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☆ Umicore, Volkswagen present Ionway battery parts joint venture
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 6 (Reuters) - The $2.9 billion battery parts joint venture between Volkswagen's (VOWG_p.DE) PowerCo and Belgian materials firm Umicore will be called Ionway, the companies said on Friday. Through the joint venture, first flagged in December 2021, the companies are joining a number of European automakers that have brought battery supplies closer to home in the shift towards electric vehicles. "The founding of Ionway sends a strong signal for the rollout of battery cell technology in Europe. We are convinced that this company will provide some important building blocks with which the European Union can implement its Green Deal goals," said Ionway Chief Executive Thomas Jansseune. Ionway is intended to supply PowerCo's European battery cell factories with key battery materials and cover a large portion of PowerCo's needs in the European Union.

Persons: PowerCo, Ionway, Thomas Jansseune, Umicore, Miranda Murray, Friederike Heine Our Organizations: European Union, Deal, Thomson Locations: Volkswagen's, Europe

"The backlash, like a boomerang, can be bigger than what one imagined," he said, referring to potential retaliation by China on European carmakers. While 90% of BMW cars sold in China are produced locally, some materials are shipped from Europe to China, Mertl said. China has condemned the EU investigation, which formally began on Thursday, as out of line with World Trade Organization rules and detrimental to the global growth of EV sales. Asked whether the premium carmaker was seeing dampened demand for EVs reported by Volkswagen (VOWG_p.DE) in recent weeks, Mertl said EV sales were rising and the company was on track to hit its goal of 15% fully-electric sales for the year. Some supply chain problems in logistics and transport persisted and could carry on for the next six months, he added.

Persons: Angelika Warmuth, Walter Mertl, Mertl, Victoria Waldersee, Christina Amann, Friederike Heine, Mark Potter Organizations: BMW, REUTERS, Rights, World Trade Organization, Volkswagen Locations: Munich, Germany, China, Europe, Beijing, European

☆ German sanctions officers raid Russian citizen's properties in Bavaria
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

Russian businessman and founder of USM Holdings Alisher Usmanov attends a session during the Week of Russian Business, organized by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow, Russia March 16, 2017. REUTERS/Sergei Karpukhin/File Photo Acquire Licensing RightsBERLIN, Oct 5 (Reuters) - German police and customs officers on Thursday searched several properties in southern Germany belonging to a Russian national in relation to assets frozen under European Union sanctions, customs officials said. A source familiar with the matter told Reuters that Russian oligarch Alisher Usmanov was the target of the operation. A special commission dubbed "Matryoshka", set up by the German customs authority's sanctions office, said in a statement that officers searched properties in greater Munich and Tegernsee in Bavaria. The German customs authority's special commission said it was acting on court search warrants.

Persons: Usmanov, Sergei Karpukhin, Miranda Murray, Joern Poltz, Rachel More, Friederike Heine, Bernadette Baum Organizations: USM Holdings, Russian, Industrialists, Entrepreneurs, REUTERS, Rights, Union, Reuters, Usmanov, Thomson Locations: Russian Union, Moscow, Russia, Germany, Russian, Uzbek, Ukraine, Munich, Tegernsee, Bavaria, Rottach

☆ Google changes user data practices to end German antitrust probe
▼ + stars: | 2023-10-05 | by ( Friederike Heine | ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsBERLIN, Oct 5 (Reuters) - Alphabet (GOOGL.O) unit Google has agreed to change its user data practices to end a German antitrust investigation aimed at curbing its data-driven market power, the German cartel office said on Thursday. The German regulator said Google's commitments would give users more choice on how their data is used across the company's platforms. "This not only protects the users' right to determine the use of their data, but also curbs Google's data-driven market power," he said. Google's commitment covers more than 25 other services including Gmail, Google News, Assistant, Contacts and Google TV. It does not apply to Google Shopping, Google Play, Google Maps, Google Search, YouTube, Google Android, Google Chrome and Google's online advertising services, all of which are subject to a new EU legislation called the Digital Markets Act which has similar obligations.

