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☆ UK court approves German property group Adler's restructuring plan
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 12 (Reuters) - Adler Group SA's (ADJ.DE) restructuring plan to prevent the German property company's imminent collapse was approved by London's High Court on Wednesday, despite opposition from some bondholders. He told a short hearing on Wednesday that he would provide his reasons for allowing the plan at a later date. Adler Group has external debts of approximately 6.1 billion euros ($6.66 billion), according to court documents filed by AGPS Bondco for last week's hearing. Under the restructuring plan, the company will borrow 938 million euros of new funding and the terms of unsecured notes that mature between 2024 and 2029 will be amended. A group of creditors that holds notes that mature in 2029 – including investment firms DWS Investment GmbH and Strategic Value Partners – opposed the plan, saying they would be better off if Adler Group were formally liquidated.

☆ Broad Pay Ranges Can Hamper Cybersecurity Hiring
▼ + stars: | 2023-04-04 | by ( Kim S. Nash | Catherine Stupp | ) www.wsj.com time to read: +3 min

Companies that list wide pay ranges in cybersecurity job descriptions risk setting false expectations and kindling unrest among existing staff. Seven other states have required pay transparency for the past few years. In cyber recruiting, in particular, broad scales can hamper hiring, said Joyce von Seldeneck, founder and chair of Philadelphia-based Diversified Search Group. The last thing a company wants is to go bring candidates through an entire process and disappoint them at the end.”Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. While some management consultants say pay transparency can light a fire under employees to work harder for higher compensation, Matthias Muhlert, chief information security officer at gummy-bear maker Haribo GmbH & Co., isn’t so sure.

☆ Cybersecurity Workers Demand Higher Salaries
▼ + stars: | 2023-03-28 | by ( Catherine Stupp | ) www.wsj.com time to read: +6 min

Cybersecurity chiefs are struggling to find employees they can afford, as sought-after job seekers ask for higher salaries. Challenging economic conditions have added a new layer of difficulty for companies around the world that have grappled with a growing shortage of cybersecurity workers. Multinationals including McDonald’s Corp. are seeking more cybersecurity job applicants, including people from nontraditional backgrounds, by removing cyber certifications and degree requirements from many job listings. Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. In Europe, with companies competing for a small pool of cybersecurity workers, job seekers are looking for flexible work conditions in addition to higher salaries.

☆ Novartis names Firmenich CEO as chairman designate of Sandoz
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: 1 min

Companies Novartis AG FollowSandoz GmbH FollowZURICH, Feb 20 (Reuters) - Novartis (NOVN.S) on Monday announced the appointment of Gilbert Ghostine as chairman-designate of Sandoz, the generics unit Novartis wants to spin off later this year. Ghostine has been CEO of Geneva-based Firmenich, the world's largest privately owned perfume and taste company, since 2014. He will become the chairman of the new board at Sandoz, which is to be formed after its spin-off from Novartis in the second half of 2023, subject to final Novartis Board of Directors and shareholder approvals. Reporting by John Revill Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

[1/2] People pose with syringe with needle in front of displayed Moderna logo in this illustration taken, December 11, 2021. REUTERS/Dado Ruvic/IllustrationFeb 15 (Reuters) - The U.S. government should face a patent lawsuit over COVID-19 vaccines, not vaccine maker Moderna Inc (MRNA.O), the Department of Justice told a Delaware federal court on Tuesday. Moderna made the same argument last year in an unsuccessful bid to win an early dismissal of the lawsuit. Both Moderna and Pfizer Inc (PFE.N) have been the target of multiple patent lawsuits over their COVID vaccines, including a lawsuit brought by Moderna against Pfizer in August. The case is Arbutus Biopharma Corp v. Moderna Inc, U.S. District Court for the District of Delaware, No.

