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☆ Merck KGaA raises prospect of return to sales growth next year
▼ + stars: | 2023-10-19 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. The market for semiconductor materials sold by the company's Electronics division, should "recover incrementally in 2024", Merck added. The company reaffirmed that sales would be broadly flat this year, at between 20.5 billion euros ($21.6 billion) and 21.9 billion euros, compared with 22.2 billion last year. The outlook for adjusted core earnings of 5.8 billion to 6.4 billion euros this year, down from 6.85 billion in 2022, was also confirmed. Higher interest rates have dampened investor appetite for risky biotech drug ventures, compounding a decline in coronavirus-related activities.

Persons: Ralph Orlowski, Belen Garijo, Morgan, Merck, JP Morgan, Garijo, Ludwig Burger, Rachel More, Elaine Hardcastle Organizations: Merck, REUTERS, company's Electronics, Lonza, Reuters, Thomson Locations: Darmstadt, Germany, FRANKFURT, coronavirus, Swiss

A general view shows a special ship, "Neptune", the floating liquefied natural gas terminal, during the inauguration of the Liquefied Natural Gas (LNG) terminal 'Deutsche Ostsee' in the port of Lubmin, Germany January 14, 2023. REUTERS/Annegret Hilse/File PhotoLAUNCESTON, Australia, Aug 14 (Reuters) - The comfort that had characterised natural gas markets in Asia and Europe in recent months was shown to be a mere illusion by the threat of strike action at three major Australian liquefied natural gas (LNG) plants. Benchmark Dutch natural gas prices jumped 28.3% from the close on Aug. 8 to the finish on Aug. 10 as reports of the looming strike action spooked the market. Woodside and Chevron are engaging in talks with labour unions at the LNG facilities, and it's not yet clear what form any strike action would take, assuming no agreement can be reached. Europe's LNG imports in contrast have been trending lower as the continent's natural gas storages remained elevated and demand shifts structurally lower as countries move to reduce reliance on fossil fuels.

Persons: Annegret, Tom Hogue Organizations: REUTERS, Woodside Energy, Chevron, West Shelf, Benchmark, South Korea, China, Reuters, Thomson Locations: Lubmin, Germany, LAUNCESTON, Australia, Asia, Europe, Western Australia, North Asia, Woodside, Chevron, Ukraine, Japan, South Korea, Qatar, United States

☆ Kyrgios withdraws from U.S. Open
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

Aug 10 (Reuters) - Nick Kyrgios has withdrawn from the U.S. Open, the United States Tennis Association (USTA) said on Thursday as the Australian continues to recover from ankle and wrist injuries that have limited him to one tournament this season. The 28-year-old had surgery on his left knee earlier in the year and was beaten in his comeback match following a five-month layoff when he fell to China's Wu Yibing in the Stuttgart Open first round in June. Kyrgios missed the French Open due to a foot injury suffered during the theft of his car and pulled out of Wimbledon with wrist issues. Germany Jan-Lennard Struff has also withdrawn from the U.S. Open, the USTA said. Due to the withdrawals Argentine's Facundo Diaz Acosta and Diego Schwartzman move into the main draw.

Persons: Nick Kyrgios, China's Wu Yibing, Kyrgios, Germany Jan, Lennard Struff, Facundo Diaz Acosta, Diego Schwartzman, Steve Keating, Ken Ferris Organizations: U.S ., United States Tennis Association, USTA, Thomson Locations: Stuttgart, Germany, Toronto

☆ Germany's Merck flags steeper drop in earnings
▼ + stars: | 2023-08-03 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. Earnings before interest, taxes, depreciation and amortisation (EBITDA), before one-offs, would fall between 3% and 9%, when adjusted for currency swings, the diversified company said. The foreign exchange effects would be an additional drag of between 3% and 6%, it added. It had previously forecast 2023 adjusted EBITDA to slip between 0% and 5%, with an additional negative foreign exchange effect of 2% to 5%. Merck also reported second-quarter adjusted EBITDA declined 12.8% to 1.55 billion euros ($1.69 billion), slightly above the average estimate of 1.5 billion euros in an analyst poll on the company's website.

