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☆ US credit downgrade means junk sovereign bonds now outweigh AAA debt for the first time, Fitch says
▼ + stars: | 2023-10-10 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Fitch Rating's US downgrade in August has dramatically shifted the debt market's composition. With the US now rated AA+, the amount of outstanding AAA sovereign debt shrank 85% to about $5 trillion. Meanwhile, speculative-grade sovereign debt was little changed at about $6.1 trillion. Without $33 trillion of US debt, AAA debt shrank 85% to about $5 trillion. That narrowed the share of AAA debt to just 6% from over 40%.

Persons: Fitch, — Organizations: AAA, Service, AA, Fitch Locations: Germany, Switzerland, Sweden, Singapore, Moody's

Germany and Austria earlier on Monday said they were suspending bilateral development aid to Palestinians, while others such as Italy had said suspending aid was not up for discussion. It is unclear whether the suspensions in development aid will also apply to such assistance. Varhelyi said all new budget proposals for Palestinian aid were also postponed until further notice. The Israeli flag has been hoisted above the chancellor's office and the Foreign Ministry after the shock Hamas assault. Asked if Italy would follow Germany and Austria in suspending development aid, the foreign ministry spokesperson said this was not under discussion.

Persons: Amir Cohen, Oliver Varhelyi, Varhelyi, Mahmoud Abbas, Fatah, Alexander Schallenberg, Svenja Schulze, Rishi Sunak, Andrew Gray, Francois Murphy, Sarah Marsh, Markus Wacket, Angela Amante, Kate Holton, Mark Heinrich, Alison Williams, Nick Macfie Organizations: REUTERS, BRUSSELS, European, United Nations, Union, EU, EU Commission, West Bank, Palestinian Authority, Austrian, European Union, Foreign Ministry, Social Democrats, Greens, Thomson Locations: Gaza, Ashkelon, Israel, Germany, Austria, Italy, BERLIN, Europe, West, Berlin, Palestinian, Berlin's, Brandenburg, United Nations, Britain, Brussels, Vienna, Rome, London

☆ Strained France-Germany ties slow EU decision making
▼ + stars: | 2023-10-09 | by ( Michel Rose | ) www.reuters.com time to read: +6 min

From joint defence programmes to nuclear energy or relations with China, Paris and Berlin are at odds over a growing number of issues. In an August speech Macron made his frustration public, calling Germany's position on nuclear energy "a historic mistake". Germany decided to phase out nuclear energy after Japan's Fukushima disaster in 2011, closing its last reactors in April. It is unclear if France and Germany can hash out a deal in Hamburg ahead of a crucial EU energy meeting on Oct. 17, but analysts are doubtful. Although the concept was criticised for having failed with Russia, German officials believe trade ties with a country like China could prevent conflict.

Persons: Emmanuel Macron, Olaf Scholz, Sarah Meyssonnier, Macron, Detlef Seif, Marc, Antoine Eyl, Wolfgang Munchau, hasn't, Wandel, Handel, Noah Barkin, Sarah Marsh, Kate Abnett, Michel Rose, Rachel Armstrong, Elaine Hardcastle Organizations: Weimar, REUTERS, German Christian Democratic Union, BASF, Reuters, EDF, Franco, GMF, Thomson Locations: Paris, France, Hamburg, Berlin, China, German, Germany, Ukraine, Europe, EU, Franco, Italian, Russia, Brussels, Beijing

CNN —The German states of Bavaria and Hesse vote in regional elections on Sunday, in what is widely being seen as a test-case for Germany’s shifting political landscape. In Hesse – home to Frankfurt, Germany’s financial hub – dissatisfaction with Germany’s federal government threatens to deliver a blow to Scholz’s coalition. German flags are carried at an AfD election campaign event. Bavarian Premier Söder chose not to dismiss Aiwanger following the allegations, amid calls from across Germany’s political spectrum for the economy minister’s resignation. Hesse, which was formerly a stronghold for the SPD, is currently governed by the CDU in coalition with the Greens.

