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☆ Germany imposes moratorium on German SVB branch
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, March 13 (Reuters) - Germany's financial regulator BaFin on Monday said it was imposing a moratorium on the German branch of Silicon Valley Bank in the wake of its demise and noted the branch has "no systemic relevance". The bank opened a small branch in 2018 after it won a license to lend. SVB's Frankfurt branch had assets of 789 million euros ($841.86 million) at the end of last year, according to BaFin. Officials at SVB in Frankfurt have not responded to requests for comment. ($1 = 0.9372 euros)Reporting by Tom Sims and Marta Orosz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Talks underway on Black Sea grain deal extension in Geneva
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

GENEVA, March 13 (Reuters) - Negotiations began on Monday between U.N. officials and Russian Deputy Foreign Minister Sergei Vershinin on a possible extension to a deal allowing the safe export of grain from Ukraine's Black Sea ports, the Russian diplomatic mission in Geneva said. The deal, which was extended for 120 days in November, is up for renewal on March 18. Two sources involved with the talks said they were initially scheduled to last just one day but could be extended as needed. "Wheat and corn markets are weaker today as the talks start about extending the safe shipping agreement for Ukraine’s exports," said Matt Ammermann, StoneX commodity risk manager. "As such a large wheat and corn exporter, Ukraine’s supplies are vital to world markets."

☆ Russia suggests renewing Black Sea grain deal for shorter term
▼ + stars: | 2023-03-13 | by ( Gabrielle Tétrault-Farber | ) www.reuters.com time to read: +3 min

The Black Sea grain initiative, brokered between Russia and Ukraine by the United Nations and Turkey last July, aimed to prevent a global food crisis by allowing Ukrainian grain blockaded by Russia's invasion to be safely exported from three Ukrainian ports. Russia, he said, "does not object to another extension of the 'Black Sea Initiative' after its second term expiration on March 18, but only for 60 days." 'CRITICAL MOMENT'The United Nations said it noted the Russian position and that it remained "fully committed to the Black Sea Grain Initiative, as well as to efforts to facilitate the export of Russian food and fertilizer." "The UN Secretary-General has confirmed that the UN will do everything possible to preserve the integrity of the Black Sea Grain Initiative and ensure its continuity," it said in a statement. "To extend it for 60 days, you have to amend the deal."

See Insider's picks for the best mortgage lenders »Insider's Featured Mortgage Lenders Rocket Mortgage by Quicken LoansAmeriSave Mortgage Corporation MortgagesNew American Funding Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Only a handful of US states require financial education in high schools, and those requirements are thin. The Consumer Financial Protection Bureau has free, easy-to-navigate content about tons of financial products, including mortgages. The Consumer Financial Protection Bureau has free, easy-to-navigate content about tons of financial products, including mortgages. There's a dearth of consumer education built into our financial systems (likely by design).

Resurgent inflation is devouring the income of Venezuelans - even the relatively privileged ones like Mendoza who have access to U.S. dollars. That is leaving them hungry and struggling to buy food and medicine, they told Reuters. "Neither dollars or bolivars are enough. Many Venezuelans were left to scour through garbage to find food, and millions fled the country to build new lives across South America and beyond. "Whether you pay in bolivars or dollars it is not enough," Lochunga said, sitting in front of his stall.

☆ Euro zone investor morale unexpectedly falls in March
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 6 (Reuters) - Investor morale in the euro zone fell unexpectedly in March for the first time since October, dragged down by a decline in expectations as the usual spring revival of the economy is in danger of being short-circuited, a survey showed on Monday. Sentix's index for the euro zone fell to -11.1 points for March from -8.0 in February. Analysts polled by Reuters had expected the index to rise to -6.3 in March. An expectations index, on the other hand, took a nosedive after months of gradual improvement from double-digit lows not seen in year, falling to -13.0 in March from -6.0 in February. "This stagnation phase could soon turn into renewed recession worries if the negative economic expectations materialize," said Sentix Managing Director Manfred Huebner in a statement.

☆ Spring training roundup: Mets win Kodai Senga’s debut start
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +6 min

Cardinals catcher Tres Barrera was responsible for the only hit and run Senga allowed, a solo shot to left in the second. Francisco Lindor and Pete Alonso hit solo home runs and Tim Locastro hit a pair of RBI doubles and scored on a throwing error for New York. The Rays got their two runs from solo homers by Jose Siri and Randy Arozarena. Jake Rogers hit his third home run of spring training for the Tigers. The Athletics, who have flirted with a move to Las Vegas, played a two-game spring training series this weekend at Las Vegas Ballpark.

