DIRS.INFO The most relevant business & tech news

☆ Volkswagen launches extra shifts at Wolfsburg plant - brand board member
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

HAMBURG, May 31 (Reuters) - Volkswagen (VOWG_p.DE) has introduced extra shifts at its factory in Wolfsburg, the carmaker's biggest, after supply chain disruptions in the wake of the Ukraine war and global chip shortage have eased, a senior executive said. Imelda Labbe, who is part of the management board of the Volkswagen brand, said in an internal interview seen by Reuters that Volkwagen's German plants were significantly better utilised than in 2022. "Our production network in Germany was hit particularly hard by the consequences of the corona pandemic, the global chip crisis and the Ukraine war," Labbe said. This also includes the carmaker's plant in Wolfsburg, where Volkswagen is based, Labbe said, adding that the site could only produce 400,000 car, or half its annual capacity, in 2022. Instead, Volkswagen had to introduce extra shifts from May to meet production targets, Labbe said, adding this has positively impacted delivery schedules, which have come down to around 3 months in Europe for its fully electric ID models.

Persons: Imelda Labbe, Labbe, Jan Schwartz, Christoph Steitz, Friederike Heine, Miranda Murray Organizations: HAMBURG, Volkswagen, Reuters, Thomson Locations: Wolfsburg, Ukraine, Germany, Europe

☆ Volkswagen won't participate in China discount battle "at any price" - COO
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowBERLIN, May 31 (Reuters) - Volkswagen (VOWG_p.DE) will not participate in a discount battle in China "at any price", Chief Operating Officer Ralf Brandstaetter said in an interview released on Wednesday. "Volkswagen is focusing on a sustainable business model. In concrete terms, this means that we will not participate in the discount battle at any price," Brandstaetter said in an interview for the company's intranet. For us, the focus is on profitability, not sales volume or market share," he added. Writing by Friederike Heine, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

Persons: Ralf Brandstaetter, Brandstaetter, Friederike Heine, Kirsti Organizations: Volkswagen, BERLIN, Thomson Locations: China

☆ Volkswagen won't join China discount battle "at any price" - COO
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, May 31 (Reuters) - Volkswagen (VOWG_p.DE) will not participate in a discount battle in China "at any price", Chief Operating Officer Ralf Brandstaetter said in an interview released on Wednesday. In concrete terms, this means that we will not participate in the discount battle at any price," Brandstaetter said in an interview for the company's intranet. "Our market position is strong enough. Volkswagen aspires to be the biggest international carmaker in China, he said, adding that it's irrelevant if another national manufacturer sells more than it does. Chinese manufacturer BYD 002594.SZ outsold Volkswagen, which has led the market there for decades, as the top passenger car brand earlier this year.

Persons: Ralf Brandstaetter, Brandstaetter, Jan C, Schwartz, Friederike Heine, Miranda Murray, Kirsti Knolle, Madeline Chambers Organizations: Volkswagen, BERLIN, SZ, Thomson Locations: China

☆ Infineon CFO: looking for acquisitions of up to 3 bln euros
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 31 (Reuters) - Infineon (IFXGn.DE) is looking for small- and medium-sized acquisitions worth up to 3 billion euros ($3.30 billion) that would fit well with the German chipmaker's portfolio, Chief Financial Officer Sven Schneider told Germany's Focus Money magazine. "We are now aiming for smaller and medium-sized acquisitions in order to strengthen ourselves selectively in those areas where we can become even better," said Schneider. Acquisitions can range from 1 to 3 billion euros, said Schneider, who added that liquidity was not an issue. "We have liquidity of almost 3 and a half billion euros. That currently corresponds to about 2.6 billion euros," he said.

