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☆ Porsche begins production of 'e-fuel' that could provide gas alternative amid EV push
▼ + stars: | 2022-12-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Porsche and several partners have started production of a climate neutral "e-fuel" aimed at replacing gasoline in vehicles with traditional internal combustion engines. The German automaker, owned by Volkswagen , said Tuesday that a pilot plant in Chile started commercial production of the alternative fuel. By mid-decade, Porsche is planning to produce millions of gallons of the e-fuel. Plans are to expand that to about 55 million liters (14.5 million U.S. gallons) by mid-decade, and around 550 million liters (145.3 million U.S. gallons) roughly two years later. Porsche officials celebrated the beginning of the e-fuel production with the filling of a Porsche 911 with the first synthetic fuel produced at the site.

☆ Not a 'panacea': UK lawmakers play down hydrogen's role in net-zero shift
▼ + stars: | 2022-12-20 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +4 min

Hydrogen has a part to play in the U.K.'s shift to a net-zero economy but its role will likely be restricted to certain sectors, according to a report from an influential committee of U.K. lawmakers. Some call the resulting hydrogen "green" or "renewable" if the electricity used in the electrolysis process comes from a renewable source such as wind or solar. Big plans, big challengesOver the past few years, major economies and businesses have looked to the emerging green hydrogen sector to decarbonize industries integral to modern life. "Of course, green hydrogen is still an infant industry, its production is currently too cost-intensive compared to fossil fuels," he said. "So it requires an extra effort to make green hydrogen projects ...

☆ 23 major brands suspected of illegally sourcing products made by forced labor in China
▼ + stars: | 2022-12-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

And more ...Mary Meisenzahl/InsiderThese companies have also been suspected of having direct or indirect ties to Chinese forced labor in the aforementioned reports. Bosch"Bosch is committed to ensuring that its products are not produced wholly or in part by forced labor. "Compliance with human rights, labor rights and environmental standards is a top priority at PUMA and has been specified in our Codes of Conduct for over 20 years." As stated in our Business Conduct Guidelines, we reject all forms of oppression, forced labor and participation in human rights violations. We will continue to respect human rights and take a strong stand against forced labor."

☆ Who will be Wall Street’s un-American idol?
▼ + stars: | 2022-12-16 | by ( John Foley | ) www.reuters.com time to read: +8 min

Europeans have been losing the battle against Wall Street’s cozy club for a decade. Deutsche Bank has done the former. BNP has made smaller steps, buying Bank of America’s prime broking business in 2008, then Deutsche Bank’s in 2019. Even with the best intentions, European banks must contend with their own regulators, which affects their ability to take risk elsewhere. JPMorgan, Bank of America, Citigroup, Morgan Stanley and Goldman Sachs together took the top five slots for debt capital markets and merger advisory, as they also did in 2021.

☆ Siemens Healthineers, GE Healthcare eye Medtronic units - Bloomberg News
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Siemens Healthineers AG (SHLG.DE) and General Electric Co's (GE.N) healthcare business are weighing a potential acquisition of two units being spun off by Medtronic Plc (MDT.N), Bloomberg reported on Thursday, citing people familiar with the matter. Medtronic, the world's largest standalone medical device maker, had announced plans in October to spin off the two units - patient monitoring and respiratory interventions - as it seeks to streamline its portfolio. Bloomberg reported on Thursday that Medtronic was also open to a sale at the right price and the businesses could be valued at more than $7 billion. Medtronic and GE Healthcare did not immediately respond to Reuters request for comment, while Siemens Healthineers declined to comment. Medtronic has been restructuring its business over the last few years in a bid to increase the pace of its revenue growth.

☆ Ericsson to Stay Under U.S. Compliance Monitor an Extra Year
▼ + stars: | 2022-12-14 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Ericsson AB will face an additional year’s scrutiny from a U.S.-mandated monitor appointed in connection with a bribery settlement the company reached in late 2019. The Stockholm-based telecommunications company said Wednesday it had agreed with the U.S. Justice Department and Securities and Exchange Commission to extend the term of its independent compliance monitor until June 2024. The Justice Department notified Ericsson last year that it had breached the agreement by failing to be sufficiently forthcoming with documents and information. Ericsson said it would use the additional time under monitorship to shore up its risk management and compliance frameworks. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance.

