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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.

☆ Sartorius shares drop as it tempers 2022 revenue ambitions
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

"We are specifying our full-year outlook for 2022 within the range projected so far, but the global political and economic uncertainties remain high," said Chief Executive Joachim Kreuzburg. Orders were below expectations, analysts at JP Morgan said, adding that was "unlikely to reduce lingering concerns over the outlook for 2023". Analysts on average expect 4.7 billion euros in sales next year, a year-on-year gain of about 12%, according to Refinitiv data. Sartorius has projected roughly 10% annual sales growth through 2025, or about 14% when excluding the expected drop in business related to the coronavirus as drugmakers embrace new high-tech methods such as mRNA, cell therapies and more complex therapeutic proteins. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 21.4% to 1.05 billion euros in the first nine months, broadly in line with market expectations.

☆ Lin-Manuel Miranda rallies for Beto O’Rourke
▼ + stars: | 2022-10-19 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

EntertainmentLin-Manuel Miranda rallies for Beto O’RourkePostedLin-Manuel Miranda, the creator of the acclaimed Broadway musical “Hamilton,” hit the campaign trail for the Texas Democratic gubernatorial candidate Beto O’Rourke in Houston, Texas on Tuesday (October 18).

☆ Germany to cap electricity prices by taxing excess profits
▼ + stars: | 2022-10-19 | by ( Markus Wacket | ) www.reuters.com time to read: +3 min

BERLIN, Oct 19 (Reuters) - Germany's government plans to introduce a cap on electricity prices for households and industry to ease the impact of soaring energy costs, a ministry document seen by Reuters on Wednesday showed. To help finance the cap and pay for the stabilisation of power transmission grids, Berlin is considering skimming off some of electricity companies' profits, the document showed. Its design would be similar to a price brake for gas, details of which the government announced earlier this month, the document showed. As part of the plan, Berlin may skim off 90% of the power profits that electricity companies make above production costs, the paper showed. For spot prices, the levy would apply retroactively from March, and for future prices from December, it said.

☆ Ruptured Nord Stream 1 pipeline briefly appears to carry tiny amount of gas - data
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Companies Nord Stream AG FollowLONDON, Oct 19 (Reuters) - Tiny amounts of gas briefly appeared in the Russian Nord Stream 1 pipeline on Wednesday, website data showed, weeks after it was ruptured in the Baltic Sea by what investigating teams said was suspected sabotage caused by explosions. Gas flows were at 102 kilowatt-hours per hour (kwh/h) between 0700-0800 CET (0500-0600 GMT) on Oct. 19 from zero, and at 119 an hour later, the data showed. The data subsequently showed that the flows dropped back to zero starting from 0900 CET. Before the stoppage in late August, Nord Stream 1 carried some 14,000,000 kilowatt hours per hour of Russian gas. Small amounts of gas in the idle Nord Stream 1 pipelines have been detected before, including in early September.

☆ Germany to examine plans for skimming excess power profits
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Oct 19 (Reuters) - Germany's government plans to examine detailed proposals for skimming off excess power profits above production costs to help subsidise electricity bills and pay for the stabilisation of power transmission grids, a paper seen by Reuters on Wednesday showed. The move comes amid as Europe faces an energy crisis, prompted by Russia's invasion of Ukraine, that has seen the European Union and national governments launch price brake measures for power, gas and other fuels. Register now for FREE unlimited access to Reuters.com RegisterBoth household and industry consumers have been hit by runaway wholesale power prices, as a lack of gas drove up prices. The paper, from Germany's Economy Ministry, showed that power production from hard coal, gas and biomethane would not be included in the measures, which are separate to subsidy plans in the general budget. Register now for FREE unlimited access to Reuters.com RegisterReporting by Markus Wacket and Vera Eckert, editing by Miranda Murray and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Nestle raises full-year sales guidance after nine-month sales beat
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 19 (Reuters) - Nestle (NESN.S) reported better-than-expected nine-month sales on Wednesday and raised its full-year guidance as the world's largest packaged food company successfully passed on price increases to customers. The maker of KitKat chocolate bars and Nescafe instant coffee posted sales of 69.1 billion Swiss francs ($69.43 billion), beating the 68.9 billion francs forecast in a company gathered consensus of 23 analysts. Organic growth, which cuts out the impact of currency movements and acquisitions, was 8.5% in the nine months to the end of September, better than the 8.3% increase that was forecast, and the company's highest organic growth since 2008. The Swiss company confirmed its target for a trading operating profit margin of around 17%. "We delivered strong organic growth as we continued to adjust prices responsibly to reflect inflation," Chief Executive Mark Schneider said in a statement.

