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Germany's property sector is in stress, underscoring a major change of fortune for real estate in Europe's largest economy after an end to the era of cheap money. REUTERS/Kai Pfaffenbach/File PhotoFRANKFURT, Aug 11 (Reuters) - A Munich-based property developer said on Friday it had filed to open insolvency proceedings with a local court, in the latest sign of stress in Germany's real estate sector. Weakness in real estate has also emerged in the United States and Sweden. Germany is Europe's largest economy and the biggest real estate investment market on the continent. The property sector accounts for roughly a fifth of Germany's economic output and one in ten jobs.

Persons: Kai Pfaffenbach, Euroboden, Tom Sims, Mark Potter Organizations: REUTERS, Euroboden GmbH, Reuters Graphics Reuters, Partner, Centrum Group, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, Munich, Berlin, United States, Sweden

FILE PHOTO-A logo of German real estate company Vonovia, is pictured during a news conference in Duesseldorf, Germany, March 6, 2018. After a decade-long property boom, Germany is undergoing a sharp reversal of fortune after an era of cheap money ended. Germany's real estate sector is mired in its worst crisis in decades, marked by insolvencies, fizzling transactions, falling prices and a stagnation in construction jobs. Vonovia, which went public in 2013 at the start of the property boom and took over its biggest rival in 2021, serves as a bellwether for Germany's property sector. Vonovia affirmed full-year guidance for its key profit metric - so-called funds from operation - of 1.75 billion euros to 1.95 billion euros, down from 2.04 billion in 2022.

Persons: Thilo, Vonovia, Chancellor Olaf Scholz, Rolf Buch, Matthias Inverardi, Tom Sims, Miranda Murray, Friederike Heine, Kim Coghill, Alexander Smith Organizations: REUTERS, Reuters Graphics, Stifel, Thomson Locations: Duesseldorf, Germany

☆ Vodafone boosted by 1&1 5G network deal in Germany
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

The headquarters of Vodafone Germany are pictured in Duesseldorf September 12, 2013. Shares in British company Vodafone rose 3% in London and 1&1 (1U1.DE) soared 15%, set for its biggest one-day gain since 2008. 1&1, the mobile phone operation of German internet provider United Internet (UTDI.DE), is building a fourth mobile network. The deal knocked shares in Telefonica Deutschland (O2Dn.DE), as 1&1 teamed up with its competitor Vodafone. Vodafone said in its statement on Wednesday that the commercial agreement with 1&1 was for 18 years, and would start to deliver the 5G coverage to 1&1 customers from the second half of 2024.

Persons: Ina Fassbender, Margherita Della Valle, Sarah Young, Danilo Masoni, Hakan Ersen Organizations: Vodafone, REUTERS, United, Telefonica Deutschland, Telefonica, Thomson Locations: Vodafone Germany, Germany, London, Telefonica Deutschland's, Madrid

Companies Uniper SE FollowGazprom PAO FollowDUESSELDORF, Aug 1 (Reuters) - Uniper (UN01.DE) announced plans on Tuesday to triple its green investments in the coming years as it confirmed strong financial results in the first half driven by favourable market conditions in a turnaround for Germany's bailed-out utility. Uniper said it would invest 8 billion euros ($8.79 billion) through 2030 for its green transformation alone, triple its average annual investments of the past three years. In May, it flagged profits of more than 2 billion euros expected from hedging its gas supply commitments. Expecting no further financial losses from procuring replacement gas volumes, Uniper said on Tuesday no further capital increases from the German state would be necessary. Its credit line from the KfW state lender has been reduced ahead of schedule to 11.5 billion euros from 16.5 billion euros, the company said.

Persons: Germany's, Uniper, Michael Lewis, Vera Eckert, Rachel More, Friederike Heine, Muralikumar Organizations: Gazprom, Thomson

FRANKFURT/LONDON, July 26 (Reuters) - German industry is finding new ways to transport cargoes from coal to chemicals as increasingly frequent low water levels on the Rhine disrupt Europe's largest economy. At Kaub , the critical chokepoint for Rhine barges, water levels fell to their lowest this year earlier this week. ARTERY OF THE ECONOMYThe impact of low water levels is not limited to big business. But logistics firms are benefiting from rising demand for vessels adapted to lower river levels. "We expect, due to climate change, that the extremes on the river Rhine will happen more often," said Maickel Uijtewaal, general manager at Stolt-Nielsen (SNI.OL).

