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☆ Mercedes sales rise in Q2 on top-end, electric vehicles
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

Companies Mercedes Benz Group AG FollowBERLIN, July 11 (Reuters) - Mercedes-Benz Group (MBGn.DE) sales in the second quarter rose 6% year-on-year - a total of 515,700 vehicles - on the back of demand for all-electric and top-end vehicles, the German carmaker said on Tuesday. Sales grew in all the carmaker's main regions - Europe, Asia and North America - with deliveries in Germany up 23%, while China was up by 12% and the United States by 6%. In the rest of the world, second-quarter sales fell 12% to 20,700 vehicles. Electric vehicles conitnued to be the main growth driver in the quarter, with passenger cars sales growing 123%, to reach 56,300 units. The top-end segment - which includes models such as AMG, Maybach and G-class - also posted solid growth of 12% for the period.

Persons: carmaker, Miranda Murray, Friederike Heine Our Organizations: Mercedes Benz Group, BERLIN, Benz Group, ., Maybach, Thomson Locations: Europe, Asia, North America, Germany, China, United States

A lawyer for Woehrmann said DWS' internal investigations "did not reveal any evidence of misconduct on the part of my client". A spokesperson for prosecutors in Frankfurt, where DWS is headquartered, would only say an individual was targeted but would not name the person. DWS declined to comment on Woehrmann, but has said that it stands by its financial disclosures and fund prospectuses and is cooperating with investigators. At present, we cannot estimate when and how the proceeding of the Frankfurt Public Prosecutor’s Office will be concluded," DWS said. Woehrmann resigned as CEO of DWS last year after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over the allegations.

Persons: DWS's, Asoka Woehrmann, Patrizia, Woehrmann, DWS, BaFin, Matthias Inverardi, Miranda Murray, Sabine Wollrab, Susan Fenton, Louise Heavens Organizations: Deutsche Bank, Frankfurt Public, U.S . Securities, Exchange Commission, Thomson Locations: FRANKFURT, Frankfurt

☆ Continental to phase out activities at Gifhorn plant by end of 2027
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 7 (Reuters) - Continental (CONG.DE) said on Friday it plans to phase out business activities at its Gifhorn plant by the end of 2027, with 450 out of 900 jobs at the site affected. The decision was taken "against the backdrop of the sharp increase in cost pressure in the automotive industry, the declining automotive markets, and the high and by international standards uncompetitive cost structure at the site", the company said in a statement. The measures will include relocation of the assembly of latest-generation air supply systems in 2024, relocation of the spare parts business from 2024, and outsourcing of valve block and piston head production to suppliers by the end of 2027. The supervisory board supports the initial measures but will decide on the phase-out at its December meeting, the company said. Reporting by Friederike Heine, Editing by Rachel More and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Friederike Heine, Rachel More, Miranda Murray Organizations: Thomson Locations: BERLIN

Management at Deutsche Boerse has touted the acquisition announced in April as key to its future strategy, combining SimCorp's investment management software with Deutsche Boerse's data. "The chemistry is right," Deutsche Boerse Chief Executive Officer Theodor Weimer told its investors in May. Deutsche Boerse hopes to take "significantly" more than 50% of the company. Deutsche Boerse said it had received approval from authorities in the United States, Denmark and Italy. "The remaining filing process with the EU commission is on track," Deutsche Boerse said.

Persons: Theodor Weimer, SimCorp's, Deutsche Boerse, Tom Sims, Friederike Heine, Rachel More Organizations: Denmark Deal, Deutsche, European, Management, Deutsche Boerse, Thomson Locations: U.S, Italy, Denmark, FRANKFURT, United States

☆ Volkswagen ready to act amid China metal export curbs
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowJuly 6 (Reuters) - Volkswagen (VOWG_p.DE) on Thursday said it was monitoring the situation on the raw materials markets after China announced it would control exports of some metals, adding that it was "ready to take measures together with its partners if necessary". China's commerce ministry said earlier this month it would require export permits for eight gallium products and six germanium products from August 1 to protect national security. A Volkswagen spokesperson told Reuters that gallium and germanium were important resources for automotive products and played a role in future autonomous driving functions. Reporting by Jan Schwartz, Writing by Anna Mackenzie, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Jan Schwartz, Anna Mackenzie, Friederike Heine Our Organizations: Volkswagen, China, Thomson

