Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Frankfurt"

25 mentions found

An employee of German car manufacturer Porsche mounts a steering wheel at the Porsche factory in Stuttgart-Zuffenhausen, Germany, February 19, 2019. REUTERS/Ralph Orlowski/FilesFRANKFURT, Sept 29 (Reuters) - Porsche AG shares will list on the stock market on Thursday after Volkswagen (VOWG_p.DE) priced shares at the top end of the announced range, a sign the luxury brand has lured buyers despite market turmoil. "Porsche was and is the pearl in the Volkswagen Group," Chris-Oliver Schickentanz, chief investment officer at fund manager Capitell, said. "The IPO has now made it very, very transparent what value the market brings to Porsche. Up to 113,875,000 preferred shares, carrying no voting rights, will be sold to investors over the course of the initial public offering.
Porsche shares to be issued at 82.50 eur/shr
  + stars: | 2022-09-28 | by ( )   time to read: 1 min
FRANKFURT, Sept 28 (Reuters) - Shares in Porsche AG will be issued at 82.50 euros per share, the top end of an initial range given earlier this month, parent Volkswagen said on Wednesday. Volkswagen had set the pricing range at 76.50-82.50 euros a share for Porsche AG's initial public offering, and bookmakers earlier this week suggested that the top end of the range will be met. read more read moreShares in Porsche AG will start trading on Frankfurt's stock exchange on Thursday. Register now for FREE unlimited access to RegisterReporting by Christoph Steitz and Akriti Sharma; Editing by Ludwig Burger and Mark PorterOur Standards: The Thomson Reuters Trust Principles.
FRANKFURT, Sept 28 (Reuters) - The books for Volkswagen's (VOWG_p.DE) listing of Porsche AG are closed, a bookrunner said on Wednesday, in line with the previously announced schedule for the initial public offering taking place on Thursday. Porsche shares are poised to price at the top end of the previously announced range in the listing, bookrunners said earlier this week, potentially valuing the brand at up to 75 billion euros ($71.70 billion) in one of Europe's biggest ever listings. ($1 = 1.0460 euros)Register now for FREE unlimited access to RegisterReporting by Victoria Waldersee, Lucy Raitano Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.
VW Prices Porsche IPO at Top of Range
  + stars: | 2022-09-28 | by ( Ben Dummett | )   time to read: 1 min
Porsche shares are set to start trading on Thursday on the Frankfurt exchange. Germany’s Volkswagen said Wednesday it had priced the initial public offering of Porsche at the top end of the targeted range, putting the IPO on track to become one of Europe’s largest in more than a decade. The pricing signaled investors’ confidence that the iconic sports-car maker can thrive even as rising interest rates and rampant inflation rile equity markets.
So the current bear market started in early January and won't be considered over until the S & P 500 closes 20% or more above its bear market low, which can only be determined in hindsight. But Monday and Tuesday, the S & P 500 closed lower, setting new bear market lows each day. Notably, the term "rolling bear market" has also been one we have heard in recent years. Investing in a bear market There are various options for how different sorts of people can play a bear market like the one we find ourselves in. Bottom line But as painful as it may be right now, the one thing history tells us is what always follows a bear market is a bull market.
Morning Bid: Gimme Shelter
  + stars: | 2022-09-28 | by ( )   time to read: +4 min
A look at the day ahead in U.S. and global markets from Mike Dolan. read moreBut with the pound falling anew against the dollar on the credit rating and IMF warnings, the real problem is in UK government bonds, or gilts. read moreWith Wall Street stocks hitting a new low for the year on Tuesday, global shares sank to two-year lows on Wednesday. Fed chairman Jerome Powell and a host of other Fed speakers are in the diary again for later on Wednesday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
ECB policymakers put 75 bps hike on table for October
  + stars: | 2022-09-28 | by ( )   time to read: +3 min
FRANKFURT/HELSINKI, Sept 28 (Reuters) - The European Central Bank may need to raise interest rates by another 75 basis points at its October meeting and move again in December to a level that no longer stimulates the economy, policymakers said on Wednesday. Finnish central bank chief Olli Rehn, considered a moderate swing voter, also said that 75 basis points could be among the options. Outspoken policy hawk Robert Holzmann, Austria's central bank governor, also backed a 75 basis point move in an interview with Bloomberg TV, arguing that 100 basis points would simply be too much. ECB President Christine Lagarde said the "first destination" in the rate hiking cycle will be the "neutral" rate, which neither stimulates not slows growth. "In my view, we are heading towards the range of the neutral rate by Christmas," Rehn said.