Persons: Uwe Arndt, Barbara Hoyer, majeure, Roberto Spranzi, Maickel Uijtewaal, Steffen Bauer, Christoph Steitz, Vera Eckert, Ludwig Burger, Patricia Weiss, Rene Wagner, Nette, Tom Kaeckenhoff, Matthias Inverardi, Vincent Flasseur, Barbara Lewis Organizations: Federal Waterways, Shipping Agency, Reuters Graphics, Cologne, BASF, Reuters Graphics Reuters, Kiel Institute, Deutsche Bank, Reuters, Stolt, Nielsen, HGK Shipping, Daniels, Midland Co, Chemicals, Thomson Locations: FRANKFURT, LONDON, Kaub, Europe, Reuters Graphics Germany, Ludwigshafen, HGK, Frankfurt, Berlin, Duesseldorf, London

"I am worried because we are in a deep real estate crisis. And the real estate crisis needs clear, structured and downright radical steps to fix it," Mattner said. For years, Germany's property market has been seen as a safe haven, becoming a major draw for foreign investors. Recent data shows the stress the property sector is facing as the European Central Bank hikes interest rates, with little respite in sight. The fall is "catastrophic," said Andreas Beulich, head of the Federal Association of Independent Real Estate and Housing Companies.

Persons: Kai Pfaffenbach, Chancellor Olaf Scholz, Andreas Mattner, Mattner, Tim, Oliver Mueller, Mueller, Scholz, Danyal, Andreas Beulich, Mathias Duesterdick, ”, Andreas Naujoks, Simone Zapke, Emma, Victoria Farr, Matthias Inverardi, Sharon Singleton Organizations: REUTERS, German Property Federation, German Construction Industry Federation, Reuters Graphics, European Central Bank, Federal Association of Independent, Housing Companies, Centrum Group, ECB, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, Kai Pfaffenbach FRANKFURT, Baden, United States, Sweden

☆ Flight attendants’ secrets for surviving summer travel
▼ + stars: | 2023-06-28 | by ( Francesca Street | ) edition.cnn.com time to read: +21 min

Navigating air travel at this time of year can be fraught, but it doesn’t have to be – and if anyone’s got intel on smoothly and successfully surviving summer travel, it’s the flight attendants who’ve seen it all. But the flight attendants say the lost sleep is worth it in the long run. Andrew adds that this advice is especially crucial if you’re flying internationally, suggesting that whatever you consider a “normal” connection time, you should probably double if you’re flying long haul. Consider whether check-in luggage is necessaryThe flight attendants always travel with carry-on luggage only and generally speaking encourage others to do the same. Rich Henderson, flight attendantOften flight attendants are just as clueless as passengers.

Persons: anyone’s, who’ve, Rich Henderson, Andrew Henderson, Rich, Andrew, Essence Griffin, who’s, ”, Griffin, “, hasn’t, There’s, you’re, that’s, you’ve, “ They’ll, it’s, ” Rich, she’s, they’ve, ” Griffin, she’d, They’ve, there’s, Andrew’s, Ying Tang, we’ve, Andrew points, Rich haven’t, I’ve, “ I’m, They’re, ’, –, ” Rather, what’s, “ We’re, It’s, aren’t, ” Griffin’s, ” Andew Organizations: CNN, intel, ”, Netflix Locations: There’s, Europe, Duesseldorf, Germany

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

[1/3] German parliamentary group co-leaders of Alternative for Germany (AfD) party Alice Weidel and Tino Chrupalla attend a plenary session of the lower house of parliament, Bundestag, in Berlin, Germany May 25, 2023. In France, the far-right has become a stronger rival at the ballot box, while in Italy and Sweden, they are now are in government. Germany's domestic spy agency has branded the AfD's youth wing "extremist", saying it propagated "a racial concept of society". Some AfD initiatives have won backing from mainstream voters on the more local level. Wolfgang Buechner, a Scholz government spokesman, said he was confident the coalition could whittle away at AfD support.

