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☆ German Businesses Bet Big on China, and They’re Starting to Worry
▼ + stars: | 2023-07-06 | by ( Erika Solomon | ) www.nytimes.com time to read: +1 min

The plan was survival: “It was just about grabbing chances,” Mr. Haeusgen said. Seven decades and three generations later the family business, Hawe Hydraulics, ships some 2,500 parts around the globe. Instead of scrambling for sales, though, Mr. Haeusgen must parse the geopolitics of an ever more polarized world. “I sometimes wish I ran a restaurant and didn’t have to care about global politics.”With China and North America as Hawe’s biggest trade partners, Mr. Haeusgen doesn’t have that luxury. As tensions between Beijing and the West rise, Hawe officials are working to hedge the company’s dependence on the huge Chinese market.

Persons: Karl Haeusgen’s, ” Mr, Haeusgen, Biden, Xi, ”, “ Locations: China, North America, Beijing

☆ Energy crisis and inflation push more German firms into insolvency -study
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - The number of German firms pushed into insolvency rose in the first half of this year at the fastest pace in more than two decades due to the energy crisis, inflation and rising interest rates, a study by credit agency Creditreform showed on Thursday. "The enormous cost burdens caused by excessively high energy and material costs are making an effect," said Creditreform chief economist Patrik-Ludwig Hantzsch. Such a combination backfires on firms and leads to "an economic dead end" in a rising interest rate environment, Hantzsch said. Creditreform sees a further rise in insolvencies over the rest of the year as high inflation and rising interest rates will keep hampering German businesses. Reporting by Klaus Lauer, writing by Andrey Sychev, editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Creditreform, Patrik, Ludwig Hantzsch, Hantzsch, Klaus Lauer, Andrey Sychev, Susan Fenton Organizations: Thomson Locations: Germany, insolvencies

Silicon Valley is bracing for what it fears will be an "extinction event" threatening the survival of hundreds of startups. Tom Loverro, a investor at 40-year-old Bay Area venture capital firm IVP, has been loudly warning for months on Twitter and in media interviews about a coming "mass extinction event" for startups. The total volume of venture capital investment into US startups has slumped for six consecutive quarters, according to data firm Pitchbook. Even a last-ditch slashing of the startup's prospective valuation — a "down-round," in Silicon Valley parlance — didn't whet investors' appetites. Over the past year, many startups that rely on Silicon Valley funding have been steeling themselves for the slowdown to avoid similar fates.

Persons: —, they're, Jennifer Neundorfer, That's, Tom Loverro, Loverro, Consuelo Vanderbilt, Vanderbilt, Cameron Lester, I've, Lester, Linda Ahrens, Ahrens, Unown, " Ahrens, Anna Dittrich, Plastiq, Vincent Harrison, Elad Gil, Steve Brotman, Brotman, Will Hawthorne, VC's, Mike Ryan, Pitchbook's Harrison, Sell, Hawthorne Organizations: Ventures, Sequoia Capital, —, Venture, Twitter, United States Federal Reserve, Jefferies, January Ventures, Alpha Partners, Avid Capital, Sugar, Menlo, BulletPoint Network Locations: Silicon, Sequoia, IVP, Valley, Instacart, Navan, Boston, Snowflake, America

The pan-European STOXX 600 index (.STOXX) closed 0.7% higher, tracking overnight gains in Wall Street. Shares of Sage Group Plc (SGE.L) gained 5.1% to a 23-year high after J.P. Morgan upgraded its rating on the stock to "overweight" from "neutral". Shares of chip equipment maker ASML Holding (ASML.AS) rose 2.3% while Nordic Semiconductor (NOD.OL) jumped 6.4%, making technology (.SX8P) among the top European sectoral gainers. Semiconductor shares were in focus after a report stated the U.S. was considering new restrictions on exports of artificial intelligence chips to China. Also boosting the STOXX 600, Roche Holding (ROG.S) gained 1.5% after the U.S. health regulator declined to approve Regeneron's (REGN.O) Eylea drug.

