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☆ Exclusive: German court ruling could hit growth next year - econ ministry source
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 17 (Reuters) - A German court ruling that forced Berlin to freeze 60 billion euros ($65 billion) in planned green investment spending could have a negative impact on growth in Europe's biggest economy, an economy ministry source told Reuters on Friday. "According to initial rough estimates, a loss of investment funds could cause growth in 2024 to be about half a percentage point lower," the source, who is familiar with the economy ministry's forecasts, said. "So the ruling could have a negative impact on economic growth," the source added. Last month, the economy ministry predicted 1.3% growth for next year. The economy ministry is run by the Greens, who share power with Scholz's Social Democrats (SPD) and the pro-business Free Democrats (FDP).

Persons: Chancellor Olaf Scholz's, Christian Lindner, Andreas Rinke, Miranda Murray, Madeline Chambers, Sabine Wollrab Organizations: Greens, Scholz's Social Democrats, Free Democrats, Thomson Locations: Berlin, Europe's

☆ Siemens Energy shares slide 39% after company seeks guarantees from German govt
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. The weekly said Siemens Energy is seeking up to 15 billion euros in guarantees. Siemens remains an anchor investor in Siemens Energy, retaining a 25.1% stake. The government was ready to help Siemens Energy while stakeholders also will have to play their role, they said. J.P. Morgan said in a note that the energy transition will require substantially higher rates of investments, which will bring commercial opportunities for Siemens Energy and sector peers.

Persons: Chris Helgren, Siemens Gamesa, WirtschaftsWoche, Morgan, Matthias Inverardi, Christian Kraemer, Alexander Huebner, Vera Eckert, Friederike Heine, Miranda Murray, Sabine Wollrab, Rachel More, Jan Harvey, Susan Fenton Organizations: Siemens Energy, REUTERS, Companies Company, Siemens, Siemens AG, Reuters Graphics Reuters, Spiegel, European Commission, Siemens Gamesa, Thomson Locations: Vancouver , British Columbia, Canada, BERLIN, Berlin

☆ Volkswagen, Umicore venture picks Poland for first car battery parts plant
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

Volkswagen vehicle is parked during a news conference to announce details on the construction of a gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsBERLIN, Oct 7 (Reuters) - The auto battery parts joint venture between Volkswagen's (VOWG_p.DE) PowerCo and Belgian materials firm Umicore (UMI.BR) has chosen Poland as the site for its first factory, PowerCo said on Saturday. Ionway wants to build up its annual production capacity by the end of the decade to around 160 gigawatt hours (GWh) per year - enough for 2.2 million electric vehicles. Ionway is intended to supply PowerCo's European battery cell factories with key battery materials and to cover a large portion of PowerCo's needs in the European Union. In return, Umicore receives secured access to an important part of Europe's demand for cathode materials for electric vehicles.

Persons: Carlos Osorio, PowerCo, Ionway, Umicore, Sabine Wollrab, Sarah Marsh, David Holmes 私 Organizations: Volkswagen, Volkswagen Group's, REUTERS, Rights, VW, European Union Locations: St, Thomas , Ontario, Canada, Volkswagen's, Poland, Nysa, Ontario

BERLIN, Sept 19 (Reuters) - Germany's interior ministry is planning to force telecoms operators to slash the use of equipment from Huawei (HWT.UL) and ZTE in their 5G networks after a review highlighted an over-reliance on these Chinese suppliers, a government official said. Huawei currently accounts for 59% of Germany's 5G RAN networks, according to a survey by telecommunications consultancy Strand Consult. The interior ministry wants to present its approach to cabinet from next week but could face resistance from the ministry for digital affairs due to concerns it might affect Germany's already slow progress with digitalization. Germany is considered a laggard in implementing the European Union's toolbox of security measures for 5G networks. The interior ministry did not immediately reply to a request for comment.

Persons: Nancy, Faeser, Reinhard Brandl, Andreas Rinke, Sarah Marsh, Sabine Wollrab, Mark Potter Organizations: Huawei, Deutsche Telekom, Vodafone, Germany's, Strand, ZTE, Thomson Locations: Berlin, Germany, China

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

A lawyer for Woehrmann said DWS' internal investigations "did not reveal any evidence of misconduct on the part of my client". A spokesperson for prosecutors in Frankfurt, where DWS is headquartered, would only say an individual was targeted but would not name the person. DWS declined to comment on Woehrmann, but has said that it stands by its financial disclosures and fund prospectuses and is cooperating with investigators. At present, we cannot estimate when and how the proceeding of the Frankfurt Public Prosecutor’s Office will be concluded," DWS said. Woehrmann resigned as CEO of DWS last year after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over the allegations.