☆ 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

☆ Germany to buy 60 Chinooks for up to 8 bln euros -lawmakers
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

BERLIN, July 5 (Reuters) - Germany will buy 60 Chinook helicopters from Boeing (BA.N) in a package that will cost up to 8 billion euros ($8.7 billion), including necessary infrastructure for the aircraft, two members of the parliamentary budget committee told Reuters on Wednesday. The sum includes the procurement of the CH-47 heavy-lift helicopters for 6.27 billion euros, 700 million euros for service, 240 million euros for national contracts and 750 million euros for infrastructure, according to earlier information. Germany said it planned to buy 60 Chinook heavy-lift helicopters from Boeing last year to replace its ageing CH-53 fleet. Originally, 6 billion euros had been budgeted. German Chancellor Olaf Scholz shifted policy in February 2022 after Russia invaded Ukraine, sharply increasing defence spending and committing 100 billion euros for the Bundeswehr, Germany's armed forces.

Persons: Olaf Scholz, Sebastian Schaefer, Holger Hansen, Sabine Siebold, Friederike Heine, Emelia Organizations: Boeing, Reuters, Wednesday, Bundeswehr, Greens, Thomson Locations: BERLIN, Germany, Holzdorf, Berlin, Poland, Russia, Ukraine

☆ Germany's Scholz hints at more chip investments
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

"I know of other plans by German companies and many others," Scholz told the Bundestag lower house of parliament after listing recent projects announced by chipmakers Intel (INTC.O) and Infineon (IFXGn.DE). He vowed that Germany's efforts would help companies become less dependent on semiconductor supplies from other regions, days after China announced restrictions on two metals used in high-speed computer chips. "Many people around the world have understood that we have to become resilient, and that there are certain industries that should necessarily be located here in Europe and in Germany," Scholz said. Intel announced plans last month to spend more than 30 billion euros ($33 billion) on developing two chip-making plants in the central city of Magdeburg. "It's an impressive signal that so many German and international companies are choosing Germany for the expansion of their semiconductor production," Scholz told the Bundestag.

Persons: Olaf Scholz, Scholz, Taiwan's TSMC, Tesla, Matthias Williams, Sarah Marsh, Miranda Murray, Friederike Heine, Emma Rumney Organizations: chipmakers Intel, Infineon, Union, Intel, Thomson Locations: BERLIN, Germany, Europe, China, Moscow, Magdeburg, Berlin

☆ German unemployment rises more than expected in June
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 30 (Reuters) - German unemployment rose more than expected in June, showing that difficult economic conditions are taking their toll in the jobs market, official figures showed on Thursday. "The more difficult economic conditions are now also being felt in the labour market," labour office head Andrea Nahles said. Even without taking into account Ukrainian refugees, unemployment would have risen year-on-year, the labour office said. Although the Federal Labour Office has seen a slowdown in labour demand in the last year, it remains at a high level. Economists say the number of unemployed people will rise slightly in 2023, but the unemployment rate will remain broadly unchanged from the previous year.

Persons: Andrea Nahles, Maria Martinez, Friederike Heine Our Organizations: Federal Labour Office, Reuters, Thomson Locations: BERLIN

☆ May retail sales bump in Germany not here to stay - analysts
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - German retail sales rose more than expected in May from the previous month, data showed on Friday, though analysts said the surprise rise does not indicate a change in depressed spending. The Federal Statistics Office said retail sales were up 0.4% month-on-month in real terms, beating expectations by analysts polled by Reuters that sales would remain unchanged. Compared with May 2022, sales fell 3.6% in real terms. "Even if May surprised us with an increase in retail sales and April also proved robust, the basic constellation of weak private consumption will change little for the time being," said VP Bank chief economist Thomas Gitzel, who predicted that retail sales will fall again in June compared with the month before. Alexander Krueger, chief economist at Hauck Aufhaeuser Lampe private bank, said consumers were still putting the brakes on spending due to real income losses.