The global financial system is “like a pressure cooker” right now, said Chris Turner, global head of markets at ING. Once, the idea of paying sticker price at a dealership was laughable — a trap that only suckers would fall into. The South Korean company’s sedans and SUVs are selling for about 6% over their sticker price, according to data from Used car prices — which shot up to dizzying heights early in the pandemic — have finally begun falling. “Speak to any (very) large used car dealer and you will hear the same - an absolute vortex of deflation is coming to used car prices,” tweeted Ophir Gottlieb, the CEO of Capital Market Laboratories, earlier this month.
The euro sign sculpture was lit for the first time at the strike of midnight on Jan. 1, 2002, to celebrate the official launch of euro bank notes and coins. The euro has fought off countless threats to its existence over the past two decades, from debt crises to politicians who hoped to tear apart the currency union. Over the summer a new risk emerged to the common currency. Not its plunge below parity with the U.S. dollar, but the plan to dismantle an iconic blue sculpture of the euro currency sign, located for more than 20 years in the heart of Frankfurt, Germany’s financial hub. The costs of maintenance, in part due to regular vandalism, had become overwhelming, the local nonprofit who owns it said.
Commerzbank to take 490 mln euro Q3 hit due to mBank unit
  + stars: | 2022-09-27 | by ( )   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 RegisterReporting by Tom Sims and Sabine Wollrab Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
A video purportedly showing North Korea’s military choir covering the song “Killing in the Name” by Rage Against the Machine has been digitally altered. Although the images do show the country’s military choir, the audio used comes from a July 2019 rock choir event in Frankfurt, Germany. Footage of the country’s military arsenal, such as tanks and missiles, can be seen on big screens in the background. For example, one Twitter user wrote: “‘Killing in the name of,’ sung by those who in fact, work forces... The music audio comes from footage of another event and the images have been edited together to mislead viewers.
Sentiment among German exporters at its lowest since May 2020
  + stars: | 2022-09-27 | by ( )   time to read: +1 min
The city's financial district high-rise buildings disappear in clouds as the spread of the coronavirus disease (COVID-19) continues during an extended lockdown and a demand by the German government for more home office possibilities in Frankfurt, Germany, February 2, 2021. REUTERS/Kai Pfaffenbach/BERLIN, Sept 27 (Reuters) - Sentiment among German exporters fell in September to its lowest since the early stages of the COVID-19 pandemic as the slowing global economy dampens any expectations of growth in the medium term, the Ifo economic institute said on Tuesday. Export expectations dropped to -6.0 in September from -2.8 in August, the lowest since May 2020, it said. Exports from Europe's largest economy decreased 2.1% in July from the previous month, hit by sinking demand from Germany's two most important trade customers, China and the United States. Register now for FREE unlimited access to RegisterReporting by Miranda Murray; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
More marketers are taking notice of California’s data privacy laws after the state said last month that cosmetics retailer Sephora had agreed to pay $1.2 million in penalties for alleged violations related to its targeted advertising practices. Some companies that have received letters have complied or begun working toward compliance, while others remain under investigation, the spokesperson said. Many companies delayed compliance because they disagree with that definition and don’t want to tell consumers that they sell data, he said. The state’s determination that Sephora didn’t process global opt-out requests played a key role in the attorney general’s decision to take action. “People see a headline about Sephora and everyone thinks they sold data,” she said.
A model of a wind turbine with the Siemens Gamesa logo is displayed outside the annual general shareholders meeting in Zamudio, Spain, June 20, 2017. REUTERS/Vincent West/MADRID/FRANKFURT, Sept 27 (Reuters) - Siemens Gamesa is aiming to fix major issues with its flagship onshore wind turbine model over the next three months, its CEO said, warning that 10-15 loss-making projects related to the troubled equipment would continue to be a drag until 2024. "The biggest thing really for us is to stabilize the 5.X project," Siemens Gamesa (SGREN.MC) CEO Jochen Eickholt told Reuters. read moreCompetition from newer entrants, particularly Chinese firms, has also squeezed Siemens Gamesa, especially in markets including Brazil and India, Eickholt said. The deal is awaiting final approval from the market regulator in Madrid, where Siemens Gamesa was listed in 2017. read moreIn the meantime, Siemens Gamesa has engaged in tough discussions with customers to raise selling prices, with some success, Eickholt said.