☆ Robots set their sights on a new job: sewing blue jeans
▼ + stars: | 2022-12-12 | by ( Timothy Aeppel | ) www.reuters.com time to read: +5 min

[1/5] A robotic arm positions pieces of stiffened fabric for a demonstration of automated sewing at the Industrial Sewing and Innovation Center in Detroit, Michigan, U.S. August 19, 2021. Industrial Sewing and Innovation Center/Handout via REUTERSDec 12 (Reuters) - Will a robot ever make your blue jeans? Finding a way to cut out handwork in China and Bangladesh would allow more clothing manufacturing to move back to Western consumer markets, including the United States. Rather than teach robots how to handle cloth, the startup, Sewbo Inc., stiffens the fabric with chemicals so it can be handled more like a car bumper during production. The first step is getting robots into clothing factories.

☆ Ukraine keeps patching up its power grid. But Russia’s barrage could force more Ukrainians to flee as winter bites
▼ + stars: | 2022-12-10 | by ( Tim Lister Olga Voitovych Victoria Butenko | Tim Lister | Olga Voitovych | ) edition.cnn.com time to read: +10 min

The result is a grinding battle of attrition: Barrages of Russian missiles fly across Ukraine, and Ukrainian power engineers work for days in freezing temperatures to restore power. “By the nature of the attacks we see that Russian missiles are directed by Russian power engineers,” says Tymoshenko. 15 gigawatts of Ukraine’s power capacity have been taken out, compared to the pre-war capacity of 56 gigawatts (GW) of power, according to Ukrenergo. Tymoshenko told CNN that Ukraine’s power system has been part of the continental network since March after synchronization of the systems. “And this, of course, will encourage us to further technological development of the power system after victory,” he says.

☆ Thales-Hitachi rail signal deal delayed as UK raises competition concerns
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

Dec 9 (Reuters) - Britain's competition watchdog is concerned Japan's Hitachi (6501.T) acquisition of France's Thales (TCFP.PA) railway signalling business may result in higher fares for passengers, it said on Friday. As a result, Thales (TCFP.PA) expects the sale to close in the second half of next year, compared to the previous plan to finalise the deal in early 2023. Britain's principal customer for mainline signalling, Network Rail, is putting in place a tendering process for its next major signalling procurement, the Competition and Markets Authority (CMA) said. A deal between Hitachi and Thales could eliminate a credible competitor from the new tendering process, it said. It said both companies were committed to working with all regulatory bodies to ensure the deal closed as quickly as possible.

☆ European shares rise as industrials, financials gain on China optimism
▼ + stars: | 2022-12-09 | by ( Amruta Khandekar | ) www.reuters.com time to read: +2 min

The ECB may raise rates by 50 basis points next week, according to a Reuters poll, following two straight 75 basis point increases. Industrial stocks such as Siemens AG (SIEGn.DE) were among the biggest boosts to the index, while some China-exposed financials such as Prudential Plc (PRU.L) also rose. Energy stocks (.SXEP) led sectoral declines, falling 0.4% dragged down by a fall in shares of heavyweights such as Shell Plc and BP Plc (BP.L). Credit Suisse shares rose nearly 3% after the embattled bank hailed a "milestone" in its turnaround plan on Thursday after raising 2.24 billion Swiss francs ($2.39 billion) as part of a 4 billion franc cash call. Reporting by Amruta Khandekar; Editing by Vinay Dwivedi and Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ GE Healthcare Plans to Reduce Debt and Costs, Pursue Tuck-In Acquisitions
▼ + stars: | 2022-12-08 | by ( Nina Trentmann | ) www.wsj.com time to read: +5 min

As a stand-alone company, GE Healthcare will also look to improve its working capital and lower logistics costs, Mr. Zodl said. GE Healthcare will also take a look at its real estate holdings and target over 100 sites, executives said. Ratings firms S&P Global Ratings, Fitch Ratings and Moody’s Investors Service have all given GE Healthcare an investment-grade rating. PREVIEWApart from reducing debt and costs, GE Healthcare will scout for potential tuck-in acquisition targets, Chief Executive Peter Arduini said. GE retains a 19.9% stake in GE Healthcare.