Persons: Thomas Gitzel, Alexander Krueger, Hauck Aufhaeuser Lampe, Rene Wagner, Andrey Sychev, Miranda Murray, Maria Sheahan, Friederike Heine Our Organizations: Federal Statistics Office, Reuters, Bank, Thomson

☆ Germany to earmark 900 mln euros in subsidies for e-car charging systems
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

[1/2] An electric vehicle (EV) fast charging station is seen in the parking lot of a Whole Foods Market in Austin, Texas, U.S., December 14, 2016. REUTERS/Mohammad Khursheed/File PhotoBERLIN, June 29 (Reuters) - Germany is to earmark up to 900 million euros ($983 million) in subsidies to expand electric vehicle charging stations for households and companies, the transport ministry said on Thursday. High prices, limited range and a lack of charging stations, especially in rural areas, are seen as the main reasons for the lag in electric vehicle sales. From next summer, an additional 400 million euros will be earmarked for companies that want to build fast charging infrastructure for commercial cars and trucks. The German government in October approved a plan to spend 6.3 billion euros over three years to rapidly scale up the number of electric vehicle charging stations across the country.

Persons: Mohammad Khursheed, Riham Alkousaa, Christian Kraemer, Friederike Heine, Jan Harvey Organizations: REUTERS, Thomson Locations: Austin , Texas, U.S, Germany, electromobility

☆ German inflation bucks downward trend in June with higher-than-expected rise
▼ + stars: | 2023-06-29 | by ( Maria Martinez | Thomson Reuters | Maria Martinez Is A Reuters Correspondent In Berlin Covering German Economics | ) www.reuters.com time to read: +3 min

French and euro zone inflation data is due on Friday. Economists polled by Reuters expect euro zone inflation to fall to 5.6% in June from 6.1% in May. "The June figures in Germany only interrupt the downward trend in the inflation rate and do not mark its end," said Ralph Solveen, senior economist at Commerzbank. Non-harmonized consumer prices rose 6.4% in June year-on-year, following a 6.1% rise in the previous month. The year-on-year rebound in German inflation midway through the second quarter is almost exclusively due to base effects from last year's temporarily-reduced rail fare, said Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics.

Persons: Analysts, Ralph Solveen, year's, Claus Vistesen, Carsten Brzeski, Commerzbank's Solveen, Brzeski, Maria Martinez, Friederike Heine, Miranda Murray, Angus MacSwan, Conor Humphries Organizations: Union, Reuters, Commerzbank, Pantheon, European Central Bank, ING, Economists, ECB, Thomson Locations: BERLIN, Spain, Italy, Germany

☆ Inflation up in German states, pointing to national rise
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 29 (Reuters) - Inflation rose in five economically important German states in the month of June, preliminary data showed on Thursday, suggesting a bumpy road ahead for German inflation. In May, inflation rates for those five states, out of 16 in Germany, stood at between 5.7% and 6.6%. National inflation data will be published at 1200 GMT, with economists surveyed by Reuters forecasting a 6.3% year-on-year rise, up from 6.1% in the previous month. June inflation data for the bloc is due on Friday. As a consequence, German inflation dipped in June 2022.

Persons: Maria Martinez, Balazs Koranyi, Friederike Heine, Toby Chopra Organizations: Reuters, European Central Bank, ECB, Thomson Locations: BERLIN, North, Rhine Westphalia, Bavaria, Brandenburg, Hesse, Baden, Wuerttemberg, Germany

☆ Audi ex-boss becomes first VW board member sentenced over diesel scandal
▼ + stars: | 2023-06-27 | by ( Jörn Poltz | ) www.reuters.com time to read: +2 min

Matthias Schrader/Pool via REUTERSSummarySummary Companies Stadler given suspended sentence, 1.1 mln euro fineFirst former VW board member sentenced for diesel scandal fraudFormer exec, engineer also sentenced and finedJune 27 (Reuters) - Former Audi boss Rupert Stadler was handed a suspended sentence of one year and nine months by a Munich court on Tuesday for fraud by negligence in the 2015 diesel scandal, becoming the first former Volkswagen board member to receive such a sentence. Prosecutors had originally wanted a 2-million-euro fine, citing Stadler's salaries at Audi and Volkswagen and his financial and real estate assets. Stadler's trial, one of the most prominent court proceedings in the aftermath of the diesel scandal, has been ongoing since 2020. Audi's parent group Volkswagen (VOWG_p.DE) and Audi admitted in 2015 to having used illegal software to cheat on emissions tests. Stadler was accused of failing to stop the sale of the manipulated cars after the scandal became known.