Persons: Arnd, Andreas Mundt, Matthias Williams, Foo Yun Chee, Friederike Heine, Mark Potter Organizations: European Engineering, REUTERS, Rights, Google, Tech, Gmail, Google News, Big Tech, Apple, Thomson Locations: Zurich, Switzerland

☆ Volkswagen - production back to normal after major IT outage
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: 1 min

A Volkswagen logo is seen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsBERLIN, Sept 29 (Reuters) - Production is back to normal across all Volkswagen (VOWG_p.DE) brands and regions, a company spokesperson said on Friday after an IT outage earlier this week caused most of its German plants to halt production. "Individual systems may still be affected in a transitional phase," the spokesperson said. Reporting by Chris Steitz, Writing by Friederike Heine, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Chris Steitz, Friederike Heine, Rachel More Organizations: Los Angeles Auto, REUTERS, Rights, Volkswagen, Thomson Locations: Los Angeles , California, U.S

☆ Volkswagen: to build Trinity model at Zwickau, no further plant needed
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsBERLIN, Sept 29 (Reuters) - Volkswagen (VOWG_p.DE) plans to build its Trinity electric vehicles (EV) at its factory in Zwickau, the company said in a statement on Friday. The carmaker added that its iconic Golf model would be "led into the electric future" at its main Wolfsburg plant. The Trinity electric car, which is to be based on the new SSP platform, was supposed to be launched in 2026. Volkswagen had initially planned to build a new factory for the model, but due to delays in developing the brand, the German carmaker was also considering converting its Wolfsburg factory.

Persons: Mike Blake, carmaker, Oliver Blume, Jan Schwartz, Friederike Heine, Miranda Murray Organizations: Los Angeles Auto, REUTERS, Rights, Trinity, Wolfsburg Warmenau, Volkswagen, Thomson Locations: Los Angeles , California, U.S, Zwickau, Wolfsburg

☆ German inflation falls to lowest level since start of Ukraine war
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBERLIN, Sept 28 (Reuters) - German inflation fell in September to its lowest level since Russia launched its full-scale invasion of Ukraine, signalling what could be the beginning of the end for the high inflation that has weighed heavily on Europe's largest economy. Germany's core inflation rate, which excludes volatile items such as food and energy, fell to 4.6% year-on-year from 5.5% in August. Meanwhile, five economic institutes predict Germany's economy will shrink by 0.6% this year, as rising interest rates take their toll on investment and still high inflation depresses consumption. The ECB is keeping a close eye on euro zone inflation data, with September's reading due to be published on Friday. Spain earlier reported a 3.2% harmonised inflation rate for September.

Persons: Fabian Bimmer, Ralph Solveen, ING's Carsten Brzeski, Brzeski, Maria Martinez, Miranda Murray, Friederike Heine, Kirsten Donovan, Alison Williams Organizations: REUTERS, Rights, Union, Reuters, ECB, Central, Thomson Locations: Hamburg, Russia, Ukraine, Spain

☆ German GDP expected to contract by 0.6% this year, economic institutes say
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Business sentiment has recently deteriorated again and overall, the indicators suggest that production fell noticeably in the third quarter of 2023, the economic institutes said. GDP is expected to shrink by 0.4% in the third quarter, following stagnation in the second quarter. For 2024, the institutes - four German and one Austrian - forecast GDP growth of 1.3%, down from 1.5% previously. In the following years, a decreasing potential growth rate due to the shrinking labour force will become more and more apparent, the economic institutes said. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halley Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

Persons: Kai Pfaffenbach, Oliver Holtemoeller, Maria Martinez, Friederike Heine Our Organizations: REUTERS, Rights, Reuters, Halle Institute for Economic Research, Ifo Institute, Halley Institute for Economic Research, Kiel Institute, Institute for Economic Research, Austrian Institute of Economic Research, Thomson Locations: Frankfurt, Germany

