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☆ Exclusive: German govt to slightly raise 2023 GDP forecast - sources
▼ + stars: | 2023-04-20 | by ( Holger Hansen | ) www.reuters.com time to read: +1 min

BERLIN, April 20 (Reuters) - The German government is set to slightly raise its economic growth forecast for this year to 0.4% from its previously predicted 0.2%, two sources told Reuters on Thursday. For 2024, the government will slightly lower its prediction, to 1.6% from the 1.8% foreseen in January, the sources said. An Economy Ministry spokesperson did not comment and said Economy Minister Robert Habeck would present the spring economic projections next Wednesday. With the new projections, the government is slightly more optimistic than the five economic institutes that prepare the Joint Economic Forecasts, which foresee 2023 economic growth of 0.3%. In the Joint Economic Forecasts, which are incorporated into the ministry's forecasts, the institutes predict inflation of 6.0% in 2023, before slowing to 2.4% in 2024.

☆ Deutsche Bank plans to cut jobs, shrink board
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/File PhotoBERLIN, April 20 (Reuters) - Deutsche Bank (DBKGn.DE) plans to reduce its executive board to nine members from 10 and to cut some jobs in infrastructure and in its private banking business to save costs, a source close to the bank told Reuters on Thursday. Germany's largest bank, which is due to present first-quarter results on April 27, declined to comment on the plans. Deutsche Chief Executive Christian Sewing said in February that he could not rule out job cuts. The bank completed its transformation phase at the end of 2022 with an improved cost-to-income ratio, but Sewing still needs to reduce costs.

☆ Volkswagen: US-made ID.4 models eligible for full tax credit
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

BERLIN, April 20 (Reuters) - Volkswagen's (VOWG_p.DE) U.S.-assembled ID.4 models will be eligible for a $7,500 tax credit this year, according to the German carmaker, after new U.S. Treasury requirements on battery sourcing came into effect this week. Volkswagen added that it was the only international carmaker to have a full battery-electric vehicle eligible for the full credit. The US Treasury said on Monday that numerous automakers including VW did not qualify for the credit, but the German carmaker said at the time it was optimistic the documentation it had submitted to prove the ID.4's eligibility would be approved. Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ A Pink Door Is Deemed Too Bright for Edinburgh
▼ + stars: | 2023-04-19 | by ( Lauren Mccarthy | ) www.nytimes.com time to read: +1 min

When Miranda Dickson returned to Edinburgh in 2021 after several years abroad, she began renovating a three-story Georgian townhouse in the Scottish city’s New Town district. Ms. Dickson painted the front door pink. In early 2022, the new paint job was brought to the attention of the City of Edinburgh Council, which asked her to repaint the door white. Ms. Dickson was issued an enforcement notice ordering her to “remove the unauthorized bright pink paint” from the door and “to restore the previous colour scheme.” Failure to comply, it said, could lead to a fine of up to 20,000 pounds, or nearly $25,000. Finally, having exhausted her appeals, Ms. Dickson relented and repainted the door this week, ahead of the Thursday deadline she said that the city had given her.

☆ Swiss government reiterates financial commitment to Credit Suisse deal
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

[1/3] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyBERLIN, April 19 (Reuters) - The Swiss government said commitments to the Swiss National Bank and UBS to ease the takeover of Credit Suisse will not be affected by parliament's rejection of 109 billion Swiss francs ($121 billion) in emergency credits and guarantees. Switzerland's tradition of consensus politics has taken a battering after the government used an emergency law to push through a state-backed takeover of Credit Suisse (CSGN.S) by UBS (UBSG.S), side-lining parliament. "On the one hand, this applies to the negotiations with UBS on the guarantee contract," it said, adding: "But only to the extent that this does not jeopardise the takeover of Credit Suisse by UBS". ($1 = 0.8998 Swiss francs)Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Three German airports empty as transport strikes begin
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 20 (Reuters) - Airports in Dusseldorf, Hamburg and Cologne Bonn were virtually empty on Thursday in the first of another round of strikes called by Germany's Verdi trade union over the cost of living crisis. Nearly 100,000 people will be affected by aviation security worker strikes on Thursday and Friday at the three airports, airport association ADV said, with around 700 departing flights to be cancelled. "The situation in the terminals today is the same as previous Verdi strikes this year: departure terminals are empty, the situation is calm," a Hamburg airport spokesperson said in a statement. Germany's EVG union has also called for a nationwide transport strike on Friday, with national rail operator Deutsche Bahn among the companies impacted. The strike will affect 50 companies and run from 3 a.m. until 11 a.m. (0100 GMT-0900 GMT), with significant disruption expected, the railway and transport union said.

