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☆ BMW says it is looking into Morocco labour, environment issues after newspaper report
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

The headquarters of German luxury carmaker BMW is seen in Munich, Germany, August 5, 2020. BMW has contacted local supplier Managem with a range of queries and requested additional information, a spokesperson for the company told Reuters. By far the largest proportion of the world's cobalt deposits are located in the Congo, where child labour still occurs, particularly in small mines. BMW no longer sources cobalt from Congo, said the BMW spokesperson. Reporting by Christina Amann, writing by Vera Eckert, Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Dalder, Managem, Christina Amann, Vera Eckert, Hugh Lawson Organizations: BMW, REUTERS, Bayerische Motoren, FRANKFURT, Reuters, Managem, Daily, Sueddeutsche Zeitung, NDR, WDR, Thomson Locations: Munich, Germany, Moroccan, Morocco, Congo, Australia

☆ Germany set to double Ukraine military aid
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

German Chancellor Olaf Scholz delivers a speech on the day of the opening of an electrolysis gigafactory in Berlin, Germany November 8, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsFRANKFURT, Nov 11 (Reuters) - German chancellor Olaf Scholz's governing coalition has agreed in principle to double the country's military aid for Ukraine next year to 8 billion euros ($8.5 billion), a political source in Berlin said on Sunday. Defence minister Boris Pistorius, interviewed by broadcaster ARD, referred to the planned doubling of military aid to Ukraine. "Doubling the military spending is both the right thing to do and important," it quoted member of parliament Andreas Schwarz, who acts as an SPD military budget official, as saying. A European Union plan to spend up to 20 billion euros ($21 billion) on military aid for Ukraine is meeting with resistance from EU countries, diplomats said this week.

Persons: Olaf Scholz, Annegret, Olaf Scholz's, Boris Pistorius, Andreas Schwarz, Gursimran Kaur, Holger Hansen, Vera Eckert, David Gregorio, Kirsten Donovan, Giles Elgood Organizations: REUTERS, Rights, Atlantic Treaty Organization, Scholz's Social Democrats, Free Democrats, Green, Bundestag, Bloomberg News, Germany's Ministry of Defence, ARD, Thomson Locations: Berlin, Germany, Ukraine, Bengaluru, Frankfurt

☆ Germany's Continental considers measures to improve competitiveness
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

A car wheel with a badge showing the logo of German tyre company Continental, pictured before the company's annual news conference in Hanover, Germany, March 7, 2019. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsCompanies Continental AG FollowFRANKFURT, Nov 12 (Reuters) - Continental (CONG.DE) on Sunday said it is considering how to improve competitiveness of its automotive division but stopped short of commenting on a report that it could axe about 5,500 jobs worldwide. "Continental is looking into further measures to strengthen the competitiveness of its Automotive division," a spokesman said in reply to emailed questions about the report by business publication Manager Magazin. Once it has taken concrete decisions the company will publicise them internally and then inform the public, he added. Manager Magazin earlier wrote that the multinational automotive parts manufacturer could cut about 5,500 jobs in the automotive division, more than 1,100 of which would be at its 30 locations in Germany.

Persons: Fabian Bimmer, Vera Eckert, David Goodman Organizations: Continental, REUTERS, FRANKFURT, Automotive, Thomson Locations: Hanover, Germany

☆ German foreign minister, in Israel, says humanitarian crisis must be contained
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] German Foreign Minister Annalena Baerbock's holds a press conference in Tel Aviv, Israel November 11, 2023, in this still image taken from a video. The trip has taken Baerbock to the United Arab Emirates and Saudi Arabia. It was unclear how Israel in case of a general ceasefire would be able to defend itself, Baerbock said. The Middle East has been on edge since Hamas fighters rampaged into Israel on Oct. 7, killing 1,200 people. "I have assured my colleague Eli Cohen of Germany's unshakable solidarity with Israel," Baerbock said.

