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☆ Porsche CEO: There is no conflict between e-mobility and e-fuels
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

WOLFSBURG, March 13 (Reuters) - Porsche (P911_p.DE) CEO Oliver Blume characterised the debate over e-fuels as "emotional" and said there was no conflict between electrification and building out e-fuel production during a press call on Monday following the carmaker's results. Porsche is the strongest advocate for e-fuels as a carbon-free way of driving combustion engine cars among all German carmakers amid a debate in Europe over whether to allow new combustion engines to be powered by e-fuels after 2035. "We can adjust tax politics to make e-fuels cheaper ... politics should support investments to make prices more attractive," Blume said. I know no other possibility to decarbonise combustion engine cars." Reporting by Victoria Waldersee, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse shares reach new record low
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 13 (Reuters) - Credit Suisse (CSGN.S) shares hit a new record low in morning trading on Switzerland's stock exchange. Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion. The bank's shares tumbled over 12% and were trading at 2.20 Swiss francs ($2.41) per share, down from a previous low of 2.41 francs hit on Friday. Last week it announced it was delaying the publication of its annual report following a call from the U.S. Securities and Exchange Commission. ($1 = 0.9119 Swiss francs)Reporting by Noele Illien, editing by Friederike Heine and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Gulden said Adidas was still deciding what to do with its stock of unsold Yeezy footwear. One option could be for Adidas to donate proceeds from the sale of repurposed Yeezy stock to charity, Gulden said. REUTERS/Shannon Stapleton 1 2 3The split cost Adidas 600 million euros ($632 million) in sales in the fourth quarter of 2022, and Yeezy shoes would have brought in an estimated $1.2 billion in revenue this year. Inventories came in at just under 6 billion euros at the end of December, up 49% from the previous year, including 400 million euros of Yeezy products. That, along with $200 million of one-off costs, would bring Adidas to a $700 million loss this year.

☆ Adidas CEO promises turnaround after costly Yeezy split
▼ + stars: | 2023-03-08 | by ( Alexander Hübner | ) www.reuters.com time to read: +5 min

Gulden said Adidas is still deciding what to do with its stock of unsold Yeezy footwear. One option could be for Adidas to donate proceeds from the sale of repurposed Yeezy stock to charity, Gulden said. The split cost Adidas 600 million euros ($632 million) in sales in the fourth quarter of 2022, and Yeezy shoes would have brought in an estimated $1.2 billion in revenue this year. Inventories came in at just under 6 billion euros at the end of December, up 49% from the previous year, including 400 million euros of Yeezy products. In the fourth quarter of last year, currency-neutral revenue declined by 1%, taking into account a 600-million-euro loss after it stopped selling Yeezy shoes.

☆ Volkswagen pauses on Europe battery plants, awaits EU response to IRA
▼ + stars: | 2023-03-08 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

"De facto it is the case that we are getting ahead far faster in North America," a person close to the matter said to Reuters, declining to be named. Asked about the report, a Volkswagen spokesperson said the carmaker was "still evaluating suitable locations for our next cell factories in Eastern Europe and North America. The company said in October last year it planned to firmly settle on a location for a plant in eastern Europe in the first six months of 2023. Schmall said he participated in a discussion with EU officials via the European Battery Alliance last week on what conditions were needed in Europe for battery production. These included state aid in line with China and North America, a raw materials strategy and affordable renewable energy, he said.

☆ Adidas to slash dividend after Kanye West split
▼ + stars: | 2023-03-08 | by ( Alexander Hübner | ) www.reuters.com time to read: +2 min

[1/3] Adidas merchandise is seen in an Adidas store on the day the German company terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, U.S., October 25, 2022. REUTERS/Shannon StapletonBERLIN, March 8 (Reuters) - Adidas (ADSGn.DE) will slash its 2022 dividend, it said Wednesday, warning a split with rapper and fashion designer Kanye West could push it to its first annual loss in three decades this year. The company will recommend a dividend of 0.70 euros ($0.7374) per share at a May 11 annual general meeting, it said. Adidas is still dealing with the fallout from ending its partnership with West, which yielded the lucrative Yeezy sneaker line. Adidas said it is still deciding what to do with its stock of unsold Yeezy footwear.

