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☆ Silver Lake to buy Germany's Software AG in $2.42 bln deal
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: 1 min

April 22 (Reuters) - Private-equity firm Silver Lake has offered to buy Software AG (SOWGn.DE) in a deal that values the German business software developer at 2.2 billion euros ($2.42 billion). The offer price of 30 euros per share in cash by Silver Lake-controlled Blitz 22-449 SE represents a premium of 53% to Software AG's closing price of 19.59 euros on Thursday. In February 2022, Silver Lake had invested 344 million euros in the software developer's convertible bond, which upon conversion would represent nearly 9% of issued Software AG shares, the company said in a statement. Software AG's board and takeover committee are "highly supportive" of the offer and intend to recommend it to its shareholders, the company said. ($1 = 0.9102 euros)Reporting by Juby Babu in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Xi is trying to humiliate Biden by driving a wedge between him and his European allies as part of a global power play
▼ + stars: | 2023-04-14 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

China's president is seeking to exploit differences among Western allies, analysts say. Chinese President Xi Jinping (R) welcomes German Chancellor Olaf Scholz at the Grand Hall in Beijing in 2022. Spain's Prime Minister, Pedro Sanchez, and Olaf Scholz, Germany's chancellor, are among the European leaders Xi has hosted. Russian President Vladimir Putin and China's President Xi Jinping make a toast following their talks in Moscow on March 21, 2023. But Freudenstein cautioned European leaders against the belief that Xi can act as a mediator with Putin.

☆ German business group wants Berlin to offer more protection in Ukraine
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 7 (Reuters) - German companies active in eastern European have called on the government in Berlin to take on more risk and provide increased security for business in Ukraine, particularly for transport. "The federal government has to take on more risk than usual," Harms said, and it "shouldn't relieve companies of business risk but should help with creative instruments." The association's demand follows German Economy Minister Robert Habeck's promise during a visit to Kyiv this week to provide German companies investment guarantees in Ukraine as part of reconstruction efforts. "Company representatives say that these investment guarantees are necessary in order to get investment decisions through the board of directors," said Harms, who travelled with Habeck to Kyiv. More than 20 applications for such investment guarantees are in the pipeline, ministry sources said.

☆ German business sentiment unexpectedly rises in March
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 27 (Reuters) - German business morale unexpectedly rose in March, adding to signs that Europe's largest economy is stabilizing despite recent turmoil in the banking sector, a survey showed on Monday. The Ifo institute said its business climate index jumped to 93.3 from a reading of 91.1 in February. The increase in business morale for the fifth month in a row was driven primarily by business expectations, Ifo said. The expectations index rose to 91.2 in March from a revised 88.4 the month before, its highest level in at least a year. Reporting by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Brittle banks find a berth
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +4 min

With few fresh weekend developments on the European bank stock rigor late last week, European bourses and bank stocks found a level too. Deutsche Bank, whose stock lurched lower on Friday amid fears about rising bank funding costs, regained about 3% on Monday. Deposits at small banks fell by $120 billion in the week to March 15, while borrowing jumped $253 billion. Economists polled by Reuters expect the headline year-on-year inflation rate to have cooled to 7.2% from 8.5% in February. * U.S. Treasury auctions 2-year notes* U.S. corporate earnings: CarnivalReuters GraphicsReuters Graphics Reuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, editing by Ed Osmond, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ European stocks rebound as banking jitters ease
▼ + stars: | 2023-03-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

European banks (.SX7P) rose 0.9% after shedding 3.8% on Friday, when Deutsche Bank (DBKGn.DE) sparked a rout in the sector. "Many investors still don't want to touch the banking sector for fears there is more distress to come," said Russ Mould, investment director at AJ Bell. "Yet for every bleak situation, there is always someone who sees an opportunity to make money, hence why we're seeing a rise in the share price of many European banks today." European stocks are looking to end the first quarter of the year with gains, buoyed by signs of economic resilience and hopes that central banks are near the end of their tightening cycles. However, European banks are set to end the quarter nearly flat amid the banking sector turmoil.

