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☆ One in five cars sold this year will be electric - IEA
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

Summary Electric car sales up 35% globally in 2022Shift to EVs to reduce global oil demand by 5 million barrelsLarge cars still dominate EV offeringTwo- or three-wheel EVs outnumber cars in emerging economiesBERLIN, April 26 (Reuters) - Electric cars are expected to make up nearly one-fifth of the global market this year, according to the International Energy Agency's (IEA) outlook report for the electric vehicle market released on Wednesday. The shift from combustion engine to electric cars will reduce global demand for oil by at least five million barrels a day, according to the IEA's projections. Over half of electric cars on the road so far worldwide are in China, which also dominates global battery production and was responsible for 60% of electric car sales in 2022. In emerging and developing economies, two- or three-wheel electric vehicles outnumber cars. Over half of India's three-wheeler registrations in 2022 were electric, according to the study.

☆ Vonovia to sell 1 bln eur stake in residential portfolio to Apollo
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 26 (Reuters) - Vonovia (VNAn.DE) has agreed to sell a minority stake in its Suedewo residential portfolio to U.S. investor Apollo for 1 billion euros ($1.10 billion), Germany's largest real estate group said on Thursday. The transaction could have a signal effect on the struggling German real estate market, where hardly any major sales have occurred in recent months in the face of high interest rates and falling real estate prices. The transaction values the Suedewo portfolio in the southwestern state of Baden-Wuerttemberg at 3.3 billion euros, which is a discount of less than 5% to Suedewo's fair value as of December 31, Vonovia said. With the proceeds, Vonovia will generate around half of the targeted 2 billion euros in free cash flow from asset sales. To secure access to capital amidst the property market crisis, the group earmarked properties worth 13 billion euros for sale in the summer.

☆ Three Russian aircraft intercepted over Baltic Sea - German air force
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

BERLIN, April 26 (Reuters) - Three Russian military aircraft flying without transponder signals have been intercepted in international airspace over the Baltic Sea, Germany's Luftwaffe said on Wednesday. German and British forces were deployed to identify the two Sukhoi Su-27 fighter aircraft and one Ilyushin Il-20 aircraft, the German air force said on Twitter. It posted several images of the Russian aircraft mid-flight. Reporting by Friederike Heine, Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Martina Merz seeking to step down as Thyssenkrupp CEO, shares tank
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

April 24 (Reuters) - Thyssenkrupp (TKAG.DE) Chief Executive Martina Merz, who launched the conglomerate's largest structural overhaul, is seeking to step down, the German industrial group said on Monday, without providing a reason for the move. Shares in the submarines-to-car parts firm plunged after the announcement and were down 9.2% at 1250 GMT. This is challenging, but necessary," Thyssenkrupp Chairman Siegfried Russwurm said. "Martina Merz has taken over a very difficult task at a challenging time and since then has initiated a fundamental change process at Thyssenkrupp with great commitment and expertise," Russwurm said. Reporting by Tristan Veyet in Gdansk, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Software AG CEO sees operating profit margin in high twenties in medium term
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: 1 min

BERLIN, April 24 (Reuters) - Software AG (SOWGn.DE) is aiming for an operating profit margin in the high twenties percentage range in the medium term, Chief Economist Sanjay Brahmawar said on Monday. Last week, private-equity firm Silver Lake offered to buy Software AG in a deal that values the German business software developer at 2.2 billion euros ($2.42 billion). Writing by Friederike Heine, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ Strikes cripple German rail network, four airports
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

The walkout, organised by the EVG union, was due to run from 3 a.m. (0100 GMT) to 11 a.m, though the train network was expected to be impacted for the whole day. State-owned Deutsche Bahn said all its long-distance connections would be cancelled until 1 p.m. and that few commuter trains would run. Deutsche Bahn has offered 5% and one-off payments of up to 2,500 euros. Friday's transport strike was set to coincide with a walkout at four German airports - Duesseldorf, Hamburg, Cologne Bonn and Stuttgart - by members of the Verdi union. ($1 = 0.9118 euros)Writing by Rachel More, Editing by Friederike Heine and John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen: US-made ID.4 models eligible for full tax credit
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