Persons: Christine Lagarde, Jerome Powell, what's, Danni Hewson, AJ Bell, Morgan, Hewson, Roche, Morgan Stanley, Christian Klein, Matteo Allievi, Subhranshu Sahu, Sherry Jacob, Phillips, Alex Richardson Organizations: Sage Group, UBS, CS, . Federal, ASML, Nordic Semiconductor, Semiconductor, Carrefour, Credit Suisse, SAP, Thomson Locations: Wall, U.S, China, Swiss, Gdansk, Amruta, Bangalore

☆ SAP CEO: huge growth potential in generative AI
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski/File PhotoJune 28 (Reuters) - German business software maker SAP (SAPG.DE) sees huge growth potential in generative AI technology, Chief Executive Officer Christian Klein told the business daily Handelsblatt in an interview published on Wednesday. The whole development is a huge growth driver for SAP," he said. The SAP CEO also said that generative AI will be able to take over some administrative tasks, such as business appointment management. SAP said in mid-May that it will deepen collaboration with Microsoft (MSFT.O) on joint generative AI projects in the field of personnel recruiting.

Persons: Ralph Orlowski, Christian Klein, Klein, Andrey Sychev, Miranda Murray Organizations: SAP, REUTERS, Microsoft, Thomson Locations: Walldorf, Germany

☆ China-bashing throws Vodafone a curveball
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 27 (Reuters Breakingviews) - Vodafone's (VOD.L) M&A ambitions in Britain are falling prey to anti-China rhetoric. Parliamentarians are also fretting over the security impact on contracts with government departments once the deal goes through. Vodafone may face similar scrutiny, leading to inevitable delays. The fact that CK Hutchison has retained the right to appoint the chief financial officer may be a red flag. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: CK Hutchison's, Li Ka, Franco, Patrick Drahi, Hakan Koc, Pyrros Koussios, Roman Abramovich, CK Hutchison, Pamela Barbaglia, Aston Martin, Lisa Jucca, Streisand Neto Organizations: Reuters, HK, Vodafone, BT, UK's National Security and Investment Act, Twitter, Siemens, Thomson Locations: Britain, China, Hong Kong, Canada

SummarySummary Companies STOXX 600 off 0.1%Defence firms fall after failed Russian mutinyHealthcare sector drags STOXX 600German business morale weakens againJune 26 (Reuters) - European shares inched lower on Monday, led by healthcare, while defence stocks fell after an aborted weekend mutiny in Russia. The pan-European STOXX 600 index (.STOXX) slipped 0.1% as of 1600 GMT, extending losses for its sixth straight session. Shares of major European defence firms Leonardo SpA (LDOF.MI), Saab AB (SAABb.ST) and Rheinmetall AG (RHMG.DE) each dropped more than 4%, weighing on the European aerospace and defence sub-index (.SXPARO) which fell 0.9%. "It's too early to price something into the market, that's why the really limited move on defence stocks." The healthcare index (.SXDP) fell 1.1% and was a big drag on the STOXX 600 index, which has come under pressure on concerns about an economic slowdown from a potentially longer-than-expected global interest rate hiking cycle.

Persons: Vladimir Putin, Leonardo, Shanti Kelemen, It's, Germany's DAX, Aston Martin, Amruta Khandekar, Varun H, Dhanya Ann Thoppil, Richard Chang Organizations: Wagner Group, Leonardo SpA, Saab AB, Rheinmetall AG, G Wealth, Energy, Siemens Energy, Lucid, Cineworld, SBB, Thomson Locations: Russia, Ukraine, Europe's, British, Swedish

☆ Dollar pulls back from 15-month high vs rouble as Russia assessed
▼ + stars: | 2023-06-26 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

NEW YORK, June 26 (Reuters) - The dollar rose against the rouble on Monday, although it was off the 15-month high hit earlier in the session, while the Japanese yen gained modestly against the greenback following comments from the country's top currency diplomat. The Russian rouble weakened 0.90% versus the greenback at 84.40 per dollar after hitting its weakest level since March 2022. Rouble opens at 15-month low vs dollarThe dollar was softer against the yen, after Vice Finance Minister for International Affairs Masato Kanda said Japan was not ruling out any options in possible responses to excessive currency moves. The Japanese yen strengthened 0.11% versus the greenback at 143.52 per dollar. The Bank of Japan last intervened in the yen when it traded around 145 per dollar.

