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☆ Energy supply improvements brighten Germany's economic picture -Ifo
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 22 (Reuters) - Germany's economic picture has become slightly brighter, with improvements in gas supply, in particular, having an effect, the head of Germany's Ifo institute told Reuters on Tuesday. Clemens Fuest said an unexpected month-on-month fall in producer prices and easing supply chain disruptions are cause for optimism, but "the most important point is that the gas supply situation has brightened considerably". Fuest highlighted a warm October, full gas storage facilities and plans for liquefied natural gas (LNG) terminals as positive factors. Fuest said his statements were not a forecast for the upcoming Ifo business climate index to be released on Thursday. Analysts polled by Reuters expect the index to rise slightly in November to 85.0 after a reading of 84.3 the prior month.

☆ Germany's Scholz: must be prepared for Ukraine war escalation
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 22 (Reuters) - Chancellor Olaf Scholz said on Tuesday Germany must be ready for the situation in Ukraine to escalate but that his recent trip to China was worth it alone for spelling out the two countries' joint stance against using nuclear weapons. "In view of the development of the war and Russia's visible and growing failures, ... we must be ready for an escalation," Scholz said at a conference in Berlin hosted by the Sueddeutsche Zeitung newspaper. During his visit to China earlier this month, Scholz and Chinese President Xi Jinping condemned threats to use atomic weapons in Ukraine. Scholz said the 100 billion euro ($102.76 billion) defence fund announced in the wake of Russia's invasion had been the result of a lesson learned to build up the German military's defence stocks. ($1 = 0.9731 euros)Reporting by Andreas Rinke, Writing by Rachel More, Editing by Miranda Murray and Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Germany reaches compromise plan on landmark welfare reform - sources
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Nov 22 (Reuters) - Germany's ruling coalition parties and opposition conservatives reached a compromise on a major welfare reform on Tuesday, according to a proposal seen by Reuters, paving the way for new measures to support the unemployed in gaining vocational skills. Conservatives in the Bundesrat upper house had blocked the reform before wrangling with the governing parties to find a compromise that sources said they expect a parliamentary mediation committee to approve at a meeting on Wednesday. The welfare reform will introduce Buergergeld, or "citizens' money", to replace the Hartz IV system brought in from 2005, which sanctions people who reject job offers. A so-called trust period of six months, during which sanctions for lack of cooperation would have been waived, will be dropped altogether. Reporting by Holger Hansen, Writing by Paul Carrel, Editing by Miranda Murray and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Nov 23 (Reuters) - The United States is in talks with Mexico and other countries to facilitate the return of Venezuelan migrants to their homeland, a senior U.S. official said in a call with reporters on Tuesday. "We're in discussion with Mexico and other countries to see what can be done in that sense," said Blas Nunez-Neto, the acting assistant secretary for U.S. border and immigration policy. Nunez-Neto declined to provide details when asked which other countries were in talks with the United States. A U.S. federal judge invalidated Title 42 last week but then a Republican-led legal challenge was filed seeking to keep it in place. Return flights of Venezuelans from Mexico began last month, Mexican officials told Reuters.

☆ German producer prices unexpectedly fall in October
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 21 (Reuters) - German producer prices fell unexpectedly on the month in October, due primarily to a dip in prices for electricity and distributed natural gas, according to data released on Monday. Producer prices of industrial products fell 4.2% on the month, theFederal Statistical Office reported, compared with economists' expectations for a rise of 0.9%. October marks the first month-on-month decrease in producer prices, considered a leading indicator for consumer prices, since May 2020. Electricity prices were down 16.9% across all customer groups compared with September 2022, while prices of natural gas were down 9.0%, according to the office. Germany's consumer prices, harmonised to compare with other European countries, were 11.6% higher year-on-year in October.

