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Deutsche Bank on Thursday reported a 10% rise in first-quarter profit, beating expectations amid an ongoing recovery in its investment banking unit. Net profit attributable to shareholders was 1.275 billion euros ($1.365 billion) for the period, ahead of an aggregate analyst forecast of 1.23 billion euros for the period, according to LSEG data. Deutsche Bank said this was its highest first-quarter profit since 2013. Revenues at its investment bank increased 13% to 3 billion euros, following a 9% slump through full-year 2023 which had dragged down overall profit. Germany's biggest lender reported net profit of 1.3 billion euros in the prior quarter and of 1.16 billion euros in the first quarter last year.
Persons: James von Moltke, CNBC's Annette Weisbach Organizations: Deutsche Bank, Deutsche Bank's, Private Bank, Asset Management
The world is awash in solar panels after Chinese-owned firms flooded the market with cheap exports. Companies including Qcells, First Solar, and Swift Solar on Wednesday asked the Biden administration to slap tariffs on solar cells from four countries in Southeast Asia. The US solar companies allege that Chinese-owned firms operating in Cambodia, Malaysia, Thailand, and Vietnam are illegally undercutting the market. The petition by US solar companies — known as an anti-dumping and countervailing duty case — could lead to that. The probe will help determine whether solar panels were sold in the US at prices below the cost of production.
Persons: Biden, we've, Tim Brightbill, Wiley Rein, Joe Biden, Janet Yellen, Yellen, Premier Li Qiang Organizations: Service, Companies, Wednesday, Business, Wiley, China, Industry, Commerce Department, US Commerce Department, International Trade Commission, Premier, New York Times Locations: Southeast Asia, Cambodia, Malaysia, Thailand, Vietnam, Germany, America, Massachusetts, China
Kyiv, Ukraine CNN —As the US prepares to transfer significant military aid to Ukraine following the Senate passing funding legislation worth $61 billion, reports from eastern Ukraine continue to highlight Kyiv’s sliding fortunes on the battlefield. Charly Triballeau/AFP/Getty ImagesUkrainian soldiers on the front lines have spoken of being badly outgunned by Russian forces. A Ukrainian military blogger, Bohdan Myroshnykov, wrote, “In Novobakhmutivka, the enemy made progress in the village, advancing up to 400 meters in depth. Meanwhile, around Chasiv Yar, about 40 kilometers to the north, both Ukrainian and Russian reports suggest Ukraine has succeeded in stopping Russian advances, at least for the moment. Oleksandr Ratushniak/Reuters“In the Chasiv Yar direction, the offensive of the Russian forces ‘stalled’ on the eastern outskirts,” a Russian military blogger, Wargonzo, reports, though fierce fighting continues, the site adds.
Persons: DeepState –, , Biden, Joe Biden, Charly Triballeau, Volodymyr Zelensky, Bohdan Myroshnykov, , DeepState, Ukraine’s Eastern Command –, Oleksandr Ratushniak, , Ukraine’s DeepState, Oleksandr Syrskyi, Vladimir Putin, Chasiv Yar Organizations: Ukraine CNN —, Russian, Wednesday, Senate, Scranton Army, Getty, 100th, Ukraine’s Eastern Command, CNN, Reuters, 92nd Brigade, Nazi Locations: Kyiv, Ukraine, Ocheretyne, Ukrainian, Avdiivka, Israel, Taiwan, Scranton, Scranton , Pennsylvania, AFP, Russian, Russia, Novobakhmutivka, Chasiv Yar, Donetsk region, , Ivanivske, Bakhmut, Nazi Germany
Germany said on Wednesday that it would resume funding for the main U.N. agency aiding Palestinians in Gaza, known as UNRWA, after an independent review found that Israel had not provided evidence of an allegation that led many donor nations to withdraw support for the agency. The announcement was likely to cause further strain in Germany’s longstanding close ties with Israel, which have deteriorated because of differences over the war in Gaza. Germany, which gave more than $200 million to UNRWA in 2023, is the agency’s second largest donor after the United States, which has also withdrawn its funding and has yet to say whether it will restore it. “The German government has looked closely at the allegations made by Israel against UNRWA and has been in close contact with the Israeli government, the United Nations and other international donors,” read a statement issued by Germany’s foreign and development ministries on Wednesday.