☆ Germany halts e-cars solar subsidy programme amid high demand
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] A logo depicting an electric car is seen on the floor of a charging bay inside an ALDI supermarket car park in Manchester, Britain, September 8, 2023. REUTERS/Phil Noble Acquire Licensing RightsBERLIN, Sept 27 (Reuters) - Germany's state-owned KfW bank on Wednesday said it had halted a new subsidy programme for charging electric vehicles with solar power at home a day after its launch as the funds were exhausted immediately due to high demand. The programme is aimed at boosting the switch to electric cars and reducing the need for public charging stations. The transport ministry had allocated some 500 million euros for the programme, but 200 million euros were reserved for next year under a "first-come, first-served principle". ($1 = 0.9463 euros)Reporting by Riham Alkousaa and Andreas Rinke, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Riham Alkousaa, Andreas Rinke, Friederike Heine Our Organizations: REUTERS, Rights, Reuters, Thomson Locations: Manchester, Britain

☆ Germany bans neo-Nazi group, raids members' homes
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-German Interior Minister Nancy Faeser attends a session of the lower house of parliament, Bundestag, at the Reichstag building, in Berlin, Germany September 20, 2023. REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsBERLIN, Sept 27 (Reuters) - German authorities raided dozens of locations nationwide on Wednesday after interior minister Nancy Faeser banned a right-wing extremist group accused of spreading Nazi ideology. The headquarters of the group, dubbed "Artgemeinschaft", as well as 26 homes belonging to 39 members were searched in the early hours across 12 states, the interior ministry said in a statement. "This right-wing extremist group has tried to raise new enemies of the constitution with its disgusting indoctrination of children and young people." German authorities this month banned another neo-Nazi group, "Hammerskins Deutschland" with roots in the United States and raided the homes of 28 members after an investigation lasting more than a year in co-operation with U.S. officials.

Persons: Nancy Faeser, Liesa, arsonists, Faeser, Friederike Heine, Clarence Fernandez Organizations: Bundestag, REUTERS, Rights, Nazi, U.S, Thomson Locations: Berlin, Germany, United States

☆ Germany's Scholz targets green jet fuel role, Airbus investment
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +3 min

[1/2] German Chancellor Olaf Scholz and Transport Minister Volker Wissing attend the third national aviation conference at Lufthansa Technik, in Hamburg, Germany, September 25, 2023. Airbus (AIR.PA) is considering joining the consortium to use the fuel, HH2E said. Scholz also said Germany was targeting investment for a potential new plane to replace the Airbus single-aisle A320. "We would like to see further investment in aviation - not just in Hamburg, but throughout Germany, as part of the successor to the Airbus A320," he said. In July, Airbus expanded production of the same series in Toulouse, France, to meet rising demand.

Persons: Olaf Scholz, Volker Wissing, Fabian Bimmer, HH2E, Scholz, Carsten Spohr, planemaker, Andreas Rinke, Tim Hepher, Rachel More, Friederike Heine, Barbara Lewis, Sharon Singleton Organizations: Lufthansa Technik, REUTERS, Rights, Airbus, DHL, National Aviation Conference, EU, Industry, Lufthansa, SAF, Thomson Locations: Hamburg, Germany, Europe, France, German, Toulouse

☆ Mercedes applies for tax relief for projects at two U.S. plants
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Elijah Nouvelage/File Photo Acquire Licensing RightsCompanies Mercedes Benz Group AG FollowBERLIN, Sept 25 (Reuters) - German carmaker Mercedes-Benz (MBGn.DE) has applied for tax breaks for potential projects at two of its U.S. plants under the Inflation Reduction Act (IRA), a company spokesperson said on Monday. "We have decided to participate in the application process for production-related tax relief" under the IRA for the plants in Alabama and South Carolina, according to the spokesperson. A final decision is expected later this year or early next year, Handelsblatt reported. Mercedes did not want to comment on the production plan for the electric GLS. Reporting by Ilona Wissenbach, Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Elijah Nouvelage, Mercedes, Handelsblatt, Ilona Wissenbach, Miranda Murray, Friederike Heine Our Organizations: Benz, REUTERS, Companies Mercedes Benz Group, Thomson Locations: Woodstock , Alabama, U.S, Alabama, South Carolina, United States