Persons: Hesse –, Martin Schutt, shockwaves, of Bavaria, Markus Söder, Angela Merkel, Kirill Kudryavtsev, Charlotte Knoblauch, Katrin, Ebner Steiner, AfD’s, ” Steiner, ”, Hubert Aiwanger, Aiwanger, ” Hubert Aiwanger, Sven Hoppe, Söder, Thomas Kreuzer, Chancellor Scholz’s, Nancy Faeser, Kreuzer, “, ” Kreuzer, Faese, Faeser, Der Organizations: CNN, Social Democratic Party, SPD, Free Democratic Party, Greens, Scholz’s SPD, Bavaria, Christian Social Union, CSU, Christian Democratic Union, CDU, Free Voters, Getty, INSA, New, Central Council of, Germany’s Süddeutesche Zeitung, Zeitung, FW, Bavarian, Greens . Center, ”, Der Spiegel, Interior Ministry Locations: Bavaria, Hesse, Germany, –, Frankfurt, Germany’s, AFP, Saxony, Bavarian, Munich, “, Germany’s Süddeutesche

[1/2] Police detain suspects as they patrol along the German-Polish border to prevent illegal migration near Klinge, Germany, September 20, 2023. Interior Minister Nancy Faeser urged Germany's 16 states on Wednesday to provide asylum seekers with material benefits rather than cash, to reduce the country's pull factor. Migration analysts say much of the tougher stance is electioneering ahead of elections in Hesse and Bavaria on Sunday and in three eastern German states next year. Vorlaender noted that even if tougher controls worked, Germany risked creating a bigger problem for transit countries by bottling in migrants there. Germany's tougher stance on migration isn't so much a policy reversal as an evolution, said Susan Fratzke at the Migration Policy Institute.

Persons: Lisi Niesner, Nancy Faeser, Germany's, Olaf Scholz, Angela Merkel, Scholz, Russia's, Hannes Schammann, SHAM, Merkel, Friedrich Merz, “, ” Merz, Merz, Alberto ‑ Horst Neidhardt, Hans Vorlaender, Vorlaender, Ludovit, Susan Fratzke, Schammann, Sarah Marsh, Riham, Jan Lopatka, Alan Charlish, Mark Heinrich Our Organizations: Police, REUTERS, Authorities, EU, EU's Agency for Asylum, University of Hildesheim, Christian Democratic Union, European, Faeser, Migration Policy Institute, Berlin, Thomson Locations: Klinge, Germany, Berlin, BERLIN, Hesse, Bavaria, Europe, Poland, Czech Republic, Austria, Slovakia, Hungary, Turkey, Ankara, Prague, Warsaw

☆ German defense contractor postpones IPO on eve of debut
▼ + stars: | 2023-10-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

German defense contractor Renk on late Wednesday announced it would indefinitely postpone its initial public offering on the Frankfurt Stock Exchange scheduled for the following morning. "In the past days, the market environment has clouded noticeably," the company said in a statement, providing no further details. Shares were set to be offered in a price range between 15 euros ($15.77) and 18 euros, with a total placement volume between 405 million and 486 million euros. It reported an increase in audited gross profit from 124.5 million euros to 164.8 million euros in the fiscal year ending on Dec. 31 2022. European bourses had a mixed first half of the year, with funds raised through listings on the Paris Stock Exchange plunging 92%, while the London Stock Exchange held steady.

Persons: Renk, Susanne Wiegand, bourses, Susannah Streeter, Hargreaves Lansdown Organizations: Frankfurt Stock Exchange, CNBC, Triton, Reuters, Paris Stock Exchange, London Stock Exchange, Schott Pharma, Hargreaves Locations: Augsburg, Germany, Ukraine, Frankfurt

☆ Atos unit, ParTec sign deal for Europe's first Exascale supercomputer
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

The logo of Atos is seen on a company building in Nantes, France, March 11, 2022. REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsOct 4 (Reuters) - A Franco-German consortium said on Wednesday it had signed a deal to provide Europe's first Exascale supercomputer, as the region tries to catch up with the United States in next-generation computing. Supercomputers are vastly more powerful than traditional ones, and an Exascale supercomputer can perform one quintillion - or 1,000,000,000,000,000,000 - calculations per second. The 500 million euro ($524 million) deal will see the consortium provide a supercomputer, called JUPITER, for the German Jülich Supercomputing Centre. "JUPITER will have three times the computing capability of Europe’s current most powerful supercomputer", the consortium said, adding it would require the space of about four tennis courts.

