in the western state of Saarland, were arrested in Italy. German prosecutors said they would hold a news conference later on Wednesday.

☆ Lufthansa sees earnings boost from strong summer travel
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Sees strong demand for summer travelConfirms 2023 outlookQ1 adj EBIT loss 273 mln euros, in line with consensusQ1 revenues up 40% at 7.02 bln eurosFRANKFURT, May 3 (Reuters) - German airline group Deutsche Lufthansa (LHAG.DE) said it expected strong demand for holiday travel this summer to fill seats on its planes and help it reach its full-year targets. "The continuously strong demand gives us confidence for the coming months," finance chief Remco Steenbergen said on Wednesday. Lufthansa said it still expects to post a significant year-on-year improvement in adjusted earnings before interest and tax (EBIT) for the full year 2023. For the first quarter, it posted an adjusted EBIT loss of 273 million euros ($300.96 million), improved from a 577 million loss in the year-earlier period and broadly in line with analyst consensus for 279 million. Revenues jumped 40% to 7.02 billion euros in the three months through March, though the figure fell short of consensus for 7.57 billion.

☆ European police arrest more than 100 mafia suspects in drug crackdown
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +4 min

The swoop was part of an investigation spanning Italy, Germany, Belgium, Portugal, Spain, Slovenia, Romania, Brazil and Panama, according to European Union law enforcement agency Europol. The network was devoted primarily to international drug trafficking from South America to both Europe and Australia, Europol said in a statement. A total of 108 people were arrested in Italy and other EU countries on the orders of police in the southern city of Reggio Calabria, Italian police said. Related investigations led to the arrest of 24 people in Germany, they said, as well as a further 53 detentions in northern Italy. The interior minister of the German state of North Rhine-Westphalia said 18 of the arrests were made there.

☆ Porsche to raise prices further as profits jump
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 3 (Reuters) - Luxury carmaker Porsche (P911_p.DE) will raise prices by 4-8% in Europe and the U.S. in the second half to combat higher costs that weighed on returns in the first quarter, even as profits and revenue jumped by over 25%, it said on Wednesday. Porsche listed on the stock market in September last year, splitting from its former parent Volkswagen (VOWG_p.DE) - a decision Meschke said was leading to higher speed in decision-making on products and hiring. The company reported revenue of 10.1 billion euros in the first quarter of 2023 and operating profit of 1.84 billion euros, beating expectations of three analysts polled by Refinitiv. Operating profit in its financial services arm declined to 86 million euros from 102 million previously, which it attributed to the valuation of interest rate hedges and derivatives as well as the impact of the interest rate rise on financing products. ($1 = 0.9060 euros)Reporting by Victoria Waldersee; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.

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