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☆ ECB's Holzmann calls for four more 50 bps rate hikes- Handelsblatt
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 6 (Reuters) - The European Central Bank should raise interest rates by 50 basis points at each of its next four meetings as inflation is proving to be stubborn, Austrian central bank chief Robert Holzmann told German business daily Handelsblatt. The ECB has raised rates by 3 percentage points since July and flagged a 50 basis point increase for March. Holzmann, an outspoken conservative - or hawk in policy terms - however said that based on current trends, he would favour 50 basis point moves in March, May, June and July. "I expect it to take a very long time for inflation to come down," Holzmann was quoted on Monday as saying. The four steps advocated by Holzmann would take the deposit rate to 4.5%, well above the 4% peak rate priced in by markets, a level no other policymaker has so far advocated in public.

☆ Nobel winner Bialiatski jailed in Belarus for a decade, sparking outcry
▼ + stars: | 2023-03-03 | by ( Andrew Osborn | ) www.reuters.com time to read: +3 min

Footage from the cramped Minsk court showed Bialiatski, who co-founded the Viasna (Spring) human rights group, looking sombre, his hands cuffed behind his back, as he and his co-defendants watched proceedings from a courtroom cage. Bialiatski, who was arrested in 2021, and three co-defendants were charged with financing protests and smuggling money. Belarusian state news agency Belta confirmed the court had handed down long jail sentences to all the men, including a decade in prison for Bialiatski. That, she said, placed human rights defenders at risk of criminal prosecution for their legitimate activities. Viasna, the organisation he co-founded, took a leading role in providing legal and financial assistance to those jailed.

☆ Austria plays down concerns over U.S. scrutiny of RBI over Russia business
▼ + stars: | 2023-03-02 | by ( Alexandra Schwarz-Goerlich | ) www.reuters.com time to read: +2 min

VIENNA, March 2 (Reuters) - Austria's finance ministry on Thursday played down concerns about U.S. sanctions officials scrutinising Raiffeisen Bank International (RBIV.VI) over its Russia business. "The inquiry from the U.S. sanctions authority is a normal process that gives no cause for concern, because sanctions authorities naturally keep informing themselves about Austrian companies doing business in Russia," Austria's finance ministry told Reuters in a statement. The Austrian finance ministry said it would in due course address questions from parliament about Raiffeisen, as the lender's activities drew more domestic political scrutiny. "A risky deal for the Austrian Raiffeisen, which instead of - like other European banks - ending its business in Russia, is focusing on intensifying business relations," Greens lawmaker Nina Tomaselli said in a parliamentary question. The finance ministry welcomed the prospect of such a deal, suggesting it could prevent losses to savers and deposit insurance of hundreds of millions of euros.

☆ Swiss watchdog finds Credit Suisse 'seriously breached' obligations in Greensill affair
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 28 (Reuters) - Credit Suisse (CSGN.S) "seriously breached its supervisory obligations" in connection with its business relationship with financier Lex Greensill and his companies, Swiss financial watchdog FINMA concluded on Tuesday. It its review, FINMA said that Credit Suisse "seriously breached its supervisory obligations in this context with regard to risk management and appropriate organisational structures." Credit Suisse Chief Executive Ulrich Koerner said he welcomes the "conclusion of FINMA's work." So far 74% of the fund's $10 billion net asset value at the time of its suspension has been collected. Reporting by Kirsti Knolle and Noele Illien, Editing by Louise Heavens Editing by Paul Carrel and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Shooter critically injures one, himself near German primary school - police
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Feb 28 (Reuters) - A shooter critically injured one person near a German primary school in the north-western town of Bramsche on Tuesday before critically injuring himself with the weapon, a police spokesperson in the city of Osnabrueck said. Both the shooter and the victim were brought to hospital by helicopter and are receiving medical treatment, the spokesperson said, adding that witnesses to the incident were being interviewed and there was no longer any danger to the public. The shooting occurred near the Martinusschule primary school, but was unrelated to the school, a police spokesperson in Bramsche said. Witnesses informed the police at around 7.30 a.m. (0630 GMT), mass-circulation daily Bild reported. Reporting by Friederike Heine, Editing by Paul Carrel, Rachel More, Peter GraffOur Standards: The Thomson Reuters Trust Principles.