BERLIN, April 20 (Reuters) - Volkswagen's (VOWG_p.DE) U.S.-assembled ID.4 models will be eligible for a $7,500 tax credit this year, according to the German carmaker, after new U.S. Treasury requirements on battery sourcing came into effect this week. Volkswagen added that it was the only international carmaker to have a full battery-electric vehicle eligible for the full credit. The US Treasury said on Monday that numerous automakers including VW did not qualify for the credit, but the German carmaker said at the time it was optimistic the documentation it had submitted to prove the ID.4's eligibility would be approved. Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Germany forced to halt evacuation mission from Sudan - Spiegel
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 19 (Reuters) - A mission by the German military to evacuate around 150 citizens from Sudan had to be halted on Wednesday due to fighting in the capital Khartoum, the Spiegel news magazine reported citing unnamed sources. Spiegel said the Luftwaffe air force had dispatched three A400M transport planes for the mission early on Wednesday. The Bundeswehr military aborted the mission amid reports of renewed clashes and airstrikes in Khartoum, according to the report. Fighting erupted in Sudan on Saturday, killing at least 185 people and derailing an internationally backed plan for a transition to civilian democracy in the country. Writing by Rachel More, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss government reiterates financial commitment to Credit Suisse deal
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

[1/3] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyBERLIN, April 19 (Reuters) - The Swiss government said commitments to the Swiss National Bank and UBS to ease the takeover of Credit Suisse will not be affected by parliament's rejection of 109 billion Swiss francs ($121 billion) in emergency credits and guarantees. Switzerland's tradition of consensus politics has taken a battering after the government used an emergency law to push through a state-backed takeover of Credit Suisse (CSGN.S) by UBS (UBSG.S), side-lining parliament. "On the one hand, this applies to the negotiations with UBS on the guarantee contract," it said, adding: "But only to the extent that this does not jeopardise the takeover of Credit Suisse by UBS". ($1 = 0.8998 Swiss francs)Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Three German airports empty as transport strikes begin
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 20 (Reuters) - Airports in Dusseldorf, Hamburg and Cologne Bonn were virtually empty on Thursday in the first of another round of strikes called by Germany's Verdi trade union over the cost of living crisis. Nearly 100,000 people will be affected by aviation security worker strikes on Thursday and Friday at the three airports, airport association ADV said, with around 700 departing flights to be cancelled. "The situation in the terminals today is the same as previous Verdi strikes this year: departure terminals are empty, the situation is calm," a Hamburg airport spokesperson said in a statement. Germany's EVG union has also called for a nationwide transport strike on Friday, with national rail operator Deutsche Bahn among the companies impacted. The strike will affect 50 companies and run from 3 a.m. until 11 a.m. (0100 GMT-0900 GMT), with significant disruption expected, the railway and transport union said.

☆ Switzerland indicts former Gambian minister for crimes against humanity
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +2 min

GENEVA, April 18 (Reuters) - Switzerland's attorney general has filed an indictment against Gambia's former interior minister for crimes against humanity committed under former authoritarian leader Yahya Jammeh, it said in a statement on Tuesday. Sonko was interior minister from 2006 to 2016, when he fled to Sweden and from there to Switzerland, where he applied for asylum. It will be the country's second ever crimes against humanity trial. "We hope this will generate momentum and that the trial will put pressure on Equatorial Guinea to eventually extradite Jammeh," he added. Gambia, a tiny West African country of 2.5 million, is still reeling from over two decades under former president Jammeh marked by authoritarianism and alleged abuses.

☆ Porsche posts record Q1 sales rise boosted by China
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] Porsche Head of Style Michael Mauer presents a new design study of a Porsche 357 during the 75 years Porsche sports car exhibition "Driven by Dreams" in Berlin, Germany, January 25, 2023. REUTERS/ Lisi Niesner/File PhotoApril 17 (Reuters) - Porsche AG (P911_p.DE) posted a record year-on-year sales increase of 18% in the first quarter, boosted by China sales, the company said on Monday. The German luxury carmaker delivered 21,365 cars in China, its largest single market, representing 21% growth over the previous year. Peer Mercedes (MBGn.DE) delivered 191,000 vehicles in China in the first three months of 2023, which is 3% higher over the previous year. Worldwide, Porsche delivered 80,767 cars during the period, with an increase posted in every region.

