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[1/5] Turkish President Recep Tayyip Erdogan greets supporters at the AK Party headquarters in Ankara, Turkey May 15, 2023. His six-party alliance did not attract as many nationalist voters as expected, partly due to support for Kilicdaroglu's candidacy from a large pro-Kurdish party, the officials said. Both Erdogan and Kilicdaroglu are expected to meet Ogan in person in the coming days. Given their conservative views, Erdogan and Ogan are seen as easier allies, even though the president's alliance includes a small Islamist Kurdish party that Ogan also opposes. "His motto will be: if you vote for Kilicdaroglu he will be a lame duck," said another senior opposition official who acknowledged a tough road ahead.

☆ Instant View: Turkey faces runoff election as Erdogan survives first test but remains at risk
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] Turkish President Tayyip Erdogan greets his supporters as he leaves his residence in Istanbul, Turkey May 14, 2023. I would expect a significant crash in the Istanbul stock exchange and lots of fluctuations in the currency. Both sides will try to make a case for themselves but Erdogan will be in an advantage in a second round. GALIP DALAY, ASSOCIATE FELLOW AT CHATHAM HOUSE"If the current numbers are confirmed by the Supreme Election Board, the governing coalition will go to the second round with numeric and psychological advantages. It has the majority in the parliament and Erdogan is poised to go to the second round with a lead over his rival, Kemal Kilicdaroglu."

☆ Turkey's Erdogan faces toughest test yet in landmark election — with high stakes for the world
▼ + stars: | 2023-05-12 | by ( Natasha Turak | ) www.cnbc.com time to read: +9 min

He came to prominence as mayor of Istanbul in the 1990s, and was celebrated in the first decade of the new millennium for transforming Turkey's economy into an emerging market powerhouse. But recent years have been far less rosy for the religiously conservative leader, whose own economic policies have triggered a cost-of-living crisis. Now, given a recent downturn in support for Erdogan, some fear he may play dirty to ensure his hold on power. The stakes are high for the entire country and, more broadly, global geopolitics – and the mood on the ground is tense. Mustafa Kamaci | Anadolu Agency | Getty Images"I'm very concerned that [Erdogan] may deploy underhanded tactics, cheating and even violence," Ibish said.

☆ Silver Lake reiterates offer in battle for Software AG takeover
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 10 (Reuters) - Silver Lake appeared unshaken in the battle to acquire Software AG (SOWGn.DE) on Wednesday, reiterating in a statement its offer of 32 euros ($35.23) per share for the German company. Rival Bain Capital via its portfolio firm Rocket Software has offered up to 36 euros per share for Software AG. "Silver Lake reiterates its conviction in the attractiveness of its previously announced offer of EUR 32.00 per share of Software AG, to whose stated strategy and whose status as an independent, Darmstadt-based company Silver Lake remains fully committed," Silver Lake said in a statement. Software AG said on Tuesday night that Silver Lake's offer presented a high degree of transaction security in addition to a significant premium for shareholders. ($1 = 0.9084 euros)Reporting by Hakan Ersen, Writing by Rachel More, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Boerse posts stronger-than-expected Q1 profit
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, April 26 (Reuters) - German exchange operator Deutsche Boerse (DB1Gn.DE) on Wednesday said it posted a 12% rise in first-quarter net profit, a better result than analysts had expected, and that it may exceed its forecasts for 2023. Net profit attributable to shareholders was 473 million euros ($522.05 million), up from 421 million euros a year ago, the company said. Analysts had expected a profit increase of nearly 10% and a revenue increase of almost 14%. Deutsche Boerse was rosy on its outlook, saying that 2023 earnings would be at the upper end of its projected forecasts or "even slightly exceed it." Those forecasts are for full-year revenue of 4.5 billion-4.7 billion euros and earnings before interest, taxes, depreciation and amortisation of 2.6 billion-2.8 billion euros.

Saatcioglu, the coordinator of Limak International Hotels & Resorts, is one of many in hospitality expecting to see Turkey's economically vital tourism sector recover from a quake that dragged down bookings and hotel stays. The quake has caused tourists to think twice before booking a trip to Turkey, a major Mediterranean holiday destination. "After months of excellent performance, when the country was leading the travel recovery in Europe (after the COVID pandemic), international tourism to Turkey is clearly taking a nosedive," he told Reuters. Despite strong bookings recently across the travel sector in Europe as a whole, Turkey has not been able to regain momentum. On the back of these auspicious March figures, the Turkish government expects to generate $56 billion in tourism revenues this year.

