DIRS.INFO The most relevant business & tech news

Losses from natural catastrophes covered by insurance totalled around $120 billion last year, similar to 2021, though short of 2017's record damages, Munich Re (MUVGn.DE), the world's largest reinsurer, said. Annual insured losses of $100 billion appear to be "the new normal", he said. Total losses from natural catastrophes, including those not covered by insurance, were $270 billion in 2022. The United States once again accounted for a big portion of the losses with Hurricane Ian, which hit Florida in September, causing $60 billion of insured damages and $100 billion in total losses. Floods in Australia early in the year and again in October resulted in $4.7 billion in insured damages and $8.1 billion overall.

☆ German finance regulator warns of 'Godfather' malware attacks
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Jan 9 (Reuters) - German finance regulator BaFin on Monday warned consumers that the malware known as "Godfather," which records user input, has been attacking 400 banking and cryptocurrency apps, including some in Germany. BaFin said that it was unclear how the malware infected consumers' devices. The malware displays fake websites of regular apps that can collect user login details and transmit them to cyber criminals, BaFin said. Reporting by Tom Sims and Marta Orosz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Eli Lilly has spent years and billions of dollars in search of an effective Alzheimer's drug. But success is not all or nothing for the stock
▼ + stars: | 2023-01-09 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +22 min

Eli Lilly (LLY) has spent decades researching Alzheimer's disease without successfully bringing to market a treatment that slows the memory-destroying condition. For Eli Lilly as a company, an Alzheimer's drug is an important pursuit. Lilly's Alzheimer's history Eli Lilly's "first real foray" into Alzheimer's came in the 1990s, according to Dr. John Sims, Eli Lilly's head of medical development for donanemab. Financial implications for Lilly LLY mountain 2021-10-08 The Club started a new position in Eli Lilly (LLY) in October 2021. The Eli Lilly logo is shown on one of the company's offices in San Diego, California, September 17, 2020.

☆ German 2022 gas imports dropped 12.3%, Norway helped replace Russia - regulator
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

Norway took over from Russia as the number one supplier, accounting for 33% of the total volume, with Russia supplying 22%, the regulator said in a statement. "The missing gas shipments from Russia were partly compensated by additional imports, among other origins, via the Netherlands, Belgium and Norway," the statement said. Reuters GraphicsThe Berlin government has also rushed through provisions for liquefied natural gas (LNG) to arrive on board ships to plug gaps. Total German gas exports amounted to 501 TWh, down by a third from 749 TWh a year earlier. Germany's gas storage levels currently stand at a comfortable 90.72%, way above the 40% threshold that the regulator deems critical at the start of February.

FRANKFURT, Jan 5 (Reuters) - Germany exported more electricity to its neighbours than it imported in 2022, even with an energy crisis at home, thanks to more more weather-driven renewable power and greater demand from France. The trade figures show that Germany's neighbours remain dependent on surplus power from Europe's biggest economy if their own generation supplies fall short. In detail, German power imports in 2022 totalled 51 TWh, 2.6% down from 2021, while exports rose 7.3% year-on-year to 78.5 TWh, giving a net export surplus. France, Switzerland and Austria increased energy imports from Germany year-on-year, as did the Czech Republic, Belgium and Norway. Volumes originating in Switzerland, Austria, Poland, among others, fell last year.

☆ 'Glass Onion' director says he didn't want 'A Knives Out Mystery' in the title
▼ + stars: | 2022-12-27 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

"Glass Onion" director Rian Johnson said he was "pissed off" about the movie's subtitle. But despite the name recognition, director Rian Johnson still wasn't thrilled to have "Knives Out" in the title of his sequel, "Glass Onion: A Knives Out Mystery," which hit Netflix on Friday. Whether it's partly due to the familiar subtitle or not, "Glass Onion" appears to be a hit on Netflix. Netflix nabbed the rights to two "Knives Out" sequels last year, meaning viewers can expect a follow-up to "Glass Onion." During Netflix's most recent earnings call in October, co-CEO Ted Sarandos said: "We're in the business of entertaining our members with Netflix movies on Netflix."

