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☆ Wolfspeed plans multi-billion dollar chip factory in Germany - Handelsblatt
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Jan 21 (Reuters) - U.S. power chip maker Wolfspeed Inc (WOLF.N) is planning to build a factory in Germany for more than 2 billion euros ($2.17 billion), Handelsblatt reported on Saturday. The German auto supplier ZF will hold a minority stake, the the business newspaper said, citing unidentified sources familiar with the project. Production should begin in four years at the site in the small southwest German state of Saarland, the report added. A spokesperson for the economics ministry of Saarland declined to comment. ZF declined to comment.

Lufthansa has offered to buy an initial minority stake in ITA, Italy's state-owned successor to Alitalia, it said on Wednesday. "This may be the next step in European airline consolidation," said Bernstein analyst Alex Irving, citing Portugal's national airline, TAP, as a prime target. Lufthansa, Air-France KLM (AIRF.PA) and British Airways owner IAG (ICAG.L) are potential buyers, analysts said. "At the same time, however, we closely monitor consolidation in the European airline market." Michael O'Leary, the outspoken CEO of fellow low-cost airline Ryanair (RYA.I), also weighed in with his predictions this week.

☆ Germany's gas situation is secure this winter, regulator says
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

[1/2] The landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. REUTERS/Hannibal HanschkeBERLIN, Jan 17 (Reuters) - Germany's gas supply situation is secure and gas shortage is unlikely to happen this winter, the head of the country's network regulator said on Tuesday. "With savings, gas inflows, good storage levels ... We are very, very optimistic that we will no longer have to worry about a gas shortage this winter," Klaus Mueller said at an energy summit organised by Handelsblatt newspaper. Mueller said he expected a relatively warm winter which will help the power supply situation in both France and Germany. Reporting by Riham Alkousaa, Christoph Steitz and Vera Eckert Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Uniper CEO: Nord Stream can be fixed, but unclear if Germany wants Russian gas
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

Companies Uniper SE FollowGazprom PAO FollowFRANKFURT, Jan 17 (Reuters) - The damaged Nord Stream pipelines can be fixed in around six months to a year, the boss of bailed out German gas trader Uniper said on Tuesday, adding that it still remained unclear whether Germany wants the supply relationship to continue. "The first question that needs answering: what's the political will on a European level and in Berlin to bring Russian gas to Germany?" outgoing Uniper (UN01.DE) CEO Klaus-Dieter Maubach told the annual Handelsblatt Energy summit. Reporting by Christoph Steitz and Vera Eckert; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

"We have the ambition to become a profitable company in 2023," Laege said, adding the group had also secured long-term regasification capacity at the planned Hanseatic Energy Hub terminal in Stade, Germany. Laege said that Sefe, formerly called Gazprom Germania, was successful in sourcing LNG mainly from the United States, both short-term deals and for longer periods. The company, whose name is short for Securing Energy for Europe, had already unloaded a first cargo at Dunkirk, he said. However, next winter and beyond could be tight again if cold periods and a fast recovery of Asian LNG demand coincide. Reporting by Vera Eckert, Christoph Steitz, Tom Kaeckenhoff, editing by Kirsti Knolle and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Wintershall Dea urges Germany to clear CO2 exports for storage
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Jan 16 (Reuters) - German oil and gas producer Wintershall Dea (WINT.UL) (BASFn.DE) urged Berlin on Monday to clear exports of carbon dioxide to European neighbours that would be buried in so-called carbon capture and storage facilities (CCS). Wintershall is involved in various CCS projects, including in Norway and Denmark, which aim to store CO2 in depleted oil and gas fields. The early capture of CO2 emissions in the production process and their subsequent storage could help achieve climate targets and provide a new area of activity for hydrocarbon exploration companies. Unavoidable residual emissions in Germany currently amount to well over 40 million tonnes per year from industries such as chemicals and cement, Langemann said. Wintershall Dea plans to build up a business capturing 20-30 million tonnes of CO2 per annum by 2040.

