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Search resuls for: "CNBC's Annette Weisbach"


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☆ BaFin president: 'We don't have a global banking crisis at the moment'
  + stars: | 2023-05-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBaFin president: 'We don't have a global banking crisis at the moment'Mark Branson, president of the German regulator BaFin (Federal Financial Supervisory Authority), told CNBC's Annette Weisbach that Germany has seen the same impacts from higher rates as many other nations around the world.
☆ German regulator warns of a 'nervous time' for banks, predicts stress in the property market
  + stars: | 2023-05-09 | by ( Silvia Amaro | ) www.cnbc.com   time to read: +1 min
Photo: Arne Dedert/dpa (Photo by Arne Dedert/picture alliance via Getty Images)Germany's financial regulator on Tuesday warned that the country's banking system is undergoing a real-life stress test amid the current volatility, also predicting significant weakness for the commercial property sector. Pressures facing the sector have intensified as many central banks push up their benchmark rates, leading to specific market dislocations. Mark Branson, president of the German regulator BaFin (Federal Financial Supervisory Authority), told CNBC that Germany has seen the same impacts from higher rates as many other nations around the world. He said that the German banking system "has taken some pain," but highlighted that there is "no systemic danger" and the financial system has managed to absorb the impacts of higher rates well. However, problems can arise when banks take on additional risk and fail to keep up with a continued and sharp increase in rates.
☆ Volkswagen posts drop in quarterly profit, says it must speed up to catch Chinese EV market rivals
  + stars: | 2023-05-04 | by ( Sam Meredith | ) www.cnbc.com   time to read: +2 min
First-quarter sales revenue rose by 22% to 76 billion euros, Volkswagen said, primarily driven by a recovery in sales volumes in Europe and North America. Volkswagen said operating profit fell 31% to 5.7 billion euros ($6.3 billion) through the first three months of 2023, down from 8.3 billion euros over the same period last year. Europe's biggest carmaker said operating profit before valuation effects from commodity hedging, however, increased by 35% to 7.1 billion euros. First-quarter sales revenue rose by 22% to 76 billion euros, Volkswagen said, primarily driven by a recovery in sales volumes in Europe and North America. Asked about the sliding first-quarter sales in China, Volkswagen's replied Antlitz, "We had a slow start in China."
☆ Carrier Global Corp to acquire Viessmann unit in $13.17 billion deal
  + stars: | 2023-04-26 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCarrier Global Corp to acquire Viessmann unit in $13.17 billion dealMax Viessmann, the CEO of Viessmann Group, speaks to CNBC's Annette Weisbach.
☆ Danish Energy Agency: Renewables the answer to Europe's energy sovereignty
  + stars: | 2023-03-29 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDanish Energy Agency: Renewables the answer to Europe's energy sovereigntyKristoffer Böttzauw, director general at the Danish Energy Agency, speaks to CNBC's Annette Weisbach at the Berlin Energy Transition Dialogue Conference.
☆ Inflation will remain at a very high level, German central bank president says
  + stars: | 2023-03-01 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation will remain at a very high level, German central bank president saysJoachim Nagel, president of the Germany's Bundesbank and one of the ECB's more hawkish members, told CNBC's Annette Weisbach Wednesday that consumer price rises are set to remain stubbornly high.
☆ Stubborn inflation will remain at a very high level, German central bank president says
  + stars: | 2023-03-01 | by ( Silvia Amaro | ) www.cnbc.com   time to read: +2 min
Joachim Nagel, president of Germany's Bundesbank and one of the ECB's more hawkish members, told CNBC's Annette Weisbach Wednesday that consumer price rises are set to remain stubbornly high. "But still, what we expect for this year for Germany is an average inflation rate of around 6 to 7%." The yield on the 10-year German bund — seen as the main benchmark in the region — rose to its highest level since 2011 on Wednesday. Goldman Sachs said Wednesday that it was increasing its expectations for peak interest rate hikes in the euro area. The ECB is this month starting to sell bonds at a pace of 15 billion euros a month until June.
☆ After a year of death and destruction, Ukraine braces itself for a major escalation in the war
  + stars: | 2023-02-24 | by ( Holly Ellyatt | ) www.cnbc.com   time to read: +9 min
Emergency service workers extinguish a fire after shelling on the Bakhmut frontline in Ivanivske, Ukraine as Russia-Ukraine war continues on January 02, 2023. Anadolu Agency | Anadolu Agency | Getty ImagesWhen Russia invaded Ukraine a year ago, it shocked the world. Russia and Ukraine have only published data sporadically on their own casualty rates in the war — so we have to rely on estimates. One former NATO official told CNBC that, sooner or later, Ukraine would need to be given combat aircraft. Kenzo Tribouillard | Afp | Getty ImagesAsked whether he believed Ukraine could prevail and win the war before the end of 2023, Shea said two things need to happen: Western weapons need to arrive quickly and Ukraine must be given aircraft.
