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☆ Germany to Provide Ukraine Additional 20 Million Eur in Aid -Baerbock in Kyiv
▼ + stars: | 2023-09-11 | by ( Sept. | At A.M. | ) www.usnews.com time to read: 1 min

BERLIN (Reuters) - Germany will provide an additional 20 million euros ($21.44 million) in humanitarian aid to Ukraine, Foreign Minister Annalena Baerbock said on Monday during a visit to Kyiv. The additional aid will bring Germany's total to 380 million euros this year, the minister said. Baerbock also warned that Russia would again target Ukraine's energy facilities this autumn and winter: "Russia's perfidious goal is to starve the people again this winter and to let them freeze to death." ($1 = 0.9329 euros)(Reporting by Alexander Ratz, Writing by Miranda Murray, Editing by Friederike Heine)

Persons: Annalena Baerbock, Baerbock, Alexander Ratz, Miranda Murray, Friederike Heine Organizations: BERLIN Locations: Germany, Ukraine, Kyiv, Russia

☆ Nestle buys majority stake in Brazilian premium chocolate maker
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Sept 7 (Reuters) - Nestle (NESN.S) is buying a majority stake in Brazilian premium chocolate maker Grupo CRM, the Swiss food group said on Thursday. Grupo CRM operates a direct-to-consumer model, with more than 1,000 chocolate boutiques under the Kopenhagen and Brasil Cacau brands and a strong, growing online presence, Nestle said. The executive has been with the company for 25 years and has built up and significantly expanded Grupo CRM, which currently only operates in Brazil. In June, Brazilian competition regulator Cade approved Nestle's acquisition of Chocolates Garoto more than 20 years after it was first announced. Among the conditions for the approval, the company agreed not to make any acquisitions that account for at least 5% of the Brazilian chocolate market for five years.

Persons: Arnd, Nestle, Valor Economico, Renata Moraes Vichi, Laurent Freixe, Cade, John Revill, Friederike Heine, Janane Organizations: Nestle, REUTERS, Rights, Grupo CRM, Brasil, Advent International, Valor, Grupo, Thomson Locations: Konolfingen, Switzerland, Swiss, Brazil

☆ German industrial output falls more than expected in July
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

A Continental employee works at a tyre retreating station before the visit of German Chancellor Olaf Scholz, in Hanover, Germany April 17, 2023. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBERLIN, Sept 7 (Reuters) - German industrial production fell by slightly more than expected in July, the federal statistics office said on Thursday, underlining the challenges faced by the sector after a winter downturn in Europe's largest economy. Production fell by 0.8% in July compared to the previous month. In the less volatile three-month comparison, production between May and July was 1.9% lower than the previous three months, the data showed. Jens-Oliver Niklasch of LBBW said Thursday's data underscored "the continued crumbling of the economy" and predicted the third quarter would bring a decline in economic output.

Persons: Olaf Scholz, Fabian Bimmer, Alexander Krueger, Hauck Aushaeuser Lampe, Jens, Oliver Niklasch, LBBW, Friederike Heine, Maria Sheahan, Christina Fincher Organizations: REUTERS, Rights, Reuters, Thomson Locations: Hanover, Germany

☆ China's 'father of EVs' urges cooperation on EV scaleup
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

Chinese Minister of Science and Technology Wan Gang attends the International Forum on Electric Vehicle Pilot Cities and Industrial Development in Beijing, China June 6, 2017. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsMUNICH, Sept 6 (Reuters) - China's industrial policy adviser and "father of EVs" Wan Gang said efficient batteries, better EV architectures and intelligent driving systems were key to scaling up EVs, calling for international collaboration on research and standards. Speaking at China's World New Energy Vehicle Congress taking place in Munich, Wan, a former science minister widely regarded as a key promoter of EVs in China, said hybrid and fuel cell vehicles powered by hydrogen were an essential part of the transition to low-carbon mobility. "We need to promote the whole supply chain of low-carbon development," he added. Reporting by Zhang Yan, Victoria Waldersee; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Zhang Yan, Victoria Waldersee, Friederike Heine Our Organizations: of Science, Technology Wan Gang, Electric Vehicle, Industrial Development, REUTERS, Rights, Gang, New Energy Vehicle Congress, Thomson Locations: Beijing, China, Munich, Wan