Persons: Alice Weidel, Tino Chrupalla, Chancellor Olaf Scholz's, Stefan Marschall, Michael Kretschmer, Friederich Merz, Nancy Faeser, Marc Debus, Matthias Grahl, Wolfgang Buechner, Scholz, whittle, Sarah Marsh, Andreas Rinke, Madeline Chambers, Edmund Blair Organizations: Bundestag, REUTERS, Government, Chancellor Olaf Scholz's Social, University of Duesseldorf, Christian Democratic Union, CDU, Greens, Scholz's, Mannheim University, Thomson Locations: Germany, Berlin, BERLIN, Scholz's, Europe, France, Italy, Sweden, Nazi, Russia, Ukraine, Germany's, Saxony, Thueringen, Brandenburg, Bautzen

☆ Elliott seeks investigation into Deutsche Wohnen loan to Vonovia
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

DUESSELDORF, May 22 (Reuters) - Activist investor Elliott is calling for a special investigation into a loan that German property company Deutsche Wohnen (DWNG.DE) made to its top shareholder Vonovia (VNAn.DE), documents filed ahead of a Deutsche Wohnen annual shareholder meeting (AGM) show. In 2021, Vonovia completed the takeover of rival Deutsche Wohnen to create a property group with more than 500,000 apartments. In January 2022, Deutsche Wohnen disclosed in a public filing that it would lend up to 2 billion euros to its new main shareholder. Cornwall, an investment vehicle owned by Elliott, wants shareholders to vote to install an independent investigator to examine the loan at the shareholder meeting slated for June 15 to examine whether the loan was in the best interest of investors, the AGM documents show. Deutsche Wohnen's supervisory board said that it did not see any need for an investigation.

The letter did not disclose either how much Berlin had proposed in state help, or by how much this had been reduced. The conflict lays bare how much industrial heavyweights depend on aid to decarbonise their businesses as well as the need for governments to approve subsidies quickly to avoid companies from shifting investments or stopping them altogether. Thyssenkrupp in August made the investment decision for the so-called direct reduction iron (DRI) site at its steel base in Duisburg, provided substantial subsidy commitments by the state of North Rhine-Westphalia and Berlin were fulfilled. Tekin Nasikkol, who heads the works council of Thyssenkrupp Steel Europe, told Reuters last week that Berlin needed to quickly approve hundreds of millions in subsidies for the site, adding workers' patience had run out. ($1 = 0.9084 euros)Reporting by Tom Kaeckenhoff; Additional reporting by Christoph Steitz and Christian Kraemer; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Subsidy cuts could derail Thyssenkrupp's green steel project -labour bosses
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

DUESSELDORF, May 17 (Reuters) - Thyssenkrupp's <TKAG.DE> labour bosses cranked up the pressure on Berlin to help fund a 2 billion euro ($2.2 billion) green steel production site, warning in a letter to Economy Minister Robert Habeck that a further cut could choke off the project. Reducing subsidies further would trigger a "massive discussion" within Thyssenkrupp's supervisory board over whether to pull the plug on the investment, the letter, dated May 17 and co-signed by the group's deputy chairman Juergen Kerner, said. Thyssenkrupp in August made the investment decision for the so-called direct reduction iron (DRI) site at its steel base in Duisburg, provided substantial subsidy commitments by the state of North Rhine-Westphalia and Berlin are being paid. Thyssenkrupp <TKAG.DE> and the economy ministry had no immediate comment. ($1 = 0.9084 euros)Reporting by Tom Kaeckenhoff; Additional reporting by Christoph Steitz and Christian Kraemer; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ German makers of Leopard 2 tank settle legal dispute
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

DUESSELDORF, May 2 (Reuters) - German arms makers Rheinmetall (RHMG.DE) and Krauss-Maffei Wegmann have settled a legal dispute over the intellectual property rights to the Leopard 2, one of the world's most advanced battle tanks, a court said on Tuesday. A boom in defence orders due to the war in Ukraine, and in particular demand for Leopard tanks from Kyiv to help in the fight against Russian forces, has boosted both companies. Duesseldorf-based Rheinmetall makes the cannon of the Leopard 2 and Munich-based KMW makes its chassis. Rheinmetall said both parties had sought to settle the dispute as quickly as possible with the aim of returning to day-to-day business. Earlier this year, Germany bowed to pressure from allies and agreed to send Leopard tanks to Ukraine.