☆ Siemens investigating report employee worked for Russian hacking firm
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 31 (Reuters) - Siemens (SIEGn.DE) has launched an investigation after Der Spiegel reported a former programmer from Russian IT company NTC Vulkan - which has reported links to Russian security services - worked for the German engineering and tech company. Der Spiegel reported on Friday that more than 90 former staff from NTC Vulkan worked for a several other European companies. The magazine said NTC Vulkan maintains close ties to all three major Russian intelligence services: FSB, GRU and SWR. Its so-called "Vulkan Files" said the company builds cyber programmes for the security services aimed at attacking critical infrastructure facilities. NTC Vulkan did not respond to requests for comment.

☆ Europe drought: This once-thriving lake has all but dried up -- a story repeated across Europe
▼ + stars: | 2023-03-30 | by ( Laura Paddison | ) edition.cnn.com time to read: +9 min

While in the United States, the snow and rain that have pummeled California have helped fill reservoirs and ease unrelenting drought, winter has been far from kind to many parts of Europe. A buoy is seen on the banks of the partially dry Lake Montbel as France faces a record winter dry spell. “Lake Montbel remains at an abnormally low level,” Franck Solacroup, the regional director of the Adour-Garonne Water Agency, which covers the area that includes Lake Montbel, told CNN. Farmers like Rouquet, who rely on the lake, are having to make tough decisions on what to grow. “This is the most extreme winter in terms of low snow cover,” she told CNN.

☆ How Silicon Valley Bank's collapse ripped through global tech
▼ + stars: | 2023-03-13 | by ( Martin Coulter | ) www.reuters.com time to read: +5 min

March 14 (Reuters) - Not long after California startups started pulling money out of troubled Silicon Valley Bank, entrepreneurs in other parts of the world woke up to the news. While the global effects of Silicon Valley Bank's collapse are just emerging, one thing is clear: tech startups, no matter how far apart, are intertwined. FOUNDERS WARYQuincy Lee, founder of Seattle-based EV charging startup Electra Era, tried to move millions of dollars from Silicon Valley Bank on Thursday afternoon as warning signs multiplied. European stocks fell on banking industry concerns, though, and even startups that did not bank with SVB were scrambling. CHINESE STARTUPS MOVING MONEYSVB's Shanghai-based joint venture, SPD Silicon Valley Bank (SSVB), said it had a sound corporate structure and an independent balance sheet.

"But after years of dithering, the German 5G network is deeply dependent on Chinese suppliers. Huawei, ZTE and China's government reject these claims, saying that they are motivated by a protectionist desire to support non-Chinese rivals. GERMANY LAGGINGWhile several countries across Europe are still formulating telecom policies, only Britain and Sweden have so far banned Huawei and ZTE from supplying critical 5G network equipment. The German government was last month unable to answer a parliamentary request about how many Huawei components operators were using in their 5G networks, filed in part in response to the report. The deadline to remove all Huawei gear from Britain's 5G networks by the end of 2027 remains unchanged.

Under a new proposal following a weekend of political intrigue, two popular mayors would serve as vice presidents should the opposition win in the presidential and parliamentary elections on May 14. With polls showing a close race, the vote is the biggest challenge Erdogan has faced in two decades in power. Instead, Aksener proposed that either Ekrem Imamoglu or Mansur Yavas, mayors of Istanbul and Ankara, be the candidate. "She has conveyed the proposal that the two mayors serve as executive vice presidents," Zorlu said. The opposition has failed in previous national votes to pose a serious challenge to Erdogan, whose AKP came to power in 2002.

"His deep understanding of our customers' needs, and the broader industry make him an ideal candidate for Chairman of the Supervisory Board from 2024 onwards," Plattner added. Plattner, who co-founded SAP in 1972 alongside four other former IBM employees, stepped down from active management in May 2003 to head the supervisory board after serving as SAP's CEO since 1997. He owns a 6.16% stake in SAP which is currently worth 8.23 billion euros ($8.73 billion), and said he would remain committed to the company as an "investor with an unchanged stake". SAP, in a separate statement, said it would propose a dividend of 2.05 euros per share for 2022. The company paid 2.45 euros a share for the previous year, which included a 0.50 euros apiece special dividend.