Persons: Rupert Stadler, Matthias Schrader, Stadler, Ulrike Thole, Groll, Wolfgang Hatz, Giovanni P, Joern Poltz, Victoria, Friederike Heine, Jason Neely Organizations: Audi, VW, Volkswagen, Prosecutors, Thomson Locations: Munich, Germany

☆ 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

☆ Police search Cologne archdiocese in abuse perjury investigation
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] The doorbell of Cologne's Archbishop Rainer Maria Woelki is pictured in Cologne, Germany June 27, 2023. REUTERS/Andreas KranzBERLIN, June 27 (Reuters) - German police searched properties belonging to the Archdiocese of Cologne on Tuesday as part of a perjury investigation against Cologne Archbishop Rainer Maria Woelki linked to his handling of historic abuse cases, prosecutors said. The archbisopric said at the time the attempt to accuse Woelki of perjury was unfounded. Prosecutors in Cologne said some 30 police officers were involved in searches in six locations, four of which were in Cologne and included rooms in the archbishop's residence. The allegations concern abuse by priest Winfried Pilz who had run a Catholic children's charity and died in 2019.

Persons: Rainer Maria Woelki, Andreas Kranz BERLIN, perjured, Woelki, Cardinal Woelki, Ralf Hoecker, Winfried Pilz, Pope, Friederike Heine, Madeline Chambers, Maria Sheahan, Ed Osmond, Alison Williams Organizations: REUTERS, Archdiocese, Cologne, Germany's Catholic, Catholic Church, Prosecutors, Catholic, WDR, Reuters Television, Thomson Locations: Cologne, Germany, Germany's, Rome

☆ Drop in German business morale points to longer recession
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +4 min

Summary Business climate index fell to 88.5 in June from 91.5 in MayBoth business expectations and current business conditions fellProbability of longer recession risesBERLIN, June 26 (Reuters) - German business morale worsened for the second consecutive month in June, a survey showed on Monday, indicating that Europe's largest economy faces an uphill battle to shake off recession. "Sentiment in the German economy has clouded over noticeably," Ifo's president Clemens Fuest said. Indeed, expectations were much more pessimistic, with the related Ifo index falling to 83.6 from May's 88.3. "The probability has increased that gross domestic product will also shrink in the second quarter," he said. "We feel confirmed in our forecast that the German economy will shrink again in the second half of the year," Commerzbank's chief economist Joerg Kraemer said.

Persons: Clemens Fuest, Carsten Brzeski, Brzeski, Klaus Wohlrabe, Urban, Franziska Palmas, Joerg Kraemer, Maria Martinez, Rene Wagner, Friederike Heine, Matthias Williams, Hugh Lawson Organizations: ING, Companies, Reuters, Oxford Economics, Capital Economics, Thomson Locations: BERLIN, U.S, Germany, German, Europe

☆ German unions criticise possible Deutsche Bank job cuts
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 23 (Reuters) - Deutsche Bank's (DBKGn.DE) reported plans for possible job cuts at its German retail operations were roundly criticised by a union on Friday, foreshadowing tough labour negotiations ahead. "One can only shake one's head at Deutsche Bank, once again," Stephan Szukalski, chairman of the DBV bank union, said as Claudio de Sanctis prepares to take over as head of the German retail business on July 1. Reuters GraphicsDeutsche Bank declined to comment on any job cut plans or the union reaction to reports of them. The reduction in retail jobs is in the planning phase and still subject to discussions with unions and worker representatives, Reuters has reported. Deutsche Bank has in the past announced job cuts that never materialized.

