Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Friederike Heine"


25 mentions found


Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Aug 28 (Reuters) - Switzerland's Competition Commission is looking into UBS's (UBSG.S) takeover of Credit Suisse, the authority said on Monday. In March, the Swiss government, central bank and financial regulator rushed through a rescue deal for Credit Suisse, resulting in the country's two largest banks merging. "We confirm that the Swiss Competition Commission is looking at the takeover of CS by UBS and will send FINMA her results probably by the end of September," the Commission's vice-director told Reuters. Reporting by Noele Illien, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.
Persons: Denis Balibouse, Noele Illien, Friederike Heine Our Organizations: UBS, Credit Suisse, REUTERS, Rights, Swiss Competition Commission, CS, Thomson Locations: Zurich, Switzerland, Swiss
The Ifo institute said on Friday that its business climate index stood at 85.7, down from 87.4 in July. Reuters Graphics"The German economy is not out of the woods yet," Ifo president Clemens Fuest said. The economy then posted zero growth in the second quarter compared to the previous three months, separate data from the statistics office showed on Friday. The Ifo survey showed sentiment among German managers had become more pessimistic across all sectors in August. The Ifo survey chimed with flash PMI data released on Wednesday, which showed that German business activity contracted at the fastest pace for more than three years in August.
Persons: Annegret, Clemens Fuest, Christian Lindner, Klaus Wohlrabe, Claus Niegsch, Niegsch, Andrew Kenningham, Carsten Brzeski, Maria Martinez, Friederike Heine, Mark Potter, John Stonestreet Organizations: REUTERS, Reuters, . Finance, DZ Bank, Reuters Graphics, Capital Economics, Thomson Locations: Berlin, Germany, BERLIN, Europe
German economy stagnates in Q2 after winter recession
  + stars: | 2023-08-25 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Kai Pfaffenbach Acquire Licensing RightsBERLIN, Aug 25 (Reuters) - The German economy stagnated in the second quarter compared to the previous three months, following a winter recession, data from the statistics office showed on Friday. Year on year, adjusted GDP contracted by 0.2% in the second quarter. Quarter on quarter, economic activity had fallen by 0.4% in the fourth quarter of 2022 and by 0.1% in the first quarter of 2023. Household consumption showed zero growth in the second quarter from the first and government spending rose by 0.1%. Capital investment also grew modestly while exports fell 1.1%, Friday's report showed.
Persons: Kai Pfaffenbach, Maria Martinez, Friederike Heine, John Stonestreet Organizations: REUTERS, Rights, Thomson Locations: Frankfurt, Germany
UN reopens European office after security issue
  + stars: | 2023-08-25 | by ( ) www.reuters.com   time to read: +1 min
The European headquarters of the United Nations is pictured in Geneva, Switzerland, September 2, 2021. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsGENEVA, Aug 25 (Reuters) - The United Nations has reopened its European headquarters in Geneva, Switzerland after earlier on Friday shutting it due to an intrusion. "Please be informed that the issue at the Palais des Nations has now been solved. The Palais des Nations building houses the UN Human Rights Council and is a hub for diplomats, humanitarian workers and state officials. Reporting by Emma Farge; Writing by Maria Sheahan, editing by Kirsti Knolle and Friederike Heine; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
Persons: Denis Balibouse, Emma Farge, Maria Sheahan, Kirsti Knolle, Friederike Heine, Toby Chopra Organizations: United Nations, Rights, Palais des Nations, Reuters, UN Human Rights, Thomson Locations: Geneva, Switzerland
ZURICH, Aug 24 (Reuters) - SoftwareOne (SWON.S) reiterated its full-year guidance on Thursday and said a strategic review to maximise shareholder value remains ongoing, as it reported a 1.7% drop in adjusted earnings before interest, depreciation and amortisation (EBITDA) for the first half of 2023. The Swiss software provider, which went public in 2019 and has been recently eyed by Bain Capital for takeover, reported half-year adjusted EBITDA of 111.7 million Swiss francs ($127.41 million). ($1 = 0.8767 Swiss francs)Reporting by Brenna Hughes Neghaiwi, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.