Persons: Sven Schneider, Germany's, Schneider, Miranda Murray, Friederike Heine Our Organizations: Infineon, Thomson Locations: BERLIN

LONDON/BERLIN, May 30 (Reuters) - Nestle (NESN.S), the world's biggest packaged food company, said on Tuesday it had hired the London Stock Exchange Group's (LSEG) finance chief Anna Manz as its new chief financial officer. Manz will replace Francois-Xavier Roger, who the company said is stepping down to "pursue new professional challenges" after eight years in the role. Nestle, whose more than 2,000 brands include Kit Kat, Haagen-Dazs and Nescafe, said Manz will join Nestle as soon as she is released from her current duties. "We trust that Anna will pursue Francois' legacy, considering her strong career at Diageo," Vontobel analyst Jean-Philippe Bertschy said. Rival Unilever Plc (ULVR.L) also said on Tuesday that CFO Graeme Pitkethly would leave the consumer goods giant by the end of May 2024 after more than two decades.

☆ Roger Waters says Nazi outfit at Berlin concert was anti-fascist
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

Waters said the depiction of "an unhinged fascist demagogue" had been a feature of his shows since "The Wall". Waters is being investigated under a separate law on suspicion of "incitement of the people", police said. Other German cities including Munich, Frankfurt and Cologne tried to cancel Waters' concerts after Jewish groups including the Central Council of Jews accused him of anti-Semitism. The final German tour date at Frankfurt's Festhalle venue on Sunday is still listed on Waters' website. Reporting by Friederike Heine in Berlin and Sachin Ravikumar in London, Editing by Andrew Heavens and Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Scholz publicly backs Biden over Trump for re-election
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 22 (Reuters) - German Chancellor Olaf Scholz on Monday said he prefers U.S. President Joe Biden to his predecessor, Donald Trump, and hoped Biden would be re-elected for a second term in office. Addressing pupils at a primary school close to Berlin, Scholz accused Trump of being divisive and that he would be bad not only for the United States but also for Germany. Responding to a pupil's question, Scholz said: "I think the current president is better, so I want him to be re-elected." Biden's many years of public service mean he knows exactly "what you have to do to prevent the world from going to war," Scholz said. Recent polls show Biden with an edge over potential Republican challengers Donald Trump and Ron DeSantis as the November 2024 U.S. presidential election draws closer.

☆ Don't delay reforms to prepare for next pandemic - WHO chief
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

GENEVA, May 22 (Reuters) - The head of the World Health Organization on Monday urged countries to carry out the reforms needed to prepare for the next pandemic and honour a previous commitment to boost financing for the U.N. health agency. Speaking at the WHO's annual health assembly weeks after ending the global emergency status for the COVID-19 pandemic, Tedros Adhanom Ghebreyesus said it was time to advance negotiations on preventing the next one. The 10-day annual World Health Assembly in Geneva, which coincides with the body's 75th anniversary, is set to address global health challenges including future pandemics. "A commitment from this generation (to a pandemic accord) is important, because it is this generation that experienced how awful a small virus could be," said Tedros. Countries are also set to consider later on Monday the WHO's 2024-2025 budget which includes increases to countries' annual fees.

☆ Swiss parliament to investigate Credit Suisse collapse
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

ZURICH, May 17 (Reuters) - Credit Suisse's (CSGN.S) collapse and its takeover by UBS (UBSG.S) will be investigated by a parliamentary commission (PUK), the office of Switzerland's upper house of parliament said on Wednesday. The move comes after two sub-committees supported a deeper investigation into how the government, Swiss central bank and financial market regulator acted in the run up to the emergency rescue of Credit Suisse. The bank's takeover by UBS has been backed by 200 billion Swiss francs ($225.00 billion) in support from the government, which was determined to prevent Credit Suisse's collapse triggering a broader crisis in the global financial system. The Swiss government has also agreed to absorb up to 9 billion francs in potential losses incurred by UBS as a result of the takeover. ($1 = 0.8889 Swiss francs)Reporting by John Revill, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