☆ German industry association raises 2023 export growth forecast to 2%
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 15 (Reuters) - Germany's BDI industry association expects exports to grow by 2% in 2023, double its forecast in January, its president told the Rheinische Post newspaper in comments published on Saturday. "Things are looking up, but only slowly - we must not be satisfied with that," BDI President Siegfried Russwurm told the newspaper. Even with the improved outlook, Germany still lags behind the forecast for global trade of 2.5% export growth, according to BDI figures cited in the report. Export growth has slowed considerably since Germany's post-pandemic recovery. The BDI president said Germany was falling behind other countries where energy prices are not as high.

☆ Tesla cuts price for Model 3 in Germany - website
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] Visitors check a Tesla Model 3 car next to a Model Y displayed at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. REUTERS/Florence Lo/File PhotoCompanies Tesla Inc FollowFRANKFURT, April 14 (Reuters) - Tesla (TSLA.O) has lowered the price of its Model 3 in Germany by 2,000 euros, or 4.5%, to 41,990 euros ($46,462) per vehicle, according to data on its website. The carmaker also cut the prices for the long range and performance versions of the Model 3. Tesla also cut the price of its Model Y Performance by 9.2% to 60,990 euros. The Model Y Rear Wheel Drive and Long Range prices remained the same.

☆ Rheinmetall wins subcontractor role on Norway's Leopard tank order
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

April 14 (Reuters) - Rheinmetall has been hired as a subcontractor in the Norwegian armed forces' order for 54 Leopard 2 battle tanks from Krauss-Maffei Wegman (KMW), the German manufacturer said on Friday. Rheinmetall said the contract was worth 129 million euros ($142.74 million) and could increase by 44 million euros if Norway executes an option to buy an additional 18 tanks. A key subcontractor to KMW, Rheinmetall will supply components such as main armaments, fire control technology and parts of the sensor suite over a period of around four years, it said in a statement. Norway had originally planned to acquire 72 tanks, but in recent months focused on a scaled-down purchase after its chief of defence recommended spending more on helicopters, drones and long-range artillery. ($1 = 0.9038 euros)Reporting by Andrey Sychev, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

[1/5] A general view shows the Neckarwestheim nuclear power plant, as Germany shuts down its last nuclear power plants in Neckarwestheim, Germany, April 14, 2023. Following years of prevaricating, Germany pledged to quit nuclear power definitively after Japan's 2011 Fukushima disaster sent radiation spewing into the air and terrifying the world. Germany's commercial nuclear sector began with the commissioning of the Kahl reactor in 1961: eagerly promoted by politicians but met with scepticism by companies. With the end of the atomic power era, Germany has to find a permanent repository for around 1,900 highly radioactive casks of nuclear waste by 2031. The government also acknowledges that safety issues remain given that neighbours France and Switzerland still depend heavily on nuclear power.

☆ Volkswagen calls for delay in implementation of new EU emissions standards to 2026
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, April 13 (Reuters) - Volkswagen (VOWG_p.DE) called on Thursday for the implementation of new EU emissions standards to be pushed to at least autumn of 2026, slightly over a year later than planned, with the aim of all new cars meeting the standards by autumn 2027. Still, the Commission argues the measures are needed as soon as possible to cut harmful emissions while combustion engine cars remain on the road. Other aspects of the regulation like limitations on the tiny particulates from braking and tyre wear should be delayed, Volkswagen said, without providing a date. "Several years of lead time are needed," the statement said, pointing to a lack of suppliers or industrialised production of tyres meeting the new requirements. Reporting by Victoria Waldersee, Editing by Friederike Heine and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Core inflation to start improving before summer break - ECB's Nagel
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 13 (Reuters) - Core inflation rates in the euro zone will begin improving in the coming months, but the European Central Bank still has a way to go with monetary policy, ECB policymaker Joachim Nagel said on Thursday. "We expect core inflation will show first movements in the right direction before the summer break," the head of Germany's central bank said on the sidelines of an International Monetary Fund meeting in Washington. He cited encouraging inflation data from the United States as showing that central banks' interest rate hikes are working. However, the United States began its rate hike cycle earlier, Nagel said, adding that he expected the ECB's tightening cycle to be continued. While inflation in the euro zone dropped by the most on record in March, a measure that excludes energy and food prices, known by economists as core inflation and seen as a better gauge of the underlying trend, accelerated.