Persons: Brenna Hughes, Friederike Heine Our Organizations: Bain Capital, Thomson Locations: ZURICH, Swiss
REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Aug 24 (Reuters) - GAM (GAMH.S) has entered into discussions with French billionaire Xavier Niel's NewGAMe shareholder group after a takeover offer from Britain's Liontrust failed to gain the required level of support. "The GAM Board acknowledges that the majority of our shareholders have not found the Liontrust Offer compelling. GAM shares fell 5.08% shortly after market open, whereas Liontrust recorded a 10.37% gain. Liontrust had made its offer conditional on winning the backing of two-thirds of GAM's shareholders in a prospectus it published in June. The investor group, led by Niel's NewGAMe and asset manager Bruellan, have vehemently opposed the all-share offer, saying in July that it "grossly undervalues GAM".
Persons: Arnd, Xavier Niel's, Britain's Liontrust, Liontrust, GAM's, David Jacob, Niel's NewGAMe, Bruellan, Brenna Hughes, Friederike Heine, Jason Neely, Christina Fincher Organizations: REUTERS, Rights, GAM, Thomson Locations: Zurich, Switzerland, British, Liontrust
Companies Tesla Inc FollowBERLIN, Aug 23 (Reuters) - Tesla (TSLA.O) lowered the production target of its German plant to 4,350 a week in July and August after hitting 5,000 a week in March, and plans to reduce it further, according to a Business Insider report citing internal documents and anonymous sources. Business Insider said pictures showing Tesla's internal workflow software indicated that the U.S. EV maker had lowered its target for July and August to 870 cars per day. The internal target had since been adjusted further down to 750 cars per day, amounting to less than 4,000 a week, the article said, citing unnamed workers at the plant. Business Insider said the company did not comment on a series of questions on the plant's output. Output hit 4,000 cars per week in late February, ahead of a production schedule seen by Reuters, but appears to have slowed down since then, according to the Business Insider report.
Persons: carmaker, Tesla, Victoria Waldersee, Friederike Heine Our Organizations: Tesla, Business, U.S, Reuters, Thomson Locations: U.S, Gruenheide, Berlin, United States, China
BERLIN, Aug 23 (Reuters) - Roche (ROG.S) inadvertently published positive lung cancer drug trial data from an interim analysis, boosting the Swiss drug maker's shares even though more data will be needed to confirm the treatment's efficacy. Roche said on Wednesday that market participants had made it aware of the inadvertent disclosure of an interim data analysis on new immunotherapy tiragolumab, part of an experimental class of drugs known as anti-TIGIT. The data lifted Roche shares by 5% and sent shares of other companies testing anti-TIGIT drugs higher. J.P. Morgan analysts said the interim data suggested a survival benefit was within reach in the final analysis, but the clinical relevance remained uncertain. The unintended disclosure regards the second interim analysis of a Phase III trial known as Skyscraper 1.
Persons: Roche, tiragolumab, Morgan, Roche's, TIGIT, Paul Arnold, Christy Santhosh, Jason Neely, Friederike Heine, Mark Potter Organizations: Merck & Co, Gilead Sciences, iTeos Therapeutics, Arcus Biosciences, Thomson Locations: U.S, Zurich, Bengaluru
German Chancellor Olaf Scholz attends the weekly cabinet meeting at the Chancellery in Berlin, Germany August 16, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBERLIN, Aug 18 (Reuters) - A majority of Germans are dissatisfied with the leadership of Chancellor Olaf Scholz for the first time since he took office in 2021, a survey showed on Friday, capping off a week of tension within his three-party coalition over spending. Fifty-one percent of respondents to a survey conducted on behalf of public broadcaster ZDF said they were not happy with the chancellor's work. Despite the survey's findings, Scholz remains the second most popular politician in Germany behind defence minister Boris Pistorius, who has been in pole position for months. Writing by Friederike Heine, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.
