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☆ German union calls for better staffing at Tesla plant amid expansion plans
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, July 17 (Reuters) - Germany's top union IG Metall on Monday called for Tesla to improve staffing conditions at its German gigafactory as it prepares to expand, with the carmaker due to publish its expansion plans for feedback from the community later this week. The expansion plans will entail adding more jobs to the 12,000 planned for the first expansion phase of Tesla's first European product hub, of which roughly 11,000 have been hired so far. Tesla's plans are a clear commitment to Brandenburg as a location," IG Metall's Dirk Schulze said. "Before the expansion of the plant, the expansion of the working conditions of the colleagues in Gruenheide must now finally have priority." Reporting by Christoph Steitz and Victoria Waldersee; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla's, Dirk Schulze, Schulze, Tesla, Christoph Steitz, Victoria, David Evans Organizations: Metall, Tesla, Brandenburg, Citizens, Thomson Locations: FRANKFURT, Germany, Brandenburg, Gruenheide

FRANKFURT/LONDON July 13 (Reuters) - Energy majors BP (BP.L) and TotalEnergies (TTEF.PA) have won a 7 gigawatt (GW) offshore wind site auction in Germany worth a record 12.6 billion euros ($14.1 billion), allowing them entry to the central European market without a partnership. The awards for capacity due to come online in 2030 also excluded leading offshore wind developers, such as RWE (RWEG.DE) and Orsted (ORSTED.CO). AUCTION DESIGNThe 7 GW electronic auction officially opened in January and bidders had until June 1 to submit offers. In previous German lease auctions, companies have made low or negative bids with the expectation of subsidies from the state. Industry groups have said the high costs of the leases could drive up the cost of offshore wind projects.

Persons: Bundesnetzagentur, Bernstein, WindEurope, Orsted, Norway's, TotalEnergies, Vera Eckert, Susanna Twidale, Christoph Steitz, Ron Bousso, Nora Buli, Nina Chestney, Barbara Lewis Organizations: Energy, BP, Industry, Thomson Locations: FRANKFURT, Germany, Macquarie, England, Danish

Companies Bp Plc FollowTotalEnergies SE FollowFRANKFURT/LONDON, July 12 (Reuters) - Oil majors BP (BP.L) and TotalEnergies (TTEF.PA) emerged as the winners in a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion), highlighting the appeal of renewable assets across Europe. "The results confirm the attractiveness of investments in offshore wind power in Germany," said Klaus Mueller, president of Germany's energy regulator Bundesnetzagentur. Analysts at Jefferies noted the high price for the auction, adding that it implied "high interest in European offshore wind sites from energy companies/developers". BP won the rights to develop two projects, marking its entry into offshore wind in continental Europe and representing 4 GW out of the total, it said in a separate statement. "This is a significant milestone for BP, showing our commitment to transitioning into an integrated energy company," BP head of offshore wind Matthias Bausenwein said.

Persons: Klaus Mueller, Matthias Bausenwein, Patrick Pouyanne, TotalEnergies, Vera Eckert, Christoph Steitz, Ron Bousso, Friederike Heine, Sharon Singleton, Chris Reese Organizations: Bp, Oil, BP, Jefferies, Federal, Thomson Locations: FRANKFURT, LONDON, Germany, Europe, Heligoland, Baltic, Ruegen, TotalEnergies, Frankfurt, London

☆ Thyssenkrupp Nucera shares up in Frankfurt debut
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT/LONDON, July 7 (Reuters) - Shares in hydrogen firm Thyssenkrupp Nucera (NCH2.DE) traded at 20.20 euros ($21.97) in their market debut in Frankfurt on Friday, in an encouraging sign for Europe's capital markets. The opening price was higher than the 20 euros per share paid by investors in the initial public offering (IPO), which valued the company at around 2.5 billion euros. Nucera is a joint venture between Germany's Thyssenkrupp (TKAG.DE) and Italy's De Nora (DNR.MI). "The IPO is the start of an exciting new phase in our company's history," Nucera CEO Werner Ponikwar said during an opening ceremony at the Frankfurt Stock Exchange, adding that the firm will "accelerate the adoption of green hydrogen". ($1 = 0.9193 euros)Reporting by Christoph Steitz in Frankfurt and Pablo Mayo Cerqueiro in London; Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Thyssenkrupp, Germany's, Italy's De Nora, DNR.MI, Werner Ponikwar, Christoph Steitz, Pablo Mayo, Miranda Murray Organizations: Frankfurt Stock Exchange, Pablo Mayo Cerqueiro, Thomson Locations: FRANKFURT, LONDON, Frankfurt, London

