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BERLIN, June 14 (Reuters) - Volkswagen's (VOWG_p.DE) passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on sales target of 6.5%, a spokesperson said on Wednesday. "The Volkswagen Group is focusing even more strongly on profitability and cash flow," Antlitz said in his post. Antlitz's statement came after Volkswagen brand chief Thomas Schaefer told workers in an internal memo in mid-May it was planning an overhaul at its core brand to put it on more solid footing. Volkswagen is due to present new financial targets and an updated corporate strategy for the entire group at a capital markets day next Wednesday. The carmaker's supervisory board was due to discuss on Tuesday cost-cutting measures across the Volkswagen, Seat, Skoda and Cupra brands to achieve that goal, a source told Reuters.
Persons: Arno Antlitz, Antlitz, Thomas Schaefer, Schaefer, Victoria Waldersee, Jan Schwartz, Miranda Murray, Kirsten Donovan Organizations: Skoda, SEAT, Volkswagen, Reuters, Thomson Locations: BERLIN, Spain
REUTERS/Fabrizio BenschSummarySummary Companies Germany unveils first ever National Security StrategyDocument reflects growing focus on security over economyContains strong criticism of China but does not mention TaiwanImplementation could be hampered by lack of Security CouncilBERLIN, June 14 (Reuters) - China poses a growing threat to global security, Germany said in its first national security strategy on Wednesday, underscoring Berlin's shift in emphasis from economic interests to geopolitics following Russia's invasion of Ukraine. It also omits some major issues, such as Taiwan, and as expected, does not create a National Security Council that would help its implementation. "We paid for every cubic metre of Russian gas twofold and threefold with our national security." Russia is the top threat to European peace "for now", the National Security Strategy (NSS) said. "The good thing is that German companies are drawing similar conclusions to the German federal government," she said.
Persons: Olaf Scholz, Fabrizio Bensch, cyberattacks, Chancellor Olaf Scholz, Annalena Baerbock, Ola Kaellenius, Baerbock, Noah Barkin, Norbert Roettgen, Scholz, Christian Lindner, Andreas Rinke, Miranda Murray, Rachel More, Madeline Chambers, Christoph Steitz, Angus MacSwan, Mark Potter, Alexandra Hudson Organizations: REUTERS, Germany, Security, BERLIN, Security Council, National Security, NSS, Volkswagen, BASF, BMW, Benz, NATO, Alexandra Hudson Our, Thomson Locations: Berlin, Germany, China, Taiwan, Ukraine, Beijing, Asia, Russia, Moscow, Europe, Moldova, Georgia
June 12 (Reuters) - Novartis (NOVN.S) said it has agreed to acquire U.S. biotech firm Chinook Therapeutics (KDNY.O) for up to $3.5 billion to boost its late-stage drug development line-up, raising the stakes in the race for a rare kidney disease treatment. The other drug hopeful is iptacopan, which is being trialled against a number of rare genetic disorders, including IgAN and another kidney disease. IgAN is a progressive autoimmune disease that mostly affects young adults and which can lead to kidney failure that requires dialysis or organ transplantation. IgAN is the most common cause of kidney failure in Caucasian young adults, Novartis added. Additional reporting by Miranda Murray; Editing by Kim Coghill, Sonali Paul and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
Persons: Novartis, Vas Narasimhan, Narasimham, atrasentan, Narasimhan, Kisqali, Roche, Vera, Muddy Waters, Miranda Murray, Kim Coghill, Sonali Paul, Alexander Smith Organizations: Novartis, Chinook Therapeutics, Vera Therapeutics, Sandoz, Chinook, Thomson Locations: Seattle, United States
BERLIN, June 12 (Reuters) - Volkswagen's (VOWG_p.DE) supervisory board will meet on Tuesday to discuss a planned savings programme ahead of its capital markets day on June 21, two sources close to the company said on Monday. The board will discuss cost-cutting measures amounting to at least 3 billion euros ($3.22 billion) across the Volkswagen, Seat, Skoda and Cupra brands, said one source. Germany daily Handelsblatt, which first reported on the savings programme, reported that Chief Executive Oliver Blume wants to curb duplicate development work and better utilise German plants, particularly at Audi and Volkswagen. Volkswagen brand chief Thomas Schaefer said in an internal memo in May that the brand was targeting a 6.5% return on sales, compared to 3% achieved in the first quarter of this year. The Volkswagen brand must act," he wrote at the time.