The letter did not disclose either how much Berlin had proposed in state help, or by how much this had been reduced. The conflict lays bare how much industrial heavyweights depend on aid to decarbonise their businesses as well as the need for governments to approve subsidies quickly to avoid companies from shifting investments or stopping them altogether. Thyssenkrupp in August made the investment decision for the so-called direct reduction iron (DRI) site at its steel base in Duisburg, provided substantial subsidy commitments by the state of North Rhine-Westphalia and Berlin were fulfilled. Tekin Nasikkol, who heads the works council of Thyssenkrupp Steel Europe, told Reuters last week that Berlin needed to quickly approve hundreds of millions in subsidies for the site, adding workers' patience had run out. ($1 = 0.9084 euros)Reporting by Tom Kaeckenhoff; Additional reporting by Christoph Steitz and Christian Kraemer; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Subsidy cuts could derail Thyssenkrupp's green steel project -labour bosses
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

DUESSELDORF, May 17 (Reuters) - Thyssenkrupp's <TKAG.DE> labour bosses cranked up the pressure on Berlin to help fund a 2 billion euro ($2.2 billion) green steel production site, warning in a letter to Economy Minister Robert Habeck that a further cut could choke off the project. Reducing subsidies further would trigger a "massive discussion" within Thyssenkrupp's supervisory board over whether to pull the plug on the investment, the letter, dated May 17 and co-signed by the group's deputy chairman Juergen Kerner, said. Thyssenkrupp in August made the investment decision for the so-called direct reduction iron (DRI) site at its steel base in Duisburg, provided substantial subsidy commitments by the state of North Rhine-Westphalia and Berlin are being paid. Thyssenkrupp <TKAG.DE> and the economy ministry had no immediate comment. ($1 = 0.9084 euros)Reporting by Tom Kaeckenhoff; Additional reporting by Christoph Steitz and Christian Kraemer; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

MUNICH, May 17 (Reuters) - Electric car maker Fisker Inc (FSR.N) is exploring collaboration with other companies to scale up market share faster, Chief Executive Henrik Fisker said on Wednesday. If we collaborate with someone, you can scale quicker ... it could be with suppliers, other car companies, tech companies - we are exploring all these avenues," Fisker said, speaking at the Reuters Automotive Conference in Munich. The PEAR will have 25% fewer parts than a comparable car today, Fisker said. Instead, Fisker will build vehicles from steel, combining multiple parts into one using single stampings, he said. Fisker said eventually the company plans to have production capacity in Europe, China, the United States and India.

☆ China still conducting police activities in Germany -German ministries
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 15 (Reuters) - German security authorities believe that China is still conducting police activities on German soil even though Beijing assured Berlin in February that it had ceased to do so, the German foreign and interior ministries said on Monday. "The security authorities continue to assume that there are two so-called overseas police stations in Germany," a spokesperson for the interior ministry said at a regular press conference. Berlin called on Beijing in November to shut down extraterritorial police stations in the country. The interior ministry spokesperson clarified that the police stations in question were "not fixed-location offices, but mobile facilities" from which Chinese and non-Chinese nationals were conducting "official duties" on behalf of Beijing. Germany is reassessing its bilateral relations with China amid increased wariness of Beijing as a strategic rival even as it remains Berlin's largest trading partner.

Both plants will start production in 2026, employ thousands of people and supply batteries to European car makers. With Taiwan a focal point in tensions between Washington and Beijing, the company also wanted to secure a base overseas. Volkswagen was expected to announce a battery plant location in Europe late last year but said in March it is awaiting more clarity from Europe on subsidies before making a decision. The plant by Taiwan's ProLogium would be its first overseas car battery factory. A second plant could also be constructed in parallel elsewhere, a Northvolt spokesperson said, including in North America.

BERLIN, May 9 (Reuters) - Chinese Foreign Minister Qin Gang said on Tuesday that Beijing would maintain lines of communication with all parties to the war in Ukraine, including Germany, in seeking a ceasefire. European nations have repeatedly criticised China for its refusal to describe Russia's war in Ukraine as an invasion, or to call for a Russian withdrawal. "China is willing to maintain communication with relevant parties, including Germany, to achieve an early ceasefire." Qin said Beijing "firmly opposes some countries in using their so-called laws to impose long-arm jurisdiction and unilateral sanctions on other countries, including China". He added: "China will make necessary responses and resolutely safeguard the legitimate rights and legitimate interests of Chinese enterprises."

