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Lindner plans to lift self-imposed limits on borrowing and present a supplementary budget next week after a constitutional court ruling wiped billions from the federal budget and forced the government to freeze most new spending commitments. HANDS TIED IN A BOXING MATCHThe crisis has sparked calls for reforming the debt brake. "With the debt brake as it is, we have voluntarily tied our hands behind our backs and are going into a boxing match. A poll by the broadcaster ZDF suggested only a minority of Germans, 35%, supported suspending the debt brake however, compared to 61% wanting it to stay in place. Some 57% wanted the budget shortfall from the court ruling to be covered by spending cuts, 11% favoured tax increases and 23% wanted the state to take on additional debt.
Persons: Christian Lindner, Lindner, hawkish Lindner, Chancellor Olaf Scholz's, Robert Habeck, Habeck, Thomas Gitzel, Holger Hansen, Christian Kraemer, Miranda Murray, Rene Wagner, Matthias Williams, Toby Chopra Organizations: BERLIN, German Finance, Greens, ZDF, Bank, Thomson Locations: Germany, China, Europe
These include plans by ArcelorMittal , the world's second-largest steelmaker, to spend 2.5 billion euros to decarbonise its German steel mills, efforts that depend on now-uncertain government support. "What we're seeing here is devastating for Germany as a business location globally. Besides the 6 billion euros of steel investments, other sectors potentially affected by the court ruling include 4 billion euros in the area of microelectronics and 20 billion euros for battery cell production, according to an economy ministry paper seen by Reuters. Those have previously been estimated at 68 billion euros. "Important industries in Germany, such as chemicals or steel production, need economical energy prices," Oliver Blume, CEO of Europe's top carmaker Volkswagen (VOWG_p.DE), told Frankfurter Allgemeine Zeitung.
Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Reiner Blaschek, Chancellor Olaf Scholz, Stefan Rauber, Intel INTC.O, Taiwan's, Bernhard Osburg, Oliver Blume, Christoph Steitz, Tom Kaeckenhoff, Andreas Rinke, Catherine Evans Organizations: Climate, Finance, ArcelorMittal, SHS Stahl, Reuters, IMF, Intel, TW, Infineon, Steel, BASF, Wacker Chemie, Volkswagen, Frankfurter Allgemeine Zeitung, Thomson Locations: FRANKFURT, DUESSELDORF, Berlin, Germany, Asia, United States, U.S, USA, Steel Europe
The court ruling has called into question Germany's traditionally strict fiscal policy and sparked warnings that German companies could be starved of support to keep them globally competitive. The debt brake, introduced after the global financial crisis of 2008/09, was first suspended in 2020 to help the government support firms and health systems during the COVID-19 pandemic. HANDS TIEDThe crisis has sparked calls for reforming the debt brake. "With the debt brake as it is, we have voluntarily tied our hands behind our backs and are going into a boxing match," he said. A poll by broadcaster ZDF suggested only a minority of Germans supported suspending the debt brake.
Persons: Christian Lindner, Fabrizio Bensch, Scholz, Olaf Scholz, Lindner, Robert Habeck, Habeck, Steffen Hebestreit, Holger Hansen, Christian Kraemer, Miranda Murray, Rene Wagner, Matthias Williams, Toby Chopra, Gareth Jones Organizations: REUTERS, BERLIN, Finance, Greens, ZDF, Thomson Locations: Berlin, Germany, Europe's, East Germany, China
Germany didn't get to this point overnight, however — in ways, the roots of the current crisis even predate the pandemic. The government took on emergency debt to try to stem the impact the pandemic had on its budget through a temporary debt brake suspension. And so, the current coalition government decided to re-allocate it to finance policies aimed at climate change and a greener, more sustainable economy. Some observers (and several Green party members), have suggested that the climate crisis is as much of an emergency as the pandemic. But the court's ruling stands, and Germany's budget now has a 60-billion-euro ($65 billion) hole.
Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Sean Gallup, Germany didn't, fumbling, Jan Techau, Mujtaba Rahman, Jens Larsen Organizations: Finance, Getty, Greens, Free Democratic Party, Eurasia Group Locations: Berlin, Germany
Their options include drawing up a supplementary budget for 2023 and suspending Germany's self-imposed debt brake before reinstating it for next year. "Our goal is to discuss the budget quickly but with due care," said a joint statement of ruling party lawmakers. The delay has heightened uncertainty about spending in all areas of the German economy and meant the 2024 budget might not be concluded before the end of the year. "I firmly assume that the commitments for Intel and TSMC will remain," a government source said, adding: "This is very important to the chancellor, as well as to the economy minister." This will happen in the course of next early 2024 and we will see how far hydrogen is available," CEO Miguel Lopez said.
Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Olaf Scholz's, Scholz's, Siegfried Russwurm, TSMC, Scholz, Miguel Lopez, Holger Hansen, Christian Kraemer, Victoria Waldersee, Andreas Rinke, Madeline Chambers, Matthias Williams, Miranda Murray, Alex Richardson, Christina Fincher Organizations: Finance, Climate, Government, Ukraine Industry, Intel, TSMC, Wednesday, Social Democrat, Greens, Free Democrats, Fund, Eurasia Group, U.S, BMW, Volkswagen, Thomson Locations: TSMC BERLIN, Germany's, Ukraine, EU, Saxony, Anhalt, Berlin, Germany
The court ruled the budget manoeuvre was incompatible with the debt restrictions enshrined in Germany's constitution. The pressure is even more intense as talks for next year's budget are on the final stretch. Highlighting the gravity of the situation, the government has already imposed a freeze on most new spending commitments on ministries. "German industry is looking at the current political situation with the greatest concern," said Siegfried Russwurm, president of the BDI industry association. One obstacle to reforming the debt brake, which restricts Germany's structural budget deficit to the equivalent of 0.35% of gross domestic product, has been Finance Minister Christian Lindner.
Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Chancellor Olaf Scholz's, Siegfried Russwurm, Holger Hansen, Christian Kraemer, Andreas Rinke, Madeline Chambers, Miranda Murray, Alex Richardson Organizations: Finance, Climate, Europe's, Social Democrat, Greens, Free Democrats, Fund, Reuters, Ukraine, Greens Economy, U.S, Intel, European, Thomson Locations: BERLIN, reallocating, Berlin, Ukraine
Chancellor Olaf Scholz speaks next to Finance Minister Christian Lindner and Economy and Climate Minister Robert Habeck during a hearing at Germany’s lower house of parliament Bundestag in Berlin, Germany, November 15, 2023. The finance ministry has frozen future spending pledges across almost the entire federal budget, a letter by the budget state secretary showed, in a sign of how seriously it was taking the potential fallout to its finances. "The step reflects the necessity of the situation," an economy ministry spokesperson said about the budget freeze. That could include planned chip factories, the expansion of the battery supply chain and the decarbonisation of steel, government sources said on Monday. ($1 = 0.9168 euros)Additional reporting by Andreas Rinke; writing by Matthias Williams and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.
Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Freeze, Olaf Scholz's, Kevin Kuehnert, that's, Kuehnert, Volker Wissing, Wissing, Andreas Rinke, Matthias Williams, Sharon Singleton Organizations: Finance, Climate, REUTERS, BERLIN, Free Democrats, Democrats, CDU, Scholz's Social Democrats, Greens, Digital, Thomson Locations: Berlin, Germany, Ukraine
The government is considering whether to suspend Germany's constitutionally enshrined debt brake as a way out of the spending crunch, a source told Reuters, while a leading member of Scholz's own party also called for such a move. Habeck said he was not proposing to abolish Germany's constitutionally enshrined debt brake, but added that "it is inflexible". We are now being forced to modernize the economy with fewer public subsidies," he told the Bild am Sonntag newspaper. "Rather, it is the unsound and unconstitutional budget policy of the federal government and the (three-way) coalition. "One possibility could be to suspend the debt brake in 2023 ... but then not in 2024.
