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☆ Scholz secures agreement allowing expats in China to use BioNTech COVID-19 vaccine
▼ + stars: | 2022-11-04 | by ( Andreas Rinke | ) www.reuters.com time to read: +1 min

BEIJING, Nov 4 (Reuters) - German Chancellor Olaf Scholz announced an agreement on Friday to let expatriates in China use the COVID-19 vaccine from Germany's BioNTech (22UAy.DE) and pressed for Beijing to allow the shot to be made freely available to Chinese citizens. On his first visit to China since becoming chancellor and the first by a G7 leader since the pandemic, Scholz said China and Germany had different approaches to fighting the virus but had a joint responsibility to eliminate it. The two countries "agreed on close cooperation in the fight against the pandemic," Scholz said in a briefing alongside the Chinese premier Li Keqiang. "This also includes an approval of the BioNTech vaccine for expatriates in China. I hope that the circle of eligible persons can soon be widened to a general free ability of the BioNTech vaccine," said Scholz.

SANTIAGO, Nov 2 (Reuters) - The largest pilots union of Latam Airlines (LTM.SN) in Chile voted to strike on Wednesday, a day before the company said it was planning on concluding its exit from bankruptcy. The Union of Latam Pilots (SPL) said it represents 313 of Latam Airlines's approximately 500 pilots and that 99% of its members voted to approve the strike. The statement said that the company's proposal to link pre-pandemic salary to flight hours is unfeasible and could be reached, at best, three months out of the year. While pilots voted to strike, Chilean law establishes up to four days in which either party can request mediation from the country's labor department. Reporting by Alexander Villegas and Natalia Ramos; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ Switzerland imposes sanctions on deliveries of Iranian drones to Russia
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 2 (Reuters) - Switzerland has decided to adopt the European Union's sanctions on delivering Iranian drones to Russia, the government said in a statement on Wednesday. However, the economic affairs and foreign affairs departments decided not to adopt EU sanctions imposed on Iran in connection with the current protests, it added. "The decision was made taking into account all of Switzerland's domestic and foreign policy interests," it said. Writing by Miranda Murray, editing by Thomas EscrittOur Standards: The Thomson Reuters Trust Principles.

☆ German exports post unexpected dip in September
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 2 (Reuters) - German exports posted an unexpected dip in September, decreasing by 0.5% on the month, while imports fell more than expected, down 2.3%, Federal Statistical Office data showed on Wednesday. A Reuters poll had predicted a month-on-month rise in exports of 0.1% while imports were expected to fall 0.4%. Germany had a seasonally adjusted trade surplus of 3.7 billion euros ($3.66 billion) in September, the office reported, surging past a forecast surplus of 700 million euros. Most imports came from China, Germany's single biggest trade partner, which saw a 5.4% increase on the month in September, while exports to China saw a 2% dip, according to the office. ($1 = 1.0118 euros)Reporting by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss drugs regulator looking into bubbles in COVID booster vials
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 2 (Reuters) - Swiss drugs regulator Swissmedic said on Wednesday it is examining potential risks in connection with bubbles that appeared in vials of COVID-19 vaccine boosters retooled to target the Omicron variant of the coronavirus. "Vials of the batch concerned contained bubbles after being removed from the fridge," said Swissmedic, adding that the phenomenon seems to be accentuated when the syringes were prepared several hours in advance. Cantons and vaccination centres have been informed as a precaution, the regulator said. A BioNTech spokesperson said Pfizer was in charge of the supply chain and distribution in Switzerland and had no further immediate comment. Writing by Miranda Murray; Editing by Thomas Escritt and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Chocolate maker Barry Callebaut's counts the cost of factory shutdown
▼ + stars: | 2022-11-01 | by ( John Revill | ) www.reuters.com time to read: +2 min

ZURICH, Nov 1 (Reuters) - Barry Callebaut (BARN.S) reported a drop in full-year operating profit as the world's biggest chocolate maker counted the cost of the temporary shutdown of its largest factory following a salmonella outbreak. The figure was hit by the one-off impact of 76.9 million francs related to the salmonella outbreak at the Wieze factory in Belgium detected in June. Sales volumes were also affected by the shutdown, with full-year volumes increasing to 2.3 million tonnes. Despite the disruption, volume growth was within the range of Barry Callebaut's mid-term guidance for increases of 5% to 7%. But it missed its goal of raising its operating profit in local currencies at a higher level than volumes, with only a 0.1% increase.