"We expect the supply chain bottlenecks to gradually ease in the current year, allowing us to service the high order backlog." Shares in the company rose 7.5% to the top of Frankfurt's benchmark DAX index (.GDAXI) on the news and hit their highest level since Dec. 13. Volkswagen's revenues are forecast to grow by 10-15%, indicating 2023 sales of 307 billion to 331 billion euros, significantly higher than the 280 billion Refinitiv estimate. According to Refinitiv estimates, holders of Volkswagen's preferred shares were expected to get a dividend of 8.46 euros apiece. ($1 = 0.9414 euros)Reporting by Christoph Steitz and Jan Schwartz Editing by Miranda Murray and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen expects vehicle deliveries, sales to rise in 2023
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowFRANKFURT, March 3 (Reuters) - Volkswagen (VOWG_p.DE), Europe's largest carmaker, expects revenues and vehicle deliveries to rise in 2023, it said on Friday, citing a strong order backlog and the easing of chip shortages and supply chain issues. Vehicle deliveries are expected to rise to around 9.5 million in 2023, the company said, up from 8.26 million last year. Sales are forecast to grow by 10-15%, indicating 2023 sales of 307 billion to 331 billion euros ($326-$352 billion). According to Refinitiv estimates, 2023 sales are seen at 280 billion euros. Dividends are to increase by 1.20 euros per share, rising to 8.70 euros per ordinary share and to 8.76 euros per preferred share.

But EU countries still need to rubber stamp the decision before it can take effect. EU countries' ambassadors on Friday cancelled the vote that had been planned for March 7, the spokesperson for Sweden said. Italy, which has previously said it will vote against the EU cars law, on Friday welcomed the postponement of the vote. Such an outcome, along with some resistance from Italy and some eastern European countries, could throw the whole EU ban into question. European Commission President Ursula von der Leyen will attend a German cabinet meeting at the Schloss Meseberg palace on Sunday, where the topic is likely to be discussed.

☆ Volkswagen board discusses two new North America plants at meeting - sources
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowHAMBURG, March 3 (Reuters) - Volkswagen's (VOWG_p.DE) supervisory board will on Friday discuss plans for two new factories in North America, one production plant and one battery cell factory, two people familiar with the matter said. While the committee is expected to approve a site for its Scout brand in the United States, discussions around a gigafactory are open-ended, the sources said. Separately, Volkswagen CEO Oliver Blume in December said the carmaker had begun searching for a site for a battery cell factory in North America, adding Canada was "one logical option" due to its raw material resources. "We are still working hard to find a suitable location for our first gigafactory in North America and are in good, constructive talks," a Volkswagen spokesperson said on Friday, adding no decision has been made yet. Reporting by Jan Schwartz; Writing by Christoph Steitz, Editing bz Miranda Murray and Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Calls to boycott Walgreens grow as pharmacy confirms it will not sell abortion pills in 20 states, including some where it remains legal
▼ + stars: | 2023-03-03 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +4 min

Last month, 20 Republican attorneys general told Walgreens it could face legal action if it sold abortion pills in some states. Walgreens told Politico it will not sell the pills in those states, which includes some where abortion is legal. Walgreens told Politico that it has responded to the states represented by the 20 AGs, and said it will not distribute the abortion pill Mifepristone in any of those states. At the time, Walgreens told Insider that it was working to become FDA-certified to sell abortion pills in the states where they are legal. Several Democratic attorneys general filed an argument in the case last month that said banning the pill would lead to an "unprecedented spike" in maternal mortality.