Persons: Israel, Organizations: UNRWA, United Nations Locations: Germany, Gaza, Israel, United States
CNN —An arms fair may contain all the trappings of war, but it is nothing like a battlefield. Nikita TeryoshinA shot of the reception at the 2016 MSPO expo, the biggest arms fair in Eastern Europe. “It was the only (arms fair I’d been to) where they were shooting real rockets over 20 kilometers (12 miles) maybe,” said Teroyshin. Fairgoers wait for a shuttle to a live demonstration site during the 2019 Army military expo held in Alabino, Russia. Forever.”) is paired with an image of three women in Islamic veils at an arms fair, one pretending to hold a rifle depicted in the poster in front of her.
Persons: , Nikita Teryoshin, , ” Teryoshin, Nikita Teryoshin “, Teryoshin, Majid, Teroyshin, Lockheed Martin, Nikita Teryoshin Teroyshin, , KAI, Nikita Teryoshin Saudi, Linda Åkerström, eyeshadow, Nikita Teryoshin Åkerström, ” Teroyshin, he’s, Åkerström, you’ll Organizations: CNN, Swedish Bofors, expos, Tiger, Kalashnikov, Lockheed, Manufacturing, ITT, Otis Defence, CTA, Elbit Systems, BAE Systems Locations: Russian, Swedish, Kielce, Poland, Lima , Peru, Belarus, France, Germany, South Korea, China, UAE, Peru, Russia, Vietnam, USA, South Africa, Lucknow, Uttar Pradesh, India, , DEFEXPO, Eastern Europe, Mali, Alabino, Abu Dhabi, Paris, Dortmund, Seoul, IDEX, Central, Western Europe, Saudi Arabia, Qatar, Australia, Ukraine
With opulent graves but no written records, the empire and its people have remained largely in the shadows of history until recently. But a landmark April 2022 study involving ancient DNA taken from the graves of the Avar elite shed light on the empire’s far-flung origins. A tiny sample is drilled from a bone at the ancient DNA laboratory at the Max Planck Institute for Evolutionary Anthropology in Leipzig, Germany. In the case of men, researchers found two partners in 10 cases, three partners in four cases and four partners in one case. “Polygamy (having multiple marriage partners), serial monogamous marriages and extramarital relations are all possible explanations,” she said.
Persons: , Zsófia Rácz, Rácz, aren’t, Guido Alberto Gnecchi, Max Planck, Eötvös Loránd University Múzeum Lara Cassidy, , polygyny, Ruscone, Cassidy, Bryan Miller, wasn’t Organizations: CNN, of Archaeological Sciences, Eötvös Loránd, Múzeum, University’s, Archaeological Sciences, Max, Max Planck Institute, Eötvös Loránd University, Trinity College Dublin, Turks, Central, University of Michigan Locations: Central, Eastern Europe, Hungary, Rákóczifalva, Budapest, Leipzig, Germany, Europe, Mongolia, Caucasus, what’s, Constantinople, Byzantine, Eurasia
About 90,000 NATO troops have been training in Europe this spring for the Great Power war that most hope will never come: a clash between Russia and the West with potentially catastrophic consequences. In Estonia, paratroopers from the 82nd Airborne Division out of Fort Liberty, N.C., jumped out of planes alongside soldiers from Colchester Garrison in Essex, Britain, for “forcible entry” operations. In Lithuania, German soldiers arrived as a brigade stationed outside Germany on a permanent basis for the first time since World War II. And on the A4 autobahn in eastern Germany, a U.S. Army captain and his Macedonian counterpart rushed toward the Suwalki Gap — the place many war planners predict will be the flashpoint for a NATO war with Russia — hoping the overheated radiator on their Stryker armored combat vehicle wouldn’t kill the engine.