☆ Siemens, others call for only zero-emission freight trucks to be sold in EU by 2035
▼ + stars: | 2022-12-08 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

Dec 8 (Reuters) - More than 40 manufacturers, shippers and industry groups including Siemens (SIEGn.DE), Maersk (MAERSKb.CO) and Unilever (ULVR.L) called on the EU on Thursday to mandate that all freight trucks be zero-emission models by 2035. A zero-emission strategy "will determine how fast the EU transitions away from polluting fossil-powered trucks to clean zero emission alternatives and if the EU will lead or be left behind in this inevitable industrial transition." The Commission is currently working on proposals for CO2 reduction targets for freight trucks and the infrastructure to charge electric or fuel hydrogen-powered heavy-duty vehicles. The signatories of the letter called on the European Commission to raise the 2030 CO2 reduction target for freight trucks to 65% below the emissions level in 2019, compared with the previous 2030 target of a 30% reduction. The group also said that "targeted financial support" will be needed to offset the "higher upfront purchasing cost of electric trucks, in particular for early frontrunners and for small and medium-sized companies."

☆ Factbox: FACTBOX European companies cut jobs as economy sputters
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Evgenia NovozheninaDec 7 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * FINNAIR (FIA1S.HE): the Finnish airline will cut about 150 jobs, of which 90 are in its home country, as part of a plan to return to profitability. * MICHELIN (MICP.PA): the tyre maker plans to cut up to 1,600 jobs in France, fewer than the 2,300 estimated in its initial voluntary redundancy plan as it seeks to safeguard production. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * H&M (HMb.ST): the Swedish fashion giant, which employs roughly 155,000 people, will cut some 1,500 jobs as part of a 2 billion crown ($189.5 million) savings drive.

☆ Factbox: European companies cuts jobs as economy sputters
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

☆ Brazil, a Bastion of Hydropower, Is Gaining Traction in Wind and Solar
▼ + stars: | 2022-12-06 | by ( Paulo Trevisani | ) www.wsj.com time to read: +8 min

The government, meanwhile, welcomes renewables projects as they can generate jobs and extra income for communities plagued by poverty. The wave of solar, wind and other clean-energy projects is expected to take market share from historically predominant hydroelectric generation. Wind and solar power are abundant in areas thousands of miles north of metropolitan centers where it is mostly needed, industry officials said. New solar and wind plants are generally welcomed by environmentalists and can often offer much-needed income to small farms. Of this total, 83% is expected to come from renewable sources, including hydro, solar, wind and others.

☆ This startup helps Fortune 500 companies build computer vision AI models. Check out the 44-slide animated pitch deck V7 used to raise a $33 million Series A.
▼ + stars: | 2022-11-29 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

The startup allows machine learning teams to build computer vision AI models. Computer vision models extract information from visual data sources, such as images and videos, to help computers and machines to better interpret these visual inputs. Many computer vision models are powered by machine learning technology, but this process can be time-consuming to engineer. This helps companies to develop AI models much faster and cuts down on the time needed to manage machine learning data, according to V7. V7 labels data automatically, so that teams do not have to annotate the data from scratch.

☆ China decoupling takes one step forward, one back
▼ + stars: | 2022-11-29 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +7 min

It has pushed for reshoring production of electric vehicles and silicon chips, and legislated to delist Chinese companies from New York. Europe, Japan, Australia and India have implemented their own measures ranging from restrictions on Chinese investment, excluding equipment from telecoms networks, and banning consumer apps. The impact the pandemic has had on Chinese supply chains has retroactively validated the push to separate. For politicians who hope to replicate the Chinese supply chain via tax tweaks, subsidies and sanctions, it’s worth remembering China started building out the requisite logistical infrastructure in the 1980s. Non-financial outbound direct investment in the same 10-month period rose 10.3% year-on-year to 627.4 billion yuan, Shu said.

But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought. That is roughly four times what the German government is offering, he said, with cheaper energy prices in the United States on top. The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German carmakers and suppliers, for which the United States is a main export market, are among its biggest victims. "If we don't do anything, a lot will emerge in the United States," said Siemens Energy (ENR1n.DE) Chief Executive Christian Bruch.