☆ Germany wants to boost gas trading hub credit line to 20 bln euros - document
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 21 (Reuters) - Germany wants to give an additional 5 billion euros' ($5.1 billion) worth of credit to the nationwide gas market trading hub to enable forward sales from gas storage facilities, according to a finance ministry document seen by Reuters. That brings the total amount of credit for Trading Hub Europe (THE) to 20 billion euros, says the document seen on Monday. THE is a subsidiary of the country's gas network operators and is responsible for the gas market in Germany. Gas purchases were already being made through THE with loans secured by the federal government in order to fill the storage facilities in Germany. According to the note, the economy ministry had ordered in late September that 35% of stored gas volumes be sold via the futures market and 35% via the spot market this winter.

☆ American Music Awards 2022: See the winners list
▼ + stars: | 2022-11-20 | by ( Dan Heching | ) edition.cnn.com time to read: +4 min

CNN —The 50th American Music Awards are taking place on Sunday night at the Microsoft Theater in Los Angeles. Elton John, first nominated for an AMA in 1974, is now regarded as the longest-recognized artist in the awards show’s history. Taylor Swift led the pack with three AMA wins ahead of broadcast, including best female country artist. Below is a list of nominees for this year’s American Music Awards. The list will be updated with winners in bold throughout the broadcast, along with the winners from non-televised categories.

BERLIN/PARIS, Nov 18 (Reuters) - France, Germany and Spain have reached agreement over starting the next phase of the development of a new fighter jet dubbed FCAS, Europe's largest defence project at an estimated cost of more than 100 billion euros, two sources told Reuters on Friday. The three countries and their respective industries had struck a deal, said a defence source who spoke on condition of anonymity and did not give details. According to earlier information, the next development phase for the Future Combat Air System (FCAS) is expected to cost some 3.5 billion euros ($3.63 billion), to be shared equally by the three countries. France's Dassault (AM.PA), Airbus (AIR.PA) and Indra (IDR.MC) - the latter two representing Germany and Spain respectively - are involved in the scheme to start replacing French Rafale and German and Spanish Eurofighters from 2040. ($1 = 0.9642 euros)Writing by Sabine Siebold, Editing by Miranda, Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank CEO warns of 'danger' of European reliance on foreign banks
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Deutsche Bank has long warned that Europe needs strong banks to counteract U.S. and Chinese competitors, but Friday's speech took on a greater sense of urgency. "We urgently need to change course here if we do not want to rely primarily on foreign banks to finance Europe's future," Sewing said at a banking conference. Sewing blamed European regulators for a heavy hand, the latest criticism by top bankers of its supervisors. "It becomes ever clearer that the current regulatory framework does little to strengthen European banks," he said. European Central Bank (ECB) President Christine Lagarde, speaking at the same conference, warned of "undermining" regulation.

☆ Germany watching developments at Twitter with growing concern
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 18 (Reuters) - The German government is watching developments at Twitter with growing concern, a government spokesperson said on Friday. "Of course, we are observing this with great interest and growing concern ... but at the moment there is no new (government) position," the spokesperson told a regular government news conference. Reporting by Paul Carrel, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON — House Republicans' majority will be smaller than expected, but they're eager to use their new oversight powers and pass a spate of bills to draw contrasts with Democrats and give the Biden administration heartburn. House Minority Leader Kevin McCarthy, R-Calif., joined by Rep. Jim Banks, R-Ind., left, and Rep. Jim Jordan, R-Ohio, in Washington on July 21, 2021. A growing number of Republicans say they have their sights set on impeaching Homeland Security Secretary Alejandro Mayorkas, bashing his handling of the border surge. LegislationDemocrats still occupy the White House, so any legislation Republicans pass on a partisan basis won’t be signed into law by Biden. But House Republicans say they will waste no time showing the parties’ stark differences as they battle for control of the White House in 2024.

