DIRS.INFO The most relevant business & tech news

☆ German economy ministry wants to skim electricity windfall profit from November - draft paper
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 9 (Reuters) - Germany's economy ministry wants to begin skimming off electricity providers' windfall profits retroactively from November, according to a draft paper seen by Reuters. Only plants with output of more than one megawatt would be affected, and storage, hard coal, gas and biomethane would be excluded, according to the proposal from the ministry. The draft paper proposes skimming off 90% of reference revenues plus a surcharge of 3 cents per kilowatt hour on the spot market. Renewables can keep a further 4% of the monthly base price, said the paper seen on Wednesday. Reporting by Markus Wacket, Writing by Miranda Murray; Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ Adidas halves FY income outlook after Kanye West split
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 9 (Reuters) - Adidas (ADSGn.DE) slashed its net income forecast for 2022 in half on Wednesday as it weighed the impact of its split from the rapper formerly known as Kanye West ahead of the key Christmas season. The company now expects net income from continuing operations of around 250 million euros ($251.53 million) this year, down from a target of around 500 million euros set out in a statement on Oct. 20. The new estimates reflect the high seasonality of the Yeezy business geared towards the fourth quarter, the company said. On Wednesday, Adidas reported third-quarter net income from continuing operations of 66 million euros, revising down its preliminary figure by almost two-thirds following the end of the partnership. Shares in Adidas fell by 2.1% in pre-market trade after the quarterly results announcement.

☆ CMA Awards 2022: See the full list of winners
▼ + stars: | 2022-11-09 | by ( Dan Heching | ) edition.cnn.com time to read: +3 min

CNN —Country music threw a party on Wednesday night as the CMA Awards were presented. First-time nominee Lainey Wilson topped the list of nominees going into the show and ended the night with major wins, including new artist of the year and female vocalist of the year. The emotional Wilson declared in one acceptance speech: “I know I’m new to a lot of folks, but I won’t let y’all all down. I promise you.”Luke Combs also had a big night, taking the stage both as a performer and winner. Other performers included Kelly Clarkson, who performed with Kelsea Ballerini and Carly Pearce, and Luke Bryan, who pulled double duty as host alongside Peyton Manning.

Nov 10 (Reuters) - Origin Energy Ltd (ORG.AX), Australia's no.2 power producer and energy retailer, backed an A$18.4 billion ($11.8 billion) non-binding buyout offer from a consortium led by Canada's Brookfield Asset Management, the companies said on Thursday. The deal sent Origin's share price soaring nearly 40% in early trade to A$8.14. Origin opened its books to the consortium after it raised its offer to A$9 per share in cash, a near 55% premium to Origin's last close of A$5.81. The bid from Brookfield comes after it was rebuffed earlier this year when it led a $3.5 billion takeover offer for Australia's top power producer, AGL Energy (AGL.AX). Under the indicative proposal submitted on Thursday, Brookfield would acquire Origin's energy markets business, while MidOcean Energy, the other consortium partner, would take control of Origin's integrated gas business, including its 27.5% stake in Australia Pacific LNG (APLNG).

☆ ProSiebenSat.1 interested in Sky TV operations in Germany - sources
▼ + stars: | 2022-11-09 | by ( Andreas Rinke | Miranda Murray | ) www.reuters.com time to read: +1 min

BERLIN/MILAN, Nov 9 (Reuters) - German media group ProSiebenSat.1 (PSMGn.DE) is exploring a potential deal to buy into Sky's pay-TV operations in Germany, two sources close to the matter said on Wednesday. Comcast (CMCSA.O), which acquired Sky Deutschland as part of a $40 billion buyout of European pay-TV broadcaster Sky in 2018, did not immediately respond to request for comment. Comcast is working with advisory firm PJT Partners as it is weighing a disposal of the German business, the sources said. One of the sources said there were limited synergies between the two businesses, given that ProSiebenSat.1's TV business was driven by advertising. European broadcasters are struggling to find ways to tackle increasing challenges as the continental landscape is increasing dominated by U.S. streaming giants.

☆ Vodacom gets fibre boost as regulator approves transfer of DFA licences
▼ + stars: | 2022-11-09 | by ( Andreas Rinke | Miranda Murray | ) www.reuters.com time to read: +2 min

[1/2] A branch South African mobile communications provider Vodacom in Cape Town is shown in this picture taken November 10, 2015. REUTERS/Mike HutchingsJOHANNESBURG, Nov 9 (Reuters) - South Africa's Vodacom (VODJ.J) moved a step closer to a considerable expansion of its fibre footprint after the country's telecoms regulator approved the transfer of Dark Fibre Africa's licences to the mobile operator. If approved, Vodacom will also transfer its fibre assets to MAZIV. The deal gives South Africa's largest mobile operator exposure to the country's biggest open access fibre players. DFA is a leading provider of carrier-grade dark fibre - unused optical fibre - specialising in building, installing, and operating a national metro fibre network spanning 13,000 kilometres.