BERLIN, Feb 24 (Reuters) - Ukraine allies around the world lit up landmark monuments, held vigils and prepared new sanctions in a collective show of support on the first anniversary of Russia's invasion. Polish Premier Mateusz Morawiecki went to Kyiv and, together with Ukraine's prime minister, laid flowers at the Wall of Remembrance of those who died for Ukraine. The United States marked the anniversary by announcing new sanctions against Russia and its allies, new export controls and tariffs aimed at undermining Moscow's ability to wage war. EU institutions were also lit in Ukrainian colours, along with the Sydney Opera House. Kyiv says there can be no peace until Russia, which denies intentionally targeting civilians, withdraws.

☆ 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.

☆ Novartis names Firmenich CEO as chairman designate of Sandoz
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: 1 min

Companies Novartis AG FollowSandoz GmbH FollowZURICH, Feb 20 (Reuters) - Novartis (NOVN.S) on Monday announced the appointment of Gilbert Ghostine as chairman-designate of Sandoz, the generics unit Novartis wants to spin off later this year. Ghostine has been CEO of Geneva-based Firmenich, the world's largest privately owned perfume and taste company, since 2014. He will become the chairman of the new board at Sandoz, which is to be formed after its spin-off from Novartis in the second half of 2023, subject to final Novartis Board of Directors and shareholder approvals. Reporting by John Revill Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Raiffeisen stock slumps after U.S. sanctions authority asks about Russia business
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

Feb 20 (Reuters) - Shares in Raiffeisen Bank International fell more than 7% at the open on Monday after the Austrian Bank had said on Friday it had received a request for information from the United States' sanctions authority about its business related to Russia. Earlier in February, Raiffeisen reported it earned more than half of its 2022 profit from Russia, a market it is considering exiting after the country's invasion of Ukraine. RBI has operated in Russia since the collapse of the Soviet Union and is Russia's 10th-largest bank by assets. The bank's shares have fallen 19% since the start of the war in February last year. Reporting by Bartosz Dabrowski in Gdansk Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft co-founder Bill Gates: ChatGPT 'will change our world'
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Feb 10 (Reuters) - Microsoft co-founder Bill Gates believes ChatGPT, a chatbot that gives strikingly human-like responses to user queries, is as significant as the invention of the internet, he told German business daily Handelsblatt in an interview published on Friday. The new programs like ChatGPT will make many office jobs more efficient by helping to write invoices or letters. This will change our world," he said, in comments published in German. ChatGPT, developed by U.S. firm OpenAI and backed by Microsoft Corp (MSFT.O), has been rated the fastest-growing consumer app in history. Writing by Rachel More Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Fresenius may give up control of FMC dialysis business
▼ + stars: | 2023-02-09 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

FRANKFURT, Feb 9 (Reuters) - German healthcare group Fresenius SE (FREG.DE) said on Thursday it was potentially ready to cede control over Fresenius Medical Care (FMC) (FMEG.DE), after a fall in earnings at the world's largest dialysis company. Shares in FMC were down 3.4% at 1538 GMT, while Fresenius stock surged 4.3% after it said it was considering de-consolidating the subsidiary, meaning its sales would no longer be fully integrated into its financial reports. FMC, which has been hit hard by U.S. staff shortages and cost inflation this year, slashed its annual outlook twice last year, also pulling down Fresenius' forecasts. The Else Kroener-Fresenius-Stiftung, a charitable trust that controls Fresenius SE, "has taken note with approval of" the plans to deconsolidate FMC and to change its legal form. FMC Chief Executive Carla Kriwet, who was hired by Sen's predecessor, stepped down in December after just two months in the job, citing "strategic differences".

☆ Fresenius in talks about deconsolidation of FMC - WirtschaftsWoche
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 9 (Reuters) - The chief executive of German health care group Fresenius (FREG.DE) is preparing a deconsolidation of Fresenius and its struggling subsidiary Fresenius Medical Care (FMC) (FMEG.DE), business magazine WirtschaftsWoche reported on Thursday, citing sources close to the supervisory board. Chief Executive Michael Sen's goal is for Fresenius to relinquish control over FMC and no longer have to fully consolidate the dialysis company, WirtschaftsWoche added. Shares in Fresenius rose 5% to a five-month high soon after the report was published while FMC shares slipped 2% initially. Sen is negotiating the plan with the major shareholder Else-Kroener-Fresenius-Stiftung, which controls Fresenius, WirtschaftsWoche reported. U.S.-focused kidney dialysis specialist FMC's chief executive stepped down in December, marking the second leadership change in as many months.