Persons: DWS's, Asoka Woehrmann, Patrizia, Woehrmann, DWS, BaFin, Matthias Inverardi, Miranda Murray, Sabine Wollrab, Susan Fenton, Louise Heavens Organizations: Deutsche Bank, Frankfurt Public, U.S . Securities, Exchange Commission, Thomson Locations: FRANKFURT, Frankfurt

☆ Mercedes to extend CEO Kaellenius' contract - source
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

BERLIN, July 6 (Reuters) - Mercedes-Benz wants to extend Chief Executive Ola Kaellenius' contract, a source with knowledge of the matter told Reuters on Thursday, confirming a report in the Handelsblatt business daily. The person said no surprises were expected on the question of another term for Kaellenius, which would keep the 54-year-old at the helm of the German carmaker until at least mid-2029. Kaellenius' contract is currently set to expire in May 2024. Handelsblatt reported that a supervisory board decision was expected on the matter this summer. Reporting by Ilona Wissenbach; writing by Miranda Murray and Rachel More; editing by Sabine Wollrab, Matthias Williams, Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

Persons: Ola Kaellenius, Kaellenius, Handelsblatt, Ilona Wissenbach, Miranda Murray, Rachel More, Sabine Wollrab, Matthias Williams, Madeline Chambers Organizations: Benz, Reuters, Thomson Locations: BERLIN

☆ Germany to reject Binance's bid for a cryptocurrency licence - source
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

The U.S. Securities and Exchange Commission this month sued Binance and its CEO Changpeng Zhao over what the regulator called a "web of deception" to evade U.S. laws. The German regulator, BaFin, issued a statement declining to comment on individual companies due to confidentiality. Last week, Belgium's FSMA regulator ordered Binance to stop offering any virtual currency services in the country. BaFin in 2021 warned Binance it risked being fined for offering certain digital tokens to clients in Germany without necessary information. Reporting by Tom Sims and Tom Wilson; Editing by Sabine Wollrab and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Binance, Changpeng Zhao, Tom Sims, Tom Wilson, Sabine Wollrab, Mark Potter Organizations: U.S . Securities, Exchange Commission, Finance Forward, Thomson Locations: FRANKFURT, Germany, France

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

☆ Deutsche Bank plans to cut jobs, shrink board
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/File PhotoBERLIN, April 20 (Reuters) - Deutsche Bank (DBKGn.DE) plans to reduce its executive board to nine members from 10 and to cut some jobs in infrastructure and in its private banking business to save costs, a source close to the bank told Reuters on Thursday. Germany's largest bank, which is due to present first-quarter results on April 27, declined to comment on the plans. Deutsche Chief Executive Christian Sewing said in February that he could not rule out job cuts. The bank completed its transformation phase at the end of 2022 with an improved cost-to-income ratio, but Sewing still needs to reduce costs.

☆ German police seek motive in shooting at Jehovah's Witnesses church
▼ + stars: | 2023-03-10 | by ( Fabian Bimmer | ) www.reuters.com time to read: +3 min

[1/4] A view of a police vehicle at the scene following a deadly shooting, in Hamburg, Germany, March 10, 2023. REUTERS/Fabrizio BenschHAMBURG, March 10 (Reuters) - German police were searching for a motive on Friday after a gunman, believed to have been acting alone, killed several people in a Jehovah's Witnesses church in Hamburg. The Bild newspaper reported seven people were dead and eight wounded in the shooting in the northern city that is home to Germany's biggest port. Several of the wounded were seriously hurt, the Jehovah's Witnesses said. In October 2019, a gunman killed two people when he opened fire outside a synagogue in the eastern city of Halle on the Jewish holy day of Yom Kippur.

☆ Several dead in shooting at Jehovah's Witness church in Hamburg
▼ + stars: | 2023-03-09 | by ( Fabian Bimmer | ) www.reuters.com time to read: +2 min

HAMBURG, March 9 (Reuters) - Several people have been killed or seriously injured in a shooting at a Jehovah's Witness church in the northern German city of Hamburg, with the motive for the attack unclear, police said on Thursday. The Bild newspaper reported that seven people were dead and eight others injured in the shooting. "Several people were seriously injured, some even fatally. [1/7] Special police inside the building after at least six people are dead and several more injured in a shooting in the northern German city of Hamburg, Germany, March 10, 2023. REUTERS/Fabian Bimmer 1 2 3 4 5"The dead people all have gunshot wounds," the spokesperson was quoted as saying.