☆ Volkswagen's $2 bln Trinity electric vehicle plant in doubt
▼ + stars: | 2022-11-17 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

Volkswagen, the world's second-biggest carmaker, had planned to officially start production of its flagship electric sedan at the new factory in 2026. Manager Magazine reported that Blume wanted to delay this until 2030. The SSP model platform planned for the whole group will probably no longer be launched with the Trinity plant as originally planned, the magazine reported. It was too early for concrete statements as Volkswagen wants to decide on its revised investment plans in February, the source told Reuters. Volkwagen's supervisory board in March approved 2 billion euros ($2.07 billion) for the new Trinity factory, with construction due to start in spring 2023.

☆ Chile's Codelco trials fully-electric loader in bid to cut emissions
▼ + stars: | 2022-11-16 | by ( Natalia A. Ramos Miranda | Marianna Parraga | ) www.reuters.com time to read: +2 min

[1/3] A LHD electric loader is charged inside the Codelco El Teniente copper mine, the world's largest underground copper mine, near Rancagua, Chile, November 16, 2022. REUTERS/Natalia RamosEL TENIENTE MINE, Chile, Nov 16 (Reuters) - A huge fully electric-powered 14-ton loading shovel has begun operating at Chile's century-old El Teniente copper mine, in what state miner Codelco (COBRE.UL) said on Wednesday was a first for South America. Codelco, the world's largest copper producer, said the equipment the loader and hauler, developed by Swedish manufacturer Epiroc (EPIRa.ST) is the first 100% electric machinery of its kind to operate in the region. El Teniente, located in the highlands some 76 kilometers (47 miles) southeast of Chile's capital, produced 459,817 metric tons of copper last year. Codelco plans to cut greenhouse gas emissions by 70% by 2030, as it looks to meet targets set by Chile's government in recent years.

☆ Mercedes-Benz cuts price of some electric models in China
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING/FRANKFURT, Nov 16 (Reuters) - Mercedes-Benz said it had cut prices on some of its EQE and EQS models in China from Wednesday, citing changing market demand for top-end electric vehicles. Foreign carmakers are struggling to break into China's electric vehicle market, with only Tesla (TSLA.O) achieving higher sales figures. "The Top-End electric vehicle segment in China is still evolving ... Mercedes-Benz is repositioning certain EQ models in China," a spokesperson said. Mercedes-Benz sold 11,327 electric cars in China from January to August, according to the China Passenger Car Association, compared with Tesla, which sold almost 400,000, and China's BYD (002594.SZ), which sold nearly a million. Industry-wide sales are expected to slow into 2023, according to China Merchants Bank International, with some analysts expecting a price war.

☆ Zurich Insurance boosts ambitions with new financial targets
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

[1/2] Logo of Zurich insurance is seen at an office building in Zurich, Switzerland August 9, 2018. REUTERS/Arnd WiegmannZURICH, Nov 16 (Reuters) - Zurich Insurance Group (ZURN.S) aims to boost its business operating profit after tax return on equity (BOPAT ROE) to above 20% by 2025 and generate compound organic growth in earnings per share of 8% per year in new 2023-2025 targets it unveiled on Wednesday. It also aimed for cumulative cash remittances in excess of $13.5 billion and a Swiss Solvency Test (SST) ratio of at least 160% while keeping its dividend policy, it said ahead of an investor day. Reporting by Michael Shields, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Scholz: Poland missile blast must be fully investigated
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 16 (Reuters) - German Chancellor Olaf Scholz said on Wednesday a missile blast in eastern Poland near the Ukrainian border, in which two people were killed, should be fully investigated before conclusions are drawn. In his closing statement following the Group of 20 (G20) summit in Bali, Scholz said it was a positive sign that the United States had offered to assist Poland with the probe. Ukraine has blamed the blast on Russia, while U.S. President Joe Biden said the missile was probably not fired from Russia. Wrangling over the Ukraine war dominated the world leaders two-day meeting on the Indonesian island, as Western countries pushed for a condemnation while Russia decried the summit's "politicization". The final declaration said "most members strongly condemned the war in Ukraine", while acknowledging "other views and different assessments of the situation and sanctions".