☆ German business sentiment worsens in September - Ifo
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Sept 25 (Reuters) - German business morale deteriorated in September, falling for the fifth month in a row, a survey showed on Monday. The Ifo institute said its business climate index stood at 85.7 versus a forecast of 85.2, according to analysts polled by Reuters. "The German economy is treading water," Ifo president Clemens Fuest said. Companies were less satisfied than in the previous month with their current business situation. Reporting by Friederike Heine and Maria Martinez, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Clemens Fuest, Friederike Heine, Maria Martinez, Miranda Murray Organizations: Reuters, Companies, Thomson

☆ German transport minister rejects punitive tariffs in EU's China EV probe
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

An NIO ET7 car model is presented at the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBERLIN, Sept 25 (Reuters) - German Transport Minister Volker Wissing has rejected possible punitive tariffs as a result of the European Commission's investigation into Chinese electric vehicle (EV) subsidies. European Commission President Ursula von der Leyen this month announced a probe into whether to impose punitive tariffs to protect EU automakers against China's EV imports, which the commissions says are benefiting from excessive state subsidies. China blasted the probe as protectionist and warned that it would damage economic relations, a concern shared by Germany's car industry. German Economy Minister Robert Habeck, by contrast, has welcomed the step, saying action must be taken if massive breaches of competition rules are found by the EU probe.

Persons: Annegret, Volker Wissing, Wissing, Ursula von der, Robert Habeck, Miranda Murray, Friederike Heine Our Organizations: REUTERS, Rights, Augsburger Allgemeine, Free Democrats, EU, China's EV, Thomson Locations: Berlin, Germany, China

☆ Italy criticises Germany for funding migrant charity groups
▼ + stars: | 2023-09-24 | by ( ) www.reuters.com time to read: +2 min

[1/2] A woman reacts, as she disembarks from a vessel after being rescued at sea, on the Sicilian island of Lampedusa, Italy, September 18, 2023. The review of the applications has already been completed in two cases," the spokesperson told Reuters, saying the funding amounted to between 400,000 and 800,000 euros ($426,000-$852,160) for each project. Latest interior ministry data shows over 132,000 migrants have reached Italy by boat so far this year against around 69,000 in the same period of 2022. On Saturday, charity SOS Humanity said in a statement it would receive around 790,000 euros from the German government. ($1 = 0.9388 euros)Reporting by Angelo Amante in Rome and Friederike Heine in Berlin; Editing by Emelia Sithole-MatarsieOur Standards: The Thomson Reuters Trust Principles.

Persons: Yara, Guido Crosetto, Italy's Crosetto, Berlin, Giorgia Meloni's, Angelo Amante, Friederike Heine, Emelia Sithole Organizations: REUTERS, Rights, Reuters, La, SOS Humanity, Thomson Locations: Lampedusa, Italy, Rome, La Stampa, Berlin

☆ Commerzbank shares fall after report on strategy review
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsFRANKFURT, Sept 22 (Reuters) - Shares of Commerzbank (CBKG.DE) were down 3.4% late on Friday after a German newspaper reported details of the lender's new strategy plans to be announced in November. Shares of the bank were down by only around 0.4% before publication of the report. It plans to announce its strategy review on Nov. 8. Like many banks, Commerzbank has been benefiting from a rise in interest rates and the income that generates. Reuters GraphicsThe bank's chief executive Manfred Knof said this week that the main focus of the new strategy would be growth in its customer business.