☆ Finding Love in a Fake World
▼ + stars: | 2023-04-18 | by ( Julia May Jonas | ) www.nytimes.com time to read: +1 min

A lightly varied collection of conventionally attractive heterosexual humans compete to marry a single conventionally attractive human of the opposite sex. Argy’s heroine did not submit an application for the reality TV show “The One,” the novel’s stand-in for the “Bachelor” franchise. Instead, she was plucked off the streets by Miranda, a producer who has devoted her adulthood to working her way up the ranks. Each producer is responsible for a group of girls on “The One,” and the more prominently their girls feature, the more the producer is rewarded. The win will provide Miranda with job security, remuneration and confirmation of her own excellence.

☆ Freyr Battery teams up with Siemens on gigafactories
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 17 (Reuters) - Luxembourg-based Freyr Battery (7XN.F) sealed its partnership with Siemens (SIEGn.DE) at the Hannover Messe conference on Monday, making the German technology company its preferred supplier in automation and digitalization technology. Freyr plans to equip its planned gigafactories in Norway and the United States with Siemens technology, and the two companies will join forces along the entire battery design and manufacturing process, the firms said in a statement. "This relationship is much broader than the usual customer-supplier relationship and is strategic in nature," Freyr chief executive Tom Einar Jensen told Reuters. Instead of the conventional 18 production steps, Freyr wants to make do with eight, he said, adding: "With Siemens, we can ramp up production faster and better, and with a much lower reject rate. Reporting by Alexander Huebner, writing by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ A Spree of Country Music Divorce Albums
▼ + stars: | 2023-04-17 | by ( ) www.nytimes.com time to read: +1 min

In February, Kelsea Ballerini released a surprise EP, “Rolling Up the Welcome Mat,” a set of songs inspired by her recent divorce from another country singer, Morgan Evans. It was her freshest recent work, thematically and musically, and also a reminder that for the past few years, several female country singers have found freedom in divorce-inspired music. In 2021, Carly Pearce put out “29,” an EP, and later “29: Written in Stone,” a full-length project, inspired by her divorce from the singer Michael Ray. That same year, Kacey Musgraves released “Star-Crossed,” which followed her split from the singer Ruston Kelly. (Men have traveled this path as well — Kelly has just released an album of his own, and in 2016, both Blake Shelton and Miranda Lambert reacted to their divorce with new albums.)

☆ German economy expected to skirt recession - economy ministry report
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 14 (Reuters) - Germany is expected to narrowly escape recession and post modest growth in the first quarter of the year, according to an economy ministry report published on Friday. "A technical recession of two negative quarters in a row appears to have been averted," the ministry said. "Consumer sentiment is expected to continue its recovery in the coming months, although inflation-related losses in purchasing power continue to weigh on the economy," the report said. Inflation rates are expected to continue to ease in the coming months, although remaining at a high level. The economy ministry sees risks to its economic outlook, such as weak private consumption, a deterioration of conditions in construction, recent problems in financial institutions and geopolitical uncertainty due to the war in Ukraine.

☆ 10 ways Tasers and stun guns can damage your body and brain, from twisted testicles to temporary memory loss
▼ + stars: | 2023-04-10 | by ( Kelly Burch | ) www.businessinsider.com time to read: +9 min

Tasers, AKA stun guns, cause your muscles to seize up, which can make them sore for days after. Police and law enforcement have been using Tasers, known generally as stun guns, since 1974 as a safer alternative to guns. Put another way, all Tasers are stun guns, but not all stun guns are Tasers. Stun guns make your muscles seize up like a Charley horseA police officer's painful reaction to being tasered during a training course on stun guns. Rarely, stun guns can severely harm kidney functionVery rarely, stun guns can cause a serious condition called rhabdomyolysis, AKA rhabdo, which can be fatal.

