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Lawrence Elbaum, co-head of law firm Vinson & Elkins' shareholder activism practice, said investors were looking for value-boosting strategies that do not require much funding in a difficult market. Deka Investment, which has around 367 billion euros ($392 billion) in assets under management and holds stakes in most major German corporations, has repeatedly called out German companies for structural weaknesses. Germany's blue-chip DAX 30 index (.GDAXI) put in the worst performance of any major European stock market in the past year, rising just 2%. Joe Kaeser, supervisory board chairman of Siemens Energy (ENR1n.DE), said the United States was much more advanced, and also more successful, in the field of shareholder activism. As CEO of conglomerate Siemens AG from 2013 until 2021, he engineered one of Germany's most successful corporate break-ups, separately listing Siemens Energy and Siemens Healthineers (SHLG.DE) and merging Siemens's wind unit with Spain's Gamesa.

☆ European shares up as travel stocks shine, Thyssenkrupp slides
▼ + stars: | 2023-02-14 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The continent-wide STOXX 600 index (.STOXX) rose 0.4%, while European travel & leisure stocks (.SXTP) advanced 0.8%. TUI's German-listed shares (TUIGn.DE) rose 2.5%, with its shares listed in London adding 2.5% after the company reported more bookings and higher first-quarter revenue. In Europe, a flash reading of fourth quarter GDP is also on the radar on growing hopes that the euro zone economy most likely avoided a recession. The STOXX 600 has risen over 9% so far this year led by better-than-expected earnings and a brighter outlook for the euro zone economy. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Concerns of an impending recession in the U.S., coupled with the war in Ukraine, have caused prices for steel to fall and customers to empty their inventories. That has impacted Thyssenkrupp's materials trading division, where profits tanked by 91%. "There is limited visibility in respect of future economic developments," Chief Financial Officer Klaus Keysberg said in a statement. Adjusted earnings before interest and tax, or EBIT, came in at 254 million euros ($272 million) in the October-December period, while sales remained stable at 9.02 billion euros, the company said. ($1 = 0.9328 euros)Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Sandra Maler, Miranda Murray and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Wings of a Dove
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +5 min

U.S. President Joe Biden is expected on Tuesday to name Fed Vice Chair Lael Brainard to a top White House economic policy position, replacing National Economic Council Director Brian Deese. Biden confidant Jared Bernstein is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers. Brainard was seen as a powerful voice cautioning against over-aggressive Fed policy tightening. U.S. stock futures and world equities were higher on Tuesday, U.S. Treasury yields and the dollar were steady to lower. Euro zone economic growth slowed in the last three months of 2022 but avoided a contraction many had predicted for months.

☆ Corporate Climate Plans Fall Well Short of Targets, With a Few Bright Spots
▼ + stars: | 2023-02-13 | by ( Dieter Holger | Carbon Market Watch S Executive Director Sabine Frank | ) www.wsj.com time to read: +6 min

The climate plans of major companies continue to fall short—but there are some bright spots. The net-zero plans of Holcim and H&M have also won approval from the Science Based Targets initiative. Decent disclosureWhile scope 3 emissions can be challenging to calculate and control, having net-zero plans that cover the complete value chain is best practice. Apple, iPhone manufacturer Foxconn Technology Co. and H&M were all noted for helping their suppliers to access renewable energy either with financial support, advice or connecting deals. The retailer has worked with suppliers to reduce packaging waste and to adopt farming practices that sequester greenhouse gases, as well as helping them access renewable energy.

☆ Thyssenkrupp top-20 investor calls for sale of defense division
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 3 (Reuters) - A top-20 investor of Thyssenkrupp (TKAG.DE) on Friday called for a fast disposal of the German industrial group's warship and submarine division, saying the risks associated with the business outweighed potential benefits. "We demand the immediate sale of all defense activities. According to Refinitiv Eikon data, Deka holds 0.45% of Thyssenkrupp shares, making it the company's 12th-biggest shareholder. Thyssenkrupp is weighing what it calls a standalone solution for its defense division, Thyssenkrupp Marine Systems (TKMS), which potentially covers partnerships, joint ventures or any other form of consolidation. "Even a partial sale would be a step in the right direction," Speich said in a speech embargoed for the start of Thyssenkrupp's annual general meeting.

In France, the bloc's second-biggest economy, factory activity returned to growth albeit not as strongly as initially forecast. In Asia, factory activity contracted in January as the boost from China's COVID reopening had yet to take full effect. China's factory activity shrank more slowly in January after Beijing lifted tough COVID curbs late last year, a private sector survey showed. China's Caixin/S&P Global manufacturing (PMI) nudged up to 49.2 in January from 49.0 in December, staying below the 50 mark for a sixth straight month. Factory activity expanded in January in Indonesia and the Philippines but shrank in Malaysia and Taiwan, PMI surveys showed.

