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☆ Mercedes to drop EQ product brand -Handelsblatt
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Jan 12 (Reuters) - Mercedes-Benz (MBGn.DE) is set to drop the EQ product brand for battery-electric cars as soon as the next generation of compact cars, set to be on the market from the end of 2024, German daily Handelsblatt said on Thursday, citing company sources. The decision is based on Chief Executive Ola Kaellenius' focus on electric-only cars, making the EQ brand redundant as Mercedes turns away from the combustion engine, Handelsblatt cited the sources as saying. The German carmaker now markets its all-electric model series under the EQ brand, first announced in 2016, with its first model, the EQC electric SUV, launched in 2019. Mercedes did not immediately respond to a request for comment. Writing by Miranda Murray; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ German premium car brands handled supply chain woes better than VW
▼ + stars: | 2023-01-10 | by ( Victoria Waldersee | ) www.reuters.com time to read: +3 min

[1/4] The new hybrid-electric BMW XM is displayed at the BMW manufacturing plant in Greer, South Carolina, U.S., October 19, 2022. Though the fourth quarter provided universal relief for the carmakers, China's extensive lockdowns early in the year were particularly hard on sales volumes. Audi's deliveries fell 3.9% to 1.61 million, with Europe the only region to register marginal growth after an 18.7% jump in German sales. That compared with only a 1% drop in Mercedes-Benz total sales and its 143% leap in deliveries of electric and hybrid vehicles. The Volkswagen brand fared worst year on year, with a 6.8% fall in sales attributed to supply chain issues affecting all model types.

☆ Uniper CEO to resign due to government takeover
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 10 (Reuters) - Uniper (UN01.DE) Chief Executive Klaus-Dieter Maubach plans to resign this year due to the nationalisation of the embattled utility by the German government, the firm said in a statement on Tuesday. They will both continue performing their duties until suitable replacements have been appointed, it said, adding that the supervisory board has already begun the succession process. Tuesday's announcement hardly comes as a surprise, following the reshuffling of the supervisory board last year with the departure of representatives from former majority shareholder Fortum. "The Uniper Supervisory Board is already working full steam to put the new Management Board team in place, and we are very confident we will be able to announce more about the replacements soon," said supervisory board chairman Tom Blades. The Berlin government in December completed a 34.5 billion euro ($36.55 billion) bailout of Uniper, following European Commission approval, a nationalisation made necessary because of Uniper's exposure to surging gas prices following Russia's invasion of Ukraine.

☆ Mercedes-Benz sells 2.05 million passenger cars in 2022
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 10 (Reuters) - Mercedes-Benz (MBGn.DE) delivered 2.05 million passenger cars in 2022, the company said on Tuesday, down 1% on the previous year as the carmaker felt the impact of COVID-19 measures and bottlenecks. Still, fourth-quarter sales rose 17% as logistics and supply chain bottlenecks eased, and battery-electric sales grew 124% over the course of the year to 117,800 units. Demand for the carmaker's high-end Maybach vehicles was particularly strong, with 2022 sales up 37% year-on-year driven by higher sales in China, Japan, Korea and the Middle East. The only key region to see a year-on-year fall in sales was China, with a 1% drop, according to Tuesday's data. Entry-level vehicles, the lowest price segment, saw a 10% sales drop primarily due to supply chain bottlenecks, the carmaker said.

☆ BMW sales recover in fourth quarter as supply chain issues ease
▼ + stars: | 2023-01-10 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

Full-year deliveries were down 4.8%, with Europe and China hardest hit by supply chain troubles that curbed output, particularly in the first half of the year. But sales bounced back in the fourth quarter as the group rejigged supply chains in Europe and lockdowns were lifted in China. Sales of fully electric vehicles also performed well, more than doubling to 215,755 over the year. BMW weathered the early days of the COVID-19 pandemic better than competitors, achieving record sales in 2021. The carmaker now plans to to move to a direct sales model in 24 European markets, with agents acting as sales representatives, it said in Tuesday's trading update.