Persons: Oliver Blume, Arno Antlitz, Thomas Schaefer, Jan Schwartz, Miranda Murray, Victoria Waldersee, Susan Fenton Organizations: Volkswagen, Skoda, Audi, Group, Reuters, Thomson Locations: BERLIN, Germany
ZURICH, June 12 (Reuters) - UBS (UBSG.S) on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse (CSGN.S), creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. The merger also brings to an end Credit Suisse's 167-year history, marred in recent years by scandals and losses. Credit Suisse shares were up 0.9% on their last day of trading, while UBS were up around 0.8% in early trade. UBS is set to book a massive profit in second-quarter results on Aug. 31 after buying Credit Suisse for a fraction of its so-called fair value. Ermotti has, however, warned the coming months will be "bumpy" as UBS gets on with absorbing Credit Suisse, a process UBS has said will take three to five years.
Persons: Sergio Ermotti, Colm Kelleher, Jean Dermine, Arturo Bris, Ermotti, Noele Illien, John O'Donnell, Miranda Murray, Tomasz Janowski, Edwina Gibbs Organizations: UBS, Credit Suisse, Swiss, Banking, Finance, INSEAD, IMD, Competitiveness, U.S, NEXT, Credit, Thomson Locations: ZURICH, Swiss, Switzerland
June 12 (Reuters) - Novartis (NOVN.S) has agreed to acquire Seattle-based biotech firm Chinook Therapeutics (KDNY.O) for up to $3.5 billion to boost its late-stage drug development line-up with a new treatment for a rare severe kidney disease. Chinook is also working on zigakibart, another experimental IgAN treatment that is injected, and plans to start a Phase 3 trial in the third quarter of 2023. IgAN is a progressive autoimmune disease that mostly affects young adults and which can lead to dialysis or kidney transplantation. IgAN is the most common cause of kidney failure in Caucasian young adults, the company added. Additional reporting by Miranda Murray; Editing by Kim Coghill and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.
Persons: Swiss drugmaker, Vas Narasimhan, atrasentan, Narasimhan, Kisqali, Soliris, Miranda Murray, Kim Coghill, Sonali Paul Organizations: Novartis, Seattle, Chinook Therapeutics, Chinook, Swiss pharma, Sandoz, Thomson Locations: Swiss, IgAN, United States
It comes as hydrogen technology is getting a boost from favourable legislation in the United States and Europe, which are both seeking to strengthen the technology to help carbon dioxide-heavy industries, including steel and chemicals, to decarbonise. "A potential IPO would enlarge the financial flexibility of Thyssenkrupp Nucera and raise its profile as a leading supplier of technology for the production of green hydrogen," he said. The listing, which is run by Citi (C.N) and Deutsche Bank (DBKGn.DE), will primarily consist of new shares, Thyssenkrupp Nucera said. First-half sales were up 74% at 306 million euros, while the group's earnings before interest and tax rose 87% to 13.3 million euros. "With our electrolysis technology we want to shape a new era of the energy transition," said Werner Ponikwar, chief executive of Thyssenkrupp Nucera.