Persons: DAX, Kai Pfaffenbach, Commerzbank, Manfred Knof, Bettina Orlopp, Tom Sims, Rachel More, Friederike Heine, Kirsten Donovan Organizations: REUTERS, Rights, Thomson Locations: Frankfurt, Germany, Commerzbank

☆ Telefonica may seek damages in event of Huawei curbs in Germany
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The logo of Spanish Telecom company Telefonica is seen during GSMA's 2022 Mobile World Congress (MWC) in Barcelona, Spain February 28, 2022. REUTERS/Nacho Doce/File Photo Acquire Licensing RightsFRANKFURT, Sept 20 (Reuters) - Telefonica Deutschland (O2Dn.DE) on Wednesday said it would consider seeking damages from the German government as well as legal action if Berlin imposed restrictions on using China's Huawei (HWT.UL) that meant retrospective changes to its network. In a statement to Reuters, Telefonica Deutschland said it was in regular contact with the German authorities and stressed the need for consistency in planning for the security of communications infrastructure. Earlier a government official said Germany's interior ministry plans to force telecoms operators to slash the use of equipment from Huawei and ZTE in their 5G networks after a review highlighted an over-reliance on these Chinese suppliers. Reporting by Hakan Ersen; writing by Matthias Williams; editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Nacho, Hakan Ersen, Matthias Williams, Friederike Heine Our Organizations: Spanish Telecom, Telefonica, Congress, REUTERS, Rights, Telefonica Deutschland, Huawei, Reuters, ZTE, Thomson Locations: Barcelona, Spain, Berlin

However, that was still nearly twice as much as the 5.5 billion euros invested in 2019, before the coronavirus pandemic hit. Reuters GraphicsOverall German direct investment flows dropped more sharply, to 63 billion euros from 104 billion euros last year, as Europe's largest economy battled recession. "Although the German economy is overall investing much less abroad, new direct investments in China remain nearly as high as before." Matthes pointed out that investments in the rest of Asia as a share of Germany's overall investments was also rising. "It is notable that nearly a quarter of German direct investment flows recently went to Asia," he said.

Persons: Thomas Peter, Juergen Matthes, Matthes, Sarah Marsh, Friederike Heine, Christina Fincher Organizations: REUTERS, Rights, Investment, Reuters, Reuters Graphics, Volkswagen, BASF, Thomson Locations: Beijing, China, Asia

☆ Prominent German banker on trial in giant tax fraud scheme
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Christian Olearius, former CEO of Warburg Bank looks on as he arrives for Cum-Ex tax fraud trial, at a regional court, in Bonn, Germany, September 18, 2023. REUTERS/Wolfgang Rattay Acquire Licensing RightsBONN, Sept 18 (Reuters) - A top German banker went on trial on Monday accused of playing a role in a multibillion-euro German tax fraud scheme that has ensnared scores of domestic and global banks and hundreds of individuals. The trial that began on Monday in Bonn involves Christian Olearius, the 81-year-old former CEO and chair of the Hamburg-based bank M.M. Prosecutor Stephanie Kerkering told the court that Olearius had conspired with others inside and outside Warburg to engage in the transactions. Earlier this year, a tax lawyer alleged to have masterminded the fraud received a second eight-year jail sentence, the longest to date.

Persons: Olearius, Wolfgang Rattay, Christian Olearius, M.M . Warburg, Stephanie Kerkering, Warburg, Olaf Scholz, Matthias Inverardi, Tom Sims, Friederike Heine, Bernadette Baum Organizations: Warburg Bank, REUTERS, Rights, M.M, Warburg, Thomson Locations: Bonn, Germany, Rights BONN, German, Hamburg, M.M ., Warburg

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

☆ Berlin blocks complete takeover of satellite startup by Chinese firm - sources
▼ + stars: | 2023-09-13 | by ( Andreas Rinke | ) www.reuters.com time to read: +2 min