Persons: Annalena Baerbock's, Joseph Campbell, Annalena Baerbock, Eli Cohen, Baerbock, rampaged, Germany's, Vera Eckert, Christina Fincher Organizations: REUTERS, Rights, West Bank, European Union, United Arab, Reuters, Thomson Locations: Tel Aviv, Israel, Gaza, East, Brussels, United Arab Emirates, Saudi Arabia, Ramallah, West Bank . Saudi Arabia

☆ German Foreign Minister, in Israel, Says Humanitarian Crisis Must Be Contained
▼ + stars: | 2023-11-11 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

FRANKFURT (Reuters) - German Foreign Minister Annalena Baerbock said on Saturday in Tel Aviv that the international community should focus on limiting the impact of military operations in Gaza on the civilian population. Saudi Arabia and other Muslim countries called on Saturday for an immediate end to military operations in Gaza, rejecting Israel's justification of its actions against Palestinians as self-defence. It was unclear how Israel in case of a general ceasefire would be able to defend itself, Baerbock said. The Middle East has been on edge since Hamas fighters rampaged into Israel on Oct. 7, killing 1,200 people. "I have assured my colleague Eli Cohen of Germany's unshakable solidarity with Israel," Baerbock said.

Persons: Annalena Baerbock, Eli Cohen, Baerbock, rampaged, Germany's, Vera Eckert, Christina Fincher Organizations: West Bank, European Union, United Arab, Reuters Locations: FRANKFURT, Tel Aviv, Gaza, East, Israel, Brussels, United Arab Emirates, Saudi Arabia, Ramallah, West Bank . Saudi Arabia

☆ Germany's Scholz backs Spain's Calvino for EIB presidency
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Susana Vera/ File Photo Acquire Licensing RightsFRANKFURT, Nov 11 (Reuters) - German Chancellor Olaf Scholz on Saturday backed the candidacy of Spanish acting Economy Minister Nadia Calvino for the post of president of the European Investment Bank (EIB). "I think she will be a very good president of the EIB," Scholz said in an address to a weekend congress of the Party of European Socialists (PES) in Malaga, Spain. He added that they had worked well together in the past when they headed their respective countries' finance ministries. The EIB is currently led by German Liberal Democratic Party (FDP) politician Werner Hoyer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Nadia Calvino, Susana Vera, Olaf Scholz, Scholz, Werner Hoyer, Andreas Rinke, Vera Eckert, Kirsten Donovan Organizations: Monetary, Financial, International Monetary Fund, World Bank, REUTERS, Rights, Saturday, European Investment Bank, Party of European Socialists, European Union, Berlin, German Liberal Democratic Party, Thomson, Reuters Locations: Marrakech, Morocco, Malaga, Spain, Germany, France

☆ Germany's Scholz looking 'closely' at Italy's migrant deal with Albania
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +2 min

German Chancellor Olaf Scholz looks on next to the President of the Party of European Socialists (PES) Stefan Lofven during the meeting of the Party of European Socialists in Malaga, Spain, November 11, 2023. REUTERS/Jon Nazca Acquire Licensing RightsFRANKFURT, Nov 11 (Reuters) - German Chancellor Olaf Scholz on Saturday signalled an openness to study Italy's deal to hold migrants in Albania as the European Union tries to stem illegal immigration. Scholz's briefing, of which Reuters obtained an audio file, was held on the sidelines of a congress of the Party of European Socialists (PES). Scholz had on Tuesday agreed on a tougher migration policy and new funding for refugees with the heads of Germany's 16 states. Scholz also said six western Balkan states that had been promised EU membership 20 years ago should "soon" be integrated.

Persons: Olaf Scholz, Stefan Lofven, Jon Nazca, Scholz, Andreas Rinke, Vera Eckert, Dditing, David Holmes Organizations: Party of European Socialists, REUTERS, Rights, European Union, Monday Rome, Reuters, Thomson Locations: Malaga, Spain, Albania, Moldova, Ukraine, Georgia, Israel, Gaza

☆ Siemens Energy shares slide 39% after company seeks guarantees from German govt
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. The weekly said Siemens Energy is seeking up to 15 billion euros in guarantees. Siemens remains an anchor investor in Siemens Energy, retaining a 25.1% stake. The government was ready to help Siemens Energy while stakeholders also will have to play their role, they said. J.P. Morgan said in a note that the energy transition will require substantially higher rates of investments, which will bring commercial opportunities for Siemens Energy and sector peers.