☆ Morning Bid: Signs of confidence re-emerge after bank storm
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

While UBS shares were hammered in early trading on Monday after its shotgun marriage with troubled Credit Suisse following an intervention by Swiss authorities, the bank's shares pared most of the losses towards the close. European Central Bank President Christine Lagarde said the market turmoil might do some of the ECB's work for it in dampening demand and inflation. Markets have been on high alert for central banks to raise interest rates sharply to cope with high inflation. ECB policymaker Robert Holzmann watered down his recent call for three more rate increases of 50 basis points in quick succession. Policy decision is on WednesdayReporting by Anshuman Daga; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ ECB's Holzmann waters down call for three more rate hikes
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

VIENNA, March 20 (Reuters) - European Central Bank (ECB) policymaker Robert Holzmann on Monday watered down his recent call for three further interest-rate increases of 50 basis points in quick succession. Holzmann, who heads the Austrian National Bank, told German business daily Handelsblatt two weeks ago the ECB should raise rates by 50 basis points at each of its next four meetings because inflation was proving stubborn. That was a likely reference to how higher central bank rates and jitters in the banking sector tend to have the same effect by discouraging lending and cooling economic activity. Similarly, Holzmann said that since his Handelsblatt interview liquidity in the financial system had decreased, referring to banking stocks' recent fall on fears of a new banking crisis. Reporting by Francois Murphy and Alexandra Schwarz-Goerlich; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Scholz sees no threat of new financial crisis - Handelsblatt
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 16 (Reuters) - German Chancellor Olaf Scholz sought to assuage fears that the collapse of Silicon Valley Bank and problems at Credit Suisse might trigger a new financial crisis, saying a more resilient banking system and stronger economy ensured savings were safe. "I do not see the risk," Scholz told German business daily Handelsblatt. "The monetary system is no longer as fragile as it was before the financial crisis," referring to events in 2008 which included the collapse of Lehman Brothers. His remarks come after Credit Suisse borrowed up to $54 billion from Switzerland's central bank to shore up its liquidity and restore investor confidence and follows the demise of Silicon Valley Bank earlier this month. Not only because of the higher resilience of the banking system and stricter regulation, but also because of our economic strength," Scholz was quoted as saying.

☆ OpenAI's GPT-4 upgrade will let you turn text into video, Microsoft exec says ahead of upcoming release
▼ + stars: | 2023-03-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

A Microsoft executive said OpenAI's new model will be released this week, per a German news outlet. GPT-4 will be able to turn text into video, a feature already included in Google and Meta AIs. Braun added that the more powerful AI will be introduced this week, putting an end to speculation over its release. The OpenAI CTO, Mira Murati, has also said "I think less hype would be good," but added it may "broaden opportunities," per FastCompany. Microsoft and OpenAI did not immediately respond to Insider's request for comment, sent outside US working hours.

☆ A German company is offering Ukraine the benefit — and burden — of being the first military to get its brand-new tank
▼ + stars: | 2023-03-09 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

Prominent German defense firm Rheinmetall is offering Ukraine its new Panther Kf51 tank. Rheinmetall DefenceRheinmetall is reportedly negotiating with Ukraine to build a tank factory there, though it's not clear whether it would produce the Panther or the older Leopard 2 tank. The Kf51 Panther is a new tank with some old features. A German Leopard 2 tank in Munster in May 2019. Like the next-generation Abrams tank, the Panther's turret can be unmanned, with its crew operating the vehicle behind the thicker armor of the tank's hull.

[1/2] U.S. Federal Reserve Chair Jerome Powell speaks to David Rubenstein (not pictured) during a meeting of The Economic Club of Washington, at the Renaissance Hotel in Washington, D.C., U.S., February 7, 2023. REUTERS/Amanda Andrade-Rhoades/File PhotoMarch 7 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. Arguably the main event in Asia will be the expected quarter point rate hike from the RBA, which would take the cash rate up to 3.60%. Tuesday's focus rests squarely on the first of two Congressional appearances this week from Powell. On the Asian data front, China's FX reserves for February could cast a light on whether Beijing is starting to reduce its huge holdings of dollar-denominated assets amid the sharp rise in U.S.-Chinese tensions.

☆ ECB's Holzmann calls for four more 50 bps rate hikes- Handelsblatt
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 6 (Reuters) - The European Central Bank should raise interest rates by 50 basis points at each of its next four meetings as inflation is proving to be stubborn, Austrian central bank chief Robert Holzmann told German business daily Handelsblatt. The ECB has raised rates by 3 percentage points since July and flagged a 50 basis point increase for March. Holzmann, an outspoken conservative - or hawk in policy terms - however said that based on current trends, he would favour 50 basis point moves in March, May, June and July. "I expect it to take a very long time for inflation to come down," Holzmann was quoted on Monday as saying. The four steps advocated by Holzmann would take the deposit rate to 4.5%, well above the 4% peak rate priced in by markets, a level no other policymaker has so far advocated in public.