☆ Chart to buy industrial tool maker Howden for $4.4 bln in clean energy bet
▼ + stars: | 2022-11-09 | by ( Andreas Rinke | Miranda Murray | ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - U.S. manufacturer Chart Industries Inc (GTLS.N) said on Wednesday it would buy UK-based industrial equipment maker Howden for $4.4 billion, in a bet on growing demand for clean energy technology. Chart makes engineering equipment used in liquefied natural gas, hydrogen, biogas and carbon dioxide capture industries, while Scotland-based Howden manufactures fans, steam turbines and other air and gas handling equipment. Atlanta-based Chart will buy Howden from private equity firm KPS Capital Partners through a combination of cash and preferred stock. The company has $3.38 billion of fully committed bridge financing in place from J.P. Morgan and Morgan Stanley. Reporting by Priyamvada C in Bengaluru; Editing by Devika Syamnath and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ How to watch and what to expect at the CMA Awards
▼ + stars: | 2022-11-09 | by ( Dan Heching | ) edition.cnn.com time to read: +1 min

(CNN) Hosts Luke Bryan and Peyton Manning will present the 56th Annual Country Music Association Awards, known as the CMA's, live from Nashville, Tennessee on ABC on Wednesday night. Other performers slated to take the CMA stage include Kelly Clarkson, HARDY, Marcus King, Jimmie Allen, Kelsea Ballerini, Carly Pearce and the Zac Brown Band, according to the association's initial lineup announced in October. Not far behind with five nominations apiece are McBryde, Pearce, Chris Stapleton and Shane McAnally. PresentersThere's no shortage of celebrities set to take the stage to hand out the awards. Where to watchThe CMA Awards will air on Wednesday, November 9 on ABC at 8 p.m. ET/5 p.m. PT.

☆ Germany's E.ON almost fully cuts value of Nord Stream 1 stake
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 9 (Reuters) - E.ON, Europe's biggest operator of energy networks, on Wednesday said it had almost fully cut the value of its stake in Nord Stream 1, reflecting damage to the pipeline that has made the asset inoperable and whose cause is yet to be determined. "Among the reasons for this are greater uncertainty amid the current situation and, since September 26, damage to both of Nord Stream 1's pipelines whose cause is as yet unclarified," the company said. Nord Stream 1 and Nord Stream 2 were damaged in September, and the gas transport infrastructure has been a focal point in the wider row between the West and Moscow. Adjusted net profit was also down 3% at 2.1 billion euros. The company still stuck to its 2022 outlook, expecting adjusted EBITDA of 7.6 billion to 7.8 billion euros and an adjusted net income of 2.3 billion to 2.5 billion euros.

☆ Germany's economic 'wise ones' less pessimistic than govt on looming recession -source
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 8 (Reuters) - Germany will not face as severe a recession next year as currently predicted by the government, according to the so-called five "wise ones" who advise Berlin on economic policy. The advisors see Germany's economy shrinking by 0.2% in 2023, versus the official forecast of a 0.4% contraction, a person familiar with their annual report told Reuters on Tuesday. The economic advisory council is also slightly more optimistic about 2022 in its annual report, set to be released on Wednesday and first reported by Spiegel weekly. The top income tax rate should be raised or an energy solidarity tax imposed on high earners, the advisors said in their annual report, according to the Sueddeutsche Zeitung. Such measures would "increase the accuracy of the overall package and signal that the energy crisis must be overcome with solidarity", Sueddeutsche Zeitung quoted the annual report as saying.