Persons: Vladimir Putin, Yevgeny Prigozhin, Putin, Edward Moya, Rouble, International Affairs Masato Kanda, jawboning, Moya, Christine Lagarde, Sterling, Chuck Mikolajczak, Mark Heinrich Our Organizations: YORK, Russian, International Affairs, Bank of Japan, European Central Bank, ECB, Central Banking, Thomson Locations: New York, Russian, Japan, Sintra, Asia, China, Beijing

☆ Europe shares edge lower as bank stocks drag
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - European shares edged lower on Monday, as a sharp decline in financial stocks more than offset gains in the energy sector on concerns about political instability in top oil producer Russia. The pan-European STOXX 600 index (.STOXX) was down 0.3% by 0717 GMT, after posting its biggest weekly percentage loss in three months at the end of a central bank policy-packed week on Friday. The energy sector (.SXEP), meanwhile, gained 0.2% as oil prices climbed after a revolt by Russian mercenaries over the weekend stoked concerns about a potential hit to oil supply from Russia. The banking index (.SX7P) was the biggest drag on the STOXX index, down 1%, with shares of Deutsche Bank (DBKGn.DE) falling 2.4%. Reuters reported that Deutsche bank told clients it can no longer guarantee full access to Russian stocks that belong to them.

Persons: Amruta Khandekar, Varun Organizations: Deutsche Bank, Reuters, Thomson Locations: Russia, Russian

☆ Drop in German business morale points to longer recession
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +4 min

Summary Business climate index fell to 88.5 in June from 91.5 in MayBoth business expectations and current business conditions fellProbability of longer recession risesBERLIN, June 26 (Reuters) - German business morale worsened for the second consecutive month in June, a survey showed on Monday, indicating that Europe's largest economy faces an uphill battle to shake off recession. "Sentiment in the German economy has clouded over noticeably," Ifo's president Clemens Fuest said. Indeed, expectations were much more pessimistic, with the related Ifo index falling to 83.6 from May's 88.3. "The probability has increased that gross domestic product will also shrink in the second quarter," he said. "We feel confirmed in our forecast that the German economy will shrink again in the second half of the year," Commerzbank's chief economist Joerg Kraemer said.

Persons: Clemens Fuest, Carsten Brzeski, Brzeski, Klaus Wohlrabe, Urban, Franziska Palmas, Joerg Kraemer, Maria Martinez, Rene Wagner, Friederike Heine, Matthias Williams, Hugh Lawson Organizations: ING, Companies, Reuters, Oxford Economics, Capital Economics, Thomson Locations: BERLIN, U.S, Germany, German, Europe

☆ Dollar pulls back from 15-month high vs ruble as Russia assessed
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar rose against the ruble on Monday, although it was off the 15-month high hit earlier in the session, while the Japanese yen gained modestly against the greenback following comments from the country's top currency diplomat. The Russian ruble weakened 0.90% versus the greenback at 84.40 per dollar after hitting its weakest level since March 2022. The Japanese yen strengthened 0.11% versus the greenback at 143.52 per dollar. The Bank of Japan last intervened in the yen when it traded around 145 per dollar. In Asia, the dollar rose 0.40% versus the offshore Chinese yuan to $7.2442 after hitting a 7-month high as investors braced for potentially more support measures as China returned on Monday from a holiday.

Persons: Vladimir Putin, Yevgeny Prigozhin, Putin, Edward Moya, International Affairs Masato Kanda, jawboning, Moya, Christine Lagarde, Sterling Organizations: U.S, Russian, International Affairs, Bank of Japan, European Central Bank, ECB, Central Banking Locations: New York, Japan, Sintra, Asia, China, Beijing

The STOXX 600 (.STOXX) index closed 0.3% lower after data showed euro zone business growth stalled this month as the downturn in manufacturing deepened. "A hike was fully expected, but the magnitude of the rise surprised most," said RBC Brewin Dolphin’s head of asset allocation, Paul Danis. Germany's DAX index (.GDAXI) shed 1.0%, leading losses among regional peers as shares of Siemens Energy (ENR1n.DE) sank 37.3%. DATA DIGESTWhile euro zone business growth stalled in June, a separate reading showed German business activity slowed notably this month. French business activity contracted this month for the first time in five months, data showed.