☆ German industrial output rises more than expected in January
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 8 (Reuters) - German industrial production rose significantly more than expected in January, increasing by 3.5% on the previous month, the federal statistical office said on Wednesday. The positive development "was driven in particular by strong growth in the manufacturing of electronic equipment ... and chemicals," the statistics office said. It added that motor vehicle and motor vehicle parts manufacturing, as well as pharmaceutical products manufacturing, had shown a strong negative trend. Also on Wednesday, the statistical office said that German retail sales had fallen unexpectedly in January by 0.3% in real terms compared to the previous month. Reporting by Friederike Heine Editing by Paul Carrel and Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

"But after years of dithering, the German 5G network is deeply dependent on Chinese suppliers. Huawei, ZTE and China's government reject these claims, saying that they are motivated by a protectionist desire to support non-Chinese rivals. GERMANY LAGGINGWhile several countries across Europe are still formulating telecom policies, only Britain and Sweden have so far banned Huawei and ZTE from supplying critical 5G network equipment. The German government was last month unable to answer a parliamentary request about how many Huawei components operators were using in their 5G networks, filed in part in response to the report. The deadline to remove all Huawei gear from Britain's 5G networks by the end of 2027 remains unchanged.

☆ Departure of CEO to cost Adidas 16 million euros
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 8 (Reuters) - The early departure of CEO Kasper Rorsted will cost Adidas (ADSGn.DE) nearly 16 million euros ($16.86 million), according to an annual report released on Wednesday. The Danish national, who left the German sportswear maker in November almost four years before the end of his contract, will receive a severance payment of 12 million euros. In addition, he will receive around 3.6 million euros as compensation for not joining a competitor within the next 18 months, as well as his remaining salary of around 300,000 euros for November and December. The latter totaled 14.2 million euros a year earlier. ($1 = 0.9490 euros)Reporting by Alexander Huebner, Writing by Friederike Heine, Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

Carlsberg shares have risen more than 60% during Hart's tenure, outperforming AB Inbev and Heineken, whose shares have dropped around 47% and risen around 45% respectively. Carlsberg's shares fell 3.5% at market open in Copenhagen, but later pared losses and were 0.7% lower at 1118 GMT. "Cees 't Hart has delivered remarkable results during his time at Carlsberg," Supervisory Board Chair Henrik Poulsen said. It is also seeking an option to buy back the Russian business in the future. With only around 16% of revenue coming from Eastern Europe, Carlsberg's biggest markets are Western Europe and Asia.

☆ Carlsberg CEO Hart's retirement plan triggers share fall
▼ + stars: | 2023-03-07 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +2 min

Hired in 2015, partly to help restore sluggish sales in its Eastern Europe division, including Russia, Hart has successfully overseen Carlsberg's SAIL'22 strategy, which focused on cutting costs and improve sales of more premium beer brands. Carlsberg said in a statement that Hart planned to leave by the end of the third quarter. "Cees 't Hart has delivered remarkable results during his time at Carlsberg," Supervisory Board Chair Henrik Poulsen said. "He has really been a significant person in the transformation that has taken place, it's been very impressive to witness," Laustsen added. It is seeking an option with the buyer to buy back the Russian business in future.

☆ ECB's Holzmann calls for four more 50 bps rate hikes- Handelsblatt
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 6 (Reuters) - The European Central Bank should raise interest rates by 50 basis points at each of its next four meetings as inflation is proving to be stubborn, Austrian central bank chief Robert Holzmann told German business daily Handelsblatt. The ECB has raised rates by 3 percentage points since July and flagged a 50 basis point increase for March. Holzmann, an outspoken conservative - or hawk in policy terms - however said that based on current trends, he would favour 50 basis point moves in March, May, June and July. "I expect it to take a very long time for inflation to come down," Holzmann was quoted on Monday as saying. The four steps advocated by Holzmann would take the deposit rate to 4.5%, well above the 4% peak rate priced in by markets, a level no other policymaker has so far advocated in public.

☆ Elia's 50Hertz to invest $9.3 billion in power grid
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 6 (Reuters) - 50Hertz, the German high-voltage power grid owned by Belgium's Elia (ELI.BR), plans to more than double investment in upgrading its network to 8.7 billion euros ($9.3 billion) over the next five years, it said on Monday. The investment, to be made over the 2023-2027 period, is more than twice the amount it invested between 2018 and 2022 and up by more than a half from the 5.6 billion euros earmarked for the 2022-2026 period. Sufficient profitability is essential to maintain the financing capability and the partial financing of the investments," Nix said. Germany's power grids need tens of billions of euros in investments over the next few years to make sure they can manage a growing inflow of solar and wind power, as the country tries to wean itself off fossil fuels. ($1 = 0.9398 euros)Reporting by Christoph Steitz, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Scholz to China: don't arm Russia, but talk to Ukraine on peace plan
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