☆ SAP names ex Deloitte CEO as designated chairman to succeed co-founder Plattner
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: 1 min

BERLIN/FRANKFURT, Feb 22 (Reuters) - SAP (SAPG.DE) on Wednesday named former Deloitte global CEO Punit Renjen as designated chairman to succeed co-founder Hasso Plattner, whose term will expire in May 2024. SAP's board nominated Renjen, global CEO of Deloitte from 2015 until the end of 2022, to stand for election as a new member of the supervisory the board, the statement said. Reporting by Victoria Waldersee in Berlin and Hakan Ersen in Frankfurt; Editing by Christoph SteitzOur Standards: The Thomson Reuters Trust Principles.

☆ Online fashion retailer Zalando to cut hundreds of jobs
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 21 (Reuters) - German online fashion retailer Zalando (ZALG.DE) is to cut hundreds of jobs across the company, citing over-expansion in some areas and a more difficult economic environment since the coronavirus pandemic. Zalando said the pandemic had boosted business in 2020 and 2021, but these tailwinds had faded since 2022 and the macroeconomic environment had become more challenging. Zalando, which has a workforce of some 17,000, did not give precise details on which areas would be affected by the cuts. The planned job cuts were first reported by the Financial Times, which said the online retailer's workforce would shrink by up to 5%. The company is due to report full-year earnings next month.

[1/2] A trader works at the Frankfurt stock exchange in Frankfurt, Germany, February 22, 2022. REUTERS/Timm Reichert/File PhotoBERLIN/LONDON, Jan 27 (Reuters) - German web hosting firm IONOS is targeting a market capitalisation of up to 3.15 billion euros ($3.42 billion) in Europe's first major initial public offering (IPO) since sports car maker Porsche last September. Subject to regulatory approval of the IPO prospectus, the offer is expected to run from Jan. 30 to Feb. 7. IPO investors are typically offered a discount to a peer group in compensation for the risk of buying a new stock. Montabaur-based IONOS offers web hosting services and cloud applications to consumers and SMEs in countries including the United States, Germany, Britain, France, Spain and Poland.

BERLIN/FRANKFURT, Jan 17 (Reuters) - United Internet (UTDI.DE) subsidiary Ionos said on Tuesday it would undertake a prime standard listing of its shares this quarter on the Frankfurt Stock Exchange, as the web hosting company readies for an initial public offering (IPO). The offered shares are expected to come from the holdings of the subsidiary's two existing shareholders, United Internet and Warburg Pincus, with United Internet to retain a majority stake after the IPO, Ionos said. United Internet shares were up 1.8% to 22.23 euros in early Frankfurt trading. The intention to float document did not provide details on the target issue price or the number of shares to be offered. A source familiar with the matter told Reuters last week that Ionos could achieve a valuation of 5 billion euros ($5.42 billion) in a stake sale.

HALF MOON BAY, Calif/FRANKFURT, Jan 17 (Reuters) - U.S. chip giant Intel Corp (INTC.O) is committed to building its chip fabrication plant, or fab, in Magdeburg, Germany and is working out funding details with the government, according to Chief Global Operations Officer Keyvan Esfarjani. “We are committed to making the Magdeburg project successful,” Esfarjani told Reuters on the sidelines of Industry Strategy Symposium, a chip conference by Semi last week in Half Moon Bay, California. When asked about Intel's investment, Germany's economy ministry's spokesperson told Reuters the government was in "constant exchange with Intel and the European Commission" about the project. In March Intel announced Magdeburg as the site for its new mega chip manufacturing complex, a key part of its $88 billion investment drive across Europe. Last week Italy's government also reiterated that it was determined to secure and investment by Intel.

☆ United Internet's Ionos wants to start IPO process this month - source
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Jan 13 (Reuters) - United Internet (UTDI.DE) subsidiary Ionos wants to begin the process for an initial public offering (IPO) this month, a financial source told Reuters on Friday. A valuation of 5 billion euros ($5.42 billion) for Ionos is realistic, said a source. Ionos declined to comment. ($1 = 0.9229 euros)Reporting by Alexander Huebner und Hakan Ersen, Writing by Miranda Murray, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Jerusalem CNN —The family of a Palestinian activist who died while in Palestinian Authority custody has filed a “war crimes and torture” case with the International Criminal Court, they said Thursday. Nizar Banat, a well-known Palestinian critic of the Palestinian Authority (PA) with a large social media following, died in Palestinian police custody in Hebron in June 2021. His death sparked mass protests and angry condemnation of the Palestinian Authority from leading figures in the West Bank and beyond. Banat’s family said the officers were “low ranking” and the trial “farcical,” and that no senior officer was questioned. Sadly, under the leadership of Mahmoud Abbas, the Palestinian Authority has become another oppressor for the Palestinian people, just as much as Israel,” Camuz said in a statement.