☆ MLB roundup: Rays beat A's to stay undefeated
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +10 min

Stroman has allowed two runs and 17 hits over 32 innings while winning each of his last five home starts. Ji Hwan Bae, Ke'Bryan Hayes and Connor Joe each had an RBI double, and Oneil Cruz and Jason Delay hit RBI singles for the Pirates. Pittsburgh starter Rich Hill allowed seven runs and eight hits in four innings. Alex Cobb (0-1) was the hard-luck loser for the Giants after holding the Royals to two runs on seven hits in seven innings. Kershaw (1-1) took the loss after allowing four runs on seven hits in six innings.

☆ German business group wants Berlin to offer more protection in Ukraine
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 7 (Reuters) - German companies active in eastern European have called on the government in Berlin to take on more risk and provide increased security for business in Ukraine, particularly for transport. "The federal government has to take on more risk than usual," Harms said, and it "shouldn't relieve companies of business risk but should help with creative instruments." The association's demand follows German Economy Minister Robert Habeck's promise during a visit to Kyiv this week to provide German companies investment guarantees in Ukraine as part of reconstruction efforts. "Company representatives say that these investment guarantees are necessary in order to get investment decisions through the board of directors," said Harms, who travelled with Habeck to Kyiv. More than 20 applications for such investment guarantees are in the pipeline, ministry sources said.

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.

☆ Switzerland cuts bonus payouts for top Credit Suisse management
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 5 (Reuters) - Switzerland has instructed Credit Suisse (CSGN.S) to cancel or reduce all outstanding bonus payments for the top three levels of management and examine whether those already paid can be recovered, the Federal Council said on Wednesday. Under Swiss banking law, the Federal Council can impose bonus-related measures on a systemically important bank if it received state aid from federal funds, according to a statement. Bonus payments up to the end of 2022 will be cancelled for the Executive Board, and then halved for management one level below the board and reduced by 25% for those two levels below. The 2022 bonus pool for the Swiss bank's close to 50,000 employees had already gone down to 635 million Swiss francs from 2.76 billion, because of the drop in the bank's share price. At Credit Suisse's final annual general meeting held on Tuesday, shareholders took to the stage to voice their opposition to the pay Credit Suisse executives and board of directors received in the lead up to its demise.

REUTERS/Tom KaeckenhoffLEVERKUSEN, Germany, April 5 (Reuters) - Incoming Bayer (BAYGn.DE) chief executive Bill Anderson says he is keeping an open mind on whether to break up the company into smaller pieces, as some fidgety investors want. "That's why I said I am going to have an open mind," he said. On the stock market Bayer, once the most valuable company on Germany's DAX blue-chip index, is now worth only about the same as it paid for Monsanto. At Bayer, he said he did not have his own desk and made use of the company's meeting rooms as needed. Professing a love of American football, hiking and snowboarding, he was also effusive about Bayer as a company and its heritage of medicines such as Aspirin.

FRANKFURT, April 5 (Reuters) - Thyssenkrupp (TKAG.DE) may pick June to list its hydrogen business Nucera, provided equity markets are robust, three people familiar with the matter said, in what could be a multi-billion euro initial public offering. Plans to list Nucera, a 66%-34% joint venture between Thyssenkrupp and Italy's De Nora (DNR.MI), were put on the backburner last year due to unfavourable market conditions following the war in Ukraine and subsequent energy crisis. Nucera makes the electrolysers that are needed to produce green hydrogen - a sector that is currently benefiting from the U.S. Inflation Reduction Act and European Union initiatives to support the green energy transition. Thyssenkrupp Chief Executive Martina Merz, under pressure to deliver on her pledge to turn the sprawling conglomerate into a leaner and more focused holding, said last month that the group would make a new effort to list Nucera, without elaborating. When plans for a listing of the business were first communicated in 2021, analysts valued Nucera at between 3 billion and 6 billion euros.

☆ Germany starts fine proceedings against Twitter over user complaints
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 4 (Reuters) - Germany's federal office of justice has started proceedings to fine Twitter (TWTR.MX), accusing the social media company of mishandling user complaints over "illegal" content, a statement said on Tuesday. Several instances of content published on Twitter were reported to the office, "which the authority considers illegal and, despite user complaints, was not deleted or blocked by the provider within the legally stipulated periods," the statement said. The German authority did not specify which examples of illegal content it was referring to, or the size of a possible fine. In December, a senior German official called for the company to be put under direct supervision of the European Commission. Reporting by Rachel More; writing by Matthias Williams; editing by Friederike Heine and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Germany's Stada asks Berlin to help secure its future in Ukraine
▼ + stars: | 2023-04-04 | by ( Patricia Weiss | ) www.reuters.com time to read: +2 min