"My message to Beijing is clear: use your influence in Moscow to urge the withdrawal of Russian troops," he said. Scholz's remarks underscored how the international response to the war in Ukraine highlighted global divisions, with China and India refraining from condemning the Russian invasion. The U.S. is sounding out close allies about the possibility of imposing new sanctions on China if Beijing provides military support to Russia for its war in Ukraine, sources told Reuters this week. For its part, China has issued a 12-point paper calling for a comprehensive ceasefire that was met with scepticism in the West. Reporting by Miranda Murray, Writing by Matthias Williams; editing by Friederike Heine and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

[1/5] A man walks past a model of G20 logo outside the finance ministry in New Delhi, India, March 1, 2023. Germany responded saying it would counter Russian "propaganda" at the G20 meeting. The foreign ministers meeting comes days after a meeting of finance chiefs of G20 countries in Bengaluru that was also overshadowed by Russia's war in Ukraine. An EU source separately said the EU delegation would not support a statement at the G20 meeting if it did not include condemnation of the war. The G20 includes the wealthy G7 nations as well as Russia, China, India, Brazil, Australia and Saudi Arabia, among other nations.

☆ Bayer sees lower 2023 operating profit on cost inflation
▼ + stars: | 2023-02-28 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

FRANKFURT, Feb 28 (Reuters) - Agriculture and healthcare company Bayer (BAYGn.DE) said operating earnings would likely decline in 2023, hurt by higher costs and the reversal of last year's price boost for its glyphosate-based weedkillers. In a statement on Tuesday, Bayer said earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, would likely be between 12.5 billion euros ($13.23 billion) and 13 billion euros this year, excluding the effect of currency swings. In his last presentation of the company's quarterly results, Chief Executive Werner Baumann said the company is active in the right areas of business. For 2023, "the company anticipates lower prices for agricultural herbicides as well as for some of its established pharmaceutical products," Bayer said, also citing high inflation-driven cost increases. ($1 = 0.9447 euros)Additional reporting by Patricia Weiss Editing by Friederike Heine, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Audi will not cut EV prices to follow Tesla's lead - Audi Europe chief
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

Companies Tesla Inc FollowBERLIN, Feb 28 (Reuters) - Audi (VOWG.DE) has no plans to cut prices for its electric vehicles, German industry magazine Automobilwoche cited Audi Europe chief Jens Puttfarcken as saying, despite a similar move by market leader Tesla (TSLA.O) that has put pressure on others to follow suit. "We have our very own pricing policy," Puttfarcken was cited as saying. "We take such a step when it is necessary for the Audi brand." Reporting by Kirsti Knolle, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Shooter critically injures one, himself near German primary school - police
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Feb 28 (Reuters) - A shooter critically injured one person near a German primary school in the north-western town of Bramsche on Tuesday before critically injuring himself with the weapon, a police spokesperson in the city of Osnabrueck said. Both the shooter and the victim were brought to hospital by helicopter and are receiving medical treatment, the spokesperson said, adding that witnesses to the incident were being interviewed and there was no longer any danger to the public. The shooting occurred near the Martinusschule primary school, but was unrelated to the school, a police spokesperson in Bramsche said. Witnesses informed the police at around 7.30 a.m. (0630 GMT), mass-circulation daily Bild reported. Reporting by Friederike Heine, Editing by Paul Carrel, Rachel More, Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ European Investment Bank proposes new fund to counter US green subsidies - Spiegel
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 28 (Reuters) - The European Investment Bank could set up a new fund to counter subsidies offered by the U.S. Inflation Reduction Act, which pressure companies to move their production there, its president said in an interview published on Tuesday. Werner Hoyer told German news magazine Der Spiegel a fund set up to help companies stay afloat during the coronavirus pandemic could serve as a model for a fund to help safeguard European industry. "In principle, every investment project that has not yet received final approval is currently being put to the test." The European Commission earlier this month proposed allowing increased levels of state aid so that Europe can compete with the United States. The $430-billion act was passed by U.S. Congress last August and offers subsidies and tax incentives for a swathe of domestically produced green industry products.