☆ Germany forges pact for Leopard 2 successor in snub to Paris, Handelsblatt reports
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +3 min

BERLIN, Sept 6 (Reuters) - Germany has signed agreements with Italy, Spain and Sweden on the development of a successor to the Leopard 2 tank, German business daily Handelsblatt reported on Wednesday. The German defence ministry did not immediately respond to a request for comment. The delays to the proposed Franco-German project have strained ties already tested by differences over energy topics and the question to what extent Europe should become independent from the U.S. in its security policy. The defence ministry in Paris and the office of President Emmanuel Macron did not immediately respond to requests for comment. It cited French government sources as saying the topic would be raised at Franco-German government consultations scheduled for the start of October.

Persons: French Leclerc, Maffei, Handelsblatt, Sweden's, Italy's Leonardo, Emmanuel Macron, Friederike Heine, Sabine Siebold, Michel Rose, Andrew Cawthorne, Alison Williams Organizations: Krauss, Rheinmetall, European Defence Fund, Sweden's Saab, Franco, Thomson Locations: Germany, Italy, Spain, Sweden, France, Berlin, Franco, French, Spanish, Europe, U.S, Africa, Russia, Paris

☆ German industrial orders fall more than expected in July
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Sept 6 (Reuters) - German industrial orders fell more than expected in July, pulling back after a sharp gain in the aerospace sector the previous month, the federal statistics office said on Wednesday. Incoming orders fell by 11.7% on the previous month on a seasonally and calendar adjusted basis. A turnaround is not in sight due to the weak global economy and high energy costs." Excluding large-scale orders, industrial orders would have increased by 0.3% in July.

Persons: Wolfgang Rattay, Thomas Gitzel, Alexander Krueger, Hauck Aufhaeuser Lampe, Friederike Heine, Miranda Murray, Maria Sheahan, Raju gopalakrishnan Organizations: REUTERS, Rights, VP Bank Group, Thomson Locations: ThyssenKrupp, Duisburg, Germany

☆ Germany Forges Pact for Leopard 2 Successor in Snub to Paris - Handelsblatt
▼ + stars: | 2023-09-06 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

BERLIN (Reuters) - Germany has signed agreements with Italy, Spain and Sweden on the development of a successor to the Leopard 2 tank, German business daily Handelsblatt reported on Wednesday. The initiative is to take place under the leadership of Krauss-Maffei Wegmann (KMW) and Rheinmetall, the German arms makers building the Leopard 2, Handelsblatt reported, citing unnamed industry and political sources. The German defence ministry did not immediately respond to a request for comment. The defence ministry in Paris and the office of President Emmanuel Macron did not immediately respond to requests for comment. It cited French government sources as saying the topic would be raised at Franco-German government consultations scheduled for the start of October.

Persons: French Leclerc, Maffei, Handelsblatt, Sweden's, Italy's Leonardo, Emmanuel Macron, Friederike Heine, Sabine Siebold, Michel Rose, Andrew Cawthorne, Alison Williams Organizations: BERLIN, Krauss, Rheinmetall, European Defence Fund, Sweden's Saab, Franco Locations: Germany, Italy, Spain, Sweden, France, Berlin, Franco, French, Spanish, Europe, U.S, Africa, Russia, Paris

German Chancellor Olaf Scholz speaks during a plenum session of the lower house of parliament, Bundestag, for a general debate on the Federal Government policy in Berlin, Germany September 6, 2023. The chancellor announced a new "Germany pact" with a bundle of measures aimed at reducing bureaucracy, speeding up approval processes for new construction and digitising citizens’ access to key government services. The chancellor rejected the idea of fresh stimulus to boost an economy battling high inflation, financing costs and a drop in exports. Such sums showed Germany was holding its own vis-à-vis the U.S. and the $430 billion U.S. Inflation Reduction Act, he said. For a special Reuters World News podcast on what is ailing the German economy please click here .