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 26, 2022. The continent-wide index (.STOXX) was up 1.2%. Goldman Sachs expects the European Central Bank to hike rates by 75 basis points at its next two meetings, Bloomberg News reported. The STOXX 600 dropped 5.2% so far this month, set for its second straight monthly loss, as Europe grapples with energy and the cost-of-living crises amid the Russia-Ukraine war hampering gas flows, and hawkish central bank moves. read moreHugo Boss AG (BOSSn.DE) slipped 0.8% after Deutsche Bank downgraded the German fashion house's stock to "hold", citing "fading tailwinds".
Euro sculpture in Frankfurt rescued by crypto firm
  + stars: | 2022-09-27 | by ( )   time to read: +2 min
The Euro sign by German artist Ottmar Hoerl is photographed after "Caiz development" company announced its sponsorship for the conversation of the landmark in Frankfurt, Germany, September 27, 2022. REUTERS/Kai PfaffenbachRegister now for FREE unlimited access to RegisterFRANKFURT, Sept 27 (Reuters) - A giant blue euro sculpture in the heart of Frankfurt's financial district has a new benefactor: The firm behind a sharia-compliant cryptocurrency. Register now for FREE unlimited access to RegisterThe sponsor is the technology developer Caiz, a Frankfurt-based company whose Caizcoin conforms to the principles of Islamic finance and laws. The sculpture was constructed to much fanfare in 2001, shortly ahead of the launch of euro notes and coins. Register now for FREE unlimited access to RegisterReporting by Marta Orosz; Writing by Tom Sims; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.
Register now for FREE unlimited access to RegisterA logo of Porsche is seen outside a Porsche car dealer, amid the coronavirus disease (COVID-19) outbreak in Brussels, Belgium May 28, 2020. Indicated demand exceeded the full deal size, the bookrunners said, with one describing demand as "incredibly robust." Volkswagen (VOWG_p.DE) said this month it would price preferred shares in the flotation of Porsche AG scheduled for this Thursday at 76.50 - 82.50 euros per share, translating into a valuation of 70-75 billion euros. That would leave the luxury carmaker's market capitalisation below some investors' estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. ($1 = 1.0353 euros)Register now for FREE unlimited access to RegisterWriting by Miranda Murray, Reporting by Lucy Raitano, Editing by Victoria WalderseeOur Standards: The Thomson Reuters Trust Principles.
Hong Kong (CNN Business) International airlines are scrambling to add more flights to Hong Kong as the city ends two and a half years of quarantine measures , leading to a surge in demand for travel. This will absolutely increase the demand for travel to and from Hong Kong," Christoph Meyer, Lufthansa's general manager of sales for Hong Kong, Macao and South China, said in a statement. International Air Transport Association Director General Willie Walsh said last week that China's zero-Covid policy had "devastated" Hong Kong. Friday's news puts Hong Kong back on "the right track," said Dr. Kam Hung Ng, assistant professor of aviation engineering at the Hong Kong Polytechnic University. He told CNN Business that Hong Kong still had advantages that could allow its aviation industry to recover to pre-pandemic levels, "or even more."
Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File PhotoLONDON, Sept 26 (Reuters) - Britain's pound plunged to record lows on Monday and bonds were slammed for a second day, as investors punished UK assets after the government's mini-budget announcement last week. The presentation of the mini-budget was received quite badly by the markets – sterling literally collapsed. The significant tax cuts announced by the Treasury Secretary cause concerns for the currency markets because of rising government debt." One is the loss of confidence in UK fiscal policy and that won't help sterling.