Persons: Russia — Organizations: NATO, Great, 82nd Airborne, Colchester Garrison, U.S . Army, Macedonian Locations: Europe, Russia, Estonia, Fort Liberty, N.C, Essex, Britain, Lithuania, Germany
Rafael Henrique | SOPA Images | LightRocket via Getty ImagesKlarna on Wednesday announced a global partnership with Uber to power payments for the ride-hailing giant's Uber and Uber Eats apps. The partnership will see the Swedish financial technology firm added as a payment option in the U.S., Germany, and Sweden, Klarna said in a statement. In the U.S., Germany, and Sweden, Klarna will roll out its "Pay Now" option, which lets customers pay off an order instantly in one click, in the Uber and Uber Eats apps. The company will also offer an additional payment option for Uber users in Sweden and Germany which allows users to bundle purchases into a single, interest-free payment that gets taken out of their monthly salary. The firm recently launched a monthly subscription plan in the U.S. to lock in "power users" ahead of its anticipated IPO.
Persons: Rafael Henrique, Uber, giant's Uber, Klarna, Sebastian Siemiatkowski, Siemiatkowski, SoftBank Organizations: Getty, Wednesday, Klarna, Bloomberg News, CNBC, Nike, Instacart Locations: Swedish, U.S, Germany, Sweden, Ukraine
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigher energy prices in Germany impact competitiveness of manufacturers, economist saysTimo Wollmershäuser, head of economic forecasts at IFO, discusses the German economy and the competitiveness of companies.
Persons: Timo Wollmershäuser Locations: Germany
There's only one person to blame for the company's shambolic state and only one person whose exit could save Tesla: Elon Musk. Investors want to see a concrete plan for a whole new fleet of Teslas made for a leaner, meaner EV market. The company needs a serious leader with practical ideas — no self-driving gimmicks, no blowtorches, no broken Cybertrucks, no shitposting, no video-game marathons, and no casual ketamine use. AdvertisementA true visionary CEO — which Musk has long claimed to be — would have pressed the advantage that Tesla developed in the EV market. He asserted that Tesla was not a car company but rather an AI robotics company.
Persons: Tesla, Elon, Musk, Gross, Teslas, Ross Gerber, Gerber Kawasaki, Tesla's, Gerber, Ron DeSantis, Navdeep Sodhi, innovating, , Elon fanboys, Lex Luthor Organizations: Tesla, EV, Reuters, Bloomberg, Auto, Twitter, bungled, Sodhi, Fremont Factory Locations: Shanghai, San Jose, China, Elon, Germany, Texas, Beijing, Red, Berlin
“Portrait of Fräulein Lieser,” an enigmatic, long-lost 1917 painting by Gustav Klimt, sold Wednesday for 35 million euros with fees, or about $37 million, at the auction house im Kinsky in Vienna. The unsigned and unfinished work was estimated to sell for between $32 million and $53 million, before the addition of fees. The winning bid was tendered in the room by Patti Wong, the founder of the Hong Kong-based art advisory company, Patti Wong Associates. The result was remarkable, given that there are questions surrounding this Klimt portrait. The auction house said in its sale catalog that it had “not been able to clarify the precise provenance of the painting” since 1925, and the identity of the seller has not been revealed.
Persons: Fräulein, Gustav Klimt, Patti Wong, Wong Organizations: Patti Wong Associates Locations: Vienna, Hong Kong, Austria
The U.S. Senate has launched an investigation into the high price of Novo Nordisk 's popular weight loss and diabetes drugs Ozempic and Wegovy in the United States. "As important as these drugs are, they will not do any good for the millions of patients who cannot afford them," wrote Sanders. Wegovy, which is even more expensive than Ozempic, is subject to similarly disparate pricing overseas, wrote Sanders. The powerful progressive senator also made a simple request of the drug company CEO: "Will Novo Nordisk substantially reduce both the list price and the net price of both Ozempic and Wegovy?" He gave Novo Nordisk until May 8 to answer a series of questions about the drug's pricing.