Persons: Olaf Scholz, Annegret, Scholz, Sarah Marsh, Andreas Rinke, Thomas Escritt, Miranda Murray, Friederike Heine Our Organizations: Bundestag, Federal Government, REUTERS, Scholz's Social Democrats, Deutsche, Reuters, Thomson Locations: Berlin, Germany, BERLIN, Europe's

☆ CATL Chairman: we need partnerships to address disparities in EV growth
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

MUNICH, Sept 6 (Reuters) - Chinese battery giant CATL's (300750.SZ) chairman Robin Zeng called for global partners to accelerate electric vehicle development at a Chinese EV forum at the Munich auto show IAA Mobility on Wednesday. Zeng said in a speech addressing an audience including heads of major German suppliers that there was a growing disparity in EV adoption across different regions worldwide due to differences in policies, industrial foundations and technology development. He pointed to higher proportions of electric vehicles among total car sales in China and Europe, with the United States, South East Asia, and Australia lagging behind. Reporting by Zhang Yan, Victoria Waldersee; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Robin Zeng, Zeng, Zhang Yan, Victoria Waldersee, Friederike Heine Our Organizations: Thomson Locations: MUNICH, Munich, China, Europe, United States, South East Asia, Australia

☆ German arms maker Diehl to ramp up production of IRIS-T air defence system
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

TODENDORF, Germany, Sept 5 (Reuters) - German arms maker Diehl Defence aims to significantly ramp up the production of its IRIS-T air defence system to satisfy growing demand due to Russia's war on Ukraine, Chief Program Officer Harald Buschek said on Tuesday. Germany so far has supplied two IRIS-T units to Ukraine, where they are mainly used to guard Kyiv against Russian missile attacks. Buschek said Ukraine had shot down more than 110 targets, most of these cruise missiles such as the Kalibr, with a hit rate of almost 100%. The system successfully countered an attack on Kyiv by a swarm of 13 Russian cruise missiles at the start of the year, intercepting all missiles, Buschek said. In the small town of Todendorf, Berlin will host the training of partner nations on the modern IRIS-T air defence system, one of the most coveted weapons that Kyiv has received from the West.

Persons: Harald Buschek, Berlin, Buschek, Sabine Siebold, Friederike Heine, Miranda Murray, Jason Neely Organizations: Diehl Defence, IRIS, Kyiv, Russian, NATO, Thomson Locations: TODENDORF, Germany, Ukraine, Todendorf, Kyiv, Russian, Berlin, Moscow, Russia, Estonia, Latvia

German Chancellor Olaf Scholz speaks during an event at the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 5, 2023. The expansion will make range anxiety a thing of the past for EV drivers, he added. Europe's biggest economy has only 90,000 public charging points but is targeting 1 million by 2030 to boost EV take-up. Addressing the protests, Scholz said at the end of his tour: "Protests are part of public and democratic debate ... but it is a little anachronistic. On competition from China in EV production, Scholz said: "Competition should spur us on, not scare us.

Persons: Olaf Scholz, Leonhard Simon, Scholz, Victoria Waldersee, Andreas Rinke, Jan Schwartz, Friederike Heine, Sarah Marsh, Miranda Murray, David Goodman Organizations: REUTERS, Rights, IAA, EV, Sporting, BMW, Mercedes, Benz, HK, Reuters, Thomson Locations: Munich, Germany, Rights MUNICH, Europe, China, Japanese, Korea

[1/6] A view shows model TO3 of Leapmotor, a Chinese automobile manufacturer, displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they could dominate EV sales. Xpeng President Brian Gu said while European carmakers currently lag behind China, they have made a "huge commitment" to EVs with partnerships and large investments in technology. "I would never discount the large (carmakers) trying really hard to come back and focus on this important transition," Gu said.

Persons: Leonhard Simon, Luca de Meo, De Meo, Hildegard Mueller, Oliver Zipse, Oliver Blume, Brian Gu, Gu, Ferdinand Dudenhoeffer, Dudenhoeffer, Nick Carey, Victoria Waldersee, Gilles Gillaume Christina Amann, Zoey Zhang, Jan Schwartz, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: REUTERS, China EV, Renault, Reuters, HK, Europe's EV, Zhejiang Leapmotor Technology, EV, German Association of, Automotive Industry, Jato Dynamics, BMW, Benz, Klasse, Volkswagen, Auto, Thomson Locations: Munich, Germany, China, MUNICH, BYD, Zhejiang, Europe, Asia

A Renault wallbox charging station is used by a Renault Captur hybrid car at a dealership in Les Sorinieres, near Nantes, France, October 23, 2020. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they will undercut local carmakers and dominate EV sales. Mercedes-Benz (MBGn.DE) will present its CLA compact class and BMW (BMWG.DE) its Neue Klasse, both of which target higher range and efficiency, while halving production costs. Volkswagen (VOWG_p.DE) CEO Oliver Blume told reporters that through its partnerships in China, the carmaker aims to cut battery cell costs by 50%.