☆ China's Sany Heavy Industry moves closer to Frankfurt listing
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 11 (Reuters) - Sany Heavy Industry Co (600031.SS), China's biggest maker of engineering machinery, published a set of revised internal rules on Saturday in preparation for a Frankfurt listing - potentially the first there under a mechanism for cross-border listings and investment. Sany is the first China-listed company to pick Frankfurt under the scheme. The company also published confidentiality and archive administration rules to meet China's national security requirements on offshore listings. Sany has not disclosed fundraising targets, or when a Frankfurt listing will happen, only saying in late December that it planned to sell GDRs equivalent to 5% of its share base to fund international expansion. The company, which scrapped an earlier plan for a Swiss listing, has said it is attracted to Frankfurt because Germany's world-class manufacturing capability is a match to Sany's ambition in intelligent manufacturing.

Feb 9 (Reuters) - German authorities searched the premises of three companies early Thursday as part of an ongoing probe into the possible violation of European Union sanctions against Russia, prosecutors said in a statement. German authorities also searched the residences of three suspects, according to the statement, which didn't name the companies or individuals. Reuters was unable to reach Smart Impex or its manager, Gokturk Agvaz, by phone on Thursday for comment. Some went to a Moscow customer that had received American and non-U.S. products from Smart Impex before Russia invaded Ukraine last February. The correspondence is available on handelsregister.de, a public German companies registry.

☆ Crypto Brands Reposition Themselves in Wake of FTX and Market Tumble
▼ + stars: | 2023-02-07 | by ( Patrick Coffee | ) www.wsj.com time to read: +7 min

Roughly one year ago, a handful of crypto heavyweights made swaggering debuts on the Super Bowl ad roster, airing costly commercials with messages like “Don’t miss out” (FTX) and “Fortune favors the brave” (Crypto.com). Then came the swoon in crypto and the bankruptcy of FTX. Recently, trading firm OKX scuttled its plans to buy an ad in Super Bowl LVII when FTX began to dominate the news cycle. Coinbase aims to convey its confidence in crypto “while maintaining our position as the most trusted brand in the space,” Chief Marketing Officer Kate Rouch said. “I think that, especially after the FTX collapse, there has been a real need for that across the entire crypto space,” he said.

☆ German cartel office issues objections to Google data processing
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 11 (Reuters) - Germany's cartel office regulator said on Wednesday it had issued objections against Google's data processing terms and that it expected the company to make changes accordingly. The cartel office sent parent company Alphabet (GOOGL.O), Google Ireland Ltd and Google Germany GmbH a preliminary legal assessment on December 23, the regulator said in a statement. It said users were not currently given sufficient choice as to whether and to what extent they agree to the far-reaching processing of their data across services. A spokesperson for Google said the company would continue to engage constructively with the German regulator to try to resolve its concerns. Reporting by Foo Yun Chee, Writing by Rachel More Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Big Investors Expected to Scrap ‘Dark Green’ Labels on More EU Funds
▼ + stars: | 2023-01-10 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

SFDR rules require EU-marketed funds to be designated as one of three categories: “dark green” Article 9 funds, which aim for sustainability or decarbonization; “light green” Article 8 funds, which advance one or more environmental, social and governance objectives; and Article 6 funds, which don’t have any specific ESG-related objectives. Upgrades and downgrades in classifications typically occur with “similar frequency,” but since September, more than 80% of reclassifications have moved Article 9 funds to Article 8, analysts at Jefferies said in December. At the end of November, there were around $452 billion in Article 9 funds, nearly $4.2 trillion in Article 8 funds and $3.9 trillion in Article 6 ones. In November, BlackRock moved 16 funds representing around $26 billion to Article 8 from Article 9, but also retained 13 dark-green funds valued at about $13 billion. Another challenge is for fund managers to gather and report required ESG data—such as greenhouse-gas emissions, gender pay gaps and water use—for individual stocks and bonds in a fund.

☆ Solar Startup Enpal Nears $2.4 Billion Valuation in TPG-Led Investment
▼ + stars: | 2023-01-09 | by ( Ben Dummett | ) www.wsj.com time to read: 1 min

Enpal GmbH is close to raising new funds from a group of investors led by U.S. private-equity firm TPG Inc., in a deal that values the closely held German solar-panel company at $2.4 billion, according to people familiar with the matter. A deal, assuming it is completed, is expected to be announced sometime this week, the people said. It would offer more evidence of how cuts to natural-gas supplies from Russia are accelerating the adoption of solar power and other clean-energy sources as alternatives to fossil fuels.

