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☆ Germany’s China policy caps pain for its companies
▼ + stars: | 2023-07-14 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Back then one idea was to aggressively push for companies to disclose details of their China business, and even to stress-test their exposure, according to a draft seen by Reuters. The compromise likely stems from the realisation that China is simply too strategic to quit quickly without inflicting significant pain. The People’s Republic is also Volkswagen's largest market, accounting for around 40% of Volkswagen's global unit sales in 2022. Even so, executives will be relieved they can for the most part undertake China de-risking at their own pace. Reuters Graphics Reuters GraphicsFollow @ywchen1 on TwitterCONTEXT NEWSGermany’s first China strategy, published on July 13, outlined possible responses to an "increasingly assertive" Beijing, such as adjusting export controls and outbound investment restrictions.

Persons: Martin, Thomas Schäfer, Brudermüller, “, Li Qiang, George Hay, Streisand Neto Organizations: Reuters, BASF, Volkswagen, Greens, Reuters Breakingviews, BASF ”, ifo, Reuters Graphics Reuters, Union, VW, European Union, Thomson Locations: China, Berlin, People’s Republic, Brussels, Washington, Taiwan, Republic, Germany, Beijing

☆ Germany’s China policy makes life easier for its companies
▼ + stars: | 2023-07-14 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Back then one idea was to aggressively push for companies to disclose details of their China business, and even to stress-test their exposure, according to a draft seen by Reuters. The compromise likely stems from the realisation that China is simply too strategic to quit quickly without inflicting significant pain. A survey conducted by the ifo Institute showed that half of German firms in the manufacturing sector currently depend on important intermediate inputs from China. Even so, executives will be relieved they can for the most part undertake China de-risking at their own pace. Follow @ywchen1 on TwitterCONTEXT NEWSGermany’s first China strategy, published on July 13, outlined possible responses to an "increasingly assertive" Beijing, such as adjusting export controls and outbound investment restrictions.

☆ EU single market remains short of a single patent
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

While it’s good the EU is moving forward, a single patent can’t fulfill its promise without full participation. The European Patent Office holds fifth place. Billions of euros remain out of reach because the EU is strong on research but weak in finding market success. Seeking an EU patent via separate applications across Europe costs about 20,000 euros, compared to an estimated 6,000 euros under the new system. For Europe to be more than the world’s technology incubator, its single market needs more tools that are fully subscribed.

☆ BASF picks right time to share pain with investors
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 24 (Reuters Breakingviews) - BASF (BASFn.DE) continues to provide the best metaphor for the German economy. The group will cut 2% of its workforce in a 550 million euros cost-cutting effort that includes plant closures. Investors who might have cheered the news sent the stock tanking by 6% as BASF boss Martin Brudermüller is also suspending a 3 billion euros share buyback. Politically that may have allowed the group to maintain its dividend at a planned 3.40 euros a share. The closure of one of two ammonia plants in the company’s stronghold of Ludwigshafen was expected - a Belgian plant in Antwerp can supply the global market.

☆ Indonesia says BASF, Eramet near $2.6 bln deal to process nickel for EV batteries
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +3 min

[1/2] A logo is seen on the facade of the BASF plant and former Ciba production site in Schweizerhalle near Basel July 7, 2009. Indonesia's investment ministry cited BASF chief executive Martin Brudermüller as saying the project investment would be worth around 2.4 billion euros ($2.59 billion). Eramet spokeswoman Fanny Mounier said the project was subject to a final investment decision and further details would be disclosed if a decision was made. The planned plant would produce mixed hydroxide precipitate (MHP) from nickel through a high-pressure acid leach (HPAL) plant. Investment into MHP production in Indonesia has so far been dominated by Chinese companies such as Zhejiang Huayou Cobalt and Tsingshan Holding Group.

☆ BASF, Eramet near $2.6 bln Indonesia deal to process nickel for EV batteries
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

JAKARTA, Jan 18 (Reuters) - Germany's BASF (BASFn.DE) and French miner Eramet (ERMT.PA) are finalising a $2.6 billion partnership deal to invest in a facility in Indonesia to process nickel for use in batteries for electric vehicles, Indonesian officials said. The project investment would be worth around 2.4 billion euros ($2.59 billion), the investment ministry said, citing BASF chief executive Martin Brudermüller. BASF and Eramet's investment plan was in line with the government's "aspirations to set up Indonesia as world-class EV player," said Investment Minister Bahlil Lahadalia. Indonesia is also finalising agreements with Chinese automaker BYD Group and Tesla (TSLA.O) to invest in EV production facilities, a senior cabinet minister said on Tuesday. Investment into MHP production in Indonesia has so far been dominated by Chinese companies such as Zhejiang Huayou Cobalt and Tsingshan Holding Group.

☆ BASF, Eramet to finalise $2.6 bln partnership on Indonesia nickel smelter -Indonesia
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Jan 18 (Reuters) - Germany's BASF (BASFn.DE) and French mining firm Eramet (ERMT.PA) are finalising a $2.6 billion partnership deal to invest in a nickel smelting facility in Indonesia, Indonesia's investment ministry said, citing the CEO of BASF. The project investment deal would be worth around 2.4 billion euros ($2.59 billion), the investment ministry said, citing BASF chief executive Martin Brudermüller. The project will make materials to be used in batteries for electric vehicles. Eramet would own 51% of the project, while BASF would hold 49%, the presentation showed. BASF and Eramet could not immediately be reached for comment.

The visit — the first by a G7 leader to China in roughly three years — comes as Germany slides towards recession. A spokesperson for Hamburger Hafen und Logistik (HHLA), the company operating the port terminal, told CNN Business on Thursday that it was still negotiating the deal with Cosco. “The restrictions are suffocating economic growth and heavily impact China’s attractiveness as a destination for foreign direct investment,” he told CNN Business. The ministry did not respond to a request for comment from CNN Business. He predicted that “the large majority will stay committed to the Chinese market and is expecting to expand their business.”Companies appear to be toeing that line.

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