The European Central Bank has pressed RBI to unwind its highly profitable Russian business, people have told Reuters, and the Austrian bank says it has been working on a solution. "The group will continue to progress potential transactions which would result in the sale or spin-off of Raiffeisenbank Russia," RBI said as it released better-than-expected earnings. In Russia, profit after tax was 301 million euros ($332 million), up from 96 million euros a year earlier. Overall, the Russia business generated more than 40% of RBI's in the quarter. Reuters GraphicsThe Austrian bank has operated in Russia since the collapse of the Soviet Union and is Russia's 10th-largest bank by assets.

☆ Bosch looks to growth in cars, heating systems
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: 1 min

Companies Robert Bosch GmbH FollowFRANKFURT, May 4 (Reuters) - German technology group Robert Bosch expects 6% to 9% revenue growth this year from 88.2 billion euros ($97.49 billion) in 2022 and an EBIT margin of 5%, up from 4.3% last year, it said on Thursday thanks to growth in both its cars and heating systems businesses. The transformation of energy systems to protect the climate creates business potential, Bosch Chief Executive Stefan Hartung said, making clear that opportunities lay in both the electrification of cars and heating systems. "Growth is not only on the road, even though we are very successful there," he said. ($1 = 0.9047 euros)Reporting by Ilona Wissenbach Writing by Madeline Chambers Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen, Bosch give up joint venture plans for battery cells
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' DelgadoMay 4 (Reuters) - Volkswagen (VOWG_p.DE) and Bosch (ROBG.UL) have cancelled their plans to create a joint venture to equip battery cell factories, Bosch said on Thursday. "We are not setting up a joint venture," Bosch Chief Executive Officer Stefan Hartung said, adding that the partnership with the German carmaker to digitise its battery factories would continue. The joint venture, announced at the beginning of 2022, was designed to deliver battery production systems, as well as assisting battery cell manufacturers in scaling up and maintaining their production sites. "Volkswagen and PowerCo are sticking to their plan to get involved in equipping battery cell factories in the future.

☆ Dozens arrested in Germany in European probe of Italian organised crime
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, May 3 (Reuters) - German police arrested dozens of people across the country on Wednesday in an investigation of the Italian 'Ndrangheta organised crime group, German public prosecutors and state police said. The crackdown was part of a coordinated probe by investigators in Germany, Belgium, France, Italy, Portugal and Spain as well as Europol and Eurojust, they said. Among those arrested were four people in Bavaria, 15 in North Rhine-Westphalia, and 10 in the southwestern German state of Rhineland Palatinate, and police seized potential evidence at dozens of locations including homes and offices. Two suspects who were under investigation in the western state of Saarland, were arrested in Italy. German prosecutors said they would hold a news conference later on Wednesday.

☆ Lufthansa sees earnings boost from strong summer travel
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Sees strong demand for summer travelConfirms 2023 outlookQ1 adj EBIT loss 273 mln euros, in line with consensusQ1 revenues up 40% at 7.02 bln eurosFRANKFURT, May 3 (Reuters) - German airline group Deutsche Lufthansa (LHAG.DE) said it expected strong demand for holiday travel this summer to fill seats on its planes and help it reach its full-year targets. "The continuously strong demand gives us confidence for the coming months," finance chief Remco Steenbergen said on Wednesday. Lufthansa said it still expects to post a significant year-on-year improvement in adjusted earnings before interest and tax (EBIT) for the full year 2023. For the first quarter, it posted an adjusted EBIT loss of 273 million euros ($300.96 million), improved from a 577 million loss in the year-earlier period and broadly in line with analyst consensus for 279 million. Revenues jumped 40% to 7.02 billion euros in the three months through March, though the figure fell short of consensus for 7.57 billion.