Persons: Stephane Mahe, Germany's, Gaëlle Sheehan, Mark Potter Organizations: REUTERS, EuroHPC, EU, supercomputing, Jülich Supercomputing, Thomson Locations: Nantes, France, German, United States, Europe

“This process is not behind schedule.”The July agreement included a pledge of 105 million euros ($110 million) earmarked for migration. As arrivals increased last month, the European Commission announced it would send an initial 127 million euros ($133 million) to Tunisia. Apart from migration, the bulk of the funds are contingent on Tunisia reaching agreement with the International Monetary Fund on stalled loan negotiations. In April, he called the terms “diktats from abroad.”Supporters, including Italian Premier Giorgia Meloni, have hailed Europe's agreement with Tunisia as a regional model. Since taking power in 2019, Saied has repeatedly characterized sub-Saharan African migrants as violent and a threat to Tunisia.

Persons: Kais Saied, ” Saied, Saied, Marcus Cornaro, Saied's, “ We're, ”, Giorgia, ___ Sam Metz Organizations: —, Monday, European Union, TAP, EU, UNHCR, European Commission, International Monetary Fund, World Bank Locations: TUNIS, Tunisia, — Tunisia, Europe, Rome, Tunisian, Italy, North Africa, Italian, Germany, Europe’s, Rabat, Morocco, Georgia

☆ Tunisia Rejects EU Financial Aid, Casting Doubt on an Immigration Deal
▼ + stars: | 2023-10-02 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

By Tarek AmaraTUNIS (Reuters) - Tunisian President Kais Saied on Monday rejected financial support announced by the European Union in September, saying the amount is small and goes against a deal signed three months ago. The European Commission last month said it would disburse 127 million euros ($133 million) in aid to Tunisia as part of the deal to fight illegal immigration from Africa to Europe. “Tunisia rejects what the EU announced, not because of the small amount ... but because the proposal conflicts with the memorandum of understanding signed in July," Saied said. The July deal included a pledge of 1 billion euros in aid to Tunisia to help its battered economy, rescue state finances and deal with the migration crisis. Tunisia last week postponed a visit by a delegation from the European Commission to discuss the details of the migration agreement.

Persons: Tarek Amara TUNIS, Kais Saied, Saied, Tarek Amara Organizations: European Union, European Commission, “, EU Locations: Europe, Tunisia, Africa, “ Tunisia, North Africa, Lampedusa, Germany

[1/2] A suspected illegal migrant is searched after he was detained by German police during their patrol along the German-Polish border to prevent illegal migration, in Forst, Germany, September 20, 2023. In August, registered illegal border crossings to Germany reached 14,701, up 66% on the same month last year, police data shows. Czech police have increased random checks on the Slovak border as well as on highways to Germany, Czech police president Martin Vondrasek said. LAMPEDUSA CRISISAs well as the increase in illegal border crossings, Germany has also taken in around 1 million Ukrainian refugees over the past year. Previously, there have been random police checks on the borders and Germany has maintained stationary controls on the Bavarian border with Austria since 2015.

