DIRS.INFO The most relevant business & tech news

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.

☆ 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.

☆ Armsmaker Rheinmetall sets up maintenance hub in Romania for Ukraine weapons
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

April 2 (Reuters) - German armsmaker Rheinmetall (RHMG.DE) is building a military maintenance and logistics hub in Satu Mare, Romania, expected to begin operation this month to service weapons used for the war in Ukraine, the company said on Sunday. "The service hub should play a central role in maintaining the operational readiness of western combat systems in use in Ukraine and ensuring the availability of logistical support," a spokesperson for the company said. The hub, located near the border with Ukraine, will service self-propelled howitzers, Leopard 2 and Challenger tanks, Marder infantry fighting vehicles, Fuchs armoured transport vehicles and military trucks. "It is a key concern for us at Rheinmetall to provide the NATO forces and Ukraine with the best possible support," Chief Executive Armin Papperger said in a statement. Rheinmetall founded a similar center in Lithuania in June 2022 to provide support to NATO vehicles in the Baltic states.

☆ British supermarkets confront their German discounting demons
▼ + stars: | 2023-02-22 | by ( James Davey | ) www.reuters.com time to read: +5 min

And the discounters' supermarket sweep still has a long way to run, industry executives say, with Aldi UK CEO Giles Hurley pledging Britain's lowest prices "no matter what". "Over the Christmas period alone shoppers switched 58 million pounds ($70 million)(of purchases) to Lidl from Tesco and Sainsbury's," Lidl GB CEO Ryan McDonnell told Reuters. Tesco and Sainsbury's are now matching Aldi prices on hundreds of key items and using customer loyalty schemes, while they have accepted a profit hit to keep prices down. Sector executives, speaking on condition of anonymity, said the further rise of Aldi and Lidl is inexorable. "Nobody's going to take Tesco out but at some point somebody might take Sainsbury's out," the sector veteran said.

☆ Bayer's new CEO has a full in-tray as investors push for change
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +5 min

February 9 - By Ludwig Burger and Patricia WeissFRANKFURT (Reuters) - Bayer's incoming CEO is inheriting a full in-tray from his predecessor: Thousands of lawsuits claiming its weedkiller causes cancer, an underwhelming drug development pipeline and disgruntled investors looking for major change. "The most important task for Bill Anderson is to regain investors' trust," said Markus Manns, a portfolio manager at Germany's Union Investment, a top 20 shareholder. Bayer's shares lag those of its global rivals, having fallen about 40% - knocking about 30 billion euros off its market valuation - since it bought Monsanto in 2018 for about $63 billion. Baumann's early exit has stirred debate about what the 56-year-old Anderson can do to restore investor trust and boost Bayer's shares. A stand-alone pharmaceuticals business, with 18.3 billion euros in 2021 sales, could also become a takeover target.

Feb 9 (Reuters) - German authorities searched the premises of three companies early Thursday as part of an ongoing probe into the possible violation of European Union sanctions against Russia, prosecutors said in a statement. German authorities also searched the residences of three suspects, according to the statement, which didn't name the companies or individuals. Reuters was unable to reach Smart Impex or its manager, Gokturk Agvaz, by phone on Thursday for comment. Some went to a Moscow customer that had received American and non-U.S. products from Smart Impex before Russia invaded Ukraine last February. The correspondence is available on handelsregister.de, a public German companies registry.

☆ DWS CEO: cannot rule out paying fines in greenwashing case
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 2 (Reuters) - Deutsche Bank's (DBKGn.DE) asset management unit DWS (DWSG.DE) will continue to cooperate with authorities on accusations of greenwashing, its CEO said on Thursday, adding that he could not rule out the company having to pay fines. CEO Stefan Hoops said DWS planned to tighten its internal rules and controls following the scandal, in comments to anaylsts following the announcement of the company's 2022 results. German and U.S. officials have been investigating reports and a whistleblower's allegations that DWS had exaggerated the sustainability of investments it sold - a practice known as greenwashing. On Thursday, DWS reported a 23% drop in its net profit for 2022, falling to 599 million euros ($658.36 million), driven partially by a planned increase in transformation costs and legal expenses. ($1 = 0.9098 euros)Reporting by Matthias Inverardi, Writing by Rachel More Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ German labour representative says Ford execs have offered talks on restructuring plan
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +1 min

Ford said on Jan. 20 that its planned shift to electric vehicle (EV) production will require unspecified structural changes, giving rise to fears of job cuts at its German production sites. Ford committed to an all-electric lineup in Europe by 2030 and its U.S. leadership has repeatedly flagged that EVs require less labour. German union officials said on Wednesday that Ford would decide by mid-February how many jobs to cut in Europe. "Ford management has indicated their willingness to talk," Benjamin Gruschka, who is affiliated with trade union IG Metall, told a media briefing in Cologne. He said no date for talks had been agreed and that Ford had yet to give details on what their restructuring plan entails.