☆ German synthetic fuels row threatens planned EU combustion engine ban
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 28 (Reuters) - German Transport Minister Volker Wissing on Tuesday called into question a bid by the European Union to ban new cars with internal combustion engines from 2035, saying the use of synthetic fuels should remain possible after the deadline. The Environment Ministry, led by the Greens, was surprised by Wissing's announcement, with a spokesperson saying that Germany's approval of the combustion engine ban was "coordinated with the other ministries". The FDP has long advocated for climate-neutral synthetic fuels, also known as e-fuels, arguing their use would enable the continued use of combustion engines. The European Parliament, the Commission and EU member states agreed last year to phase out combustion engines for passenger cars from 2035. If Germany's coalition cannot agree a position, it would have to abstain which, along with some resistance from Italy and some eastern European countries, could throw the whole EU ban into question.

☆ Tesla's German plant hits 4,000 cars per week ahead of schedule
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Companies Tesla Inc FollowBERLIN, Feb 27 (Reuters) - Tesla's (TSLA.O) plant in Brandenburg near Berlin is now producing 4,000 cars per week, the company said on Monday, three weeks ahead of schedule according to a recent production plan reviewed by Reuters. Tesla was planning to ramp up output from Brandenburg to 4,000 in the week of March 13 and to more than 5,000 by the end of June. It hit production of 2,000 units per week in October last year and 3,000 per week in December. The maximum capacity planned for the Brandenburg plant is 500,000 cars a year, nearing 10,000 per week. Reporting by Victoria Waldersee, Zhang Yan, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Strikes at German regional airports ground majority of flights
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 27 (Reuters) - The majority of flights at Germany's Duesseldorf and Cologne Bonn regional airports were grounded by a 24-hour strike by the Verdi trade union on Monday, the airports said. Of Monday's usual 136 daily passenger flights scheduled for Cologne Bonn airport, only two were set to operate as scheduled. The union brought air traffic to a standstill earlier this month with one-day strikes at seven major airports, including the Frankfurt and Munich hubs, affecting nearly 300,000 passengers. Cities across the western state of North Rhine Westphalia, including Cologne, Leverkusen and Bonn, were also affected by public service worker strikes on Monday. Verdi and the German Civil Service Association are demanding 10.5% more pay for state employees, or at least 500 euros ($527.75) more a month.

BERLIN, Feb 24 (Reuters) - Ukraine allies around the world lit up landmark monuments, held vigils and prepared new sanctions in a collective show of support on the first anniversary of Russia's invasion. Polish Premier Mateusz Morawiecki went to Kyiv and, together with Ukraine's prime minister, laid flowers at the Wall of Remembrance of those who died for Ukraine. The United States marked the anniversary by announcing new sanctions against Russia and its allies, new export controls and tariffs aimed at undermining Moscow's ability to wage war. EU institutions were also lit in Ukrainian colours, along with the Sydney Opera House. Kyiv says there can be no peace until Russia, which denies intentionally targeting civilians, withdraws.

☆ Volkswagen to build own US plant for Scout brand - Automobilwoche
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 24 (Reuters) - Volkswagen Group (VOWG_p.DE) will build its own production plant in the United States for its new Scout brand rather than collaborating with a partner, industry publication Automobilwoche reported on Friday, citing company sources. Volkswagen said last May it planned to reintroduce the Scout off-road brand, creating a separate, independent company to build Scout trucks and SUVs starting in 2026 that will be designed, engineered, and manufactured in the United States for U.S. customers. Building its own plant was the least likely option, the publication reported at the time, also citing company sources. Volkswagen is expanding its existing U.S. plant in Chattanooga, Tennessee, to produce the ID. However, the Scout brand will build off-road electric pick-up trucks and SUVs that require a new platform and the Chattanooga plant does not have enough space to do it all, a source told Reuters last May.

☆ Russian 2023 budget deficit to widen as price caps take effect - Scope
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 24 (Reuters) - Lower revenues from oil and gas exports will significantly widen Russia's budget shortfall this year, according to an analysis from the European ratings agency Scope obtained by Reuters on Friday. Scope expects the deficit to rise to 3.5% of gross domestic product (GDP), significantly wider than the government's forecast of 2% of GDP, according to the analysis. Another way to plug the deficit is to issue domestic bonds to state-owned banks, backed by liquidity provided by the Bank of Russia. Western countries want caps on the price of Russian oil to reduce income for the Kremlin's war chest for its invasion of Ukraine, which entered its second year on Friday. Reporting by Rene Wagner; Writing by Friederike Heine; Editing by Rachel More and Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

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