☆ The cofounder of venture capital firm Target Global left after his Russian oligarch father was sanctioned
▼ + stars: | 2022-12-12 | by ( Shona Ghosh | ) www.businessinsider.com time to read: +3 min

Alexander Frolov, the son of a sanctioned Russian oligarch, has left his tech investment firm. The UK sanctioned Alexander Frolov Senior on November 2. Alexander Frolov, the son of a sanctioned Russian oligarch, has left the venture capital firm he cofounded and ran, Target Global, amid ongoing concerns about Russian money flowing into European tech startups. The move was first reported by German publication FinanceFwd and was confirmed to Insider Monday by a spokesman for Target Global. The UK sanctioned Russian oligarch Alexander Frolov, formerly CEO of steel-mining firm Evraz, in November 2022.

☆ Rewe drops ads with German soccer association over armbands row
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +4 min

BERLIN, Nov 22 (Reuters) - Major grocery chain Rewe has scrapped its advertising campaign with the German Football Association after soccer's global governing body cracked down on players wearing 'OneLove' armbands in support of diversity at the Qatar World Cup. Several soccer associations had said that their team captains would wear the armband in Qatar, where homosexuality is illegal. The German Football Association said on Tuesday associations backing the armband were faced with "extreme blackmail," and it had dropped plans for players to wear it because it was unfair for them to shoulder the consequences. Separately, Deutsche Telekom (DTEGn.DE) on Tuesday said it planned to talk with the German Football Association about the armbands controversy. The German Football Association (DFB) is the world's largest, with more than 7 million active members.

☆ Turkish bankers fear regulatory burden will reverse profit boom
▼ + stars: | 2022-11-08 | by ( Ebru Tuncay | ) www.reuters.com time to read: +5 min

Bankers forecast a very tough 2023 and beyond for earnings and lending, several of them told Reuters. Their share of outstanding loans has fallen to 29%, compared to 46% for state lenders that have increased their dominance in recent years. Other bankers said the regulations and rising costs have interfered with basic credit extension and could lead banks to cut operational costs. Authorities "tied the fate of the banking sector to state lenders with the recent regulations. Still, other sources close to the state lenders said these concerns are exaggerated given exporters, the focus of Erdogan's programme, are easily getting credit.

☆ Investors switch into Porsche AG from Volkswagen on debut day
▼ + stars: | 2022-09-29 | by ( Danilo Masoni | ) www.reuters.com time to read: +2 min

MILAN, Sept 29 (Reuters) - Porsche AG shares rallied on their Frankfurt market debut on Thursday as traders dumped holdings of its controlling companies to grab a slice in the newly listed supercar manufacturer. Register now for FREE unlimited access to Reuters.com Register"There seem to be shifts from Volkswagen into Porsche AG," said Jochen Stanzl, analyst at online broker CMC Markets. Porsche AG shares traded at a premium of as much as 5.2% to their IPO price of 82.5 euros at one point. Shares in top shareholders Volkswagen (VOWG_p.DE) and Porsche Automobil Holding SE (PSHG_p.DE) were last down 5% and 8% respectively. Porsche AG was by far the most traded stock by volume on Thursday on Lang & Schwartz's platform, indicating interest from individual investors, too.

Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group's electrification drive. Porsche AG stock was trading up 3% from the issue price of 82.50 euros at 1035 GMT. That lifted Porsche AG's valuation to 77.4 billion euros, close to the market capitalisation of Volkswagen as a whole, which is worth around 80.1 billion euros, and puts it ahead of rivals like Ferrari (RACE.MI). Shares in Volkswagen and holding firm Porsche SE (PSHG_p.DE), which owns a blocking minority in Porsche AG, were down 4.6% and 8%, respectively, as investors switched across. Up to 113,875,000 preferred Porsche AG shares, carrying no voting rights, were sold in the initial public offering.

Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group's electrification drive. Porsche AG stock was trading up 2.5% from the issue price of 82.50 euros at 0854 GMT. Register now for FREE unlimited access to Reuters.com RegisterPorsche AG's solid start came despite broadly weaker stock markets as they braced for expected red-hot German inflation data. Shares in Volkswagen and holding firm Porsche SE (PSHG_p.DE), which owns a blocking minority in Porsche AG, were down 4.3% and 6.7%, respectively. Up to 113,875,000 preferred Porsche AG shares, carrying no voting rights, were sold in the initial public offering.

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