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☆ Berlusconi-backed MFE notifies Austrian watchdog about Prosiebensat.1 holding
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Dec 18 (Reuters) - Italian businessman Silvio Berlusconi family's MediaForEurope NV vehicle has notified the Austrian competition authority about the "acquisition of de facto sole control of ProSiebenSat1 Media DE Deutschland" (PSMGn.DE), the competition watchdog said. MFE had no comment on the notification, which was first reported by German media portal DE24LIVE. The announcement, dated Dec. 13 on the Austrian regulator's website was made because ProSieben also operates in German-speaking Austria. MFE, controlled by the former Italian prime minister's family, has built, partly through derivatives, a 29.9% voting stake in its German rival, cementing its position as single biggest shareholder. "We haven't really seen ProSieben address the big challenges the industry faces: audience decline, digital transformation ... and the need for scale to compete with digital giants," MFE finance chief Marco Giordani told analysts.

☆ Four leaders sign agreement to bring green Azeri energy to Europe
▼ + stars: | 2022-12-17 | by ( Expert Analysis | Reuters Professional | Calls Grow For Companies To Disclose Impacts On Nature In Bid To Plug Finance Gap | ) www.reuters.com time to read: 1 min

BUCHAREST, Dec 17 (Reuters) - The leaders of Azerbaijan, Georgia, Romania and Hungary signed an agreement on Saturday on an underwater electric cable under the Black Sea to carry green Azeri energy to Europe. "Given the current security context marked by the military aggression against Ukraine we need to cooperate better and show more solidarity to mitigate common challenges," Romanian President Klaus Iohannis told the meeting, also attended by European Commission President Ursula von der Leyen. Reporting by Gergely Szakacs and Luiza Ilie, Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen's Skoda considers withdrawing from China, Automobilwoche reports
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 11 (Reuters) - Czech carmaker Skoda Auto, part of Volkswagen (VOWG_p.DE), is considering withdrawing from China and will make a final decision next year, CEO Klaus Zellmer was quoted as saying by the weekly magazine Automobilwoche. "The competition is very intense there, so we will consider, together with our Chinese joint venture partner, how we want to proceed," Zelmer was quoted as saying. "If we want to focus our energy, it's worth checking all scenarios and then deciding." The chief executive said the company could consider simply selling cars in China rather than also producing them there. Reporting by Sarah Marsh; Additional Reporting by Jan Schwartz; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Penguin Random House CEO to quit after merger blocked
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Dec 9 (Reuters) - Penguin Random House head Markus Dohle will step down at the end of the year after a U.S. judge blocked a planned $2.2 billion merger of the world's largest publisher and rival Simon & Schuster, the company said in a statement on Friday. Nihar Malaviya, who is president and chief operating officer of Penguin Random House U.S., will take over as interim CEO from Jan. 1, the company said. Thomas Rabe, chief executive of Penguin's German owner Bertelsmann (BTGGg.F), expressed full confidence in Malaviya, who he said had a chance of permanently becoming CEO. With the deal's dissolution, Penguin will pay a $200 million termination fee to Paramount. Reporting by Klaus Lauer, Writing by Miranda Murray, Editing by Rachel More and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Climate activists glue themselves to airport tarmac in Berlin and Munich
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

[1/6] Activists of "Letzte Generation" (Last Generation) glued themselves to the tarmac of the airport to protest for a speed limit on highways as well as for affordable public transport, in Munich, Germany, December 8, 2022. REUTERS/Anja GuderBERLIN, Dec 8 (Reuters) - Climate activists took their protest against cheap air travel to two of Germany's largest airports on Thursday, with some gluing themselves to the tarmac in Munich and Berlin. According to local media, flights at Munich airport were disrupted. Police in southern Germany said the protesters were currently being unglued from the Munich airport tarmac and taken into custody, and the protests were dispersed. Thursday's actions are the latest effort by activists to raise awareness by blocking runways and streets in Germany.

☆ Denmark's new 'energy islands' could revolutionize Europe's power systems
▼ + stars: | 2022-12-05 | by ( Freya Graham | ) www.businessinsider.com time to read: +6 min

Denmark's energy islands will be a hub for transmitting wind-generated electricity and producing green hydrogen. Denmark is building two energy islands that could accelerate Europe's green transition. What's different about the energy islands, though, is the way that they will convert and transmit the electricity that they produce. It also means that the energy islands will be able to connect with more than one country and energy market at a time. "The world is going to build a lot of energy islands," he said.