☆ European police arrest more than 100 mafia suspects in drug crackdown
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +4 min

The swoop was part of an investigation spanning Italy, Germany, Belgium, Portugal, Spain, Slovenia, Romania, Brazil and Panama, according to European Union law enforcement agency Europol. The network was devoted primarily to international drug trafficking from South America to both Europe and Australia, Europol said in a statement. A total of 108 people were arrested in Italy and other EU countries on the orders of police in the southern city of Reggio Calabria, Italian police said. Related investigations led to the arrest of 24 people in Germany, they said, as well as a further 53 detentions in northern Italy. The interior minister of the German state of North Rhine-Westphalia said 18 of the arrests were made there.

☆ Former Audi boss agrees deal to make confession in diesel emissions scandal
▼ + stars: | 2023-05-03 | by ( Jörn Poltz | ) www.reuters.com time to read: +2 min

The former CEO has been on trial since 2020 over his role in the scandal after parent group Volkswagen (VOWG_p.DE) and Audi admitted in 2015 to having used illegal software to cheat on emissions tests. The trial is one of the most prominent court proceedings in the aftermath of the diesel scandal at Volkswagen (VOWG_p.DE) and its subsidiary Audi. Revelations that millions of emissions tests had been manipulated emerged in September 2015. Stadler was accused of failing to stop the sale of the manipulated cars after the scandal became known. Stadler has been on trial along with former Audi executive Wolfgang Hatz and an engineer.

☆ German makers of Leopard 2 tank settle legal dispute
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

DUESSELDORF, May 2 (Reuters) - German arms makers Rheinmetall (RHMG.DE) and Krauss-Maffei Wegmann have settled a legal dispute over the intellectual property rights to the Leopard 2, one of the world's most advanced battle tanks, a court said on Tuesday. A boom in defence orders due to the war in Ukraine, and in particular demand for Leopard tanks from Kyiv to help in the fight against Russian forces, has boosted both companies. Duesseldorf-based Rheinmetall makes the cannon of the Leopard 2 and Munich-based KMW makes its chassis. Rheinmetall said both parties had sought to settle the dispute as quickly as possible with the aim of returning to day-to-day business. Earlier this year, Germany bowed to pressure from allies and agreed to send Leopard tanks to Ukraine.

[1/3] Turkish citizens living in Germany start casting their ballots at Turkey?s diplomatic missions for the May 14 parliamentary and presidential election, in Munich, Germany, April 27, 2023. REUTERS/Ayhan UyanikMUNICH, April 27 (Reuters) - Turkish citizens based in Germany began voting on Thursday in Turkey's presidential and parliamentary elections, which represent the biggest electoral challenge for President Tayyip Erdogan, who lags in opinion polls, in two decades in power. Polling stations have also been set up in Berlin, Frankfurt, Cologne and other towns and cities, according to Turkey's High Election Board. Germany's Turkish diaspora comprises around 2.3 million people, according to the Turkish Community in Germany. Turkish voters in Germany have until May 9 to submit ballots.

☆ Smaller EV prices to come down as EV sales climb, IEA says
▼ + stars: | 2023-04-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

The agency raised its EV sales forecasts in part because of the U.S. Inflation Reduction Act, which supports green industry and subsidises consumers' purchase of electric vehicles (EVs), IEA executive director Fatih Birol said on a media call. China features prominently, making up half the EVs on the road worldwide including battery-electric cars and plug-in hybrids, and with 60% of EV sales last year taking place there, according to the IEA's annual outlook on EVs. The country has also seen prices for some smaller EV models edging lower towards those of their combustion engine equivalents, said the IEA's energy technology policy head, Timar Guell. SUVs and large cars account for nearly two-thirds of EVs in China and Europe and a greater proportion in the United States. In emerging and developing economies, two- or three-wheel electric vehicles outnumber cars.

Search resuls for: "Heine"

25 mentions found