Persons: Ralph Orlowski, Merck, drugmakers, Ludwig Burger, Maria Sheahan, Miranda Murray, Kim Coghill Organizations: Merck, REUTERS, Science, Thomson Locations: Darmstadt, Germany, COVID

☆ Column: German electricity generation still stunted despite lower prices
▼ + stars: | 2023-07-05 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +4 min

Germany January-June electricity generationBut unless power prices undergo a significant further and persistent decline, total German energy consumption - and output - may remain depressed and cause enduring economic harm. Despite persistently lower prices, German total electricity generation was 247 terawatt hours (TWh) in the first half, 12.4% lower than the 282 TWh generated over the same period in 2022. This shows the deep impact on total electricity consumption from sustained cuts to power use by certain production lines and smokestack plants. For German energy producers, subsidies are available to build renewable supply capacity from solar and wind sites, which can help lift total electricity supply relatively quickly and help end users decarbonise. And without further steep, sustained reductions in power costs in coming months, many of these businesses may risk permanent contractions or closure even though power costs have already retreated sharply from last year's peaks.

Persons: Gavin Maguire, David Gregorio Our Organizations: Reuters, Thomson Locations: Ukraine, Europe, Germany

☆ Ukraine's Patriots aren't hard to find, and Russia's gunning for them with one of its best weapons — Putin's prized Kinzhals
▼ + stars: | 2023-05-17 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +12 min

Ukraine's Patriots aren't hard to find, and Russia appears to be using one of its best weapons to hunt them. Patriot missile defense system at Schwesing military airport in Germany on March 17, 2022. Photo by Axel Heimken/picture alliance via Getty ImagesUkraine presently has just two Patriot air defense batteries in its arsenal, one from the US and another provided by European partners. A general view of a mobile defence surface-to-air missile system, Patriot, before it is transported to Poland from Gnoien, Germany January 23, 2023. He asserted that "to the extent possible, replenishing Ukraine's air defense capacity should remain a priority for Western military aid for the foreseeable future."

☆ Russia's Kinzhal was never an unstoppable hypersonic missile, but the Patriot shot that killed one is still 'impressive,' expert says
▼ + stars: | 2023-05-11 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +9 min

Ukraine shot down a Russian Kinzhal missile described as a hypersonic weapon with a US-made Patriot interceptor. Still, a missile defense expert told Insider the missile is tough target, making it an "impressive" kill. A missile defense expert called the intercept by a Patriot missile "impressive," for both the advanced American-made missile defense system and its Ukrainian operators. A general view of a mobile defence surface-to-air missile system, Patriot, before it is transported to Poland from Gnoien, Germany January 23, 2023. Gen. Pat Ryder said that he could "confirm that they did down a Russian missile by employing the Patriot missile defense system."

[1/2] A general view shows a special ship, "Neptune", the floating liquefied natural gas terminal, during the inauguration of the Liquefied Natural Gas (LNG) terminal 'Deutsche Ostsee' in the port of Lubmin, Germany January 14, 2023. Northweat Europe LNG imports Northwest Europe LNG importsAnalysts estimate that Europe accounted for more than a third of global spot market trades in 2022, from around 13% in 2021. Such exposure could reach more than 50% this year if no long-term contracts were signed. Morten Frisch, senior partner at Morten Frisch Consulting, said Europe ideally needs about 70-75% of its LNG supply under firm long-term sale and purchase agreements (SPAs). LNG spot market prices LNG spot market pricesBut they are expected to rise again, with a hot summer that could cut hydro levels, a cold 2023-2024 winter and a rebound in Chinese LNG demand all seen as among the risk factors for price.

☆ EUROPE Market mood downbeat ahead of raft of data
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaThe overarching downbeat mood among investors shows no signs of improving as markets become increasingly wary of a further rise in borrowing costs. Although U.S. markets took a breather and rose on Monday, they ended well below the day's highs and Asian markets were back in the red on Tuesday after gaining in early trade. Tuesday's U.S. consumer confidence data will be especially scrutinised for households' views on economic prospects and inflation expectations. European markets will deal with CPI data due from France and Spain. While inflation has eased a bit, providing some support to markets, a barrage of economic data suggests that inflation is stickier than expected, reinforcing the "higher-for-longer" rates view.