☆ Investors are piling the most cash into European stocks in nearly as year as recession outlook fades
▼ + stars: | 2023-01-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

European stock funds drew in $3.4 billion last week, the largest inflow since early 2022. Investors want exposure to the euro area as it looks increasingly likely it will avoid a recession. Investors poured in $3.4 billion into European equity funds over the past week, Bank of America said in its Flow Show note published Friday. But demand has been weaker than anticipated, leading to a roughly 70% crash from highs for natural gas prices. EU Economic Commissioner Paolo Gentiloni said this week there's "a chance to avoid a deep recession," for the bloc.

☆ German exports fall as demand cools in Europe, U.S.
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Exports down 0.6% m/m, twice as much as forecastImports post strongest m/m fall since JanuaryBERLIN, Dec 2 (Reuters) - German exports fell more than forecast in October, official data showed on Friday, as high inflation and supply chain snags hit demand in key trading partners, further raising the spectre of recession for Europe's largest economy. Exports declined by 0.6% on the month, twice as much as analysts predicted in a Reuters poll, the data from the Federal Statistics Office showed. Germany's top export partner, the United States, saw the sharpest fall in German exports at 3.9%, while exports to other European Union member states were down 2.4%. The German chambers of commerce and industry (DIHK) said last month Germany's exports were likely to fall 2% next year due to a sluggish global economy, with nearly half of German companies that sell abroad expecting an economic downturn. Also last month, German industrial group Thyssenkrupp (TKAG.DE) warned its sales and profit would "nosedive" next year as high inflation and energy costs are compounded by expected recession in Europe.

☆ German exports fall more than expected as demand cools in Europe, U.S.
▼ + stars: | 2022-12-02 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

"The German export engine is noticeably juddering," said German chambers of commerce and industry (DIHK) trade chief Volker Trier. "High inflation rates and a tight monetary policy in important sales markets are dampening international demand." DIHK said last month Germany's exports were likely to fall 2% next year due to a sluggish global economy, with nearly half of German companies that sell abroad expecting an economic downturn. Also last month, German industrial group Thyssenkrupp (TKAG.DE) warned its sales and profit would "nosedive" next year as high inflation and energy costs are compounded by an expected recession in Europe. A survey published on Thursday showed Germany's manufacturing sector reported continued weaker demand in November but the downturn slowed as signs of fewer material shortages fuelled hopes that cost pressures could also ease.

☆ Thyssenkrupp Nucera's operating profit down on IPO prep costs
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 25 (Reuters) - Germany's Thyssenkrupp (TKAG.DE) on Friday said that Nucera, its joint venture with Italy's De Nora (DNR.MI), saw its operating profit fall by two-thirds, citing costs related to preparations for a potential stock market listing and growth investments. Earnings before interest and tax (EBIT) for the business, which Thyssenkrupp said might go public via an initial public offering (IPO) at some point, fell to 9 million euros ($9.4 million) in the 2021/22 fiscal year ending September. This was partly due to a "mid-single digit euro million amount of non-recurring IPO preparation costs", Thyssenkrupp said in presentation slides, published as part of a capital markets update a week after full-year results. The slides also showed that sales for the division increased by a fifth, to 383 million euros, for an EBIT margin of 2.4%, down from 8.4%. ($1 = 0.9622 euros)Reporting by Christoph Steitz, editing by Rachel More and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Activist investor Cevian takes axe to Thyssenkrupp stake
▼ + stars: | 2022-11-22 | by ( Christoph Steitz | Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

SummarySummary Companies Cevian cuts stake by more than 5.6%Thyssenkrupp turnaround failed to boost share priceCevian first disclosed stake in 2013FRANKFURT, Nov 22 (Reuters) - Activist fund Cevian has cut its stake in Thyssenkrupp (TKAG.DE) to less than 1%, it said on Tuesday, effectively ending its loss-making engagement with the German industrial group after years of restructuring that failed to boost its share price. Cevian, which first disclosed a stake in Thyssenkrupp in 2013, had nearly halved its stake to 7.9% a year ago after a far-reaching overhaul it had long demanded arrived too late. Shares in Thyssenkrupp fell 4.7% lower on the news, making them the second-biggest decliners in Germany's mid-cap index and valuing the stake Cevian has sold at more than 180 million euros ($185 million). Refinitiv news service IFR earlier reported that Cevian sold shares at 5.15-5.40 euros apiece in a process run by UBS, indicating the fund took a loss, given Thyssenkrupp stock traded around 17-19 euros when the fund disclosed holdings. The share sale also highlights Cevian's sobering track record in Germany, which includes a 26.67% stake in Bilfinger (GBFG.DE) that has fallen in value since the fund first disclosed a stake in 2011.