Persons: Ozempic, Danish drugmaker, Sen, Bernie Sanders, Sanders, Lars Fruergaard Jørgensen, Jørgensen Organizations: U.S . Senate, Novo Nordisk, Vermont Independent, Health, Education, Labor, Pensions, Nordisk Locations: United States, Danish, Vermont, Canada, Germany
Artillery ammunition has been in short supply for the Ukrainian military for more than a year. Now that the Senate has approved a nearly $61 billion aid package to Ukraine, and with President Biden poised to sign it, desperately needed American weapons could be arriving on the battlefield within days. The Senate has approved a nearly $61 billion aid package to Ukraine. The Pentagon has prepared what a U.S. official said on Tuesday was a $1 billion military aid package to be rushed to Ukraine once Mr. Biden signs the funding bill. Jens Stoltenberg, NATO’s secretary general, said on Tuesday that the American aid package would allow for “advanced air-defense systems” to Ukraine but did not specify which kind.
Persons: Biden, Yehor Cherniev, Volodymyr Zelensky, Zelensky, Mr, , Doug Mills, ATACMS, Lynsey Addario, Jens Stoltenberg, Stoltenberg, Mark Warner, ” Mr, Brendan Hoffman, Oksana Markarova, Markarova, , Ms Organizations: Artillery, House Republicans, Ukrainian, Tactical Missile Systems, New York Times Artillery, NATO, Pentagon, U.S, Reuters, Artillery Rocket Systems, The New York Times, Patriot, , Air Force, Democrat, Senate Intelligence, NBC, ., The New York Times Weapons, Ukrainska Pravda Locations: Donetsk, Ukraine, Russian, Russia, United, Kherson, United States, Germany, , American, Virginia, Kyiv, Ukraine’s, Europe
Apple stock has had a lackluster 2024 so far — dropping over 13% since the start of the year. AAPL YTD mountain Apple YTD What's next for Apple stock? As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Apple, Jim, Jeff Marks, Jim Cramer's, Christian Organizations: Apple, Research, Huawei, China, U.S, Apple's, Conference, CNBC, Getty Locations: China, Shenzhen, India, Hamburg, Germany
Tesla is eliminating around 12% of its workforce at a factory in Austin, Texas, as part of a broader restructuring the company announced last week. In 2021, Tesla CEO Elon Musk moved the company's corporate headquarters to Austin from Palo Alto, California. Tesla officially opened its Texas EV and battery factory in April 2022, with a "cyber rodeo" party. Musk later called the Austin factory, and another assembly plant in Germany, "gigantic money furnaces," in an interview with Tesla Owners Silicon Valley, a fan club that promotes Tesla vehicles. Executives are expected to discuss the restructuring on the company's quarterly earnings call at 5:30 p.m.
Persons: Tesla, Elon Musk, Musk Organizations: Tesla, Texas EV, Austin, Texas Department Locations: Austin , Texas, Travis County, Austin, Palo Alto , California, New York, Buffalo, Texas, Germany
The electric car revolution is on track, says IEA
  + stars: | 2024-04-23 | by ( Hanna Ziady | )   time to read: +4 min
“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” IEA executive director Fatih Birol said in a statement. Last year, global EV sales grew 35% to almost 14 million. “Intensifying market competition and improving battery technologies are expected to reduce (EV) prices in the coming years,” the IEA said. “Growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices,” it added. By 2030, almost one in three cars on the roads in China is set to be electric, according to the IEA.
Persons: , Tesla, , Fatih Birol, China’s BYD, Brandon Bell, EVs, ” Birol Organizations: London CNN — Global, International Energy Agency, IEA, Li, Getty, European Union, EV, Volkswagen, Audi, BMW Locations: China, Chinese, Germany, United States, Austin , Texas, EVs, Europe
Germany has arrested a national on charges of spying for the Chinese secret service and leaking information from the European Parliament, Germany's federal prosecutor's office said on Tuesday. The man was also accused of spying on members of the Chinese opposition in Germany, according to a CNBC translation. The alleged spy was named as Jian G. and identified as an employee of a German member of the European Parliament since 2019. "If it is confirmed that there was espionage for Chinese intelligence services from within the European Parliament, then that would be an attack on European democracy from within. The ministry also said it hoped that Germany would stop using the so-called spy threat to manipulate political narratives, according to Reuters.