☆ Germany says preparing for possible China export control impact
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

In 2022, China supplied 27 tonnes of gallium to Germany, accounting for 55% of total imports. Regarding germanium, China supplied 3 tonnes, or 75%, according to data supplied by the Federal Institute for Geosciences and Natural Resources (BGR). A German industry representative said earlier on Wednesday that China's decision may be in response to U.S. trade restrictions, but its impact will also be felt in Europe. "It is not yet possible to predict whether these measures will have an impact on our supply of these raw materials," Franziska Brantner, state secretary in Germany's economy ministry, told Reuters. "Based on what is known so far is initially only an export control measure, not restrictions," Brantner said.

Persons: Holger Kunze, Kunze, Franziska Brantner, Brantner, Germany's, Christoph Steitz, Riham, Rachel More, Friederike Heine, Alexander Smith, David Gregorio Our Organizations: Federal Institute for Geosciences, Natural Resources, Reuters, Thomson Locations: BERLIN, China, Beijing, United States, Germany, U.S, Europe, Brussels

☆ Volkswagen's Audi to replace CEO Duesmann with Gernot Doellner
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowFRANKFURT, June 29 (Reuters) - Volkswagen's (VOWG_p.DE) Audi division will replace current CEO Markus Duesmann on Sept. 1, with Volkswagen strategy chief Gernot Doellner to take over, the carmaker said on Thursday. Reporting by Christina Amann; Writing by Christoph Steitz; Editing by Tom SimsOur Standards: The Thomson Reuters Trust Principles.

Persons: Markus Duesmann, Gernot Doellner, Christina Amann, Christoph Steitz, Tom Sims Organizations: Volkswagen, FRANKFURT, Audi, Thomson

☆ Audi names Volkswagen strategy chief Doellner as new CEO
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 29 (Reuters) - Volkswagen's (VOWG_p.DE) Audi named the German group's strategy chief as its new CEO on Thursday, as the luxury carmaker seeks to catch up with rivals in the dash towards electrification, including in China, the world's top car market. Gernot Doellner, who replaces Markus Duesmann, will become CEO with effect from September, Audi said, after the luxury automaker's supervisory board passed a resolution on Thursday. Doellner is a Volkswagen Group veteran who joined the company as a doctoral student in 1993 and rose through the ranks to become head of product development at Porsche. He headed up the Panamera series from 2011 to 2018 and became head of product strategy at Volkswagen AG in 2021. "Audi is a fantastic company with a rich history," Doellner said, adding: "I look forward to shaping the company's future together with the entire team at Audi."

Persons: Gernot Doellner, Markus Duesmann, Doellner, Oliver Blume's, Bentley, Peter Bosch, Christina Amann, Jan Schwartz, Ilona Wissenbach, Christoph Steitz, Victoria Waldersee, Tom Sims, Emma Rumney, Hans Seidenstuecker Organizations: Audi, Volkswagen Group, Porsche, Volkswagen AG, Volkswagen, BMW, Mercedes, Benz, Thomson Locations: FRANKFURT, China

☆ European wind developers play down Siemens Gamesa turbine troubles
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

UBS analysts said that in a worst-case scenario charges for Siemens Energy could exceed 5 billion euros. Denmark's Orsted said it operates one onshore wind farm with Siemens Energy turbines and that Orsted's portfolio of turbines has "high availability rates, reflecting that wind power has very little down-time." Siemens Gamesa has already told Iberdrola that it would proceed with a retrofit design, the source said, adding no technical issues for the remaining fleet of Siemens Gamesa turbines had been observed. Siemens Energy shares were up 5.7% at 1428 GMT, recovering some losses after analysts said Friday's sell-off was overblown. Siemens Gamesa first disclosed problems around its 5X model in July 2021, flagging higher than expected ramp-up costs.