Persons: Olaf Scholz, Annegret, Chancellor Olaf Scholz, Scholz's, Scholz, Boris Pistorius, Friederike Heine, Rachel More Organizations: REUTERS, Rights, ZDF, SPD, Greens, Thomson Locations: Berlin, Germany
BERLIN, Aug 18 (Reuters) - Former Austrian chancellor Sebastian Kurz has been charged with giving false testimony before parliament, the Austrian prosecutor's office for economic crimes and corruption said on Friday. The conservative politician and his former chief of staff, Bernhard Bonelli, are accused of giving false testimony before the Ibiza committee of inquiry in the Austrian parliament "regarding the alleged corruptibility of his government," the office said in a statement. Kurz left office in 2021 after prosecutors placed him and nine others under investigation on suspicion of breach of trust, corruption and bribery with various levels of involvement. Since leaving office, Kurz has been working as a global strategist for tech investor Thiel Capital. Writing by Friederike Heine; Editing by Miranda Murray and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.
Persons: Sebastian Kurz, Bernhard Bonelli, Kurz, Heinz, Christian Strache, Karl Nehammer, Friederike Heine, Miranda Murray, Conor Humphries Organizations: Austrian, People's Party, Thiel Capital, Thomson Locations: Austrian, Ibiza, Vienna, Russian
Banners displaying the NATO logo are placed at the entrance of new NATO headquarters during the move to the new building, in Brussels, Belgium April 19, 2018. REUTERS/Yves Herman/File Photo Acquire Licensing RightsBERLIN, Aug 16 (Reuters) - The German government has retreated from a plan to legally commit itself to meeting NATO's 2% military spending target on an annual basis, a government source told Reuters on Wednesday. The change means that Germany will be able to stick to its current pledge of meeting the 2% target on average over a five-year period. NATO allies have criticised Berlin strongly in the past for not spending 2% of its gross domestic product on defence annually. It is unclear whether Berlin will keep military spending over this threshold once a 100 billion euro ($101 billion) special fund to bring the Bundeswehr back up to standard is used up.
Persons: Yves Herman, Chancellor Olaf Scholz, " Scholz, Holger Hansen, Miranda Murray, Sabine Siebold, Friederike Heine, Rachel More Organizations: NATO, REUTERS, Rights, Reuters, Bundeswehr, Thomson Locations: Brussels, Belgium, Germany, Ukraine, Berlin
Siemens Gamesa has fix for onshore wind turbine problem
  + stars: | 2023-08-11 | by ( ) www.reuters.com   time to read: +1 min
FRANKFURT, Aug 11 (Reuters) - Siemens Energy (ENR1n.DE) has fixed quality issues at onshore wind turbines it is currently selling to customers, the CEO of the group's wind division Siemens Gamesa said on Friday, adding the group had made progress with its turnaround. Of those charges, 1.6 billion euros are earmarked for quality issues around rotor blades and gears for its latest onshore turbine models, the 4.X and 5.X, of which roughly 2,900 are in the field. "In other words, the identified problems have been addressed and it is now a matter of rectifying them in the respective wind turbines that are already in the field." Eickholt pointed out that Siemens Gamesa had raised prices, reduced damage liabilities and become more selective over new projects to raise profitability. While conceding the group's "current situation is self-inflicted", he said market conditions were unfavourable for wind turbine makers, many of which have been struggling with losses in the wake of rising inflation.
Persons: Siemens Gamesa, Jochen Eickholt, Eickholt, Christoph Steitz, Friederike Heine, Mark Potter Organizations: FRANKFURT, Siemens Energy, Siemens, Siemens AG, Thomson
Containers of the Hapag-Lloyd shipping company are pictured at the Valparaiso port, Chile November 24, 2022. Chief Executive Rolf Habben Jansen said there were signs of recovery in spot freight rates and loadings. Shares in Hapag-Lloyd, the world's fifth-largest shipping line, were 2.9% down at 187.5 euros in early trade. Its first half revenues were 41% lower at 10.0 billion euros. EBITDA is expected to be between 4 billion and 6 billion euros.