Persons: Stephane Mahe, Luca de Meo, De Meo, Fabian Brandt, Oliver Wyman, Gilles Le Borgne, Oliver Blume, " Blume, Nick Carey, Victoria Waldersee, Gilles Gillaume, Christina Amann, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: Renault, REUTERS, China EV, Reuters, HK, Europe's EV, EV, Jato Dynamics, Benz, BMW, Klasse, Volkswagen, Greenpeace, Protesters, Thomson Locations: Les Sorinieres, Nantes, France, China, MUNICH, BYD, Europe, Munich, Asia

☆ Volkswagen has set up half of EV fast chargers planned until 2025
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - Volkswagen (VOWG_p.DE), Europe's largest carmaker, is making progress with the rollout of its network of electric vehicle fast chargers, the group's board member in charge of technology said on Monday. Thomas Schmall told journalists at the IAA car show in Munich that half of the 40,000 fast chargers Volkswagen plans to install until 2025 had already been set up. Reporting by Victoria Waldersee; Writing by Christoph Steitz; editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Thomas Schmall, Victoria Waldersee, Christoph Steitz, Friederike Heine Our Organizations: New York, REUTERS, Rights, IAA, Thomson Locations: Manhattan , New York City, U.S, Munich

☆ Volkswagen in 'advanced talks' with Mahindra on MEB platform
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsBERLIN, Sept 4 (Reuters) - Volkswagen (VOWG_p.DE) said on Monday that it is in advanced talks with India's Mahindra & Mahindra (MAHM.NS) on the use of key electric components of the German carmaker's open platform for electric vehicles, called MEB. Mahindra wants to use central MEB components such as the e-drive and unit cells for its models, said Volkswagen in a statement. Volkswagen has developed a modular, open vehicle platform for EVs, called MEB, which is used to build to its own cars and those of other group companies including Skoda and Audi. In August, Volkswagen and Mahindra signed a term sheet under which the German carmaker would supply electric components to its Indian peer.

Persons: Andrew Kelly, Miranda Murray, Friederike Heine Our Organizations: New York, REUTERS, Rights, India's Mahindra, Mahindra, Volkswagen, Skoda, Audi, Thomson Locations: Manhattan , New York City, U.S

☆ Nestle divests peanut allergy business Palforzia
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

Capsules of Palforzia are shown containing pharmaceutical grade peanut powder, for use in oral immunotherapy among patients with peanut allergies, manufactured by Aimmune Therapeutics, based in Brisbane, California, in this handout obtained by Reuters on February 5, 2020. Aimmune Therapeutics/Handout via REUTERS/File Photo Acquire Licensing RightsZURICH, Sept 4 (Reuters) - Nestle (NESN.S) has divested its peanut allergy treatment business Palforzia, the Swiss food company said on Monday, following its strategic review of the division. Nestle said it has offloaded Palforzia to Stallergenes Greer, a biopharmaceutical company which specializes in the diagnosis and treatment of allergies. Nestle will receive milestone payments and ongoing royalties from Stallergenes Greer, it said. Reporting by John Revill, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Nestle, Stallergenes Greer, John Revill, Friederike Heine Our Organizations: Aimmune Therapeutics, Reuters, REUTERS, Rights, Nestle, Thomson Locations: Brisbane , California, Swiss

☆ Munich car show shines spotlight on China competition in EV race
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