Persons: Siemens Gamesa, Germany's, Denmark's Orsted, Eolus Vind, Iberdrola, Friday's, Andres Gonzalez, Forrest Crellin, Christoph Steitz, Marek Strzelecki, Nikolaj Skydsgaard, Nora Buli, Pietro Lombardi, Nina Chestney, Mark Potter, Alexander Smith Organizations: Siemens, Siemens Energy, UBS, EDF, Copenhagen Infrastructure Partners, Siemens Gamesa, Poland's PGE, Thomson Locations: Spanish, Copenhagen, Baltica, Baltic, London, Paris, Frankfurt, Warsaw, Oslo, Madrid

☆ Siemens Energy shares gain as Goldman dubs reaction to turbine problems 'excessive'
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

Companies Siemens Energy AG FollowFRANKFURT, June 27 (Reuters) - Shares in Siemens Energy (ENR1n.DE) recovered some losses on Tuesday after Goldman Sachs analysts kept a "buy" rating on the stock and said the massive sell-off following the disclosure of problems at its wind turbine division was overblown. They had fallen more than 37% on Friday after the company withdrew its 2023 profit outlook, citing failure rates at its newer onshore wind turbine models that will cost more than 1 billion euros ($1.1 billion) to fix. "We remain Buy-rated as we believe there has been an excessive negative market reaction over the past several days which leaves Siemens Energy shares deeply discounted," Goldman Sachs analysts wrote. Goldman Sachs said that they estimate 1.5 billion euros in costs related to the communicated problems, less than the 2 billion Jefferies estimate a day earlier. ($1 = 0.9146 euros)Reporting by Christoph Steitz, Editing by Friederike Heine and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Christoph Steitz, Friederike Heine, Louise Heavens Organizations: Siemens Energy, FRANKFURT, Jefferies, Thomson

☆ Siemens and UCLA say data compromised in MOVEit data breach
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

The hackers behind the wide-ranging breach, Cl0p, had earlier boasted about stealing data from UCLA and Siemens on their website. Cl0p also claimed to have stolen data from biopharmaceutical company Abbvie Inc (ABBV.N) and French industrial group Schneider Electric (SCHN.PA). Siemens and UCLA provided few additional details about the scope or consequences of the breach. Siemens said none of its critical data had been compromised and its operations remained unaffected. UCLA said its campus systems were unaffected and that "all of those who have been impacted have been notified".

Persons: Cl0p, Christoph Steitz, Raphael Satter, Matthias Williams, Mark Potter Organizations: Siemens Energy, University of California, UCLA, Siemens, Abbvie Inc, Schneider, FBI, Genworth, Thomson Locations: FRANKFURT, Los Angeles, UCLA

The Global Wind Energy Council said earlier this year that a record 680 gigawatts (GW) of wind energy capacity is expected to be installed by 2027. But the expected revenues of those planning to build wind turbines have not risen in tandem. Many governments index the prices paid for wind energy, usually through auctions, which are often too low, analysts at Wood Mackenzie said. COMPONENTSAmong the issues which arise from operating wind turbines, wear and tear on turbine blades over time can lead to erosion. Its shares fell more than 6% on Friday, while shares in Siemens Energy, the second biggest wind turbine maker, sank 37%.

Persons: Wood Mackenzie, WindEurope, Nina Chestney, Christoph Steitz, Barbara Lewis Organizations: Siemens Energy, LONDON, Siemens, World Energy, Wind Energy Council, International Energy Agency, Thomson Locations: China, Ukraine, Frankfurt

☆ Siemens Energy share sell-off deepens, takes market value loss to $8 billion
▼ + stars: | 2023-06-26 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