Siemens Energy owns 67% in Siemens Gamesa and has launched a 4.05 billion euro bid, expected to run until Dec. 13, to buy the rest in an attempt to better integrate the division and fix quality issues at a next-generation turbine model. "In a challenging year we managed to again deliver solid results in our Gas and Power business, while Siemens Gamesa did not meet expectations," Siemens Energy Chief Executive Christian Bruch said in a statement. "The integration of Siemens Gamesa will help to improve profitability at our wind business and allow it to deliver to its full potential." Fourth-quarter sales were up 5.9% at 9.2 billion euros, the company said, higher than the 8.8 billion Refinitiv estimate. The company added that, at 97.4 billion euros, its order backlog had reached a new record.

☆ Factbox: Key nominations for the 2023 Grammy Awards
▼ + stars: | 2022-11-15 | by ( Danielle Broadway | ) www.reuters.com time to read: +3 min

Nov 15 (Reuters) - Nominations for the music industry’s Grammy Awards were announced during a livestreamed program at the Grammy Museum on Tuesday. The following is a list of nominations in key categories. RECORD OF THE YEAR“Don't Shut Me Down” - ABBA“Easy On Me” - Adele“BREAK MY SOUL” - Beyonce“Good Morning Gorgeous” - Mary J. Blige“Woman” - Doja Cat“Bad Habit” - Steve LacyALBUM OF THE YEAR“Voyage” - ABBA“30” - Adele“Un Verano Sin Ti” - Bad Bunny“RENAISSANCE” - Beyonce“Good Morning Gorgeous (Deluxe)” - Mary J. Blige“In These Silent Days” - Brandi Carlile“Music Of The Spheres” - Coldplay“Mr. (Let's Go)” - Hitkidd & GloRilla“The Heart Part 5” - Kendrick LamarBEST ROCK PERFORMANCE“So Happy It Hurts” - Bryan Adams“Old Man” - Beck“Wild Child” - The Black Keys“Broken Horses” - Brandi Carlile“Crawl!” - Idles“Patient Number 9” - Ozzy Osbourne Featuring Jeff Beck“Holiday” - TurnstileBEST COUNTRY ALBUM“Growin' Up” - Luke Combs“Palomino” - Miranda Lambert“Ashley McBryde Presents: Lindeville" - Ashley McBryde“Humble Quest” - Maren Morris“A Beautiful Time” - Willie NelsonThe 2023 Grammy’s will take place in Los Angeles at the Crypto Arena on Feb. 5. Reporting by Danielle Broadway Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ More chip production needed in Europe, Infineon CEO says
▼ + stars: | 2022-11-15 | by ( Christina Amann | ) www.reuters.com time to read: +2 min

MUNICH, Nov 15 (Reuters) - Infineon Technologies AG (IFXGn.DE) Chief Executive Jochen Hanebeck supports contract manufacturers building more chip factories in Europe to reduce his company's reliance on suppliers in Asia, he told Reuters on Tuesday. "We would very much welcome even more capacity being established in Europe," Hanebeck said in an interview, adding he was particularly interested in chips in the range of 28 to 12 nanometres. At German chipmaker Infineon, about 15% of total production volume currently comes from Taiwan, and some components are sourced exclusively in the east Asian island state. The Commission wants to use the money to double Europe's share of the highly competitive chip market by 2030. Infineon said on Monday it was planning a new 5-billion-euro factory in the eastern German city of Dresden to expand its 300-millimetre production capacities.