Persons: Rodrigo Garrido, EBIT, Lloyd, Rolf Habben Jansen, Vera Eckert, Friederike Heine, Kim Coghill, Barbara Lewis Organizations: Lloyd, REUTERS, Companies, Maersk, CMA CGM, Reuters, Thomson Locations: Valparaiso, Chile, FRANKFURT, Hapag, North America, Ukraine
Deutsche Telekom lifts 2023 guidance slightly again
  + stars: | 2023-08-10 | by ( ) www.reuters.com   time to read: +1 min
The logo of Deutsche Telekom is pictured at the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain February 28, 2023. REUTERS/Nacho Doce/File PhotoSummaryCompanies Now sees 2023 EBITDA AL of 41.0 bln euros vs 40.9 blnQ2 EBITDA AL 10.04 bln euros vs consensus 10.02 blnQ2 revenues 27.2 bln euros vs consensus 27.3 billionBERLIN, Aug 10 (Reuters) - Deutsche Telekom (DTEGn.DE) slightly lifted its 2023 operating profit target a second time on Thursday, boosted by its U.S. business T-Mobile US (TMUS.O), which raised its outlook for customer growth two weeks ago. Bonn-based parent Telekom said it now expects adjusted earnings before interest, taxes, depreciation and amortization after leases (EBITDA AL) to reach around 41 billion euros ($45.03 billion) this year, compared with previous guidance for about 40.9 billion. The group reported second-quarter EBITDA AL that rose 1.5% year-on-year to 10.04 billion euros, a tad above analyst consensus for 10.02 billion. Revenues slipped by 2.4% to 27.2 billion euros, slightly below consensus for 27.3 billion, as it withdrew from the terminal equipment business in the U.S. following its takeover of rival Sprint in 2020.
Persons: Nacho, Maria Sheahan, Friederike Heine Our Organizations: Deutsche Telekom, Congress, REUTERS, Mobile, Telekom, Sprint, Thomson Locations: Barcelona, Spain, U.S, Bonn
Continental bets on higher pricing as tyre replacement flat
  + stars: | 2023-08-09 | by ( ) www.reuters.com   time to read: +2 min
Logo of German tyre company Continental is pictured before the annual news conference in Hanover, Germany, March 9, 2021. The autos supplier expects sales of 14-15 billion euros ($31.82 billion) in the tyres segment from 14.5-15.5 billion previously, citing a declining market for tyre replacement in Europe and North America. But the rise in costs on wages, salaries, logistics, energy and materials would be lower than previously forecast at 1.4 billion euros from 1.7 billion. It was negotiating inflation-related price increases with customers for the second quarter, it added. Preliminary figures showed global passenger car and light commercial vehicle production grew by around 16% in the second quarter compared to last year, it added.
Persons: Fabian Bimmer, Victoria Waldersee, Friederike Heine, Barbara Lewis Organizations: Continental, REUTERS, Fabian Bimmer Companies, BERLIN, Thomson Locations: Hanover, Germany, Europe, North America
Germany's property sector is in stress, underscoring a major change of fortune for real estate in Europe's largest economy after an end to the era of cheap money. In the latest signs of stress in the sector, Germany's largest real estate group Vonovia (VNAn.DE) posted multi-billion euro losses and writedowns, and job growth for construction workers has stagnated. The property sector makes up roughly a fifth of economic output and one in ten jobs, according to the German Property Federation. The Ukraine war has also made German property seem riskier for foreign investors. The president of the German Property Federation, Andreas Mattner, is pressing the government to temporarily suspend a property sales tax and is demanding a low-interest rate credit program to support new residential building.
Persons: Kai Pfaffenbach, Sven Carstensen, Florian Schwalm, Olaf Scholz, Klara Geywitz, Andreas Mattner, Oliver Mueller, Matthias Inverardi, Holger Hansen, Friederike Heine Our Organizations: REUTERS, CARE, German Property Federation, Reuters Graphics Reuters, European Central Bank, Germany, German Construction Industry Federation, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, Kai Pfaffenbach FRANKFURT, United States, Sweden, Ukraine, East, Asia
Strong travel demand helps TUI swing back to profit
  + stars: | 2023-08-09 | by ( ) www.reuters.com   time to read: +2 min
That was despite prices rising 7% over last year, indicating that the higher cost of travel wasn't dampening demand. In particular, the wildfires in Rhodes, Greece meant approximately 8,000 TUI customers had to leave their hotels, TUI said. The cost of that will be reflected in the full-year results and is expected to be close to 25 million euros. Ebel said that the Mediterranean region in Europe remained one of the top destinations for the tour group despite extreme weather. "The heatwave in Northern Europe in June and the wildfires in Southern Europe have only dampened temporarily the previously strong development," he said.