☆ Aggressive central bank easing will return within 18 months, CIO says, naming stocks to buy
▼ + stars: | 2022-11-28 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Overly loose fiscal and monetary policy during Covid-19 was a "mistake," according to the chief investment officer of asset management firm Antipodes Partners. I think, though, we're probably in a different regime where we have to expect greater volatility around not just inflation but economic growth," he said. So we think there's a fair amount of downside on the S & P EPS [earnings per share] numbers." "The digital industries business is a really good software-hardware factory automation business, and decarbonization is all about reengineering supply chains. So a lot of investment is required, and Siemens I think benefits from that," he said.

Insider breaks down the four qualities he said in his book were key toward boosting productivity. He developed the so-called the FASE method — focus, attention, systematization, and energy — for boosting productivity. In his 2017 book, "Lead Yourself: The Definitive Method to Be More Productive," Peralt wrote that four key qualities are essential to boosting productivity. "You need to be motivated and hungry to have a reason to start the process because, undoubtedly, it requires effort," Peralt wrote. An action-oriented attitudeAccording to Peralt, one of the most important qualities you need to improve your productivity is an action-oriented attitude.

☆ Indian shares set to open lower on China COVID woes
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

Foreign institutional investors bought a net 3.69 billion rupees ($45.17 million) worth of equities on Friday, while domestic investors sold a net 2.96 billion rupees ($36.24 million) worth of shares, as per provisional NSE data. ** Larsen & Toubro Financial Holdings (LTFH.NS): Completed divestment of its mutual fund business to HSBC Asset Management (India) and received 34.84 billion rupees. The company also realised surplus cash balance of 7.65 billion rupees in L&T Investment Management. ** VA Tech Wabag (VATE.NS): Signed an agreement with Asian Development Bank towards raising 2 billion rupees through unlisted non-convertible debentures. ($1 = 81.6850 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. business equipment borrowings grew 6% in October- ELFA
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - U.S. companies borrowed 6% more in October to finance equipment investments compared with a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Monday. The companies signed up for $11.3 billion in new loans, leases and lines of credit last month, compared with $10.7 billion a year earlier, according to ELFA. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77%, marginally down from 77.3% in September. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in November stood at 43.7%, down from 45% in October.

☆ ABB takes valid detour around hairy IPO markets
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

The deal, which values ABB E-mobility’s equity at 2.5 billion Swiss francs, is a halfway house after original plans for an initial public offering were delayed by volatile markets. The deal values the unit at around 3 times 2023 sales, assuming far-from-impossible 50% revenue growth this year and next. The charging division gets long-term investors, a beefed-up board and greater independence, making an IPO easier when markets recover. ABB meanwhile continues to streamline its operations to focus on the core fast-growing areas of electrification and automation. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ 'Indiscriminate use of hydrogen' could slow the energy transition, report says
▼ + stars: | 2022-11-18 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

"Indiscriminate use of hydrogen could therefore slow down the energy transition," it added. The energy transition can broadly be seen as a shift away from fossil fuels to a system dominated by renewables. Hopes for hydrogen Described by the International Energy Agency as a "versatile energy carrier," hydrogen has a diverse range of applications and can be deployed in a wide range of industries. During a roundtable discussion at COP27 last week, German Chancellor Olaf Scholz described green hydrogen as "one of the most important technologies for a climate-neutral world." "So it requires an extra effort to make green hydrogen projects ...

FRANKFURT/HAMBURG, Nov 18 (Reuters) - German carmaker Volkswagen (VOWG_p.DE) is holding discussions with investors to join its battery division ahead of a possible partial initial public offering (IPO) of the subsidiary, two people familiar with the matter told Reuters. The idea is to bring in investors pre-IPO so Volkswagen can gauge how the division - named PowerCo - might be valued in a potential flotation, the sources said, adding that Volkswagen is working with advisers on a potential deal structure. Volkswagen has set aside 20 billion euros ($21 billion) for investment in its battery cell business, with the PowerCo unit managing its battery production and research from mining to recycling and projects including energy storage systems. Former Volkswagen CEO Herbert Diess floated the idea of a listing in May last year as a means of funding the carmaker's battery expansion plans. Volkswagen's US charging station network Electrify America, in which Siemens (SIEGn.DE) has invested a low three-digit million amount, could serve as a model for investor participation, the second source said.

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