BERLIN, Jan 23 (Reuters) - Germany's cartel office regulator said on Monday it had initiated proceedings against payment company PayPal Europe (PYPL.O) over the possibility that it hindered competition. The subject of the proceedings was PayPal's rules for extra charges and the presentation of PayPal in the terms of use for Germany, the watchdog said. "These clauses could restrict competition and constitute a violation of the prohibition of abuse," said cartel office chief Andreas Mundt in a statement. "We will now examine what market power PayPal has and to what extent online merchants are dependent on offering PayPal as a payment method." Changes to Germany's antitrust laws for digital corporations, which came into effect in 2021, give the cartel office more power in identifying and prohibiting some companies' dominant positions.

☆ Deutsche Post eyes takeover of Deutsche Bahn's Schenker - Manager Magazin
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Dec 15 (Reuters) - Deutsche Post (DPWGn.DE) subsidiary DHL is interested in buying Schenker, the logistics subsidiary of German rail operator Deutsche Bahn [RIC:RIC:DBN.UL], Manager Magazin reported on Thursday, citing people familiar with the matter. The report said Schenker could be sold at a price well below 20 billion euros due to a slowdown in the logistics sector. A spokesperson for Deutsche Post would not comment on the report. Deutsche Bahn also declined to comment on the report. Reporting by Matthias Inverardi and Markus Wacket; Writing by Rachel More; Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ Rewe drops ads with German soccer association over armbands row
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +4 min

BERLIN, Nov 22 (Reuters) - Major grocery chain Rewe has scrapped its advertising campaign with the German Football Association after soccer's global governing body cracked down on players wearing 'OneLove' armbands in support of diversity at the Qatar World Cup. Several soccer associations had said that their team captains would wear the armband in Qatar, where homosexuality is illegal. The German Football Association said on Tuesday associations backing the armband were faced with "extreme blackmail," and it had dropped plans for players to wear it because it was unfair for them to shoulder the consequences. Separately, Deutsche Telekom (DTEGn.DE) on Tuesday said it planned to talk with the German Football Association about the armbands controversy. The German Football Association (DFB) is the world's largest, with more than 7 million active members.

[1/2] Taylor Swift receives the award for the Best Longform Video during the 2022 MTV Europe Music Awards (EMAs) at the PSD Bank Dome in Duesseldorf, Germany, November 13, 2022. REUTERS/Wolfgang RattayDUESSELDORF, Nov 13 (Reuters) - Taylor Swift walked away with four prizes at MTV's Europe Music Awards on Sunday, including best video for her 10-minute "All Too Well". Double-award winners included Nicki Minaj for best song and best hip-hop, and the French DJ and record producer David Guetta won the best electronic award and best collaboration. The U.S. pop singer Swift, wearing a dress of bejewelled mesh, won best artist, best pop, best video and best long form video. British pop star Harry Styles won in the "best live" category and the Thai-born Lalisa 'Lisa' Manoban won best K-pop.

☆ Germany plans to approve Chinese takeover of Elmos' chip production - Handelsblatt
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 27 (Reuters) - The German government plans to approve a Chinese takeover of the chip production of Dortmund-based company Elmos, business daily Handelsblatt reported on Thursday, citing government sources. The economy ministry is examining the sale of Elmos' chip factory to competitor Silex, a Swedish company that is a subsidiary of Chinese group Sai Microelectronics, Handelsblatt reported, adding approval is expected in the coming weeks. The expected decision would mean the government would likely defy advice from the domestic intelligence agency, Handelsblatt added. The economy ministry had no immediate comment when contacted by Reuters. ($1 = 0.9967 euros)Reporting by Christian Kraemer and Matthias Inverardi Writing by Paul Carrel, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ German chemical sector employers, union agree wage hikes of 3.25%
▼ + stars: | 2022-10-18 | by ( Matthias Inverardi | ) www.reuters.com time to read: +2 min

BERLIN, Oct 18 (Reuters) - Germany's chemical and pharmaceutical industry agreed on two wage hikes of 3.25% each for its workers on Tuesday, one for the beginning of 2023 and the other a year later. While trade union IG BCE had not published a specific demand, the industry, which is among those most heavily affected by surging energy costs, managed to keep the wage agreement well below inflation in the region. German public sector unions this month demanded a 10.5% wage increase, or at least 500 euros more per month, over a year for some 2.5 million workers. The larger metal engineering sector is also in negotiations, with the trade union pushing employers to respond to its demand for 8% higher wages. Workers' purchasing power has already taken a hit, with German consumer price inflation at almost 11% in September.

☆ Germany's largest landlord maintains right to evict even as energy bills explode
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

The new headquarters of German real estate company Vonovia is pictured in Bochum, Germany, April 24, 2018. Vonovia Chief Executive Rolf Buch has said that he expects rising energy prices to cost tenants up to two months' rental fees per year. "If a tenant has problems and contacts us, we will find a solution," said Buch, adding that Vonovia supported an eviction moratorium that is under discussion. Vonovia, Germany's largest residential landlord with around 490,000 apartments, has 55% of its heating system supplied by gas. The company said in July that it would reduce heating in many of its apartments at night to save gas.

Search resuls for: "Matthias Inverardi"

15 mentions found