Persons: Borja Suarez, Sebastian Ebel, TUI, Ebel, Joanna Plucinska, Friederike Heine, Conor Humphries Organizations: Gran Canaria, REUTERS, Borja Suarez LONDON, Airlines, TUI, Thomson Locations: Puerto Rico, Gran, Spain, Europe, Rhodes, Greece, Northern Europe, Southern Europe
Germany's property sector is in stress, underscoring a major change of fortune for real estate in Europe's largest economy after an end to the era of cheap money. In the latest signs of stress in the sector, Germany's largest real estate group Vonovia (VNAn.DE) posted multi-billion euro losses and writedowns, and job growth for construction workers has stagnated. The property sector makes up roughly a fifth of economic output and one in ten jobs, according to the German Property Federation. The Ukraine war has also made German property seem riskier for foreign investors. The president of the German Property Federation, Andreas Mattner, is pressing the government to temporarily suspend a property sales tax and is demanding a low-interest rate credit program to support new residential building.
Persons: Kai Pfaffenbach, Sven Carstensen, Florian Schwalm, Olaf Scholz, Klara Geywitz, Andreas Mattner, Oliver Mueller, Matthias Inverardi, Holger Hansen, Friederike Heine Our Organizations: REUTERS, CARE, German Property Federation, Reuters Graphics Reuters, European Central Bank, Germany, German Construction Industry Federation, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, Kai Pfaffenbach FRANKFURT, United States, Sweden, Ukraine, East, Asia
[1/2] The logo of German industrial group Siemens is seen at an office building in Zug, Switzerland December 1, 2021. REUTERS/Arnd Wiegmann/File PhotoCompanies Siemens AG FollowVIENNA/MUNICH, Aug 8 (Reuters) - Siemens (SIEGn.DE) is cooperating with authorities in Austria on an investigation into allegations of possible corruption related to hospital building contracts. Siemens said the investigation was based on information the company had provided to the public prosecutor's office in the course of an ongoing compliance investigation. "Siemens is cooperating fully with the authorities," the engineering company said, adding that it would not comment on ongoing investigations. Austrian prosecutors said that five people had been arrested as part of the investigation, with several house searches taking place last week.
Persons: Arnd, Feldkirch, KHBG, Martina Ruescher, Alexandra Schwarz, Alexander Huebner, John Revill, Friederike Heine, Miranda Murray, David Goodman, Louise Heavens Organizations: Siemens, REUTERS, Companies Siemens AG, Welt, Smart Infrastructure, Thomson Locations: Zug, Switzerland, MUNICH, Austria, Vorarlberg, Vienna, Munich
The logo of Bosch is seen at an office building in Kyiv, Ukraine July 6, 2020. REUTERS/Valentyn Ogirenko/File PhotoBERLIN, Aug 8 (Reuters) - German technology group Robert Bosch (ROBG.UL) said on Tuesday that it will establish a joint venture with TSMC (2330.TW), Infineon (IFXGn.DE) and NXP (NXPI.O) with the aim of building a wafer fab in Dresden, Germany, by the second half of next year. The joint venture will be 70% owned by TSMC, with Bosch, Infineon and NXP each holding a 10% equity stake, according to a statement, and total investments are expected to exceed 10 billion euros ($10.97 billion) via equity injection, debt borrowing, and strong support from the European Union and German government. ($1 = 0.9120 euros)Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.
Persons: Valentyn, Robert Bosch, Miranda Murray, Friederike Heine Our Organizations: Bosch, REUTERS, TSMC, Infineon, European Union, Thomson Locations: Kyiv, Ukraine, Dresden, Germany
German inflation eases to 6.5% in July
  + stars: | 2023-08-08 | by ( ) www.reuters.com   time to read: 1 min
A general view of a fruit and vegetable stand on a weekly market in Berlin, Germany, March 14, 2020. REUTERS/Annegret Hilse/File PhotoBERLIN, Aug 8 (Reuters) - German inflation eased in July, the federal statistics office said on Tuesday, confirming preliminary data. German consumer prices, harmonised to compare with other European Union countries, increased by 6.5% on the year in July. This follows a 6.8% increase in June. (This story has been corrected to say inflation eased, not rose, in the headline and in paragraph 1)Reporting by Friederike Heine, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.