☆ Axel Springer to Restructure German Business in Shift to U.S. Focus
▼ + stars: | 2023-02-28 | by ( Bojan Pancevski | ) www.wsj.com time to read: 1 min

German-based Axel Springer is one of Europe’s biggest media houses. BERLIN—The German owner of Politico and other U.S. outlets announced Tuesday an important restructuring of its domestic operation as part of a strategy to shift its focus to the U.S. and become a globally leading digital-only publisher. Axel Springer SE, one of Europe’s biggest media houses and the only one with a major U.S. presence, will slim down its corporate structure. It aims to boost earnings in its German media business by around 100 million euros, equivalent to $106.1 million, over the next three years, with a mid-term aim to shut down its print editions, the company said.

☆ Axel Springer to Restructure Its German Business as It Shifts Focus to U.S.
▼ + stars: | 2023-02-28 | by ( Bojan Pancevski | ) www.wsj.com time to read: 1 min

German-based Axel Springer is one of Europe’s biggest media houses. BERLIN—The German owner of Politico and other U.S. outlets announced a restructuring of its domestic operation, floated potential disposals and unveiled plans for a new headquarters in New York City as it shifts its focus to the U.S.Axel Springer SE, one of Europe’s largest news organizations and the only one with a major U.S. presence, said it would slim down its corporate structure in Germany and phase out the print editions of its publications as it seeks to become a leading digital-only publisher.

☆ Lufthansa to cancel 34,000 flights in summer schedule - WirtschaftsWoche
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Feb 16 (Reuters) - Lufthansa (LHAG.DE) plans to cancel 34,000 flights in the summer half-year, German business weekly WirtschaftsWoche said on Thursday, adding the number could increase as cancellations at its Eurowings and SWISS units might be added. "Lufthansa has adjusted the 2023 summer flight schedule from Frankfurt and Munich," the paper quoted a Lufthansa spokesperson as saying. The exact extent could not be determined "as further daily cancellations can always be added," the person told WirtschaftsWoche. Reporting by Kirsti Knolle Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft co-founder Bill Gates: ChatGPT 'will change our world'
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Feb 10 (Reuters) - Microsoft co-founder Bill Gates believes ChatGPT, a chatbot that gives strikingly human-like responses to user queries, is as significant as the invention of the internet, he told German business daily Handelsblatt in an interview published on Friday. The new programs like ChatGPT will make many office jobs more efficient by helping to write invoices or letters. This will change our world," he said, in comments published in German. ChatGPT, developed by U.S. firm OpenAI and backed by Microsoft Corp (MSFT.O), has been rated the fastest-growing consumer app in history. Writing by Rachel More Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ VW to speed up electric shift in five-year plan
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 10 (Reuters) - Volkswagen (VOWG_p.DE) will speed up its shift to electric cars and revamp its software strategy in a five-year investment plan presented by management to the supervisory board on Friday, the automaker said in a statement. Bosses discussed how to rejig the German group's production network to accelerate the move to cleaner driving, the statement said, without elaborating. Full details of what was discussed will be presented at the company's annual media conference on March 14. A spokesperson for the works council denied the Handelsblatt report, saying jobs in Hannover were guaranteed under an agreement with the company until 2029. Reporting by Jan Schwartz; Writing by Victoria Waldersee; Editing by Jan Harvey and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Bill Gates said ChatGPT will 'change our world' by making the workplace more efficient
▼ + stars: | 2023-02-10 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Bill Gates said ChatGPT will "change our world" in an interview with a German newspaper. He added that the AI tool will make office jobs more efficient by writing invoices or letters. It is going to be "debated as the hottest topic of 2023," he said in another interview with Forbes. The new programs like ChatGPT will make many office jobs more efficient by helping to write invoices or letters. This will change our world," the billionaire said according to a translation of the interview published by Reuters.

☆ Bill Gates: Nuclear waste is not a reason avoid nuclear energy
▼ + stars: | 2023-02-10 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

Nuclear waste is not a reason to avoid using nuclear energy, according to Bill Gates, the Microsoft co-founder and philanthropist who more recently founded a next-generation nuclear energy startup, TerraPower. One common criticism of nuclear power is that nuclear reactors generate waste that stays radioactive for thousands of years. "The waste problems should not be a reason to not do nuclear," Gates said in an interview with the German business publication, Handelsblatt, published on Thursday. The volume of nuclear waste is very small, especially when compared to the energy generated, Gates said. But after a boom of nuclear power reactor construction in the 1970's and 1980's, the construction of new nuclear power generation came to a virtual standstill.