☆ Aldi is the US' fastest-growing grocer. Here's how a small German convenience store run by 2 brothers turned into one of the world's biggest retail chains.
▼ + stars: | 2022-12-29 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

From the start, Aldi was profit-focusedA photograph from 1930 shows the interior and employees of the Karl Albrecht Spiritousen and Lebensmittel shop at Huestrasse 89 in Essen-Schonnebeck, Germany. Aldi Einkauf GmbH & Co. oHG via Getty ImagesIn the aftermath of the war, "scarcity and necessary frugality demanded the avoidance of waste," Dieter and Nils Brandes wrote in their book "Bare Essentials: The Aldi Success Story." Because of its below-average price model, Aldi was able to slowly dominate the market in Germany and its stores spread across Europe. "We wanted our stores to be like other retail outlets, offering a wide range of groceries," Karl said in 1953, as quoted in "Bare Essentials: The Aldi Success Story." This insight became the basic principle of our business."

☆ France's Safran to pay $17.2 mln to settle China bribery charges in U.S. probe
▼ + stars: | 2022-12-23 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - French jet engine maker Safran SA (SAF.PA) will pay about $17.2 million as part of a settlement with the U.S. Justice Department over bribes its subsidiaries allegedly paid in China, the Department of Justice (DoJ) said in a statement made public on Friday. The Paris-based aerospace supplier will be required to turn over profits from "corruptly obtained" and retained contracts by its U.S.-based subsidiary, Monogram Systems, the DoJ said. Monogram and Safran's German unit, Evac GmbH, allegedly paid bribes to obtain "lucrative" train lavatory contracts with the Chinese government. Safran did not immediately respond to Reuters request for a comment. Reporting by Priyamvada C in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ French Aerospace Company Safran Settles U.S. Bribery Probe
▼ + stars: | 2022-12-23 | by ( Richard Vanderford | ) www.wsj.com time to read: +2 min

French aerospace company Safran SA will pay about $17.2 million as part of a settlement with the U.S. Justice Department over bribes that subsidiaries allegedly paid in China. Safran is getting credit for coming forward and voluntarily disclosing the alleged bribery, which occurred at two subsidiaries before the company’s acquisition of the units. Parent company Safran is best known for its business as an aircraft parts maker. The $17.2 million Safran will turn over represents bribery-tainted profits stemming from the involvement of the U.S. subsidiary, Monogram. Prosecutors said they would defer to German authorities as to any penalty assessed against Safran in connection with Evac’s involvement.

☆ The EU agreed to limit gas prices, but some analysts are skeptical
▼ + stars: | 2022-12-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +6 min

Pipes run along a technical facility for compressing natural gas on the site of astora GmbH's Rehden natural gas storage facility, the largest in Western Europe. He flagged that it could disrupt the European energy market, risk security of supply and have wider financial implications. Analysts told CNBC that these conditions called into question the ability of the mechanism to limit energy price rises. Around 70% of liquefied natural gas (LNG) is tied up in long-term contracts, leaving 30% available on a spot basis. "As it stands, about 20% of Europe's electricity comes from natural gas, 10% comes from coal.

☆ The supply chain that keeps tech flowing to Russia
▼ + stars: | 2022-12-13 | by ( ) www.reuters.com time to read: +11 min

“We cannot export to Russia, we cannot sell to Russia, and that’s why we just sell to Turkey,” he said. Azu International is an example of how supply channels to Russia have remained open despite Western export restrictions and manufacturer bans. At least $2.6 billion of computer and other electronic components flowed into Russia in the seven months to Oct. 31, Russian customs records show. Pixel Devices also said it’s not surprising that no one was in Pixel Devices’ office recently because most employees work remotely or in warehouse operations. Russian customs records show that Pixel Devices’ main client in Russia is a company in St. Petersburg called OOO KompLiga.