The dividend proposal of 0.15 euros is on par with the company's last shareholder payout for the 2017/18 fiscal year, but lower than an estimate of 0.19 euros on Refinitiv. The submarines-to-car-parts firm still gave a muted outlook for the current fiscal year ending in September 2023, saying it expected sales and profits to fall as prices drop again. Thyssenkrupp shares were indicated to open flat in pre-market trade, with one trader saying the outlook was "too cautious for shares to open higher". Refinitiv estimates show 2023 sales are expected to decline by 11% to 36.5 billion euros. Thyssenkrupp said that, apart from falling prices, higher energy costs were also a key driver of the expected decline.

☆ Thyssenkrupp proposes first dividend in four years
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 17 (Reuters) - Thyssenkrupp (TKAG.DE) on Thursday said it would propose a dividend of 0.15 euros per share for the past financial year, which would mark the first payout in four years, on the back of strong price increases for steel and materials. The submarines-to-car parts firm still gave a muted outlook for the current fiscal year ending September 2023, expecting sales and profits to fall significantly as prices are expected to come down again, it said. "No one can tell how big the challenges will be or how long they will last. According to Refinitiv estimates, 2023 sales are expected to decline by 11% to 36.5 billion euros. Thyssenkrupp said that the main drivers behind the expected decline were a normalisation of prices for steel and materials as well as higher energy costs.

☆ Germany girds for gas supply pain, targets $93 billion price relief plan
▼ + stars: | 2022-10-09 | by ( Holger Hansen | ) www.reuters.com time to read: +4 min

Under a second stage of Germany's plan, the brake would cut the gas price to 12 cents from March through to the end of April 2024 on 80% of usage. For large industrial customers, a price brake of 7 cents is to apply to the procurement price from January 2023. Hans Juergen Kerkhoff, president of the German Steel Federation, said the scheme was a key building block to support companies during the energy crisis. Comparison portal Verivox said its calculations showed that the brake proposal would reduce household gas costs by around 41%. "The gas price brake is a very important first step that gives many companies back some confidence that they can overcome the crisis," VCI Managing Director Wolfgang Grosse Entrup said in a statement, calling for an electricity price brake as well.

☆ How Germany's industrial giants are preparing for winter
▼ + stars: | 2022-09-27 | by ( Victoria Waldersee | ) www.reuters.com time to read: +7 min

Some industrial giants in particular gas-heavy industries like chemicals have begun shifting production and sourcing from elsewhere, while others are switching from gas to coal or oil - spelling trouble for their carbon footprint. read moreBMW (BMWG.DE)BMW consumes around 3,500 gigawatt hours (GWh) of energy annually in Germany and Austria, three-quarters of which comes from natural gas. The carmaker can reduce its gas intake by at least 15% compared to last year, the company's chief financial officer said on Monday. LINDEThe world's largest industrial gas company said in July it produced gases which were critical from a medical or process safety perspective and so believed it would be prioritised for gas allocation from Germany' government. read moreA spokesperson declined to provide further information, saying an update would be provided later in October in line with third quarter results.

☆ Factbox: How Germany's industrial giants are preparing for winter
▼ + stars: | 2022-09-27 | by ( Victoria Waldersee | ) www.reuters.com time to read: +7 min

Industrial giants, in particular gas-heavy industries like chemicals, have begun shifting production and sourcing from elsewhere. It is now sourcing some of its ammonia from outside of Europe, where prices are lower, a spokesperson said. read moreBMW (BMWG.DE)BMW consumes around 3,500 gigawatt hours (GWh) of energy annually in Germany and Austria, three-quarters of which comes from natural gas. Chief executive Dominik von Achten said the company was shifting production at plants to times when power prices were lower, such as weekends. LINDEThe world's largest industrial gas company said in July it produced gases which were critical from a medical or process safety perspective and so believed it would be prioritised for gas allocation from Germany' government.

☆ Steel makers fear deepening crisis from energy crunch as output halted
▼ + stars: | 2022-09-23 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +5 min

Stainless metal coils are seen at the Belgian site of stainless steel maker Aperam, which has been forced to slow production due to spiralling energy prices, in Genk, Belgium September 22, 2022. Even with four wind turbines and over 50,000 solar panels at its site in eastern Belgium, stainless steel maker Aperam has been forced to halt production as surging energy prices bite. Hallemans says the potential payout producers such as Aperam would receive is unclear and could be months away, with energy prices sky-high just as Aperam seeks to bind customers to annual contracts. ThyssenKrupp Steel Europe has trimmed production there, with customers hesitant in the face of an emerging recession and energy prices that challenge its international competitiveness. Eurofer says the situation has worsened markedly since its August forecast of a modest 1.7% decline of European steel consumption this year, but a solid 5.6% rebound in 2023.

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