Bowing to pressure from allies, Germany's government this year agreed to send Leopard tanks to Ukraine, one of the big ticket items sought by Kyiv as it gears up to mount a counteroffensive against Russian forces. Duesseldorf-based Rheinmetall makes the cannon of the Leopard 2 while the Munich-based KMW makes its chassis. A district court in Munich in a statement on Tuesday said KMW was seeking legal protection to prevent Rheinmetall from making statements it saw as "untrue, misleading factual assertions that violate its rights". Higher defence spending pushed Rheinmetall to record earnings last year and saw the company enter Germany's DAX blue-chip index. ($1 = 0.9106 euros)Writing by Matthias Williams Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

☆ Security staff strike to halt departures from Berlin airport
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 24 (Reuters) - Passengers at Berlin airport face disruptions on Monday with all flight departures cancelled due to a one-day strike by security workers, and some incoming flights also set to be affected. Berlin Brandenburg airport announced on Saturday that it had cancelled all flight departures on Monday and said that landings would also be affected after the Verdi union called on security workers to stage a one-day strike to raise the pressure in wage talks. The strike is due to start at 3:30 a.m. local time (0130 GMT) and end at midnight (2200 GMT). An airport spokesperson said roughly 240 flights had been scheduled to take off on Monday. The union says it has been negotiating with the BDLS aviation security association to push for pay increases for night, weekend and public holiday shifts.

☆ Germany's Verdi union sets strike at Berlin airport on Monday
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 22 (Reuters) - Germany's Verdi union called on Saturday for a one-day strike of air security staff at Berlin airport on Monday as part of an ongoing wage dispute. The walkout is due to start at 3:30 a.m. local time (0130 GMT) on Monday and will end at midnight (2200 GMT), the union said. The planned action follows walkouts at four other German airports - Duesseldorf, Hamburg, Cologne-Bonn and Stuttgart on Thursday and Friday when more than 700 departures were cancelled. The union has been negotiating with the BDLS aviation security association to push for pay increases for night, weekend and public holiday shifts. Reporting by Madeline Chambers Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Berlin airport cancels all departures on Monday due to strike
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 22 (Reuters) - Germany's Verdi union called for a one-day strike of air security staff at Berlin airport on Monday as part of an ongoing wage dispute, prompting the airport to cancel all passenger departures that day. The walkout is due to start at 3:30 a.m. local time (0130 GMT) on Monday and will end at midnight (2200 GMT), the union said. The planned action follows walkouts at four other German airports - Duesseldorf, Hamburg, Cologne-Bonn and Stuttgart on Thursday and Friday when more than 700 departures were cancelled. "Due to the warning strikes by security staff, no departures of passenger flights will be possible on Monday April 24," Berlin Brandenburg airport said in a statement, adding arrivals might also be affected. The union has been negotiating with the BDLS aviation security association to push for pay increases for night, weekend and public holiday shifts.

☆ Strikes cripple German rail network, four airports
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

The walkout, organised by the EVG union, was due to run from 3 a.m. (0100 GMT) to 11 a.m, though the train network was expected to be impacted for the whole day. State-owned Deutsche Bahn said all its long-distance connections would be cancelled until 1 p.m. and that few commuter trains would run. Deutsche Bahn has offered 5% and one-off payments of up to 2,500 euros. Friday's transport strike was set to coincide with a walkout at four German airports - Duesseldorf, Hamburg, Cologne Bonn and Stuttgart - by members of the Verdi union. ($1 = 0.9118 euros)Writing by Rachel More, Editing by Friederike Heine and John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ German armsmaker Rheinmetall suffers cyber attack
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: 1 min