A Renault wallbox charging station is used by a Renault Captur hybrid car at a dealership in Les Sorinieres, near Nantes, France, October 23, 2020. About 41% of exhibitors at this year's event are headquartered in Asia, with the number of Chinese companies having more than doubled, including players across batteries and EV production such as BYD, CATL and XPeng. "Europe needs to stop being naive from a macroeconomic point of view in the face of China," Gilles Le Borgne, Renault's (RENA.PA) engineering head, told journalists on Sunday, pointing to the country's control of the full battery supply chain. Chinese and German players, including top German carmakers and suppliers and China's LeapMotors and Horizon Robotics, will also speak at a Chinese EV conference set for Wednesday and Thursday for the first time outside China as part of the IAA. ($1=0.9273 euros)Reporting by Victoria Waldersee, Gilles Gillaume and Christina Amann; Editing by Friederike Heine and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephane Mahe, Gilles Le Borgne, Fabian Brandt, Oliver Wyman, Victoria Waldersee, Gilles Gillaume, Christina Amann, Friederike Heine, Clarence Fernandez Organizations: Renault, REUTERS, Rights, Horizon Robotics, EV, IAA, Mercedes, Benz, BMW, Klasse, Volkswagen, Thomson Locations: Les Sorinieres, Nantes, France, Asia, Europe, China

☆ German exports fall less-than-expected 0.9% in July
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsBERLIN, Sept 4 (Reuters) - German exports fell a less-than-expected 0.9% in July from a month earlier as global demand continued to falter, data from the federal statistics office showed on Monday. "Trade is no longer the strong resilient growth driver of the German economy that it used to be, but rather a drag," said Carsten Brzeski, global head of macroeconomics at ING. Imports rose 1.4% on the month, the data showed. German export expectations have deteriorated slightly due to weak foreign demand, an Ifo survey showed in August. "As long as the global economic environment remains weak, German exports will also remain depressed," said Thomas Gitzel, chief economist at VP Bank.

Persons: Phil Noble, Carsten Brzeski, Brzeski, Bastian Hepperle, Hauck Aufhaeuser Lampe, Thomas Gitzel, Maria Martinez, Friederike Heine, Alex Richardson, Christopher Cushing Organizations: REUTERS, Rights, ING . Supply, European Union, VP Bank, Thomson Locations: Hamburg, Germany, China, Hauck

☆ German Chancellor Scholz sports eye patch after jogging accident
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

German Chancellor wears an eye patch following his jogging injury in this handout image released in Berlin by the Bundespresseamt in Berlin, Germany, September 4, 2023. BPA/Steffen Kugler/Handout via REUTERS Acquire Licensing RightsBERLIN, Sept 4 (Reuters) - German Chancellor Olaf Scholz joked that he was eagerly awaiting social media reaction after an official photograph released on Monday showed him wearing an eye patch following a weekend jogging accident. Thanks for the get-well wishes, looks worse than it is," the chancellor posted on his account on X, formerly known as Twitter. Scholz, whose face is also visibly scratched in the photo, will have to wear the eye patch for the next few days and weeks, government spokesperson Steffen Hebestreit told a regular news conference on Monday. The chancellor, who is set to take part in a Catholic Church event in Berlin later Monday, is doing well considering the circumstances, Hebestreit said.

Persons: Steffen Kugler, Handout, Olaf Scholz, Scholz, Steffen Hebestreit, Hebestreit, Friederike Heine, Miranda Murray, Mike Harrison Organizations: REUTERS Acquire, Rights, Twitter, Catholic, Thomson Locations: Berlin, Germany

☆ Cybercrime to cost Germany 206 billion euros in 2023 -survey
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

The damage will surpass the 200 billion euro mark for the third consecutive year, according to a Bitkom survey of more than 1,000 companies. The boundaries between organised crime and state-controlled actors are blurred," Bitkom President Ralf Wintergerst said. Around three quarters of the companies surveyed suffered digital attacks in the past 12 months, falling from 84% of the companies in the previous year. When asked whether "cyber attacks threaten your business existence", for the first time more than half of the companies, or 52%, said "yes". Of the companies that suffered attacks, 70% have had sensitive data stolen - an increase of 7 percentage points on the previous year.