Persons: Chris Helgren, Siemens Gamesa, WirtschaftsWoche, Morgan, Matthias Inverardi, Christian Kraemer, Alexander Huebner, Vera Eckert, Friederike Heine, Miranda Murray, Sabine Wollrab, Rachel More, Jan Harvey, Susan Fenton Organizations: Siemens Energy, REUTERS, Companies Company, Siemens, Siemens AG, Reuters Graphics Reuters, Spiegel, European Commission, Siemens Gamesa, Thomson Locations: Vancouver , British Columbia, Canada, BERLIN, Berlin

☆ German court throws out lower grid operator returns set by regulator
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Electrical power pylons with high-voltage power lines are seen next to wind turbines near Weselitz, Germany November 18, 2022. REUTERS/Lisi Niesner/File Photo Acquire Licensing RightsFRANKFURT, Aug 30 (Reuters) - A German court on Wednesday threw out the rates of return for power and gas network infrastructure operators set in 2021 by the grid regulator, saying companies were right to complain they were too low. The federal regulator, called the Bundesnetzagentur, had set permitted future returns for new power and gas infrastructure at 5.07%, versus 6.91% previously, leading 900 operators of local distribution networks to launch an appeal. The court in June heard test cases from 14 selected companies and upheld their arguments, it said in a statement. Leading power grid companies including E.ON (EONGn.DE) and EnBW (EBKG.DE) have said they need more money to remain competitive when billions of euros must be spent to accommodate more wind and solar power production plants on the grids.

Persons: Lisi Niesner, Kerstin Andreae, Vera Eckert, Tom Kaeckenhoff, Mark Potter, Mark Porter Organizations: REUTERS, Rights, Wednesday, E.ON, Thomson Locations: Weselitz, Germany, Ukraine

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

☆ Daimler Truck CFO Jochen Goetz dies in 'tragic accident'
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO: Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo/File Photo/File PhotoFRANKFURT, Aug 6 (Reuters) - Daimler Truck's (DTGGe.DE) Chief Financial Officer Jochen Goetz has died in a "tragic accident," the company said on Sunday. Goetz spent his entire professional career, spanning more than 36 years, in the Daimler Group, and was largely responsible for the successful spin-off of Daimler Truck Holding from what is now the Mercedes-Benz Group (MBGn.DE) in December 2021. "He played a key role in shaping today's Daimler Truck company and, as CFO, consistently worked to ensure that the company is now more economically successful than ever before," Chief Executive Martin Daum said. The company statement said Goetz had been distinguished by "his high level of professionalism as well as his positive, hands-on manner".

Persons: Fabian Bimmer, Jochen Goetz, Goetz, Martin Daum, Joe Kaeser, Vera Eckert, Andrew Cawthorne, Barbara Lewis Organizations: Daimler, IAA, REUTERS, Daimler Group, Daimler Truck Holding, Mercedes, Benz Group, Siemens, Thomson Locations: Hanover, Germany

☆ Mexican woman's body found in Berlin canal, autopsy planned
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

A general view shows the skyline of Potsdamer Platz square and the Leipziger Strasse street in Berlin, Germany, November 6, 2018. REUTERS/Fabrizio Bensch/File photoFRANKFURT, Aug 6 (Reuters) - Police in Berlin said on Sunday that an autopsy would be the next step in clarifying the circumstances of the death of a 24-year-old Mexican woman who disappeared at the end of July and whose body was found on Saturday. The cause of the death will be clarified in the course of an autopsy," a police spokesperson said. The case has drawn attention in Mexico, including President Andres Manuel Lopez Obrador saying earlier in the week that he would ask the German president to bolster the search for Sanchez. A few days after the woman's disappearance, Berlin police said in a statement that there were "indications" that the woman was "in an exceptional psychological situation."