☆ Morning Bid: Market mood downbeat ahead of raft of data
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Tuesday's U.S. consumer confidence data will be especially scrutinised for households' views on economic prospects and inflation expectations. Economists polled by Reuters expect a median reading of 109.5 on the index, which unexpectedly fell in January. European markets will deal with CPI data due from France and Spain. While inflation has eased a bit, providing some support to markets, a barrage of economic data suggests that inflation is stickier than expected, reinforcing the "higher-for-longer" rates view. British Prime Minister Rishi Sunak struck a deal with the European Union on post-Brexit trade rules for Northern Ireland.

☆ Operator warns of 'massive disruptions' in German airports strike
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +3 min

German trade union Verdi on Wednesday called on workers at Frankfurt, Munich, Stuttgart, Hamburg, Dortmund, Hanover and Bremen airports to go on a 24-hour strike, saying collective bargaining efforts had made little progress. "On Friday, February 17, 2023, there will therefore be massive disruptions to air traffic," said Fraport (FRAG.DE), the operator of Frankfurt airport, which counted more than 48 million passengers in 2022. The walkout also coincides with the start of the 59th Munich Security Conference (MSC), which brings hundreds of delegates to the Bavarian capital, including several global leaders. The issue would be discussed with the airport on Thursday, the Verdi spokesperson added. The union is currently in negotiations for three groups of workers: ground service staff, public sector officials and aviation security workers.

☆ Russian banks and invasion leaders in focus as EU debates new sanctions
▼ + stars: | 2023-02-15 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

[1/2] Russia's President Vladimir Putin and European Commission President Ursula von der Leyen meet on sideline of the Libya summit in Berlin, Germany January 19, 2020. "We will impose sanctions on a number of politicians and military leaders," the head of EU executive European Commission, Ursula von der Leyen, said last week after a summit with Ukrainian President Volodymyr Zelenskiy. "We will target (Russian President Vladimir) Putin's propagandists because their lies are poisoning the public space in Russia and abroad." This will further starve Russia's military machine and continue to shake the foundation of its economy," she said. The Commission also put forward further restrictions on European joint ventures with Russia and Russian nationals sitting on boards in Europe, they added.

In 2022, Rheinmetall made some 60,000 to 70,000 rounds each of tank and artillery shells, according to Papperger, who said production could be boosted immediately. A few days before the meeting with the new defence minister, Papperger pushed for an increase of Germany's defence budget. "The 51 billion euros in the defence budget will not suffice to purchase everything that is needed. Even before Russia's invasion of Ukraine, Germany was 20 billion euros short of reaching NATO's target for ammunitions stockpiling, according to a defence source. To plug the munitions gap alone, Papperger estimates the Bundeswehr (German armed forces) would need to invest three to four billion euros per year.

☆ Germany's defence fund not enough, sending fighter jets 'ruled out': defence minister
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] German Defence Minister Boris Pistorius puts on ear protection during firing practice, at armoured infantry training area Altengrabow, Germany January 26, 2023. Kay Nietfeld/Pool via REUTERSBERLIN, Jan 27 (Reuters) - Germany's 100 billion euro ($108 billion) special defence fund is no longer enough to cover its needs, the new Defence Minister Boris Pistorius said in an interview with Sueddeutsche Zeitung published on Friday. Asked whether Germany would sent fighter jets to Ukraine, the next request from Kyiv after Germany approved earlier this week the delivery of Leopard 2 tanks, Pistorius said this was "ruled out". "Fighter aircrafts are much more complex systems than main battle tanks and have a completely different range and firepower. ($1 = 0.9223 euros)Writing by Matthias Williams, Victoria Waldersee, editing by Rachel More, William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Morning bid: Running out of breath
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

Asian equities held steady on Wednesday near seven-month highs after a mixed session on Wall Street. On a thin day for economic data, focus will be on U.K. producer prices and the German IFO. Revenue at Europe's largest companies is expected to have risen by just 0.9% in the fourth quarter, Refinitiv I/B/E/S data showed on Tuesday. The forecast, which tracks companies listed on the pan-European STOXX 600 (.STOXX) benchmark index, represents a drop from last week when analysts expected revenue growth of 4%. Analysts downgrade earnings forecastsInvestment strategists at Standard Chartered say it is time to fade the rally seen in European stocks and the euro since the lows of September.