☆ Bertelsmann: plans to appeal ruling on Penguin Random House book merger
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 1 (Reuters) - German media group Bertelsmann SE & Co (BTGGg.F), owner of Penguin Random House, said on Tuesday it would appeal a ruling by a U.S. court against a planned merger of Penguin and rival Simon & Schuster. "A merger would be good for competition," said Bertelsmann Chief Executive Thomas Rabe in a statement, adding: "We will be filing a motion to appeal with the D.C. Court of Appeals." Writing by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Scientists in Germany turn up heat on seagrass in climate change fight
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Seagrass stores that carbon "for centuries to millennia", Angela Stevenson, a postdoctoral researcher at the centre, told Reuters. Europe alone lost one third of its seagrass areas between the 1860s and 2016, according to one 2019 study. Seagrass is not a silver bullet for bringing carbon emissions down enough to reach net zero, Stevenson added. Germany has pledged to reduce its greenhouse gas emissions by more than 50% by 2030 compared with the levels in 1990. Reporting by Swantje Stein and Martin Schlicht; Writing by Miranda Murray; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ BASF says its battery material plant will be running by year-end
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Under a push to build a global materials network serving the EV industry, BASF has been seeking a string of alliances with cobalt and nickel miners. That included a 2018 partnership with Russia's Norilsk Nickel (GMKN.MM) in Harjavalta, Finland, which will supply metals to the Schwarzheide site. "We will ramp up the first facility here towards the end of the year," Chief Executive Martin Brudermueller told reporters after German Chancellor Olaf Scholz visited the production site on Tuesday. The battery materials business is one of two major investment projects at BASF. The group, which plans to cut jobs at its headquarters in Germany, will compete in battery recycling mainly with Belgium's Umicore (UMI.BR).

☆ Germany tells Serbia: you have to choose between EU and Russia
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 1 (Reuters) - Serbia must decide whether it wants to join the European Union or enter into a partnership with Russia, Germany told Belgrade on Tuesday, two days before six Western Balkan countries are scheduled to discuss closer cooperation in Berlin. An agreement between Serbia and Russia on enhanced cooperation had been met with surprise and disappointment, and was a poor fit with expectations that EU accession candidates should also adopt EU sanctions against Russia, the representative said. Serbia, an accession candidate since 2012, decided in September to hold regular foreign policy consultations on bilateral and multilateral activities with Russia. One got the impression that Serbian President Aleksandar Vucic was well aware of his pendulum position, the German government representative said. If he decided to lead his country in the direction of the European Union, he had the German government's support.

☆ Swiss National Bank loses nearly $143 billion in first nine months
▼ + stars: | 2022-10-31 | by ( John Revill | ) www.reuters.com time to read: +3 min

Gold holdings lost 1.1 billion francs in value. "The problem is the stagflationary environment where equities lose, bonds lose, gold loses and the Swiss franc becomes stronger. The loss could, however, mean that the central bank halts payouts to the Swiss federal and cantonal governments next year. Continued massive losses could wipe out the SNB's equity, which stood at 204 billion francs at the end of 2021. It helps the credibility of a central bank if it is well capitalized."

☆ Credit Suisse unveils details of $4 billion capital raising plan
▼ + stars: | 2022-10-31 | by ( John Revill | ) www.reuters.com time to read: +2 min

ZURICH, Oct 31 (Reuters) - Credit Suisse (CSGN.S) on Monday unveiled details of its plan to raise 4 billion Swiss francs ($4.01 billion) from investors to support the embattled bank's bid to tackle the biggest crisis in its 166-year history. It said new investors have committed to buying 462 million new shares at a purchase price of 3.82 Swiss francs ($3.83), equivalent to 94% of the volume weighted average price of Credit Suisse shares on Oct. 27 and 28, raising 1.76 billion Swiss francs. Some 307.6 million of the new shares are expected to be bought by Saudi National Bank (1180.SE), giving it a 9.9% stake in Credit Suisse. It is expected that seven pre-emptive subscription rights will entitle their holder to purchase two new shares at a 32% discount on the reference price, Credit Suisse said. If shareholders reject the plan, Credit Suisse said it would issue 1.8 billion new shares at an offer price of 2.27 francs per share, which would still enable it to raise 4 billion francs.

☆ Credit Suisse prices shares in capital hike at 3.82 francs
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 31 (Reuters) - Credit Suisse (CSGN.S) on Monday said qualified investors have committed to buying 462 million new shares at a purchase price of 3.82 Swiss francs ($3.83), as it announced details of its capital hike. The price represented 94% of the volume weighted average price of Credit Suisse shares on Oct. 27 and 28, and will raise gross proceeds of 1.76 billion Swiss francs. Some 307.6 million of the new shares are expected to be bought by Saudi National Bank (1180.SE), giving it a 9.9% stake in Credit Suisse, the Swiss lender said. It is expected that seven pre-emptive subscription rights will entitle their holder to purchase two new shares at a 32% discount on the reference price, Credit Suisse said. The gross proceeds of both capital increases is expected to be about 4 billion francs, the bank said.