Persons: Fabrizio Bensch, Maria Fernanda Sanchez, Andres Manuel Lopez Obrador, Sanchez, María Fernanda, Vera Eckert, Adriana Barrera, Grant McCool Organizations: REUTERS, Police, Interpol, Mexican Foreign Ministry, Thomson Locations: Potsdamer, Berlin, Germany, FRANKFURT, Adlershof, Mexico, Mexican

☆ Lebanon seeks to reassure Gulf, Germany after travel warnings
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

Saudi Arabia, Kuwait, Germany and Britain updated their travel warnings amid clashes between rival armed groups in the Palestinian camp of Ain el-Hilweh in Lebanon's south. The Saudi embassy on Friday urged its citizens to leave Lebanon quickly and avoid areas where there have been armed clashes. The Saudi statement on X, formerly known as Twitter, stressed "the importance of adhering to the Saudi travel ban to Lebanon". Last week, Germany warned citizens not to travel to Palestinian camps in Lebanon, among other areas. Reporting by Maya Gebeily in Beirut and Vera Eckert in Germany; editing by Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.

Persons: Najib Mikati, Mikati, Abdullah Bou Habib, Fatah, Ain, Maya Gebeily, Vera Eckert, Giles Elgood Organizations: Saudi, Saturday, United Nations, Thomson Locations: BEIRUT, Germany, Saudi Arabia, Kuwait, Britain, Ain el, Lebanon's, Lebanon, Saudi, Palestine, Beirut

Companies Uniper SE FollowGazprom PAO FollowDUESSELDORF, Aug 1 (Reuters) - Uniper (UN01.DE) announced plans on Tuesday to triple its green investments in the coming years as it confirmed strong financial results in the first half driven by favourable market conditions in a turnaround for Germany's bailed-out utility. Uniper said it would invest 8 billion euros ($8.79 billion) through 2030 for its green transformation alone, triple its average annual investments of the past three years. In May, it flagged profits of more than 2 billion euros expected from hedging its gas supply commitments. Expecting no further financial losses from procuring replacement gas volumes, Uniper said on Tuesday no further capital increases from the German state would be necessary. Its credit line from the KfW state lender has been reduced ahead of schedule to 11.5 billion euros from 16.5 billion euros, the company said.

Persons: Germany's, Uniper, Michael Lewis, Vera Eckert, Rachel More, Friederike Heine, Muralikumar Organizations: Gazprom, Thomson

FRANKFURT/LONDON, July 26 (Reuters) - German industry is finding new ways to transport cargoes from coal to chemicals as increasingly frequent low water levels on the Rhine disrupt Europe's largest economy. At Kaub , the critical chokepoint for Rhine barges, water levels fell to their lowest this year earlier this week. ARTERY OF THE ECONOMYThe impact of low water levels is not limited to big business. But logistics firms are benefiting from rising demand for vessels adapted to lower river levels. "We expect, due to climate change, that the extremes on the river Rhine will happen more often," said Maickel Uijtewaal, general manager at Stolt-Nielsen (SNI.OL).

Persons: Uwe Arndt, Barbara Hoyer, majeure, Roberto Spranzi, Maickel Uijtewaal, Steffen Bauer, Christoph Steitz, Vera Eckert, Ludwig Burger, Patricia Weiss, Rene Wagner, Nette, Tom Kaeckenhoff, Matthias Inverardi, Vincent Flasseur, Barbara Lewis Organizations: Federal Waterways, Shipping Agency, Reuters Graphics, Cologne, BASF, Reuters Graphics Reuters, Kiel Institute, Deutsche Bank, Reuters, Stolt, Nielsen, HGK Shipping, Daniels, Midland Co, Chemicals, Thomson Locations: FRANKFURT, LONDON, Kaub, Europe, Reuters Graphics Germany, Ludwigshafen, HGK, Frankfurt, Berlin, Duesseldorf, London

FRANKFURT/LONDON July 13 (Reuters) - Energy majors BP (BP.L) and TotalEnergies (TTEF.PA) have won a 7 gigawatt (GW) offshore wind site auction in Germany worth a record 12.6 billion euros ($14.1 billion), allowing them entry to the central European market without a partnership. The awards for capacity due to come online in 2030 also excluded leading offshore wind developers, such as RWE (RWEG.DE) and Orsted (ORSTED.CO). AUCTION DESIGNThe 7 GW electronic auction officially opened in January and bidders had until June 1 to submit offers. In previous German lease auctions, companies have made low or negative bids with the expectation of subsidies from the state. Industry groups have said the high costs of the leases could drive up the cost of offshore wind projects.