Persons: Germany's DAX, Paul Danis, DAX, Clemente De Lucia, Shreyashi Sanyal, Bansari, Eileen Soreng, Jonathan Oatis Organizations: Siemens Energy, GSK, Bank of England, Norges Bank, Swiss National Bank, Investors, RBC, Bank, Siemens, Deutsche Bank Research, Thomson Locations: U.S, Stockholm, Helsinki, Bengaluru

☆ German businesses are searching for alternatives to China, advisor says
▼ + stars: | 2023-06-20 | 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 EmailGerman businesses are searching for alternatives to China, advisor saysSpeaking as Chancellor Olaf Scholz met with China's Premier Li Qiang, Eberhard Sandschneider, partner at advisory firm Berlin Global Advisors, says it is in the interests of German industry to maintain good relations with China.

Persons: Olaf Scholz, China's Premier Li Qiang, Eberhard Sandschneider Organizations: China's Premier, Global Advisors Locations: China

☆ Chinese delegation to meet with Germany's top corporate brass next week
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

FRANKFURT/BERLIN, June 16 (Reuters) - A Chinese delegation led by Premier Li Qiang will meet Germany's top CEOs next week as part of a visit to Europe, hoping to strengthen ties at a time when Berlin is pursuing a strategy to lessen its economic dependence on Beijing. A meeting between Li and a group of German and Chinese CEOs is scheduled for June 19, according to people familiar with the plans. Mercedes-Benz (MBGn.DE), SAP (SAPG.DE) and Siemens Energy (ENR1n.DE) all confirmed that their CEOs would meet with the delegation. The CEO of Volkswagen (VOWG_p.DE) division Audi will also participate, a person familiar with the matter said. BASF (BASFn.DE), Bayer (BAYGn.DE), Infineon (IFXGn.DE), Volkswagen (VOWG_p.DE) and BMW (BMWG.DE), all companies with major business ties to China, declined to comment.

Persons: Premier Li Qiang, Li, Li Shufu, Mercedes, Roland Busch, Olaf Scholz, Robert Habeck, Andrew Small, Marshall, Siegfried Russwurm, Ilona Wissenbach, Hakan Ersen, Christoph Steitz, Ludwig Burger, Patricia Weiss, Christina Amann, Andreas Rinke, Rene Wagner, Sarah Marsh, Jan Schwartz, Alexander Huebner, Raju Gopalakrishnan, Louise Heavens Organizations: Premier, Mercedes, Benz, SAP, Siemens Energy, Volkswagen, Audi, Beijing Automotive Group Co, HK, Siemens, Pacific Committee, BASF, Bayer, Infineon, BMW, Thomson Locations: FRANKFURT, BERLIN, Europe, Berlin, Beijing, China, Asia, German, Germany, Frankfurt, Hamburg, Munich

☆ Siemens to invest $2.2 bln to ramp up global production
▼ + stars: | 2023-06-15 | by ( John Revill | ) www.reuters.com time to read: +3 min

[1/4] Siemens CEO Roland Busch announces their plans for a new Singapore plant, at their office in Singapore June 15, 2023. Siemens will also increase its research and development spending by 500 million euros this year, the company said on Thursday. The company, which employs 311,000, is seen as a bellwether for the health of the global industrial economy. Siemens also wants to grow faster than rivals and increase market share, Busch told analysts last month. Still, on Thursday Siemens said it was also investing 140 million euros to expand its digital factory in the Chinese city of Chengdu and building a new R&D centre in Shenzhen.