☆ Mercedes-Benz flags market uncertainty despite 2022 earnings boost
  + stars: | 2023-02-17 | by ( ) www.cnbc.com   time to read: +2 min
The Mercedes star logo is seen in front of the Mercedes-Benz customer center in Sindelfingen, southwestern Germany, on February 13, 2023. Mercedes-Benz Group on Friday beat analysts' forecasts with annual earnings of 20.5 billion euros ($21.80 billion), but the premium carmaker warned of lower earnings this year due to economic uncertainty. The company hit its forecast of a 13%-15% adjusted return on sales in the cars division, reporting a 14.6% margin for 2022. But it forecast a lower adjusted return of 12%-14% on sales for the cars division in 2023 and group earnings slightly below 2022, even though sales at the Mercedes-Benz Cars business are expected at the same level. Roughly 50% of the company's annual portfolio is financed, he said, meaning that higher rates will have an impact.
☆ Commerzbank chief says he's not preparing for disaster, sees a mild recession
  + stars: | 2022-11-18 | by ( Hannah Ward-Glenton | ) www.cnbc.com   time to read: +1 min
A "mild recession" is on the cards, according to Commerzbank CEO Manfred Knof. Commerzbank CEO Manfred Knof says the bank has prepared for an uplift in nonperforming loans, but the situation is "definitely not a disaster or default issue" as a "mild recession" is likely in the cards. "We have already made provisions but still at the moment we don't see a lot of issues ahead of us," Knof told CNBC's Annette Weisbach at the European Banking Congress in Frankfurt Friday. Nonperforming loans are bank loans likely to be repaid late or not in full and are also known as "bad debt." The chief economist at Berenberg, Holger Schmieding, told CNBC that consumer confidence had "plunged so badly that the recession will likely not be shallow."
☆ ECB will do 'whatever is necessary' to get inflation to 2%, says Luis de Guindos
  + stars: | 2022-11-16 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB will do 'whatever is necessary' to get inflation to 2%, says Luis de GuindosThe European Central Bank's vice president tells CNBC's Annette Weisbach it is crucial to prove its credibility and anchor inflation expectations by signalling a commitment to bringing down prices.
☆ ECB will do 'whatever is necessary' to get inflation to 2%, vice president says
  + stars: | 2022-11-16 | by ( Jenni Reid | ) www.cnbc.com   time to read: +1 min
De Guindos told CNBC the ECB will do "whatever is necessary" to tame inflation. It is crucial for the European Central Bank to convey its commitment to bringing prices down in order to keep inflation expectations anchored, according to its vice president. Luis de Guindos told CNBC's Annette Weisbach on Wednesday that the main risk of a wage-price spiral was the perception that the central bank's credibility was not strong enough. "That's why we are making such a commitment with price stability … and that we will do whatever is necessary in order to reduce inflation to the level that we consider as price stability, which is 2%," he said. Euro zone inflation is running at 10.7%, the highest level in the bloc's history, and the ECB has hiked its benchmark rate to 1.5%, a level not seen since 2009, before the sovereign debt crisis.
☆ Porsche shares rise in landmark Frankfurt debut
  + stars: | 2022-09-29 | by ( Hannah Ward-Glenton | ) www.cnbc.com   time to read: +1 min
Porsche shares rose in their stock market debut Thursday, in one of the biggest public offerings in Europe ever. Parent company Volkswagen is offering 911 million shares, a reference to Porsche's famous 911 model. "Today is a great day for Porsche and a great day for Volkswagen," Arno Antlitz, Volkswagen's chief financial officer told CNBC's "Squawk Box Europe" Thursday. The organization knew the IPO would be successful, according to Antlitz, citing "strong financials" and "a very convincing strategy for the future." "We were convinced despite the challenging environment this IPO would prove successful, and we were right," he told CNBC's Annette Weisbach.
☆ Confident EU council will introduce gas cap in October, Paolo Gentiloni says
  + stars: | 2022-09-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConfident EU council will introduce gas cap in October, Paolo Gentiloni saysPaolo Gentiloni, the EU's commissioner for the economy, speaks to CNBC's Annette Weisbach at the 2022 Atlantic Council.
☆ Deutsche Bank CEO sticks to targets, promises dividend in 2022
  + stars: | 2019-12-10 | by ( Silvia Amaro | ) www.cnbc.com   time to read: +1 min
Deutsche Bank shareholders can expect a dividend in 2022, the bank's chief executive confirmed to CNBC Tuesday. Christian Sewing, who has been leading Deutsche Bank since April, said the lender has come a long way over the last few months and remained committed to its targets. "We also want to return capital to the shareholders from the year 2022 on. The bank has been hit by higher competition, lower market share in investment and commercial banking; different litigation charges and various management reshuffles. Its share price has dropped about 82% from 10 years ago.
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