Persons: Lisi Niesner, Nancy Faeser, Martin Vondrasek, Markus Soeder, Rome, Faeser, Piotr Muller, Alexander Ratz, Sarah Marsh, Alan Charlish, Anna Wlodarczak, Jan Lopatka, Rachel More, Kirsti Knolle, Alison Williams Organizations: REUTERS, Faeser, Social Democrats, Reuters, Warsaw, Thomson Locations: Forst , Germany, Poland, Czech Republic, BERLIN, Germany, Berlin, Czech, Bavaria, Hesse, Bavarian, Austria, North Africa, Lampedusa, Italy, EU, Europe

☆ DWS to pay $25 mln over US charges over ESG misstatements, other violations
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: +1 min

Photographer: Alex Kraus/Bloomberg via Getty ImagesDeutsche Bank-controlled investment firm DWS will pay $25 million to settle charges over misstatements regarding its environmental, social, and governance (ESG) investing and failures in policies designed to prevent money laundering, U.S. regulators said on Monday. DWS Investment Management Americas, a registered investment adviser, made "concerning" misstatements regarding its ESG investment process, the U.S. Securities and Exchange Commission said in a statement. Representatives for DWS, which did not admit or deny the SEC's findings, did not respond to requests for comment. Separately, regulators found DWS failed to develop a mutual fund anti-money laundering program as required by law. The firm did not have systems in place that were "reasonably designed" to flag potential money laundering, the SEC said in a separate order.

Persons: Alex Kraus Organizations: Deutsche Bank AG, Deutsche Bank, Bloomberg, Getty Images Deutsche Bank, DWS Investment Management, U.S . Securities, Exchange Commission, SEC, DWS Locations: Frankfurt, Germany

"In our region, we lost 15% of the (sugar beet) area (this year)," said Alexandre Pele, who has a 240 hectare farm in central France. Since January's court ruling banning exemptions, the area devoted to growing sugar beet in France, the EU's largest sugar grower, has hit a 14 year low. The EU beet acreage has already fallen 17% percent since the 2018 neonics ruling, EU data shows. A shrinking sugar beet sector could hit other staple crops because farmers need to plant alternates like sugar beet or oilseeds on their wheat, barley and corn fields every other year in order to maintain soil health. "If I no longer have sugar beet it would be a real loss."

Persons: Alexandre Pele, Pele, We’ve, Tereos, Noa Simon Delso, KWS, Andrew Blenkiron, Maytaal Angel, Elaine Hardcastle Organizations: Farmers, Reuters, EU, European, European Commission, Thomson Locations: France, PARIS, Europe, Britain, Brussels, England

☆ Chinese EV maker Nio releases a smartphone it expects at least half of its users to buy
▼ + stars: | 2023-09-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese electric vehicle maker Nio launches a smartphone at an event in Shanghai on Sept. 21, 2023. He told CNBC that among Nio users from which the company makes a profit, more than half are iPhone users, while the other half uses flagship Android phones from Huawei and other brands. Nio is the first high-end Chinese electric car brand to release its own smartphone, which Li said the company developed in about a year. Huawei also sells its in-car software to other electric car companies such as Avatr and BAIC's Arcfox. He pointed out that the Nio phone app has 600,000 active users a day, about 1.5-times the number of car users.

Persons: Evelyn Cheng, William Li, Li, Nio Organizations: CNBC SHANGHAI, CNBC, Huawei, Apple Locations: Shanghai, China, Europe, Germany

☆ Letter shows Pope Pius XII probably knew about Holocaust early on
▼ + stars: | 2023-09-17 | by ( Philip Pullella | ) www.reuters.com time to read: +4 min

[1/2] A man opens a door leading to the shelves where folders containing documents on Pope Pius XII, who reigned from 1939-1958, are stored inside the Vatican archives ahead of the full opening of the secret archives to scholars on March 2, at the Vatican, February 27,2020. "The newness and importance of this document derives from a fact: now we have the certainty that the Catholic Church in Germany sent Pius XII exact and detailed news about the crimes that were being perpetrated against the Jews," Coco told the newspaper, whose article was headlined: "Pius XII Knew". Asked by the Corriere interviewer if the letter showed that Pius knew, Coco said: "Yes, and not only from then." The letter was among documents Coco said were kept in haphazard ways in the Vatican's Secretariat of State and only recently handed over to the central archives where he works. Reporting by Philip Pullella, Additional reporting by Ludwig Burger in Frankfurt; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Pope Pius XII, Guglielmo, Holy, Father Lother Koenig, Robert Leiber, Giovanni Coco, Koenig, Leiber, Pius XII, Coco, Pius, Corriere, Suzanne Brown, Fleming, Pope Francis, David Kertzer, Brown, Kertzer, Philip Pullella, Ludwig Burger, Alex Richardson Organizations: Vatican, REUTERS, Holy, Jesuit, Corriere, Catholic Church, of State, U.S . Holocaust, Museum, Washington DC, Reuters, Pontifical, Catholic, U.S . State Department, Thomson Locations: Germany, Vatican, Rava, Poland, Ukraine, Auschwitz, Dachau, Nazi, Europe, Vatican's, U.S, Washington, Frankfurt