Persons: Roland Busch, Edgar Su, Busch, Wirtschaftswoche, John Revill, Tomasz Janowski Organizations: Siemens, REUTERS, Company, Deal, Thomson Locations: Singapore, ZURICH, United States, Europe, Beijing, Washington, China, Chengdu, Shenzhen

REUTERS/Fabrizio BenschSummarySummary Companies Germany unveils first ever National Security StrategyDocument reflects growing focus on security over economyContains strong criticism of China but does not mention TaiwanImplementation could be hampered by lack of Security CouncilBERLIN, June 14 (Reuters) - China poses a growing threat to global security, Germany said in its first national security strategy on Wednesday, underscoring Berlin's shift in emphasis from economic interests to geopolitics following Russia's invasion of Ukraine. It also omits some major issues, such as Taiwan, and as expected, does not create a National Security Council that would help its implementation. "We paid for every cubic metre of Russian gas twofold and threefold with our national security." Russia is the top threat to European peace "for now", the National Security Strategy (NSS) said. "The good thing is that German companies are drawing similar conclusions to the German federal government," she said.

Persons: Olaf Scholz, Fabrizio Bensch, cyberattacks, Chancellor Olaf Scholz, Annalena Baerbock, Ola Kaellenius, Baerbock, Noah Barkin, Norbert Roettgen, Scholz, Christian Lindner, Andreas Rinke, Miranda Murray, Rachel More, Madeline Chambers, Christoph Steitz, Angus MacSwan, Mark Potter, Alexandra Hudson Organizations: REUTERS, Germany, Security, BERLIN, Security Council, National Security, NSS, Volkswagen, BASF, BMW, Benz, NATO, Alexandra Hudson Our, Thomson Locations: Berlin, Germany, China, Taiwan, Ukraine, Beijing, Asia, Russia, Moscow, Europe, Moldova, Georgia

The logo of Russia’s state gas company Gazprom was emblazoned on the shirts of players at the soccer club Toennies chaired. In Germany, Toennies’ story is far from unique. At the centre of Gazprom’s influence campaign was Schalke 04, the soccer club Toennies chaired at the time and which Gazprom began sponsoring in 2006. Russian gas imports have dropped dramatically and Germany is supplying tanks and other weapons systems to Ukraine. In 2001 Toennies assumed another of his older brother’s roles – chairman of soccer club Schalke 04.

Persons: Clemens Toennies, Vladimir Putin, Toennies, Willy Brandt, ”, Putin, Sberbank, Angela Merkel, “, ” Merkel, Bernd, Clemens, Putin’s, Alexei Gromov, Gromov, Gerhard Schroeder, Schroeder Organizations: Gazprom, Toennies, Schalke, Gazprom’s, Reuters, Miele, Volkswagen, Deutsche Telekom, ” Schalke, Chelsea, Kremlin, Former Locations: WIEDENBRUECK, Germany, Russia, Russian, Moscow, Ukraine, Berlin, Russians, Crimea, Gazprom, Rheda, German, Europe, Nord Stream, Dresden

CNN —Hundreds of jewels once owned by late Austrian billionaire Heidi Horten have fetched a combined 176 million Swiss francs ($196 million) to become the most expensive private jewelry collection ever to appear at auction. Heidi Horten pictured wearing the Briollete of India necklace, which sold for 6.3 million Swiss francs ($7 million). The most valuable lot, a ruby and diamond Cartier ring that is “pigeon blood” in color, fetched just over 13 million Swiss francs ($14.5 million), despite Christie’s expecting bids as high as 18 million Swiss francs ($20 million). A 90-carat “Briolette of India” diamond necklace by jeweler Harry Winston also came in below estimate, selling for 6.3 million Swiss francs ($7 million). courtesy Christie'sElsewhere, however, a Bulgari diamond ring more than doubled its high estimate to fetch 9.1 million Swiss francs ($10.1 million).

☆ Liechtenstein to allow payment for certain state services in Bitcoin - Handelsblatt
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Liechtenstein plans to allow Bitcoin payments for certain state services, Prime Minister Daniel Risch told the German business daily Handelsblatt in an interview. "A payment option with Bitcoin is coming," Risch said in the interview on Sunday, without giving a specific timeframe. Risch, who is also Liechtenstein's finance minister, said the country plans to accept deposits in Bitcoin and immediately exchange them for the Swiss franc, the national currency. The prime minister said there was no plan for any big risks with state money but added he was open to investing state reserves in Bitcoin in the future. The state's reserves, which are primarily invested in the capital market, currently amount to 2.23 billion Swiss francs, ($2.51 billion), Handelsblatt reported, citing the finance ministry.