Persons: Robert Habeck, Minister Christian Lindner, Chancellor Olaf Scholz's, Germany's, Lindner, Habeck, Sebastian Brehm, Markus Wacket, Christian Kraemer, Matthias Williams, Miranda Murray, Ed Osmond, Paul Simao Organizations: Minister, Reuters, Greens, Free Democrats, CDU, CSU, Thomson Locations: United States
German budget crisis tests limits of its 'debt brake'
  + stars: | 2023-11-20 | by ( ) www.reuters.com   time to read: +3 min
The ruling has sent budget talks into disarray and sparked calls within Chancellor Olaf Scholz's coalition to suspend a constitutionally enshrined "debt brake" that sets legal limits on borrowing. WHAT IS THE DEBT BRAKE AND WHY WAS IT INTRODUCED? HAS GERMANY SUSPENDED ITS DEBT BRAKE BEFORE? Some analysts say the debt brake is ripe for reform and a more flexible fiscal policy would let governments take on more debt to fund much-needed investments. The government is still weighing options, including suspending the debt brake or curtailing spending.
Persons: Kai Pfaffenbach, Chancellor Olaf Scholz's, Angela Merkel's, Christian Lindner, Carsten Brzeski, Philippa Sigl, Robert Habeck, Riham Alkousaa, Holger Hansen, Matthias Williams, Christina Fincher Organizations: REUTERS, Rights, Finance, Reuters, Thomson Locations: Frankfurt, Germany, GERMANY, Ukraine
The economy and finance ministry declined immediate comment. "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. Although the Greens want additional spending, the Free Democrats (FDP), which heads the finance ministry, reject additional debt and higher taxes. "There is a clear political decision in favour of Intel and nothing has changed yet," said an economy ministry spokesperson on Friday.
Persons: Liesa, Olaf Scholz's, Christian Lindner, Chancellor Olaf Scholz's, Joerg Kraemer, Robert Habeck, Habeck, Friedrich Merz, Christian Haase, Commerzbank's Kraemer, Maria Martinez, Andreas Rinke, Holger Hansen, Christian Kraemer, Madeline Chambers, Matthias Williams, Clarence Fernandez, Gerry Doyle, David Evans Organizations: REUTERS, Rights, Thursday, Greens, Free Democrats, Transformation, Intel, U.S, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Europe's
Underscoring the frustration, Economy Minister Robert Habeck, a member of the pro-spending Greens, called the verdict "a huge blow to industrial policy". Speaking to parliament, Habeck warned the court ruling put at risk support for the steel sector, which is counting on subsidies to decarbonise and stay competitive. Finance Minister Christian Lindner meanwhile said it was too early to discuss the consequences of the court ruling. "The steel industry alone can contribute to reducing a third of total industrial emissions - and thus has enormous leverage to save millions of tons of CO2 in the coming years." "The political bottom line is that many coalition disputes will reopen as serious budget constraints kick in.
Persons: Olaf Scholz, Christian Lindner, Robert Habeck, BERLIN, Wednesday's, Chancellor Olaf Scholz, Habeck, Yesenn, DBRS Morningstar, hawkish Lindner, Lindner, Bernhard Osburg, Carsten Brzeski, Eurointelligence, Maria Martinez, Christian Kraemer, Andreas Rinke, Markus Wacket, Tom Kaeckenhoff, Matthias Williams, Alexandra Hudson, Susan Fenton Organizations: Finance, Climate, Economy, Greens, CHANGE, Budget, European Central Bank, Thomson Locations: United States, Berlin, Germany
[1/3] FILE PHOTO: German Chancellor Olaf Scholz looks on as he meets NATO's Secretary General Jens Stoltenberg in Berlin, Germany, November 9, 2023. Wednesday's decision by the constitutional court could also set a precedent for fiscal responses to future crises. "FAR-REACHING CONSEQUENCES""The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void.
Persons: Olaf Scholz, Jens Stoltenberg, Liesa, Chancellor Olaf Scholz's, Christian Lindner, Lindner, Scholz, Robert Habeck, Clemens Fuest, Ralph Solveen, Habeck, Friedrich Merz, Maria Martinez, Christian Kraemer, Ursula Knapp, Matthias Williams, Kirsti Knolle, Madeline Chambers, Susan Fenton, William Maclean, Catherine Evans Organizations: REUTERS, Rights, Finance, Union, Social Democrats, Free Democrats, Christian Democratic Union, Thomson Locations: Berlin, Germany, Ukraine
Infineon Technologies AG logo is seen during German Economy Minister Robert Habeck and Foreign Minister Annalena Baerbock's visit, in Dresden, Germany July 13, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBERLIN, Nov 15 (Reuters) - German chip manufacturer Infineon (IFXGn.DE) reported higher-than-expected revenue for its 2023 fiscal year on Wednesday as demand for semiconductors, particularly in the electromobility and renewable energy sectors, remains unabated. Revenue was 16.31 billion euros ($17.72 billion), up 15% from the year before, slightly beating company-provided analyst expectations of 16.22 billion euros. "Structural semiconductor growth in the areas of renewable energy, electromobility – especially in China – and microcontrollers for the automotive industry remains unabated," said Chief Executive Jochen Hanebeck. The company is forecasting slightly slower revenue growth for the 2024 fiscal year of 17 billion euros, plus or minus 500 million.