☆ Flight from Alaska to Australia could place bird into record books
▼ + stars: | 2022-10-28 | by ( Associated Press | ) www.nbcnews.com time to read: +1 min

A young bar-tailed godwit appears to have set a non-stop distance record for migratory birds by flying at least 8,435 miles from Alaska to the Australian state of Tasmania, a bird expert said Friday. Because the bird was so young, its gender wasn’t known. Aged about five months, it left southwest Alaska at the Yuko-Kuskokwim Delta on Oct. 13 and touched down 11 days later at Ansons Bay on the island of Tasmania’s northeastern tip on Oct. 24, according to data from Germany’s Max Plank Institute for Ornithology. The bird started on a southwestern course toward Japan then turned southeast over Alaska’s Aleutian Islands, a map published by New Zealand’s Pukoro Miranda Shorebird Center shows. The bird was again tracking southwest when it flew over or near Kiribati and New Caledonia, then past the Australian mainland before turning directly west for Tasmania, Australia’s most southerly state.

☆ Italy's antitrust body tells utilities to stop changing contracts
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 28 (Reuters) - Italy's antitrust authority has ordered Spanish utility Iberdrola (IBE.MC) and Germany's E.ON (EONGn.DE) to reinstate the original electricity and gas contracts they had with customers, it said on Friday. The watchdog also asked Italian utilities Iren (IREE.MI) and Dolomiti to stop what it alleged to be "illegitimate notices" regarding changes to the economic conditions of their offers. The authority, which opened an inquiry into utilities last week, said that companies must report within five days on the steps they had taken to comply with the precautionary measures. The watchdog last week accused Iren and Dolomiti of making unlawful unilateral changes in the electricity supply price. A spokesperson for E.ON reiterated it was cooperating with the Italian authorities, adding it believed to have acted legitimately and in compliance with current regulations.

☆ German economy posts unexpected Q3 growth
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 28 (Reuters) - The German economy grew unexpectedly in the third quarter, data showed on Friday, as Europe's largest economy staved off the threat of recession for now despite high inflation and concerns over energy supply. Gross domestic product increased by 0.3% compared to the previous quarter in seasonally adjusted terms, the federal statistics office. "The German economy ... continued to hold its own despite difficult global economic conditions with the ongoing COVID pandemic, disrupted supply chains, rising prices and the war in Ukraine," the office said in a statement. In the previous quarter, the German economy grew slightly by 0.1% quarter on quarter. Year on year, GDP rose by 1.2% in the third quarter in seasonally adjusted terms, beating analysts' forecast of 0.8% growth.

LOS ANGELES — One Hollywood star claimed he was arrested and charged on multiple counts of rape by police and prosecutors who are biased against his church. Another prominent Hollywood figure charged with rape contends he was set up by members of a church he has publicly renounced. In both cases, the church in question is the Church of Scientology. Haggis denied Breest’s rape allegation in a counter-complaint and accused her and her lawyer of trying to extort $9 million from him. “She decided she had to do something.”In the Masterson case, he and his accusers are all current or former members of the Church of Scientology.

☆ Puma confirms operating profit, sales outlook after Q3 results
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 26 (Reuters) - German sportswear maker Puma (PUMG.DE) reiterated its full-year operating result and currency-adjusted sales outlook on Wednesday, despite uncertainty on the global market, after what it said was its best third quarter in the company's history. The company said its earnings before interest and taxes (EBIT) rose by 12.6% on the year to 258 million euros ($257 million) while third-quarter sales rose a currency-adjusted 16.9% to 2.35 billion euros ($2.34 billion). Despite continued effects of COVID-19-related lockdown measures in China, Puma saw sales growth in the Asia/Pacific region for the first time this year in the third quarter, it said. "We expect continued volatility in the market during the fourth quarter but are confident that we can deliver according to our full-year outlook," he added. The company expects currency-adjusted sales growth of around 15% and an EBIT between 600 and 700 million euros for 2022.

☆ Mercedes-Benz raises outlook for cars division to 13-15%
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 26 (Reuters) - Mercedes-Benz (MBGn.DE) raised its forecast for adjusted return on sales for the full year to 13-15% for its cars division from 12-14% as third quarter earnings rose to 5.2 billion euros ($5.18 billion), the company said on Wednesday. Group revenue in the third quarter was up by a fifth to 37.7 billion euros, with adjusted returns of 14.5% for the cars division and 12.7% at Mercedes-Benz Vans. Mercedes-Benz Vans now expects returns of 9-11% from 8-10% previously after seeing sales rise to 104,000 vehicles in the third quarter from 88,000 last year, with electric van sales up by a third this year so far. ($1 = 1.0047 euros)Reporting by Victoria Waldersee, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Germany to legalize cannabis use for recreational purposes
▼ + stars: | 2022-10-26 | by ( Riham Alkousaa | ) www.reuters.com time to read: +4 min