Eight other people were wounded, including a seven-months pregnant woman who lost her unborn daughter, police and prosecutors said at a news conference. Authorities identified the gunmman only as Philipp F. The 35-year-old, a German citizen and former Jehovah's Witness, began shooting through a window at the hall, where dozens of people were gathered, before entering. Following the previous shootings, Germany introduced stricter gun ownership rules and the government has announced plans to tighten controls further. Jehovah's Witnesses are an international Christian denomination that was founded in the United States in around 1870. The officials said about 50 people were at an event held in the Jehovah's Witness Kingdom Hall in the Alsterdorf district of the city when the shooting started.

☆ German ministry to review sale of regional airport to Russian investor - source
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

The insolvency administrator for Frankfurt-Hahn airport, in western Germany, said the investor and seller had decided to submit a purchase contract to the economy ministry, which has the power to block some takeovers by foreign players. A source close to the proceedings confirmed local media reports that the successful, and highest, offer came from NR Holding, which belongs to Russian billionaire Viktor Kharitonin. The federal economy ministry can block takeovers of critical infrastructure by firms outside the European Union. Economy Minister Robert Habeck said on Monday that his ministry had launched a routine screening of the process. It had 1.23 million passengers between January and November last year, less than half the number a decade ago.

Deutsche Bank declined to comment. The person did not give details of the size of the overall bonus pool for the whole of Deutsche Bank, which also includes retail, corporate and asset management divisions. Deutche's investment bank is expected to report 3.7 billion euros in pretax profit for 2022, roughly flat versus 2021, based on a consensus forecast of analysts. Reuters GraphicsDeutsche has been heavily reliant on its volatile investment bank for its return to profitability, but is hoping to depend instead on more stable businesses that serve companies and retail customers. The Financial Times first reported the Deutsche investment bank bonus decline.

☆ Berlin will allow exports of German tanks to Ukraine if U.S. sends its tanks -source
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Jan 18 (Reuters) - Germany will allow German-made tanks to be sent to Ukraine to help its defense against Russia if the United States agrees to send its own tanks, a German government source told Reuters. Western allies will meet at a U.S. air base in Germany on Friday to offer more weapons for Ukraine. Poland and Finland have already said they will send Leopard tanks if Germany approves them. The United States has committed roughly $24 billion to help Ukraine defend itself against Russian forces. The Wall Street Journal, citing senior German officials, first reported Berlin's condition on tanks earlier on Wednesday.

☆ Commerzbank to take 490 mln euro Q3 hit due to mBank unit
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Sept 27 (Reuters) - Germany's Commerzbank (CBKG.DE) said on Tuesday it would take a 490 million euro ($471 million) hit to its third-quarter operating profit after its Polish mBank (MBK.WA) unit booked additional provisions for its Swiss franc loans. The German lender said it nevertheless still expected to reach its net profit target of more than 1 billion euros for the full year. Frankfurt-listed shares of Commerzbank, which is in the midst of a costly restructuring that involves cutting 10,000 jobs and closing branches, were down 5.5% after the news. Commerzbank had attempted to sell mBank but abandoned the effort after an auction petered out in 2020. ($1 = 1.0408 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Sims and Sabine Wollrab Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Germany to unveil Uniper nationalisation on Wednesday - source
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterThe Uniper logo is seen at the utility's firm headquarters in Duesseldorf, Germany, July 8, 2022. REUTERS/Wolfgang RattayCompanies Uniper SE FollowFortum Oyj FollowFRANKFURT, Sept 20 (Reuters) - Germany is expected to unveil key details of a full nationalisation of gas importer Uniper (UN01.DE) on Wednesday that is likely to include the exit of major shareholder Fortum (FORTUM.HE), a person familiar with the talks said. Fortum declined to comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Christoph Steitz and Essi Lehto, Editing by Miranda Murray and Sabine WollrabOur Standards: The Thomson Reuters Trust Principles.

Employees of German car manufacturer Porsche install the windshield of a Porsche 911 at the Porsche factory in Stuttgart-Zuffenhausen, Germany, February 19, 2019. Volkswagen will price preferred shares in the flotation of Porsche AG at 76.50 euros to 82.50 euros per share, the carmaker said, translating into a valuation of 70 billion to 75 billion euros. Up to 113,875,000 preferred shares, carrying no voting rights, will be placed with investors over the course of the IPO. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros. A stock exchange prospectus is expected to be published on Monday, after which institutional and private investors can subscribe to Porsche shares.

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