☆ Grocery delivery firm Getir acquires embattled rival Gorillas as industry consolidates
▼ + stars: | 2022-12-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Turkish grocery delivery firm Getir acquired its German rival Gorillas for an undisclosed amount, the company said Friday. "The super fast grocery delivery industry will steadily grow for many years to come and Getir will lead this category it created 7 years ago." Loss-making grocery delivery services are enduring a tough market environment, in which investors are reevaluating positions in companies most exposed to the effects of tighter monetary policy and a rising cost of living. The long-rumored takeover values Gorillas at $1.2 billion and the broader Getir group at $10 billion, according to a report from the Financial Times. In 2021, the company was valued at $3.1 billion in a private financing round led by German food delivery company Delivery Hero .

☆ Meet the brands that won on TikTok in 2022 (and have the results to prove it)
▼ + stars: | 2022-12-01 | by ( Sponsor Post | Created Tiktok For Business With Insider Studios | ) www.businessinsider.com time to read: +10 min

Launched in May 2022, TikTok for Business Europe created an awards program to showcase the brands and agencies who were embracing the platform, and had incredible results to show for it. Together, these brands give a masterclass on what it takes to succeed on TikTok, showcasing campaign strategies and ad solutions that drive remarkable results. Videos were set up as In-Feed Ads on TikTok, geo-targeted specifically to 14 cities, inviting the TikTok community to visit them along the tour. In partnership with NewScreen, Back Market partnered with three TikTok creators who each leaned into a different environmental issue: water usage, CO2 consumption, and the use of raw materials. Unieuro perfectly showcased the power of creator-driven, native content and the impact of boosting creative as In-Feed Ads to maximize reach and engagement with the TikTok community.

☆ Abandoned Greek airport to be transformed into a 600-acre coastal park
▼ + stars: | 2022-11-25 | by ( Nell Lewis | ) edition.cnn.com time to read: +16 min

Tegel Projekt GmbH/Atelier Loidl Kai Tak International Airport, Hong Kong -- With a runway that protruded into the sea, Kai Tak International Airport in Hong Kong once had one of the most arresting approaches in the world. PHILIPPE LOPEZ/AFP/AFP via Getty Images Hellinikon International Airport, Athens, Greece -- Hellinikon was once the only international airport in Athens, Greece, before Hellinikon was once the only international airport in Athens, Greece, before closing down in 2001 . Developer LAMDA is looking to complete the first phase of construction in 2025 courtesy LAMDA Development Stapleton International Airport, Denver, Colorado -- A photo of Stapleton International Airport from 1963. The grounds of the old airport became the 125-hectare (309-acre) Quito replaced its main airport with another bearing the same name. RODRIGO BUENDIA/AFP/AFP via Getty Images Downsview Airport, Toronto -- Downsview Airport in north Toronto was once a Canadian Air Force base.

Persons: Sasaki, ”, Michael Grove, Eero Saarinen, Kai, Kok, FREDERIC J . BROWN, Kai Tak, PHILIPPE LOPEZ, Hellinikon, Milos Bicanski, Ken Tillis, Lisa Martine, Sean Gallup, Maja Hitij, RODRIGO BUENDIA, Eleni Myrivilli, …, Aleksandra Kazmierczak, it’s, we’re Organizations: CNN, Ellinikon International, Games, Charleston Waterfront Park, Newcastle University, Tegel Airport, Tegel Projekt, Kai Tak International Airport, Kai Tak International, Getty, Foster + Partners, AFP, Stapleton International Airport, Denver International Airport, Denver, Getty Images, Airport, CNN Galeville Army, Galeville, United States Military Academy, West, Wildlife Refuge, Fish and Wildlife, Wildlife, Nazi, Maja, Mariscal Sucre International Airport, Old Mariscal Sucre International, Downsview, Canadian Air Force, Downsview Airport, City, Resilience, European Environment Agency, Development, Ellinikon Locations: Athens, Greece, Ellinikon, Boston, Charleston, Beijing, American, Grove, Berlin, Hong Kong, AFP, Europe, Hellinikon, Denver , Colorado, Central, New York, Ulster County , New York, Germany, Quito, Ecuador, Toronto, Downsview Park, Canada, Downsview, City of Athens, ”

☆ Warehouse Packing Help Wanted, Excellent Penmanship Required
▼ + stars: | 2022-11-25 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

At a warehouse in northern New Jersey one recent weekday, a trainee wearing a pair of blue gloves hesitantly tied a ribbon around one luxury brand’s box as a supervisor looked on. Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. Workers also personalize items with engraving and hot-stamping, compile individual items into gift sets and add handwritten notes. Luxury brands, however, are willing to pay a premium for the extra workers needed to provide additional services, Mr. Scattergood said. Workers at its Munich warehouse fold clothes in tissue paper, close the paper with a sticker and tie a ribbon into a bow.