FRANKFURT, June 26 (Reuters) - Siemens Energy (ENR1n.DE) shares fell for a second consecutive session on Monday, hit by a raft of target price cuts and rating downgrades in the wake of deeper-than-expected problems at its wind turbine division that emerged last week. It share price was down 3.3% at 1252 GMT, at the bottom of Germany's blue-chip DAX (.GDAXI) index, taking the group's loss in market valuation to 7.4 billion euros ($8.1 billion) since it scrapped its profit outlook late on Thursday. Its shares on Monday traded around 14 euros apiece, the lowest level in seven and a half months. Siemens Energy was forced to publish a brief ad hoc statement late on Thursday based on limited information, withdrawing its profit outlook after it became apparent that the issues would incur costs of more than 1 billion euros. ($1 = 0.9162 euros)Reporting by Christoph Steitz; editing by Matthias Williams and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: DAX, Jefferies, Christoph Steitz, Matthias Williams, Emelia Organizations: Siemens Energy, Reuters, Citi, Siemens, Monday, Thomson Locations: FRANKFURT

Siemens Energy CEO Christian Bruch said on Friday that the takeover of Siemens Gamesa had not been a mistake and that the price had seemed right at the time when the offer was made. 'SO MANY QUESTIONS'Top-20 investor Deka Investment said "significantly greater efforts" were now needed by Siemens Energy, chaired by Siemens veteran Joe Kaeser, to restore trust. Berenberg analysts pointed out that Siemens Energy had given a fairly upbeat view on Siemens Gamesa along with second-quarter results only a month ago, and that Thursday's announcement did not fit with the recent communication. Siemens Energy CEO Bruch also cited the need to fix Siemens Gamesa's corporate culture, hinting at the fact that the company's merger never fully worked and that major management mistakes were made. When asked earlier this month on whether Siemens Energy was doing well enough to master the challenges of the energy transition, Kaeser said the management team led by Bruch was strong.

Persons: Felix Schroeder, Schroeder, Christian Bruch, Siemens Gamesa, Jochen Eickholt, Spain's, Joe Kaeser, Bruch, Kaeser, Christoph Steitz, Christina Amann, Susan Fenton, Louise Heavens Organizations: Siemens Energy, Siemens, Siemens Gamesa, Union Investment, Deka Investment, Deutsche Bank, Thomson Locations: FRANKFURT, BERLIN, Bray, European

FRANKFURT/BERLIN, June 23 (Reuters) - Siemens Energy (ENR1n.DE) warned on Friday that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years and were not yet quantifiable, sending its shares tumbling by nearly a third. Finance chief Maria Ferraro earlier told analysts that the majority of the hit would be over the next five years. Issues at Siemens Gamesa have been a drag on the parent for a long time, prompting Siemens Energy to take full control of the business after only partially owning it for several years. The discovery of faulty components at Siemens Gamesa in January had already caused a charge of nearly half a billion euros. At the same time, he said he did not believe that the full takeover of Siemens Gamesa had been a mistake.

Persons: Christian Bruch, Maria Ferraro, us, JP Morgan, Jochen Eickholt, Bruch, Spain's Gamesa, Siemens Gamesa, Kirsten Donovan, Jason Neely, Jane Merriman Organizations: Siemens Energy, Siemens, Finance, JP, Siemens Gamesa, Thomson Locations: FRANKFURT, BERLIN

The company has provided more than 132 gigawatts (GW) of wind turbines as of the end of April this year to all global regions: 108 GW of onshore wind and 22 GW of offshore wind. The discovery of faulty components at Siemens Gamesa's onshore wind turbines had already caused a charge of nearly half a billion euros in January. Siemens Gamesa has provided wind turbines to some of the biggest power companies and oil and gas majors worldwide. Shares in European wind turbine producers Nordex (NDXG.DE) and Vestas (VWS.CO) also fell as confidence in the industry was shaken. Many wind power developers have already seen delays in projects due to the availability of components and rising costs.