Hong Kong CNN Business —International airlines are scrambling to add more flights to Hong Kong as the city ends two and a half years of quarantine measures, leading to a surge in demand for travel. “As Hong Kong’s home airline, we are fully committed to rebuilding the connectivity of the Hong Kong aviation hub,” it said in a statement. This will absolutely increase the demand for travel to and from Hong Kong,” Christoph Meyer, Lufthansa’s general manager of sales for Hong Kong, Macao and South China, said in a statement. International Air Transport Association Director General Willie Walsh said last week that China’s zero-Covid policy had “devastated” Hong Kong. Friday’s news puts Hong Kong back on “the right track,” said Dr. Kam Hung Ng, assistant professor of aviation engineering at the Hong Kong Polytechnic University.
FRANKFURT, Sept 26 (Reuters) - The European Central Bank won't use its latest emergency scheme to buy the bonds of countries that make "policy errors", its President Christine Lagarde said on Monday in response to a question about Italy's likely next government. A right-wing alliance led by Giorgia Meloni triumphed in Italy's general elections on Sunday, inheriting one of the euro zone's heaviest debt burdens at a time of rising borrowing costs and looming recession. "It's (used in) a situation where ... there are disorderly market dynamics that are not justified by fundamentals or by economic policy errors that will have been made," Lagarde said. "This limits the risk of fuelling inflationary pressures, thereby also facilitating the task of monetary policy." Lagarde also repeated the ECB's most recent message that interest rates will need to rise over the next several policy meetings even as growth slows substantially.
Register now for FREE unlimited access to RegisterOil depots are pictured in the harbour in Hamburg, Germany, March 8, 2022. Russia remained the top supplier, holding a 30.5% share of Germany's oil imports in the period, monthly statistics from the BAFA foreign trade office showed. Oil imports in January through July from all origins increased to 51.0 million tonnes, from 44.9 million in the same months of 2021, BAFA said. Germany spent 35.9 billion euros ($35.07 billion) on crude oil imports in the first seven months of 2022, 100.6% more than the comparable year-earlier period. ($1 = 1.0235 euros)Register now for FREE unlimited access to RegisterReporting by Vera Eckert and Nerijus Adomaitis; editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.
Kamada and Mitoma strike as Japan breeze past United States
  + stars: | 2022-09-23 | by ( )   time to read: +2 min
Jesus Ferreira's early header had sailed over the bar from Sergino Dest's cross in an encouraging start for the United States, but that was to prove a rare sight of goal for Gregg Berhalter's side. Arsenal goalkeeper Turner ensured the United States were not on the end of a heavier defeat with a string of fine saves in the second half. The 28-year-old kept out a 55th minute effort from Junya Ito before denying Kamada a second of the game 10 minutes later. But there was nothing Turner could do to prevent Mitoma from adding Japan's second in the 88th minute. The Japanese will be appearing at their seventh consecutive World Cup in November and have been drawn to face Germany, Spain and Costa Rica in the group phase while the United States meet England, Iran and Wales.
People relax in the sun of the bank the River Thames, with the The City of London financial district in the distance, in London, Britain, June 16, 2022. The CityUK, which promotes UK financial services abroad, said Britain must make a competitive and compelling offer to lift growth, but there is no magic bullet. DEREGULATION PUSHThe City is largely locked out of the EU since Brexit and financial services were excluded from the UK's trade deal with the bloc. Kwarteng said the financial services sector will be at the heart of the government's programme to drive growth in the economy. "To reaffirm the UK's status as the world's financial services centre, I will set out an ambitious package of regulatory reforms later in the autumn," Kwarteng said.
UK finance minister Kwarteng's radical tax-cutting statement
  + stars: | 2022-09-23 | by ( )   time to read: +3 min
They will have heard reports that their already-expensive energy bills could reach as high as 6,500 pounds ($7,253) next year. The prime minister has acted with great speed to announce one of the most significant interventions the British state has ever made." BANKS SHOULD PAY TAXES IN LONDON, NOT PARIS OR NEW YORK"We need global banks to create jobs here, invest here and pay taxes here in London, not Paris, not Frankfurt, not New York. TAX CENTRAL TO SOLVING GROWTH RIDDLE"We come to tax -- central to solving the riddle of growth. And the higher the tax, the more ways people seek to avoid them, or work elsewhere or simply work less ... rather than putting their time and money to more creative and productive ends."
Total: 25