Persons: Stephan Szukalski, Claudio de Sanctis, Szukalski, Verdi, Tom Sims, Friederike Heine, Alexander Smith Organizations: Deutsche, Deutsche Bank, Reuters Graphics Deutsche Bank, Reuters, Thomson Locations: FRANKFURT, Germany's

☆ Scholz pledges security assurances to Kyiv but no swift NATO membership
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] View of a residential area hit by a Russian missile strike, in Kyiv region, Ukraine January 16, 2023. Head of the National Police of Kyiv region Andrii Nebytov via Telegram/Handout via REUTERS/File PhotoBERLIN, June 22 (Reuters) - German Chancellor Olaf Scholz on Thursday pledged long-term security assurances to Ukraine but dashed Kyiv's hopes for a swift accession to NATO. "Therefore, I suggest we focus on the top priority (at the NATO summit) in Vilnius (in mid-July), namely strengthening the combat power of Ukraine," Scholz said. Berlin and its partners in the G7 and the European Union were working on long-term security assurances to Kyiv, he said. NATO countries are squabbling over what to offer Kyiv when the alliance's leaders meet in Vilnius on July 11-12.

Persons: Olaf Scholz, Scholz, Sabine Siebold, Friederike Heine Our Organizations: National Police, REUTERS, NATO, European Union, Kyiv, Thomson Locations: Russian, Kyiv region, Ukraine, Kyiv, Vilnius, Berlin, Eastern Europe, United States, Germany, Russia

[1/2] German parliamentary group leader of Alternative for Germany (AfD) party Alice Weidel speaks during budget debate in the plenary hall of German lower house of parliament, or Bundestag, in Berlin, Germany November 23, 2022. Asked by broadcaster ntv if the AfD would name a chancellor candidate, party co-chief Alice Weidel said "of course, we would also nominate (one) without these polling numbers", side-stepping a question about whether she would present herself. The likelihood of an AfD candidate becoming Germany's chancellor is very low currently given the party would need to be able to form a government and currently all other parties have ruled out working with it. The AfD is currently on track to winning the vote in all three east German states holding elections next year. Reporting by Sarah Marsh; additional Reporting by Friederike Heine; editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: Alice Weidel, Christian Mang, Chancellor Olaf Scholz's, Thomas Haldenwang, Haldenwang, Hans Vorlaender, Sarah Marsh, Friederike Heine, Mark Heinrich Our Organizations: REUTERS, Scholz's Social Democrats, ntv, Thomson Locations: Germany, Berlin, BERLIN, Dresden

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

☆ Meet Alex Soros, the 37-year-old son of legendary investor George Soros: Once known for a highflying social life, he is now taking over a $25 billion empire.
▼ + stars: | 2023-06-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Alex Soros, the 37-year-old son of George Soros, has taken over the reins of his father's empire. He has turned his image around and is now at the helm of Soros' Open Society Foundations. Alexander Soros, the 37-year-old son of legendary investor George Soros, has taken over the reins of his father's empire in what is seen as a 180-degree departure from his previous playboy image. Alex — the elder son of George Soros and his second wife, historian Susan Weber — wasn't always in the pole position to take over the empire. An Open Society Foundations spokesperson confirmed to Insider that Alex has been named chair of the Open Society Foundations.

Persons: Alex Soros, George Soros, Alex, Alexander Soros, Alexander —, Alex —, George Soros's, Susan Weber — wasn't, Jonathan Soros, Soros, Joe Biden, Justin Trudeau, Dionysus, Heine, Nietzsche, Marx Organizations: Soros, Society, Soros Fund Management, Wall Street Journal, OSF, Wall Street, Open Society, Canadian, New York Times, New York, NBA, University of California, Biden White Locations: Southampton, —, Berkeley, Budapest

☆ Opel has overcome chip crisis and seeks IT workers, CEO tells Business Insider
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

BERLIN, June 2 (Reuters) - The chief executive of Stellantis' German subsidiary Opel says the brand has overcome a shortage of semiconductors that has burdened the car industry in recent years, news outlet Business Insider reported on Friday. Opel CEO Florian Huettl told the outlet that the company was struggling with a rampant skilled labour shortage however. The company is seeking IT experts to work on "further electrification and the next steps in autonomous driving", Huettel said. Writing by Friederike Heine; Editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Stellantis, Florian Huettl, Huettel, Friederike Heine, Matthias Williams Organizations: Opel, Business, Thomson Locations: BERLIN, German

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