Persons: Bundesnetzagentur, Bernstein, WindEurope, Orsted, Norway's, TotalEnergies, Vera Eckert, Susanna Twidale, Christoph Steitz, Ron Bousso, Nora Buli, Nina Chestney, Barbara Lewis Organizations: Energy, BP, Industry, Thomson Locations: FRANKFURT, Germany, Macquarie, England, Danish

Companies Bp Plc FollowTotalEnergies SE FollowFRANKFURT/LONDON, July 12 (Reuters) - Oil majors BP (BP.L) and TotalEnergies (TTEF.PA) emerged as the winners in a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion), highlighting the appeal of renewable assets across Europe. "The results confirm the attractiveness of investments in offshore wind power in Germany," said Klaus Mueller, president of Germany's energy regulator Bundesnetzagentur. Analysts at Jefferies noted the high price for the auction, adding that it implied "high interest in European offshore wind sites from energy companies/developers". BP won the rights to develop two projects, marking its entry into offshore wind in continental Europe and representing 4 GW out of the total, it said in a separate statement. "This is a significant milestone for BP, showing our commitment to transitioning into an integrated energy company," BP head of offshore wind Matthias Bausenwein said.

Persons: Klaus Mueller, Matthias Bausenwein, Patrick Pouyanne, TotalEnergies, Vera Eckert, Christoph Steitz, Ron Bousso, Friederike Heine, Sharon Singleton, Chris Reese Organizations: Bp, Oil, BP, Jefferies, Federal, Thomson Locations: FRANKFURT, LONDON, Germany, Europe, Heligoland, Baltic, Ruegen, TotalEnergies, Frankfurt, London

☆ Germany more flexible on hydrogen transition, emphasises speed - draft
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, July 12 (Reuters) - Germany is set to hold on to its hydrogen economy goals up to 2030 and beyond while pressing for speed and allowing greater leeway in transitioning from fossil fuels-based variants to renewables, a draft paper showed on Wednesday. The draft was seen by Reuters while being presented to the national hydrogen council prior to assessment and adoption by the Berlin cabinet. It will become a 2023 strategy update guiding stakeholders in production, transport and wholesale markets as well as infrastructure investors. The coalition government in 2021 installed a target of 10 gigawatts (GW) of green hydrogen production by 2030, which can receive direct financial support, doubling previous ambitions. There would be greater tolerance of fossil- and nuclear-derived hydrogen, partly with carbon sequestration until such time as renewables could fully meet hydrogen demand, Germany's draft paper said.

Persons: Vera Eckert, Christian Kraemer, Markus Wacket, Devika Organizations: Europe's, Reuters, EEX, Thomson Locations: FRANKFURT, Germany

☆ German energy regulator expects lower power reserve needs this winter
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

The Federal Network Agency, called Bundesnetzagentur, said it had cut the amount of winter power capacity needed in reserve for the 2023/24 season by 44% from 2022/23 to 4,616 megawatts (MW). Also, the slow pace of network expansion is hampering the delivery of wind power from the north of Germany to the industrial south. That amount of capacity could be raised by combining plants operating regularly in the market with domestic and foreign network reserve capacities and the "winter" reserve, it said. Under the network reserve schemes, Germany can draw year-round on domestic plants that were registered for closure but declared system-relevant. Some power plants abroad will also be contracted under one-off agreements, where a relevant tender runs until May 15.

Uwe Oppitz of Rhenus Ports, who speaks for Energy Hub Port Wilhelmshaven, said that Wintershall Dea (WINT.UL) (BASFn.DE), Uniper (UN01.DE) and Tree Energy Solutions (TES) plan to spend a total of more than 5 billion euros at Wilhelmshaven. Energy Hub Port Wilhelmshaven comprises 30 companies, which include E.ON (EONGn.DE), RWE (RWEG.DE) and Orsted (ORSTED.CO), as well as Wilhelmshaven's home state of Lower Saxony. "Wintershall Dea plans to invest around 1 billion euros in the Wilhelmshaven site together with its partners," it said. And steelmaker Salzgitter (SZGG.DE) has already struck a deal with Uniper to receive green hydrogen for its steel mill processes, replacing essential fossil-fuel produced hydrogen. "We don't want to push green hydrogen to the side.