☆ Germany's Scholz criticizes 'public competition' to send arms to Ukraine
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Feb 8 (Reuters) - German Chancellor Olaf Scholz on Wednesday criticized the public competition among some countries over who can deliver more and better weapons to Ukraine, saying it harmed unity among allies. "We preserve and strengthen this cohesion by first preparing decisions confidentially - and only then communicating them," Scholz told the Bundestag lower house of parliament according to a manuscript of his speech, citing his cooperation with U.S. President Joe Biden on the decision to supply tanks to Ukraine. "What harms our unity is a public competition to outdo each other along the lines of: battle tanks, submarines, aircraft - who is asking for more?" Reporting by Andreas Rinke, Writing by Miranda Murray Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ ECB's IT head named as next German cybersecurity chief
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 7 (Reuters) - Claudia Plattner, the European Central Bank's director general for information systems, was named as Germany's next cybersecurity chief on Tuesday, filling a position left empty for months after the previous head was fired following reports of possible Russia ties. Plattner, a trained mathematician who has held her ECB role since July 2021, will take over as head of the BSI cybersecurity agency starting July 1, the German interior ministry said in a statement. Her predecessor, Arne Schoenbohm, was fired in October and an investigation was launched into his conduct after media allegations that he may have come into contact with Russian security circles through a consultancy he co-founded. Schoenbohm said in October he had himself asked the ministry to launch an investigation. Writing by Miranda Murray Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Habeck optimistic that EU and U.S. can reduce trade tension
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 6 (Reuters) - German Economy Minister Robert Habeck expressed optimism before departing on a trip to the United States on Monday that a European Union trade dispute with Washington can be resolved soon. Many EU leaders are worried the local content requirements of $369 billion of green subsidies in the U.S. Inflation Reduction Act will encourage companies to relocate, making the United States a leader in green tech at Europe's expense. Habeck said the European Commission was taking the lead on the trade issue, but added: "We want to lend support." "And supporting means: in the working atmosphere that we have developed, to explore ways in which the problematic parts of the Inflation Reduction Act - that is, this industrial project - can perhaps be resolved," he said. Habeck and French Finance Minister Bruno Le Maire will hold talks with U.S. Treasury Secretary Janet Yellen on Tuesday.

☆ Roche flags 2023 earnings decline on slump in COVID products
▼ + stars: | 2023-02-02 | by ( Ludwig Burger | ) www.reuters.com time to read: +1 min

Last year, group revenue edged 1% higher to 63.3 billion Swiss francs ($69.78 billion), the company reported, beating market expectations of 63.2 billion francs, while core operating profit gained 1% to 22.2 billion Swiss francs, just shy of the average analyst estimate of 22.4 billion francs. The onus to reinvigorate the pipeline will be on chief executive officer-designate Thomas Schinecker, who is Roche's head of diagnostics, and due to be promoted to group CEO in March. In the wake of Schinecker's appointment, the head of Roche's pharmaceuticals division, Bill Anderson, decided in December to leave after 16 years with the Swiss drugmaker. Roche said on Thursday that Teresa Graham, currently Head of Global Product Strategy for Roche Pharmaceuticals, would succeed Anderson. ($1 = 0.9071 Swiss francs)Reporting by Ludwig Burger; Editing by Paul Carrel and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank Q4 surges in 3rd year of annual profit
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Feb 2 (Reuters) - Deutsche Bank's (DBKGn.DE) fourth-quarter profit surged, exceeding expectations and contributing to a third consecutive year of profit that was helped by higher interest rates and buoyant trading but damped by a slump in dealmaking that has shaken the industry. Net profit attributable to shareholders was 1.803 billion euros ($1.99 billion) in the three months ending Dec. 31, figures published on Thursday showed. That compares with a profit of 145 million euros a year earlier, and it is better than analyst expectations for a profit of around 951 million euros. ($1 = 0.9074 euros)Reporting by Tom Sims and Marta Orosz Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ ABB places second block of E-Mobility shares ahead of float
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

