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☆ 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.

☆ 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.

☆ 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.

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.

☆ German President Steinmeier in Ukraine on surprise visit
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 25 (Reuters) - German President Frank-Walter Steinmeier arrived in Ukraine on Tuesday for a surprise visit, his first since Russia invaded the country on Feb. 24, his office said in a statement. Steinmeier said he was looking forward to meeting Ukrainian President Volodymyr Zelenskiy. "My message to the people of Ukraine is: You can rely on Germany!" Besides military support, Steinmeier added, his trip would focus on helping to repair destroyed infrastructure, such as power grids, water pipes and heating systems, as quickly as possible before winter arrives. Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray; Editing by Kim Coghill and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen: we have never had supply chain shortages like today
▼ + stars: | 2022-10-25 | by ( Victoria Waldersee | ) www.reuters.com time to read: +1 min

BERLIN, Oct 25 (Reuters) - Volkswagen (VOWG_p.DE) is entering into direct purchase agreements in unprecedented areas to tackle the worst supply chain shortages the company has seen, its purchasing chief Murat Aksel said on Tuesday. The carmaker was also building a database to help predict geopolitical, natural and supply chain risks ahead of time, as it did for financial risks after the 2008 financial crisis, Aksel added. "We never used to talk to mining operators - now we know their business model," Aksel told a conference in Berlin. "It is no longer enough to rely on Tier 1 suppliers - we need to look behind the curtains ourselves." Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, Editing by Miranda Murray and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Comic actor Leslie Jordan, 67, killed in Hollywood car accident
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Jordan apparently suffered an unspecified "medical issue" at the wheel of his car, and the vehicle struck the side of a building on his way to the Warner Bros studio set of the Fox television series "Call Me Kat," according to his agent, Don LeClair. He became famous to a younger generation of fans with a series of video Instagram posts that went viral during the pandemic. "The world is definitely a much darker place today without the love and light of Leslie Jordan," his agent said in a statement. What he lacked in height he made up for in generosity and greatness as a son, brother, artist, comedian, partner and human being." Register now for FREE unlimited access to Reuters.com RegisterReporting in Los Angeles by Steve Gorman; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

☆ Michigan investigation into missing man Eric Lee Franks continues over a decade later
▼ + stars: | 2022-10-23 | by ( Veronica Fulton | ) www.nbcnews.com time to read: +22 min

And he actually moved out to California for a while and worked on some small sets,” Chad told Dateline. Arndt told Dateline. Arndt told Dateline. “They've done a limited amount of checking or processing on that room years and years later,” Chad told Dateline. Arndt told Dateline.

The maker of KitKat chocolate bars and Nescafe reported organic sales, which cut out the impact of currency movements and acquisitions, rising by 8.5% in the nine months to end-September. "We delivered strong organic growth as we continued to adjust prices responsibly to reflect inflation," the company's chief executive Mark Schneider said. "Sales volumes have held up well so far but we are a way from peak cost of living squeeze." As a result Nestle raised its full-year outlook, saying it now expected organic growth of "around 8%" for 2022, up from a 7% to 8% increase previously. The Swiss company also confirmed its target for a trading operating profit margin of around 17%.

☆ Nestle raises FY outlook as KitKat maker pushes through price hikes
▼ + stars: | 2022-10-19 | by ( John Revill | ) www.reuters.com time to read: +3 min

Jars of Nescafe Gold coffee by Nestle are pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 13, 2020. The KitKat chocolate bar maker reported organic sales, which cut out the impact of currency movements and acquisitions, rising by 8.5% in the nine months to end-September. As a result Nestle raised its full-year outlook, saying it now expected organic growth of "around 8%" for 2022, up from a 7% to 8% increase previously. The Swiss company also confirmed its target for a trading operating profit margin of around 17%. "Our real internal growth remained resilient despite a high base of comparison and continued supply chain constraints, with limited demand elasticity," Schneider said.

☆ German prosecutor: investigating 101 people in latest cum-ex raid
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Oct 19 (Reuters) - A German prosecutor said on Wednesday that they were investigating 101 people in their latest cum-ex raid. The spokesperson wouldn't comment on the name of the bank, but Deutsche Bank confirmed on Tuesday that it was the target. Deutsche Bank declined to comment on the number of individuals. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Sims and Marta Orosz, Writing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

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