☆ German exports to Britain could see growth for first time since Brexit vote
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

If this trend continues, 2022 would mark the first increase, after six consecutive years of shrinking exports, since the British referendum on whether to leave the European Union. "On the contrary, Brexit continues to create planning and legal uncertainty for internationally active German companies." In the ranking of Germany's most important trading partners, the United Kingdom took 10th place last year. In 2016, it was the fifth-most important trading partner. ($1 = 1.0133 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Rene Wagner, Writing by Miranda Murray, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ Tiny amounts of gas appear in ruptured Nord Stream 1 pipeline - website data
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Companies Nord Stream AG FollowLONDON, Oct 19 (Reuters) - Tiny amounts of gas suddenly appeared in the Russian Nord Stream 1 pipeline on Wednesday, website data showed, weeks after the pipeline ruptured in the Baltic Sea in what investigating teams said was suspected sabotage caused by explosions. Gas flows were at 102 kilowatt-hours per hour (kwh/h) between 0700-0800 CET on Oct. 19 from zero, and at 119 an hour later, the data showed. Nord Stream's operator did not respond to a request for comment and no explanation was immediately available. Dwindling flows of gas from Russia, which once supplied 40% of Europe's needs, left the European Union struggling to unite over how to respond to surging prices that have deepened a cost-of-living crisis for families and businesses. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ashitha Shivaprasad in Bengaluru and Matthias Williams in London, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

BERLIN/PARIS, Oct 19 (Reuters) - The French and German governments have postponed a meeting planned for next week until January, officials said on Wednesday, after what sources told Reuters were divisions including over energy policy and defence. French officials have expressed frustration with what they say has been a series of unilateral decisions by Germany, including a 200 billion euro energy package unveiled by Berlin without advanced warning to Paris. A French presidency official echoed Berlin's comments saying the two sides needed "more time" to reach agreements on issues including energy policy and defence cooperation. But others say they feel Germany is throwing its weight around and taking decisions that are sometimes against French interests. But French officials say they worry that the 200 billion euro German plan could distort the European market because other countries do not have the same means to protect their citizens.

☆ Lin-Manuel Miranda's first songbook is out, from 'In the Heights' to 'Hamilton' and 'Encanto'
▼ + stars: | 2022-10-18 | by ( ) www.nbcnews.com time to read: +11 min

So even for Grammy, Emmy, Tony and Pulitzer winner Lin-Manuel Miranda, his first songbook, containing 27 songs from “Hamilton,” “Encanto,” “In the Heights” and more, was a big deal. At the event, his nephew Alejandro performed “Dos Oruguitas” (from “Encanto”) on the piano, and was joined by his own teacher for “You’ll Be Back” (from “Hamilton”). You grew up with musical theater and piano lessons — how does it feel to have your own songbook? And it really was a teacher who brought me out of just writing songs about girls in the back of the classroom. That’s a really fun thing about the whole process: When you’re there early enough, your songs can really be a part of a give-and-take.

☆ Eurowings: halting plans to add 200 jobs due to pilots strike
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 18 (Reuters) - Lufthansa's (LHAG.DE) Eurowings said on Tuesday it was halting plans to add 200 new jobs and would have five fewer aircraft than planned in its fleet next year due to a pilots strike. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ilona Wissenbach, Writing by Miranda Murray; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ German prosecutors search Deutsche Bank HQ in cum-ex probe
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/FilesBERLIN, Oct 18 (Reuters) - German prosecutors have searched the headquarters of Deutsche Bank (DBKGn.DE) in connection with an ongoing investigation of the multibillion-euro tax fraud scheme known as "cum-ex", Deutsche Bank said on Tuesday. Deutsche is one of many banks that prosecutors have searched in connection with the tax scheme that thrived more than a decade ago. Germany's largest lender, under Chief Executive Christian Sewing, has been trying to clean up the bank's reputation since he assumed the helm in 2018. Reuters has reported Deutsche Bank’s involvement in the scheme between 2006 and 2011, when bankers discussed the "reputation risks" of the matter.