Health Minister Karl Lauterbach presented a cornerstone paper on planned legislation to regulate the controlled distribution and consumption of cannabis for recreational purposes among adults. Acquiring and possessing up to 20 to 30 grams of recreational cannabis for personal consumption would also be made legal. Many European countries, including Germany, have already legalised cannabis for limited medicinal purposes. The use of cannabis for medicinal purposes has been legal in Germany since 2017. Germany's pharmacists association warned of the health risks of legalising cannabis and said it would put pharmacies in medical conflict.

☆ BASF says European operations need to be cut to size 'permanently'
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 26 (Reuters) - BASF (BASFn.DE) said costs at sites in its European home market need to be brought to a "permanently" lower level because of a triple burden of sluggish growth, high energy costs and over-regulation. In the first nine months of 2022, natural gas costs at BASF's European sites were about 2.2 billion euros ($2.19 billion) higher than in the year-earlier period, the company added. The move defies heightened concerns in the German government over economic dependence on China as a trade partner that it sees as under increasingly authoritarian rule. BASF has warned that Europe's planned shift to shipped liquefied natural gas (LNG), away from Russian pipeline gas, would put sites in the region at a structural disadvantage to overseas rivals with cheaper energy supplies. Reporting by Ludwig Burger; Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Mercedes-Benz triples pre-pandemic Q3 cars earnings, raises outlook
▼ + stars: | 2022-10-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

The luxury carmaker now expects 13-15% in adjusted sales returns for the cars division this year, and 9-11% for Mercedes-Benz Vans, from previously 12-14% and 8-10%, respectively. In the third quarter of 2019, the cars division saw 1.4 billion euros in earnings from 23.5 billion in revenue, but in this year's quarter, it reaped 4.03 billion euros from 28.2 billion revenue, Wednesday's statement showed. Group earnings reached 5.2 billion euros from July to September, with revenue up by a fifth to 37.7 billion euros, adjusted returns of 14.5% for the cars division and 12.7% at Mercedes-Benz Vans. Mercedes-Benz Vans saw sales up by just under a fifth to 104,000 vehicles, with electric van sales up by a third this year so far. Top-end luxury sales lifted revenues, making up 15% of overall cars sales in the third quarter.

The company's cloud business has been growing at a rapid clip, rising 38% in the third quarter to 3.29 billion euros ($3.25 billion). Register now for FREE unlimited access to Reuters.com RegisterAt that time it envisaged total adjusted revenue of 36 billion euros in 2025, with 22 billion euros of that coming from the cloud business. Total revenue grew 5% in currency-adjusted terms to 7.84 billion euros, SAP said, beating analyst expectations of 7.62 billion euros. SAP stuck with its full-year operating profit forecast of between 7.6 billion and 7.9 billion euros. That forecast was made in July, when it cut its guidance from between 7.8 billion and 8.25 billion euros, citing charges related to the war in Ukraine.

☆ Novartis earnings slip 4% on strong dollar, Gilenya competition
▼ + stars: | 2022-10-25 | by ( Ludwig Burger | ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Quarterly operating income at Swiss drugmaker Novartis (NOVN.S) slipped as competition weighed on prescriptions of multiple sclerosis drug Gilenya, but the earnings outlook at generic-drugs unit Sandoz perked up again. For Novartis, which reports results in dollars, a strong U.S. currency was also a drag on the value of sales generated outside the United States. Third-quarter group core operating income declined 4% to $4.28 billion, slightly below the average analyst consensus of $4.30 billion. Driven by sales of cheaper versions of biotechnology drugs that lost patent protection, the division's core operating income is now expected to grow by a "low single digit" percentage. Quarterly Gilenya sales fell a currency-adjusted 24% to $507 million, below a consensus of $555 million.

☆ Software maker SAP's Q3 results beat expectations
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 25 (Reuters) - Business software maker SAP (SAPG.DE) reported faster than expected revenue growth for the third quarter, though its profit declined due to lower contribution from software licenses revenue as well as investments in growth. Total revenue grew by 5% in currency-adjusted terms to 7.84 billion euros, SAP said on Tuesday, beating analyst consensus for a jump to 7.62 billion. Non-IFRS operating profit came to 2.09 billion euros ($2.07 billion) in the three months through September, an 8% drop at constant currencies. Earnings per share of 1.12 euros fell short of consensus for 1.25 euros. SAP stuck with a forecast for full-year operating profit to come to 7.6 billion to 7.9 billion euros, which it had cut from 7.8 billion-8.25 billion in July.

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