☆ Germany's Scholz to China: don't arm Russia, but talk to Ukraine on peace plan
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

"My message to Beijing is clear: use your influence in Moscow to urge the withdrawal of Russian troops," he said. Scholz's remarks underscored how the international response to the war in Ukraine highlighted global divisions, with China and India refraining from condemning the Russian invasion. The U.S. is sounding out close allies about the possibility of imposing new sanctions on China if Beijing provides military support to Russia for its war in Ukraine, sources told Reuters this week. For its part, China has issued a 12-point paper calling for a comprehensive ceasefire that was met with scepticism in the West. Reporting by Miranda Murray, Writing by Matthias Williams; editing by Friederike Heine and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Qiagen partners with Sophia Genetics on next-generation sequencing kits
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

March 1 (Reuters) - Qiagen (QIA.DE) is to collaborate with Sophia Genetics (SOPH.O) on its next-generation sequencing (NGS) kits, the US-German pharmaceutical company said on Wednesday. The alliance, part of Qiagen's Qiqseq platform partnership program, aims to increase the compatibility of its NGS kits with third-party digital data-sharing and analytics companies. "The partnership with Sophia Genetics is planned to be expanded to other areas of analysis," it added. Reporting by Tristan Chabba in Gdansk Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Despite relief measures, energy prices in February were 19.1% higher on the year, while food prices were 21.8% higher, it said. The first one was driven by energy prices and the second one by material inputs, which are not ebbing. While energy prices were keeping headline inflation high, wage growth will show its impact in core inflation, which will remain stubbornly high, Brzeski said. "Hence, a stepdown to a 25bp pace of hikes could be delayed, which would also push the terminal rate higher." "The interest rate step announced for March will not be the last," Nagel said in a speech.

Before 2021, only 93 Black female founders had raised $1 million or more in venture capital. Companies led by Black women typically receive less than 1% of all venture capital funding. Insider is compiling a list of Black female founders who've raised $1 million or more in VC since 2021. If you're a Black female founder who's raised $1 million or more in VC funding this year, please contact Alexandra York at ayork@insider.com. An earlier version of this story misstated the time period in which 93 Black female founders had raised VC funds of $1 million or more.

☆ European Investment Bank proposes new fund to counter US green subsidies - Spiegel
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 28 (Reuters) - The European Investment Bank could set up a new fund to counter subsidies offered by the U.S. Inflation Reduction Act, which pressure companies to move their production there, its president said in an interview published on Tuesday. Werner Hoyer told German news magazine Der Spiegel a fund set up to help companies stay afloat during the coronavirus pandemic could serve as a model for a fund to help safeguard European industry. "In principle, every investment project that has not yet received final approval is currently being put to the test." The European Commission earlier this month proposed allowing increased levels of state aid so that Europe can compete with the United States. The $430-billion act was passed by U.S. Congress last August and offers subsidies and tax incentives for a swathe of domestically produced green industry products.

☆ Germany's Commerzbank makes DAX comeback
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 27 (Reuters) - Germany's Commerzbank (CBKG.DE) rejoined the DAX index on Monday, marking a comeback for Germany's No. "We have come to stay," Commerzbank CEO Manfred Knof said before ringing the opening bell at the Frankfurt stock exchange. "The return of Commerzbank is a good signal for the German banking market." Following Wirecard's demise, Deutsche Boerse AG, which compiles the DAX index, revamped it to include 40 companies, rather than the previous 30, and made membership criteria tougher. Other members include Siemens AG, Volkswagen AG, and Allianz SE.

☆ Strikes at German regional airports ground majority of flights
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 27 (Reuters) - The majority of flights at Germany's Duesseldorf and Cologne Bonn regional airports were grounded by a 24-hour strike by the Verdi trade union on Monday, the airports said. Of Monday's usual 136 daily passenger flights scheduled for Cologne Bonn airport, only two were set to operate as scheduled. The union brought air traffic to a standstill earlier this month with one-day strikes at seven major airports, including the Frankfurt and Munich hubs, affecting nearly 300,000 passengers. Cities across the western state of North Rhine Westphalia, including Cologne, Leverkusen and Bonn, were also affected by public service worker strikes on Monday. Verdi and the German Civil Service Association are demanding 10.5% more pay for state employees, or at least 500 euros ($527.75) more a month.

☆ Ukraine 'Art Weapon' show draws crowds in Berlin
▼ + stars: | 2023-02-25 | by ( James Imam | ) www.reuters.com time to read: +2 min

[1/5] A person stands in front of a video installation at the Art Weapon Festival, which showcase contemporary Ukrainian culture and various performances, created during the Russian invasion of Ukraine at the "Alte Muenze" in Berlin, Germany February 25, 2023. REUTERS/Annegret HilseBERLIN, Feb 25 (Reuters) - In a converted former mint in Berlin on Saturday, crowds danced in a blaze of strobe light as a rapper hollered Ukrainian lyrics to punchy beats. The 'Art Weapon' event - which opened at Berlin's sprawling Alte Muenze complex on Saturday - also featured live painting by Ukrainian artists, Ukrainian-language theatre and the chance to sit for a Ukrainian tattoo artist. He decided to apply for funding through a German organisation supporting cultural initiatives, allowing him to organise "Art Weapon" in Berlin. "The invasion has definitely changed art in Ukraine," he added.