☆ Wartime Pope Pius XII probably knew about Holocaust early on, letters show
▼ + stars: | 2023-09-17 | by ( ) edition.cnn.com time to read: +4 min

CNN —Wartime Pope Pius XII knew details about the Nazi attempt to exterminate Jews in the Holocaust as early as 1942, according to a letter found in the Vatican archives that conflicts with the Holy See’s official position at the time that the information it had was vague and unverified. “The newness and importance of this document derives from a fact: now we have the certainty that the Catholic Church in Germany sent Pius XII exact and detailed news about the crimes that were being perpetrated against the Jews,” Coco told the newspaper, whose article was headlined: “Pius XII Knew”. His detractors say he lacked the courage to speak out on information he had despite pleas from Allied powers fighting Germany. The letter was among documents Coco said were kept in haphazard ways in the Vatican’s Secretariat of State and only recently handed over to the central archives where he works. Folders containing documents on Pope Pius XII, who reigned from 1939-1958, are seen inside the Vatican archives ahead of the full opening of the secret archives to scholars on March 2, at the Vatican, February 27, 2020.

Persons: Pope Pius XII, Holy, Father Lother Koenig, Robert Leiber, Giovanni Coco, Koenig, Leiber, Pius XII, ” Coco, Corriere, Pius, Coco, Dachau –, Guglielmo Mangiapane, Suzanne Brown, Fleming, Pope Francis ’, ”, David Kertzer, “, Brown, Kertzer Organizations: CNN, Holy, Vatican, Jesuit, Catholic Church, of State, US Holocaust Memorial Museum, Washington DC, Reuters, Pontifical, Catholic, US State Department Locations: Germany, Vatican, “ SS, Rava, Poland, Ukraine, Auschwitz, Dachau, Nazi, Europe, Vatican’s, Washington

☆ Germany signs U.S.-led space norms pact Artemis Accords
▼ + stars: | 2023-09-15 | by ( Joey Roulette | ) www.reuters.com time to read: +3 min

WASHINGTON, Sept 14 (Reuters) - Germany on Thursday became the 29th country to sign the Artemis Accords, a U.S.-led multilateral agreement meant to establish norms of behavior in space and on the lunar surface. India, which last month became the fourth nation to achieve a soft landing on the moon, agreed to join the Artemis Accords in June but China and Russia have not. "It's a big deal, because Germany is the economic powerhouse of Europe and has been a part of the European space program forever," Nelson told Reuters on Thursday before the signing. Japan, various European countries and other nations with big to small space programs have joined the accords. The European Space Agency (ESA), which represents 22 member states including Germany, is a core NASA partner on Gateway, a planned space station that will orbit the moon as part of the Artemis program.

Persons: Bill Nelson, Walther Pelzer, Nelson, NASA's, Artemis, Mike Gold, Joey Roulette, Will Dunham Organizations: Artemis Accords, NASA, German Space Agency, Reuters, European Space Agency, ESA, Thomson Locations: Germany, U.S, United States, China, India, Russia, Washington, Europe, Japan

ECB President Christine Lagarde has said the latest rate decision will be made based on available data, a switch from the last nine meetings when rate hikes were signaled ahead of time. But Valli added that it was “a very close call.”Market indicators of future rate moves show many are leaning against an ECB rate hike Thursday. They are betting that the U.S. Federal Reserve might manage a “soft landing” by finishing its rate hikes without pushing the economy into a downturn. Economists and investors generally expect the Fed to skip a rate hike at its meeting next week, but it could increase again in November. The flip side is that rate hikes can hurt economic growth if they're overdone.