Persons: Robert Habeck, Annalena Baerbock's, Annegret, Jochen Hanebeck, Miranda Murray, Linda Pasquini Organizations: Infineon, REUTERS, Rights, Revenue, Thomson Locations: Dresden, Germany, China
Scholz was speaking at a ceremony at a Berlin synagogue to mark "Kristallnacht" alongside Jewish leaders. "Every form of antisemitism poisons our society," said Scholz, who was wearing a kippah, the traditional Jewish cap, as is customary in a synagogue for men. A 10-minute video by German Economy Minister Robert Habeck expressing concern over rising antisemitism went viral last week. Indeed, new citizenship rules make clear that anyone who is antisemitic cannot receive German citizenship, Scholz said on Thursday. It was one of the world’s 10 largest Jewish centres, and many of Germany’s leading scientists were Berlin Jews.
Persons: Olaf Scholz, Beth Zion, JOHN MACDOUGALL, Scholz, Molotov, RIAS, Robert Habeck, Israel, Germany’s, Hitler, Sarah Marsh, Andreas Rinke, Thomas Escritt, Bernadette Baum Organizations: REUTERS Acquire, Rights, Jewish, Hamas, German, Thomson Locations: Beth, Berlin, Germany, Austria, Nazi, Israel, Palestinian
“It’s unbelievable that 80 years after Nazi times, we go back to such times and have antisemitic acts here, in the center of Europe,” Engelmayer told CNN. “That’s not the life we want.”Swastikas were sprayed on the walls outside the Vienna cemetery. Georg Hochmuth/APA/AFP/Getty Images‘The scale is completely different’The spike in antisemitic attacks in Europe has been wide-reaching. In London, the first week after Hamas’ attacks saw a 1,353% rise in antisemitic incidents, the Metropolitan Police reported. Not to go to places which are considered Jewish, like a synagogue.”But alongside the fear, the rise in antisemitic incidents has been met with defiance.
Persons: Austria CNN —, Rabbi Jaron Engelmayer, ” Engelmayer, Oskar Deutsch, ” Deutsch, , “ That’s, Georg Hochmuth, Gérald Darmanin, Robert Habeck, Menachem Margolin, , Rabbi Engelmayer, Karl Nehammer, Tal Yeshurun, Yeshurun, ” Yeshurun, there’s, Annegret Hilse, “ We’re Organizations: Austria CNN, CNN, Wednesday, Nazi, Jewish, AFP, Getty, Metropolitan Police, European Jewish Association, Locations: Vienna, Austria, tatters, Europe, Israel, London, Germany, France, United States, Dublin, Ireland, Berlin,
German Economy and Climate Minister Robert Habeck holds a press conference about the autumn economic forecasts, in Berlin, Germany, October 11, 2023. REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsBERLIN, Oct 24 (Reuters) - Germany's economy ministry is planning 50 billion euros ($53 billion) in tax breaks over the next four years to help industry and businesses cope with high energy prices, according to a new industrial strategy to be presented Tuesday. The move is part of government efforts to support domestic industry in the face of high energy costs and the draw of incentive programmes in countries such as the United States. He also urged a quick agreement on discounted electricity prices for some parts of industry through state subsidies, a proposal that has been rejected by Chancellor Olaf Scholz. The government last year introduced electricity and gas price caps to shield industry and households from rising energy prices, but energy-intensive companies in Germany say electricity prices are still too high.