The investors will take a combined 12% stake in the E-Mobility business in the final round of private placements before its planned flotation this year, ABB said. The breakdown of the stakes taken was not given by ABB, which said the transaction represented the final placement ahead of the IPO. The company had already raised around 200 million Swiss francs from allocating an 8% stake in the business to investors. Cash raised from the two placements will be used to fund organic growth and acquisitions at E-Mobility. ($1 = 0.9155 Swiss francs)Reporting by John Revill Editing by Paul Carrel and John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ 'Party is over': Hapag Lloyd CEO says freight rates to keep declining
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

HAMBURG, Feb 1 (Reuters) - Container freight rates will keep declining in the current realignment of shipping demand and supply, said the chief executive of Germany's liner Hapag Lloyd (HLAG.DE), the world's number five by transport capacity. "Now we have to fight for every box again to get our ships full," he said. However, he expects freight rates will not fall below costs, which were being kept high by expensive charter rates, high fuel costs and the need to adjust fleets to running on low carbon fuel. Ship docking and scrapping was increasing this year after a period when ship owners kept old vessels running to meet high demand, he said. At the same time, Hapag Lloyd expects to receive a series of new ships it ordered in recent years, including some giant 23,600 twenty foot equivalent unit (TEU) vessels.

☆ Germany accuses Russia of twisting minister's war comments for 'propaganda'
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Jan 27 (Reuters) - Russia has twisted comments by Germany's foreign minister about the war in Ukraine for propaganda purposes, a German foreign ministry spokesperson said on Friday, stressing Berlin's position that NATO must not become party to the conflict. German Foreign Minister Annalena Baerbock riled Moscow with comments at an event in Strasbourg on Tuesday, when, speaking in English, she said that "we are fighting a war against Russia, and not against each other". Russian Foreign Ministry Spokeswoman Maria Zakharova, in a post on her Telegram messaging channel cited by state TASS news agency on Wednesday, seized on Baerbock's comments as evidence the West was waging a "premeditated war against Russia". This concern was part of the reason for Germany's delay in agreeing to send the Leopard tanks to Ukraine. "Russian propaganda continually takes statements, sentences, stances, positions of the government, our partners and uses them to serve their purposes," said the German foreign ministry spokesperson.

☆ German inflation rate to ease over course of 2023 - econ minister
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 26 (Reuters) - German inflation will remain high at the beginning of 2023 before easing over the course of the year, Economy Minister Robert Habeck said on Thursday. "We have broken the inflation trend," Habeck said in his address to the Bundestag regarding the annual economic report. Inflation is seen at 6% in 2023, as energy prices ease following the initial shock of the energy crisis triggered by the Ukraine war, according to the economic report published on Wednesday. Regarding the economic report for 2023, he said the numbers were not good, but significantly better than feared some months ago. In 2024, inflation will be lower than in 2023 and growth will be higher, he added.

☆ SAP to cut 3,000 jobs in efficiency move, explores Qualtrics stake sale
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 26 (Reuters) - SAP (SAPG.DE) on Thursday said it plans to cut 3,000 jobs, or 2.5% of its global staff, and to explore a sale of its remaining stake in Qualtrics to focus on strategic growth areas and operate more efficiently. With the planned job cuts, SAP joins other big tech companies including Microsoft and Amazon in turning to layoffs to cut costs. SAP reported a 30% revenue increase in its cloud business in the fourth quarter, helped by strong demand for its HANA software. Analysts are worried that the lucrative cloud segment for big tech companies could be hit hard as customers look to cut spending. SAP's operating profit grew 17% in the three months through December to 1.71 billion euros ($1.87 billion) on group revenue of 8.44 billion euros, it said.

[1/2] A logo is pictured on the Ibex building of Lonza, where the Moderna mRNA coronavirus disease (COVID-19) vaccine will be produced, in Visp, Switzerland, September 29, 2020. REUTERS/Denis Balibouse/File PhotoJan 25 (Reuters) - Lonza (LONN.S) on Wednesday said it will buy back shares worth 2 billion Swiss francs ($2.17 billion), despite an expected drop in annual margins, as the Swiss drug contract manufacturer backed its growth prospects for the near future. Lonza expects its 2023 core earnings before interest, depreciation and amortization, or EBITDA margin, to slip between 30% and 31%, down from 32.1% in 2022, as last year's boost from COVID-19 vaccine manufacturing services waned. The Basel-based company, however, reiterated a target of 33%-35% for 2024 marginsand announced a 17% rise in its annual dividend. The Swiss group forecast sales growth in the "high single-digit" adjusted for currency swings, a slow-down from the 15.1% rise it saw last year.

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