☆ Documentary 'On the Adamant' wins Berlin Film Festival's top award
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nicolas Philibert poses for a photo with the Golden Bear for Best Film for "On the Adamant" at the 73rd Berlinale International Film Festival in Berlin, Germany, February 25, 2023. Jorg Carstensen/Pool via REUTERSBERLIN, Feb 25 (Reuters) - "On the Adamant," a documentary about a floating daycare centre in Paris for adults with mental disorders, won the Berlin Film Festival's Golden Bear award on Saturday. Accepting the Berlinale's top prize, director Nicolas Philibert said he was deeply touched by the jury's decision to award it to a documentary rather than a work of fiction. "That documentary can be considered cinema in its own right touches me deeply," he said. The festival's Silver Bear for best leading actor went to Sofia Otero, who plays an 8-year-old transgender child in "20,000 Species of Bees."

☆ Germany signals support for U.S. pick to lead World Bank
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 24 (Reuters) - The German government has signalled its support for the United States' nomination of Ajay Banga for president of the World Bank, with German Finance Minister Christian Lindner calling Banga's nomination a "very remarkable" proposal on Friday. U.S. President Joe Biden nominated former Mastercard Inc (MA.N) CEO Ajay Banga to lead the World Bank on Thursday, betting the India-born executive's ties to the private sector and emerging markets will jump-start the 77-year-old institution's overhaul to better address climate change. The finance minister added that Germany would follow the nomination with "great attention" and expressed "sympathy" for the proposal. French Finance Minister Bruno Le Maire had also previously showed support for Banga's nomination. Reporting by Christian Kraemer, Writing by Maria Martinez, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Audi CEO: IRA subsidies make prospect of building U.S. plant "highly attractive"
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Chief Executive Markus Duesmann said that a decision had not yet been made but that the IRA made it far more attractive to build electric vehicles (EVs) in the United States. Asked whether Audi would build a plant itself or do so together with other Volkswagen brands, Duesmann said: "Both are possible. But a growing number of firms are now announcing heightened investment in the United States over Europe in light of the IRA, worrying European officials. Volkswagen is also upgrading its Mexican plants in Puebla and Silao to starting building EVs, motors and related components by mid-decade. Volkswagen is due to lay out in March how it will rejig its production network worldwide to scale up EV production.

☆ Siltronic expects lower 2023 earnings, shares on track for worst day in almost 3 years
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - Siltronic (WAFGn.DE) sees a more difficult 2023 as lower volumes as well as exchange rate effects and inflation are set to impact the German chip equipment supplier, it said on Friday. Siltronic is assuming sales, its earnings before interests, taxes, depreciation and amortization (EBITDA) margin and earnings before interests and taxes (EBIT) will be significantly lower in 2023. The Bavarian company cited expected inventory adjustments as well as short-term postponement of delivery volumes of some customers in the first half of 2023 as impacting the first quarter. Siltronic shares slumped 10% following the announcement and are on track for their worst day in almost three years. Reporting by Tristan Chabba in Gdansk Editing by Paul Carrel and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen to build own US plant for Scout brand - Automobilwoche
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 24 (Reuters) - Volkswagen Group (VOWG_p.DE) will build its own production plant in the United States for its new Scout brand rather than collaborating with a partner, industry publication Automobilwoche reported on Friday, citing company sources. Volkswagen said last May it planned to reintroduce the Scout off-road brand, creating a separate, independent company to build Scout trucks and SUVs starting in 2026 that will be designed, engineered, and manufactured in the United States for U.S. customers. Building its own plant was the least likely option, the publication reported at the time, also citing company sources. Volkswagen is expanding its existing U.S. plant in Chattanooga, Tennessee, to produce the ID. However, the Scout brand will build off-road electric pick-up trucks and SUVs that require a new platform and the Chattanooga plant does not have enough space to do it all, a source told Reuters last May.

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