☆ A major union in Germany says workers at Tesla's Berlin factory face unreasonable working hours and fear speaking out
▼ + stars: | 2023-01-16 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

A major German union has criticized the working conditions at Tesla's giant Berlin plant. IG Metall said long hours mean workers have too little time for "leisure, family, and relaxation." At the conference, IG Metall, a German union representing workers at Tesla's Gigafactory has criticized the electric carmaker for poor working conditions, Reuters reported. Tesla did not immediately respond to Insider's request for comment, made outside normal US working hours. Tesla struggled to hire at the Berlin-based factory because of low wages, IG Metall told Bloomberg in June.

☆ Tesla under fire in Germany over union concerns on working hours, contracts
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

Workers were also increasingly fearful about discussing their working conditions openly because of non-disclosure agreements they were told to sign along with their work contracts, IG Metall said. Over time we are observing that this enthusiasm is withering," Irene Schulz of IG Metall Berlin-Brandenburg-Sachsen said in a statement. "Tesla is not doing enough to improve working conditions and is leaving too little time for leisure, family and recovery." Tesla China has also asked some staff to sign non-disclosure agreements, according to two sources with knowledge of the matter. Reuters found several people on LinkedIn with the title of "Security Intelligence Investigator" working for Tesla in Austin, San Francisco and Shanghai.

☆ The US is getting Ukraine ready for a more aggressive war with Russia, training it for tank battles and other large-scale combat
▼ + stars: | 2023-01-16 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

The US on Sunday started advanced training for Ukrainian troops, including prep for large-scale combat. The advanced training hints at larger conflicts to come, as Ukraine warns of new Russian offensive. Around 500 Ukrainian soldiers will go through its initial version, the outlet reported. This latest training is designed to help Ukraine better launch offensives against Russia and to counter Russia's own attacks, Gen. Milley said. Other allies are also committing increasingly advanced military equipment to Ukraine, with multiple European countries agreeing to send Ukraine tanks for the first time since the conflict began.

☆ Mercedes to drop EQ product brand -Handelsblatt
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Jan 12 (Reuters) - Mercedes-Benz (MBGn.DE) is set to drop the EQ product brand for battery-electric cars as soon as the next generation of compact cars, set to be on the market from the end of 2024, German daily Handelsblatt said on Thursday, citing company sources. The decision is based on Chief Executive Ola Kaellenius' focus on electric-only cars, making the EQ brand redundant as Mercedes turns away from the combustion engine, Handelsblatt cited the sources as saying. The German carmaker now markets its all-electric model series under the EQ brand, first announced in 2016, with its first model, the EQC electric SUV, launched in 2019. Mercedes did not immediately respond to a request for comment. Writing by Miranda Murray; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's new China strategy 'guided by ideology', ambassador says
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Jan 8 (Reuters) - Plans for a tougher China strategy by Germany are "guided by ideology" and reflect a Cold War mentality that could put cooperation between the world's second- and fourth-largest economies at risk, China's ambassador to Berlin was quoted saying. "The paper gives the impression that it is guided primarily by ideology. It is not based on the common interests of Germany and China." Germany is working on a new strategy taking a more sober look at its relations with China and aiming to reduce its dependence on Asia's economic superpower. To me, this smells suspiciously of a Cold War mentality," Ken said.

☆ Lufthansa board to get bonuses despite state aid - Handelsblatt
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 20 (Reuters) - Executive board members at German airline Lufthansa (LHAG.DE) will each receive several million euros in bonuses for 2021 and 2022 despite pandemic-related state aid payments to the carrier during that time, daily Handelsblatt reported on Tuesday. The supervisory board approved the payments at a meeting in early December, Handelsblatt said, citing company sources. A Lufthansa spokesperson told Reuters he could not comment on discussions within the supervisory board. Government sources played down the bonus report, saying Lufthansa's board had worked well and the state had come out of the investment with a profit. A Lufthansa spokesperson told Handelsblatt that the money would not be paid out until 2025, if everything went well until then, meaning the payments were not retroactive but rather part of a long-term bonus.