☆ Material shortages ease in German industry but carmakers struggling
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 30 (Reuters) - Material supply problems in German industry have fallen to their lowest level in over a year and a half, according to a survey released on Wednesday, although many orders still cannot be processed with well over half of companies reporting issues. In November, 59.3% of companies surveyed reported material shortages, the Ifo economic institute said, the lowest level since April 2021. In the automotive industry, the share of companies facing shortages in fact rose from 74.9% to 83.2%, the survey showed. The situation eased for manufacturers of machinery and equipment but 78.7% of those companies still faced problems. Manufacturers of basic metals saw fewest supply problems in November at 16.1%.

REUTERS/Aly Song/File PhotoLONDON, Nov 29 - A look at the day ahead in U.S. and global markets from Mike Dolan. They also cheered a relaxation of regulations on developer fundraising that eases the smouldering property sector bust. A crackdown on demonstrations happened simultaneously, with Chinese authorities making inquiries into some protesters as police flooded the city's streets. Strikingly, hawkish Dutch central banker Klaus Knot also said forecasts of recession may be overdone and fears of "overtightening" policy were a "joke". His boss European Central Bank President Christine Lagarde said euro zone inflation, which is expected to ease this month but remain above 10%, has not yet peaked, encouraging speculation of another swingeing 75 basis point interest rate rise next month.

☆ The New Cultural Landscape of Berlin
▼ + stars: | 2022-11-29 | by ( Jay Cheshes | Photography Robbie Lawrence For Wsj. Magazine | ) www.wsj.com time to read: 1 min

When I moved here it was still completely rubble and ruins,” says Klaus Biesenbach as we enter a leafy courtyard, facing a mustard-colored apartment building in former East Berlin. It’s mid-September, at the end of Berlin Art Week, and we are touring the few square blocks where the post–Cold War art scene, and Biesenbach’s life in the city, first took root. Shortly after the fall of the Berlin Wall, he moved into a former bicycle storage room here—without heat, hot water or a phone line. “I spent my first winter going to museums with my student card,” he says. “I could be there for hours, sipping tea to stay warm.”

☆ Malawi vice president arrested over corruption, says graft watchdog
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

BLANTYRE, Nov 25 (Reuters) - Malawi's Anti-Corruption Bureau has arrested the country's Vice President Saulos Klaus Chilima over graft allegations, it said on Friday. Chilima would be taken to court where he was expected to be charged with three counts of corrupt practices by a public officer, among other charges, the corruption watchdog said in a statement. The statement alleged Chilima was rewarded for assisting Xaviar Limited and Malachitte FZE, two companies connected to British businessman Zuneth Sattar to be awarded contracts by the Malawi Government. In August, the Financial Times reported that Sattar was under investigation by Britain's National Crime Agency over alleged abuse of Malawi's public procurement system. Earlier this year, Malawi's President Lazarus Chakwera dissolved his entire cabinet on charges of corruption against three serving ministers.

☆ German regulator: gas stocks below 40% on Feb. 1 would be critical
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 25 (Reuters) - Germany's energy regulator chief Klaus Mueller on Friday said a filling level below 40% of the country's underground storage caverns would be considered a critical indicator making mitigating measures necessary to ensure gas supply in winter. Currently, German inventories are 99% full, in excess of a Nov. 1 target for 95%, as Europe's leading economy has managed to offset a sizeable amount of delivery shortfalls after the near decline of Russian exports. "Tense we would say is between 40% and 55% by the first of February, and should we be below that, this indicator would jump to critical," said Mueller, speaking to reporters in a web-cast press conference. Reporting by Vera Eckert and Christoph Steitz, editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Euro zone bailout fund to get new head from Luxembourg
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

BERLIN/BRUSSELS, Nov 25 (Reuters) - Luxembourg's former finance minister Pierre Gramegna is likely to take over the euro zone's bailout fund, the European Stability Mechanism (ESM), succeeding Germany's Klaus Regling who retired last month, a senior euro zone official said. The ESM was created in 2012, during the euro zone's sovereign debt crisis, to lend to euro zone governments cut off from markets. It has a 500 billion euro ($520 billion) war chest and can also lend to recapitalise banks and provide precautionary credit. Italy and France, who earlier either opposed or did not support the Luxembourger, had changed their views, the official said. ($1 = 0.9616 euros)Reporting by Christian Kraemer and Jan Strupczewski; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Beijing grinds to a near halt as China's capital city battles Covid with more lockdowns
▼ + stars: | 2022-11-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Covid restrictions have tightened in Beijing while infections keep soaring, prompting lockdowns of communities. Jade Gao | Afp | Getty ImagesBEIJING — China's capital city is grinding to a near standstill as Covid controls spread. Beijing city government did not immediately respond to a request for comment. watch nowLocal infections have surged despite gradual tightening of Covid measures over the last two weeks. Beijing city reported more than 1,800 Covid infections for Thursday, bringing the total for the month to well over 10,000.