Persons: Nora, Italy's De Nora, DNR.MI, Miguel Lopez, Thyssenkrupp, Thyssenkrupp Nucera, De Nora, Nora's, Norway's Nel, Werner Ponikwar, Christoph Steitz, Tom Kaeckenhoff, Francesca Landini, Miranda Murray, Clarence Fernandez, Sharon Singleton Organizations: Reuters, Citi, Deutsche Bank, Thyssenkrupp, Britain's ITM, Energy, U.S ., Thomson Locations: FRANKFURT, DUESSELDORF, Ukraine, United States, Europe, U.S
We'll also guide you step-by-step on how to use a VPN to watch UFC 289 no matter where you are. How to watch UFC 289 in the USUS viewers can watch the main event of UFC 289 on ESPN+ tonight at 10 p.m. In Canada, UFC 289 will be available as a pay-per-view though several TV providers as well as directly via UFC Fight Pass. Here's the fight card for UFC 289: Nunes vs. AldanaESPNEarly Prelims — 7 p.m. ET on UFC Fight PassDavid Dvorak vs. Stephen Erceg (Flyweight)Diana Belbita vs. Maria Oliveira (Women's strawweight)Prelims — 8 p.m.
Persons: Amanda Nunes, Irene Aldana, We'll, Miesha, Julianna Peña, Nunes, Peña, ExpressVPN, Aldana, David Dvorak, Stephen Erceg, Diana Belbita, Maria Oliveira, Women's, Chris Curtis, Miranda Maverick, Jasmine Jasudavicius, Aiemann, Kyle Nelson, Blake Bilder, Charles Oliveira, Beneil, Mike Malott, Adam Fugitt, Dan, Nate Landwehr, Marc, Andre Barriault, Eryk Anders Organizations: UFC, Rogers Arena, ESPN, BT, Miesha Tate, Amazon, Apple, PlayStation, Samsung, BT Sport, Express, Aldana ESPN Locations: Vancouver, Canada
German media group Axel Springer eyes AI acquisitions
  + stars: | 2023-06-09 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, June 9 (Reuters) - German media giant Axel Springer will establish a dedicated mergers-and-acquisitions team to look at firms specialising in artificial intelligence, CEO Matthias Doepfner said in an internal podcast to employees obtained by Reuters. The M&A competence centre "needs to entirely focus on acquisitions - early-stage acquisitions or later-stage acquisitions in AI companies - that can be, for various reasons, important or attractive for Axel Springer," Doepfner said. But the strategy could also turn up Axel Springer's next StepStone, he added. If the market environment improves, Axel Springer aims to go public with StepStone, a popular online jobs portal, this year. Doepfner said he is particularly interested in AI technology that seeks to disrupt Axel Springer's business models of advertising, e-commerce and journalism.
Persons: Axel Springer, Matthias Doepfner, Doepfner, Axel Springer's, Klaus Lauer, Rachel More, Miranda Murray Organizations: Reuters, Thomson Locations: BERLIN
BERLIN, June 8 (Reuters) - Over 30 microelectronics projects in Germany will receive about 4 billion euros ($4.29 billion) in funding after the European Commission approved a support scheme for such technologies, the German Economy Ministry said on Thursday. "The 31 microelectronics projects from 11 federal states strengthen Germany as a microelectronics location across the board and are an important industrial policy milestone," said Economy Minister Robert Habeck. A document provided by the German economy ministry showed Infineon (IFXGn.DE), Elmos Semiconductor (ELGG.DE) and Robert Bosch [RIC:RIC:ROBG.UL] among the companies to receive funds. The economy ministry did not immediately respond to an emailed request for comment on the report. ($1 = 0.9316 euros)Reporting by Miranda Murray Writing by Rachel More Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.
Persons: Robert Habeck, Robert Bosch, Habeck, Miranda Murray, Rachel More, Madeline Chambers Organizations: European Commission, German Economy Ministry, European, Infineon, Elmos Semiconductor, Thomson Locations: BERLIN, Germany, German, Hamburg, Netherlands
BERLIN, June 7 (Reuters) - German industrial output rose less than expected in April, darkening the outlook for the euro zone's largest economy following weak new orders data earlier this week. The statistics office revised up the industrial production figure for March to a 2.1% decrease from a provisional figure of a 3.4% fall. Even with this revision, German industrial production is 1.6% below its level a year earlier. Data on Tuesday showed industrial orders fell by 0.4% in the month of April. "Without any significant pick up in activity, the German economy's recession could continue in the second quarter," ING's global head of macro Carsten Brzeski said.