☆ Lufthansa exec board to receive bonuses for 2021, 2022 despite state aid - Handelsblatt
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 20 (Reuters) - Executive board members at German airline Lufthansa (LHAG.DE) will each receive several million euros as a bonus for 2021 and 2022 despite the company receiving pandemic-related state aid during that time, German daily Handelsblatt reported on Tuesday. The supervisory board approved the payments at a meeting in early December, Handelsblatt reported, citing company sources. However, some employee representatives voted against the payment, as they saw it in violation of the rescue package conditions, according to the daily. The German government's economic stabilisation fund saved Lufthansa from bankruptcy during the pandemic with a bailout package totalling 9 billion euros ($9.53 billion). A Lufthansa spokesperson told Handelsblatt that the money would not be paid out until 2025, if everything went well until then, meaning the payments were not retroactive but rather part of a long-term bonus.

☆ EU Commission demands Uniper dispose of Dutch business - Handelsblatt
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: 1 min

TUI hopes for strong summer for travel despite inflation, article with imageEuropean Markets category · December 12, 2022 · 11:04 AM UTCTUI , the world's largest holiday company, is seeing growing demand for travel despite the energy crisis and double-digit inflation, the company said on Monday, as it sets its sights on strong business in the summer of 2023.

☆ SAP to stop developing new functions for Business ByDesign software -Handelsblatt
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Dec 9 (Reuters) - Software maker SAP (SAPG.DE) will not develop any new functions for its Business ByDesign software for small and medium-sized firms from the second quarter of 2023, German daily Handelsblatt reported on Friday. Updates to adhere to legal requirements or close security gaps, for example, will continue to be available without an end date, Handelsblatt reported. The German software group is also transferring a considerable part of service related to the software to the Indian IT service provider HCL, Handelsblatt reported, citing business and industry sources. Writing by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Germany to send Skynex air defence systems to Ukraine - Handelsblatt
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Dec 9 (Reuters) - Germany is to send two additional air defence systems to Ukraine of the type Skynex by Rheinmetall (RHMG.DE), the Handelsblatt daily reported on Friday, citing unnamed sources in Berlin. The systems are to be delivered in early 2024, the report said. Writing by Rachel More Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen CEO to present software 'reality check' to board on Dec 15
▼ + stars: | 2022-12-06 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

HAMBURG, Dec 6 (Reuters) - Volkswagen's (VOWG_p.DE) CEO will outline a new software and vehicle platform strategy to the carmaker's supervisory board on Dec. 15 as he tries to turn his predecessor's vision into deliverable goals, three company sources told Reuters. But he was also criticised for sometimes erratic leadership, and in particular for delays and cost overruns at software arm Cariad. "First up is the software and the reality check in that area. Handelsblatt, which first reported the Dec. 15 board meeting, has said keeping software competitive to the end of the decade under Blume's new plans would cost 1 billion euros ($1.1 billion). ($1 = 0.9511 euros)Reporting by Jan Schwartz Writing by Victoria Waldersee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen to discuss new software roadmap on Dec. 15 -Handelsblatt
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 5 (Reuters) - Volkswagen (VOWG_p.DE) Chief Executive Oliver Blume will present a long-delayed new software strategy for the carmaker at a supervisory board meeting on Dec. 15, Handelsblatt newspaper reported on Monday, citing company sources. The Audi brand will hand over leadership on autonomous driving software to Volkswagen Commercial Vehicles, the report added. The supervisory board called in May for management to present a roadmap for the carmakers' software unit Cariad, after multiple years of delays to planned new software iterations and overspending. The board expected a new roadmap by the summer break, Reuters reported, but former Chief Executive Herbert Diess' departure from the company delayed plans. New chief Blume wants to first determine what the software will look like, and then the car models will follow, Handelsblatt reported.

But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought. That is roughly four times what the German government is offering, he said, with cheaper energy prices in the United States on top. The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German carmakers and suppliers, for which the United States is a main export market, are among its biggest victims. "If we don't do anything, a lot will emerge in the United States," said Siemens Energy (ENR1n.DE) Chief Executive Christian Bruch.