☆ Almost one in five Germans dipping into savings to get by - poll
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 22 (Reuters) - Nearly one in five people in Germany have had to draw on their savings to cover everyday costs as rising inflation cuts into their purchasing power, a survey by the Kantar polling institute published on Tuesday found. According to the survey of 2,000 people, 19.4% of respondents said they were using their savings to get by. By contrast, 57.4% of respondents said they could manage without having to dip into savings. German consumer prices, harmonised to compare with other European Union countries, were up 11.6% on the year in October. Reporting by Klaus Lauer, Writing by Miranda Murray, Editing by Maria Sheahan and Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

☆ Penguin Random House scraps $2.2 bln deal to merge with Simon & Schuster
▼ + stars: | 2022-11-21 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

REUTERS/Stefan Wermuth/File PhotoWASHINGTON, Nov 21 (Reuters) - Penguin Random House, the world's largest book publisher, and rival Simon & Schuster have scrapped a $2.2 billion deal to merge, Penguin owner Bertelsmann (BTGGg.F) said in a statement. But Bertelsmann said in a statement on Monday that it "will advance the growth of its global book publishing business without the previously planned merger of Penguin Random House and Simon & Schuster." Paramount said on Monday that Simon & Schuster was a "non-core asset" to Paramount. Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co (DIS.N) and Amazon.com Inc (AMZN.O) also in the market.

☆ Younger Chinese are spurning factory jobs that power the economy
▼ + stars: | 2022-11-21 | by ( David Kirton | ) www.reuters.com time to read: +8 min

For his father's generation, factory work was a lifeline out of rural poverty. For Zhu, and millions of other younger Chinese, the low pay, long hours of drudgery and the risk of injuries are no longer sacrifices worth making. Factory bosses say they would produce more, and faster, with younger blood replacing their ageing workforce. But offering the higher wages and better working conditions that younger Chinese want would risk eroding their competitive advantage. Yet young workers are vital to keep production moving.

☆ How to help teens can avoid diet culture this holiday season
▼ + stars: | 2022-11-20 | by ( Katie Hurley | ) edition.cnn.com time to read: +9 min

She specializes in work with tweens, teens and young adults. The fact that diet culture all over social media targets grown women is bad enough, but such messaging also trickles down to tweens and teens. But as we enter the winter holiday season, shame-based diet culture pressure, often wrapped up with toxic positivity to appear encouraging, increases. “Parents are often made to feel helpless in the face of TikTokers, peer pressure or wider diet culture, but it’s important to remember this: parents are influencers, too,” said Hanson. “Talk openly about it.”She suggests asking the following questions when discussing people’s messaging around diet culture:● Who are they?

☆ Lufthansa still interested in buying into ITA Airways
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 18 (Reuters) - Lufthansa (LHAG.DE) is still interested in buying into state-controlled Italian carrier ITA Airways, a spokesman said on Friday, despite reports that its original partner in the mooted deal had pulled out. The spokesman declined to comment on reports that it had entered ITA's so-called data room to review the financial status of the company. Italy in August picked a group led by U.S. private equity fund Certares, backed by Air France-KLM (AIRF.PA) and Delta Air Lines Inc (DAL.N), for exclusive talks on buying a majority stake in ITA Airways. Complicating the situation, a senior MSC executive, Pierfrancesco Vago, told investors in Doha last week that MSC was no longer interested in ITA Airways, according to Swiss magazine Travel Inside. Certares had no contact with ITA Airways and Italy's Treasury since the end of October, a source close to the matter said.

☆ Fact Check-World leaders wear traditional Cambodian clothing for 2022 East Asia Summit gala dinner
▼ + stars: | 2022-11-17 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Social media users are sharing images of world leaders wearing traditional Cambodian clothing for a Nov. 2022 East Asia Summit gala dinner. What other gathering of world leaders has had weird uniforms for them all to wear? False claims that Biden was wearing "Mao clothing" have been addressed by the Associated Press (here). World leaders were not wearing similar shirts to the 2022 East Asia Summit gala dinner as part of a new uniform, nor to imitate former Chinese leader Mao. They were dressed in traditional clothing of the host nation, Cambodia, as often happens at international gatherings.