Persons: Andrew Kenningham, Kenningham, April's, Commerzbank's, Ralph Solveen, Solveen, Carsten Brzeski, Anastasiia Kozlova, Maria Martinez, Miranda Murray, Christina Fincher Organizations: Companies, Thomson Locations: BERLIN, Europe, China, United States
BERLIN, June 7 (Reuters) - Germany's cartel office said Meta (META.O) plans to introduce a new overview for users of its platforms Facebook and Instagram, in a step towards allaying anti-trust concerns following years of discussions with the regulator. Meta's accounts centre will allow users to make "a largely free and informed decision" about whether they want to use accounts such as Instagram and Facebook in combination or separately, the office said. "We have updated the Meta account overview to show more transparently how our services work together and give people more control over these features," a Meta spokesperson said. In 2019, the cartel office sought to ban Meta - then Facebook - from combining user data from several sources without users' consent. Germany is keeping close watch over Meta after the regulator deemed it of "paramount significance for competition across markets", a classification which gives the regulator more leeway to curb digital companies' market power.
Persons: Rachel More, Miranda Murray, Jason Neely Organizations: Facebook, Meta, Thomson Locations: BERLIN, Germany
BERLIN, June 6 (Reuters) - German Chancellor Olaf Scholz said on Tuesday that the destruction of the Nova Kakhovka dam was in line with Russia's escalating violence in Ukraine and Russian President Vladimir Putin's strategy of attacking civilian targets. This makes it all the more important that Germany continues to support Ukraine for as long as necessary, he added. Scholz also said Germany was watching the situation at the Zaporizhzhia nuclear power plant with concern following the destruction of the dam, which supplies water to the plant. "All we can say about Zaporizhzhia is that we are monitoring this all the time," Scholz said. Ukrainian and Russian forces have blamed each other for the breach, which unleashed millions of litres of water, threatening scores of villages and cutting off water supplies.
Persons: Olaf Scholz, Vladimir Putin's, Putin, Scholz, Miranda Murray, Rachel More, Ed Osmond Organizations: WDR, International Atomic Energy Agency, Twitter, Thomson Locations: BERLIN, Nova, Ukraine, Russian, Germany
That was the verdict a top tech executive shared with me recently, describing the impact he predicted AI would have on the workforce. The unfolding situation has the potential to cast Onofrio as a real-estate confidence man for the influencer age. Also read:Wall Street's new normalPeople walk by a Lamborghini car along Wall Street in Manhattan. In that environment, any fool — or anyone on Wall Street — could buy almost any asset, sit back, and watch its value increase. Wall Street is hoping that — and investing like — we're going back to that era sometime soon.
Persons: Matt Turner, Nicholas Braun, Greg Hirsch, AI's, Lance McMillan, Matt Onofrio, he'd, Spencer Platt, There's, Insider's Linette Lopez, ANDREW CABALLERO, REYNOLDS, OPMs, Spriha Srivastava, OpenAI, Nicole Miranda, Elizabeth Holmes, Hallam Bullock, Bob Bryan, Hana R, Alberts Organizations: Toronto Star, Getty, Lamborghini, Getty Images, Tech Locations: California, Midwest, Manhattan, Washington ,, Florida
Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai Aly Song/Reuters1. Amazon Prime vs. Walmart Plus. Meanwhile, Amazon Prime has more streaming content and access to its infamous Prime Day. Carnival Cruise Lines ships in Marseille. Man who went overboard on a Carnival cruise ship is still missing.