Persons: Siemens Gamesa, Spain's, Denmark's, Nina Chestney, Christoph Steitz, Susan Fenton Organizations: Siemens Energy, Siemens, SIEMENS, WHO, Scottish Power Renewables, East Anglia, Poland's PGE, Siemens AG, Thomson Locations: Spain, Europe, Americas, Britain, North, Baltica, Baltic

☆ Siemens Energy scraps profit outlook as wind turbine troubles deepen
▼ + stars: | 2023-06-22 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

Issues at the company's Siemens Gamesa unit have been a drag on the parent, and the announcement marks the latest blow to Siemens Energy's efforts to get these under control following a full takeover of the business. Frankfurt-listed Siemens Energy shares were down 12.8% at 1849 GMT after the announcement, which follows the initial discovery of faulty components at Siemens Gamesa in January that caused a charge of nearly half a billion euros. Siemens Energy said that an extended technical review of Siemens Gamesa's installed turbine fleet and product designs was launched following that is says was a substantial increase in failure rates of components. "We are also reviewing assumptions critical to the existing business plans given productivity improvements are not materializing to the extent previously expected," Siemens Energy said. Problems at Siemens Gamesa had already caused Siemens Energy to tone down its profit outlook last month, expecting its profit margin before special items at the lower end of its 1%-3% target range for the fiscal 2023 year.

Persons: Siemens Gamesa, Christoph Steitz, Anirudh, David Gregorio, Conor Humphries Organizations: Siemens Energy, Siemens, Siemens Gamesa, Thomson Locations: Frankfurt, FRANKFURT, Bengaluru

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. ADNOC and Covestro declined to comment. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

Persons: Christopher Pike, Abu Dhabi's, ADNOC, Sultan, Jaber, Lanxess, SABIC, Ludwig Burger, Patricia Weiss, Christoph Steitz, Hadeel Al, Greg Roumeliotis, Louise Heavens, Sharon Singleton, Elisa Martinuzzi, Alexandra Hudson Organizations: United, United Arab Emirates, REUTERS, Abu Dhabi National Oil Company, Covestro, Alexandra Hudson Our, Thomson Locations: Abu Dhabi, United Arab, Covestro, Europe, Saudi Aramco, Saudi Arabia, Swiss, Frankfurt, Hadeel Al Sayegh, Dubai

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File PhotoJune 20 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has approached German plastics and chemicals maker Covestro AG (1COV.DE) with a takeover proposal worth more than 10 billion euros ($10.9 billion), two people familiar with the matter said on Tuesday. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

Berlin has agreed subsidies worth nearly 10 billion euros with the U.S. chipmaker, a person familiar with the matter said, more than the 6.8 billion euros it had initially offered Intel to build two leading-edge facilities in the eastern city. "Today's agreement is an important step for Germany as a high-tech production location – and for our resilience," Scholz said after Monday's signing. Globally, semiconductor manufacturing is expected to become a trillion-dollar industry by 2030, expanding from $600 billion in 2021, according to McKinsey. Initially, Intel wanted to invest 17 billion euros in the Magdeburg plant, an amount that has nearly doubled to more than 30 billion. About 7,000 construction jobs will be created in the first expansion, plus around 3,000 high-tech jobs at Intel and tens of thousands of jobs across industry, the U.S. chipmaker said.

Persons: Olaf Scholz, Pat Gelsinger, Scholz, Israel, Dado Ruvic, Robert Hermann, Taiwan's TSMC, Tesla, Robert Habeck, chipmaker, Gelsinger, Maria Martinez, Riham, Christoph Steitz, Rachel More, Jason Neely, Sharon Singleton, Catherine Evans Organizations: Intel, Intel Intel, Germany's, U.S, AMD, Nvidia, Samsung, Union, McKinsey, REUTERS, Germany Trade, Invest, Reuters, Germany, Thomson Locations: Germany, Frankfurt BERLIN, STOCKHOLM, Magdeburg, Europe, Berlin, Saxony, Anhalt, EU, chipmaking, Poland, United States, South Korea, Taiwan, Frankfurt, U.S, Ireland, France, Asia