Persons: Scholz, Jian G, Maximilian Krah, Nancy Faeser Organizations: Tongji University, CNBC, Reuters Locations: China, Germany, Brussels
The Nasdaq tumbled 2.1% on Friday as tech stocks plunged, marking its worst day since January 31. “US earnings updates this week will be key to see if they can keep topping expectations and buoying risk appetite in a higher-for-longer interest rate environment.”Tesla, Facebook-parent Meta, IBM, Microsoft and Alphabet all report first quarter earnings later this week. “Big Tech earnings may determine whether the stock market avoids its first four-week losing streak in two years,” wrote Chris Larkin, managing director of trading and investing at E*TRADE from Morgan Stanley on Monday. About 15% of S&P 500 companies have reported first quarter earnings, and nearly three-quarters of those companies have posted a positive earnings-per-share surprise. But investors are nervously waiting for the Magnificent Seven, those massive Tech stocks that carry an outsized portion of market weight, to report.
Persons: Monday’s, , , They’re, Tesla, Chris Larkin, Morgan Stanley, aren’t, we’re, Dave Sekera, ” Taylor Swift’s, Apple Taylor Swift, Liam Reilly, Department ”, Post Malone, Laura He Organizations: CNN Business, Bell, New York CNN —, Nasdaq, BlackRock, Federal Reserve, Facebook, IBM, Microsoft, “ Big Tech, Tech, Companies, Nvidia, Apple, Big Tech, Bank of America, Morningstar, Department, Spotify, Poets Department, Amazon Music, Apple Music, EV, Tesla Locations: New York, Wells, China, Germany, United States, Tesla’s, Europe
Ukraine Could Receive Some U.S. Aid ‘Within Days’
  + stars: | 2024-04-23 | by ( Matthew Cullen | )   time to read: +1 min
The Senate today overwhelmingly approved a critical procedural move to tee up the final passage of the long-stalled $95.3 billion package of aid to Ukraine, Israel and Taiwan. After the bills become law, shipments of American weapons could begin flowing to Ukraine, including air-defense missiles and artillery ammunition that Ukrainian officials say are badly needed. Some of the aid could be sent from the Pentagon’s stockpiles in Germany and shipped by rail to the Ukrainian border. The anticipated aid — the first significant new U.S. package for Kyiv in 16 months — was celebrated in Ukraine. However, he added, military analysts think it will take a month or two before Ukraine receives enough new supplies to change the dynamic of the war.
Persons: Biden, , , Marc Santora, ” Marc Organizations: Senate, Senators, Pentagon, Kyiv, Lawmakers Locations: Ukraine, Israel, Taiwan, Germany, Ukrainian, Kyiv
As Airbnb's recently appointed chief business officer, Dave Stephenson is playing a crucial role in the company's future growth plans. He's also filling another role that is critical to that growth: an Airbnb host. An avid skier and hiker, Stephenson is quick to share details of the best trails with his guests. Airbnb is also looking to expand its services, making it easier to be a host as well as a guest. That could include helping hosts facilitate check-ins or helping them get the items they need for guests, like linens.
Persons: Airbnb's, Dave Stephenson, He's, Stephenson, Brian Chesky, Chesky, Airbnb Organizations: Airbnb, CBO, Netflix Locations: Ankara, Turkiye, Amazon, Seattle , Washington, that's, Germany, South Korea, Brazil, Bavaria, Washington
A Renault Scenic electric vehicle (EV) at the Munich Motor Show (IAA) in Munich, Germany, on Tuesday, Sept. 5, 2023. French car maker Renault said on Tuesday its first-quarter revenue grew 1.8%, with good performance in its financing business offsetting a drop in turnover in core automotive sales. The group sold 549,099 units over the period, with revenue reaching 11.7 billion euros ($12.47 billion). Leading EV maker Tesla is cutting prices in several key markets, piling more pressure on European firms. Revenues from financing activity grew 27.9% to 1.25 billion euros, helped by higher interest rates.