Persons: Christine Lagarde, Marco Valli, Valli, Klaas Knot Organizations: European Central Bank, ECB, Federal Reserve, UniCredit Bank, Services, U.S . Federal Reserve, Fed, Bank of Locations: FRANKFURT, Germany, Milan, France, Spain, Italy, Europe's, Europe, China, U.S, Central, Ukraine, Bank of England

☆ Germany to Provide Ukraine Additional 20 Million Eur in Aid -Baerbock in Kyiv
▼ + stars: | 2023-09-11 | by ( Sept. | At A.M. | ) www.usnews.com time to read: 1 min

BERLIN (Reuters) - Germany will provide an additional 20 million euros ($21.44 million) in humanitarian aid to Ukraine, Foreign Minister Annalena Baerbock said on Monday during a visit to Kyiv. The additional aid will bring Germany's total to 380 million euros this year, the minister said. Baerbock also warned that Russia would again target Ukraine's energy facilities this autumn and winter: "Russia's perfidious goal is to starve the people again this winter and to let them freeze to death." ($1 = 0.9329 euros)(Reporting by Alexander Ratz, Writing by Miranda Murray, Editing by Friederike Heine)

Persons: Annalena Baerbock, Baerbock, Alexander Ratz, Miranda Murray, Friederike Heine Organizations: BERLIN Locations: Germany, Ukraine, Kyiv, Russia

☆ RTX to take $3 billion charge on Pratt & Whitney engine problem
▼ + stars: | 2023-09-11 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Model of a Pratt & Whitney GTF engine is displayed at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2023. RTX said Monday that an engine manufacturing flaw forcing accelerated inspections will hit its pretax results this quarter by $3 billion, sending the company's shares down more than 6% in morning trading. The problem stems from flaws with powder metal used to make some of the popular Pratt & Whitney GTF engines. But it said it expects a $1.5 billion hit to cash flow in 2025, bringing that estimate to $7.5 billion from an earlier estimate of $9 billion. Pratt & Whitney has a 51% share in the GTF PW1000 engine program and the cost will be shared with its partners including Germany's MTU.

Persons: Pratt & Whitney, RTX, Whitney Organizations: Pratt &, International Paris Air, Le, Pratt, Airbus, Raytheon Technologies Locations: Le Bourget, Paris, France

☆ G20 set to grant membership to African Union - sources
▼ + stars: | 2023-09-07 | by ( Carien Du Plessis | ) www.reuters.com time to read: +3 min

A man walks past a model of the G20 logo outside a metro station ahead of the G20 Summit in New Delhi, India, September 4, 2023. REUTERS/Anushree Fadnavis/File Photo Acquire Licensing RightsJOHANNESBURG/NEW DELHI, Sept 7 (Reuters) - The Group of 20, comprising the world's richest and most powerful countries, will grant membership to the African Union, sources said on Thursday. The South African official, who did not want to be named before the decision was made public, however said that there was still a possibility that someone might veto the resolution. South African presidential spokesperson Vincent Magwenya said: "We wouldn't comment now until the official announcement or post the summit." Countries including Germany, Brazil, South Africa and Canada have also voiced support for African Union membership.