DUESSELDORF, Germany, April 14 (Reuters) - State prosecutors in Cologne are investigating a cyber attack on German armsmaker Rheinmetall (RHMG.DE), a spokesperson for the prosecutor's cybercrime division said on Friday, confirming an earlier report by Spiegel magazine. The spokesperson declined to comment on how severe the cyber attack on Germany's largest armsmaker was. Rheinmetall declined to comment. The armsmaker supplies Germany's army as well as other NATO forces, and is delivering weaponry to Ukraine. Reporting by Matthias Inverardi, Writing by Victoria Waldersee, Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

[1/4] Law enforcement officers investigate the scene following an attack on bank ATMs in Ratingen, Germany, March 15, 2023. Courtesy of Achim Blazy/Handout via REUTERSRATINGEN, Germany, April 14 (Reuters) - In the German town of Ratingen, exploding cash machines are a hot-button topic. But in Germany, thieves are blowing ATMs up at the rate of more than one a day. Europe's largest economy has 53,000 ATM machines, a disproportionately high number that reflects Germans' preference for cash rather than bank cards. Germany is also working with officials in Belgium and France and at Europol to combat the cash machine crime wave.

☆ Flights cancelled in fresh round of strikes at German airports
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/5] Workers strike, after German trade union Verdi called on workers at Frankfurt, Munich, Stuttgart, Hamburg, Dortmund, Hanover and Bremen airports to go on a 24-hour strike, in Frankfurt, Germany February 17, 2023. REUTERS/Heiko BeckerBERLIN, March 17 (Reuters) - Strikes at four German airports led to the cancellation of hundreds of flights on Friday in the latest bout of industrial action to disrupt travel plans in recent months. German union Verdi called on security and ground handling staff at airports in Duesseldorf, Cologne/Bonn, Stuttgart and Baden-Baden to strike over pay and working conditions. Cologne/Bonn Airport said that 144 flights were cancelled as a result, while Duesseldorf Airport said earlier in the week it was working on a "significantly reduced flight schedule". "No take-offs and landings are possible all day due to the Verdi strike," Stuttgart Airport said in a statement, calling on passengers not to travel to the airport.

☆ 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.

The company, which nearly collapsed after Moscow cut and then stopped gas supplies to Germany, now sees a net loss of 19.1 billion euros ($21 billion) for 2022, it said on Wednesday. It said on Wednesday that losses caused by costs to replace Russian gas volumes reached 13.2 billion euros in 2022. "The development of the gas price has a major impact on Uniper's losses for realized and future gas replacement procurement. She said the significant decrease in gas prices at the end of 2022 meant expected losses for future gas replacement costs were reduced to 5.9 billion euros from 30 billion euros. "The actual losses and anticipation of losses from gas replacement cost in the future will continue to significantly fluctuate with changing gas prices," Uniper said.

☆ Nearly a year on from the supposed Russian exodus, most major companies have yet to withdraw
▼ + stars: | 2023-01-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

PATRIK STOLLARZ | AFP | Getty ImagesAfter Russian troops invaded Ukraine in February 2022, companies across the G-7 major economies and the European Union announced plans to cease business operations in Russia. The report published earlier this month documented a total of 2,405 subsidiaries owned by 1,404 EU and G-7 companies that were active in Russia at the time of the first military incursion into Ukraine. Of the EU and G-7 companies remaining in Russia, the research found that 19.5% were German, 12.4% were American owned, and 7% were Japanese multinationals. Various companies told Barclays that there were a host of challenges to fully divest. "There have also been suggestions that the assets (including intellectual property) of companies that leave Russia will be nationalised."

DUESSELDORF, Jan 28 (Reuters) - German arms maker Rheinmetall (RHMG.DE) had a record year in 2022 and is approaching an order backlog of 30 billion euros, CEO Armin Papperger told Reuters in an interview. "We are approaching an order backlog of 30 billion euros, and I expect to see an order backlog of 40 billion euros next year," said the CEO of the company, which sells a whole range of defence products but is probably most famous for supplying the 120mm gun of the Leopard 2 tank. Rheinmetall expects sales to grow to 11 billion-12 billion euros ($12 billion -$13 billion) in 2025, he told German magazine Stern. The projection is higher than the 10 billion-11 billion euro range Rheinmetall gave during its capital markets day in November. For 2022, the company expects 6.5 billion euros in sales.

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