☆ Puma's Gulden to head rival Adidas from Jan. 1
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

"During his time as CEO of Puma, he revitalised the brand and led the company to record results," said Adidas supervisory board chairman Thomas Rabe. "The Supervisory Board is firmly convinced that Bjorn Gulden will lead Adidas into a new era of strength." Adidas has been looking for a successor to Rorsted, who had initially planned to leave his post in 2023, since August. Gulden had to leave his CEO position at Puma with immediate effect with the decision to move to Adidas; Arne Freundt was named the head of Puma with immediate effect on Tuesday. Reporting by Alexander Huebner, Writing by Miranda Murray, editing by Rachel More and David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ Puma names new CEO with immediate effect as Gulden heads to Adidas
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 8 (Reuters) - Puma brought forward the start date of its next chief executive on Tuesday, naming Arne Freundt as leader with immediate effect as rival Adidas confirmed that Bjorn Gulden would be its next head. Puma had announced last week that Gulden - who served as head of the sportswear maker since 2013 - would be leaving at the end of 2022, with Freundt initially set to start Jan. 1. Adidas has been looking since August for a successor to Rorsted, who had initially planned to leave his post in 2023. Adidas said its chief financial officer, Harm Ohlmeyer, would lead the company in the interim until Dec. 31, 2022. Writing by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ German officials search bank in Russian oligarch probe
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

[1/3] German officials have searched a large bank in Munich and Frankfurt, Germany, November 8, 2022, in an investigation into suspected money-laundering by a Russian oligarch, a spokesperson for the prosecutors said on Tuesday. Swiss bank UBS confirmed that its branches were the subject of the searches and that it was cooperating with authorities. REUTERS/Kai PfaffenbachBERLIN, Nov 8 (Reuters) - German officials have searched a large bank in Frankfurt and Munich in an investigation into suspected money-laundering by a Russian oligarch, a spokesperson for the prosecutors said on Tuesday. Swiss bank UBS confirmed that its branches were the subject of the searches and that it was cooperating with authorities. The prosecutors' spokesperson did not name the bank and declined to name the oligarch, adding that individuals of the bank were not under investigation.

☆ ECB to continue raising rates even as economy suffers
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

The ECB has been raising interest rates at record pace and steering investors towards more hikes ahead to bring double-digit inflation in the euro zone back to its 2% target. ECB vice-president Luis de Guindos and Bundesbank president Joachim Nagel said this involved costs in terms of economic growth. "Because in a situation where monetary policy gets behind the curve, the overall economic costs would be significantly higher," Nagel said. De Guindos said this so called quantitative tightening had to be done "with a lot of prudence" but it might start while the ECB is still raising rates. Markets expect the ECB to continue raising rates until the middle of next year, with a peak rate of around 3% from 1.5% currently.

☆ German economy ministry favours blocking Chinese takeover of Elmos' chip production - sources
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 8 (Reuters) - Germany's economy ministry has recommended to the cabinet that the government block the Chinese takeover of Elmos' (ELGG.DE) chip factory, saying it would pose a threat to national security, ministry sources said on Tuesday. Milder measures, such as an injunction, are not suitable for addressing the identified dangers, added the sources. Elmos said on Monday that the German government would likely block the sale to competitor Silex, a Swedish company that is a subsidiary of Chinese group Sai Microelectronics (300456.SZ). The sources said the economy ministry and the government are currently working on a China strategy focused on reducing one-sided dependencies and encouraging diversification, as well as protecting infrastructure and preventing technology leakage. Reporting by Markus Wacket, Writing by Miranda Murray Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's economic council less pessimistic than govt on looming recession -Source
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

The five-member economic advisory council sees Germany's economy shrinking by 0.2% in 2023, versus the official forecast of a 0.4% contraction, a person familiar with their annual report told Reuters on Tuesday. The council is also slightly more optimistic about 2022 in its annual report, set to be released on Wednesday and first reported by Spiegel weekly. The Sueddeutsche Zeitung daily said the panel of advisers envisaged inflation of 7.4% next year. The top income tax rate should be raised or an energy solidarity tax imposed on high earners, the advisers said in their annual report, according to Sueddeutsche Zeitung. Such measures would "increase the accuracy of the overall package and signal that the energy crisis must be overcome with solidarity," Sueddeutsche Zeitung quoted the annual report as saying.

☆ Chinese investments in German semiconductor industry face higher hurdles - econ minister
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 8 (Reuters) - Chinese investments in Germany's semiconductor industry face higher hurdles, said German Economy Ministry Robert Habeck on Tuesday, adding that this also applies to a planned takeover of Elmos' (ELGG.DE) chip factory. Reporting by Markus Wacket, Writing by Miranda Murray, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ BioNTech lifts lower end of vaccine sales target range
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 7 (Reuters) - COVID-19 vaccine maker BioNTech (22UAy.DE) on Monday raised the lower bound of its 2022 COVID-19 vaccine revenue guidance for the full year, citing demand for its adapted shots and higher prices. The German biotech firm, the vaccines partner of U.S. pharma giant Pfizer (PFE.N), said in a statement that it is now targeting 16 to 17 billion euros ($16-$17 billion) in vaccine sales, compared with a previous range of 13-17 billion but down from 19 billion euros reported for last year. Partner Pfizer last week raised its forecast for its 2022 sales of the COVID-19 vaccine by $2 billion to $34 billion. Sales during the July-to-September quarter dropped 43% to 3.46 billion euros while net profit fell 44% to 1.78 billion euros. Sales of the Pfizer/BioNTech COVID vaccine are down from pandemic highs as many countries have neared the end of their primary vaccination campaigns.