Persons: Robert Habeck, Liesa, Chancellor Olaf Scholz, Christian Kraemer, Miranda Murray, Rachel More, Mark Potter Organizations: Climate, REUTERS, Rights, Reuters, Thomson Locations: Berlin, Germany, United States, Russia, Ukraine
German Chancellor Olaf Scholz's coalition unveiled in July a strategy toward de-risking Germany's economic relationship with China, calling Beijing a "partner, competitor and systemic rival". German investment in Asia excluding China is rising as a share of overall investment. "No company is going to say that it will leave China," said Sandra Ebner, senior economist at Union Investment, Germany's second-largest fund manager. "But what companies are increasingly doing is to produce in China for China and to position themselves around China for the remaining Asian or global market." In July, German Economy Minister Robert Habeck travelled to India with a delegation of executives to discuss opportunities for German companies.
Persons: Thomas Nuernberger, Nuernberger, Olaf Scholz's, Volker Treier, Munk, Ferdinand Munk, Scholz, Angela Merkel's, Martin Brudermueller, Max Zenglein, Juergen Matthes, Markus Horn, Matthias Bianchi, Joe Biden, Wolfgang Niedermark, Jan Roennfeld, Roennfeld, Sandra Ebner, BDI's Niedermark, Robert Habeck, Christoph Steitz, Sarah Marsh, Maria Martinez, Aditya Kalra, Sarita Chaganti Singh, Xinghui, Orathai, Brenda Goh Organizations: Reuters, Commerce and Industry, Volkswagen, Mercedes, Benz, BASF, IW Institute, Big, Mercator Institute for China Studies, Economic Institute, Horn, German Association of, Indonesian Chamber of Commerce, Union Investment, Thomson Locations: FRANKFURT, BERLIN, Berlin, Beijing, China, Taiwan, India, Asia, Germany, Europe, Vietnam, South Korea, Indonesia, South China, European, Thailand, United States, Mexico, Indonesian, Eastern Germany, Malaysia, Frankfurt, New Delhi, Xinghui Kok, Singapore, Bangkok, Shanghai
Infineon Technologies AG logo is seen during German Economy Minister Robert Habeck and Foreign Minister Annalena Baerbock's visit, in Dresden, Germany July 13, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBERLIN, Oct 18 (Reuters) - German chip manufacturer Infineon (IFXGn.DE) said on Wednesday it has signed a multi-year agreement with Hyundai and Kia to supply power semiconductors for the production of electric cars. Infineon will build and reserve manufacturing capacity to supply silicon carbide and silicon power modules and chips to Hyundai and Kia until 2030, with the two carmakers to support the project with financial contributions, Infineon said in a statement. "This partnership not only empowers Hyundai Motor and Kia to stabilise its semiconductor supply but also positions us to solidify our leadership in the global EV (electric vehicle) market," Heung Soo Kim, Hyundai's Executive Vice President, said in a statement. Reporting by Rachel More, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
Persons: Robert Habeck, Annalena Baerbock's, Annegret, Heung Soo Kim, Rachel More, Louise Heavens Organizations: Infineon, REUTERS, Rights, Hyundai, Kia, Hyundai Motor, Thomson Locations: Dresden, Germany
The logo for social media platform X, following the rebranding of Twitter, is seen covering the old logo in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBERLIN, Oct 11 (Reuters) - Germany's Federal Anti-Discrimination Agency said it would close its account on social media platform X, formerly Twitter, because of increasing intolerance of minorities expressed by users on the site, and urged other bodies to follow suit. Due to a surge in racism, misogyny, anti-Semitism, trans and queer hostility and other misanthropic content, "X is no longer a sustainable environment for a public agency", the agency's commissioner, Ferda Ataman, said in a statement. X officials couldn't be immediately reached for comment on the Germany agency's decision. Germany's foreign, economy and finance ministries, as well as the government still maintain profiles on X, though Economy Minister Robert Habeck has not had a presence there since 2019.