Persons: Annegret, Friederike Heine, Miranda Murray Organizations: REUTERS, Union, Thomson Locations: Berlin, Germany
Stickers handed out to people who signed up for WorldCoin are seen at a sign-up site in Shoreditch, East London, Britain July 24, 2023. REUTERS/Elizabeth Howcroft/File PhotoBERLIN, Aug 8 (Reuters) - Germany's financial regulator Bafin is investigating the digital currency Worldcoin, German business daily Handelsblatt reported on Tuesday. "If a company turns to the German market without the necessary permission, for example with a website or app in German, we investigate it," a spokesperson was cited as saying. Worldcoin did not immediately respond to a request for comment. Writing by Friederike Heine, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.
Persons: Elizabeth Howcroft, Worldcoin, Friederike Heine, Rachel More Organizations: REUTERS, Thomson Locations: Shoreditch, East London, Britain
Taiwan Semiconductor Manufacturing Company's (TSMC) logo is seen while people attend the opening of the TSMC global R&D center in Hsinchu, Taiwan July 28, 2023. REUTERS/Ann Wang/File PhotoBERLIN, Aug 7 (Reuters) - Taiwanese semiconductor manufacturer TSMC's (2330.TW) board of directors will decide in favour of building a factory in the German city of Dresden, the Handelsblatt daily reported on Monday, citing government sources. The German government will support the construction of the factory with 5 billion euros ($5.49 billion), according to the sources. TSMC, the world's largest contract chipmaker, has been in talks with the German state of Saxony since 2021 about building a fabrication plant, or "fab", in Dresden. It will operate the factory in a joint venture with partners Bosch (ROBG.UL), Infineon (IFXGn.DE) and NXP (NXPSM.UL), the sources told Handelsblatt.
Persons: Ann Wang, Bosch, Handelsblatt, Miranda Murray, Friederike Heine Our Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Infineon, European, Intel, Thomson Locations: Hsinchu, Taiwan, German, Dresden, Saxony, Berlin, Europe, Brussels
REUTERS/Wolfgang Rattay/File PhotoFRANKFURT, Aug 7 (Reuters) - Germany's BioNTech (22UAy.DE), Pfizer's (PFE.N) partner on COVID-19 vaccines, cut its drug development budget for this year after quarterly revenues were hurt by a plunge in pandemic-related demand. The quarterly net loss was 190 million euros, down from a COVID-19-fuelled profit of 1.67 billion euros a year earlier. The company said it cut its projected research and development (R&D) budget for this year to between 2 and 2.2 billion euros, down from between 2.4 and 2.6 billion euros previously forecast. R&D expenditures were 1.54 billion euros last year. BioNTech reaffirmed its outlook for COVID-19 vaccine revenues to reach about 5 billion euros in 2023, down from 17.2 billion euros last year, expecting a renewed sales boost from an inoculation campaign in the fall.
Persons: Wolfgang Rattay, Jens Holstein, BioNTech, Ludwig Burger, Miranda Murray, Friederike Heine, Louise Heavens Organizations: REUTERS, Pfizer, Thomson Locations: Mainz, Germany
FILE PHOTO-A logo of German real estate company Vonovia, is pictured during a news conference in Duesseldorf, Germany, March 6, 2018. After a decade-long property boom, Germany is undergoing a sharp reversal of fortune after an era of cheap money ended. Germany's real estate sector is mired in its worst crisis in decades, marked by insolvencies, fizzling transactions, falling prices and a stagnation in construction jobs. Vonovia, which went public in 2013 at the start of the property boom and took over its biggest rival in 2021, serves as a bellwether for Germany's property sector. Vonovia affirmed full-year guidance for its key profit metric - so-called funds from operation - of 1.75 billion euros to 1.95 billion euros, down from 2.04 billion in 2022.
Persons: Thilo, Vonovia, Chancellor Olaf Scholz, Rolf Buch, Matthias Inverardi, Tom Sims, Miranda Murray, Friederike Heine, Kim Coghill, Alexander Smith Organizations: REUTERS, Reuters Graphics, Stifel, Thomson Locations: Duesseldorf, Germany
Total: 25