Persons: I'm, Siu, Z, Elana Klein, Elon Musk, Shanghai Aly Song, Elon, , Nicole Miranda, Gerard Bottino, Ronnie Lee Peale Jr, Caleb Hammer, Diamond Naga Siu, Alistair Barr, Nathan Rennolds Organizations: Tesla, Nvidia, Google, Amazon, Walmart Plus, Walmart, BMW, Cruise Locations: Tesla China, Shanghai, China, Beijing, Marseille, Jacksonville , Florida, San Diego, San Francisco, London
HAMBURG, May 31 (Reuters) - Volkswagen (VOWG_p.DE) has introduced extra shifts at its factory in Wolfsburg, the carmaker's biggest, after supply chain disruptions in the wake of the Ukraine war and global chip shortage have eased, a senior executive said. Imelda Labbe, who is part of the management board of the Volkswagen brand, said in an internal interview seen by Reuters that Volkwagen's German plants were significantly better utilised than in 2022. "Our production network in Germany was hit particularly hard by the consequences of the corona pandemic, the global chip crisis and the Ukraine war," Labbe said. This also includes the carmaker's plant in Wolfsburg, where Volkswagen is based, Labbe said, adding that the site could only produce 400,000 car, or half its annual capacity, in 2022. Instead, Volkswagen had to introduce extra shifts from May to meet production targets, Labbe said, adding this has positively impacted delivery schedules, which have come down to around 3 months in Europe for its fully electric ID models.
Persons: Imelda Labbe, Labbe, Jan Schwartz, Christoph Steitz, Friederike Heine, Miranda Murray Organizations: HAMBURG, Volkswagen, Reuters, Thomson Locations: Wolfsburg, Ukraine, Germany, Europe
Companies Volkswagen AG FollowBERLIN, May 31 (Reuters) - Volkswagen (VOWG_p.DE) will not participate in a discount battle in China "at any price", Chief Operating Officer Ralf Brandstaetter said in an interview released on Wednesday. In concrete terms, this means that we will not participate in the discount battle at any price," Brandstaetter said in an interview for the company's intranet. "Our market position is strong enough. Volkswagen aspires to be the biggest international carmaker in China, he said, adding that it's irrelevant if another national manufacturer sells more than it does. Chinese manufacturer BYD 002594.SZ outsold Volkswagen, which has led the market there for decades, as the top passenger car brand earlier this year.
Persons: Ralf Brandstaetter, Brandstaetter, Jan C, Schwartz, Friederike Heine, Miranda Murray, Kirsti Knolle, Madeline Chambers Organizations: Volkswagen, BERLIN, SZ, Thomson Locations: China
Nicole Miranda made up to $400 a day speaking to men on the dating apps Meete and ToChat. She used to spend all her time on the apps, but now she markets them on TikTok for referrals. I was scrolling on TikTok one day when I came across a video of a girl talking about an app where guys pay to talk to you. Once I learned how to market the apps really well, I stopped hustling the guys for money because it was a lot of work and mentally exhausting. There are plenty of girls on the app still making thousands a month talking to guys, but for me, it's turned into an affiliate-marketing career.
Persons: Nicole Miranda, , I've, they'll, it's Organizations: Service, Verizon Locations: Alburtis , Pennsylvania
Infineon CFO: looking for acquisitions of up to 3 bln euros
  + stars: | 2023-05-31 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, May 31 (Reuters) - Infineon (IFXGn.DE) is looking for small- and medium-sized acquisitions worth up to 3 billion euros ($3.30 billion) that would fit well with the German chipmaker's portfolio, Chief Financial Officer Sven Schneider told Germany's Focus Money magazine. "We are now aiming for smaller and medium-sized acquisitions in order to strengthen ourselves selectively in those areas where we can become even better," said Schneider. Acquisitions can range from 1 to 3 billion euros, said Schneider, who added that liquidity was not an issue. "We have liquidity of almost 3 and a half billion euros. That currently corresponds to about 2.6 billion euros," he said.
Persons: Sven Schneider, Germany's, Schneider, Miranda Murray, Friederike Heine Our Organizations: Infineon, Thomson Locations: BERLIN
‘Reality’ Review: An Unusual Suspect
  + stars: | 2023-05-31 | by ( Amy Nicholson | ) www.nytimes.com   time to read: +1 min
Reality Winner’s life changed six years ago in June when F.B.I. agents showed up at her home in Georgia. I’m giving this background because Tina Satter’s gripping docudrama “Reality” doesn’t. Satter strips the political context from that first F.B.I. Working from the official transcript, Satter finds that the young woman is primarily concerned with the safety of her pets.