☆ Continental: Some data stolen in August cyberattack
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 7 (Reuters) - German tyre and automotive parts maker Continental said on Monday that a cyberattack it reported in August had resulted in some data being stolen from the company. The investigation into the incident is still ongoing, said a spokesperson for the company in a statement. German daily Handelsblatt earlier on Monday reported that 40 terabyte of data had been stolen during the attack, and that the cyberattackers had demanded ransom. Reporting by Jan C. Schwartz, Writing by Miranda Murray, Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Qatar minister accuses Germany of 'double standards' in World Cup criticism
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 7 (Reuters) - Qatar's foreign minister has accused Germany of "double standards" over its criticism of the World Cup host's human rights record and has defended its summoning of the German ambassador, in a newspaper interview published on Monday. Qatar has faced intense criticism from human rights groups over its treatment of migrant workers, who along with other foreigners comprise the bulk of the country's population. Qatar's foreign ministry last month summoned the German ambassador over Interior Minister Nancy Faeser's comments that a country's human rights record should be factored into whether they are selected as World Cup host. "We are annoyed by the double standards," he said, adding that Qatar had faced a systematic campaign against it in the 12 years since being selected to host the World Cup that he said no other country had faced. Writing by Miranda Murray, editing by Rachel More and Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Puma CEO Gulden set to become new Adidas CEO - source
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Gulden to leave Puma at end of 2022Adidas confirms talks with Puma CEOShares up 20% after reportBERLIN, Nov 4 (Reuters) - Puma (PUMG.DE) Chief Executive Bjorn Gulden is leaving the German sportswear maker at the end of the year to take the helm at rival Adidas (ADSGn.DE), according to an industry source. Adidas confirmed that it is in talks with Gulden about possibly replacing Chief Executive Kasper Rorsted. Shares in Adidas were up nearly 20% after the report. "Bjorn Gulden had a very high reputation as Puma CEO, had been instrumental to the turnaround of the company and Puma's strong brand heat," Stifel analyst Cedric Lecasble said, adding that he could help strengthen the momentum of the Adidas brand. Reporting by Alexander Huebner, Writing by Miranda Murray; editing by Matthias Williams and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's China strategy must include level playing field - Lindner
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 4 (Reuters) - A level playing field for German and Chinese companies must be part of the Berlin government's strategy going forward, German Finance Minister Christian Lindner told the Welt am Sonntag newspaper on Friday. "We must recognize that China is not only a place to do business, but also a systemic rival. Therefore, we must protect our critical infrastructure and intellectual property," he said. He added that he was open to offering new trade talks with the United States as a consequence of the changed world order. Writing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Scholz: Advocated level playing field for European, Chinese firms
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 4 (Reuters) - German Chancellor Olaf Scholz campaigned for a level playing field for European and Chinese companies during his trip to China, he told journalists in Beijing on Friday. He had emphasized in his talks that it was necessary for German and European companies to be able to make investments at eye level with Chinese companies in Europe. "We strongly believe that there should be a level playing field, that German companies should not experience greater difficulties in China than Chinese companies have in Europe," Scholz said. "I believe that this will lead to progress in many concrete cases in the near future." He added that his motion did not only refer to German companies but to all European companies.

☆ Germany's Habeck: climate protests that endanger people are wrong
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 4 (Reuters) - German Vice Chancellor Robert Habeck has condemned protests that endanger people after a demonstration by two climate activists on a Berlin motorway slowed emergency services' response to a traffic accident, after which a cyclist subsequently died. The activists are accused of obstructing persons rendering assistance, a police spokesperson said this week. "The death of the cyclist is shocking, the circumstances must be clarified in detail," Habeck, minister for the economy and climate action, told Funke media group. "Regardless of the clarification, the following must apply: Forms of protest that endanger people are wrong ... climate protection is about protecting life and liberty," added Habeck, of the ecologist Greens. "Those who risk the health and lives of others with their protests forfeit all legitimacy and also damage the climate movement itself," he said.

Search resuls for: "miranda"

25 mentions found