☆ Wirecard witness admits guilt but pins German fraud blame on ex-CEO
▼ + stars: | 2022-12-19 | by ( Christina Amann | ) www.reuters.com time to read: +3 min

Oliver Bellenhaus, who was head of Wirecard's subsidiary in Dubai, became a key witness in the case after turning himself in to German authorities in 2020. They face charges including fraud and market manipulation and if convicted could be jailed for up to 15 years. Florian Eder, a lawyer for Bellenhaus, told Reuters that the cooperation of his client should result in a "very significant reduction" in his sentence. It was a swindle from the beginning," Bellenhaus told the court, saying he deeply regretted his involvement and the damage it caused. But Bellenhaus told the court on Monday it was "blind loyalty" to Braun, whom he described as an "absolutist CEO", that had landed him in court in Munich.

FRANKFURT, Dec 16 (Reuters) - Coal has made a comeback in Germany this year, as Europe's largest economy turns to the dirty fuel to power it through an energy crisis. Gas generation rose slightly, despite high prices, as wind and hydro power output were low, and domestic nuclear output also fell in July-Sept. This has increased coal power generation in the European Union, which is expected to remain at these higher levels for some time," the IEA's annual coal market report said. This includes 1.9 GW of lignite and 4.3 GW of hard coal power plants which are allowed to return to the market until 2024, the IEA report said. The decommissioning of 2.6 GW of hard coal power capacity and 1.2 GW of lignite capacity has been postponed.

Higher interest rates are fattening profits from regular banking, while there has been a decline in M&A deals. In both those years, the investment bank made close to 40% of revenue and more than 75% of pre-tax profit. The bank's corporate and retail businesses, meanwhile, stagnated under ultra-low interest rates that lasted longer than expected. Deutsche Bank is under scrutiny for its controls to prevent money laundering, said a person with direct knowledge of the matter. Deutsche Bank has also been under pressure from regulators to rein in its leveraged finance business, where credit is extended to already indebted borrowers.

☆ Germany calls for global regulation of crypto industry
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Dec 14 (Reuters) - Germany's top regulator this week called for global regulation of the cryptocurrency industry to protect consumers, prevent money laundering and preserve financial stability. Branson said a "crypto spring" may follow what has been a "crypto winter" but that the industry that emerges is likely to have more links with traditional finance, further increasing the need for regulation. "Now is the time for serious cryptocurrency regulation," he said. Regulation of the industry has been loose and patchwork. Last month he said in an interview on the ECB's website that "not all crypto business models are serious".

☆ Deutsche Bank's DWS plans divestments and special dividend
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

The fund manager also said it would propose a dividend of up to 1 billion euros ($1.04 billion) in 2024. "We are committed to self-funding our changes by reallocating financial resources freed up by divestments, delayering and cost initiatives," he said in a statement. As new targets, DWS is aiming for earnings per share of 4.50 euros by 2025 and an adjusted cost-to-income ratio of below 59%. That compares with 2021, which was a particularly strong year, of 3.90 euros per share and a record low cost-to-income ratio of 58.1%. ($1 = 0.9572 euros)Reporting by Tom Sims and Marta Orosz; Editing by Cynthia Osterman and Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche bank, Rabobank hit with EU antitrust charge over bond cartel
▼ + stars: | 2022-12-06 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

[1/2] People are silhouetted next to the Deutsche Bank's logo prior to the bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai PfaffenbachBRUSSELS, Dec 6 (Reuters) - Deutsche Bank (DBKGn.DE) and Rabobank (RABO.UL) were charged by EU antitrust regulators on Tuesday of taking part in a government bond cartel, the latest move against a sector which has racked up millions of euros in fines for various competition violations. Deutsche Bank said it does not expect any sanction, suggesting that it may have alerted the cartel to the authorities. "Deutsche Bank has proactively cooperated with the European Commission in this matter and as a result has been granted conditional immunity. In accordance with the European Commission’s guidelines, Deutsche Bank does not expect a financial penalty," the German lender said.