The dividend proposal of 0.15 euros is on par with the company's last shareholder payout for the 2017/18 fiscal year, but lower than an estimate of 0.19 euros on Refinitiv. The submarines-to-car-parts firm still gave a muted outlook for the current fiscal year ending in September 2023, saying it expected sales and profits to fall as prices drop again. Thyssenkrupp shares were indicated to open flat in pre-market trade, with one trader saying the outlook was "too cautious for shares to open higher". Refinitiv estimates show 2023 sales are expected to decline by 11% to 36.5 billion euros. Thyssenkrupp said that, apart from falling prices, higher energy costs were also a key driver of the expected decline.

☆ Thyssenkrupp proposes first dividend in four years
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 17 (Reuters) - Thyssenkrupp (TKAG.DE) on Thursday said it would propose a dividend of 0.15 euros per share for the past financial year, which would mark the first payout in four years, on the back of strong price increases for steel and materials. The submarines-to-car parts firm still gave a muted outlook for the current fiscal year ending September 2023, expecting sales and profits to fall significantly as prices are expected to come down again, it said. "No one can tell how big the challenges will be or how long they will last. According to Refinitiv estimates, 2023 sales are expected to decline by 11% to 36.5 billion euros. Thyssenkrupp said that the main drivers behind the expected decline were a normalisation of prices for steel and materials as well as higher energy costs.

☆ This secondhand fashion startup wants to become the Depop of Africa. Here's the 11-slide pitch deck Yaga used to raise $2.2 million.
▼ + stars: | 2022-11-10 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Estonia-based Yaga just raised $2.2 million to bring its secondhand marketplace to Africa and Asia. The startup, backed by Startup Wise Guys, wants to become the next Vinted or Depop. An Estonia-based circular economy startup that wants to become the Vinted or Depop of Africa has just raised 2.2 million euros ($2.2 million). The company operates an app and website that are currently available in South Africa, Kenya, and India. "I went to Instagram and looked at how people buy and sell secondhand in South Africa and Kenya," the founder said.

☆ Paying workers unfairly will backfire. Pull back the curtain on compensation decisions instead.
▼ + stars: | 2022-11-10 | by ( Shana Lebowitz | ) www.businessinsider.com time to read: +10 min

But for many people, salary negotiations are hard to navigate. Brian Armstrong is the CEO of Coinbase, which recently announced that it was banning salary negotiations. If salary negotiations are prohibited, they said, there have to be other measures in place to ensure that every worker is paid fairly. Salary negotiations will always be challenging for some — if not most — of usRestructuring salary negotiations won't necessarily make the act of asking for more money easier right away. Still, she understands that salary negotiations can get contentious, and she emphasized that the positive dynamic between employer and employee is important to preserve.

☆ Prosiebensat.1 weighs deal to buy SKY TV operations in Germany - sources
▼ + stars: | 2022-11-09 | by ( Andreas Rinke | Christina Amann | ) www.reuters.com time to read: 1 min

BERLIN/MILAN, Nov 9 (Reuters) - German media group Prosiebensat.1 (PSMGn.DE) is exploring a potential deal to buy SKY pay-TV operations in Germany, two sources close to the matter said on Wednesday. Prosiebensat.1 declined to comment. Comcast (CMCSA.O), which bought Sky Deutschland as part of a buyout of pay-TV broadcaster Sky in 2018, did not immediately respond to request for comment. Reporting by Elvira Pollina in Milan, Klaus Lauer in Berlin, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

☆ An investor with a $1.8 million portfolio says he sees financial crises as the perfect time to invest in stocks — here's his strategy
▼ + stars: | 2022-11-09 | by ( Leo Ginsburg | Nathan Rennolds | Business Insider Deutschland | ) www.businessinsider.com time to read: +6 min

His total portfolio is worth around $1.8 million. He broke down his investment strategy for Insider and why he saw crises as opportunities. He started investing in the stock market 30 years ago and now has a portfolio worth $1.8 million, he told Insider in an interview. Schäfer told Insider about his investment strategy and how he used financial crises to his advantage. "A nice entry point is when a successful company is experiencing a problem and the stock price halves," Schäfer said.

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