Persons: Dado Ruvic, Ferda Ataman, Chancellor Olaf Scholz, couldn't, X, Ataman, Robert Habeck, Miranda Murray, Bernadette Baum Organizations: Twitter, REUTERS, Rights, Discrimination Agency, Elon, European Union, Thomson Locations: Israel, Germany
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
REUTERS/Michele Tantussi/File Photo Acquire Licensing RightsBERLIN, Sept 25 (Reuters) - The German government will put on indefinite hold plans to require more stringent building insulation standards, environment minister Robert Habeck told Reuters, an effort to help prop up the ailing building industry. The about-face from the German government comes ahead of a closely watched meeting between the building industry and government leaders with Chancellor Olaf Scholz on Monday to address a major slump in the sector. Abolition of the insulation standards has been a top demand of industry, which says the measures are too expensive and put a further damper on the depressed construction industry. "High interest rates and inflation are a heavy burden for the construction industry," Habeck told Reuters, noting that the insulation measures now "can wait". For years, low interest rates fuelled a global boom, igniting interest in German property, seen as safe and stable as the country.
Persons: Michele Tantussi, Robert Habeck, Chancellor Olaf Scholz, Habeck, Christian Kraemer, Tom Sims, Lisa Shumaker Organizations: REUTERS, Rights, Reuters, Reuters Graphics Germany, Thomson Locations: Berlin, Germany, United States, Sweden, China, Monday's
It follows Russia's invasion of Ukraine and the loss of Moscow's cheap natural gas — an unprecedented shock to Germany’s energy-intensive industries, long the manufacturing powerhouse of Europe. The loss of cheap Russian natural gas needed to power factories “painfully damaged the business model of the German economy,” Kullmann told The Associated Press. One hotly debated solution: a government-funded cap on industrial electricity prices to get the economy through the renewable energy transition. However, squabbling among the coalition government over the energy price cap and a law barring new gas furnaces has exasperated business leaders. “The perception of Germany's underlying strength may also have contributed to the misguided decisions to exit nuclear energy, ban fracking for natural gas and bet on ample natural gas supplies from Russia,” he said.
Persons: , Christian Kullmann, Kullmann, ” Kullmann, Evonik, Robert Habeck, Chancellor Olaf Scholz, Angela Merkel, , Biden, Scholz, Evonik's Kullmann, Gerhard Schroeder, Holger Schmieding, , ” Schmieding, Schmieding Organizations: Jobs, International Monetary Fund, European Union, Evonik Industries, Associated Press, Greens Party, Social Democrat, Free Democrats, Companies, Schott AG, Locations: ESSEN, Germany, Ukraine, Europe, Europe's, Essen, Russia, Moscow, China, Bavarian, U.S, Lafayette , Indiana, Brussels, Berlin, Chile, Qatar, ” Germany, Berenberg
A general view of a solar park in-front of the Unterweser Nuclear Power Plant in Stadland, Germany August 26, 2022. REUTERS/Benjamin Westhoff Acquire Licensing RightsBERLIN, Sept 18 (Reuters) - Germany is likely to generate more than 50% of its power from renewable energy this year but needs to ramp up the speed of its transition towards the end of the decade, Economy Minister Robert Habeck said on Monday. The economy minister, whose portfolio also includes energy and climate action, spoke of a boom in the solar power industry, with this year's target of achieving 9-gigawatt capacity expected to be reached. The expansion of onshore wind energy was also progressing well, he said, with 2022's full-year volumes already reached by the end of July 2023. Offshore wind energy expansion was being hampered by a lack of components needed to build the facilities, according to the minister.
Persons: Benjamin Westhoff, Robert Habeck, Habeck, Heinrich Boell, Christian Kraemer, Rachel More, Matthias Williams Organizations: REUTERS, Rights, Thomson Locations: Stadland, Germany, Berlin
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
The effort comes as Berlin urges companies to reduce their reliance on China and as the government examines whether its current set of regulations is sufficient to encourage this. Germany has at times been seen as a weak link in the Western approach to China, given the strong business ties with its single biggest trading partner. "Investment reviews have gained enormously in importance in Germany, Europe and internationally in recent years," the document said. In addition, the ministry is also considering checking the security significance of new factories built in Germany by foreign companies, as well as whether security-critical research cooperation deals need to be scrutinized. Reporting by Andreas Rinke; Writing by Tom Sims; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.
Persons: Robert Habeck, China's Cosco, Andreas Rinke, Tom Sims, David Holmes Organizations: Reuters, Sunday, Thomson Locations: Berlin, China, West, Germany, Hamburg, Europe
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