☆ Wolfspeed to announce EV chip plant in Germany, sources say
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - German chip supplier ZF Friedrichshafen (ZFF.UL) and U.S. chipmaker Wolfspeed (WOLF.N) will announce plans on Wednesday to build an electric vehicle chip plant in the Saarland region, according to three sources close to the matter. "This is an important sign that Germany continues to be attractive even in difficult circumstances for high-tech investments," he said. "Amid the concerns that the U.S. wants to divert investments from Europe with its Inflation Reduction Act, we're showing that a U.S. firm wants to invest in Germany," a German government source said. Volkswagen, Europe's top carmaker, earlier this month warned that the chip squeeze meant 2023 would remain volatile and challenging, but expected supplies to improve. Wolfspeed specialises in silicon carbide chips, which have been gaining traction with electric car makers as they can handle high voltages and are more power efficient.

☆ Wolfspeed to announce new electric vehicle chip plant in Germany - sources
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - German chip supplier ZF and American chipmaker Wolfspeed Inc (WOLF.N) are expected to announce on Wednesday plans to build an electric vehicle (EV) chip plant in the Saarland region, according to three sources close to the matter. The chancellery said the event was related to an industrial policy project in the field of microelectronics but did not provide further details. The project will cost over 2 billion euros ($2.18 billion) and ZF will hold a minority stake, with production to begin in four years, according to German business paper Handelsblatt which previously reported on the plans, citing unidentified sources. A spokesperson for ZF declined to comment, and Wolfspeed was not immediately available for comment. ($1 = 0.9195 euros)Reporting by Andreas Rinke, Victoria Waldersee and Ilona WissenbachOur Standards: The Thomson Reuters Trust Principles.

☆ Column: Germany needs more baseload power for vital industrial reboot
▼ + stars: | 2023-01-31 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

Germany output of key industrial productsOther major employers, including steel firms and fertilizer makers, have also been forced to aggressively throttle back production. Germany's power producers have also aggressively ramped up power from intermittent renewable sources, with solar and wind generation totals both rising by more than 50% since 2015. TRIPLE WHAMMYIn 2022, Germany's power sector was roiled on multiple fronts as gas supplies dried up due to the Russia-Ukraine conflict just as dry conditions reduced hydro power and planned reactor shutdowns curbed nuclear power supplies. But Germany's renowned manufacturing economy will not be able to return to its previous dominant position without abundant baseload power. Related columns: Germany energy transition needs faster CO2 cuts from autos, industryThe opinions expressed here are those of the author, a columnist for Reuters.

☆ EY Germany to make structural changes in cost-reduction push
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - The German unit of EY, formerly known as Ernst & Young, has decided to make structural changes with a focus on personnel measures and reductions of non-personnel costs, a company spokesperson told Reuters on Thursday in an emailed statement. The company has initiated discussions with the so-called co-determination body, the spokesperson said, referring to the German system that gives workers a say in corporate decision-making. EY, one of the "Big Four" global accountant firms, had audited and certified payments company Wirecard's books even as journalists and investors raised questions about its finances. Wirecard collapsed in 2020 after it was forced to admit that 1.9 billion euros ($2.07 billion) were missing from its balance sheet. ($1 = 0.9165 euros)Reporting by Gokul Pisharody and Jyoti Narayan in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar eases as traders look to central banks for cues
▼ + stars: | 2023-01-25 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationNEW YORK, Jan 25 (Reuters) - The dollar slipped against the euro on Wednesday, but its losses were capped as traders were hesitant to make any big bets ahead of next week's central bank meetings, including the Federal Reserve and the European Central Bank. "Trading ranges remain remarkably compressed ahead of next week's central bank meetings," said Karl Schamotta, chief market strategist at Corpay. Data on Tuesday showed euro zone business activity made a surprise return to modest growth in January. In contrast, U.S. business activity contracted for the seventh straight month in January, data showed on Tuesday, though the downturn moderated across manufacturing and services for the first time since September. The dollar was down 0.42% against the yen , at 129.615 yen per dollar, having hit a near eight-month low of 127.215 on Jan. 16.

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