Reyes said Hollywood films often reflected the politics of their time — and that had an influence on Latino roles. Studies by the Government Accountability Office, the University of Southern California and other groups consistently show that Latinos are underrepresented in the film industry. Just this year, UCLA’s Hollywood Diversity Report documented “enormous gains” by women and people of color, but Latino representation still lagged. Slowly but surely, we are shaking up the narrative in Hollywood.”Calderón is frustrated by the continuing practice of “brownface,” whereby Latino roles go to white actors. Sanchez cited Eugenio Derbez in “Coda” (2021) as an example of a well-written Latino film character.

☆ Roche sales decline more than expected as COVID products slide
▼ + stars: | 2022-10-18 | by ( Ludwig Burger | Nancy Lapid | ) www.reuters.com time to read: +2 min

Third-quarter revenue slipped to 14.74 billion Swiss francs ($14.84 billion), below market expectations of about 15.5 billion francs. Its bestseller Ocrevus gained 16% in sales to 1.52 billion francs during the quarter, while Hemlibra jumped 23% to 952 million francs, both excluding the effect of currency swings. However, analysts at brokerage Jefferies said sales gains in Hemlibra and cancer immunotherapy Tecentriq fell short of market expectations. It also reiterated that the percentage gain in core earnings per share would be in the "low- to mid-single digit" range. Roche repeated that keenly awaited trial data on experimental Alzheimer's drug gantenerumab was due to be published at the end of November.

☆ German investor morale less pessimistic than expected - ZEW
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Summary Analyst: gas price brake stabilised sentimentCurrent conditions index takes sharp tumbleOutlook has deteriorated again - ZEW presidentBERLIN, Oct 18 (Reuters) - German investor sentiment was less pessimistic than expected in October, even as the view of the current economic situation left little room for optimism following a tumble in confidence the month before. The ZEW economic research institute said on Tuesday its economic sentiment index grew slightly in October, to -59.2, from -61.9 in September, beating a forecast by analysts polled by Reuters of a reading of -65.7. In contrast, the institute's current conditions index fell by 11.7 points in October to a reading of -72.2. In its forecast released this month, the German government foresees economic growth of 1.4% this year and contraction of 0.4% next year. ZEW's indicators for euro zone sentiment and assessment of the current conditions mirrored Germany's, with sentiment up slightly in October and the situation indicator falling sharply.

☆ German chemical sector employers, union agree wage hikes of 3.25%
▼ + stars: | 2022-10-18 | by ( Matthias Inverardi | ) www.reuters.com time to read: +2 min

BERLIN, Oct 18 (Reuters) - Germany's chemical and pharmaceutical industry agreed on two wage hikes of 3.25% each for its workers on Tuesday, one for the beginning of 2023 and the other a year later. While trade union IG BCE had not published a specific demand, the industry, which is among those most heavily affected by surging energy costs, managed to keep the wage agreement well below inflation in the region. German public sector unions this month demanded a 10.5% wage increase, or at least 500 euros more per month, over a year for some 2.5 million workers. The larger metal engineering sector is also in negotiations, with the trade union pushing employers to respond to its demand for 8% higher wages. Workers' purchasing power has already taken a hit, with German consumer price inflation at almost 11% in September.

☆ Hurricane Ian claims likely to push Swiss Re to Q3 loss
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

CFO John Dacey of the world's second largest reinsurer Swiss Re addresses a news conference to present the company's full year results in Zurich, Switzerland February 21, 2019. REUTERS/Arnd WIegmannSummarySummary Companies Swiss Re estimates Hurricane Ian claims at around $1.3 billionExpects Q3 net loss of around $500 millionSees total Hurricane Ian claims for industry at $50 bln-65 blnZURICH, Oct 18 (Reuters) - Swiss Re (SRENH.S) forecast on Tuesday a third-quarter net loss of around $500 million after the reinsurance company absorbed preliminary claims from Hurricane Ian of approximately $1.3 billion. Register now for FREE unlimited access to Reuters.com RegisterSwiss Re estimated the preliminary total insured market loss from Hurricane Ian at $50 billion–$65 billion. "Swiss Re maintains its very strong capital position, with Group (Swiss Solvency Test) ratio of 274%, as of 1 July 2022. Berenberg analyst Kathryn Fear cut her estimate for 2022 net income to $947 million from $1.72 billion.