☆ Mercedes posts rise in Q1 sales boosted by EVs, premium cars
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - Mercedes-Benz Group (MBGn.DE) sales rose moderately in the first quarter of the year, boosted by electric vehicles (EV) and premium cars, the German carmaker said on Wednesday. Worldwide sales increased 3% to 503,500 vehicles, with Europe posting the strongest growth at 8%. The firm saw the biggest sales plunge in the rest of the world that includes all of the regions except Europe, Asia and North America. EVs were the main growth driver in the quarter, with sales almost doubling to 51,600 units. Sales in the Mercedes-Benz Vans division grew 12% in the quarter, reaching 98,900 - its best first-quarter result ever.

☆ Germany waters down plan to legalise cannabis after talks with Brussels
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

Acquiring and possessing up to 25 grams of recreational cannabis for personal consumption would also be made legal. Now we have to go new ways," Health Minister Karl Lauterbach said. Wednesday's announcement comes after Berlin held talks with the European Commission on a cornerstone paper the German government issued in October. The ministries involved in drafting the legislation - health, justice and agriculture - did not give a timeline for the plan. Many European countries, including Germany, have already legalised cannabis for limited medicinal purposes.

☆ Germany expels Chad's ambassador in tit-for-tat move
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 11 (Reuters) - Berlin has ordered Chad's ambassador to Germany to leave the country within 48 hours in response to a similar move by the Central African country last week, the foreign ministry said on Tuesday. "In response to the unfounded expulsion of our Ambassador to Chad, we today summoned the Chadian Ambassador in Berlin, Mariam Ali Moussa, and called on her to leave Germany within 48 hours. Germany's ambassador to Chad, Gordon Kricke, was expelled from the country last week. The Chadian Communications Ministry said that the decision was a result of "non-respect of diplomatic customs". "Ambassador Kricke exercised his office in N'Djamena in an exemplary manner & has worked for human rights & the rapid transition to a civilian government in Chad," the German ministry said.

☆ German industrial output rises more than expected in February
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 6 (Reuters) - German industrial production rose significantly more than expected in February due in part to vehicle manufacturing, increasing 2.0% on the previous month, the federal statistical office said on Thursday. "Despite the strong rebound, industrial production is still slightly below its pre-pandemic level." Industrial output is expected to increase further in the coming months. Pantheon Macroeconomics forecasts that industrial production will post a 3.0% quarter-on-quarter expansion in the first quarter, comfortably reversing the 0.5% decline in the fourth quarter. Year-on-year, industrial production rose 0.6% in February.

☆ German antitrust regulator opens door for curbs on Apple
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: 1 min

BERLIN, April 5 (Reuters) - Germany's antitrust regulator has opened the door for measures to curb Apple (AAPL.O) after deeming the U.S. tech giant a company of paramount significance for competition across markets, the body said in a statement on Wednesday. "On the basis of this decision, we can target practices that pose a threat to competition and practices and effectively prevent them," said Bundeskartellamt President Andreas Mundt. Apple was not immediately available for comment on the decision. The German authority has already declared Google parent Alphabet (GOOGL.O) and Facebook owner Meta (META.O) companies of paramount significance for competition across markets. Reporting by Rachel More, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Telekom reaches majority stake in T-Mobile U.S. - CEO
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - Deutsche Telekom (DTEGn.DE) now holds a majority in T-Mobile U.S. (TMUS.O), the chief executive of the German telecoms company said on Wednesday. The company reached a majority stake in T-Mobile U.S late Tuesday, CEO Tim Höttges said at the company's annual general meeting. "We have the majority and are the largest shareholder of the world's most valuable telecommunications company - T-Mobile U.S.," he said. Since 2013, the value of T-Mobile U.S. has increased by 153 billion euros ($167.44 billion). The increase in value for Deutsche Telekom's shareholders stood at more than 70 billion euros, Höttges said.

"From our point of view, Rostock with its overseas port and an existing ammonia terminal can become a hub for international hydrogen imports into eastern Germany," said Hans-Joachim Polk, board member for infrastructure and technology. In another cooperation, VNG is sounding out Algeria's state oil and gas producer Sonatrach with a view to possibly arranging green hydrogen imports into Rostock via Tunisian and Italian natural gas pipelines, Polk told a press briefing. As customers across Europe baulked at sky-high prices, VNG's gas sales fell 23% last year to 588 billion kilowatt hours (kWh). As well as gas sales to local utilities and industry, the group has a wide range of activities in high pressure and distribution gas pipelines, storage facilities and biogas. Reporting by Vera Eckert; Editing by Rachel More, Friederike Heine and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

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