BERLIN, Sept 13 (Reuters) - The German government on Wednesday forbid the complete takeover of satellite startup KLEO Connect by a Chinese firm, two government sources told Reuters. The cabinet agreed a decision by the economy ministry not to let Shanghai Spacecom Satellite Technology, which already has 53% of the company, acquire the 45% minority stake of German company EightyLeo, according to the sources. Berlin last November blocked prospective Chinese investment in two domestic semiconductor producers after the moves raised concerns over national security and the flow of sensitive technological know-how to Beijing. The United states and the European Commission had also warned against the deal that had been long in the pipeline, according to sources and media reports. Reporting by Andreas Rinke; Writing Sarah Marsh; Editing by Friederike Heine and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Elon Musk, Chancellor Olaf Scholz, Andreas Rinke, Sarah Marsh, Friederike Heine, Louise Heavens Organizations: Wednesday, Reuters, Shanghai, Satellite Technology, KLEO Connect, SpaceX, HK, United, European Commission, Thomson Locations: Ukrainian, Sevastopol, Germany, China, Berlin, Beijing, Hamburg

☆ Renk seeking free float that will enable share liquidity -CFO
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Sept 12 (Reuters) - Germany's Renk, which makes gear boxes for tanks, is seeking a free float that will ensure stock liquidity when it goes public on the Frankfurt Stock Exchange later this year, Renk CFO Christian Schulz said on Tuesday. Schulz said discussions with investors were ongoing, and that it was still too early to talk about a valuation. "We will have new insights in the next three weeks," he said. Reporting by Christina Amann, Writing by Friederike Heine, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Christian Schulz, Schulz, Christina Amann, Friederike Heine, Rachel More Organizations: Frankfurt Stock Exchange, Thomson

☆ Germany's Scholz: Fresh Nuclear Disarmament Talks Should Include China
▼ + stars: | 2023-09-12 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +1 min

BERLIN (Reuters) - German Chancellor Olaf Scholz called for new international negotiations on nuclear disarmament on Tuesday, saying that not only Russia and the United States but also China should be involved. "Getting a fresh start on arms control would be very important," he said at a religious event in Berlin, adding that several other countries had also built up a nuclear arsenal. Preventing Iran from producing uranium that could contribute to nuclear weapon production "remains an important task," he said. Scholz said nuclear weapons posed an existential threat to humanity, which is why there is an "immediate obligation" to do everything possible to ensure they are never used. According to the Stockholm International Peace Research Institute (SIPRI), the number of operational nuclear weapons rose slightly in 2022 as countries implemented long-term force modernisation and expansion plans.

Persons: Olaf Scholz, Scholz, Andreas Rinke, Friederike Heine, Miranda Murray Organizations: BERLIN, Stockholm International Peace Research Institute Locations: Russia, United States, China, Berlin, Iran, Stockholm

☆ MTU sees billion-euro hit to earnings on turbofan woes
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

The MTU Aero Engines logo is displayed at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsSept 11 (Reuters) - Problems with the turbofan engines at U.S. partner Pratt & Whitney led MTU Aero Engines (MTXGn.DE) to issue a profit warning on Monday, with measures to rectify the issue expected to deal a billion-euro blow to the German company's earnings. MTU said an expanded inspection of the geared turbofan engines at Pratt & Whitney could result in a hit to revenue and reported EBIT of around 1 billion euros ($1.07 billion) in the current financial year. MTU has an 18% share in the geared turbofan engines, which power Airbus' (AIR.PA) A320neo family of aircraft. Earlier Monday, the U.S. company said it expected a financial burden of $3-3.5 billion as a result of the problems.

Persons: Benoit Tessier, Pratt, Pratt & Whitney, Anna Mackenzie, Rachel More, Friederike Heine, David Evans Organizations: International Paris Air, Le, REUTERS, Whitney, MTU Aero, Pratt &, Pratt & Whitney, RTX Corp, Airbus, U.S ., Thomson Locations: Le Bourget, Paris, France, U.S

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