Persons: she’d, Miranda, Tina Satter’s, Sydney Sweeney, Josh Hamilton, Marchánt Davis, , Organizations: U.S . Air Force Locations: Georgia
German tax fraud mastermind handed further 8-year jail sentence
  + stars: | 2023-05-30 | by ( ) www.reuters.com   time to read: +2 min
Berger had already been sentenced to eight years in jail in December after a similar trial. The public prosecutor had demanded a prison sentence of 10 and a half years and the confiscation of assets. Berger's sentences follow nearly a decade of investigations that government officials say span around 1,500 suspects and 100 banks on four continents. Authorities have raided the German branches of companies including Barclays (BARC.L), Bank of America (BAC.N), JP Morgan (JPM.N) and Morgan Stanley (MS.N) in their investigations. In September, Bank of New York Mellon Corp (BK.N), Germany's Warburg Group and Deutsche Bank (DBKGn.DE) said they would pay a combined 60 million euros to tax authorities over the scandal.
Where Everybody Knows Your Name
  + stars: | 2023-05-30 | by ( Tim Sultan | ) www.nytimes.com   time to read: +2 min
LAST CALL AT COOGAN’S: The Life and Death of a Neighborhood Bar, by Jon Michaud“A friend to me has no race, no class and belongs to no minority,” said Frank Sinatra. “My friendships are formed out of affection, mutual respect and a feeling of having something in common. These are eternal values that cannot be classified.” These words ran through my head as I read “Last Call at Coogan’s,” Jon Michaud’s book about the life and times of a venerated Washington Heights pub that shuttered in 2020. Coogan’s opened in 1985, in northern Manhattan’s heavily Dominican enclave of Washington Heights, at the onset of one epidemic — crack — and closed during another. Simply by being there, Coogan’s changed people’s minds about other cultures.
Persons: Jon Michaud “, , Frank Sinatra, ” Jon Michaud’s, Coogan’s, Michaud, Lin, Manuel Miranda, Jim Dwyer, Cool Organizations: New York Times Locations: Coogan’s, Washington, Irish, Mumbai, Manhattan, Manhattan’s, Dominican, Washington Heights
What was it like working with Lin-Manuel Miranda on new songs for “The Little Mermaid”? I gave him a little Caribbean tune thinking he would lyricize that, and in fact, he rapped over it! In 1997, David Horn, now the executive producer of PBS’s “Great Performances” series, told The New York Times, “When there’s a Sondheim musical, everyone refers to it as a Sondheim musical. When it’s something Alan has done, they refer to it as a Disney musical.” Do you still mind your shows being known as Disney musicals? I sometimes would have a little resistance to simply being characterized as “Disney composer Alan Menken” because I already had a huge hit with “Little Shop of Horrors” before I went to Disney.
[1/3] The 76th Cannes Film Festival - Press conference for the film "Asteroid City" in competition - Cannes, France, May 24, 2023. Director Wes Anderson speaks. REUTERS/Yara NardiCANNES, May 27 (Reuters) - Veteran directors Wes Anderson, Ken Loach and Wim Wenders are among those in the running for the Cannes Film Festival's coveted Palme d'Or at Saturday's closing ceremony, with 21 films in competition for the top prize. This year has a record seven female directors in the running for the top prize, which only two women have previously won - Jane Campion in 1993 and Ducournau in 2021. More than 14,000 participants from over 120 countries crowded the film market this year, surpassing 2019's previous peak of 12,500.
BERLIN, May 27 (Reuters) - French director Justine Triet won the 2023 Cannes Film Festival's top prize, the Palme d'Or, on Saturday for her courtroom drama "Anatomy of a Fall". Triet becomes the third female director to have won the prestigious prize. Reporting by Miranda Murray; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
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