FRANKFURT, Nov 25 (Reuters) - Germany's Deutsche Bank (DBKGn.DE) has a stark warning to European companies borrowing from U.S. lenders: They will drop you when times get tough. "There was evidence of non-German banks in this country taking lending off the table while German banks were going longer-credit during the pandemic, in 2020," he added, again without citing examples. Deutsche Bank has long highlighted a need for Europe to have strong banks to vie with U.S. and Chinese competitors, but the latest rhetoric signals a more aggressive tone. Campelli called for a "concerted approach" by politicians and regulators to support European banks. He said he wanted strong European banks in Germany and pushed back on being a mere U.S. bank.

☆ Deutsche Bank CEO warns of 'danger' of European reliance on foreign banks
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Deutsche Bank has long warned that Europe needs strong banks to counteract U.S. and Chinese competitors, but Friday's speech took on a greater sense of urgency. "We urgently need to change course here if we do not want to rely primarily on foreign banks to finance Europe's future," Sewing said at a banking conference. Sewing blamed European regulators for a heavy hand, the latest criticism by top bankers of its supervisors. "It becomes ever clearer that the current regulatory framework does little to strengthen European banks," he said. European Central Bank (ECB) President Christine Lagarde, speaking at the same conference, warned of "undermining" regulation.

The plans include the Bundesbank, Germany's central bank, hoarding extra billions to cope with a surge in demand, and possible limits on withdrawals, one of the people said. NO JUMPING THE LINEOne weakness that planning exposed involves security firms that transport money from the central bank to ATMs and banks. The organization hosted a meeting last week with central bank officials and lawmakers to press its case. At times politics can get in the way of blackout planning. He said that he has long been warning authorities of blackout risks but that planning has been inadequate.

☆ German regulator calls on banks to increase risk provisions
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 14 (Reuters) - The president of Germany's financial regulator, Mark Branson, on Monday called on banks to increase their risk provisions while earnings are strong. Branson, speaking at a conference in Frankfurt, praised U.S. banks for setting aside "as much as they could". "Now is the time" for banks to set aside funds for a rainy day, while they are earning well, he said. Some did increase their risk provisions somewhat. Reporting by Tom Sims and Marta Orosz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Rheinmetall agrees 1.2 billion euro deal to acquire Spanish explosives maker Expal
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 13 (Reuters) - German military equipment manufacturer Rheinmetall (RHMG.DE) said on Sunday it has agreed a deal to acquire Spanish explosives and ammunition maker Expal Systems for an enterprise value of 1.2 billion euros ($1.24 billion). Expal is a subsidiary of Spanish company Maxam, owned by private equity firm Rhone Capital. With the acquisition, Rheinmetall said it aims to bolster its core weapon, ammunition and propellants business. Rheinmetall said Expal Systems expects sales in 2023 of around 400 million euros. Expal has a workforce of more than 1,000 employees and 11 production sites and is present in over 60 countries.

☆ Germany's IG Metall union calls for further strikes on Monday
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 13 (Reuters) - Germany's IG Metall union on Sunday called for new strikes on Monday in its ongoing wage dispute. The so-called warning strikes will take place at targeted locations in the states of Hesse, Thuringia and Rhineland-Palatinate, the union said. The union, which represents metal and electric industry workers, have called for an 8% pay increase. Reporting by Tom Sims;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

[1/2] Taylor Swift receives the award for the Best Longform Video during the 2022 MTV Europe Music Awards (EMAs) at the PSD Bank Dome in Duesseldorf, Germany, November 13, 2022. REUTERS/Wolfgang RattayDUESSELDORF, Nov 13 (Reuters) - Taylor Swift walked away with four prizes at MTV's Europe Music Awards on Sunday, including best video for her 10-minute "All Too Well". Double-award winners included Nicki Minaj for best song and best hip-hop, and the French DJ and record producer David Guetta won the best electronic award and best collaboration. The U.S. pop singer Swift, wearing a dress of bejewelled mesh, won best artist, best pop, best video and best long form video. British pop star Harry Styles won in the "best live" category and the Thai-born Lalisa 'Lisa' Manoban won best K-pop.