☆ Germany is not blocking EU energy solution but is 'sceptical', minister says
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 24 (Reuters) - Germany is not standing in the way of the European Union's solution to the energy crisis, Economy Minister Robert Habeck told the Handelsblatt daily on Thursday in response to criticism about his country's stance towards plans for a gas price cap. "We're not blocking anything," he said in an interview with the daily and three European newspapers. "But I am sceptical when it comes to a fixed price cap in the market, because it would be either too high or too low," he said. On Tuesday, the European Union executive proposed a gas price cap for the bloc at 275 euros ($286.91) per megawatt hour for month-ahead derivatives on the Dutch exchange that serves as Europe's benchmark. Diplomats have said the proposed level was unlikely to be popular when energy ministers of the bloc's 27 members debate it on Thursday.

☆ U.S. FBI joins Continental cyberattack investigation
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 23 (Reuters) - The U.S. Federal Bureau of Investigation (FBI) is involved in an investigation of a recent cyberattack on German automotive supplier Continental (CONG.DE), a person familiar with the matter told Reuters on Wednesday. The FBI was brought on board by German security authorities, the person said, confirming an earlier Handelsblatt report. Continental declined to comment, and the FBI was not immediately available for comment. Continental said earlier this month it was investigating the theft of company data in a cyberattack in August but declined to comment on media reports that hackers had put the information up for sale. Handelsblatt said the hackers had put the data up for sale for $50 million after Continental "apparently did not want to pay a ransom".

☆ Volkswagen sees China sales on par with 2021 as lockdown impact lingers - Handelsblatt
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 22 (Reuters) - Volkswagen (VOWG_p.DE) expects sales in China to stagnate at about 3.3 million vehicles in 2022, its China chief told Handelsblatt on Tuesday, as it struggles to make up the impact of coronavirus lockdowns and chip shortages in the first half. The carmaker had previously forecast sales of 3.85 million vehicles this year, on par with 2020, but adjusted its expectations in the middle of the year, Ralf Brandstaetter told the German daily. VW still expects to double its sales of ID electric vehicles in the country from last year's level as planned, he added. New coronavirus restrictions in recent weeks have not impacted Volkswagen's own plants, though some dealers have had to close, the China chief said. That was not possible until now because of coronavirus restrictions," he said.

☆ Continental investigates cyberattack after report says data up for sale
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 15 (Reuters) - Continental (CONG.DE) on Tuesday said it was investigating the theft of company data in a cyberattack but declined to comment on media reports that hackers had put the information up for sale. The tyre and automotive parts manufacturer said its investigation was moving ahead with the highest priority. Last week it said a cyberattack it reported in August had resulted in some data being stolen from the company. Handelsblatt said the hackers had put the data up for sale for $50 million after Continental "apparently did not want to pay a ransom". Reporting by Ilona Wissenbach Writing by Paul Carrel Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ French, German central bank chiefs urge faster pace on EU capital markets union
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

PARIS, Nov 14 (Reuters) - The war in Ukraine, inflation and the energy crisis have made it more important than ever to press ahead with a capital markets union to finance green and digital transitions, the governors of the French and German central banks said on Monday. "Europe is at the heart of the crisis: Russia’s war against Ukraine, energy crunch, inflation. France and Germany have been at loggerheads over the last month and have postponed a summit to try and resolve their differences. The two said it was vital that the 2015 capital markets union (CMU) initiative launched by the European Union needed to press ahead for financial stability to foster the geographical diversification of funding sources and by strengthening private sector risk sharing through the development of equity funding. "Completing the capital markets union is certainly a long-distance run.

☆ China will not decouple from West, Airbus CEO says
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 14 (Reuters) - Airbus (AIR.PA) Chief Executive Guillaume Faury believes China and the West will reduce their mutual dependency in the long term but there is no question of them breaking off trade ties, he told Handelsblatt. "I think a break-up of economic areas is unthinkable," he told the business daily. Airbus has a market share of 50% in China with its own production, according to Handelsblatt. "From my point of view, the exchange is intense but good," he said of relations between the French and German governments, recently strained over energy policy. Writing by Paul Carrel; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.

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