In the March 21 letter to German Economy Minister Robert Habeck, Stada CEO Peter Goldschmidt said there was a risk Kyiv might withdraw the company's market authorisation. Habeck promised investment guarantees for German companies during a trip to Ukraine on Tuesday as part of his goal to speed up reconstruction in the war-torn country. Pharmaceutical companies such as Stada and German rivals Bayer (BAYGn.DE) and Boehringer Ingelheim continue to deliver medicines to the country. Stada is very keen to maintain its presence in Ukraine, Goldschmidt told Habeck. "Therefore, we would like to ask you again for your support and for clear signals in the direction of Ukraine to strengthen German companies there," his letter added.

☆ MLB roundup: Aaron Judge homers in Yankees' opening win
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +8 min

Houston had its modern-day record of 10 consecutive Opening Day wins snapped. Orioles 10, Red Sox 9Adley Rutschman's 5-for-5 Opening Day helped Baltimore to a win over host Boston. Mets 5, Marlins 3Brandon Nimmo's three RBIs backed Max Scherzer's quality start, leading New York to an Opening Day victory over Miami. Twins 2, Royals 0Pablo Lopez and four relievers combined on an Opening Day two-hitter as visiting Minnesota blanked Kansas City. It was O'Neill's fourth consecutive Opening Day with a homer, tying a major league record.

☆ German inflation eases less than expected in March
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

German consumer prices, harmonised to compare with other European Union countries, rose by a more-than-anticipated 7.8% on the year in March, preliminary data from the federal statistics office showed on Thursday. Analysts had expected harmonised data to increase by 0.8% on the previous month and grow by 7.5% on an annual basis. According to non-harmonised standards, German consumer prices rose 7.4% on the year in March and 0.8% on the month. This follows an inflation rate of 8.7% in February and January. The decline in the inflation rate was entirely driven by a slowdown in energy prices, which rose only 3.5% compared with March 2022, when energy prices soared following Russia's invasion of Ukraine.

VIENNA, March 30 (Reuters) - Raiffeisen Bank International (RBI) (RBIV.VI) took aim on Thursday at "morally arrogant" critics of its dealings in Russia, although said it was considering spinning off its business there anyway amid mounting pressure. Chairman Erwin Hameseder accused critics of "black and white moral thinking" from a "risk free zone of comfort", and said most Western businesses had not left Russia. However, CEO Johann Strobl told the meeting the bank would pursue a possible sale or spin-off of its Russian business. Earlier this month, people familiar with the matter told Reuters the European Central Bank was pressing RBI to unwind its highly profitable business in Russia. The pressure comes after a top U.S. sanctions official raised concerns about RBI's business in Russia on a visit to Vienna last month, another person said.

ABLE accounts provide those with disabilities an opportunity save enough to purchase a house without putting their benefits at risk. Can ABLE account funds be used for a down payment on a house? Tim Elliot, another ABLE account owner and ABLE NRC ambassador, found out about these accounts through an internet search. Home-related expenses an ABLE account can coverOne of the more popular uses of an ABLE account for hopeful homeowners is saving for a down payment. How to open an ABLE account and start saving to buy a homeTo open an ABLE account, you'll need to choose a state program to participate in.

☆ German consumer morale slows down on path to recovery - GfK
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

"The anticipated loss of purchasing power is preventing a sustained recovery of domestic demand," said GfK consumer expert Rolf Buerkl, which means private consumption is not likely to contribute to the German economy in a positive way this year. The consumer climate indicator forecasts the development of real private consumption in the following month. An indicator reading above zero signals year-on-year growth in private consumption. According to GfK, a one-point change in the indicator corresponds to a year-on-year change of 0.1% in private consumption. The income expectations sub-index reflects expectations about the development of household finances in the coming 12 months.

☆ German regulator launches antitrust proceedings against Microsoft
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

BERLIN, March 28 (Reuters) - Germany's antitrust regulator said on Tuesday it had launched proceedings against Microsoft (MSFT.O) to examine whether the U.S. tech giant is "of paramount significance for competition across markets". Andreas Mundt, head of the Bundeskartellamt regulator, said there were "good reasons" to examine whether this might be the case with Microsoft. "Such a finding would allow us to take action at an early stage and prohibit possible anti-competitive practices," he said in a statement. Writing by Rachel More Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

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