☆ BMW brand delivers 2.1 million vehicles in 2022
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Jan 10 (Reuters) - The BMW (BMWG.DE) brand delivered 2.1 million vehicles in 2022, down 5.1% from the previous year, but still maintained its number one position in the global premium segment, the company said on Tuesday. The BMW Group delivered 2.4 million vehicles, a 4.8% decrease from last year. The Group was able to more than double the sales of fully-electric vehicles to 215,755 units. "We are confident we can build on this success in 2023, as we continue to see particularly high order intake for our fully-electric models," said Pieter Nota, member of the board of management of BMW AG responsible for customer, brands and sales. Writing by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ German gas storage operators optimistic for next winter
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 10 (Reuters) - German gas storage operators expressed optimism on Tuesday that there will not be supply problems next winter due to declining consumption and said there is no chance of shortage this winter. Even if Russian pipeline deliveries cease completely and liquefied natural gas imports (LNG) were to decrease, it would be possible to refill facilities for the 2023-24 cold season, said the INES German gas storage system operators association. For this winter, no shortage is expected, it added. "Even with extremely low temperatures and the occurrence of risk factors, there will be no gas shortage in Germany," said INES. At present, storage facilities are still more than 90% full.

☆ German finance regulator warns of 'Godfather' malware attacks
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Jan 9 (Reuters) - German finance regulator BaFin on Monday warned consumers that the malware known as "Godfather," which records user input, has been attacking 400 banking and cryptocurrency apps, including some in Germany. BaFin said that it was unclear how the malware infected consumers' devices. The malware displays fake websites of regular apps that can collect user login details and transmit them to cyber criminals, BaFin said. Reporting by Tom Sims and Marta Orosz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

A group of mostly Venezuelan families who migrated to the U.S. seeking asylum were welcomed with a Three Kings celebration in New York City organized by a national Latino nonprofit. "Many families are seeking refuge in New York after fleeing civil strife, natural disasters, violence, and so much more." Newly arrived asylum-seekers celebrated their first Three Kings Day in the United States at a dinner Thursday hosted by Hispanic Federation. Three Kings Day this year is an opportunity that allows families to connect and celebrate while keeping with the traditions of home." Greg Abbott following the busing of thousands of migrant families to New York City, with Abbott responding that it's up to the federal government to deal with border issues.

☆ Germany tells Musk it expects Twitter to fight disinformation
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 6 (Reuters) - Germany's digital minister recently met Elon Musk to clarify what Berlin expects from Twitter, especially in fighting disinformation, since the Tesla founder took over the social media firm, the digital ministry said on Friday. Digital and Transport Minister Volker Wissing, who was in California at the start of 2023, told Musk that Germany expects Twitter to voluntarily comply with commitments to fight disinformation, a spokesperson for the ministry said. Wissing also told Musk he expects Twitter to adhere in future to the Digital Services Act, agreed by the European Union's 27 member states and lawmakers in April 2022, which requires online platforms to do more to police the internet for illegal content. "There was a very open and long talk," the spokesperson said in a statement, adding that Musk made reassurances to Wissing. The German government will continue to critically observe the situation at Twitter, added the spokesperson, who would not comment in detail about individual statements by Musk.

☆ German industrial orders fall more than expected in November
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 6 (Reuters) - German industrial orders saw their sharpest drop in more than a year in November on falling foreign demand, decreasing by 5.3% on the month on a seasonally and calendar adjusted basis, the federal statistics office said on Friday. A Reuters poll of analysts had pointed to a 0.5% fall, after a downwardly revised rise of 0.6% in October. Orders from eurozone countries slumped by 10.3% on the month, while those from outside the eurozone fell by 6.8%. "This shows how strongly the high energy prices are weighing on the eurozone," said VP Bank chief economist Thomas Gitzel. The statistics office publishes a statement with more economic data.

☆ How 'Real Housewife' Jen Shah's fabulous life came crashing down
▼ + stars: | 2023-01-06 | by ( Stephanie Clifford | ) www.businessinsider.com time to read: +43 min

The woman wrote to the judge overseeing Shah's case that she'd had to remortgage her house, almost divorced, and "thought about ending my own life." The couple decided that he should get his degree while Jen Shah dropped out of college to work. (Shah told a judge at her 2022 plea hearing that she had been treated for "alcohol and depression" two years prior. Koa Johnson, Jen Shah's former fashion designerWhen Sharrieff Shah did participate in filming, he quickly became a fan favorite, calm and sensible. Once the show aired and Jen Shah developed a fan base, her behavior became more dramatic, Johnson said.