☆ Germany Nationalizes Gazprom’s German Business to Secure Energy Supply
▼ + stars: | 2022-11-14 | by ( Bojan Pancevski | ) www.wsj.com time to read: 1 min

BERLIN—Germany will nationalize key German and European arms of Russian natural gas giant Gazprom PJSC and spend more than 13 billion euros, equivalent to $13.44 billion, to shore up the business in a bid to guarantee energy supplies, the German government said Monday. Berlin in March assumed management of the assets of Gazprom Germania GmbH, changing the company’s name to Securing Energy for Europe GmbH or SEFE. The government said it had to secure vital energy infrastructure and supplies in the early days of Moscow’s invasion of Ukraine.

☆ Entrepreneur Caught in the Middle of U.S.-China Chip War
▼ + stars: | 2022-11-09 | by ( Peter Landers | ) www.wsj.com time to read: 1 min

Semiconductor whiz Gerald Yin left the U.S. and spent 18 years in China building what he said would be a worldwide powerhouse in chip-making equipment. Now the American citizen’s lifework has been thrown into uncertainty as U.S. restrictions undermine the global industry integration he celebrated. Mr. Yin’s company, Advanced Micro-Fabrication Equipment Inc., or AMEC, had been making big strides and was gunning for industry leaders based in the U.S. and Japan when Washington stepped in. Decades younger than its rivals, the Chinese maker of etching equipment and other tools for the semiconductor industry has said it picked up customers including Robert Bosch GmbH and U.S. chip maker GlobalFoundries Inc. Its equipment is used on dozens of production lines in Europe and Asia.

☆ BMW's Zipse: we are not leaving lower segment for electric cars
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 9 (Reuters) - BMW Chief Executive Oliver Zipse said the premium carmaker would not abandon its lower-priced segment in the transition to electrification. "We are not leaving the lower market segment. Even if you consider yourself a premium manufacturer, it is wrong to leave the lower market segment - that will be the core of your business in the future," Zipse said, speaking at an event organised by autos supplier Robert Bosch GmbH in Berlin. BMW's chief financial officer warned last week that although sales of fully electric vehicles were expected to double this year from 2021 levels, the company expected rising inflation and interest rates to weigh on incoming orders, particularly in Europe. Reporting by Victoria Waldersee Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

Nov 9 (Reuters) - Eli Lilly & Co must pay Teva Pharmaceuticals International GmbH $176.5 million after a trial to determine whether its migraine drug Emgality infringed three Teva patents, a Boston federal court jury decided on Wednesday. The jury agreed with Teva that Lilly's Emgality violated its rights in the patents, which relate to its own migraine drug Ajovy. Teva sued Lilly over the patents in 2018. The same day Teva sued, the court dismissed two related Teva lawsuits seeking to block Emgality from coming onto the U.S. market. Teva also filed a separate, ongoing patent lawsuit against Lilly in Massachusetts over Emgality last year.

☆ Trio to lead energy-drinks giant Red Bull after co-founder's death
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

VIENNA, Nov 4 (Reuters) - Energy-drinks giant Red Bull will be headed by a board consisting of three current members of senior management following the death of co-founder Dietrich Mateschitz, his son Mark said in a statement issued by the company on Friday. He said the board would consist of Franz Watzlawick (CEO Beverage Business), Alexander Kirchmayr (CFO), and Oliver Mintzlaff (CEO Corporate Projects and Investments). He added that he had stepped down from his job at the company to focus on managing the 49% stake in Red Bull he inherited from his father. "I do not believe one should be both an employee and a shareholder of the same company. "Moreover, as managing directors of Distribution & Marketing GmbH, which I now own, and which holds 49% of the company shares of Red Bull GmbH, Walter and Volker will be supporting me personally," he added.

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