Persons: Bitkom, Ralf Wintergerst, Sinan Selen, Maria Martinez, Friederike Heine, Susan Fenton Organizations: U.S . National Security Agency, Federal Office, Thomson Locations: BERLIN, Germany, German

☆ Switzerland sees no major impact on labour market from Credit Suisse merger
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsCompanies UBS Group AG FollowBERLIN, Aug 31 (Reuters) - The Swiss government expects no significant upheaval with regards to the labour market following the integration of Credit Suisse into UBS, Federal Councillor Guy Parmelin said on Thursday. "Possible redundancies are to be staggered. The labour market impact should therefore remain low, especially as the current labour market situation is generally very good," Parmelin said in a statement emailed to Reuters. Reporting by Noele Illien, Writing by Rachel More, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Guy Parmelin, Parmelin, Noele Illien, Rachel More, Friederike Heine Our Organizations: Credit Suisse, UBS, REUTERS, UBS Group, BERLIN, Federal, Reuters, Thomson Locations: Zurich Switzerland, Swiss

BERLIN, Aug 30 (Reuters) - German inflation fell slightly in August but was still higher than forecast, data showed on Wednesday, as the downward trend since the start of the year slowed. German consumer prices, harmonised to compare with other European Union countries, increased by 6.4% on the year in August, according to preliminary data from the federal statistics office. Analysts polled by Reuters had forecast harmonised annual inflation of 6.3% after a reading of 6.5% in July. Non-harmonised inflation in Germany fell to 6.1% in August from 6.2% the previous month. Germany's core inflation rate, which excludes volatile items such as food and energy, stood at 5.5% in August, unchanged from July.

Persons: Rachel More, Friederike Heine Our Organizations: Union, Reuters, European Central Bank, Thomson Locations: Germany

☆ Data show inflation rising in some German states
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBERLIN, Aug 30 (Reuters) - Inflation rose in four of six key German states in August, according to data released on Wednesday, casting doubt on a continuation of a national downward trend. The national data will be published at 1200 GMT. Data from Bavaria and Hesse showed that inflation eased modestly in those states to 5.9% and 6.0%, respectively. Bastian Hepperle, economist at Hauck Aufhaeuser Lampe Privatbank, said inflation in Germany was still expected to slow despite the mixed picture. However, inflation remains well above the European Central Bank target of 2% and core inflation, excluding volatile prices like food and energy, has been stubbornly high.

Persons: Chandon, Annegret, Bastian Hepperle, Hauck Aufhaeuser Lampe Privatbank, Price, Rachel More, René Wagner, Friederike Heine Our Organizations: Moet, REUTERS, Rights, Reuters, European Central Bank, Thomson Locations: Berlin, Germany, North Rhine, Westphalia, Germany's, Baden, Wuerttemberg, Brandenburg, Saxony, Bavaria, Hesse, Europe's, Ukraine

☆ UBS, Swiss finance blog settle Credit Suisse legacy lawsuit
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich in this July 1, 2009, photo. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Aug 29 (Reuters) - UBS (UBSG.S) and Inside Paradeplatz have settled a lawsuit initially brought against the popular Zurich based finance blog by Credit Suisse, the publication said on Tuesday. A spokesperson for UBS confirmed that the Swiss bank and blog had settled the case. Credit Suisse launched a lawsuit against the blog, widely read in Swiss finance circles, in December over user comments left under posts. It is the second Credit Suisse case that UBS has resolved since taking over its former rival and inheriting its legal battles.

Persons: Arnd, Noele Illien, Friederike Heine Our Organizations: Swiss, UBS, Rights, Credit Suisse, Suisse, Archegos Capital Management, Thomson Locations: Zurich, Swiss, U.S

☆ German consumer morale to fall in September -GfK
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Michael Dalder Acquire Licensing RightsBERLIN, Aug 29 (Reuters) - German consumer sentiment is expected to fall in September, due to declining income expectations and propensity to buy, a GfK institute survey showed on Tuesday. "The chances that consumer sentiment can sustainably recover before the end of this year are dwindling more and more," said GfK consumer expert Ralf Buerkl. Persistently high inflation rates are hindering any improvement in consumer sentiment, said Buerkl. The consumer climate indicator forecasts the development of real private consumption in the following month. According to GfK, a one-point change in the indicator corresponds to a year-on-year change of 0.1% in private consumption.

Persons: Michael Dalder, Ralf Buerkl, GfK, Maria Martinez, Friederike Heine Our Organizations: REUTERS, Rights, Reuters, Thomson Locations: Munich, Germany

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