"From our point of view, Rostock with its overseas port and an existing ammonia terminal can become a hub for international hydrogen imports into eastern Germany," said Hans-Joachim Polk, board member for infrastructure and technology. In another cooperation, VNG is sounding out Algeria's state oil and gas producer Sonatrach with a view to possibly arranging green hydrogen imports into Rostock via Tunisian and Italian natural gas pipelines, Polk told a press briefing. As customers across Europe baulked at sky-high prices, VNG's gas sales fell 23% last year to 588 billion kilowatt hours (kWh). As well as gas sales to local utilities and industry, the group has a wide range of activities in high pressure and distribution gas pipelines, storage facilities and biogas. Reporting by Vera Eckert; Editing by Rachel More, Friederike Heine and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

A round of financing on Sunday raised through JPMorgan had given First Republic access to $70 billion in funds. First Republic Bank's stock closed up 10% on news of the rescue but its shares fell 18% in after-market trading, after the bank said it would suspend its dividend. [1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. It said it would exercise an option to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank, which confirmed it would provide liquidity to the bank against sufficient collateral. Since March 8, before last week's collapse of SVB, European banks have lost around $165 billion in market value, Refinitiv data shows.

☆ EU's von der Leyen says she will tackle US green subsidies, overcome e-fuels impasse
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] German Chancellor Olaf Scholz and European Commission President Ursula von der Leyen walk following a closed German cabinet meeting at the government's guest house in Schloss Meseberg, near Gransee, Germany, March 5, 2023. REUTERS/Fabrizio BenschFRANKFURT, Germany, March 5 (Reuters) - EU Commission President Ursula von der Leyen said on Sunday she is determined to counter challenges from U.S. subsidies for green technologies and to speed a currently blocked law on phasing out combustion engines from 2035. A Commission report on competitiveness, due at the same time, would help lower barriers inside the internal EU market and address shortages of specialised labour, which von der Leyen called a "brake on growth." Scholz and von der Leyen said that trade agreements were also being eyed with Indonesia and India. Von der Leyen also said the EU was keeping a close watch on whether China sticks to commitments not to help arm Russia in the Ukraine war.

☆ Rheinmetall in talks on building tank factory in Ukraine - report
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 4 (Reuters) - German defence contractor Rheinmetall (RHMG.DE) is in negotiations about building a tank factory in Ukraine, the newspaper Rheinische Post reported on Saturday, citing an interview with CEO Armin Papperger. Rheinmetall makes ammunition, other military equipment and also the Leopard tanks that Germany decided to send to Ukraine, which the company produces jointly with Krauss-Maffei Wegmann. "A Rheinmetall plant can be set up in the Ukraine for around 200 million euros ($212.64 million), which can produce up to 400 Panthers a year," Papperger was quoted as saying. He said Ukraine needed 600 to 800 tanks and the construction of new tanks must start quickly to achieve that number, he said. Its shares hit a record high in January after Germany's decision to send the heavy Leopard tanks to Ukraine.

European gas prices rallied in the run-up to Moscow's invasion of Ukraine begun almost exactly a year ago and they leapt to record highs when Russia subsequently cut supplies of relatively cheap pipeline gas. Although European prices have eased to around 50 euros ($53) per megawatt hour (MWh) from last August's peak of more than 340 euros, they remain above historic averages. That was even when they had received significant levels of Russian gas on long-term contracts prior to the shut down of the Nord Stream pipeline to Germany in August. Nord Stream's closure drove up European gas prices, as well as liquefied natural gas (LNG) prices, which also hit record levels of around 70 million British thermal units (mmBtu), compared with around $16 now . That could be tricky as the fall in gas prices this year has reduced the incentive to avoid the fuel.

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