☆ One dead, another injured after shots fired at Austrian barracks
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

VIENNA, Jan 6 (Reuters) - A soldier was killed and another injured after an exchange of fire at an airfield barracks in the Austrian town of Wiener Neustadt on Friday, a Defence Ministry spokesperson said. Austrian news agency APA reported that the soldier on guard duty had opened fire during an apparent argument and that he was then shot by the higher-ranking military officer. "In the airfield barracks ... the guard soldier was killed and another soldier injured in an exchange of fire shortly before 7 a.m. (0600 GMT)," ministry spokesperson Michael Bauer tweeted. Austrian broadcaster ORF reported that the guard who was killed at the barracks in the town, about 60 km (40 miles) south of Vienna, was aged 20 and from the province of Lower Austria. Writing by Paul Carrel, editing by Miranda Murray and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

In a joint statement after a call between President Joe Biden and Chancellor Olaf Scholz, the United States said it would provide Ukraine with Bradley Infantry Fighting Vehicles while Germany would provide Marder Infantry Fighting Vehicles. The U.S. weapons package, to be announced on Friday, is expected to include about 50 Bradley Fighting Vehicles as part of security assistance totalling about $2.8 billion, U.S. officials told Reuters. Ukraine President Volodomyr Zelenskiy expressed his appreciation for Germany's contribution, saying on Twitter that "Germany is making an important contribution to intercepting all Russian missiles!" The decision was announced after Scholz's government faced a chorus of calls from within his three-way coalition to beef up military support for Ukraine after France announced it was sending light AMX-10 RC armoured combat vehicles. That includes weapons that "Ukraine needs to free occupied areas and the people who are suffering under Russian terror", she said.

☆ German exports unexpectedly fall in November
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 5 (Reuters) - German exports unexpectedly fell in November as high inflation and market uncertainty continue to weigh on Europe's largest economy despite fading supply chain problems. Exports fell by 0.3% on the month, data from the federal statistics office showed on Thursday. November's drop comes after October's figures were revised up, to growth of 0.8% from an initially reported 0.6% fall. Shipments to Germany's top export partner, the United States, were down 1.5% on the month in November, while exports to European Union member states fell by 0.4%. "The export sector supports the prospect of a mild recession," he added.

☆ Decline in German services sector eases, raising hopes for milder recession -PMI
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Wolfgang RattayBERLIN, Jan 4 (Reuters) - High inflation and economic uncertainty extended a downturn in the German services sector in December, though a slower pace of decline in activity adds to hopes of a milder-than-expected recession, a survey showed on Wednesday. S&P Global's final services Purchasing Managers' Index (PMI) rose to 49.2 from 46.1 in November. That marks the highest reading since July, when the current downturn began, and was slightly above a flash estimate of 49.0. The German composite PMI index, which comprises both the services and manufacturing sectors, rose to 49.0 in December from 46.3 in November, slightly above a flash reading of 48.9. December marked the sixth month in a row that the reading was below the 50 mark that separates growth from contraction.

☆ Germany's Steag renames large part of business ahead of sale
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 3 (Reuters) - German utility Steag, which has put itself up for sale, is changing the name of a large part of its business to Iqony in the course of a planned split-up, according to a website for the new company. Around 2,300 employees will work for Iqony, whose portfolio includes solar, wind, geothermal and hydrogen projects, said the websiteThe coal-fired power plants, including large sites in Duisburg and Saarland, will not be included in the new company, according to the WAZ newspaper, which initially reported the name change. Steag, which employs 5,700 staff, is owned by KSBG, where six municipal utilities in Germany's industrial Ruhr region have bundled their stakes. They are Duisburg, Dortmund, Bochum, Essen, Oberhausen and Dinslaken. Writing by Miranda Murray, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ German unemployment falls in December
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 3 (Reuters) - German unemployment fell in December, Labour Office figures showed on Tuesday, with the labour market overall being only moderately affected by the war in Ukraine last year. The Federal Labour Office said the number of people out of work decreased by 13,000 in seasonally adjusted terms to 2.52 million. The seasonally adjusted jobless rate remained stable at 5.5%. "In the past year, the consequences of the Russian war against Ukraine - price increases, uncertainties, but also the migration of refugees - have left their mark. But in view of the extent of the burdens, however, these have been moderate," said Labour Office head Andrea Nahles.

☆ German inflation slows in December on one-off energy payment
▼ + stars: | 2023-01-03 | by ( Miranda Murray | ) www.reuters.com time to read: +3 min

A one-off payment for household energy bills in December, part of government efforts to shield consumers, had a downward effect on prices, according to the statistics office. Energy prices eased somewhat in December but were still up 24.4% compared with the same period last year, while food prices had increased by 20.7%, according to the office. Germany's full-year harmonized inflation rate jumped to 8.7% in 2022 from 3.2% a year earlier, said the statistics office. "Core inflation remains the number one inflation scourge for the time being," he added, referring to a measure that excludes volatile food and energy costs. Commerzbank chief economist Joerg Kraemer also warned that core inflation had risen further and said the European Central Bank's "hesitant approach" means high inflation will stick around, despite energy relief measures.