☆ Strike over pay at Berlin airport grounds all flights -operator
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

[1/6] A view shows empty check-in counters and kiosks, during a general strike by employees over pay demands, at the Berlin Brandenburg Airport (BER), in Schoenefeld near Berlin, Germany January 25, 2023. REUTERS/Michele TantussiBERLIN, Jan 25 (Reuters) - Staff at Germany's BER airport in capital Berlin went on strike to press their pay demands on Wednesday and the airport operator said all regular passenger flights were cancelled as a result. The Ver.di union called on airport staff in ground services, aviation security and at the airport company to strike in the wage dispute. It called the one-day work stoppage over what it said was insufficient progress in wage talks. Reporting by Klaus Lauer; Writing by Paul Carrel; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Strike over pay grounds all flights at Berlin airport, operator says
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 25 (Reuters) - All flights were cancelled at Germany's BER airport in the capital Berlin on Wednesday, the operator said, as staff went on strike for the day to press pay demands. The Ver.di union called on airport staff in ground services, aviation security and at the airport company to strike in the wage dispute. It called the one-day work stoppage over what it said was insufficient progress in the three parallel wage talks. [1/7] Demonstrators hold a banner during a general strike by employees over pay demands, at the Berlin Brandenburg Airport (BER), in Schoenefeld near Berlin, Germany January 25, 2023. A source told Reuters that a draft of this report forecast 6% inflation this year and 2.8% for 2024.

Pressure has been building on German Chancellor Olaf Scholz's government to send its Leopard tanks to Ukraine and let other countries send the ones they own. Ukraine says heavily armoured Western battle tanks would give its ground troops more mobility and protection ahead of a new Russian offensive that Kyiv expects in the near future. Germany has previously said that no country had formally asked for permission to send their Leopard tanks. A German defence source told Reuters that Poland had submitted a request to let it supply up to 14 Leopard 2 A4 tanks to Ukraine. He expressed confidence that a decision on sending battle tanks would come soon.

☆ Germany starts deploying Patriot air defence units to Poland
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

[1/4] A view of a part of the convoy as the mobile defence surface-to-air missile systems, Patriot, are transported to Poland, near Gnoien, Germany, January 23, 2023. REUTERS/Annegret HilseGNOIEN, Germany Jan 23 (Reuters) - Germany on Monday dispatched the first two out of three Patriot air defence units that will be sent to the Polish town of Zamosc close to the Ukrainian border where they will be deployed to prevent stray missile strikes. As a result, Berlin offered to deploy three of its Patriot units to Poland to help secure its air space. Ground-based air defence systems such as Raytheon's (RTX.N) Patriot are built to intercept incoming missiles. Sievers, who will command the German unit in Poland, underlined the defensive nature of the Patriot system.

☆ Morning Bid: Ugly duckling
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Anshuman DagaWhile Chinese economic data didn't come in worse than markets had feared, investors still couldn't come to terms with the scale of the economic pain being felt in the world's second-largest economy. Asian stock markets dipped and the broad-based MSCI's Asia Pacific share index outside Japan (.MIAPJ0000PUS) retreated away from seven-month highs, and Chinese equities stocks also retreated. European and UK stock futures, however, pointed to a steady start. The FTSE 100 (.FTSE) is just a whisker away from its record high of 7,903.5 points. Tuesday's batch of economic data coming up include UK jobs numbers, German inflation and Germany's ZEW economic sentiment survey.

☆ Germany in talks with Iraq over possible gas imports - Chancellor
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

[1/4] German Chancellor Olaf Scholz and Iraqi Prime Minister Mohammed Shia al-Sudani hold a news conference at the Federal Chancellery in Berlin, Germany January 13, 2023. REUTERS/Michele TantussiBERLIN, Jan 13 (Reuters) - Germany is in talks with Iraq over the possibility of importing natural gas from the oil-rich country, Chancellor Olaf Scholz said on Friday, as Berlin scrambles to diversify its energy sources to replace a drop in Russian fossil fuel shipments. "We also talked about possible gas deliveries to Germany and agreed to stay in close contact," Scholz told journalists in a joint news conference with Iraqi Prime Minister Mohammed Shia al-Sudani in Berlin. Scholz did not give further details on the volumes of gas Germany hopes to import from Iraq. Baghdad has offered opportunities to German companies to invest in using Iraq's natural gas and the gas generated as a byproduct from oil production, al-Sudani said, adding that Iraq wants to deliver gas through a pipeline via Turkey to Europe.

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