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Search resuls for: "Germany's Finance"


7 mentions found


☆ Uniper boss tells investors to back German bailout or risk all
  + stars: | 2022-12-19 | by ( ) www.reuters.com   time to read: +2 min
FRANKFURT/BERLIN, Dec 19 (Reuters) - Germany's Uniper (UN01.DE) called on shareholders to approve a bailout and nationalisation that will cost the government more than 50 billion euros ($53 billion), warning that it will otherwise have to consider filing for insolvency. Gazprom (GAZP.MM) was once its biggest supplier, but a big drop in deliveries after Russia's invasion of Ukraine forced Uniper to buy gas elsewhere at much higher prices to meet its contracts. "In the Management Board's view, a possible insolvency could lead to a complete loss for shareholders." If the bailout is approved, the German government will end up owning just below 99% of Uniper, Germany's largest gas trader, following two share issues. Germany's Finance Ministry will be responsible for the stake, Uniper said on Monday.
☆ German finance ministry wants 33% windfall tax on energy firms - Die Welt
  + stars: | 2022-11-22 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, Nov 22 (Reuters) - Germany's finance ministry aims to introduce a 33% tax on oil and gas companies that have benefited from windfall profits, Die Welt newspaper reported on Tuesday. Citing a draft document, Die Welt said companies in the oil, gas, coal and refining sectors whose profits for this and next year are more than 20% higher than the average profits of 2018 to 2021 would have to pay the extra tax. The plans are the implementation of a European Union-wide agreement on energy companies in response to high energy prices due to a collapse in supplies from Russia since Moscow's invasion of Ukraine. The ministry has estimated additional revenues of about three billion euros, said the newspaper. No one at the finance ministry was immediately available for comment.
☆ EU, US must address concerns over U.S. inflation act - German fin min
  + stars: | 2022-11-07 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, Nov 7 (Reuters) - Germany wants dialogue with Washington rather than tit-for-tat measures to ease trade tensions triggered by the U.S Inflation Reduction Act, which could harm European businesses and industry, Germany's finance minister said on Monday. Christian Lindner said a task force set up between the United States and the European Union should address the issue urgently. "In everyone's interest, we will not enter a tit-for-tat but rather strengthen the sources of wealth and growth together," he added. Earlier on Monday, French Finance Minister Bruno Le Maire said the law was a major threat to European companies and that the EU must stand firm against it. Reporting by Rachel More, Editing by Miranda Murray and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.
☆ Germany needs billions to solve its energy crisis, but buyers are shunning its bonds
  + stars: | 2022-10-27 | by ( Samuel Indyk Harry Robertson | Samuel Indyk | Harry Robertson | ) www.reuters.com   time to read: +5 min
LONDON, Oct 27 (Reuters) - Germany, considered Europe's most reliable debtor, is having trouble selling its bonds, just as it seeks billions to tackle the energy crisis. Hit hard by its over-reliance on Russian energy, Germany intends to borrow particularly large amounts in the coming years, with Parliament last week voting to suspend the constitutional debt brake that limits new borrowing. France's finance agency, in contrast, issued 10 billion euros of medium term bonds on Oct. 20 into strong demand. VOLATILITY HURTS AUCTIONSThe uncertainty around borrowing and QT has increased volatility in euro zone bond markets, already rocked by the knock-on effects from Britain's now-scrapped plans for large unfunded tax cuts. Volatility is deterring the banks that act as dealers for German bonds from bidding in debt auctions, Tammo Diemer, head of the country's finance agency, said at an event on Tuesday.
☆ Germany upsizes 54 bln euros in bonds to use in repo market, help fund energy spending
  + stars: | 2022-10-19 | by ( ) www.reuters.com   time to read: +1 min
Oct 19 (Reuters) - Germany's finance agency said on Wednesday it had increased the size of 18 outstanding bonds by 3 billion euros each to use in the repo market and provide flexibility to cover financing needs arising from the energy crisis. The increase, 54 billion euros in total, was done for bonds that the agency said were in high demand. The increases will also provide the German government with flexibility to cover financing needs arising from the energy crisis, the finance agency said. The finance agency can increase such operations to support the smooth functioning of markets and did so earlier this year, when it also upsized a bond in the aftermath of Ukraine's invasion. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yoruk Bahceli; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.
☆ Germany needs to tackle inflation threat, wants transparency from China - Lindner
  + stars: | 2022-10-13 | by ( Andrea Shalal | ) www.reuters.com   time to read: +3 min
Inflation can bring that foundation to erosion," Lindner said in Washington. Speaking alongside Bundesbank President Joachim Nagel, Lindner said Germany has the means to address its weaknesses, including by investing in alternative energy resources. China has argued it would not take part in some cases unless the IMF and World Bank also took a haircut. "I have used the opportunity again to remind creditors, in particular China, of their own responsibility," Lindner said. It's regrettable that China did not accept the invitation to participate in the G7 roundtable with African countries.
☆ Germany needs to tackle inflation threat, wants fairness from China - Lindner
  + stars: | 2022-10-13 | by ( Andrea Shalal | ) www.reuters.com   time to read: +1 min
"Inflation is the biggest danger for our economic foundation, inflation can bring that foundation to erosion," Lindner said in Washington. Register now for FREE unlimited access to Reuters.com RegisterThe latest forecasts suggest Germany is on the brink of recession and the central bank sees inflation staying at over 7% next year. Speaking alongside Bundesbank President Joachim Nagel, Lindner said German growth had slipped behind other countries because it was especially vulnerable to Europe's energy crisis and supply chain disruptions. Germany has the means to address its weaknesses, including by investing in alternative energy resources, Lindner said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; writing by Matthias Williams, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.
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