Persons: Anushree, Narendra Modi, Modi, Vincent Magwenya, Carien du, Clarence Fernandez, Raju Gopalakrishnan, Alex Richardson Organizations: REUTERS, Rights, African Union, African, European Union, AU, Reuters, South, Indian, Thomson Locations: New Delhi, India, Rights JOHANNESBURG, DELHI, African Union, South Africa, Brazil, Delhi, Germany, Canada, Carien du Plessis, Johannesburg, Akanksha, Bengaluru

☆ China's Xpeng says German carmakers ready to tackle crisis as EV race hots up
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsMUNICH, Sept 6 (Reuters) - German carmakers are ready to tackle their worst crisis, an executive at Chinese EV maker Xpeng said on Wednesday, as China's carmakers expand overseas, putting pressure on Europe in the race to electrify. Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, Brian Gu, Gu, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, Xpeng, China, U.S, Britain, France

☆ British Bees Face a Deadly Invasion
▼ + stars: | 2023-09-06 | by ( Jenny Gross | More About Jenny Gross | ) www.nytimes.com time to read: +1 min

A sharp increase in the number of an invasive species of hornets in Britain is raising concerns that they could threaten native bee populations. There have been 22 sightings of the so-called Asian hornet, or Vespa velutina, this year, more than in the past six years combined, according to British officials. Smaller than Britain’s native hornet, most Asian hornets are about an inch long and have brown thoraxes, yellow legs and black heads with orange faces. Since arriving in France, the population of Asian hornets has grown rapidly. As of last year, the hornets have been seen in European countries including Germany, Spain, Portugal and Italy, according to the National Bee Unit, a British agency.

Organizations: Secretariat, hornets, National Bee Unit Locations: Britain, Asia, Pacific Northwest, United States, France, China, British, Germany, Spain, Portugal, Italy

☆ China's Xpeng says German carmakers ready to tackle crisis in EV race
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. Chinese companies including Xpeng, BYD and Leapmotor (9863.HK) are seeking the higher margins and faster growth overseas markets can offer, which means they are challenging European companies on their home turf with cheaper models. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, China's carmakers, Brian Gu, Gu, Mueller, ” Gu, “, ”, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, Automotive Industry, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, China, U.S, Britain, France

☆ Christie’s cancels auction of jewelry linked to Nazi-era fortune
▼ + stars: | 2023-09-05 | by ( Christy Choi | ) edition.cnn.com time to read: +3 min

CNN —The sale of over 400 pieces of jewelry once owned by late art collector Heidi Horten broke records at a series of auctions earlier this year. But amid ongoing criticism from Jewish advocacy groups and human rights organizations over the source of the Austrian billionaire’s wealth, Christie’s auction house announced Thursday that it has canceled the final part of the controversial sale. (Christie’s had initially predicted that Horten’s entire collection, featuring over 700 jewels, would sell for over $150 million.) Prior to May’s sales, the American Jewish Committee had called for the auction to be put on hold until “a serious effort” was made to investigate the Hortens’ wealth. The Heidi Horten Collection did not respond to CNN’s request for comment.

Persons: Heidi Horten, Helmut, ” Christie’s, ”, ” Anthea Peers, Christie’s, Van, Helmut Horten, Forbes Organizations: CNN, American Jewish Committee, Twitter, Washington D.C, ” Locations: Austrian, Nazi Germany, German, Europe, East, Africa, Geneva, Switzerland, Nazi, Washington, Vienna, Austria

☆ Xpeng says it plans to expand into more European markets next year
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

People visit at the XPeng Motors booth at the Auto Shanghai show, in Shanghai, China, April 19, 2023. REUTERS/Aly Song/File photo Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - Chinese electric vehicle maker Xpeng (9868.HK) plans to expand into more European markets, including Germany, Britain and France in 2024, president Brian Gu told reporters on Monday at the IAA Mobility motor show in Munich. China's EV makers are seeking to expand in the region, aiming for higher margins and faster growth in overseas markets and challenging European companies on their home turf with cheaper models. Chinese EV makers are also struggling with a bruising price war at home that has squeezed their profitability and capped growth. While their EV sales picked up rapidly in South East Asia and South America, the European market has remained difficult for Chinese auto brands.

Persons: Aly, Brian Gu, Gu, ”, Zhang Yan, Victoria Waldersee, Josephine Mason, Jason Neely Organizations: Auto, REUTERS, Rights, HK, IAA Mobility, China's, EV, Thomson Locations: Auto Shanghai, Shanghai, China, Germany, Britain, France, Munich, Israel, Netherlands, Norway, South East Asia, South America, Europe

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