☆ German regulator calls on banks to increase risk provisions
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 14 (Reuters) - The president of Germany's financial regulator, Mark Branson, on Monday called on banks to increase their risk provisions while earnings are strong. Branson, speaking at a conference in Frankfurt, praised U.S. banks for setting aside "as much as they could". "Now is the time" for banks to set aside funds for a rainy day, while they are earning well, he said. Some did increase their risk provisions somewhat. Reporting by Tom Sims and Marta Orosz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil at the 2022 World Cup: who is in Tite's 26-man squad?
▼ + stars: | 2022-11-14 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

Nov 14 (Reuters) - Brazil are looking to win a record-extending sixth World Cup title at the Nov. 20-Dec. 18 in Qatar tournament in Qatar. Who is in Brazil's World Cup 2022 squad? * Brazil will meet Serbia, Switzerland and Cameroon in Group G.What was Brazil's squad at the 2018 World Cup? Defenders: Thiago Silva (Paris St Germain), Miranda (Inter Milan), Marquinhos (Paris St Germain), Marcelo (Real Madrid), Filipe Luis (Atletico Madrid), Fagner (Corinthians), Pedro Geromel (Gremio), Danilo (Manchester City). Forwards: Neymar (Paris St Germain), Douglas Costa (Juventus), Gabriel Jesus (Manchester City), Roberto Firmino (Liverpool), Taison (Shakhtar Donetsk).

☆ Germany nationalises Sefe to oust Gazprom, secure gas supply
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Nov 14 (Reuters) - Germany will nationalise gas importer Sefe, formerly known as Gazprom Germania, the economy ministry said on Monday, in a move to protect it from bankruptcy and force Russia out of the company. Sefe was dropped by Russia's Gazprom (GAZP.MM) earlier this year and put under German state trusteeship in April. It has since received close to 10 billion euros ($10.3 billion) in state-backed credit lines. Under the ordered measures, Sefe will then issue new shares to the same nominal amount that will be subscribed by Germany. In addition to the nationalisation, Berlin also announced that it would boost Sefe's loan from state lender KfW to 13.8 billion euros from a previous 11.8 billion euros.

☆ Germany's Scholz: G20 consensus statement on war in Ukraine to be 'tough ride'
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE, Nov 14 (Reuters) - German Chancellor Olaf Scholz said on Monday that it would be difficult to come up with a clear statement on global issues and the war in Ukraine at the G20 meeting in Indonesia later this week. "We are working very hard to ensure that we not only make clear, important statements on all the issues that affect the world together ... but also on the issues of peace and the consequences of the Russian war of aggression on Ukraine," he said during a joint news conference with Singapore's prime minister, Lee Hsien Loong. "That's going to be a tough ride, and I think it's going to take up a lot of our time and efforts in Bali." Reporting by Miranda Murray, editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis strikes deal with Infineon to secure silicon carbide chips
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 14 (Reuters) - Global carmaker Stellantis (STLA.MI) has signed a non-binding memorandum of understanding (MoU) with German chipmaker Infineon (IFXGn.DE) for a multi-year supply of silicon carbide semiconductors, Infineon said in a statement on Monday. According to the agreement, Infineon will reserve production capacity and supply the power semiconductors directly to Stellantis suppliers in the second half of the 2020s. Well over 1 billion euros' ($1.03 billion) worth of chips could be involved, said Infineon, adding that the chips would be meant for electric vehicles under the Stellantis brands. Chip shortages over the past couple of years have forced global automakers to scrap production plans for millions of cars. ($1 = 0.9696 euros)Reporting by Christina Amann; Writing by Miranda Murray; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Infineon plans 5-billion-euro Dresden site, raises targets
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 14 (Reuters) - Infineon (IFXGn.DE) is planning a new 5-billion-euro factory in the eastern German city of Dresden to expand its 300-millimetre production capacities, the German chipmaker said on Monday, while also raising its long-term financial targets. The plant, subject to adequate public funding, could go into operation in autumn 2026 and create up to 1,000 jobs, added Infineon. The company also raised its future target operating model and now expects its average rate of revenue growth to be more than 10%, up from a previous 9%. The German chipmaker saw growth driven in particular by electromobility, autonomous driving, renewable energies, data centres and the internet of things, it said. The segment result margin is also expected to reach an average level of 25% versus 19% to date.

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