Persons: Twingo, Tesla Organizations: Renault, Tesla Locations: Munich, Germany, China
An aide to a German lawmaker in the European Parliament has been arrested on suspicion of spying for China, Germany’s federal prosecutor’s office said Tuesday. It came just hours after the German authorities arrested three people in the west of the country on suspicion of leaking technological data used in maritime propulsion and exporting a high-powered laser to China. Prosecutors said that Jiang G., as he was identified in keeping with German privacy rules, had worked for a German member of the European Parliament since 2019. Calling him an “employee of a Chinese secret service,” prosecutors accused Mr. G. of repeatedly passing along information about parliamentary deliberations and decisions to Chinese intelligence in January. Mr. G., a German citizen, also was accused of spying on Chinese opposition groups in Germany, according to a statement from the prosecutor’s office.
Persons: Jiang G Organizations: Prosecutors, Mr Locations: China, Dresden, German, Germany
German national Jian G, who worked for AfD MEP Maximilian Krah, was arrested by Saxony State criminal police in Dresden and had his residences searched, the prosecutor’s office said early Tuesday. The aide was later suspended by the European Parliament, a spokesman for the body told CNN. Prosecutors said he passed on information about “negotiations and decisions in the European Parliament” to China in January. The far-right AfD party has nine seats in the European Parliament, and is competing alongside Germany’s traditional parties in the European elections in June. The Federal Prosecutor’s Office said the homes and workplace of the trio were searched in Düsseldorf and Bad Homburg.
Persons: Jian G, Maximilian Krah, , Jens Schlueter, Jian, , Krah, Nancy Faeser, Thomas R, – Herwig, Ina F, , Wang Wenbin Organizations: CNN, Prosecutors, International Trade, Security, Defence, Foreign Trade, Federal Prosecutor’s Office, Ministry of State Security, ” Ministry of Foreign Affairs, Crown Prosecution Service Locations: China, Europe, Saxony, Dresden, Germany, United States, Bad Homburg
CNN —Three people in Germany have been arrested under suspicion of spying for China, while two people have been charged in the United Kingdom for espionage offenses. “Allegations suggest the suspects have had ties to a Chinese secret service since before June 2022,” the German prosecutor’s office said in a statement. The couple are accused of buying and exporting a specialized laser to China without authorization, violating European Union regulations. Germany’s justice minister Marco Buschmann congratulated the prosecutor’s office in a post on social media platform X, writing that the arrests highlighted the need to stay vigilant. Separately in the UK, Britain’s Crown Prosecution Service (CPS) announced charges against two men who allegedly breached the UK’s Official Secrets Act on behalf of China.
Persons: Thomas R, Thomas, Herwig, Ina F, Marco Buschmann, Nick Price Organizations: CNN, Federal Prosecutor’s Office, Foreign Trade, Ministry of State Security, Britain’s, Prosecution Service, CPS, Terrorism, Crown Prosecution Service, Metropolitan Police, Locations: Germany, China, United Kingdom, Westminster, London
Read previewSailors aboard a German warship that was recently deployed to the Red Sea were on watch for 12 hours a day, and in the "worst" situations, they might've only had seconds to respond to the deadly Houthi threats endangering ships in these waters. The Hessen, a Sachsen-class frigate, left the Red Sea and entered the Suez Canal on Saturday after spending nearly 60 days operating in Middle Eastern waters, Germany's military said Monday. Around 240 crew members aboard the Hessen were on "a permanent war march" during the mission, the German military said in a statement, according to a translation. German military photoThe short timeframe underscores how fast some of the Houthi threats are. In late-February, the Hessen accidentally targeted a US MQ-9 Reaper drone that was operating around the Red Sea and fired several missiles at the aircraft.
Persons: , Bab, Volker Kübsch, Kübsch Organizations: Service, Business, US Navy, German Navy, Navy, Aspides, Sachsen Locations: Hessen, Sachsen, Suez, Yemen, Gulf, Aden, Mandeb, Germany, Wilhelmshaven, Hamburg
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