The deal in Germany would be Intel's third big investment in four days, following a $4.6 billion chip plant in Poland and a $25 billion factory in Israel. Intel plans to invest around 30 billion euros in the Magdeburg plant, the person said. Scholz said on Monday that his government was working on investment projects that would make Germany one of the world's leading locations for semiconductor production. Frankfurt-listed Intel shares were 0.7% lower at 1137 GMT. ($1 = 0.9150 euros)Writing by Christoph Steitz; editing by Rachel More, Jason Neely and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Pat Gelsinger, Olaf Scholz, Scholz, Taiwan's TSMC, Tesla, Gelsinger, Christoph Steitz, Rachel More, Jason Neely, Sharon Singleton Organizations: Intel, U.S, AMD, Nvidia, Samsung, EU, Reuters, Germany, Thomson Locations: Germany, Frankfurt BERLIN, STOCKHOLM, Magdeburg, chipmaking, Poland, Israel, United States, Europe, Berlin, South Korea, Taiwan, Frankfurt, Ireland, France, Asia

☆ Chinese delegation to meet with Germany's top corporate brass next week
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

FRANKFURT/BERLIN, June 16 (Reuters) - A Chinese delegation led by Premier Li Qiang will meet Germany's top CEOs next week as part of a visit to Europe, hoping to strengthen ties at a time when Berlin is pursuing a strategy to lessen its economic dependence on Beijing. A meeting between Li and a group of German and Chinese CEOs is scheduled for June 19, according to people familiar with the plans. Mercedes-Benz (MBGn.DE), SAP (SAPG.DE) and Siemens Energy (ENR1n.DE) all confirmed that their CEOs would meet with the delegation. The CEO of Volkswagen (VOWG_p.DE) division Audi will also participate, a person familiar with the matter said. BASF (BASFn.DE), Bayer (BAYGn.DE), Infineon (IFXGn.DE), Volkswagen (VOWG_p.DE) and BMW (BMWG.DE), all companies with major business ties to China, declined to comment.

Persons: Premier Li Qiang, Li, Li Shufu, Mercedes, Roland Busch, Olaf Scholz, Robert Habeck, Andrew Small, Marshall, Siegfried Russwurm, Ilona Wissenbach, Hakan Ersen, Christoph Steitz, Ludwig Burger, Patricia Weiss, Christina Amann, Andreas Rinke, Rene Wagner, Sarah Marsh, Jan Schwartz, Alexander Huebner, Raju Gopalakrishnan, Louise Heavens Organizations: Premier, Mercedes, Benz, SAP, Siemens Energy, Volkswagen, Audi, Beijing Automotive Group Co, HK, Siemens, Pacific Committee, BASF, Bayer, Infineon, BMW, Thomson Locations: FRANKFURT, BERLIN, Europe, Berlin, Beijing, China, Asia, German, Germany, Frankfurt, Hamburg, Munich

Henriette Borgund knows attackers can find weaknesses in the defences of a big renewables power company - she's found them herself. She joined Norway's Hydro (NHY.OL) as an "ethical hacker" last April, bringing years of experience in military cyberdefence to bear at a time of war in Europe and chaos in energy markets. They're nervously monitoring a hybrid war where physical energy infrastructure has already been targeted, from the Nord Stream gas pipelines to the Kakhovka dam. It said Russia had tried to destroy digital networks and cause power cuts, and that missile attacks on facilities were often accompanied by cyberattacks. "Companies in the energy space, their core business is producing energy, not cybersecurity," said Jalal Bouhdada, CEO of cybersecurity firm Applied Risk, a division of DNV.

Persons: Nora Buli, Henriette Borgund, she's, shoring, Michael Ebner, cyberattacks, didn't, Swantje Westpfahl, James Forrest, Cem Gocgoren, Stephan Gerling, Mathias Boeswetter, Leonhard Birnbaum, Jalal Bouhdada, Nina Chestney, Christoph Steitz, America Hernandez, Paris Pavel Polityuk, Guy Faulconbridge, Pravin Organizations: REUTERS, Norway's Hydro, Reuters, Hydro's Oslo, Hydro, Ukraine, cyberattacks, Germany's Institute for Security, TRITON, Triton, Svenska, ICS CERT, University of Tulsa, E.ON, " Companies, Pravin Char, Thomson Locations: Norwegian, Fosen, Norway, Ukraine, OSLO, LONDON, FRANKFURT, Europe, Nord, Russia, Ukrainian, Moscow, United States, Russian, Capgemini, Saudi, Swedish, DNV, Oslo, London, Frankfurt, Paris, Kiev