Arne Schoenbohm came under scrutiny in recent weeks after a satire TV show highlighted his ties with a cybersecurity consultancy which counted as a member a German subsidiary of a Russian firm founded by a former KGB employee. He told Reuters he was no longer active in the council and had only delivered the keynote speech at its 10th anniversary in September as an exception after receiving the green light from the interior ministry. The consultancy last week protested it had not known of the alleged ties to Russian services of Protelion GmbH, which it expelled after the TV programme was aired. The consultancy said the interior ministry knew of the allegations since at least spring but "no information was provided to associations or potential customers by official bodies". The head of Protelion GmbH was not immediately available for comment.

☆ Explainer: How will Germany implement its nuclear power extension?
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +5 min

The operators of the three remaining nuclear power plants are E.ON (Isar 2), RWE (RWEG.DE) (Emsland) and EnBW (EBKG.DE) (Neckarwestheim 2). HOW LONG CAN THE PLANTS RUN WITH EXISTING FUEL RODS? According to industry group Nuclear Technology Germany (KernD), it usually takes around one year until fresh fuel rods are delivered. CAN GERMANY EXTEND NUCLEAR POWER BEYOND APRIL 2023? Politically, extending the lifespan of nuclear power is a red line for the Greens party, which has ruled out buying new fuel rods for longer operation of the country's remaining nuclear power plants.

☆ German spy chief: 'Russia is the storm, China is climate change'
▼ + stars: | 2022-10-17 | by ( Sarah Marsh | ) www.reuters.com time to read: +2 min

German and Chinese national flags fly in Tiananmen Square ahead of the visit of German Chancellor Angela Merkel in Beijing, China, May 23, 2018. Register now for FREE unlimited access to Reuters.com RegisterChina has urged Germany not to politicize the countries' economic relations or engage in protectionism "in the name of national security". "In the case of a political disagreement between China and Germany, these instruments will be used," he said. The head of Germany's domestic intelligence service, Thomas Haldenwang, said stakes in critical infrastructure could also open the door to sabotage and influence on public opinion. "When I speak with foreign partners about China, they always say: Russia is the storm, China is climate change," he said.

☆ Germany will be in different situation regarding gas next winter - EconMin
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

PRAGUE, Oct 17 (Reuters) - Germany will be in a different situation next winter when it comes to energy because it will have more gas resources available, Economy Minister Robert Habeck said in Prague on Monday. "The main problem for electricity supply is the failure of nuclear power plants in France," he said, adding that Germany was ready to use its nuclear power plants if needed. "Next winter, we have another situation, I would strongly argue, because then ... we (will) have additional gas capacity, so I don't know what the situation in France would be, but on the gas side we definitely have another situation." Register now for FREE unlimited access to Reuters.com RegisterReporting by Robert Muller, Writing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Tens of thousands of passengers affected by first day of Eurowings strike
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 17 (Reuters) - Pilots at Lufthansa's (LHAG.DE) Eurowings began a three-day strike over working hours, their union said, affecting tens of thousands of the budget airline's passengers on Monday. And so far there is no new offer," said a spokesperson for the Vereinigung Cockpit (VC) pilots' union. Register now for FREE unlimited access to Reuters.com RegisterA view of a time table showing cancelled flights as Eurowings pilots go on a three-day strike, in Cologne, Germany, October, 17, 2022. REUTERS/Thilo SchmuelgenThe airline said about 240 out of 488 flights have been cancelled at airports in Cologne, Hamburg, Berlin and Stuttgart, affecting about 25,000 passengers on the strike's first day. Eurowings pilots had held a one-day strike for improved working conditions at the start of October, affecting about 30,000 passengers and the cancellation of about 250 flights.

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