☆ Rheinmetall wins quarter-billion euro order for e-vehicle parts
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: 1 min

Jan 2 (Reuters) - Germany's Rheinmetall (RHMG.DE) has won an order worth more than a quarter billion euros in the electromobility segment, the industrial group said in a statement on Monday. Rheinmetall said it would be providing the new 900-volt generation of electrically powered vehicles with a new type of contactor to a premium German automaker. Contactors are electrically controlled switches that make it safe to turn electric vehicles on and off, said Rheinmetall. Starting in 2025, Rheinmetall will supply tens of millions of these contactors for the automaker's new vehicle platform, the company said. Reporting by Anastasiia Kozlova, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Fading supply problems ease downturn in German manufacturing -PMI
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 2 (Reuters) - Fading supply chain problems helped ease the downturn in Germany's manufacturing sector in December, although weaker demand continues to weigh on sentiment, a survey showed on Monday. S&P Global's final Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a fifth of Germany's economy, rose to 47.1 from November's 46.2. While it was the third month-on-month increase in a row, the index is still below the 50 mark, meaning activity continues to shrink, albeit at a slower pace. A Reuters poll of analysts had pointed to a December reading of 47.4, in line with an earlier flash reading. makers of components for other businesses), with high stocks being just one of the factors weighing on demand," said Smith.

☆ High inflation here to stay for coming months, says German industry
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Inflation, which slowed slightly to 11.3% in November from a high of 11.6% the month prior, is no longer driven primarily by energy costs but by a host of factors, BDI President Siegfried Russwurm said in a survey of several industry associations. The ECB has raised interest rates by a combined 2.5 percentage points since July - its fastest pace of monetary tightening on record - to counter inflation. Russwurm said more measures would be decided on by the ECB, which the BDI expects to dampen investment activity. The heads of the ZDH German association for skilled trade and the DIHK chambers of industry and commerce also do not see inflation cooling off in the near term. "A noticeable slowdown in price increases is probably not to be expected until summer 2023," said ZDH Secretary General Holger Schwannecke.

☆ Nearly three in five German industry associations foresee gloomy 2023
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 27 (Reuters) - Nearly three out of five German industry associations are pessimistic about next year and expect their companies to produce less as high energy prices due to the war in Ukraine show no signs of abating, found a survey published Tuesday. Of the 49 associations surveyed by the IW economic institute, 30 said they expect their members to produce less, while 13 said they expect their sectors to produce more. Nearly 40 associations said the current situation for their companies is worse than a year ago, when many assumed that the worst of the coronavirus pandemic had been mostly overcome. "Businesses do not expect the high energy prices to fall back to pre-crisis levels in the foreseeable future. He warned that the situation for energy-intensive firms was particularly precarious and their success is tied to affordable energy.

☆ German businesses expect only mild recession as disruptions ease
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

There have been growing signs that the German economy could stave off the worst of an economic downturn triggered by a plunge in energy supply from Russia after the Ukraine invasion. Inflation slowed slightly to 11.3% in November from a high of 11.6% the month prior as energy prices eased. The Association of German Chambers of Industry and Commerce (DIHK) said there were many indications that supply chain disruptions were gradually easing. However, the DIHK warned that soaring energy prices and easing consumer sentiment were still clouding the outlook for 2023. The ZDH association of craftsmen echoed the DIHK, saying noticeably fewer orders were coming in for next year.

☆ Uniper CEO: complete repayment of billions in state aid 'ambitious'
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Companies Uniper SE FollowBERLIN, Dec 23 (Reuters) - Uniper (UN01.DE) Chief Executive Klaus-Dieter Maubach is sceptical that the embattled German utility will be able to repay billions of euros in state aid in full, according to the Frankfurter Allgemeine Sonntagszeitung newspaper. This would be "a very ambitious goal," Maubach told the paper in comments set to be published on Sunday. He said that since the beginning of December, daily losses have been close to 70 million euros ($74 million), with the last few days coming in slightly below that figure. Germany completed the nationalization of Uniper earlier this week after the European Commission approved a 34.5 billion euro recapitalisation plan and Uniper shareholders also gave the green light. ($1 = 0.9432 euros)Reporting by Anneli Palmen Writing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

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