REUTERS/Fabrizio BenschSummarySummary Companies Germany unveils first ever National Security StrategyDocument reflects growing focus on security over economyContains strong criticism of China but does not mention TaiwanImplementation could be hampered by lack of Security CouncilBERLIN, June 14 (Reuters) - China poses a growing threat to global security, Germany said in its first national security strategy on Wednesday, underscoring Berlin's shift in emphasis from economic interests to geopolitics following Russia's invasion of Ukraine. It also omits some major issues, such as Taiwan, and as expected, does not create a National Security Council that would help its implementation. "We paid for every cubic metre of Russian gas twofold and threefold with our national security." Russia is the top threat to European peace "for now", the National Security Strategy (NSS) said. "The good thing is that German companies are drawing similar conclusions to the German federal government," she said.

Persons: Olaf Scholz, Fabrizio Bensch, cyberattacks, Chancellor Olaf Scholz, Annalena Baerbock, Ola Kaellenius, Baerbock, Noah Barkin, Norbert Roettgen, Scholz, Christian Lindner, Andreas Rinke, Miranda Murray, Rachel More, Madeline Chambers, Christoph Steitz, Angus MacSwan, Mark Potter, Alexandra Hudson Organizations: REUTERS, Germany, Security, BERLIN, Security Council, National Security, NSS, Volkswagen, BASF, BMW, Benz, NATO, Alexandra Hudson Our, Thomson Locations: Berlin, Germany, China, Taiwan, Ukraine, Beijing, Asia, Russia, Moscow, Europe, Moldova, Georgia

It comes as hydrogen technology is getting a boost from favourable legislation in the United States and Europe, which are both seeking to strengthen the technology to help carbon dioxide-heavy industries, including steel and chemicals, to decarbonise. "A potential IPO would enlarge the financial flexibility of Thyssenkrupp Nucera and raise its profile as a leading supplier of technology for the production of green hydrogen," he said. The listing, which is run by Citi (C.N) and Deutsche Bank (DBKGn.DE), will primarily consist of new shares, Thyssenkrupp Nucera said. First-half sales were up 74% at 306 million euros, while the group's earnings before interest and tax rose 87% to 13.3 million euros. "With our electrolysis technology we want to shape a new era of the energy transition," said Werner Ponikwar, chief executive of Thyssenkrupp Nucera.

Persons: Nora, Italy's De Nora, DNR.MI, Miguel Lopez, Thyssenkrupp, Thyssenkrupp Nucera, De Nora, Nora's, Norway's Nel, Werner Ponikwar, Christoph Steitz, Tom Kaeckenhoff, Francesca Landini, Miranda Murray, Clarence Fernandez, Sharon Singleton Organizations: Reuters, Citi, Deutsche Bank, Thyssenkrupp, Britain's ITM, Energy, U.S ., Thomson Locations: FRANKFURT, DUESSELDORF, Ukraine, United States, Europe, U.S

☆ Volkswagen brings VW bus back to North American market after 20 years
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The fully electric VW ID Buzz, is pictured on a production line at a Volkswagen Commercial Vehicle plant in Hanover, Germany, June 16, 2022. REUTERS/Fabian Bimmer/File PhotoFRANKFURT, June 2 (Reuters) - Volkswagen (VOWG_p.DE) will start selling battery-powered versions of its VW bus in North America from 2024 onwards, the carmaker said on Friday, in what marks the reintroduction of the iconic model after a two-decade hiatus. "With the T4 generation, the VW bus left the USA and Canada 20 years ago. But the microbus – as the VW bus is called between New York and San Francisco – has retained its cult status right up to the present day," Volkswagen said in a statement. Buzz vehicles for the North American market will be built at Volkswagen's plant in Hanover, Germany, the company said, adding batteries could be charged from 10%-80% in 25 minutes at available rapid charging stations.

Persons: Fabian Bimmer, San Francisco –, Christoph Steitz, Madeline Chambers Organizations: REUTERS, VW, USA, San, Volkswagen, North, Thomson Locations: Hanover, Germany, FRANKFURT, North America, Canada, New York, North American

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