☆ Germany warns its delegation of Egyptian spies at COP27
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +3 min

Comments last week by German Chancellor Olaf Scholz about Egypt's human rights record provoked the threat of surveillance, that person said. Two other officials in Germany confirmed the existence of the warning, though they declined to elaborate on its specific wording. Three German attendees at COP27, from non-governmental organizations and industry, said they had received verbal warnings from other attendees and delegations of possible surveillance. "To this end, we are in continuous exchange with the Egyptian side," the official said, speaking on condition of anonymity. "A decision needs to be taken, a release has to be made possible, so that it doesn't come to it that the hunger striker dies," Scholz told reporters.

☆ Iran indicts 11 over Basij agent's death, basketball team skips anthem
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +4 min

Videos posted on social media purportedly showed the national basketball team refraining from singing the national anthem during a match with China in Tehran on Friday - widely seen as another show of support from athletes for the protests. The activist HRANA news agency said 336 protesters had been killed in the unrest as of Friday, including 52 minors. Earlier this week, videos posted on social media showed the national water polo team failing to sing the national anthem at a competition in Thailand. 'STEP UP THE PRESSURE'On Friday, a cleric in the northwestern city of Urmia called during prayers for the punishment of athletes who refrained from singing the national anthem, according to Iranian news agencies. "We want to continue to step up the pressure on the Revolutionary Guard Corps and the political leadership," he said in a video posted on Twitter.

☆ Allianz deal to sell Russia operations faces delay due to regulator
▼ + stars: | 2022-11-10 | by ( Andreas Rinke | Miranda Murray | ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 10 (Reuters) - The insurer Allianz said on Thursday that a deal to sell a majority stake in its Russian operations was delayed as it awaits regulatory approval. Allianz said that the financial hit of around 400 million euros ($401.36 million) to profit from the deal would now occur in the fourth quarter of this year or in the first quarter of 2023. Allianz had previously said it expected the hit in the third quarter. "It's simply a delay driven by the regulator" in Russia, an Allianz spokesperson said. ($1 = 0.9966 euros)Reporting by Tom Sims and Alexander Huebner, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank joins recent industry criticism of ECB
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 9 (Reuters) - Deutsche Bank (DBKGn.DE) on Wednesday waded into the financial industry's criticism of the European Central Bank, with the German lender's finance chief saying authorities should do more to champion banks. The ECB and other parts of official sector "should be moving to championing the banks to help the economy rather than not," Chief Financial Officer James von Moltke said at a financial conference. Reporting by Tom Sims, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

But shares fell more than 7% after the bank said its 2024 costs would be higher than anticipated, with revenue and operating profit for that year missing analysts' current forecasts. Net profit of 195 million euros in the quarter compares with a profit of 403 million a year earlier. Analysts had expected profit of 116 million euros on average in a consensus forecast published by the bank. Looking ahead to 2024, the bank said it now expects operating profit of 3.2 billion euros, below analysts' expectations. In a note, Deutsche Bank analysts said the forecast was "below consensus" and asked, "How conservative is the 2024 guidance?"

☆ Allianz beats quarterly profit expectations, posts rosier 2022 outlook
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

Net profit attributable to shareholders was 2.464 billion euros ($2.47 billion) in the quarter compared to 2.111 billion euros a year earlier. The figure surpassed a 2.320 billion euro consensus forecast. Allianz said operating profit in 2022 would be in the upper half of its previously stated range of 12.4 billion euros to 14.4 billion euros. The "upper half" is new guidance and rosier than before. Separately, the company announced a 1 billion euro share buyback programme, which would start in the middle of November and conclude by the end of next year at the latest.

Search resuls for: "Sims"

25 mentions found