☆ Siemens, SAP say EU draft Data Act puts trade secrets at risk
▼ + stars: | 2023-05-07 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

[1/2] A sign with the logo of Siemens company is on display outside its office in Moscow, Russia, May 12, 2022. REUTERS/Evgenia NovozheninaBRUSSELS, May 8 (Reuters) - German business software maker SAP (SAPG.DE) and German engineering company Siemens (SIEGn.DE) have joined U.S. tech giants in criticising draft EU laws on the use of data generated by smart gadgets and other consumer goods. EU countries and EU lawmakers are working on the details of the Data Act, proposed by the European Commission last year before it can be adopted as legislation. U.S. criticisms have included that the proposed law is too restrictive, while the German companies say a provision forcing companies to share data with third parties to provide aftermarket or other data-driven services could endanger trade secrets. "Effectively, this could mean that EU companies will have to disclose data to third-country competitors, notably those not operating in Europe and against which the Data Act's safeguards would be ineffective," they said.

☆ Software AG supports Silver Lake's improved bid
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

Software AG has received multiple offers according to media reports but has chosen to go ahead with the first bidder - Silver Lake. Silver Lake in April offered 30 euros per share for Software AG. Following Silver Lake's increased bid, Software AG said it does not intend to enter into discussions with a "US competitor". Software AG said in a subsequent filing that the competitor's non-binding offer was subject to specific conditions that were "not achievable". Silver Lake previously said in a regulatory disclosure that it had acquired additional 5% stake in Software AG, bringing its total holding in the company to over 30%.

☆ Silver Lake adds to Software AG stake amid acquisition bid
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

Silver Lake said in a regulatory disclosure that it had acquired a 5% stake in Software AG at or below its acquisition bid of 30 euros per share from existing shareholders. This adds to its agreement to buy a 25.1% stake in Software AG from a charitable foundation that is the principal shareholder in the company. The consummation of that agreement is not subject to Silver Lake's offer being accepted by a majority of Software AG's shareholders, Silver Lake said. Software AG has said it is "highly supportive" of Silver Lake's offer and intends to recommend it to the company's shareholders. Silver Lake also disclosed on Friday that it had secured debt financing for its offer for Software AG.

☆ New reports say business travel isn’t going back to normal — ever
▼ + stars: | 2023-04-24 | by ( Monica Pitrelli | Rob Goss | ) www.cnbc.com time to read: +5 min

The days of high-flying, big-spending business travel may be over for good. As a new report by research company Morning Consult declared: Business travel will never return to normal. Tighter corporate budgets and new ways of virtual working have permanently changed business travel, according to the report, titled "Business, but Not as Usual." A different business travel model is slowly but surely becoming entrenched, crystallizing a "new normal" for the industry, according to the report. Bright spots for business travelBut there are several bright spots for those cheering the robust return of business travel, according to the reports.

☆ Dollar slides as rate cuts priced in; yen falls ahead of BOJ meeting
▼ + stars: | 2023-04-24 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell to a more than one-week low against major currencies on Monday in generally thin trading, as investors continued to price in interest rate cuts this year by the Federal Reserve after a widely expected rate increase at next week's policy meeting. Fed policymakers are widely expected to raise rates by another 25 bps at next week's meeting, but they are seen pausing in June. The rate futures market has also factored in roughly 50 bps of rate cuts by the end of the year. There were likewise hawkish remarks from Belgian central bank chief and ECB policy maker Pierre Wunsch. Beyond the excitement of the euro/yen cross, currency markets were quiet, as traders waited for key central bank meetings, the first of which is the BOJ on Friday, the first Ueda will chair.

☆ Software AG CEO sees operating profit margin in high twenties in medium term
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: 1 min

BERLIN, April 24 (Reuters) - Software AG (SOWGn.DE) is aiming for an operating profit margin in the high twenties percentage range in the medium term, Chief Economist Sanjay Brahmawar said on Monday. Last week, private-equity firm Silver Lake offered to buy Software AG in a deal that values the German business software developer at 2.2 billion euros ($2.42 billion). Writing by Friederike Heine, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

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